# EDGAR Filing Document

**Accession Number:** 0001732379
**File Stem:** 0001104659-26-004291
**Filing Date:** 2026-1
**Character Count:** 2962309
**Document Hash:** fab51e615bed51d5b6b447ed2ac51ba6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-004291.hdr.sgml**: 20260116

**ACCESSION NUMBER**: 0001104659-26-004291

**CONFORMED SUBMISSION TYPE**: 40FR12B

**PUBLIC DOCUMENT COUNT**: 426

**FILED AS OF DATE**: 20260116

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Blue Moon Metals Inc.
- **CENTRAL INDEX KEY:** 0001732379

**ORGANIZATION NAME:**
- **EIN:** 981903645
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 40FR12B
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43058
- **FILM NUMBER:** 26537598

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

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

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

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 40-F**

⌧ **Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934**

**or**

◻ **Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**For the fiscal year ended<u> </u>** | &nbsp;&nbsp;**Commission File Number<u> </u>** |

---

**Blue Moon Metals Inc.**

**(Exact name of Registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **British Columbia, Canada** | **1000** | **98-1903645** |
| **(Province or other jurisdiction of<br> incorporation or organization)** | **(Primary Standard Industrial<br> Classification Code Number)** | **(I.R.S. Employer <br> Identification Number)** |

---

**220 Bay Street, Suite 550**

**Toronto, Ontario, M5J 2W4 Canada**

**(416) 230-3440**

**(Address and telephone number of Registrant's principal executive offices)**

**Cogency Global Inc.**

**122 E. 42nd Street, 18th Floor**

**New York, New York 10168**

**(800) 221-0102**

**(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)**

**Copies to:**

**Mark D. Wood**

**Katten Muchin Rosenman LLP**

**525 W. Monroe Street**

**Chicago, IL 60661**

**(312) 902-5200**

Securities registered or to be registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which <br> registered** |
| Common Shares | BMM | The Nasdaq Stock Market LLC |

---

Securities registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

For annual reports, indicate by check mark the information filed with this Form:

◻ Annual information form ◻ Audited annual financial statements

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: **N/A**

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the 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 every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

Yes ◻ No ◻

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company ⌧

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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. ◻

&nbsp;&nbsp;&nbsp;&nbsp;† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ◻

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ◻

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ◻

**EXPLANATORY NOTE**

Blue Moon Metals Inc. (the "Registrant") is a Canadian issuer whose common shares are listed or quoted on the TSX Venture Exchange, the OTCQX Best Market and the Frankfurt Stock Exchange and is eligible to file its registration statement pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on Form 40-F pursuant to the U.S.-Canadian Multijurisdictional Disclosure System. The Registrant is a "foreign private issuer" as defined in Rule 3b-4 under the Exchange Act. Equity securities of the Registrant are accordingly exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act pursuant to Rule 3a12-3.

**FORWARD LOOKING STATEMENTS**

The Exhibits incorporated by reference into this Registration Statement of the Registrant contain or refer to certain forward-looking statements and forward-looking information (collectively, "forward-looking statements"). Forward-looking statements can often be identified by words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "may", "potential" and "will" or similar words suggesting future outcomes or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. All statements included in the Exhibits, other than statements regarding historical fact that addresses activities, events or developments that the Registrant believes, expects or anticipates will or may occur in the future are forward-looking statements. Forward-looking statements do not constitute historical fact but reflect the expectations of the Registrant regarding future results or events based on information that was available at the time the forward-looking statements were made. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. Such forward-looking statements speak only as of the date when made in each such Exhibit. Forward-looking statements in the Exhibits include, but are not limited to, statements with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· uncertainties involved in fluctuations in commodity prices and currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· uncertainties relating to interpretation of drill results and geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the need for cooperation of government agencies in the exploration and development of properties and the issuance of required permits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· anti-mining sentiments in the community and jurisdictions where the projects are located as well as objections of indigenous or other tribal communities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the possibility that the conditions precedent to the closing and drawdown of the recently announced financing will not be met;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· uncertainty as to timely availability of permits and other governmental approvals. the performance of the Registrant's business and operations;

Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of Blue Moon and its subsidiaries may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors. They include, but not limited to, statements regarding: the Registrant's plans to advance the projects through additional exploration and technical studies, the timing of these exploration activities, the recommended exploration work programs and the budget thereof, the anticipated results of Technical Reports, the ability of the Registrant to obtain the necessary funding and permit, the ability to satisfy all conditions precedent to drawing down on project financing, the ability to integrate the acquired companies and the maintenance of the social licenses necessary to operate in the areas where the projects are located. A description of assumptions used to develop such forward-looking statements and a description of additional risk factors that may cause actual results to differ materially from forward-looking statements can be found in the Registrant's disclosure documents on the SEDAR+ website at www.sedarplus.com, such as the Registrant's Annual Information Form for the three months ended March 31, 2025, filed on September 12, 2025, which is attached hereto as Exhibit 99.43. Although the Registrant has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. While the Registrant believes that the assumptions inherent in any forward-looking statements are reasonable, forward-looking statements are not guarantees of future events or performance, and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. The Registrant does not undertake any obligation to update or revise any forward-looking statements, except as required by law.

**DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES**

The Registrant is permitted, under a multijurisdictional disclosure system adopted by the United States, to prepare this report in accordance with Canadian disclosure requirements, which are different from those of the United States. The Registrant prepares its financial statements in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, and the financial statements have been subject to an audit performed under Canadian generally accepted auditing standards. IFRS differs in certain respects from United States generally accepted accounting principles ("US GAAP") and from practices prescribed by the Securities and Exchange Commission (the "SEC"). Therefore, the Registrant's financial statements filed with this registration statement may not be comparable to financial statements prepared in accordance with US GAAP.

**PRINCIPAL DOCUMENTS**

In accordance with General Instruction B.(1) of Form 40-F, the Registrant hereby incorporates by reference Exhibits 99.1 through 99.116, inclusive, as set forth in the Exhibit Index attached hereto.

In accordance with General Instruction D.(9) of Form 40-F, the Registrant has filed the written consents of the independent auditor and other experts named in the foregoing Exhibits as Exhibits 99.117 through 99.125, inclusive, as set forth in the Exhibit Index attached hereto.

**TAX MATTERS**

Purchasing, holding, or disposing of securities of the Registrant may have tax consequences under the laws of the United States and Canada that are not described in this registration statement on Form 40-F.

**DESCRIPTION OF COMMON SHARES**

The required disclosure is included under the heading "Description of Capital Structure" in the Registrant's AIF, attached hereto as Exhibit 99.43.

**CURRENCY**

Unless otherwise indicated, all dollar amounts in this Registration Statement on Form 40-F are in United States dollars.

**NASDAQ CORPORATE GOVERNANCE PRACTICES**

A foreign private issuer that follows home country practices in lieu of certain provisions of the listing rules of the Nasdaq Stock Market LLC (the "Nasdaq Stock Market Rules") may disclose the ways in which its corporate governance practices differ from those followed by U.S. domestic companies. As required by Nasdaq Rule 5615(a)(3), the Registrant will disclose on its website, https://bluemoonmetals.com, each requirement of the Nasdaq Stock Market Rules that it does not follow and described the home country practice followed in lieu of such requirements. Information contained on or that can be accessed through the Registrant's website does not constitute part of this Annual Report and the inclusion of Registrant's website address in this Annual Report is intended to be an inactive textual reference only.

**UNDERTAKING AND CONSENT TO SERVICE OF PROCESS**

*A. Undertaking.* The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the SEC staff, and to furnish promptly, when requested to do so by the SEC staff, information relating to the securities registered pursuant to Form 40-F or transactions in said securities.

*B. Consent to Service of Process.* The Registrant has concurrently filed a Form F-X in connection with the class of securities to which this Registration Statement relates. Any change to the name or address of the Registrant's agent for service shall be communicated promptly to the SEC by amendment to the Form F-X referencing the file number of the Registrant.

**SIGNATURES**

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereto duly authorized.

---

| | | |
|:---|:---|:---|
| **BLUE MOON METALS INC.** | **BLUE MOON METALS INC.** | **BLUE MOON METALS INC.** |
| By: | /s/ Christian Kargl-Simard | /s/ Christian Kargl-Simard |
|  | Name: | Christian Kargl-Simard |
|  | Title: | Chief Executive Officer and Director |

---

Date: January 16, 2026

**EXHIBIT INDEX**

The following documents are being filed with the SEC as Exhibits to this Registration Statement:

---

| | |
|:---|:---|
| Exhibit No. | Description |
| [99.1\*](tm2533647d1_ex99-1.htm) | [Press release, filed on December 1, 2025, reporting significant development momentum on its Norwegian projects](tm2533647d1_ex99-1.htm) |
| [99.2\*](tm2533647d1_ex99-2.htm) | [Interim financial statements, for the three and nine months ended September 30, 2025 and 2024, filed on November 19, 2025](tm2533647d1_ex99-2.htm) |
| [99.3\*](tm2533647d1_ex99-3.htm) | [Annual management's discussion and analysis for the three and nine months ended September 30, 2025, filed on November 19, 2025](tm2533647d1_ex99-3.htm) |
| [99.4\*](tm2533647d1_ex99-4.htm) | [Certification of interim filings – F. Kwong, CFO (52-109FV2), filed on November 19, 2025](tm2533647d1_ex99-4.htm) |
| [99.5\*](tm2533647d1_ex99-5.htm) | [Certification of interim filings – C. Kargl-Simard, CEO (52-109FV2), filed on November 19, 2025](tm2533647d1_ex99-5.htm) |
| [99.6\*](tm2533647d1_ex99-6.htm) | [Press release, filed on November 13, 2025, announcing voting results from the annual and special meeting and welcoming new Norwegian-based board members](tm2533647d1_ex99-6.htm) |
| [99.7\*](tm2533647d1_ex99-7.htm) | [Press release, filed on October 28, 2025, announcing the appointment of Katy Grant as Senior Vice President, Human Resources & Corporate Sustainability](tm2533647d1_ex99-7.htm) |
| [99.8\*](tm2533647d1_ex99-8.htm) | [Management proxy materials, request for financial statements, filed on October 22, 2025](tm2533647d1_ex99-8.htm) |
| [99.9\*](tm2533647d1_ex99-9.htm) | [Form of Proxy, Annual General and Special Meeting to be held on Nov 13, 2025, filed on October 22, 2025](tm2533647d1_ex99-9.htm) |
| [99.10\*](tm2533647d1_ex99-10.htm) | [Notice of meeting, for the Annual General and Special Meeting to be held on November 13, 2025, filed on October 22, 2025](tm2533647d1_ex99-10.htm) |
| [99.11\*](tm2533647d1_ex99-11.htm) | [Management information circular, dated October 10, 2025, filed on October 22, 2025](tm2533647d1_ex99-11.htm) |
| [99.12\*](tm2533647d1_ex99-12.htm) | [Press release, filed on October 14, 2025, announcing the signing of an MOU to acquire the Springer Critical Metals Mine and processing plant in Nevada and intention to list on NASDAQ](tm2533647d1_ex99-12.htm) |
| [99.13\*](tm2533647d1_ex99-13.htm) | [Press release, filed on October 6, 2025, announcing commencement of construction activities for the exploration decline at the Blue Moon Mine in Mariposa County, California](tm2533647d1_ex99-13.htm) |
| [99.14\*](tm2533647d1_ex99-14.htm) | [Material change report, filed on October 6, 2025](tm2533647d1_ex99-14.htm) |
| [99.15\*](tm2533647d1_ex99-15.htm) | [Press release, filed on October 1, 2025, announcing the closing of a C$86.5 million bought-deal public offering](tm2533647d1_ex99-15.htm) |
| [99.16\*](tm2533647d1_ex99-16.htm) | [Marketing materials related to the short form base shelf prospectus, dated September 25, 2025, filed on September 29, 2025](tm2533647d1_ex99-16.htm) |

---

---

| | |
|:---|:---|
| [99.17\*](tm2533647d1_ex99-17.htm) | [Prospectus supplement to the short form base shelf prospectus dated September 23, 2025, filed on September 26, 2025](tm2533647d1_ex99-17.htm) |
| [99.18\*](tm2533647d1_ex99-18.htm) | [Consent letter of underwriter's legal counsel, Blake, Cassels & Graydon LLP, filed on September 26, 2025](tm2533647d1_ex99-18.htm) |
| [99.19\*](tm2533647d1_ex99-19.htm) | [Consent letter of issuer's legal counsel, Bennett Jones LLP, filed on September 26, 2025](tm2533647d1_ex99-19.htm) |
| [99.20\*](tm2533647d1_ex99-20.htm) | [Underwriting agreement, dated September 26, 2025, filed on September 26, 2025](tm2533647d1_ex99-20.htm) |
| [99.21\*](tm2533647d1_ex99-21.htm) | [Press release, filed on September 25, 2025, announcing the upsize of the bought-deal public offering to C$75 million](tm2533647d1_ex99-21.htm) |
| [99.22\*](tm2533647d1_ex99-22.htm) | [Press release, filed on September 24, 2025, announcing a C$60 million bought-deal public offering](tm2533647d1_ex99-22.htm) |
| [99.23\*](tm2533647d1_ex99-23.htm) | [Business acquisition report, filed on September 23, 2025](tm2533647d1_ex99-23.htm) |
| [99.24\*](tm2533647d1_ex99-24.htm) | [Receipt of shelf prospectus (NI 44-102), filed on September 23, 2025](tm2533647d1_ex99-24.htm) |
| [99.25\*](tm2533647d1_ex99-25.htm) | [Consent letter of expert, A. Wheeler, filed on September 23, 2025](tm2533647d1_ex99-25.htm) |
| [99.26\*](tm2533647d1_ex99-26.htm) | [Consent letter of expert, C. Jacobs, filed on September 23, 2025](tm2533647d1_ex99-26.htm) |
| [99.27\*](tm2533647d1_ex99-27.htm) | [Consent letter of expert, J. Taylor, filed on September 23, 2025](tm2533647d1_ex99-27.htm) |
| [99.28\*](tm2533647d1_ex99-28.htm) | [Consent letter of expert, R. Gowans, filed on September 23, 2025](tm2533647d1_ex99-28.htm) |
| [99.29\*](tm2533647d1_ex99-29.htm) | [Undertaking re breakdown of sales and payment of fees (BC), filed on September 23, 2025](tm2533647d1_ex99-29.htm) |
| [99.30\*](tm2533647d1_ex99-30.htm) | [Consent letter of expert, A. J. San Martin, filed on September 23, 2025](tm2533647d1_ex99-30.htm) |
| [99.31\*](tm2533647d1_ex99-31.htm) | [Consent letter of expert, P. Szkilnyk, filed on September 23, 2025](tm2533647d1_ex99-31.htm) |
| [99.32\*](tm2533647d1_ex99-32.htm) | [Consent letter of expert, S. Wilson, filed on September 23, 2025](tm2533647d1_ex99-32.htm) |
| [99.33\*](tm2533647d1_ex99-33.htm) | [Final short form prospectus, filed on September 23, 2025](tm2533647d1_ex99-33.htm) |
| [99.34\*](tm2533647d1_ex99-34.htm) | [Non-issuer's submission to London, United Kingdom, jurisdiction and appointment of agent, Bennett Jones LLP, filed on September 23, 2025](tm2533647d1_ex99-34.htm) |
| [99.35\*](tm2533647d1_ex99-35.htm) | [Non-issuer's submission to Vestland, Norway, jurisdiction and appointment of agent, filed on September 23, 2025](tm2533647d1_ex99-35.htm) |
| [99.36\*](tm2533647d1_ex99-36.htm) | [Undertaking to file documents and material contracts, filed on September 23, 2025](tm2533647d1_ex99-36.htm) |
| [99.37\*](tm2533647d1_ex99-37.htm) | [Auditor's consent letter, KPMG AS, filed on September 23, 2025](tm2533647d1_ex99-37.htm) |
| [99.38\*](tm2533647d1_ex99-38.htm) | [Auditor's consent letter, Davidson & Company LLP, filed on September 23, 2025](tm2533647d1_ex99-38.htm) |
| [99.39\*](tm2533647d1_ex99-39.htm) | [Consent letter of issuer's legal counsel, filed on September 23, 2025](tm2533647d1_ex99-39.htm) |
| [99.40\*](tm2533647d1_ex99-40.htm) | [Notice of the meeting and record date, filed on September 15, 2025](tm2533647d1_ex99-40.htm) |
| [99.41\*](tm2533647d1_ex99-41.htm) | [Technical report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California (NI 43-101), filed on September 12, 2025](tm2533647d1_ex99-41.htm) |
| [99.42\*](tm2533647d1_ex99-42.htm) | [Consent of qualified person, A. Wheeler (NI 43-101), filed on September 12, 2025](tm2533647d1_ex99-42.htm) |
| [99.43\*](tm2533647d1_ex99-43.htm) | [Technical report on the mineral resources of the Sulitjelma Project, Norway (NI 43-101), filed on September 12, 2025](tm2533647d1_ex99-43.htm) |
| [99.44\*](tm2533647d1_ex99-44.htm) | [Annual information form for the financial year ended December 31, 2025, filed on September 12, 2025](tm2533647d1_ex99-44.htm) |
| [99.45\*](tm2533647d1_ex99-45.htm) | [Consent of qualified person, A. Wheeler (NI 43-101), filed on September 12, 2025](tm2533647d1_ex99-45.htm) |
| [99.46\*](tm2533647d1_ex99-46.htm) | [Technical report on the Mineral Resources of the Nussir and Ulveryggen Projects, Norway (NI 43-101), filed on September 12, 2025](tm2533647d1_ex99-46.htm) |
| [99.47\*](tm2533647d1_ex99-47.htm) | [Material change report, filed on September 12, 2025](tm2533647d1_ex99-47.htm) |
| [99.48\*](tm2533647d1_ex99-48.htm) | [Material document(s) (amended), filed on September 12, 2025](tm2533647d1_ex99-48.htm) |
| [99.49\*](tm2533647d1_ex99-49.htm) | [Report of exempt distribution excluding schedule 1 of Form 5, filed on September 12, 2025](tm2533647d1_ex99-49.htm) |
| [99.50\*](tm2533647d1_ex99-50.htm) | [Report of exempt distribution excluding schedule 1 of Form 5, filed on September 12, 2025](tm2533647d1_ex99-50.htm) |
| [99.51\*](tm2533647d1_ex99-51.htm) | [Consent of qualified person, P. Szkilnyk (NI 43-101), filed on September 12, 2025](tm2533647d1_ex99-51.htm) |
| [99.52\*](tm2533647d1_ex99-52.htm) | [Consent of qualified person, A. J. San Martin (NI 43-101), filed on September 12, 2025](tm2533647d1_ex99-52.htm) |
| [99.53\*](tm2533647d1_ex99-53.htm) | [Consent of qualified person, C. Jacobs (NI 43-101), filed on September 12, 2025](tm2533647d1_ex99-53.htm) |
| [99.54\*](tm2533647d1_ex99-54.htm) | [Consent of qualified person, R. Gowans (NI 43-101), filed on September 12, 2025](tm2533647d1_ex99-54.htm) |
| [99.55\*](tm2533647d1_ex99-55.htm) | [Consent of qualified person, J. Taylor (NI 43-101), filed on September 12, 2025](tm2533647d1_ex99-55.htm) |
| [99.56\*](tm2533647d1_ex99-56.htm) | [Consent of qualified person, S. Wilson (NI 43-101), filed on September 12, 2025](tm2533647d1_ex99-56.htm) |
| [99.57\*](tm2533647d1_ex99-57.htm) | [Receipt of shelf prospectus (NI 44-102), filed on September 12, 2025](tm2533647d1_ex99-57.htm) |
| [99.58\*](tm2533647d1_ex99-58.htm) | [Qualification certificate, filed on September 12, 2025](tm2533647d1_ex99-58.htm) |
| [99.59\*](tm2533647d1_ex99-59.htm) | [Preliminary short form prospectus, filed on September 12, 2025](tm2533647d1_ex99-59.htm) |
| 99.60\*\* | Press release, filed on September 4, 2025, announcing the closing of a US$5 million private placement and initial US$12.5 million bridge-loan draw to advance the Nussir Project in Norway |
| 99.61\*\* | Certification of interim filings - C. Kargl-Simard, CEO (52-109FV2), filed on August 27, 2025 |
| 99.62\*\* | Certification of interim filings – F. Kwong, CFO (52-109FV2), filed on August 27, 2025 |

---

---

| | |
|:---|:---|
| 99.63\*\* | Interim financial statements for the three and six months ended June 30, 2025 and 2024, filed on August 27, 2025 |
| 99.64\*\* | Annual management's discussion and analysis for the three and six months ended June 30, 2025, filed on August 27, 2025 |
| 99.65\*\* | Press release, filed on August 19, 2025, announcing a project finance package of up to US$140 million from Hartree/Oaktree to advance the Nussir Project in Norway |
| 99.66\*\* | Press release, filed on July 9, 2025, announcing receipt of environmental permits and award of a mining contract for a tunnel extension at NSG in Nordland County, Norway |
| 99.67\*\* | Press release, filed on July 7, 2025, announcing the selection of Worley to prepare an NI 43-101 feasibility study and advance basic engineering for the Nussir Project |
| 99.68\*\* | Press release, filed on July 3, 2025, announcing the appointment of Stephen Eddy as Senior Vice-President, Corporate Development |
| 99.69\*\* | Statement of executive compensation (form 51-102F6V), filed on June 26, 2025 |
| 99.70\*\* | Press release, filed on June 26, 2025, announcing the award of a mining contract for portal construction and an exploration decline at the Blue Moon Mine in Mariposa County, California |
| 99.71\*\* | Press release, filed on June 16, 2025, announcing completion of the first blast on the Nussir access portal ahead of schedule |
| 99.72\*\* | Press release, filed on June 5, 2025, announcing that the Nussir Copper Project has received 'Special Strategic Project' status from the European Union |
| 99.73\*\* | NI 44-101 notice of intent to qualify, filed on June 4, 2025 |
| 99.74\*\* | Interim financial statements for the three months ended March 31, 2025, filed on May 23, 2025 |
| 99.75\*\* | Annual management's discussion and analysis, three months ended March 31, 2025, filed on May 23, 2025 |
| 99.76\*\* | Certification of interim filings – C. Kargl-Simard, CEO (52-109FV2), filed on May 23, 2025 |
| 99.77\*\* | Certification of interim filings – F. Kwong, CFO (52-109FV2), filed on May 23, 2025 |
| 99.78\*\* | Technical report on the Mineral Resources of the Sulitjelma Project, Norway (NI 43-101), filed on May 20, 2025 |
| 99.79\*\* | Consent of qualified person, A. Wheeler, (NI 43-101), filed on May 20, 2025 |
| 99.80\*\* | Report of exempt distribution excluding schedule 1 of Form 5, filed on May 14, 2025 |
| 99.81\*\* | Business acquisition report, filed on May 10, 2025 |
| 99.82\*\* | Press release, filed on May 8, 2025, announcing mobilization for underground development at the Nussir Project, a C$1.13 million follow-on investment by the mining contractor and engagement of a market maker |
| 99.83\*\* | Press release, filed on April 21, 2025, announcing the appointment of Boi Linh Doig as Vice-President, Mining |
| 99.84\*\* | Letter from successor auditor, MNP LLP, filed on April 21, 2025 |
| 99.85\*\* | Letter from former auditor, Davidson & Company LLP, filed on April 21, 2025 |
| 99.86\*\* | Change of auditor notice, filed on April 21, 2025 |
| 99.87\*\* | Technical report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California (NI 43-101), filed on April 15, 2025 |
| 99.88\*\* | Consent of qualified person, P. Szkilnyk (NI 43-101), filed on April 15, 2025 |
| 99.89\*\* | Consent of qualified person, S. Wilson (NI 43-101), filed on April 15, 2025 |
| 99.90\*\* | Consent of qualified person, A. J. San Martin (NI 43-101), filed on April 15, 2025 |
| 99.91\*\* | Consent of qualified person, R. Gowans (NI 43-101), filed on April 15, 2025 |
| 99.92\*\* | Consent of qualified person, A. Obeso Muniz (NI 43-101), filed on April 15, 2025 |
| 99.93\*\* | Consent of qualified person, C. Jacobs (NI 43-101), filed on April 15, 2025 |
| 99.94\*\* | Press release, filed on April 15, 2025, announcing congressional support and BLM approval for an underground exploration program at the Blue Moon critical minerals project in Mariposa County, California |
| 99.95\*\* | Press release, filed on April 15, 2025, announcing graduation to the OTCQX market |
| 99.96\*\* | Certification of annual filings – C. Kargl-Simard, CEO (52-109FV1), filed on April 14, 2025 |
| 99.97\*\* | Certification of annual filings – F. Kwong CFO (52-109FV1), filed on April 14, 2025 |
| 99.98\*\* | Annual management's discussion and analysis for the year ended December 31, 2024, filed on April 14, 2025 |
| 99.99\*\* | Audited annual financial statements for the years ended December 31, 2024 and 2023, filed on April 14, 2025 |

---

---

| | |
|:---|:---|
| 99.100\*\* | AB Form 13-501F1 (participation fee), filed on April 14, 2025 |
| 99.101\*\* | Press release, filed on April 14, 2025, announcing reinstatement of quotation on the OTCQB following transformational acquisitions |
| 99.102\*\* | Press release, filed on April 10, 2025, announcing Maiden NI 43-101 Sulitjelma Resource estimate |
| 99.103\*\* | Press release, filed on March 18, 2025, announcing Norwegian Ministry decision upholding Nussir operating-license deadline |
| 99.104\*\* | Report of exempt distribution excluding schedule 1 of Form 5, filed on March 17, 2025 |
| 99.105\*\* | Material document(s), Investor Rights Agreement, dated March 7, 2025, filed on March 17, 2025 |
| 99.106\*\* | Material change report, filed on March 17, 2025 |
| 99.107\*\* | Material document(s), Share Purchase Agreement, dated March 6, 2025, filed on March 17, 2025 |
| 99.108\*\* | Press release, filed on March 13, 2025, announcing resumption of trading, TSXV Tier 1 graduation and share consolidation completion |
| 99.109\*\* | Press release, filed on March 10, 2025, announcing acquisition of Oyen industrial assets and C$5.25 million follow-on equity investment |
| 99.110\*\* | Report of exempt distribution excluding schedule 1 of Form 5, filed on March 7, 2025 |
| 99.111\*\* | Material change report, filed on March 7, 2025 |
| 99.112\*\* | Press release, filed on March 3, 2025, announcing results of preliminary economic assessment for Blue Moon VMS deposit |
| 99.113\*\* | Press release, filed on March 3, 2025, announcing proposed share consolidation |
| 99.114\*\* | Press release, filed on February 27, 2025, announcing closing of Norwegian acquisitions and new executive appointments |
| 99.115\*\* | Technical report on the Mineral Resources of the Nussir and Ulveryggen Projects, Norway (NI 43-101), filed on February 27, 2025 |
| 99.116\*\* | Consent of qualified person, A. Wheeler (NI 43-101), filed on February 27, 2025 |
| 99.117\*\* | Consent of A.J. San Martin, dated January 15, 2026 |
| 99.118\*\* | Consent of A. Wheeler, dated January 15, 2026 |
| 99.119\*\* | Consent of C. Jacobs, dated January 15, 2026 |
| 99.120\*\* | Consent of J. Taylor, dated January 14, 2026 |
| 99.121\*\* | Consent of P. Szkilnyk, dated January 15, 2026 |
| 99.122\*\* | Consent of R. Gowans, dated January 15, 2026 |
| 99.123\*\* | Consent of S. Wilson, dated January 15, 2026 |
| 99.124\*\* | Consent letter of Davidson & Company LLP, dated January 15, 2026 |

---

\* Filed herewith

\*\* To be filed by amendment

## Exhibit 99.1

**Exhibit 99.1**

**Blue Moon Metals Reports Significant Development Momentum on its Norwegian Projects**

TORONTO, Dec. 1, 2025 /CNW/ - Blue Moon Metals Inc. ("**Blue Moon**" or the "**Company**") (TSXV: MOON) (OTCQX: BMOOF), is pleased to provide an update on its activities in Norway, including progress at its flagship Nussir Copper-Gold-Silver Project and exploration drilling and development work underway at the NSG Copper-Zinc Project in advance of exploration drilling.

**<u>NUSSIR PROJECT UPDATE</u>**

The Nussir underground decline continues to advance steadily. The Company's mining contractor, Leonhard Nilsen & Sønner AS ("LNS"), which began construction in June has advanced a total of 656 metres as of November 27th. This steady progress marks a major step toward establishing underground access for future mine development, infill drilling, and early-stage infrastructure installation.

![](tm2533647d1_img001.jpg)

Figures 1 & 2: LNS and Blue Moon advancing underground development at Nussir (inspecting tunnel wall left and ground support activities at the face right). (CNW Group/Blue Moon Metals)

The Company has secured the main high-voltage transformer, one of the project's key long-lead items, which reduces schedule risk and supports the planned construction sequence.

Early Works Construction – Phase 1 has been successfully completed, establishing the initial construction areas and enabling subsequent development activities. Phase 2 is now underway and includes preparation of additional surface areas required for construction and the pad for the main substation and the incoming transformer.

Upgrades of the administration building, housing, and process plant building are underway, ensuring that essential on-site facilities progress in coordination with underground development.

**Engineering Update**

The feasibility study is progressing on schedule, with major design reviews now completed. The Company remains on track to publish the full NI 43-101 compliant feasibility study results in February. This study will be an update of the May 2023 JORC compliant feasibility study on the project and is primarily an update on operating and capital costs, capital spent to date and commodity prices.

Long-lead equipment packages have been issued to the market for formal tender to maintain alignment with procurement timelines and support the overall construction schedule.

Additionally, the geotechnical investigation program for the process facility has now been completed, providing important data to support upcoming engineering activities. A final investment decision is still on track for March 2026.

**Nussir Exploration: Directional Drilling Program Underway**

A surface directional drilling campaign at Nussir started in October. The program is designed to significantly expand the current mineral resource estimate ("MRE"), while testing for extensions of high-grade mineralization at depth. The Nussir geological system is the oldest sediment copper deposit in the world. The current MRE at Nussir is an indicated resource of 28.72 Mt of 1.02% Cu, 0.12 g/t Au and 12.3 g/t Ag and an inferred resource of 32.0 Mt of 1.01% Cu, 0.14 g/t Au and 14.6 g/t Ag starting from surface. *See the technical report entitled "Report 43-101 Technical Report On The Mineral Resources Of The Nussir And Ulveryggen Projects, Norway, dated January 24, 2025 (as amended and restated on September 12, 2025) with an effective date of January 20, 2025 (the "Nussir Technical Report"), prepared by Adam Wheeler, B.Sc., M.Sc., C.Eng., Eur Ing., FIMMM.*

The initial 4,000 metre directional drilling campaign is being conducted from one mother drill hole, with the deepest extending to approximately 1,250 metres depth. The goal is to infill a 650 metre gap between the current MRE and a historical high-grade intersection recorded in drillhole NUS-DD-14-001, which returned 9.7 metres at 0.93% Cu, 1.35 g/t Pd, 0.28 g/t Au, 0.61 g/t Pt and 11.5 g/t Ag.

The drilling will utilize advanced directional techniques to efficiently test the western extent of the deposit while minimizing surface disturbance and total drilled metres. Six daughter holes will be drilled from the existing mother hole (NUS-DD-14-001, 1,101 m deep), with wedge points placed between 400–700 metres. Drill spacing of approximately 200 metres is expected to support potential conversion to inferred resources under CIM guidelines.

This targeted campaign is designed to:

&nbsp;&nbsp;&nbsp;&nbsp;· Test the block of material surrounding the deeper intersections, which represents
 an exploration target with an estimated tonnage between 8.5 Mt and 16.5 Mt, grading between 0.7% and 1.3% Cu, 9 to 17 g/t Ag, and
 0.1 to 0.15 g/t Au. This potential quantity and grade range is based on a geological model incorporating previous drill results that
 defined the approximate length, thickness, depth and grade of the portion of the mineral resource estimate. It is conceptual in
 nature, and it is uncertain if further exploration will result in the target being delineated as a mineral resource
 (Section 1.7.1 of Nussir Technical Report).

· Investigate elevated platinum and palladium levels at depth and potentially include in the MRE

· Expand mineralization from the lower limit of the current resource (460 m) to a depth of over 1,000 metres

· Testing down-dip extensions to depths of over 1,000 metres, with step-out capacity to 1,250 metres

· Collecting geotechnical and metallurgical data to support future study phases, including for platinum and palladium

![](tm2533647d1_img007.jpg)

Figure 3. Long section (looking north) illustrating Nussir's MRE and highlighting the target area for the ongoing deep drilling campaign within the red circle. (CNW Group/Blue Moon Metals)

**<u>NSG PROJECT UPDATE</u>**

At the NSG Copper-Zinc project, activities continue to ramp up. The Company's mining contractor, Fauskebygg AS ("Fauskebygg"), mobilized to site in September and has since completed the necessary improvements to the portal face and entrance. Fauskebygg is currently performing slashing of the first 50 metres of the tunnel to correct irregularities in the existing cross-section. This work is required to ensure equipment can transit in the tunnel safely and efficiently as development progresses.

On the exploration front, the technical team is reviewing and relogging historic Rupsi drill core at the NGU National Core Archive in Løkken. In parallel, the Company has recently completed detailed geological mapping across all mine permit areas. This work has significantly advanced the geological understanding of the district and has resulted in the identification of additional exploration targets for follow-up.

A 10,000 metre underground exploration program at the Rupsi deposit from underground is expected to start shortly. The program is focused on infill drilling and expansion drilling at the 9.23 Mt inferred resource of 1.19% Cu and 0.31% Zn. *See the technical report entitled "Report 43-101 Technical Report On The Mineral Resources Of The Sulitjelma Project, Norway, dated February 20, 2025 (as amended and restated on September 12, 2025) with an effective date of May 20, 2025 (the "NSG Technical Report"), prepared by Adam Wheeler, B.Sc., M.Sc., C.Eng., Eur Ing., FIMMM.*

There is strong potential to add gold, silver, sulfur and cobalt in the resource. Figure 2 outlines the existing 400 metre long tunnel that is in the process of being extended, and the location of the mineralization at the Rupsi deposit.

![](tm2533647d1_img008.jpg)

Figure 4. Interpreted model of the current estimation from the Rupsi deposit and the proposed underground drilling program. The blue dashed line is the existing tunnel, and the green is the permitted extension. (CNW Group/Blue Moon Metals)

**<u>RESTRICTED SHARE UNITS ("RSU") AWARD</u>**

The Company has also granted an aggregate of 385,415 RSUs under the Company's share compensation plan to certain officers. Each RSU represents a right to receive one common share of the Company, following the vesting of such RSUs over a two-year period.

**<u>Qualified Persons</u>**

The technical and scientific information of this news release has been reviewed and approved by Mrs. Boi Linh Doig, P.Eng., a Blue Moon Officer, and a non-Independent Qualified Person, as defined by NI 43-101.

**About Blue Moon**

Blue Moon is advancing 3 brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway, the NSG copper-zinc-gold-silver project in Norway and the Blue Moon zinc-gold-silver-copper project in the United States. All 3 projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc and copper are currently on the USGS and EU list of metals critical to the global economy and national security. Major shareholders include Oaktree Capital Management, Hartree Partners LP, Wheaton Precious Metals, Altius Minerals Corporation, Baker Steel Resources Trust, LNS and Monial. More information is available on the Company's website (<u>www.bluemoonmetals.com</u>).

***Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.***

***CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS***

This news release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable Canadian securities laws. All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions.

This news release contains forward-looking information, pertaining to, among other things, the advancement by the Company of multiple projects across jurisdictions. The Company cautions that all forward-looking information is inherently subject to change and uncertainty and that actual events, results and performance may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause the Company's current objectives, strategies and intentions to change. A comprehensive discussion of other risks that impact Blue Moon can also be found in its public reports and filings which are available at <u>www.sedarplus.ca</u>.

Any forward-looking information contained in this news release represents management's current expectations and are based on information currently available to management, and are subject to change after the date of this news release. Accordingly, the Company warns investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding the Company's future results or plans.

The Company cannot guarantee that any forward-looking information will materialize and readers are cautioned not to place undue reliance on this forward-looking information. The Company is under no obligation (and expressly disclaims any intention or obligation) to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.

![](tm2533647d1_img009.jpg)

![](tm2533647d1_ex99-1img001.jpg)View original content to download multimedia: <u>https://www.prnewswire.com/news-releases/blue-moon-metals-reports-significant-development-momentum-on-its-norwegian-projects-302628623.htm l</u>

SOURCE Blue Moon Metals

![](tm2533647d1_ex99-1img002.jpg)View original content to download multimedia: <u>http://www.newswire.ca/en/releases/archive/December 2025/01/c9274.html</u>

%SEDAR: 00025425E

**For further information:** For further information: Blue Moon Metals Inc., Christian Kargl-Simard, CEO and Director, Phone: (416) 230 3440, Email: christian@bluemoonmetals.com

CO: Blue Moon Metals

CNW 06:45e 01-DEC-25

## Exhibit 99.2

**Exhibit 99.2**

![](tm2533647d1_ex99-2sp2img001.jpg)

**Blue Moon Metals Inc.**

**Unaudited Condensed Interim Consolidated Financial Statements**

**For the three and nine months ended September 30, 2025 and 2024**

(Expressed in Canadian dollars)

**Blue Moon Metals Inc.**

Condensed Interim Consolidated Statements of Financial Position<br> (unaudited)

(Expressed in Canadian dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **September 30, 2025** | **December 31, 2024** |
|  | | $ | $ |
| **ASSETS** |  |  |  |
| Cash and cash equivalents |  |  |  |
| Restricted Cash |  |  |  |
| Other receivables and prepaid expenses | 8 |  |  |
| Deferred financing costs | 11 |  |  |
| Deferred share issuance costs |  |  |  |
| Deferred acquisition costs |  |  |  |
| Marketable securities | 6 |  |  |
| CURRENT ASSETS |  |  |  |
| Restricted cash |  |  |  |
| Mineral property interests | 4 |  |  |
| Property, plant and equipment | 4 |  |  |
| NON-CURRENT ASSETS |  |  |  |
| **ASSETS** |  |  |  |
| **LIABILITIES** |  |  |  |
| Accounts payable and accrued liabilities | 9 |  |  |
| Deferred income |  |  |  |
| Subscription receipts | 12 |  |  |
| Debt and lease liabilities | 11 |  |  |
| Other liabilities-current | 10 |  |  |
| CURRENT LIABILITIES |  |  |  |
| Debt and lease liabilities | 11 |  |  |
| Other liabilities non-current | 10 |  |  |
| NON-CURRENT LIABILITIES |  |  |  |
| **LIABILITIES** |  |  |  |
| **SHAREHOLDERS' EQUITY** |  |  |  |
| Share capital | 12 |  |  |
| Contributed surplus |  |  |  |
| Accumulated other comprehensive income) |  |  |  |
| Deficit) |  |  |  |
| Non-controlling interest |  |  |  |
| SHAREHOLDERS' EQUITY |  |  |  |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |  |
| Nature of operations and going concern | 1 |  |  |
| Commitments | 19 |  |  |
| Subsequent events | 20 |  |  |

---

---

| | |
|:---|:---|
| Approved by the Board of Directors on November 19, 2025 |  |
| */s/ Christian Kargl-Simard* | */s/ Karin Thorburn* |
| Christian Kargl-Simard, Director | Karin Thorburn, Director |

---

The accompanying notes are an integral part of these condensed unaudited interim consolidated financial statements

**Blue Moon Metals Inc.**

Condensed Interim Consolidated Statements of Loss and Comprehensive Loss <br> (unaudited)

(Expressed in Canadian dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  |<br>**Note** | **2025** | **2024** | **2025** | **2024** |
|  |  |  |  | $— |  |
| Employee benefits |  |  |  |  |  |
| Share-based payments | 13 |  |  |  |  |
| Professional and consulting fees |  |  |  |  |  |
| General exploration expenses | 7 |  |  |  |  |
| Filing and regulatory fees |  |  |  |  |  |
| General administrative costs |  |  |  |  |  |
| Shareholder communication and travel |  |  |  |  |  |
| Depreciation | 4 |  |  |  |  |
| Foreign exchange loss |  |  |  |  |  |
| Interest expense |  |  |  |  |  |
| Interest income) |  |  |  |  |  |
| Other income | 5) |  |  |  |  |
| Fair value gain | 6) |  |  |  |  |
| **NET LOSS** |  |  |  |  |  |
| **NET LOSS ATTRIBUTABLE TO:** |  |  |  |  |  |
| Blue Moon Metals Inc. shareholders |  |  |  |  |  |
| Non-controlling interests |  |  |  |  |  |
| **NET LOSS** |  |  |  |  |  |
| **OTHER COMPREHENSIVE INCOME** |  |  |  |  |  |
| Foreign currency translation differences |  |  |  |  |  |
| **TOTAL COMPREHENSIVE LOSS** |  |  |  |  |  |
| Basic and diluted loss per common share attributable to Blue Moon Metals Inc. shareholders |  |  |  |  |  |
| Weighted average number of common shares outstanding – basic and diluted |  |  |  |  |  |

---

The accompanying notes are an integral part of these condensed unaudited interim consolidated financial statements

**Blue Moon Metals Inc.**

Condensed Interim Consolidated Statements of Cash Flows<br> (unaudited)

(Expressed in Canadian dollars)

---

| | |
|:---|:---|
|  |<br>**Note** |
| **OPERATING ACTIVITIES** |  |
| Net loss) |  |
| Items not affecting cash |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based payments | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recognition of deferred income) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income | 5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange loss |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on marketable securities | 6) |
| Change in non-cash working capital items | 16) |
| **CASH USED IN OPERATING ACTIVITIES** |  |
| **INVESTING ACTIVITIES** |  |
| Investment in property, plant and equipment) |  |
| Transaction costs to acquire mineral properties) |  |
| Acquisition of REAS, net of cash acquired) |  |
| Cash acquired in Nussir |  |
| Cash acquired in NSG |  |
| **CASH USED IN INVESTING ACTIVITIES** |  |
| **FINANCING ACTIVITIES** |  |
| Net proceeds from debt |  |
| Net proceeds from issuance of shares |  |
| Repayment of loan) |  |
| Interest paid on loan) |  |
| **CASH PROVIDED BY IN FINANCING ACTIVITIES** |  |
| Effect of foreign exchange on cash balances) |  |
| **CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH** |  |
| Cash and restricted cash – beginning |  |
| **CASH, CASH EQUIVALENTS AND RESTRICTED CASH - ENDING** |  |

---

Supplemental disclosure with respect to cash flow information (Note 16)

The accompanying notes are an integral part of these unaudited condensed interim consolidated financial statements

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024<br> (unaudited)

(Expressed in Canadian dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br><br>**Note** |<br>**Number of**<br>**Shares** |<br>**Share**<br>**Capital** |<br>**Contributed**<br>**Surplus** |<br>**Non-controlling**<br>**interests** |<br>**Shareholders'**<br>**Equity** |
|  | | | $ | $ | $ | $ |
| **DECEMBER 31, 2023** |  | **2640409** |  |  |  |  |
| Private Placement |  | 2640000 |  |  |  |  |
| Private placement issuance costs |  | -) |  |  |  |  |
| Share-based compensation |  |  |  |  |  |  |
| Loss and comprehensive loss |  | -) |  |  |  |  |
| **SEPTEMBER 30, 2024** |  | **5280409** |  |  |  |  |
| Private placement |  | 1000003 |  |  |  |  |
| Private placement issuance costs |  | -) |  |  |  |  |
| Option exercise |  | 45000) |  |  |  |  |
| Share-based compensation |  |  |  |  |  |  |
| Loss and comprehensive loss |  | -) |  |  |  |  |
| **DECEMBER 31, 2024** |  | **6325412** |  |  |  |  |
| Conversion of subscription receipt | 12 | 9000035 |  |  |  |  |
| Private placements | 12 | 4266666 |  |  |  |  |
| Share issuance costs |  | -) |  |  |  |  |
| Bonus share issuance to lender |  | 1045000 |  |  |  |  |
| Nussir acquisition | 3a | 24168149 |  |  |  |  |
| NSG acquisition | 3b | 5608000 |  |  |  |  |
| REAS acquisition | 3c | 4210000 |  |  |  |  |
| Share-based compensation |  |  |  |  |  |  |
| Net loss |  | -) |  |  |  |  |
| Other comprehensive income |  | -) |  |  |  |  |
| **SEPTEMBER 30, 2025** |  | **54623262** |  |  |  |  |

---

The accompanying notes are an integral part of these condensed unaudited interim consolidated financial statements

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024 <br> (unaudited)

(Expressed in Canadian dollars)

**1 . NATURE OF OPERATIONS AND GOING CONCERN**

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Nature of Operations** 

Blue Moon Metals Inc. ("Blue Moon" or the "Company") is an exploration stage company which is focused on the exploration and development of mineral resource properties.

The Company was incorporated on January 15, 2007 under British Columbia's Business Corporations Act. Its registered office is at 2700-1133 Melville Street, Vancouver BC V6E 4E5 and its head office is at 550-220 Bay Street, Toronto, Ontario, M5J 2W4.

The Company owns the zinc-silver-gold-copper Blue Moon project in California through its wholly owned subsidiary Keystone Mines Inc. ("Keystone Mines"), the Nussir copper-gold-silver property ("Nussir Project") in Norway through its 93.55% owned subsidiary Nussir ASA ("Nussir"), and the Sulitjelma copper-zinc property ("Sulitjelma Project") in Norway through its wholly owned subsidiary Nye Sulitjelma Gruver SA ("NSG"). See Note 3 for more details.

On March 14, 2025, the Company completed a 10:1 share consolidation. All references to the number of shares and per share amounts have been retroactively restated to reflect the consolidation.

These financial statements were approved for issue by the Company's Board of Directors on November 19, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Going Concern** 

The nature of the Company's operations requires significant expenditures for the acquisition, exploration, and evaluation of mineral properties. To date, the Company has not received any revenue from mining operations and is considered to be in the advanced exploration stage. The Company's operations have been primarily funded from equity financings. The Company will continue to require additional funding to maintain its ongoing exploration and evaluation programs, property maintenance payments, and operations.

These unaudited condensed interim consolidated financial statements have been prepared using IFRS as issued by the International Accounting Standards ("IFRS® Accounting Standards") applicable to a going concern, which assumes the realization of assets and settlement of liabilities in the normal course of business as they come due.

The Company's ability to continue as a going concern is dependent upon its ability to obtain additional funding from equity transactions or through other arrangements. Over the past year, the Company has been successful in securing financing and subsequent to the September 30, 2025, strengthened its liquidity position through the closing of a bought-deal equity financing for total gross proceeds of $86.5 million (see note 20). In addition, the Company has secured a project financing package for the Nussir project, which is expected to become available upon a positive final investment decision. Together, these transactions provide sufficient liquidity to meet its obligations over a 12-month period from September 30, 2025.

Based on this assessment, management has concluded that no material uncertainties exist that would cast significant doubt upon the Company's ability to continue as a going concern, and the use of the going concern basis of preparation is appropriate.

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024 <br> (unaudited)

(Expressed in Canadian dollars)

**2 . BASIS OF PRESENTATION AND SUMMARY OF MATERIAL ACCOUNTING POLICIES**

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Basis of Presentation** 

These unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS® Accounting Standards as applicable to the preparation of interim financial statements under IAS 34, Interim Financial Reporting. The unaudited condensed interim consolidated financial statements should be read in conjunction with the Company's annual consolidated financial statements for the years ended December 31, 2 024 and 2023, which have been prepared in accordance with IFRS® Accounting Standards.

The Company's presentation currency is Canadian ("C$") dollars. Reference herein of $ or C$ is to Canadian Dollars. US$ is to United States Dollars and NOK is to Norwegian Krone.

The functional currency of the parent company and the Keystone Mines is Canadian dollars. The functional currency of the Company's Norwegian subsidiaries, acquired during the first quarter, is Norwegian Krone. These entities are translated into Canadian dollars for consolidation in accordance with IAS 21.

Balance sheet items are classified as current if receipt or payment is due within twelve months. Otherwise, they are presented as non-current.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Material Accounting Policies** 

**Acquisition of Norwegian properties**

Management determined that the Company's acquisition of Nussir, NSG and Repparfjord Eiendom AS ("REAS"), did not meet the definition of a business combination under IFRS 3 and each transaction was accounted for as an asset acquisition. In each case, the fair value of the consideration transferred was determined to be the most reliable basis to value the transaction.

This conclusion was based on an assessment under both IFRS 3 and IFRS 10. Management applied the optional concentration test under IFRS 3, which was met in all cases. For the Nussir and NSG acquisitions, substantially all of the fair value of the gross assets acquired were concentrated in the mineral properties. In the case of REAS, which has a ground lease agreement with the Finnmark Estate, a legal entity established by law in Norway to manage most of the area in the Finnmark county where the Nussir project is located, for the use of the Øyen industrial land, the concentration was primarily in the property, plant and equipment. The land covered by the ground lease agreement is the proposed process plant site for the Nussir project. The REAS agreement is renewable and it is the intention of the Company to renew it for the life of mine of the Nussir project. The allocation of consideration was performed on a proportionate basis using relative fair values of the individually identifiable acquired assets. Additionally, control indicators under IFRS 10 were evaluated, including the ability to direct relevant activities and the sequencing of transactions. Blue Moon retained control over the strategy, financing and operations of the combined assets throughout. Accordingly, the acquisitions have been accounted for as an asset acquisition in accordance with IFRS 2 – Share-based Payment.

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024<br> (unaudited)

(Expressed in Canadian dollars)

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Significant Judgements and Estimates in Applying the Company's Accounting Policies** 

Significant Judgments

The preparation of these unaudited condensed interim consolidated financial statements requires the Company to make significant judgments in applying the Company's accounting policies and the basis of consolidation. These include but are not limited to the following:

*Going concern:* The assumption of the going concern of the Company as discussed in Note 1(b) above.

*Reverse Acquisition Assessment*

The Company completed multiple acquisitions during the period and assessed whether any constituted a reverse acquisition under IFRS 3, considering control indicators under both IFRS 3 and IFRS 10. This involved an evaluation of control, including an assessment of the relative voting rights in the combined entity, board and management composition and relative decision-making power over relevant activities. Management concluded that none of the transactions met the criteria for a reverse acquisition and the Company remained the accounting acquirer in all cases.

*Measurement of Fair Values at Acquisition Date*

In accounting for the acquisitions of Nussir, NSG and REAS, significant judgement was exercised in determining the relative fair values of the identifiable assets acquired and liabilities assumed. The Company applied the relative fair value method to allocate the purchase consideration to property, plant and equipment and mineral properties. The excess of the consideration paid for the identifiable assets and liabilities acquired for the Nussir and NSG projects was attributed to the mineral properties, and in the case of REAS, the fair value of the purchase price was proportionately allocated to the values of the individual identifiable asset as property, plant and equipment. The determination of the relative fair values requires significant judgments on the current asset values, future production profile, metal prices, discount rates, and exchange rates. Changes in assumptions or estimates could affect the relative fair value of the assets acquired and liabilities assumed in the purchase price allocation.

*Recoverability of Asset Carrying Values*

The Company assesses its property, plant and equipment for impairments if there are events or changes in circumstances that indicate that carrying values may not be recoverable at each statement of financial position date. Such indicators include changes in the Company's business plans, changes in the market and evidence of physical damage.

Determination as to whether and how much an asset is impaired involves management's judgement on highly uncertain matters such as estimates of project future production, estimated quantities of mineral reserves and resources, expected future production costs, and discount rates.

*Valuation of Exploration and Evaluation Assets*

The carrying amount of the Company's exploration and evaluation assets properties does not necessarily represent present or future values, and the Company's exploration and evaluation assets have been accounted for under the assumption that the carrying amount will be recoverable. Recoverability is dependent on various factors, including the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development and upon future profitable production or proceeds from the disposition of the mineral properties themselves. Additionally, there are numerous geological, economic, environmental and regulatory factors and uncertainties that could impact management's assessment as to the overall viability of its properties or to the ability to generate future cash flows necessary to cover or exceed the carrying value of the Company's exploration and evaluation assets.

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024<br> (unaudited)

(Expressed in Canadian dollars)

Estimations and Assumptions

Significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of the reporting period, that could result in a material adjustment to the carrying amounts of assets and liabilities in the event that actual results differ from assumptions made, relate to, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Share-based Payments

The estimation of share-based payments includes estimating the inputs used in calculating the fair value for share-based payments expense included in profit or loss and share-based share issuance costs included in equity. Share-based payments expense and share-based share issuance costs are estimated using the Black-Scholes options-pricing model as measured on the grant date to estimate the fair value of stock options. This model involves the input of highly subjective assumptions, including the expected price volatility of the Company's common shares, the expected life of the options, and the estimated forfeiture rate.

ii) Income Taxes

The estimation of income taxes includes evaluating the recoverability of deferred tax assets based on an assessment of the Company's ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions. Management assesses whether it is probable that some or all of the deferred income tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income, which in turn is dependent upon the successful discovery, extraction, development and commercialization of mineral reserves. To the extent that management's assessment of the Company's ability to utilize future tax deductions changes, the Company would be required to recognize more or fewer deferred tax assets, and future income tax provisions or recoveries could be affected.

iii) Incremental Borrowing Rate – Lease Liability Measurement

When the Company enters into leases as lessee and where the interest rate implicit in a lease cannot be readily determined, the Company determines its incremental borrowing rate in order to measure its lease liability. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. In determining its incremental borrowing rate, the Company considers the term of the lease, the nature of the leased asset, and its level of indebtedness with reference to market risk-free interest rates.

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024<br> (unaudited)

(Expressed in Canadian dollars)

**New standards and interpretations not yet adopted**

**IFRS 18 – Presentation and Disclosure in Financial Statements**

In April 2024, the IASB issued IFRS 18, which replaces IAS 1. IFRS 18 introduces a revised structure for the income statement, requiring presentation of income and expenses within operating, investing and financing categories and mandating specified subtotals. It also sets disclosure requirements for management-defined performance measures and provides enhanced guidance on aggregation and disaggregation in the financial statements and notes.

IFRS 18 does not change the recognition or measurement of items, nor the classification of items within other comprehensive income. It is effective for annual reporting periods beginning on or after January 1, 2027, with retrospective application required and early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements.

**Amendments to IFRS 9 and IFRS 7 – Classification and Measurement of Financial Instruments**

In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 to clarify classification, measurement and disclosure requirements for financial instruments. The updates address the derecognition of financial liabilities settled electronically and provide guidance on assessing contractual cash flows for features such as ESG-linked terms under the solely payments of principal and interest criterion. New disclosure requirements were also introduced for contingent features and equity instruments designated at fair value through other comprehensive income.

In December 2024, further amendments were issued relating to contracts referencing nature-dependent electricity. These clarify the 'own-use' exception, cash flow hedge accounting and introduce new disclosure requirements.

The amendments are effective for annual periods beginning on or after January 1, 2026, with early application permitted. The Company is evaluating the impact of these amendments on its consolidated financial statements.

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(unaudited)

(Expressed in Canadian dollars)

**3. ACQUISITION OF NORWEGIAN ASSETS**

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Nussir** 

On February 26, 2025, the Company closed the acquisition of Nussir, which owns the Nussir Project, for a purchase price of $89,940,936. On closing, the Company issued 24,168,149 common shares in the Company to the shareholders of Nussir for 93.55% of the issued and outstanding shares of Nussir.

Management determined that substantially all of the fair value of the gross assets acquired is concentrated in the Nussir brownfield property and therefore accounted for the transaction as an asset acquisition.

---

| | |
|:---|:---|
| **The purchase price is as follows:** | |
| &nbsp;&nbsp;Fair value of 24,168,149 common shares issued by the Company (i) | $85796930 |
| &nbsp;&nbsp;Transaction costs | 4144006 |
| &nbsp;&nbsp;**Total purchase price** | $**89940936** |
| **Assets acquired and liabilities assumed:** |  |
| &nbsp;&nbsp;Cash | $792997 |
| &nbsp;&nbsp;Other receivables and prepaid expenses | 39423 |
| &nbsp;&nbsp;Mineral properties | 95222303 |
| &nbsp;&nbsp;Total assets | 96054723 |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | (177125) |
| &nbsp;&nbsp;Other liabilities – current | (21214) |
| &nbsp;&nbsp;Total liabilities | (198338) |
| &nbsp;&nbsp;Total assets acquired and liabilities assumed, net | $95856384 |
| &nbsp;&nbsp;Less: Non-controlling interests | 5915448 |
| &nbsp;&nbsp;**Blue Moon's 93.55% share of Nussir** | $**89940936** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The fair value of the common shares issued
 was determined using the Company's share price of C$3.55 at the close of business on
 February 26, 2025 (Note 12).

The Company used the proportionate method in measuring non-controlling interests at the acquisition date. No goodwill was recognized as the transaction was accounted for as an asset acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **NSG** 

On February 26, 2025, the Company closed the acquisition of NSG, which owns the Sulitjelma Project, for a purchase price of $20,148,644. On closing, the Company issued 5,608,000 common shares in the Company to the shareholders of NSG for 100% of the issued and outstanding shares of NSG.

Management determined that substantially all of the fair value of the gross assets acquired is concentrated in the Sulitjelma brownfield property and therefore accounted for the transaction as an asset acquisition.

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(unaudited)

(Expressed in Canadian dollars)

---

| | |
|:---|:---|
| **The purchase price is as follows:** | |
| &nbsp;&nbsp;Fair value of 5,608,000 common shares issued by the Company (i) | $19908399 |
| &nbsp;&nbsp;Transaction costs | 240245 |
| &nbsp;&nbsp;**Total purchase price** | $**20148644** |
| **Assets acquired and liabilities assumed:** |  |
| &nbsp;&nbsp;Cash | $9611 |
| &nbsp;&nbsp;Other receivables and prepaid expenses | 20941 |
| &nbsp;&nbsp;Mineral properties | 20151896 |
| &nbsp;&nbsp;Total assets | 20182448 |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | (31232) |
| &nbsp;&nbsp;Other liabilities – current | (2572) |
| &nbsp;&nbsp;Total liabilities | (33804) |
| &nbsp;&nbsp;**Total assets acquired and liabilities assumed, net** | $**20148644** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The fair value of the common shares issued
 was determined using the Company's share price of C$3.55 at the close of business on
 February 26, 2025 (Note 12).

As part of the NSG acquisition, the Company may be required to make future milestone payments contingent upon the achievement of certain development and permitting events. These payments were not recognized as liabilities at the acquisition date as the underlying conditions had not been met and the probability and timing of the payments could not be reliably measured. The Company will reassess the contingent amounts in future periods as project milestones are progressed.

No goodwill was recognized as the transaction was accounted for as an asset acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **REAS** 

On March 6, 2025, the Company closed the acquisition of REAS from Wergeland Eiendom AS ("**WG**") for a purchase price of $26,172,452. On closing, the Company issued 4,210,000 common shares in the Company and $11,006,855 in cash to WG.

Management determined that substantially all of the fair value of the gross assets acquired is concentrated in the Øyen industrial land and its infrastructure and therefore accounted for the transaction as an asset acquisition.

---

| | |
|:---|:---|
| **The purchase price is as follows:** | |
| Cash consideration | $11006855 |
| Fair value of 4,210,000 common shares issued by the Company (i) | 14945500 |
| Transaction costs | 220097 |
| **Total purchase price** | $**26172452** |

---

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(unaudited)

(Expressed in Canadian dollars)

---

| | |
|:---|:---|
| **Assets acquired and liabilities assumed:** | |
| Cash | $184665 |
| Other receivables and prepaid expenses | 254236 |
| Property, plant and equipment | 28350863 |
| Total assets | 28789764 |
| Accounts payable and accrued liabilities | (67844) |
| Deferred income | (367) |
| Other liabilities – current | (2549101) |
| Total liabilities | (2617312) |
| **Total assets acquired and liabilities assumed, net** | $**26172452** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The fair value of the common shares issued
 was determined using the Company's share price of C$3.55 at the close of business on
 March 7, 2025 (Note 12).

No goodwill was recognized as the transaction was accounted for as an asset acquisition.

**4. MINERAL PROPERTIES, PLANT AND EQUIPMENT**

Mineral properties, plant and equipment are comprised of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **Mineral**<br>**Properties** | **Property, Plant**<br>**and Equipment** |<br>**Total** |
| Cost | $ | $ | $ |
| As at January 1, 2024 | 698007 |  | 698007 |
| Additions | - | 5706 | 5706 |
| As at December 31, 2024 | 698007 | 5706 | 703713 |
| Nussir acquisition (Note 3a) | 95222303 |  | 95222303 |
| NSG acquisition (Note 3b) | 20151896 |  | 20151896 |
| REAS acquisition (Note 3c) |  | 28350863 | 28350863 |
| Additions |  | 1817695 | 1817695 |
| Effects of foreign exchange | 220010 | 45129 | 265139 |
| **As at September 30, 2025** | 116292216 | 30219393 | 146511609 |
| **Accumulated depreciation, depletion and amortization** |  |  |  |
| As at January 1, 2024 |  |  |  |
| Depreciation | - | 3022 | 3022 |
| As at December 31, 2024 |  | 3022 | 3022 |
| Depreciation |  | 955249 | 955249 |
| Effects of foreign exchange | - | 2115 | 2115 |
| **As at September 30, 2025** | - | 960386 | 960386 |
| **Net book value** |  |  |  |
| As at December 31, 2024 | 698007 | 2684 | 700691 |
| **As at September 30, 2025** | **116292216** | **29259007** | **145551223** |

---

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(unaudited)

(Expressed in Canadian dollars)

During the first quarter of 2025, the Company completed the acquisitions of Nussir, NSG and REAS (Note 3). As a result, the following amounts were recognized:

*Nussir*

Acquired $95.2 million in mineral properties, plant and equipment, which included $4.1 million of transaction costs directly related to the acquisition were capitalized to mineral properties.

*NSG*

Acquired $20.2 million in mineral properties, plant and equipment, which included $0.2 million of transaction costs directly related to the acquisition were capitalized to mineral properties.

*REAS*

Acquired $28.4 million in property, plant and equipment, which included $0.2 million of transactions costs directly related to the acquisition were capitalized to property, plant and equipment. The Company also recognized a right-of-use ("ROU") asset of $26.9 million relating to the Øyen industrial land. The ROU asset has been capitalized within property, plant and equipment and amortized over its estimated useful life, consistent with the underlying use of the leased property. The corresponding lease liability is immaterial, as the arrangement represents a favourable lease.

The following table summarizes the Company's leases, which currently consist solely of the lease for the Øyen industrial land and the movement of the related ROU asset within property, plant and equipment.

---

| |
|:---|
| As at December 31, 2024 |
| REAS Acquisition |
| Additions |
| Depreciation |
| **As at September 30, 2025** |

---

**5. OTHER INCOME**

During the three months ended September 30, 2025 the Company recognized other income of $2,310,183, primarily relating to the reversal of a historic NOK 15 million provision associated with the Hammerfest Port dispute (Note 10). As part of the settlement outcome, the Company agreed to settle a NOK 5 million balance with Hammerfest Port, payable on January 1, 2028 and recorded a receivable from the previous owner for the reimbursement of this amount (Note 8), in accordance with the REAS share purchase agreement.

During the nine months ended September 30, 2025, total other income was $2,368,199, which consists mainly of the Hammerfest Port provision reversal.

**6. MARKETABLE SECURITIES**

As at September 30, 2025, the Company held 4,250,000 common shares of Honey Badger Silver Inc. (TSXV: TUF), received in connection with the disposition of a mineral property in 2024. The investment is classified as a financial asset measured as fair value through profit or loss. The fair value of the shares was $1,147,500 based on the closing market price at period end. During the nine months ended September 30, 2025, a fair value gain of $680,000 was recorded.

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(unaudited)

(Expressed in Canadian dollars)

**7.** **GENERAL EXPLORATION EXPENSES** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | $ | $ | $ | $ |
| Claims costs | 9230 | 3326 | 56994 | 12304 |
| Camp operations | 1731944 | 6477 | 3052990 | 51262 |
| Development and site preparation | 5 ,628686 |  | 7711528 |  |
| Engineering studies | 1702787 | 10454 | 2651549 | 10454 |
| Prospecting and geology | 457905 |  | 484779 | 14253 |
| Permitting | 140802 | 3375 | 357922 | 3375 |
| **TOTAL** | **9671354** | **23632** | **14315762** | **91648** |

---

**8.** **OTHER RECEIVABLES AND PREPAID EXPENSES** 

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | $ | $ |
| Supplier advance | 3409265 | 50000 |
| Value added tax receivable | 2016463 | 41139 |
| Receivable from Wergeland Eiendom AS – Hammerfest Port (Note 5) | 758289 |  |
| Prepaid expenses | 231407 |  |
| Other receivables | 143846 | 160663 |
| **TOTAL** | **6559270** | **251802** |

---

**9.** **ACCOUNTS PAYABLE AND ACCRUED LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | $ | $ |
| Accounts payable | 4973430 | 400891 |
| Accrued liabilities and other | 5314441 | 501809 |
| **TOTAL** | **10287871** | **902700** |

---

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(unaudited)

(Expressed in Canadian dollars)

**10.** **OTHER LIABILITIES** 

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | $ | $ |
| Other liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Provision – Port of Hammerfest claim (Note 5) | 722040 |  |
| &nbsp;&nbsp;&nbsp;Other (i) | 250009 | 6079 |
| Other liabilities | 972049 |  |
| Less: current portion | 209232 | - |
| **Long-term portion** | **762817** | **6079** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Other liabilities primarily relate to
 an accrual for site remediation costs related to the Nussir project, required under the agreement
 with Finnmarkseiendommen ("FeFo") and accrued liabilities related to the issuance
 of restricted share units.

**11. DEBT AND LEASE LIABILITIES**

Debt and lease liabilities are comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | $ | $|
| Lease liabilities (i) | 343529 |  |
| Bridge loan (ii) | 14981639 | - |
| Debt and lease liabilities | 15325168 | **-** |
| Less: current portion | 34568 | **-** |
| **Long-term portion** | **15290600** | **-** |

---

The changes in debt and lease liabilities are comprised of the following:

---

| | |
|:---|:---|
|  | **Leases** |
|  | $ |
| As at December 31, 2024 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions | 289842 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred financing fee | -) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest | 48048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing fee amortization |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Effects of foreign exchange | 5639 |
| As at September 30, 2025 | 343529 |
| Less: current portion | 34568 |
| **Long-term portion** | **308961** |

---

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(unaudited)

(Expressed in Canadian dollars)

&nbsp;&nbsp;&nbsp;&nbsp;i. Lease liabilities relate to arrangements
 associated with operations at the Nussir project. The arrangement with the Hammerfest port
 relating to quay repairs and continued use was assessed as a variable lease with no fixed
 minimum payment. As the quay lease payments were not fixed, no lease liability or ROU asset
 has been recognized at this stage.

&nbsp;&nbsp;&nbsp;&nbsp;ii. On August 19, 2025, the Company
 entered into a bridge loan agreement with Hartree Partners, LP and Opps XII BL MN Holdings
 LP.

The bridge loan provided a total facility of US$25,000,000, available in two advances of US$12,500,000 each. The first advance was drawn on September 4, 2025 by Nussir. The second advance remains undrawn as at September 30, 2025.

Interest is calculated at the base rate plus 8% per annum. The base rate is the greater of:

i) Adjusted Term SOFR, defined as 3-month Term SOFR + 0.10%; and

ii) 3.00%

Interest is calculated on a 360-day year and payable in arrears on a quarterly basis. The Company has the option to pay interest in kind, in which case the accrued interest is capitalized to the loan principal, subject to lender approval.

The bridge loan matures on June 30, 2027 and is secured by pledges over the shares and assets of Nussir, Blue Moon Norway, REAS and Keystone Mines.

In connection with the initial advance, the Company paid a structuring premium of 2% of the total commitment and incurred legal fees, both of which were deducted from the proceeds on initial recognition in accordance with IFRS 9. The Company also issued 1,045,000 bonus shares to the lender as consideration for providing the facility. The bonus shares issued, the fair value of which was $3,396,250, was recorded as a deferred financing cost and recognized as a deduction from the carrying amount of the loan and amortized over the term of the bridge loan using the effective interest method. For the initial draw, 50% of the value of the bonus shares has been recognized, with the remaining 50% to be recognized when the second tranche is drawn.

The bridge loan is classified as a financial liability at amortized cost and is measured using the effective interest method. The effective interest rate on the first advance is approximately 16.78%.

As at September 30, 2025, the carrying amount of the bridge loan was $14,981,640, including accrued interest of $179,541. The fair value of the loan approximates its carrying amount given its recent issuance and fixed interest rate.

The schedule of undiscounted lease payment and debt obligations is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Leases** | **Debt** | **Total** |
|  | $ | $ | $ |
| Less than one year | 34568 | 2182255 | 2216823 |
| One to five years | 144612 | 19187541 | 19332153 |
| More than five years | 521237 | - | 521237 |
| **Total undiscounted obligations as at September 30, 2025** | **700417** | **21369796** | **22070213** |

---

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(unaudited)

(Expressed in Canadian dollars)

**12. SHARE CAPITAL**

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Authorized share capital** 

Authorized share capital consists of an unlimited number of common shares without par value, unlimited Class "A" preferred shares with par value of $10 per share, and unlimited Class "B" preferred shares without par value. No preferred shares have been issued.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Common shares** 

The following shows the Corporation's issued and outstanding common shares and the prices at which the shares are issued.

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Common**<br>**Shares** |<br>**Weighted Average**<br> **Share Price** |
| Balance as at January 1, 2024 | 2640409 |  |
| Shares issued under private placement | 2640000 | $0.35 |
| Unit Shares issued under Concurrent Offering | 1000003 | $3.00 |
| Shares issued on exercise of options | 45000 | $1.00 |
| Balance as at December 31, 2024 | 6325412 |  |
| Conversion of subscription receipts | 9000035 | $3.00 |
| Shares issued under private placement | 4266666 | $3.15 |
| Bonus share issuance to lender | 1045000 | $3.25 |
| Nussir acquisition | 24168149 | $3.55 |
| NSG acquisition | 5608000 | $3.55 |
| REAS acquisition | 4210000 | $3.55 |
| **Balance as at September 30, 2025** | **54623262** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i. Acquisitions**

On February 26, 2025, the Company closed the acquisitions of Nussir and NSG (Note 3) and issued 24,168,149 and 5,608,000 shares respectively at a price of $3.55 per common share.

On March 6, 2025, the Company closed the acquisition of REAS (Note 3) and issued 4,210,000 shares at a price of $3.55 per common share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii. Financing**

On September 4, 2025 the Company issued 2,092,173 common shares at a price of $3.30 per share for gross proceeds of $6,897,000 to Oaktree Capital Management LP as part of the initial equity tranche under the Hartree Partners LP and Oaktree Capital Management LP project finance package to fund early works and pre-construction activities at Nussir.

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(unaudited)

(Expressed in Canadian dollars)

Concurrent with the first draw under the related bridge loan, the Company issued 1,045,000 bonus shares to Hartree Partners LP for no cash consideration as part of the financing arrangement. The fair value of the bonus shares was based on the Company's closing share price on September 4, 2025.

On May 8, 2025, the Company issued 376,833 shares at a price of $3.00 per share to Leonard Nilsen & Sønner AS ("**LNS**") for gross proceeds of $1,130,499. The subscription formed part of the follow-on equity investment originally agreed to on December 19, 2024 and was triggered upon the Company achieving the first milestone - the LNS underground mobilization at Nussir.

On February 26, 2025, on closing of the Nussir and NSG transactions, 9,000,028 Subscription Receipts, issued as part of the December 19, 2024 unit financing were automatically converted into 9,000,035 common shares of the Company without payment of additional consideration (rounding due to the 10:1 share consolidation).

On February 26, 2025, the Company issued 47,660 shares at a price of $3.00 per common share for gross proceeds of $142,980.

On March 7, 2025, the Company closed the second tranche of financing from Hartree Partners LP ("**Hartree**") in connection with the Nussir and NSG Transactions. Hartree purchased 1,750,000 shares at a price of $3.00 per share for total gross proceeds of $5,250,000.

On December 19, 2024, the Company completed a brokered unit financing in connection with the Nussir and NSG transactions, issuing 1,000,003 units at $30.00 per common share and nine subscription units. Proceeds of $3.0 million related to the common shares were released at closing, while $27.0 million related to the subscription units was held in escrow until converted into common shares on February 26, 2025. Share issuance costs of $44,679 were recorded in Q4 2024, and deferred share issuance costs of $417,101 were reclassified to equity in the first quarter upon conversion.

On August 30, 2024, the Company issued 2,640,000 shares at a price of $0.35 per common share for gross proceeds of $924,000.

**13. WARRANTS, STOCK OPTIONS, RESTRICTED STOCK UNITS ("RSUS"), AND DEFERRED STOCK UNITS ("DSUS")**

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Warrants** 

The following table summarizes the Company's outstanding warrants and the changes during the period ended September 30, 2025.

---

| | | |
|:---|:---|:---|
|  | **Warrants** | **Weighted Average<br> Exercise Price** |
| Balance as at January 1, 2024 | 196380 | $12.00 |
| Expired unexercised | (196380) | - |
| **Balance as at December 31, 2024 and September 30, 2025** | **-** | **-** |

---

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(unaudited)

(Expressed in Canadian dollars)

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Stock options** 

The following table summarizes the stock option activity for the period:

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Stock options** | **Weighted average**<br>**exercise price** |
| Balance as at January 1, 2024 | 39500 | $5.23 |
| Granted | 235000 | $2.17 |
| Exercised | (45000) | $1.00 |
| Expired, unexercised | (48000) | $3.52 |
| Balance as at December 31, 2024 | 181500 | $2.77 |
| Granted | 593000 | $3.52 |
| Expired, unexercised | (11500) | $5.00 |
| **Balance as at September 30, 2025** | **763000** | $**3.32** |

---

Stock options outstanding and exercisable are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Expiry Date** |<br>**Exercise Price** | **Number of**<br>**Stock options**<br>**outstanding** | **Average remaining**<br>**contractual life**<br>**(years)** |<br>**Number of stock**<br>**options exercisable** |
| January 9, 2029 | $1.00 | 55000 | 3.28 | 36666 |
| November 1, 2029 | $3.40 | 115000 | 4.09 |  |
| February 26, 2030 | $3.55 | 275000 | 4.41 |  |
| April 21, 2030 | $4.10 | 60000 | 4.56 |  |
| May 8, 2030 | $3.00 | 24000 | 4.61 |  |
| July 3, 2030 | $3.37 | 200000 | 4.76 |  |
| August 20, 2030 | $3.57 | 34000 | 4.89 |  |
| **September 30, 2025** |  | **763000** | **4.41** | **36666** |

---

During the nine months ended September 30, 2025, the Corporation recorded share-based compensation expense of $715,639 (nine months ended September 30, 2024: $34,167) relating to stock options. 593,000 options were granted during the nine months ended September 30, 2025 (nine months ended 30, 2024: 120,000). The options granted to date vest over a three-year period.

The weighted-average fair value of stock options granted during the nine months ended September 30, 2025, was estimated on the dates of grant to be $3.52 per option granted using the Black-Scholes option pricing model with the following assumptions:

---

| | | |
|:---|:---|:---|
| **Nine months ended September** | **2025** | **2024** |
| Expected life (years) | 5.0 | 3.0 |
| Risk-free interest rate (%) | 2.7 | 3.77 |
| Expected volatility (%) | 208 | 120 |
| Expected dividend yield (%) | - | - |
| Expected forfeitures (%) | - | - |

---

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(unaudited)

(Expressed in Canadian dollars)

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **RSUs** 

The following table summarizes the RSU activity for the period:

---

| | | |
|:---|:---|:---|
|  |<br>**Number of**<br>**RSUs** | **Weighted**<br>**Average Value at**<br>**Date of Grant** |
| Balance as at January 1, 2024 |  | $- |
| Granted | 37500 | 3.40 |
| Balance as at December 31, 2024 | 37500 | $3.40 |
| Granted | 25000 | 3.95 |
| **Balance as at September 30, 2025** | 62500 | $3.62 |

---

Under the Corporation's Plan, RSUs are granted to employees, directors and non-employees as approved by the Corporation's Board of Directors. Each RSU represents a unit with the underlying value equal to the value of one common share of the Corporation, vests over a specified period of service in accordance with the plan and can be equity or cash settled at the discretion of the Corporation. RSUs granted to date vest over a period of three years. None of the RSUs granted have vested as of September 30, 2025.

On November 1, 2024, 37,500 RSUs were granted. On April 21, 2025, an additional 25,000 RSUs were granted. As the Company intends to settle in cash, the cost of the RSUs is recognized as an other liability in the statement of financial position and as an expense over the vesting period in the consolidated statements of loss. The liability is re-measured to fair value at each reporting date with changes in fair value recognized in the consolidated statements of loss. As at September 30, 2025, the fair value of the RSU liability was $89,710 (note 10) and a total of 62,500 RSUs were outstanding (2024: NIL).

During the nine months ended September 30, 2025, an amount of $76,334 (nine months ended September 30, 2024: $NIL) was recorded in stock-based compensation expense.

&nbsp;&nbsp;&nbsp;&nbsp;**d)** **DSUs** 

The following table summarizes the DSU activity for the period:

---

| | | |
|:---|:---|:---|
|  |<br>**Number of**<br>**DSUs** | **Weighted**<br>**Average Value at**<br>**Date of Grant** |
| Balance as at January 1, 2024 |  | $- |
| Granted | 140000 | 3.40 |
| Balance as at December 31, 2024 | 140000 | $3.40 |
| Granted | 84506 | 3.55 |
| **Balance as at September 30, 2025** | 224506 | $3.46 |

---

Under the Corporation's Plan, DSUs are granted to directors as approved by the Corporation's Board of Directors. Each DSU represents a unit with the underlying value equal to the value of one common share of the Corporation and is settled upon a director's departure from the Board. DSU's vest over the later of (i) one year from the grant date and (ii) the date the director ceases to serve on the Board, in accordance with the terms of the plan. None of the DSUs granted have vested as of September 30, 2025.

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(unaudited)

(Expressed in Canadian dollars)

On March 7, 2024, 84,506 DSUs were granted. As the Company intends to equity settle the awards, the cost of the DSUs is recognized as a component of contributed surplus in the statement of financial position and as an expense in the consolidated statements of loss. The fair value is not remeasured after the grant date. During the nine months ended September 30, 2025, an amount of $526,163 (nine months ended September 30, 2024: $NIL) relating to DSUs on grant date was recorded in stock-based compensation expense.

**14. RELATED PARTY TRANSACTIONS**

**Management Compensation**

The Company's related parties include its directors and officers, who are the key management of the Company. The remuneration of directors and officers during the years presented was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Nine months ended** | **Nine months ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | 2025 | 2024 | 2025 | 2024 |
|  | $ | $ | $ | $ |
| Wages and salaries | 521283 |  | 1188331 |  |
| Consulting fees | 374813 | 9000 | 826511 | 27000 |
| Share-based payments | 536734 | 5180 | 1209602 | 29270 |
| **MANAGEMENT COMPENSATION** | **1432830** | **14180** | **3224444** | **56270** |

---

As at September 30, 2025, no amounts are due to related parties (September 30, 2024 - $65,000) of the Company. These amounts due to related parties in 2024 were unsecured, non-interest bearing and had no specific terms of repayment and were fully repaid in 2024.

**15. SEGMENTED INFORMATION**

The Company is engaged in the acquisition, exploration and development of mineral properties in Norway and the United States. Segment reporting is aligned with the manner in which management monitors business performance. Prior to aggregation, each exploration project is considered an individual operating segment. The Nussir and REAS acquisitions have been aggregated into a single reportable segment.

All non-current assets and exploration expenditures are located in, and incurred within, the United States or Norway. Materially all of the cash and general administrative costs are held and incurred by the Canadian parent company. The following is a summary of non-current assets by reportable segment:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** |
|  |<br>**Mineral Properties** | **Property, Plant**<br>**and Equipment** |<br>**Mineral Properties** | **Property, Plant**<br>**and Equipment** |
|  | $ | $ | $ | $ |
| Blue Moon | 698007 | 14524 | 698007 |  |
| Nussir/REAS | 95332308 | 31028832 |  |  |
| NSG | 20261901 | 35086 |  |  |
| Corporate | - | 18905 | - |  |
| **Total** | 116292216 | 31097347 | 698007 |  |

---

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(unaudited)

(Expressed in Canadian dollars)

**16. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS**

The changes in the Company's non-cash working capital items relating to operating activities for the years indicated below are as follows:

---

| | | |
|:---|:---|:---|
| **For the nine months ended September 30,** | **2025** | **2024** |
|  | $ | $ |
| Changes in other receivables and prepaid expenses |  |  |
| Changes in accounts payable and accrued liabilities |  |  |
| **CHANGE IN NON-CASH WORKING CAPITAL** |  |  |

---

**17. CAPITAL MANAGEMENT**

The Company is a mineral exploration and development company focusing on advancing its projects in Norway and the United States, including the Nussir and Sulitjelma copper projects and the Blue Moon polymetallic project. Its principal source of funding is the issuance of equity securities.

The Company considers capital to be equity attributable to common shareholders, comprised of share capital, contributed surplus, and deficit. It is the Company's objective to safeguard its ability to continue as a going concern so that it can continue to explore and develop its projects.

The Company manages its capital structure based on the funds available for its operations and makes adjustments for changes in economic conditions, capital markets and the risk characteristics of the underlying assets. To maintain its objectives, the Company may attempt to issue new shares, seek debt financing, acquire or dispose of assets or change the timing of its planned exploration and development projects. There is no assurance that these initiatives will be successful.

The Company monitors its cash position on a regular basis to determine whether sufficient funds are available to meet its short-term and long-term corporate objectives.

There has been no change in the Company's capital management practices during the year. Blue Moon does not pay dividends. Neither the Company nor any of its subsidiaries is subject to externally imposed capital requirements.

**18. FINANCIAL INSTRUMENT RISK**

The Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework. The Company has exposure to liquidity and credit risks from the use of financial instruments. The carrying value of the Company's financial instruments consisting of cash, restricted cash, other receivables and prepaid expenses, marketable securities, accounts payable and accrued liabilities, deferred income and subscription receipts approximate fair value due to the short term nature of the instruments. As at September 3 0, 2025, the carrying amount of the bridge loan was $14,981,639, including accrued interest of $150,832. The fair value of the loan approximates its carrying amount given its recent issuance and fixed interest rate.

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(unaudited)

(Expressed in Canadian dollars)

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Liquidity risk** 

Liquidity risk is the risk that the Company will be unable to meet its financial obligations as they come due. Certain conditions cast significant doubt on the Company's ability to meet its financial obligations. Refer to note 1(b) for more information regarding the Company's liquidity risk.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Credit risk** 

The Company is exposed to credit risk on its cash, restricted cash and value added tax receivables. To reduce credit risk, substantially all cash is on deposit at major banks. Restricted cash are deposits held by the Bureau of Land Management ("BLM") in California, and FeFo the land management authority in Norway. As at September 3 0, 2025, sales tax recoverables were $2,016,463 (December 31, 2024 - $41,139). Restricted cash is comprised of bonds valued at $94,536 (December 31, 2024 - $6,302) held by the BLM and cash held in a restricted account valued at $156,269 held by FeFo. The Company's exposure to credit risk is limited to the carrying amount of its cash, restricted cash and sales tax recoverable. Accordingly, the Company considers its exposure to credit risk minimal.

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Market Risk** 

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

Interest rate risk

The Company has cash balances which are not subject to significant risks in fluctuating interest rates. The Company's current policy is to invest excess cash in high rate savings or investment-grade short-term deposit certificates issued by its banking institutions. The Company periodically monitors the investments it makes and is satisfied with the credit ratings of its banks. An increase to interest rates by 1% would have an insignificant effect on the Company's operations.

Foreign currency risk

The Company is exposed to foreign currency risk on fluctuations related to cash, restricted cash, receivables, accounts payable and accrued liabilities, and capital expenditures that are denominated in US dollars and Norwegian Kroner.

Sensitivity Analysis

The Company, through its subsidiaries, operates in the United States and Norway and is exposed to foreign exchange risk arising from changes in the US dollar and Norwegian krone against the Canadian dollar. A 10% fluctuation in either the US dollar or Norwegian krone relative to the Canadian dollar would have a minimal impact on the Company's loss and comprehensive loss.

Market Price risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Equity price risk

The Company is exposed to equity price risk through fluctuations in the market price of its own common shares. Equity price risk is defined as the potential adverse impact on the Company's earnings, or ability to obtain equity financing, due to movements in individual equity prices or broader stock market movements.

**Blue Moon Metals Inc.**

Notes to the Condensed Interim Consolidated Financial Statements

For the three and nine months ended September 30, 2025 and 2024

(unaudited)

(Expressed in Canadian dollars)

In addition, the Company holds equity instruments which are classified as marketable securities and are subject to equity price risk. The market price or value of these investments can vary from period to period. A 10% fluctuation in the quoted market price of marketable securities would have a minimal impact on the Company's loss and comprehensive loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Commodity price risk

Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatility. The Company closely monitors commodity prices of zinc, copper, gold, silver, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company.

**19. COMMITMENTS**

The Company entered into contracts for underground mining and associated development work related to the Nussir project. As at September 30, 2025, the Company has contractual commitments to spend in accordance with such contracts totaling approximately $30.2 million. Except as otherwise disclosed in the financial statements, there are no other commitments.

**20. SUBSEQUENT EVENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) Springer mine and mill acquisition**

On October 10, 2025, the Company entered into a Memorandum of Understanding ("MOU") with Goods LG LLC to acquire the Springer mine, mill and associated infrastructure located in Pershing County, Nevada (the "Property"). The MOU grants the Company exclusivity over the Property in exchange for a non-refundable cash payment of US $500,000 and contemplates the negotiation of a definitive purchase agreement and satisfaction of certain customary closing conditions, including the extension of certain water rights and transfer of major operating permits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b) Bought-deal public offering**

On October 1, 2025, pursuant to a prospectus supplement to the Company's short form base shelf prospectus, the Company closed a bought-deal public offering issuing 26,220,000 common shares at a price of $3.30 per share for total gross proceeds of $86.5 million. Net proceeds from the offering are expected to be used for the development of the Blue Moon project, further exploration at Nussir and NSG and general corporate and working capital purposes.

## Exhibit 99.3

**Exhibit 99.3**

![](tm2533647d1_img176.jpg)

**BLUE MOON METALS INC.**

**MANAGEMENT'S DISCUSSION AND ANALYSIS**

**FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025**

The following management discussion and analysis ("**MD&A**") of Blue Moon Metals Inc. ("Blue Moon" or the "Company") has been prepared as of November 19, 2025, and provides an analysis of the Company's results of operations for the three and nine months ended September 30, 2025.

This discussion is intended to provide investors with a reasonable basis for assessing the financial performance of the Company as well as certain forward-looking statements relating to its potential future performance. The information should be read in conjunction with the Blue Moon unaudited condensed interim consolidated financial statements for the three and nine months ended September 30, 2025, Blue Moon's audited consolidated financial statements for the years ended December 31, 2024 and 2023, and the notes thereto, which have been prepared in accordance with IFRS Accounting Standards ("IFRS"). Blue Moon's material accounting policies are described in note 3 of the aforementioned audited consolidated financial statements. All of the financial information presented herein is expressed in Canadian dollars, unless otherwise indicated.

The operations of the Company are speculative due to the high-risk nature of the mining industry. Blue Moon faces risks that are generally applicable to its industry and others that are specific to its operations. Additional risks not currently known to the Company, or that the Company currently deems immaterial, may also impair the Company's operations. Such risk factors could materially affect the value of the Company's assets, and future operating results of the Company and could cause actual results to differ materially from those described in this MD&A. Reference is made to the discussion of forward-looking statements at the end of this document.

**DESCRIPTION OF THE BUSINESS**

Blue Moon is a mineral exploration and development company and is focused on advancing its three polymetallic brownfield projects in Tier 1 mining jurisdictions: the Nussir copper-gold-silver property in Norway, the Blue Moon zinc-copper-gold-silver property in California, USA, and the Sulitjelma copper-zinc property in Norway. All three projects have the potential to be developed into underground mines and following the receipt of approval by the Bureau of Land Management ("**BLM**") for a portal and tunnel at the Blue Moon volcanogenic massive sulphide ("**VMS**") deposit, the Company now considers the Nussir project and the Blue Moon project as its material properties.

Blue Moon is listed on the TSX Venture Exchange under the symbol "MOON" and is quoted on the OTCQX under the symbol "BMOOF".

**CORPORATE**

**Acquisitions**

In the first quarter of 2025, the Company completed the acquisitions of Nussir ASA ("**Nussir**"), which owns the Nussir project, Nye Sulitjelma Gruver SA ("**NSG**"), which owns the Sulitjelma project, and Repparfjord Eiendom AS ("**REAS**"), which has a ground lease agreement with the Finnmark Estate, a legal entity established by law in Norway to manage most of the area in the Finnmark county where the Nussir project is located, for the use of the Øyen industrial land, as well as some ship loading facilities. The ground lease covers the proposed process plant site for the Nussir project. The REAS agreement is renewable and it is the intention of the Company to renew it over the life of the Nussir mine.

As a result of these acquisitions, the Company has acquired two brownfield critical minerals projects in a Tier 1 jurisdiction as well as most of the required infrastructure for the Nussir mine.

On October 14, 2025, the Company announced that it had entered into a memorandum of understanding (the "**Springer MOU**") with Goods LG LLC ("**Goods**"). The Springer MOU granted the Company exclusivity in exchange for a non-refundable US$500,000 cash payment to acquire the Springer mine, mill and all associated infrastructure required for mineral processing in Pershing County, Nevada (the "**Springer Property**") and is subject to a number of conditions precedent, which included the negotiation of a definitive agreement, the extension of certain water rights used by the mill, the transfer of major operating permits and satisfaction of other customary conditions for transactions of this nature. As of the date of this MD&A, it is expected that the transaction will close over the next few months.

**Blue Moon Metals Inc.**

Management's Discussion and Analysis

For the three and nine months ended September 30, 2025

With the closing of the Springer transaction in early 2026, the Company intends to develop a hub and spoke business model by acquiring and developing smaller, high grade underground critical metals mines in the western United States and sending the mineralized material to the Springer mine for processing. This is in line with US federal initiatives to promote domestic production of critical metals and decrease dependence on foreign supply chains.

**Base shelf prospectus**

On September 23, 2025, the Company filed a short form base shelf prospectus (the "**Base Shelf Prospectus**") in each of the provinces and territories of Canada, other than Québec. The Base Shelf Prospectus which provides for the issuance of up to $200 million of eligible securities and has a term of twenty-five months, allows the Company to raise funds quickly during the term of the Base Shelf Prospectus by filing a prospectus supplement for the issuance of eligible securities.

**Equity financing**

On October 1, 2025, pursuant to a prospectus supplement to the Company's short form base shelf prospectus, the Company closed a bought-deal public offering issuing 26,220,000 common shares at a price of $3.30 per share for total gross proceeds of $86.5 million. Net proceeds from the offering are expected to be used for the development of the Blue Moon project, further exploration at Nussir and NSG and general corporate and working capital purposes.

On September 4, 2025 the Company issued 2,092,173 common shares at a price of $3.30 per share for gross proceeds of $6,897,000 to Oaktree Capital Management LP as part of the initial equity tranche under the Hartree and Oaktree Capital Management LP project finance package to fund early works and pre-construction activities at Nussir.

Concurrent with the first draw under the related bridge loan, the Company issued 1,045,000 bonus shares to Hartree for no cash consideration as part of the financing arrangement.

On May 8, 2025, the Company announced the mobilization for the underground development of the exploration decline and confirmation of underground mining parameters at the Nussir project and pursuant to the previously announced agreement with Leonard Nilsen & Sønner AS ("**LNS**"), which provides comprehensive mining services to the Company during the construction and operation of the Nussir project, LNS acquired 376,833 common shares in the Company at a share price of $3.00 per share through a non-brokered private placement for gross proceeds of $1,130,499.

On March 7, 2025, the Company closed the second tranche of financing from Hartree (as defined below) of 1,750,000 shares for gross proceeds of $5.25 million. The shares were subject to a statutory hold period of four months and one day from the date of issuance (see below for the Hartree investment).

On February 26, 2025, 9,000,028 subscription receipts issued as part of the units (the "**Units**") in the December 2024 brokered unit financing (the "**Concurrent Financing**") came out of escrow on the completion of the Nussir and NSG transactions and were converted into common shares 9,000,035 common shares without payment of additional consideration (rounding due to the 10:1 share consolidation).

Strategic investors in the Concurrent Financing included:

*Hartree Partners LP ("**Hartree**")*

Hartree subscribed to $7.25 million Units, with an option to subscribe to up to $7.75 million Units, received pro-rata pre-emptive rights in respect of future equity issuances, the right to appoint a nominee to the Blue Moon board of directors (the "Board") by the end of December 2025 and the right to participate on a technical committee. The Company entered into a long-term offtake agreement with an affiliate of Hartree for Nussir's production of concentrate, with a right of last offer for a portion of the offtake volumes at the Blue Moon and the Sulitjelma projects. In addition, Hartree and Blue Moon entered into a Memorandum of Understanding ("**MOU**") for up to US$20 million of secured bridge loan. On March 7, 2025, the Company closed the second tranche of equity financing from Hartree for an amount of $5.25 million.

*Wheaton Precious Metals Corp. ("**Wheaton**")*

Wheaton subscribed to $4.95 million Units. In addition, an affiliate of Wheaton has acquired a corporate-wide right of first refusal ("ROFR") on any precious metals streams or royalties on Blue Moon's properties for $50,000.

**Blue Moon Metals Inc.**

Management's Discussion and Analysis

For the three and nine months ended September 30, 2025

*Leonard Nilsen & Sønner AS ("**LNS**")*

LNS subscribed to approximately $4.2 million (equivalent of NOK 33 million) in Blue Moon Shares and committed to two further tranches of approximately $1.1 million (equivalent of NOK 8.5 million) each, with the first tranche being made at the start of the Nussir decline construction and the second being ten months after the start of decline construction.

If LNS owns 5% of the issued and outstanding common shares, they have the right to appoint a Board member by the end of December 2025.

**Share consolidation and graduation to TSX Tier 1**

On March 3, 2025, the Company announced its intention to complete a share consolidation of one (1) post-consolidation share for every ten (10) pre-consolidation shares. On March 14, 2025, when trading resumed on the TSXV after being halted since the announcement of the Nussir and NSG Transactions, the common shares of the Company began trading on a post-consolidated basis. All references to number of shares and per share amounts have been retroactively restated to reflect the consolidation.

**Reinstatement of quotation on the OTCQB followed by upgrade to OTCQX**

Following the March 14, 2025 unhalting of the Company's shares on the TSXV, the Company applied for and was granted on April 14, 2025, the reinstatement of its quote on the OTCQB® Venture Market. This was followed by the Company being upgraded to trade on the OTCQX® Best Market on April 15, 2025. The OTCQX Market is the highest tier of the US OTC markets and it is expected to enhance the Company's visibility and provide improved accessibility to its US investors.

**Intention to list on the NASDAQ exchange**

On October 14, 2025, on the signing of the Springer MOU and its US asset base, the Company announced that it intends to apply to list its common shares on the Nasdaq Capital Market (the "**NASDAQ**"), likely in the first quarter of 2026.

**Annual General Meeting, Board changes and management appointments**

The Company continues to evolve in its board composition, and to grow its management team to support its strategic activities and project development activities in 2025:

· On
 November 13, 2025, the Company appointed new board members, welcoming Per-Erik Bjørnstad, Frode Nilsen, and Richard Colterjohn
 to the Board, while bidding goodbye to Haytham Hodaly, who did not stand for re-appointment following his recent promotion to be
 President of Wheaton Precious Metals Inc.

· On October 28,
 2025, the Company appointed Katy Grant as Senior Vice President, Human Resources and Corporate Sustainability.

· On July 3,
 2025, the Company appointed Stephen Eddy as Senior Vice President, Corporate Development.

· On April 21, 2025, the Company appointed
 Ms. Boi Linh Doig as its Vice President, Mining.

· On February 26,
 2025, following the completion of the Nussir and NSG Transactions, Francis Johnstone and Karin Thorburn, both formerly on the board
 of directors of Nussir, joined the Blue Moon board, while Patrick McGrath resigned. In addition, Skott Mealer joined as President
 and Chief Operating Officer, and Theodore Veligrakis joined as Vice President, Exploration.

**Engagement of market maker and commencement of European outreach efforts**

· On October 6, 2025 the Company announced the engagement
of SRC Swiss Resource Capital AG ()"**SRC**") for investors and communications services in Europe. SRC has experience in
providing services to issuers of various stock exchanges seeking to raise their profile in public markets across Europe.

· On May 8, 2025, the Company announced the engagement of
Red Cloud Securities as its market maker to provide market stability and liquidity for the Company's common shares on the TSXV
with a monthly fee of $7,000 for a minimum term of three months.

**Blue Moon Metals Inc.**

Management's Discussion and Analysis

For the three and nine months ended September 30, 2025

**Project Financing**

· On August 19, 2025, the Company entered into a memorandum
of understanding with Hartree and funds managed by Oaktree Capital Management, L.P. ("Oaktree", collectively, the "Lenders",
each a "Lender"). This consisted of a previously agreed to bridge loan (the "Bridge Loan") with Nussir and Keystone
Mines, the Company's wholly owned subsidiary that holds the Blue Moon project, as borrowers and a project financing package ("Project
Finance Package" and together with the Bridge Loan, the "Investment Package") providing up to US$140 million support
for the continued development and construction of Nussir. The Project Finance Package includes a US$50 million senior secured term loan
(the "Senior Secured Term Loan"), a US$70 million precious metals stream (the "Redeemable Precious Metals Stream Agreement")
and an equity investment of up to US$20 million (subject to a 19.9% Oaktree/Hartree combined ownership limitation). The Project Finance
Package is subject to customary approvals, diligence and closing conditions.

· The definitive Bridge Loan agreement has been signed. On September 4,
2025, the Company completed the first drawdown of the Bridge Loan for US$12.5 million. Additionally, a subscription agreement has been
signed for US$5 million at C$3.30 per share and the first equity investment closed on September 4, 2025, resulting in the issuance
of 2,092,173 common shares. Follow-on commitments of up to an additional US$15 million will be completed upon the occurrence of certain
events.

· The initial capital from the Bridge Loan and the equity investment
will provide funding for key early works and pre-construction activities for the Nussir and Blue Moon Projects as well as working capital
and corporate activities. The Investment Package bears customary upfront and standby fees and in connection with arranging for the project
financing, the Company granted Hartree 1,045,000 common shares ("Bonus Shares") of the Company concurrent with the first
draw of funds under the Bridge Loan on September 4, 2025. These Bonus Shares are subject to an applicable statutory hold period
under Canadian securities laws.

· The Senior Secured Term Loan, when drawn, will be used to fund
development and construction activities, including operation and working capital needs of the Nussir Project.

**Blue Moon Metals Inc.**

Management's Discussion and Analysis

For the three and nine months ended September 30, 2025

**PROPERTY OVERVIEW AND DEVELOPMENT**

**Nussir Property (Finnmark, Norway)**

The Nussir Property is a polymetallic deposit which contains copper, silver and gold located at the Finnmark county in northern Norway. It is an underground development project that benefits from existing critical infrastructure located next to the property (access, power and port).

On February 26, 2025, the Company acquired the Nussir project and on February 27, 2025, the Company filed its maiden National Instrument ("**NI**") 43-101 Technical Report, titled "Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects, Norway" dated January 24, 2025, on <u>www.sedarplus.com</u>. It Is available on the Company's website at <u>www.bluemoonmetals.com</u>.

The updated MRE is shown below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Category** | **Tonnes**<br>**Mt** | **Cu %** | **Ag**<br>**g/t** | **Au**<br>**g/t** | **Cu Eq %** | **Cu Metal**<br>**Kt** | **Ag Metal**<br>**Koz** | **Au Metal**<br>**Koz** |
| Measured | 2.69 | 1.08 | 12.8 | 0.18 | 1.31 | 29 | 1103 | 16 |
| Indicated | 26.03 | 1.01 | 12.3 | 0.11 | 1.19 | 263 | 10288 | 92 |
| **Measured + Indicated** | **28.72** | **1.02** | **12.3** | **0.12** | **1.20** | **292** | **11391** | **108** |
| **Inferred** | 31.99 | 1.01 | 14.6 | 0.14 | 1.23 | 324 | 14972 | 143 |

---

*Notes:*

*(1)* *CIM definitions were followed for MRE.* 

*(2)* *A minimum mining width of 2.0 m was applied in making the MRE constraint wireframes. These wireframes were generated using a preliminary MSO.* 

*(3)* *Density values for Nussir were estimated from density sample values or assigned default average values where insufficient samples occur nearby.* 

*(4)* *MRE constraint wireframes were generated for a cut-off grade of 0.30% Cu, related to potential underground mining.* 

*(5)* *Metal prices assumed for this MRE were US$4.20 lb Cu, US$27.00/Oz Ag and US$2,200oz Au, which represent reasonable long-term consensus metal pricing.* 

*(6)* *Metallurgy recovery assumptions were 96% Cu, 80% Ag and 93% Au, which stem from SGS metallurgical testwork completed in 2022.* 

*(7)* *The cut-off grade of 0.30% Cu was derived from the price and recovery values above, as well as a smelter payability of 97.3% and an assumed total operating cost $26.20/t of ore.* 

*(8)* *Rounding may result in apparent summation differences between tonnes, grades and metal content; not considered material.* 

*(9)* *Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.* 

On March 6, 2025, the Company acquired all of the shares of REAS, from Wergeland Eigedom AS ("WG"). The acquisition includes critical infrastructure adjacent to the Nussir Project, notably the Øyen Industrial Land, a deep-water port facility with ship-loading and conveyor systems, a fully permitted and operating aggregate mine and buildings suitable for housing, administration and processing. This site is permitted and zoned for mining and processing activities and includes a large process plant building capable of supporting a 6,000 tpd flotation plant, along with access to low-cost industrial power.

Under the agreement, WG retains sublease rights for aggregate production and has committed to purchasing waste rock from Nussir at a minimum price of NOK 15 per tonne.

On June 4, 2025, the European Union Commission designated the Nussir project, as well as twelve other projects outside of the EU, as a Strategic Critical Raw Material Project under the provisions of the 2023 EU Critical Raw Materials Act, the first project located in Norway to receive this designation, and the only primary copper project to receive this designation. This designation may benefit the project through coordinated support by the EU Commission, better access to public and private financing through various funding programs, and political support for the advancement of the project.

LNS commenced underground construction in June 2025 with the mine access portal. The 1600m long decline will provide access to start construction of the exploration decline and provides a platform for further underground exploration. This work will continue and is expected to be completed over the next year, giving the Company key engineering inputs to lead to a final investment decision.

**Blue Moon Metals Inc.**

Management's Discussion and Analysis

For the three and nine months ended September 30, 2025

In July 2025, the Company engaged Worley Limited ("**Worley**") as the engineering contractor for updating the May 2023 JORC-compliant Feasibility Study to a maiden NI 43-101 Feasibility Study ("**FS**"), to advance basic engineering on the project and to support a construction decision. The basic engineering on the process plant will allow the process of ordering of long-lead items to commence in the last quarter of 2025 with detailed engineering to follow. The FS will include updated capital and operating expenditures, and will incorporate innovations in mine design and process facility, including reviewing the option of including optical sorting. Results of the FS update are expected in early 2026.

**Blue Moon Property (California, USA)**

The Blue Moon project is a VMS deposit which contains zinc, gold, silver, copper and lead. The property is well located with existing local infrastructure including paved highways three miles from site; a hydroelectric power generation facility a few miles from the site, a three-hour drive to the Oakland port and a five-hour drive to the industrial service centre of Reno. Zinc and copper are currently on the USGS list of metals critical to the US economy and national security.

On April 15, 2025, the Company announced that it has received approval by BLM to construct a portal and exploration decline to enable underground mineral exploration activities at the Blue Moon project. This is an important permitting milestone for the development of the Blue Moon project, as the initial portal and decline will provide access for infill and exploration drilling, allow for examination of geology, rock mechanics, hydrogeologic characteristics, underground mining conditions, and can also be utilized as the main haulage route once the mine moves into production.

On October 10, 2024, the Company initiated a Preliminary Economic Assessment ("**PEA**") on the Blue Moon project to be led by Micon International Ltd ("**Micon**") and Resource Development Associates, Inc ("**RDA**"). On March 3, 2025, the Company announced an updated Mineral Resource estimate ("**Mineral Resource Estimate**" or "**MRE**") and the results of the PEA for the Blue Moon VMS deposit, summarized as an independent NI 43-101 Technical Report, was filed on April 15, 2025. See March 3, 2025 press release for summary of results.

In conjunction with the PEA, the Company announced an updated MRE for the project, with an effective date of December 24, 2024. The MRE is available on the Company's website and is based on 87 drill holes totalling 122,364 feet of drilling with 2,631 individual assay intervals. The estimate outlined the following resources:

**Indicated Resources:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain (Vein)** | **ZnEq Cutoff** | **Tons** | **ZnEq %** | **Cu %** | **Pb %** | **Zn %** | **Au opt** | **Ag opt** |
| Main | 2.9% | 3073000 | 12.66 | 0.78 | 0.16 | 5.90 | 0.04 | 1.14 |
| East | 2.9% | 498000 | 18.99 | 0.47 | 0.63 | 6.64 | 0.09 | 3.72 |
| West | 2.9% | 78000 | 9.5 | 0.62 | 0.33 | 4.41 | 0.03 | 0.93 |
| **Total** |  | **3650000** | **13.46** | **0.73** | **0.23** | **5.97** | **0.04** | **1.49** |
|  |  |  | **Metal** | **Cu Mlbs** | **Pb Mlbs** | **Zn Mlbs** | **Au Moz** | **Ag Moz** |
|  |  |  | Main | 47.94 | 10.08 | 362.76 | 0.11 | 3.51 |
|  |  |  | East | 4.67 | 6.29 | 66.15 | 0.04 | 1.85 |
|  |  |  | West | 0.97 | 0.52 | 6.91 | 0.00 | 0.07 |
|  |  |  | **Total** | **53.59** | **16.90** | **435.83** | **0.16** | **5.43** |

---

**Inferred Resources:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain (Vein)** | **ZnEq Cutoff** | **Tons** | **ZnEq %** | **Cu %** | **Pb %** | **Zn %** | **Au opt** | **Ag opt** |
| Main | 2.9% | 3261000 | 11.41 | 0.52 | 0.23 | 5.68 | 0.04 | 1.15 |
| East | 2.9% | 994000 | 15.49 | 0.59 | 0.56 | 5.04 | 0.07 | 2.43 |
| West | 2.9% | 173000 | 6.28 | 0.73 | 0.22 | 1.98 | 0.02 | 0.40 |
| **Total** |  | **4428000** | **12.12** | **0.54** | **0.30** | **5.39** | **0.04** | **1.41** |
|  |  |  | **Metal** | **Cu Mlbs** | **Pb Mlbs** | **Zn Mlbs** | **Au Moz** | **Ag Moz** |
|  |  |  | Main | 33.65 | 14.74 | 370.27 | 0.11 | 3.76 |
|  |  |  | East | 11.80 | 11.20 | 100.11 | 0.07 | 2.42 |
|  |  |  | West | 2.52 | 0.74 | 6.84 | 0.00 | 0.07 |
|  |  |  | **Total** | **47.97** | **26.68** | **477.22** | **0.19** | **6.25** |

---

**Blue Moon Metals Inc.**

Management's Discussion and Analysis

For the three and nine months ended September 30, 2025

Notes:

*(1)* *Scott Wilson, CPG, President of RDA is responsible for this mineral resource estimate and is an independent Qualified Person as such term is defined by NI 43-101.* 

*(2)* *Reasonable prospects of eventual economic extraction were assessed by enclosing the mineralized material in the block model estimate in 3D wireframe shapes that were constructed based upon geological interpretations as well as adherence to a minimum mining unit with geometry appropriate for underground mining.* 

*(3)* *The cutoff grade of 2.9% ZnEq considered parameters of:* 

&nbsp;&nbsp;&nbsp;&nbsp;*a.* *Metal selling prices: Au-$2200/oz, Ag-$27/oz, Cu-$4.25/lb., Pb-$0.90/lb., Zn-$1.25/lb.* 

&nbsp;&nbsp;&nbsp;&nbsp;*b.* *Recoveries of Au 86.2%, Ag 94.3%, Cu 93.1%, Pb 0%, Zn 95.3%.* 

&nbsp;&nbsp;&nbsp;&nbsp;*c.* *Costs including mining, processing, general and administrative (G&A).* 

*(4)* *Zinc Equivalent Grade ("ZnEq") is estimated by the formula: ZnEq = Zn% + ((Cu% \* 78.20)+(Pb% \* 0) + (Ag opt \* 25.46)+(Au opt \* 1896.40))/23.83.* 

*(5)* *There are no known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.* 

*(6)* *Mineral resources are not mineral reserves and do not have demonstrated economic viability.* 

*(7)* *Figures may not add up due to rounding.* 

*(8)* *Tonnages shown are short tons.* 

*(9)* *Unless otherwise noted, all currencies in this table are reported in US dollars on a 100% basis.* 

In June 2025, the Company awarded to Small Mine Development, LLC ("**SMD**") a contract for the construction of an exploration portal and decline. This will enable underground exploration activities at the Blue Mine Project, providing access for infill and exploration drilling, as well as for further studies and investigations related to geology, rock mechanics, hydrogeology, underground mining conditions and metallurgical test work, leading to a final investment decision on the mine.

In October 2025, the Company commenced the construction of the portal and the underground exploration decline and it is expected that the initial 2,500 feet of the decline will be completed by the second quarter of 2026. Exploration drilling activities will commence from the underground alongside the advance of the decline, allowing the Company to accelerate the collection of geological, geotechnical and metallurgical data in parallel with ongoing decline development.

The Company is committed to supporting the economic and social development of the local and regional communities and the initial construction work is expected to generate at least 20 local employment opportunities directly with the mine and indirectly through SMD and its subcontractors.

**Sulitjelma Property (Nordland county, Norway)**

On February 26, 2025, the Company acquired the Sulitjelma project, a polymetallic deposit which contains copper and zinc located in northern Norway. Sulitjelma previously hosted Norway's largest mining operation with historical production between 1891 and 1991 of 26 million tonnes of 1.80% Cu with additional zinc, sulphur, gold and silver credits.

On April 10, 2025, the Company announced its maiden MRE for the Sulitjelma VMS deposit. This was summarized in an NI 43-101 technical report, which was filed on SEDAR+ on April 20, 2025.

**Blue Moon Metals Inc.**

Management's Discussion and Analysis

For the three and nine months ended September 30, 2025

The constrained MRE is as follows:

![](tm2533647d1_img198.jpg)

**\* Apparent True Thickness**

*Notes:*

*1.* *CIM definitions were followed for MRE.* 

*2.* *All resources reported are categorized Inferred; there are no Measured or Indicated resources.* 

*3.* *A minimum mining thickness of 2.2 m was applied in making the MRE constraint wireframes.* 

*4.* *The MRE constraint wireframes were generated using a preliminary MSO, based on a cut-off grade of 0.60% CuEq, related to potential underground mining.* 

*5.* *Assumed parameters for the cut-off grade and CuEq calculations included: Prices: $4.20/lb Cu, $1.25/lb Zn Processing recoveries: 92% Cu, 57% Zn Payabilities: 96.5% Cu, 86% Zn* 

*6.* *The copper equivalent (CuEq) calculation is as follows: CuEq = Cu grade + (Zn grade x 0.16)* 

*7.* *For the cut-off grade calculation, the assumed total operating cost was $50/t of ore.* 

*8.* *A global density value of 3 t/m<sup>3</sup> was assumed.* 

*9.* *Rounding may result in apparent summation differences between tonnes, grades and metal content; not considered material.* 

*10.* *Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.* 

*11.* *Unless otherwise noted, all currencies in this table are reported in US dollars on a 100% basis.* 

Blue Moon will initially focus on the Rupsi and Dypet deposits where the Company has received Norwegian Government approval in Q1 2025 to extend an existing historical mine tunnel into the deposit by up to 1 km. The tunnel extension and the completion of 10,000 m of underground drilling are part of the recommendations in the technical report, with a budget of 46.2 MNOK (approximately US$4.5M), which will allow the Company to upgrade the resource from the inferred category to the indicated category, expand on the current resource, and gather geotechnical and metallurgical data.

In July 2025, the Company received the environmental permit from the Norwegian Environmental Agency required to start its planned activities in the Rupsi tunnel and awarded a contract to Fauskebygg AS ("**Fauskebygg**"), a local construction company in the Fauske municipality, for the extension.

**Blue Moon Metals Inc.**

Management's Discussion and Analysis

For the three and nine months ended September 30, 2025

**QUALIFIED PERSON**

The technical information contained in this MD&A for the Company's properties has been reviewed and approved by Boi-Linh Doig, P.Eng., as a non-Independent Qualified Person in accordance with National Instrument 43-101.

**General Exploration Expenses**

The Company's exploration expenses for the periods presented were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** | **For the three months ended September 30,** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Nussir** | **NSG** | **Blue Moon** | **Total** | **Blue Moon** | **Total** |
|  | **$** | **$** | **$** | **$** | **$** | **$** |
| Claims costs | 4198 | 5032 |  | 9230 | 3326 | 3326 |
| Camp operations | 1244871 | 162459 | 324614 | 1731944 | 6477 | 6477 |
| Development and site preparation | 5547760 | 31835 | 49091 | 5628686 |  |  |
| Engineering studies | 1243794 | 15517 | 443476 | 1702787 | 10454 | 10454 |
| Prospecting and geology |  |  | 457905 | 457905 |  |  |
| Permitting | - | - | 140802 | 140802 | 3375 | 3375 |
| **TOTAL** | **8040623** | **214843** | **1415888** | **9671354** | **23632** | **23632** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** |
|  | **Nussir** | **NSG** | **Blue Moon** | **Total** | **Blue Moon** | **Total** |
|  | **$** | **$** | **$** | **$** | **$** | **$** |
| Claims costs | 8996 | 13790 | 34208 | 56994 | 12304 | 12304 |
| Camp operations | 2376432 | 297473 | 379085 | 3052990 | 51262 | 51262 |
| Development and site preparation | 7630602 | 31835 | 49091 | 7711528 |  |  |
| Engineering studies | 1514986 | 68118 | 1068445 | 2651549 | 10454 | 10454 |
| Prospecting and geology |  |  | 484779 | 484779 | 14253 | 14253 |
| Permitting | - | - | 357922 | 357922 | 3375 | 3375 |
| **TOTAL** | **11531016** | **411216** | **2373530** | **14315762** | **91648** | **91648** |

---

**Blue Moon Metals Inc.**

Management's Discussion and Analysis

For the three and nine months ended September 30, 2025

**RESULTS OF OPERATIONS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended September 30,** | **Three months ended September 30,** | **Nine months ended September 30,** | **Nine months ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **$** | **$** | **$** | **$** |
| Employee benefits |  |  |  |  |
| Share-based payments |  | 2047 |  |  |
| Professional and consulting fees |  | 14565 |  |  |
| General exploration expenses |  | 23632 |  |  |
| Filing and regulatory fees |  | 27541 |  |  |
| General administrative costs |  | 2084 |  |  |
| Shareholder communication and travel |  | 900 |  |  |
| Depreciation |  |  |  |  |
| Foreign exchange Loss |  | 963 |  |  |
| Interest expense |  |  |  |  |
| Interest income) |  | -) |  |  |
| Other income) |  | -) |  |  |
| Fair value gain) |  | -) |  |  |
| **NET LOSS ATTRIBUTABLE TO:** |  |  |  |  |
| **Blue Moon Metals Inc. shareholders** |  | 71732 |  |  |
| **Non-controlling interests** |  | - |  |  |
| **Net loss** |  | **71732** |  |  |

---

***Results of operations for the three months ended September 30, 2025***

Blue Moon recorded a net loss of $9,271,255 ($0.18 per common share) for the three months ended September 30, 2025, compared to a loss of $71,732 ($0.02 per common share) over the same period in 2024.

Prior to October 2024, Blue Moon was the only project that the Company owned and with limited funding, activities were kept to a minimum. In October 2024, the Company refreshed its shareholder base, board and management, and started its journey to expand its portfolio of projects and to develop one or more of these projects into a mine. As such, the expense profiles were significantly different when compared with the same period(s) in the previous year. The following factors contributed to the key differences in the comparative figures, as follows:

Employee benefits and share-based compensation increased by $570,205 and $583,248 respectively during the three months ended September 30, 2025 compared to $NIL and $2,047 in the same period in 2024. This reflects the hiring of corporate personnel required to advance financing, permitting and development planning as well as staff costs in Nussir which were consolidated from the date of acquisition in February 2025. In the prior year, the Company was not active and the few key personnel were engaged under consulting agreements rather than as employees.

Professional fees increased by $975,874 during the three months ended September 30, 2025, compared to the same period in 2024. The increase was primarily driven by higher legal and advisory costs related to (i) corporate and financing matters for the Blue Moon parent company, including running processes for project financing that resulted in the Project Finance Package, the Bridge Loan, the bought-deal equity offering, as well as related shelf/prospectus filings and other corporate legal requirements; (ii) due diligence, transaction structuring and related activities associated with various targets including the Springer acquisition; and (iii) regulatory, permitting and corporate activities within the Norwegian group of entities including legal assessments related to the Hammerfest port dispute.

Exploration expenses increased by $9,647,722 during the three months ended September 30, 2025, compared to same period in 2024. This primarily reflects the technical work undertaken to support the advancement of the Company's key assets, mainly driven by activities at the Nussir project, relating to underground development work to continue advancing the existing tunnel to access the deposit, site earthworks and mobilization of contractors and equipment to prepare the site for development. In addition, expenditures were incurred to advance the feasibility study led by Worley. Camp operation costs reflect additional site personnel and owners costs which include travel, fuel and consumables for the field activities.

**Blue Moon Metals Inc.**

Management's Discussion and Analysis

For the three and nine months ended September 30, 2025

At the Sulitjelma project, tunnel clearing in the Rupsi tunnel is nearing completion and field activities have begun to prepare for the planned extension to support exploration.

At the Blue Moon project, exploration expenditures related primarily to early project advancement work including geological support and core relogging activities, mine-planning and scenario modelling.

Shareholder communication and travel increased by $185,033 during the three months ended September 30, 2025, compared to the same period in 2024, reflecting higher corporate and marketing activities during the quarter, as well as hosting site visits by analysts and investors.

Depreciation increased by $445,712 during the three months ended September 30, 2025, compared to the same period in 2024, mainly reflecting the amortization of the fair value adjustment recognized in the purchase price allocation related to the REAS acquisition, as well as depreciation related to several lease arrangements and fixed assets at the Nussir project.

Interest income increased by $101,938 during the three months ended September 30, 2025, compared to the same period in 2024. The increase is primarily due to the Company's higher cash balance resulting from the equity financings completed in December 2024 up to September 2025 and the bridge loan drawdown in September 2025, while interest expense increased by $251,097 for the same periods, a result of drawing down the first tranche from the Bridge Loan.

Other income increased by $2,310,183 during the three months ended September 30, 2025, compared to the same period in 2024. The increase primarily reflects the reversal of the previously recorded Hammerfest quay provision of NOK 15 million (approximately $2.1 million). During the quarter, the Company also finalized a settlement arrangement with the Hammerfest Port Authority, whereby NOK 5 million (approximately $700,000) will be paid on January 1, 2028 in full settlement of the quay-related disputed. In addition, the Company recognized the recovery of NOK 5 million from WG pursuant to the share purchase arrangement of REAS relating to the historical dispute.

A fair value gain of $637,500 was recorded during the three months ended September 30, 2025, reflecting the revaluation of the Company's investment in Honey Badger Silver Inc., received as consideration for the 2024 sale of the Yava property.

***Results of operations for the nine months ended September 30, 2025***

Blue Moon incurred a loss of $16,791,721 ($0.40 per common share) for the nine months ended September 30, 2025, compared to a loss of $239,456 ($0.08 per common share) over the same period in 2024. These factors contributed to the key differences in the comparative figures, as follows:

Employee benefits and share based compensation increased by $1,304,104 and $1,283,969 respectively, during the nine months ended September 30, 2025, compared to $NIL and $34,167 in the same period in 2024. The increase reflects the hiring of corporate personnel required to advance financing, permitting and development planning. In the prior year, limited personnel were engaged under consulting agreements rather than as employees.

Professional fees increased by $2,016,804 during the nine months ended September 30, 2025, compared to the same period in 2024. The increase reflects higher legal and advisory costs related to corporate financing activities and other general support, the Springer acquisition and increased regulatory and permitting activity associated with the Norwegian operations following the consolidation of the Nussir and Sulitjelma projects. In the prior year, professional fees were minimal as the Company had limited project and financing activities.

Exploration expenditures increased by $14,224,114 during the nine months ended September 30, 2025, compared to the same period in 2024. This increase primarily reflects the technical and development work undertaken to advance the Company's key assets. In the first half of the year, costs were primarily related to early-stage engineering studies and technical work across the portfolio, including completion of a PEA and updated MRE at Blue Moon and filing of a maiden MRE and engineering studies at the Nussir and Sulitjelma projects. In the second half of the year, activity was to be mainly driven by the Nussir project, including portal and underground development work, site earthworks performed by third-party contractors and commencement of Worley's updated feasibility study.

Shareholder communication and travel increased by $402,073 during the nine months ended September 30, 2025, compared to the same period in 2024, reflecting higher corporate and marketing activities during the nine months.

**Blue Moon Metals Inc.**

Management's Discussion and Analysis

For the three and nine months ended September 30, 2025

Depreciation increased by $955,249 during the nine months ended September 30, 2025, primarily reflecting the amortization of the fair value adjustment recognized in the purchase price allocation related to the REAS acquisition, as well as depreciation related to several lease arrangements and fixed assets at the Nussir project.

Interest income increased by $353,869 during the nine months ended September 30, 2025, compared to the same period in 2024. The increase is mainly due to the Company's higher cash balance resulting from the equity financings completed in December 2024 and the first half of 2025, as well as the proceeds from the Bridge Loan, while interest expenses increased by $248,970 for the same periods, a result of drawing down the first tranche from the Bridge Loan.

Other income increased by $2,368,199 during the nine months ended September 30, 2025, compared to the same period in 2024, mainly due to items recorded in the third quarter, including the reversal of the Hammerfest quay provision and the related settlement and recovery from WG.

A fair value gain of $680,000 was recorded during the nine months ended September 30, 2025, reflecting the revaluation of the Company's investment in Honey Badger Silver Inc., received as consideration in 2024 for the sale of the Yava property.

**LIQUIDITY AND CAPITAL RESOURCES**

---

| | |
|:---|:---|
|  | **For the nine months ended <br> September 30, 2025,** |
|  | **2024** |
|  | $ |
| Cash provided by (used in) |  |
| &nbsp;&nbsp;&nbsp;Operating activities) |  |
| &nbsp;&nbsp;&nbsp;Investing activities) |  |
| &nbsp;&nbsp;&nbsp;Financing activities |  |
| Effects of foreign exchange on cash balances |  |
| **CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH** |  |
| Cash and restricted cash – beginning |  |
| **CASH, CASH EQUIVALENTS AND RESTRICTED CASH – ENDING** |  |

---

Blue Moon had $28,068,467 in cash, cash equivalents and restricted cash as of September 30, 2025 (December 31, 2024: $30,008,106). As of September 30, 2025, the Company had a working capital balance of $26,868,982 (December 31, 2024: $3,762,174). A summary of the significant financings and other activities during the nine months ended September 30, 2025 is provided in the unaudited condensed interim consolidated financial statements for the nine months ended September 30, 2025 and 2024.

**Operating activities**

The main components of cash flows used for operating activities are discussed in the Results of Operations section, above.

**Investing activities**

During the nine months ended September 30, 2025, the Company used net cash of $15.6 million in investing activities. The primary components relate to the three acquisitions completed in the period.

Expenditures on mineral properties, plant and equipment totalled $5.4 million during the nine months ended September 30, 2025 and reflected the transaction costs capitalized in connection with the acquisitions of Nussir and NSG, totalling $3.9 million. These costs were directly attributable to the asset acquisitions. Also, the Company capitalized additions to property, plant and equipment during the period of $1.5 million, mostly related to the Nussir project as development activities progressed.

The acquisition of REAS, net of cash acquired, resulted in a net cash outflow of $11 million. This represents the cash consideration paid and transaction costs, offset by the cash held by REAS at the acquisition date.

Cash acquired from Nussir and NSG of approximately $0.8 million is reflected in the opening cash balance of these entities at the acquisition date.

**Blue Moon Metals Inc.**

Management's Discussion and Analysis

For the three and nine months ended September 30, 2025

**Financing activities**

During the nine months ended September 30, 2025, the Company generated net cash of $29.5 million from financing activities.

Net proceeds from debt totalled $16.7 million, this relates to the Bridge Loan, of which US$12.5 million was drawn on September 4, 2025.

Net proceeds from the issuance of shares totalled $12.8 million. This included the gross proceeds from the private placement with Oaktree of $6.9 million, a private placement with Hartree for $5.25 million, a separate private placement by an officer of the Company totalling $0.14 million, and a follow-on equity investment by LNS of $1.13 million. These proceeds were offset by related share issuance costs.

During the nine months ended September 30, 2024, the Company made loan principal and interest payments totalling $65,000 and $1,626 respectively, related to a loan previously issued to Patrick McGrath, a former director of the Company. These payments resulted in the full repayment of the loan.

**Private Placements**

As of September 30, 2025, the Company had completed five private placements within the prior 12-month period, raising gross proceeds of $43.4 million and net proceeds of approximately $42.4 million. The table below summarizes for each financing, the net proceeds raised, the intended use of net proceeds, the actual use of net proceeds up to September 30, 2025 and the remaining amount to be spent:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Offering** | **Net**<br>**Proceeds** | **Expected Use of**<br>**Proceeds** | **Actual Use of**<br>**Proceeds** | **Remaining /**<br>**Reconciliation** |
| December 19, 2024 <br> *(Private Placement of 1,000,003 units at a price of $30 per unit – comprising of 1 common share and 9 subscription receipts, each of the latter having been converted to a common share on February 26, 2025)* | $29.1M | $4.8M - Corporate activities and transaction costs<br>$24.3M - Nussir, NSG, Blue Moon exploration activities  | $4.8M <br>$24.3M | Nil <br>Nil |
| February 26, 2025 <br> *(Private Placement of 47,660 Common Shares)* | $0.1M | General corporate and exploration activities | $0.1M | Nil |
| March 7, 2025 <br> *(Private Placement of 1,750,000 Common Shares)* | $5.3M | General corporate and exploration activities | $2.0M | $3.3M |
| May 8, 2025 <br> *(Private Placement of 376,833 Common Shares)* | $1.1M | Exploration activities | $0.0M | $1.1M |
| September 4, 2025 <br> *(Private Placement of 2,092,173 Common Shares)* | $6.9M | General corporate and exploration activities | $0.0M | $6.9M |

---

On October 1, 2025, pursuant to a prospectus supplement to the Company's short-form base shelf prospectus, the Company closed a bought-deal public offering issuing 26,220,000 common shares at a price of $3.30 per share for total gross proceeds of $86.5 million. Net proceeds from the offering are expected to be used for the development of the Blue Moon project, further exploration at Nussir and NSG and general corporate, administrative and working capital purposes.

**Blue Moon Metals Inc.**

Management's Discussion and Analysis

For the three and nine months ended September 30, 2025

**LIQUIDITY OUTLOOK**

As part of the December 2024 financing, Hartree subscribed to $7.25 million shares in the Company and entered into an MOU with the Company to provide funding for the Nussir project ahead of project financing. The financing package included a bridge loan and an offtake agreement and provided for pro-rata pre-emptive rights in respect of future equity financing.

During 2025, follow-on equity investments from Hartree and LNS provided additional liquidity, enabling the Company to ramp up activities at Blue Moon, Nussir and Sulitjelma properties and progress towards a construction decision. These funds supported project advancement activities including early engineering, underground development and project evaluation work.

Following the evaluation of project financing proposals from a number of financial institutions and corporates, the Company entered into a project finance arrangement with Hartree and Oaktree as financing partners and in August 2025 executed a project finance package of up to US$140 million, consisting of:

&nbsp;&nbsp;&nbsp;&nbsp;· A US$25 million Bridge Loan (first draw of US$12.5
 million completed in September 2025),

· Up to US$20 million in equity (first placement
 of US$5 million completed in September 2025), and

· Project financing comprising a US$50 million senior
 secured term loan and a US$70 million redeemable precious metals stream.

The Bridge Loan and initial equity placement provided near-term capital to support key early works and pre-construction activities including detailed engineering, procurement of long-lead items, underground development and operational readiness. The project financing is conditional on a final investment decision for the Nussir project and remains subject to customary approvals, due diligence, delivery of the updated feasibility study and other closing conditions.

The Bridge Loan is fully secured and guaranteed by the Blue Moon group. Blue Moon Metals Inc. provides a parent guarantee alongside guarantees from Keystone Mines Inc., Blue Moon Norway AS and Repparfjord Eiendom AS. The facility has first-ranking security over the Nussir project and related assets, security over the Blue Moon project including a pledge of Keystone shares and associated security interests linked that also secure the Company's obligations under the Hartree offtake agreement, including first-ranking share pledges, floating charges over inventory, operating assets and receivables. Security over extraction rights and second-ranking security over the leasehold arrangements on the REAS property.

The Bridge Loan matures on June 30, 2027, with repayment expected to occur upon the first draw under the senior secured term loan or redeemable precious metals stream. Availability of the remaining project finance package remains subject to certain milestones, including the delivery of an updated feasibility study targeted for the first quarter of 2026 and satisfaction of other closing conditions. In connection with the project finance package, 1,045,000 bonus shares were issued to Hartree upon the first draw of the Bridge Loan and any future equity subscriptions under the package are subject to a combined 19.9% ownership cap for Hartree and Oaktree.

To date, the Company's primary source of funding remains the issuance of common shares. As Blue Moon's common shares are publicly traded, their market price is subject to factors beyond management's control, including fluctuations in commodity prices, foreign exchange rates and broader market conditions. If capital is required during a period of share price weakness, the Company may face significant dilution to secure necessary funding or may be unable to raise sufficient capital to meet its obligations.

In addition to equity financing, the Company may also pursue strategic alternatives such as royalty sales on its mineral properties, debt financing, stream financings or divestiture of its investment of marketable securities to help fund the Company's capital needs while minimizing equity dilution.

**Loss and comprehensive loss**

During the nine months ended September 30, 2025, the increase in loss and comprehensive loss, compared to previous quarters, is primarily attributable to higher exploration and project advancement costs related to the newly acquired Nussir and Sulitjelma properties, as well as continued technical work at the Blue Moon Property.

In comparison, exploration expenditures for nine months ended September 30, 2024 were much lower than the current year as a result of the Company's limited cash resources during the period.

**Cash and cash equivalents**

Blue Moon raises funds, as required, in order to explore and develop its mineral properties and to conduct corporate activities. As a result, cash and cash equivalents are typically expected to decrease in periods where there is no financing transaction. The timing and amount of expenditures and financing transactions have caused the Company's cash and cash equivalents balance to fluctuate from year to year.

**Blue Moon Metals Inc.**

Management's Discussion and Analysis

For the three and nine months ended September 30, 2025

During the nine months ended September 30, 2025, the Company converted the subscription receipts issued in the December 2024 financing, raising gross proceeds of $27 million. In addition, a follow-on private placement from Hartree, a non-brokered private placement with an officer of the Company and a follow-on equity investment by LNS AS raised combined gross proceeds of approximately $6.6 million. In September, the Company drew down US$12.5 million under its short-term bridge loan facility and issued common shares to Oaktree for gross proceeds of $6.9 million as part of the initial equity tranche under the project finance package.

On October 1, 2025, the Company further strengthened its cash position by closing a bought-deal public offering for total gross proceeds of approximately $86.5 million.

**SUMMARY OF QUARTERLY RESULTS**

The following table sets forth selected unaudited quarterly financial information derived from financial information for each of the eight most recent quarters.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As at and for the quarter ended** | **30-Sept-25** | **30-Jun-25** | **31-Mar-25** | **31-Dec-24** |
| Loss and comprehensive loss | $10765634 | $6333739 | $1328403 | $256300 |
| Loss per share attributable to Blue Moon shareholders – basic and diluted | 0.18 | 0.12 | 0.06 | 0.06 |
| Cash and cash equivalents | 2 8068467 | 13815796 | 20495161 | 3001720 |
| Total assets | 183275390 | 162991490 | 165979266 | 32372944 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As at and for the quarter ended** | **30-Sep-24** | **30-Jun-24** | **31-Mar-24** | **31-Dec-23** |
| Loss and comprehensive loss | $71732 | $105708 | $62016 | $82975 |
| Loss per share attributable to Blue Moon shareholders – basic and diluted | 0 .02 | 0.04 | 0.02 | 0.04 |
| Cash and cash equivalents | 9 45885 | 146617 | 259925 | 355343 |
| Total assets | 1666323 | 866308 | 986437 | 1076387 |

---

Historically, the Company's primary source of funding was through the issuance of common shares, with activity levels closely tied to the strength of the capital markets. When capital markets are depressed, the Company's activity level normally declines accordingly, stronger markets allow the Company to secure equity financing on favourable terms, enabling expansion of its exploration and development programs. In addition to equity financing, the Company may also explore alternative funding strategies, such as royalty agreements, stream financing or divesting its investment in marketable securities, to support its growth objectives.

During the three months ended September 30, 2025, the Company completed the first draw under the Bridge Loan and a concurrent equity investment. The Company drew US$12.5 million under the Bridge Loan on September 4, 2025 and received gross proceeds of US$5 million from a private placement with Oaktree under its previously announced commitment of up to US$20 million. These funds have been structured to provide working capital for the Nussir and Blue Moon projects and fund activities ahead of the Project Finance Package closing.

During the three months ended June 30, 2025, the Company received gross proceeds of $1.13 million from a follow-on equity investment by LNS. Operationally, the Company advanced development activities at the Nussir project, including portal and underground development work, as well as site earthworks.

During the three months ended March 31, 2025, the Company achieved several key milestones as it progressed from exploration toward project development. Notably, the Company completed the acquisitions of the Nussir and Sulitjelma projects in Norway, including the purchase of REAS which holds the surface lease and infrastructure critical to the development of the Nussir project.

**Blue Moon Metals Inc.**

Management's Discussion and Analysis

For the three and nine months ended September 30, 2025

At Blue Moon, the Company completed a PEA and filed an updated MRE. A maiden NI 43-101 technical report was filed for the Nussir project and a maiden MRE was finalized for the Sulitjelma project.

During the three months ended December 31, 2024, the Company advanced a PEA and updated resource estimate at Blue Moon, completed a financing to support the Nussir and Sulitjelma acquisitions, and shifted toward a development-focused strategy. The Yava project was also divested and the Company recorded a gain of $340,000 in its disposition.

During the three months ended September 30, 2024, the Company raised $924,000 through a private placement and continued expenditures to maintain its mineral properties in good standing.

During the three months ended June 30, 2024, and in prior periods, activities primarily involved baseline work in the Blue Moon project to comply with permit and regulatory requirements. The Company also initiated work on an updated resource estimate during the quarter ended September 30, 2023.

**RELATED PARTY TRANSACTION**

**Management compensation**

The Company's related parties include its directors and officers, who are the key management of the Company. The remuneration of directors and officers during the periods presented was as follows:

---

| | | |
|:---|:---|:---|
| **For the three months ended September 30,** | **2025** | **2024** |
|  | $ | $ |
| Wages and salaries | 521283 |  |
| Consulting fees | 374813 | 9000 |
| Share-based payments | 536734 | 5180 |
| **MANAGEMENT COMPENSATION** | **1432830** | **14180** |

---

---

| | | |
|:---|:---|:---|
| **For the nine months ended September 30,** | **2025** | **2024** |
|  | $ | $ |
| Wages and salaries | 1188331 |  |
| Consulting fees | 826511 | 27000 |
| Share-based payments | 1209602 | 29270 |
| **MANAGEMENT COMPENSATION** | **3224444** | **56270** |

---

As at September 30, 2025, no amounts are due to related parties (September 30, 2024, 2024 - $65,000) of the Company. These amounts due to related parties in 2024 were unsecured, non-interest bearing and had no specific terms of repayment and were fully repaid in 2024.

**OUTSTANDING SHARE DATA**

The table below summarizes the Company's common shares and securities convertible into common shares as at the date of this MD&A.

---

| | | |
|:---|:---|:---|
|  | **As at November 19, 2025** | **As at November 19, 2025** |
| Common Shares |  | 80843262 |
| Stock Options |  | 763000 |
| Deferred Share Units |  | 224506 |
| Restricted Share Units |  | 62500 |

---

**Blue Moon Metals Inc.**

Management's Discussion and Analysis

For the three and nine months ended September 30, 2025

**CONTRACTUAL OBLIGATIONS**

Other than as disclosed in note 19 of the financial statements, the Company has no contractual obligations, off-balance sheet arrangements or capital lease agreements. Neither the Company nor any of its subsidiaries is subject to any externally imposed capital requirements. The Company has no proposed transactions at this time.

**FINANCIAL INSTRUMENT RISK**

The Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework. The Company has exposure to liquidity and credit risks from the use of financial instruments. Financial instruments consist of cash, restricted cash, receivables, due to related parties, and accounts payable and accrued liabilities approximate fair value due to the short-term nature of the instruments.

**Liquidity risk**

Liquidity risk is the risk that the Company will be unable to meet its financial obligations as they come due. Certain conditions cast significant doubt on the Company's ability to meet its financial obligations. Refer to Liquidity and Capital Resources for more information regarding the Company's liquidity risk.

**Credit risk**

The Company is exposed to credit risk on its bank accounts, restricted cash and receivables. To reduce credit risk, substantially all cash is on deposit at Canadian chartered banks. Restricted cash are deposits held by BLM in California, and Finnmarkseiendommen (FeFo) the land management authority in Norway. Receivables consist of value-added tax receivables and other amounts due from government agencies. Accordingly, the Company considers its exposure to credit risk minimal.

**Market Risk**

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

**Interest rate risk**

The Company has cash balances which are not subject to significant risks in fluctuating interest rates. The Company's current policy is to invest excess cash in investment-grade short-term deposit certificates issued by its banking institutions or equivalent instruments. The Company periodically monitors the investments it makes and is satisfied with the credit ratings of its banks. An increase to interest rates by 1% would have an insignificant effect on the Company's operations.

**Foreign currency risk**

The Company is exposed to foreign currency risk on fluctuations related to cash, restricted cash, receivables, accounts payable and accrued liabilities, and capital expenditures that are denominated in US dollars and Norwegian Kroner.

**Sensitivity analysis**

The Company, through its subsidiaries, operates in the United States and Norway and is exposed to foreign exchange risk arising from changes in the US dollar and Norwegian krone against the Canadian dollar. A 10% fluctuation in either the US dollar or Norwegian krone relative to the Canadian dollar would have a minimal impact on the Company's loss and comprehensive loss.

**Market price risk**

&nbsp;&nbsp;&nbsp;&nbsp;i. Equity price risk

The Company is exposed to equity price risk through fluctuations in the market price of its own common shares and its holding of equity securities. Equity price risk is defined as the potential adverse impact on the Company's earnings, or ability to obtain equity financing, due to movements in individual equity prices or broader stock market movements.

In addition, the Company holds equity instruments which are held as marketable securities and are subject to equity price risk. The market price or value of these investments can vary from period to period. A 10% fluctuation in the quoted market price of marketable securities would have a minimal impact on the Company's loss and comprehensive loss.

**Blue Moon Metals Inc.**

Management's Discussion and Analysis

For the three and nine months ended September 30, 2025

&nbsp;&nbsp;&nbsp;&nbsp;ii. Commodity price risk

Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatility. The Company closely monitors commodity prices of zinc, copper, gold, silver, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company.

**FORWARD-LOOKING STATEMENTS**

This Management Discussion and Analysis contains certain forward-looking statements concerning anticipated developments in Blue Moon's operations in future periods. Statements that are not historical fact are forward looking information as that term is defined in NI 51-102 of the Canadian Securities Administrators. Certain forward looking information should also be considered future-oriented financial information ("FOFI") as that term is defined in NI 51-102. The purpose of disclosing FOFI is to provide a general overview of management's expectations regarding the anticipated results of operations and capital expenditures. Forward-looking statements and information (referred to herein together as "forward-looking statements") are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. The material factors or assumptions used to develop forward-looking statements include prevailing and projected market prices and foreign exchange rates, exploitation and exploration estimates and results, continued availability of capital and financing, the certainty that the conditions precedent to drawdown of project financing is achieved, and general economic, market or business conditions and as more specifically disclosed throughout this document. Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of Blue Moon and its subsidiaries may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors. They include, but not limited to, statements regarding: the Company's plans to advance the projects through additional exploration and technical studies, the timing of these exploration activities, the recommended exploration work programs and the budget thereof, the anticipated results of Technical Reports, the ability of the Company to obtain the necessary funding and permit, the ability to satisfy all conditions precedent to drawing down on project financing, the ability to integrate the acquired companies and the maintenance of the social licences necessary to operate in the areas where the projects are located.

Blue Moon's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and Blue Moon does not assume any obligation to update forward-looking statements if circumstances or management's beliefs, expectations or opinions should change except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking statements. Important factors that could cause actual results to differ materially from Blue Moon's expectations include, but are not limited to, uncertainties involved in fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies in the exploration and development of properties and the issuance of required permits; anti-mining sentiments in the community and jurisdictions where the projects are located as well as objections of indigenous or other tribal communities; the possibility that the conditions precedent to the closing and drawdown of the recently announced financing will not be met; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; and uncertainty as to timely availability of permits and other governmental approvals.

## Exhibit 99.4

**Exhibit 99.4**

**Form 52-109FV2**

**CERTIFICATION OF INTERIM FILINGS**

**VENTURE ISSUER BASIC CERTIFICATE**

I, **Frances Kwong**, Chief Financial Officer of Blue Moon Metals Inc. certify the following:

1.  ***Review*** :
 I have reviewed the interim financial report and interim MD&A (together the "interim
 filings") of **Blue Moon Metals Inc.** (the "issuer") for the interim
 period ended **September 30, 2025**.

2.  ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not
 contain any untrue statement of a material fact or omit to state a material fact required
 to be stated or that is necessary to make a statement not misleading in light of the circumstances
 under which it was made, with respect to the period covered by the interim filings.

3.  ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report
 together with the other financial information included in the interim filings fairly present
 in all material respects the financial condition, financial performance and cash flows of
 the issuer, as of the date of and for the periods presented in the interim filings.

Date: November 19, 2025

*Signed: "Frances Kwong"*

_____________________________

Chief Financial Officer

**NOTE TO READER**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (Nl 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of:

&nbsp;&nbsp;&nbsp;&nbsp;i) controls
 and other procedures designed to provide reasonable assurance that information required to
 be disclosed by the issuer in its annual filings, interim filings or other reports filed
 or submitted under securities legislation is recorded, processed, summarized and reported
 within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.5

**Exhibit 99.5**

**Form 52-109FV2**

**CERTIFICATION OF INTERIM FILINGS**

**VENTURE ISSUER BASIC CERTIFICATE**

I, **Christian Kargl-Simard,** Chief Executive Officer of Blue Moon Metals Inc. certify the following:

1.  ***Review:*** I have reviewed the
 interim financial report and interim MD&A (together the " interim filings")
 of **Blue Moon Metals Inc.** (the "issuer") for the interim period ended **September 30, 2025**.

2.  ***No misrepresentations:*** Based
 on my knowledge, having exercised reasonable diligence, the interim filings do not contain
 any untrue statement of a material fact or omit to state a material fact required to be stated
 or that is necessary to make a statement not misleading in light of the circumstances under
 which it was made, with respect to the period covered by the interim filings.

3.  ***Fair presentation:*** Based on
 my knowledge, having exercised reasonable diligence, the interim financial report together
 with the other financial information included in the interim filings fairly present in all
 material respects the financial condition, financial performance and cash flows of the issuer,
 as of the date of and for the periods presented in the interim filings.

Date: November 19, 2025

*Signed: "Christian Kargl-Simard"*

_____________________________

Chief Executive Officer

**NOTE TO READER**

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (Nl 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of:

i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

## Exhibit 99.6

**Exhibit 99.6**

**Blue Moon Metals Announces Voting Results from Annual and Special Meeting and Welcomes new Norwegian-based Board Members**

TORONTO, Nov. 13, 2025 /CNW/ - Blue Moon Metals Inc. ("**Blue Moon**" or the "**Company**") (TSXV: MOON) (OTCQX: BMOOF), is pleased to report the voting results from the Company's Annual General and Special Meeting of Shareholders (the "**Meeting**"), which was held earlier today in Toronto, Canada.

![](tm2533647d1_99-6img001.jpg)

A total of 65,105,641 common shares were present or represented at the Meeting, representing approximately 80.53% of the votes attached to the issued and outstanding common shares as at October 10, 2025 (being the record date for the Meeting).

Shareholders voted in favour of each of the items of business at the Meeting as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Votes for** | **%For** | **Votes Against** | **%Against** |
| **Number of Directors** | 64657865 | 99.31% | 447776 | 0.69% |
| **Election of Directors** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Christian Kargl-Simard** | 59813996 | 99.98% |  | 0.00% |
| &nbsp;&nbsp;&nbsp;**Maryse Belanger** | 59377617 | 99.26% |  | 0.00% |
| &nbsp;&nbsp;&nbsp;**Karin Thorburn** | 59367616 | 99.24% |  | 0.00% |
| &nbsp;&nbsp;&nbsp;**Francis Johnstone** | 59364127 | 99.23% |  | 0.00% |
| &nbsp;&nbsp;&nbsp;**Richard Colterjohn** | 59366916 | 99.24% |  | 0.00% |
| &nbsp;&nbsp;&nbsp;**Frode Nilsen** | 59376917 | 99.25% |  | 0.00% |
| &nbsp;&nbsp;&nbsp;**Per-Erik Bjornstad** | 59374127 | 99.25% |  | 0.00% |
| **Ratification of Share Compensation Plan** | 59325112 | 99.17% | 498001 | 0.83% |
| **Appointment of Auditor** | 64668255 | 99.33% |  | 0.00% |

---

For more details regarding the matters presented at the Meeting, please refer to the management information circular dated October 10, 2025, which is accessible on SEDAR+ (<u>www.sedarplus.ca</u>) under the Company's issuer profile.

All seven elected directors will serve on the Company's Board of Directors (the "**Board**") until the next annual meeting of shareholders or until their successors are elected or appointed.

Mr. Haytham Hodaly, who joined the Board in October 2024 as the Company embarked on its transformative journey, did not stand for re-election, as a result of his recent promotion to President of Wheaton Precious Metals Corp. The Board appreciates all his insight and service over the past twelve months as the Company transformed from a micro-cap company with a dormant project, to a company with close to C$300 million market capitalization and three developing projects across two tier 1 jurisdictions.

Mr. Hodaly commented, "I have really enjoyed being on this Board and am very proud of what we've built in such a short period of time. It has been exciting times for the Company and I look forward to following the Company's multi-jurisdictional critical minerals development as a shareholder."

The Company welcomes Messrs Per-Erik Bjórnstad, Frode Nilsen and Richard Colterjohn to the Board.

**Per-Erik Bjørnstad**

Mr. Bjørnstad holds a Master's degree in Nature Management from the Norwegian University of Life Sciences in Ås, with a specialization in domestic reindeer management. Since 2007, Mr. Bjørnstad has served as the Head of the Department for Park and Sport in Alta Municipality, Norway, where he oversees development and management of recreational sports facilities. From 1996 to 2007, he worked with the Department of Reindeer Husbandry Management, focusing on area protection and the use of Geographic Systems in sustainable land-use planning. He is frequently engaged by the Norwegian judiciary as an expert witness in disputes involving land-use conflicts between reindeer management and industrial development projects. From 2009 to 2019, Mr. Bjørnstad was part of the Norwegian Olympic and National Cross-Country Skiing Team as a wax technician and currently serves as the Head of Kickwaxing for the U.S. Ski Team and U.S. Olympic Cross-Country Skiing Team.

**Frode Nilsen**

Mr. Nilsen is the President of the Norwegian tunnelling and mining company LNS Group, which he founded in 1989. He has served as the Executive Board chairman of the Norwegian Tunnelling Society and has held board and chair positions in several companies, including the Norwegian iron ore company Rana Gruber. He has also been an Adjunct Professor at The Arctic University of Norway in Tromsø.

Throughout his career, Mr. Nilsen has been involved in numerous tunnelling and mining projects across Norway, Spitsbergen, Iceland, Chile, Hong Kong, Faroe Island and Greenland. Under his leadership, the LNS Group has become one of Norway's leading contractors in underground excavation and mining, known for its expertise in Arctic and Antarctic operations and for solving complex projects with demanding logistics. Mr. Nilsen has also been an invited speaker at several international conferences. He graduated from the University of Science and Technology in Trondheim (formerly the Norwegian Institute of Technology) in 1988 with a Master of Science degree in Civil Engineering, specializing in excavation of rock caverns, tunnels, and mining.

**Richard Colterjohn**

Mr. Colterjohn has been Managing Partner of Glencoban Capital Management Inc., a merchant banking firm, since 2002. He brings over 30 years of experience in the mining sector as an investment banker, director, and operator. Before co-founding Glencoban Capital, he served as Managing Director at UBS Bunting Warburg from 1992 to 2002, where he was head of mining sector investment banking activities in Canada. In 2004, he founded Centenario Copper Corp., and served as President, Chief Executive Officer, and Director until its sale in 2009. Over the course of his career, Mr. Colterjohn has served on the boards of eleven other publicly traded mining companies, including Canico Resource Corp., Cumberland Resources Ltd., Viceroy Exploration Ltd., Explorator Resources Ltd., Aurico Gold Inc., Aurico Metals Inc., MAG Silver Corp., Harte Gold Corp., Roxgold Inc., Surge Copper Corp. and Taura Gold Inc. He holds a Bachelor of Commerce from the University of Toronto and an MBA from IMD, and is an accredited director.

**About Blue Moon**

Blue Moon is advancing 3 brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway, the NSG copper-zinc-gold-silver project in Norway and the Blue Moon zinc-gold-silver-copper project in the United States. All 3 projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc and copper are currently on the USGS and EU list of metals critical to the global economy and national security. Major shareholders include Oaktree, Hartree, Wheaton Precious Metals, Baker Steel Resources Trust, LNS and Monial. More information is available on the Company's website (<u>www.bluemoonmetals.com</u>).

***Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.***

***CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS***

*This news release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable Canadian securities laws. All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions.*

*This news release contains forward-looking information, pertaining to, among other things, the advancement by the Company of multiple projects across jurisdictions. The Company cautions that all forward-looking information is inherently subject to change and uncertainty and that actual events, results and performance may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause the Company's current objectives, strategies and intentions to change. A comprehensive discussion of other risks that impact Blue Moon can also be found in its public reports and filings which are available at <u>www.sedarplus.ca</u>.*

*Any forward-looking information contained in this news release represents management's current expectations and are based on information currently available to management, and are subject to change after the date of this news release. Accordingly, the Company warns investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding the Company's future results or plans. The Company cannot guarantee that any forward-looking information will materialize and readers are cautioned not to place undue reliance on this forward-looking information. The Company is under no obligation (and expressly disclaims any intention or obligation) to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.*

![](tm2533647d1_ex99-6img001.jpg) View original content to download multimedia:<u>https://www.prnewswire.com/news-releases/blue-moon-metals-announces-voting-results-from-annual-and-special-meeting-and-welcomes-new-norwegian-based-bo</u>

SOURCE Blue Moon Metals

![](tm2533647d1_ex99-6img002.jpg) View original content to download multimedia: <u>http://www.newswire.ca/en/releases/archive/November 2025/13/c6222.html</u>

%SEDAR: 00025425E

**For further information:** For further information: Blue Moon Metals Inc., Christian Kargl-Simard, CEO and Director, Phone: (416) 230 3440, Email: christian@bluemoonmetals.com

CO: Blue Moon Metals

CNW 16:11e 13-NOV-25

## Exhibit 99.7

**Exhibit 99.7**

**Blue Moon Metals Appoints Katy Grant as Senior Vice President Human Resources & Corporate Sustainability**

TORONTO, Oct. 28, 2025 /CNW/ - Blue Moon Metals Inc. **("Blue Moon"** or the **"Company"**) (TSXV: MOON) (OTCQX: BMOOF), is pleased to announce the appointment of Katy Grant as Senior Vice President, Human Resources & Corporate Sustainability, as it continues to build out its management team to support the Company's continued growth in the development of its critical metals portfolio through construction, financing, development, exploration and M&A. Katy has also acquired 75,000 common shares in the open market.

![](tm2533647d1_ex99-7img001.jpg)

"We are thrilled to welcome Katy to Blue Moon Metals," said Christian Kargl-Simard, CEO of Blue Moon. "Her depth of experience in people, governance, and culture transformation will be instrumental as we scale our operations and deepen our commitment to responsible development. Katy's leadership will help us attract and retain top talent, strengthen our ESG performance, and foster meaningful relationships with our communities and stakeholders." In her new role, Katy will lead the Company's global HR strategy and sustainability initiatives, with a focus on embedding ESG into every facet of the business—from exploration to community impact.

Ms. Grant is a strategic human resources executive with 20 years experience in the mining industry. Before joining, Katy spent almost 10 years at Triple Flag Precious Metals as Vice President, Human Resources & Sustainability, where she built the company's people and sustainability functions from startup through IPO and expansive growth. Prior to Triple Flag, Katy consulted to various small and large-cap mining companies and spent 10 years at Barrick Mining Corporation where she was Vice President, Global Total Rewards. Katy holds a Bachelor of Commerce from Toronto Metropolitan University, is a Certified Compensation Professional (CCP), a Global Remuneration Professional (GRP) and holds a Certificate in Corporate Sustainability from New York University (NYU – Sterns) in the United States. Ms. Grant brings a passion for sustainable partnership while delivering value and unlocking organizational potential through empowering individuals, fostering inclusive culture, and aligning talent with purpose.

**About Blue Moon**

Blue Moon is advancing 3 brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway, the NSG copper-zinc-gold-silver project in Norway and the Blue Moon zinc-gold-silver-copper project in the United States. All 3 projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc and copper are currently on the USGS and EU list of metals critical to the global economy and national security. Major shareholders include Oaktree, Hartree, Wheaton Precious Metals, Baker Steel Resources Trust, LNS and Monial. More information is available on the Company's website (<u>www.bluemoonmetals.com</u>).

***Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.***

***CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS***

*All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions.*

*We caution that all forward-looking information is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause our current objectives, strategies and intentions to change. Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We cannot guarantee that any forward-looking information will materialize and you are cautioned not to place undue reliance on this forward-looking information. Any forward-looking information contained in this news release represents management's current expectations and are based on information currently available to management, and are subject to change after the date of this news release. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.*

*A comprehensive discussion of other risks that impact Blue Moon can also be found in its public reports and filings which are available at <u>www.sedarplus.ca.</u>*

![](tm2533647d1_ex99-7img002.jpg) View original content to download multimedia: <u>https://www.prnewswire.com/news-releases/blue-moon-metals-appoints-katy-grant-as-senior-vice-president-human-resources--corporate-sustainability-302597493</u>

SOURCE Blue Moon Metals

![](tm2533647d1_ex99-7img002.jpg) View original content to download multimedia: <u>http://www.newswire.ca/en/releases/archive/October 2025/28/c5255.html</u>

%SEDAR: 00025425E

**For further information:** For further information: Blue Moon Metals Inc., Christian Kargl-Simard, CEO and Director, Phone: (416) 230 3440, Email: christian@bluemoonmetals.com

CO: Blue Moon Metals

CNW 17:05e 28-OCT-25

## Exhibit 99.8

**Exhibit 99.8**

**Blue Moon Metals Inc. (the "Issuer")**

**Request for Financial Statements**

In accordance with National Instrument 51-102 – *Continuous Disclosure Obligations,* registered and beneficial shareholders may elect annually to receive interim (quarterly) financial statements and corresponding management discussion and analysis ("MD&A") and/or annual financial statements and MD&A. If you wish to receive these documents by mail or email, please return this completed form to:

**Blue Moon Metals Inc.**

c/o Odyssey Trust Company

3 50 – 409 Granville St

Vancouver, BC V6C 1T2

Canada

**Rather than receiving the financial statements by mail, you may choose to view these documents on the SEDAR+ website at <u>www.sedarplus.ca</u>.**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**SHAREHOLDER REGISTRATION (**Please provide the name in which your shares are currently registered) | &nbsp;&nbsp;**SHAREHOLDER REGISTRATION (**Please provide the name in which your shares are currently registered) | &nbsp;&nbsp;**SHAREHOLDER REGISTRATION (**Please provide the name in which your shares are currently registered) |
| &nbsp;&nbsp;**Street Address** | &nbsp;&nbsp;**Street Address** | &nbsp;&nbsp;**Street Address** |
| &nbsp;&nbsp;**City** | **Province/State** | **Postal/Zip Code** |
| &nbsp;&nbsp;**Country (if not Canada or the USA)** | **Email Address** | **Email Address** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Please send me the following:** | &nbsp;&nbsp;**Please send me the following:** | &nbsp;&nbsp;**Please send me the following:** |
| *Mail* | *Email* |  |
| ◻ | ◻ | **Annual Financial Statements with MD&A** |
|  |  | (Mark this box if you would like to receive the Annual Financial Statements and related MD&A) |
| ◻ | ◻ | **Interim Financial Statements with MD&A** |
| | | (Mark this box if you would like to receive the Interim Financial Statements and related MD&A) |

---

*I HEREBY CERTIFY that I am a registered and/or beneficial holder of the Issuer, and as such, request that my name be placed on the Issuer's Mailing List in respect to its annual and/or interim financial statements and MD&A for the current financial year. If I have provided my email address above, I hereby consent to its use for the delivery by the Issuer or its agent of annual and/or interim financial statements by email.*

SIGNED:   DATE:   <br> *(Signature of Shareholder)*

PRIVACY NOTICE: At Odyssey Trust Company, we take your privacy seriously. In the course of providing services to you we receive non-public, personal information about you. We receive this information through transactions we perform for you and through other communications with you. We may also receive information about you by virtue of your transactions with affiliates of Odyssey Trust Company or other parties. This information may include your name, social insurance number, stock/unit ownership information and other financial information. With respect to both to current and former securityholders, Odyssey Trust Company does not share non-public personal information with any non-affiliated third party except as necessary to process a transaction, service your account or as permitted by law. Our affiliates and outside service providers with whom we share information are legally bound not to disclose the information in any manner, unless permitted by law or other governmental process. We strive to restrict access to your personal information to those employees who need to know the information to provide our services to you, and we maintain physical, electronic and procedural safeguards to protect your personal information. Odyssey Trust Company realizes that you entrust us with confidential personal and financial information and we take that trust very seriously. By providing your personal information to us and signing this form, we will assume, unless we hear from you to the contrary, that you have consented and are consenting to this use and disclosure. A complete copy of our Privacy Code may be accessed at www.odysseytrust.com or you may request a copy in writing to Chief Privacy Officer, 350 – 409 Granville St, Vancouver, BC V6C 1T2.

## Exhibit 99.9

**Exhibit 99.9** 

---

| | |
|:---|:---|
| **Blue Moon Metals Inc.** <br> **Form of Proxy – Annual General and Special Meeting to be held on Nov 13, 2025** | ![](tm2533647d1_img260.jpg)<br>Trader's Bank Building<br> 1100, 67 Yonge Street<br> Toronto ON M5E 1J8 |

---

---

| | | |
|:---|:---|:---|
| **Appointment of Proxyholder** <br> I/We being the undersigned holder(s) of **Blue Moon Metals Inc.** hereby appoint **Christian Kargl-Simard** or failing this person, **Frances Kwong**  | **OR** | **Print the name of the person you are appointing if this person is someone other than the Management Nominees listed herein:** |

---

as my/our proxyholder with full power of substitution and to attend, act, and to vote for and on behalf of the holder in accordance with the following direction (or if no directions have been given, as the proxyholder sees fit) and all other matters that may properly come before the **Annual General and Special Meeting** of **Blue Moon Metals Inc.** to be held at **100 King Street West, Suite 3400, Toronto, Ontario, M5X 1A4** at **10:00 a.m. (Toronto time)** or at any adjournment thereof.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | | | | | | **For** | Against |
| **1.** | **Number of Directors.** To set the number of directors to be elected at the Meeting to at Seven (7). | **Number of Directors.** To set the number of directors to be elected at the Meeting to at Seven (7). | **Number of Directors.** To set the number of directors to be elected at the Meeting to at Seven (7). | **Number of Directors.** To set the number of directors to be elected at the Meeting to at Seven (7). | **Number of Directors.** To set the number of directors to be elected at the Meeting to at Seven (7). | **Number of Directors.** To set the number of directors to be elected at the Meeting to at Seven (7). | **Number of Directors.** To set the number of directors to be elected at the Meeting to at Seven (7). | **Number of Directors.** To set the number of directors to be elected at the Meeting to at Seven (7). | **Number of Directors.** To set the number of directors to be elected at the Meeting to at Seven (7). | ◻ | ◻ |
| **2.** | **Election of Directors.** | **For** | Withhold |  |  | **For** | Withhold |  |  | **For** | Withhold |
| **a.** | **Christian Kargl-Simard** | ◻ | ◻ | **b.** | **Maryse Bélanger** | ◻ | ◻ | **c.** | **Karin Thorburn** | ◻ | ◻ |
| **d.** | **Francis Johnstone** | ◻ | ◻ | **e.** | **Richard Colterjohn** | ◻ | ◻ | **f.** | **Frode Nilsen** | ◻ | ◻ |
| **g.** | **Per-Erik Bjørnstad** | ◻ | ◻ |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  | **For** | Withhold |
| **3.** | **Appointment of Auditors.** To appoint MNP LLP as the auditor of Blue Moon Metals Inc. and authorize directors to fix the remuneration of the auditor | **Appointment of Auditors.** To appoint MNP LLP as the auditor of Blue Moon Metals Inc. and authorize directors to fix the remuneration of the auditor | **Appointment of Auditors.** To appoint MNP LLP as the auditor of Blue Moon Metals Inc. and authorize directors to fix the remuneration of the auditor | **Appointment of Auditors.** To appoint MNP LLP as the auditor of Blue Moon Metals Inc. and authorize directors to fix the remuneration of the auditor | **Appointment of Auditors.** To appoint MNP LLP as the auditor of Blue Moon Metals Inc. and authorize directors to fix the remuneration of the auditor | **Appointment of Auditors.** To appoint MNP LLP as the auditor of Blue Moon Metals Inc. and authorize directors to fix the remuneration of the auditor | **Appointment of Auditors.** To appoint MNP LLP as the auditor of Blue Moon Metals Inc. and authorize directors to fix the remuneration of the auditor | **Appointment of Auditors.** To appoint MNP LLP as the auditor of Blue Moon Metals Inc. and authorize directors to fix the remuneration of the auditor | **Appointment of Auditors.** To appoint MNP LLP as the auditor of Blue Moon Metals Inc. and authorize directors to fix the remuneration of the auditor | ◻ | ◻ |
|  |  |  |  |  |  |  |  |  |  | **For** | Against |
| **4.** | **Special Resolution.** To re-approve Blue Moon Metals Inc.'s rolling 10% share compensation plan | **Special Resolution.** To re-approve Blue Moon Metals Inc.'s rolling 10% share compensation plan | **Special Resolution.** To re-approve Blue Moon Metals Inc.'s rolling 10% share compensation plan | **Special Resolution.** To re-approve Blue Moon Metals Inc.'s rolling 10% share compensation plan | **Special Resolution.** To re-approve Blue Moon Metals Inc.'s rolling 10% share compensation plan | **Special Resolution.** To re-approve Blue Moon Metals Inc.'s rolling 10% share compensation plan | **Special Resolution.** To re-approve Blue Moon Metals Inc.'s rolling 10% share compensation plan | **Special Resolution.** To re-approve Blue Moon Metals Inc.'s rolling 10% share compensation plan | **Special Resolution.** To re-approve Blue Moon Metals Inc.'s rolling 10% share compensation plan | ◻ | ◻ |

---

---

| | | | |
|:---|:---|:---|:---|
| **Authorized Signature(s) – This section must be completed for your instructions to be executed.** | **Signature(s):** | **Date** |  |
| I/we authorize you to act in accordance with my/our instructions set out above. I/We hereby revoke any proxy previously given with respect to the Meeting. If no voting instructions are indicated above, **this Proxy will be voted as recommended by Management.** | | | |
|  |  |  | **MM / DD / YY** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Interim Financial Statements –** Check the box to the right if you would like to receive interim financial statements and accompanying Management's Discussion & Analysis by mail. See reverse for instructions to sign up for delivery by email. | ◻ | **Annual Financial Statements –** Check the box to the right if you would like to RECEIVE the Annual Financial Statements and accompanying Management's Discussion and Analysis by mail. See reverse for instructions to sign up for delivery by email. | ◻ |

---

DN:

**INSTEAD OF MAILING THIS PROXY, YOU MAY SUBMIT YOUR PROXY USING SECURE ONLINE VOTING AVAILABLE ANYTIME:**

**This form of proxy is solicited by and on behalf of Management. Proxies must be received by 10:00 a.m. EST, on Nov 11, 2025.**

**Notes to Proxy**

1. Each
 holder has the right to appoint a person, who need not be a holder, to attend and represent
 them at the Meeting. If you wish to appoint a person other than the persons whose names are
 printed herein, please insert the name of your chosen proxyholder in the space provided on
 the reverse.

2. If
 the securities are registered in the name of more than one holder (for example, joint ownership,
 trustees, executors, etc.) then all of the registered owners must sign this proxy in
 the space provided on the reverse. If you are voting on behalf of a corporation or another
 individual, you may be required to provide documentation evidencing your power to sign this
 proxy with signing capacity stated.

3. This
 proxy should be signed in the exact manner as the name appears on the proxy.

4. If
 this proxy is not dated, it will be deemed to bear the date on which it is mailed by Management
 to the holder.

5. The
 securities represented by this proxy will be voted as directed by the holder; however, if
 such a direction is not made in respect of any matter, this proxy will be voted as recommended
 by Management.

6. The securities represented by this proxy will be voted or withheld from voting, in accordance with the instructions of the holder, on any ballot that may be called for and, if the holder has specified a choice with respect to any matter to be acted on, the securities will be voted accordingly.

7. This
 proxy confers discretionary authority in respect of amendments to matters identified in the
 Notice of Meeting or other matters that may properly come before the meeting.

8. This proxy should be read in conjunction with the accompanying documentation provided by Management.

---

| | |
|:---|:---|
| ![](tm2533647d1_img265.jpg) | **To Vote Your Proxy Online please visit: <u>https://vote.odysseytrust.com</u>** <br>**You will require the CONTROL NUMBER printed with your address to the right.**<br>**If you vote by Internet, <u>do not mail</u> this proxy.** |

---

**To request the receipt of future documents via email and/or to sign up for Securityholder Online services, you may contact Odyssey Trust Company at <u>https://odysseytrust.com/ca-en/help/</u>**<u>.</u>

Voting by mail may be the only method for securities held in the name of a corporation or securities being voted on behalf of another individual. A return envelope has been enclosed for voting by mail.

## Exhibit 99.10

**Exhibit 99.10**

![](tm2533647d1_img266.jpg)

**NOTICE OF ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS**

**TAKE NOTICE** that the annual general and special meeting of shareholders (the "**Meeting**") of Blue Moon Metals Inc. (the "**Company**") will be held at the offices of Bennett Jones LLP, 100 King Street West, Suite 3400, Toronto, Ontario, M5X 1A4 on November 13, 2025 at 10:00 a.m. (Toronto Time).

The Meeting will be held in person and will not be conducted in a hybrid format. However, shareholders who are unable to attend the Meeting in person are encouraged to listen to the Meeting live by dialing in to the Corporation's conference line at: 416-883-0133 (Toronto) or 1-877-385-4099 (Canada and United States Toll Free), in each case followed by access code 6278733#. Participants who wish to listen to the Meeting by using the conference line should dial in 5-10 minutes prior to the scheduled start time of the Meeting and ask to join the call. Shareholders who dial-in will not be entitled to ask questions during the Meeting. **If a shareholder cannot attend in person, we encourage such shareholder to vote in advance by submitting their proxy form before the deadline, as there will be no virtual or online voting option during the Meeting.**

The Meeting will be held for the following purposes, as more particularly described in the accompanying information circular (the "**Information Circular**"):

1 . to receive and consider the audited annual financial statements of the Company for the fiscal year ended December 31, 2024 and the auditor's report thereon;

2 . to fix the number of directors of the Company at seven (7) for the ensuing year;

3 . to elect directors for the ensuing year;

4 . to appoint MNP LLP as the auditor of the Company for the ensuing year and to authorize the directors to fix the remuneration to be paid to the auditor;

5 . to re-approve the Company's rolling 10% share compensation plan; and

6 . to transact any other business which may properly come before the Meeting, or any adjournment thereof.

**IMPORTANT**

Accompanying this Notice of Meeting is an Information Circular, a form of proxy, and a financial statement request card whereby shareholders can request to be added to the Company's supplemental mailing list. The Information Circular includes more detailed information relating to the matters to be addressed at the Meeting, and forms part of this Notice of Meeting.

The Board of Directors has fixed the close of business on October 10, 2025 as the record date for determining shareholders entitled to receive notice of, and to vote at, the Meeting or any adjournment or postponement of the Meeting. A shareholder entitled to vote at the Meeting is entitled to appoint a proxyholder to vote in his/her stead. If you are a registered shareholder of the Company, please read, date, and sign the accompanying form of proxy and deliver it in accordance with the instructions provided therein. If you beneficially own common shares of the Company that are registered in the name of an intermediary, such as a broker, trustee, financial institution or depository and

have received this Notice of Meeting and accompanying materials through such intermediary, please carefully follow the instructions of your intermediary regarding the voting process and ensure to provide your voting instructions to your intermediary sufficiently in advance of the deadline specified by the intermediary to ensure that they are able to provide voting instructions on your behalf.

**DATED** at Toronto, Ontario, this 10<sup>th</sup> day of October, 2025.

**BY ORDER OF THE BOARD OF DIRECTORS**

*<u>"Christian Kargl-Simard"</u>* <br> Chief Executive Officer and Director

## Exhibit 99.11

**Exhibit 99.11**

![](tm2533647d1_ex99-11img001.jpg)

**BLUE MOON METALS INC.**

**NOTICE OF 2025 ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS**

**TO BE HELD ON NOVEMBER 13, 2025**

**AND**

**MANAGEMENT INFORMATION CIRCULAR**

**DATED OCTOBER 10, 2025**

![](tm2533647d1_ex99-11img001.jpg)

**NOTICE OF ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS**

**TAKE NOTICE** that the annual general and special meeting of shareholders (the "**Meeting**") of Blue Moon Metals Inc. (the "**Company**") will be held at the offices of Bennett Jones LLP, 100 King Street West, Suite 3400, Toronto, Ontario, M5X 1A4 on November 13, 2025 at 10:00 a.m. (Toronto Time).

The Meeting will be held in person and will not be conducted in a hybrid format. However, shareholders who are unable to attend the Meeting in person are encouraged to listen to the Meeting live by dialing in to the Corporation's conference line at: 416-883-0133 (Toronto) or 1-877-385-4099 (Canada and United States Toll Free), in each case followed by access code 6278733#. Participants who wish to listen to the Meeting by using the conference line should dial in 5-10 minutes prior to the scheduled start time of the Meeting and ask to join the call. Shareholders who dial-in will not be entitled to ask questions during the Meeting. **If a shareholder cannot attend in person, we encourage such shareholder to vote in advance by submitting their proxy form before the deadline, as there will be no virtual or online voting option during the Meeting.**

The Meeting will be held for the following purposes, as more particularly described in the accompanying information circular (the "**Information Circular**"):

1. to receive and consider
 the audited annual financial statements of the Company for the fiscal year ended December 31,
 2024 and the auditor's report thereon;

2. to fix the number of directors
 of the Company at seven (7) for the ensuing year;

3. to elect directors for the
 ensuing year;

4. to appoint MNP LLP as the
 auditor of the Company for the ensuing year and to authorize the directors to fix the remuneration
 to be paid to the auditor;

5. to re-approve the Company's
 rolling 10% share compensation plan; and

6. to transact any other business
 which may properly come before the Meeting, or any adjournment thereof.

**IMPORTANT**

Accompanying this Notice of Meeting is an Information Circular, a form of proxy, and a financial statement request card whereby shareholders can request to be added to the Company's supplemental mailing list. The Information Circular includes more detailed information relating to the matters to be addressed at the Meeting, and forms part of this Notice of Meeting.

The Board of Directors has fixed the close of business on October 10, 2025 as the record date for determining shareholders entitled to receive notice of, and to vote at, the Meeting or any adjournment or postponement of the Meeting. A shareholder entitled to vote at the Meeting is entitled to appoint a proxyholder to vote in his/her stead. If you are a registered shareholder of the Company, please read, date, and sign the accompanying form of proxy and deliver it in accordance with the instructions provided therein. If you beneficially own common shares of the Company that are registered in the name of an intermediary, such as a broker, trustee, financial institution or depository and have received this Notice of Meeting and accompanying materials through such intermediary, please carefully follow the instructions of your intermediary regarding the voting process and ensure to provide your voting instructions to your intermediary sufficiently in advance of the deadline specified by the intermediary to ensure that they are able to provide voting instructions on your behalf.

**DATED** at Toronto, Ontario, this 10<sup>th</sup> day of October, 2025.

**BY ORDER OF THE BOARD OF DIRECTORS**

*"<u>Christian Kargl-Simard</u>"*

Chief Executive Officer and Director

![](tm2533647d1_ex99-11img001.jpg)

**BLUE MOON METALS INC.**

220 Bay Street. Suite 550

Toronto, Ontario

Canada M5J 2W4

**MANAGEMENT INFORMATION CIRCULAR**

as at October 10, 2025

**This management information circular ("Circular") is furnished in connection with the solicitation of proxies by management of Blue Moon Metals Inc. (the "Company") for use at the annual general meeting (the "Meeting") of shareholders of the Company (the "Shareholders") to be held on November 13, 2025 and any adjournment thereof, for the purposes set forth in the attached Notice of Annual General and Special Meeting. Except where otherwise indicated, the information contained herein is stated as of October 10, 2025.**

In this Circular, references to the "**Company**" and "**we**" refer to Blue Moon Metals Inc. "**Common Shares**" means common shares without par value in the capital of the Company. "**Registered Shareholders**" means Shareholders whose names appear on the records of the Company as the registered holders of Common Shares. "**Non-Registered Shareholders**" means Shareholders who do not hold Common Shares in their own name. "**Intermediaries**" refers to brokers, investment firms, clearing houses and similar entities that own securities on behalf of Non-Registered Shareholders.

**GENERAL PROXY INFORMATION**

**Solicitation of Proxies**

The solicitation of proxies will be primarily by mail, but proxies may be solicited personally or by telephone by directors, officers and regular employees of the Company. The Company will bear all costs of this solicitation. We have arranged to send Meeting materials directly to Registered Shareholders, as well as Non-Registered Shareholders who have consented to their ownership information being disclosed by the Intermediary holding the Common Shares on their behalf (non-objecting beneficial owners). We have not arranged for Intermediaries to forward the Meeting materials to Non-Registered Shareholders who have objected to their ownership information being disclosed by the Intermediary holding the Common Shares on their behalf (objecting beneficial owners) under National Instrument 54-101 – *Communications with Beneficial Owners of Securities of a Reporting Issuer*. As a result, objecting beneficial owners will not receive the Circular and associated Meeting materials unless their Intermediary assumes the costs of delivery.

**Appointment and Revocation of Proxies**

The individuals named in the accompanying form of proxy (the "**Proxy**") are officers of the Company or solicitors for the Company. **If you are a Registered Shareholder, you have the right to attend the Meeting or vote by proxy and to appoint a person or company other than the person designated in the Proxy, who need not be a Shareholder, to attend and act for you and on your behalf at the Meeting. You may do so either by inserting the name of that other person in the blank space provided in the Proxy or by completing and delivering another suitable form of Proxy.**

If you are a Registered Shareholder you may wish to vote by proxy whether or not you are able to attend the Meeting in person. Registered Shareholders electing to submit a Proxy may do so by completing, dating and signing the enclosed form of proxy and returning it to the Company's transfer agent, Odyssey Trust Company ("**Odyssey**"): (i) by mail at 1100-67 Yonge Street, Toronto, Ontario, M5E 1J8; or (ii) by voting online at <u>https://vote.odysseytrust.com</u>, in accordance with the instructions on the Proxy.

In all cases you should ensure that the Proxy is received no later than 10:00 a.m. (Toronto time) on November 11, 2025 or, if the Meeting is adjourned or postponed, not less than 48 hours (excluding Saturdays, Sundays and holidays) prior to such adjourned or postponed Meeting.

Registered Shareholders who wish to appoint a person other than the management nominees identified on the Proxy must carefully follow the instructions in this Information Circular and on their Proxy. These instructions include the additional step of registering such proxyholder with Odyssey after submitting their Proxy, by emailing <u>appointee@odysseytrust.com</u> before the proxy deadline and providing Odyssey with the required proxyholder contact information, the number of Common Shares appointed and the name in which the Common Shares are registered, so that Odyssey may provide the proxyholder with a username via email. Without a username, proxyholders will not be able to attend, participate or vote at the Meeting. Failure to register the proxyholder with Odyssey will result in the proxyholder not being able to participate in the Meeting and only being able to attend as a guest. Guests will not be permitted to vote or participate at the Meeting.

If you are a Registered Shareholder who has submitted a Proxy and later wish to revoke it, you can do so by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) delivering a subsequent completed and
 signed Proxy to supersede the original Proxy vote bearing a later date and depositing it
 with Odyssey no later than the proxy deadline as described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) depositing an instrument in writing signed
 by you (or by someone you have properly authorized to act on your behalf): (i) at the
 registered office of the Company at any time up to and including the last business day preceding
 the day of the Meeting or any adjournment or postponement thereof; or (ii) with the chair
 of the Meeting on the day of, and prior to the start of, the Meeting or any adjournment or
 postponement thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) participating in the Meeting and voting
 at the Meeting; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) following any other procedure that is
 permitted by law.

**Only Registered Shareholders have the right to revoke a Proxy. Non-registered Shareholders who wish to change their vote must make appropriate arrangements with their respective intermediaries. If you are a Non-registered Shareholder, you can revoke your prior voting instructions by providing new instructions on a voting instruction form with a later date (or at a later time in the case of voting by telephone or through the Internet, if available). Otherwise, contact your intermediary if you want to revoke your Proxy or change your voting instructions, or if you change your mind and want to duly appoint yourself as a proxyholder prior to the proxy deadline for the purpose of voting at the Meeting. You must provide your instructions sufficiently in advance of the Meeting or any adjournment or postponement thereof to enable your intermediary to act on them.**

If you are a Non-Registered Shareholder, see *"Voting by Non-Registered Shareholders"* below for further information on how to vote your Common Shares.

**Exercise of Discretion by Proxyholder**

If you vote by proxy, the persons named in the Proxy will vote or withhold from voting the Common Shares represented thereby in accordance with your instructions on any ballot that may be called for. If you specify a choice with respect to any matter to be acted upon, your Common Shares will be voted accordingly. The Proxy confers discretionary authority on the persons named therein with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each matter or group
 of matters identified therein for which a choice is not specified,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any amendment to or variation of any matter
 identified therein,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any other matter that properly comes before
 the Meeting, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the exercise of discretion of the proxyholder.

**In respect of a matter for which a choice is not specified in the Proxy, the persons named in the Proxy will vote the Common Shares represented by the Proxy for the approval of such matter.** Management is not currently aware of any other matters that could come before the Meeting.

**Voting by Non-Registered Shareholders**

The following information is of significant importance to Shareholders who do not hold Common Shares in their own name. Non-Registered Shareholders should note that the only Proxies that can be recognized and acted upon at the Meeting are those deposited by Registered Shareholders.

If Common Shares are listed in an account statement provided to a Shareholder by an Intermediary, then in almost all cases those Common Shares will not be registered in the Shareholder's name on the records of the Company. Such Common Shares will more likely be registered under the name of the Shareholder's Intermediary or an agent of that Intermediary. In the United States, the vast majority of such Common Shares are registered under the name of Cede & Co. (the registration name for as the Depository Trust Company, which acts as nominee for many U.S. brokerage firms), and in Canada, under the name of CDS & Co. (the registration name for the Canadian Depository for Securities Limited, which acts as nominee for many Canadian brokerage firms).

If you have consented to disclosure of your ownership information, you will receive a request for voting instructions from the Company (through Odyssey). If you have declined to disclose your ownership information, you may receive a request for voting instructions from your Intermediary if they have assumed the cost of delivering the Circular and associated Meeting materials. Every Intermediary has its own mailing procedures and provides its own return instructions to clients. However, most Intermediaries now delegate responsibility for obtaining voting instructions from clients to Broadridge Financial Solutions, Inc. ("**Broadridge**") in the United States and in Canada.

If you are a Non-Registered Shareholder, you should carefully follow the instructions on the voting instruction form received from Odyssey or Broadridge in order to ensure that your Common Shares are voted at the Meeting. The voting instruction form supplied to you will be similar to the Proxy provided to the Registered Shareholders by the Company. However, its purpose is limited to instructing the Intermediary on how to vote on your behalf.

The voting instruction form sent by Odyssey or Broadridge will name the same persons as the Company's proxy to represent you at the Meeting. Although as a Non-Registered Shareholder you may not be recognized directly at the Meeting for the purposes of voting Common Shares registered in the name of your Intermediary, you, or a person designated by you (who need not be a Shareholder), may attend at the Meeting as Proxyholder for your Intermediary and vote your Common Shares in that capacity. To exercise this right to attend the Meeting or appoint a Proxyholder of your own choosing, you should insert your own name or the name of the desired representative in the blank space provided in the voting instruction form. Alternatively, you may provide other written instructions requesting that you or your desired representative attend the Meeting as Proxyholder for your Intermediary. The completed voting instruction form or other written instructions must then be returned in accordance with the instructions on the form.

**If you receive a voting instruction form from Odyssey or Broadridge, you cannot use it to vote Common Shares directly at the Meeting – the voting instruction form must be completed as described above and returned in accordance with its instructions well in advance of the Meeting in order to have the Common Shares voted.**

**INTEREST OF CERTAIN PERSONS OR COMPANIES IN MATTERS TO BE ACTED UPON**

Except as disclosed herein, no person has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in matters to be acted upon at the Meeting other than the election of directors and as set out herein. For the purpose of this paragraph, "person" shall include each person: (a) who has been a director, senior officer or insider of the Company at any time since the commencement of the Company's last fiscal year; (b) who is a proposed nominee for election as a director of the Company; or (c) who is an associate or affiliate of a person included in subparagraphs (a) or (b).

**RECORD DATE AND QUORUM**

The board of directors (the "**Board**") of the Company has fixed the record date for the Meeting as the close of business on October 10, 2025 (the "**Record Date**"). Shareholders of record as at the Record Date are entitled to receive notice of the Meeting and to vote their Common Shares at the Meeting, except to the extent that any such Shareholder transfers any Common Shares after the Record Date and the transferee of those Common Shares establishes that the transferee owns the Common Shares and demands, not less than ten (10) days before the Meeting, that the transferee's name be included in the list of Shareholders entitled to vote at the Meeting, in which case, only such transferee shall be entitled to vote such Common Shares at the Meeting.

Under the Company's articles, the quorum for the transaction of business at a meeting of shareholders is one person who is a Shareholder, or who is otherwise permitted to vote shares of the Company at a meeting of shareholders, present in person or by proxy.

**VOTING SECURITIES AND PRINCIPAL HOLDERS OF VOTING SECURITIES**

On the Record Date, there were 80,843,262 Common Shares issued and outstanding, with each Common Share carrying the right to one vote. Only Shareholders of record at the close of business on the Record Date will be entitled to vote in person or by Proxy at the Meeting or any adjournment thereof.

To the knowledge of the directors and executive officers of the Company, as of the date of this Circular, no other Shareholders beneficially own, or exercise control or direction, directly or indirectly, Common Shares carrying 10% or more of the votes attached to Common Shares other than as disclosed below:

---

| | | |
|:---|:---|:---|
| <br>**Name of Shareholder** | **Number of Common**<br>**Shares** | **Percentage of Issued and**<br>**Outstanding** |
| Monial AS | 8292206 | 10.3% |

---

**PARTICULARS OF MATTERS TO BE ACTED UPON**

To the knowledge of the Company's directors, the only matters to be placed before the Meeting are those set forth in the accompanying Notice of Meeting and more particularly discussed below.

**Presentation of Financial Statements**

The annual financial statements of the Company for the financial year ended December 31, 2024 (the "**Financial Statements**"), together with the auditor's report thereon, will be placed before the Meeting. The Company's Financial Statements are available on the System of Electronic Data Analysis and Retrieval (SEDAR+) website at <u>www.sedarplus.ca</u>.

**Setting Number of Directors**

The Board proposes that the number of directors of the Corporation be fixed at seven (7). Shareholders will therefore be asked to approve an ordinary resolution that determines the number of directors to be elected at seven (7).

**Election of Directors**

The Board presently consists of five (5) directors. Four of these directors, Maryse Bélanger, Christian Kargl-Simard, Karin Thorburn and Francis Johnstone are being nominated for re-election at the Meeting. In addition, Richard Colterjohn, Frode Nilsen and Per-Erik Bjørnstad are being nominated for election at the Meeting. Shareholders will be asked to fix the number of directors at seven (7) and to elect the seven (7) persons listed below as directors for the ensuing year.

The term of office of each of the present directors expires at the Meeting. The persons named below will be presented for election at the Meeting as the nominees of management and the persons named in the accompanying form of proxy intend to vote for the election of these nominees. Management does not contemplate that any of these nominees will be unable to serve as a director. Each director elected will hold office until the next annual general meeting of the Company or until his or her successor is elected or appointed, unless his or her office is earlier vacated in accordance with the Articles of the Company, or with the provisions of the *Business Corporations Act* (British Columbia).

**The Board unanimously recommends that Shareholders vote <u>FOR</u> the election of the nominees set forth below as directors of the Company. Unless the Shareholder has specifically instructed in the form of proxy that the Common Shares represented by such proxy are to be withheld or voted otherwise, the persons named in the proxy will vote <u>FOR</u> the election of each of the proposed nominees set forth below as directors of the Company.**

The following table and notes thereto states the name of each person proposed to be nominated by management for election as a director (a "**Proposed Director**"), the province or state and country of residence, all offices of the Company now held by him or her, his or her principal occupation, the period of time for which he or she has been a director of the Company, and the number of Common Shares beneficially owned by him or her, directly or indirectly, or over which he or she exercises control or direction, as at the date hereof.

---

| | | | |
|:---|:---|:---|:---|
| **Name, Residence and <br> Present Position within the<br> Company** | **Director Since** | **Number of Common<br> Shares Beneficially<br> Owned, Directly or<br> Indirectly, or Over Which<br> Control or Discretion is<br> Exercised<sup>(1)</sup>**  | **Principal Occupation<sup>(1)</sup>** |
| **Christian Kargl-Simard**<br> Ontario, Canada<br> *Director & CEO* | October 17, 2024 | 669962 | Non-executive Chairman of Surge Copper Corp. since September 2020 and board member of NorthX Nickel Corp. since November 2022. Formerly CEO of Adventus Mining Corporation from December 2016 until July 2024. |
| **Maryse Bélanger**<sup>(3)(4)</sup><br> British Columbia, Canada <br> *Director***  | October 17, 2024 | 302380 | Director and Chair of Environment, Social and Governance Committee at Equinox Gold Corp since June 2020 and Director of Torngat Metals since August 2025. Formerly, Director and Chair of the board of directors of Adventus Mining Corporation from March 28, 2024 to July 2024; Interim Chief Executive Officer of IAMGOLD Corporation from May 2022 to April 2023 and board chair of IAMGOLD Corporation from February 2022 to September 2023. Former Director and CEO of Bullfrog Gold Corp. (now, Augusta Gold Corp.) from September 2020 to April 2021. |
| **Karin Thorburn**<sup>(2)(4)</sup> Bergen, Norway <br> *Director***  | February 26, 2025 | 215031 | Research Chair Professor of Finance at NHH Norwegian School of Economics since 2009 and Adjunct Full Professor of Finance at The Wharton School of University of Pennsylvania, USA since 2016. Director of the Board of Argentum Asset Management AS since 2021 and Maritime & Merchant Bank ASA since 2016. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Name, Residence and <br> Present Position within the<br> Company** | **Director Since** | **Number of Common<br> Shares Beneficially<br> Owned, Directly or<br> Indirectly, or Over Which<br> Control or Discretion is<br> Exercised<sup>(1)</sup>** | **Principal Occupation(1)** |
| **Francis Johnstone**<sup>(2)(3)</sup> London, United Kingdom <br> *Director* | February 26, 2025 | Nil | Investment Advisor to Baker Steel Resources Trust Ltd since 2010. |
| **Richard Colterjohn** <br> Ontario Canada <br> *Nominee* | N/A<sup>(5)</sup> | 173067 | Managing Partner and Principal of Glencoban Capital Management Inc. since 2002. Director of Surge Copper Corp. since September 2021 and Taura Gold Inc. since December 2023. Formerly, Director of Roxgold Inc. from October 2012 to July 2021. |
| **Frode Nilsen**<sup>(6)</sup> Nordland, Norway <br> *Nominee* | N/A<sup>(5)</sup> | 2820078 | President of Leonhard Nilsen & Sønner AS since June 1989. |
| **Per-Erik Bjørnstad** <br> Finnmark, Norway <br> *Nominee* | N/A<sup>(5)</sup> | Nil | Head of Department for Parks and Sports, Alta Municipality, Norway since April 2007. |

---

**<u>Notes:</u>**

(1) The information as to principal occupation,
 business or employment, and Common Shares beneficially owned or controlled is not within
 the knowledge of the management of the Company and has been furnished by the respective nominees.
 Unless otherwise stated above, any nominees named above not elected at the last annual general
 meeting have held the principal occupation or employment indicated for at least the five
 preceding years.

(2) Member of the Audit Committee. See *"Statement of Corporate Governance".* 

(3) Member of the Technical Committee. See *"Statement of Corporate Governance".* 

(4) Member of the Corporate Governance, Nomination
 and Compensation Committee. See *"Statement of Corporate Governance".* 

(5) These individuals are new nominees to the
 Board.

(6) Frode Nilsen is a director nominee of Leonhard
 Nilsen & Sønner AS ()"**LNS AS**") pursuant to the terms of
 an equity investment agreement dated December 18, 2024 between the Company and LNS AS.

**Christian Kargl-Simard –** *CEO and Director*

Mr. Kargl-Simard currently serves as CEO and Director of the Corporation. He has over 23 years of experience in the mining industry, having worked both in technical and finance roles. He recently sold Adventus Mining Corporation to Silvercorp Metals Inc. for $235 million after starting with a $2 million exploration focused asset base in December 2 016. Prior to starting Adventus Mining, he worked for 10 years in investment banking roles at Raymond James Ltd. and Haywood Securities Inc. During his tenure in investment banking, Christian was involved in financings raising more than $7 billion, and he assisted in completing over 35 M&A transactions. Christian also worked for Dynatec up to its sale to Sherritt International Corp. in 2007, both in metallurgical engineering and corporate development roles. Christian holds a B.A.Sc. degree in Metallurgical Engineering from the University of British Columbia. Christian is also non-executive chairman of Surge Copper Corp.

**Maryse Bélanger –** *Board Chair and Director*

Ms. Bélanger currently serves as Director of the Corporation. Ms. Bélanger also currently serves on the board of directors of Equinox Gold Corp., where she is chair of its Environment, Social and Governance Committee, and on the board of directors of Torngat Metals. She has over 35 years of experience globally, with proven strengths in operational excellence and efficiency, technical studies and services. She has provided oversight and project management support through some of the mining industry's key strategic acquisitions. Ms. Bélanger was appointed Chair of Adventus Mining Corporation's board of directors in March 2024, prior to its sale to Silvercorp Metals Inc. in July 2024 for $235M. She was Interim CEO and Board Chair of IAMGOLD Corporation from 2022-2023, successfully overcoming financing and construction issues to advance the company's flagship Côté Mine toward production. From 2016 to 2020, Ms. Bélanger was President, COO and Director of Atlantic Gold, where she guided the company's Touquoy Mine through construction to production, and the eventual acquisition of Atlantic Gold by St. Barbara for C$722 million. She was recognized twice by the Women in Mining UK "WIM (UK)" 100 Global Inspirational Women in Mining Project as one the most inspirational Global Women in Mining. She holds a Bachelor of Science degree in Geology, a graduate certificate in Geostatistics and ICD.D designation.

**Karin Thorburn –** *Director*

Dr. Thorburn is Research Chair Professor of Finance at NHH Norwegian School of Economics and Adjunct Full Professor of Finance at The Wharton School of University of Pennsylvania, USA. Before joining NHH in 2009, she was a faculty member at the Tuck School of Business at Dartmouth College, USA. Her research focuses on M&A, restructuring, raising capital, and corporate governance, and is regularly published in leading academic journals. Dr. Thorburn is a Research Associate of the Center for Economic Policy Research (CEPR) in London and a Research Affiliate of the European Corporate Governance Institute (ECGI) in Brussels. She is a Director of the Board of Argentum Asset Management AS, Maritime & Merchant Bank ASA, NetZero Gas AS, Horus of Norway AS, and Preferred Global Health AS, and previously of Nussir ASA, SEB Investment Management AB, and Nordea Bank Norway ASA. She has served on several government-appointed committees on topics related to banking regulation and the investment strategy of Norway's Government Pension Fund Global. Dr. Thorburn holds a PhD in financial economics from the Stockholm School of Economics.

**Francis Johnstone –** *Director*

Mr. Johnstone has been an Investment Advisor to Baker Steel Resources Trust Ltd since its inception and is based in London. Mr. Johnstone has trained in corporate finance and M&A at Citibank, Francis entered the mining business in 1989 with Cluff Resources plc and became Group Projects and Operations Manager. Prior to Cluff's takeover by Ashanti Goldfields in 1996, Mr. Johnstone was a key member of the team who built Freda Rebecca the largest gold mine in Zimbabwe, the Ayanfuri Gold Mine in Ghana and negotiated for and discovered the Geita Gold Mine in Tanzania. In 2003, he joined Ridge Mining plc as Commercial Director, and was an integral member of the team that undertook a feasibility study, financed and developed the Blue Ridge Platinum Mine in South Africa prior to the acquisition of Ridge Mining Plc by Aquarius Platinum Limited in 2009.

**Richard Colterjohn –** *Director Nominee*

Mr. Colterjohn has been Managing Partner of Glencoban Capital Management Inc., a merchant banking firm, since 2002. He brings over 30 years of experience in the mining sector as an investment banker, director, and operator. Before co-founding Glencoban Capital, he served as Managing Director at UBS Bunting Warburg from 1992 to 2002, where he was head of mining sector investment banking activities in Canada. In 2004, he founded Centenario Copper Corp., and served as President, Chief Executive Officer, and Director until its sale in 2009. Over the course of his career, Mr. Colterjohn has served on the boards of eleven other publicly traded mining companies, including Canico Resource Corp., Cumberland Resources Ltd., Viceroy Exploration Ltd., Explorator Resources Ltd., Aurico Gold Inc., Aurico Metals Inc., Mag Silver Corp., Harte Gold Corp., Roxgold Inc., Surge Copper Corp. and Taura Gold Inc. He holds a Bachelor of Commerce from the University of Toronto and an MBA from IMD, and is an accredited director.

**Frode Nilsen –** *Director Nominee*

Mr. Nilsen is the President of the Norwegian tunnelling and mining company LNS Group, which he founded in 1989. He has served as the Executive /board chairman of the Norwegian Tunnelling Society and has held board and chair positions in several companies, including the Norwegian iron ore company Rana Gruber. He has also been an Adjunct Professor at The Arctic University of Norway in Tromsø.

Throughout his career, Mr. Nilsen has been involved in numerous tunnelling and mining projects across Norway, Spitsbergen, Iceland, Chile, Hong Kong, Faroe Island and Greenland. Under his leadership, LNS Gro9pu has become one of Norway's leading contractors in underground excavation and mining, known for its expertise in Arctic and Antarctic operations and for solving complex projects with demanding logistics. Mr. Nilsen has also been an invited speaker at several international conferences. He graduated from the University of Science and Technology in Trondheim (formerly the Norwegian Institute of Technology) in 1988 with a Master of Science degree in Civil Engineering, specializing in excavation of rock caverns, tunnels, ad mining.

**Per-Erik Bjørnstad –** *Director Nominee*

Since 2007, Mr. Bjørnstad has served as the Head of the Department for Park and Sport in Alta Municipality, Norway, where he oversees development and management of recreational sports facilities. From 1996 to 2007, he worked with the Department of Reindeer Husbandry Management, focusing on area protection and the use of Geographic Systems in sustainable land-use planning. He is frequently engaged by the Norwegian judiciary as an expert witness in disputes involving land-use conflicts between reindeer management and industrial development projects.

From 2009 to 2019, Mr. Bjørnstad was part of the Norwegian Olympic and National Cross-Country Skiing Team as a wax technician and currently serves as the Head of Kickwaxing for the U.S. Ski Team and U.S. Olympic Cross-Country Skiing Team. Mr. Bjørnstad holds a Master's degree in Nature Management from the Norwegian University of Life Sciences in Ås, with a specialization in domestic reindeer management.

**Corporate Cease Trade Orders, Bankruptcies, Penalties or Sanctions**

Other than as set out below, no individual set forth in the above table is, as at the date hereof, or was, within 10 years before the date hereof, a director, chief executive officer or chief financial officer of any company (including the Company) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) was subject to a cease trade order, an
 order similar to a cease trade order or an order that denied the relevant company access
 to any exemption under securities legislation, that was in effect for a period of more than
 30 consecutive days and that was issued while such individual was acting in the capacity
 as director, chief executive officer or chief financial officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was subject to a cease trade order, an
 order similar to a cease trade order or an order that denied the relevant company access
 to any exemption under securities legislation, that was in effect for a period of more than
 30 consecutive days, that was issued after such individual ceased to be a director, chief
 executive officer or chief financial officer, and which resulted from an event that occurred
 while such individual was acting in the capacity as director, chief executive officer or
 chief financial officer.

Other than as set out below, no individual set forth in the above table or Shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company, nor any personal holding company of any such individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is, as of the date hereof, or has been
 within 10 years before the date hereof, a director or executive officer of any company (including
 the Company) that, while such individual was acting in that capacity, or within a year of
 such individual ceasing to act in that capacity, became bankrupt, made a proposal under any
 legislation relating to bankruptcy or insolvency, was subject to or instituted any proceedings,
 arrangement or compromise with creditors, or had a receiver, receiver manager or trustee
 appointed to hold its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has, within the 10 years before the date
 hereof, become bankrupt, made a proposal under any legislation relating to bankruptcy or
 insolvency, become subject to or instituted any proceedings, arrangement or compromise with
 creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of
 such individual; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has been subject to (i) any penalties
 or sanctions imposed by a court relating to securities legislation or by a securities regulatory
 authority, or has entered into a settlement agreement with a securities regulatory authority,
 or (ii) any other penalties or sanctions imposed by a court or regulatory body that
 would likely be considered important to a reasonable investor in making an investment decision.

Ms. Bélanger was a director of Mirabela Nickel Limited ("**MBN**") from July 2014 to June 2016. On September 24, 2015, the board of directors of MBN elected to place the company into voluntary administration under the relevant provisions of the Australian Corporations Act 2001 to progress discussions with financiers to put in place funding arrangements or other restructuring options that would alleviate the liquidity challenges facing MBN's operations at the time. Such discussions were unsuccessful and on June 13, 2016 the creditors of MBN voted to place MBN in liquidation. On September 21, 2015, an order was issued by the British Columbia Securities Commission that all trading in the securities of MBN be ceased due to its failure to file financial statements for the period ended June 30, 2 015. On September 25, 2015 and October 7, 2015, orders were issued by the Ontario Securities Commission that all trading in the securities of MBN be ceased due to its failure to file financial statements for the period ended June 30, 2015.

Ms. Bélanger was a director of Pure Gold Mining Inc. ("**Pure Gold**") from February 2020 until March 30, 2023. Pure Gold owned the Madsen Mining property, located near Red Lake Ontario. After redeveloping the property and processing facilities, Pure Gold experienced significant start up and operational difficulties. Consequently, on October 31, 2022, Pure Gold applied for and received an initial order for creditor protection from the Supreme Court of British Columbia ("**Court**") under the Companies' Creditors Arrangement Act ("**CCAA**"). KSV Restructuring Inc. was appointed as the monitor. On November 10, 2022, the Court approved a Sales and Investment Solicitation Process Order, among other relief. On March 30, 2023, the Court approved Pure Gold's appointment of a Chief Administrative Officer and all members of the Pure Gold board of directors resigned immediately. Pure Gold's common shares were suspended from trading on the NEX Board of the TSX Venture Exchange (the "**TSXV**"). Pure Gold was subsequently acquired by West Lake Gold Mines on June 16, 2023 under the CCAA proceedings.

Ms. Bélanger was a director of Plateau Energy Metals Inc. ("**Plateau**") from May 2016 to May 2021. On May 3, 2021, Plateau and two of its officers (Alexander Holmes and Philip Gibbs) received a Notice of Hearing together with a Statement of Allegations from staff of the Ontario Securities Commission (the "**OSC**") announcing the commencement of regulatory proceedings on the basis that Plateau misled investors about a decision by a Peruvian mining regulator that threatened their mining rights over certain properties in Peru. In October of 2022, Plateau, Alexander Holmes and Philip Gibbs entered into a Settlement Agreement with the OSC and paid $210,000, $60,000 and $30,000 respectively on account of costs to the OSC in accordance with the terms of the Settlement Agreement. Plateau, Alexander Holmes and Philip Gibbs also made payments of $500,000, $175,000 and $75,000 respectively on account of administrative penalties.

Dr. Thorburn has been a director of Preferred Global Health AS ("**PGH**") since October 2020. She is also a director of Preferred Global Health Ltd. ("**PGH Bermuda**"), a wholly-owned subsidiary of PGH, since October 7, 2022. PGH petitioned to have a receiver appointed in respect of PGH Bermuda, which entered a voluntary receivership process. On December 1, 2023, the Supreme Court of Bermuda appointed an Official Receiver as the Provisional Liquidator of PGH Bermuda. On December 16, 2024, the Supreme Court of Bermuda ordered that Elizabeth Cava and Marcin Czarnocki, both of Deloitte Financial Advisory Ltd., replace the Official Receiver and appointed them as Joint Provisional Liquidators (the "**JPLs**") of PGH Bermuda. On June 19, 2025, the directors of PGH Bermuda received notice of the appointment of the JPLs and provided all relevant documentation.

**Appointment of Auditor**

On April 21, 2025, the Board accepted the resignation of Davidson & Company LLP, Chartered Professional Accountants, the predecessor auditor of the Company and determined to appoint MNP LLP, Chartered Professional Accountants ("**MNP**") as successor auditor of the Company for the year ended December 31, 2025. MNP was appointed by the Board effective as of April 21, 2025.

The Company filed a notice of change of auditor dated April 21, 2025 (the "**Auditor Change Notice**") with the securities regulatory authorities on that same date, in accordance with National Instrument – *Continuous Disclosure Obligations* ("**NI 51-102**"). Each of Davidson & Company LLP and MNP provided letters, which was filed with the securities regulatory authorities confirming their agreement with the information set out in the Auditor Change Notice.

A copy of the auditor reporting package containing the Auditor Change Notice and letters from Davidson & Company LLP and MNP referred to above is attached as Schedule "B" to this Information Circular.

Given the foregoing, MNP has been the auditor of the Company since April 21, 2025.

At the Meeting, Shareholders will be asked to re-appoint MNP as the auditors of the Corporation to hold office until the close of the next annual meeting of Shareholders and to authorize the Board to fix the remuneration of the auditor.

**The Board unanimously recommends that Shareholders vote FOR the appointment of MNP and authorizing the Board to fix their renumeration. Unless the Shareholder has specifically instructed in the form of proxy that the Common Shares represented by such proxy are to be withheld or voted otherwise, the persons named in the accompanying proxy will vote <u>FOR</u> the appointment of MNP as auditor of the Company to hold office until the next annual meeting of Shareholders or until a successor is appointed and to authorize the Board to fix the remuneration of the auditor.**

**Approval of Share Compensation Plan**

The Company's current 10% rolling share compensation plan (the "**Share Compensation Plan**") was last approved by Shareholders at the Company's annual general meeting held on October 17, 2024. Pursuant to the policies of the TSXV, a "rolling" security based compensation plan, such as the Share Compensation Plan, must be approved on a yearly basis by Shareholders at the Company's annual meeting of Shareholders. Accordingly, at the Meeting, Shareholders will be asked to consider and, if deemed advisable, to pass, with or without variation, an ordinary resolution (the "**Plan Resolution**") re-approving the Company's Share Compensation Plan.

The Share Compensation Plan is a "rolling up to 10%" omnibus plan pursuant to which the total number of Common Shares which may be issued pursuant to restricted share units ("**RSUs**"), stock options ("**Options**") or deferred share units ("**DSUs**") awarded or granted under the Share Compensation Plan, in the aggregate, is equal to up to a maximum of 10% of the issued and outstanding Common Shares at the time of the award or grant. The purpose of the Share Compensation Plan is to provide an incentive to directors, employees and consultants of the Company or any of its subsidiary to achieve the longer term objectives of the Company; to give suitable recognition to the ability and industry of such persons who contribute materially to the success of the Company; and to attract to and retain in the employ of the Company or any of its subsidiaries, persons of experience and ability, by providing them with the opportunity to acquire an increased proprietary interest in the Company. For a summary of the Share Compensation Plan, see "*Equity Compensation Plan Information – Stock option plans and other incentive plans*". A full copy of the Share Compensation Plan will be available for inspection at the Meeting and is attached as Schedule "A" hereto.

As of the date of this Information Circular, the Company had 763,000 Options, 62,500 RSUs and 224,506 DSUs outstanding under the Share Compensation Plan.

Other than as set out elsewhere in this Information Circular, the Company does not have any other incentive plans.

*<u>Plan Resolution and Board Recommendation</u>*

At the Meeting, Shareholders will be asked to consider, and deemed advisable, approve an ordinary resolution to re-approve the Share Compensation Plan, the full text of which will substantially be as follows (the "**Plan Resolution**"):

**RESOLVED** as an ordinary resolution of the shareholders of Blue Moon Metals Inc. (the "**Company**") that:

1. The share compensation plan
 of the Company (the "**Share Compensation Plan**") attached as Schedule "A"
 to the management information circular of the Company dated October 10, 2025, be and
 is hereby ratified and approved;

2. All existing awards issued
 and to be issued under the Share Compensation Plan, be and are hereby approved.

3. The Company be and is hereby
 authorized to reserve Common Shares equal in number to 10% of the Company's current
 issued and outstanding share capital from time to time, which Common Shares may be conditionally
 allotted in connection with the granting of awards pursuant to the terms and conditions as
 set out in the Share Compensation Plan.

4. The Common Shares which
 can be reserved under the Share Compensation Plan may be allotted and issued at a price or
 prices fixed by the Board in accordance with the rules of the TSX Venture Exchange (the
 "**TSXV**") and the terms and conditions under the Share Compensation Plan
 and any award agreements thereunder, and when such Common Shares are so allotted and issued
 they will be fully paid and non-assessable Common Shares in the capital of the Company at
 a price or prices so fixed.

5. The board of directors of
 the Company (the "**Board**") be authorized to make any amendments to the
 Share Compensation Plan from time to time, as may be required by the applicable regulatory
 authorities, or as may be considered appropriate by the Board, in its sole discretion, provided
 always that such amendments be subject to the approval of the regulatory authorities, if
 applicable, and in certain cases, if required under the terms of the Share Compensation Plan
 or by the TSXV, the approval of the shareholders of the Company.

6. Any officer or director
 of the Company is hereby authorized and directed for and on behalf of the Company to execute
 or cause to be executed, under the seal of the Company or otherwise, and to deliver or cause
 to be delivered, all such documents and instruments and to perform or cause to be performed
 all such other acts and things as in such director's or officer's opinion may
 be necessary or desirable to give full effect to the foregoing resolution and the matters
 authorized hereby, such determination to be conclusively evidenced by the execution and delivery
 of such document, agreement or instrument or the doing of any such act or thing."

To be effective, the Plan Resolution must be approved by a simple majority of the votes cast by Shareholders at the Meeting.

**The Board has determined that the re-approval of the Share Compensation Plan is in the best interests of the Company and unanimously recommends that Shareholders vote <u>FOR</u> the Plan Resolution. Unless otherwise instructed, the persons named in the accompanying Proxy (provided the same is duly executed in their favour and is duly deposited) intend to vote <u>FOR</u> the Plan Resolution to re-approve the Share Compensation Plan as detailed above.**

**OTHER BUSINESS**

As of the date of this Circular, the management of the Company knows of no other matters to be acted upon at the Meeting. However, should any other matters properly come before the Meeting, the Common Shares represented by the Proxy solicited hereby will be voted on such matters in accordance with the best judgment of the persons voting the Common Shares represented by the Proxy.

**STATEMENT OF EXECUTIVE COMPENSATION**

Set out below are particulars of compensation paid to the directors and the named executive officers of the Company. "**Named Executive Officer**" or "**NEO**" means each of the following individuals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the chief executive officer of the Company
 ()"**CEO**") or each individual who, in respect of the Company, during any
 part of the most recently completed financial year, served as chief executive officer, including
 an individual performing functions similar to a chief executive officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the chief financial officer of the Company
 ()"**CFO**") or each individual who, in respect of the Company, during any
 part of the most recently completed financial year, served as chief financial officer, including
 an individual performing functions similar to a chief financial officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of the Company and its subsidiaries,
 the most highly compensated executive officer other than the individuals identified in paragraphs
 (a) and (b) at the end of the most recently completed financial year whose total
 compensation was more than $150,000 for that financial year, as determined in accordance
 with subsection 1.3(5) of Form 51-102F6V; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each individual who would be a Named Executive
 Officer under paragraph (c) but for the fact that the individual was neither an executive
 officer of the Company, and was not acting in a similar capacity, at the end of that financial
 year.

For the financial year ended December 31, 2024, the Named Executive Officers of the Company were the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Christian
 Kargl-Simard, Chief Executive Officer and President (since November 1, 2024);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Frances
 Kwong, Chief Financial Officer and Corporate Secretary (since November 1, 2024);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Patrick
 McGrath, former Chief Executive Officer and Director (until October 31, 2024); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Varun
 Prasad, former Chief Financial officer (until October 31, 2024).

**Director and Named Executive Officer Compensation**

The following table is a summary of compensation awarded to, earned by, paid to, or payable to the NEO and directors of the Company for the two most recently completed financial years ended December 31, 2023 and 2024.

**Table of Compensation Excluding Compensation Securities**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and position** | **Year Ended<sup>(1)</sup>** | **Salary, <br> consulting fee, <br> retainer or <br> commission** | **Bonus <br> ($)** | **Committee or <br> meeting fees <br> ($)** | **Value of <br> perquisites <br> ($)** | **Value of all <br> other <br> compensation<br> ($)** | **Total <br> compensation <br> ($)** |
| **Christian Kargl-Simard**<sup>(2)</sup> Chief Executive Officer,<br> President and Director | 2024 | $33871 | $50000 |  |  |  | $83871 |
|  | 2023 |  |  |  |  |  | Nil |
| **FrancesKwong**<sup>(3)</sup>****<br> Chief Financial Officer and<br> Corporate Secretary | 2024 | $27097 | $20000 |  |  |  | $47097 |
|  | 2023 |  |  |  |  |  |  |
| **Patrick McGrath**<sup>(4)</sup> Former Chief Executive <br> Officer and Director | 2024 | $33500 |  |  |  |  | $33500 |
|  | 2023 | $60000 |  |  |  |  | $60000 |
| **Varun Prasad**<sup>(5)</sup> Former Chief Financial Officer | 2024 | $10000 |  |  |  |  | $10000 |
|  | 2023 | $24000 |  |  |  |  | $24000 |
| **Maryse Bélanger**<sup>(6)</sup> Director and Chair | 2024 |  |  |  |  |  |  |
|  | 2023 | N/A | N/A | N/A | N/A | N/A | N/A |
| **Haytham Hodaly**<sup>(7)</sup> Director | 2024 |  |  |  |  |  |  |
|  | 2023 | N/A | N/A | N/A | N/A | N/A | N/A |
| **Jonathan Gagne**<sup>(8)</sup> Former Director | 2024 |  |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |  |
| **Pedro Fonseca**<sup>(9)</sup> Former Director | 2024 |  |  |  |  |  |  |
|  | 2023 | N/A | N/A | N/A | N/A | N/A | N/A |
| **Enrique Correa**<sup>(10)</sup> Former Director | 2024 |  |  |  |  |  |  |
|  | 2023 |  |  |  |  |  |  |
| **Douglas Urch**<sup>(11)</sup> Former Director | 2024 | N/A | N/A | N/A | N/A | N/A | N/A |
|  | 2023 |  |  |  |  |  |  |
| **John McClintock**<sup>(12)</sup> Former Director | 2024 | N/A | N/A | N/A | N/A | N/A | N/A |
|  | 2023 |  |  |  |  |  |  |

---

**Notes:**

(1) Financial years ended December 31.

(2) Mr. Kargl-Simard was
 appointed as a director effective as of October 17, 2024. Mr. Kargl-Simard was
 appointed as the Chief Executive Officer ()"**CEO**") of the Company on November 1,
 2024. Mr. Kargl-Simard did not receive compensation as a director of the Company and
 is only compensated for acting as CEO of the Company. The compensation information provided
 in the table above reflects his tenure as an officer from November 1, 2024 to December 31,
 2024 (2 months).

(3) Ms. Kwong was appointed
 as Chief Financial Officer ()"**CFO**") of the Company on November 1,
 2024. The compensation information provided in the table above reflects her tenure as CFO
 from November 1, 2024 to December 31, 2024 (2 months).

(4) Mr. McGrath was appointed
 as a director of the Company effective as of February 24, 2017 and resigned on February 26,
 2025. Mr. McGrath was appointed as the CEO of the Company on April 28, 2017 and
 resigned on October 31, 2024. Mr. McGrath did not receive any compensation as a
 director of the Company. The compensation information provided in the table above reflects
 his tenure as CEO from January 1, 2024 to October 31, 2024 (10 months).

(5) Mr. Prasad was appointed
 as the CFO of the Company effective as of April 28, 2017 and resigned on October 31,
 2024. The compensation information provided in the table above for the financial year 2024
 reflects his tenure as CFO from January 1, 2024 to October 31, 2024 (10 months).

(6) Ms. Bélanger
 was appointed as a director and Chair of the Board on October 17, 2024.

(7) Mr. Hodaly was appointed
 as a director on October 17, 2024 and he will not be standing for re-election at the
 Meeting.

(8) Mr. Gagne was appointed
 as a director of the Company effective January 4, 2021 and resigned on October 17,
 2024.

(9) Mr. Fonseca was appointed
 as a director of the Company effective as of June 29, 2024 and resigned on October 17,
 2024.

(10) Mr. Correa was appointed
 as a director of the Company effective as of August 21, 2023 and resigned on June 29,
 2024.

(11) Mr. Urch was appointed
 as a director of the Company effective as of April 27, 2017 and resigned on August 21,
 2023.

(12) Mr. McClintock was
 appointed as a director of the Company effective as of April 28, 2017 and resigned on
 February 11, 2023.

**Stock Options and Other Compensation Securities**

The following table contains information on compensation securities that were granted or issued to the directors and NEOs of the Company by the Company in the most recently completed financial year for services provided or to be provided, directly or indirectly, to the Company or any of its subsidiaries.

**Compensation Securities**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and position** | **Type of<br> compensation<br> security** | **Number of<br> compensation<br> securities,<br> number of<br> underlying<br> securities and<br> percentage of<br> class** | **Date of issue <br> or grant** | **Issue, <br> conversion or<br> exercise price <br> ($)** | **Closing price of<br> security or<br> underlying<br> security on date<br> of grant <sup>(1)</sup> <br> ($)** | **Closing price of<br> security or<br> underlying<br> security at year<br> end <br> ($)** | **Expiry Date** |
| **Christian Kargl-Simard**<sup>(2)</sup> Chief Executive<br> Officer, President and<br> Director | Stock options | 80000 | November 1, 2024 | $3.40 | $3.40 | $3.55 | November 1, 2029 |
| **Frances Kwong**<sup>(3)</sup> Chief Financial Officer <br> and Corporate<br> Secretary | Stock options | 25000 | November 1, 2024 | $3.40 | $3.40 | $3.55 | November 1, 2029 |
| **Patrick McGrath**<sup>(4)</sup> <br> Former Chief <br> Executive Officer and <br> Director | Stock options | 30000 | January 10, 2024 | $1.00 | $0.70 | $3.55 | January 10, 2029 |
|  | DSUs | 30000 | November 1, 2024 | $3.40 | $3.40 | $3.55 | N/A |
| **Varun Prasad**<sup>(5)</sup> <br> Former Chief Financial <br> Officer | Stock options | 20000 | January 10, 2024 | $1.00 | $0.70 | $3.55 | January 29, 2025 |
| **Maryse Bélanger**<sup>(6)</sup> <br> Director and Chair | DSUs | 60000 | November 1, 2024 | $3.40 | $3.40 | $3.55 | N/A |
| **Haytham Hodaly**<sup>(7)</sup> Director | DSUs | 50000 | November 1, 2024 | $3.40 | $3.40 | $3.55 | N/A |
| **Jonathan Gagne**<sup>(8)</sup> <br> Former Director | Stock options | 20000 | January 10, 2024 | $1.00 | $0.70 | $3.55 | January 15, 2025 |
| **Pedro Fonseca**<sup>(9)</sup> <br> Former Director | N/A | Nil | Nil | Nil | Nil | Nil | Nil |
| **Enrique Correa**<sup>(10)</sup> <br> Former Director | Stock options | 20000 | January 10, 2024 | $1.00 | $0.70 | $3.55 | September 27, 2024 |

---

**<u>Notes:</u>**

(1) The prices indicated herein
 represent the closing prices of the Common Shares on the date before the grants of Options
 or awards of RSUs and DSUs.

(2) As at December 31,
 2024, Mr. Kargl-Simard held 80,000 stock options, each of which is exercisable into
 one Common Share at a price of $3.40 until November 1, 2029. The stock options vest
 on the passage of time (1/3 of the stock options vest on each of the 12-month, 24-month and
 36-month anniversary of the grant).

(3) As at December 31,
 2024, Ms. Kwong held 25,000 stock options, each of which is exercisable into one Common
 Share at a price of $3.40 until November 1, 2029. The stock options vest on the passage
 of time (1/3 of the stock options vest on each of the 12-month, 24-month and 36-month anniversary
 of the grant).

(4) As at December 31,
 2024, Mr. McGrath held 75,000 stock options, each of which is exercisable into one Common
 Share at a price of $0.50 until October 6, 2025, and 30,000 DSUs (as defined below),
 each of which may be settled into one Common Share. The stock options vest on the passage
 of time (1/3 of the stock options vest on each of the 12-month, 24-month and 36-month anniversary
 of the grant). The DSUs will vest on the date that is 12 months following the date of the
 DSU award, subject to the terms of the Plan.

(5) As at December 31,
 2024, 2025, Mr. Prasad held NIL compensation securities.

(6) As at December 31,
 2024, Ms. Bélanger held 60,000 DSUs, each of which may be settled into one Common
 Share. The DSUs will vest on the later of: (i) when Ms. Bélanger ceases
 being a director of the Company; and (ii) the date that is 12 months following the date
 of the DSU award, subject to the terms of the Plan.

(7) As at December 31,
 2024, Mr. Hodaly held 50,000 DSUs, each of which may be settled into one Common Share.
 The DSUs will vest on the later of: (i) when Mr. Hodaly ceases being a director
 of the Company; and (ii) the date that is 12 months following the date of the DSU award,
 subject to the terms of the Plan. Mr. Hodaly will not be standing for re-election at
 the Meeting.

(8) As at December 31,
 2024, Mr. Gagne held NIL compensation securities.

(9) As at December 31,
 2024, Mr. Fonseca held NIL compensation securities.

(10) As at December 31,
 2024, Mr. Correa held NIL compensation securities.

**Exercise of Compensation Securities by Directors and NEOs**

The following table contains information on compensation securities that were exercised or otherwise settled by the directors and NEOs of the Company in the most recently completed financial year:

**Exercise of Compensation Securities by Directors and Named Executive Officers**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Position** | **Type of <br> Compensation <br> Security** | **Number of <br> Underlying <br> Securities <br> Exercises** | **Exercise Price <br> Per Security <br> ($)** | **Date of <br> Exercise** | **Closing Price <br> Per Security <br> on Date of <br> Exercise ($)** | **Difference <br> Between <br> Exercisse Price <br> and Closing <br> Price on Date <br> of Exercise ($)** | **Total Value on <br> Expiry Date <br> ($)** |
| **Douglas Urch**<br> Former Director | Stock options | 5000 | $1.00 | November 5, 2024 | $3.40 | $2.40 | $5000 |
| **Jonathan Gagne** <br> Former Director | Stock options | 20000 | $1.00 | November 18, 2024 | $4.10 | $3.10 | $20000 |
| **Varun Prasad** <br> Former Chief <br> Financial Officer | Stock options | 20000 | $1.00 | November 20, 2024 | $3.90 | $2.90 | $20000 |

---

**Stock option plans and other incentive plans**

The following summary of the material terms of the Share Compensation Plan does not purport to be complete and is qualified in its entirety by reference to the Share Compensation Plan, a copy of which will be available for inspection at the Meeting and is attached as Schedule "A" hereto. Capitalized terms used but not otherwise defined in this section shall have the meanings given to them in the Share Compensation Plan.

***Overview***

The Share Compensation Plan provides that the Board may from time to time, in its discretion, award or grant to the Eligible Person (as such term is defined below) selected by the Administrators (as such term is defined below) to participate in the Share Compensation Plan (each, a "**Participan**t"), who may include participants who are citizens or residents of the United States (each, a "**US Participant**"), with the opportunity, through RSUs, Options, and DSUs, to acquire an ownership interest in the Company.

The RSUs and DSUs will rise and fall in value based on the value of the Common Shares. Unlike the Options, the RSUs and DSUs will not require the payment of any monetary consideration to the Company. Instead, each RSU represents a right to receive one Common Share or a lump sum payment in cash following the attainment of vesting criteria determined by the Administrators at the time of the award (subject to TSXV policies).

The Options, on the other hand, are rights to acquire Common Shares upon payment of monetary consideration (i.e., the exercise price), subject also to vesting criteria determined at the time of the grant.

The Administrators may fix, from time to time, a portion of the director fees that is to be payable in the form of DSUs. In addition, each Participant who is, on the applicable election date, a director who is not an employee (the "**Electing Person**") may be given the right to elect to participate in the grant of additional DSUs. An Electing Person who elects to participate in the grant of additional DSUs shall receive their Elected Amount (as that term is defined below) in the form of DSUs in lieu of cash. The "Elected Amount" shall be an amount, as elected by the director, in accordance with applicable tax law, between 0% and 100% of any director fees that are otherwise intended to be paid in cash (the "**Cash Fees**").

***Purpose of the Share Compensation Plan***

The stated purpose of the Share Compensation Plan is to advance the interests of the Company and its subsidiaries, and its Shareholders by: (a) ensuring that the interests of Participants are aligned with the success of the Company and its subsidiaries; (b) encouraging stock ownership by such persons; and (c) providing compensation opportunities to attract, retain and motivate such persons.

The following people (each, an "**Eligible Person**") are eligible to participate in the Share Compensation Plan: any director, officer, employee, management company employee or consultant.

***Administration of the Share Compensation Plan***

The Share Compensation Plan is administered by the Board or such other persons as may be designated by the Board from time to time (the "**Administrators**") through the recommendation of the NC&CG Committee. The Administrators determine the eligibility of persons to participate in the Share Compensation Plan, when RSUs, Options, or DSUs will be awarded or granted, the number of RSUs, Options and DSUs to be awarded or granted, the vesting criteria for each award of RSUs, vesting period for each grant of Options and the vesting criteria for each award of DSU, and all other terms and conditions of each award and grant, in each case in accordance with applicable securities laws and the requirements of the TSXV.

***Number of Common Shares Issuance under the Share Compensation Plan***

The Common Shares that are issuable pursuant to RSUs, Options, and DSUs awarded or granted under the Share Compensation Plan and other securities issuable under any other share compensation arrangements of the Company (collectively, the "**Security Based Compensation**"), in aggregate, is equal to up to a maximum of 10% of the issued and outstanding Common Shares as of the date of award or grant.

***Restrictions on the Award or Grant of Security Based Compensation***

The Security Based Compensation under the Share Compensation Plan is subject to a number of restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the total number of Common Shares issuable
 pursuant to all Security Based Compensation granted or awarded under the Share Compensation
 Plan and any other share compensation arrangements of the Company cannot exceed 10% of the
 Common Shares then outstanding. For greater certainty, any RSUs and DSUs that must be settled
 in cash in accordance with the RSU Agreement and the DSU Agreement (as these terms are defined
 below) approved by the Administrators at the time of grant shall not count towards the maximum
 of 10% of issued and outstanding Common Shares reserved under this Share Compensation Plan
 as required by the policies of the TSXV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) unless the Company obtains disinterested
 Shareholder approval, the maximum aggregate number of Common Shares issuable pursuant to
 all Security Based Compensation granted or issued under the Share Compensation Plan to any
 one Participant in any 12 month period cannot exceed 5% of the Common Shares then outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the maximum number of Common Shares issuable
 pursuant to all Security Based Compensation granted or issued under the Share Compensation
 Plan in any 12 month period to any one consultant shall not exceed 2% of the issued and outstanding
 Common Shares then outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the maximum aggregate number of Common
 Shares issuable pursuant to all Options granted to Investor Relations Service Providers (as
 such term is defined in the Share Compensation Plan) under the Share Compensation Plan and
 any other share compensation arrangements of the Company in any 12 month period in aggregate
 shall not exceed 2% of the issued and outstanding Common Shares; provided, that Options granted
 to any and all Investor Relations Service Providers must vest in stages over a period of
 not less than 12 months with no more than ¼ of the Options vesting in any three month
 period in accordance with the vesting requirements set out in the TSXV's policies.

The following restrictions also apply to the Share Compensation Plan in accordance with TSXV Policy 4.4:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Security Based Compensation granted
 or issued under the Share Compensation Plan is non-assignable and non-transferable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless the Company obtains disinterested
 Shareholder approval, the maximum aggregate number of Common Shares issuable pursuant to
 all Security Based Compensation granted or issued under the Share Compensation Plan to Insider
 Participants (as such term is defined in the Share Compensation Plan) as a group shall not
 exceed 10% of the issued and outstanding Common Shares at any point in time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless the Company obtains disinterested
 Shareholder approval, the maximum number of Common Shares issuable pursuant to all Security
 Based Compensation granted or issued under the Share Compensation Plan in any 12 month period
 to Insider Participants as a group (together with those Common Shares issuable pursuant to
 any other share compensation arrangement) shall not exceed 10% of the issued and outstanding
 Common Shares, calculated as at the date that such Security Based Compensation is granted
 or issued to any Insider Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investor Relations Service Providers may
 not receive any Security Based Compensation other than Options; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any Security Based Compensation granted
 or issued to any Participant who is a director, officer, employee, consultant or management
 company employee must expire within 12 months following the date the Participant ceases to
 be an Eligible Person under the Share Compensation Plan.

***Restricted Share Units***

The Administrators may award RSUs to Eligible Persons (other than Investor Relations Service Providers).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Mechanics for RSUs

RSUs awarded to Participants under the Share Compensation Plan are credited to an account that is established on their behalf and maintained in accordance with the Share Compensation Plan. After the vesting criteria of any RSUs awarded under the Share Compensation Plan are satisfied, a Participant shall be entitled to receive and the Company shall issue or pay (at its discretion): (i) a lump sum payment in cash equal to the number of vested RSUs recorded in the Participant's RSU account multiplied by the market price of the Common Shares traded on the TSXV on the payout date; (ii) the number of Common Shares required to be issued to a Participant upon the vesting of such Participant's RSUs in the Participant's RSU account will be, duly issued as fully paid and non-assessable shares and such Participant shall be registered on the books of the Company as the holder of the appropriate number of Common Shares; or (iii) any combination of thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Vesting Provisions

The Share Compensation Plan provides that: (i) at the time of the award of RSUs, the Administrators shall, subject to the TSXV rules, determine the vesting criteria applicable to the RSUs provided that, subject to certain exceptions set out in the Share Compensation Plan, no RSUs may vest before the date that is one year following the date of award; (ii) vesting of RSUs may include criteria such as performance vesting; (iii) each RSU shall be subject to vesting in accordance with the terms set out in an agreement evidencing the award of the RSU, which is attached as Exhibit A to the Share Compensation Plan (or in such form as the Administrators may approve from time to time) (the "RSU Agreement"); and (iv) all vesting and issuances or payments in respect of an RSU shall be completed no later than December 15 of the third calendar year commencing after the award date for such RSU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Termination, Retirement and Other Cessation
 of Employment in connection with RSUs

A person participating in the Share Compensation Plan will cease to be eligible to participate in the following circumstances: (i) receipt of any notice of termination of employment or service (whether voluntary or involuntary and whether with or without cause); (ii) retirement; and (iii) any cessation of employment or service for any reason whatsoever, including disability and death (an "**Event of Termination**"). In such circumstances, any vested RSUs will be issued as soon as practicable after the Event of Termination (and with respect to each RSU of a US Participant, such RSU will be settled and shares issued as soon as practicable following the date of vesting of such RSU as set forth in the applicable RSU Agreement, but in all cases within 60 days following such date of vesting); and, unless otherwise determined by the Administrators in their discretion and subject to the requirements set out in section 4.6 of TSXV Policy 4.4, any unvested RSUs shall vest and be settled before the earlier of (i) the vesting schedule set out in the applicable RSU Agreement and (ii) 12 months after the date of the Event of Termination (and with respect to any RSU of a US Participant, if the Administrators determine, in their discretion, to waive vesting conditions applicable to an RSU that is unvested at the time of an Event of Termination, such RSU shall not be forfeited or cancelled, but instead will be deemed to be vested and settled and shares delivered following the date of vesting date of such RSU as set forth in the applicable RSU Agreement).

If an Event of Termination occurs involving the death of a Participant occurs and such Participant is entitled to any RSUs under the Share Compensation Plan, the heirs or administrators of such Participant must claim such Security Based Compensation within one year of the Participant's death.

Subject to section 2.3(e) of the Share Compensation Plan and section 4.6 of TSXV Policy 4.4, notwithstanding the above, if a person retires in accordance with the Company's retirement policy at such time, any unvested performance-based RSUs shall not be forfeited or cancelled and instead shall be eligible to become vested in accordance with the vesting conditions set forth in the applicable RSU Agreement after such retirement (as if retirement had not occurred), but only if the performance vesting criteria, if any, have been met on the applicable date.

For greater certainty, if a person is terminated for just cause or if a Participant resigns without good reason, all unvested RSUs will be forfeited and cancelled.

It is the current intention that RSUs may be awarded with both time-based vesting provisions as a component of the Company's annual incentive compensation program, and performance-based vesting provisions as a component of the Company's long-term incentive compensation program.

Under the Share Compensation Plan, should the date of vesting of an RSU fall within a blackout period formally imposed by the Company, such date of vesting shall be automatically extended without any further act or formality to that date which is the tenth business day after the end of the blackout period, such tenth business day to be considered the date of vesting for such RSU for all purposes under the Share Compensation Plan.

***Stock Options***

The Administrators may at any time and from time to time grant Options to Eligible Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Mechanics for Options

Each Option granted pursuant to the Share Compensation Plan will entitle the holder thereof to the issuance of one Common Share upon achievement of the vesting criteria and payment of the applicable exercise price. Options granted under the Share Compensation Plan will be exercisable for Common Shares issued from treasury once the vesting criteria established by the Administrators at the time of the grant have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Vesting Provisions

The Share Compensation Plan provides that the Administrators may determine when any Option will become exercisable and may determine that Options shall be exercisable in instalments or pursuant to a vesting schedule. The agreement evidencing the grant of the Option attached as Exhibit B to the Share Compensation Plan (or in such form as the Administrators may approve from time to time) (the "Option Agreement") will disclose any vesting conditions prescribed by the Administrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Termination, Retirement and Other Cessation
 of Employment in connection with Options

A person participating in the Share Compensation Plan will cease to be eligible to participate where there is an Event of Termination. In such circumstances, any unvested Options, to the extent not available for exercise as of the date of the Event of Termination, shall, unless otherwise determined by the Administrators in their discretion, vest before the earlier of (i) the vesting schedule set out in the applicable Option Agreement and (ii) 12 months after the date of the Event of Termination. There can be no acceleration of the vesting requirements applicable to Options granted to an Investor Relations Service Provider without the prior written approval of the Exchange.

Except as otherwise stated in the Share Compensation Plan or otherwise determined by the Administrators in their discretion, any vested Options may be exercised only before the earlier of: (i) the expiry of the Option; and (ii) six months after the date of the Event of Termination.

If a person is terminated for just cause or if a Participant resigns without good reason, all Options (whether or not then exercisable) shall automatically be cancelled.

If an Event of Termination involving the death of a Participant occurs and such Participant is entitled to any Options under the Share Compensation Plan, the heirs or administrators of such Participant must claim such Security Based Compensation within one year of the Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Cashless Exercise

Subject to prior approval by the Administrators, a Participant may elect cashless exercise. In such case, the Participant will not be required to deliver to the Administrators a cheque or other form of payment for the aggregate exercise price of the Options. Instead the following will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Whereby the Company has an arrangement with
 a brokerage firm pursuant to which the brokerage firm will loan money to a Participant to
 purchase the Common Shares underlying the Options. The brokerage firm then sells a sufficient
 number of Common Shares to cover the exercise price of the Options in order to repay the
 loan made to the Participant. The brokerage firm receives an equivalent number of Common
 Shares from the exercise of the Options and the Participant then receives the balance of
 Common Shares or the cash proceeds from the balance of such Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Before the relevant trade date, the Participant
 will deliver the Option exercise notice including details of the trades to the Company electing
 the cashless exercise and the Company will direct its registrar and transfer agent to issue
 a certificate for such Participant's Common Shares in the name of the broker (or as
 the broker may otherwise direct) for the number of Common Shares issued on the exercise of
 the Options, against payment by the broker to the Company of (i) the exercise price
 for such Common Shares; and (ii) the amount the Company determines, in its discretion,
 is required to satisfy the Company withholding tax and source deduction remittance obligations
 in respect of the exercise of the Options and issuance of Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The broker will deliver to the Participant
 the remaining value of the Options, net of any brokerage commission or other expenses (the
 "**In-the-Money Amount** "), in either (i) cash in an amount equal to
 the In-the-Money-Amount, or (b) such number of Common Shares (rounded down to the nearest
 whole number) having a fair market price equal to the In-the-Money Amount, plus a cash amount
 equal to the fraction of a Common Share that would otherwise be issuable multiplied by the
 fair market price of a Common Share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Net Exercise

Subject to prior approval by the Administrators, a Participant, excluding Investor Relations Service Providers, may elect to surrender for cancellation to the Company any vested Options being exercised and the Company will issue to the Participant, as consideration for the surrender of such Options, that number of Common Shares (rounded down to the nearest whole Common Share) on a net issuance basis in accordance with the following formula below:

X = <u>Y (A - B)</u><br> A

where:

X = The number of Common Shares to be issued to the Participant in consideration for the net exercise of the Options;

Y = The number of vested Options with respect to the vested portion of the Option to be surrendered for cancellation;

A = The volume weighted average trading price of the Common Shares; and

B = The exercise price for such Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Other Terms

The Administrators will determine the exercise price and term/expiration date of each Option, provided that the exercise price in respect of that Option shall not be less than the Discounted Market Price on the date of grant. "Discounted Market Price" is defined in the TSXV Policy 1.1.

No Option shall be exercisable after ten years from the date the Option is granted. Should the term of an Option expire on a date that falls within a blackout period formally imposed by the Company, such expiration date shall be automatically extended without any further act or formality to that date which is the tenth business day after the end of the blackout period, such tenth business day to be considered the expiration date for such Option for all purposes under the Share Compensation Plan.

***Deferred Share Units***

The Administrators may fix, from time to time, a portion of the director fees that is to be payable in the form of DSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Mechanics for DSUs

Each Electing Person who elects to receive their Elected Amount in the form of DSUs in lieu of cash will be required to file a notice of election in accordance with the time frames set forth in the Share Compensation Plan. If no election is made within the required time frames, the Electing Person shall be deemed to have elected to be paid the entire amount of his or her Cash Fees in cash.

Each Electing Person who is not a US Participant is entitled once per calendar year to terminate his or her election to receive DSUs in lieu of Cash Fees by filing with a notice. Such termination shall be effective immediately upon receipt of such notice, provided that the Company has not imposed a blackout period. Thereafter, any portion of such Electing Person's Cash Fees payable or paid in the same calendar year and, subject to complying with the provisions in the Share Compensation Plan, all subsequent calendar years shall be paid in cash.

An election by a US Participant to receive the Elected Amount in DSUs in lieu of cash for any calendar year is irrevocable for that calendar year after the expiration of the election period for that year, and any termination of the election will not take effect until the first day of the calendar year following the calendar year in which a termination notice is delivered.

The number of DSUs (including fractional DSUs) granted at any particular time will be calculated by dividing (i) the amount of any compensation that is to be paid in DSUs (including director fees and any Elected Amount), as determined by the Administrator, by (ii) the market price of a Common Share on the award date.

DSUs shall be settled on the date established in the DSU Agreement (as such term is defined below) provided, however that in no event shall a DSU be settled prior to a Participant's termination date, or, in the case of a Canadian Participant, later than one year following the date of the applicable Canadian Participant's termination date. In the case of a Participant (other than a Canadian Participant), in no event shall a DSU be settled later than three years following the date of the applicable Participant's termination date, as more particularly set out in the Share Compensation Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Vesting Provisions

The Administrators shall determine the vesting criteria applicable to DSUs, and DSUs shall not vest on a date that is earlier than 12 months following the date of grant or issue. All DSUs awarded shall be evidenced by a DSU agreement between the Company and the Participant, attached as Exhibit D to the Share Compensation Plan or in such other form as the Administrators may approve from time to time (the "**DSU Agreement**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Termination, Retirement and Other Cessation
 of Employment in connection with RSUs

If an Event of Termination has occurred in respect of any Participant, (i) any and all Common Shares corresponding to any vested DSUs in the Participant's DSU account shall be issued as soon as practicable after the Event of Termination to the former Participant; and (ii) any unvested DSUs in the Participant's DSU account shall, unless otherwise determined by the Administrators in their discretion or otherwise agreed to by the Company in an agreement with an Eligible Person, and subject to the requirements set out in section 4.6 of TSXV Policy 4.4, vest and be settled before the earlier of (a) the vesting schedule set out in the applicable DSU Agreement and (b) 12 months after the date of the Event of Termination.

If an Event of Termination involving the death of a Participant occurs and such Participant is entitled to any DSUs, the heirs or administrators of such Participant must claim such Security Based Compensation within one year of the Participant's death.

Subject to section 2.3(e) of the Share Compensation Plan and section 4.6 of TSXV Policy 4.4, if a Participant retires in accordance with the Company's retirement policy, at such time, any unvested performance-based DSUs in the Participant's DSU account shall not be forfeited by the Participant or cancelled and instead shall be eligible to become vested in accordance with the vesting conditions set forth in the applicable DSU Agreement after such retirement (as if retirement had not occurred), but only if the performance vesting criteria, if any, are met on the applicable date.

If a Participant's employment is terminated for just cause or if a Participant resigns without good reason, each unvested DSUs in the Participant's DSU account shall forthwith and automatically be forfeited by the Participant and cancelled.

Under the Share Compensation Plan, should the date of vesting of a DSU fall within a blackout period formally imposed by the Company, such date of vesting shall be automatically extended without any further act or formality to that date which is the tenth business day after the end of the blackout period, such tenth business day to be considered the date of vesting for such DSU for all purposes under the Share Compensation Plan.

***Change of Control***

Subject to section 2.3(e) of the Share Compensation Plan and section 4.6 of TSXV Policy 4.4, if there is a Change of Control (as such term is defined in the Share Compensation Plan) then, notwithstanding any other provision of the Share Compensation Plan except certain provision of the Share Compensation Plan which will continue to apply in all circumstances, any or all unvested RSUs and any or all Options (whether or not currently exercisable) and any or all unvested DSUs shall automatically vest or become exercisable, as applicable, such that Participants under the Share Compensation Plan shall be able to participate in the Change of Control transaction, including, at the election of the holder thereof, by surrendering such RSUs, Options and DSUs to the Company or a third party or exchanging such RSUs, Options or DSUs, for consideration in the form of cash and/or securities, to be determined by the Administrators in their sole discretion.

For greater certainty, the occurrence of a Change of Control will not trigger the right of a Participant to receive a payment in respect of a DSU prior to a termination date for such Participant. For clarity, RSUs, Options or DSUs of a Participant will only be accelerated as contemplated in section 7.2(a) of the Share Compensation Plan if such Participant ceases to be an Eligible Person in connection with the Change of Control.

Notwithstanding the foregoing, there can be no acceleration of the vesting requirements applicable to Options granted to an Investor Relations Service Provider without the prior written approval of the Exchange.

***Transferability***

RSUs, Options and DSUs awarded or granted under the Share Compensation Plan or any rights of a Participant cannot be transferred, assigned, charged, pledged or hypothecated, or otherwise alienated, whether by operation of law or otherwise.

***Reorganization and Change of Control Adjustments***

In the event of any declaration by the Company of any stock dividend payable in securities (other than a dividend which may be paid in cash or in securities at the option of the holder of Common Shares), or any subdivision or consolidation of Common Shares, reclassification or conversion of the Common Shares, or any combination or exchange of securities, merger, consolidation, recapitalization, amalgamation, plan of arrangement, reorganization, spin off involving the Company, distribution (other than normal course cash dividends) of Company assets to holders of Common Shares, or any other corporate transaction or event involving the Company or the Common Shares, the Administrators may, subject to any relevant resolutions of the Board and necessary TSXV approvals, and without liability to any person, make such changes or adjustments, if any, as the Administrators consider fair or equitable, to reflect such change or event including, without limitation, adjusting the number of RSUs, Options and DSUs outstanding under the Share Compensation Plan, the type and number of securities or other property to be received upon exercise or redemption thereof, and the exercise price of Options outstanding under the Share Compensation Plan, provided that the value of any RSU, Option and DSU immediately after such an adjustment shall not exceed the value of such RSU, Option and DSU prior thereto.

***Amendment Provisions in the Share Compensation Plan***

The Board may amend the Share Compensation Plan or any RSU or Option or DSU at any time without the consent of any Participant provided that such amendment shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) not adversely alter or impair any RSU
 previously awarded or any Option previously granted or any DSU previously awarded, except
 as permitted by the adjustment provisions of the Share Compensation Plan and with respect
 to RSUs, Options and DSUs of US Participants, such amendment will not result in the imposition
 of taxes under section 409A of the U.S. Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be subject to any regulatory approvals
 including, where required, the approval of the TSXV; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be subject to Shareholder approval, where
 required by the requirements of the TSXV, provided that Shareholder approval shall not be
 required for the following amendments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amendments of a "housekeeping nature",
 including any amendment to the Plan or a RSU or Option or DSU that is necessary to comply
 with applicable laws, tax or accounting provisions or the requirements of any regulatory
 authority or stock exchange and any amendment to the Share Compensation Plan or a RSU or
 Option or DSU to correct or rectify any ambiguity, defective provision, error or omission
 therein, including any amendment to any definitions therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amendments that are necessary or desirable
 for RSUs or Options or DSUs to qualify for favourable treatment under any applicable tax
 law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) be subject to disinterested Shareholder
 approval in the event of any reduction in the exercise price, or the extension of the term,
 of any Option granted under the Share Compensation Plan to an Insider Participant.

For greater certainty, Shareholder approval will be required in circumstances where an amendment to the Share Compensation Plan would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change from a fixed maximum percentage
 of issued and outstanding Common Shares to a fixed maximum number of Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) increase the limits of the total number
 of Common Shares that are issuable pursuant to all Security Based Compensation granted or
 awarded under the Share Compensation Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduce the exercise price of any Option
 (including any cancellation of an Option for the purpose of reissuance of a new Option at
 a lower exercise price to the same person);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) extend the term of any Option beyond the
 original term (except if such period is being extend by virtue of a blackout period); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) amend the amendment provisions set out
 in the Share Compensation Plan.

**Employment, consulting and management agreements**

Mr. Kargl-Simard is paid for services to the Company as President and CEO through an employment agreement. Pursuant to his employment agreement, Mr. Kargl-Simard is entitled to an annual base salary of C$300,000 and incentive compensation in the form of an annual short-term incentive bonus with a target of C$300,000 for the 2025 fiscal year with the terms to be agreed by the Board annually based on achieving certain corporate objectives. The Company may terminate Mr. Kargl-Simard's employment at any time for just cause and Mr. Kargl-Simard may terminate his employment on 30 days' written notice. In the event Mr. Kargl-Simard's employment is terminated by the Company without just cause, or if he resigns for Good Reason (as defined in the agreement) in connection with a Change of Control (as defined in the agreement), he will be entitled to (i) a lump sum payment equal to twice his annual base salary then in effect, (ii) twice the maximum short-term incentive bonus payable to him during that fiscal year, and (iii) the immediate vesting of all unvested compensation securities awarded to him.

Ms. Kwong is paid for services to the Company as CFO and Corporate Secretary through an employment agreement. Pursuant to her employment agreement, Ms. Kwong is entitled to an annual base salary of C$240,000 and incentive compensation in the form of an annual short-term incentive bonus with a target of C$132,000 for the 2025 fiscal year with the terms to be agreed by the Board annually based on achieving certain corporate objectives. The Company may terminate Ms. Kwong's employment at any time for just cause and Ms. Kwong may terminate her employment on 30 days' written notice. In the event Ms. Kwong's employment is terminated by the Company without just cause, or if she resigns for Good Reason (as defined in the agreement) in connection with a Change of Control (as defined in the agreement), she will be entitled to (i) a lump sum payment equal to twice her annual base salary then in effect, (ii) twice the maximum short-term incentive bonus payable to her during that fiscal year, and (iii) the immediate vesting of all unvested compensation securities awarded to her.

The Company was also a party to employment agreements with each of Patrick McGrath (former Chief Executive Officer of the Company) and Varun Prasad (former Chief Financial Officer of the Company). In connection with the resignation of each of Messrs. McGrath and Prasad, these employment agreements were terminated as of October 30, 2024.

*Estimated Incremental Payments*

The following shows the estimated incremental payments that would be payable to each of the Named Executive Officers of the Corporation in the event of a termination without cause or change of control of such Named Executive Officer on December 31, 2024.

---

| | | |
|:---|:---|:---|
| **Name** | **Estimated<br> Change of<br> Control <br> Payment** | **Estimated<br> Termination<br> Without Cause<br> Payment** |
| Christian Kargl-Simard | $1200000 | $1200000 |
| Frances Kwong | $720000 | $720000 |

---

**Oversight and description of director and Named Executive Officer compensation**

The objective of the Company's compensation program is to compensate the executive officers for their services to the Company at a level that is both in line with the Company's fiscal resources and competitive with companies at a similar stage of development.

The Company compensates its executive officers based on their skill, qualifications, experience level, level of responsibility involved in their position, the existing stage of development of the Company, the Company's resources, industry practice and regulatory guidelines regarding executive compensation levels. The Board oversees the Company's executive compensation program with advice from the CGNC Committee.

The Board determines director and executive officer compensation and has implemented three levels of compensation to align the interests of the executive officers with those of the Shareholders. First, executive officers may be paid a monthly consulting fee or salary. Second, the Board may award executive officers long term incentives in the form of Options. Finally, and only in special circumstances, the Board may award cash or share bonuses for exceptional performance that results in a significant increase in shareholder value. The Company does not provide medical, dental or any other benefits to the executive officers.

The base compensation of the executive officers is reviewed and set annually by the Board. The CEO has substantial input in setting annual compensation levels. The CEO is directly responsible for the financial resources and operations of the Company. In addition, the CEO and the Board from time to time determine the Option grants to be made pursuant to the Company's Share Compensation Plan. Previous grants of Options are taken into account when considering new grants. The Board awards bonuses at its sole discretion. The Board does not have pre-existing performance criteria or objectives.

Compensation for the most recently completed financial year should not be considered an indicator of expected compensation levels in future periods. All compensation is subject to and dependent on the Company's financial resources and prospects.

**Pension Plan Benefits**

The Company does not have in place any pension plans that provide for payments or benefits at, following, or in connection with retirement.

**SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS**

The following table sets out information as of the end of the Company's most recently completed financial year with respect to compensation plans under which equity securities of the Company are authorized for issuance.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Plan Category**<br>| <br>**Number of securities to be**<br>**issued upon exercise of**<br>**outstanding Options,**<br>**warrants and rights<sup>(1)</sup> (a)** | <br>**Weighted-average exercise**<br>**price of outstanding**<br>**Options, warrants and**<br>**rights**<br>**(b)** | **Number of securities**<br>**remaining available for**<br>**future issuances under**<br>**equity compensation plan**<br>**(excluding securities**<br>**reflected in column (a))**<br>**(c)** |
| Equity compensation plans approved by security holders | 359000 | $2.80 | 273541 |
| Equity compensation plans not approved by security holders | N/A | N/A | N/A |
| **Total:** | 359000 | $2.80 | 273541 |

---

**<u>Notes:</u>**

(1) Based on 6,325,412 Common Shares
 outstanding as at December 31, 2024. As at December 31, 2024, there were 181,500
 Options, 140,000 DSUs and 37,500 RSUs outstanding, leaving a total of 273,541 securities
 remaining available for issue under the Share Compensation Plan. Pursuant to the Share Compensation
 Plan, the maximum number of securities that may be granted and awarded shall not exceed 10%
 of the outstanding Common Shares from time to time.

(2) This number reflects an average
 of the weighted-average exercise price of $2.80 for 181,500 Options.

**INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS**

Since the beginning of the most recently completed financial year, none of the directors, executive officers, employees, proposed nominees for election as directors or their associates have been indebted to the Company.

**INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS**

No informed person (a director, officer or holder of 10% or more of the Common Shares) or nominee for election as a director of the Company or any associate or affiliate of any informed person or proposed director had any interest in any transaction since the commencement of the Company's most recently completed financial year or in any proposed transaction which has materially affected or would materially affect the Company or any of its subsidiaries.

**MANAGEMENT CONTRACTS**

Management functions of the Company are not to any substantial degree performed by anyone other than by the directors or executive officers of the Company. See "Employment, consulting and management agreements" above.

**STATEMENT OF CORPORATE GOVERNANCE**

**Corporate Governance**

Corporate governance relates to the activities of the Board, the members of which are elected by and are accountable to the Shareholders, and takes into account the role of the individual members of management who are appointed by the Board and charged with the day-to-day management of the Company. The Company and its Board consider good corporate governance to be central to the effective and efficient operation of the Company in order that the Corporation may achieve its goals of enhancing stakeholder value over the long term.

National Policy 58-201 – *Corporate Governance Guidelines* provides non-prescriptive guidelines on corporate governance practices for reporting issuers such as the Company. The Company has reviewed its own corporate governance practices in light of these guidelines. In addition, National Instrument 58-101 *Disclosure of Corporate Governance Practices* ("**NI 58-101**") mandates certain disclosure by the Company of its corporate governance practices, which disclosure is set out below.

**Board of Directors**

The Board currently consists of five directors, Maryse Bélanger, Christian Kargl-Simard, Haytham Hodaly, Dr. Karin Thorburn and Francis Johnstone, all of whom are independent within the meaning of NI 58-101, other than Christian Kargl-Simard (as detailed below). Pursuant to NI 58-101, a director is "independent" if he or she has no direct or indirect "material relationship" with the Company. "Material relationship" is defined as a relationship that could, in the view of the Company's board of directors, be reasonably expected to interfere with the exercise of a director's independent judgment.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name of Director** | **Independence Within the Meaning of NI 58-101.** |
| Maryse Bélanger (Chair) | Independent |
| Christian Kargl-Simard | Not Independent<sup>(1)</sup> |
| Haytham Hodaly<sup>(2)</sup> | Independent |
| Dr. Karin Thorburn | Independent |
| Francis Johnstone | Independent |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Mr. Kargl-Simard is
 not considered to be independent by virtue of the fact that he is the Chief Executive Officer
 of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Mr. Hodaly will not
 be standing for re-election at the Meeting.

The independent directors, led by the independent Chair of the Board, exercise their responsibilities for independent oversight of management, and are provided with leadership through their position on the Board and ability to meet independently of management whenever deemed necessary.

**Other Directorships**

The following table sets forth the directors of the Company who are directors of other reporting issuers:

---

| | | |
|:---|:---|:---|
| **Name** | **Name of Reporting Issuers** | **Markets** |
| Maryse Bélanger | Equinox Gold Corp. | TSX |
| Christian Kargl-Simard | Surge Copper Corp. | TSXV |
|  | NorthX Nickel Corp. | CSE |
| Haytham Hodaly | NEXE Innovations Inc. | TSXV |

---

**Orientation and Continuing Education**

Orientation of new members of the Board is conducted informally by Management and the other members of the Board. When a new director is appointed or elected to the Board, they will be briefed on the strategic plans, corporate objectives, business risks and mitigation strategies, corporate governance guidelines and existing policies of the Corporation. However, the Company has not adopted formal orientation for new members of the Board, and this is considered to be appropriate, given the Corporation's size and current level of operations. The Corporate Governance, Compensation and Nominating Committee ("**CGCN Committee**") has determined that the skills and knowledge of the Board as a whole is such that no formal continuing education process is currently deemed required. However, the CGCN Committee will continue to consider, from time to time, continuing education opportunities that may be appropriate for the Board.

**Ethical Business Conduct**

Following the recommendation of the CGCN Committee, the Board adopted a Code of Business Ethics and Conduct (the "**Code**"). The Code provides basic guidelines setting forth the ethical behavior expected from every director and employee of the Company with respect to the use of Company time and assets, protection of confidential information, conflicts of interest, trading in the Company's securities and other matters.

A copy of the Code is available on the Company's website at <u>www.bluemoonmetals.com</u>.

**Nomination of Directors**

The Board and the CGCN Committee consider the size of the Board each year when considering the number of directors to recommend to the Shareholders for election at the annual general meeting. The Board and the CGCN takes into account the number of directors required to carry out the Board's duties effectively and to maintain diversity of views and experience.

**Compensation**

The CGCN Committee is responsible for reviewing and determining the adequacy and form of compensation paid to the Company's directors, executives and key employees. The CGCN Committee evaluates the performance of senior management measured against the Company's business goals and industry compensation levels.

**Board Committees**

At the present time, the Company has an Audit Committee, a CGCN Committee and a Technical Committee.

***Audit Committee***

As of the date of this Circular, the Audit Committee is comprised of three members, being Karin Thorburn (Chair), Haytham Hodaly and Francis Johnstone, each of whom was independent within the meaning of National Instrument 52-110 – *Audit Committees*. Information regarding the Audit Committee, including the complete text of the Charter of the Audit Committee, is set forth in the annual information form of the Corporation dated September 12, 2025, under the heading *"Audit Committee"*.

***CGCN Committee***

As of the date of this Circular, the CGCN Committee is comprised of three members, being Maryse Bélanger (Chair), Haytham Hodaly and Karin Thorburn, each of whom was independent within the meaning of NI 58-101. The purpose of the Corporate Governance Committee is to oversee and assess the functioning and effectiveness of the Board and to develop and recommend to the Board the implementation of effective corporate governance principles and practices. As noted above, the CGCN Committee also assists the Board to identify candidates for the Board and to recommend that the Board select qualified director candidates, giving consideration to diversity as well as the skills and competencies required to comprise an effective Board, for election at the next annual meeting of shareholders.

In addition, the CGNC Committee is also responsible for developing the overall executive compensation strategy for the Company, including but not limited to, reviewing the Company's compensation practices and policies, including overseeing the equity incentive plans, succession planning, and reviewing and providing advice to the Board in respect of key officers' performance and performance goals. See also *"Statement of Corporate Governance – Compensation"* and *"Statement of Executive Compensation – Oversight and Description of Director and Named Executive Officer Compensation"*.

***Technical Committee***

As of the date of this Circular, the Technical Committee is comprised of three members, being Maryse Bélanger (Chair), Haytham Hodaly and Francis Johnstone, each of whom was independent within the meaning of NI 58-101. The purpose of the Technical Committee is responsible for providing oversight on technical matters relating to the Company's current and future mining projects and construction activities, , reviewing and recommending to the Board in respect of environmental and health and safety policies and programs. The Technical Committee also provides guidance and strategic direction in respect of other environmental matters and risks (which includes impacts on biodiversity and water quality, engagement with local communities relating to waste management and assess climate-related risks) and health and safety matters and risks (which includes maintenance of plant, equipment and infrastructure and feedback from employees, contractors and local communities and stakeholders relating to site operations).

**Assessments**

The Board and the CGCN Committee annually, and at such other times as it deems appropriate, reviews the performance and effectiveness of the Board, the directors and its committees to determine whether changes in size, personnel or responsibilities are warranted. To assist in its review, the Board and the CGCN Committee conduct informal surveys of its directors and receive reports from each committee respecting its own effectiveness. As part of the assessments, the Board or the individual committee may review their respective mandate or charter and conduct reviews of applicable corporate policies.

**Diversity**

The Board believes that decision-making is enhanced through diversity and will provide the necessary range of perspectives, experiences and expertise for effective stewardship of the Company. In the context of a well-functioning Board, diversity includes viewpoints, background, skills and experiences. The Board also recognizes that gender diversity is an important aspect of diversity and the important role of women with appropriate and relevant skills and experience can play in contributing to the diversity of perspective on the Board. The Board currently consists of five persons, two of which are women (40%). The Board believes that its directors comprise of an appropriate mix of individuals with financial, mergers and acquisitions, legal, mining background and skills.

The CGCN Committee will continue to review and assess the Board composition, including the level of representation of women and balance of skills, experience, independence and knowledge and its effectiveness. In identifying potential candidates for Board membership, the CGCN Committee considers the selection criteria approved by the Board as well as the requirements of the Board, and such selection criteria are reviewed periodically.

**ADDITIONAL INFORMATION**

Additional information relating to the Company and its business activities is available on SEDAR+ at <u>www.sedarplus.ca</u> under the Company's issuer profile. The Company's financial information is provided in the Company's Financial Statements and related management's discussion and analysis for its most recently completed financial year, and may also be viewed online at <u>www.sedarplus.ca</u> under the Company's issuer profile and on the Company's corporate website at <u>www.bluemoonmetals.com</u>. Shareholders may request copies of the Corporation's Financial Statements and related management's discussion and analysis by mail to 220 Bay Street, Suite 550, Toronto, Ontario, M5J 2W4, Attention: Corporate Secretary.

**DIRECTORS' APPROVAL**

The contents and the sending of the accompanying Notice of Meeting and this Circular have been approved by the Board.

DATED at Toronto, Ontario, this 10<sup>th</sup> day of October, 2025.

**ON BEHALF OF THE BOARD OF DIRECTORS**

*"Christian Kargl-Simard"*

Christian Kargl-Simard

Chief Executive Officer

**SCHEDULE "A"**

**BLUE MOON METALS INC.**

**SHARE COMPENSATION PLAN**

**1.** **DEFINITIONS AND INTERPRETATION** 

**1.1** **Definitions: For purposes of the Plan, unless the context requires otherwise, the following words and terms shall have the following meanings:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "**1933 Act** "
 means the United States Securities Act of 1933, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "**Administrators** "
 means the Board or such other persons as may be designated by the Board from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "**Affiliate** "
 has the meaning attributed to that term in Policy 1.1 of the TSXV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "**Associate** "
 has the meaning attributed to that term in Policy 1.1 of the TSXV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "**Award Date** "
 means: (i) for Restricted Share Units, the date or dates on which an award of Restricted
 Share Units is made to a Participant in accordance with section 4.1; and (ii) for Deferred
 Share Units, the date or dates on which an award of Deferred Share Units is made to a Participant
 in accordance with section 6.14.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "**Blackout Period** "
 means the period during which designated Directors, Officers and Employees of the Corporation
 cannot trade the Common Shares as a result of the bona fide existence of undisclosed material
 information pursuant to the Corporation's policy respecting restrictions on Directors',
 Officers' and Employee trading which is in effect at that time (which, for greater
 certainty, (i) does not include the period during which a cease trade order is in effect
 to which the Corporation or in respect of an insider, that insider is subject, and (ii) shall
 expire following the general disclosure of undisclosed material information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "**Board** "
 means the board of directors of the Corporation from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "**Business Day** "
 means each day other than a Saturday, Sunday or statutory holiday in Vancouver, British Columbia,
 Canada;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Canadian Participant** "
 means a Participant who is a resident of Canada for the purposes of the *Income Tax Act* (Canada);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "**Cash Fees** "
 has the meaning ascribed to that term in subsection 6.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "**Change of Control** "
 means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the acceptance of an Offer
 by a sufficient number of holders of voting shares in the capital of the Corporation to constitute
 the offeror, together with persons acting jointly or in concert with the offeror, a shareholder
 of the Corporation being entitled to exercise more than 50% of the voting rights attaching
 to the outstanding voting shares in the capital of the Corporation (provided that prior to
 the Offer, the offeror was not entitled to exercise more than 50% of the voting rights attaching
 to the outstanding voting shares in the capital of the Corporation),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the completion of a consolidation,
 merger or amalgamation of the Corporation with or into any other corporation whereby the
 voting shareholders of the Corporation immediately prior to the consolidation, merger or
 amalgamation receive less than 50% of the voting rights attaching to the outstanding voting
 shares of the consolidated, merged or amalgamated corporation or any parent entity, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the completion of a sale
 whereby all or substantially all of the Corporation's undertakings and assets become
 the property of any other entity and the voting shareholders of the Corporation immediately
 prior to that sale hold less than 50% of the voting rights attaching to the outstanding voting
 securities of that other entity immediately following that sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "**Code** "
 means the U.S. Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "**Common Shares** "
 means the common shares of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "**Consultant** "
 means an individual (other than a Director, Officer or Employee of the Corporation or any
 of its Subsidiaries) or company that is not a U.S. Person that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is engaged to provide on an
 ongoing bona fide basis, consulting, technical, management or other services to the Corporation
 or to any of its Subsidiaries, other than services provided in relation to an offer or sale
 of securities of the Corporation in a capital-raising transaction, or services that promote
 or maintain a market for the Corporation's securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provides the services under
 a written contract between the Corporation or any of its Subsidiaries and the individual
 or the company, as the case may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) in the reasonable opinion
 of the Corporation, spends or will spend a significant amount of time and attention on the
 affairs and business of the Corporation or of any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "**Corporation** "
 means Blue Moon Metals Inc., a corporation existing under the *Business Corporations Act* (British Columbia) and the successors thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "**Discounted Market Price**" has the meaning attributed to that term in Policy 1.1 of the TSXV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "**Deferred Share Unit**" or "**DSU**" means any right granted under Article 6
 of this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "**Deferred Share Unit Agreement**" has the meaning ascribed to that term in section 3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "**Director** "
 means a director (as defined under Securities Laws) of the Corporation or of any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "**Director Fees** "
 means the total compensation (including annual retainer and meeting fees, if any) paid by
 the Corporation to a Director in a calendar year for service on the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "**DSU Account** "
 has the meaning ascribed to that term in section 6.8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Effective Date** "
 means September 12, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "**Electing Person** "
 means a Participant who is, on the applicable Election Date, a Director who is not an Employee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "**Elected Amount** "
 has the meaning set forth in subsection 6.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "**Election Date** "
 means the date on which the Electing Person files an Election Notice in accordance with subsection
 6.1(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "**Election Notice** "
 has the meaning set forth in subsection 6.1(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "**Eligible Person** "
 means any Director, Officer, Employee, Management Company Employee or Consultant to whom
 an award has been granted under this Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "**Employee** "
 means an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is considered an employee of
 the Corporation or a Subsidiary of the Corporation for purposes of source deductions under
 applicable tax or social welfare legislation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) works full-time or part-time
 on a regular weekly basis for the Corporation or a Subsidiary of the Corporation providing
 services normally provided by an employee and who is subject to the same control and direction
 by the Corporation or a Subsidiary of the Corporation over the details and methods of work
 as an employee of the Corporation or such Subsidiary, and, for greater certainty, includes
 any Executive Chairman of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "**Event of Termination** "
 means an event whereby a Participant ceases to be an Eligible Person and shall be deemed
 to have occurred by the giving of any notice of termination of employment or service (whether
 voluntary or involuntary, whether with or without cause and whether with or without reason),
 retirement, or any cessation of employment or service for any reason whatsoever, including
 disability or death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) "**Exchange** "
 means any stock exchange or quotation system in Canada where the Common Shares are listed
 on or through which the Common Shares are listed or quoted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) "**Exercise Price** "
 means the price at which a Common Share may be purchased pursuant to the exercise of an Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) "**Grant Date** "
 means the date on which a grant of Options is made to a Participant in accordance with section
 5.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) "**In-the-Money Amount** "
 has the meaning ascribed to that term in subsection 5.7(c);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) "**insider** "
 has the meaning attributed to that term in Policy 1.1 of the TSXV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Insider Participant** "
 means a Participant who is (i) an insider of the Corporation or any of its Subsidiaries,
 and (ii) an associate of any person who is an insider by virtue of (i);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) "**Investor Relations Activities**" means any activities, by or on behalf of the Corporation or shareholder
 of the Corporation, that promote or reasonably could be expected to promote the purchase
 or sale of securities of the Corporation, but does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the dissemination of information
 provided, or records prepared, in the ordinary course of business of the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. to promote the sale of products
 or services of the Corporation, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. to raise public awareness
 of the Corporation, that cannot reasonably be considered to promote the purchase or sale
 of securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) activities or communications
 necessary to comply with the requirements of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. the by-laws, rules or
 other regulatory instruments of the Exchange or any other self- regulatory body or exchange
 having jurisdiction over the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) communications by a publisher
 of, or writer for, a newspaper, magazine or business or financial publication, that is of
 general and regular paid circulation, distributed only to subscribers to it for value or
 to purchasers of it, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. the communication is only
 through the newspaper, magazine or publication, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. the publisher or writer receives
 no commission or other consideration other than for acting in the capacity of publisher or
 writer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) activities or communications
 that may be otherwise specified by the Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) "**Investor Relations Service Provider**" all includes any Consultant that performs Investor Relations
 Activities and any Director, Officer, Employee or Management Company Employee whose role
 and duties primarily consist of Investor Relations Activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) "**Management Company Employee**" means an individual employed by a company providing management services
 to the Corporation, which services are required for the ongoing successful operation of the
 business enterprise of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) "**Market Price** "
 means the "**Market Price**" (as such term is defined in Policy 1.1 of the
 TSXV) of the Common Shares, or if the Common Shares are not listed on a stock exchange, the
 Market Price shall be determined in good faith by the Administrators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) "**Offer** "
 means a bona fide arm's length offer made to all holders of voting shares in the capital
 of the Corporation to purchase, directly or indirectly, voting shares in the capital of the
 Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) "**Officer** "
 means (as defined under Securities Laws) of the Corporation or of any of its Subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) "**Option** "
 means an option granted to an Eligible Person under the Plan to purchase Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) "**Option Agreement** "
 has the meaning ascribed to that term in section 3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) "**Option Exercise Notice**" has the meaning ascribed to that term in section 5.5;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) "**Participant** "
 means an Eligible Person selected by the Administrators to participate in the Plan in accordance
 with section 3.1 hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) "**Payout Date** "
 means the day on which the Corporation pays to a Participant the Market Price of the Restricted
 Share Units that have become vested and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) "**Plan** "
 means this share compensation plan, as amended, replaced or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) "**Reserved for Issuance** "
 refers to Common Shares that may be issued in the future upon the vesting of Restricted Share
 Units which have been awarded and upon the exercise of Options which have been granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) "**Restricted Share Unit**" means a right granted to a Participant in accordance with section 4.1 hereof
 as compensation for employment or consulting services or services as a Director or Officer
 to receive, for no additional cash consideration, one Common Share or a lump sum payment
 in cash that becomes vested in accordance with section 4.3;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) "**Restricted Share Unit Agreement**" has the meaning ascribed to that term in section 3.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) "**RSU Account** "
 has the meaning attributed to that term in section 4.8;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) "**Securities Laws** "
 means securities legislation, securities regulation and securities rules, as amended, and
 the policies, notices, instruments and blanket orders in force from time to time that are
 applicable to the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) "**Security Based Compensation**" means any Options and Restricted Share Units granted or issued under
 this Plan but, as the context requires, also includes any deferred share unit, performance
 share unit, restricted share unit, securities for services, stock appreciation right, stock
 option, stock purchase plan, any security purchase from treasury by a Participant which is
 financially assisted by the Corporation by any means whatsoever, and any other compensation
 or incentive mechanism involving the issuance or potential issuance of securities of the
 Corporation from treasury to an Eligible Person under any other Share Compensation Arrangement,
 and for greater certainty, does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) arrangements which do not involve
 the issuance from treasury or potential from treasury of securities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) arrangements under which Security
 Based Compensation is settled solely in cash and/or securities purchased on the secondary
 market; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Shares for Services and shares
 for debt arrangements under Policy 4.3 of the TSXV that have been conditionally accepted
 by the Exchange prior to November 24, 2021;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) "**Share Compensation Arrangement**" means a stock option, stock option plan, employee stock purchase plan
 or any other compensation or incentive mechanism involving the issuance or potential issuance
 of Common Shares to Directors, Officers and Employees of the Corporation and any of its Subsidiaries
 or to Consultants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) "**Shares for Services** "
 has the meaning ascribed to that phrase in Policy 4.3 - Share for Debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) "**Subsidiary** "
 has the meaning ascribed thereto in the *Securities Act* (British Columbia) and "**Subsidiaries** "
 shall have a corresponding meaning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) "**Termination Date** "
 means the date a Participant ceases to be an Eligible Person and, unless otherwise provided
 herein, does not include any period of statutory, contractual or reasonable notice or any
 period of salary continuance or deemed employment. Notwithstanding the foregoing, in the
 case of a U.S. Participant, a Participant's "Termination Date" will be
 the date the Participant experiences a "separation from service" (as defined
 in Treas. Reg. 1.409A-1(h)) with the Corporation or any of its Subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) "**TSXV** "
 means the TSX Venture Exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) "**United States** "
 means the United States of America, its territories and possessions, any state of the United
 States and the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) "**U.S. Participant** "
 means a Participant who is a citizen of the United States or a resident of the United States,
 as defined in section 7701(a)(30)(A) and section 7701(b)(1) of the Code and any
 other Participant who is subject to tax under the Code with respect to compensatory awards
 granted pursuant to the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**U.S. Person** "
 means a "U.S. person", as such term is defined in Regulation S under the 1933
 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) "**Withholding Obligations** "
 has the meaning ascribed to that term in section 4.6; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) "**VWAP** "
 means the volume weighted average trading price of the Common Shares on the Exchange calculated
 by dividing the total value by the total volume of such securities trade for the five trading
 days immediately preceding the relevant date. Where appropriate, the Exchange may exclude
 internal crosses and certain other special terms trades from the calculation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Headings:** The headings
 of all articles, sections, and paragraphs in the Plan are inserted for convenience of reference only and shall not affect the construction
 or interpretation of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Context, Construction:** Whenever the singular or masculine are used in the Plan, the same shall be construed as being the plural or feminine or neuter or
 vice versa where the context so requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **References to this Plan:** The words "hereto", "herein", "hereby", "hereunder", "hereof" and similar
 expressions mean or refer to the Plan as a whole and not to any particular article, section, paragraph or other part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **Currency:** All references
 in this Plan or in any agreement entered into under this Plan to "dollars", "$" or lawful currency shall
 be references to Canadian dollars, unless the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **PURPOSE AND ADMINISTRATION OF THE PLAN** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1** **Purpose:** The purpose
 of the Plan is to advance the interests of the Corporation and its Subsidiaries, and its shareholders by: (i) ensuring that
 the interests of Eligible Persons are aligned with the success of the Corporation and its Subsidiaries; (ii) encouraging stock
 ownership by Eligible Persons; and (iii) providing compensation opportunities to attract, retain and motivate Eligible Persons.

**2.2** **Common Shares Subject to the Plan:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General:* This Plan
 is a "rolling up to 10%" omnibus plan whereby the total number of Common Shares
 that are issuable pursuant to all Security Based Compensation granted or awarded hereunder,
 in aggregate, is equal to up to a maximum of 10% of the issued and outstanding Common Shares
 as of the date of grant or award (together with any Common Shares issuable pursuant to any
 other Share Compensation Arrangement). For greater certainty, any Restricted Share Units
 and Deferred Share Units that must be settled in cash in accordance with the Restricted Share
 Unit Agreement and the Deferred Share Unit Agreement approved by the Administrators at the
 time of grant shall not count towards the maximum of 10% of issued and outstanding Common
 Shares reserved under this Plan as required by the policies of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Limits for Individuals:* Unless the Corporation obtains disinterested shareholder approval, the maximum aggregate
 number of Common Shares issuable pursuant to all Security Based Compensation granted or issued
 under the Plan to any one Participant (together with those Common Shares issuable pursuant
 to any other Share Compensation Arrangement) in any 12 month period shall not exceed 5% of
 the issued and outstanding Common Shares, calculated as at the date that such Security Based
 Compensation is granted or issued to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Limits for Consultants:* The maximum number of Common Shares issuable pursuant to all Security Based Compensation
 granted or issued under the Plan in any 12 month period to any one Consultant (together with
 those Common Shares issuable pursuant to any other Share Compensation Arrangement) shall
 not exceed 2% of the issued and outstanding Common Shares, calculated as at the date that
 such Security Based Compensation is granted or issued to the Consultant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Limits for Investor Relations Service Providers:* The maximum aggregate number of Common Shares issuable pursuant to
 all Options granted to all Investor Relations Service Providers under the Plan in any 12
 month period in aggregate shall not exceed 2% of the issued and outstanding Common Shares,
 calculated as at the date any Option is granted to such Investor Relations Services Provider;
 provided, that Options granted to any and all Investor Relations Service Providers must vest
 in stages over a period of not less than 12 months such that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) no more than 1/4 of the Options
 vest no sooner than three months after the Options were granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no more than 1/4 of the Options
 vest no sooner than six months after the Options were granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) no more than 1/4 of the Options
 vest no sooner than nine months after the Options were granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the remainder of the Options
 vest no sooner than 12 months after the Options were granted.

**2.3** **Other Terms of the Plan** 

All Security Based Compensation granted or issued hereunder is non-assignable and non-transferable.

Unless the Corporation obtains disinterested shareholder approval, the maximum aggregate number of Common Shares issuable pursuant to all Security Based Compensation granted or issued under the Plan to Insider Participants as a group (together with those Common Shares issuable pursuant to any other Share Compensation Arrangement) shall not exceed 10% of the issued and outstanding Common Shares at any point in time.

Unless the Corporation obtains disinterested shareholder approval, the maximum number of Common Shares issuable pursuant to all Security Based Compensation granted or issued under the Plan in any 12 month period to Insider Participants as a group (together with those Common Shares issuable pursuant to any other Share Compensation Arrangement) shall not exceed 10% of the issued and outstanding Common Shares, calculated as at the date that such Security Based Compensation is granted or issued to any Insider Participant.

For greater certainty, Investor Relations Service Providers may not receive any Security Based Compensation other than Options.

Any Security Based Compensation granted or issued to any Participant who is a Director, Officer, Employee, Consultant or Management Company Employee must expire within 12 months following the date the Participant ceases to be an Eligible Person under the Plan.

**2.4** **Administration of the Plan:** The Plan shall be **administered** by
 the Administrators, through the recommendation of the Nomination, Compensation and Corporate Governance Committee of the Board. Subject
 to any limitations of the Plan, the Administrators shall have the power and authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) adopt rules and regulations
 for implementing the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) determine the eligibility
 of persons to participate in the Plan in accordance with section 3 herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) determine when Restricted
 Share Units, Options and Deferred Share Units to Eligible Persons shall be awarded or granted,
 the number of Restricted Share Units, Options and Deferred Share Units to be awarded or granted,
 the vesting criteria for each award of Restricted Share Units, the vesting period for each
 grant of Options and the vesting period for each award of Deferred Share Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) interpret and construe the
 provisions of the Plan and any agreement or instrument under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) require that any Participant
 provide certain representations, warranties and certifications to the Corporation to satisfy
 the requirements of applicable laws, including without limitation, exemptions from the registration
 requirements of the 1933 Act and applicable state securities laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) make all other determinations
 and take all other actions as they determine to be necessary or desirable to implement, administer
 and give effect to the Plan.

**3.** **ELIGIBILITY AND PARTICIPATION IN PLAN** 

**3.1** **The Plan and Participation:** The Plan is hereby established for Eligible Persons. Restricted Share Units may be awarded and Options may be granted to any Eligible
 Person as determined by the Administrators in accordance with the provisions hereof. Deferred Share Units may be awarded only to
 Directors who are not Employees in accordance with the provisions hereof. The Corporation and each Participant acknowledge that they
 are responsible for ensuring and confirming that such Participant is a bona fide Eligible Person entitled to receive Options, Restricted
 Share Units or Deferred Share Units, as the case may be.

**3.2** **Agreements:** All Restricted Share
 Units awarded hereunder shall be evidenced by a restricted share unit agreement ()"**Restricted Share Unit Agreement** ")
 between the Corporation and the Participant, substantially in the form set out in Exhibit A or in such other form as the Administrators
 may approve from time to time. All Options granted hereunder shall be evidenced by an option agreement ()"**Option Agreement** ")
 between the Corporation and the Participant, substantially in the form as set out in Exhibit B or in such other form as the
 Administrators may approve from time to time. All Deferred Share Units awarded hereunder shall be evidenced by a deferred share unit
 agreement ()"**Deferred Share Unit Agreement**") between the Corporation and the Participant, substantially in the
 form set out in Exhibit D or in such other form as the Administrators may approve from time to time.

**4.**  **AWARD OF RESTRICTED SHARE UNITS** 

**4.1** **Award of Restricted Share Units:** The Administrators may, at any time
 and from time to time, award Restricted Share Units to Eligible Persons (other than Eligible Persons providing Investor Relations
 Activities). In awarding any Restricted Share Units, the Administrators shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to whom Restricted Share
 Units pursuant to the Plan will be awarded;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Restricted
 Share Units to be awarded and credited to each Participant's RSU Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Award Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to section 4.3 hereof,
 the applicable vesting criteria.

Upon the award of Restricted Share Units, the number of Restricted Share Units awarded to a Participant shall be credited to the Participant's RSU Account effective as of the Award Date.

**4.2** **Restricted Share Unit Agreement:** Upon the award of each Restricted Share
 Unit to a Participant, a Restricted Share Unit Agreement shall be delivered by the Administrators to the Participant.

**4.3** **Vesting:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to subsections (c) and
 (d) below, at the time of the award of Restricted Share Units, the Administrators shall,
 subject to Exchange rules, determine in their sole discretion the vesting criteria applicable
 to such Restricted Share Units provided that, subject to sections 4.7(c) and 7.1(a),
 no Restricted Share Units may vest before the date that is one year following the date of
 grant or issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For greater certainty, the
 vesting of Restricted Share Units may be determined by the Administrators to include criteria
 such as performance vesting, in which the number of Common Shares (or cash equivalent) to
 be delivered to a Participant for each Restricted Share Unit that vests may fluctuate based
 upon the Corporation's performance and/or the Market Price of the Common Shares, in
 such manner as determined by the Administrators in their sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Restricted Share Unit
 shall be subject to vesting in accordance with the terms set out in the Restricted Share
 Unit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything
 to the contrary in this Plan, all vesting and issuances or payments, as applicable, in respect
 of a Restricted Share Unit shall be completed no later than December 15 of the third
 calendar year commencing after the Award Date for such Restricted Share Unit.

**4.4** **Blackout Periods:** Should the date of vesting of a Restricted Share Unit
 fall within a Blackout Period formally imposed by the Corporation, such date of vesting shall be automatically extended without any
 further act or formality to that date which is the tenth Business Day after the end of the Blackout Period, such tenth Business Day
 to be considered the date of vesting for such Restricted Share Unit for all purposes under the Plan. Notwithstanding section 7.3
 hereof, the ten Business Day period referred to in this section 4.4 may not be extended by the Board.

**4.5** **Vesting and Settlement:** As soon as practicable after the relevant date
 of vesting of any Restricted Share Units awarded under the Plan and with respect to a U.S. Participant, no later than 60 days thereafter,
 but subject to subsection 4.3(d), a Participant shall be entitled to receive and the Corporation shall issue or pay (at its discretion):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a lump sum payment in cash
 equal to the number of vested Restricted Share Units recorded in the Participant's
 RSU Account multiplied by the Market Price of a Common Share on the Payout Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Common Shares
 required to be issued to a Participant upon the vesting of such Participant's Restricted
 Share Units in the Participant's RSU Account, duly issued as fully paid and non-assessable
 shares and such Participant shall be registered on the books of the Corporation as the holder
 of the appropriate number of Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any combination of the foregoing.

**4.6** **Taxes and Source Deductions:** the Corporation or an affiliate of the Corporation
 may take such reasonable steps for the deduction and withholding of any taxes and other required source deductions which the Corporation
 or the affiliate, as the case may be, is required by any law or regulation of any governmental authority whatsoever to remit in connection
 with this Plan, any Restricted Share Units or any issuance of Common Shares ()"**Withholding Obligations** "). Without
 limiting the generality of the foregoing, the Corporation may, at its discretion: (i) deduct and withhold those amounts it is
 required to remit pursuant to the Withholding Obligations from any cash remuneration or other amount payable to the Participant,
 whether or not related to the Plan, the vesting of any Restricted Share Units or the issue of any Common Shares; (ii) allow
 the Participant to make a cash payment to the Corporation equal to the amount required to be remitted, pursuant to the Withholding
 Obligations, which amount shall be remitted by the Corporation to the appropriate governmental authority for the account of the Participant;
 or (iii) settle a portion of vested Restricted Share Units of a Participant in cash equal to the amount the Corporation is required
 to remit, pursuant to the Withholding Obligations, which amount shall be remitted by the Corporation to the appropriate governmental
 authority for the account of the Participant. Where the Corporation considers that the steps undertaken in connection with the foregoing
 result in inadequate withholding or a late remittance of taxes, the delivery of any Common Shares to be issued to a Participant on
 vesting of any Restricted Share Units may be made conditional upon the Participant (or other person) reimbursing or compensating
 the Corporation or making arrangements satisfactory to the Corporation for the payment to it in a timely manner of all taxes required
 to be remitted, pursuant to the Withholding Obligations, for the account of the Participant.

**4.7** **Rights Upon an Event of Termination:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to section 0, if
 an Event of Termination has occurred in respect of any Participant, any and all Common Shares
 corresponding to any vested Restricted Share Units in the Participant's RSU Account
 shall be issued as soon as practicable after the Event of Termination to the former Participant
 in accordance with section 4.5 hereof. With respect to each Restricted Share Unit of a U.S.
 Participant, such Restricted Share Unit will be settled and shares issued as soon as practicable
 following the date of vesting of such Restricted Share Unit as set forth in the applicable
 Restricted Share Unit Agreement, but in all cases within 60 days following such date of vesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If an Event of Termination
 has occurred in respect of any Participant, any unvested Restricted Share Units in the Participant's
 RSU Account shall, unless otherwise determined by the Administrators in their discretion
 or otherwise agreed to by the Corporation in an employment agreement or consulting agreement
 with an Eligible Person, and subject to the requirements set out in section 4.6 of TSXV Policy
 4.4, vest and be settled before the earlier of (i) the vesting schedule set out in the
 applicable Restricted Share Unit Award Agreement and (ii) 12 months after the date of
 the Event of Termination. Subject to section 0, with respect to any Restricted Share Unit
 of a U.S. Participant, if the Administrators determine, in their discretion, to waive vesting
 conditions applicable to a Restricted Share Unit that is unvested at the time of an Event
 of Termination, such Restricted Share Unit shall not be forfeited or cancelled, but instead
 will be deemed to be vested and settled and shares delivered following the date of vesting
 of such Restricted Share Unit as set forth in the applicable Restricted Share Unit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If an Event of Termination
 involving the death of a Participant occurs and such Participant is entitled to any Restricted
 Share Units in accordance with this section 4.7, the heirs or administrators of such Participant
 must claim such Security Based Compensation within one year of the Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to section 0 and
 the requirements set out in section 4.6 of TSXV Policy 4.4, notwithstanding the foregoing
 subsection 4.7(b), if a Participant retires in accordance with the Corporation's retirement
 policy, at such time, any unvested performance-based Restricted Share Units in the Participant's
 RSU Account shall not be forfeited by the Participant or cancelled and instead shall be eligible
 to become vested in accordance with the vesting conditions set forth in the applicable Restricted
 Share Unit Agreement after such retirement (as if retirement had not occurred), but only
 if the performance vesting criteria, if any, are met on the applicable date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the foregoing
 subsection 4.7(b), for greater certainty, if a Participant's employment is terminated
 for just cause or if a Participant resigns without good reason, each unvested Restricted
 Share Unit in the Participant's RSU Account shall forthwith and automatically be forfeited
 by the Participant and cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For the purposes of this
 Plan and all matters relating to the Restricted Share Units, the date of the Event of Termination
 shall be determined without regard to any applicable severance or termination pay, damages,
 or any claim thereto (whether express, implied, contractual, statutory, or at common law).

**4.8** **Restricted Share Unit Accounts:** A separate notional account for Restricted
 Share Units shall be maintained for each Participant (an "RSU Account"). Each RSU Account will be credited with Restricted
 Share Units awarded to the Participant from time to time pursuant to section 4.1 hereof by way of a bookkeeping entry in the books
 of the Corporation. On the vesting of the Restricted Share Units pursuant to section 4.3 hereof and the corresponding issuance of
 Common Shares to the Participant pursuant to section 4.5 hereof, or on the forfeiture and cancellation of the Restricted Share Units
 pursuant to section 4.7 hereof, the applicable Restricted Share Units credited to the Participant's RSU Account will be cancelled.

**4.9** **Record Keeping:** the Corporation shall maintain records in which shall
 be recorded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of each
 Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Restricted
 Share Units credited to each Participant's RSU Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any and all adjustments made
 to Restricted Share Units recorded in each Participant's RSU Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other information which
 the Corporation considers appropriate to record in such records.

---

| | |
|:---|:---|
| **5** | **GRANT OF OPTIONS** |

---

**5.1** **Grant of Options:** The Administrators may at any
 time and from time to time grant Options to Eligible Persons. In granting any Options, the Administrators shall determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to whom Options pursuant
 to the Plan will be granted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Options to
 be granted, the Grant Date and the Exercise Price of each Option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) subject to section 5.4 hereof,
 the expiration date of each Option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to section 5.3 hereof,
 the applicable vesting criteria,

provided, however that the Exercise Price for a Common Share pursuant to any Option shall not be less than the Discounted Market Price on the Grant Date in respect of that Option, and with respect to Options granted to U.S. Participants, the Exercise Price shall not be less than the closing price of the Common Shares on any exchange in Canada where Common Shares are listed on the last trading day prior to the Grant Date. If the Corporation does not issue a news release to announce the grant and the exercise price of an Option, the Discounted Market Price is the last closing price of the Common Shares before the date of grant of the Option less the applicable discount.

**5.2** **Option Agreement:** Upon each grant of Options to a Participant, an Option
 Agreement shall be delivered by the Administrators to the Participant.

**5.3** **Vesting:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to subsection 2.2(d) above
 with respect to grants to Eligible Persons providing Investor Relations Activities, at the
 time of the grant of any Options, the Administrators shall determine, in accordance with
 applicable vesting requirements of the Exchange, the vesting criteria applicable to such
 Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Administrators may determine
 when any Option will become exercisable and may determine that Options shall be exercisable
 in instalments or pursuant to a vesting schedule. The Option Agreement will disclose any
 vesting conditions prescribed by the Administrators.

**5.4** **Term of Option/Blackout Periods:** The term of each
 Option shall be determined by the Administrators; provided that no Option shall be exercisable after ten years from the Grant Date.
 Should the term of an Option expire on a date that falls within a Blackout Period formally imposed by the Corporation, such expiration
 date shall be automatically extended without any further act or formality to that date which is the tenth Business Day after the
 end of the Blackout Period, such tenth Business Day to be considered the expiration date for such Option for all purposes under the
 Plan. Notwithstanding section 7.3 hereof, the ten Business Day period referred to in this section 5.4 may not be extended by the
 Board.

**5.5** **Exercise of Option:** 

Options that have vested in accordance with the provisions of this Plan and the applicable Option Agreement may be exercised at any time, or from time to time, during their term and subject to the provisions of sections 5.6, 5.7, 5.8 and 5.10 hereof as to any number of whole Common Shares that are then available for purchase thereunder; provided that no partial exercise may be for less than 100 whole Common Shares. Options may be exercised by delivery of a written notice of exercise to the Administrators, substantially in the form attached to this Plan as Exhibit C (the "Option Exercise Notice"), with respect to the Options, or by any other form or method of exercise acceptable to the Administrators.

**5.6** **Regular Exercise; Payment and Issuance:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon actual receipt by the
 Corporation or its agent of the materials required by subsection 5.5 and receipt by the Corporation
 of cash, a cheque, bank draft or other form of acceptable payment for the aggregate exercise
 price, the number of Common Shares in respect of which the Options are exercised will be
 issued as fully paid and non-assessable shares and the Participant exercising the Options
 shall be registered on the books of the Corporation as the holder of the appropriate number
 of Common Shares. No person or entity shall enjoy any part of the rights or privileges of
 a holder of Common Shares which are subject to Options until that person or entity becomes
 the holder of record of those Common Shares. No Common Shares will be issued by the Corporation
 prior to the receipt of payment by the Corporation for the aggregate Exercise Price for the
 Options being exercised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the foregoing,
 and unless otherwise determined by the Administrators or not compliant with any applicable
 laws, (i) cashless exercise of Options shall only be available to a Participant who
 was granted and is exercising such Options outside the United States as a non-U.S. Person
 in compliance with Regulation S under the 1933 Act at a time when the Common Shares are listed
 and posted for trading on an Exchange or market in Canada that permits cashless exercise,
 the Participant intends to immediately sell the Common Shares issuable upon exercise of such
 Options in Canada and the proceeds of sale will be sufficient to satisfy the Exercise Price
 of the Options, and (ii) if an eligible Participant elects to exercise the Options through
 cashless exercise and complies with any relevant protocols approved by the Administrators,
 a sufficient number of the Common Shares issued upon exercise of the Options will be sold
 in Canada by a designated broker on behalf of the Participant to satisfy the Exercise Price
 of the Options, the Exercise Price of the Options will be delivered to the Corporation and
 the Participant will receive only the remaining unsold Common Shares from the exercise of
 the Options and the net proceeds of the sale after deducting the Exercise Price of the Options,
 applicable taxes and any applicable fees and commissions, all as determined by the Administrators
 from time to time. The Corporation shall not deliver the Common Shares issuable upon a cashless
 exercise of Options until receipt of the Exercise Price therefor, whether by a designated
 broker selling the Common Shares issuable upon exercise of such Options through a short position
 or such other method determined by the Administrators in compliance with applicable laws.

**5.7** **Cashless Exercise:** Subject to prior approval
 by the Administrators, and provided that the Common Shares are listed and posted for trading on an Exchange or market that permits
 cashless exercise, a Participant may elect cashless exercise in its Option Exercise Notice. In such case, the Participant will not
 be required to deliver to the Administrators a cheque or other form of payment for the aggregate Exercise Price referred to above.
 Instead the following provisions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Whereby the Corporation has
 an arrangement with a brokerage firm pursuant to which the brokerage firm will loan money
 to a Participant to purchase the Common Shares underlying the Options. The brokerage firm
 then sells a sufficient number of Common Shares to cover the Exercise Price of the Options
 in order to repay the loan made to the Participant. The brokerage firm receives an equivalent
 number of Common Shares from the exercise of the Options and the Participant then receives
 the balance of Common Shares or the cash proceeds from the balance of such Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Before the relevant trade
 date, the Participant will deliver the Option Exercise Notice including details of the trades
 to the Corporation electing the cashless exercise and the Corporation will direct its registrar
 and transfer agent to issue a certificate for such Participant's Common Shares in the
 name of the broker (or as the broker may otherwise direct) for the number of Common Shares
 issued on the exercise of the Options, against payment by the broker to the Corporation of
 (i) the Exercise Price for such Common Shares; and (ii) the amount the Corporation
 determines, in its discretion, is required to satisfy the Corporation withholding tax and
 source deduction remittance obligations in respect of the exercise of the Options and issuance
 of Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The broker will deliver to
 the Participant the remaining value of the Options, net of any brokerage commission or other
 expenses (the "**In-the-Money Amount** "), in either (i) cash in an amount
 equal to the In-the-Money-Amount, or (b) such number of Common Shares (rounded down
 to the nearest whole number) having a fair Market Price equal to the In-the-Money Amount,
 plus a cash amount equal to the fraction of a Common Share that would otherwise be issuable
 multiplied by the fair Market Price of a Common Share.

**5.8** **Net Exercise:** Subject to prior approval
 by the Administrators, a Participant, excluding Investor Relations Service Providers, may elect to surrender for cancellation to the
 Corporation any vested Options being exercised and the Corporation will issue to the Participant, as consideration for the surrender
 of such Options, that number of Common Shares (rounded down to the nearest whole Common Share) on a net issuance basis in accordance
 with the following formula below:

X = <u>Y (A - B)</u> <br> A

where:

X = The number of Common Shares to be issued to the Participant in consideration for the net exercise of the Options under this section 5.8;

Y = The number of vested Options with respect to the vested portion of the Option to be surrendered for cancellation;

A = The VWAP of the Common Shares; and

B = The Exercise Price for such Options.

The Corporation may elect to forego any deduction in accordance with subsection 110(1.1) of the *Income Tax Act* (Canada) with respect to Options settled on a net exercise basis.

In the event of a cashless exercise or net exercise, the number of Options exercised, surrendered or converted, and not the number of Common Shares actually issued by the Corporation, must be included in calculating the limits set forth in sections 2.2, 2.2(b), 2.2(c), 2.2(d), 0 and 0.

**5.9** **Taxes and Source Deductions:** The Corporation
 or an affiliate of the Corporation may take such reasonable steps for the deduction and withholding of any taxes and other required
 source deductions which the Corporation or the affiliate, as the case may be, is required by any law or regulation of any governmental
 authority whatsoever to remit pursuant to the Withholding Obligations in connection with this Plan, any Options or any issuance of
 Common Shares. Without limiting the generality of the foregoing, the Corporation may, at its discretion: (i) deduct and withhold
 those amounts it is required to remit, pursuant to the Withholding Obligations, from any cash remuneration or other amount payable
 to the Participant, whether or not related to the Plan, the exercise of any Options or the issue of any Common Shares; or (ii) allow
 the Participant to make a cash payment to the Corporation equal to the amount required to be remitted, pursuant to the Withholding
 Obligations, which amount shall be remitted by the Corporation to the appropriate governmental authority for the account of the Participant.
 Where the Corporation considers that the steps undertaken in connection with the foregoing result in inadequate withholding or a late
 remittance of taxes, the delivery of any Common Shares to be issued to a Participant on the exercise of Options may be made conditional
 upon the Participant (or other person) reimbursing or compensating the Corporation or making arrangements satisfactory to the Corporation
 for the payment in a timely manner of all taxes required to be remitted, pursuant to the Withholding Obligations, for the account of
 the Participant.

**5.10** **Rights Upon an Event of Termination:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If an Event of Termination
 has occurred in respect of a Participant, any unvested Options, to the extent not available
 for exercise as of the date of the Event of Termination, shall, unless otherwise determined
 by the Administrators in their discretion, vest before the earlier of (i) the vesting
 schedule set out in the applicable Option Agreement and (ii) 12 months after the date
 of the Event of Termination. There can be no acceleration of the vesting requirements applicable
 to Options granted to an Investor Relations Service Provider without the prior written approval
 of the Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise stated
 herein or otherwise determined by the Administrators in their discretion or otherwise agreed
 to by the Corporation in an employment agreement or consulting agreement with an Eligible
 Person (provided such determination does not exceed a maximum of one year), upon the occurrence
 of an Event of Termination in respect of a Participant, any vested Options granted to the
 Participant that are available for exercise may be exercised only before the earlier of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the expiry of the Option; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) six months after the date
 of the Event of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the foregoing
 subsections 5.10(a) and 5.10(b), if a Participant's employment is terminated for
 just cause or if a Participant resigns without good reason, each Option held by the Participant,
 whether or not then exercisable, shall forthwith and automatically be cancelled and may not
 be exercised by the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purposes of this
 Plan and all matters relating to the Options, the date of the Event of Termination shall
 be determined without regard to any applicable severance or termination pay, damages, or
 any claim thereto (whether express, implied, contractual, statutory, or at common law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If an Event of Termination
 involving the death of a Participant occurs and such Participant is entitled to any Options
 in accordance with this section 5.10, the heirs or administrators of such Participant must
 claim such Security Based Compensation within one year of the Participant's death.

**5.11** **Record Keeping:** The Corporation shall maintain an Option register in which shall
 be recorded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of each
 holder of Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Common Shares
 subject to Options granted to each holder of Options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the term of the Option and
 Exercise Price, including adjustments for each Option granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other information which
 the Corporation considers appropriate to record in such register.

**6.** **AWARD OF DEFERRED SHARE UNITS** 

**6.1** **Award of Deferred Share Units:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Administrators may fix,
 from time to time, a portion of the Director Fees that is to be payable in the form of DSUs.
 In addition, each Electing Person may be given, subject to the conditions stated herein,
 the right to elect in accordance with section 6.1(b) to participate in the grant of
 additional DSUs pursuant to this Article 6. An Electing Person who elects to participate
 in the grant of additional DSUs pursuant to this Article 6 shall receive their Elected
 Amount (as that term is defined below) in the form of DSUs in lieu of cash. The "**Elected Amount**" shall be an amount, as elected by the Director, in accordance with applicable
 tax law, between 0% and 100% of any Director Fees that are otherwise intended to be paid
 in cash (the "**Cash Fees** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Electing Person who
 elects to receive their Elected Amount in the form of DSUs in lieu of cash will be required
 to file a notice of election in the form of Exhibit E hereto (the "**Election Notice**") with the Chief Financial Officer of the Corporation: (i) in the case
 of an existing Electing Person, by December 31st in the year prior to the year in which
 the services giving rise to the compensation are performed (other than for Director Fees
 payable for the 2024 financial year to any Electing Person who is not a U.S. Participant
 as of the date of this Plan, in which case such Electing Person shall file the Election Notice
 by the date that is 30 days from the Effective Date of the Plan with respect to compensation
 paid for services to be performed after such date); and (ii) in the case of a newly
 appointed Electing Person who is not a U.S. Participant, within 30 days of such appointment
 with respect to compensation paid for services to be performed after such date. In the case
 of an existing Electing Person who is a U.S. Participant as of the effective date of this
 Plan and who was not eligible to participate in the Predecessor Plan or in any other deferred
 compensation plan required to be aggregated with this Plan for purposes of Section 409A
 of the Code, an initial Election Notice may be filed by the date that is 30 days from the
 Effective Date only with respect to compensation paid for services to be performed after
 the Election Date; and in the case of a newly appointed Electing Person who is a U.S. Participant,
 an Election Notice may be filed within 30 days of such appointment only with respect to compensation
 paid for services to be performed after the Election Date. If no election is made within
 the foregoing time frames, the Electing Person shall be deemed to have elected to be paid
 the entire amount of his or her Cash Fees in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to subsection 6.1(d),
 the election of an Electing Person under subsection 6.1(b) shall be deemed to apply
 to all Cash Fees that would be paid subsequent to the filing of the Election Notice, and
 such Electing Person is not required to file another Election Notice for subsequent calendar
 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Electing Person who
 is not a U.S. Participant is entitled once per calendar year to terminate his or her election
 to receive DSUs in lieu of Cash Fees by filing with the Chief Financial Officer of the Corporation
 a notice in the form of Exhibit F hereto. Such termination shall be effective immediately
 upon receipt of such notice, provided that the Corporation has not imposed a Blackout Period.
 Thereafter, any portion of such Electing Person's Cash Fees payable or paid in the
 same calendar year and, subject to complying with subsection 6.1(b), all subsequent calendar
 years shall be paid in cash. For greater certainty, to the extent an Electing Person terminates
 his or her participation in the grant of DSUs pursuant to this Article 6, he or she
 shall not be entitled to elect to receive the Elected Amount, or any other amount of his
 or her Cash Fees in DSUs in lieu of cash again until the calendar year following the year
 in which the termination notice is delivered. An election by a U.S. Participant to receive
 the Elected Amount in DSUs in lieu of cash for any calendar year is irrevocable for that
 calendar year after the expiration of the election period for that year, and any termination
 of the election will not take effect until the first day of the calendar year following the
 calendar year in which the termination notice in the form of Exhibit G is delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Any DSUs granted pursuant
 to this Article 6 prior to the delivery of a termination notice pursuant to Section 6.1(d) shall
 remain in the Plan following such termination and will be redeemable only in accordance with
 the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The number of DSUs (including
 fractional DSUs) granted at any particular time pursuant to this Article 6 will be calculated
 by dividing (i) the amount of any compensation that is to be paid in DSUs (including
 Director Fees and any Elected Amount), as determined by the Administrator, by (ii) the
 Market Price of a Common Share on the Award Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In addition to the foregoing,
 the Administrators may, from time to time, subject to the provisions of this Plan and such
 other terms and conditions as the Administrators may prescribe, award DSUs to any Participant.

**6.2** **Deferred Share Unit Agreement: Upon** the award of each Deferred Share Unit to
 a Participant, a Deferred Share Unit Agreement shall be delivered by the Administrators to the Participant.

**6.3** **Vesting:** Subject to sections 6.7 and 7.1(a), Deferred Share Units shall vest
 on the date that is 12 months following the date of grant or issue.

**6.4** **Blackout Periods:** Should the date of vesting of a Deferred
 Share Unit fall within a Blackout Period formally imposed by the Corporation, such date of vesting shall be automatically extended
 without any further act or formality to that date which is the tenth Business Day after the end of the Blackout Period, such tenth
 Business Day to be considered the date of vesting for such Deferred Share Unit for all purposes under the Plan. Notwithstanding section
 7.3 hereof, the ten Business Day period referred to in this section 6.4 may not be extended by the Board.

**6.5** **Settlement:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) DSUs shall be settled on
 the date established in the Deferred Share Unit Agreement; provided, however that in no event
 shall a DSU be settled prior to a Participant's Termination Date, or, in the case of
 a Canadian Participant, later than one (1) year following the date of the applicable
 Canadian Participant's Termination Date. In the case of a Participant (other than a
 Canadian Participant), in no event shall a DSU be settled later than three (3) years
 following the date of the applicable Participant's Termination Date. If the Deferred
 Share Unit Agreement does not establish a date for the settlement of the DSUs, then the settlement
 date shall be the Participant's Termination Date, subject to the delay that may be
 required pursuant to the Code in the case of a U.S. Participant. Subject to the Code in the
 case of a U.S. Participant, and except as otherwise provided in a Deferred Share Unit Agreement,
 on the settlement date for any DSU, each vested DSU will be redeemed for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) one fully paid and non-assessable
 Common Share issued from treasury to the Participant or as the Participant may direct, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a cash payment, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a combination of Common Shares
 and cash as contemplated by paragraphs (i) and (ii) above,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in each case as determined
 by the Administrators in their discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any cash payments made under
 this section 6.4 by the Corporation to a Participant in respect of DSUs to be redeemed for
 cash shall be calculated by multiplying the number of DSUs to be redeemed for cash by the
 Market Price per Share as at the settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Payment of cash to Participants
 on the redemption of vested DSUs may be made through the Corporation's payroll in the
 pay period that the settlement date falls within.

**6.6** **Taxes and Source Deductions:** the Corporation or an affiliate
 of the Corporation may take such reasonable steps for the deduction and withholding of any taxes and other required source deductions
 which the Corporation or the affiliate, as the case may be, is required by any law or regulation of any governmental authority whatsoever
 to remit pursuant to the Withholding Obligations in connection with this Plan, any Deferred Share Units or any issuance of Common Shares.
 Without limiting the generality of the foregoing, the Corporation may, at its discretion: (i) deduct and withhold those amounts
 it is required to remit pursuant to the Withholding Obligations from any cash remuneration or other amount payable to the Participant,
 whether or not related to the Plan, the vesting or settlement of any Deferred Share Units or the issue of any Common Shares; (ii) allow
 the Participant to make a cash payment to the Corporation equal to the amount required to be remitted, pursuant to the Withholding
 Obligations, which amount shall be remitted by the Corporation to the appropriate governmental authority for the account of the Participant;
 or (iii) settle a portion of vested Deferred Share Units of a Participant in cash equal to the amount the Corporation is required
 to remit, pursuant to the Withholding Obligations, which amount shall be remitted by the Corporation to the appropriate governmental
 authority for the account of the Participant. Where the Corporation considers that the steps undertaken in connection with the foregoing
 result in inadequate withholding or a late remittance of taxes, the delivery of any Common Shares to be issued to a Participant on
 settlement of any Deferred Share Units may be made conditional upon the Participant (or other person) reimbursing or compensating the
 Corporation or making arrangements satisfactory to the Corporation for the payment to it in a timely manner of all taxes required to
 be remitted, pursuant to the Withholding Obligations, for the account of the Participant.

**6.7** **Rights Upon an Event of Termination:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to section 0, if
 an Event of Termination has occurred in respect of any Participant, any and all Common Shares
 corresponding to any vested Deferred Share Units in the Participant's DSU Account shall
 be issued as soon as practicable after the Event of Termination to the former Participant
 in accordance with section 6.5 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If an Event of Termination
 has occurred in respect of any Participant, any unvested Deferred Share Units in the Participant's
 DSU Account shall, unless otherwise determined by the Administrators in their discretion
 or otherwise agreed to by the Corporation in an agreement with an Eligible Person, and subject
 to the requirements set out in section 4.6 of TSXV Policy 4.4, vest and be settled before
 the earlier of (i) the vesting schedule set out in the applicable Deferred Share Unit
 Agreement and (ii) 12 months after the date of the Event of Termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If an Event of Termination
 involving the death of a Participant occurs and such Participant is entitled to any Deferred
 Share Units in accordance with this section 6.7, the heirs or administrators of such Participant
 must claim such Security Based Compensation within one year of the Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to section 0 and
 the requirements set out in section 4.6 of TSXV Policy 4.4, notwithstanding the foregoing
 subsection (b), if a Participant retires in accordance with the Corporation's retirement
 policy, at such time, any unvested performance-based Deferred Share Units in the Participant's
 DSU Account shall not be forfeited by the Participant or cancelled and instead shall be eligible
 to become vested in accordance with the vesting conditions set forth in the applicable Deferred
 Share Unit Agreement after such retirement (as if retirement had not occurred), but only
 if the performance vesting criteria, if any, are met on the applicable date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding the foregoing
 subsection 6.7(b), for greater certainty, if a Participant's employment is terminated
 for just cause or if a Participant resigns without good reason, each unvested Deferred Share
 Unit in the Participant's DSU Account shall forthwith and automatically be forfeited
 by the Participant and cancelled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For the purposes of this
 Plan and all matters relating to the Deferred Share Units, the date of the Event of Termination
 shall be determined without regard to any applicable severance or termination pay, damages,
 or any claim thereto (whether express, implied, contractual, statutory, or at common law).

**6.8** **Deferred Share Unit Account:** A separate notional account
 for Deferred Share Units shall be maintained for each Participant (which, for greater certainty includes Electing Persons) (a "**DSU Account** "). Each DSU Account will be credited with Deferred Share Units awarded to the Participant from time to time pursuant
 to section 6.1 hereof by way of a bookkeeping entry in the books of the Corporation.

**6.9** **Record Keeping:** the Corporation shall maintain records in which shall be recorded:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the name and address of each
 Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of Deferred Share
 Units credited to each Participant's DSU Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any and all adjustments made
 to Deferred Share Units recorded in each Participant's DSU Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other information which
 the Corporation considers appropriate to record in such records.

**7.** **GENERAL** 

**7.1** **Effective Date of Plan:** The Plan shall be effective as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Change of Control:** 

If there is a Change of Control transaction then, notwithstanding any other provision of this Plan except subsection 4.3(d) which will continue to apply in all circumstances, any or all unvested Restricted Share Units, any or all Options (whether or not currently exercisable) and any or all unvested Deferred Share Units shall automatically vest or become exercisable, as applicable, such that Participants under the Plan shall be able to participate in the Change of Control transaction, including, at the election of the holder thereof, by surrendering such Restricted Share Units, Options and Deferred Share Units to the Corporation or a third party or exchanging such Restricted Share Units, Options or Deferred Share Units, for consideration in the form of cash and/or securities, to be determined by the Administrators in their sole discretion, subject to any necessary Exchange approvals. For greater certainty, the occurrence of a Change of Control will not trigger the right of a Participant to receive a payment in respect of a Deferred Share Unit prior to a Termination Date for such Participant. For clarity, Restricted Share Units, Options or Deferred Share Units of a Participant will only be accelerated as contemplated in this subsection 0 if such Participant ceases to be an Eligible Person in connection with the Change of Control. Notwithstanding the foregoing, with respect to Options of U.S. Participants, any exchange, substitution or amendment of such Options will occur only to the extent and in a manner that will not result in the imposition of taxes under Section 409A of the Code, and with respect to Restricted Share Units or Deferred Share Units, as applicable, of U.S. Participants, any surrender or other modification of Restricted Share Units or Deferred Share Units, as applicable, will occur only to the extent such surrender or other modification will not result in the imposition of taxes under Section 409A of the Code. Notwithstanding the foregoing, there can be no acceleration of the vesting requirements applicable to Options granted to an Investor Relations Service Provider without the prior written approval of the Exchange.

**7.2** **Reorganization Adjustments:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event of any declaration
 by the Corporation of any stock dividend payable in securities (other than a dividend which
 may be paid in cash or in securities at the option of the holder of Common Shares), or any
 subdivision or consolidation of Common Shares, reclassification or conversion of Common Shares,
 or any combination or exchange of securities, merger, consolidation, recapitalization, amalgamation,
 plan of arrangement, reorganization, spin off involving the Corporation, distribution (other
 than normal course cash dividends) of company assets to holders of Common Shares, or any
 other corporate transaction or event involving the Corporation or the Common Shares, the
 Administrators, in the Administrators' sole discretion, may, subject to any relevant
 resolutions of the Board and any necessary Exchange approvals, and without liability to any
 person, make such changes or adjustments, if any, as the Administrators consider fair or
 equitable, in such manner as the Administrators may determine, to reflect such change or
 event including, without limitation, adjusting the number of Options, Restricted Share Units
 and Deferred Share Units outstanding under this Plan, the type and number of securities or
 other property to be received upon exercise or redemption thereof, and the Exercise Price
 of Options outstanding under this Plan, provided that the value of any Option, Restricted
 Share Unit and Deferred Share Units immediately after such an adjustment, as determined by
 the Administrators, shall not exceed the value of such Option, Restricted Share Unit and
 Deferred Share Units prior thereto, as determined by the Administrators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing,
 with respect to Options, Restricted Share Units and Deferred Share Units of U.S. Participants,
 such changes or adjustments will be made in a manner so as to not result in the imposition
 of taxes under Section 409A of the Code and will comply with the requirements in subsection
 4.3(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Corporation shall give
 notice to each Participant in the manner determined, specified or approved by the Administrators
 of any change or adjustment made pursuant to this section and, upon such notice, such adjustment
 shall be conclusive and binding for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrators may from
 time to time, subject to any necessary Exchange approvals, adopt rules, regulations, policies,
 guidelines or conditions with respect to the exercise of the power or authority to make changes
 or adjustments pursuant to section 7.1(a) or section 7.2(a). The Administrators, in
 making any determination with respect to changes or adjustments pursuant to section 7.1(a) or
 section 7.2(a) shall be entitled to impose such conditions as the Administrators consider
 or determine necessary in the circumstances, including conditions with respect to satisfaction
 or payment of all applicable taxes (including, but not limited to, withholding taxes).

**7.3** **Amendment or Termination of Plan:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board may amend this
 Plan or any Restricted Share Unit or any Option or any Deferred Share Unit at any time without
 the consent of Participants provided that such amendment shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) not adversely alter or impair
 any Restricted Share Unit previously awarded or any Option previously granted or any Deferred
 Share Unit previously awarded except as permitted by the provisions of section 7.2 hereof,
 and, with respect to Restricted Share Units, Options and Deferred Share Units of U.S. Participants,
 such amendment will not result in the imposition of taxes under Section 409A of the
 Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) be subject to any regulatory
 approvals including, where required, the approval of the Exchange; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) be subject to shareholder
 approval, where required by the requirements of the Exchange, provided that shareholder approval
 shall not be required for the following amendments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amendments of a "housekeeping
 nature", including any amendment to the Plan or a Restricted Share Unit or Option or
 Deferred Share Unit that is necessary to comply with applicable laws, tax or accounting provisions
 or the requirements of any regulatory authority or stock exchange and any amendment to the
 Plan or a Restricted Share Unit or Option or deferred share unit to correct or rectify any
 ambiguity, defective provision, error or omission therein, including any amendment to any
 definitions therein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amendments that are necessary
 or desirable for Restricted Share Units or Options or Deferred Share Units to qualify for
 favourable treatment under any applicable tax law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) be subject to disinterested
 shareholder approval in the event of any reduction in the Exercise Price, or the extension
 of the term, of any Option granted under the Plan to an Insider Participant.

For greater certainty and subject to approval by the TSX Venture Exchange (if applicable), shareholder approval shall be required in circumstances where an amendment to the Plan would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) change from a fixed maximum
 percentage of issued and outstanding Common Shares to a fixed maximum number of Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) increase the limits in section
 2.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) reduce the Exercise Price
 of any Option (including any cancellation of an Option for the purpose of reissuance of a
 new Option at a lower Exercise Price to the same person);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) extend the term of any Option
 beyond the original term (except if such period is being extended by virtue of section 5.4
 hereof); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) amend this section 7.3.

**7.4** **Termination:** The Administrators may terminate this Plan
 at any time in their absolute discretion. If the Plan is so terminated, no further Restricted Share Units shall be awarded and no further
 Options shall be granted and no further Deferred Share Units shall be awarded, but the Restricted Shares Units then outstanding and
 credited to Participants' RSU Accounts and the Options then outstanding and the Deferred Share Units then outstanding and credited
 to Participants' DSU Accounts shall continue in full force and effect in accordance with the provisions of this Plan. Any termination
 of this Plan shall occur in a manner that will not result in the imposition of taxes on a U.S. Participant under Section 409A
 of the Code.

**7.5** **Transferability:** A Participant shall not be entitled to
 transfer, assign, charge, pledge or hypothecate, or otherwise alienate, whether by operation of law or otherwise, the Participant's
 Restricted Share Units or Options or Deferred Share Units or any rights the Participant has under the Plan.

**7.6** **Rights as a Shareholder:** Under no circumstances shall the
 Restricted Share Units or Options or Deferred Share Units be considered Common Shares nor shall they entitle any Participant to exercise
 voting rights or any other rights attaching to the ownership of Common Shares (including, but not limited to, the right to dividend
 equivalent payments).

**7.7** **Credits for Dividends:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to section 7.7(b),
 whenever cash or other dividends are paid on Common Shares, additional Restricted Share Units
 or Deferred Share Units, as applicable, will be automatically granted to each Participant
 who holds Restricted Share Units or Deferred Share Units, as applicable, on the record date
 for such dividends. The number of such Restricted Share Units or Deferred Share Units (rounded
 to the nearest whole Restricted Share Unit or Deferred Share Unit, as applicable) to be credited
 to such Participant as of the date on which the dividend is paid on the Common Shares shall
 be an amount equal to the quotient obtained when (i) the aggregate value of the cash
 or other dividends that would have been paid to such Participant if the Participant's
 Restricted Share Units or Deferred Share Units, as applicable, as of the record date for
 the dividend had been Common Shares, is divided by (ii) the Market Price of the Common
 Shares as of the date on which the dividend is paid on the Common Shares. Restricted Share
 Units and Deferred Share Units granted to a Participant pursuant to this section 7.7 shall
 be subject to the same vesting conditions (time and performance (as applicable)) as the Restricted
 Share Units and the Deferred Share Units, as applicable, to which they relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that the number
 of Restricted Share Units or the Deferred Share Units, as applicable, to be granted in accordance
 with section 7.7(a) would result in the number of Common Shares issuable pursuant to
 all Security Based Compensation granted or awarded hereunder to exceed the limits set out
 in sections 2.2, 2.2(b), 2.2(c), 2.2(d), 0 and 0, such Restricted Share Units or Deferred
 Share Units, as applicable, shall not be granted and the Administrators may determine, in
 their sole discretion, to make a cash payment to the Participant in lieu thereof equal to
 the aggregate value determined pursuant to section 7.7(a).

**7.8** **No Effect on Employment, Rights or Benefits:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The terms of employment shall
 not be affected by participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing contained in the
 Plan shall confer or be deemed to confer upon any Participant the right to continue as a
 director, officer, employee or Consultant nor interfere or be deemed to interfere in any
 way with any right of the Corporation, the Board or the shareholders of the Corporation to
 remove any Participant from the Board or of the Corporation or any Subsidiary to terminate
 any Participant's employment or agreement with a Consultant at any time for any reason
 whatsoever.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Under no circumstances shall
 any person who is or has at any time been a Participant be able to claim from the Corporation
 or any Subsidiary any sum or other benefit to compensate for the loss of any rights or benefits
 under or in connection with this Plan or by reason of participation in this Plan.

**7.9** **Market Value of Common Shares:** The Corporation makes no
 representation or warranty as to the future market value of any Common Shares. No Participant shall be entitled, either immediately
 or in the future, either absolutely or contingently, to receive or obtain any amount or benefit granted to or to be granted for the
 purpose of reducing the impact, in whole or in part, of any reduction in the market value of the shares of the Corporation or a corporation
 related thereto.

**7.10** **Compliance with Applicable Law:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any provision of the Plan
 contravenes any law or any order, policy, by-law or regulation of any regulatory body having
 jurisdiction, then such provision shall be deemed to be amended to the extent necessary to
 bring such provision into compliance therewith. Notwithstanding the foregoing, the Corporation
 shall have no obligation to register any securities provided for in this Plan under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The award of Restricted Share
 Units, the grant of Options, the award of Deferred Share Units and the issuance of Common
 Shares under this Plan shall be carried out in compliance with applicable statutes and with
 the regulations of governmental authorities and the Exchange. If the Administrators determine
 in their discretion that, in order to comply with any such statutes or regulations, certain
 action is necessary or desirable as a condition of or in connection with the award of a Restricted
 Share Unit, the grant of an Option, the award of a Deferred Share Unit or the issue of a
 Common Share upon the vesting of a Restricted Share Unit or exercise of an Option or settlement
 of a Deferred Share Unit, as applicable, that Restricted Share Unit may not vest in whole
 or in part, that Option may not be exercised in whole or in part and that the Deferred Share
 Unit may not vest in whole or in part, as applicable, unless that action shall have been
 completed in a manner satisfactory to the Administrators. In addition, unless the Restricted
 Share Units, the Options, the Deferred Share Units and the Common Shares issuable pursuant
 to the Restricted Share Units, Options and Deferred Share Units, as applicable, have been
 registered under the 1933 Act and any applicable U.S. state securities laws, all rights of
 a Participant under this Plan shall be subject to and conditioned upon the availability of
 exemptions or exclusions from the registration requirements of the 1933 Act and any applicable
 U.S. state securities, as determined by the Corporation in its sole discretion. Any Restricted
 Share Units or Options or Deferred Share Units granted or issued to a person in the United
 States or a U.S. Person, as well as the issue of Common Shares pursuant thereto, will result
 in any certificate representing such securities bearing a United States restrictive legend
 restricting transfer of such securities under United States federal and state securities
 laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Common Shares are
 listed on the TSX Venture Exchange and the award of Restricted Share Units, grant of Options
 or award of Deferred Share Units and the issuance of Common Shares under this Plan is made
 to a director, officer, promoter or other insider of the Corporation, and unless the respective
 award, grant or issuance or is qualified by prospectus, or issued under a securities take-over
 bid, rights offering, amalgamation, or other statutory procedure, then the Restricted Share
 Unit Agreement, Option Agreement or the Deferred Share Unit Agreement will bear an Exchange
 Hold Period, and the following legend will be inserted onto the first page of the Restricted
 Share Unit Agreement or Option Agreement:

"WITHOUT PRIOR WRITTEN APPROVAL OF THE TSX VENTURE EXCHANGE AND COMPLIANCE WITH ALL APPLICABLE SECURITIES LEGISLATION, THE SECURITIES REPRESENTED BY THIS AGREEMENT AND ANY SECURITIES ISSUED UPON EXERCISE THEREOF MAY NOT BE SOLD, TRANSFERRED, HYPOTHECATED OR OTHERWISE TRADED ON OR THROUGH THE FACILITIES OF THE TSX VENTURE EXCHANGE OR OTHERWISE IN CANADA OR TO OR

FOR THE BENEFIT OF A CANADIAN RESIDENT UNTIL __________, 20___ [i.e., four months and one day after the date of grant].

**7.11** **Governing Law:** This Plan shall be governed by and construed
 in accordance with the laws of the Province of British Columbia and the laws of Canada applicable therein.

**7.12** **Subject to Approval:** The Plan is adopted subject to the
 approval of the Exchange and any other required regulatory approval. To the extent a provision of the Plan requires regulatory approval
 which is not received, such provision shall be severed from the remainder of the Plan until the approval is received and the remainder
 of the Plan shall remain in effect.

**7.13** **Special Terms and Conditions Applicable to U.S. Participants:** Options issued to U.S. Participants are intended to be exempt from Section 409A of the Code pursuant to Treas. Reg. Section 1.409A-1(b)(5)(i)(A) and
 the Plan and such Options will be construed and administered accordingly. Options may be issued to U.S. Participants under the Plan
 only if the shares with respect to the Options qualify as "service recipient stock" as defined in Treas. Reg. Section 1.409A-1(b)(5)(E)(iii).
 Restricted Share Units and Deferred Share Units awarded to U.S. Participants are intended to be compliant with Section 409A of
 the Code and such Restricted Share Units and Deferred Share Units will be construed and administered accordingly. Any waiver or acceleration
 of vesting under the Plan or any Restricted Share Unit Agreement for a U.S. Participant may occur only to the extent that such acceleration
 or waiver will not result in the imposition of taxes under Section 409A of the Code. Any payments made under this Plan or any
 Restricted Share Unit Agreement or any Deferred Share Unit Agreement to a U.S. Participant as a result of a termination of employment
 that are deemed to be subject to Section 409A of the Code shall occur only if such termination constitutes a "separation
 from service" as defined in Treas. Reg. 1.409A-1(h). Additionally, any payments resulting from a separation from service made
 to a U.S. Participant who is a "specified employee" as defined in Treas. Reg. 1.409A-1(i) shall be subject to the
 six month delay in payments required by Treas. Reg. 1.409A-1(3)(v) if such payments are deemed to be subject to Section 409A
 of the Code. Although the Corporation intends Options, Restricted Share Units and Deferred Share Units granted to U.S. Participants
 to be exempt from or compliant with Section 409A of the Code, the Corporation makes no representation or guaranty as to the tax
 treatment of such Options, Restricted Share Units and Deferred Share Units. Each U.S. Participant (and any beneficiary or the estate
 of the Participant, as applicable) is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed
 on or for the account of such U.S. Participant in connection with this Plan. Neither the Corporation nor any affiliate, nor any employee
 or director of the Corporation or an affiliate, shall have any obligation to indemnify or otherwise hold such U.S. Participant, beneficiary
 or estate harmless from any or all such taxes or penalties.

**SCHEDULE "B"**

**AUDITOR REPORTING PACKAGE**

See attached.

**BLUE MOON METALS INC.**

550 – 220 Bay Street, Toronto

Ontario, M5J 2W4

**NOTICE OF CHANGE OF AUDITOR**

Pursuant to National Instrument 51-102

---

| | |
|:---|:---|
| **TO:** | **Davidson & Company LLP** |
| **AND TO:** | **MNP LLP** |
| **AND TO:** | **British Columbia Securities Commission** |
|  | **Alberta Securities Commission** |
|  | **Autorité des marchés financiers** |
| **Re:** | **Notice Regarding Change of Auditor Pursuant to National Instrument 51-102** |

---

Notice is hereby given, pursuant to section 4.11 of National Instrument 51-102 – *Continuous Disclosure Obligations* ("**NI 51-102**"), of a change of auditor of Blue Moon Metals Inc. (the "**Company**").

(1) The audit committee (the "**Audit Committee**") of the Company's board of directors (the "**Board** ")
 conducted a review of external audit services and reviewed proposals to provide audit services
 for the fiscal year ending December 31, 2025.

(2) After consideration of all relevant
 factors, the Audit Committee recommended to the Board that Davidson & Company LLP,
 Chartered Professional Accountants (the "**Former Auditor**") be requested
 to resign as auditor of the Company, and that MNP LLP, Chartered Professional Accountants
 (the "**Successor Auditor**") be nominated for appointment as auditor of the
 Company.

(3) At the request of the Company,
 the Former Auditor tendered its resignation as auditor of the Company effective April 21,
 2025.

(4) The Board has considered and
 acknowledged the Former Auditor's resignation and on the recommendation of the Audit
 Committee, has appointed the Successor Auditor as auditor of the Company to hold office until
 the next annual meeting of shareholders of the Company.

(5) The Former Auditor has not expressed
 any modified opinions in the Former Auditor's reports on the financial statements of
 the Company for the two most recently completed financial years and ending on the date of
 the resignation of the Former Auditor.

(6) In the opinion of the Audit Committee
 and the Board, there are no reportable events, as such term is defined in subparagraph 4.11(1) of
 NI 51-102.

DATED April 21, 2025.

**BLUE MOON METALS INC.**

Per:

---

| |
|:---|
| */s/ "Frances Kwong"* |
| Frances Kwong, Chief Financial Officer |

---

![](tm2533647d1_ex99-11sp2img001.jpg)

April 21, 2025

**Alberta Securities Commission**

**British Columbia Securities Commission**

**Autorité des marchés financiers (Québec)**

Dear Sirs / Mesdames

---

| | |
|:---|:---|
| **Re:** | **Blue Moon Metals Inc. (the "Company") <u><br> Notice Pursuant to NI 51 – 102 of Change of Auditor</u>** |

---

In accordance with National Instrument 51-102, we have read the Company's Change of Auditor Notice dated April 21, 2025 and agree with the information contained therein, based upon our knowledge of the information at this date.

Should you require clarification or further information, please do not hesitate to contact the writer.

Yours very truly,

---

| |
|:---|
| ![](tm2533647d1_ex99-11sp2img002.jpg) |
| **DAVIDSON & COMPANY LLP** |
| Chartered Professional Accountants |
| **cc: TSX Venture Exchange** |

---

![](tm2533647d1_ex99-11sp2img003.jpg)

1200 - 609 Granville Street, PO. Box 10372, Pacific Centre, Vancouver, B.C., Canada V7Y 166 <br> Telephone (604) 687-0947 Davidson-co.com

![](tm2533647d1_ex99-11sp2img004.jpg)

April 21, 2025

British Columbia Securities Commission

Alberta Securities Commission

Autorité des marchés financiers

Dear Sirs and Mesdames:

---

| | |
|:---|:---|
| **Re:** | **Blue Moon Metals Inc. <br> Notice of Change of Auditor Pursuant to National Instrument 51-102** |

---

As required by subparagraph (6)(a)(ii) of section 4.11 of National Instrument 51-102 - *Continuous Disclosure Obligations*, we have reviewed the information contained in the Notice of Change of Auditor of Blue Moon Metals Inc. dated April 21, 2025 (the "**Notice**") and, based on our knowledge of such information at this time, we agree with the statements made in the Notice pertaining to our firm. We advise that we have no basis to agree or disagree with the comments in the Notice relating to Davidson & Company LLP.

Yours truly,

---

| |
|:---|
| **Chartered Professional Accountants** |
| **Licensed Public Accountants** |

---

---

| | |
|:---|:---|
| **MNP LLP** |  |
| 1 Adelaide Street East, Suite 1900, Toronto ON, M5C 2V9 | 1.877.251.2922 T: 416.596.1711 F: 416.596.7894 |

---

## Exhibit 99.12

**Exhibit 99.12**

**Blue Moon Metals Enters into MOU to Acquire the Springer Critical Metals Mine and Processing Plant in Nevada and Announces its Intention to list on the NASDAQ**

TORONTO, Oct. 14, 2025 /CNW/ - Blue Moon Metals Inc. ("**Blue Moon**" or the "**Company**") (TSXV: MOON) (OTCQX: BMOOF), is pleased to announce that it has entered into a Memorandum of Understanding (the "**MOU**") dated October 10, 2025 with Goods LG LLC (the "**Seller**") to acquire the Springer Mine, Mill and all associated infrastructure required for mineral processing in Pershing County, Nevada (the "**Property**") (together the "**Transaction**"). Completion of the Transaction is subject to the satisfaction of a number of conditions precedent including the negotiation of a definitive agreement, the extension of certain water rights used by the Mill, and other customary conditions for transactions of this nature. In exchange for exclusivity on the Property, Blue Moon has provided a US$500,000 non-refundable cash payment to the Seller.

The Springer Mill historically processed tungsten, and has an Ammonium Paratungstate ("APT") circuit including autoclave and related reagent systems. The mill can readily be modified to produce concentrates from critical metals from alternate sources. Blue Moon intends to develop a hub and spoke business model by acquiring and developing smaller, high grade underground critical metals mines in the western United States (the "US") and processing the mineralized material at the Springer Mill. This strategy is in-line with US federal government efforts to promote domestic production of critical metals and decrease dependence on foreign supply chains.

The Springer Property consists of approximately 11,280 acres of mineral claims and fee lands. The mineral resource is located entirely on private fee lands. The historical mineral resource on the Property is: <sup>(1)(2)(3)</sup>

&nbsp;&nbsp;&nbsp;&nbsp;· Historical estimate of indicated resources of 355,000 tons
@ 0.537% WO<sub>3</sub>

&nbsp;&nbsp;&nbsp;&nbsp;· Historical estimate of inferred resources of 1,933,600
tons @ 0.493% WO<sub>3</sub>

The mine infrastructure includes a vertical shaft developed down to 1,600 feet, a headframe and 3 compartment hoist and associated equipment.

Blue Moon Mine owned by the Company in California could serve as one such feed, which is about 375 miles from the Mill by road. The primary Union Pacific rail spur is 7 miles away from the Mill and the site was historically served by a railway siding that could potentially be reinstated. The Mill is on private land with sufficient space to expand additional processing lines, and abundant room for tailings expansion, as well as strong electrical and road infrastructure. The Mill has several water rights that are in good standing in various stages, with some requiring extensions which will be conditions precedent to this Transaction closing as described above. Assuming all conditions precedent are met, the Transaction is expected to close over the following months.

Separately, on the back of this Transaction and its US asset base, the Company is also announcing that it intends to apply to list its common shares on the Nasdaq Capital Market (the "**NASDAQ**") with likely listing completed in Q1 2026. Christian Kargl-Simard, Blue Moon's CEO comments, "The acquisition of the Mill opens up a huge opportunity for the Company to develop smaller higher-grade mines covering the critical minerals space, including base metals, antimony and tungsten in the US. The time to be building mines in the US is now, and our team is specifically strong in construction, operations and mine finance. The decision to apply and list on the NASDAQ is a critical step in our growth strategy focusing on the critical metals supply chain, while rapidly advancing the Company. Recently our liquidity has been larger on many days on the OTCQX than our TSXV listing, so this is just a natural progression."

**Highlights of the Transaction**

![](tm2533647d1_ex99-12img002.jpg)

Figure 1: Overhead view of the Springer Mill located in Pershing County, Nevada (CNW Group/Blue Moon Metals)

![](tm2533647d1_ex99-12img003.jpg)

Figure 2: Springer Ball Mill (CNW Group/Blue Moon Metals)

The Mill includes the following assets generally in good condition, permits and rights:

<u>Mine & Mill Facilities</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Process plant ~1,200 tpd capacity to produce
tungsten concentrates and/or APT

&nbsp;&nbsp;&nbsp;&nbsp;· Electrical infrastructure including main substation
(69kV to 5kV), transformers, switchgear, MCCs, soft starters, substations Crusher & conveying system

&nbsp;&nbsp;&nbsp;&nbsp;· Ancillary facilities: hoist house, mine substation,
maintenance pads, warehouse, offices Tailings storage facilities (conventional and dry stack)

&nbsp;&nbsp;&nbsp;&nbsp;· Roads, tankage, and other miscellaneous surface
infrastructure associated with the operation

&nbsp;&nbsp;&nbsp;&nbsp;· Water rights

<u>Permits & Authorizations</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Transfer of major permits including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Water Pollution Control Permit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Air Quality Operating Permit Class II

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dam Permits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reclamation Permit & Bond

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Industrial Artificial Pond Permit

**Qualified Persons**

The technical and scientific information of this news release has been reviewed and approved by Mr. Dustin Small, P.Eng., a non-Independent Qualified Person, as defined by NI 43-101.

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) As at the date of this news release, a qualified person has not completed sufficient work to classify this historical estimate as current mineral resources or mineral reserves in accordance with NI 43-101 and Blue Moon is not treating the historical estimate as current mineral resources or mineral reserves. In order to verify the historical estimate, the Company needs to engage a qualified person to review the historical data, review any work completed on the property since the date of the estimate and complete a new technical report. Blue Moon views this historical data as an indicator of the potential size and grade of the mineralized deposits, and this data is relevant to Company's future plans with respect to the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Resource classification was performed according to CIM guidelines for indicated and inferred resources at the time and are based on drill spacing and density; the estimate was presented at 0.20 WO3% cutoff grade based on approximate mining cost of $40/ton, processing cost of $13.50/ton, administration cost of $7/ton, mill recovery of 82% and a WO3 price of $11.50/lb. Rounding may result in apparent summation differences between tonnes, grades and metal content; not considered material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The effective date of this estimate is August 20, 2012, and is contained in the "Preliminary Economic Assessment of the Springer Tungsten Mine, Pershing County, Nevada, USA" dated December 31, 2013 and prepared by Keith McCandlish of DMT Geosciences Ltd.

**About Blue Moon**

Blue Moon is advancing 3 brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway, the NSG copper-zinc-gold-silver project in Norway and the Blue Moon zinc-gold-silver-copper project in the United States. All 3 projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc and copper are currently on the USGS and EU list of metals critical to the global economy and national security. Major shareholders include Oaktree, Hartree, Wheaton Precious Metals, Baker Steel Resources Trust, LNS and Monial. More information is available on the Company's website (<u>www.bluemoonmetals.com</u>).

***Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.***

***CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS***

*This news release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws relating to Blue Moon's acquisition of the Mill and planned listing of its common shares on NASDAQ. In addition, without limiting the generality of the foregoing, this news release contains forward-looking information pertaining to the following: The acquisition of the Mill, the development of hub and spoke business model and the acquisition of other mines in the vicinity of the Mill; the potential use of the Blue Moon Mine as a feed source for the Mill; the potential reinstatement of a railway siding in proximity to the Mill; the timeline for listing of the Company's common shares on NASDAQ; and other matters ancillary or incidental to the foregoing.*

*All statements included herein, other than statements of historical fact, may be forward-looking information and such information involves various risks and uncertainties. Forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions.*

*We caution that all forward-looking information is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause our current objectives, strategies and intentions to change. Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We cannot guarantee that any forward-looking information will materialize and you are cautioned not to place undue reliance on this forward-looking information. Any forward-looking information contained in this news release represents management's current expectations and are based on information currently available to management, and are subject to change after the date of this news release. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.*

*A comprehensive discussion of other risks that impact Blue Moon can also be found in its public reports and filings which are available at <u>www.sedarplus.ca</u>.*

![](tm2533647d1_ex99-12img004.jpg)

![](tm2533647d1_ex99-12img007.jpg)View original content to download multimedia: <u>https://www.prnewswire.com/news-releases/blue-moon-metals-enters-into-mou-to-acquire-the-springer-critical-metals-mine-and-processing-plant-in-nevada-and-an</u>

SOURCE Blue Moon Metals

![](tm2533647d1_ex99-12img007.jpg) View original content to download multimedia: <u>http://www.newswire.ca/en/releases/archive/October 2025/14/c1253.html</u>

%SEDAR: 00025425E

**For further information:** For further information: Blue Moon Metals Inc., Christian Kargl-Simard, CEO and Director, Phone: (416) 230 3440, Email: christian@bluemoonmetals.com

CO: Blue Moon Metals

CNW 13:58e 14-OCT-25

## Exhibit 99.13

**Exhibit 99.13**

**Blue Moon Commences Construction of Exploration Decline at its Blue Moon Mine in Mariposa County, California**

TORONTO, Oct. 6, 2025 /CNW/ - Blue Moon Metals Inc. ("**Blue Moon**" or the "**Company**") (TSXV: MOON) (OTCQX: BMOOF), is pleased to announce that construction of the exploration decline at its Blue Moon volcanogenic massive sulphide ("**VMS**") project (the "**Project**"), located in Mariposa County, California, officially commenced on October 5, 2025.

This marks a major milestone in advancing the Project, following the award of the contract to Small Mine Development, L.L.C. ("**SMD**") earlier this year (see June 26, 2025 news release). The decline will provide underground access for infill and exploration drilling, geotechnical and metallurgical test work, and studies of underground mining conditions. These activities are critical to supporting future feasibility studies and a potential mine commercialization decision.

The CEO of Blue Moon, Christian Kargl-Simard stated:

*"The commencement of decline construction is a transformative moment for Blue Moon. Moving underground allows us to accelerate exploration drilling and technical studies, while maintaining a very small surface footprint. We are excited to advance toward unlocking the full potential of the Blue Moon deposit and to continue working closely with SMD, our local partners, and the Mariposa County community."*

Portal construction activities began on October 5 and the initial 2,500 feet of the exploration decline is expected to be completed in Q2-2026. Exploration drilling activities will commence from underground concurrently with the advance of the decline, enabling the Company to accelerate the collection of geological, geotechnical and metallurgical data in parallel with ongoing development. The Company is committed to supporting the economic and social development of the local and regional communities.

**European Outreach**

In addition, the Company announces that it has entered into an agreement (the "**Agreement**") with SRC Swiss Resource Capital AG ("**SRC**") for investor relations and communications services Europe. The Agreement is effective as of October 6, 2025, for a period of one year, after which time the SRC Agreement is automatically renewable on a quarterly basis. The Agreement can be terminated by either party by providing seven (7) days written notice. The services to be provided by SRC to the Company under the terms of the Agreement include communications services, generally viewed as investor relations, including dissemination of information to existing and potential shareholders, creating media through interview and videos as well as supporting or representing the Company at trade and investment shows. Pursuant to the terms of the Agreement, SRC is to be paid 5,000 CHF per month with additional fees for special services such as trade and investment shows.

SRC is a private company based in Herisau, Switzerland. SRC is led by Jochen Staiger, Chief Executive Officer. SRC has experience in providing services to companies listed on various stock exchanges that are seeking to raise their profile in public markets. SRC does not own, directly or indirectly, any securities of the Company.

**<u>Qualified Persons</u>**

The technical and scientific information of this news release has been reviewed and approved by Mr. Dustin Small, P.Eng., a non-Independent Qualified Person, as defined by NI 43-101.

**About Blue Moon**

Blue Moon is advancing 3 brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway, the NSG copper-zinc-gold-silver project in Norway and the Blue Moon zinc-gold-silver-copper project in the United States. All 3 projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc and copper are currently on the USGS and EU list of metals critical to the global economy and national security. More information is available on the Company's website (<u>www.bluemoonmetals.com</u>).

**About Small Mine Development LLC (SMD)**

Small Mine Development builds and operates America's underground mines. SMD's mission is to be the leader in safe, productive and innovative mining solutions. They specialize in underground, hardrock mining and advance projects from exploration, through engineering, development, production mining, and, ultimately, closure.

***Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.***

***CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS***

*This news release includes "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian and U.S. securities laws. All statements included herein that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking information may in some cases be identified by words such as "will", "anticipates", "expects", "intends" and similar expressions suggesting future events or future performance.*

*We caution that all forward-looking information is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause our current objectives, strategies and intentions to change. Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We cannot guarantee that any forward-looking information will materialize and you are cautioned not to place undue reliance on this forward-looking information. Any forward-looking information contained in this news release represents management's current expectations and are based on information currently available to management, and are subject to change after the date of this news release. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.*

*Forward-looking information is provided herein for the purpose of giving information about the Project and its expected impact. Readers are cautioned that such information may not be appropriate for other purposes.*

*A comprehensive discussion of other risks that impact Blue Moon can also be found in its public reports and filings which are available at* <u>www.sedarplus.ca</u>.

![](tm2533647d1_ex99-13img01.jpg) View original content:

<u>https://www.prnewswire.com/news-releases/blue-moon-commences-construction-of-exploration-decline-at-its-blue-moon-mine-in-mariposa-county-california-302575</u>

SOURCE Blue Moon Metals

![](tm2533647d1_ex99-13img01.jpg) View original content:

<u>http://www.newswire.ca/en/releases/archive/October 2025/06/c3999.html</u>

%SEDAR: 00025425E

**For further information:** For further information: Blue Moon Metals Inc., Christian Kargl-Simard, CEO and Director, Phone: (416) 230 3440, Email: christian@bluemoonmetals.com

CO: Blue Moon Metals

CNW 06:45e 06-OCT-25

## Exhibit 99.14

**Exhibit 99.14**

**Form 51-102F3**

***Material Change Report***

---

| | |
|:---|:---|
| **Item 1** | **Name and Address of Company** |

---

Blue Moon Metals Inc. (the **"Corporation"**)

555 – 220 Bay Street

Toronto, Ontario M5J 2W4

---

| | |
|:---|:---|
| **Item 2** | **Date of Material Change** |

---

September 24, 2025, September 25, 2025 and October 1, 2025

---

| | |
|:---|:---|
| **Item 3** | **News Release** |

---

News releases with respect to the Public Offering (as defined below) were issued by the Corporation on September 24, 2025 and September 25, 2025. A subsequent news release in connection with the closing of the Public Offering was issued on October 1, 2025. All news releases were disseminated through Newswire and subsequently filed on SEDAR+ (<u>www.sedarplus.ca</u>) under the Corporation's issuer profile.

---

| | |
|:---|:---|
| **Item 4** | **Summary of Material Change** |

---

On September 24, 2025, the Corporation entered into an engagement letter (the **"Engagement Letter"**) with Scotia Capital Inc. and Canaccord Genuity Corp. (together, the **"Joint Bookrunners"**), acting as joint bookrunners on behalf of a syndicate of underwriters to be formed, which ultimately included Cormark Securities Inc., Haywood Securities Inc. and Fearnley Securities AS (collectively with the Joint Bookrunners, the **" Underwriters"**), pursuant to which the Underwriters agreed to purchase, on a "bought deal" basis, 18,200,000 common shares of the Corporation (the **"Offered Shares"**), at a price of $3.30 per Offered Share (the **"Offering Price"**) for gross proceeds of $60,060,000 (the **"Public Offering"**). The Underwriters were also granted an option (the **"Over-** **Allotment Option"**) to purchase, on the same terms and conditions of the Public Offering, up to an additional 15% of the Offered Shares issued in connection with the Public Offering. The Over-Allotment Option was exercisable, in whole or in part, by the Underwriters at any time until and including 30 days after closing of the Public Offering.

On September 25, 2025, the Corporation and the Joint Bookrunners amended the Engagement Letter to increase the size of the Public Offering to raise gross proceeds of $75,240,000, consisting of 22,800,000 Offered Shares at the Offering Price.

On October 1, 2025, the Corporation announced the closing of the Public Offering of 26,220,000 Offered Shares for gross proceeds of $86,526,000, which included 26,220,000 Offered Shares and gross proceeds raised upon the exercise in full by the Underwriters of the Over-Allotment Option.

---

| | |
|:---|:---|
| **Item 5** | **Full Description of Material Change** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Full Description of Material Change** 

On September 24, 2025, the Corporation entered into the Engagement Letter with the Joint Bookrunners, pursuant to which the Underwriters agreed to purchase, on a "bought deal" basis, 18,200,000 Offered Shares at the Offering Price, for gross proceeds of $60,060,000.

The Engagement Letter included the grant to the Underwriters of the Over-Allotment Option.

On September 25, 2025, the Corporation and the Joint Bookrunners amended the Engagement Letter to increase the size of the Public Offering to raise gross proceeds of $75,240,000, consisting of 22,800,000 Offered Shares at the Offering Price (excluding the Over-Allotment Option).

On September 26, 2025, the Corporation and the Underwriters entered into the underwriting agreement with respect to the Public Offering. The Over-Allotment Option was exercised in full for an additional 3,420,000 Offered Shares on the closing date of the Public Offering.

On October 1, 2025, the Corporation closed the Public Offering of 26,220,000 Offered Shares for aggregate gross proceeds to the Corporation of $86,526,000, including the exercise in full of the Over-Allotment Option. In consideration for their services, the Underwriters received an aggregate cash commission of C$5,191,560.

The Corporation intends to use the net proceeds of the Public Offering to develop the Blue Moon project in California, confirm the ideal processing solution for the mineralized material from the Blue Moon project, additional exploration at the Blue Moon, Nussir and NSG projects, working capital, and general and administration and corporate activities.

The Public Offering was completed pursuant to a prospectus supplement dated September 26, 2025, to the Corporation's short form base shelf prospectus dated September 23, 2025, in each of the provinces and territories of Canada, other than Québec, and in those other jurisdictions outside Canada pursuant to exemptions from prospectus and registration requirements.

Certain insiders of the Corporation (the **"Insiders"**) purchased, directly or indirectly, an aggregate of 2,105,000 Offered Shares pursuant to the Public Offering. Participation by the Insiders in the Public Offering is considered a "related party transaction" pursuant to Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions* (**"MI 61-101"**). The Corporation did not file a material change report more than 21 days before the expected closing date of the Public Offering as the details of the Public Offering and the participation therein by each "related party" of the Corporation were not settled until shortly prior to the closing of the Public Offering, and the Corporation wished to close the Public Offering on an expedited basis for sound business reasons. The Corporation is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The Corporation is exempt from the formal valuation requirement in section 5.4 of MI 61-101 in reliance on section 5.5(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than 25% of the Corporation's market capitalization. Additionally, the Corporation is exempt from minority shareholder approval requirement in section 5.6 of MI 61-101 in reliance on section 5.7(1)(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than 25% of the Corporation's market capitalization.

The securities offered pursuant to the Public Offering have not been, and will not be, registered under the United States *Securities Act of 1933*, as amended (the **"U.S. Securities Act"**), or any U.S. state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the "United States" or "U.S. persons" (as such terms are defined in Regulation S under the U.S. Securities Act) absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.

**5.2** **Disclosure for Restructuring Transactions** 

Not applicable.

---

| | |
|:---|:---|
| **Item 6** | **Reliance on subsection 7.1(2) of National Instrument 51-102** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 7** | **Omitted Information** |

---

Not applicable.

---

| | |
|:---|:---|
| **Item 8** | **Executive Officer** |

---

Christian Kargl-Simard

Chief Executive Officer and Director

Blue Moon Metals Inc.

Telephone: (416) 230-3440

---

| | |
|:---|:---|
| **Item 9** | **Date of report:** |

---

October 6, 2025

**Cautionary Note Regarding Forward-Looking Information**

This material change report contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this material change report. Forward-looking statements herein include, but are not limited to, statements with respect to the use of proceeds of the Public Offering. Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", " plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. Except for statements of historical fact relating to the Corporation, certain information contained herein constitutes forward-looking statements. Forward-looking information is based on estimates of management of the Corporation, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, risks relating to general developments, market and industry conditions. Although the forward-looking information contained in this material change report is based upon what management believes, or believed at the time, to be reasonable assumptions, the parties cannot assure shareholders and prospective purchasers of securities that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation believes that this forward-looking information is based on reasonable assumptions, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this material change report should not be unduly relied upon. The Corporation does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law. These statements speak only as of the date of this material change report.

## Exhibit 99.15

**Exhibit 99.15**

![](tm2533647d1_ex99-15img01.jpg)

**Blue Moon Metals Announces Closing of C$86.5 Million "Bought Deal" Public Offering**

**The shelf prospectus supplement, the corresponding base shelf prospectus and<br> any amendment to the documents are accessible through SEDAR+**

*NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES*

**TORONTO, Ontario – October 1, 2025 –** Blue Moon Metals Inc. ("**Blue Moon**" or the "**Company**") (**TSXV: MOON**; **OTCQX: BMOOF**), is pleased to announce that it has closed its previously announced "bought deal" public offering of common shares of the Company (the "**Common Shares**"). Scotia Capital Inc. and Canaccord Genuity Corp., acted as joint bookrunners on behalf of a syndicate of underwriters, including Cormark Securities Inc., acting as co-lead manager, Haywood Securities Inc. and Fearnley Securities AS (collectively, the "**Underwriters**"), in connection with the offering, pursuant to which the Company issued an aggregate 26,220,000 Common Shares at an issue price of C$3.30 per Common Share for aggregate gross proceeds of $86,526,000 (including the exercise in full of the Underwriters' over-allotment option) (the "**Offering**"). In consideration for their services, the Underwriters received an aggregate cash commission of C$5,191,560.

The Offering was completed pursuant to a prospectus supplement (the "**Prospectus Supplement**") dated September 26, 2025 to the Company's short form base shelf prospectus dated September 23, 2025 (the "**Base Shelf Prospectus**"), in each of the provinces and territories of Canada, other than Québec, and in those other jurisdictions outside Canada pursuant to exemptions from prospectus and registration requirements.

The net proceeds from the Offering are expected to be used to develop the Blue Moon project in California, confirm the ideal processing solution for the mineralized material from the Blue Moon project, additional exploration at the Blue Moon, Nussir and NSG projects, working capital, and general and administration and corporate activities, as further described in the Prospectus Supplement. The Offering remains subject to the final approval of the TSX Venture Exchange.

The Common Shares have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act and applicable states securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Access to the Prospectus Supplement, the corresponding Base Shelf Prospectus and any amendment to the documents is provided in accordance with securities legislation relating to procedures for providing access to a prospectus supplement, a base shelf prospectus and any amendment thereto. The Prospectus Supplement and the corresponding Base Shelf Prospectus are available on SEDAR+ at <u>www.sedarplus.ca</u>, and amendments thereto, if any, will be within two business days.

No new insiders, or control persons, were created as a result of the Offering.

An electronic or paper copy of the Prospectus Supplement, the corresponding Base Shelf Prospectus and any amendment to the documents may be obtained, without charge, from Scotia Capital Inc. at 40 Temperance Street, 6<sup>th</sup> Floor, Toronto Ontario, M5H 0B4, Attention: Equity Capital Markets, or by phone at (416) 863-7704 or by email at <u>equityprospectus@scotiabank.com</u>, or from Canacccord Genuity Corp. by email at <u>ecm@cgf.com</u>, by providing the contact with an email address or address, as applicable.

Page 1 of **3**

![](tm2533647d1_ex99-15img01.jpg)

**Insider Participation**

Certain insiders of the Company have subscribed for 2,105,000 Common Shares under the Offering for aggregate gross proceeds of $6,946,500. Each subscription by an "insider" is considered to be a "related party transaction" for the purposes of Multilateral Instrument 61-101 – *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**"). The Company did not file a material change report more than 21 days before the expected closing date of the Offering as the details of the Offering and the participation therein by each "related party" of the Company were not settled until shortly prior to the closing of the Offering, and the Company wished to close the Offering on an expedited basis for sound business reasons. The Company is relying on exemptions from the formal valuation and minority shareholder approval requirements available under MI 61-101. The Company is exempt from the formal valuation requirement in section 5.4 of MI 61-101 in reliance on section 5.5(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than 25% of the Company's market capitalization. Additionally, the Company is exempt from minority shareholder approval requirement in section 5.6 of MI 61-101 in reliance on section 5.7(1)(a) of MI 61-101 as the fair market value of the transaction, insofar as it involves interested parties, is not more than 25% of the Company's market capitalization.

**About Blue Moon**

Blue Moon is advancing 3 brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway, the NSG copper-zinc-gold-silver project in Norway and the Blue Moon zinc-gold-silver-copper project in the United States. All 3 projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc and copper are currently on the USGS and EU list of metals critical to the global economy and national security. More information is available on the Company's website (<u>www.bluemoonmetals.com</u>).

**For further information:**

**Blue Moon Metals Inc.** 

Christian Kargl-Simard

CEO and Director

Phone: (416) 230 3440

Email: christian@bluemoonmetals.com

***Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.***

***CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS***

*This news release includes "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian and U.S. securities laws. All statements included herein that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking information may in some cases be identified by words such as "will", "anticipates", "expects", "intends" and similar expressions suggesting future events or future performance.*

Page **2** of **3**

![](tm2533647d1_ex99-15img01.jpg)

*We caution that all forward-looking information is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause our current objectives, strategies and intentions to change. Such factors include, among others, the final approval of the Offering by the TSX Venture Exchange and the intended use of the proceeds of the Offering. Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We cannot guarantee that any forward-looking information will materialize and you are cautioned not to place undue reliance on this forward-looking information. Any forward-looking information contained in this news release represents management's current expectations and are based on information currently available to management, and are subject to change after the date of this news release. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.*

*Forward-looking information is provided herein for the purpose of giving information about Blue Moon and its expected impact. Readers are cautioned that such information may not be appropriate for other purposes.*

*A comprehensive discussion of other risks that impact Blue Moon can also be found in its public reports and filings which are available at* <u>www.sedarplus.ca</u>*.*

Page **3 of 3**

## Exhibit 99.16

**Exhibit 99.16**

**Blue Moon Metals Inc.**

**Treasury Offering of Common Shares**

---

| | |
|:---|:---|
| **Upsized Term Sheet** | **September 25, 2025** |

---

*A short form base shelf prospectus dated September 23, 2025 (the "**base shelf prospectus**") containing important information relating to the securities described in this document has been filed with the securities regulatory authorities in each of the provinces and territories of Canada, except Quebec. The base shelf prospectus, any applicable shelf prospectus supplement and any amendment to such documents are accessible through SEDAR+ at www.sedarplus.ca. Copies of these documents may be obtained without charge from Scotia Capital Inc. at 40 Temperance Street, 6th Floor, Toronto, Ontario M5H 0B4, Attention Equity Capital Markets or by phone at (416)-863-7704 or by email at equityprospectus@scotiabank.com. or from Canaccord Genuity Corp. by email at ecm@cgf.com. This document does not provide full disclosure of all material facts relating to the securities offered. Investors should read the base shelf prospectus, the applicable shelf prospectus supplement and any amendments to such documents for disclosure of those facts, especially risk factors relating to the securities offered, before making an investment decision.*

*The securities offered under this prospectus have not been and will not be registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or the securities laws of any state of the United States (as such term is defined in Regulation S under the U.S. Securities Act) (the "**United States**"), and may not be offered or sold within the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable securities laws of any state of the United States.*

---

| | |
|:---|:---|
| **Issuer:** | Blue Moon Metals Inc. (the "**Company**"). |
| **Offering:** | Treasury offering of 22,800,000 common shares (the "**Shares**"). |
| **Offering Amount:** | $75,240,000, before giving effect to any exercise of the Over-Allotment Option. |
| **Offering Price:** | $3.30 per Share. |
| **Over-Allotment Option:** | The Company has granted the Underwriters an option, exercisable, in whole or in part, at any time until and including 30 days following the Closing Date, to purchase up to an additional 15% of the Shares sold pursuant to the Offering at the Offering Price to cover over-allotments, if any and for market stabilization purposes. |
| **Use of Proceeds:** | The net proceeds from the Offering are expected to be used to develop the Blue Moon project in California, confirm the ideal processing solution for the mineralized material from the Blue Moon project, additional exploration at the Blue Moon, Nussir and NSG projects, working capital, and general and administration and corporate activities. |
| **Issue Type:** | Bought underwritten public issue, in each of the provinces and territories of Canada, except Quebec, by way of a supplement to the short form base shelf prospectus of the Company dated September 23, 2025; on a private placement basis in the United States pursuant to Rule 144A under the U.S. Securities Act to "qualified institutional buyers" (as defined in Rule 144A); and outside of Canada and the United States in jurisdictions that would not require the filing of a prospectus, registration statement or similar document or cause the Company to become subject to ongoing reporting obligations in such jurisdictions. |
| **Listing:** | The issued and outstanding common shares of the Company are listed on the TSX Venture Exchange (the "**TSXV**") under the symbol "MOON". |
| **Eligibility:** | The Shares are eligible investments for RRSPs, RRIFs, DPSPs, RDSPs, RESPs, TFSAs and FHSAs. |
| **Bookrunners:** | Scotia Capital Inc. and Canaccord Genuity Corp. |
| **Commission:** | 6.0% of the gross proceeds of the Offering (including the Over-Allotment Option, if exercised). |
| **Closing Date:** | On or about October 1, 2025. |

---

## Exhibit 99.17

**Exhibit 99.17**

*No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This prospectus supplement, together with the short form base shelf prospectus dated September 23, 2025 to which it relates, as amended or supplemented, and each document incorporated or deemed to be incorporated by reference herein or therein, constitutes a public offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities. See "Plan of Distribution".*

 

*The securities offered hereby have not been and will not be registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or any U.S. state securities laws. Accordingly, these securities may not be offered or sold within the United States or to a U.S. person (as such term is defined in Regulation S under the U.S. Securities Act) except in transactions exempt from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This prospectus supplement does not constitute an offer to sell or a solicitation of an offer to buy any of these securities within the United States of America. See "Plan of Distribution".*

***Information has been incorporated by reference in this prospectus supplement and the accompanying short form base shelf prospectus dated September 23, 2025 from documents filed with securities commissions or similar authorities in Canada.*** *Copies of the documents incorporated herein by reference may be obtained on request without charge from the Chief Executive Officer of Blue Moon Metals Inc., 220 Bay Street, Suite 550, Toronto, Ontario, M5J 2W4, 416-230-3440, and are also available electronically on SEDAR+ (www.sedarplus.ca) under Blue Moon Metals Inc.'s issuer profile.*

**PROSPECTUS SUPPLEMENT** 

**To the Short Form Base Shelf Prospectus dated September 23, 2025**

*<u>New Issue</u>* September 26, 2025

![](tm2533647d1_ex99-17img01.jpg)

**BLUE MOON METALS INC.**

**$75,240,000**

**22,800,000** **Common Shares**

This prospectus supplement (this **"Prospectus Supplement"**) of Blue Moon Metals Inc. (**"Blue Moon"** or the **"Corporation"**), together with the short form base shelf prospectus dated September 23, 2025 (the **"Prospectus"**) qualifies the distribution (the **"Offering"**) of 22,800,000 common shares of the Corporation (the **"Offered Shares"**) at a price of $3.30 per Offered Share (the **"Offering Price"**). The Offered Shares are being issued and sold pursuant to an underwriting agreement dated September 26, 2025 (the **"Underwriting Agreement"**) among the Corporation, Scotia Capital Inc. (**"Scotia"**) and Canaccord Genuity Corp. (**"Lead Underwriters"**) as the Lead Underwriters and joint bookrunners, together with Cormark Securities Inc. as co-lead underwriter, Haywood Securities Inc. and Fearnley Securities AS (collectively with the Lead Underwriters, the **"Underwriters"**). The Offering Price was determined based on arm's length negotiations between the Corporation and the Lead Underwriters, on behalf of the Underwriters, and with reference to the prevailing market price of the issued and outstanding common shares of the Corporation (the **"Common Shares"**). See *"Description of Securities Being Distributed"* and *"Plan of Distribution"*.

The Common Shares are listed and posted for trading on the TSX Venture Exchange (the **"TSXV"**) under the symbol "MOON" and are also quoted on the OTCQX® Best Market (**"OTCQX"**) under the symbol "BMOOF" and the Frankfurt Stock Exchange (**"FRA"**) under the symbol "8SX0". On September 23, 2025, the last full trading day prior to the announcement of the Offering, the closing price of the Common Shares on the TSXV was $3.49. On September 25, 2025, the last trading day prior to the date of this Prospectus Supplement, the closing price of the Common Shares on the TSXV was $3.34, the closing price of the Common Shares on the OTCQX was US$2.4022 and the closing price of the Common Shares on the FRA was €2.08. The Corporation has applied to list the Offered Shares (including the Over-Allotment Shares (as defined herein)) on the TSXV. Listing is subject to the Corporation fulfilling all of the requirements of the TSXV.

**Price: $3.30 per Offered Share**

---

| | | | |
|:---|:---|:---|:---|
|  | **Price to the Public** | **Underwriters' Fee<sup>(1)(2)</sup>** | **Net Proceeds to Blue Moon<sup>(2)(3)</sup>** |
| Per Offered Share | $3.30 | $0.198 | $3.102 |
| **Total Offering<sup>(2)</sup>** | $**75240000** | $**4514400** | $**70725600** |

---

**Notes:**

(1) In consideration for the services rendered
 by the Underwriters in connection with the Offering, the Corporation has agreed to pay the
 Underwriters a cash commission equal to 6.0% (the **"Underwriters' Fee"**) of
 the gross proceeds of the Offering (including, for greater certainty, on any exercise of
 the Over-Allotment Option (as defined herein)).

(2) The Corporation has granted the Underwriters
 an option (the **"Over-Allotment Option"**), exercisable in whole or in part
 in the sole discretion of the Underwriters for a period of 30 days following the Closing
 Date (as defined herein), to purchase up to an additional 3,420,000 Offered Shares (the **"Over-Allotment Shares"**), at the Offering Price, to cover over-allocations, if any, and for market
 stabilization purposes. The grant of the Over-Allotment Option is qualified by this Prospectus
 Supplement. A person who acquires securities forming part of the Underwriters' over-allocation
 position acquires those securities under this Prospectus Supplement regardless of whether
 the Underwriters' over-allocation position is ultimately filled through the exercise of the
 Over-Allotment Option or secondary market purchases. If the Over-Allotment Option is exercised
 in full, the total *"Price to the Public"*, *"Underwriters' Fee"* and *"Net Proceeds to Blue Moon"* (before payment of the expenses of the Offering)
 will be $86,526,000, $5,191,560 and $81,334,440, respectively. See *"Plan of Distribution"* and the table below.

(3) After deducting the Underwriters' Fee, but
 before deducting the expenses of the Offering (such expenses estimated to be $431,000), which,
 together with the Underwriters' Fee, will be paid by the Corporation out of the gross proceeds
 of the Offering. See *"Plan of Distribution"*.

The following table sets out the number of securities under option that may be issued by the Corporation in connection with the Offering:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Underwriters' Position** | **Maximum Size or Number of**<br>**Securities Available** | <br>**Exercise Period** | <br>**Price** |
| Over-Allotment Option | 3,420,000<br> Over-Allotment Shares | Up to 30 days following the Closing Date | $3.30 per Over-Allotment Share |

---

Unless the context otherwise requires, all references to the **"Offering"** and the **"Offered Shares"** in this Prospectus Supplement shall include the Over-Allotment Option and the Over-Allotment Shares, respectively.

Subject to applicable laws and in connection with the Offering, the Underwriters may over-allot or effect transactions which are intended to stabilize or maintain the market price of the Common Shares at levels other than those which might otherwise prevail on the open market. Such transactions, if commenced, may be discontinued at any time. **The Underwriters may offer the Offered Shares at a lower price than stated above. Any such reduced-price sales will not affect the net proceeds to be received by the Corporation under the Offering.** See *"Plan of Distribution"*.

**An investment in the Offered Shares is highly speculative and involves a high degree of risk and should only be made by persons who can afford the total loss of their investment. The risk factors included or incorporated by reference in this Prospectus Supplement should be carefully reviewed and considered by purchasers in connection with an investment in the Offered Shares. See *"Notice to Investors – Forward-Looking Information"* and *"Risk Factors"* in this Prospectus Supplement and *"Cautionary Statement Regarding Forward-Looking Information"* and *"Risk Factors"* in the AIF (as defined herein), which is available electronically on SEDAR+ at <u>www.sedarplus.ca</u> and is incorporated by reference herein.**

**Prospective investors should be aware that the acquisition, holding or disposition of the Offered Shares may have tax consequences. Such consequences for investors are not discussed herein. Prospective investors are encouraged to consult their own tax advisors with respect to their own particular circumstances.**

The Underwriters, as principals, conditionally offer the Offered Shares, subject to prior sale, if, as and when issued by the Corporation and accepted by the Underwriters in accordance with the conditions contained in the Underwriting Agreement referred to under "*Plan of Distribution*" and subject to the approval of certain legal matters on behalf of the Corporation by Bennett Jones LLP and on behalf of the Underwriters by Blake, Cassels & Graydon LLP.

- ii -

Securities legislation in certain of the provinces and territories of Canada provides purchasers with the right to withdraw from an agreement to purchase securities. See "*Purchasers' Statutory Rights of Withdrawal and Rescission*".

Subscriptions for the Offered Shares will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. It is anticipated that the Offered Shares will be delivered under the book-based system through CDS Clearing and Depository Services Inc. (**"CDS"**) or its nominee and deposited in registered or electronic form with CDS on the closing of the Offering, which is expected to be on October 1, 2025, or such other date as may be agreed upon by the Corporation and Scotia (such actual closing date hereinafter referred to as the **"Closing Date"**) and, in any event, on or before a date not later than 42 days from the date of this Prospectus Supplement. Except in limited circumstances, such as for certain purchasers of Offered Shares in the United States, a purchaser of Offered Shares will receive only a customer confirmation from the registered dealer through which the Offered Shares are purchased.

Certain directors of the Corporation and certain executive officers of the Corporation who have signed certificates in this Prospectus Supplement or the Prospectus and certain persons who have signed consents required to be filed in connection with the filing of this Prospectus Supplement or the Prospectus reside outside of Canada. Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed an agent for service of process. See "*Enforcement of Judgments Against Foreign Persons or Companies*".

The Corporation's registered office is located at 1133 Melville Street, Suite 2700, Vancouver, British Columbia, Canada, V6E 4E5 and its head office is located at 220 Bay Street, Suite 550, Toronto, Ontario, Canada, M5J 2W4.

- iii -

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| NOTICE TO INVESTORS | S-1 |
| ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS | &nbsp;&nbsp;S-2 |
| CURRENCY PRESENTATION AND FINANCIAL INFORMATION | &nbsp;&nbsp;S-3 |
| NOTICE REGARDING NON-IFRS MEASURES | &nbsp;&nbsp;S-3 |
| TECHNICAL INFORMATION | &nbsp;&nbsp;S-3 |
| DOCUMENTS INCORPORATED BY REFERENCE | &nbsp;&nbsp;&nbsp;S-3 |
| MARKETING MATERIALS | &nbsp;&nbsp;S-4 |
| ELIGIBILITY FOR INVESTMENT | S-4 |
| THE CORPORATION | S-5 |
| RECENT DEVELOPMENTS | &nbsp;&nbsp;S-5 |
| CONSOLIDATED CAPITALIZATION | S-5 |
| USE OF PROCEEDS | S-6 |
| PLAN OF DISTRIBUTION | &nbsp;&nbsp;S-8 |
| DESCRIPTION OF SECURITIES BEING DISTRIBUTED | S-10 |
| PRIOR SALES | &nbsp;&nbsp;&nbsp;S-11 |
| TRADING PRICE AND VOLUME | &nbsp;&nbsp;S-11 |
| CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS | S-11 |
| RISK FACTORS | S-13 |
| AUDITORS, TRANSFER AGENT AND REGISTRAR | S-15 |
| INTERESTS OF EXPERTS | S-15 |
| PURCHASERS' STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION | S-15 |
| NOTICE TO INVESTORS | &nbsp;&nbsp;S-16 |
| CERTIFICATE OF THE CORPORATION | C-1 |
| CERTIFICATE OF THE UNDERWRITERS | C-2 |

---

(i) **NOTICE TO INVESTORS**

**About this Prospectus Supplement**

This document is in two parts. The first part is this Prospectus Supplement, which describes the terms of the Offered Shares being offered and also adds to and updates information contained in the Prospectus and the documents incorporated by reference therein. The second part, the Prospectus, gives more general information, some of which may not apply to the Offered Shares being offered under this Prospectus Supplement. This Prospectus Supplement is deemed to be incorporated by reference into the Prospectus solely for the purpose of the Offering constituted by this Prospectus Supplement. Other documents are also incorporated, or are deemed to be incorporated by reference, into the Prospectus and reference should be made to the Prospectus for full particulars thereof.

Readers should rely only on the information contained in or incorporated by reference in this Prospectus Supplement and the Prospectus and should not rely on some parts of this Prospectus Supplement or Prospectus to the exclusion of others. The Corporation has not, and the Underwriters have not, authorized any other person to provide investors with additional or different information. If anyone provides you with additional, different or inconsistent information, including information or statements in articles about the Corporation or through other forms of media, readers should not rely on it. The Corporation is not, and the Underwriters are not, offering the securities in any jurisdiction in which the Offering is not permitted. Investors should assume that the information contained in this Prospectus Supplement or the Prospectus is accurate only as of the date on the front of those documents and that information contained in any document incorporated by reference herein or therein is accurate only as of the date of that document unless otherwise specified, regardless of the time of delivery of this Prospectus Supplement or of any sale of the securities pursuant hereto. The Corporation's business, financial condition, results of operations and prospects may have changed since those dates.

**Information contained in this Prospectus Supplement should not be construed as legal, tax or financial advice and readers are urged to consult their own professional advisors in connection therewith.**

**Forward-Looking Information**

This Prospectus Supplement and the documents incorporated by reference herein may contain or incorporate by reference "forward-looking information" within the meaning of applicable Canadian securities legislation. All information, other than statements of historical facts, included in this Prospectus Supplement and any document incorporated by reference herein that address activities, events or developments that the Corporation expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion and growth of the Corporation's businesses, operations, plans and other such matters are forward-looking information.

When used in this Prospectus Supplement or any document incorporated by reference or deemed to be incorporated by reference herein, the words "estimate", "plan", "continue", "anticipate", "might", "expect", "project", "intend", "may", "will", "shall", "should", "could", "would", "predict", "forecast", "pursue", "potential", "believe" and similar expressions are intended to identify forward-looking information. This information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

Examples of such forward-looking information include information pertaining to, without limitation: statements with respect to the use of proceeds of the Offering; the timing for completion of the Offering; the satisfaction of the conditions to closing of the Offering, including receipt in a timely manner of required regulatory approvals, including the approval of the TSXV; the plan of distribution for the Offering; the potential for the Underwriters to exercise the Over-Allotment Option or undertake market stabilization transactions; the milestones necessary to achieve the Corporation's business objectives and the timing thereof; the availability and change in terms of financing; viability and timing of approval for required permits; permitting and legal processes in relation to mining permitting and approval; the benefits of the development potential of the properties of the Corporation; risk of employee and/or contractor strike actions; the future price of zinc, copper, gold and silver; the estimation of the mineral reserves and resources; the realization of mineral reserve and resource estimates; the timing and amount of estimated future production at each of the Blue Moon Property and Nussir Property (each as defined under the heading "*Technical Information*"); costs of production; expected capital expenditures; costs and timing of development of new deposits; success of exploration activities; permitting requirements; currency fluctuations; labour availability costs and conditions; supply chain elasticity; inherent hazards associated with mining operations; costs of production, expansion of production capabilities; the ability to obtain surface rights to support planned infrastructure at the Corporation's projects; the ability to take advantage of forward sales agreements profitably; the ability to recover property potentially impaired by third party insolvency proceedings; requirements for additional capital; government regulation of mining operations; environmental risks and hazards; title disputes or claims; and limitations on insurance coverage.

Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include: inherent risks associated with the business of exploring, development and mining; errors in management's geological modelling; the inability of the Corporation to capitalize on mineralization on its properties in a manner that is economic; the timing and ability (if at all) to complete further exploration activities, including drilling; development, infrastructure, operating or technical difficulties on any of the Corporation's properties; risks relating to costs, timing and ability (if at all) to advance the properties of the Corporation differing materially from estimates; the inability to obtain all authorizations and permits needed to continue advancing the Corporation's properties in a timely manner (or at all); failure of the Corporation to complete any further studies for the Blue Moon Property (as defined herein) and the Nussir Property (as defined herein) in the timing contemplated (or at all); risks relating to the key assumptions, parameters, limitations and methods used in the Blue Moon Property technical report and the Nussir Property technical report, including the mineral resources estimates contained therein; the prospects, if any, of the Blue Moon Property and the Nussir Property mineral deposits; the potential to extend mineralization down-plunge and at depth; the ability of exploration work (including drilling) to accurately predict mineralization; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; the results of exploration activities; the global economic climate; dilution; environmental risks; community and non-governmental actions; fluctuations in currency markets; social acceptability of the Corporation's projects; fluctuations in commodity prices; risks relating to capital market conditions and the ability of the Corporation to access sufficient capital on favourable terms or at all; changes in law, rules and regulations applicable to the Corporation and its operations; taxation, controls and regulations; risks relating to outbreaks of diseases and public health crises; risks relating to international conflict, geopolitical instability of war; risks relating to any imposition of tariffs or other trade restrictions; political or economic developments in Canada, the United States, Norway or in other countries in which the Corporation does business or may carry on business in the future; risks relating to foreign operations and enforcement of judgments; operating or technical difficulties in connection with exploration or development activities; employee relations; information systems security threats; the speculative nature of mineral exploration and development; obtaining necessary licenses and permits; contests over title to properties, especially title to undeveloped properties; the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill results and other geological data; environmental hazards; industrial accidents; unusual or unexpected formations, pressures, cave-ins and flooding; limitations of insurance coverage and the possibility of cost overruns or unanticipated costs and expenses. For a more detailed discussion of these factors and other risks, see the section entitled "*Risk Factors*" herein and the section entitled "*Risk Factors*" contained in the AIF.

Although the Corporation has attempted to identify important factors that could cause actual results to differ materially from those described in, or implied by, the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate as actual developments or events could cause results to differ materially from those anticipated. These include, among others, the factors described or referred to elsewhere herein and in the documents incorporated by reference herein, and include unanticipated and/or unusual events. Many of such factors are beyond the Corporation's ability to predict or control.

Readers of this Prospectus Supplement are cautioned not to put undue reliance on forward-looking information due to its inherent uncertainty. The Corporation disclaims any intent or obligation to update any forward-looking information contained in this Prospectus Supplement and the documents incorporated by reference herein, whether as a result of new information, future events or results or otherwise, unless required under applicable laws. This forward-looking information should not be relied upon as representing management's views as of any date subsequent to the date of this Prospectus Supplement or the respective dates of the documents incorporated by reference herein. Statements concerning mineral reserve and resource estimates may also be deemed to constitute forward-looking statements to the extent they involve estimates of the mineralization that will be encountered if the property is developed. Investors should read this entire Prospectus Supplement and the Prospectus and consult their own professional advisors to ascertain and assess the income tax and legal risks and other aspects of their investment in the Offered Shares.

**ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS**

Mr. Francis Johnstone and Dr. Karin Thorburn, directors of the Corporation, reside outside of Canada. Mr. Johnstone, and Dr. Thorburn have appointed Bennett Jones LLP, 3400 One First Canadian Place, P.O. Box 130, Toronto, Ontario, M5X 1A4 as agent for service of process.

Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed an agent for service of process.

**CURRENCY PRESENTATION AND FINANCIAL INFORMATION**

Unless otherwise indicated, all monetary amounts in this Prospectus are expressed in Canadian dollars. The financial statements of the Corporation incorporated herein by reference are reported in Canadian dollars and are prepared in accordance with IFRS. Unless otherwise indicated, all references to "$","C$" and "dollars" in this Prospectus refer to Canadian dollars. References to "US$" in this Prospectus refer to United States dollars. On September 25, 2025, the daily exchange rate for one United States dollar expressed in Canadian dollars, as quoted by the Bank of Canada, was US$1.00 = C$1.3927 (or C$1.00 = US$0.7180) and the daily exchange rate for one Norwegian Krone expressed in Canadian dollars, as quoted by the Bank of Canada, was NOK1.00 = C$0.1389 (or C$1.00 = NOK7.1994).

**NOTICE REGARDING NON-IFRS MEASURES**

This Prospectus Supplement and the documents incorporated by reference herein include certain terms or performance measures that are not defined under IFRS, including, but not limited to, "working capital", "cash costs", "all-in sustaining cost" and "all in costs". The Corporation believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Corporation's performance. The data presented is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Working capital is calculated as the value of total current assets less the value of total current liabilities. Cash costs include mining, processing, refining, general and administration costs and royalties but exclude depreciation, reclamation, income taxes, capital and exploration costs for the life of the mine. All-in sustaining costs is defined as direct production costs plus general and administrative, exploration and evaluation, other expenses and sustaining capital expenditures. All-in costs includes all-in sustaining costs as well as initial capital. These terms do not have any standardized meaning according to IFRS and therefore may not be comparable to similar measures presented by other companies. The Corporation believes that these non-IFRS measures provide information useful to its shareholders in understanding the Corporation's performance and may assist in the evaluation of the Corporation's business relative to that of its peers. The Corporation believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Corporation's performance, profitability and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

**TECHNICAL INFORMATION**

Scientific and technical information relating to Blue Moon's material mineral projects indicated below are supported by the technical information contained within the AIF incorporated by reference herein. See *"Documents Incorporated by Reference".*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Blue
 Moon Property located in Mariposa County, California (the **"Blue Moon Property"**);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Nussir
 Property located in Norway (the **"Nussir Property"**).

The technical report summaries for the material properties referred to above are subject to certain assumptions, qualifications and procedures described therein. Reference should be made to the full text of the technical reports, which have been filed with Canadian securities regulatory authorities pursuant to National Instrument 43-101 – *Standards of Disclosure for Mineral Projects* (**"NI 43-101"**) and are available for review on SEDAR+ (<u>www.sedarplus.ca</u>) under Blue Moon's issuer profile. The technical reports are not and shall not be deemed to be incorporated by reference in this Prospectus Supplement.

**DOCUMENTS INCORPORATED BY REFERENCE**

This Prospectus Supplement is deemed to be incorporated by reference into the accompanying Prospectus solely for the purposes of this Offering. Other documents are also incorporated, or are deemed to be incorporated by reference, into the Prospectus and reference should be made to the Prospectus for full particulars thereof.

Copies of the documents incorporated herein by reference may be obtained on request without charge from the Chief Executive Officer of Blue Moon, 220 Bay Street, Suite 550, Toronto, Ontario, M5J 2W4, 416-230-3440, and are also available electronically under the issuer profile of the Corporation at <u>www.sedarplus.ca</u>.

The following document filed by the Corporation with securities commissions or similar authorities in Canada is specifically incorporated into, and forms an integral part of, this Prospectus Supplement and the accompanying Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the template version of term sheet dated
 September 24, 2025 relating to the Offering (the **"September 24 Term Sheet"**);
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the template version of term sheet dated
 September 25, 2025 relating to the Offering (the **"September 25 Term Sheet"**,
 and together with the September 24 Term Sheet, the **"Marketing Materials"**).

Any documents of the type required by National Instrument 44-101 – *Short Form Prospectus Distributions* to be incorporated by reference in a short form prospectus, including those types of documents referred to above and news releases issued by the Corporation specifically referencing incorporation by reference into this Prospectus Supplement, if filed by the Corporation with the securities commissions or similar authorities in Canada after the date of this Prospectus Supplement and before the termination of the distribution of the securities being qualified hereunder, are deemed to be incorporated by reference in this Prospectus Supplement.

Documents referenced in any of the documents incorporated by reference in this Prospectus Supplement but not expressly incorporated by reference therein or herein and not otherwise required to be incorporated by reference therein or in this Prospectus Supplement are not incorporated by reference in this Prospectus Supplement. Information on the Corporation's website does not constitute part of this Prospectus Supplement.

**Any statement contained in this Prospectus Supplement, the Prospectus or in a document incorporated or deemed to be incorporated by reference herein or therein shall be deemed to be modified or superseded for purposes of this Prospectus Supplement to the extent that a statement contained herein or in the Prospectus or in any other subsequently filed document which also is, or is deemed to be, incorporated by reference herein or in the Prospectus, modifies or supersedes such prior statement. Any statement so modified or superseded shall not constitute a part of this Prospectus Supplement, except as so modified or superseded. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document that it modifies or supersedes. The making of such a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it is made.**

References to the Corporation's website in this Prospectus Supplement, the Prospectus, and any documents incorporated by reference herein or therein do not incorporate the information on such website into this Prospectus Supplement or the Prospectus, as applicable, and the Corporation explicitly disclaims any such incorporation by reference.

**MARKETING MATERIALS**

**The Marketing Materials do not form part of this Prospectus Supplement and the Prospectus to the extent that the contents of the Marketing Materials have been modified or superseded by a statement contained in this Prospectus Supplement.**

Any "template version" of "marketing materials" (each as defined in National Instrument 41-101 – *General Prospectus Requirements*) filed after the date of this Prospectus Supplement and before the termination of the distribution under the Offering (including any amendments to, or an amended version of, the Marketing Materials and any template version of any marketing materials) are deemed to be incorporated by reference into this Prospectus Supplement and the Prospectus solely for the purposes of the Offering.

**ELIGIBILITY FOR INVESTMENT**

In the opinion of Bennett Jones LLP, counsel to the Corporation, and Blake, Cassels & Graydon LLP, counsel to the Underwriters, based on the provisions of the *Income Tax Act* (Canada) and the regulations thereunder (together, the **"Tax Act"**) in force as of the date prior to the date of this Prospectus Supplement and specific proposals to amend the Tax Act publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date of this Prospectus Supplement, the Offered Shares will be a "qualified investment" under the Tax Act for trusts governed by registered retirement savings plans, registered retirement income funds, registered education savings plans, registered disability savings plans, tax-free savings accounts, first home savings accounts (collectively, **"Registered Plans"**) and deferred profit sharing plans, all as defined in the Tax Act, on the Closing Date, provided that at that time the Offered Shares are listed on a "designated stock exchange" as defined in the Tax Act (which currently includes the TSXV) or the Corporation is a "public corporation" (other than a mortgage investment corporation) as defined in the Tax Act.

Notwithstanding that an Offered Share may be a qualified investment for a Registered Plan, if the Offered Share is a "prohibited investment" within the meaning of the Tax Act for the Registered Plan, the annuitant, holder or subscriber, as the case may be (the **"Controlling Individual"**) of the Registered Plan, will be subject to a penalty tax under the Tax Act. The Offered Shares generally will not be a prohibited investment for a Registered Plan provided the Controlling Individual of the Registered Plan: (i) deals at arm's length with the Corporation for the purposes of the Tax Act; and (ii) does not have a "significant interest" (as defined in the Tax Act for purposes of the prohibited investment rules) in the Corporation. In addition, the Offered Shares will not be a prohibited investment if such securities are "excluded property" (as defined in the Tax Act for purposes of the prohibited investment rules) for the Registered Plan. Persons who intend to hold Offered Shares in a Registered Plan should consult their own tax advisors with regard to the application of these rules in their particular circumstances.

**THE CORPORATION**

**Incorporation**

Blue Moon Metals Inc. is a corporation existing under the *Business Corporations Act* (British Columbia). The Corporation's registered office is located at 2700-1133 Melville Street, Vancouver, British Columbia, Canada, V6E 4E5 and its head office is located at 220 Bay Street, Suite 550, Toronto, Ontario, Canada, M5J 2W4.

**Summary Description of the Business**

Blue Moon is a Canadian mineral exploration and development company focused on advancing its three polymetallic brownfield projects, being the Nussir Property, the Blue Moon Property, and the Nye Sulitjelma Gruver AS copper-zinc-gold-silver property in Norway (the **"NSG Property"**).

The Corporation considers the Blue Moon Property and the Nussir Property to be its only material mineral properties for the purposes of NI 43-101. The Corporation holds a 100% interest in Keystone Mines Inc. which holds the mineral rights to the unpatented mining claims and patented lands associated with the Blue Moon Property, located in Mariposa County, California. The Corporation also holds a 93.55% interest in Nussir ASA which holds the extraction licences and exploration licences associated with the Nussir Property, located in Finmark county, Norway.

For additional information regarding the Corporation and its business, please consult the AIF incorporated by reference herein, which has been filed on SEDAR+ and can be reviewed at <u>www.sedarplus.ca</u> under the Corporation's issuer profile.

**RECENT DEVELOPMENTS**

There have been no further material developments in the business of the Corporation since the date of the AIF that have not otherwise been disclosed in this Prospectus Supplement or the documents incorporated by reference herein. A summary of developments over the past three fiscal years can be found in the section entitled *"General Development of the Business"* in the AIF, which is available on SEDAR+ (<u>www.sedarplus.ca</u>) under Blue Moon's issuer profile.

**CONSOLIDATED CAPITALIZATION**

Other than as disclosed below and under the heading *"Prior Sales"*, there have been no material changes to the share capital of Blue Moon since June 30, 2025, being the date of the Interim Financial Statements (as defined in the Prospectus).

The following table sets out the share capital of Blue Moon: (i) as at June 30, 2025, being the date of the Interim Financial Statements; (ii) as at June 30, 2025 after giving effect to the movement in share capital and loan, and (iii) as at June 30, 2025 after giving effect to the Offering (excluding any Over-Allotment Option), and any movement in share capital and loan up to September 25, 2025 as though they had closed on June 30, 2025. The table should be read in conjunction with the Annual Financial Statements, the Annual MD&A, the Interim Financial Statements, and the Interim MD&A (each, as defined in the Prospectus), all of which are incorporated by reference in this Prospectus Supplement, as well as the other disclosure contained in this Prospectus Supplement and the Prospectus, including the risk factors described under the heading *"Risk Factors"* in this Prospectus Supplement and in the AIF.

---

| | | | |
|:---|:---|:---|:---|
|  | **As at June 30, 2025<sup>(1)</sup>** | **As at June 30, 2025<br> (after giving effect to any movement in <br> capital)** | **As at June 30, 2025<sup>(2)</sup> <br> (after giving effect to the Offering<br> excluding any Over-Allotment Option<br> and any movement in capital)** |
| Share Capital | $169780856 | $180033527 | $250328127<sup>(3)</sup> |
| Common Shares | 51486089 | 54623262 | 77423262 |
| Liabilities | $6475822 | $23762072 | $23762072 |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) These figures have been derived from the unaudited Interim Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Excludes exercise of the Over-Allotment Option.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The increase in share capital after giving effect to the Offering (assuming the Over-Allotment Option
is exercised in full) is based on the net proceeds of the Offering received by the Corporation after deducting the Underwriters' Fee and
the expenses of the Offering (estimated at $431,000).

**USE OF PROCEEDS**

**Proceeds**

The gross proceeds of the Offering will be $75,240,000 ($86,526,000 if the Over-Allotment Option is exercised in full). The estimated net proceeds of the Offering will be $70,294,600 ($80,903,440 if the Over-Allotment Option is exercised in full), after deducting the Underwriters' Fee of $4,514,400 ($5,191,560 if the Over-Allotment Option is exercised in full) and the estimated expenses of the Offering of $431,000.

**Principal Purposes**

The Corporation intends to use the net proceeds of the Offering to fund the further advancement, development and exploration of the Nussir Property and the Blue Moon Property and for general corporate purposes.

As of the date of this Prospectus Supplement, the Corporation is an advanced exploration-stage issuer with no revenue from mining operations. As at June 30, 2025, the Corporation had cash on-hand of approximately C$13,815,796 and approximately C$4,564,282 in receivables. A portion of the Corporation's cash on-hand, as well as the proceeds raised from prior offerings and the Offering (as detailed below), are expected to provide the Corporation with sufficient funding for exploration, development and corporate needs.

Specifically, the Corporation intends to use the net proceeds of the Offering as follows:

---

| | | |
|:---|:---|:---|
| **Proceeds** | **C$M<sup>(2)</sup>** | **US$M<sup>(2)</sup>** |
| **USE OF PROCEEDS<sup>(1)(2)</sup>** |  |  |
| Development and optimization of the Blue Moon Property, and exploration at the Nussir Property and the NSG Property including: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Blue Moon Phase 2 recommended work program | 40.4 | 29.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;NSG Property recommended work program | 6.4 | 4.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nussir Property exploration | 8.3 | 5.9 |
| Working Capital, General Corporate and Administration | 15.0 | 10.8 |
| Commission and fees | 4.9 | 3.6 |
| **TOTAL** | **75.0** | **54.0** |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Assuming no exercise of the Over-Allotment Option. To the extent that the Over-Allotment Option is exercised,
in whole or in part, the Corporation anticipates that any additional proceeds from the exercise of the Over-Allotment Option and/or reduction
in the Underwriters' Fee, respectively, will be allocated for working capital and general corporate purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Using the daily average exchange rate on September 25, 2025 for one United States dollar expressed
in Canadian dollars of US$1.00=C$1.3927 (C$1.00 = US$0.7180), as quoted by the Bank of Canada.

**The Corporation intends to spend the net proceeds of the Offering as stated above. However, there may be circumstances where, for sound business reasons, a reallocation of the net proceeds may be necessary. The actual amount that the Corporation spends in connection with each of the intended uses of proceeds will depend on a number of factors, including those referred to under *"Risk Factors"* in this Prospectus Supplement and in the AIF.**

The proposed use of proceeds relating to the expenditures as disclosed in this section has been reviewed and passed upon by Dustin Small, P.Eng., Consultant a non-independent qualified person within the meaning of NI 43-101.

**Business Objectives and Milestones**

Other than the US$140 million project financing previously announced, which will go to advance the Nussir Property development, table below outlines the key milestones, estimated timing and costs in respect of the Corporation's material properties (the Blue Moon Property and the Nussir Property) for the next 18 months from the date of this Prospectus Supplement and also includes milestones and costs of the work program from the Blue Moon Property technical report and the Nussir Property technical report required to advance the Blue Moon Property and the Nussir Property, respectively, to the next phase. These milestones and estimates are based on the Corporation's reasonable expectations and reasonable courses of action and current assumptions and judgment.

---

| | | |
|:---|:---|:---|
| | **Expenditures in next 18 months** | **Expenditures in next 18 months** |
| <br>**Area** | **C$000** | **US$000** |
| **Nussir Property** |  |  |
| Exploration – drilling 25,000 to 30,000 m | 6000 | 4319 |
| Sampling / QA/QC | 2250 | 1620 |
| **Total** | **8250** | **5939** |
| **NSG Property** |  |  |
| Digitization of Exploration Decline | 35 | 25 |
| Relogging and preservation of historical core | 63 | 45 |
| Hiring of California-based project development team | 181 | 130 |
| Exploration decline design, tender & award | 69 | 50 |
| **Total** | **348** | **250** |
| **Blue Moon Property Phase 2 PEA Recommended Work Program** **<sup>(1)</sup>** |  |  |
| Exploration portal construction and decline development (U/G) | 30058 | 21635 |
| Exploration drilling, logging, surveys and assaying | 5182 | 3730 |
| Hydrogeological field work | 167 | 120 |
| Metallurgical testwork program on fresh core | 834 | 600 |
| Environmental testwork and monitoring, social studies | 695 | 500 |
| FS and updated Technical Report | 3473 | 2500 |
| **Total** | **40409** | **29085** |
| **NSG Property PEA Recommended Work Program** **<sup>(1)</sup>** |  |  |
| Extension of Rupsi Tunnel (1km) | 4724 | 3400 |
| Diamond drilling (~10,000m) | 1667 | 1200 |
| **Total** | **6391** | **4600** |
| **Grand Total** | **55398** | **39874** |

---

**Note:**

(1) Based on the Blue Moon Property technical report and the Nussir
Property technical report.

As of August 29, 2025, the Corporation anticipates spending a total of $39,874,000 over the next 18 months in order to meet its objectives and milestones. The Corporation anticipates using its working capital, which as of August 29, 2025, was approximately $9,540,000 (including $9,570,000 in cash), to fund its necessary activities related to the Blue Moon Property and the Nussir Property. The Corporation will also use its working capital in order to meet its general and administrative expenses, which, as of August 29, 2025, is expected to be approximately $5,760,000 over the next 18 months.

The continuing operations of the Corporation are dependent on the ability of the Corporation to obtain additional financing to fund its anticipated costs and expenditures. There is no guarantee such financing will be secured, or available on a timely basis or on acceptable terms.

Prospective investors are cautioned that the above represents the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those described above. See *"Risk Factors"* in this Prospectus Supplement and other risk factors in the documents incorporated by reference herein.

**PLAN OF DISTRIBUTION**

Pursuant to the Underwriting Agreement dated September 26, 2025 among the Corporation and the Underwriters, the Corporation has agreed to sell and the Underwriters have agreed severally, and not jointly or jointly and severally, to purchase, on the Closing Date, an aggregate of 22,800,000 Offered Shares at the Offering Price for gross proceeds of $75,240,000 payable in cash to the Corporation against delivery of the Offered Shares, subject to the terms and conditions of the Underwriting Agreement. The obligations of the Underwriters under the Underwriting Agreement may be terminated at their discretion on the basis of the "disaster out", "regulatory out", "material change out" and "breach out" provisions in the Underwriting Agreement and may also be terminated upon the occurrence of certain other stated events. The Underwriters are, however, obligated to take up and pay for all of the Offered Shares if any of the Offered Shares are purchased under the Underwriting Agreement. The Offering Price was determined by arm's length negotiation between the Corporation and the Lead Underwriters, on behalf of the Underwriters, with reference to the prevailing market price of the Common Shares. Closing of the Offering is anticipated to occur on or about October 1, 2025 subject to the conditions of closing being met, or such earlier or later date as the Corporation and Scotia may agree.

The Corporation has also granted the Underwriters the Over-Allotment Option, exercisable in whole or in part in the sole discretion of the Underwriters for a period of 30 days following the Closing Date, to purchase up to 3,420,000 Over-Allotment Shares at the Offering Price, to cover over-allotments, if any, and for market stabilization purposes.

If the Over-Allotment Option is exercised in full for Over-Allotment Shares, the total *"Price to the Public"*, *"Underwriters' Fee"* and *"Net Proceeds to Blue Moon"* (before payment of the expenses of the Offering) will be $86,526,000, $5,191,560 and $81,334,440, respectively. This Prospectus Supplement also qualifies the grant of the Over-Allotment Option and the distribution of the Over-Allotment Shares to be issued upon exercise of the Over-Allotment Option. A purchaser who acquires securities forming part of the Underwriters' over-allocation position acquires those securities under this Prospectus Supplement regardless of whether the over-allocation position is ultimately filled through the exercise of the Over-Allotment Option or secondary market purchases.

In consideration for the services provided by the Underwriters in connection with the Offering and pursuant to the terms of the Underwriting Agreement, the Corporation has agreed to pay the Underwriters the Underwriters' Fee, equal to 6.0% of the aggregate gross proceeds of the Offering (including in respect of any exercise of the Over-Allotment Option). Pursuant to the terms of the Underwriting Agreement, the Corporation and Underwriters have agreed that the Corporation will pay (i) all expenses of or incidental to the creation, issue, sale or distribution of the Offered Shares, including, without limitation, the fees and expenses payable in connection with the distribution of the Offered Shares, (ii) the reasonable fees and expenses of the Corporation's counsel; (iii) all costs incurred with the preparation of documentation relating to the Offering, including the filing of this Prospectus Supplement; (iv) all reasonable fees and disbursements of the Underwriters' legal counsel (to a maximum of $120,000, in the aggregate, inclusive of disbursements and exclusive of applicable taxes); and (v) all reasonable other "out-of-pocket" expenses of the Underwriters. The Corporation has also agreed to indemnify the Underwriters, their affiliates and their respective partners, directors, officers and employees against certain liabilities and expenses and to contribute to payments that the Underwriters may be required to make in respect thereof.

The Offered Shares will be offered in all the provinces and territories of Canada, except Quebec, through the Underwriters or their affiliates who are registered to offer the Offered Shares for sale in such provinces and territories and such other registered dealers as may be designated by the Underwriters. The Corporation has applied to list the Offered Shares (including the Over-Allotment Shares) on the TSXV. Listing is subject to the Corporation fulfilling all of the requirements of the TSXV.

Fearnley Securities AS is not registered as an investment dealer in any Canadian jurisdiction and, accordingly, they will only sell the Offered Shares outside of Canada and will not, directly or indirectly, solicit offers to purchase or sell the Offered Shares in Canada.

Under the Underwriting Agreement, without the prior consent of the Lead Underwriters, on behalf of the Underwriters, such consent not to be unreasonably withheld or delayed, for a period of 90 days from the Closing Date, the Corporation has agreed not to issue or sell any additional Common Shares or financial instruments convertible or exchangeable into Common Shares, other than: (a) pursuant to the Corporation's equity compensation plan, (b) to satisfy existing contractual obligations and instruments already issued as of the date hereof; (c) the issuance of Common Shares upon the exercise of any outstanding warrants, convertible securities, options, or any other commitment or agreement outstanding as of the date hereof; (d) obligations in respect of existing agreements; (e) the issuance of Common Shares in connection with any bona fide acquisition by the Corporation or its subsidiaries; (f) in connection with an internal reorganization; (g) in connection with strategic investments; and (i) in connection with a private placement of securities of the Corporation for proceeds of up to US$17.5 million, whether for cash proceeds or direct issuance to a vendor, to fund the acquisition of a mill to support the Blue Moon Property (provided this exception shall not apply if the Corporation realizes gross proceeds in excess of $60 million pursuant to this Offering)).

Pursuant to the terms of the Underwriting Agreement, the Corporation has also agreed to use its reasonable best efforts to cause each its directors and officers to agree, in lock-up agreements to be executed concurrently with the closing of the Offering, that each will not, without the prior consent of the Lead Underwriters, on behalf of the Underwriters, such consent not to be unreasonably withheld or delayed, for a period ending 90 days from the Closing Date, directly or indirectly, offer, sell, contract to sell, grant any option to purchase, make any short sale, or otherwise dispose of, or transfer, or announce any intention to do so, any Common Shares, whether now owned, directly or indirectly, or under their control or direction, or with respect to which each has beneficial ownership, or enter into any transaction or arrangement that has the effect of transferring, in whole or in part, any of the economic consequences of ownership of Common Shares, whether such transaction is settled by the delivery of Common Shares, other securities, cash or otherwise, other than pursuant to a bona fide take-over bid or any other similar transaction made generally to all of the shareholders of the Corporation and certain other customary exceptions as provided for in the lock up agreements.

Pursuant to the rules and policy statements of certain Canadian securities regulators, the Underwriters may not, throughout the period of distribution under this Prospectus Supplement, bid for or purchase Common Shares for their own account or for accounts over which they exercise control or direction. The foregoing restriction is subject to certain exceptions, on the condition that the bid or purchase not be engaged in for the purpose of creating actual or apparent active trading in or raising the price of the Common Shares. These exceptions include a bid or purchase permitted under the Universal Market Integrity Rules for Canadian marketplaces administered by the Canadian Investment Regulatory Organization relating to market stabilization and passive market-making activities and a bid or purchase made for or on behalf of a client where the client's order was not solicited during the period of distribution. Subject to applicable laws and in connection with the Offering, the Underwriters may over-allot or effect transactions in connection with the Offering intended to stabilize or maintain the market price of the Common Shares at levels other than those which otherwise might prevail on the open market. Such transactions, if commenced, may be discontinued at any time.

**The Underwriters propose to offer the Offered Shares initially at the Offering Price. After the Underwriters have made reasonable efforts to sell all of the Offered Shares at such price, the Offering Price may be decreased, and further changed from time to time, to an amount not greater than the Offering Price. However, in no event will the Corporation receive less than net proceeds of $3.102 per Offered Share. If the selling price is reduced, the compensation received by the Underwriters will be reduced by the amount that the aggregate price paid by the purchasers for the Offered Shares is less than the gross proceeds paid by the Underwriters to the Corporation. In addition, the Underwriters may offer selling group participation to other registered dealers that are satisfactory to the Corporation, acting reasonably, with compensation to be negotiated between the Underwriters and such selling group participants, but at no additional cost to the Corporation.**

Subscriptions for the Offered Shares will be received subject to rejection or allotment in whole or in part and the right is reserved to close the subscription books at any time without notice. It is anticipated that the Offered Shares will be delivered under the book-based system through CDS or its nominee and deposited in registered or electronic form with CDS on the Closing Date. Except in limited circumstances, such as for certain purchasers of Offered Shares in the United States, a purchaser of Offered Shares will receive only a customer confirmation from the registered dealer through which the Offered Shares are purchased.

The Offered Shares have not been and will not be registered under the U.S. Securities Act or any U.S. state securities laws and, subject to registration under the U.S. Securities Act and applicable U.S. state securities laws or certain exemptions therefrom, may not be offered, sold, transferred, delivered or otherwise disposed of, directly or indirectly, within the United States or to, or for the account or benefit of, any U.S. person. Each Underwriter has agreed that, except as permitted under the Underwriting Agreement, it will not offer to sell, transfer, deliver or otherwise dispose of, directly or indirectly, the Offered Shares at any time within the United States or to, or for the account or benefit of, any U.S. person.

The Underwriting Agreement permits the Underwriters, acting through their registered United States broker-dealer affiliates, to offer and sell the Offered Shares in the United States to, or for the account or benefit of, (i) "qualified institutional buyers" (as defined in Rule 144A under the U.S. Securities Act), provided such offers to sell are made in accordance with Rule 144A under the U.S. Securities Act and (ii) persons who are "accredited investors", as such term is defined in Rule 501(a) of Regulation D under the U.S. Securities Act, pursuant to the exemption from registration provided by Section 4(a)(2) and/or Rule 506(b) of Regulation D under the U.S. Securities Act, and in each case, in compliance with exemptions under applicable U.S. state securities laws. Moreover, the Underwriting Agreement provides that the Underwriters will offer and sell the Offered Shares outside the United States only in accordance with Rule 903 of Regulation S under the U.S. Securities Act. The Offered Shares that are sold in the United States or to, or for the account or benefit of, a U.S. person will be "restricted securities" within the meaning of Rule 144(a)(3) of the U.S. Securities Act and may only be offered, sold, transferred, delivered or otherwise disposed of pursuant to certain exemptions from the registration requirements of the U.S. Securities Act.

This Prospectus Supplement does not constitute an offer to sell or a solicitation of an offer to buy any of the Offered Shares in the United States or to, or for the account or benefit of, U.S. persons. In addition, until 40 days after the commencement of the Offering, an offer or sale of the Offered Shares within the United States by any dealer (whether or not participating in the Offering) may violate the registration requirements of the U.S. Securities Act if such offer or sale is made otherwise than in accordance with an exemption from registration under the U.S. Securities Act and similar exemptions under applicable state securities laws.

**DESCRIPTION OF SECURITIES BEING DISTRIBUTED**

The Offering consists of 22,800,000 Offered Shares at a price of $3.30 per Offered Share. In addition, the Corporation has granted the Underwriters the Over-Allotment Option, exercisable in whole or in part in the sole discretion of the Underwriters for a period of 30 days following the Closing Date, to purchase up to 3,420,000 Over-Allotment Shares at the Offering Price to cover over-allotments, if any, and for market stabilization purposes. See *"Plan of Distribution"*.

**Common Shares**

The Corporation is authorized to issue an unlimited number of Common Shares without nominal or par value, of which, as at September 26, 2025, there were 54,623,262 Common Shares issued and outstanding.

The rights, privileges, conditions and restrictions attaching to the Common Shares, as a class, are equal in all respects and include the following rights:

All of the Common Shares are of the same class and, once issued, rank equally as to entitlement to dividends, voting powers (one vote per share) and participation in assets upon dissolution or winding-up, in each case subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking senior in priority to or on a pro rata basis with the holders of Common Shares with respect to dividends or liquidation. No Common Shares have been issued subject to call or assessment. The directors may from time to time declare and authorize the payment of dividends in respect of the Common Shares. The Common Shares contain no pre-emptive conversion or exchange rights and have no provisions for redemption or purchase for cancellation, surrender, sinking or purchase funds. Provisions as to the modification, amendment or variation of such rights or provisions are contained in Blue Moon's articles and by-laws, and the BCBCA.

The Common Shares have not been, and will not be, registered under the U.S. Securities Act, or any U.S. state securities laws.

**PRIOR SALES**

Other than as described below, during the 12-month period before the date of this Prospectus Supplement, the Corporation has not issued any other Common Shares or securities that are convertible or exchangeable into Common Shares.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Date of Issuance** | **Number of**<br>**Securities Issued** | **Type of**<br>**Securities Issued** | **Issue / Exercise**<br>**Price (C$)** | <br>**Reason for Issuance** |
| February 26, 2025 | 24168149 | Common Shares | 3.55 | Issued under a purchase agreement |
| February 26, 2025 | 5608000 | Common Shares | 3.55 | Issued under a purchase agreement |
| February 26, 2025 | 9000035 | Common Shares | 3.00 | Conversion of subscription receipts |
| March 6, 2025 | 4210000 | Common Shares | 3.55 | Issued under a purchase agreement |
| March 7, 2025 | 1750000 | Common Shares | 3.00 | Private placement |
| May 8, 2025 | 376833 | Common Shares | 3.00 | Brokered private placement |
| September 4, 2025 | 2092173 | Common Shares | 3.30 | Issued pursuant to a subscription agreement |
| September 4, 2025 | 1045000 | Common Shares |  | Issued as bonus shares pursuant to a loan agreement |

---

**TRADING PRICE AND VOLUME**

The Common Shares trade on the TSXV under the symbol "MOON", the Frankfurt Stock Exchange under the symbol "8SX0", and the OTCQX Best Market under the symbol "BMOOF". The following table sets out the high and low trading prices, as well as the trading volume, for the Common Shares on the TSXV for each month indicated below (source: TMX Datalinx).

---

| | | | |
|:---|:---|:---|:---|
|  | **High**<br>**(C$)** | **Low**<br>**(C$)** | **Volume**<br>**(#)** |
| September 2024 | 3.00 | 1.40 | 289250 |
| October 2024 | 3.90 | 2.80 | 135709 |
| November 2024 | 4.30 | 3.30 | 73562 |
| December 2024 | 3.55 | 3.55 |  |
| January 2025 | 3.55 | 3.55 |  |
| February 2025 | 3.55 | 3.55 |  |
| March 2025 | 3.55 | 1.98 | 138506 |
| April 2025 | 4.30 | 1.98 | 1509480 |
| May 2025 | 3.30 | 2.85 | 473363 |
| June 2025 | 3.55 | 3.03 | 516199 |
| July 2025 | 3.65 | 3.11 | 447895 |
| August 2025 | 3.73 | 3.25 | 311618 |
| September 1 – 25, 2025 | 3.67 | 3.20 | 490187 |

---

On September 25, 2025, the last full trading day prior to the date of this Prospectus Supplement, the closing price of the Common Shares on the TSXV was $3.34.

**CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS**

The following is, as of the date of this Prospectus Supplement, a summary of the principal Canadian federal income tax considerations under Tax Act generally applicable to an investor who acquires an Offered Share pursuant to the Offering.

This summary applies only to a purchaser who is a beneficial owner of Offered Shares acquired pursuant to this Offering and who, for the purposes of the Tax Act, and at all relevant times, (i) is, or is deemed to be, resident in Canada; (ii) deals at arm's length with the Corporation and each of the Underwriters; (iii) is not affiliated with the Corporation or any of the Underwriters; and (iv) acquires and holds the Offered Shares as capital property (a **"Holder"**). Generally, the Offered Shares will be considered to be capital property to a Holder thereof provided that the Holder does not use the Offered Shares in the course of carrying on a business of trading or dealing in securities and such Holder has not acquired them in one or more transactions considered to be an adventure or concern in the nature of trade. A Holder whose Offered Shares might not otherwise qualify as capital property may be entitled to make an irrevocable election permitted by subsection 39(4) of the Tax Act to deem the Offered Shares, and every other "Canadian security" (as defined in the Tax Act), held by such person, in the taxation year of the election and each subsequent taxation year to be capital property.

This summary does not apply to a Holder: (i) that is a "financial institution" for the purposes of the mark-to-market rules contained in the Tax Act; (ii) that is a "specified financial institution" as defined in the Tax Act; (iii) an interest in which is a "tax shelter" as defined in the Tax Act; (iv) an interest in which would be a "tax shelter investment" as defined in the Tax Act; (v) that has made a functional currency reporting election under the Tax Act; (vi) that has entered or will enter into a "derivative forward agreement", a "synthetic equity arrangement" or a "synthetic disposition arrangement", as those terms are defined in the Tax Act; (vii) that receives dividends on Offered Shares under or as part of a "dividend rental arrangement" as defined in the Tax Act; (viii) that is a partnership; or (ix) that is exempt from tax under Part I of the Tax Act. Such Holders should consult their own tax advisors with respect to an investment in the Offered Shares.

This summary does not apply to prospective purchasers who are not, or are deemed not to be, residents of Canada for purposes of the Tax Act. Such persons should consult their own tax advisors.

Additional considerations, not discussed herein, may be applicable to a Holder that is a corporation resident in Canada, and is, or becomes (or does not deal at arm's length for purposes of the Tax Act with a corporation resident in Canada that is or becomes) as part of a transaction or event or series of transactions or events that includes the acquisition of the OfferedShares, controlled by a non-resident person, or group of non-resident persons not dealing with each other at arm's length, for purposes of the "foreign affiliate dumping" rules in section 212.3 of the Tax Act. Such Holders should consult their tax advisors with respect to the consequences of acquiring Offered Shares.

This summary does not address the deductibility of interest by a Holder who has borrowed money or otherwise incurred debt in connection with the acquisition of the Offered Shares.

This summary is based upon the current provisions of the Tax Act in force as of the date prior to the date hereof, counsel's understanding of the current published administrative policies and assessing practices of the Canada Revenue Agency (the **"CRA"**), and all specific proposals to amend the Tax Act publicly announced by or on behalf of the Minister of Finance (Canada) prior to the date hereof (the **"Tax Proposals"**). This summary assumes that the Tax Proposals will be enacted as proposed; however, no assurance can be given that the Tax Proposals will be enacted as proposed or at all. This summary does not otherwise take into account or anticipate any changes in law or the CRA's administrative policies or assessing practices, whether by legislative, governmental or judicial decision or action, nor does it take into account any provincial, territorial or foreign income tax legislation or considerations, which may differ materially from those described in this summary.

**This summary is of a general nature only, is not exhaustive of all possible Canadian federal income tax considerations and is not intended to be, nor should it be construed to be, legal or tax advice to any particular Holder, and no representations concerning the tax consequences to any particular Holder are made. The tax consequences of acquiring, holding and disposing of Offered Shares will vary according to the Holder's particular circumstances. Accordingly, Holders should consult their own tax advisors with respect to their particular circumstances.**

**Dividends**

Dividends received or deemed to be received on the Offered Shares will be included in computing a Holder's income for the year. In the case of a Holder who is an individual (other than certain trusts), such dividends will be subject to the gross-up and dividend tax credit rules normally applicable in respect of "taxable dividends" received by an individual from "taxable Canadian corporations" (as defined in the Tax Act), including the enhanced gross-up and dividend tax credit in respect of "eligible dividends" designated by the Corporation to the Holder in accordance with the provisions of the Tax Act. There may be limitations on the ability of the Corporation to designate dividends as eligible dividends.

Dividends received or deemed to be received by a Holder that is a corporation on the Offered Shares must be included in computing its income for the taxation year but generally will be deductible in computing its taxable income for the taxation year. In certain circumstances, subsection 55(2) of the Tax Act will treat a taxable dividend received or deemed to be received by a Holder that is a corporation as proceeds of disposition or a capital gain. Holders that are corporations should consult their own tax advisors having regard to their own circumstances.

A Holder that is a "private corporation" (as defined in the Tax Act) or a "subject corporation" (as defined for the purposes of Part IV of the Tax Act), may be liable to pay an additional tax (refundable in certain circumstances) under Part IV of the Tax Act on dividends received or deemed to be received on the Offered Shares to the extent such dividends are deductible in computing the Holder's taxable income for the taxation year.

A Holder that is throughout the relevant taxation year a "Canadian-controlled private corporation" or that is at any time in the relevant taxation year a "substantive CCPC" (both as defined in the Tax Act) also may be liable to pay an additional tax (refundable in certain circumstances) on its "aggregate investment income" (as defined in the Tax Act) for the year which will include dividends received or deemed to be received in respect of the Offered Shares, but not dividends or deemed dividends that are deductible in computing the dividend recipient's taxable income.

**Dispositions of Offered Shares**

Upon a disposition (or a deemed disposition) of an Offered Share (other than to the Corporation, unless purchased by the Corporation in the open market in the manner in which shares are normally purchased by any member of the public in the open market), a Holder generally will realize a capital gain (or a capital loss) in the taxation year of disposition equal to the amount by which the proceeds of disposition in respect of the Offered Shares, net of any reasonable costs of disposition, are greater (or are less) than the adjusted cost base of such Offered Share to the Holder immediately before the disposition. The adjusted cost base to a Holder of an Offered Share will be determined by averaging the cost of that Offered Share with the adjusted cost base (determined immediately before the acquisition of the Offered Share) of all other Common Shares held as capital property at that time by the Holder, if any. The tax treatment of capital gains and capital losses is discussed in greater detail below under the subheading "Capital Gains and Capital Losses".

**Capital Gains and Capital Losses**

Generally, one-half of any capital gain (a **"taxable capital gain"**) realized by a Holder in a taxation year must be included in computing the Holder's income for the taxation year in which the disposition occurs. One-half of any capital loss (an **"allowable capital loss"**) realized in a particular taxation year must be deducted against taxable capital gains realized by the Holder in the year of disposition, in accordance with the detailed rules in the Tax Act. Allowable capital losses in excess of taxable capital gains realized in a particular taxation year may be carried back and deducted in any of the three preceding taxation years or carried forward and deducted in any subsequent taxation year against net taxable capital gains realized in such years, to the extent and under the circumstances described in the Tax Act.

The amount of any capital loss realized on the disposition or deemed disposition of Offered Shares by a Holder that is a corporation may be reduced by the amount of dividends received or deemed to have been received by it on such Offered Shares or shares substituted for such Offered Shares to the extent and in the circumstances specified by the Tax Act. Similar rules may apply where an Offered Share is owned by a partnership or trust of which a corporation, trust or partnership is a member or beneficiary. Holders to whom these rules may be relevant should consult their own tax advisors.

A Holder that is throughout the relevant taxation year a "Canadian-controlled private corporation" or that is at any time in the relevant taxation year a "substantive CCPC" (both as defined in the Tax Act) also may be liable to pay an additional tax (refundable in certain circumstances) on its "aggregate investment income" (as defined in the Tax Act) for the year which will include certain amounts in respect of taxable capital gains.

**Minimum Tax**

Capital gains realized and taxable dividends received by a Holder that is an individual or a trust, other than certain specified trusts, may give rise to minimum tax under the Tax Act. Holders should consult their own advisors with respect to the application of the minimum tax.

**RISK FACTORS**

**An investment in the Offered Shares, as well as the Corporation's prospects, are speculative due to the risky nature of its business and the present stage of its development. Investors may lose their entire investment.**

Investors should carefully consider the risk factors described below and under the heading *"Risk Factors"* in the AIF. The risks described below and in the AIF are not the only ones facing the Corporation. Additional risks not currently known to the Corporation, or that the Corporation currently deems immaterial, may also impair the Corporation's operations. There is no assurance that risk management steps taken will avoid future loss due to the occurrence of the risks described below or other unforeseen risks. If any of the risks described below or in the AIF actually occur, the Corporation's business, financial condition and operating results could be adversely affected. Investors should carefully consider the risks below, in the AIF, and the other information elsewhere in this Prospectus Supplement and in the Prospectus and consult with their professional advisors to assess any investment in the Corporation.

**Nature of Mineral Exploration and Development.**

The Corporation's future is dependent on its exploration and development programs. The exploration and development of mineral deposits involve significant financial risks over a prolonged period of time, which may not be eliminated even through a combination of careful evaluation, experience and knowledge. Few properties that are explored are ultimately developed into economically viable operating mines. Major expenditures on the Corporation's exploration properties may be required to construct mining and processing facilities at a site, and it is possible that even preliminary due diligence will show adverse results, leading to the abandonment of projects. It is impossible to ensure that preliminary or full feasibility studies on the Corporation's projects, or the current or proposed exploration programs on any of the properties in which the Corporation has exploration rights, will result in any profitable commercial mining operations. The Corporation cannot give any assurance that its current and future exploration activities will result in a discovery of mineral deposits containing mineral reserves.

Estimates of mineral resources and any potential determination as to whether a mineral deposit will be commercially viable can also be affected by such factors as: the particular attributes of the deposit, such as its size and grade; unusual or unexpected geological formations and metallurgy; proximity to infrastructure; financing costs; metal prices, which are highly volatile; and governmental regulations, including those relating to prices, taxes, royalties, infrastructure, land use, importing and exporting of metal concentrates, exchange controls and environmental protection. The effect of these factors cannot be accurately predicted, but the combination of any or all of these factors may result in the Corporation not receiving an adequate return on its invested capital or suffering material adverse effects to its business and financial condition. Exploration and development projects also face significant operational risks including but not limited to an inability to obtain access rights to properties, accidents, equipment breakdowns, labour disputes (including work stoppages and strikes), and other unanticipated interruptions.

**A positive return in an investment in the Offered Shares is not guaranteed.**

There is no guarantee that an investment in the Offered Shares will earn any positive return in the short term or long term. An investment in the Offered Shares involves a high degree of risk and should be undertaken only by investors whose financial resources are sufficient to enable them to assume such risks and who have no need for immediate liquidity in their investment. An investment in the Offered Shares is appropriate only for investors who have the capacity to absorb a loss of some or all of their investment.

**The Corporation has broad discretion to use the net proceeds from this Offering.**

The Corporation intends to use the net proceeds from the Offering to achieve its stated business objective as set forth under *"Use of Proceeds"*. The Corporation maintains discretion to spend the net proceeds in ways that it deems most efficient. The application of the net proceeds to various items may not necessarily enhance the value of the Common Shares. The failure to apply the net proceeds as set forth under *"Use of Proceeds"*, or the failure of the Corporation to achieve its stated business objectives set forth in such section, could adversely affect the Corporation's business and, consequently, could adversely affect the price of the Common Shares on the open market.

**Market Price of Common Shares.**

There can be no assurance that an active market for the Common Shares, including the Offered Shares, will be sustained after the Offering. Securities markets have a high level of price and volume volatility, and the market price of securities of many companies have experienced wide fluctuations in price which have not necessarily been related to the operating performance, underlying asset values or prospects of such companies. It may be anticipated that any market for the Common Shares will be subject to market trends generally and the value of the Common Shares on the TSXV may be affected by such volatility in response to numerous factors. Factors unrelated to the financial performance or prospects of the Corporation include macroeconomic developments, and market perceptions of the attractiveness of particular industries. There can be no assurance that continued fluctuations in commodity prices will not occur. As a result of any of these factors, the market price of the securities of the Corporation at any given point in time may not accurately reflect the long-term value of the Corporation. In addition, the market price of the Common Shares is also likely to be significantly affected by changes, from time to time, in the Corporation's operating results, financial condition, acquisition opportunities, liquidity and other internal factors.

**Dilution.**

Additional financing needed to continue funding the advancement, exploration and development of the properties of the Corporation may require the issuance of additional securities of the Corporation. The issuance of additional securities and the exercise of common share purchase warrants, stock options and other convertible securities will result in dilution of the equity interests of any persons who are or may become holders of Common Shares and may have a negative impact on the market price of the Common Shares.

**Liquidity and Additional Financing.**

The Corporation's ability to continue its business operations is dependent on management's ability to secure additional financing. The Corporation's only source of liquidity is its cash and cash equivalent balances. Liquidity requirements are managed based upon forecasted cash flows to ensure that there is sufficient working capital to meet the Corporation's obligations.

The advancement, exploration, and development of the Corporation's properties, including continuing exploration and development projects, and, if warranted, construction of mining facilities and the commencement of mining operations, will require substantial additional financing. As a result, the Corporation may be required to seek additional sources of equity financing in the near future. While the Corporation has been successful in raising such financing in the past, its ability to raise additional equity financing may be affected by numerous factors beyond its control including, but not limited to, adverse market conditions, commodity price changes, and economic downturns. There can be no assurance that the Corporation will be successful in obtaining any additional financing required to continue its business operations and/or to maintain its property interests, or that such financing will be sufficient to meet the Corporation's objectives or obtained on terms favourable to the Corporation. Failure to obtain sufficient financing as and when required may result in the delay or indefinite postponement of exploration and/or development on any or all of the Corporation's properties, or even a loss of property interest, which would have a material adverse effect on the Corporation's business, financial condition, and results of operations.

**AUDITORS, TRANSFER AGENT AND REGISTRAR**

The registrar and transfer agent for the Corporation is Odyssey Trust Company, located at 300 5<sup>th</sup> Avenue SW, Suite 1230, Calgary, Alberta, T2P 3C4.

Davidson & Company LLP, having an address of 609 Granville Street, Suite 1200, Vancouver, British Columbia, V7Y 1H4, is the former auditor of the Corporation (until April 21, 2025) and has confirmed that they are independent within the meaning of the Chartered Professional Accountants of Ontario CPA Code of Professional Conduct (registered name of The Institute of Chartered Accountants of Ontario). Davidson & Company LLP resigned effective on April 21, 2025, and succeeded by MNP LLP, as the current auditors of the Corporation.

**INTERESTS OF EXPERTS**

Certain legal matters in connection with the Offering will be passed upon on behalf of the Corporation by Bennett Jones LLP, and on behalf of the Underwriters by Blake, Cassels & Graydon LLP. As of the date hereof, the "designated professionals" (as such term is defined in Form 51-102F2 – *Annual Information Form*) of each of Bennett Jones LLP and Blake, Cassels & Graydon LLP, as respective groups, beneficially own, directly and indirectly, less than one percent of the outstanding securities of the Corporation or any associate or affiliate of the Corporation.

**PURCHASERS' STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION**

Securities legislation in certain of the provinces and territories of Canada provides purchasers with the right to withdraw from an agreement to purchase securities. This right may be exercised within two business days after the later of (a) the date that the issuer (i) filed the prospectus or any amendment on SEDAR+ and a receipt is issued and posted for the document, and (ii) issued and filed a news release on SEDAR+ announcing that the document is accessible through SEDAR+, and (b) the date that the purchaser or subscriber has entered into an agreement to purchase the securities or a contract to purchase or a subscription for the securities. In several of the provinces and territories of Canada, the securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the prospectus and any amendment contains a misrepresentation or is not delivered to the purchaser, provided that such remedies for rescission, revision of the price or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for the particulars of these rights or consult with a legal advisor.

In an offering of Common Shares, investors are cautioned that the statutory right of action for damages for a misrepresentation contained in this Prospectus Supplement is limited, in certain provincial and territorial securities legislation, to the price at which the Offered Share is offered to the public under the Offering. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for the particulars of this right of action for damages or consult with a legal advisor.

**NOTICE TO INVESTORS**

**Australia**

This Prospectus Supplement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· does not constitute a disclosure document
 or a prospectus under Chapter 6D.2 of the Corporations Act 2001 (Cth) (the **"Corporations Act"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· has
 not been, and will not be, lodged with the Australian Securities & Investments Commission
 (**"ASIC"**), as a disclosure document for the purposes of the Corporations
 Act and does not purport to include the information required of a disclosure document for
 the purposes of the Corporations Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· may
 only be provided in Australia to select investors who are able to demonstrate that they fall
 within one or more of the categories of investors, available under section 708 of the Corporations
 Act (**"Exempt Investors"**).

The Offered Shares may not be directly or indirectly offered for subscription or purchased or sold, and no invitations to subscribe for or buy the Offered Shares may be issued, and no draft or definitive offering memorandum, advertisement or other offering material relating to any Offered Shares may be distributed in Australia, except where disclosure to investors is not required under Chapter 6D of the Corporations Act or is otherwise in compliance with all applicable Australian laws and regulations. By submitting an application for the Offered Shares, you represent and warrant to us that you are an Exempt Investor.

As any offer of Offered Shares under this document will be made without disclosure in Australia under Chapter 6D.2 of the Corporations Act, the offer of those securities for resale in Australia within 12 months may, under section 707 of the Corporations Act, require disclosure to investors under Chapter 6D.2 if none of the exemptions in section 708 applies to that resale. By applying for the Offered Shares you undertake to us that you will not, for a period of 12 months from the date of sale of the Offered Shares, offer, transfer, assign or otherwise alienate those Offered Shares to investors in Australia except in circumstances where disclosure to investors is not required under Chapter 6D.2 of the Corporations Act or where a compliant disclosure document is prepared and lodged with ASIC.

**China**

This Prospectus Supplement will not be circulated or distributed in the People's Republic of China (**"PRC"**) and the Offered Shares will not be offered or sold, and will not be offered or sold to any person for re-offering or resale directly or indirectly to any residents of the PRC except pursuant to any applicable laws and regulations of the PRC. Neither this Prospectus Supplement nor any advertisement or other offering material may be distributed or published in the PRC, except under circumstances that will result in compliance with applicable laws and regulations.

**European Economic Area**

In relation to each member state of the European Economic Area (each a **"Relevant State"**), no Common Shares have been offered or will be offered pursuant to the Offering to the public in that Relevant State prior to the publication of a prospectus in relation to the Common Shares which has been approved by the competent authority in that Relevant State or, where appropriate, approved in another Relevant State and notified to the relevant competent authority in that Relevant State, all in accordance with the Prospectus Regulation (as defined herein), except that offers of Common Shares may be made to the public in that Relevant State at any time under the following exemptions under the Prospectus Regulation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any legal entity which is a qualified investor as defined under Article 2 of the Prospectus Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2
of the Prospectus Regulation), subject to obtaining the prior consent of the Underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other circumstances falling within Article 1(4) of the Prospectus Regulation;

provided that no such offer of Common Shares shall require the Corporation or the Underwriters to publish a prospectus pursuant to Article 3 of the Prospectus Regulation or supplement a prospectus pursuant to Article 23 of the Prospectus Regulation and each person who initially acquires any shares or to whom any offer is made will be deemed to have represented, acknowledged and agreed to, and with each of the Underwriters and the Corporation that it is a "qualified investor" as defined in the Prospectus Regulation.

In the case of any Common Shares being offered to a financial intermediary, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the shares acquired by it in the offer have not been acquired on a nondiscretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any shares to the public other than their offer or resale in a member state to qualified investors as so defined, or in circumstances in which the prior consent of the Underwriters have been obtained to each such proposed offer or resale.

For the purposes of this provision, the expression an "offer to the public" in relation to any Common Shares in any Relevant State means the communication in any form and by any means of sufficient information on the terms of the offer and the Common Shares to be offered so as to enable an investor to decide to purchase or subscribe for any Common Shares, and the expression "Prospectus Regulation" means Regulation (EU) 2017/1129 (as amended).

The Corporation has not authorized and does not authorize the making of any offer of Common Shares through any financial intermediary on its behalf, other than offers made by the Underwriters with a view to the final placement of the Common Shares as contemplated in this Prospectus Supplement. Accordingly, no purchaser of the Common Shares, other than the Underwriters, is authorized to make any further offer of the Common Shares on behalf of the sellers or the Underwriters.

**Hong Kong**

The securities may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong), or (ii) to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a "prospectus" within the meaning of the Companies Ordinance (Cap. 32, Laws of Hong Kong) and no advertisement, invitation or document relating to the securities may be issued or may be in the possession of any person for the purpose of issue (in each case whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws of Hong Kong) other than with respect to the securities which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" within the meaning of the Securities and Futures Ordinance (Cap. 571, Laws of Hong Kong) and any rules made thereunder.

**Japan**

The securities offered in this Prospectus Supplement have not been and will not be registered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Act. Accordingly, none of the Common Shares have nor any interest therein may be offered or sold, directly or indirectly, in Japan or to or for the benefit of any "resident" of Japan (which term as used herein means any person resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to or for the benefit of a resident of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the Financial Instruments and Exchange Act and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant time.

**Singapore**

This Prospectus Supplement has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this Prospectus Supplement and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the securities may not be circulated or distributed, nor may the securities be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the "*SFA*"), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case subject to compliance with conditions set forth in the SFA.

Where the securities are subscribed or purchased under Section 275 of the SFA by a relevant party which is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole
business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an
accredited investor; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and
each beneficiary of the trust is an individual who is an accredited investor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· securities of that corporation or the beneficiaries' rights and interest (howsoever described) in that
trust shall not be transferred within six months after that corporation or that trust has acquired the securities pursuant to an offer
made under Section 275 of the SFA except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o to an institutional investor (for corporations, under Section 274 of the SFA) or to a relevant person
defined in Section 275(2) of the SFA, or to any person pursuant to an offer that is made on terms that such securities of that
corporation or such rights and interest in that trust are acquired at a consideration of not less than $200,000 (or its equivalent in
a foreign currency) for each transaction, whether such amount is to be paid for in cash or by exchange of securities or other assets,
and further for corporations, in accordance with the conditions specified in Section 275 of the SFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o where no consideration is or will be given for the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o where the transfer is by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o as specified in Section 276(7) of the SFA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities-based
Derivatives Contracts) Regulations 2018.

*Singapore SFA Product Classification* — In connection with Section 309B of the SFA and the CMP Regulations 2018, unless otherwise specified before an offer of Offered Shares, the Corporation has determined, and hereby notifies all relevant persons (as defined in Section 309A(1) of the SFA), that the Offered Shares are "prescribed capital markets products" (as defined in the CMP Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

**Switzerland**

This Prospectus Supplement is not intended to constitute an offer or solicitation to purchase or invest in the Offered Shares. The Offered Shares may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act (**"FinSA"**), and no application has or will be made to admit the Offered Shares to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither this Prospectus Supplement nor any other offering or marketing material relating to the Offered Shares constitutes a prospectus pursuant to the FinSA, and neither this Prospectus Supplement nor any other offering or marketing material relating to the Offered Shares may be publicly distributed or otherwise made publicly available in Switzerland.

**United Kingdom**

No Offered Shares have been offered or will be offered pursuant to the Offering to the public in the United Kingdom prior to the publication of a prospectus in relation to the Offered Shares that either (i) has been approved by the Financial Conduct Authority or (ii) is to be treated as if it had been approved by the Financial Conduct Authority in accordance with the transitional provisions in Regulation 74 of the Prospectus (Amendment etc.) (EU Exit) Regulations 2019, except that offers of Common Shares may be made to the public in the United Kingdom at any time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to any legal entity which is a qualified investor as defined under Article 2 of the UK Prospectus
Regulation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to fewer than 150 natural or legal persons (other than qualified investors as defined under Article 2
of the UK Prospectus Regulation), subject to obtaining the prior consent of the Underwriters for any such offer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in any other circumstances falling within
 section 86 of the Financial Services and Markets 2000 Act (as amended, the **"FSMA"**),
 provided that no such offer of Offered Shares shall require the Corporation or the Underwriters
 to publish a prospectus pursuant to section 85 of the FSMA or supplement a prospectus pursuant
 to Article 23 of the UK Prospectus Regulation.

In the case of any Offered Shares being offered to a financial intermediary, each such financial intermediary will be deemed to have represented, acknowledged and agreed that the shares acquired by it in the offer have not been acquired on a nondiscretionary basis on behalf of, nor have they been acquired with a view to their offer or resale to, persons in circumstances which may give rise to an offer of any shares to the public other than their offer or resale in the United Kingdom to "qualified investors" as so defined, or in circumstances in which the prior consent of the representatives has been obtained to each such proposed offer or resale.

For the purposes of this provision, the expression of an "offer to the public" in relation to any Offered Shares in the United Kingdom means the communication in any form and by any means of sufficient information on the terms of the offer and the Offered Shares to be offered so as to enable an investor to decide to purchase or subscribe for any Offered Shares, and the expression "UK Prospectus Regulation" means Regulation (EU) 2017/1129 as it forms part of domestic law in the United Kingdom by virtue of the European Union (Withdrawal) Act 2018.

In the United Kingdom, this Prospectus Supplement is being distributed only to, and is directed only at, and any offer subsequently made may only be directed at persons who are "qualified investors" (as defined in the UK Prospectus Regulation) (i) who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the **"FPO"**) and/or (ii) who are high net worth companies (or persons to whom it may otherwise be lawfully communicated) falling within Article 49(2)(a) to (d) of the FPO (all such persons together being referred to as "relevant persons"). Any person in the United Kingdom that is not a relevant person should not act or rely on the information included in this Prospectus Supplement or use it as the basis for taking any action. In the United Kingdom, any investment or investment activity that this Prospectus Supplement relates to may be made or taken exclusively by relevant persons. Any person in the United Kingdom that is not a relevant person should not act or rely on this Prospectus Supplement or any of its contents.

Each Underwriter has represented and agreed that: (a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of the Offered Shares in circumstances in which Section 21(1) of the FSMA does not apply to the Corporation; and (b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Offered Shares in, from or otherwise involving the United Kingdom.

**CERTIFICATE OF THE CORPORATION**

Dated: September 26, 2025

The short form prospectus, together with the documents incorporated in the prospectus by reference, as supplemented by the foregoing, constitutes full, true and plain disclosure of all material facts relating to the securities offered by the prospectus and this supplement as required by the securities legislation of each of the provinces and territories of Canada, except Québec.

---

| | | |
|:---|:---|:---|
| */s/ "Christian Kargl-Simard"* | | */s/ "Frances Kwong"* |
| Christian Kargl-Simard |  | Frances Kwong |
| Chief Executive Officer |  | Chief Financial Officer |

---

On behalf of the Board of Directors of the Corporation

---

| | | |
|:---|:---|:---|
| */s/ "Maryse Belanger"* | | */s/ "Karin Thorburn"* |
| Maryse Belanger |  | Karin Thorburn |
| Director |  | Director |

---

**CERTIFICATE OF THE UNDERWRITERS**

Dated: September 26, 2025

To the best of our knowledge, information and belief, the short form prospectus, together with the documents incorporated in the prospectus by reference, as supplemented by the foregoing, constitutes full, true and plain disclosure of all material facts relating to the securities offered by the prospectus and this supplement as required by the securities legislation of each of the provinces and territories of Canada, except Québec.

---

| | | |
|:---|:---|:---|
|  | **SCOTIA CAPITAL INC.** | **CANACCORD GENUITY CORP.** |
| By: | */s/ "Stephen Davy"* | */s/ "Kevin Carter"* |
|  | Stephen Davy | Kevin Carter |
|  | Vice Chair | Managing Director |

---

---

| | |
|:---|:---|
| **CORMARK SECURITIES INC.** | **CORMARK SECURITIES INC.** |
| By: | */s/ "Ian Colterjohn"* |
|  | Ian Colterjohn |
|  | Managing Director |
| **HAYWOOD SECURITIES INC.** | **HAYWOOD SECURITIES INC.** |
| By: | */s/ "Kevin Campbell"* |
|  | Kevin Campbell |
|  | Managing Director |

---

*This prospectus is a base shelf prospectus. This short form base shelf prospectus has been filed under the legislation in each of the provinces and territories of Canada (except Québec), each of which permits certain information about these securities to be determined after this prospectus has become final and that permits the omission from this base shelf prospectus of that information. The legislation requires the delivery to purchasers of a prospectus supplement containing the omitted information within a specified period of time after agreeing to purchase any of these securities. Notwithstanding the foregoing, the delivery to purchasers of a prospectus supplement containing the omitted information is not required where an exemption from the delivery requirements under applicable securities legislation in each of the provinces and territories of Canada (except Québec), is available.*

 

***No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This final short form base shelf prospectus constitutes an offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities****. These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the **"U.S. Securities Act"**), or any state securities laws. Accordingly, the securities may not be offered or sold in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws. This short form base shelf prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby within the United States or its territories or possessions. See "Plan of Distribution".*

 

***Information has been incorporated by reference in this final short form base shelf prospectus from documents filed with securities commissions or similar authorities in Canada.*** *Copies of the documents incorporated herein by reference may be obtained on request without charge from the Chief Executive Officer of Blue Moon Metals Inc., 220 Bay Street, Suite 550, Toronto, Ontario, M5J 2W4, 647-409-9150, and are also available electronically on SEDAR+ (<u>www.sedarplus.ca</u>) under Blue Moon Metals Inc.'s issuer profile.*

**SHORT FORM BASE SHELF PROSPECTUS**

*<u>New Issue and/or Secondary Offering</u>* September 23, 2025

![](tm2533647d1_ex99-17img02.jpg)

**BLUE MOON METALS INC.**

**$200,000,000**

**Common** **Shares**

**Debt** **Securities**

**Warrants**

**Subscription** **Receipts**

**Convertible** **Securities**

**Units**

Blue Moon Metals Inc. (**"Blue Moon"** or the **"Corporation"**) may offer and sell from time to time the following securities: common shares in the capital of the Corporation (**"Common Shares"**), debt securities of the Corporation (**"Debt Securities"**), warrants to purchase Common Shares and/or other Securities (as defined herein) (**"Warrants"**), subscription receipts exchangeable for Common Shares and/or other Securities (**"Subscription Receipts"**), securities convertible into or exchangeable for Common Shares and/or other Securities (**"Convertible Securities"**), and units comprised of one or more of any of the other Securities, or any combination of such Securities (**"Units"**), or any combination thereof (all of the foregoing collectively, the **"Securities"** and individually, a **"Security"**) for up to an aggregate offering price of $200,000,000 (or the equivalent thereof, at the date of issue, in any other currency or currencies, as the case may be), in one or more transactions during the 25-month period that this final short form base shelf prospectus (the **"Prospectus"**), including any amendments hereto, remains effective. One or more securityholders of the Corporation (each, a **"Selling Securityholder"**) may also offer and sell Securities under this Prospectus. See *"Secondary Offering by Selling Securityholders"*.

The specific terms of any offering of Securities, including the specific terms of the Securities with respect to a particular offering and the terms of such offering, will be set forth in one or more prospectus supplements (each a **"Prospectus Supplement"**) to this Prospectus. The Securities may be offered separately or together or in any combination, and as separate series.

In addition, Securities may be offered and issued in consideration for the acquisition of other businesses, assets, or securities by the Corporation or subsidiary of the Corporation. The consideration of any such acquisition may consist of any of the Securities separately, a combination of Securities or any combination of, among other things, Securities, cash and assumption of liabilities.

All shelf information permitted under applicable securities legislation to be omitted from this Prospectus will be contained in one or more Prospectus Supplements that will be delivered to purchasers together with this Prospectus, except in cases where an exemption from such delivery requirements has been obtained. Each Prospectus Supplement will be incorporated by reference into this Prospectus for the purposes of applicable securities legislation as of the date of such Prospectus Supplement and only for the purposes of the distribution of the Securities to which such Prospectus Supplement pertains. Unless specified otherwise in a Prospectus Supplement, the offerings are subject to approval of certain legal matters on behalf of the Corporation by Bennett Jones LLP.

This Prospectus constitutes a public offering of Securities only in those jurisdictions where they may be lawfully offered for sale, and therein only by persons permitted to sell the Securities. The Securities may be sold through underwriters or dealers, directly by the Corporation and/or Selling Securityholders, pursuant to applicable statutory exemptions, or through agents designated from time to time. The Prospectus Supplement relating to a particular offering of Securities will identify each underwriter, dealer or agent engaged in connection with the offering and sale of such Securities, as well as the method of distribution and the terms of the offering of such Securities, including the initial offering price (in the event the offering is a fixed price distribution), the manner of determining the offering price(s) (in the event the offering is not a fixed price distribution), the net proceeds to the Corporation or to any Selling Securityholder and, to the extent applicable, any fees, discounts or any other compensation payable to underwriters, dealers or agents and any other material terms. A purchaser who acquires any Securities forming part of any underwriters' over-allotment position acquires those securities under such respective Prospectus Supplement, regardless of whether the over-allotment position is ultimately filled through the exercise of the over-allotment option or secondary market purchases. See *"Plan of Distribution"*.

Mr. Francis Johnstone and Dr. Karin Thorburn, directors of the Corporation, and Mr. Adam Wheeler and Mr. Scott Wilson, the qualified persons responsible for the Nussir Technical Report and the Blue Moon Technical Report, respectively, reside outside of Canada and have appointed Bennett Jones LLP as agent for service of process at One First Canadian Place, 100 King Street West, Suite 3400, Toronto, Ontario, Canada, M5X 1A4. Prospective investors are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person who resides outside of Canada, even if the party has appointed an agent for service of process. See *"Enforcement of Judgments Against Foreign Persons"*.

The Common Shares are listed and posted for trading on the TSX Venture Exchange (the **"TSXV"**) under the symbol " MOON" and are also quoted on the OTCQX® Best Market (**"OTCQX"**) under the symbol "BMOOF" and the Frankfurt Stock Exchange (**"FRA"**) under the symbol "8SX0". On September 22, 2025, the last trading day prior to the date of this Prospectus, the closing price of the Common Shares on the TSXV was $3.41, the closing price of the Common Shares on the OTCQX was US$2.47 and the closing price of the Common Shares on the FRA was €2.00.

**Unless otherwise specified in the applicable Prospectus Supplement, the Debt Securities, Warrants, Subscription Receipts, Convertible Securities and Units will not be listed on any securities exchange. There is currently no market through which Securities other than Common Shares may be sold, and purchasers may not be able to resell such Securities purchased under this Prospectus. This may affect the pricing of the Securities in the secondary market, the transparency and availability of trading prices, the liquidity of the Securities, and the extent of issuer regulation. See *"Risk Factors"*.**

- ii -

**Prospective investors should be aware that the acquisition of the Securities may have tax consequences. Such consequences may not be described fully herein or in any applicable Prospectus Supplement. Prospective investors should read the discussion contained in this Prospectus under the heading *"Certain Canadian Federal Income Tax Considerations"* as well as the tax discussion, if any, contained in the applicable Prospectus Supplement with respect to a particular offering of Securities.**

**An investment in the Securities is highly speculative and involves significant risks that should be carefully considered by prospective investors before purchasing such Securities. The risks outlined in this Prospectus and in the documents incorporated by reference herein should be carefully reviewed and considered by prospective investors in connection with an investment in such Securities. See *"Cautionary Statement Regarding Forward-Looking Information"* and *"Risk Factors"*.**

**No underwriter has been involved in the preparation of this Prospectus or performed any review of the contents hereof.**

**No person is authorized by the Corporation to provide any information or to make any representation other than as contained in this Prospectus in connection with the issue and sale of the Securities offered hereunder. Prospective investors should assume that the information appearing in this Prospectus or any Prospectus Supplement is accurate only as of the date of such document unless otherwise specified. The Corporation's business, financial condition, results of operations and prospects may have changed since such date.**

The Corporation's registered office is located at 1133 Melville Street, Suite 2700, Vancouver, British Columbia, Canada, V6E 4E5 and its head office is located at 220 Bay Street, Suite 550, Toronto, Ontario, Canada, M5J 2W4.

- iii -

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| GENERAL MATTERS | 1 |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION | 1 |
| CAUTIONARY NOTE REGARDING NON-IFRS FINANCIAL MEASURES | 3 |
| CURRENCY PRESENTATION | 3 |
| DOCUMENTS INCORPORATED BY REFERENCE | 3 |
| TECHNICAL INFORMATION | 5 |
| THE CORPORATION | 6 |
| THE BUSINESS OF THE CORPORATION | 6 |
| RECENT DEVELOPMENTS | 7 |
| CONSOLIDATED CAPITALIZATION | 7 |
| USE OF PROCEEDS | 7 |
| PLAN OF DISTRIBUTION | 8 |
| SECONDARY OFFERING BY SELLING SECURITYHOLDERS | 10 |
| DESCRIPTION OF THE SECURITIES BEING DISTRIBUTED | 10 |
| EARNINGS COVERAGE RATIOS | 16 |
| PRIOR SALES | 16 |
| TRADING PRICE AND VOLUME | 16 |
| CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS | 16 |
| RISK FACTORS | 16 |
| INTEREST OF EXPERTS | 17 |
| ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS | 18 |
| LEGAL MATTERS | 18 |
| AUDITORS, TRANSFER AGENT AND REGISTRAR | 18 |
| STATUTORY AND CONTRACTUAL RIGHTS OF WITHDRAWAL AND RESCISSION | 18 |
| CERTIFICATE OF THE CORPORATION | C-1 |

---

**GENERAL MATTERS**

Unless otherwise noted or the context indicates otherwise, the **"Corporation"** or **"Blue Moon"** refers to Blue Moon Metals Inc. and its wholly-owned subsidiaries. The Corporation has not authorized anyone to provide readers with information different from that contained in this Prospectus. The Corporation takes no responsibility for, and can provide no assurance as to the reliability of any other information that others may give readers of this Prospectus. The Corporation is not making an offer of Securities in any jurisdiction where the offer is not permitted.

Readers should not assume that the information contained or incorporated by reference in this Prospectus is accurate as of any date other than the date of this Prospectus or the respective dates of the documents incorporated by reference herein, unless otherwise noted herein or as required by law. It should be assumed that the information appearing in this Prospectus, any Prospectus Supplement and the documents incorporated by reference herein and therein are accurate only as of their respective dates. The business, financial condition, results of operations and prospects of the Corporation may have changed since those dates.

This Prospectus shall not be used by anyone for any purpose other than in connection with an offering of Securities as described in one or more Prospectus Supplements. The Corporation does not undertake to update the information contained or incorporated by reference herein, including any Prospectus Supplement, except as required by applicable securities laws. Information contained on, or otherwise accessed through, the website of the Corporation (<u>www.bluemoonmetals.com</u>) shall not be deemed to be a part of this Prospectus and such information is not incorporated by reference herein.

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION**

This Prospectus and the documents incorporated by reference herein contain or incorporate by reference "forward-looking information" within the meaning of applicable Canadian securities laws concerning the business, operations, plans and financial performance and condition of the Corporation. In addition to the following cautionary statement, with respect to forward-looking information contained in the documents incorporated by reference herein, prospective purchasers should refer to *"Cautionary Statement Regarding Forward-Looking Information"* in the AIF (as defined herein) or any subsequently filed annual information form of the Corporation, as well as the advisories section of any documents incorporated or deemed to be by reference herein, including those that are filed after the date hereof.

Except for statements of historical fact relating to Blue Moon, information contained herein constitutes forward-looking information, including any information related to an offering and Blue Moon's strategy, plans or future financial or operating performance. Forward-looking information is characterized by words such as "plan", "expect", "budget", "target", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "will", "could" or "should" occur, or by discussions of strategy and includes any guidance and forecasts appearing in this Prospectus, any Prospectus Supplement, or in the documents incorporated by reference in this Prospectus (including, but not limited to, any production guidance of the Corporation). In order to give such forward-looking information, the Corporation has made certain assumptions about its business, operations, the economy and the mineral exploration industry in general. No assurance can be given that the expectations in any forward-looking statement will prove to be correct and, as such, the forward-looking information included in this Prospectus or any Prospectus Supplement should not be unduly relied upon. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact.

Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those described in, or implied by, the forward-looking information. These factors, including, but not limited to: inherent risks associated with the business of exploring, development and mining; errors in management's geological modelling; the inability of the Corporation to capitalize on mineralization on its properties in a manner that is economic; the timing and ability (if at all) to complete further exploration activities, including drilling; development, infrastructure, operating or technical difficulties on any of the Corporation's properties; risks relating to costs, timing and ability (if at all) to advance the properties of the Corporation differing materially from estimates; the inability to obtain all authorizations and permits needed to continue advancing the Corporation's properties in a timely manner (or at all); failure of the Corporation to complete any further studies for the Blue Moon Property (as defined herein) and the Nussir Property (as defined herein) in the timing contemplated (or at all); risks relating to the key assumptions, parameters, limitations and methods used in the Blue Moon Technical Report (as defined herein) and the Nussir Technical Report (as defined herein), including the mineral resources estimates contained therein; the prospects, if any, of the Blue Moon Property and the Nussir Property mineral deposits; the potential to extend mineralization down-plunge and at depth; the ability of exploration work (including drilling) to accurately predict mineralization; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; the results of exploration activities; the global economic climate; dilution; environmental risks; community and non-governmental actions; fluctuations in currency markets; social acceptability or the Corporation's projects; fluctuations in commodity prices; risks relating to capital market conditions and the ability of the Corporation to access sufficient capital on favourable terms or at all; changes in law, rules and regulations applicable to the Corporation and its operations; taxation, controls and regulations; risks relating to outbreaks of diseases and public health crises; risks relating to international conflict, geopolitical instability of war; risks relating to any imposition of tariffs or other trade restrictions; political or economic developments in Canada, the United States, Norway or in other countries in which the Corporation does business or may carry on business in the future; risks relating to foreign operations and enforcement of judgments; operating or technical difficulties in connection with exploration or development activities; employee relations; information systems security threats; the speculative nature of mineral exploration and development; obtaining necessary licenses and permits; contests over title to properties, especially title to undeveloped properties; the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill results and other geological data; environmental hazards; industrial accidents; unusual or unexpected formations, pressures, cave-ins and flooding; limitations of insurance coverage and the possibility of cost overruns or unanticipated costs and expenses, as well as those risk factors discussed or referred to in this Prospectus, the documents incorporated by reference into this Prospectus and those described in a Prospectus Supplement relating to a specific offering of Securities.

Although Blue Moon has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in, or implied by, the forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding Blue Moon's expected financial and operational performance and Blue Moon's plans and objectives and may not be appropriate for other purposes.

All forward-looking information contained in this Prospectus, any Prospectus Supplement, and the documents incorporated by reference in this Prospectus is given as of the date hereof or thereof, as the case may be, and is based upon the opinions and estimates of management and information available to management of the Corporation as at the date hereof or thereof. The Corporation undertakes no obligation to update or revise the forward-looking information contained in this Prospectus, any Prospectus Supplement and the documents incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by applicable laws. Investors should read this entire Prospectus, and each applicable Prospectus Supplement and consult their own professional advisors to ascertain and assess the income tax and legal risks and other aspects of their investment in the Securities.

**CAUTIONARY NOTE REGARDING NON-IFRS FINANCIAL MEASURES**

The Corporation uses certain non-IFRS (as defined herein) performance measures in this Prospectus or in documents incorporated by reference herein, such as "working capital", "cash costs", "all-in sustaining cost" and "all in costs". These are common performance measure but may not be comparable to similar measures presented by other issuers as it has no meaning under the IFRS Accounting Standards (**"IFRS"**). Working capital is calculated as the value of total current assets less the value of total current liabilities. Cash costs include mining, processing, refining, general and administration cots and royalties but exclude depreciation, reclamation, income taxes, capital and exploration costs for the life of the mine. All-in sustaining costs is defined as direct production costs plus general and administrative, exploration and evaluation, other expenses and sustaining capital expenditures. All-in costs includes all-in sustaining costs as well as initial capital. These terms do not have any standardized meaning according to IFRS and therefore many not be comparable to similar measures presented by other companies. The Corporation believes that these non-IFRS measures provides information useful to its shareholders in the understanding the Corporation's performance and may assist in the evaluation of the Corporation's business relative to that of its peers. The Corporation believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Corporation's performance, profitability and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

**CURRENCY PRESENTATION**

Unless otherwise indicated, all monetary amounts in this Prospectus are expressed in Canadian dollars. The financial statements of the Corporation incorporated herein by reference are reported in Canadian dollars and are prepared in accordance with IFRS. Unless otherwise indicated, all references to "$","C$" and "dollars" in this Prospectus refer to Canadian dollars. References to "US$" in this Prospectus refer to United States dollars. On September 22, 2025, the daily exchange rate for one United States dollar expressed in Canadian dollars, as quoted by the Bank of Canada, was US$1.00 = C$1.3816 (or C$1.00 = US$0.7238) and the daily exchange rate for one Norwegian Krone expressed in Canadian dollars, as quoted by the Bank of Canada, was NOK1.00 = C$0.1391 (or C$1.00 = NOK7.1891).

**DOCUMENTS INCORPORATED BY REFERENCE**

**Information has been incorporated by reference in this Prospectus from documents filed with securities commissions or similar authorities in Canada.** Copies of the documents incorporated herein by reference may be obtained on request without charge from the Chief Executive Officer of Blue Moon, 220 Bay Street, Suite 550, Toronto, Ontario, M5J 2W4, 647-409-9150, and are also available electronically on the System for Electronic Data Analysis and Retrieval + (**"SEDAR+"**) (<u>www.sedarplus.ca</u>) under the Corporation's issuer profile. The filings of the Corporation on SEDAR+ (<u>www.sedarplus.ca</u>) are not incorporated by reference in this Prospectus except as specifically set out herein.

The information incorporated by reference is considered part of this Prospectus, and information filed with the securities commission or similar authorities in Canada subsequent to this Prospectus and prior to the termination of a particular offering of Securities referred to in any Prospectus Supplement will be deemed to update and, if applicable, supersede this information. Except as may be set forth in a Prospectus Supplement, the following documents of the Corporation, filed with securities commissions or similar authorities in Canada, are specifically incorporated by reference into, and form an integral part of, this Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the annual information form of the Corporation
 dated September 12, 2025 in respect of the financial year ended December 31, 2024
 (the **"AIF"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the audited annual consolidated financial
 statements of the Corporation as at and for financial years ended December 31, 2024
 and 2023, together with the notes thereto and the auditor's report thereon (**"Annual Financial Statements"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the management's discussion and analysis
 of financial position and results of operations of the Corporation in respect of the financial
 years ended December 31, 2024 and 2023 (the **"Annual MD&A"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the unaudited condensed interim consolidated
 financial statements for the three and six months ended June 30, 2025 and 2024, together
 with the notes thereto (the **"Interim Financial Statements"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the management's discussion and analysis on the operations and
financial position of the Corporation for the three and six months ended June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the material change report of the Corporation dated March 7, 2025 in respect of, among other things,
the acquisition of Nussir ASA and Nye Sulitjelma Gruver AS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the material change report of the Corporation dated March 17, 2025 in respect of, among other things,
the acquisition of Repparfjord Eiendom AS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the material change report of the Corporation dated September 12, 2025 in respect of, among other
things, the private placement with Oaktree Capital Management, L.P. and the bridge loan agreement entered into with Hartree Partners,
L.P;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the business acquisition report of the Corporation dated May 10, 2025, as refiled on September 23,
2 025, in respect of the acquisition of Nussir ASA and Nye Sulitjelma Gruver AS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the statement of executive compensation of the Corporation for the year ended December 31, 2024;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the management information circular of the Corporation dated as of September 17, 2024 in respect
of the annual meeting of shareholders of the Corporation held on October 17, 2024.

Any document of the type referred to in section 11.1 of Form 44-101F1 – *Short Form Prospectus* filed by the Corporation after the date of this Prospectus and all Prospectus Supplements (only in respect to the offering of Securities to which that particular Prospectus Supplement relates) disclosing additional or updated information including the documents incorporated by reference therein, filed pursuant to the requirements of applicable securities legislation in Canada and during the period that this Prospectus is effective, shall be deemed to be incorporated by reference in, and form an integral part of, this Prospectus.

Upon a new annual information form and new audited annual consolidated financial statements (and accompanying management's discussion and analysis) being filed by the Corporation with the applicable Canadian securities commissions or similar regulatory authorities in Canada during the period that this Prospectus is effective, the previous annual information form, the previous audited annual consolidated financial statements and all interim consolidated financial statements (and in each case the accompanying management's discussion and analysis), and material change reports, filed prior to the commencement of the financial year of the Corporation in which the new annual information form is filed shall be deemed to no longer be incorporated into this Prospectus for purpose of future offers and sales of Securities under this Prospectus. Upon interim consolidated financial statements and the accompanying management's discussion and analysis being filed by the Corporation with the applicable Canadian securities commissions or similar regulatory authorities in Canada during the period that this Prospectus is effective, all interim consolidated financial statements and the accompanying management's discussion and analysis of financial condition and results of operations filed prior to such new interim consolidated financial statements and management's discussion and analysis shall be deemed to no longer be incorporated into this Prospectus for purposes of future offers and sales of Securities under this Prospectus. In addition, upon a new management information circular for an annual meeting of shareholders being filed by the Corporation with the applicable Canadian securities commissions or similar regulatory authorities in Canada during the period that this Prospectus is effective, the previous management information circular filed in respect of the prior annual meeting of shareholders shall no longer be deemed to be incorporated into this Prospectus for purposes of future offers and sales of Securities under this Prospectus.

A Prospectus Supplement containing the specific terms of an offering of Securities and other information relating to the Securities will be delivered to prospective purchasers of such Securities, together with this Prospectus, and will be deemed to be incorporated into this Prospectus as of the date of such Prospectus Supplement but only for the purpose of the offering of the Securities covered by that Prospectus Supplement.

In addition, certain marketing materials (as the term is defined in applicable Canadian securities legislation) may be used in connection with a distribution of Securities under this Prospectus and applicable Prospectus Supplement(s).

Any "template version" of "marketing materials" (as those terms are defined in applicable Canadian securities legislation) pertaining to a distribution of Securities, and filed by the Corporation after the date of the Prospectus Supplement for the distribution and before the termination of the distribution of such Securities, will be deemed to be incorporated by reference in that Prospectus Supplement for the purposes of the distribution of Securities to which the Prospectus Supplement pertains.

Documents referenced in any of the documents incorporated by reference in this Prospectus but not expressly incorporated by reference therein or herein and not otherwise required to be incorporated by reference therein or in this Prospectus are not incorporated by reference in this Prospectus.

**Notwithstanding anything herein to the contrary, any statement contained in this Prospectus or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Prospectus to the extent that a statement contained herein, in any Prospectus Supplement hereto or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not constitute a part of this Prospectus, except as so modified or superseded. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document which it modifies or supersedes. The making of such a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made.**

**TECHNICAL INFORMATION**

The Corporation's material properties, as determined by National Instrument 43-101 – *Standards for Disclosure for Mineral Projects* (**"NI 43-101"**), are the Blue Moon zinc-copper-gold-silver property in California, USA (the **"Blue Moon Property"**) and the Nussir copper-gold-silver property in Norway (the **"Nussir Property"**).

Except as otherwise indicated, all scientific and technical information relating to the Blue Moon Property and the Nussir Property, including disclosure of mineral reserves and mineral resources, contained in this Prospectus or in any of the documents incorporated by reference in this Prospectus is supported by, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Blue Moon Property</u>: the technical report entitled *"NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California"* dated April 14, 2025 (as amended and restated on September 12, 2025) with an effective
 date of March 3, 2025 (the **"Blue Moon Technical Report"**), prepared
 by Scott Wilson, C.P.G. SME-RM; Peter Szkilnyk, P.Eng.; Alan J. San Martin, P.Eng.; Richard
 Gowans, P.Eng.; Justin Taylor, P.Eng.; and Christopher Jacobs, C.Eng., MIMMM.

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Nussir Property</u>: the technical report entitled *"Report NI 43-101 Technical Report On The Mineral Resources Of The Nussir And Ulveryggen Projects, Norway"* dated January 24,
 2025 (as amended and restated on September 12, 2025) with an effective date of January 20,
 2025 (the **"Nussir Technical Report"**, together with the Blue Moon Technical
 Report, the **"Technical Reports"**), prepared by Adam Wheeler, B.Sc., M.Sc.,
 C. Eng., Eur Ing., FIMMM.

The Technical Reports are subject to certain assumptions, qualifications and procedures described therein. Reference should be made to the full text of the Blue Moon Technical Report and the Nussir Technical Report, which have been filed and can be reviewed on SEDAR+ (<u>www.sedarplus.ca</u>) under the Corporation's issuer profile. The Technical Reports are not, and shall not be deemed to be, incorporated by reference in this Prospectus or any of the documents incorporated by reference herein. Scientific and technical information relating to the Blue Moon Property and the Nussir Property is supported by technical information contained in the Corporation's AIF, as incorporated by reference herein. See *"Documents Incorporated by Reference"*.

All scientific and technical information relating to the Blue Moon Property and the Nussir Property, including disclosure of mineral reserves and mineral resources, contained in this Prospectus or in any of the documents incorporated by reference in this Prospectus, is based on (i) information contained in the technical reports referred to above, which have been prepared in accordance with the requirements of NI 43-101, and (ii) other information that has been prepared by or under the supervision of "qualified persons" (as such term is defined in NI 43-101) and included in this Prospectus with the consent of such persons.

Actual recoveries of mineral products may differ from reported mineral reserves and resources due to inherent uncertainties in acceptable estimating techniques. In particular, "indicated" and "inferred" mineral resources have a greater amount of uncertainty as to their existence, economic and legal feasibility. It cannot be assumed that all or any part of an "indicated" or "inferred" mineral resource will ever be upgraded to a higher category of resource or, ultimately, a reserve. Mineral resources that are not mineral reserves do not have demonstrated economic viability and are exclusive of mineral reserves. Investors are cautioned not to assume that all or any part of a mineral deposit with resources in these categories will ever be converted into proven or probable reserves.

**THE CORPORATION**

The Corporation was registered and incorporated under the Business Corporations Act (British Columbia) **("BCBCA")** on January 15, 2007 under the name "Savant Explorations Ltd." as a spin-out entity in connection with a spin-out transaction by the Corporation's then parent company, Pacifica Resources Ltd. (now, EDM Resources Inc.) (**"Pacifica"**) of certain assets including, among other things, Pacifica's interest in the Yava polymetallic sulphide property in Nunavut, the Blue Moon Property, the Tillex copper prospect in Ontario and various copper projects in Chile (the **"Spin Out Transaction"**). The Spin Out Transaction, which was effected by way of a plan of arrangement under section 288 of the BCBCA, was completed on June 6, 2007. On June 7, 2007, common shares of the Corporation (the **"Common Shares"**) commenced trading on the TSXV under the symbol "SVT". On July 4, 2017, the Corporation changed its name to "Blue Moon Zinc Corp." and in connection with the name change, the Common Shares commenced trading under a new symbol "MOON" on July 5, 2017.

As of the date of this Prospectus, the Corporation is a reporting issuer in Alberta, British Columbia and Québec.

The Common Shares are listed for trading on the TSXV under the symbol "MOON", the Frankfurt Stock Exchange under the symbol "8SX0", and the OTCQX Best Market under the symbol "BMOOF". See *"Market for Securities"*.

The Corporation's registered office is located at 2700-1133 Melville Street, Vancouver, British Columbia, Canada, V6E 4E5 and its head office is located at 220 Bay Street, Suite 550, Toronto, Ontario, Canada, M5J 2W4.

**THE BUSINESS OF THE CORPORATION**

Blue Moon is a Canadian mineral exploration and development company focused on advancing its three polymetallic brownfield projects, being the Nussir copper-gold-silver property in Norway (the **"Nussir Property"**), the Blue Moon zinc-copper-gold-silver property in California, USA (the **"Blue Moon Property"**), and the NSG copper-zinc-gold-silver property in Norway.

The Corporation considers the Blue Moon Property and the Nussir Property to be its only material mineral properties for the purposes of NI 43-101. The Corporation holds a 100% interest in Keystone Mines Inc. which holds the mineral rights to the unpatented mining claims and patented lands associated with the Blue Moon Property, located in Mariposa County, California. The Corporation also holds a 93.55% interest in Nussir ASA which holds the extraction licences and exploration licences associated with the Nussir Property, located in Finmark county, Norway.

For additional information regarding the Corporation and its business, please consult the AIF incorporated by reference herein, which has been filed on SEDAR+ and can be reviewed at <u>www.sedarplus.ca</u> under the Corporation's issuer profile.

**RECENT DEVELOPMENTS**

There have been no further material developments in the business of the Corporation since the date of the AIF that have not otherwise been disclosed in this Prospectus or the documents incorporated by reference herein. A summary of developments over the past three fiscal years can be found in the section entitled *"General Development of the Business"* in the AIF, which is available on SEDAR+ (<u>www.sedarplus.ca</u>) under Blue Moon's issuer profile.

**CONSOLIDATED CAPITALIZATION**

The applicable Prospectus Supplement will describe any material change in, and the effect of such material change on, the share and loan capitalization of the Corporation since the date of the Corporation's financial statements for its most recently completed financial period included in such Prospectus Supplement, including any material change that will result from the issuance of Securities pursuant to such Prospectus Supplement.

**USE OF PROCEEDS**

The net proceeds to the Corporation from any offering of Securities, the proposed use of those proceeds, and the specific business objectives which the Corporation expects to accomplish with such proceeds will be set forth in the applicable Prospectus Supplement relating to that offering of Securities.

As outlined in the Annual Financial Statements and Interim Financial Statements, the Corporation has negative cash flow from operating activities. See *"Risk Factors"*. The Corporation anticipates that negative operating cash flows will continue until such time as profitable commercial production can be achieved on the Corporation's properties. Each applicable Prospectus Supplement will contain specific information concerning whether, and if so, to what extent, the Corporation will use the proceeds of the distribution to fund any anticipated negative cash flow from operating activities in future periods.

There may be circumstances where, on the basis of results obtained or for other sound business reasons, a re-allocation of funds may be necessary or prudent. Accordingly, management of the Corporation will have broad discretion in the application of the proceeds of an offering of Securities. The actual amount that the Corporation spends in connection with each intended use of proceeds may vary significantly from the amounts specified in the applicable Prospectus Supplement and will depend on a number of factors, including the risk factors set forth in the applicable Prospectus Supplement and the documents incorporated by reference herein and therein.

Unless otherwise set forth in the applicable Prospectus Supplement, the Corporation will not receive any proceeds from the sale of Securities by any Selling Securityholder. See *"Secondary Offering by Selling Securityholders"*.

**Milestones and Objectives**

The table below outlines the key milestones, estimated timing and costs in respect of the Corporation's material properties (the Blue Moon Property and the Nussir Property) for the next 12 months from the date of this Prospectus and also includes milestones and costs of the work program from the Blue Moon Technical Report and the Nussir Technical Report required to advance the Blue Moon Property and the Nussir Property, respectively, to the next phase. These milestones and estimates are based on the Corporation's reasonable expectations and reasonable courses of action and current assumptions and judgment.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Area** | **Estimated Total Costs**<br>**Required<sup>(1)</sup>** | **Anticipated**<br>**Remaining Costs** | <br>**Estimated Timing of Completion** |
| **Nussir Property** <br> Underground access (decline) preparation, exploration logistics and support | $4000000 | Nil | Completed |
| Exploration – drilling 25,000 to 30,000 m | $6000000 | $6000000 | Q2 2026 |
| Sampling / QA/QC | $3000000 | $2250000 | Q2 2026 |
| **Total** | $**13000000** | $**8250000** |  |
| **Blue Moon Property** |  |  |  |
| Permitting of Exploration Decline | 500000 | Nil | Completed |
| Digitization of Exploration Decline | 25000 | 25000 | End of Q4 2025 / Early Q1 2026 |
| Relogging and preservation of historical core | 45000 | 45000 | End of Q4 2025 / Early Q1 2026 |
| Hiring of California-based project development team | 230000 | 100000 | Q4 2025 |
| Exploration decline design, tender & award | 200000 | 80000 | Q3 2025 |
| **Total** | **1000000** | **250000**<sup>(2)</sup> |  |

---

**Note:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the Blue Moon Technical Report and the Nussir Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Approximately $344,000, based on the Bank of Canada exchange rate as at August 29, 2025 (US$1.00
= C$1.3742).

As of August 29, 2025, the Corporation anticipates spending a total of approximately $8,594,000 over the next 12 months in order to meet its objectives and milestones. To fund its necessary activities related to the Blue Moon Property and the Nussir Property, the Corporation anticipates using (i) its working capital, which as of August 29, 2 025, was approximately $9,540,000 (including $9,570,000 in cash), as supplemented by (ii) approximately US$17,500,000 (approximately $24 million based on the Bank of Canada exchange rate as at August 29, 2025 (US$1.00 = C$1.3742)) received by the Corporation on September 4, 2025, comprising of US$12,500,000 from the initial draw under the bridge loan extended by Hartree Partners, LP and funds managed by Oaktree Capital Management, LP (**"Oaktree"**) and US$5,000,000 gross proceeds from a private placement with Oaktree. The Corporation will also use its working capital and available funds in order to meet its general and administrative expenses, which, as of August 29, 2025, is expected to be approximately $3,600,000 over the next 12 months.

The continuing operations of the Corporation are dependent on the ability of the Corporation to obtain additional financing to fund its anticipated costs and expenditures. There is no guarantee such financing will be secured, or available on a timely basis or on acceptable terms.

Prospective investors are cautioned that the above represents the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those described above. See *"Cautionary Statement Regarding Forward-Looking Information"*.

**PLAN OF DISTRIBUTION**

The Corporation and the Selling Securityholders may from time to time during the 25-month period that this Prospectus, including any amendments hereto, remains valid, offer for sale and issue, as applicable, up to an aggregate of $200,000,000 (or the equivalent in other currencies based on the applicable exchange rate at the time of the offering) in Securities hereunder.

The Corporation and/or the Selling Securityholders may offer and sell the Securities to or through underwriters or dealers purchasing as principals, and may also sell directly to one or more purchasers or through agents or pursuant to applicable statutory exemptions. The Prospectus Supplement relating to a particular offering of Securities will identify each underwriter, dealer or agent, as the case may be, engaged by the Corporation or any Selling Securityholder in connection with the offering and sale of the Securities, and will set forth the terms of the offering of such Securities, including, to the extent applicable, any fees, discounts, or any other compensation payable to underwriters, dealers or agents in connection with the offering, the method of distribution of the Securities, the initial issue price, the proceeds that the Corporation or any Selling Securityholder will receive and any other material terms of the plan of distribution. Any initial offering price and discounts, concessions or commissions allowed or re-allowed or paid to dealers may be changed from time to time.

In addition, the Securities may be offered and issued in consideration for the acquisition of other businesses, assets, or securities by the Corporation or one of its subsidiaries. The consideration for any such acquisition may consist of the Securities separately, a combination of Securities or any combination of, among other things, Securities, cash and assumption of liabilities.

In connection with the sale of the Securities, underwriters, dealers, or agents may receive compensation from the Corporation, any Selling Securityholder or from other parties, including in the form of underwriters', dealers', or agents' fees, commissions or concessions. Underwriters, dealers, and agents that participate in the distribution of the Securities may be deemed to be underwriters for the purposes of applicable securities legislation and any such compensation received by them from the Corporation or Selling Securityholder and any profit on the resale of the Securities by them may be deemed to be underwriting commissions. In connection with any offering of Securities, except as otherwise set out in a Prospectus Supplement relating to a particular offering of Securities the underwriters, dealers or agents, as the case may be, may over-allot or effect transactions intended to fix, stabilize, maintain or otherwise affect the market price of the Securities at a level other than those which otherwise might prevail on the open market. Such transactions may be commenced, interrupted or discontinued at any time. A purchaser who acquires any Securities forming part of any underwriters' over allotment position acquires those securities under such respective Prospectus Supplement, regardless of whether the over allotment position is ultimately filled through the exercise of the over allotment position or secondary market purchase.

Underwriters, dealers or agents who participate in the distribution of the Securities may be entitled, under agreements to be entered into with the Corporation and/or any Selling Securityholder, to indemnification by the Corporation and/or the Selling Securityholder against certain liabilities, including liabilities under applicable securities legislation, or to contribution with respect to payments which such underwriters, dealers or agents may be required to make in respect thereof. Such underwriters, dealers and agents may be customers of, engage in transactions with, or perform services for, the Corporation in the ordinary course of business.

Unless otherwise specified in the applicable Prospectus Supplement, each series or issue of Securities (other than Common Shares) will be a new issue of Securities with no established trading market. **Accordingly, there is currently no market through which the Securities (other than Common Shares) may be sold and purchasers may not be able to resell such Securities purchased under this Prospectus. This may affect the pricing of such Securities in the secondary market, the transparency and availability of trading prices, the liquidity of such Securities, and the extent of issuer regulation.**

The Securities will not be registered under the U.S. Securities Act or the securities laws of any states in the United States and, subject to certain exceptions, may not be offered or sold or otherwise transferred or disposed of in the United States or to or for the account of U.S. persons absent registration or pursuant to an applicable exemption from the U.S. Securities Act and applicable state securities laws. In addition, until 40 days after closing of an offering of Securities, an offer or sale of the Securities within the United States by any dealer (whether or not participating in such offering) may violate the registration requirement of the U.S. Securities Act if such offer or sale is made other than in accordance with Rule 144A or another exemption under the U.S. Securities Act.

**SECONDARY OFFERING BY SELLING SECURITYHOLDERS**

This Prospectus may also, from time to time, relate to the secondary offering of the Securities by one or more Selling Securityholders. The terms under which the Securities may be offered by Selling Securityholders will be described in the applicable Prospectus Supplement. The Prospectus Supplement for or including any secondary offering of Securities by a Selling Securityholder will include, without limitation, the following information, to the extent required by applicable securities laws:

&nbsp;&nbsp;&nbsp;&nbsp;· the names of the Selling Securityholders;

&nbsp;&nbsp;&nbsp;&nbsp;· the number or amount of securities of the Corporation owned, controlled or directed by each Selling Securityholder;

&nbsp;&nbsp;&nbsp;&nbsp;· the number or amount of Securities being distributed for the account of each Selling Securityholder;

&nbsp;&nbsp;&nbsp;&nbsp;· the number or amount of securities of the Corporation to be owned, controlled or directed by the
 Selling Securityholders after the distribution
and the percentage that number or amount represents of the total number of the Corporation's outstanding securities;

&nbsp;&nbsp;&nbsp;&nbsp;· whether securities of the Corporation are owned by the Selling Securityholders both of record and beneficially,
of record only, or beneficially only;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Selling Securityholder purchased any of the Securities in the 24 months preceding the date of the
applicable Prospectus Supplement, the date or dates the Selling Securityholder acquired the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Selling Securityholder acquired any of the Securities in the 12 months preceding the date of the
applicable Prospectus Supplement, the cost thereof to the Selling Securityholder in aggregate and on an average-cost-per-security basis;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Selling Securityholder is incorporated, continued or otherwise organized under the laws of a foreign
jurisdiction or resides outside Canada, the name and address of the person or company the Selling Securityholder has appointed as agent
for service of process, and, in such case, the Selling Securityholder will file a non-issuer's submission to jurisdiction form with the
applicable Prospectus Supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;· all other information that is required to be included in the applicable Prospectus Supplement.

**DESCRIPTION OF THE SECURITIES BEING DISTRIBUTED**

**Common Shares**

Blue Moon is authorized to issue an unlimited number of Common Shares without par value, an unlimited number of Class "A" preferred shares (the **"Class A Preferred Shares"**) with par value of $10 per share and an unlimited Class " B" preferred shares (the **"Class B Preferred Shares"**, and together with the Class A Preferred Shares the **"Preferred Shares"**) without par value. As at the date of this Prospectus, Blue Moon had 54,623,262 Common Shares issued and outstanding and no Preferred Shares are issued and outstanding. As at the date of this Prospectus, there were (i) 774,500 options to acquire Common Shares (**"Options"**), (ii) 224,506deferred share units (**"DSUs"**, or each a **"DSU"**) held by non-executive directors, and (iii) 62,500 restricted share units (**"RSUs"**, or each a **"RSU"**) held by officers and key employees of the Corporation.

All of the Common Shares are of the same class and, once issued, rank equally as to entitlement to dividends, voting powers (one vote per share) and participation in assets upon dissolution or winding-up, in each case subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking senior in priority to or on a pro rata basis with the holders of Common Shares with respect to dividends or liquidation. No Common Shares have been issued subject to call or assessment. The directors may from time to time declare and authorize the payment of dividends in respect of the Common Shares. The Common Shares contain no pre-emptive conversion or exchange rights and have no provisions for redemption or purchase for cancellation, surrender, sinking or purchase funds. Provisions as to the modification, amendment or variation of such rights or provisions are contained in Blue Moon's articles and by-laws, and the BCBCA.

**Debt Securities**

The Corporation may issue Debt Securities, separately or together with other Securities in any combination thereof, as the case may be. The Debt Securities will be issued under one or more indentures, in each case between the Corporation and a trustee to be determined by the Corporation and named in a Prospectus Supplement. A copy of the form of indenture in connection with offerings of Debt Securities will be filed by the Corporation with securities regulatory authorities in Canada after it has been entered into by the Corporation. The following describes the general terms that will apply to any Debt Securities that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Debt Securities offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Debt Securities, and the extent to which the general terms of the Debt Securities described in this Prospectus apply to those Debt Securities, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· aggregate principal amount and authorized denominations of such Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the manner of determining the offering price(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the currency in which the Debt Securities may be purchased and the currency in which the principal and
any interest is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the percentage of the principal amount at which such Debt Securities will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date or dates on which such Debt Securities will mature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any mandatory or optional redemption provisions applicable to the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any sinking fund or analogous redemption provisions applicable to the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the rate or rates per annum at which such Debt Securities will bear interest (if any), or the method of
determination of such rates (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the dates on which any such interest will be payable and the record dates for such payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the form of consideration for payment of any interest and/or principal payments (whether by cash, Common Shares or other Securities, or
a combination thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the trustee under the indenture pursuant to which the Debt Securities are to be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the designation and terms of any Debt Securities which will be offered, if any, and the number of Debt Securities that will be offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any exchange or conversion terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any provisions relating to any security provided for the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· event of default provisions contained in the indenture pursuant to which the Debt Securities are to be
issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Debt Securities will be senior or subordinated to other liabilities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, the identity of the Debt Security agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Debt Securities will be listed on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Debt Securities will be issued with any other Securities and, if so, the amount and terms
of these Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any minimum or maximum subscription amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Debt Securities are to be issued in registered form, "book-entry only" form, non-certificated
inventory system form, bearer form or in the form of temporary or permanent global securities and the basis of exchange, transfer and
ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any material risk factors relating to such Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· material Canadian federal income tax consequences of owning the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other rights, privileges, restrictions and conditions attaching to the Debt Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other material terms or conditions of the Debt Securities.

Each series of Debt Securities may be issued at various times with different maturity dates, may bear interest at different rates and may otherwise vary. The Corporation will not issue any guaranteed Debt Securities.

The terms on which a series of Debt Securities may be convertible into or exchangeable for Common Shares or other Securities of the Corporation will be described in the applicable Prospectus Supplement. These terms may include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at the option of the Corporation, and may include provisions pursuant to which the number of Common Shares or other Securities to be received by the holders of such series of Debt Securities would be subject to adjustment.

To the extent any Debt Securities are convertible into other Securities of the Corporation, prior to such conversion the holders of such Debt Securities will not have any of the rights of holders of the Securities into which the Debt Securities are convertible, including the right to receive payments of dividends or the right to vote such underlying Securities.

**Warrants**

The Corporation may issue Warrants, separately or together with other Securities in any combination thereof, as the case may be. The Warrants will be issued under a separate Warrant agreement or indenture. A copy of the Warrant agreement or indenture relating to an offering of Warrants will be filed by the Corporation with securities regulatory authorities in Canada after it has been entered into by the Corporation. The following describes the general terms that will apply to any Warrants that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Warrants offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Warrants, and the extent to which the general terms of the Warrants described in this Prospectus apply to those Warrants, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of Warrants offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the price or prices, if any, at which the Warrants will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the currency in which the Warrants will be offered and in which the exercise price under the Warrants may be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon exercise of the Warrant, the events or conditions under which the amount of Securities may be subject
to adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date on which the right to exercise such Warrants shall commence and the date on which such right
shall expire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, the identity of the Warrant agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Warrants will be listed on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Warrants will be issued with any other Securities and, if so, the amount and terms of these
Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any minimum or maximum subscription amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Warrants are to be issued in registered form, "book-entry only" form, non-certificated
inventory system form, bearer form or in the form of temporary or permanent global securities and the basis of exchange, transfer and
ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any material risk factors relating to such Warrants and the Securities to be issued upon exercise of the
Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other rights, privileges, restrictions and conditions attaching to the Warrants and the Securities
to be issued upon exercise of the Warrants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other material terms or conditions of the Warrants and the Securities to be issued upon exercise of
the Warrants.

Prior to the exercise of any Warrants, holders of such Warrants will not have any of the rights of holders of the Securities purchasable upon such exercise, including the right to receive payments of dividends or the right to vote such underlying Securities.

**Subscription Receipts**

The Corporation may issue Subscription Receipts, separately or together with other Securities in any combination thereof, as the case may be. The Subscription Receipts will be issued under an agreement or indenture. The applicable Prospectus Supplement will include details of the subscription receipt agreement or indenture governing the Subscription Receipts being offered. The following describes the general terms that will apply to any Subscription Receipts that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Subscription Receipts offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Subscription Receipts, and the extent to which the general terms of the

Subscription Receipts described in this Prospectus apply to those Subscription Receipts, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of Subscription Receipts offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the price or prices, if any, at which the Subscription Receipts will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the manner of determining the offering price(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the currency in which the Subscription Receipts will be offered and whether the price is payable in installments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Securities for which the Subscription Receipts may be exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· conditions to the exchange of Subscription Receipts into Securities and the consequences of such conditions
not being satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of Securities that may be issued upon the exchange of each Subscription Receipt and the price
per security or the aggregate principal amount, denominations and terms of the series of Debt Securities that may be issued upon exchange
of the Subscription Receipts, and the events or conditions under which the amount of Securities may be subject to adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the dates or periods during which the Subscription Receipts may be exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the circumstances, if any, which will cause the Subscription Receipts to be deemed to be automatically
exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· provisions applicable to any escrow of the gross or net proceeds from the sale of the Subscription Receipts plus any interest or income earned
thereon, and for the release of such proceeds from such escrow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, the identity of the Subscription Receipt agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Subscription Receipts will be listed on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Subscription Receipts will be issued with any other Securities and, if so, the amount and
terms of these Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any minimum or maximum subscription amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Subscription Receipts are to be issued in registered form, "book-entry only" form,
non-certificated inventory system form, bearer form or in the form of temporary or permanent global securities and the basis of exchange,
transfer and ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any material risk factors relating to such Subscription Receipts and the Securities to be issued upon
exchange of the Subscription Receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· material Canadian federal income tax consequences of owning the Subscription Receipts and the Securities to be issued upon exchange
of the Subscription Receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other rights, privileges, restrictions and conditions attaching to the Subscription Receipts and the
Securities to be issued upon exchange of the Subscription Receipts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other material terms or conditions of the Subscription Receipts and the Securities to be issued upon
exchange of the Subscription Receipts.

Prior to the exchange of any Subscription Receipts, holders of such Subscription Receipts will not have any of the rights of holders of the Securities for which the Subscription Receipts may be exchanged, including the right to receive payments of dividends or the right to vote such underlying Securities.

**Convertible Securities**

The Corporation may issue Convertible Securities, separately or together with other Securities in any combination thereof, as the case may be. The Convertible Securities will be convertible or exchangeable into Common Shares and/or other Securities. The applicable Prospectus Supplement will include details of the agreement, indenture or other instrument to which such Convertible Securities will be created and issued. The following describes the general terms that will apply to any Convertible Securities that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Convertible Securities offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Convertible Securities, and the extent to which the general terms of the Convertible Securities described in this Prospectus apply to those Convertible Securities, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of such Convertible Securities offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the price at which such Convertible Securities will be offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the procedures for the conversion or exchange of such Convertible Securities into or for Common Shares and/or other Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of Common Shares and/or other Securities that may be issued upon the conversion or exchange
of such Convertible Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the period or periods during which any conversion or exchange may or must occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the designation and terms of any other Securities with which such Convertible Securities will be offered,
if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the gross proceeds from the sale of such Convertible Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Convertible Securities will be listed on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Convertible Securities are to be issued in registered form, "book-entry only" form,
bearer form or in the form of temporary or permanent global securities and the basis of exchange, transfer and ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· certain material Canadian federal income tax consequences of owning the Convertible Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other material terms and conditions of the Convertible Securities.

**Units**

The Corporation may issue Units, separately or together with other Securities or any combination thereof, as the case may be. Each Unit will be issued so that the holder of the Unit is also the holder of each Security comprising the Unit. Thus, the holder of a Unit will have the rights and obligations of a holder of each Security. The following describes the general terms that will apply to any Units that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Units offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Units, and the extent to which the general terms of the Units described in this Prospectus apply to those Units, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of Units offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the price or prices, if any, at which the Units will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the manner of determining the offering price(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the currency in which the Units will be offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Securities comprising the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Units will be issued with any other Securities and, if so, the amount and terms of these Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any minimum or maximum subscription amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Units and the Securities comprising the Units are to be issued in registered form, "book-entry
only" form, non-certificated inventory system form, bearer form or in the form of temporary or permanent global securities and the
basis of exchange, transfer and ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any material risk factors relating to such Units or the Securities comprising the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· material Canadian federal income tax consequences of owning the Securities comprising the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other rights, privileges, restrictions and conditions attaching to the Units or the Securities comprising
the Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other material terms or conditions of the Units or the Securities comprising the Units, including
whether and under what circumstances the Securities comprising the Units may be held or transferred separately.

The Securities will not include any novel derivatives or asset-backed securities as described under Part 4 of NI 44- 102 – *Shelf Distributions*.

**EARNINGS COVERAGE RATIOS**

The applicable Prospectus Supplement will provide, as required, the earnings coverage ratios with respect to issuance of Debt Securities pursuant to such Prospectus Supplement.

**PRIOR SALES**

Prior sales of Securities will be provided, as required, in a Prospectus Supplement with respect to the issuance of Securities pursuant to such Prospectus Supplement.

**TRADING PRICE AND VOLUME**

Trading price and volume of Securities will be provided, as required, in each Prospectus Supplement to this Prospectus.

**CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS**

The applicable Prospectus Supplement may describe certain Canadian federal income tax considerations generally applicable to investors described therein of purchasing, holding and disposing of the applicable Securities, including, in the case of an investor who is not a resident of Canada, Canadian non-resident withholding tax considerations.

**RISK FACTORS**

There are various risks set out in the documents incorporated by reference herein, including the applicable Prospectus Supplement, that could have a material adverse effect upon, among other things, the exploration results, properties, business, business prospects and condition (financial or otherwise) of the Corporation. Before making an investment decision, prospective purchasers of Securities should carefully consider the information described in this Prospectus and the documents incorporated by reference herein, including the applicable Prospectus Supplement.

The Corporation has negative cash flow from operating activities and does not currently generate any revenue. Lack of cash flow from the Corporation's operating activities could impede its ability to raise capital through debt or equity financing to the extent required to fund its business operations. In addition, working capital deficiencies could negatively impact the Corporation's ability to satisfy its obligations promptly as they become due. If the Corporation does not generate sufficient cash flow from operating activities, it will remain dependent upon external financing sources. There can be no assurance that such sources of financing will be available on acceptable terms or at all.

In addition, sales of a substantial number of Common Shares by existing shareholders could occur. These sales, or the market perception that the holders of a large number of Common Shares intend to sell Common Shares, could reduce the market price of the Common Shares. If this occurs, it could impair the Corporation's ability to raise additional capital through the sale of securities.

Additional risk factors relating to a specific offering of Securities will be described in the applicable Prospectus Supplement. Some of the risk factors described in the documents incorporated by reference herein and/or the applicable Prospectus Supplement are interrelated and, consequently, investors should treat such risk factors as a whole. If any event arising from these risks occurs, the Corporation's business, prospects, financial condition, results of operations or cash flows, or your investment in the Securities could be materially adversely affected. Additional risks and uncertainties of which the Corporation currently is unaware or that are unknown or that it currently deems to be immaterial could have a material adverse effect on the Corporation's business, financial condition and results of operation. The Corporation can provide no assurance that it will successfully address any or all of these risks. For a list of risk factors, prospective purchasers should refer to risk factors outlined in the AIF under the heading "*Risk Factors*", the risk factors outlined in the Annual MD&A under the heading "*Financial Instrument Risk*" and elsewhere in the documents incorporated by reference herein.

Prospective investors should carefully consider the risks described herein, in a document incorporated by reference herein or in the applicable Prospectus Supplement and consult with their professional advisors to assess any investment in the Corporation.

**An investment in the Securities, as well as the Corporation's prospects, are speculative due to the risky nature of its business and the present stage of its development. Investors may lose their entire investment.**

**INTEREST OF EXPERTS**

The following persons, firms and companies are named as having prepared or certified a statement, report, valuation or opinion described or included herein directly or in a document incorporated by reference herein and whose profession or business gives authority to the statement, report, valuation or opinion, in each case with respect to the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;· Scott Wilson, C.P.G. SME-RM

&nbsp;&nbsp;&nbsp;&nbsp;· Peter Szkilnyk, P.Eng.

&nbsp;&nbsp;&nbsp;&nbsp;· Alan J. San Martin, P.Eng.

&nbsp;&nbsp;&nbsp;&nbsp;· Richard Gowans, P.Eng.

&nbsp;&nbsp;&nbsp;&nbsp;· Justin Taylor, P.Eng.

&nbsp;&nbsp;&nbsp;&nbsp;· Christopher Jacobs, C.Eng., MIMMM

&nbsp;&nbsp;&nbsp;&nbsp;· Adam Wheeler, B.Sc., M.Sc., C. Eng., Eur Ing., FIMMM

Certain information of a scientific or technical nature contained in this Prospectus and in the documents incorporated by reference herein, was reviewed and approved by the persons listed above, who are "qualified persons" within the meaning of NI 43-101.

To the knowledge of the Corporation, as of the date hereof, each of the persons referenced above holds less than 1.0% of the outstanding securities of the Corporation or any associate or affiliate of the Corporation.

**ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS**

Mr. Francis Johnstone and Dr. Karin Thorburn, directors of the Corporation, and Mr. Adam Wheeler and Mr. Scott Wilson, the qualified persons responsible for the Nussir Technical Report and the Blue Moon Technical Report, respectively, reside outside of Canada. Mr. Johnstone, Dr. Thorburn, Mr. Wheeler and Mr. Wilson have appointed Bennett Jones LLP, 3400 One First Canadian Place, P.O. Box 130, Toronto, Ontario, M5X 1A4 as agent for service of process.

Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed an agent for service of process.

**LEGAL MATTERS**

Unless otherwise specified in the Prospectus Supplement relating to an offering of Securities, certain legal matters relating to the offering of Securities will be passed upon by Bennett Jones LLP on behalf of the Corporation. As of the date hereof, Bennett Jones LLP and its partners, counsel and associates, as a group, beneficially own, directly or indirectly, less than 1.0% of the outstanding securities of the Corporation. In addition, certain legal matters in connection with any offering of Securities will be passed upon for any underwriters, dealers or agents by counsel to be designated at the time of the offering by such underwriters, dealers or agents with respect to matters of Canadian and, if applicable, United States or other foreign law.

**AUDITORS, TRANSFER AGENT AND REGISTRAR**

The registrar and transfer agent for the Corporation is Odyssey Trust Company, located at 300 5<sup>th</sup> Avenue SW, Suite 1 230, Calgary, Alberta, T2P 3C4.

Davidson & Company LLP, having an address of 609 Granville Street, Suite 1200, Vancouver, British Columbia, V7Y 1H4, is the former auditor of the Corporation (until April 21, 2025) and has confirmed that they are independent within the meaning of the Chartered Professional Accountants of Ontario CPA Code of Professional Conduct (registered name of The Institute of Chartered Accountants of Ontario). Davidson & Company LLP resigned effective on April 21, 2025, and succeeded by MNP LLP, as the current auditors of the Corporation.

**STATUTORY AND CONTRACTUAL RIGHTS OF WITHDRAWAL AND RESCISSION**

Securities legislation in certain of the provinces and territories of Canada provides purchasers with the right to withdraw from an agreement to purchase Securities. This right may be exercised within two business days after receipt or deemed receipt of the Prospectus, the accompanying Prospectus Supplement relating to the Securities purchased by a purchaser and any amendment thereto. In several of the provinces and territories, the securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the Prospectus, the accompanying Prospectus Supplement relating to the Securities purchased by a purchaser and any amendment thereto contains a misrepresentation or is not sent and delivered to the purchaser, provided that the remedies for rescission, revision of the price or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for the particulars of these rights or consult with a legal advisor.

In addition to statutory rights of withdrawal and rescission, original purchasers of Securities under this Prospectus (as supplemented or amended) that are convertible, exchangeable or exercisable securities, will be granted a contractual right of rescission against the Company in respect of the conversion, exchange or exercise of such Securities. The contractual right of rescission will be further described in any applicable Prospectus Supplement, but will, in general, entitle such original purchasers to receive, in addition to the amount paid on original purchase of any Securities, the amount paid upon conversion, exchange or exercise of such Securities, upon surrender of the underlying securities gained thereby, in the event that this Prospectus, the applicable Prospectus Supplement or any amendment thereto contains a misrepresentation, provided that both the conversion, exchange or exercise occurs, and the right of rescission is exercised, within 180 days of the date of the purchase of such Securities under this Prospectus and the applicable Prospectus Supplement. This contractual right of rescission will be consistent with the statutory right of rescission described under Section 130 of the *Securities Act* (Ontario) and is in addition to any other right or remedy available to original purchasers under Section 130 of the *Securities Act* (Ontario) or otherwise at law.

In an offering of Securities, to the extent such securities are convertible, exchangeable or exercisable securities, investors are cautioned that the statutory right of action for damages for a misrepresentation contained in this Prospectus (as supplemented or amended) is limited, in certain provincial and territorial securities legislation, to the price at which the Securities are offered to the public under the prospectus offering. This means that, under the securities legislation of certain provinces and territories of Canada, if the purchaser pays additional amounts upon conversion, exchange or exercise, as applicable, of the Security, those amounts may not be recoverable under the statutory right of action for damages that applies in those provinces and territories of Canada. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for the particulars of this right of action for damages or consult with a legal adviser.

**CERTIFICATE OF THE CORPORATION**

Dated: September 23, 2025

This final short form base shelf prospectus, together with the documents incorporated in this prospectus by reference, will, as of the date of the last supplement to this prospectus relating to the securities offered by this short form base shelf prospectus and the supplement(s), constitute full, true and plain disclosure of all material facts relating to the securities offered by this prospectus and the supplement(s) as required by the securities legislation of each of each of the provinces and territories of Canada (except Québec).

<u>*(signed) "Christian Kargl-Simard"*</u> <u>*(signed) "Frances Kwong"*</u> <br> Christian Kargl-Simard Frances Kwong <br> Chief Executive Officer Chief Financial Officer

On behalf of the Board of Directors:

<u>*(signed) "Maryse Bélanger"*</u> <u>*(signed) "Karin Thorburn"*</u> <br> Maryse Bélanger Karin Thorburn <br> Director Director

## Exhibit 99.18

**Exhibit 99.18**

![](tm2533647d1_ex99-18img001.jpg)

September 26, 2025

**VIA SEDAR+**

British Columbia Securities Commission

Ontario Securities Commission

Alberta Securities Commission

The Manitoba Securities Commission

Financial and Consumer Services Commission, New Brunswick

Superintendent of Securities, Newfoundland and Labrador

Superintendent of Securities, Northwest Territories

Nova Scotia Securities Commission

Nunavut Securities Office

Superintendent of Securities, Prince Edward Island

Financial and Consumer Affairs Authority of Saskatchewan

Yukon Superintendent of Securities

Dear Sirs/Mesdames:

**Re: Blue Moon Metals Inc. (the "Company") – Prospectus Supplement**

We refer to the prospectus supplement dated September 26, 2025 (the "**Prospectus Supplement**") to the short form base shelf prospectus dated September 23, 2025 of the Company with respect to the issuance of common shares in the capital of the Company, as described in the Prospectus Supplement.

We consent to the reference to our name on the second page of the Prospectus Supplement and under the headings "*Eligibility for Investment*" and "*Interests of Experts*" and to the use of our opinion under the heading "*Eligibility for Investment*" in the Prospectus Supplement, which opinion is dated as of the date of the Prospectus Supplement.

We confirm that we have read the Prospectus Supplement and have no reason to believe that there are any misrepresentations in the information contained therein that are derived from our legal opinions referred to therein or that are within our knowledge as a result of the services that we performed in connection with such opinion.

Yours truly,

(Signed) "*Blake, Cassels & Graydon LLP*"

Blake, Cassels & Graydon LLP

![](tm2533647d1_ex99-18img003.jpg)

## Exhibit 99.19

**Exhibit 99.19**

![](tm2533647d1_ex99-19img001.jpg)

September 26, 2025

**VIA SEDAR+**

British Columbia Securities Commission

Ontario Securities Commission

Alberta Securities Commission

Financial and Consumer Affairs Authority of Saskatchewan

The Manitoba Securities Commission

Financial and Consumer Services Commission, New Brunswick

Nova Scotia Securities Commission

Superintendent of Securities, Prince Edward Island

Superintendent of Securities, Newfoundland and Labrador

Northwest Territories Superintendent of Securities

Government of Nunavut – Office of the Superintendent of Securities

Office of the Yukon Superintendent of Securities

Dear Sirs/Mesdames:

---

| | |
|:---|:---|
| **Re:** | **Blue Moon Metals Inc. – Prospectus Supplement dated September 26, 2025 to the Short Form Base Shelf Prospects dated September 23, 2025** |

---

We refer to the prospectus supplement dated September 26, 2025 ("**Prospectus Supplement**") to the short form base shelf prospectus dated September 23, 2025 of Blue Moon Metals Inc. (the "**Corporation**"), which Prospectus Supplement relates to the distribution of common shares of the Corporation.

We hereby consent to the reference to our firm's name on page ii and under the headings "*Enforcement of Judgements Against Foreign Persons*", "*Eligibility for Investment*" and "*Interests of Experts*" of the Prospectus Supplement and to the use of our opinion under the heading "*Eligibility for Investment*" in the Prospectus Supplement, which opinion is dated as of the date of the Prospectus Supplement.

We confirm that we have read the Prospectus Supplement and that we have no reason to believe that there are any misrepresentations in the information contained therein that are derived from our opinion referred to therein or that are within our knowledge as a result of the services we have performed in connection with such opinion.

Yours truly,

"*Bennett Jones LLP*"

**Bennett Jones LLP**

![](tm2533647d1_ex99-19img002.jpg)

## Exhibit 99.20

**Exhibit 99.20**

**Execution Version**

**UNDERWRITING AGREEMENT**

September 26, 2025

**Blue Moon Metals Inc.**

200 Bay Street, Suite 550

Toronto, Ontario, Canada M5J 2W4

**Attention:** Mr. Christian Kargl-Simard (Chief Executive Officer and Director)

Dear Sir:

Scotia Capital Inc. ("**Scotia**"), Canaccord Genuity Corp. ("**Canaccord**" and, together with Scotia, the "**Joint Bookrunners**"), as joint bookrunners, together with Cormark Securities Inc., as co-lead manager, as well as Haywood Securities Inc. and Fearnley Securities AS (collectively with the Joint Bookrunners, the "**Underwriters**" and, each individually, an "**Underwriter**") hereby severally, and not jointly, nor jointly and severally, offer and agree to purchase, in the respective percentages set out in paragraph 2.16(c) of this Agreement, on a "bought deal" basis, or alternatively and without prejudice to the Underwriters obligation to purchase, to arrange, as agent for substituted purchasers (the "**Substituted Purchasers**") in the Selling Jurisdictions (as defined herein) to purchase, from Blue Moon Metals Inc. (the "**Corporation**"), and the Corporation hereby agrees to issue and sell to the Underwriters, 22,800,000 common shares in the capital of the Corporation (the "**Base Shares**"), at a price of $3.30 per Base Share ("**Offering Price**") for an aggregate purchase price of $75,240,000, upon and subject to the terms and conditions contained herein. For greater certainty, the obligation of the Underwriters to purchase the Base Shares shall be reduced by an amount equal to the number of Base Shares purchased by any such Substituted Purchasers. After a reasonable effort has been made to sell all of the Base Shares at the Offering Price, the Underwriters may subsequently reduce the selling price to investors from time to time, provided that any such reduction in the Offering Price shall not affect the aggregate gross proceeds less the Commission (as defined below) payable to the Corporation.

The Underwriters understand that the Corporation has prepared and, concurrently with or immediately after the execution hereof, will file the Prospectus Supplement (as defined herein) and all necessary documents relating thereto and will take all additional steps to qualify the Offered Shares (as defined herein) for distribution in the Qualifying Jurisdictions (as defined herein). The Underwriters intend to make a public offering of the Offered Shares in the Qualifying Jurisdictions and on a private placement basis in offshore jurisdictions outside of Canada and the United States (as defined herein) upon the terms set forth herein and in the Prospectus, including that no offshore sale shall require the Corporation to make any filing in such jurisdiction or otherwise become subject to any ongoing reporting obligations. Furthermore, the Corporation understands that the Underwriters reserve the right to offer and resell the Offered Shares in the United States solely to Qualified Institutional Buyers (as defined herein) pursuant to Rule 144A under the U.S. Securities Act. All offers and sales of the Offered Shares in the United States (a) will be made in accordance with Schedule "A" attached hereto (which schedule is incorporated into and forms part of this Agreement), (b) will be conducted in such a manner so as not to require registration thereof under the U.S. Securities Act, and (c) will be conducted through an affiliate of one or more of the Underwriters duly registered with the SEC (as defined herein) and the Financial Industry Regulatory Authority, Inc. and in compliance with U.S. Securities Laws (as defined herein). The Corporation acknowledges and agrees that the Underwriters may offer and sell the Offered Shares to or through any affiliates of the Underwriters and that any such affiliate may offer and sell the Offered Shares purchased by it.

In addition to the Offering of Base Shares, the Corporation hereby grants an option (the "**Over-Allotment Option**") to the Underwriters, entitling the Underwriters to purchase, or arrange for Substituted Purchasers to purchase, on and subject to the terms contained herein, up to an aggregate of 3,420,000 additional common shares in the capital of the Corporation (the "**Optioned Shares**") at the Offering Price. The Over- Allotment Option is exercisable in whole or in part, at any time and from time to time, for a period of 30 days after and including the Closing Date (as defined herein). If the Joint Bookrunners, on behalf of the Underwriters, elect to exercise such Over-Allotment Option, the Joint Bookrunners shall notify the Corporation in writing not less than 48 hours prior to the proposed Option Closing Date (as defined herein), which notice shall specify the number of Optioned Shares to be purchased by the Underwriters and/or the Substituted Purchasers pursuant to the Over-Allotment Option and the date (the "**Option Closing Date**") on which such Optioned Shares are to be purchased, which Option Closing Date shall be no earlier than the date that is 48 hours following receipt of the notice. The Over-Allotment Option may be exercised solely for the purpose of covering the Underwriters' over-allocation position (as such concept is defined in NI 41- 101) of the Underwriters and for market stabilization purposes (which date may be the same date as the Closing Date). If any Optioned Shares are purchased pursuant to the Over-Allotment Option, each Underwriter agrees, severally and not jointly, nor jointly and severally, to purchase, or arrange for the Substituted Purchasers to purchase, the percentage of such Optioned Shares equal to the percentage set out opposite the name of such Underwriter in paragraph 2.16(c) of this Agreement. By executing this agreement the Underwriters hereby represent and warrant to the Corporation that the Underwriters over-allocation position is at least equal to 3,420,000 Optioned Shares. The Underwriters shall be under no obligation whatsoever to exercise the Over-Allotment Option in whole or in part.

Unless the context otherwise requires or unless otherwise specifically stated, all references in this Agreement to the "**Offering**" shall be deemed to include the Over-Allotment Option and all references in this Agreement to "**Offered Shares**" shall mean, collectively, the Base Shares and the Optioned Shares.

The Corporation agrees that each of the Underwriters shall be entitled to appoint a soliciting dealer group consisting of other dealers registered in any of the Qualifying Jurisdictions acceptable to the Corporation, acting reasonably, for the purposes of arranging for purchasers of the Offered Shares and the Underwriters shall be entitled to determine the remuneration payable by the Underwriters to such other dealers appointed by them.

In consideration of the Underwriters' services to be rendered in connection with the Offering, including the agreement of the Underwriters to purchase the Offered Shares and to offer them to the public pursuant to the Offering Documents (as defined herein), the Corporation shall pay to the Underwriters at the Closing Time (as defined herein) a cash commission equal to 6.0% of the gross proceeds realized by the Corporation in respect of the sale of the Offered Shares (the "**Commission**").

The Offering is conditional upon and subject to the additional terms and conditions set forth below. The following are additional terms and conditions of the Agreement between the Corporation and the Underwriters:

**ARTICLE 1**

**DEFINITIONS**

**1.1 Definitions:**

In this Agreement, in addition to the terms defined above or elsewhere in this Agreement, the following terms shall have the following meanings:

"**Agreement**" means the agreement resulting from the acceptance by the Corporation of the offer made hereby, as the same may be supplemented, amended and/or restated from time to time;

"**Ancillary Documents**" means any documents executed and delivered, or to be executed and delivered, by the Corporation in connection with the transactions contemplated by this Agreement;

"**Base Shares**" has the meaning ascribed thereto on the face page hereof;

"**BCBCA**" means the *Business Corporations Act* (British Columbia);

"**Blue Moon Project**" means the polymetallic volcanogenic massive sulfide (VMS) deposit located in central California approximately 22 miles northeast of Merced and 120 miles east, southeast of San Francisco, as further described in the Blue Moon Technical Report;

"**Blue Moon Technical Report**" means the technical report titled "NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California" dated April 14, 2025 with an effective date of March 3, 2025, as amended and restated on September 12, 2025, and prepared by Scott Wislon, C.P.G., SME-REM, Peter Szkilnyk, P. Eng., Alan J. San Martin, P. Eng., Richard Gowans, P. Eng., Justin Taylor, P. Eng., and Christopher Jacobs, C. Eng., MIMMM;

"**British Columbia Act**" means the *Securities Act* (British Columbia) and the regulations thereunder, together with the fee schedules, prescribed forms, instruments, policies, rules, orders, codes, notices and interpretation notes of the British Columbia Securities Commission, as amended, supplemented or replaced from time to time;

"**Business Day**" means a day which is not a Saturday, Sunday or statutory or civic holiday in the City of Toronto, Ontario;

"**Canaccord**" has the meaning ascribed thereto on the face page hereof;

"**Canadian Securities Regulators**" means the applicable securities commission or securities regulatory authority in each of the Qualifying Jurisdictions;

"**Claims**" has the meaning ascribed thereto in Section 2.18;

"**Closing**" means the completion of the issue and sale by the Corporation and the purchase by the Underwriters on the Closing Date of the Offered Shares as contemplated by this Agreement;

"**Closing Date**" means October 1, 2025 or such other date as the Corporation and the Joint Bookrunners, on behalf of the Underwriters, may agree;

"**Closing Time**" means 8:30 a.m. (Toronto time) on the Closing Date or such other time on the Closing Date as the Corporation and the Joint Bookrunners, on behalf of the Underwriters, may agree;

"**Commission**" has the meaning ascribed thereto on page 2 hereof;

"**Common Shares**" means the common shares of the Corporation;

"**Corporation**" has the meaning ascribed thereto on the face page hereof;

"**Corporation Auditor**" means Davidson & Company LLP, Chartered Professional Accountants, the former auditor of the Corporation;

"**Corporation Subsidiaries**" means, collectively, Keystone, NSG, Nussir, Blue Moon Norway AS, Repparjord Eiendom AS and Sulitjelma Mineral AS, and

"**Corporation Subsidiary**" means any of them;

"**Corporation Subsidiaries' Auditor**" means KPMG AS;

"**Debt Instrument**" means any material loan, bond, debenture, promissory note or other instrument evidencing indebtedness (demand or otherwise) for borrowed money or other liability;

"**Documents Incorporated by Reference**" means all financial statements, management's discussion and analysis, management information circulars, annual information forms, material change reports, business acquisition reports, Marketing Materials or other documents issued or filed by the Corporation, whether before or after the date of this Agreement, that are incorporated by reference or required to be incorporated by reference into the Prospectus;

"**Employee Plans**" has the meaning ascribed thereto in Section 2.7(lll);

"**Engagement Letter**" means the letter agreement dated September 24, 2025, as amended on September 25, 2025, among the Corporation and the Joint Bookrunners, on behalf of the Underwriters, in connection with the Offering;

"**Environmental and Health Laws**" has the meaning ascribed thereto in Section 2.7(yy);

"**Excluded Transaction**" has the meaning ascribed thereto in Section 2.6(i);

"**Final Base Shelf Prospectus**" means the final short form base shelf prospectus dated September 23, 2025, including all of the Documents Incorporated by Reference, prepared by the Corporation and for which a receipt has been issued by the Principal Regulator on its own behalf and, as principal regulator, on behalf of the other applicable Canadian Securities Regulators;

"**Financial Statements**" means the financial statements of the Corporation, NSG and Nussir, included in the Documents Incorporated by Reference, including the notes to such statements and the related auditors' report on such statements, if any;

"**Governmental Authority**" means (a) any multinational, federal, provincial, state, municipal, regional, local or other governmental or public department, regulatory authority, central bank, court, commission, board, bureau, agency or instrumentality, domestic or foreign, (b) any subdivision agent, commission, board, or authority of any of the foregoing, (c) any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or for the account of any of the foregoing, and (d) any stock exchange or self-regulatory authority and, for greater certainty, includes the Securities Regulators;

"**Hartree Loan Agreement**" means the loan agreement dated August 19, 2025, as amended on September 2, 2025, among the Corporation, Keystone, Nussir, Blue Moon Norway AS, Repparfjord Eiendom AS, Hartree Partners, LP and Opps XII BL MN Holdings LP;

"**Hazardous Substances**" has the meaning ascribed thereto in Section 2.7(yy);

"**IFRS**" means International Financial Reporting Standards as issued by the International Accounting Standards Board;

"**including**" means including without limitation;

"**Indemnified Party**" has the meaning ascribed thereto in Section 2.18;

"**Information Record**" means all information regarding the Corporation that is made publicly available by the Corporation together with all information prepared by the Corporation and provided to the Underwriters or to potential purchasers of the Offered Shares, if any, and includes, but is not limited to, all prospectuses, annual reports, annual and interim financial statements, annual information forms, business acquisition reports, management discussion and analysis of financial condition and results of operations, information circulars, material change reports, press releases and all other information or documents required to be filed or furnished by the Corporation under applicable Securities Laws in the Reporting Jurisdictions which have been publicly filed or otherwise publicly disseminated by the Corporation;

"**Joint Bookrunners**" has the meaning ascribed thereto on the face page hereof;

"**Keystone**" means Keystone Mines Inc.;

"**Laws**" means any and all applicable laws, including all statutes, codes, ordinances, decrees, rules, regulations, municipal by-laws, judicial or arbitral or administrative or ministerial or departmental or regulatory judgments, orders, decisions, rulings or awards, or policies or guidelines of or issued by a Governmental Authority;

"**limited-use version**" has the meaning ascribed thereto in NI 41-101;

"**Lock-Up Agreements**" has the meaning ascribed thereto in Section 2.12;

"**Losses**" has the meaning ascribed thereto in Section 2.18;

"**Marketing Materials**" has the meaning ascribed to "marketing materials" in NI 41-101;

"**Material Adverse Effect**" means the effect resulting from any event, change (including a decision to implement a change made by the board of directors of the Corporation or by senior management of the Corporation who believe that confirmation of the decision by the board of directors is probable), occurrence, state of fact or circumstance, individually or in the aggregate with other such events, changes, occurrences, states of fact or circumstances (a) which is or could reasonably be expected to be materially adverse to the business, affairs, capital, operations, results of operations, property rights, assets, liabilities (contingent or otherwise) or condition (financial or otherwise) of the Corporation, (b) which could reasonably be expected to have a significant negative effect on the market price or value of the Common Shares, or (c) which would result in any Ancillary Document or Offering Document containing a misrepresentation;

"**MI 11-102**" means Multilateral Instrument 11-102 – *Passport System* and its companion policy;

" **Mining Projects**" means, collectively, the Blue Moon Project, the NSG Project and the Nussir Project;

" **Mining Rights**" has the meaning ascribed thereto in Section 2.7(vvv);

"**Money Laundering Laws**" has the meaning ascribed thereto in Section 2.7(aaaa);

" **NI 41-101**" means National Instrument 41-101 – *General Prospectus Requirements*;

"**NI 43-101**" means National Instrument 43-101 – *Standards of Disclosure for Mineral Projects*;

" **NI 44-101**" means National Instrument 44-101 – *Short Form Prospectus Distributions*;

"**NI 44-102**" means National Instrument 44-102 – *Shelf Distributions*;

"**NI 51-102**" means National Instrument 51-102 – *Continuous Disclosure Obligations*;

" **NI 51-201**" means National Instrument 51-201 – *Disclosure Standards*;

"**NP 11-202**" means National Policy 11-202 – *Process for Prospectus Reviews in Multiple Jurisdictions*;

" **NSG**" means Nye Sulitjelma Gruver AS;

"**NSG Project**" means the advanced stage volcanic massive sulphide development copper-zinc-gold-silver project located in northern Norway;

"**NSG Technical Report**" means the technical report titled "Report NI 43-101 Technical Report on the Mineral Resources of the Sultijelma Project, Norway" dated May 20, 2025 with an effective date of February 20, 2025, as amended and restated on September 12, 2025, and prepared by Adam Wheeler, B.Sc., M.Sc, C. Eng., Eur Ing., FIMMM;

"**Nussir**" means Nussir ASA;

"**Nussir Project**" means the advanced stage sediment hosted development copper-gold-silver project located in northern Norway;

"**Nussir Technical Report**" means the technical report titled "NI 43-101 Technical Report for the on the Mineral Resources of the Nussir and Ulveryggen Projects, Norway" dated January 24, 2025 with an effective date of June 20, 2025, as amended and restated on September 12, 2025, and prepared by Adam Wheeler, B.Sc., M.Sc, C. Eng., Eur Ing., FIMMM;

"**OFAC**" has the meaning ascribed thereto in Section 2.7(cccc);

"**Off-Balance Sheet Arrangement**" means with respect to any Person, any securitization transaction to which that Person or its subsidiaries is party and any other transaction, agreement or other contractual arrangement to which an entity unconsolidated with that Person is a party, under which that Person or its subsidiaries, whether or not a party to the arrangement, has, or in the future may have (a) any obligation under a direct or indirect guarantee or similar arrangement, (b) a retained or contingent interest in assets transferred to an unconsolidated entity or similar arrangement, (c) derivatives to the extent that the fair value thereof is not fully reflected as a liability or asset in the financial statements of the Person, or (d) any obligation or liability, including a contingent obligation or liability, to the extent that it is not fully reflected in the financial statements of the Person (excluding the footnotes thereto) (for this purpose, obligations or liabilities that are not fully reflected in the financial statements (excluding the footnotes thereto) include, without limitation (i) obligations that are not classified as a liability according to Canadian or United States generally accepted accounting principles and IFRS, as applicable, (ii) contingent liabilities as to which, as of the date of the financial statements, it is not probable that a loss has been incurred or, if probable, is not reasonably estimable, or (iii) liabilities as to which the amount recognized in the financial statements is less than the reasonably possible maximum exposure to loss under the obligation as of the date of the financial statements, but, in each case, exclude contingent liabilities arising out of litigation, arbitration or regulatory actions (not otherwise related to off-balance sheet arrangements));

"**Offered Shares**" means the Base Shares and the Optioned Shares, if any;

"**Offering**" means the issuance and sale of the Base Shares and, if applicable, the Optioned Shares issued on the exercise of the Over-Allotment Option pursuant to this Agreement;

"**Offering Documents**" means, collectively, the Prospectus, the U.S. Placement Memorandum and any Supplementary Material;

"**Offering Price**" has the meaning ascribed thereto on the face page hereof;

"**Option Closing Date**" has the meaning ascribed thereto on page 2 hereof;

"**Option Closing Time**" means 8:30 a.m. (Toronto time) on the Option Closing Date or such other time on the Option Closing Date as the Corporation and the Joint Bookrunners may agree;

"**Optioned Shares**" has the meaning ascribed thereto on page 2 hereof;

"**Over-Allotment Option**" has the meaning ascribed thereto on page 2 hereof;

"**Passport Receipt**" means the receipt issued by the Principal Regulator, which is deemed to also be a receipt of the other Canadian Securities Regulators pursuant to MI 11-102 and NP 11-202, for the Final Base Shelf Prospectus and any Supplementary Material, as the case may be;

"**Passport System**" means the system and process for prospectus reviews provided for under MI 11-102 and NP 11-202;

"**Person**" means an individual (whether acting as an executor, trustee, administrator, legal representative or otherwise), a firm, a corporation, a syndicate, a partnership, a trust, an association, an unincorporated organization, a joint venture, an investment club, a government or an agency or political subdivision thereof and every other form of legal or business entity of any nature or kind whatsoever;

"**Principal Regulator**" means the British Columbia Securities Commission;

"**Prospectus**" means, collectively, the Final Base Shelf Prospectus and the Prospectus Supplement and any amendments thereto;

"**Prospectus Supplement**" means the shelf prospectus supplement to be dated September 26, 2025, including all of the Documents Incorporated by Reference, to be prepared by the Corporation and relating to the distribution of the Offered Shares;

"**Qualified Institutional Buyer**" means a "qualified institutional buyer" as defined in Rule 144A under the U.S. Securities Act;

"**Qualifying Jurisdictions**" means, collectively, each of the provinces of Canada, except Quebec;

"**Reporting Jurisdictions**" means, collectively, each of the provinces and territories of Canada, except Quebec;

"**Required Permits**" has the meaning ascribed thereto in Section 2.7(zz);

" **Scotia**" has the meaning ascribed thereto on the face page hereof;

" **SEC**" means the United States Securities and Exchange Commission;

"**Securities Laws**" means, collectively, all applicable securities laws in each of the Selling Jurisdictions, including the securities legislation and regulations of, and the fee schedules, prescribed forms, instruments, policies, rules, orders, codes, notices and interpretation notes of the securities regulatory authorities (including the TSXV) in each of the Selling Jurisdictions;

"**Securities Regulators**" means, collectively, the TSXV and the applicable securities commission or securities regulatory authority in each of the Canadian and United States Selling Jurisdictions;

"**SEDAR+**" means the System for Electronic Document Analysis and Retrieval of the Canadian Securities Administrators;

"**Selling Firm**" has the meaning ascribed thereto in 2.3(a);

"**Selling Jurisdictions**" means, collectively, all of the Qualifying Jurisdictions, the United States and such other jurisdictions outside of Canada and the United States as the Corporation and the Underwriters may agree;

"**Standard Listing Conditions**" has the meaning ascribed thereto in 2.4(a)(iv);

"**Standard Term Sheet**" has the meaning ascribed to "standard term sheet" in NI 41-101;

"**subsidiary**" has the meaning ascribed thereto in the British Columbia Act and

"**subsidiaries**" means all of them;

"**Substituted Purchasers**" has the meaning ascribed thereto on the face page hereof;

"**Supplementary Material**" means, collectively, any amendment to the Offering Documents and any supplemental prospectus or ancillary materials that may be filed by or on behalf of the Corporation under the Securities Laws relating to the distribution of the Offered Shares hereunder;

"**Tax Act**" means the *Income Tax Act* (Canada), as amended from time to time and regulations made pursuant thereto;

"**Technical Reports**" means, collectively, the Blue Moon Technical Report, the NSG Technical Report and the Nussir Technical Report;

"**template version**" has the meaning ascribed thereto in NI 41-101;

"**Transfer Agent**" means Odyssey Trust Company, the registrar and transfer agent for the Common Shares;

"**TSXV**" means the TSX Venture Exchange;

"**Underwriter**" and "**Underwriters**" have the meaning ascribed thereto on the face page hereof;

"**United States**" means the United States of America, its territories and possessions, any state of the United States and the District of Columbia;

"**U.S. Exchange Act**" means the United States Securities Exchange Act of 1934, as amended;

"**U.S. Placement Memorandum**" means the U.S. placement memorandum, in a form satisfactory to the Underwriters and the Corporation, each acting reasonably, which will be attached to the Prospectus, to be delivered to each offeree in the United States in accordance with Schedule "A" attached hereto;

"**U.S. Securities Act**" means the United States Securities Act of 1933, as amended;

"**U.S. Securities Laws**" means all applicable securities legislation in the United States, including the U.S. Securities Act, the U.S. Exchange Act and the rules and regulations promulgated thereunder, and any applicable state securities laws; and

<u>Other Defined Terms</u>: Whenever used in this Agreement, the words and terms "affiliate", "associate", " distribution", "material fact", "material change", "misrepresentation", "senior officer", "trade" and " underwriter" shall have the meaning given to such word or term in the British Columbia Act unless specifically provided otherwise herein.

<u>Knowledge</u>: Whenever used in this Agreement, the phrase "to the knowledge of the Corporation" shall refer to the actual knowledge of each of Christian Kargl-Simard, Chief Executive Officer, and Frances Kwong, Chief Financial Officer, after due inquiry.

**ARTICLE 2**

**TERMS AND CONDITIONS**

**2.1 Compliance with Securities Laws.**

The Corporation meets the general eligibility requirements for use of a short form prospectus under NI 44-101 and a short form base shelf prospectus and prospectus supplement under NI 44-102 for the distribution of the Offered Shares in the Qualifying Jurisdictions. The Corporation has prepared and filed with the Principal Regulator and the other Canadian Securities Regulators, the Final Base Shelf Prospectus in accordance with NI 44-101 and NI 44-102 and the Corporation has received a Passport Receipt from the Principal Regulator representing the deemed receipt of each of the Canadian Securities Regulators pursuant to MI 11-102 and NP 11-202 for the Final Base Shelf Prospectus. No cease trade order suspending the distribution of the Offered Shares has been issued by the Canadian Securities Regulators and no proceedings for that purpose have been instituted or are pending or, to the knowledge of the Corporation, are contemplated by any Canadian Securities Regulators, and any request on the part of any Canadian Securities Regulators for additional information has been complied with.

The Corporation represents and warrants to, and covenants and agrees with, the Underwriters that the Corporation will as soon as possible, and in any event no later than 10:00 p.m. (Toronto time) on September 26, 2025, prepare and file the Prospectus Supplement. The distribution of the Offered Shares shall be qualified by the Prospectus under Securities Laws in the Qualifying Jurisdictions. The Corporation will use reasonably commercial efforts to file with the TSXV all required documents and pay all required fees, and do all things required by the rules and policies of the TSXV, in order to obtain the conditional acceptance of the Offering and the listing of the Offered Shares prior to the Closing Date.

The Corporation has fulfilled all requirements to be fulfilled by the Corporation, including the filing of the Final Base Shelf Prospectus to enable the Offered Shares to be offered for sale and sold to the public in the Qualifying Jurisdictions through registrants who have complied with the relevant provisions of applicable Securities Laws.

**2.2 Due Diligence.**

The Corporation will allow the Underwriters and their representatives the opportunity to conduct all due diligence which the Underwriters may reasonably require in order to fulfil their obligations and in order to enable them to responsibly execute the certificates required to be executed by them at the end of each of the Offering Documents, as applicable; and without limiting the scope of the due diligence inquiries the Underwriters may conduct, the Corporation will participate and cause the Corporation Auditor, representative authors of each of the Technical Reports who are, "qualified persons" (as such term is defined in NI 43-101) and legal counsel to participate in one or more due diligence sessions to be held prior to the completion of the distribution of the Offered Shares, including, for greater certainty, in connection with any exercise of the Over-Allotment Option. Prior to the completion of the distribution of the Offered Shares, the Corporation will allow the Underwriters to participate fully in the preparation of the Offering Documents (other than material filed prior to the date hereof and incorporated by reference therein).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3** **Distribution and Certain Obligations of the Underwriters.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Underwriters shall, and shall require any investment dealer or broker (other than the Underwriters)
with which the Underwriters have a relationship in respect of the distribution of the Offered Shares or who are otherwise offered selling
group participation by the Underwriters (each, a "**Selling Firm**") to agree to, comply with the Securities Laws in connection
with the distribution of the Offered Shares and shall offer the Offered Shares for sale to the public directly and through Selling Firms
upon the terms and conditions set out in the Prospectus and this Agreement. The Underwriters shall, and shall require any Selling Firm
to agree to, offer for sale to the public and sell the Offered Shares only in those jurisdictions where they may be lawfully offered for
sale or sold. The Underwriters shall: (i) use all commercially reasonable efforts to complete and to cause each Selling Firm to complete
the distribution of the Offered Shares as soon as reasonably practicable; and (ii) promptly notify the Corporation when, in their
opinion, the Underwriters and the Selling Firms have ceased distribution of the Offered Shares and provide a breakdown of the number of
Offered Shares distributed in each of the Qualifying Jurisdictions where such breakdown is required for the purpose of calculating fees
payable to the Canadian Securities Regulators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Underwriters shall, and shall require any Selling Firm to agree to, distribute the Offered Shares
in a manner which complies with and observes all Securities Laws in each Selling Jurisdiction into and from which they may offer to sell
the Offered Shares or distribute the Offering Documents in connection with the distribution of the Offered Shares and will not, directly
or indirectly, offer, sell or deliver any Offered Shares or deliver the Offering Documents to any Person in any Selling
Jurisdiction other than in the Qualifying Jurisdictions except in a manner which will not require the Corporation to comply with the registration,
prospectus, filing, continuous disclosure or other similar requirements under the applicable Securities Laws of such other Selling Jurisdictions
or pay any additional governmental filing fees which relate to such other Selling Jurisdictions (other than in connection with the Offering).
Subject to the foregoing, the Underwriters and any Selling Firm shall be entitled to offer and sell the Offered Shares in such other Selling
Jurisdictions in accordance with any applicable securities and other laws in such other Selling Jurisdictions in which the Underwriters
and/or Selling Firms offer the Offered Shares provided that the Corporation is not required to file a prospectus, registration statement
or similar document or cause the Corporation to be subject to ongoing reporting obligations in such other jurisdictions, in accordance
with the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Underwriters shall be entitled to assume that the Offered Shares are qualified for distribution in
any Qualifying Jurisdiction where a receipt or similar document for the Final Base Shelf Prospectus shall have been obtained from the
applicable Canadian Securities Regulators (including the Passport Receipt for the Final Base Shelf Prospectus issued under the Passport
System), and where the filing of the Prospectus Supplement shall have been made, unless otherwise notified in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding any other provision of this Agreement, no Underwriter will be liable to the Corporation
with respect to a default, or any act or omission, as applicable, by another Underwriter, such other Underwriter's affiliates or
any Selling Firm appointed by such other Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4** **Deliveries on Filing and Related Matters.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Corporation shall deliver to the Underwriters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) prior to the filing thereof with the Canadian Securities Regulators, a copy of the Prospectus Supplement
in the English language signed and certified by the Corporation as required by the applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the U.S. Placement Memorandum prepared delivery to purchasers under the Offering resident in, or otherwise
subject to the laws of, the United States and purchasing Offered Shares pursuant to Rule 144A under the U.S. Securities Act, such
U.S. Placement Memorandum to be in form and substance satisfactory to the Corporation and the Joint Bookrunners, on behalf of the Underwriters,
acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) prior to the filing of the Prospectus Supplement or any amendment thereto with the Canadian Securities
Regulators, a "long form" comfort letter dated the date of the Prospectus Supplement or the amendment, as applicable, in form
and substance satisfactory to the Joint Bookrunners, on behalf of the Underwriters, acting reasonably, addressed to the Underwriters and
the directors of the Corporation from the Corporation Auditor with respect to financial and accounting information relating to the Corporation
contained in the Prospectus Supplement or the amendment, as applicable, which letter shall be based on a review by the Corporation Auditor
within a cut-off date of not more than two Business Days prior to the date of the letter, which letter shall be in addition to any auditors'
consent letter(s) or comfort letter(s) addressed to the Canadian Securities Regulators; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) prior to the filing of the Closing Date, copies of correspondence indicating that the application for
the listing and posting for trading on the TSXV of the Offered Shares has been approved subject only to satisfaction by the Corporation
of customary post-closing conditions imposed by the TSXV (the "**Standard Listing Conditions** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the distribution of the Offered Shares:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation and the Joint Bookrunners, on behalf of the Underwriters, shall approve in writing, a
template version of any Marketing Materials reasonably requested to be provided by the Underwriters to any potential investor of Offered
Shares, such Marketing Materials to comply with applicable Securities Laws. The Corporation shall file a template version of such Marketing
Materials with the Canadian Securities Regulators as soon as reasonably practicable after such Marketing Materials are so approved in
writing by the Corporation and the Joint Bookrunners, on behalf of the Underwriters, and in any event on or before the day the Marketing
Materials are first provided to any potential investor of Offered Shares, and such filing shall constitute the Underwriters' authority
to use such Marketing Materials in connection with the Offering. Any comparables shall be redacted from the template version in accordance
with NI 44-102 prior to filing such template version with the Canadian Securities Regulators and a complete template version containing
such comparables and any disclosure relating to the comparables, if any, shall be delivered to the Canadian Securities Regulators by the
Corporation in accordance with NI 44-102. The Corporation shall prepare and file with the Canadian Securities Regulators a revised template
version of any Marketing Materials provided to potential investors of Offered Shares where required under applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Corporation, and the Underwriters, on a several basis (and not joint, nor joint and several basis),
covenant and agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) not to provide any potential investor of Offered Shares with any Marketing Materials unless a template
version of such Marketing Materials has been filed by the Corporation with the Canadian Securities Regulators on or before the day such
Marketing Materials are first provided to any potential investor of Offered Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) not to provide any potential investor with any materials or information in relation to the distribution
of the Offered Shares or the Corporation other than: (a) such Marketing Materials that have been approved and filed in accordance
with this 2.4(b) and limited-use versions thereof; (b) the Offering Documents; and (c) any Standard Term Sheets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Corporation shall also prepare and deliver promptly to the Underwriters signed copies, as applicable,
of all Supplementary Material required to be filed or delivered by the Corporation in compliance with applicable Securities Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Delivery of each Offering Document by the Corporation shall constitute the representation and warranty
of the Corporation to the Underwriters that, as at the respective date of filing or delivery of such document:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all information and statements (except information and statements relating solely to the Underwriters
and provided by the Underwriters in writing) contained in such Offering Document are true and correct, in all material respects, and contain
no misrepresentation and constitute full, true and plain disclosure of all material facts relating to the Corporation, the Offering and
the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no material fact or information has been omitted therefrom (except facts or information relating solely
to the Underwriters) which is required to be stated in such Offering Document or is necessary to make the statements or information contained
in such Offering Document not misleading in light of the circumstances under which they were made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) except with respect to any information relating solely to the Underwriters and provided by the Underwriters
in writing, such Offering Document complies in all material respects with the requirements of applicable Securities Laws.

Such delivery shall also constitute the Corporation's consent to the Underwriters' use of the Offering Document in connection with the distribution of the Offered Shares in the Selling Jurisdictions in compliance with applicable Securities Laws unless otherwise advised in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Corporation shall cause commercial copies of the Offering Documents to be delivered to the Underwriters
without charge, in such numbers and in such cities as the Underwriters may reasonably request by written instructions to the Corporation's
financial printer of the Offering Documents given forthwith after the Underwriters have been advised that the Corporation has complied
with the Securities Laws in the Qualifying Jurisdictions. Such delivery shall be effected as soon as possible and, in any event, on or
before a date which is one (1) Business Day after the filing of the Prospectus Supplement, and on or before a date which is one (1) Business
Day after the Canadian Securities Regulators issue receipts for or accept for filing, as the case may be, any Supplementary Material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5** **Material Changes.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the period prior to the Underwriters notifying the Corporation of the completion of the distribution
of the Offered Shares, the Corporation shall promptly inform the Underwriters (and if requested by the Underwriters, confirm such notification
in writing) of the full particulars of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any material change (actual, anticipated, contemplated, threatened, financial or otherwise) in the Offering,
any relevant third party or in the assets, liabilities (contingent or otherwise), business, affairs, operations or capital of the Corporation
taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any material fact which has arisen or has been discovered and would have been required to have been stated
in any of the Offering Documents had the fact arisen or been discovered on, or prior to, the date of such documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any change in any material fact (which for the purposes of this Agreement shall be deemed to include the
disclosure of any previously undisclosed material fact) contained in the Offering Documents or whether any event or state of facts has
occurred after the date hereof, which, in any case, is, or may be, of such a nature as to render any of the Offering Documents untrue
or misleading in any material respect or to result in any misrepresentation in any of the Offering Documents, or which would result in
any of the Offering Documents not complying (to the extent that such compliance is required) with applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any notice by any governmental, judicial or regulatory authority requesting any information, meeting or
hearing relating to the Corporation and/or the Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any breach of any covenant of this Agreement or any Offering Documents by the Corporation, or upon it
becoming aware that any representation or warranty of the Corporation contained in this Agreement or any Offering Document
is or has become untrue or inaccurate in any respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation will prepare and file promptly any Supplementary Material which may be necessary and will
otherwise comply with all legal requirements necessary to continue to qualify the Offered Shares for distribution in each of the Qualifying
Jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition to the provisions of 2.5(a) and 2.5(b), the Corporation shall in good faith discuss with
the Underwriters any change, event or fact contemplated in 2.5(a) and 2.5(b) which is of such a nature that there is or could
be reasonable doubt as to whether notice should be given to the Underwriters under 2.5(a) and shall consult with the Underwriters
with respect to the form and content of any amendment or other Supplementary Material proposed to be filed or delivered by the Corporation,
it being understood and agreed that no such amendment or other Supplementary Material shall be filed with any Securities Regulator prior
to the review thereof by the Underwriters and their counsel, acting reasonably and without undue delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If during the period of distribution of the Offered Shares there shall be any change in Securities Laws
which, in the opinion of the Underwriters, acting reasonably, requires the filing of any Supplementary Material, upon written notice from
the Underwriters, the Corporation shall, to the satisfaction of the Underwriters, acting reasonably, promptly prepare and file any such
Supplementary Material with the appropriate Securities Regulators where such filing is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6** **Covenants of the Corporation.** 

The Corporation hereby covenants to the Underwriters that the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will advise the Underwriters, promptly after receiving notice thereof, of the time when the Prospectus
Supplement and any Supplementary Material has been filed and will provide evidence reasonably satisfactory to the Underwriters of each
such filing and copies of receipts therefor, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will advise the Underwriters, promptly after receiving notice or obtaining knowledge thereof, of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the issuance by any Securities Regulators of any order suspending or preventing the use of any Offering
Document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the institution, threatening or contemplation of any proceeding for any such purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any order, ruling, or determination having the effect of suspending the sale or ceasing the trading in
any securities of the Corporation (including the Offered Shares) has been issued by any securities regulatory authority or any stock exchange
or the institution, threatening or contemplation of any proceeding for any such purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any requests made by any securities regulatory authority or any stock exchange for amending or supplementing
any Offering Document or for additional information, and will use its commercially reasonable efforts to prevent the issuance of any order,
ruling or determination referred to in (i) or (iii) above and, if any such order, ruling or determination is issued, to obtain
the withdrawal thereof as quickly as possible;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) from and including the date of this Agreement through to and including the Closing Time, will do all such
acts and things necessary to ensure that the representations and warranties of the Corporation contained in this Agreement or any certificates
or documents delivered by the Corporation pursuant to this Agreement remain materially true and correct and not do any such act or thing
that would render any representation or warrant of the Corporation contained in this Agreement or any certificates or documents delivered
by it pursuant to this Agreement materially untrue or incorrect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) during the distribution of the Offered Shares, the Corporation will consult with the Underwriters and
promptly provide to the Joint Bookrunners, on behalf of the Underwriters, drafts of any press releases of the Corporation for review by
the Joint Bookrunners, on behalf of the Underwriters, and the Underwriters' counsel prior to issuance, and shall obtain the prior
approval of the Joint Bookrunners, on behalf of the Underwriters, as to the content and form of any press release prior to issuance, provided
that any such approval will not be unreasonably withheld or delayed. Furthermore, to deal with the possibility that the Offered Shares
may be sold to purchasers resident in the United States, an appropriate legend concerning such sales shall be included on the top of the
Canadian press release, as follows: "*Not for distribution to U.S. news wire services or dissemination in the U.S"*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) will fulfill all legal requirements to permit the creation, issue, offering and sale of the Offered Shares
as contemplated in this Agreement including, without limitation, compliance with the Securities Laws of the Selling Jurisdictions to enable
the Offered Shares to be offered for sale and sold to the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) will ensure that the Offered Shares are duly and validly issued as fully paid and non-assessable Common
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) will ensure that the necessary regulatory and third party consents and approvals, including from the TSXV,
in respect of the Offering are obtained on or prior to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) will make all necessary filings and pay all filing fees required to be paid in connection with the transactions
contemplated in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) will use its commercially reasonable efforts to maintain its status as
a "reporting issuer" (or the equivalent thereof) not in default of the requirements of the Securities Laws in the Reporting
Jurisdictions until the date that is two years following the Closing Date, provided that this covenant shall not prevent the Corporation
from completing any transaction (an "**Excluded Transaction**") which would result in the Corporation ceasing to be a
 "reporting issuer" so long as the holders of the Common Shares receive securities of an entity which is listed on a recognized
stock exchange in North America, or cash, or the holders of the Common Shares have approved the transaction in accordance with the requirements
of applicable corporate laws and securities laws and stock exchange rules and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) will use its commercially reasonable efforts to remain listed for trading on the TSXV or Toronto Stock
Exchange until the date that is two years following the Closing Date, provided that this covenant shall not prevent the Corporation from
completing any Excluded Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) will use the net proceeds of the Offering of Offered Shares contemplated herein in the manner and subject
to the qualifications described in the Prospectus under the heading " Use of Proceeds";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) will fulfil or cause to be fulfilled, at or prior to the Closing Time, the conditions set out in Section 2.9;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) if the delivery of a prospectus is required at any time after the date hereof in connection with the offering
or sale of the Offered Shares and if at such time any events shall have occurred as a result of which the Prospectus Supplement as then
amended or supplemented would include an untrue statement of a material fact or omit to state any material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made when such Prospectus Supplement is delivered,
not misleading, or, if for any other reason it shall be necessary to amend the Final Base Shelf Prospectus, file a new base prospectus
or supplement the Prospectus in order to comply with Securities Laws, the Corporation will (i) promptly notify the Underwriters,
(ii) prepare and file with the Canadian Securities Regulators, as applicable, an amendment or supplement, or new base prospectus
to correct such misleading statement or omission, (iii) use its commercially reasonable efforts to have any amendment to the Final
Base Shelf Prospectus or new base prospectus receipted, as applicable, as soon as practicable in order to avoid any disruption in use
of the Prospectus, and (iv) furnish without charge to each Underwriter and to any dealer in securities as many copies as the Underwriters
may from time to time reasonably request of such documents; provided that the Corporation shall have allowed the Underwriters and the
Underwriters' counsel to participate fully in the preparation of any such documentation and conduct all due diligence investigations
which the Underwriters may reasonably require in order to fulfill their obligations as underwriters and in order to enable the Underwriters
responsibly to execute the certificate required to be executed by them in, or in connection with, any such filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7** **Representations and Warranties of the Corporation.** 

The Corporation represents and warrants to the Underwriters as follows and acknowledges that each of them is relying upon such representations and warranties in entering into this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as of the date hereof, the authorized capital of the Corporation consists of an unlimited number of Common
Shares, without par value, an unlimited number of Class A preferred shares with a par value of $10.00 per share, and an unlimited
number of Class B preferred shares without par value, of which 54,623,262 Common Shares are issued and outstanding as fully paid
and non-assessable and no preferred shares were issued and outstanding as of the close of business on September 25, 2025, and, no
person has any right, agreement or option, present or future, contingent or absolute, or any right capable of becoming such a right, agreement
or option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for the issue or allotment of any unissued shares in the capital of the Corporation or any other security
convertible into or exchangeable for any such shares, with the exception of 774,500 outstanding stock options, as disclosed in its Information
Record; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to require the Corporation to purchase, redeem or otherwise acquire any of the issued and outstanding
shares in its capital other than as disclosed in its Information Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the only issued and outstanding convertible securities of the Corporation are those options referred to
in subsection (a) of this Section 2.7;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Corporation (A) has been duly incorporated and organized and is validly existing and in good
standing under the BCBCA; (B) has all requisite corporate power and authority, and all necessary licences, leases, permits, authorizations
and other approvals to carry on its business as now conducted and as proposed to be conducted and to own or lease, and operate, its properties
and assets; and (C) has all required corporate power and authority to issue, allot, sell and deliver, the Offered Shares at the Closing
Time and the Option Closing Time, as applicable, to enter into this Agreement, and the Ancillary Documents and to carry out the provisions of this Agreement and the
Ancillary Documents required to be carried out by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Corporation does not have any subsidiaries within the meaning of the BCBCA other than the Corporation
Subsidiaries. The Corporation directly or indirectly holds all of the issued and outstanding shares of each of the Corporation Subsidiaries
(except for Nussir ASA, for which the Corporation holds a 93.55% interest), and, other than pursuant to the Hartree Loan Agreement, all
such shares held by the Corporation are legally and beneficially owned free and clear of all mortgages, liens, charges, pledges, security
interests, encumbrances, claims or demands of any kind whatsoever. All of such outstanding shares of each of the Corporation Subsidiaries
have been duly authorized and validly issued and are outstanding as fully paid and non assessable shares (or the equivalent legal concept
in another jurisdiction) and no person has any right, agreement or option for the purchase from the Corporation or any Corporation Subsidiary,
as applicable, of any interest in any of such shares or for the issue or allotment of any unissued shares in the capital of any Corporation
Subsidiary or any other security convertible into or exchangeable for any such shares. Other than the Corporation Subsidiaries, the Corporation
has no direct or indirect subsidiary nor any investment or any proposed investment in any person which in either case is or could be material
to the business and affairs of the Corporation or which otherwise is required to be disclosed in the Information Record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) each Corporation Subsidiary: (i) has been duly incorporated in its jurisdiction of
 incorporation and is validly existing and in good standing under the laws of such jurisdiction, (ii) has all requisite
 corporate power and capacity to carry on its business as now conducted and to own, lease and operate its properties and assets,
 respectively; and (iii) is duly qualified to transact business in each jurisdiction in which such qualification is required, whether by reason of the ownership or leasing of property or the conduct of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Corporation and each of the Corporation Subsidiaries are responsible for directing and directly overseeing
the operations and development of their respective businesses and the operations, exploration and development of the properties in which
the Corporation or any Corporation Subsidiary has a direct or indirect ownership interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) other than the Hartree Loan Agreement, neither the Corporation or any Corporation Subsidiary is a party
to or bound or affected by any commitment, agreement or document containing any covenant which expressly limits the freedom of the Corporation
or any Corporation Subsidiary to compete in any line of business, to transfer or move any of its assets or operations or which materially
or adversely affects the business practices, operations or condition of the Corporation or any Corporation Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) other than 4,250,000 common shares in the capital of Honey Badger Silver Inc., neither the Corporation
or any Corporation Subsidiary owns, or have any agreements of any nature to acquire, directly or indirectly, any securities, or other
equity or proprietary interest in, any Person, and neither the Corporation or any Corporation Subsidiary have any agreements to acquire
or lease any other business operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) neither the Corporation or any Corporation Subsidiary has engaged in any Off-Balance Sheet Arrangement
or similar financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Corporation and each of the Corporation Subsidiaries are conducting their respective businesses in
compliance with all applicable Laws, rules and regulations of each jurisdiction in which their respective businesses are carried
on and are duly licensed, registered or qualified in all jurisdictions in which they own, lease or operate their property or carry on
business to enable their respective businesses to be carried on as now conducted and as proposed to be conducted
and their properties and assets to be owned, leased and operated and all such licences, registrations and qualifications are and will
at the Closing Time and the Option Closing Time, as applicable, be valid, subsisting and in good standing, except in respect of matters
which do not and will not result in any adverse material change to the Corporation on a consolidated basis and except where the failure
to be so qualified or the absence of any such licence, registration or qualification does not and will not have a material adverse effect
on the assets or properties, business, results of operations or condition (financial or otherwise) of the Corporation or the Corporation
Subsidiaries taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to the knowledge of the Corporation, no agreement exists among the shareholders of the Corporation or
any Corporation Subsidiary in respect of the Corporation or any Corporation Subsidiary, as applicable, and no such agreement will exist
at the Closing Time or the Option Closing Time, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) other than pursuant to the Hartree Loan Agreement, there is not, in the constating documents, by-laws
or in any agreement, mortgage, note, debenture, indenture or other instrument or document to which the Corporation or any Corporation
Subsidiary are a party or otherwise bound, any restriction upon or impediment to, the declaration of dividends by the directors of or
payment of dividends by the Corporation or any Corporation Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) no acts or proceedings have been taken, instituted or, are pending or, to the knowledge of the Corporation,
are threatened for the dissolution, liquidation or winding-up of the Corporation or any Corporation Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) no order, ruling or decision granted by a securities commission, court of competent jurisdiction, regulatory
or administrative body having jurisdiction is in effect, pending or, to the best of the knowledge of the Corporation, threatened that
restricts any trades in any securities of the Corporation or any Corporation Subsidiary, including any cease trade orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) other than in connection with the Hartree Loan Agreement, the Corporation and each of the Corporation
Subsidiaries is the owner of all of their respective material property and assets used by them in connection with their respective businesses,
unless leased or licensed, in each case, with good and marketable title thereto, free and clear of any encumbrances, and of any rights
or privileges capable of becoming encumbrances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) there are no claims with respect to aboriginal rights currently or, to the best of the knowledge, information
and belief of the Corporation, after due inquiry, pending or threatened with respect to any of the material properties of the Corporation
or any Corporation Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) other than in connection with the Hartree Loan Agreement, neither the Corporation nor any Corporation
Subsidiary is a party to or otherwise bound by any Debt Instrument or any agreement, contract or commitment to create, assume or issue
any Debt Instrument;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) there are currently no facts or circumstances existing which might reasonably serve as the basis for,
or give rise to, any material adverse liabilities or obligations on the part of the Corporation or any Corporation Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) there are no judgments against the Corporation or any Corporation Subsidiary that are unsatisfied, nor
are there any consent decrees or injunctions to which the Corporation or any Corporation Subsidiary is subject;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) other than in connection with the Hartree Loan Agreement, neither the Corporation nor any Corporation
Subsidiary has guaranteed or otherwise given security for or agreed to guarantee or give security for any liability, debt or obligation
of any other Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) since December 31, 2024, the Corporation and each of the Corporation Subsidiaries have carried on
their respective businesses in the ordinary course and there have not, other than in connection with the Hartree Loan Agreement, been:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any material change in the assets, liabilities or obligations (absolute, accrued, contingent or otherwise),
business, business prospects, condition (financial or otherwise) or results of operations of the Corporation and the Corporation Subsidiaries
taken as a whole, other than: (A) the growth and expansion of the business of the Corporation and (B) those changes occurring
in the ordinary course of business, none of which is (either singly or taken together) materially adverse to the Corporation or the Corporation
Subsidiaries taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) except as contemplated in this Agreement, any material change in the share capital or long-term debt of
the Corporation or any Corporation Subsidiary,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any adverse material change to the Corporation or any Corporation Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any declaration, setting aside or payment of any dividend or other distribution with respect to any shares
in the capital of the Corporation or any Corporation Subsidiary, or any direct or indirect redemption, purchase or other acquisition of
any shares, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any change in accounting or tax practices followed by the Corporation or any Corporation Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) neither the Corporation nor any Corporation Subsidiary is in default or in breach of, and each of the
execution and delivery of this Agreement and the Ancillary Documents, the performance by the Corporation and compliance with the terms
of this Agreement and the Ancillary Documents, the issue, sale and delivery of the Offered Shares by the Corporation will not result in
any breach of, or be in conflict with or constitute a default under, or create a state of facts which, after notice or lapse of time,
or both, would constitute a default under any term or provision of the constating documents, articles, by-laws or resolutions (of the
directors, committees of the directors and shareholders) of the Corporation or any Corporation Subsidiary, any mortgage, note, indenture,
contract, agreement, instrument, lease or other document to which the Corporation or any Corporation Subsidiary, individually, is a party
or by which any of them is bound or any judgment, decree, order, statute, rule or regulation applicable to the Corporation or any
Corporation Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) neither the Corporation nor any Corporation Subsidiary has approved, or has entered into any agreement
in respect of, nor has any knowledge of (in the case of proposed or planned dispositions of shares by any shareholder of the Corporation,
shall refer to actual knowledge without independent investigation):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the purchase of any material property or assets or any interest therein or the sale, transfer or disposition
of any material property or assets or any interest therein currently owned, directly or indirectly, by the Corporation or any Corporation
Subsidiary, whether by asset or share purchase or sale or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the change of control, by sale or transfer of shares or sale of all or substantially all of the property
and assets, of the Corporation or any Corporation Subsidiary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a proposed or planned disposition of shares of the Corporation by any shareholder who owns, directly or
indirectly, 10% or more of the outstanding shares of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the Corporation has not completed any "significant acquisition" other than as disclosed in
the Prospectus nor is it proposing any "probable acquisition" (as such terms are used in NI 44-101) that would require the
inclusion of any additional financial statements or *pro forma* financial statements in the Offering Documents pursuant to the Securities
Laws in the Reporting Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) there are no material changes or material facts relating to the Corporation or any Corporation Subsidiary
that have not been publicly disclosed in accordance with the requirements of the British Columbia Act and NI 51-201;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) the Corporation is eligible to file a prospectus supplement in each of the Reporting Jurisdictions pursuant
to Securities Laws in the Reporting Jurisdictions and on the date of and upon filing of the Prospectus Supplement there will be no documents
required to be filed under applicable Securities Laws in the Reporting Jurisdictions in connection with the Offering that will not have
been filed as required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) the Corporation is, and will be at the Closing Time and the Option Closing Time, as applicable, a "reporting
issuer" (or its equivalent), not in default of any requirement of applicable Securities Laws, in each of the Reporting Jurisdictions,
and the Corporation has made timely disclosure of all material changes relating to it and no such disclosure has been made on a confidential
basis and there is no material change relating to the Corporation which has occurred with respect to which the requisite material change
report has not been filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) no portion of the Information Record contained a misrepresentation as at its date of public dissemination.
To the knowledge of the Corporation, there are no circumstances presently existing under which liability is or would reasonably be expected
to be incurred under Part 16.1 – Civil Liability for Secondary Market Disclosure of the British Columbia Act and analogous
provisions under the Securities Laws in the other Reporting Jurisdictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) the information available on the Corporation's SEDAR+ profile is accurate and complete on the date
of filing such information and such information does not contain a misrepresentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) all information which has been prepared by the Corporation relating to the Corporation or any Corporation
Subsidiary and their respective businesses (including business plans, projections, strategies and intentions), properties and liabilities,
including all financial, marketing, sales and operational information, provided to the Underwriters, is, as of the date of such information,
true and correct in all material respects, and no fact or facts have been omitted therefrom which would make such information misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) with respect to forward-looking information contained in the Information Record and the Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Corporation had a reasonable basis for the forward-looking information at the time the disclosure
was made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) all forward-looking information is identified as such, and all such documents and information caution
users of forward-looking information that actual results may vary from the forward-looking information, identify material risk factors
that could cause actual results to differ materially from the forward-looking information, and state the material factors or assumptions used to develop the
forward-looking information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) any financial statements of the Corporation or any Corporation Subsidiary
filed, or incorporated by reference in any document filed by the Corporation, in each case prior to the date hereof, have been prepared
in accordance with Canadian generally accepted accounting principles or IFRS, as applicable, in each case, consistently applied, and accurately,
fairly and fully reflect the financial position of the Corporation or the applicable Corporation Subsidiary as of the respective dates
of the statements thereof, and no adverse material changes in the consolidated financial position of the Corporation or the Corporation
Subsidiaries have taken place since December 31, 2024, save in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(gg) the Corporation Auditor and the Corporation Subsidiaries' Auditor, respectively, that audited the
Financial Statements and delivered their report with respect thereto, are, to the best of the Corporation's knowledge, information
and belief, the Corporation Auditor is an independent public accountant as required by the applicable Securities Laws in the Reporting
Jurisdictions and which meet the criteria of Part II of National Instrument 52-108 – *Auditor Oversight*;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hh) there has never been any reportable event (within the meaning of NI 51-102) with the present or any former
auditors (if any) of the Corporation or any Corporation Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the issued and outstanding Common Shares are listed and posted for trading on the TSXV and no order ceasing
or suspending trading in any securities of the Corporation or prohibiting the issue, sale and delivery (as applicable) of the Offered
Shares or the trading of any of the Corporation's issued securities has been issued and no proceedings for such purpose are pending
or, to the best of the Corporation's knowledge, information and belief, after due inquiry, threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jj) Odyssey Trust Company has been duly appointed as the registrar and transfer agent for the Common Shares
at its principal transfer office in the City of Calgary, Alberta;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kk) the Corporation and each of the Corporation Subsidiaries have filed with the appropriate
 Governmental Authority and in a timely manner all necessary tax returns, declarations, remittances, filings and notices which are
 required to be filed and such tax returns, declarations, remittances, filings and notices are complete and accurate in all material
 respects, and no material fact or facts have been omitted therefrom. The Corporation and each of the Corporation Subsidiaries have
 paid all applicable taxes of whatsoever nature for all tax years prior to the date hereof to the extent that such taxes have become
 due except to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect. There are no
 agreements, waivers or other arrangements providing for an extension of time with respect to the filing of any tax return by the
 Corporation or any Corporation Subsidiary, the assessment or reassessment of the Corporation or any Corporation Subsidiary for any
 taxation year, or the payment of any material tax, governmental charge, penalty, interest or fine against the Corporation or any
 Corporation Subsidiary. There are no material actions, suits, proceedings, audits, investigations or claims in progress, or to the
 knowledge of the Corporation, threatened or pending against the Corporation or any Corporation Subsidiary which could result in a
 material liability in respect of taxes, charges or levies upon the Corporation or any Corporation Subsidiary. The Corporation and
 each of the Corporation Subsidiaries have withheld (where applicable) from each payment to each of the present and former officers,
 directors, employees and consultants thereof and any non-resident Person, the amount of all taxes and other amounts, including, but
 not limited to, income tax and other deductions, required to be withheld therefrom, and have paid the same or will pay the same when
 due to the proper tax or other receiving authority within the time required under applicable tax legislation, except to the extent that
the failure to do so would not reasonably be expected to have a Material Adverse Effect. The Corporation and each of the Corporation Subsidiaries
have collected and remitted all material amounts on account of any sales, use or transfer taxes, including without limitation, as applicable,
goods and services tax and harmonized sales tax levied under the *Excise Tax Act* (Canada) and the comparable provincial legislation
and provincial sales taxes required by applicable Law to be collected and remitted by it to the appropriate Governmental Authority. Without
limiting the generality of the foregoing, the Corporation and each of the Corporation Subsidiaries are in full compliance with all registration,
collection, remittance, timely reporting and record keeping obligations under the *Excise Tax Act* (Canada) and applicable provincial
sales tax legislation, except to the extent that the failure to be so would not reasonably be expected to have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ll) the Corporation and each of the Corporation Subsidiaries have established on their respective books and
records reserves that are adequate for the payment of all taxes not yet due and payable and there are no liens for taxes on the assets
of the Corporation or any Corporation Subsidiary, except for taxes not yet due and there are no audits in process or pending or, to the
knowledge of the Corporation, contemplated, of the tax returns of the Corporation or any Corporation Subsidiary (whether federal, provincial,
state, local or foreign); and to the knowledge of the Corporation, there are no claims which have been or may be asserted relating to
any such tax returns, which audits and claims, if determined adversely, would result in the assertion by any governmental agency of any
deficiency that would have a material adverse effect on the assets or properties, business, results of operations, prospects or condition
(financial or otherwise) of the Corporation and the Corporation Subsidiaries on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mm) the Corporation and each of the Corporation Subsidiaries each maintains a system of internal accounting
controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management's general
or specific authorizations; (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity
with IFRS and to maintain asset accountability; (iii) access to monies and investments is permitted only in accordance with management's
general or specific authorization; and (iv) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nn) all of the material contracts and commitments (written or oral), instruments, surety bonds, leases and
other arrangements of the Corporation or any Corporation Subsidiary are valid, subsisting, in good standing and in full force and effect,
enforceable in accordance with the terms thereof. Neither the Corporation, any Corporation Subsidiary nor, to the knowledge of the Corporation,
any other party, is in default in the observance or performance of any material term or material obligation to be performed by any of
them under any material contract or commitment (written or oral), instrument, surety bond, lease or other document or arrangement to which
the Corporation or any Corporation Subsidiary is a party or otherwise bound and no event has occurred which with notice or lapse of time
or both would constitute such a default, in any such case which default or event would have a material adverse effect on the assets or
properties, business, results of operations, prospects or condition (financial or otherwise) of the Corporation and the Corporation Subsidiaries
on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(oo) all necessary corporate action has been taken by the Corporation so as to (i) authorize the execution,
delivery and performance of this Agreement and the Ancillary Documents; and (ii) validly issue and sell the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(pp) this Agreement and the Ancillary Documents shall upon execution be valid and binding obligations of the
Corporation enforceable in accordance with their respective terms, except as the enforceability thereof
may be limited by (i) bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors' rights generally,
(ii) general equitable principles, or (iii) limitations under applicable Laws in respect of rights of indemnity, contribution
and waiver of contribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qq) each of the Prospectus and the execution and filing of the Prospectus with the Canadian Securities Regulators
have been or will be prior to the filing or use thereof duly approved and authorized by all necessary action by the Corporation, and the
Prospectus will be duly executed by and filed on behalf of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rr) the attributes of the Offered Shares will conform in all material respects with the description thereof
in the Prospectus, this Agreement and the Ancillary Documents, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ss) the Offered Shares will be qualified investments under the Tax Act for a trust governed by a registered
retirement savings plan, a registered education savings plan, a registered retirement income fund, a deferred profit sharing plan, a registered
disability savings plan, a first home savings account, and a tax-free savings account, as described and subject to the qualifications
set forth in the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(tt) the form of the certificate representing the Offered Shares has been duly approved by the directors of
the Corporation and complies with the provisions of the BCBCA and, to the extent applicable, the rules and policies of the TSXV;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uu) there is no Person acting at the request of the Corporation, other than the Underwriters, who is entitled
to any brokerage, agency or similar fee in connection with the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vv) other than the Corporation (and the Underwriters in respect of the Commission and the Underwriters'
expenses), there is no Person that is or will be entitled to the proceeds of the Offering under the terms of any contract or commitment
(written or oral), or other instrument or document;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ww) the Corporation and each of the Corporation Subsidiaries have their respective properties and assets insured
against loss or damage by insurable hazards or risks on a basis that the Corporation and each of the Corporation Subsidiaries believes
to be consistent with insurance obtained by reasonably prudent participants in comparable businesses. Such insurance coverage is of a
type and in an amount typical to the businesses in which the Corporation and each of the Corporation Subsidiaries operate as conducted
by a reasonably prudent person, based on the advice of insurance brokers consulted by the Corporation and each of the Corporation Subsidiaries.
Neither the Corporation nor any Corporation Subsidiary has made any material claim on any policy of insurance or been refused any insurance
coverage sought or applied for. Neither the Corporation nor any Corporation Subsidiary has reason to believe that it will not be able
to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may
be necessary to continue its businesses at a cost that would not be reasonably expected to have a material adverse effect on the assets
or properties, business, results of operations, prospects or condition (financial or otherwise) of the Corporation and the Corporation
Subsidiaries on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) to the knowledge of the Corporation, none of the directors or officers of the Corporation, nor any holder
of more than 10% of any class of shares of the Corporation, or any associate or affiliate (as such terms are defined in the British Columbia
Act) of any of the foregoing Persons, has any material interest, direct or indirect, in any proposed transaction which is material to
or will materially affect the Corporation, except for other than pursuant to the Hartree Loan Agreement and related non-binding letter
agreement dated among the Corporation and Hartree Partners, LP dated August 19, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yy) to the knowledge of the Corporation, the Corporation and each of the Corporation Subsidiaries have been
and are in compliance with all, and have not received any notice of, or been prosecuted for an offence alleging material non-compliance
with any, applicable federal, provincial, municipal, state and local laws, statutes, ordinances, by-laws and regulations and orders, directives
and decisions rendered by any Governmental Authority (collectively, the "**Environmental and Health Laws** "), relating
to the protection of the environment, occupational health and safety or the processing, use, treatment, storage, disposal, discharge,
transport or handling of any pollutants, contaminants, chemicals or industrial, toxic or hazardous wastes or substances (collectively,
 "**Hazardous Substances** "), except where such non-compliance or prosecution could not reasonably be expected to have a
material adverse effect on the assets or properties, business, results of operations, prospects or condition (financial or otherwise)
of the Corporation and the Corporation Subsidiaries on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zz) the Corporation and each of the Corporation Subsidiaries or, where applicable, their respective consultants,
have obtained all material licences, permits, approvals, consents, certificates, registrations and other authorizations under the Environmental
and Health Laws (the "**Required Permits**") required for the operation of their respective businesses, as currently conducted,
and each Required Permit is valid, subsisting and in good standing and the holders of the Required Permits are not in material default
or breach thereof and no proceeding is in process, pending or to the knowledge of the Corporation threatened to revoke or limit any Required
Permit, except where such breach or default could not reasonably be expected to have a material adverse effect on the assets or properties,
business, results of operations, prospects or condition (financial or otherwise) of the Corporation and the Corporation Subsidiaries on
a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaa) to the knowledge of the Corporation, neither the Corporation nor any Corporation Subsidiary has used,
except in compliance with all Environmental and Health Laws or except to the extent that the consequences would not be materially adverse
to the Corporation and the Corporation Subsidiaries on a consolidated basis, any property or facility which it owns or leases or previously
owned or leased, to generate, manufacture, process, distribute, use, treat, store, dispose of, transport or handle any Hazardous Substance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbb) neither the Corporation nor any Corporation Subsidiary has received any notice of, or been prosecuted
for an offence alleging, noncompliance with any Environmental and Health Laws, and the Corporation has not settled any allegation of non-compliance
short of prosecution, except where such noncompliance could not reasonably be expected to have a material adverse effect on the assets
or properties, business, results of operations, prospects or condition (financial or otherwise) of the Corporation and the Corporation
Subsidiaries on a consolidated basis. There are no orders or directions relating to environmental matters requiring any work, repairs,
construction or capital expenditures to be completed or made by the Corporation or any Corporation Subsidiary with respect to any of the
assets of the Corporation or any Corporation Subsidiary, or any assets previously held directly or indirectly by the Corporation or any
Corporate Subsidiary, nor has the Corporation or any Corporation Subsidiary received notice of any of the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ccc) except as ordinarily or customarily required by applicable permits, neither the Corporation nor any
 Corporation Subsidiary has received any notice that it is responsible or potentially responsible for a federal, provincial, state,
 municipal or local clean-up site or corrective action under any Environmental and Health Laws except where such action could not
 reasonably be expected to have a material adverse effect on the assets or properties, business, results of operations, prospects or
 condition (financial or otherwise) of the Corporation and the Corporation Subsidiaries on a consolidated basis. Neither the
 Corporation nor any Corporation Subsidiary has received any request for information in connection with any federal, state, municipal
 or local inquiries as to disposal sites except where such inquiries could not reasonably
be expected to have a material adverse effect on the assets or properties, business, results of operations, prospects or condition (financial
or otherwise) of the Corporation and the Corporation Subsidiaries on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ddd) the Corporation and each of the Corporation Subsidiaries, as applicable, control or have legal rights
to the Mining Rights necessary or appropriate to authorize and enable them to carry on the mineral exploration as currently being undertaken
by them in the near term and as proposed to be undertaken by them and have obtained or, upon performance of all conditions precedent,
which conditions precedent the Corporation and each of the Corporation Subsidiaries, individually, currently reasonably believes it will
be able to satisfy, will be able to obtain such rights, titles and interests as may be required to implement its development plans on
properties which are material to the Corporation and the Corporation Subsidiaries on a consolidated basis, and the Corporation and each
of the Corporation Subsidiaries are not in material default of such rights, titles and interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eee) to the knowledge of the Corporation, all assessments or other work required to be performed or payments
required to be made in relation to the material Mining Rights of the Corporation or any Corporation Subsidiary in order to maintain its
interests therein have been performed or made to date and the Corporation and each of the Corporation Subsidiaries have complied in all
respects with all applicable Laws, regulations and governmental policies in this connection as well as legal and contractual obligations
to third parties in this connection except for any non-compliance which could not either individually or in the aggregate be expected
to have a material adverse effect on the Corporation and the Corporation Subsidiaries on a consolidated basis. All material Mining Rights
of the Corporation or any Corporation Subsidiary are in good standing in all material respects as of the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(fff) to the knowledge of the Corporation, there are no expropriations or similar proceedings or any material
challenges to title or ownership, actual or threatened, of which the Corporation or any Corporation Subsidiary have received notice against
the Mining Rights of the Corporation or any Corporation Subsidiary, or any part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ggg) all mineral exploration activities on the properties of the Corporation or any Corporation Subsidiary
conducted by the Corporation or any Corporation Subsidiary and, to the knowledge of the Corporation, by any other Person have been conducted
in all material respects in accordance with good mining and engineering practices and all applicable workers' compensation and health
and safety and workplace Laws, regulations and policies have been duly complied with except where the failure to so conduct operations
could not reasonably be expected to have a material adverse effect on the Corporation and the Corporation Subsidiaries on a consolidated
basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(hhh) to the knowledge of the Corporation, there are no environmental audits, evaluations, assessments, studies
or tests relating to the Corporation or any Corporation Subsidiary, except for ongoing assessments conducted by or on behalf of the Corporation
or any Corporation Subsidiary in the ordinary course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the knowledge of the Corporation, the minute books and corporate records of the Corporation and each
of the Corporation Subsidiaries other than Keystone (including their predecessor corporations, if applicable), made or to be made available
to Blake, Cassels & Graydon LLP in connection with the Underwriters' due diligence investigations of the Corporation for
the periods from their respective dates of incorporation to the date of examination thereof, are the original minute books and records
of such companies or true copies thereof and contain copies of all proceedings (or certified copies thereof) of the shareholders, the
boards of directors and all committees of the boards of directors of such companies and there have been no other proceedings of the shareholders,
boards of directors or any committee of the boards
of directors of such companies to the date of review of such corporate records and minute books not reflected in such minute books and
corporate and other records other than those which are not material in the context of the Corporation and the Corporation Subsidiaries
on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(jjj) to the knowledge of the Corporation, the minute books and corporate records of Keystone (including their
predecessor corporations, if applicable), made or to be made available to Blake, Cassels & Graydon LLP in connection with the
Underwriters' due diligence investigations of the Corporation contain copies of all proceedings (or certified copies thereof) of
the shareholders, the boards of directors and all committees of the boards of directors of such companies, other than those which are
not material in the context of Keystone on a consolidated basis, and there have been no other proceedings of the shareholders, boards
of directors or any committee of the boards of directors of such companies to the date of review of such corporate records and minute
books not reflected in such minute books and corporate and other records, other than those which are not material in the context of Keystone
on a consolidated basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(kkk) the Corporation and each of the Corporation Subsidiaries are in all material respects in compliance with
all applicable Laws and regulations respecting employment and employment practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(lll) each plan for retirement, bonus, stock purchase, profit sharing, stock option, deferred compensation,
severance or termination pay, insurance, medical, hospital, dental, vision care, drug, sick leave, disability, salary continuation, legal
benefits, unemployment benefits, vacation, incentive or otherwise contributed to or required to be contributed to by the Corporation or
any Corporation Subsidiary for the benefit of any current or former director, officer, employee or consultant (the "**Employee Plans**") has been maintained in material compliance with its terms and with the requirements prescribed by any and all Laws that
are applicable to such Employee Plans. Neither the Corporation nor any Corporation Subsidiary has nor has had any pension plan (as such
term is defined in the relevant legislation of the applicable jurisdiction);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(mmm) all material accruals for unpaid vacation pay, premiums for unemployment insurance, health premiums, federal
or provincial pension plan premiums, accrued wages, salaries and commissions and Employee Plan payments have been reflected in the books
and records of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(nnn) there has not been, and there is not to the knowledge of the Corporation currently, any labour trouble
which is adversely affecting or could adversely affect, in a material manner, the carrying on of the business of the Corporation or any
Corporation Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ooo) other than as disclosed in the Information Record, neither the Corporation nor any Corporation Subsidiary
owe any monies to, have any present loans to, or borrowed any monies from or is otherwise indebted to, any officer, director, employee,
shareholder or, to the knowledge of the Corporation, any Person not dealing at arm's length (for purposes of the Tax Act) with any
of them except for usual employee reimbursements and compensation paid in the ordinary and normal course of business. To the knowledge
of the Corporation, except as disclosed in the Information Record and the Prospectus and usual employee or consulting arrangements made
in the ordinary and normal course of business, neither the Corporation nor any Corporation Subsidiary is party to any contract or agreement
with any Person not dealing at arm's length with it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ppp) except as disclosed in the Information Record and the Prospectus, to the knowledge of the
 Corporation, after due inquiry, no officer, director, employee or consultant of the Corporation or any Corporation Subsidiary, as
 applicable, and no entity which is an affiliate or associate of one or more of the foregoing, owns, directly or indirectly, any
 interest in (except for shares representing less
than 5% of the outstanding shares of any class or series of any publicly traded company), or is an officer, director, employee or consultant
of, any Person which is, or is engaged in, a business competitive with the Corporation which, in either case, materially adversely impacts,
or can reasonably be expected to materially and adversely impact, on the ability of the Corporation (on a consolidated basis) to duly
and properly conduct its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(qqq) to the knowledge of the Corporation, no current or former officer, director, employee, consultant or security
holder of the Corporation or any Corporation Subsidiary has any cause of action or other claim whatsoever against, or owes any amount
to, the Corporation or any Corporation Subsidiary, except for claims in the ordinary and normal course of the business such as for accrued
vacation pay or other amounts or matters which would not be material to the Corporation and the Corporation Subsidiaries taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(rrr) other than as disclosed in the annual information form of the Corporation for the year ended December 31,
2024, to the knowledge of the Corporation, none of the current directors or officers of the Corporation are now, or have ever been (i) subject
to an order or ruling of any securities regulatory authority or stock exchange prohibiting such individual from acting as a director or
officer of a company; or (ii) subject to an order preventing, ceasing or suspending trading in any securities of the Corporation
or other public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(sss) all necessary documents and proceedings have been or will be filed and taken and all other legal requirements
have been or will be fulfilled under each of the applicable Securities Laws in connection with the issuance and sale of the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ttt) other than the Mining Projects, the Corporation does not have, indirectly or directly, any material real
property, Mining Rights, tenements, concessions or other similar interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(uuu) the Corporation or the Corporation Subsidiaries, as applicable, are the absolute legal and beneficial
owners of, and have good and marketable title to, all of the material property or assets and in such proportionate interests as described
in the Information Record and the Prospectus, and no Mining Rights or other property rights, including access rights, other than those
held by the Corporation or the Corporation Subsidiaries, as applicable, are necessary for the conduct of the business or operations of
the Mining Projects as currently conducted or as proposed to be conducted. Neither the Corporation nor any Corporation Subsidiary know
of any claim or the basis for any claim that might or could materially and adversely affect the right thereof to use, access, transfer
or otherwise exploit such Mining Rights and, except as disclosed in the Information Record and the Prospectus, neither the Corporation
nor any Corporation Subsidiary have any responsibility or obligation to pay any material commission, royalty, licence fee or similar payment
to any Person with respect to the Mining Rights thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vvv) the Corporation or the Corporation Subsidiaries, as applicable, hold either freehold title, mining leases,
mining concessions, mining claims, surface rights or participating interests or other conventional property or proprietary interests or
rights, as applicable (collectively, "**Mining Rights** "), recognized in the jurisdictions in which the Mining Projects
are located in respect of the ore bodies and minerals located in the area comprising each of the Mining Projects under valid, subsisting
and enforceable title documents or other recognized and enforceable agreements or instruments, sufficient to permit the Corporation or
the Corporation Subsidiaries, as applicable, to access the Mining Projects and explore the minerals relating thereto; all property, leases
or claims in which the Corporation or any Corporation Subsidiary has an interest or right have been validly located and recorded in accordance
in all material respects with all applicable Laws and are valid and subsisting except where the failure to be so would not have a material
adverse effect on the Corporation; the Corporation and the Corporation Subsidiaries, as applicable, have all the necessary surface rights,
access rights and other necessary rights and interests relating to the properties in each of the Mining
Projects granting the Corporation or the Corporation Subsidiaries, as applicable, the right and ability to access and explore for minerals,
ore and metals for development purposes as are appropriate in view of the rights and interests therein of the Corporation or the Corporation
Subsidiaries, with only such exceptions as do not interfere with the use made by the Corporation or the Corporation Subsidiaries of the
rights or interest so held; and each of the proprietary interests or rights and each of the documents, agreements and instruments and
obligations relating thereto referred to above is currently in good standing in the name of the Corporation or the Corporation Subsidiaries,
as applicable, except where the failure to be so would not have a material adverse effect on the Corporation or any Corporation Subsidiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(www) the Corporation and the Corporation Subsidiaries, as applicable, maintain, and reasonably expect to maintain,
a good relationship with all Governmental Authorities in the jurisdictions in which each of the Mining Projects is located, or in which
such parties otherwise carry on their business or operations. All such government relationships are intact and mutually cooperative and,
to the knowledge of the Corporation, there exists no condition or state of facts or circumstances in respect thereof, that would prevent
the Corporation or any Corporation Subsidiary from conducting its business and all activities in connection with any Material Property
as currently conducted or proposed to be conducted and there exists no actual or, to the knowledge of the Corporation, threatened termination,
limitation or other adverse modification in any such relationships with such Governmental Authorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxx) the scientific and technical information set forth in the Information Record and the Prospectus relating
to the Mining Projects, as applicable, has been reviewed and verified by the authors of the Technical Reports of the applicable subject
property, and the Corporation is in compliance with the provisions of NI 43-101 and has filed all technical reports in respect of its
properties (and properties in respect of which it has a right to earn an interest) required thereby. Each of the Technical Reports remains
current as at the date hereof. Each of the Technical Reports complies in all material respects with the requirements of NI 43-101 and
there is no new scientific or technical information concerning the subject property since the date thereof that would require a new technical
report in respect of any of such subject property to be issued under NI 43-101. The Corporation and each of the Corporation Subsidiaries,
as applicable, made available to the authors of the Technical Reports, prior to the issuance thereof, for the purpose of preparing such
report, all information requested by them and none of such information contained any misrepresentation at the time such information was
provided. To the knowledge of the Corporation, the method of estimating the mineral resources set out in each of the Technical Reports
has been verified by mining experts who are "qualified persons" (within the meaning of NI 43-101), all material assumptions
underlying the mineral resource estimates are reasonable and appropriate, the information upon which the estimates of mineral resources
were based, was, at the time of delivery thereof, complete and accurate in all material respects and there have been no material changes
to such information since the date of delivery or preparation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(yyy) all of the material assumptions underlying the mineral resource estimates, estimated economic parameters
and economic analysis in any Technical Reports are, to the knowledge of the Corporation, reasonable and appropriate and the estimates
of mineral reserves and mineral resources, estimated economic parameters and economic analysis, as described in the Information Record
and the Prospectus, comply in all material respects with applicable Securities Laws, subject to current technical reports superseding
prior reports. The information set forth in the Information Record and the Prospectus relating to mineral reserves and mineral resources,
estimated economic parameters and economic analysis required to be disclosed therein pursuant to applicable Securities Laws has been prepared
by the Corporation and its consultants in accordance with methods generally applied in the mining industry and conforms, in all material
respects, to the requirements of applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(zzz) the Corporation is in compliance in all material respects with the provisions of NI 43-101 and the Corporation
has filed the Technical Report and any other technical report as required thereby and there has been no change in respect thereof that
would require the filing by the Corporation of any other new technical report under NI 43-101;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aaaa) the operations of the Corporation and each Corporation Subsidiary are and have been conducted at all times
in all material respects in compliance with applicable financial recordkeeping and reporting requirements of the money laundering statutes
of all jurisdictions, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered
or enforced by any Governmental Authority (collectively, the "**Money Laundering Laws**") and no action, suit or proceeding
by or before any court or Governmental Authority or any arbitrator or non-governmental authority involving the Corporation or any Corporation
Subsidiary with respect to the Money Laundering Laws is in process, pending or, to the best knowledge of the Corporation, threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bbbb) neither the Corporation nor any Corporation Subsidiary nor, to the best knowledge of the Corporation,
any director, officer, agent, employee or other Person associated with or acting on behalf of the Corporation or any Corporation Subsidiary,
has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political
activity, (ii) made any direct or indirect unlawful payment to any foreign or domestic government official, employee or agent from
corporate funds, (iii) violated or is in violation of any provision of the *Corruption of Foreign Public Officials Act* (Canada)
or the *Foreign Corrupt Practices Act of 1977* (United States), or (iv) made any bribe, rebate, payoff, influence payment, kickback
or other unlawful payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cccc) neither the Corporation nor any Corporation Subsidiary nor, to the knowledge of the Corporation, any director,
officer, agent, employee, affiliate or Person acting on behalf of the Corporation is currently subject to any United States sanctions
administered by the Office of Foreign Assets Control of the United States Treasury Department ()"**OFAC** "); and the Corporation
will not knowingly, directly or indirectly, use the proceeds of the Offering, or knowingly lend, contribute or otherwise make available
such proceeds to any subsidiary, joint venture partner or other Person, for the purpose of financing the activities of any Person currently
subject to any United States sanctions administered by OFAC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dddd) there are no actions, proceedings or investigations (whether or not purportedly by or on behalf of the
Corporation or any Corporation Subsidiary) that have been commenced by or against, or that are pending by or against, the Corporation
or any Corporation Subsidiary or any of their properties at law or in equity (whether in any court, arbitration or similar tribunal) or
before or by any federal, provincial, state, municipal or other governmental department, commission, board or agency, domestic or foreign,
and to the best knowledge of the Corporation no such actions, proceedings or investigations have been threatened against the Corporation
or any Corporation Subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(eeee) the Corporation has not withheld from the Underwriters any fact or information relating to the Corporation
or to the Offering that could reasonably be expected to be material to the Underwriters or a potential purchaser of Offered Shares.

**2.8 Closing Deliveries.**

The purchase and sale of the Offered Shares shall be completed at the Closing Time or the Option Closing Time, as applicable, via electronic exchange of applicable closing deliverables, or at such other place as the Underwriters and the Corporation may agree. At or prior to the Closing Time, the Corporation shall duly and validly deliver to the Underwriters the Offered Shares (whether in definitive form or electronic form) registered in such name or names as the Joint Bookrunners, on behalf of the Underwriters, may notify the Corporation in writing not less than 48 hours prior to Closing Time or as otherwise directed by the Joint Bookrunners, on behalf of the Underwriters, in writing, against payment by the Underwriters to the Corporation, at the direction of the Corporation, in lawful money of Canada by cheque or wire transfer an amount equal to the aggregate purchase price for the Offered Shares being issued and sold hereunder less the Commission and all of the estimated fees and expenses of the Underwriters payable by the Corporation to the Underwriters in accordance with Section 0. Payment for any Optioned Shares purchased pursuant to the Over-Allotment Option shall be made to the Corporation in immediately available funds in Toronto against delivery of such Optioned Shares for the respective accounts of the Underwriters or as the Underwriters may otherwise direct at the Option Closing Time on the Option Closing Date. In the case of interests in Offered Shares held through CDS Clearing and Depository Services Inc. ("**CDS**") or its nominee, if requested by the Joint Bookrunners, on behalf of the Underwriters, the Corporation will deposit such Offered Shares electronically with CDS through the non-certificated inventory system of CDS. It is acknowledged and agreed by the Corporation that all Offered Shares issued and sold pursuant to Rule 144A under the U.S. Securities Act will not contain any restrictive legends and may be deposited electronically with CDS through the non-certificated inventory system of CDS, subject to the execution and delivery of a Qualified Institutional Buyer Investment Letter, in the form attached as Exhibit A to the U.S. Placement Memorandum, by each Qualified Institutional Buyer that purchases Offered Shares.

**2.9 Underwriters' Obligation to Purchase.**

The obligation of the Underwriters to purchase, or arrange for Substituted Purchasers to purchase, the Base Shares at the Closing Time and the Optioned Shares at the Option Closing Time, as applicable, shall be subject to the following conditions (it being further understood that the Underwriters may waive in whole or in part or extend the time for compliance with any of such terms and conditions without prejudice to their rights in respect of any other of the following terms and conditions or any other or subsequent breach or non-compliance, provided that to be binding on the Underwriters any such waiver or extension must be in writing):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all actions required to be taken by or on behalf of the Corporation, including without limitation the
passing of all requisite resolutions of directors of the Corporation to approve the Offering Documents, to obtain the approval of the
TSXV to the Offering, to validly offer, sell and distribute the Offered Shares, and to pay the Commission will have been taken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Corporation will have made all necessary filings with and obtained all necessary approvals, consents
and acceptances of the Securities Regulators and applicable third parties for the Prospectus and to permit the Corporation to complete
its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) no order ceasing or suspending trading in any securities of the Corporation, or prohibiting the trade
or distribution of any of the securities of the Corporation will have been issued and no proceedings for such purpose, to the best of
the knowledge of the Corporation, will be pending or threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) no Underwriter will have exercised any rights of termination set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Corporation will have, as of the Closing Time or the Option Closing Time, as applicable, complied
with all of its material covenants and agreements contained in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Underwriters shall have received certificates of good standing or similar certificates with respect
to the jurisdictions in which the Corporation and Keystone are incorporated, dated within one (1) Business Day of the Closing Date
or the Option Closing Date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Underwriters shall have received an opinion dated the Closing Date or the Option Closing Date, as
applicable, and subject to customary qualifications, of Bennet Jones LLP, the Corporation's legal counsel, addressed to the Underwriters,
in form and content acceptable to the Underwriters and their
legal counsel, acting reasonably, as to all legal matters reasonably requested by the Underwriters, including relating to the Corporation,
the execution and delivery, as applicable, of the Offering Documents by the Corporation, the execution and delivery of this Agreement
by the Corporation, the enforceability of this Agreement against the Corporation and the issuance and sale of the Offered Shares, the
tax commentary included in the sections of the Prospectus Supplement entitled "Certain Canadian Federal Income Tax Considerations"
and "Eligibility for Investment", or, instead of rendering opinions relating to the laws of the Qualifying Jurisdictions or
elsewhere, the Corporation's solicitors may engage one or more legal counsel in the Qualifying Jurisdictions or elsewhere to provide
such local counsel opinions as may be necessary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) if any Offered Shares are being sold in the United States pursuant to Schedule "A" attached
hereto, the Underwriters shall have received an opinion dated the Closing Date or the Option Closing Date, as applicable, and subject
to customary qualifications, of Katten Muchin Rosenman LLP, United States counsel to the Corporation, addressed to the Underwriters, in
form and content acceptable to the Underwriters and their legal counsel, acting reasonably, to the effect that no registration of the
offer and sale of the Offered Shares in the United States by the Underwriters pursuant to and in accordance with the terms of this Agreement
is required under the U.S. Securities Act, provided that such offers and sales of Offered Shares in the United States are made in accordance
with Schedule " A" attached hereto, it being understood that such counsel shall express no opinion as to any subsequent reoffer
or resale of the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Underwriters shall have received favourable legal opinions dated the Closing Date or the Option Closing
Date, as applicable, and subject to customary qualifications, addressed to the Underwriters, in form and content acceptable to the Underwriters
and their legal counsel, acting reasonably, with respect to the following for each of the Corporation Subsidiaries: (i) the incorporation
and existence under the laws of its jurisdiction of incorporation; (ii) except with respect to Keystone, as to the authorized and
issued share capital of the holders of the outstanding shares; and (iii) the requisite corporate power and capacity under the laws
of its jurisdiction of incorporation to carry on its business as presently carried on and to own its properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the Underwriters shall have received title opinions dated the Closing Date addressed to the Underwriters,
in form and content acceptable to the Underwriters and their legal counsel, acting reasonably, as to the title and ownership interests
in each of the Mining Projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the Underwriters shall have receive a certificate dated the Closing Date or the Option Closing Date, as
applicable, signed by the Chief Executive Officer and Chief Financial Officer of the Corporation, in form and content acceptable to the
Underwriters and their legal counsel, acting reasonably, with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the notice of articles and articles of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the securities register of Keystone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) resolutions of the Corporation's board of directors relevant to, among other things, the issue and
sale of the Offered Shares to be issued and sold by the Corporation and the authorization of this Agreements and the other agreements
and transactions contemplated herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the incumbency and signatures of the signing officers of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Underwriters shall have received a certificate dated the Closing Date or the Option Closing Date,
as applicable, signed by the Chief Executive Officer and Chief Financial Officer of the Corporation, in form and content acceptable to
the Underwriters and their legal counsel, acting reasonably, certifying for and on behalf of the Corporation and without personal liability,
to the effect that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the representations and warranties of the Corporation in this Agreement are true and correct in all material
respects as if made at and as of the Closing Time or the Option Closing Time, as applicable, and the Corporation has performed all covenants
and agreements and satisfied all conditions on its part to be performed or satisfied in all material respects at or prior to the Closing
Time or the Option Closing Time, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) no order, ruling or determination having the effect of suspending the sale or ceasing, suspending or restricting
the trading of Common Shares or any other securities of the Corporation in the Qualifying Jurisdictions has been issued or made by any
stock exchange, securities commission or regulatory authority and is continuing in effect and no proceedings, investigations or enquiries
for that purpose have been instituted or are pending or, to the knowledge of the officers, are contemplated or threatened;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) since the respective dates as of which information is given in the Prospectus or any Supplementary Material
(A) there has been no material change in the Corporation, (B) there has been no material adverse change (financial or otherwise)
in the business, assets, affairs, operations, prospectus, liabilities (contingent or otherwise), capital properties, condition (financial
or otherwise) or results of operations of the Corporation or any Corporation Subsidiary, and (C) no transaction has been entered
into by or affecting the Corporation or any Corporation Subsidiary which is material to the Corporation other than as disclosed in the
Prospectus or in any Supplementary Material;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there has been no change in any material fact (which includes the disclosure of any previously undisclosed
material fact) contained in the Prospectus which fact or change is, or may be, of such a nature as to render any statement in the Prospectus
misleading or untrue in any material respect or which would result in a misrepresentation in the Prospectus or which would result in the
Prospectus not complying with applicable Securities Laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such other matters as the Underwriters may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Underwriters shall have received a letter dated as of the Closing Date or the Option Closing Date,
as applicable, in form and substance satisfactory to the Underwriters, addressed to the Underwriters and the directors of the Corporation
from the Corporation Auditors confirming the continued accuracy of the comfort letter to be delivered to the Underwriters pursuant to
2.4(a)(iii) with such changes as may be necessary to bring the information in such letter forward to a date not more than two Business
Days prior to the Closing Date or the Option Closing Date, as applicable, which changes shall be acceptable to the Underwriters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) the Offered Shares shall have been conditionally approved for listing on the TSXV, subject only to the
fulfilment of the Standard Listing Conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the Underwriters and their counsel shall have been provided with information and documentation, reasonably
requested relating to their due diligence inquiries and investigations and shall not have identified any material adverse changes or misrepresentations
or any items materially adversely affecting the Corporation's affairs which exist as of the date hereof but which have not been disseminated
to the public in accordance with applicable Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) the Underwriters shall have received certificates or lists, issued under the Securities Laws of the Reporting
Jurisdictions stating or evidencing that the Corporation is not in default under such Securities Laws as at a date no more than two Business
Days prior to the Closing Date or the Option Closing Date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the Underwriters shall have received the executed Lock-Up Agreements dated the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the Underwriters shall have received a certificate from the Transfer Agent as to the number of Common
Shares issued and outstanding as at the close of business on the Business Day prior to the Closing Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) the Underwriters shall have received such further documents as may be contemplated by this Agreement or
as the Underwriters may reasonably require.

**2.10 Restrictions on Further Issues or Sales.**

The Corporation shall not, without the prior written consent of the Joint Bookrunners, on behalf of the Underwriters after discussion therewith, which consent shall not be unreasonably withheld, conditioned or delayed, (i) offer, issue, pledge, sell, contract to sell, announce an intention to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, or otherwise lend, transfer or dispose of, directly or indirectly, any Offered Shares or securities convertible into or exchangeable for Common Shares (other than (a) pursuant to the Corporation's equity compensation plan, (b) to satisfy existing contractual obligations and instruments already issued as of the date hereof (including for greater certainty, but not limited to the grant of securities under the Corporation's equity compensation plans and the issuance of securities pursuant to existing pre-emptive, anti-dilution and/or participation rights); (c) the issuance of Common Shares upon the exercise of any outstanding warrants, convertible securities, options, or any other commitment or agreement outstanding as of the date hereof; (d) obligations in respect of existing agreements; (e) the issuance of Common Shares in connection with any bona fide acquisition by the Corporation or its subsidiaries (including, without limitation, land acquisitions); (f) in connection with an internal reorganization; (g) in connection with the acquisition of securities of the Corporation by a senior mining company provided that such investment is at a price per security not lower than the market price and would not result in such senior mining company acquiring in excess of 19.99% of the outstanding voting securities of the Corporation; (h) in connection with the acquisition of securities by a private equity investor provided that such investment is at a price per security at or above the market price and the Offering Price and would not result in such private equity investor acquiring in excess of 19.99% of the outstanding voting securities of the Corporation; and (i) in connection with a private placement of securities of the Corporation for proceeds of up to US$17.5 million, whether for cash proceeds or direct issuance to a vendor, to fund the acquisition of a mill to support the Blue Moon Project (provided this exception shall not apply if the Corporation realizes gross proceeds in excess of $60 million pursuant to this Offering)); or (ii) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Offered Shares, whether any such transaction described in clause (i) or (ii) above is settled by delivery of Common Shares or other securities of the Corporation, in cash or otherwise, for a period from the date hereof ending 90 days after the Closing Date.

**2.11 Purchase of Optioned Shares.**

The Underwriters' obligation to purchase the Optioned Shares pursuant to the Over-Allotment Option on the Option Closing Date (in the event that the Over-Allotment Option is exercised by the Joint Bookrunners, on behalf of the Underwriters) shall be subject to the accuracy of the representations and warranties of the Corporation contained in this Agreement as of the Option Closing Date and the performance by the Corporation of its obligations under this Agreement.

**2.12 Lock-Up Agreements.**

The Corporation agrees that it will use commercially reasonable efforts to cause its directors and officers to deliver signed agreements (the "**Lock-Up Agreements**"), in form and content acceptable to the Underwriters and their legal counsel, acting reasonably, to the Underwriters on or before the Closing Time, pursuant to which such directors and officers agree, for a period beginning on the Closing Date and ending 90 days after the Closing Date, subject to the exceptions set forth therein, not to sell, transfer or pledge, or agree to sell, transfer or pledge (or announce any intention to do so), any Common Shares or securities exchangeable or convertible into Common Shares without the prior written consent of the Joint Bookrunners, on behalf of the Underwriters, such consent not to be unreasonably withheld or delayed.

**2.13 All Terms to be Conditions.**

The Corporation agrees that the conditions contained in Section 2.9 will be complied with insofar as the same relate to acts to be performed or caused to be performed by the Corporation. Any breach or failure to comply with any of the conditions set out in Section 2.9 shall entitle each Underwriter, at its sole option, to terminate and cancel, without any liability on the part of such Underwriter or on the part of the other Underwriters, all of its obligations under this Agreement, by written notice to that effect given to the Corporation at or prior to the Closing Time. It is understood that the Underwriters may waive, in whole or in part, or extend the time for compliance with, any of such conditions without prejudice to the rights of the Underwriters in respect of any such conditions or any other or subsequent breach or non-compliance, provided that to be binding on an Underwriter any such waiver or extension must be in writing and signed by such Underwriter.

**2.14 Termination Events.**

Each Underwriter shall be entitled, at its sole option, to terminate and cancel, without any liability on its part or on the part of the other Underwriters, its obligations under this Agreement, including relating to the Offered Shares, by written notice to that effect given to the Corporation at or prior to the Closing Time if, during the period from the date hereof to the Closing, any of the following occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any order to cease or suspend trading in any securities of the Corporation, or prohibiting or restricting
the distribution of the Offered Shares is made, or any proceeding is announced or commenced or threatened for the making of any such order,
by any Governmental Authority, and has not been rescinded, revoked or withdrawn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any inquiry, action, suit, investigation or other proceeding (whether formal or informal) in relation
to the Corporation is announced, commenced or threatened by any Governmental Authority having jurisdiction over the Corporation, or there
is a change or proposed change in law, regulation or policy or the interpretation or administration thereof, which, in the sole opinion
of the Underwriters, or any one of them, acting reasonably, would materially and adversely affect the distribution or trading of the Offered
Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) there should develop, escalate, occur or come into effect or existence, or be announced, any event, action,
state, condition or occurrence of national or international consequence, any military conflict, civil insurrection, act of terrorism,
war or like event, or a governmental action, law, regulation or inquiry, which, in the sole opinion of the Underwriters, or any one of
them, acting reasonably, materially adversely affects or involves, or will materially adversely affect or involve, the financial markets
in Canada or the United States or the business, operations or affairs of the Corporation or the Corporation Subsidiaries taken as a whole;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) there should occur or be discovered any material change or development (actual or threatened) in the operations,
capital or condition (financial or otherwise), results of operations or business of the Corporation or the properties, assets, liabilities
or obligations (absolute, accrued, contingent or otherwise)
of the Corporation, which, in the sole opinion of the Underwriters, or any one of them, acting reasonably, has or could reasonably be
expected to have a material adverse effect on the market price of the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Corporation is in breach of, default under or non-compliance with any material term or condition of
this Agreement or any representation or warranty given by the Corporation in this Agreement becomes false in any material respect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Underwriters shall become aware of any material information with respect to the Corporation which
had not been publicly disclosed or disclosed in writing to the Underwriters prior to the date hereof, which, in the sole opinion of the
Underwriters or any one of them, acting reasonably, could reasonably be expected to have a material adverse effect on the market price
or value of the Offered Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15** **Exercise of Termination Rights.** 

Any of the Underwriters shall be entitled to terminate and cancel its obligations hereunder in accordance with Sections 2.13 or 2.14 by written notice to that effect given to the Corporation and the other Underwriters at any time prior to the Closing, provided that neither the giving nor the failure to give any such notice shall in any way affect the Underwriters' (or any one of their) entitlement to exercise such rights at any time through to the Closing Time. If an Underwriter exercises its right to terminate this Agreement, then the Corporation will immediately issue a press release. If this Agreement is terminated by any of the Underwriters pursuant to Sections 2.13 or 2.14, there shall be no further liability on the part of such Underwriter or of the Corporation to such Underwriter, except in respect of any liability which may have arisen against the Corporation prior to such termination or may arise against the Corporation after such termination in respect of acts or omissions prior to such termination or except under Section 2.18 (Indemnity) and Section 0 (Expenses). The rights of the Underwriters or any one of them to terminate their respective obligations under this Agreement is in addition to such other remedies as they may have in respect of any default, act or failure to act of the Corporation in respect of any of the matters contemplated by this Agreement. A notice of termination given by one Underwriter under Sections 2.13 or 2.14 shall not be binding upon the other Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.16** **Underwriters' Obligations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rights and obligations of the Underwriters under this Agreement, including but not limited to the
right and obligation to purchase Offered Shares and the entitlement to the Commission, will be several (as distinguished from joint or
joint and several) rights and obligations for each Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise specifically provided in this Agreement, the rights and obligations of the Underwriters
will be divided in the proportions in which the Underwriters participate in the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Underwriters will participate in the Offering as follows, unless otherwise agreed to between the Underwriters:

---

| | |
|:---|:---|
| Scotia Capital Inc.<sup>(1)</sup> | 36.0% |
| Canaccord Genuity Corp.<sup>(1)</sup> | 36.0% |
| Cormark Securities Inc. | 20.0% |
| Haywood Securities Inc. | 7.0% |
| Fearnley Securities AS | 1.0% |

---

<u>Note:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) A 5.00% work-fee is payable from the funds representing the Commission to the Joint Bookrunners to be
split 50/50.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that an Underwriter shall at the Closing Time fail to purchase its percentage of the Offered
Shares as provided in 2.16(c) (a "**Non-Purchasing Underwriter** "), whether upon the exercise of any termination rights
or otherwise, and the percentage of Offered Shares that have not been purchased (or arranged for purchase) by the Non-Purchasing Underwriter
represents 10.0% or less of the aggregate Offered Shares, the other Underwriters shall be severally, and not jointly, nor jointly and
severally, obligated, to purchase (or arrange for purchase) all of the Offered Shares that the Non-Purchasing Underwriter has failed to
purchase (or arrange for purchase); the Underwriters shall purchase (or arrange for purchase) such Offered Shares pro rata to their respective
percentages aforesaid or in such other proportions as they may otherwise agree. In the event that the percentage of Offered Shares that
have not been purchased (or arranged for purchase) by one or more Non-Purchasing Underwriters represents in aggregate more than 10.0%
of the aggregate Offered Shares, the other Underwriters shall have the right, but shall not be obligated, to purchase (or arrange for
purchase) all of the percentage of the Offered Shares which would otherwise have been purchased (or arranged for purchase) by the Non-Purchasing
Underwriters; the Underwriters exercising such right shall purchase (or arrange for purchase) such Offered Shares pro rata to their respective
percentages aforesaid or in such other proportions as they may otherwise agree. Nothing in this 2.16(d) shall oblige the Corporation
to sell to the Underwriters less than all of the Offered Shares or relieve from liability to the Corporation any Underwriter which shall
be in default of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Nothing in this Agreement shall oblige any United States registered broker-dealer affiliates of any of
the Underwriters to purchase the Offered Shares. Any such U.S. affiliate who makes any offers or sales of the Offered Shares in the United
States will do so solely as an agent for an Underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) After a reasonable effort has been made to sell all of the Offered Shares at the Offering Price, the Underwriters
may subsequently reduce the issue price to investors from time to time, provided that any such reduction in the Offering Price shall not
result in the Corporation realizing net proceeds (after deducting the Commission and the Underwriters' expenses) from the issuance
of the Offered Shares in an amount which is less than the amount the Corporation would have realized without any reduction in the issue
price. The Underwriters will inform the Corporation if the Offering Price is decreased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Corporation acknowledges that the Underwriters and certain of their affiliates: (i) act as a
trader of, and dealer in, securities both as principal and on behalf of its clients and, as such, may have had, and may in the future
have, long or short positions in the securities of the Corporation or related entities and, from time to time, may have executed or may
execute transactions on behalf of such persons; (ii) may provide research or investment advice to clients on investment matters,
including the Corporation; (iii) may participate in securities transactions on a proprietary basis, including transactions in the
Offering or other securities of the Corporation or related entities and, (iv) nothing herein shall restrict their ability to conduct
business in the ordinary course and in compliance with applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.17** **Survival.** 

The representations, warranties, covenants and indemnities of the Corporation and the Underwriters contained in this Agreement or contained in any documents delivered by the Corporation pursuant to this Agreement or in connection with the transactions herein contemplated will survive the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.18** **Indemnity.** 

The Corporation agrees to indemnify and hold harmless the Underwriters, each of their subsidiaries and affiliates and each of their respective directors, officers, employees, partners, agents, each other Person, if any, controlling the Underwriters or any of their subsidiaries, affiliates and each shareholder of the Underwriters and the successors and assigns of all the foregoing Persons (collectively, the "**Indemnified Parties**" and individually, an "**Indemnified Party**"), from and against any and all losses, expenses, claims (including, without limitation, securityholder or derivative actions, arbitration proceedings or otherwise), actions, suits, proceedings, investigations, damages and liabilities, joint or several, including, without limitation, the aggregate amount paid in reasonable settlement of any actions, suits, proceedings, investigations, inquiries or claims and the reasonable fees and expenses of their counsel and other expenses incurred in connection with any claim, action, suit, proceeding or investigation or in enforcing this indemnity, but excluding loss of profits, (collectively, the "**Losses**") and any Losses resulting from the acquisition, holding or disposition of any Offered Shares by an Indemnified Party as the beneficial owner, that may be suffered by, imposed upon or asserted against an Indemnified Party as a result of, in respect of, connected with or arising out of any action, suit, proceeding, investigation, inquiry or claim that may be made or threatened by any Person or in enforcing this indemnity whether or not resulting in liability (collectively the "**Claims**") insofar as the Claims relate to, are caused by, result from, arise out of or are based upon, directly or indirectly, (i) any untrue statement or alleged untrue statement of material fact contained in the information (whether written or oral) supplied to any prospective investor by or on behalf of the Corporation or any omission or alleged omission to state therein a material fact necessary to make the statements therein, in light of the circumstances under which they are made, not misleading, or (ii) this Agreement or the transactions contemplated by this Agreement. The Corporation agrees to waive any right the Corporation may have of first requiring an Indemnified Party to proceed against or enforce any other right, power, remedy or security or claim payment from any other Person before claiming under this indemnity. The Corporation also agrees that no Indemnified Party shall have any liability (whether direct or indirect, in contract or tort or otherwise) to the Corporation or any Person asserting Claims on behalf of or in right of the Corporation for or in connection with either (i) or (ii) above, except, in the case of (ii) above only, to the extent any Losses suffered by the Corporation are determined by a court of competent jurisdiction in a final judgment that has become non-appealable to have resulted primarily from the gross negligence or fraudulent act or wilful misconduct of such Indemnified Party. The Corporation will not, without the Underwriters' prior written consent, make any admission of liability, settle, compromise, consent to the entry of any judgment in or otherwise seek to terminate any Claim in respect of which indemnification may be sought hereunder (whether or not any Indemnified Party is a party thereto) unless the Corporation has acknowledged in writing that the Indemnified Parties are entitled to be indemnified in respect of such Claim and such settlement, compromise, consent or termination includes an unconditional release of each Indemnified Party from any liabilities arising out of such Claim without any admission of negligence, misconduct, liability or responsibility by or on behalf of any Indemnified Party.

Promptly after receiving notice of a Claim against any Underwriter or any other Indemnified Party or receipt of notice of the commencement of any investigation which is based, directly or indirectly, upon any matter in respect of which indemnification may be sought from the Corporation, such Underwriter or any such other Indemnified Party will notify the Corporation in writing of the particulars thereof, will provide copies of all relevant documentation to the Corporation and, unless the Corporation assumes the defence thereof, will keep the Corporation advised of the progress thereof and will discuss all significant actions proposed, provided that the failure or delay in so notifying the Corporation shall not relieve the Corporation of any liability which the Corporation may have to the Underwriters or any other Indemnified Party except and only to the extent that any such delay in or failure to give notice as herein required materially prejudices the defense of such Claim or results in any material increase in the liability under this indemnity which the Corporation would otherwise have incurred had the Underwriter not so delayed in giving, or failed to give, the notice required hereunder. The Corporation shall have 14 days after receipt of the notice to undertake, at its own expense, the settlement or defense of the Claim, including prompt employment of counsel acceptable to the Indemnified Parties and payment of all expenses. The relevant Indemnified Parties shall have the right to participate in the settlement or defense of the Claim.

The foregoing indemnity shall not apply, to (ii) above only, to the extent that a court of competent jurisdiction in a final judgment that has become non-appealable shall determine that such Losses to which the Indemnified Party may be subject resulted solely from the gross negligence or fraudulent act or wilful misconduct of the Indemnified Party.

If for any reason the foregoing indemnity is found to be unavailable or unenforceable (other than in accordance with the terms of this Agreement) to the Underwriters or any other Indemnified Party or insufficient to hold the Underwriters or any other Indemnified Party harmless in respect of a Claim, the Corporation shall contribute to the amount paid or payable by the Underwriters or any other Indemnified Party as a result of such Claim in such proportion as is appropriate to reflect not only the relative benefits received by the Corporation on the one hand and the Underwriters or any other Indemnified Party on the other hand but also the relative fault of the Corporation, the Underwriters or any other Indemnified Party as well as any relevant equitable considerations; provided that the Corporation shall in any event contribute to the amount paid or payable by the Underwriters or any other Indemnified Party as a result of such Claim any excess of such amount over the amount of the fees received by the Underwriters under this Agreement. The rights of contribution herein provided shall be in addition to, and not in derogation of, any other right to contribution which the Indemnified Parties may have by statute or otherwise.

The Corporation agrees that if any legal proceeding shall be brought against, or an investigation is commenced in respect of, the Corporation and/or an Indemnified Party and an Indemnified Party or its personnel are required to testify in connection therewith or shall be required to respond to procedures designed to discover information regarding, in connection with, or by reason of this Agreement or the transactions contemplated by this Agreement, the Indemnified Parties shall have the right to employ their own separate counsel in connection therewith, and the reasonable fees and expenses of such counsel as well as the reasonable costs (including an amount to reimburse the Indemnified Party for time spent by its personnel in connection therewith at their normal per diem rates together with such disbursements and out-of-pocket expenses incurred by the personnel of the Indemnified Party in connection therewith) shall be paid by the Corporation as they occur.

The Corporation hereby constitutes the Underwriters as trustees for each of the other Indemnified Parties of the Corporation's obligations under this Section 2.18 with respect to those Persons and the Underwriters agree to accept that trust and to hold and enforce those obligations on behalf of those Persons.

The Corporation shall be entitled, at its own expense, to participate in and, to the extent it may wish to do so, assume the defence of any Claim, provided such defence is conducted by counsel of good standing acceptable to the Underwriters. Upon the Corporation notifying the Underwriters in writing of its election to assume the defence and retaining counsel, the Corporation shall not be liable to an Indemnified Party for any legal expenses subsequently incurred by it in connection with such defence. If such defence is not assumed by the Corporation, the Indemnified Parties, throughout the course thereof, shall provide copies of all relevant documentation to the Corporation, shall keep the Corporation advised of the progress thereof and shall discuss with the Corporation all significant actions proposed. If such defence is assumed by the Corporation, the Corporation throughout the course thereof will provide copies of all relevant documentation to the Underwriters, will keep the Underwriters advised of the progress thereof and will discuss with the Underwriters all significant actions proposed.

Notwithstanding the foregoing paragraph, any Indemnified Party shall have the right, at the Corporation's expense, to separately retain counsel of such Indemnified Party's choice, in respect of the defence of any Claim if: (i) the employment of such counsel has been authorized by the Corporation; or (ii) the Corporation has not assumed the defence and employed counsel therefor promptly after receiving notice of such Claim; or (iii) counsel retained by the Corporation or the Indemnified Party has advised the Indemnified Party that representation of both parties by the same counsel would be inappropriate for any reason, including for the reason that there may be legal defences available to the Indemnified Party which are different from or in addition to those available to the Corporation or that there is a conflict of interest between the Corporation and the Indemnified Party or the subject matter of the Claim may not fall within the indemnity set forth in this Agreement (in any of which events the Corporation shall not have the right to assume or direct the defence on such Indemnified Party's behalf), provided that the Corporation shall not be responsible for the fees or expenses of more than one legal firm in any single jurisdiction for all of the Indemnified Parties.

No admission of liability, no settlement of any Claim, no compromise nor any consent to the entry of any judgement shall be made by the Corporation without the prior written consent of the Indemnified Parties affected

The obligations of the Corporation under this Section 2.18 are in addition to, and not in substitution for, any liabilities which the Corporation may otherwise have to the Underwriters or any other Indemnified Party, shall extend upon the same terms and conditions to the Indemnified Parties and shall be binding upon and enure to the benefit of any successors, permitted assigns, heirs and personal representatives of the Corporation and the Indemnified Parties.

This Section 2.18 shall survive the completion of services rendered under or any expiration or termination of this Agreement and continue in full force and effect.

**2.19 Expenses.**

Whether or not the Offering shall be completed, the Corporation will pay all expenses and fees in connection with the Offering, including, without limitation, (i) all expenses of or incidental to the creation, issue, sale or distribution of the Offered Shares, including, without limitation, the fees and expenses payable in connection with the distribution of the Offered Shares, (ii) the reasonable fees and expenses of the Corporation's counsel; (iii) all costs incurred with the preparation of documentation relating to the Offering, including the filing of the Prospectus Supplement; (iv) all reasonable fees and disbursements of the Underwriters' legal counsel (to a maximum of $120,000, in the aggregate, inclusive of disbursements and exclusive of applicable taxes); and (v) all reasonable documented other "out-of-pocket" expenses of the Underwriters. At the option of the Underwriters, such fees and expenses may be deducted from the gross proceeds otherwise payable to the Corporation at the Closing Time.

**2.20 Market Stabilization.**

In connection with the distribution of the Offered Shares, the Underwriters and members of their selling group (if any) may effect transactions which stabilize or maintain the market price of the Common Shares at levels above those which might otherwise prevail in the open market, in compliance with applicable Securities Laws. Those stabilizing transactions, if any, may be discontinued at any time.

**2.21 Advertisements.**

The Corporation acknowledges that the Underwriters shall have the right at their own expense to place such advertisement or advertisements relating to the sale of the Offered Shares contemplated herein as the Underwriters may consider desirable or appropriate and as may be permitted by applicable Law. The Corporation and the Underwriters each agree that they will not make or publish any advertisement in any media whatsoever relating to, or otherwise publicize, the transaction provided for herein so as to result in any exemption from the prospectus and registration or other similar requirements under applicable Securities Laws in any of the Selling Jurisdictions other than the Qualifying Jurisdictions being unavailable in respect of the offer or sale of the Offered Shares to prospective purchasers.

**2.22 Authority of the Joint Bookrunners.**

The Corporation shall be entitled to and shall act on any notice, request, waiver, extension or other communication or agreement given by or on behalf of the Underwriters by the Joint Bookrunners, which has authority to bind the Underwriters with respect of all matters covered by this Agreement insofar as such matters relate to the Underwriters, with the exception of any notice, request, waiver, extension or other communication or agreement pursuant to Section 2.9 (Underwriters' Obligation to Purchase), Section 2.13 (All Terms to be Conditions), Section 2.14 (Termination Events), Section (e) (Exercise of Termination Rights), Section 2.16 (Underwriters' Obligations) and Section 2.18 (Indemnity).

**2.23 Notices.**

Unless otherwise expressly provided in this Agreement, any notice or other communication to be given under this Agreement (a "notice") shall be in writing addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to the Corporation, to:

Blue Moon Metals Inc.

220 Bay Street, Suite 550

Toronto, Ontario M5J 2W4

Attention: Christian Kargl-Simard, Chief Executive Officer

Email: christian@bluemoonmetals.com

with a copy to (which shall not constitute notice):

Bennett Jones LLP

3400 First Canadian Place

100 King Street West

Toronto, Ontario M5X 1A4

Attention: James Clare / Chris Doucet

Email: clareJ@bennettjones.com / doucetc@bennettjones.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Underwriters, to:

Scotia Capital Inc.

Scotiabank North Tower at Bay Adelaide Centre

40 Temperance Street, 6<sup>th</sup> Floor

Toronto, Ontario M5H 0B4

Attention: Stephen Davy, Vice Chair

Email stephen.davy@scotiabank.com

Canaccord Genuity Corp.

40 Temperance Street, Suite 2100

Toronto, Ontario M5H OB4

Attention: Kevin Carter, Managing Director

Email kcarter@cgf.com

Cormark Securities Inc.

200 Bay Street, Suite 1800

Toronto, Ontario M5J 2J2

Attention: Ian Colterjohn, Managing Director

Email: icolterjohn@cormark.com

Haywood Securities Inc.

200 Burrard Street, Suite 700

Vancouver, British Columbia V6C 3L6

Attention: Kevin Campbell, Managing Director

Email: kcampbell@haywood.com

Fearnley Securities AS

Dronning Eufemias, Gate 8

Oslo, Norway N-0107 Oslo

Attention: Petter Skar, Chief Operating Officer

Email: p.skar@fearnley.com

with a copy to (which shall not constitute notice):

Blake, Cassels & Graydon LLP

Suite 3500, The Stack

1133 Melville Street

Vancouver, British Columbia V6E 4E5

Attention: Bob Wooder / Michelle Noorani

Email: bob.wooder@blakes.com / michelle.noorani@blakes.com

and if so given, shall be deemed to have been given and received upon receipt by the addressee or a responsible officer of the addressee if delivered, or one hour after being faxed or emailed during normal business hours or, if not faxed or emailed during normal business hours, on the next Business Day, as the case may be. Any party may, at any time, give notice in writing to the others in the manner provided for above of any change of address, fax number or email address.

**2.24 Time of the Essence.**

Time shall, in all respects, be of the essence hereof.

**2.25 Canadian Dollars.**

Unless otherwise indicated, all references herein to dollar amounts are to lawful money of Canada.

**2.26 Headings and References.**

The headings contained herein are for convenience only and shall not affect the meaning or interpretation hereof. Unless something in the subject matter or context is inconsistent therewith, references in this Agreement to sections, subsections, paragraphs and other subdivisions are to sections, subsections, paragraphs and other subdivisions of this Agreement.

**2.27 Singular and Plural, etc.**

Where the context so requires, words importing the singular number include the plural and vice versa, and words importing gender shall include the masculine, feminine and neuter genders.

**2.28 Entire Agreement.**

This Agreement constitutes the only agreement between the parties with respect to the subject matter hereof and shall supersede any and all prior negotiations and understandings, including, without limitation, the Engagement Letter. This Agreement may be amended or modified in any respect by written instrument only signed by each of the parties hereto.

**2.29 Severability.**

If one or more provisions contained herein shall, for any reason, be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provision hereof, but this Agreement shall be construed as if such invalid, illegal or unenforceable provision or provisions had never been contained herein.

**2.30 Governing Law.**

This Agreement shall be governed by and be interpreted in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein and the parties hereto irrevocably attorn to the jurisdiction of the courts of such province.

**2.31 No Fiduciary Duty.**

The Corporation hereby acknowledges that the Underwriters are acting solely as underwriters in connection with the purchase and sale of the Corporation's securities contemplated hereby. The Corporation further acknowledges that the Underwriters are acting pursuant to a contractual relationship created solely by this Agreement entered into on an arm's length basis, and in no event do the parties intend that the Underwriters act or be responsible as a fiduciary to the Corporation, its management, shareholders or creditors or any other Person in connection with any activity that the Underwriters may undertake or have undertaken in furtherance of such purchase and sale of the Corporation's securities, either before or after the date hereof. The Underwriters hereby expressly disclaim any fiduciary or similar obligations to the Corporation, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Corporation hereby confirms its understanding and agreement to that effect. The Corporation and the Underwriters agree that they are each responsible for making their own independent judgments with respect to any such transactions and that any opinions or views expressed by the Underwriters to the Corporation regarding such transactions, including, but not limited to, any opinions or views with respect to the price or market for the Corporation's securities, do not constitute advice or recommendations to the Corporation. The Corporation and the Underwriters agree that the Underwriters are acting as principal and not as an agent or fiduciary of the Corporation and no Underwriter has assumed, and no Underwriter will assume, any advisory responsibility in favour of the Corporation with respect to the transactions contemplated hereby or the process leading thereto (irrespective of whether any Underwriter has advised or is currently advising the Corporation on other matters). The Corporation and the Underwriters agree that the Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the Offering and the Corporation has consulted its own legal, accounting, regulatory and tax advisors to the extent it deemed appropriate. The Corporation hereby waives and releases, to the fullest extent permitted by law, any claims that the Corporation may have against the Underwriters with respect to any breach or alleged breach of any fiduciary, advisory or similar duty to the Corporation in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions.

**2.32 Successors and Assigns.**

The terms and provisions of this Agreement shall be binding upon and enure to the benefit of the Corporation and the Underwriters and their respective successors and permitted assigns. This Agreement shall not be assignable by any party hereto without the prior written consent of the other parties.

**2.33 Further Assurances.**

Each of the parties hereto shall do or cause to be done all such acts and things and shall execute or cause to be executed all such documents, agreements and other instruments as may reasonably be necessary or desirable for the purpose of carrying out the provisions and intent of this Agreement.

**2.34 Effective Date.**

This Agreement is intended to and shall take effect as of the date first set forth above, notwithstanding its actual date of execution or delivery.

**2.35 Counterparts.**

This Agreement may be executed in two or more counterparts and may be delivered by facsimile transmission or other means of electronic transmission, each of which will be deemed to be an original and all of which will constitute one agreement, effective as of the date first set forth above.

[*Signature page follows*.]

If the Corporation is in agreement with the foregoing terms and conditions, please so indicate by executing a copy of this Agreement where indicated below and delivering the same to the Underwriters.

Yours very truly,

---

| | |
|:---|:---|
| **SCOTIA CAPITAL INC.** | **SCOTIA CAPITAL INC.** |
| By: | (Signed) "*Stephen Davy*" |
|  | Authorized Signing Officer |
| **CANACCORD GENUITY CORP.** | **CANACCORD GENUITY CORP.** |
| By: | (Signed) "*Kevin Carter*" |
|  | Authorized Signing Officer |
| **CORMARK SECURITIES INC.** | **CORMARK SECURITIES INC.** |
| By: | (Signed) "*Ian Colterjohn*" |
|  | Authorized Signing Officer |
| **HAYWOOD SECURITIES INC.** | **HAYWOOD SECURITIES INC.** |
| By: | (Signed) "*Kevin Campbell*" |
|  | Authorized Signing Officer |

---

---

| | |
|:---|:---|
| **FEARNLEY SECURITIES AS** | **FEARNLEY SECURITIES AS** |
| By: | (Signed) "*Petter Skar*" |
|  | Authorized Signing Officer |

---

*[Signature page to the Underwriting Agreement]*

Accepted and agreed to by the undersigned as of the date of this letter first written above.

---

| | |
|:---|:---|
| **BLUE MOON METALS INC.** | **BLUE MOON METALS INC.** |
| By: | (Signed) "*Christian Kargl-Simard*" |
|  | Christian Kargl-Simard, Chief Executive Officer |

---

*[Signature page to the Underwriting Agreement]*

**SCHEDULE A**

*This is Schedule "A" to the underwriting agreement dated as of September 26, 2025 among the Corporation and the Underwriters.*

**COMPLIANCE WITH UNITED STATES SECURITIES LAWS**

Capitalized terms used herein and not defined herein shall have the meaning ascribed thereto in the Agreement to which this schedule is annexed and the following terms shall have the meanings indicated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "**Directed Selling Efforts**" means "directed selling efforts" as that term
is defined in Rule 902(c) of Regulation S. Without limiting the foregoing, but for greater clarity in this Schedule "A",
it means, subject to the exclusions from the definition of directed selling efforts contained in Regulation S, any activity undertaken
for the purpose of, or that could reasonably be expected to have the effect of, conditioning the market in the United States for the Offered
Shares and includes the placement of any advertisement in a publication with a general circulation in the United States that refers to
the offering of the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "**Foreign Issuer**" means a "foreign issuer" as defined in Rule 902(e) of
Regulation S;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "**Qualified Institutional Buyer**" means a "qualified institutional buyer"
as defined in Rule 144A under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "**Regulation S**" means Regulation S adopted by the SEC under the U.S. Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "**Substantial U.S. Market Interest**" means "substantial U.S. market interest"
as that term is defined in Rule 902(j) of Regulation S; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "**U.S. Affiliates**" means the United States registered broker-dealer affiliates of the
Underwriters.

**<u>Representations, Warranties and Covenants of the Underwriters</u>**

Each Underwriter, on behalf of itself and its U.S. Affiliate, acknowledges that the Offered Shares have not been and will not be registered under the U.S. Securities Act or the securities laws of any state of the United States, and the Offered Shares may not be offered or sold to Persons in the United States, except in accordance with an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. Accordingly, each Underwriter (on behalf of itself and its U.S. Affiliate) represents, warrants and covenants to and with the Corporation that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. It, its affiliates (including, without limitation, its U.S. Affiliate) and any Person acting on any of
their behalf has not offered or sold, and will not offer or sell, any of the Offered Shares except (a) in " offshore transactions"
as such term is defined in Regulation S, in accordance with Rule 903 of Regulation S or (b) in the United States, in reliance
upon and in accordance with the exemption from registration provided by Rule 144A under the U.S. Securities Act and similar exemptions
under applicable state securities laws, as provided in Sections 2 through 13 below. Accordingly, none of the Underwriter, its affiliates
(including, without limitation, its U.S. Affiliate) or any Persons acting on any of their behalf, has made or will make (except as permitted
in Sections 2 through 13 below) (i) any offer to sell, or any solicitation
of an offer to buy, any Offered Shares in the United States, (ii) any sale of the Offered Shares to any purchaser unless, at the
time the buy order was or will have been originated, the purchaser was outside the United States, or the Underwriter, its affiliates
(including, without limitation, its U.S. Affiliate) and any Person acting on any of their behalf reasonably believed that such
purchaser was outside the United States, or (iii) any Directed Selling Efforts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. It has not entered and will not enter into any contractual arrangement with respect to the offer and sale
of the Offered Shares except with its U.S. Affiliate, any Selling Firm or with the prior written consent of the Corporation. It shall
require its U.S. Affiliate and each Selling Firm to agree in writing, for the benefit of the Corporation, to comply with the same provisions
of this Schedule "A" as apply to the Underwriter as if such provisions applied to such U.S. Affiliate or Selling Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. All offers and sales of Offered Shares in the United States by it shall be made through its U.S. Affiliate
which is a registered broker-dealer affiliate in compliance with all applicable U.S. broker-dealer requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Its U.S. Affiliate that offered or sold Offered Shares in the United States is and will be on the date
of each such offer and sale duly registered as a broker or dealer under Section 15(b) of the U.S. Exchange Act and all applicable
state securities laws (unless exempt from such registration requirements), and a member of and in good standing with the Financial Industry
Regulatory Authority, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. It and its affiliates (including, without limitation, its U.S. Affiliate) have not, either directly or
through a Person acting on any of their behalf, taken or will take any action that would cause the exemption from the registration requirements
of the U.S. Securities Act afforded by Rule 144A thereunder, or the exclusion from the registration requirements of the U.S. Securities
Act afforded by Rule 903 of Regulation S, to be unavailable for offers and sales of the Offered Shares pursuant to this Schedule
 " A" and the Underwriting Agreement to which this Schedule "A" is attached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Any offer, sale or solicitation of an offer to buy Offered Shares that has been made or will be made in
the United States was or will be made only to Qualified Institutional Buyers with which the Underwriter or its U.S. Affiliate had a pre-existing
relationship and as to whom the Underwriter or its U.S. Affiliate had or have reasonable grounds to believe and do believe are Qualified
Institutional Buyers in transactions that are exempt from registration under the U.S. Securities Act pursuant to Rule 144A thereunder
and similar exemptions under applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Each offeree of Offered Shares in the United States has been or shall be provided with a copy of the U.S.
Placement Memorandum, including the Prospectus. Prior to any sale of Offered Shares to a Person in the United States or to a Person who
was offered Offered Shares in the United States, each such purchaser shall be provided with a copy of the U.S. Placement Memorandum, including
the Prospectus, and no other written material was used in connection with the offer or sale of the Offered Shares in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. It will, either directly or through its U.S. Affiliate, inform all purchasers of the Offered Shares in
the United States that none of the Offered Shares have been or will be registered under the U.S. Securities Act or the securities laws
of any state of the United States and the Offered Shares are being offered and sold to such purchasers without registration in reliance
on the exemption from the registration requirements of the U.S. Securities Act provided by Rule 144A thereunder and similar exemptions
under applicable state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Prior to the completion of any sale of the Offered Shares to any purchaser in the United States or any
purchaser offered Offered Shares in the United States, each such purchaser acquiring such Offered Shares for its own account, or any such
purchaser that is purchasing such securities for the account or benefit of a Qualified Institutional Buyer in the United States with respect
to which it exercises sole investment discretion, will be required to execute and deliver a Qualified Institutional Buyer Investment Letter
in the form attached as Exhibit A to the U.S. Placement Memorandum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Underwriter and its U.S. Affiliate are, and will be as of the Closing Date, Qualified Institutional Buyers and "accredited
investors" (as defined in Rule 501 of Regulation D under the U.S. Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. At the Closing Time, it, together with its U.S. Affiliate, will execute and deliver to the Corporation a certificate, substantially in
the form of Annex I to this Schedule "A", relating to the manner of the offer and sale of the Offered Shares in the United
States or if such certificate is not so executed and delivered, will be deemed to have represented that neither it nor its U.S. Affiliate
offered or sold Offered Shares in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. At least one Business Day prior to the Closing Time, it will provide the Corporation with a list of all purchasers of the Offered Shares
in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Neither it nor its affiliates (including, without limitation, its U.S. Affiliate) or any Person acting on any of their behalf has taken
or will take, directly or indirectly, any action in violation of Regulation M under the U.S. Exchange Act in connection with the offer
and sale of the Offered Shares.

**<u>Representations, Warranties and Covenants of the Corporation</u>**

The Corporation represents, warrants, covenants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The Corporation is, and as of the Closing Date will be a Foreign Issuer and reasonably believes that there
is no Substantial U.S. Market Interest in any securities of the same class of securities as the Offered Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Except with respect to offers and sales through the Underwriters and their U.S. Affiliates to Qualified
Institutional Buyers in reliance upon the exemption from registration under the U.S. Securities Act provided by Rule 144A thereunder,
none of the Corporation, its affiliates, or any Person acting on any of their behalf (other than the Underwriters, their U.S. Affiliates,
their respective affiliates or any Person acting on any of their behalf, in respect of which no representation, warranty, covenant and
agreement is made), has made or will make: (A) any offer to sell, or any solicitation of an offer to buy, any Offered Shares in the
United States; or (B) any sale of Offered Shares unless, at the time the buy order was or will have been originated, (i) the
purchaser is outside the United States or (ii) the Corporation, its affiliates, and any Person acting on any of their behalf reasonably
believe that the purchaser is outside the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. During the period in which the Offered Shares are offered for sale, none of it, its affiliates, or any
Person acting on any of their behalf (other than the Underwriters, their U.S. Affiliates, their respective affiliates or any Person acting
on any of their behalf, in respect of which no representation, warranty, covenant and agreement is made) has engaged in or will engage
in any Directed Selling Efforts or has taken or will take any action that would cause the exemption from the registration requirements
of the U.S. Securities Act afforded by Rule 144A thereunder, or the exclusion from the registration requirements of the U.S. Securities
Act afforded by Rule 903 of Regulation S, to be unavailable for offers and sales of the Offered Shares pursuant to this Schedule
 " A" and the Underwriting Agreement to which this Schedule "A" is attached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. For so long as any of the Offered Shares offered or sold are outstanding and are "restricted securities"
within the meaning of Rule 144(a)(3) under the U.S. Securities Act and may not be resold pursuant to Rule 144(b)(1) under
the U.S. Securities Act, the Corporation will, if it is not subject to and in compliance with the reporting requirements of Section 13
or Section 15(d) of the U.S. Exchange Act or exempt therefrom pursuant to Rule 12g3-2(b) thereunder, provide to any
holder of those restricted securities, or to any prospective purchaser of those restricted securities designated by a holder, upon the
request of that holder or prospective purchaser, at or prior to the time of sale, the information required to be provided by Rule 144A(d)(4) under
the U.S. Securities Act (so long as delivery of that information is necessary
in order to permit holders of the restricted securities to effect resales under Rule 144A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. The Offered Shares are not, and as of the Closing Date will not be, and no securities of the same class
as the Offered Shares are or will be: (i) listed on a national securities exchange in the United States registered under Section 6
of the U.S. Exchange Act; (ii) quoted in a "U.S. automated inter-dealer quotation system", as such term is used in the
U.S. Exchange Act; or (iii) convertible or exchangeable into, or exercisable for, securities so listed or quoted at an effective
conversion or exercise premium (calculated as specified in paragraph (a)(6) and (a)(7) of Rule 144A under the U.S. Securities
Act) of less than 10% for securities so listed or quoted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. The Corporation is not, and as a result of the sale of the Offered Shares contemplated hereby will not be, registered or required to
register as an "investment company", as such term is defined in the United States *Investment Company Act of 1940*,
as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. The Corporation has not taken and will not take, directly or indirectly, any action in violation of Regulation M under the U.S. Exchange
Act in connection with the offer and sale of the Offered Shares.

**ANNEX I**

**ANNEX I TO SCHEDULE "A"**

**UNDERWRITER'S CERTIFICATE**

In connection with the offer and sale to one or more Qualified Institutional Buyers in the United States, pursuant to Rule 144A under the U.S. Securities Act, of the Offered Shares of Blue Moon Metals Inc. (the "**Corporation**"), pursuant to the underwriting agreement dated as of September 26, 2025 (the "**Agreement**") between the Corporation and the Underwriters, the undersigned Underwriter and the undersigned United States registered broker-dealer affiliate of such Underwriter (the "**U.S. Affiliate**") do hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the U.S. Affiliate was on the date of each offer and sale of Offered Shares that was made by it in the
United States, and is on the date hereof, duly registered as a broker-dealer pursuant to Section 15(b) of the U.S. Exchange
Act and the securities laws of each state in which such offer or sale is made (unless exempted from the respective state's broker-dealer
registration requirements) and a member of and in good standing with the Financial Industry Regulatory Authority, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all offers and sales of the Offered Shares made by us in the United States were made by the U.S. Affiliate
in compliance with all applicable U.S. federal and state broker-dealer requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each offeree of Offered Shares was provided with a copy of the U.S. Placement Memorandum, including the
Prospectus, and each purchaser of Offered Shares (i) in the United States or (ii) who was offered Offered Shares in the United
States, was provided with a copy of the U.S. Placement Memorandum, including the Prospectus, and no other written material was used by
us in connection with the offer and sale of the Offered Shares in the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) at the time of each offer and sale of the Offered Shares by us in the United States, we had reasonable
grounds to believe and did believe that each such offeree was a Qualified Institutional Buyer, acquiring the Offered Shares for its own
account or for the account of one or more Qualified Institutional Buyers with respect to which such offeree exercises sole investment
discretion, and, on the date hereof, we continue to believe that each such purchaser purchasing the Offered Shares through us is a Qualified
Institutional Buyer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) we have not taken or will not take any action that would directly or indirectly constitute a violation
of Regulation M under the U.S. Exchange Act in connection with offers and sales of the Offered Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) prior to any sale of the Offered Shares in the United States, each U.S. purchaser executed and delivered
to us a Qualified Institutional Buyer Investment Letter in the form of Exhibit A to the U.S. Placement Memorandum; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the offering of the Offered Shares in the United States has been conducted by us in accordance with the
Agreement, including Schedule "A" attached thereto.

Terms used in this certificate have the meanings given to them in the Agreement, including Schedule "A" attached thereto, unless otherwise defined herein.

Dated this ______ day of ___________, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **[NAME OF UNDERWRITER]** | **[NAME OF UNDERWRITER]** | **[NAME OF U.S. AFFILIATE]** | **[NAME OF U.S. AFFILIATE]** |
| By: |  | By: |  |
|  | Name: |  | Name: |
|  | Title: |  | Title: |

---

## Exhibit 99.21

**Exhibit 99.21**

------

---

| | | |
|:---|:---|:---|
| **Date:** | September 25, 2025 | ![](tm2533647d1_ex99-22img001.jpg) |
| **News Release:** | 25-22 | ![](tm2533647d1_ex99-22img001.jpg) |
| **Ticker Symbols:** | TSXV: MOON; OTCQX: BMOOF | ![](tm2533647d1_ex99-22img001.jpg) |

---

**Blue Moon Metals Announces Upsize of Bought Deal Public Offering to C$75 Million**

*NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES*

**TORONTO, Ontario – September 25, 2025** **–** Blue Moon Metals Inc. ("**Blue Moon**" or the "**Company**") (**TSXV: MOON**;

**OTCQX: BMOOF**), is pleased to announce that as a result of strong investor demand, the Company has entered into an amended letter agreement with Scotiabank and Canaccord Genuity Corp., acting as joint bookrunners on behalf of a syndicate of underwriters, including Cormark Securities Inc., acting as co-lead underwriter, Haywood Securities Inc. and Fearnley Securities AS (collectively, the "**Underwriters**"), to increase the size of its previously announced "bought deal" public offering from aggregate gross proceeds of C$60,060,000 to C$75,240,000 (the "**Upsized Offering**"), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis from the Company, 22,800,000 common shares of Blue Moon (the "**Common Shares**") at a price of C$3.30 per Common Share.

Blue Moon has granted the Underwriters an over-allotment option (the "**Over-Allotment Option**") to purchase, on the same terms and conditions of the Upsized Offering, up to an additional 15% of the Common Shares issued in connection with the Upsized Offering. The Over-Allotment Option is exercisable, in whole or in part, by the Underwriters at any time until and including 30 days after closing of the Upsized Offering. The maximum gross proceeds raised under the Upsized Offering will be C$86,526,000 in the event the Over-Allotment Option is fully exercised.

The Upsized Offering is expected to close on or about October 1, 2025, and is subject to customary closing conditions, including all necessary stock exchange and other regulatory approvals.

The net proceeds from the Upsized Offering are expected to be used to develop the Blue Moon project in California, confirm the ideal processing solution for the mineralized material from the Blue Moon project, additional exploration at the Blue Moon, Nussir and NSG projects, working capital, and general and administration and corporate activities, as further described in the Supplement (as defined below).

The Common Shares may also be sold in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the *United States Securities Act of 1933*, as amended (the "**U.S. Securities Act**"), and in such other jurisdictions outside of Canada and the United States, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or similar document is required to be filed in such jurisdiction.

The Common Shares have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act and applicable states securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

**About Blue Moon**

Blue Moon is advancing 3 brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway, the NSG copper-zinc-gold-silver project in Norway and the Blue Moon zinc-gold-silver-copper project in the United States. All 3 projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc and copper are currently on the USGS and EU list of metals critical to the global economy and national security. More information is available on the Company's website (<u>www.bluemoonmetals.com</u>).

Page 1 of 2

------

---

| | | |
|:---|:---|:---|
| **Date:** | September 25, 2025 | ![](tm2533647d1_ex99-22img001.jpg) |
| **News Release:** | 25-22 | ![](tm2533647d1_ex99-22img001.jpg) |
| **Ticker Symbols:** | TSXV: MOON; OTCQX: BMOOF | ![](tm2533647d1_ex99-22img001.jpg) |

---

**For further information:** 

**Blue Moon Metals Inc.** 

Christian Kargl-Simard

CEO and Director

Phone: (416) 230 3440

Email: christian@bluemoonmetals.com

***Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.***

***CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS***

*This news release includes "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian and U.S. securities laws. All statements included herein that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking information may in some cases be identified by words such as "will", "anticipates", "expects", "intends" and similar expressions suggesting future events or future performance.*

*We caution that all forward-looking information is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause our current objectives, strategies and intentions to change. Such factors include, among others, risks relating to the completion of the Upsized Offering as planned, the approval of the Upsized Offering by the Exchange, the intended use of the proceeds of the Upsized Offering, and the anticipated closing date of the Upsized Offering. Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We cannot guarantee that any forward-looking information will materialize and you are cautioned not to place undue reliance on this forward-looking information. Any forward-looking information contained in this news release represents management's current expectations and are based on information currently available to management, and are subject to change after the date of this news release. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.*

*Forward-looking information is provided herein for the purpose of giving information about Blue Moon and its expected impact. Readers are cautioned that such information may not be appropriate for other purposes.*

*A comprehensive discussion of other risks that impact Blue Moon can also be found in its public reports and filings which are available at* <u>www.sedarplus.ca</u>*.*

Page 2 of 2

## Exhibit 99.22

**Exhibit 99.22**

------

---

| | | |
|:---|:---|:---|
| **Date:** | September 24, 2025 | ![](tm2533647d1_ex99-22img001.jpg) |
| **News Release:** | 25-21 | ![](tm2533647d1_ex99-22img001.jpg) |
| **Ticker Symbols:** | TSXV: MOON; OTCQX: BMOOF | ![](tm2533647d1_ex99-22img001.jpg) |

---

**Blue Moon Metals Announces C$60 Million Bought Deal Public Offering**

*NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES*

**TORONTO, Ontario – September 24, 2025 –** Blue Moon Metals Inc. ("**Blue Moon**" or the "**Company**") (**TSXV: MOON**;

**OTCQX: BMOOF**), is pleased to announce that it has entered into a letter agreement with Scotiabank and Canaccord Genuity Corp., acting as joint bookrunners on behalf of a syndicate of underwriters, including Cormark Securities Inc. acting as co-lead underwriter (collectively, the "**Underwriters**"), pursuant to which the Underwriters have agreed to purchase, on a "bought deal" basis from the Company, 18,200,000 common shares of Blue Moon (the "**Common Shares**") at a price of C$3.30 per Common Share for aggregate gross proceeds of C$60,060,000 (the "**Offering**").

Blue Moon has granted the Underwriters an over-allotment option (the "**Over-Allotment Option**") to purchase, on the same terms and conditions of the Offering, up to an additional 15% of the Common Shares issued in connection with the Offering. The Over-Allotment Option is exercisable, in whole or in part, by the Underwriters at any time until and including 30 days after closing of the Offering. The maximum gross proceeds raised under the Offering will be C$69,069,000 in the event the Over-Allotment Option is fully exercised.

The Offering is expected to close on or about October 1, 2025, and is subject to customary closing conditions, including all necessary stock exchange and other regulatory approvals.

The net proceeds from the Offering are expected to be used to develop the Blue Moon project in California, confirm the ideal processing solution for the mineralized material from the Blue Moon project, additional exploration at the Blue Moon, Nussir and NSG projects, working capital, and general and administration and corporate activities, as further described in the Supplement (as defined below).

In connection with the Offering, the Company intends to file a prospectus supplement (the "**Supplement**") to the Company's short form base shelf prospectus dated September 23, 2025 (the "**Shelf Prospectus**"), with the securities regulatory authorities in each of the provinces and territories of Canada (except Quebec). Copies of the Shelf Prospectus can be found, and the Supplement to be filed in connection with the Offering will be available, under the Company's profile on SEDAR+ at www.sedarplus.ca. The Shelf Prospectus contains, and the Supplement will contain, important detailed information about the Company and the Offering including the proposed use of proceeds therefrom. Prospective investors should read the Supplement and accompanying Shelf Prospectus and the documents incorporated by reference therein before making an investment decision.

The Common Shares may also be sold in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the *United States Securities Act of 1933*, as amended (the "**U.S. Securities Act**"), and in such other jurisdictions outside of Canada and the United States, in each case in accordance with all applicable laws, provided that no prospectus, registration statement or similar document is required to be filed in such jurisdiction.

The Common Shares have not been and will not be registered under the U.S. Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements under the U.S. Securities Act and applicable states securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Page 1 of 2

------

---

| | | |
|:---|:---|:---|
| **Date:** | September 24, 2025 | ![](tm2533647d1_ex99-22img001.jpg) |
| **News Release:** | 25-21 | ![](tm2533647d1_ex99-22img001.jpg) |
| **Ticker Symbols:** | TSXV: MOON; OTCQX: BMOOF | ![](tm2533647d1_ex99-22img001.jpg) |

---

**About Blue Moon**

Blue Moon is advancing 3 brownfield polymetallic projects, including the Nussir copper-gold-silver project in Norway, the NSG copper-zinc-gold-silver project in Norway and the Blue Moon zinc-gold-silver-copper project in the United States. All 3 projects are well located with existing local infrastructure including roads, power and historical infrastructure. Zinc and copper are currently on the USGS and EU list of metals critical to the global economy and national security. More information is available on the Company's website (<u>www.bluemoonmetals.com</u>).

**For further information:**

**Blue Moon Metals Inc.**

Christian Kargl-Simard

CEO and Director

Phone: (416) 230 3440

Email: christian@bluemoonmetals.com

***Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.***

***CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS***

*This news release includes "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian and U.S. securities laws. All statements included herein that address events or developments that we expect to occur in the future are forward-looking statements. Forward-looking information may in some cases be identified by words such as "will", "anticipates", "expects", "intends" and similar expressions suggesting future events or future performance.*

*We caution that all forward-looking information is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause our current objectives, strategies and intentions to change. Such factors include, among others, risks relating to the completion of the Offering as planned, the approval of the Offering by the Exchange, the intended use of the proceeds of the Offering, and the anticipated closing date of the Offering. Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We cannot guarantee that any forward-looking information will materialize and you are cautioned not to place undue reliance on this forward-looking information. Any forward-looking information contained in this news release represents management's current expectations and are based on information currently available to management, and are subject to change after the date of this news release. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this news release is qualified by the cautionary statements herein.*

*Forward-looking information is provided herein for the purpose of giving information about Blue Moon and its expected impact. Readers are cautioned that such information may not be appropriate for other purposes.*

*A comprehensive discussion of other risks that impact Blue Moon can also be found in its public reports and filings which are available at <u>www.sedarplus.ca</u>.*

Page 2 of 2

## Exhibit 99.23

**Exhibit 99.23**

**EXPLANATORY NOTE**

Blue Moon Metals Inc. (the "**Issuer**") refiled the business acquisition report dated May 10, 2025 to (i) correct minor typographical error in the signature lines of the auditor's reports to the financial statements included in the business acquisition report, and the dates of such financial statements, and (ii) to remove the going concern note in the financial statements included in the business acquisition report, which was inadvertently included in the business acquisition report.

Except as described above, no other changes have been made to the business acquisition report. The refiled business acquisition report reflect the events of the original filing date and do not reflect events occurring thereafter, or modify or update, in any way, the other disclosure made therein.

**BLUE MOON METALS INC.**

**FORM 51-102F4**

**BUSINESS ACQUISITION REPORT**

**ITEM 1 - IDENTITY OF COMPANY**

**1.1** **Name and Address of Company** 

Blue Moon Metals Inc. ("**Blue Moon**" or the "**Company**")

555 – 220 Bay Street

Toronto, Ontario

M5J 2W4

**1.2** **Executive Officer** 

Christian Kargl-Simard, CEO and Director

Phone: (416) 230 3440

**ITEM 2 - DETAILS OF THE ACQUISITION**

**2.1** **Nature of Business Acquired** 

On February 26, 2025, the Company acquired (i) 93.55% of the issued and outstanding shares of Nussir ASA ("**Nussir**") (the "**Nussir Acquisition**") and (ii) 100% of the issued and outstanding shares of Nye Sulitjelma Gruver AS ("**NSG**") (the "**NSG Acquisition**", and collectively with the Nussir Acquisition, the "**Acquisitions**").

Nussir and NSG are private Norwegian companies with mining exploration properties in Norway (the "**Nussir Property**" and the "**NSG Property**," respectively). As a result of the Acquisitions, Nussir and NSG are subsidiaries of the Company.

The Nussir Property hosts two copper-silver-gold deposits located in northern Norway. Open pit mining occurred on one of the deposits during the 1970s.

The NSG Property located in Nordland in Norway hosts three copper-zinc-gold-silver volcanogenic massive sulphide deposits that comprise the Sulitjelma project. The underground Sulitjelma mine was in production for over a hundred years until its shutdown in 1991.

For further information about the Acquisitions, please refer to the separate Share Purchase Agreements dated December 19, 2024 between the Company and NSG, and between the Company and Nussir, copies of which have been filed under the Company's profile on the SEDAR+ at www.sedarplus.ca.

**2.2** **Acquisition Date** 

The Acquisitions were completed on February 26, 2025.

**2.3** **Consideration** 

Pursuant to the Nussir Acquisition, Blue Moon issued 241,681,493 common shares of Blue Moon (the "**Blue Moon Shares**") to former holders of common shares of Nussir. Pursuant to the NSG Acquisition, Blue Moon issued 56,079,997 Blue Moon Shares to former holders of common shares of NSG.

In addition, Blue Moon has also agreed to pay to former NSG shareholders US$3M in cash milestone payments related to the receipt of the discharge permit and the receipt of the operating permit for the NSG Property.

In connection with the Acquisitions, on December 19, 2024 Blue Moon completed a brokered private placement, pursuant to which it issued 10,000,031 units (the "**Units**") of the Company at a price of C$3.00 per Unit for gross proceeds of C$30,000,093 (the "**Concurrent Financing**"). The Concurrent Financing was co-led by Cormark Securities Inc. and Scotiabank on behalf of a syndicate of investment dealers including National Bank Financial Inc., Haywood Securities Inc., Raymond James Ltd. and CIBC World Markets Inc. (collectively, the "**Agents**"). Each Unit issued in the Concurrent Financing consisted of 1 Blue Moon Share (each, a "**Unit Share**") and 9 subscription receipts (each, a "**Subscription Receipt**"), with 10% of the price per Unit allocated to the Unit Share underlying each Unit and 90% of the price per Unit allocated to the Subscription Receipts underlying each Unit. On closing of the Acquisitions, each Subscription Receipt automatically converted to one Blue Moon Share without payment of additional consideration or further action on the part of the Subscription Receipt holders.

The net proceeds from the Unit Shares were used for general corporate purposes and advancement of the Blue Moon zinc-gold-copper project in the United States, along with costs related to the Acquisitions. The net proceeds from the Subscription Receipts will be primarily utilized for exploration decline development, underground exploration, and optimization studies at the Nussir Property, exploration permitting at the Blue Moon property and the NSG Property, and general corporate purposes and working capital.

**2.4** **Effect on Financial Position** 

Upon completion of the Acquisitions, Nussir and NSG became subsidiaries of the Company. The business and operations of Nussir and NSG have combined with those of the Company. As the consideration for the Acquisitions was largely paid with common shares of Blue Moon, the effect of the Acquisitions on Blue Moon's working capital is largely neutral. The Acquisitions will be reflected in corresponding increases in total assets and issued share capital.

The Company does not currently have any plans or proposals for material changes in the business acquired pursuant to the Acquisitions which may have a significant impact on the financial performance and financial position of the Company, including any proposal to sell, lease or exchange all or substantially all or a substantial part of the business acquired pursuant to the Acquisitions or to make any material changes to the Company's business.

**2.5** **Prior Valuations** 

No valuation opinions were obtained within the last 12-months by the Company as required by securities legislation or as required by a Canadian exchange or a market to support the consideration paid by the Company in connection with the Acquisitions.

**2.6** **Parties to the Transaction** 

The Acquisitions were not with an informed person, associate, or affiliate of Blue Moon Metals Inc. The parties involved in the Acquisitions were independent third parties.

**2.7** **Date of Report** 

May 10, 2025.

**ITEM 3 - FINANCIAL DISCLOSURE**

Pursuant to Part 8 of NI 51-102, the following financial statements are incorporated by reference in or attached as schedules to this Business Acquisition Report and form part of this Business Acquisition Report:

Schedule A The audited consolidated financial statements of Nussir as at and for the year ended December 31, 2024, together with the notes thereto and the independent auditor's report thereon.

Schedule B The audited consolidated financial statements of NSG as at and for the year ended December 31, 2024, together with the notes thereto and the independent auditor's report thereon.

The Company has not requested the consent of Nussir or NSG's auditor to incorporate the above financial statements of Nussir or NSG, together with the notes and auditor's report for the audited financial statements into this Report, and therefore such consent has not been provided.

**Schedule A**

**The audited consolidated financial statements of Nussir as at and for the year ended December 31, 2024, together with the notes thereto and the independent auditor's report thereon**

**Nussir ASA**

**Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

(expressed in Norwegian Krone)

---

| | | |
|:---|:---|:---|
| ![](tm2533647d1_ex99-3img01.jpg) | **KPMG AS** | Telephone +47 45 40 40 63 |
| ![](tm2533647d1_ex99-3img01.jpg) | Sjøgata 8 | Internet www.kpmg.no |
| ![](tm2533647d1_ex99-3img01.jpg) | N-9008 Tromsø | Enterprise 935 174 627 MVA |
| ![](tm2533647d1_ex99-3img01.jpg) |  |  |

---

To the General Meeting of Nussir ASA

Independent Auditor's Report

Opinion

We have audited the consolidated financial statements of Nussir ASA and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 1 January 2023, 31 December 2023 and 31 December 2024, the consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the years ended 31 December 2023 and 31 December 2024, and notes to the financial statements, including material accounting policy information.

In our opinion

&nbsp;&nbsp;&nbsp;&nbsp;· the financial statements comply with applicable statutory requirements,

&nbsp;&nbsp;&nbsp;&nbsp;· the consolidated financial statements give a true and fair view
of the financial position of the Group as at 1 January 2023, 31 December 2023 and 31 December 2024, and its financial
performance and its cash flows for the years ended 31 December 2023 and 31 December 2024 in accordance with IFRS Accounting
Standards as issued by the IASB.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the *Auditor's Responsibilities for the Audit of the Financial Statements* section of our report. We are independent of the Company and the Group as required by relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of the Board of Directors and the Managing Director for the Financial Statements

The Board of Directors and the Managing Director (management) are responsible for the preparation of financial statements that give a true and fair view in accordance with IFRS Accounting Standards as issued by the IASB, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

![](tm2533647d1_ex99-3img02.jpg)

![](tm2533647d1_ex99-3img03.jpg)

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

&nbsp;&nbsp;&nbsp;&nbsp;· identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;· obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Group's internal control.

&nbsp;&nbsp;&nbsp;&nbsp;· evaluate the appropriateness of accounting policies used and
the reasonableness of accounting estimates and related disclosures made by management.

&nbsp;&nbsp;&nbsp;&nbsp;· conclude on the appropriateness of management's use of
the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;· evaluate the overall presentation, structure and content of
the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves a true and fair view.

&nbsp;&nbsp;&nbsp;&nbsp;· obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We
are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Tromsø

KPMG AS

/s/ Stig-Tore Richardsen

*State Authorised Public Accountant*

May 10, 2025

Nussir ASA

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Note** | **31.12.2024** | **31.12.2023** | **01.01.2023** |
| **ASSETS** |  |  |  |  |
| **Current assets** |  |  |  |  |
| Prepayments and other receivables | 6, 10 | 1 408 740 | 159 971 | 197 380 |
| Cash and cash equivalents | 7, 10 | 7 036 846 | 12 232 874 | 15 861 365 |
| **Total current assets** |  | **8 445 586** | **12 392 845** | **16 058 745** |
| **Non-current assets** |  |  |  |  |
| Mineral properties | 5 | 10 000 000 | 10 000 000 | 10 000 000 |
| **Total non-current assets** |  | **10 000 000** | **10 000 000** | **10 000 000** |
| **Total assets** |  | **18 445 586** | **22 392 845** | **26 058 745** |
| **SHAREHOLDERS' EQUITY AND LIABILITIES** |  |  |  |  |
| **Current liabilities** |  |  |  |  |
| Accounts payable | 10 | 528 134 | 238 242 | 376 984 |
| Other current liabilities | 11 | 1 363 610 | 1 174 981 | 1 362 134 |
| **Total current liabilities** |  | **1 891 744** | **1 413 223** | **1 739 118** |
| **Non-current liabilities** |  |  |  |  |
| Shareholder loans | 9, 10 | - | 10 609 095 | - |
| **Total non-current liabilities** |  | - | **10 609 095** | - |
| **Total liabilities** |  | **1 891 744** | **12 022 318** | **1 739 118** |
| **Shareholders' equity** |  |  |  |  |
| Share capital | 8 | 14 550 000 | 10 550 000 | 10 550 000 |
| Share premium |  | 6 988 336 | 4 772 853 | 18 685 395 |
| Accumulated losses |  | (4 984 494) | (4 952 326) | (4 915 768) |
| **Total equity** |  | **16 553 842** | **10 370 527** | **24 319 627** |
| **Total shareholders' equity and liabilities** |  | **18 445 586** | **22 392 845** | **26 058 745** |

---

---

| | | |
|:---|:---|:---|
|  | Hammerfest, 10 May 2025 |  |
| */s/ "Skott Mealer"* |  | */s/ "Mona Soyland"* |
| Skott Mealer |  | Mona Søyland |
| Chairman of the Board |  | Board Member |
|  | */s/ "Alexander Krogh"* |  |
|  | Alexander Krogh |  |
|  | Board Member |  |

---

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

Nussir ASA

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**CONSOLIDATED STATEMENTS OF PROFIT OR LOSS**

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **2024** | **2023** |
| Salary costs |  | (7 697 583) | (7 981 055) |
| Other operating costs |  | (5 535 816) | (5 705 075) |
| **Operating profit/(loss)** |  | **(13 233 399)** | **(13 686 130)** |
| Interest income |  | 324 937 | 406 693 |
| Interest expense |  | (867 488) | (609 160) |
| Foreign exchange income/(loss) |  | (40 735) | (60 503) |
| **Profit/(loss) before tax** |  | **(13 816 685)** | **(13 949 100)** |
| Income tax | 4 |  |  |
| **Profit/(loss) for the year** |  | **(13 816 685)** | **(13 949100)** |

---

**CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Profit/(1oss) for the year | (13 816 685) | (13 949 100) |
| Other comprehensive income/(loss) | - | - |
| **Total comprehensive income/loss (-) for the year** | **(13 816 685)** | **(13 949 100)** |

---

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

Nussir ASA

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**CONSOLIDATED STATEMENTS OF CASHFLOW**

---

| | | | |
|:---|:---|:---|:---|
|  |  | **2024** | **2023** |
| ***Operating activities:*** |  |  |  |
| Income/loss (-) before income tax |  | (13 816 685) | (13 949 100) |
| Non-cash interest | 9 | 866 749 | 609 095 |
| Change in working capital |  | (770 248) | (288 486) |
| **Net cash used in operating activities** |  | **(13 720 184)** | (13 628 491) |
| ***Investing activities:*** |  |  |  |
| Acquisition of mineral properties | 5 | - | - |
| **Net cash used in investing activities** |  | - | - |
| ***Financing activities:*** |  |  |  |
| Issuance of share capital | 8 | 20 000 000 |  |
| Proceeds from shareholder loans | 9 |  | 10 000 000 |
| Repayment of shareholder loans | 9 | (10 000 000) |  |
| Interest paid | 9 | (1 475 844) | - |
| **Net cash from financing activities** |  | 8 524 156 | 10 000 000 |
| Net change in cash and cash equivalents |  | (5 196 028) | (3 628 491) |
| Cash and cash equivalents at beginning of period | 7 | 12 232 874 | 15 861 365 |
| **Cash and cash equivalents at end of period** | **7** | **7 036 846** | **12 232 874** |

---

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

Nussir ASA

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Attributed to equity holders of the parent** | **Attributed to equity holders of the parent** | **Attributed to equity holders of the parent** | **Attributed to equity holders of the parent** |
|  | <br>**Note** |<br>**Share capital** | **Share**<br>**premium** | **Accumulated**<br>**losses** |<br>**Total equity** |
| **Equity 1 January 2023, restated \*)** |  | **10 550 000** | **18 685 395** | **(4 915 768)** | **24 319 627** |
| Loss for the period |  |  |  | (13 949 100) | (13 949 100) |
| Other comprehensive income |  |  |  |  |  |
| **Total comprehensive income/(loss)** |  | **-** | **-** | **(13 949 100)** | **(13 949 100)** |
| Reduction of share premium to cover losses |  | - | (13 912 542) | (13 912 542) | - |
| **Equity 31 December 2023** |  | **10 550 000** | **4 772 853** | **(4 952 326)** | **10 370 527** |
| **Equity 1 January 2024** |  | **10 550 000** | **4 772 853** | **(4 952 326)** | **10 370 527** |
| Loss for the period |  |  |  | (13 816 685) | (13 816 685) |
| Other comprehensive income |  |  |  |  |  |
| **Total comprehensive income/(loss)** |  |  | **-** | **(13 816 685)** | **(13 816 685)** |
| Share issue | 8 | 4 000 000 | 16 000 000 |  | 20 000 000 |
| **Reduction of share premium to cover losses** |  | - | (13 784 517) | 13 784 517 | - |
| **Equity 31 December 2024** |  | **14 550 000** | **6 988 336** | **(4 984 494)** | **16 553 842** |

---

\*) The adjustment to opening accumulated losses as at January 1, 2023 reflects a change in accounting policy resulting from the Company's first-time adoption of IFRS. These adjustments include expensing of exploration and evaluation cost that were previously capitalized under Norwegian GAAP, and the inclusion of the subsidiary Nussir Holding AS in the IFRS consolidated financial statements. This subsidiary was not included in the Norwegian GAAP financial statements. Refer to Note 14 – First-time Adoption of IFRS.

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

Nussir ASA

Consolidated Financial Statements

(Expressed in Norwegian Krone)

1) **Corporate information**

Nussir ASA ("Nussir" or "the Company") AS is a private limited liability company incorporated and domiciled in Norway, with its main office in Sjøgata 9, Hammerfest, Norway.

Nussir is at the date of issue of these financial statements a 93.55% owned subsidiary of Blue Moon Metals Inc., a Canadian mining company listed on the TSX Venture Exchange. The Company is engaged in the exploration and development of mineral assets in the Hammerfest municipality of northern Norway. Nussir has licences to and is engaged in development on the Nussir and Ulveryggen copper deposits in the geological Repparfjord area. As of the reporting date, the Company is in the exploration and evaluation phase.

These financial statements were approved for issue by the Company's Board of Directors on 10 May 2025.

2) **Material accounting policies**

**Basis of preparation**

These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards <sup>®</sup> ("IFRS") as issued by the IASB.

These financial statements represent the first annual financial statements of the Company prepared in accordance with IFRS. The Company has applied IFRS 1 – First-time Adoption of IFRS. The Company has previously prepared its financial statements in accordance with the Norwegian Accounting Act and generally accepted accounting principles in Norway ("Norwegian GAAP") Further details regarding the transition from Norwegian GAAP to IFRS, including reconciliations and changes in accounting policies, are presented in Note 14.

These consolidated financial statements have been prepared on a historical cost basis. Additionally, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. The consolidated financial statements are presented in Norwegian Krone (unless otherwise stated), and Norwegian Krone is also the functional currency of the Company and its subsidiary.

These consolidated financial statements include the accounts of the Company, and its 100% controlled subsidiary Nussir Holding AS. Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All significant inter-company transactions and balances have been eliminated.

**Going concern**

The Company is engaged in the exploration and evaluation of mineral properties located in Norway. The nature of the Company's activities requires ongoing expenditures related to property maintenance, exploration and technical evaluation work. The Company has not yet generated any revenue from mining operations and remains in the exploration and evaluation phase.

On February 26, 2025, the Company was acquired by Blue Moon Metals Inc. as part of a broader transaction involving the acquisition of Norwegian copper assets. Following the acquisition, Blue Moon Metals Inc. became the Company's sole shareholder and will provide financial support to enable the Company to meet its obligation to continue exploration activities.

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

Nussir ASA

Consolidated Financial Statements

(Expressed in Norwegian Krone)

The Company's ability to continue as a going concern is therefore dependent on the ongoing financial support of Blue Moon Metals Inc., including its ability to raise funds through equity financing or other arrangements. These financial statements have been prepared in accordance with IFRS<sup>®</sup> Accounting Standards on a going concern basis.

As part of the acquisition, Blue Moon Metals Inc., completed a significant equity financing that included proceeds earmarked for advancing the newly acquired Norwegian properties, including those held by Nussir. While Blue Moon Metals Inc. has successfully raised capital to date, there is no assurance that it will continue to do so in the future.

These consolidated financial statements do not reflect the adjustments to the carrying values of the assets and liabilities and the reported expenses and statement of financial position classifications that might be necessary were the Company not able to continue as a going concern.

**Balance sheet classification**

Current assets and current liabilities include items due less than a year from the balance sheet date, and items related to the operating cycle. Other assets and liabilities are classified as noncurrent.

**Mineral property interests and exploration expenditures**

All direct costs related to the acquisition of exploration and evaluation assets are capitalized upon acquiring the legal right to explore a property. Exploration and evaluation expenditures incurred prior to the determination of the feasibility of mining operations and a decision to proceed with development, are charged to profit or loss as incurred.

In accordance with IAS 36 – Impairment of Assets, upon transition to the development stage the Company is required to assess the recoverable amount of development assets against its carrying amount.

Exploration and evaluation costs are expensed as incurred while the Company is in the process of exploring its mineral properties and has not yet determined whether these properties contain ore reserves that are economically recoverable. If and when the Company's management determines that economically extractable proven or probable mineral reserves have been established, the subsequent costs incurred to develop such property, including costs to further delineate the ore body will be capitalized.

Although the Company has taken steps to verify title to the properties in which it has an interest, in accordance with industry standards for properties in the exploration stage, these procedures do not guarantee the Company's title.

Property titles may be subject to unregistered prior agreements and noncompliance with regulatory requirements.

**Impairment of assets**

At the end of each reporting period, the Company reviews the carrying amounts of its mineral property interests to determine whether there is an indication that those assets have suffered impairment. If any such indication exists, the recoverable amount of the asset or cash-generating unit ("CGU") is estimated in order to determine the extent of the impairment charge (if any).

The recoverable amount used for this purpose is the higher of the fair value less costs to sell, and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For an asset that does not generate largely independent cash flows, the amount is determined for the CGU to which the asset belongs.

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

Nussir ASA

Consolidated Financial Statements

(Expressed in Norwegian Krone)

If the recoverable amount of an asset or CGU is estimated to be less than its recorded amount, the recorded amount of the asset or CGU is reduced to its recoverable amount. An impairment charge is recognized immediately in the consolidated statement of loss and comprehensive loss.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to a maximum amount equal to the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years.

**Receivables**

Trade receivables are recognized in the Balance Sheet at their transaction price after a deduction for the provision for credit losses. Historically there have been no significant credit losses.

**Borrowings**

All loans and borrowings are initially recognized at cost, being the fair value of the consideration received net of transaction/issue costs associated with the borrowing. After initial recognition, interests bearing loans and borrowings are subsequently measured at amortized cost using the effective interest method. Any difference between the consideration received net of transaction/issue costs associated with the borrowing and the redemption value, is recognized in the income statement over the term of the loan.

**Cash and cash equivalents**

Cash and cash equivalents consist of cash on hand, deposits in banks and highly liquid investments with an original maturity of three months or less.

**Share Capital**

Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares are recognized as a deduction from equity. Common shares issued for consideration other than cash, are valued based on their market value at the date the shares are issued.

**Environmental expenditures**

The operations of the Company may in the future be affected by changes in environmental regulations, including those relating to future reclamation and site restoration. The likelihood of new regulations and their overall effect upon the Company are unknown and unpredictable. The Company plans to meet and, if possible, surpass standards set by legislation, by applying technically proven and economically feasible measures.

Environmental expenditures relating to ongoing environmental and reclamation programs are charged to operations, or are capitalized and amortized, depending on their future economic benefits, over the estimated remaining life of the related business operation, net of expected recoveries. Liabilities related to environmental protection and reclamation costs are recognized when the obligation is incurred and the fair value of the related costs can be reasonably estimated. This includes future removal and site restoration costs required by environmental law or contracts.

Given the Company is in the early stages of mineral exploration and has not yet commenced site development or any activities resulting in environmental disturbance, no restoration or reclamation liabilities have been recognized. The Company will assess its obligations as activities advance toward development and production.

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

Nussir ASA

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**Related parties**

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

**Income taxes**

Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the end of the period, adjusted for amendments to tax payable for previous years.

Deferred tax assets and liabilities are computed by providing for temporary differences between the carrying amounts of assets and liabilities on the consolidated statements of financial position and their corresponding tax values, using the enacted or substantially enacted income tax rates at each consolidated statement of financial position date. Deferred tax assets also result from unused losses and other deductions carried forward. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

**Segment reporting**

The Group is engaged in exploration and evaluation activities related to minerals in the Hammerfest municipality, Norway, and this is the Group's only segment.

**New accounting policies adopted January 1, 2024**

New standards and amendments to standards and interpretations effective from 1 January 2024 did not have any significant impact on the financial statements.

**New standards and interpretations not yet adopted**

New standards and amendments to standards and interpretations are effective for annual periods beginning on or after 1 January 2025 and have not been applied in preparing these financial statements. None of these are expected to have any significant impact on the company's financial statements, except for IFRS 18 Presentation and Disclosure in Financial Statements effective from 1 January 2027. The Group is currently assessing the potential impact of this new standard.

**3)** **Use of judgements and estimates**

*Significant Judgements*

The preparation of these consolidated financial statements requires the Company to make significant judgments in applying the Company's accounting policies and the basis of consolidation. These include but are not limited to the following:

*Going concern*: The assumption of the going concern of the Company as discussed in note 2 above.

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

Nussir ASA

Consolidated Financial Statements

(Expressed in Norwegian Krone)

*Estimations and assumptions*

Significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of the reporting period, that could result in a material adjustment to the carrying amounts of assets and liabilities in the event that actual results differ from assumptions made, relate to, but are not limited to, the following:

*Exploration and Evaluation Assets*

As at December 31, 2024, the Company does not recognize any exploration and evaluation assets on its statement of financial position. However, management assesses indicators of impairment on any capitalized amounts should they arise and considers factors such as geological results, changes in permitting status, or significant changes in commodity prices.

*Income Taxes*

The estimation of income taxes includes evaluating the recoverability of deferred tax assets based on an assessment of the Company's ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions. Management assesses whether it is probable that some or all of the deferred income tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income, which in turn is dependent upon the successful discovery, extraction, development and commercialization of mineral reserves. The Company has not recognized any deferred tax assets in respect of unused tax losses as it is not yet probable that taxable profit will be available against which these losses can be utilized.

**4)** **Income taxes**

The Group has incurred substantial tax losses carried forward and the related tax asset is shown in the table below. At this stage, the Group cannot substantiate that there will be sufficient future taxable income to be able to realize the Group's unused tax losses, and therefore the Group has not recognized deferred tax assets at 31 December 2024.

Tax losses can be carried forward indefinitely in Norway.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** |
| Taxes payable |  |  |  |  |
| Deferred tax | | - | | - |
| **Income tax expense/(income)** | | - | | - |

---

Tax effects of temporary differences and tax loss carryforwards at:

---

| | | | |
|:---|:---|:---|:---|
|  | **31.12.2024** | **31.12.2023** | **01.01.2023** |
| Mineral properties | 1 073 314 | 1 073 314 | 1 073 314 |
| Tax loss carryforwards | 53 687 206 | 51 223 726 | 48 154 924 |
| **Total net deferred tax assets** | **54 760 521** | **52 297 040** | **49 228 238** |
| Nominal tax rate (used for measurement) | 22% | 22% | 22% |
| **Recognized in the statement of financial position:** |  |  |  |
| Amounts in NOK | **31.12.2024** | **31.12.2023** | **01.01.2023** |
| Deferred tax asset |  |  |  |
| Deferred tax liability |  |  |  |

---

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

Nussir ASA

Consolidated Financial Statements

(Expressed in Norwegian Krone)

The following table shows the reconciliation of expected tax using the nominal tax rate to the actual tax (expense)/income:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Income/loss (-) before tax | (13 816 685) | (13 949 100) |
| Nominal tax rate | 22% | 22% |
| **Expected income tax expense (-)/income** | **3 039 671** | **3 068 802** |
| Non-deductible costs | (576 190) |  |
| Change in valuation allowance deferred tax asset | (2 463 481) | (3 068 802) |
| **Tax expense(-)/income** | - | - |

---

**5)** **Mineral Properties**

The carrying amount of NOK 10 million represents acquired mineral properties at Ulveryggen, a copper deposit by Repparfjorden in the Hammerfest municipality, Norway. The mineral properties were purchased in 2011 and there have been no additions, amortization or impairment of these mineral properties since acquisition.

The mineral properties will be included in the basis for UoP amortization together with other general investments in the mine and will be amortized once the mine is in production.

Management assesses indicators of impairment at each reporting period and tests mineral properties for impairment when facts or circumstances suggest the carrying amount may exceed recoverable value.

**6)** **Prepayments and other receivables**

---

| | | | |
|:---|:---|:---|:---|
|  | **31.12.2024** | **31.12.2023** | **01.01.2023** |
| Prepayments | 61 116 | 89 244 | 87 370 |
| Receivable from shareholders (1) | 1 347 624 |  |  |
| VAT receivable | - | 70 727 | 110 010 |
| **Total** | **1 408 740** | **159 971** | **197 380** |

---

(1) See note 13.

**7)** **Cash and cash equivalents**

---

| | | | |
|:---|:---|:---|:---|
|  | **31.12.2024** | **31.12.2023** | **01.01.2023** |
| Bank deposits, unrestricted | 6 790 517 | 11 934 253 | 15 518 816 |
| Restriced cash, employee withholding taxes | 246 329 | 298 621 | 342 549 |
| **Total cash and cash equivalents** | **7 036 846** | **12 232 874** | **15 861 365** |

---

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

Nussir ASA

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**8)** **Share Capital**

---

| | |
|:---|:---|
| **Number of shares outstanding** | **Ordinary Shares** |
| **2023:** |  |
| Opening balance | 105 500 000 |
| Share issue | - |
| **31 December 2023** | **105 500 000** |
| **2024:** |  |
| Opening balance | **105 500 000** |
| Share issue | 40 000 000 |
| **31 December 2024** | **145 500 000** |

---

All shares carry equal rights and has a par value of NOK 0.10 per share.

***Share issue in 2024***

In July 2024 Nussir completed a share issue to existing shareholders of 40 000 000 shares with gross proceeds of NOK 20.0 million.

---

| | | |
|:---|:---|:---|
| <br>**The largest shareholders in % of outstanding 31.12.2024** | **Number of**<br>**Share** |<br>**Percentage** |
| Monial AS | 46 700 000 | 3210% |
| Baker Steel RT Ltd. | 31 385 361 | 2157% |
| Antaeus AS (CEO) | 14 959 000 | 1028% |
| Nils Thrane | 10 018 100 | 689% |
| Euroclear Bank SA | 8 951 432 | 615% |
| Harald Nilsen AS | 5 076 923 | 349% |
| Lokalkapital AS | 4 153 846 | 285% |
| LNS AS | 4 076 923 | 280% |
| Waxa AS | 3 000 000 | 206% |
| Other shareholders | 17 178 415 | 1181% |
| **Sum** | **145 500 000** | **10000%** |

---

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

Nussir ASA

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**9)** **Shareholder loans**

The Company was in June 2023 provided with shareholder loans from its two main shareholders: NOK 8 million from Monial AS and NOK 2 million from Baker Steel RT Ltd. The loans carried interest of 14% and had maturity in June 2025. The loans were repaid in 2024.

---

| | | | |
|:---|:---|:---|:---|
| **Changes in shareholder loans:** | | | |
|  | **31.12.2024** | **31.12.2023** | **01.012023** |
| Shareholder loans period beginning | 10 609 095 |  |  |
| Cash flows: |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shareholder loans |  | 10 000 000 |  |
| &nbsp;&nbsp;&nbsp;Repayment of shareholder loans | (10 000 000) |  |  |
| &nbsp;&nbsp;&nbsp;Interest paid | (1 475 844) | - |  |
| Total cash flows | (11 475 844) | 10 000 000 |  |
| Non-cash changes: |  |  |  |
| &nbsp;&nbsp;&nbsp;Accrued interest | 866 749 | 609 095 |  |
| **Total shareholder loans period end** | - | 10 609 095 |  |

---

**10)** **Financial instruments and financial risk management**

**Overview**

The Company is exposed to a variety of risks, including credit risk, liquidity risk, interest rate risk and currency risk. This note presents information about the Company's exposure to each of the above mentioned risks, and the Company's objectives, policies and processes for managing such risks. The note also presents the Company's objectives, policies and processes for managing capital.

**Liquidity risk**

Liquidity risk is the risk of being unable to pay financial liabilities as they fall due. The Group's approach to managing liquidity risk is to ensure that it will always have sufficient liquidity to meet its financial liabilities as they fall due, under normal as well as extraordinary circumstances, without incurring unacceptable losses or risking damage to the Group's reputation.

The Group did at year end 2024 not have sufficient capital to finance the necessary investments until operations can achieve positive cash flow from operations, and is, therefore, dependent on the availability of new capital to finance them. The Group's ability to fund future activities will partly depend on external conditions, which the Group has no control over. Should the project fail to materialize, there arises a risk that all or part of the value capitalized would not be realized.

**Market risk**

Market risk consists of the risk that real value or future cash flow related to financial instruments will vary as a consequence of fluctuation in market prices. Market risk includes, but is not limited to, currency risk, interest rate risk and price risk from sales. Currently, the Group has no exposure to price risk from sale of goods, and no financial instruments have been entered into related to future expected exposures. To a limited extent, the Group has market risk from financial instruments such as cash and cash equivalents and trade payables.

***(i) Variable interest rate risk***

The Group's cash and cash equivalents are exposed to changes in the market interest rate on bank deposits. The Group's exposure on the result at year end 2024 is approximately +/-NOK 70 thousand per percentage-point change in the variable market interest rate (2023: NOK 122 thousand).

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

Nussir ASA

Consolidated Financial Statements

(Expressed in Norwegian Krone)

***(ii) Currency exchange risk***

Throughout 2024 and as per the date of this report, the Group had no currency exposure of significance.

**Credit risk**

Credit risk is the risk of financial losses if a customer or counterpart of a financial instrument is unable to meet contractual obligations.

The Group's current business has only limited credit risk. Cash and cash equivalents and security deposits in banks represent a large portion of the Group's financial assets at 31 December 2024. There has not been recognized any loss on receivables in 2024 or 2023.

**Political risk**

In addition to financial risk, the Group is exposed to political risk related to its mining project. The political risk includes the risk of not obtaining or extending the relevant governmental permits necessary to extract and produce minerals from the mining project.

**Categories and fair value of financial instruments**

The carrying amounts on the balance sheet of cash and cash equivalents, receivables, payables to suppliers, interest bearing loans and other short-term financial items are close to fair value due to the short time period till maturity. All of the Group's financial assets and financial liabilities are in the category amortized cost and all amounts shown in the table below are equal to the carrying amounts. Prepayments, accrued receivables, VAT, public duties payable and accrued expenses are not included.

---

| | | | |
|:---|:---|:---|:---|
|  | **31.12.2024** | **31.12.2023** | **01.01.2023** |
| *Financial assets:* |  |  |  |
| Financial receivables | 1 347 624 |  |  |
| Cash and cash equivalents | 7 036 846 | 12 232 874 | 15 861 365 |
| **Total financial assets** | **8 384 470** | **12 232 874** | **15 861 365** |
| *Financial liabilities:* |  |  |  |
| Accounts payable | 528 134 | 238 242 | 376 984 |
| Shareholder loans | - | 10 609 095 | - |
| **Total financial liabilities** | **528 134** | **10 847 337** | **376 984** |

---

**11) Other current liabilities**

---

| | | | |
|:---|:---|:---|:---|
|  | **31.12.2024** | **31.12.2023** | **01.01.2023** |
| Tax withholding and social security accrual | 351 456 | 456 923 | 369 065 |
| Employee salary and holiday pay accrual | 647 550 | 640 860 | 686 448 |
| VAT payable | 331 066 |  |  |
| Accrued expenses and other current liabilities | 33 537 | 77 197 | 306 620 |
| **Total** | **1 363 610** | **1 174 981** | **1 362 134** |

---

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

Nussir ASA

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**12)** **Investment in subsidiaries**

Nussir ASA has one subsidiary:

---

| | | | |
|:---|:---|:---|:---|
|  | **Location** | **Incorporated** | **Ownership** |
| Nussir Holding AS | Hammerfest, Norway | 2022 | 100% |

---

**13)** **Related parties and compensation of management**

All related party transactions are conducted on terms equivalent to those that prevail in arm's length transactions.

**Compensation to Chief Executive Officer (CEO) and Board of Directors:**

---

| | | |
|:---|:---|:---|
| **Compensation to CEO:** | **2024** | **2023** |
| Salary | 2 541 389 | 2 120 959 |
| Pension contribution | 169 534 | 162 142 |
| Other compensation | 8 244 | 7 557 |
| **Total** | **2 719 167** | **2 290 658** |

---

**Pensions**

The Group has had a defined contribution pension plan for its employees which satisfies the statutory requirements in the Norwegian law on required occupational pension ("lov om obligatorisk tjenestepensjon"). The CEO is participating in the defined contribution plan.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Compensation to Board of Directors:** | **2024** | **2024** | **2023** | **2023** |
| Board fees | | 800 000 | | 800 000 |

---

**Receivable from CEO/shareholder**

In connection with the share issue in 2024, salary was paid out from the company to the CEO and payroll taxes were paid. The net salary payment was used to subscribe for shares in the company. See note 6. This is not in accordance with the Norwegian Companies Act, sections 8-10. The board considers the salary payment to have had no negative consequences for the company's shareholders or creditors, but it has decided that the funds should be repaid. The funds were repaid on 21 February 2025.

**Shares owned/controlled by members of the Board and senior management as of 31 December 2024:**

---

| | | |
|:---|:---|:---|
| <br>**Shareholder** | **Number of**<br>**Shares** |<br>**Percentage** |
| Antaeus AS \*) | 14 959 000 | 1028% |
| Karin Thorburn, Board member | 1 000 000 | 069% |

---

\*) Controlled by the CEO.

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

Nussir ASA

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**Shares owned/controlled by members of the Board and senior management as of 31 December 2023:**

---

| | | |
|:---|:---|:---|
| <br>**Shareholder** | **Number of**<br>**Shares** |<br>**Percentage** |
| Antaeus AS \*) | 4 366 237 | 414% |
| Antaeus Pro AS \*) | 4 200 000 | 398% |

---

\*) Controlled by the CEO.

**Shareholder loans**

Nussir was provided a total of NOK 10 million in shareholder loans from its two main shareholders in 2023. The loans were repaid in 2024. See note 9.

**14)** **First-time adoption of IFRS**

These financial statements are the first annual financial statements of the Company prepared in accordance with IFRS, as issued by the International Accounting Standards Board. The Company has issued Norwegian GAAP financial statements for 2024 but is reissuing and implementing IFRS effective January 1, 2024. The date of transition to IFRS was January 1, 2023.

The Company has applied IFRS 1 – First-time Adoption of International Financial Reporting Standards, which requires retrospective application of all IFRS standards in effect as of the reporting date, with certain optional exemptions and mandatory exceptions.

Adjustments on transition to IFRS relate to:

1) A change in accounting policy for exploration and evaluation expenditures. Under Norwegian GAAP, the Company capitalized certain exploration and development costs related to early exploration activities. Under IFRS, the Company's accounting policy is to expense such expenditures as incurred in accordance with IFRS 6.

2) The subsidiary Nussir Holding AS was not consolidated in the Norwegian GAAP financial statements for Nussir ASA previously issued.

---

| | | | |
|:---|:---|:---|:---|
| **Reconciliation of equity:** | | | |
|  | <br>**31.12.2024** | <br>**31.12.2023** | <br>**01.01.2023** |
| Total shareholders' equity under Norwegian GAAP | 21 538 336 | 15 322 852 | 29 235 395 |
| Adjustment to expense exploration costs | (4 878 701) | (4 878 701) | (4 878 701) |
| Adjustment to consolidate subsidiary | (105 793) | (73 624) | (37 067) |
| **Total shareholders' equity under IFRS** | **16 553 842** | **10 370 527** | **24 319 627** |

---

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

Nussir ASA

Consolidated Financial Statements

(Expressed in Norwegian Krone)

---

| | | |
|:---|:---|:---|
| **Reconciliation of comprehensive income:** |  |  |
|  | **2024** | **2023** |
| Total comprehensive income/loss (-) for the year under Norwegian GAAP | (13 784 516) | (13 912 543) |
| Adjustment to consolidate subsidiary | (32 169) | (36 557) |
| **Total comprehensive income/(loss) for the year under IFRS** | **(13 816 685)** | **(13 949 100)** |

---

**15)** **Events after balance sheet date**

In December 2024 Blue Moon Metals Inc. ("Blue Moon") a mining company listed on the TSX Venture exchange in Canada, Nussir ASA and Nye Sulitjelma Gruver AS ("NSG") announced that the parties had entered into an agreement pursuant to which Blue Moon agreed to acquire 93.55% of the issued and outstanding shares of Nussir and 100% of the shares in NSG. The agreement closed in February 2025, and at the date of this report Nussir is a subsidiary of Blue Moon.

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

**Schedule B**

**The audited consolidated financial statements of NSG as at and for the year ended December 31, 2024, together with the notes thereto and the independent auditor's report thereon**

**Nye Sulitjelma Gruver AS**

**Consolidated Financial Statements**

**For the years ended December 31, 2024 and 2023**

(expressed in Norwegian Krone)

---

| | | |
|:---|:---|:---|
| ![](tm2533647d1_ex99-3img01.jpg) | **KPMG AS** | Telephone +47 45 40 40 63 |
| ![](tm2533647d1_ex99-3img01.jpg) | Sjøgata 8 | Internet www.kpmg.no |
| ![](tm2533647d1_ex99-3img01.jpg) | N-9008 Tromsø | Enterprise 935 174 627 MVA |
| ![](tm2533647d1_ex99-3img01.jpg) |  |  |

---

To the General Meeting of Nye Sulitjelma Gruver AS

Independent Auditor's Report

Opinion

We have audited the consolidated financial statements of Nye Sulitjelma Gruver AS and its subsidiaries (the Group), which comprise the consolidated statement of financial position as at 1 January 2023, 31 December 2023 and 31 December 2024, the consolidated statement of loss and comprehensive loss, consolidated statement of changes in shareholders' equity and consolidated statement of cash flows for the years ended 31 December 2023 and 31 December 2024, and notes to the financial statements, including material accounting policy information.

In our opinion

&nbsp;&nbsp;&nbsp;&nbsp;· the financial statements comply with applicable statutory requirements,

&nbsp;&nbsp;&nbsp;&nbsp;· the consolidated financial statements give a true and fair view
of the financial position of the Group as at 1 January 2023, 31 December 2023 and 31 December 2024, and its financial
performance and its cash flows for the years ended 31 December 2023 and 31 December 2024 in accordance with IFRS Accounting
Standards as issued by the IASB.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the *Auditor's Responsibilities for the Audit of the Financial Statements* section of our report. We are independent of the Company and the Group as required by relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of the Board of Directors and the Managing Director for the Financial Statements

The Board of Directors and the Managing Director (management) are responsible for the preparation of financial statements that give a true and fair view in accordance with IFRS Accounting Standards as issued by the IASB, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

![](tm2533647d1_ex99-3img02.jpg)

![](tm2533647d1_ex99-3img03.jpg)

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

&nbsp;&nbsp;&nbsp;&nbsp;· identify and assess the risks of material misstatement of the
financial statements, whether due to fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations,
or the override of internal control.

&nbsp;&nbsp;&nbsp;&nbsp;· obtain an understanding of internal control relevant to the
audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion
on the effectiveness of the Group's internal control.

&nbsp;&nbsp;&nbsp;&nbsp;· evaluate the appropriateness of accounting policies used and
the reasonableness of accounting estimates and related disclosures made by management.

&nbsp;&nbsp;&nbsp;&nbsp;· conclude on the appropriateness of management's use of
the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events
or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if
such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;· evaluate the overall presentation, structure and content of
the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves a true and fair view.

&nbsp;&nbsp;&nbsp;&nbsp;· obtain sufficient appropriate audit evidence regarding the financial
information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We
are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with the Board of Directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Tromsø

KPMG AS

/s/ Stig-Tore Richardsen

*State Authorised Public Accountant*

May 10, 2025

Nye Sulitjelma Gruver AS

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS AT**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**NOTE** | **December 31,**<br>**2024** | **December 31,**<br>**2023** | **January 1,**<br>**2023** |
|  |  | **NOK** | **NOK** | **NOK** |
| **ASSETS** |  |  |  |  |
| Cash and cash equivalents |  | 695147 | 703018 | 83536 |
| **Total current assets** |  | **695147** | **703018** | **83536** |
| Mineral properties | 4 | 10000000 | 10000000 | 10000000 |
| **Total non-current assets** |  | **10000000** | **10000000** | **10000000** |
| **Total assets** |  | **10695147** | **10703018** | **10083536** |
| **LIABILITIES** |  |  |  |  |
| Accounts payable and accrued liabilities | 5 | 285474 | 86820 | 116852 |
| **Total current liabilities** |  | 285474 | 86820 | 116852 |
| Shareholder loans | 6 | - | 15434113 | 12513453 |
| **Total non-current liabilities** |  |  | **15434113** | **12513453** |
| **Total liabilities** |  | **285474** | **15520933** | **12630304** |
| **SHAREHOLDERS' EQUITY** |  |  |  |  |
| Share capital | 8 | 4356000 | 4060000 | 4060000 |
| Contributed surplus | 8 | 17053648 |  |  |
| Deficit |  | (10999975) | (8877915) | (6606769) |
| **Total shareholders' equity** |  | **10409673** | **(4817915)** | **(2546769)** |
| **Total shareholders' equity and liabilities** |  | **10695147** | **10703018** | **10083536** |

---

Approved by the Board of Directors on May 10, 2025

---

| | | |
|:---|:---|:---|
| */s/ "Skott Mealer"* |  | */s/ "Mona Soyland"* |
| Skott Mealer |  | Mona Søyland |
| Chairman |  | Board Member |
|  | */s/ "Storker Bjornstad"* |  |
|  | Størker Bjørnstad |  |
|  | Board Member |  |

---

The accompanying notes for an integral part of these consolidated financial statements

Nye Sulitjelma Gruver AS

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS**

---

| | | | |
|:---|:---|:---|:---|
| For the year ended December 31, |  | **2024** | **2023** |
|  | **NOTE** | **NOK** | **NOK** |
| Salary costs |  | 451456 | 335229 |
| Other operating costs |  | 755069 | 1014830 |
| **Operating loss** |  | **1206525** | **1350059** |
| Interest expense | 6 | 915535 | 920661 |
| Foreign exchange loss |  | - | 427 |
| **Loss before income tax** |  | **2122060** | **2217147** |
| Income tax | 9 | - | - |
| **Loss for the year** |  | **2122060** | **2217147** |
| Other comprehensive income |  | - | - |
| **Total comprehensive loss for the year** |  | **2122060** | **2271147** |

---

The accompanying notes for an integral part of these consolidated financial statements

Nye Sulitjelma Gruver AS

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**CONSOLIDATED STATEMENT OF CASHFLOW**

---

| | | |
|:---|:---|:---|
| For years ended December 31, | **2024** | **2023** |
|  | **NOK** | **NOK** |
| **Operating activities** |  |  |
| Loss and comprehensive loss | (2122060) | (2271147) |
| Items not aﬀecting cash |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shareholder accrued loan interest | 915535 | 920661 |
| Change in non-cash working capital | 198654 | (30032) |
| **Cash used in operating activities** | **(1007871)** | **(1380518)** |
| **Financing activities** |  |  |
| Proceeds from shareholder loans | 1000000 | 2000000 |
| **Cash used in financing activities** | **1000000** | **2000000** |
| **Change in cash and cash equivalents** | **(7871)** | **619482** |
| Cash and cash equivalents – beginning | 703018 | 83536 |
| **Cash and cash equivalents - ending** | **695147** | **703018** |

---

The accompanying notes for an integral part of these consolidated financial statements

Nye Sulitjelma Gruver AS

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **NOTE** |<br>**Number of**<br>**shares** |<br>**Share capital**<br>**NOK** | **Contributed**<br>**surplus**<br>**NOK** |<br>**Deficit**<br>**NOK** | **Shareholders'**<br>**equity**<br>**NOK** |
| **January 1, 2023 (restated)*<sup>1</sup>*** |  | **4060** | **4060000** | **-** | **(6606769)** | **(2546769)** |
| Loss and comprehensive loss |  |  |  |  | (2271147) | (2271147) |
| **December 31, 2023** |  | **4060** | **4060000** | **-** | **(8877915)** | **(4817915)** |
| Conversion of shareholder loan to equity | 8 | 296 | 296000 | 17053648 |  | 17349648 |
| Loss and comprehensive loss |  |  |  |  | (2122060) | (2122060) |
| **December 31, 2024** |  | **4356** | **4356000** | **17053648** | **(10999975)** | **10409673** |

---

*<sup>1</sup> The adjustment to opening deficit as at January 1, 2023 reflects a change in accounting policy resulting from the Company's first-time adoption of IFRS. These adjustments include expensing of exploration and evaluation cost that were previously capitalized under Norwegian GAAP, and the elimination of contributed surplus without an oﬀsetting investment under the consolidation of Sulitjelma Mineral AS. Refer to Note 4 – First time Adoption of IFRS.*

The accompanying notes for an integral part of these consolidated financial statements

Nye Sulitjelma Gruver AS

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**1)** **Nature of Operations and Going Concern**

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Nature of operations** 

Nye Sulitjelma Gruver AS ("NSG" or the "Company") is a wholly owned subsidiary of Blue Moon Metals Inc., a Canadian mining company listed on the TSX Venture Exchange. Incorporated under Norwegian law, NSG is focused on the exploration and development of mineral assets in the Sulitjelma region of northern Norway. The Company's registered oﬃce is located at Industriveien 22, Fauske, Norway. NSG holds rights to a brownfield underground mining project located in the historic Sulitjelma mine area. As of the reporting date, the Company is in the exploration and evaluation phase.

The Company's consolidated financial statements were authorized for issue by the Board of Directors on May 10, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Going concern** 

The Company is engaged in the exploration and evaluation of mineral proper es located in Norway. The nature of the Company's activities requires ongoing expenditures related to property maintenance, exploration and technical evaluation work. The Company has not yet generated any revenue from mining opera ons and remains in the exploration and evaluation phase.

On February 26, 2025, the Company was acquired by Blue Moon Metals Inc. as part of a broader transaction involving the acquisition of Norwegian copper assets. Following the acquisition, Blue Moon Metals Inc. became the Company's sole shareholder and will provide financial support to enable the Company to meet its obligation to continue exploration activities.

The Company's ability to continue as a going concern is therefore dependent on the ongoing financial support of Blue Moon Metals Inc., including its ability to raise funds through equity financing or other arrangements. These financial statements have been prepared in accordance with IFRS Accounting Standards on a going concern basis. As part of the acquisition, Blue Moon Metals Inc., completed a significant equity financing that included proceeds earmarked for advancing the newly acquired Norwegian proper es, including those held by NSG. While Blue Moon Metals Inc. has successfully raised capital to date, there is no assurance that it will continue to do so in the future.

These consolidated financial statements do not reflect the adjustments to the carrying values of the assets and liabilities and the reported expenses and statement of financial posi on classifications that might be necessary were the Company not able to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **First me adoption of IFRS** 

These financial statements represent the first annual financial statements of the Company prepared in accordance with IFRS. The Company has applied IFRS 1 – First- me Adoption of IFRS. Further details regarding the transition from Norwegian GAAP to IFRS, including reconciliations and changes in accounting policies, are presented in Note 4.

The accompanying notes for an integral part of these consolidated financial statements

Nye Sulitjelma Gruver AS

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**2)** **Basis of Presentation and Summary of Material Accounting Policies**

&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Basis of Presentation and Measurement** 

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board.

These consolidated financial statements have been prepared on a historical cost basis, except for certain items at fair value. Additionally, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information, which is presented on a cash basis. The functional currency of the Company is the Norwegian Krone ("NOK"), and all amounts are expressed in Norwegian Krone, unless otherwise stated.

&nbsp;&nbsp;&nbsp;&nbsp;**b)** **Material Accounting Policies** 

**Basis of consolidation**

These consolidated financial statements include the accounts of the Company and its 100% controlled subsidiary Sulitjelma Mineral AS. Control exists when the Company has the power, directly or indirectly, to govern the financial and opera ng policies of an en ty so as to obtain benefits from its activities. All significant inter-company transactions and balances have been eliminated.

**Balance sheet classification**

Current assets and current liabilities include items due less than a year from the balance sheet date, and items related to the opera ng cycle. Other assets and liabilities are classified as noncurrent.

**Mineral property interests and exploration expenditures**

All direct costs related to the acquisition of exploration and evaluation assets are capitalized upon acquiring the legal right to explore a property. exploration and evaluation expenditures incurred prior to the determina on of the feasibility of mining opera ons and a decision to proceed with development, are charged to profit or loss as incurred.

In accordance with IAS 36 – Impairment of Assets, upon transi on to the development stage the Company is required to assess the recoverable amount of its development assets against its carrying value.

Exploration and evaluation costs are expensed as incurred while the Company is in the process of exploring its mineral proper es and has not yet determined whether these proper es contain ore reserves that are economically recoverable. If and when the Company's management determines that economically extractable proven or probable mineral reserves have been established, the subsequent costs incurred to develop such property, including costs to further delineate the ore body will be capitalized.

Although the Company has taken steps to verify title to the proper es in which it has an interest, in accordance with industry standards for proper es in the exploration stage, these procedures do not guarantee the Company's tle. Property tles may be subject to unregistered prior agreements and noncompliance with regulatory requirements.

The accompanying notes for an integral part of these consolidated financial statements

Nye Sulitjelma Gruver AS

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**Impairment of assets**

At the end of each repor ng period, the Company reviews the carrying amounts of its mineral property interests to determine whether there is an indica on that those assets have suﬀered impairment. If any such indica on exists, the recoverable amount of the asset or cash-genera ng unit ("CGU") is es mated in order to determine the extent of the impairment charge (if any).

The recoverable amount used for this purpose is the higher of the fair value less costs to sell, and value in use. In assessing value in use, the es mated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the me value of money and the risks specific to the asset or CGU. For an asset that does not generate largely independent cash flows, the amount is determined for the CGU to which the asset belongs.

If the recoverable amount of an asset or CGU is es mated to be less than its recorded amount, the recorded amount of the asset or CGU is reduced to its recoverable amount. An impairment charge is recognized immediately in the consolidated statement of loss and comprehensive loss.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised es mate of its recoverable amount, to a maximum amount equal to the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years.

**Accounts payable and accrued liabilities**

Accounts payable and accrued liabili es are recognized at fair value on ini al recognition and subsequently measured at amor zed cost. Due to their short-term nature, their carrying amounts approximate fair value.

**Borrowings**

Loans and borrowings are ini ally recognized at fair value, net of directly a ributable transac on costs. After, ini al recognition, interest-bearing loans are measured at amor zed cost using the eﬀec ve interest method. The diﬀerence between the proceeds (net of transac on costs) and the redemp on amount is recognized in the statement of loss over the term of the loans using the eﬀec ve interest rate.

**Cash and cash equivalents**

Cash and cash equivalents consist of cash on hand, deposits in banks and highly liquid investments with an original maturity of three months or less. As at December 31, 2024, the Company had cash of NOK 695,147 (2023: NOK 703,018).

**Share Capital**

Common shares are classified as equity. Incremental costs directly a ributable to the issue of common shares are recognized as a deduc on from equity. Common shares issued for considera on other than cash, are valued based on their market value at the date the shares are issued.

**Environmental expenditures**

The opera ons of the Company may in the future be, aﬀected by changes in environmental regula ons, including those rela ng to future reclama on and site restora on. The likelihood of new regula ons and their overall eﬀect upon the Company are unknown and unpredictable. The Company plans to meet and, if possible, surpass standards set by legisla on, by applying technically proven and economically feasible measures.

The accompanying notes for an integral part of these consolidated financial statements

Nye Sulitjelma Gruver AS

Consolidated Financial Statements

(Expressed in Norwegian Krone)

Environmental expenditures rela ng to ongoing environmental and reclama on programs are charged to opera ons, or are capitalized and amor zed, depending on their future economic benefits, over the es mated remaining life of the related business opera on, net of expected recoveries. liabilities related to environmental protec on and reclama on costs are recognized when the obliga on is incurred and the fair value of the related costs can be reasonably es mated. This includes future removal and site restora on costs required by environmental law or contracts.

Given the Company is in the early stages of mineral exploration and has not yet commenced site development or any activities resul ng in environmental disturbance, no restora on or reclama on liabilities have been recognized. The Company will assess its obliga ons as activities advance toward development and produc on.

**Related par es**

Par es are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and opera ng decisions. Par es are also considered to be related if they are subject to common control. Related par es may be individuals or corporate en es. A transac on is considered to be a related party transac on when there is a transfer of resources or obliga ons between related par es.

**Income taxes**

Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substan vely enacted at the end of the period, adjusted for amendments to tax payable for previous years.

Deferred tax assets and liabilities are computed by providing for temporary diﬀerences between the carrying amounts of assets and liabilities on the consolidated statements of financial posi on and their corresponding tax values, using the enacted or substan ally enacted, income tax rates at each consolidated statement of financial posi on date. Deferred tax assets also result from unused losses and other deduc ons carried forward. Deferred tax assets are reviewed at each repor ng date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

**New Accounting policies adopted January 1, 2024**

New standards and amendments to standards and interpreta ons eﬀec ve from 1 January 2024 did not have any significant impact on the financial statements.

**New standards and interpreta ons not yet adopted**

New standards and amendments to standards and interpreta ons are eﬀec ve for annual periods beginning on or a er 1 January 2025 and have not been applied in preparing these financial statements. None of these are expected to have any significant impact on the company's financial statements, except for IFRS 18 Presenta on and Disclosure in Financial Statements eﬀec ve from 1 January 2027. The Group is currently assessing the poten al impact of this new standard.

The accompanying notes for an integral part of these consolidated financial statements

Nye Sulitjelma Gruver AS

Consolidated Financial Statements

(Expressed in Norwegian Krone)

&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Significant Judgements and Es mates in Applying the Company's Accounting Policies Significant Judgements** 

The prepara on of these consolidated financial statements requires the Company to make significant judgments in applying the Company's accounting policies and the basis of consolida on. These include but are not limited to the following:

*Going concern*: The assump on of the going concern of the Company as discussed in Note 1(b) above.

Es ma ons and assumptions

Significant assumptions about the future and other sources of es ma on uncertainty that management has made at the end of the repor ng period, that could result in a material adjustment to the carrying amounts of assets and liabilities in the event that actual results diﬀer from assumptions made, relate to, but are not limited to, the following:

Exploration and Evalua on Assets

As at December 31, 2024, the Company does not recognize any exploration and evaluation assets on its statement of financial posi on. However, management assesses indicators of impairment on any capitalized amounts should they arise and considers factors such as geological results, changes in permitting status, or significant changes in commodity prices.

Income Taxes

The es ma on of income taxes includes evalua ng the recoverability of deferred tax assets based on an assessment of the Company's ability to u lize the underlying future tax deduc ons against future taxable income prior to expiry of those deduc ons. Management assesses whether it is probable that some or all of the deferred income tax assets will not be realized. The ul mate realiza on of deferred tax assets is dependent upon the genera on of future taxable income, which in turn is dependent upon the successful discovery, extrac on, development and commercializa on of mineral reserves. The Company has not recognized any deferred tax assets in respect of unused tax losses as it is not yet probable that taxable profit will be available against which these losses can be u lized.

**3)** **First- me Adop on of IFRS**

These financial statements are the first annual financial statements of the Company prepared in accordance with IFRS, as issued by the Interna onal Accounting Standards Board. The Company transi oned from Norwegian GAAP to IFRS eﬀec ve January 1, 2024. The date of transi on to IFRS was January 1, 2023.

The Company has applied IFRS 1 – First- me Adop on of Interna onal Financial Repor ng Standards, which requires retrospec ve applica on of all IFRS standards in eﬀect as of the repor ng date, with certain op onal exemp ons and mandatory excep ons. The Company elected to apply the deemed cost exemp ons for its mineral proper es, plant and equipment.

The accompanying notes for an integral part of these consolidated financial statements

Nye Sulitjelma Gruver AS

Consolidated Financial Statements

(Expressed in Norwegian Krone)

Adjustments on transition to IFRS relate to:

1) A change in accounting policy for exploration and evaluation expenditures. Under Norwegian GAAP, the Company capitalized certain property acquisition and development costs related to early exploration activities. Under IFRS, such expenditures are expensed as incurred in accordance with IFRS 6.

2) A write down of the Sulitjelma Mineral AS contributed surplus, prior to the transition date, resulting in a consolidation adjustment for the uneliminated equity.

**Reconciliation of Equity at Date of Transition – January 1, 2023**

---

| | |
|:---|:---|
| **Component** | **NOK** |
| Total shareholders' equity under Norwegian GAAP | (1005092) |
| Adjustment to expense exploration costs (expensed under IFRS 6) | (1791677) |
| Consolidation adjustment reserve (contributed surplus with no offsetting investment) | 250000 |
| **Total shareholders' equity under IFRS** | (2546769) |

---

All IFRS transition adjustments were recognized directly to shareholders' equity at January 1, 2023. No further adjustments occurred in 2023 under IFRS. All diﬀerences from Norwegian GAAP reflect the prior year transition impact.

**Reconciliation of Comprehensive Income for the year ended December 31, 2023**

There were no material adjustments to the total comprehensive loss for 2023 under IFRS, as all relevant adjustment were recognized in previous years. Therefore the loss and comprehensive loss reported under Norwegian GAAP for 2023 is consistent with IFRS.

**4)** **Mineral Proper es**

---

| | | |
|:---|:---|:---|
|  | **Sulitjelma** | **Sulitjelma** |
|  | **NOK** | **NOK** |
| December 31, 2023 and December 31, 2024 |  | 10000000 |

---

Mineral properties consist of the Company's interest in the Sulitjelma copper project located in northern Norway. On December 15, 2021, the Company acquired 100% of the shares in Sulitjelma Minerals AS, the en ty holding the rights to the Sulitjelma mineral property, for total considera on of NOK 10,000,000.

The acquisition was completed under Norwegian GAAP and was assessed on transi on to IFRS as an asset acquisition rather than as a business combination, as the underlying transaction did not meet the definition on of a business under IFRS 3.

The Company applied the deemed cost exemption under IFRS 1 for its mineral property interest and elected to carry forward the historical cost recognized under Norwegian GAAP as the deemed cost at the date of transition to IFRS (January 1, 2023).

Management assesses indicators of impairment at each reporting period and tests mineral properties for impairment when facts or circumstances suggest the carrying amount may exceed recoverable value.

The accompanying notes for an integral part of these consolidated financial statements

Nye Sulitjelma Gruver AS

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**5)** **Accounts Payable and Accrued Liabilities**

---

| | | |
|:---|:---|:---|
| For the years ended December 31, | **2024** | **2023** |
|  | **NOK** | **NOK** |
| Accounts payable | 165545 | 21996 |
| Tax withholding and social security accrual | 67738 | 27247 |
| Employee salary and holiday pay accrual | 52191 | 37577 |
| **Total** | **285474** | **86820** |

---

**6)** **Shareholder loans**

At December 31, 2023, the Company had two shareholder loan agreements with related parties, which were classified as non-current liabilities. These loans were entered into on December 1, 2021 and were not originally convertible into equity. However, the shareholders subsequently resolved to convert the outstanding loan balances into share capital in November 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Lender** | **Original Loan**<br>**Amount** | <br>**Interest Rate** | <br>**Maturity** | **Balance as at**<br>**December 31, 2023** |
| Fauskebygg Holding AS | NOK 5,000,000 | NIBOR + 2% | December 1, 2026 | NOK 7,717,057 |
| Fauskebygg Invest AS | NOK 5,000,000 | NIBOR + 2% | December 1, 2026 | NOK 7,717,056 |
| **Total** | **NOK 10,000,000** |  |  | **NOK 15,434,113** |

---

The loans bore interest at commercial terms and were unsecured. Under the loan terms, the loans were interest only for the first five years, with no principal payments due until maturity.

Interest expense of NOK 915,535 was recognized in the statement of loss and comprehensive loss for the year ended December 31, 2024 (2023: NOK 920,661) in relation to these loans.

**7)** **Related Party Transactions**

At December 31, 2023, the Company had outstanding shareholder loans from the following related parties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fauskebygg Holding AS, a Company related through a Director of the Company, held a shareholder loan
 of NOK 7,717,057

· Fauskebygg Invest AS, a Company related through a Director of the Company,
held a shareholder loan of NOK 7,717,056

In November 2024, both loans were converted to share capital through a debt-for-equity transac on. Refer to Note 8 – Share Capital for further details.

Interest expense of NOK 915,535 (2023: NOK 920,661) was recognized in the 2024 statement of loss and comprehensive loss and accrued to the related parties.

All related party transactions were conducted on terms equivalent to those that prevail in arm's length transactions.

The accompanying notes for an integral part of these consolidated financial statements

Nye Sulitjelma Gruver AS

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**8)** **Share Capital**

**Common Shares**

The following shows the Company's issued and outstanding common shares and the prices at which the share are issued.

---

| | | |
|:---|:---|:---|
|  | **Number of**<br>**Common Shares** | **Nominal Value**<br>**Per Share** |
| **Balance as at January 1, 2023 and December 31, 2023** | 4060 | NOK 1,000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conversion of shareholder loan to equity | 296 | NOK 1,000 |
| **Balance as at December 31, 2024** | 4356 |  |

---

On November 6, 2024, the Company issued 296 ordinary shares at NOK 1,000 par value per share, resulting in a total increase in share capital of NOK 296,000.

The issuance was completed as part of a debt-for-equity conversion whereby a total of NOK 17,599,648 in shareholder loans and accrued interest owing to related par es (see note 6 and 7) was settled through the issuance of shares.

The transaction resulted in an increase to share capital of NOK 296,000 and an increase in contributed surplus of NOK 17,303,648, representing the excess value of debt converted over the nominal value of the shares issued.

**9)** **Taxes**

A reconciliation of income taxes at statutory rates with the reported taxes is as follows:

---

| | | |
|:---|:---|:---|
| For the year ended December 31, | **2024** | **2023** |
|  | **NOK** | **NOK** |
| Loss for the year | (2122060) | (2271147) |
| Expected income tax (recovery) | (466853) | (499652) |
| Permanent diﬀerences |  |  |
| Change in unrecognized deductible temporary diﬀerences | 466853 | 499652 |
| **Total income tax expense (recovery)** | **-** | **-** |

---

The deferred tax assets have not been recognised in respect of the following items, because it is not probably that future taxable profit will be available against which the Group can use the benefits therefrom.

---

| | | |
|:---|:---|:---|
| For the year ended December 31, | **2024** | **2023** |
|  | **NOK** | **NOK** |
| Accumulated loss brought forward | (14371481) | (12103334) |
| Non capital losses available for future periods | (2122060) | (2271147) |
| Total loss carried forward | (16496541) | (14374481) |
| **Deferred tax asset (22%)** | **3629239** | **3162386** |

---

The accompanying notes for an integral part of these consolidated financial statements

Nye Sulitjelma Gruver AS

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**10)** **Financial instruments and financial risk management Overview**

The Company is exposed to a variety of risks, including credit risk, liquidity risk, interest rate risk and currency risk. This note presents informa on about the Company's exposure to each of the above-men oned risks, and the Company's objec ves, policies and processes for managing such risks. The note also presents the Company's objec ves, policies and processes for managing capital.

**Liquidity risk**

Liquidity risk is the risk of being unable to pay financial liabilities as they fall due. The Group's approach to managing liquidity risk is to ensure that it will always have suﬃcient liquidity to meet its financial liabilities as they fall due, under normal as well as extraordinary circumstances, without incurring unacceptable losses or risking damage to the

Group's reputa on.

The Group did at year end 2024 not have suﬃcient capital to finance the necessary investments un l opera ons can achieve posi ve cash flow from opera ons, and is, therefore, dependent on the availability of new capital to finance them. The Group's ability to fund future activities will partly depend on external condi ons, which the Group has no control over. Should the project fail to materialize, there arises a risk that all or part of the value capitalized would not be realized.

**Market risk**

Market risk consists of the risk that real value or future cash flow related to financial instruments will vary as a consequence of fluctuation on in market prices. Market risk includes, but is not limited to, currency risk, interest rate risk and price risk from sales. Currently, the Group has no exposure to price risk from sale of goods, and no financial instruments have been entered into related to future expected exposures. To a limited extent, the Group has market risk from financial instruments such as cash and cash equivalents and accounts payable payables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Variable interest rate risk

The Group's cash and cash equivalents are exposed to changes in the market interest rate on bank deposits. The Group's exposure on the result at year end 2024 is approximately +/-NOK 7,000 per percentage-point change in the variable market interest rate (2023: NOK 7,000).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Currency exchange risk

Throughout 2024 and as per the date of this report, the Group had no currency exposure of significance.

**Credit risk**

Credit risk is the risk of financial losses if a customer or counterpart of a financial instrument is unable to meet contractual obliga ons.

As at December 31, 2024, the Group's exposure to credit risk is limited to cash and cash equivalents and security deposits held with reputable financial ins tu ons. The Group does not have trade receivables or other significant credit exposures.

The accompanying notes for an integral part of these consolidated financial statements

Nye Sulitjelma Gruver AS

Consolidated Financial Statements

(Expressed in Norwegian Krone)

**Political risk**

In addition to financial risk, the Group is exposed to political risk related to its mining project. The political risk includes the risk of not obtaining or extending the relevant governmental permits necessary to extract and produce minerals from the mining project.

**Categories and fair value of financial instruments**

The carrying amounts on the balance sheet of cash and cash equivalents, payables to suppliers, interest bearing loans and other short-term financial items are close to fair value due to the short time period till maturity. All of the Group's financial assets and liabilities are in the category amortized cost and all amounts shown in the table below are equal to the carrying amounts. Public duties payable and accrued expenses are not included.

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2023** | **January 1, 2023** |
| Financial assets: |  |  |  |
| Cash and cash equivalents | 695147 | 703018 | 83536 |
| **Total financial assets** | **695147** | **703018** | **83536** |
| Financial liabilities: |  |  |  |
| Accounts payable | 165545 | 21996 | 102797 |
| Shareholder loans | - | 15434113 | 12513453 |
| **Total financial liabilities** | **165545** | **15456109** | **12616250** |

---

**11)** **Subsequent Events**

In December 2024 Blue Moon Metals Inc. ("Blue Moon"), a Canadian mining company listed on the TSX Venture Exchange, entered into a definitive agreement to acquire 93.55% of the issued and outstanding shares of Nussir ASA and 100% of the shares of NSG. The transaction closed on February 26, 2025, and as of the date of this report, both Nussir and NSG are subsidiaries of Blue Moon.

The accompanying notes for an integral part of these consolidated financial statements

## Exhibit 99.24

**Exhibit 99.24**

![](tm2533647d1_img269.jpg)

**RECEIPT**

**Blue Moon Metals Inc.**

This is the receipt of the **British Columbia Securities Commission** for the **Short Form Base Shelf Prospectus** of the above Issuer dated **September 23, 2025** (the prospectus).

This receipt also evidences that the **Ontario Securities Commission** has issued a receipt for the prospectus.

The prospectus has been filed under Multilateral Instrument 11-102 *Passport System* in **Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador, Yukon, Nunavut and Northwest Territories**. A receipt for the prospectus is deemed to be issued by the regulator in each of those jurisdictions, if the conditions of the Instrument have been satisfied.

**September 23, 2025**

*Alan Mayede*

Alan Mayede, CPA, CA

Senior Securities Analyst, Corporate Finance

SEDAR Project Number 6337786

## Exhibit 99.25

**Exhibit 99.25**

**<u>CONSENT OF EXPERT</u>**

---

| | |
|:---|:---|
| **TO:** | British Columbia Securities Commission |
|  | Ontario Securities Commission |
|  | Alberta Securities Commission |
|  | Financial and Consumer Affairs Authority of Saskatchewan |
|  | Manitoba Securities Commission |
|  | Financial and Consumer Services Commission, New Brunswick |
|  | Nova Scotia Securities Commission |
|  | Office of the Superintendent of Securities, Prince Edward Island |
|  | Office of the Superintendent of Securities Service, Newfoundland and Labrador |
|  | Office of the Superintendent of Securities, Northwest Territories |
|  | Office of the Superintendent of Securities, Yukon |
|  | Office of the Superintendent of Securities, Nunavut |

---

Dear Sirs/Mesdames,

---

| | |
|:---|:---|
| **Re:** | **Blue Moon Metals Inc. (the "Corporation")** |
|  | **Short Form Base Shelf Prospectus of the Corporation dated September 23, 2025 (the "Prospectus")** |

---

------

In connection with the filing of the Prospectus, I hereby consent to being named in the Prospectus in connection with my involvement in the preparation of the technical report titled "NI 43-101 Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects, Norway" dated January 24, 2025 (as amended and restated on September 12, 2025) with an effective date of January 20, 2025 (the "**Technical Report**"), and to the use of the Technical Report, or any portion thereof, and to the inclusion or incorporation by reference of information derived from the Technical Report in the Prospectus.

I have read the Prospectus and have no reason to believe that there are any misrepresentations in the information contained in it that are derived from the Technical Report or within my knowledge as a result of the services performed by me in connection with the Technical Report.

**DATED** this 23rd day of September, 2025.

---

| |
|:---|
| *(signed) "Adam Wheeler"* |
| **Adam Wheeler, C. Eng., Eur Ing., FIMMM** |

---

## Exhibit 99.26

**Exhibit 99.26**

**<u>CONSENT OF EXPERT</u>**

---

| | |
|:---|:---|
| **TO:** | British Columbia Securities Commission |
|  | Ontario Securities Commission |
|  | Alberta Securities Commission |
|  | Financial and Consumer Affairs Authority of Saskatchewan |
|  | Manitoba Securities Commission |
|  | Financial and Consumer Services Commission, New Brunswick |
|  | Nova Scotia Securities Commission |
|  | Office of the Superintendent of Securities, Prince Edward Island |
|  | Office of the Superintendent of Securities Service, Newfoundland and Labrador |
|  | Office of the Superintendent of Securities, Northwest Territories |
|  | Office of the Superintendent of Securities, Yukon |
|  | Office of the Superintendent of Securities, Nunavut |

---

Dear Sirs/Mesdames,

---

| | |
|:---|:---|
| **Re:** | **Blue Moon Metals Inc. (the "Corporation")** |
|  | **Short Form Base Shelf Prospectus of the Corporation dated September 23, 2025 (the "Prospectus")** |

---

------

In connection with the filing of the Prospectus, I hereby consent to being named in the Prospectus in connection with my involvement in the preparation of the technical report titled "NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California" dated April 14, 2025 (as amended and restated on September 12, 2025) with an effective date of March 3, 2025 (the "**Technical Report**"), and to the use of the Technical Report, or any portion thereof, and to the inclusion or incorporation by reference of information derived from the Technical Report in the Prospectus.

I have read the Prospectus and have no reason to believe that there are any misrepresentations in the information contained in it that are derived from the Technical Report or within my knowledge as a result of the services performed by me in connection with the Technical Report.

**DATED** this 23rd day of September, 2025.

---

| |
|:---|
| *(signed) "Christopher Jacobs"* |
| **Christopher Jacobs, C. Eng., MIMMM** |
| Micon International Limited |

---

## Exhibit 99.27

**Exhibit 99.27**

**<u>CONSENT OF EXPERT</u>**

---

| | |
|:---|:---|
| **TO:** | British Columbia Securities Commission |
|  | Ontario Securities Commission |
|  | Alberta Securities Commission |
|  | Financial and Consumer Affairs Authority of Saskatchewan |
|  | Manitoba Securities Commission |
|  | Financial and Consumer Services Commission, New Brunswick |
|  | Nova Scotia Securities Commission |
|  | Office of the Superintendent of Securities, Prince Edward Island |
|  | Office of the Superintendent of Securities Service, Newfoundland and Labrador |
|  | Office of the Superintendent of Securities, Northwest Territories |
|  | Office of the Superintendent of Securities, Yukon |
|  | Office of the Superintendent of Securities, Nunavut |

---

Dear Sirs/Mesdames,

---

| | |
|:---|:---|
| **Re:** | **Blue Moon Metals Inc. (the "Corporation")** |
|  | **Short Form Base Shelf Prospectus of the Corporation dated September 23, 2025 (the "Prospectus")** |

---

------

In connection with the filing of the Prospectus, I hereby consent to being named in the Prospectus in connection with my involvement in the preparation of the technical report titled "NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California" dated April 14, 2025 (as amended and restated on September 12, 2025) with an effective date of March 3, 2025 (the "**Technical Report**"), and to the use of the Technical Report, or any portion thereof, and to the inclusion or incorporation by reference of information derived from the Technical Report in the Prospectus.

I have read the Prospectus and have no reason to believe that there are any misrepresentations in the information contained in it that are derived from the Technical Report or within my knowledge as a result of the services performed by me in connection with the Technical Report.

**DATED** this 23rd day of September, 2025.

---

| |
|:---|
| *(signed) "Justin Taylor"* |
| **Justin Taylor, P. Eng.** |
| Micon International Limited |

---

## Exhibit 99.28

**Exhibit 99.28**

**<u>CONSENT OF EXPERT</u>**

---

| | |
|:---|:---|
| **TO:** | British Columbia Securities Commission |
|  | Ontario Securities Commission |
|  | Alberta Securities Commission |
|  | Financial and Consumer Affairs Authority of Saskatchewan |
|  | Manitoba Securities Commission |
|  | Financial and Consumer Services Commission, New Brunswick |
|  | Nova Scotia Securities Commission |
|  | Office of the Superintendent of Securities, Prince Edward Island |
|  | Office of the Superintendent of Securities Service, Newfoundland and Labrador |
|  | Office of the Superintendent of Securities, Northwest Territories |
|  | Office of the Superintendent of Securities, Yukon |
|  | Office of the Superintendent of Securities, Nunavut |

---

Dear Sirs/Mesdames,

---

| | |
|:---|:---|
| **Re:** | **Blue Moon Metals Inc. (the "Corporation")** |
|  | **Short Form Base Shelf Prospectus of the Corporation dated September 23, 2025 (the "Prospectus")** |

---

------

In connection with the filing of the Prospectus, I hereby consent to being named in the Prospectus in connection with my involvement in the preparation of the technical report titled "NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California" dated April 14, 2025 (as amended and restated on September 12, 2025) with an effective date of March 3, 2025 (the "**Technical Report**"), and to the use of the Technical Report, or any portion thereof, and to the inclusion or incorporation by reference of information derived from the Technical Report in the Prospectus.

I have read the Prospectus and have no reason to believe that there are any misrepresentations in the information contained in it that are derived from the Technical Report or within my knowledge as a result of the services performed by me in connection with the Technical Report.

**DATED** this 23rd day of September, 2025.

---

| |
|:---|
| *(signed) "Richard Gowans"* |
| **Richard Gowans, P. Eng.** |
| Micon International Limited |

---

## Exhibit 99.29

**Exhibit 99.29**

**BLUE MOON METALS INC.**

**<u>UNDERTAKING</u>**

---

| | |
|:---|:---|
| **TO:** | **British Columbia Securities Commission** |

---

------

In connection with the filing of the final short form base shelf prospectus of Blue Moon Metals Inc. (the "**Corporation**") dated September 23, 2025 relating to the offering, from time to time by the Corporation of common shares, debt securities, convertible securities, subscription receipts, warrants and units of the Corporation having an aggregate offering price of up to $200,000,000 (in each case, an "**Offering**"), the Corporation hereby undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. upon completion of an Offering, the Corporation will provide the British Columbia Securities Commission
with an account of the total proceeds realized in British Columbia in connection with such Offering; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the Corporation will pay any additional fees required to be paid in accordance with Item 10 of section
22(1) of the Securities Regulation (British Columbia), based on the information to be provided pursuant to paragraph (1) above.

***[ Remainder of the page intentionally left blank. Signature page follows.]***

**DATED** this 23rd day of September, 2025.

---

| | |
|:---|:---|
| **BLUE MOON METALS INC.** | **BLUE MOON METALS INC.** |
| Per: | *(signed) "Frances Kwong"* |
|  | Name: Frances Kwong |
|  | Title: Chief Financial Officer |

---

## Exhibit 99.30

**Exhibit 99.30**

**<u>CONSENT OF EXPERT</u>**

---

| | |
|:---|:---|
| **TO:** | British Columbia Securities Commission |
|  | Ontario Securities Commission |
|  | Alberta Securities Commission |
|  | Financial and Consumer Affairs Authority of Saskatchewan |
|  | Manitoba Securities Commission |
|  | Financial and Consumer Services Commission, New Brunswick |
|  | Nova Scotia Securities Commission |
|  | Office of the Superintendent of Securities, Prince Edward Island |
|  | Office of the Superintendent of Securities Service, Newfoundland and Labrador |
|  | Office of the Superintendent of Securities, Northwest Territories |
|  | Office of the Superintendent of Securities, Yukon |
|  | Office of the Superintendent of Securities, Nunavut |

---

Dear Sirs/Mesdames,

---

| | |
|:---|:---|
| **Re:** | **Blue Moon Metals Inc. (the "Corporation")** |
|  | **Short Form Base Shelf Prospectus of the Corporation dated September 23, 2025 (the "Prospectus")** |

---

------

In connection with the filing of the Prospectus, I hereby consent to being named in the Prospectus in connection with my involvement in the preparation of the technical report titled "NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California" dated April 14, 2025 (as amended and restated on September 12, 2025) with an effective date of March 3, 2025 (the "**Technical Report**"), and to the use of the Technical Report, or any portion thereof, and to the inclusion or incorporation by reference of information derived from the Technical Report in the Prospectus.

I have read the Prospectus and have no reason to believe that there are any misrepresentations in the information contained in it that are derived from the Technical Report or within my knowledge as a result of the services performed by me in connection with the Technical Report.

**DATED** this 23rd day of September, 2025.

---

| |
|:---|
| *(signed) "Alan J. San Martin"* |
| **Alan J. San Martin, P. Eng.** |
| Micon International Limited |

---

## Exhibit 99.31

**Exhibit 99.31**

**<u>CONSENT OF EXPERT</u>**

---

| | |
|:---|:---|
| **TO:** | British Columbia Securities Commission |
|  | Ontario Securities Commission |
|  | Alberta Securities Commission |
|  | Financial and Consumer Affairs Authority of Saskatchewan |
|  | Manitoba Securities Commission |
|  | Financial and Consumer Services Commission, New Brunswick |
|  | Nova Scotia Securities Commission |
|  | Office of the Superintendent of Securities, Prince Edward Island |
|  | Office of the Superintendent of Securities Service, Newfoundland and Labrador |
|  | Office of the Superintendent of Securities, Northwest Territories |
|  | Office of the Superintendent of Securities, Yukon |
|  | Office of the Superintendent of Securities, Nunavut |

---

Dear Sirs/Mesdames,

---

| | |
|:---|:---|
| **Re:** | **Blue Moon Metals Inc. (the "Corporation")** |
|  | **Short Form Base Shelf Prospectus of the Corporation dated September 23, 2025 (the "Prospectus")** |

---

------

In connection with the filing of the Prospectus, I hereby consent to being named in the Prospectus in connection with my involvement in the preparation of the technical report titled *"NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California"* dated April 14, 2025 (as amended and restated on September 12, 2025) with an effective date of March 3, 2025 (the **"Technical Report"**), and to the use of the Technical Report, or any portion thereof, and to the inclusion or incorporation by reference of information derived from the Technical Report in the Prospectus.

I have read the Prospectus and have no reason to believe that there are any misrepresentations in the information contained in it that are derived from the Technical Report or within my knowledge as a result of the services performed by me in connection with the Technical Report.

**DATED** this 23rd day of September, 2025.

---

| |
|:---|
| *(signed) "Peter Szkilnyk"* |
| **Peter Szkilnyk, P. Eng.** |

---

Micon International Limited

## Exhibit 99.32

**Exhibit 99.32**

**<u>CONSENT OF EXPERT</u>**

---

| | |
|:---|:---|
| **TO:** | British Columbia Securities Commission |
|  | Ontario Securities Commission |
|  | Alberta Securities Commission |
|  | Financial and Consumer Affairs Authority of Saskatchewan |
|  | Manitoba Securities Commission |
|  | Financial and Consumer Services Commission, New Brunswick |
|  | Nova Scotia Securities Commission |
|  | Office of the Superintendent of Securities, Prince Edward Island |
|  | Office of the Superintendent of Securities Service, Newfoundland and Labrador |
|  | Office of the Superintendent of Securities, Northwest Territories |
|  | Office of the Superintendent of Securities, Yukon |
|  | Office of the Superintendent of Securities, Nunavut |

---

Dear Sirs/Mesdames,

---

| | |
|:---|:---|
| **Re:** | **Blue Moon Metals Inc. (the "Corporation")** |
|  | **Short Form Base Shelf Prospectus of the Corporation dated September 23, 2025 (the "Prospectus")** |

---

------

In connection with the filing of the Prospectus, I hereby consent to being named in the Prospectus in connection with my involvement in the preparation of the technical report titled *"NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California"* dated April 14, 2025 (as amended and restated on September 12, 2025) with an effective date of March 3, 2025 (the **"Technical Report"**), and to the use of the Technical Report, or any portion thereof, and to the inclusion or incorporation by reference of information derived from the Technical Report in the Prospectus.

I have read the Prospectus and have no reason to believe that there are any misrepresentations in the information contained in it that are derived from the Technical Report or within my knowledge as a result of the services performed by me in connection with the Technical Report.

**DATED** this 23rd day of September, 2025.

---

| |
|:---|
| *(signed) "Scott Wilson"* |
| **Scott Wilson, C.P.G, SME-RM** |

---

Resource Development Associates, Inc.

## Exhibit 99.33

**Exhibit 99.33**

*This prospectus is a base shelf prospectus. This short form base shelf prospectus has been filed under the legislation in each of the provinces and territories of Canada (except Québec), each of which permits certain information about these securities to be determined after this prospectus has become final and that permits the omission from this base shelf prospectus of that information. The legislation requires the delivery to purchasers of a prospectus supplement containing the omitted information within a specified period of time after agreeing to purchase any of these securities. Notwithstanding the foregoing, the delivery to purchasers of a prospectus supplement containing the omitted information is not required where an exemption from the delivery requirements under applicable securities legislation in each of the provinces and territories of Canada (except Québec), is available.*

***No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This final short form base shelf prospectus constitutes an offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities.*** *These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the **"U.S. Securities Act"**), or any state securities laws. Accordingly, the securities may not be offered or sold in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws. This short form base shelf prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby within the United States or its territories or possessions. See "Plan of Distribution".*

***Information has been incorporated by reference in this final short form base shelf prospectus from documents filed with securities commissions or similar authorities in Canada.*** *Copies of the documents incorporated herein by reference may be obtained on request without charge from the Chief Executive Officer of Blue Moon Metals Inc., 220 Bay Street, Suite 550, Toronto, Ontario, M5J 2W4, 647-409-9150, and are also available electronically on SEDAR+ (<u>www.sedarplus.ca</u>) under Blue Moon Metals Inc.'s issuer profile.*

**SHORT FORM BASE SHELF PROSPECTUS**

*<u>New Issue and/or Secondary Offering</u>* September 23, 2025

![](tm2533647d1_ex99-33img01.jpg)

**BLUE MOON METALS INC. <br> $200,000,000**

**Common Shares** 

**Debt Securities** 

**Warrants** 

**Subscription Receipts** 

**Convertible Securities** 

**Units**

Blue Moon Metals Inc. ("**Blue Moon**" or the "**Corporation**") may offer and sell from time to time the following securities: common shares in the capital of the Corporation ("**Common Shares**"), debt securities of the Corporation ("**Debt Securities**"), warrants to purchase Common Shares and/or other Securities (as defined herein) ("**Warrants**"), subscription receipts exchangeable for Common Shares and/or other Securities ("**Subscription Receipts**"), securities convertible into or exchangeable for Common Shares and/or other Securities ("**Convertible Securities**"), and units comprised of one or more of any of the other Securities, or any combination of such Securities ("**Units**"), or any combination thereof (all of the foregoing collectively, the "**Securities**" and individually, a "**Security**") for up to an aggregate offering price of $200,000,000 (or the equivalent thereof, at the date of issue, in any other currency or currencies, as the case may be), in one or more transactions during the 25-month period that this final short form base shelf prospectus (the "**Prospectus**"), including any amendments hereto, remains effective. One or more securityholders of the Corporation (each, a "**Selling Securityholder**") may also offer and sell Securities under this Prospectus. See *"Secondary Offering by Selling Securityholders".*

The specific terms of any offering of Securities, including the specific terms of the Securities with respect to a particular offering and the terms of such offering, will be set forth in one or more prospectus supplements (each a "**Prospectus Supplement**") to this Prospectus. The Securities may be offered separately or together or in any combination, and as separate series.

In addition, Securities may be offered and issued in consideration for the acquisition of other businesses, assets, or securities by the Corporation or subsidiary of the Corporation. The consideration of any such acquisition may consist of any of the Securities separately, a combination of Securities or any combination of, among other things, Securities, cash and assumption of liabilities.

All shelf information permitted under applicable securities legislation to be omitted from this Prospectus will be contained in one or more Prospectus Supplements that will be delivered to purchasers together with this Prospectus, except in cases where an exemption from such delivery requirements has been obtained. Each Prospectus Supplement will be incorporated by reference into this Prospectus for the purposes of applicable securities legislation as of the date of such Prospectus Supplement and only for the purposes of the distribution of the Securities to which such Prospectus Supplement pertains. Unless specified otherwise in a Prospectus Supplement, the offerings are subject to approval of certain legal matters on behalf of the Corporation by Bennett Jones LLP.

This Prospectus constitutes a public offering of Securities only in those jurisdictions where they may be lawfully offered for sale, and therein only by persons permitted to sell the Securities. The Securities may be sold through underwriters or dealers, directly by the Corporation and/or Selling Securityholders, pursuant to applicable statutory exemptions, or through agents designated from time to time. The Prospectus Supplement relating to a particular offering of Securities will identify each underwriter, dealer or agent engaged in connection with the offering and sale of such Securities, as well as the method of distribution and the terms of the offering of such Securities, including the initial offering price (in the event the offering is a fixed price distribution), the manner of determining the offering price(s) (in the event the offering is not a fixed price distribution), the net proceeds to the Corporation or to any Selling Securityholder and, to the extent applicable, any fees, discounts or any other compensation payable to underwriters, dealers or agents and any other material terms. A purchaser who acquires any Securities forming part of any underwriters' over-allotment position acquires those securities under such respective Prospectus Supplement, regardless of whether the over-allotment position is ultimately filled through the exercise of the over-allotment option or secondary market purchases. See *"Plan of Distribution"*.

Mr. Francis Johnstone and Dr. Karin Thorburn, directors of the Corporation, and Mr. Adam Wheeler and Mr. Scott Wilson, the qualified persons responsible for the Nussir Technical Report and the Blue Moon Technical Report, respectively, reside outside of Canada and have appointed Bennett Jones LLP as agent for service of process at One First Canadian Place, 100 King Street West, Suite 3400, Toronto, Ontario, Canada, M5X 1A4. Prospective investors are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person who resides outside of Canada, even if the party has appointed an agent for service of process. See *"Enforcement of Judgments Against Foreign Persons"*.

The Common Shares are listed and posted for trading on the TSX Venture Exchange (the "**TSXV**") under the symbol "MOON" and are also quoted on the OTCQX® Best Market ("**OTCQX**") under the symbol "BMOOF" and the Frankfurt Stock Exchange ("**FRA**") under the symbol "8SX0". On September 22, 2025, the last trading day prior to the date of this Prospectus, the closing price of the Common Shares on the TSXV was $3.41, the closing price of the Common Shares on the OTCQX was US$2.47 and the closing price of the Common Shares on the FRA was €2.00.

**Unless otherwise specified in the applicable Prospectus Supplement, the Debt Securities, Warrants, Subscription Receipts, Convertible Securities and Units will not be listed on any securities exchange. There is currently no market through which Securities other than Common Shares may be sold, and purchasers may not be able to resell such Securities purchased under this Prospectus. This may affect the pricing of the Securities in the secondary market, the transparency and availability of trading prices, the liquidity of the Securities, and the extent of issuer regulation. See *"Risk Factors"*.**

- ii -

**Prospective investors should be aware that the acquisition of the Securities may have tax consequences. Such consequences may not be described fully herein or in any applicable Prospectus Supplement. Prospective investors should read the discussion contained in this Prospectus under the heading *"Certain Canadian Federal Income Tax Considerations"* as well as the tax discussion, if any, contained in the applicable Prospectus Supplement with respect to a particular offering of Securities.**

**An investment in the Securities is highly speculative and involves significant risks that should be carefully considered by prospective investors before purchasing such Securities. The risks outlined in this Prospectus and in the documents incorporated by reference herein should be carefully reviewed and considered by prospective investors in connection with an investment in such Securities. See *"Cautionary Statement Regarding Forward-Looking Information"* and *"Risk Factors"*.**

**No underwriter has been involved in the preparation of this Prospectus or performed any review of the contents hereof.**

**No person is authorized by the Corporation to provide any information or to make any representation other than as contained in this Prospectus in connection with the issue and sale of the Securities offered hereunder. Prospective investors should assume that the information appearing in this Prospectus or any Prospectus Supplement is accurate only as of the date of such document unless otherwise specified. The Corporation's business, financial condition, results of operations and prospects may have changed since such date.**

The Corporation's registered office is located at 1133 Melville Street, Suite 2700, Vancouver, British Columbia, Canada, V6E 4E5 and its head office is located at 220 Bay Street, Suite 550, Toronto, Ontario, Canada, M5J 2W4.

- iii -

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| GENERAL MATTERS | 1 |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION | 1 |
| CAUTIONARY NOTE REGARDING NON-IFRS FINANCIAL MEASURES | 2 |
| CURRENCY PRESENTATION | 3 |
| DOCUMENTS INCORPORATED BY REFERENCE | 3 |
| TECHNICAL INFORMATION | 5 |
| THE CORPORATION | 6 |
| THE BUSINESS OF THE CORPORATION | 6 |
| RECENT DEVELOPMENTS | 7 |
| CONSOLIDATED CAPITALIZATION | 7 |
| USE OF PROCEEDS | 7 |
| PLAN OF DISTRIBUTION | 8 |
| SECONDARY OFFERING BY SELLING SECURITYHOLDERS | 9 |
| DESCRIPTION OF THE SECURITIES BEING DISTRIBUTED | 10 |
| EARNINGS COVERAGE RATIOS | 16 |
| PRIOR SALES | 16 |
| TRADING PRICE AND VOLUME | 16 |
| CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS | 16 |
| RISK FACTORS | 16 |
| INTEREST OF EXPERTS | 17 |
| ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS | 18 |
| LEGAL MATTERS | 18 |
| AUDITORS, TRANSFER AGENT AND REGISTRAR | 18 |
| STATUTORY AND CONTRACTUAL RIGHTS OF WITHDRAWAL AND RESCISSION | 18 |
| CERTIFICATE OF THE CORPORATION | C-1 |

---

**GENERAL MATTERS**

Unless otherwise noted or the context indicates otherwise, the **"Corporation"** or **"Blue Moon"** refers to Blue Moon Metals Inc. and its wholly-owned subsidiaries. The Corporation has not authorized anyone to provide readers with information different from that contained in this Prospectus. The Corporation takes no responsibility for, and can provide no assurance as to the reliability of any other information that others may give readers of this Prospectus. The Corporation is not making an offer of Securities in any jurisdiction where the offer is not permitted.

Readers should not assume that the information contained or incorporated by reference in this Prospectus is accurate as of any date other than the date of this Prospectus or the respective dates of the documents incorporated by reference herein, unless otherwise noted herein or as required by law. It should be assumed that the information appearing in this Prospectus, any Prospectus Supplement and the documents incorporated by reference herein and therein are accurate only as of their respective dates. The business, financial condition, results of operations and prospects of the Corporation may have changed since those dates.

This Prospectus shall not be used by anyone for any purpose other than in connection with an offering of Securities as described in one or more Prospectus Supplements. The Corporation does not undertake to update the information contained or incorporated by reference herein, including any Prospectus Supplement, except as required by applicable securities laws. Information contained on, or otherwise accessed through, the website of the Corporation (<u>www.bluemoonmetals.com</u>) shall not be deemed to be a part of this Prospectus and such information is not incorporated by reference herein.

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION**

This Prospectus and the documents incorporated by reference herein contain or incorporate by reference "forward-looking information" within the meaning of applicable Canadian securities laws concerning the business, operations, plans and financial performance and condition of the Corporation. In addition to the following cautionary statement, with respect to forward-looking information contained in the documents incorporated by reference herein, prospective purchasers should refer to *"Cautionary Statement Regarding Forward-Looking Information"* in the AIF (as defined herein) or any subsequently filed annual information form of the Corporation, as well as the advisories section of any documents incorporated or deemed to be by reference herein, including those that are filed after the date hereof.

Except for statements of historical fact relating to Blue Moon, information contained herein constitutes forward-looking information, including any information related to an offering and Blue Moon's strategy, plans or future financial or operating performance. Forward-looking information is characterized by words such as "plan", "expect", "budget", "target", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "will", "could" or "should" occur, or by discussions of strategy and includes any guidance and forecasts appearing in this Prospectus, any Prospectus Supplement, or in the documents incorporated by reference in this Prospectus (including, but not limited to, any production guidance of the Corporation). In order to give such forward-looking information, the Corporation has made certain assumptions about its business, operations, the economy and the mineral exploration industry in general. No assurance can be given that the expectations in any forward-looking statement will prove to be correct and, as such, the forward-looking information included in this Prospectus or any Prospectus Supplement should not be unduly relied upon. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact.

Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those described in, or implied by, the forward-looking information. These factors, including, but not limited to: inherent risks associated with the business of exploring, development and mining; errors in management's geological modelling; the inability of the Corporation to capitalize on mineralization on its properties in a manner that is economic; the timing and ability (if at all) to complete further exploration activities, including drilling; development, infrastructure, operating or technical difficulties on any of the Corporation's properties; risks relating to costs, timing and ability (if at all) to advance the properties of the Corporation differing materially from estimates; the inability to obtain all authorizations and permits needed to continue advancing the Corporation's properties in a timely manner (or at all); failure of the Corporation to complete any further studies for the Blue Moon Property (as defined herein) and the Nussir Property (as defined herein) in the timing contemplated (or at all); risks relating to the key assumptions, parameters, limitations and methods used in the Blue Moon Technical Report (as defined herein) and the Nussir Technical Report (as defined herein), including the mineral resources estimates contained therein; the prospects, if any, of the Blue Moon Property and the Nussir Property mineral deposits; the potential to extend mineralization down-plunge and at depth; the ability of exploration work (including drilling) to accurately predict mineralization; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; the results of exploration activities; the global economic climate; dilution; environmental risks; community and non-governmental actions; fluctuations in currency markets; social acceptability or the Corporation's projects; fluctuations in commodity prices; risks relating to capital market conditions and the ability of the Corporation to access sufficient capital on favourable terms or at all; changes in law, rules and regulations applicable to the Corporation and its operations; taxation, controls and regulations; risks relating to outbreaks of diseases and public health crises; risks relating to international conflict, geopolitical instability of war; risks relating to any imposition of tariffs or other trade restrictions; political or economic developments in Canada, the United States, Norway or in other countries in which the Corporation does business or may carry on business in the future; risks relating to foreign operations and enforcement of judgments; operating or technical difficulties in connection with exploration or development activities; employee relations; information systems security threats; the speculative nature of mineral exploration and development; obtaining necessary licenses and permits; contests over title to properties, especially title to undeveloped properties; the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill results and other geological data; environmental hazards; industrial accidents; unusual or unexpected formations, pressures, cave-ins and flooding; limitations of insurance coverage and the possibility of cost overruns or unanticipated costs and expenses, as well as those risk factors discussed or referred to in this Prospectus, the documents incorporated by reference into this Prospectus and those described in a Prospectus Supplement relating to a specific offering of Securities.

Although Blue Moon has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in, or implied by, the forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding Blue Moon's expected financial and operational performance and Blue Moon's plans and objectives and may not be appropriate for other purposes.

All forward-looking information contained in this Prospectus, any Prospectus Supplement, and the documents incorporated by reference in this Prospectus is given as of the date hereof or thereof, as the case may be, and is based upon the opinions and estimates of management and information available to management of the Corporation as at the date hereof or thereof. The Corporation undertakes no obligation to update or revise the forward-looking information contained in this Prospectus, any Prospectus Supplement and the documents incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by applicable laws. Investors should read this entire Prospectus, and each applicable Prospectus Supplement and consult their own professional advisors to ascertain and assess the income tax and legal risks and other aspects of their investment in the Securities.

**CAUTIONARY NOTE REGARDING NON-IFRS FINANCIAL MEASURES**

The Corporation uses certain non-IFRS (as defined herein) performance measures in this Prospectus or in documents incorporated by reference herein, such as "working capital", "cash costs", "all-in sustaining cost" and "all in costs". These are common performance measure but may not be comparable to similar measures presented by other issuers as it has no meaning under the IFRS Accounting Standards (**"IFRS"**). Working capital is calculated as the value of total current assets less the value of total current liabilities. Cash costs include mining, processing, refining, general and administration cots and royalties but exclude depreciation, reclamation, income taxes, capital and exploration costs for the life of the mine. All-in sustaining costs is defined as direct production costs plus general and administrative, exploration and evaluation, other expenses and sustaining capital expenditures. All-in costs includes all-in sustaining costs as well as initial capital. These terms do not have any standardized meaning according to IFRS and therefore many not be comparable to similar measures presented by other companies. The Corporation believes that these non-IFRS measures provides information useful to its shareholders in the understanding the Corporation's performance and may assist in the evaluation of the Corporation's business relative to that of its peers. The Corporation believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Corporation's performance, profitability and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

**CURRENCY PRESENTATION**

Unless otherwise indicated, all monetary amounts in this Prospectus are expressed in Canadian dollars. The financial statements of the Corporation incorporated herein by reference are reported in Canadian dollars and are prepared in accordance with IFRS. Unless otherwise indicated, all references to "$","C$" and "dollars" in this Prospectus refer to Canadian dollars. References to "US$" in this Prospectus refer to United States dollars. On September 22, 2025, the daily exchange rate for one United States dollar expressed in Canadian dollars, as quoted by the Bank of Canada, was US$1.00 = C$1.3816 (or C$1.00 = US$0.7238) and the daily exchange rate for one Norwegian Krone expressed in Canadian dollars, as quoted by the Bank of Canada, was NOK1.00 = C$0.1391 (or C$1.00 = NOK7.1891).

**DOCUMENTS INCORPORATED BY REFERENCE**

**Information has been incorporated by reference in this Prospectus from documents filed with securities commissions or similar authorities in Canada.** Copies of the documents incorporated herein by reference may be obtained on request without charge from the Chief Executive Officer of Blue Moon, 220 Bay Street, Suite 550, Toronto, Ontario, M5J 2W4, 647-409-9150, and are also available electronically on the System for Electronic Data Analysis and Retrieval + (**"SEDAR+"**) (<u>www.sedarplus.ca</u>) under the Corporation's issuer profile. The filings of the Corporation on SEDAR+ (<u>www.sedarplus.ca</u>) are not incorporated by reference in this Prospectus except as specifically set out herein.

The information incorporated by reference is considered part of this Prospectus, and information filed with the securities commission or similar authorities in Canada subsequent to this Prospectus and prior to the termination of a particular offering of Securities referred to in any Prospectus Supplement will be deemed to update and, if applicable, supersede this information. Except as may be set forth in a Prospectus Supplement, the following documents of the Corporation, filed with securities commissions or similar authorities in Canada, are specifically incorporated by reference into, and form an integral part of, this Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the annual information form of the Corporation
 dated September 12, 2025 in respect of the financial year ended December 31, 2024
 (the **"AIF"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the audited annual consolidated financial
 statements of the Corporation as at and for financial years ended December 31, 2024
 and 2023, together with the notes thereto and the auditor's report thereon (**"Annual Financial Statements"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the management's discussion and analysis
 of financial position and results of operations of the Corporation in respect of the financial
 years ended December 31, 2024 and 2023 (the **"Annual MD&A"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the unaudited condensed interim consolidated
 financial statements for the three and six months ended June 30, 2025 and 2024, together
 with the notes thereto (the **"Interim Financial Statements"**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the management's discussion and analysis on the operations and
financial position of the Corporation for the three and six months ended June 30,
2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the material change report of the Corporation dated March 7, 2025 in respect of, among other things,
the acquisition of Nussir ASA and Nye Sulitjelma Gruver AS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the material change report of the Corporation dated March 17, 2025 in respect of, among other things,
the acquisition of Repparfjord Eiendom AS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the material change report of the Corporation dated September 12, 2025 in respect of, among other
things, the private placement with Oaktree Capital Management, L.P. and the bridge loan agreement entered into with Hartree Partners,
L.P;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the business acquisition report of the Corporation dated May 10, 2025, as refiled on September 23,
2 025, in respect of the acquisition of Nussir ASA and Nye Sulitjelma Gruver AS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the statement of executive compensation of the Corporation for the year ended December 31, 2024;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the management information circular of the Corporation dated as of September 17, 2024 in respect
of the annual meeting of shareholders of the Corporation held on October 17, 2024.

Any document of the type referred to in section 11.1 of Form 44-101F1 – *Short Form Prospectus* filed by the Corporation after the date of this Prospectus and all Prospectus Supplements (only in respect to the offering of Securities to which that particular Prospectus Supplement relates) disclosing additional or updated information including the documents incorporated by reference therein, filed pursuant to the requirements of applicable securities legislation in Canada and during the period that this Prospectus is effective, shall be deemed to be incorporated by reference in, and form an integral part of, this Prospectus.

Upon a new annual information form and new audited annual consolidated financial statements (and accompanying management's discussion and analysis) being filed by the Corporation with the applicable Canadian securities commissions or similar regulatory authorities in Canada during the period that this Prospectus is effective, the previous annual information form, the previous audited annual consolidated financial statements and all interim consolidated financial statements (and in each case the accompanying management's discussion and analysis), and material change reports, filed prior to the commencement of the financial year of the Corporation in which the new annual information form is filed shall be deemed to no longer be incorporated into this Prospectus for purpose of future offers and sales of Securities under this Prospectus. Upon interim consolidated financial statements and the accompanying management's discussion and analysis being filed by the Corporation with the applicable Canadian securities commissions or similar regulatory authorities in Canada during the period that this Prospectus is effective, all interim consolidated financial statements and the accompanying management's discussion and analysis of financial condition and results of operations filed prior to such new interim consolidated financial statements and management's discussion and analysis shall be deemed to no longer be incorporated into this Prospectus for purposes of future offers and sales of Securities under this Prospectus. In addition, upon a new management information circular for an annual meeting of shareholders being filed by the Corporation with the applicable Canadian securities commissions or similar regulatory authorities in Canada during the period that this Prospectus is effective, the previous management information circular filed in respect of the prior annual meeting of shareholders shall no longer be deemed to be incorporated into this Prospectus for purposes of future offers and sales of Securities under this Prospectus.

A Prospectus Supplement containing the specific terms of an offering of Securities and other information relating to the Securities will be delivered to prospective purchasers of such Securities, together with this Prospectus, and will be deemed to be incorporated into this Prospectus as of the date of such Prospectus Supplement but only for the purpose of the offering of the Securities covered by that Prospectus Supplement.

In addition, certain marketing materials (as the term is defined in applicable Canadian securities legislation) may be used in connection with a distribution of Securities under this Prospectus and applicable Prospectus Supplement(s). Any "template version" of "marketing materials" (as those terms are defined in applicable Canadian securities legislation) pertaining to a distribution of Securities, and filed by the Corporation after the date of the Prospectus Supplement for the distribution and before the termination of the distribution of such Securities, will be deemed to be incorporated by reference in that Prospectus Supplement for the purposes of the distribution of Securities to which the Prospectus Supplement pertains.

Documents referenced in any of the documents incorporated by reference in this Prospectus but not expressly incorporated by reference therein or herein and not otherwise required to be incorporated by reference therein or in this Prospectus are not incorporated by reference in this Prospectus.

**Notwithstanding anything herein to the contrary, any statement contained in this Prospectus or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Prospectus to the extent that a statement contained herein, in any Prospectus Supplement hereto or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not constitute a part of this Prospectus, except as so modified or superseded. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document which it modifies or supersedes. The making of such a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made.**

**TECHNICAL INFORMATION**

The Corporation's material properties, as determined by National Instrument 43-101 – *Standards for Disclosure for Mineral Projects* (**"NI 43-101"**), are the Blue Moon zinc-copper-gold-silver property in California, USA (the **"Blue Moon Property"**) and the Nussir copper-gold-silver property in Norway (the "**Nussir Property"**).

Except as otherwise indicated, all scientific and technical information relating to the Blue Moon Property and the Nussir Property, including disclosure of mineral reserves and mineral resources, contained in this Prospectus or in any of the documents incorporated by reference in this Prospectus is supported by, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Blue Moon Property</u>: the technical
 report entitled *"NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California"* dated April 14, 2025 (as
 amended and restated on September 12, 2025) with an effective date of March 3,
 2025 (the **"Blue Moon Technical Report"**), prepared by Scott Wilson, C.P.G.
 SME-RM; Peter Szkilnyk, P.Eng.; Alan J. San Martin, P.Eng.; Richard Gowans, P.Eng.; Justin
 Taylor, P.Eng.; and Christopher Jacobs, C.Eng., MIMMM.

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Nussir Property</u>: the technical
 report entitled *"Report NI 43-101 Technical Report On The Mineral Resources Of The Nussir And Ulveryggen Projects, Norway"* dated January 24, 2025 (as amended
 and restated on September 12, 2025) with an effective date of January 20, 2025
 (the **"Nussir Technical Report"**, together with the Blue Moon Technical Report,
 the **"Technical Reports"**), prepared by Adam Wheeler, B.Sc., M.Sc., C. Eng.,
 Eur Ing., FIMMM.

The Technical Reports are subject to certain assumptions, qualifications and procedures described therein. Reference should be made to the full text of the Blue Moon Technical Report and the Nussir Technical Report, which have been filed and can be reviewed on SEDAR+ (<u>www.sedarplus.ca</u>) under the Corporation's issuer profile. The Technical Reports are not, and shall not be deemed to be, incorporated by reference in this Prospectus or any of the documents incorporated by reference herein. Scientific and technical information relating to the Blue Moon Property and the Nussir Property is supported by technical information contained in the Corporation's AIF, as incorporated by reference herein. See *"Documents Incorporated by Reference"*.

All scientific and technical information relating to the Blue Moon Property and the Nussir Property, including disclosure of mineral reserves and mineral resources, contained in this Prospectus or in any of the documents incorporated by reference in this Prospectus, is based on (i) information contained in the technical reports referred to above, which have been prepared in accordance with the requirements of NI 43-101, and (ii) other information that has been prepared by or under the supervision of "qualified persons" (as such term is defined in NI 43-101) and included in this Prospectus with the consent of such persons.

Actual recoveries of mineral products may differ from reported mineral reserves and resources due to inherent uncertainties in acceptable estimating techniques. In particular, "indicated" and "inferred" mineral resources have a greater amount of uncertainty as to their existence, economic and legal feasibility. It cannot be assumed that all or any part of an "indicated" or "inferred" mineral resource will ever be upgraded to a higher category of resource or, ultimately, a reserve. Mineral resources that are not mineral reserves do not have demonstrated economic viability and are exclusive of mineral reserves. Investors are cautioned not to assume that all or any part of a mineral deposit with resources in these categories will ever be converted into proven or probable reserves.

**THE CORPORATION**

The Corporation was registered and incorporated under the Business Corporations Act (British Columbia) (**"BCBCA"**) on January 15, 2007 under the name "Savant Explorations Ltd." as a spin-out entity in connection with a spin-out transaction by the Corporation's then parent company, Pacifica Resources Ltd. (now, EDM Resources Inc.) (**"Pacifica"**) of certain assets including, among other things, Pacifica's interest in the Yava polymetallic sulphide property in Nunavut, the Blue Moon Property, the Tillex copper prospect in Ontario and various copper projects in Chile (the **"Spin Out Transaction"**). The Spin Out Transaction, which was effected by way of a plan of arrangement under section 288 of the BCBCA, was completed on June 6, 2007. On June 7, 2007, common shares of the Corporation (the **"Common Shares"**) commenced trading on the TSXV under the symbol "SVT". On July 4, 2017, the Corporation changed its name to "Blue Moon Zinc Corp." and in connection with the name change, the Common Shares commenced trading under a new symbol "MOON" on July 5, 2017.

As of the date of this Prospectus, the Corporation is a reporting issuer in Alberta, British Columbia and Québec.

The Common Shares are listed for trading on the TSXV under the symbol "MOON", the Frankfurt Stock Exchange under the symbol "8SX0", and the OTCQX Best Market under the symbol "BMOOF". See *"Market for Securities"*.

The Corporation's registered office is located at 2700-1133 Melville Street, Vancouver, British Columbia, Canada, V6E 4E5 and its head office is located at 220 Bay Street, Suite 550, Toronto, Ontario, Canada, M5J 2W4.

**THE BUSINESS OF THE CORPORATION**

Blue Moon is a Canadian mineral exploration and development company focused on advancing its three polymetallic brownfield projects, being the Nussir copper-gold-silver property in Norway (the **"Nussir Property"**), the Blue Moon zinc-copper-gold-silver property in California, USA (the **"Blue Moon Property"**), and the NSG copper-zinc-gold-silver property in Norway.

The Corporation considers the Blue Moon Property and the Nussir Property to be its only material mineral properties for the purposes of NI 43-101. The Corporation holds a 100% interest in Keystone Mines Inc. which holds the mineral rights to the unpatented mining claims and patented lands associated with the Blue Moon Property, located in Mariposa County, California. The Corporation also holds a 93.55% interest in Nussir ASA which holds the extraction licences and exploration licences associated with the Nussir Property, located in Finmark county, Norway.

For additional information regarding the Corporation and its business, please consult the AIF incorporated by reference herein, which has been filed on SEDAR+ and can be reviewed at <u>www.sedarplus.ca</u> under the Corporation's issuer profile.

**RECENT DEVELOPMENTS**

There have been no further material developments in the business of the Corporation since the date of the AIF that have not otherwise been disclosed in this Prospectus or the documents incorporated by reference herein. A summary of developments over the past three fiscal years can be found in the section entitled *"General Development of the Business"* in the AIF, which is available on SEDAR+ (<u>www.sedarplus.ca</u>) under Blue Moon's issuer profile.

**CONSOLIDATED CAPITALIZATION**

The applicable Prospectus Supplement will describe any material change in, and the effect of such material change on, the share and loan capitalization of the Corporation since the date of the Corporation's financial statements for its most recently completed financial period included in such Prospectus Supplement, including any material change that will result from the issuance of Securities pursuant to such Prospectus Supplement.

**USE OF PROCEEDS**

The net proceeds to the Corporation from any offering of Securities, the proposed use of those proceeds, and the specific business objectives which the Corporation expects to accomplish with such proceeds will be set forth in the applicable Prospectus Supplement relating to that offering of Securities.

As outlined in the Annual Financial Statements and Interim Financial Statements, the Corporation has negative cash flow from operating activities. See *"Risk Factors"*. The Corporation anticipates that negative operating cash flows will continue until such time as profitable commercial production can be achieved on the Corporation's properties. Each applicable Prospectus Supplement will contain specific information concerning whether, and if so, to what extent, the Corporation will use the proceeds of the distribution to fund any anticipated negative cash flow from operating activities in future periods.

There may be circumstances where, on the basis of results obtained or for other sound business reasons, a re-allocation of funds may be necessary or prudent. Accordingly, management of the Corporation will have broad discretion in the application of the proceeds of an offering of Securities. The actual amount that the Corporation spends in connection with each intended use of proceeds may vary significantly from the amounts specified in the applicable Prospectus Supplement and will depend on a number of factors, including the risk factors set forth in the applicable Prospectus Supplement and the documents incorporated by reference herein and therein.

Unless otherwise set forth in the applicable Prospectus Supplement, the Corporation will not receive any proceeds from the sale of Securities by any Selling Securityholder. See *"Secondary Offering by Selling Securityholders"*.

**Milestones and Objectives**

The table below outlines the key milestones, estimated timing and costs in respect of the Corporation's material properties (the Blue Moon Property and the Nussir Property) for the next 12 months from the date of this Prospectus and also includes milestones and costs of the work program from the Blue Moon Technical Report and the Nussir Technical Report required to advance the Blue Moon Property and the Nussir Property, respectively, to the next phase. These milestones and estimates are based on the Corporation's reasonable expectations and reasonable courses of action and current assumptions and judgment.

---

| | | | |
|:---|:---|:---|:---|
| <br>**Area** | **Estimated Total Costs**<br>**Required** **<sup>(1)</sup>** | **Anticipated**<br>**Remaining Costs** | <br>**Estimated Timing of Completion** |
| **Nussir Property** |  |  |  |
| Underground access (decline) preparation, exploration logistics and support | $4000000 | Nil | Completed |
| Exploration – drilling 25,000 to 30,000 m | $6000000 | $6000000 | Q2 2026 |
| Sampling / QA/QC | $3000000 | $2250000 | Q2 2026 |
| **Total** | $**13000000** | $**8250000** |  |
| **Blue Moon Property** |  |  |  |
| Permitting of Exploration Decline | 500000 | Nil | Completed |
| Digitization of Exploration Decline | 25000 | 25000 | End of Q4 2025 / Early Q1 2026 |
| Relogging and preservation of historical core | 45000 | 45000 | End of Q4 2025 / Early Q1 2026 |
| Hiring of California-based project development team | 230000 | 100000 | Q4 2025 |
| Exploration decline design, tender & award | 200000 | 80000 | Q3 2025 |
| **Total** | **1000000** | **250000%** **<sup>(2)</sup>** |  |

---

**Note:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Based on the Blue Moon Technical Report and the Nussir Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Approximately $344,000, based on the Bank of Canada exchange rate as at August 29, 2025 (US$1.00
= C$1.3742).

As of August 29, 2025, the Corporation anticipates spending a total of approximately $8,594,000 over the next 12 months in order to meet its objectives and milestones. To fund its necessary activities related to the Blue Moon Property and the Nussir Property, the Corporation anticipates using (i) its working capital, which as of August 29, 2 025, was approximately $9,540,000 (including $9,570,000 in cash), as supplemented by (ii) approximately US$17,500,000 (approximately $24 million based on the Bank of Canada exchange rate as at August 29, 2025 (US$1.00 = C$1.3742)) received by the Corporation on September 4, 2025, comprising of US$12,500,000 from the initial draw under the bridge loan extended by Hartree Partners, LP and funds managed by Oaktree Capital Management, LP (**"Oaktree"**) and US$5,000,000 gross proceeds from a private placement with Oaktree. The Corporation will also use its working capital and available funds in order to meet its general and administrative expenses, which, as of August 29, 2025, is expected to be approximately $3,600,000 over the next 12 months.

The continuing operations of the Corporation are dependent on the ability of the Corporation to obtain additional financing to fund its anticipated costs and expenditures. There is no guarantee such financing will be secured, or available on a timely basis or on acceptable terms.

Prospective investors are cautioned that the above represents the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those described above. See *"Cautionary Statement Regarding Forward-Looking Information"*.

**PLAN OF DISTRIBUTION**

The Corporation and the Selling Securityholders may from time to time during the 25-month period that this Prospectus, including any amendments hereto, remains valid, offer for sale and issue, as applicable, up to an aggregate of $200,000,000 (or the equivalent in other currencies based on the applicable exchange rate at the time of the offering) in Securities hereunder.

The Corporation and/or the Selling Securityholders may offer and sell the Securities to or through underwriters or dealers purchasing as principals, and may also sell directly to one or more purchasers or through agents or pursuant to applicable statutory exemptions. The Prospectus Supplement relating to a particular offering of Securities will identify each underwriter, dealer or agent, as the case may be, engaged by the Corporation or any Selling Securityholder in connection with the offering and sale of the Securities, and will set forth the terms of the offering of such Securities, including, to the extent applicable, any fees, discounts, or any other compensation payable to underwriters, dealers or agents in connection with the offering, the method of distribution of the Securities, the initial issue price, the proceeds that the Corporation or any Selling Securityholder will receive and any other material terms of the plan of distribution. Any initial offering price and discounts, concessions or commissions allowed or re-allowed or paid to dealers may be changed from time to time.

In addition, the Securities may be offered and issued in consideration for the acquisition of other businesses, assets, or securities by the Corporation or one of its subsidiaries. The consideration for any such acquisition may consist of the Securities separately, a combination of Securities or any combination of, among other things, Securities, cash and assumption of liabilities.

In connection with the sale of the Securities, underwriters, dealers, or agents may receive compensation from the Corporation, any Selling Securityholder or from other parties, including in the form of underwriters', dealers', or agents' fees, commissions or concessions. Underwriters, dealers, and agents that participate in the distribution of the Securities may be deemed to be underwriters for the purposes of applicable securities legislation and any such compensation received by them from the Corporation or Selling Securityholder and any profit on the resale of the Securities by them may be deemed to be underwriting commissions. In connection with any offering of Securities, except as otherwise set out in a Prospectus Supplement relating to a particular offering of Securities the underwriters, dealers or agents, as the case may be, may over-allot or effect transactions intended to fix, stabilize, maintain or otherwise affect the market price of the Securities at a level other than those which otherwise might prevail on the open market. Such transactions may be commenced, interrupted or discontinued at any time. A purchaser who acquires any Securities forming part of any underwriters' over allotment position acquires those securities under such respective Prospectus Supplement, regardless of whether the over allotment position is ultimately filled through the exercise of the over allotment position or secondary market purchase.

Underwriters, dealers or agents who participate in the distribution of the Securities may be entitled, under agreements to be entered into with the Corporation and/or any Selling Securityholder, to indemnification by the Corporation and/or the Selling Securityholder against certain liabilities, including liabilities under applicable securities legislation, or to contribution with respect to payments which such underwriters, dealers or agents may be required to make in respect thereof. Such underwriters, dealers and agents may be customers of, engage in transactions with, or perform services for, the Corporation in the ordinary course of business.

Unless otherwise specified in the applicable Prospectus Supplement, each series or issue of Securities (other than Common Shares) will be a new issue of Securities with no established trading market. **Accordingly, there is currently no market through which the Securities (other than Common Shares) may be sold and purchasers may not be able to resell such Securities purchased under this Prospectus. This may affect the pricing of such Securities in the secondary market, the transparency and availability of trading prices, the liquidity of such Securities, and the extent of issuer regulation.**

The Securities will not be registered under the U.S. Securities Act or the securities laws of any states in the United States and, subject to certain exceptions, may not be offered or sold or otherwise transferred or disposed of in the United States or to or for the account of U.S. persons absent registration or pursuant to an applicable exemption from the U.S. Securities Act and applicable state securities laws. In addition, until 40 days after closing of an offering of Securities, an offer or sale of the Securities within the United States by any dealer (whether or not participating in such offering) may violate the registration requirement of the U.S. Securities Act if such offer or sale is made other than in accordance with Rule 144A or another exemption under the U.S. Securities Act.

**SECONDARY OFFERING BY SELLING SECURITYHOLDERS**

This Prospectus may also, from time to time, relate to the secondary offering of the Securities by one or more Selling Securityholders. The terms under which the Securities may be offered by Selling Securityholders will be described in the applicable Prospectus Supplement. The Prospectus Supplement for or including any secondary offering of Securities by a Selling Securityholder will include, without limitation, the following information, to the extent required by applicable securities laws:

&nbsp;&nbsp;&nbsp;&nbsp;· the names of the Selling Securityholders;

&nbsp;&nbsp;&nbsp;&nbsp;· the number or amount of securities of the Corporation owned, controlled or directed by each Selling Securityholder;

&nbsp;&nbsp;&nbsp;&nbsp;· the number or amount of Securities being distributed for the account of each Selling Securityholder;

&nbsp;&nbsp;&nbsp;&nbsp;· the number or amount of securities of the Corporation to be owned, controlled or directed by the
 Selling Securityholders after the distribution
and the percentage that number or amount represents of the total number of the Corporation's outstanding securities;

&nbsp;&nbsp;&nbsp;&nbsp;· whether securities of the Corporation are owned by the Selling Securityholders both of record and beneficially,
of record only, or beneficially only;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Selling Securityholder purchased any of the Securities in the 24 months preceding the date of the
applicable Prospectus Supplement, the date or dates the Selling Securityholder acquired the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Selling Securityholder acquired any of the Securities in the 12 months preceding the date of the
applicable Prospectus Supplement, the cost thereof to the Selling Securityholder in aggregate and on an average-cost-per-security basis;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Selling Securityholder is incorporated, continued or otherwise organized under the laws of a foreign
jurisdiction or resides outside Canada, the name and address of the person or company the Selling Securityholder has appointed as agent
for service of process, and, in such case, the Selling Securityholder will file a non-issuer's submission to jurisdiction form with the
applicable Prospectus Supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;· all other information that is required to be included in the applicable Prospectus Supplement.

**DESCRIPTION OF THE SECURITIES BEING DISTRIBUTED**

**Common Shares**

Blue Moon is authorized to issue an unlimited number of Common Shares without par value, an unlimited number of Class "A" preferred shares (the **"Class A Preferred Shares"**) with par value of $10 per share and an unlimited Class "B" preferred shares (the **"Class B Preferred Shares"**, and together with the Class A Preferred Shares the **"Preferred Shares"**) without par value. As at the date of this Prospectus, Blue Moon had 54,623,262 Common Shares issued and outstanding and no Preferred Shares are issued and outstanding. As at the date of this Prospectus, there were (i) 774,500 options to acquire Common Shares (**"Options"**), (ii) 224,506deferred share units (**"DSUs"**, or each a **"DSU"**) held by non-executive directors, and (iii) 62,500 restricted share units (**"RSUs"**, or each a **"RSU"**) held by officers and key employees of the Corporation.

All of the Common Shares are of the same class and, once issued, rank equally as to entitlement to dividends, voting powers (one vote per share) and participation in assets upon dissolution or winding-up, in each case subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking senior in priority to or on a pro rata basis with the holders of Common Shares with respect to dividends or liquidation. No Common Shares have been issued subject to call or assessment. The directors may from time to time declare and authorize the payment of dividends in respect of the Common Shares. The Common Shares contain no pre-emptive conversion or exchange rights and have no provisions for redemption or purchase for cancellation, surrender, sinking or purchase funds. Provisions as to the modification, amendment or variation of such rights or provisions are contained in Blue Moon's articles and by-laws, and the BCBCA.

**Debt Securities**

The Corporation may issue Debt Securities, separately or together with other Securities in any combination thereof, as the case may be. The Debt Securities will be issued under one or more indentures, in each case between the Corporation and a trustee to be determined by the Corporation and named in a Prospectus Supplement. A copy of the form of indenture in connection with offerings of Debt Securities will be filed by the Corporation with securities regulatory authorities in Canada after it has been entered into by the Corporation. The following describes the general terms that will apply to any Debt Securities that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Debt Securities offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Debt Securities, and the extent to which the general terms of the Debt Securities described in this Prospectus apply to those Debt Securities, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· aggregate principal amount and authorized denominations of such Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the manner of determining the offering price(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the currency in which the Debt Securities may be purchased and the currency in which the principal and
any interest is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the percentage of the principal amount at which such Debt Securities will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date or dates on which such Debt Securities will mature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any mandatory or optional redemption provisions applicable to the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any sinking fund or analogous redemption provisions applicable to the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the rate or rates per annum at which such Debt Securities will bear interest (if any), or the method of
determination of such rates (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the dates on which any such interest will be payable and the record dates for such payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the form of consideration for payment of any interest and/or principal payments (whether by cash, Common Shares or other Securities, or
a combination thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the trustee under the indenture pursuant to which the Debt Securities are to be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the designation and terms of any Debt Securities which will be offered, if any, and the number of Debt Securities that will be offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any exchange or conversion terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any provisions relating to any security provided for the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· event of default provisions contained in the indenture pursuant to which the Debt Securities are to be
issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Debt Securities will be senior or subordinated to other liabilities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, the identity of the Debt Security agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Debt Securities will be listed on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Debt Securities will be issued with any other Securities and, if so, the amount and terms
of these Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any minimum or maximum subscription amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Debt Securities are to be issued in registered form, "book-entry only" form, non-certificated
inventory system form, bearer form or in the form of temporary or permanent global securities and the basis of exchange, transfer and
ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any material risk factors relating to such Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· material Canadian federal income tax consequences of owning the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other rights, privileges, restrictions and conditions attaching to the Debt Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other material terms or conditions of the Debt Securities.

Each series of Debt Securities may be issued at various times with different maturity dates, may bear interest at different rates and may otherwise vary. The Corporation will not issue any guaranteed Debt Securities.

The terms on which a series of Debt Securities may be convertible into or exchangeable for Common Shares or other Securities of the Corporation will be described in the applicable Prospectus Supplement. These terms may include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at the option of the Corporation, and may include provisions pursuant to which the number of Common Shares or other Securities to be received by the holders of such series of Debt Securities would be subject to adjustment.

To the extent any Debt Securities are convertible into other Securities of the Corporation, prior to such conversion the holders of such Debt Securities will not have any of the rights of holders of the Securities into which the Debt Securities are convertible, including the right to receive payments of dividends or the right to vote such underlying Securities.

**Warrants**

The Corporation may issue Warrants, separately or together with other Securities in any combination thereof, as the case may be. The Warrants will be issued under a separate Warrant agreement or indenture. A copy of the Warrant agreement or indenture relating to an offering of Warrants will be filed by the Corporation with securities regulatory authorities in Canada after it has been entered into by the Corporation. The following describes the general terms that will apply to any Warrants that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Warrants offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Warrants, and the extent to which the general terms of the Warrants described in this Prospectus apply to those Warrants, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of Warrants offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the price or prices, if any, at which the Warrants will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the currency in which the Warrants will be offered and in which the exercise price under the Warrants may be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon exercise of the Warrant, the events or conditions under which the amount of Securities may be subject
to adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date on which the right to exercise such Warrants shall commence and the date on which such right
shall expire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, the identity of the Warrant agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Warrants will be listed on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Warrants will be issued with any other Securities and, if so, the amount and terms of these
Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any minimum or maximum subscription amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Warrants are to be issued in registered form, "book-entry only" form, non-certificated
inventory system form, bearer form or in the form of temporary or permanent global securities and the basis of exchange, transfer and
ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any material risk factors relating to such Warrants and the Securities to be issued upon exercise of the
Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other rights, privileges, restrictions and conditions attaching to the Warrants and the Securities
to be issued upon exercise of the Warrants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other material terms or conditions of the Warrants and the Securities to be issued upon exercise of
the Warrants.

Prior to the exercise of any Warrants, holders of such Warrants will not have any of the rights of holders of the Securities purchasable upon such exercise, including the right to receive payments of dividends or the right to vote such underlying Securities.

**Subscription Receipts**

The Corporation may issue Subscription Receipts, separately or together with other Securities in any combination thereof, as the case may be. The Subscription Receipts will be issued under an agreement or indenture. The applicable Prospectus Supplement will include details of the subscription receipt agreement or indenture governing the Subscription Receipts being offered. The following describes the general terms that will apply to any Subscription Receipts that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Subscription Receipts offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Subscription Receipts, and the extent to which the general terms of the

Subscription Receipts described in this Prospectus apply to those Subscription Receipts, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of Subscription Receipts offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the price or prices, if any, at which the Subscription Receipts will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the manner of determining the offering price(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the currency in which the Subscription Receipts will be offered and whether the price is payable in installments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Securities for which the Subscription Receipts may be exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· conditions to the exchange of Subscription Receipts into Securities and the consequences of such conditions
not being satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of Securities that may be issued upon the exchange of each Subscription Receipt and the price
per security or the aggregate principal amount, denominations and terms of the series of Debt Securities that may be issued upon exchange
of the Subscription Receipts, and the events or conditions under which the amount of Securities may be subject to adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the dates or periods during which the Subscription Receipts may be exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the circumstances, if any, which will cause the Subscription Receipts to be deemed to be automatically
exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· provisions applicable to any escrow of the gross or net proceeds from the sale of the Subscription Receipts plus any interest or income earned
thereon, and for the release of such proceeds from such escrow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, the identity of the Subscription Receipt agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Subscription Receipts will be listed on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Subscription Receipts will be issued with any other Securities and, if so, the amount and
terms of these Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any minimum or maximum subscription amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Subscription Receipts are to be issued in registered form, "book-entry only" form,
non-certificated inventory system form, bearer form or in the form of temporary or permanent global securities and the basis of exchange,
transfer and ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any material risk factors relating to such Subscription Receipts and the Securities to be issued upon
exchange of the Subscription Receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· material Canadian federal income tax consequences of owning the Subscription Receipts and the Securities to be issued upon exchange
of the Subscription Receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other rights, privileges, restrictions and conditions attaching to the Subscription Receipts and the
Securities to be issued upon exchange of the Subscription Receipts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other material terms or conditions of the Subscription Receipts and the Securities to be issued upon
exchange of the Subscription Receipts.

Prior to the exchange of any Subscription Receipts, holders of such Subscription Receipts will not have any of the rights of holders of the Securities for which the Subscription Receipts may be exchanged, including the right to receive payments of dividends or the right to vote such underlying Securities.

**Convertible Securities**

The Corporation may issue Convertible Securities, separately or together with other Securities in any combination thereof, as the case may be. The Convertible Securities will be convertible or exchangeable into Common Shares and/or other Securities. The applicable Prospectus Supplement will include details of the agreement, indenture or other instrument to which such Convertible Securities will be created and issued. The following describes the general terms that will apply to any Convertible Securities that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Convertible Securities offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Convertible Securities, and the extent to which the general terms of the Convertible Securities described in this Prospectus apply to those Convertible Securities, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of such Convertible Securities offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the price at which such Convertible Securities will be offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the procedures for the conversion or exchange of such Convertible Securities into or for Common Shares and/or other Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of Common Shares and/or other Securities that may be issued upon the conversion or exchange
of such Convertible Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the period or periods during which any conversion or exchange may or must occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the designation and terms of any other Securities with which such Convertible Securities will be offered,
if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the gross proceeds from the sale of such Convertible Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Convertible Securities will be listed on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Convertible Securities are to be issued in registered form, "book-entry only" form,
bearer form or in the form of temporary or permanent global securities and the basis of exchange, transfer and ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· certain material Canadian federal income tax consequences of owning the Convertible Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other material terms and conditions of the Convertible Securities.

**Units**

The Corporation may issue Units, separately or together with other Securities or any combination thereof, as the case may be. Each Unit will be issued so that the holder of the Unit is also the holder of each Security comprising the Unit. Thus, the holder of a Unit will have the rights and obligations of a holder of each Security. The following describes the general terms that will apply to any Units that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Units offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Units, and the extent to which the general terms of the Units described in this Prospectus apply to those Units, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of Units offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the price or prices, if any, at which the Units will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the manner of determining the offering price(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the currency in which the Units will be offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Securities comprising the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Units will be issued with any other Securities and, if so, the amount and terms of these Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any minimum or maximum subscription amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Units and the Securities comprising the Units are to be issued in registered form, "book-entry
only" form, non-certificated inventory system form, bearer form or in the form of temporary or permanent global securities and the
basis of exchange, transfer and ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any material risk factors relating to such Units or the Securities comprising the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· material Canadian federal income tax consequences of owning the Securities comprising the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other rights, privileges, restrictions and conditions attaching to the Units or the Securities comprising
the Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other material terms or conditions of the Units or the Securities comprising the Units, including
whether and under what circumstances the Securities comprising the Units may be held or transferred separately.

The Securities will not include any novel derivatives or asset-backed securities as described under Part 4 of NI 44-102 – S*helf Distributions*.

**EARNINGS COVERAGE RATIOS**

The applicable Prospectus Supplement will provide, as required, the earnings coverage ratios with respect to issuance of Debt Securities pursuant to such Prospectus Supplement.

**PRIOR SALES**

Prior sales of Securities will be provided, as required, in a Prospectus Supplement with respect to the issuance of Securities pursuant to such Prospectus Supplement.

**TRADING PRICE AND VOLUME**

Trading price and volume of Securities will be provided, as required, in each Prospectus Supplement to this Prospectus.

**CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS**

The applicable Prospectus Supplement may describe certain Canadian federal income tax considerations generally applicable to investors described therein of purchasing, holding and disposing of the applicable Securities, including, in the case of an investor who is not a resident of Canada, Canadian non-resident withholding tax considerations.

**RISK FACTORS**

There are various risks set out in the documents incorporated by reference herein, including the applicable Prospectus Supplement, that could have a material adverse effect upon, among other things, the exploration results, properties, business, business prospects and condition (financial or otherwise) of the Corporation. Before making an investment decision, prospective purchasers of Securities should carefully consider the information described in this Prospectus and the documents incorporated by reference herein, including the applicable Prospectus Supplement.

The Corporation has negative cash flow from operating activities and does not currently generate any revenue. Lack of cash flow from the Corporation's operating activities could impede its ability to raise capital through debt or equity financing to the extent required to fund its business operations. In addition, working capital deficiencies could negatively impact the Corporation's ability to satisfy its obligations promptly as they become due. If the Corporation does not generate sufficient cash flow from operating activities, it will remain dependent upon external financing sources. There can be no assurance that such sources of financing will be available on acceptable terms or at all.

In addition, sales of a substantial number of Common Shares by existing shareholders could occur. These sales, or the market perception that the holders of a large number of Common Shares intend to sell Common Shares, could reduce the market price of the Common Shares. If this occurs, it could impair the Corporation's ability to raise additional capital through the sale of securities.

Additional risk factors relating to a specific offering of Securities will be described in the applicable Prospectus Supplement. Some of the risk factors described in the documents incorporated by reference herein and/or the applicable Prospectus Supplement are interrelated and, consequently, investors should treat such risk factors as a whole. If any event arising from these risks occurs, the Corporation's business, prospects, financial condition, results of operations or cash flows, or your investment in the Securities could be materially adversely affected. Additional risks and uncertainties of which the Corporation currently is unaware or that are unknown or that it currently deems to be immaterial could have a material adverse effect on the Corporation's business, financial condition and results of operation. The Corporation can provide no assurance that it will successfully address any or all of these risks. For a list of risk factors, prospective purchasers should refer to risk factors outlined in the AIF under the heading *"Risk Factors"*, the risk factors outlined in the Annual MD&A under the heading "*Financial Instrument Risk*" and elsewhere in the documents incorporated by reference herein.

Prospective investors should carefully consider the risks described herein, in a document incorporated by reference herein or in the applicable Prospectus Supplement and consult with their professional advisors to assess any investment in the Corporation.

**An investment in the Securities, as well as the Corporation's prospects, are speculative due to the risky nature of its business and the present stage of its development. Investors may lose their entire investment.**

**INTEREST OF EXPERTS**

The following persons, firms and companies are named as having prepared or certified a statement, report, valuation or opinion described or included herein directly or in a document incorporated by reference herein and whose profession or business gives authority to the statement, report, valuation or opinion, in each case with respect to the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;· Scott Wilson, C.P.G. SME-RM

&nbsp;&nbsp;&nbsp;&nbsp;· Peter Szkilnyk, P.Eng.

&nbsp;&nbsp;&nbsp;&nbsp;· Alan J. San Martin, P.Eng.

&nbsp;&nbsp;&nbsp;&nbsp;· Richard Gowans, P.Eng.

&nbsp;&nbsp;&nbsp;&nbsp;· Justin Taylor, P.Eng.

&nbsp;&nbsp;&nbsp;&nbsp;· Christopher Jacobs, C.Eng., MIMMM

&nbsp;&nbsp;&nbsp;&nbsp;· Adam Wheeler, B.Sc., M.Sc., C. Eng., Eur Ing., FIMMM

Certain information of a scientific or technical nature contained in this Prospectus and in the documents incorporated by reference herein, was reviewed and approved by the persons listed above, who are "qualified persons" within the meaning of NI 43-101.

To the knowledge of the Corporation, as of the date hereof, each of the persons referenced above holds less than 1.0% of the outstanding securities of the Corporation or any associate or affiliate of the Corporation.

**ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS**

Mr. Francis Johnstone and Dr. Karin Thorburn, directors of the Corporation, and Mr. Adam Wheeler and Mr. Scott Wilson, the qualified persons responsible for the Nussir Technical Report and the Blue Moon Technical Report, respectively, reside outside of Canada. Mr. Johnstone, Dr. Thorburn, Mr. Wheeler and Mr. Wilson have appointed Bennett Jones LLP, 3400 One First Canadian Place, P.O. Box 130, Toronto, Ontario, M5X 1A4 as agent for service of process.

Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed an agent for service of process.

**LEGAL MATTERS**

Unless otherwise specified in the Prospectus Supplement relating to an offering of Securities, certain legal matters relating to the offering of Securities will be passed upon by Bennett Jones LLP on behalf of the Corporation. As of the date hereof, Bennett Jones LLP and its partners, counsel and associates, as a group, beneficially own, directly or indirectly, less than 1.0% of the outstanding securities of the Corporation. In addition, certain legal matters in connection with any offering of Securities will be passed upon for any underwriters, dealers or agents by counsel to be designated at the time of the offering by such underwriters, dealers or agents with respect to matters of Canadian and, if applicable, United States or other foreign law.

**AUDITORS, TRANSFER AGENT AND REGISTRAR**

The registrar and transfer agent for the Corporation is Odyssey Trust Company, located at 300 5<sup>th</sup> Avenue SW, Suite 1 230, Calgary, Alberta, T2P 3C4.

Davidson & Company LLP, having an address of 609 Granville Street, Suite 1200, Vancouver, British Columbia, V7Y 1H4, is the former auditor of the Corporation (until April 21, 2025) and has confirmed that they are independent within the meaning of the Chartered Professional Accountants of Ontario CPA Code of Professional Conduct (registered name of The Institute of Chartered Accountants of Ontario). Davidson & Company LLP resigned effective on April 21, 2025, and succeeded by MNP LLP, as the current auditors of the Corporation.

**STATUTORY AND CONTRACTUAL RIGHTS OF WITHDRAWAL AND RESCISSION**

Securities legislation in certain of the provinces and territories of Canada provides purchasers with the right to withdraw from an agreement to purchase Securities. This right may be exercised within two business days after receipt or deemed receipt of the Prospectus, the accompanying Prospectus Supplement relating to the Securities purchased by a purchaser and any amendment thereto. In several of the provinces and territories, the securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the Prospectus, the accompanying Prospectus Supplement relating to the Securities purchased by a purchaser and any amendment thereto contains a misrepresentation or is not sent and delivered to the purchaser, provided that the remedies for rescission, revision of the price or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for the particulars of these rights or consult with a legal advisor.

In addition to statutory rights of withdrawal and rescission, original purchasers of Securities under this Prospectus (as supplemented or amended) that are convertible, exchangeable or exercisable securities, will be granted a contractual right of rescission against the Company in respect of the conversion, exchange or exercise of such Securities. The contractual right of rescission will be further described in any applicable Prospectus Supplement, but will, in general, entitle such original purchasers to receive, in addition to the amount paid on original purchase of any Securities, the amount paid upon conversion, exchange or exercise of such Securities, upon surrender of the underlying securities gained thereby, in the event that this Prospectus, the applicable Prospectus Supplement or any amendment thereto contains a misrepresentation, provided that both the conversion, exchange or exercise occurs, and the right of rescission is exercised, within 180 days of the date of the purchase of such Securities under this Prospectus and the applicable Prospectus Supplement. This contractual right of rescission will be consistent with the statutory right of rescission described under Section 130 of the *Securities Act* (Ontario) and is in addition to any other right or remedy available to original purchasers under Section 130 of the *Securities Act* (Ontario) or otherwise at law.

In an offering of Securities, to the extent such securities are convertible, exchangeable or exercisable securities, investors are cautioned that the statutory right of action for damages for a misrepresentation contained in this Prospectus (as supplemented or amended) is limited, in certain provincial and territorial securities legislation, to the price at which the Securities are offered to the public under the prospectus offering. This means that, under the securities legislation of certain provinces and territories of Canada, if the purchaser pays additional amounts upon conversion, exchange or exercise, as applicable, of the Security, those amounts may not be recoverable under the statutory right of action for damages that applies in those provinces and territories of Canada. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for the particulars of this right of action for damages or consult with a legal adviser.

**CERTIFICATE OF THE CORPORATION**

Dated: September 23, 2025

This final short form base shelf prospectus, together with the documents incorporated in this prospectus by reference, will, as of the date of the last supplement to this prospectus relating to the securities offered by this short form base shelf prospectus and the supplement(s), constitute full, true and plain disclosure of all material facts relating to the securities offered by this prospectus and the supplement(s) as required by the securities legislation of each of each of the provinces and territories of Canada (except Québec).

<u>*(signed) "Christian Kargl-Simard"*</u> <u>*(signed) "Frances Kwong"*</u> <br> Christian Kargl-Simard Frances Kwong <br> Chief Executive Officer Chief Financial Officer

On behalf of the Board of Directors:

<u>*(signed) "Maryse Bélanger"*</u> <u>*(signed) "Karin Thorburn"*</u> <br> Maryse Bélanger Karin Thorburn <br> Director Director

## Exhibit 99.34

**Exhibit 99.34**

**Appendix C to National Instrument 41-101** 

***General Prospectus Requirements***

**Non-Issuer Form of Submission to** 

**Jurisdiction and Appointment of** 

**Agent for Service of Process**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Name of issuer (the "Issuer"):

**Blue Moon Metals Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Jurisdiction of incorporation, or equivalent, of Issuer:

**British Columbia**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Address of principal place of business of Issuer:

**220 Bay Street, Suite 550** 

**Toronto, Ontario M5J 2W4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Description of securities (the "Securities"):

**Common Shares**

**Debt Securities**

**Warrants**

**Subscription Receipts**

**Convertible Securities**

**Units**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Date of the prospectus (the "Prospectus") under which the Securities are offered:

**September 23, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Name of person filing this form (the "Filing Person"):

**Francis Johnstone**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Filing Person's relationship to Issuer:

**Director**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Jurisdiction of incorporation, or equivalent, of Filing Person, if applicable, or jurisdiction of residence
of Filing Person:

**London, United Kingdom**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Address of principal place of business of Filing Person:

**2 Buer Road, London, Greater London, United Kingdom SW6 4LA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Name of agent for service of process (the "Agent"):

**Bennett Jones LLP**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Address for service of process of Agent in Canada (the address
may be anywhere in Canada):

**3400 One First Canadian Place, Toronto, Ontario** 

**M5X 1A4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Filing Person designates and appoints the Agent at the address
of the Agent stated above as its agent upon whom may be served any notice, pleadings, subpoena, summons or other process in any action,
investigation or administrative, criminal, quasi-criminal, penal or other proceeding (the "Proceeding") arising out of, relating
to or concerning the distribution of the Securities made or purported to be made under the Prospectus, and irrevocably waives any right
to raise as a defence in any such Proceeding any alleged lack of jurisdiction to bring the Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Filing Person irrevocably and unconditionally submits to
the non-exclusive jurisdiction of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the judicial, quasi-judicial and administrative tribunals of each of the provinces and territories of
Canada in which the securities are distributed under the Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any administrative proceeding in any such province or territory,

in any Proceeding arising out of or related to or concerning the distribution of the Securities made or purported to be made under the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Until six years after completion of the distribution of the
Securities made under the Prospectus, the Filing Person shall file a new submission to jurisdiction and appointment of agent for service
of process in this form at least 30 days before termination of this submission to jurisdiction and appointment of agent for service of
process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Until six years after completion of the distribution of the
Securities under the Prospectus, the Filing Person shall file an amended submission to jurisdiction and appointment of agent for service
of process at least 30 days before a change in the name or above address of the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. This submission to jurisdiction and appointment of agent for
service of process shall be governed by and construed in accordance with the laws of British Columbia.

Dated: <u>September 23, 2025</u>

---

| |
|:---|
| *(signed) "Francis Johnstone"* |
| **FRANCIS JOHNSTONE** |

---

**AGENT**

The undersigned accepts the appointment as agent for service of process of Francis Johnstone under the terms and conditions of the appointment of agent for service of process stated above.

---

| | | | |
|:---|:---|:---|:---|
| Dated: | September 23, 2025 | **BENNETT JONES LLP** | **BENNETT JONES LLP** |
|  |  | Per: | *(signed) "Bennett Jones LLP"* |
|  |  |  | Name: James Clare |
|  |  |  | Title: Partner |

---

## Exhibit 99.35

**Exhibit 99.35**

**Appendix C to National Instrument 41-101** 

***General Prospectus Requirements***

**Non-Issuer Form of Submission to** 

**Jurisdiction and Appointment of** 

**Agent for Service of Process**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Name of issuer (the "Issuer"):

**Blue Moon Metals Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Jurisdiction of incorporation, or equivalent, of Issuer:

**British Columbia**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Address of principal place of business of Issuer:

**220 Bay Street, Suite 550** 

**Toronto, Ontario M5J 2W4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Description of securities (the "Securities"):

**Common Shares**

**Debt Securities**

**Warrants**

**Subscription Receipts**

**Convertible Securities**

**Units**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Date of the prospectus (the "Prospectus") under which the Securities are offered:

**September 23, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Name of person filing this form (the "Filing Person"):

**Karin Thorburn**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Filing Person's relationship to Issuer:

**Director**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Jurisdiction of incorporation, or equivalent, of Filing Person, if applicable, or jurisdiction of residence
of Filing Person:

**Vestland, Norway**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Address of principal place of business of Filing Person:

**Starefossveien 58A, Bergen, Vestland, Norway, 5019**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Name of agent for service of process (the "Agent"):

**Bennett Jones LLP**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Address for service of process of Agent in Canada (the address
may be anywhere in Canada):

**3400 One First Canadian Place, Toronto, Ontario** 

**M5X 1A4**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Filing Person designates and appoints the Agent at the address
of the Agent stated above as its agent upon whom may be served any notice, pleadings, subpoena, summons or other process in any action,
investigation or administrative, criminal, quasi-criminal, penal or other proceeding (the "Proceeding") arising out of, relating
to or concerning the distribution of the Securities made or purported to be made under the Prospectus, and irrevocably waives any right
to raise as a defence in any such Proceeding any alleged lack of jurisdiction to bring the Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Filing Person irrevocably and unconditionally submits to
the non-exclusive jurisdiction of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the judicial, quasi-judicial and administrative tribunals of each of the provinces and territories of
Canada in which the securities are distributed under the Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any administrative proceeding in any such province or territory,

in any Proceeding arising out of or related to or concerning the distribution of the Securities made or purported to be made under the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Until six years after completion of the distribution of the
Securities made under the Prospectus, the Filing Person shall file a new submission to jurisdiction and appointment of agent for service
of process in this form at least 30 days before termination of this submission to jurisdiction and appointment of agent for service of
process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Until six years after completion of the distribution of the
Securities under the Prospectus, the Filing Person shall file an amended submission to jurisdiction and appointment of agent for service
of process at least 30 days before a change in the name or above address of the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. This submission to jurisdiction and appointment of agent for
service of process shall be governed by and construed in accordance with the laws of British Columbia.

Dated: <u>September 23, 2025</u>

---

| |
|:---|
| *(signed) "Karin Thorburn"* |
| **KARIN THORBURN** |

---

**AGENT**

The undersigned accepts the appointment as agent for service of process of Karin Thorburn under the terms and conditions of the appointment of agent for service of process stated above.

---

| | | | |
|:---|:---|:---|:---|
| Dated: | September 23, 2025 | **BENNETT JONES LLP** | **BENNETT JONES LLP** |
|  |  | Per: | *(signed) "Bennett Jones LLP"* |
|  |  |  | Name: James Clare |
|  |  |  | Title: Partner |

---

## Exhibit 99.36

**Exhibit 99.36**

**BLUE MOON METALS INC.**

**<u>UNDERTAKING</u>**

---

| | |
|:---|:---|
| **TO:** | British Columbia Securities Commission |
|  | Ontario Securities Commission |
|  | Alberta Securities Commission |
|  | The Manitoba Securities Commission |
|  | Financial and Consumer Services Commission, New Brunswick |
|  | Superintendent of Securities, Newfoundland and Labrador |
|  | Superintendent of Securities, Northwest Territories |
|  | Nova Scotia Securities Commission <br> Nunavut Securities Office |
|  | Superintendent of Securities, Prince Edward Island |
|  | Financial and Consumer Affairs Authority of Saskatchewan |
|  | Yukon Superintendent of Securities |
|  | (collectively, the **"Commissions"**) |

---

------

Reference is made to the final short form base shelf prospectus of Blue Moon Metals Inc. (the **"Corporation"**) dated September 23, 2025 (the **"Prospectus"**) in connection with the offering by the Corporation, from time to time, of up to $200,000,000 of common shares, debt securities, convertible securities, subscription receipts, warrants and units of the Corporation in each of the provinces and territories of Canada (except Quebec) and to subsection 4.2(a)(x) and (x.1) of National Instrument 44-101 – *Short Form Prospectus Distributions*.

In connection with the filing of the Prospectus, the undersigned, on behalf of the Corporation, hereby undertakes that the Corporation will file (i) any material contracts, including any supplements or amendments thereto, and (ii) documents affecting the rights of securityholders including but not limited to, any indenture or supplemental indenture pursuant to which Securities (as defined in the Prospectus) are offered under any prospectus supplement, any trust indenture or supplemental trust indenture for any offering of debt securities, any subscription receipt agreement or amendment thereto for any offering of subscription receipts and any warrant indenture or supplemental warrant indenture for any offering of warrants, promptly and in any event no later than seven days after the execution or effective date thereof.

***[Remainder of page left intentionally blank. Signature page follows.]***

**DATED** this 23rd day of September, 2025.

---

| | |
|:---|:---|
| **BLUE MOON METALS INC.** | **BLUE MOON METALS INC.** |
| Per: | *(signed) "Frances Kwong"* |
|  | Name: Frances Kwong |
|  | Title: Chief Financial Officer |

---

## Exhibit 99.37

**Exhibit 99.37**

---

| | | | |
|:---|:---|:---|:---|
| ![](tm2533647d1_ex99-37img001.jpg) | **KPMG AS** | Telephone | +47 45 40 40 63 |
| ![](tm2533647d1_ex99-37img001.jpg) | Dronning Eufemias gate 6A, 0191 Oslo | Fax | +47 22 60 96 01 |
| ![](tm2533647d1_ex99-37img001.jpg) | P.O. Box 7000 Majorstuen | Internet | www.kpmg.no |
| ![](tm2533647d1_ex99-37img001.jpg) | N-0306 Oslo | Enterprise | 935 174 627 MVA |

---

Alberta Securities Commission

British Columbia Securities Commission

Financial and Consumer Affairs Authority of Saskatchewan

Financial and Consumer Services Commission, New Brunswick

Nova Scotia Securities Commission

Financial and Consumer Services Division, Prince Edward Island

Office of the Superintendent of Securities Service Newfoundland & Labrador

Ontario Securities Commission

Office of the Superintendent of Securities Nunavut

Manitoba Securities Commission

Office of the Superintendent of Securities, Northwest Territories

Office of the Yukon Superintendent of Securities

To whom it may concern:

**Re: Blue Moon Metals Inc. (the "Entity")**

We refer to the short form base shelf prospectus of the above Entity dated September 23, 2025 relating to the sale and issue of up to an aggregate initial offering price of $200,000,000 of common shares, debt securities, warrants, subscription receipts, convertible securities and units of the Entity.

We, KPMG AS, consent to being named and to the use, through incorporation by reference in the above-mentioned short form base shelf prospectus, of:

&nbsp;&nbsp;&nbsp;&nbsp;· our report dated May 10, 2025 to the General Meeting of Nussir ASA on the consolidated financial statements of Nussir ASA which
comprise the consolidated statement of financial position as at 1 January 2023, 31 December 31, 2023 and 31 December 31,
2024, the consolidated statements of profit or loss, comprehensive income, cash flows and changes in equity for the years ended 31 December 2023
and 31 December 2024, and notes to the consolidated financial statements, including a summary of material accounting policy information,
and

&nbsp;&nbsp;&nbsp;&nbsp;· our report dated May 10, 2025 to the General Meeting of Nye Sulitjelma Gruver AS on the consolidated financial statements of
Nye Sulitjelma Gruver AS which comprise the consolidated statements of financial position as at 1 January 2023, 31 December 31,
2023 and 31 December 31, 2024, the consolidated statements of loss and comprehensive loss, cash flows and changes in shareholders'
equity for the years ended 31 December 2023 and 31 December 2024, and notes to the consolidated financial statements, including
a summary of material accounting policy information.

---

| | | | |
|:---|:---|:---|:---|
|  | Offices in: |  |  |
|© 2025 KPMG AS, a Norwegian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. |  |  |  |
|  | Oslo | &nbsp;&nbsp;&nbsp;&nbsp;Hamar | &nbsp;&nbsp;&nbsp;Sandefjord |
|  | Alta | &nbsp;&nbsp;&nbsp;&nbsp;Haugesund | &nbsp;&nbsp;&nbsp;Sandnessjøen |
|  | Arendal | &nbsp;&nbsp;&nbsp;&nbsp;Kristiansand | &nbsp;&nbsp;&nbsp;Stavanger |
|  | Bergen | &nbsp;&nbsp;&nbsp;&nbsp;Larvik | &nbsp;&nbsp;&nbsp;Stord |
|  | Bodø | &nbsp;&nbsp;&nbsp;&nbsp;Mo i Rana | &nbsp;&nbsp;&nbsp;Tromsø |
| Statsautoriserte revisorer - medlemmer av Den norske Revisorforening | Elverum | &nbsp;&nbsp;&nbsp;&nbsp;Molde | &nbsp;&nbsp;&nbsp;Trondheim |
|  | Finnsnes | &nbsp;&nbsp;&nbsp;&nbsp;Narvik | &nbsp;&nbsp;&nbsp;Tønsberg |
|  | Grimstad | &nbsp;&nbsp;&nbsp;&nbsp;Røros | &nbsp;&nbsp;&nbsp;Ålesund |

---

We report that we have read the short form base shelf prospectus and all information specifically incorporated by reference therein and have no reason to believe that there are any misrepresentations in the information contained therein that are derived from the consolidated financial statements upon which we have reported or that are within our knowledge as a result of our audits of such consolidated financial statements. We have complied with Canadian generally accepted standards for an auditor's consent to the use of a report of the auditor included in an offering document, which does not constitute an audit or review of the prospectus as these terms are described in the *CPA Canada Handbook – Assurance*.

---

| |
|:---|
| Yours very truly, |
| /s/ KPMG AS |
| September 23, 2025 |
| Oslo, Norway |

---

## Exhibit 99.38

**Exhibit 99.38**

![](tm2533647d1_ex99-38img02.jpg)

September 23, 2025

**Alberta Securities Commission** 

**British Columbia Securities Commission** 

**Manitoba Securities Commission** 

**Financial and Consumer Services Commission, New Brunswick**

**Office of the Superintendent of Securities, Service Newfoundland and Labrador**

**Northwest Territories Office of the Superintendent of Securities** 

**Nova Scotia Securities Commission** 

**Office of the Superintendent of Securities, Nunavut**

**Ontario Securities Commission** 

**Financial and Consumer Services Division, Prince Edward Island** 

**Financial and Consumer Affairs Authority of Saskatchewan**

**Office of the Yukon Superintendent of Securities**

Dear Sirs / Mesdames:

---

| | |
|:---|:---|
| **<u>Re:</u>** | **<u>Blue Moon Metals Inc.</u>** |

---

We refer to the short form base shelf prospectus of Blue Moon Metals Inc. (the "Company") dated September 23, 2025 relating to the sale and issue of up to $200,000,000 in common shares, debt securities, warrants, subscription receipts, convertible securities and/or units.

We consent to being named and to the use, in the above-mentioned short form base shelf prospectus, of our report dated April 11, 2025 to the shareholders of the Company on the following financial statements:

Consolidated statements of financial position as at December 31, 2024 and 2023;

Consolidated statements of comprehensive loss and comprehensive loss, changes in cash flows, and changes in shareholders' equity for the years ended December 31, 2024 and 2023, and notes to the consolidated financial statements, including material accounting policy information.

We report that we have read the short form base shelf prospectus and all information therein and have no reason to believe that there are any misrepresentations in the information contained therein that are derived from the consolidated financial statements upon which we have reported or that are within our knowledge as a result of our audit of such consolidated financial statements. We have complied with Canadian generally accepted standards for an auditor's consent to the use of a report of the auditor included in an offering document, which does not constitute an audit or review of the base shelf prospectus as these terms are described in the CPA Canada Handbook – Assurance.

![](tm2533647d1_ex99-38img03.jpg)

Page 2…

Yours very truly,

![](tm2533647d1_ex99-38img01.jpg)

**DAVIDSON & COMPANY LLP** 

Chartered Professional Accountants

## Exhibit 99.39

**Exhibit 99.39**

---

| | |
|:---|:---|
| ![](tm2533647d1_ex99-39img01.jpg) | ![](tm2533647d1_ex99-39img02.jpg) |

---

September 23, 2025

**VIA SEDAR+**

British Columbia Securities Commission

Ontario Securities Commission

Alberta Securities Commission

The Manitoba Securities Commission

Financial and Consumer Services Commission, New Brunswick

Superintendent of Securities, Newfoundland and Labrador

Superintendent of Securities, Northwest Territories

Nova Scotia Securities Commission

Nunavut Securities Office

Superintendent of Securities, Prince Edward Island

Financial and Consumer Affairs Authority of Saskatchewan

Yukon Superintendent of Securities

**Re: Blue Moon Metals Inc.**

Dear Sirs/Mesdames:

We refer to the final short form base shelf prospectus of Blue Moon Metals Inc. (the **"Corporation"**) dated September 23, 2025 (the **"Prospectus"**) in connection with the qualification for the distribution by the Corporation, from time to time, to purchasers in each of the provinces and territories of Canada (except Québec) of up to an aggregate initial offering price $200,000,000 (or the equivalent in other currencies or currency units based on the applicable exchange rate at the time of the offering) of common shares in the capital of the Corporation (**"Common Shares"**), debt securities (**"Debt Securities"**), securities convertible into or exchangeable for Common Shares and / or other securities (**"Convertible Securities"**), subscription receipts convertible to one or more Common Shares or a combination of Common Shares and Warrants (**"Subscription Receipts"**), warrants to purchase Common Shares and/or other Securities (as defined herein) (**"Warrants"**), and units comprised of one or more of any of the other Securities, or any combination of such securities (**"Units"** and, collectively with the Common Shares, Debt Securities, Convertible Securities, Subscription Receipts and Warrants, the **"Securities"**).

We hereby consent to the references to our firm name on the second page of the Prospectus and under the headings *"Enforcement of Judgements Against Foreign Persons" and "Legal Matters"*.

We confirm that we have read the Prospectus and have no reason to believe that there are any misrepresentations in the information contained in the Prospectus that are derived from our opinions referred to therein or that are within our knowledge as a result of the services we performed in connection with such opinions.

Yours truly,

*(signed) "Bennett Jones LLP"*

Bennett Jones LLP

![](tm2533647d1_ex99-39img03.jpg)

## Exhibit 99.40

**Exhibit 99.40**

---

| | |
|:---|:---|
| September 15, 2025 | ![](tm2533647d1_ex99-39img04.jpg) |

---

*Filed via SEDAR+*

To All Applicable Exchanges and Securities Administrators

---

| | |
|:---|:---|
| **Subject:** | **Blue Moon Metals Inc. (the "Issuer")** |
|  | **Notice of Meeting and Record Date** |

---

Dear Sir/Madam:

We are pleased to confirm the following information with respect to the Issuer's upcoming meeting of securityholders:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Meeting Type: | &nbsp;&nbsp;Annual General and Special Meeting |
| &nbsp;&nbsp;Meeting Date: | &nbsp;&nbsp;November 13, 2025 |
| &nbsp;&nbsp;Record Date for Notice of Meeting: | &nbsp;&nbsp;October 10, 2025 |
| &nbsp;&nbsp;Record Date for Voting (if applicable): | &nbsp;&nbsp;October 10, 2025 |
| &nbsp;&nbsp;Beneficial Ownership Determination Date: | &nbsp;&nbsp;October 10, 2025 |
| &nbsp;&nbsp;Class of Securities Entitled to Vote: | &nbsp;&nbsp;Common Stock |
| &nbsp;&nbsp;ISIN: | &nbsp;&nbsp;CA09570Q5095 |
| &nbsp;&nbsp;Issuer sending proxy materials directly to NOBOs: | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Issuer paying for delivery to OBOs: | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Notice and Access for Beneficial Holders: | &nbsp;&nbsp;No |
| &nbsp;&nbsp;Notice and Access for Registered Holders: | &nbsp;&nbsp;No |

---

In accordance with applicable securities regulations we are filing this information with you in our capacity as agent of the Issuer.

Yours truly,

**Odyssey Trust Company** 

**as agent for Blue Moon Metals Inc.**

## Exhibit 99.41

#### Exhibit 99.41
![](tm2533647d1_ex41sp1img01.jpg)

---

| | |
|:---|:---|
| **Effective Date of Mineral Resource Estimate:** | **December 24, 2024** |
| **Effective Date of the Report:** | **March 03, 2025** |
| **Report Date:** | **April 14, 2025** |
| **Amended and Restated on:** | **September 12, 2025** |

---

<u>Prepared by</u>:

Scott Wilson, C.P.G. SME-RM

Peter Szkilnyk, P.Eng.

Alan J. San Martin, P.Eng.

Richard Gowans, P.Eng.

Justin Taylor , P.Eng.

Christopher Jacobs, C.Eng., MIMMM

---

| | |
|:---|:---|
| <u>Prepared for</u>: | ![](tm2533647d1_ex41sp1img02.jpg) |
| Blue Moon Metals Inc. | ![](tm2533647d1_ex41sp1img02.jpg) |
| 5 50 – 220 Bay Street, Toronto | ![](tm2533647d1_ex41sp1img02.jpg) |
| ON, M5J 2W4 Canada<br>| ![](tm2533647d1_ex41sp1img02.jpg) |

---

**601 – 90 Eglinton Ave East, Toronto, Ontario, Canada M4P 2Y3**

**+1 416 362 5135 \| www.micon-international.com**

**Table of Contents**

**1.0** **SUMMARY** **1** 

1.1 INTRODUCTION 1

1.2 PROPERTY DESCRIPTION 1

1.3 HISTORY 2

1.4 GEOLOGY 3

1.5 EXPLORATION AND DRILLING 3

1.6 METALLURGY 5

1.7 MINERAL RESOURCE ESTIMATE 6

1.8 MINERAL RESERVE ESTIMATE 7

1.9 MINING 7

1.10 PROCESSING 9

1.11 INFRASTRUCTURE 10

1.12 ENVIRONMENTAL STUDIES,
 PERMITTING AND SOCIAL OR COMMUNITY IMPACT 12

1.13 PROJECT ECONOMICS 13

1.14 INTERPRETATIONS AND CONCLUSIONS 16

&nbsp;&nbsp;&nbsp;&nbsp;1.14.1 Geological Setting, Exploration,
 and Resources 16

&nbsp;&nbsp;&nbsp;&nbsp;1.14.2 Mining Methods and Infrastructure 16

&nbsp;&nbsp;&nbsp;&nbsp;1.14.3 Metallurgy and Processing 17

&nbsp;&nbsp;&nbsp;&nbsp;1.14.4 Environmental, Permitting,
 and Social Impact 17

&nbsp;&nbsp;&nbsp;&nbsp;1.14.5 Capital and Operating
 Costs 17

&nbsp;&nbsp;&nbsp;&nbsp;1.14.6 Economic Analysis 17

1.15 RECOMMENDATIONS 17

&nbsp;&nbsp;&nbsp;&nbsp;1.15.1 Phase 1: Planning, Hiring
 and Permitting 18

&nbsp;&nbsp;&nbsp;&nbsp;1.15.2 Phase 2: Exploration Decline
 Development and Further Studies 18

&nbsp;&nbsp;&nbsp;&nbsp;1.15.3 Work Program 20

**2.0** **INTRODUCTION** **21** 

2.1 UNITS OF MEASUREMENT
 AND ABBREVIATIONS 22

**3.0** **RELIANCE ON OTHER EXPERTS** **24** 

**4.0** **PROPERTY DESCRIPTION AND LOCATION** **25** 

4.1 GENERAL DESCRIPTION AND
 LOCATION 25

4.2 MINERAL TENURE 26

**5.0** **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY** **31** 

5.1 ACCESS 31

5.2 TOPOGRAPHY, ELEVATION
 AND VEGETATION 31

5.3 CLIMATE 32

5.4 INFRASTRUCTURE 32

**6.0** **HISTORY** **34** 

6.1 BACKGROUND 34

6.2 BLUE MOON PROPERTY 35

&nbsp;&nbsp;&nbsp;&nbsp;6.2.1 1890 - 1945 35

Blue Moon Mine i March 2025

&nbsp;&nbsp;&nbsp;&nbsp;6.2.2 1945 –
 1975 35

&nbsp;&nbsp;&nbsp;&nbsp;6.2.3 1976 - 1990 35

&nbsp;&nbsp;&nbsp;&nbsp;6.2.4 1991 - 2001 36

&nbsp;&nbsp;&nbsp;&nbsp;6.2.5 2002 - Present 36

**7.0** **GEOLOGICAL SETTING AND MINERALIZATION** **39** 

7.1 REGIONAL GEOLOGY 39

7.2 LOCAL GEOLOGY 41

7.3 PROPERTY GEOLOGY 42

7.4 MINERALIZATION 44

**8.0** **DEPOSIT TYPES** **46** 

**9.0** **EXPLORATION** **47** 

9.1 GEOLOGICAL MAPPING 47

9.2 GEOCHEMICAL SURVEYS 47

9.3 GEOPHYSICS 48

&nbsp;&nbsp;&nbsp;&nbsp;9.3.1 EM Studies by Walker (2021) 48

&nbsp;&nbsp;&nbsp;&nbsp;9.3.2 Gravity (2023) 48

**10.0** **DRILLING** **51** 

**11.0** **SAMPLE PREPARATION, ANALYSES AND SECURITY** **60** 

**12.0** **DATA VERIFICATION** **62** 

**13.0** **MINERAL PROCESSING AND METALLURGICAL TESTING** **64** 

13.1 INTRODUCTION 64

13.2 METALLURGICAL TESTWORK 64

&nbsp;&nbsp;&nbsp;&nbsp;13.2.1 Metallurgical Samples 64

&nbsp;&nbsp;&nbsp;&nbsp;13.2.3 Flotation Testwork 67

&nbsp;&nbsp;&nbsp;&nbsp;13.2.4 Gravity Separation Tests 69

13.3 CONCLUSIONS AND RECOMMENDATIONS 69

**14.0** **MINERAL RESOURCE ESTIMATES** **71** 

14.1 SUMMARY 71

14.2 DATABASE 76

&nbsp;&nbsp;&nbsp;&nbsp;14.2.1 Capping 77

14.3 COMPOSITING 81

14.4 DENSITY 81

14.5 BLOCK MODEL 82

14.6 GRADE ESTIMATION 82

&nbsp;&nbsp;&nbsp;&nbsp;14.6.1 Grade Estimation Verification 86

14.7 RESOURCE CLASSIFICATION 88

14.8 MINERAL RESOURCE ESTIMATE 92

14.9 CUTOFF GRADE SENSITIVITY
 ANALYSIS 92

**15.0** **MINERAL RESERVE ESTIMATES** **96** 

Blue Moon Mine ii March 2025

**16.0** **MINING METHODS** **97** 

16.1 INTRODUCTION 97

16.2 DEPOSIT GEOMETRY AND
 GEOTECHNICAL CONSIDERATIONS 97

16.3 MSO AND MINING METHOD
 ANALYSIS 97

16.4 MINE ACCESS 100

16.5 VENTILATION 102

16.6 PRODUCTION SCHEDULE 103

16.7 EQUIPMENT FLEET 106

16.8 MINE PERSONNEL 106

16.9 MINE SERVICES 108

&nbsp;&nbsp;&nbsp;&nbsp;16.9.1 Dewatering System 108

&nbsp;&nbsp;&nbsp;&nbsp;16.9.2 Electrical Distribution 108

&nbsp;&nbsp;&nbsp;&nbsp;16.9.3 Mine Communications and
 Safety 109

&nbsp;&nbsp;&nbsp;&nbsp;16.9.4 Refuge Chambers 109

&nbsp;&nbsp;&nbsp;&nbsp;16.9.5 Compressed Air System 109

**17.0** **RECOVERY METHODS** **110** 

17.1 PROCESS DESIGN CRITERIA 114

&nbsp;&nbsp;&nbsp;&nbsp;17.1.1 Design Basis 114

&nbsp;&nbsp;&nbsp;&nbsp;17.1.2 Process Design Criteria 115

17.2 PROCESS DESCRIPTION 118

&nbsp;&nbsp;&nbsp;&nbsp;17.2.1 Crushing Plant 118

&nbsp;&nbsp;&nbsp;&nbsp;17.2.2 Crushed Ore Handling 118

&nbsp;&nbsp;&nbsp;&nbsp;17.2.3 Grinding Circuit 119

&nbsp;&nbsp;&nbsp;&nbsp;17.2.4 Copper Flotation 119

&nbsp;&nbsp;&nbsp;&nbsp;17.2.5 Zinc Flotation 120

&nbsp;&nbsp;&nbsp;&nbsp;17.2.6 Pyrite Flotation (Optional) 121

&nbsp;&nbsp;&nbsp;&nbsp;17.2.7 Concentrate Dewatering
 and Handling 121

&nbsp;&nbsp;&nbsp;&nbsp;17.2.8 Tailings Dewatering and
 Handling 122

&nbsp;&nbsp;&nbsp;&nbsp;17.2.9 Paste Plant 122

&nbsp;&nbsp;&nbsp;&nbsp;17.2.10 Reagents Handling and
 Storage 123

&nbsp;&nbsp;&nbsp;&nbsp;17.2.11 Plant Services 123

**18.0** **PROJECT INFRASTRUCTURE** **124** 

18.1 ROADS 124

&nbsp;&nbsp;&nbsp;&nbsp;18.1.1 Access Road 124

&nbsp;&nbsp;&nbsp;&nbsp;18.1.2 Haul Roads 125

&nbsp;&nbsp;&nbsp;&nbsp;18.1.3 Service Roads 125

18.2 UTILITIES 125

&nbsp;&nbsp;&nbsp;&nbsp;18.2.1 Power Supply 125

&nbsp;&nbsp;&nbsp;&nbsp;18.2.2 Water Systems 126

18.3 FUEL FACILITIES 126

18.4 BUILDINGS 126

18.5 TAILINGS MANAGEMENT FACILITY 127

18.6 SEWAGE TREATMENT 129

18.7 FIRE PROTECTION 129

18.8 VENTILATION 129

Blue Moon Mine iii March 2025

18.9 WASTE ROCK
 STORAGE 129

18.10 EXPLOSIVES STORAGE 129

18.11 MINE DEWATERING AND SEDIMENTATION
 PONDS 130

18.12 WATER USAGE 130

18.13 WATER STORAGE 131

18.14 WASTE MANAGEMENT 132

**19.0** **MARKET STUDIES AND CONTRACTS** **133** 

19.1 CONTRACTS 133

19.2 MARKET STUDIES 133

&nbsp;&nbsp;&nbsp;&nbsp;19.2.1 Zinc 133

&nbsp;&nbsp;&nbsp;&nbsp;19.2.2 Copper 133

&nbsp;&nbsp;&nbsp;&nbsp;19.2.3 Lead 134

&nbsp;&nbsp;&nbsp;&nbsp;19.2.4 Gold 135

&nbsp;&nbsp;&nbsp;&nbsp;19.2.5 Silver 135

&nbsp;&nbsp;&nbsp;&nbsp;19.2.6 Aggregate 136

&nbsp;&nbsp;&nbsp;&nbsp;19.2.7 Pyrite 136

&nbsp;&nbsp;&nbsp;&nbsp;19.2.8 Barite 136

&nbsp;&nbsp;&nbsp;&nbsp;19.2.9 Gypsum 136

&nbsp;&nbsp;&nbsp;&nbsp;19.2.10 Gallium, Germanium and
 Indium 136

**20.0** **ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT** **137** 

20.1 REGULATORY FRAMEWORK
 AND PROJECT PERMITTING 137

&nbsp;&nbsp;&nbsp;&nbsp;20.1.1 Summary of Key Mining
 and Environmental Legislation 137

&nbsp;&nbsp;&nbsp;&nbsp;20.1.2 Environmental Permitting
 Process 138

&nbsp;&nbsp;&nbsp;&nbsp;20.1.3 Project Permitting Status 139

&nbsp;&nbsp;&nbsp;&nbsp;20.1.4 Good International Industry
 Practice 143

20.2 STATUS OF ENVIRONMENTAL
 AND SOCIAL STUDIES 143

20.3 ENVIRONMENTAL AND SOCIAL
 CONTEXT 144

&nbsp;&nbsp;&nbsp;&nbsp;20.3.1 Overview 144

&nbsp;&nbsp;&nbsp;&nbsp;20.3.2 Water Resources 145

&nbsp;&nbsp;&nbsp;&nbsp;20.3.3 Biodiversity 145

&nbsp;&nbsp;&nbsp;&nbsp;20.3.4 Cultural Heritage 147

&nbsp;&nbsp;&nbsp;&nbsp;20.3.5 Socio-economic Setting 147

20.4 ENVIRONMENTAL AND SOCIAL
 RISKS AND IMPACTS 147

20.5 PROJECT CLOSURE PLANNING 149

20.6 RECOMMENDATIONS 149

**21.0** **CAPITAL AND OPERATING COSTS** **151** 

21.1 CAPITAL COSTS 151

&nbsp;&nbsp;&nbsp;&nbsp;21.1.1 Summary and Basis of Estimate 151

&nbsp;&nbsp;&nbsp;&nbsp;21.1.2 Mining Capital 151

&nbsp;&nbsp;&nbsp;&nbsp;21.1.3 Processing Capital 152

&nbsp;&nbsp;&nbsp;&nbsp;21.1.4 Infrastructural Capital 152

&nbsp;&nbsp;&nbsp;&nbsp;21.1.5 Indirect Capital and Contingency 153

&nbsp;&nbsp;&nbsp;&nbsp;21.1.6 Closure, Rehabilitation
 and Salvage 154

21.2 OPERATING COSTS 154

Blue Moon Mine iv March 2025

&nbsp;&nbsp;&nbsp;&nbsp;21.2.1 Mining Operating
 Costs 154

&nbsp;&nbsp;&nbsp;&nbsp;21.2.2 Processing Operating Costs 155

&nbsp;&nbsp;&nbsp;&nbsp;21.2.3 Environmental and Social,
 and General and Administration Operating Costs 157

&nbsp;&nbsp;&nbsp;&nbsp;21.2.4 Indirect Off-Site Costs 158

**22.0** **ECONOMIC ANALYSIS** **159** 

22.1 CAUTIONARY STATEMENT 159

22.2 BASIS OF EVALUATION 160

22.3 MACRO-ECONOMIC ASSUMPTIONS 160

&nbsp;&nbsp;&nbsp;&nbsp;22.3.1 Exchange Rate and Inflation 160

&nbsp;&nbsp;&nbsp;&nbsp;22.3.2 Weighted Average Cost
 of Capital 160

&nbsp;&nbsp;&nbsp;&nbsp;22.3.3 Royalty and Taxation Regime 160

&nbsp;&nbsp;&nbsp;&nbsp;22.3.4 Expected Metal Prices 160

22.4 TECHNICAL ASSUMPTIONS 161

&nbsp;&nbsp;&nbsp;&nbsp;22.4.1 Mine Construction and
 Development 161

&nbsp;&nbsp;&nbsp;&nbsp;22.4.2 Production and Sales 161

&nbsp;&nbsp;&nbsp;&nbsp;22.4.3 Cash Operating Costs 164

&nbsp;&nbsp;&nbsp;&nbsp;22.4.4 Capital Expenditure 165

&nbsp;&nbsp;&nbsp;&nbsp;22.4.5 Working Capital 166

22.5 BASE CASE ECONOMICS 166

&nbsp;&nbsp;&nbsp;&nbsp;22.5.1 Key Statistics 166

&nbsp;&nbsp;&nbsp;&nbsp;22.5.2 Base Case Cash Flow 166

22.6 SENSITIVITY ANALYSIS 169

&nbsp;&nbsp;&nbsp;&nbsp;22.6.1 Base Case Sensitivity 169

&nbsp;&nbsp;&nbsp;&nbsp;22.6.2 Discount Rate Sensitivity 170

&nbsp;&nbsp;&nbsp;&nbsp;22.6.3 Detailed Metal Price Sensitivity 170

**23.0** **ADJACENT PROPERTIES** **171** 

**24.0** **OTHER RELEVANT DATA AND INFORMATION** **172** 

**25.0** **INTERPRETATION AND CONCLUSIONS** **173** 

25.1 OVERVIEW 173

25.2 GEOLOGICAL SETTING, EXPLORATION,
 AND RESOURCES 173

25.3 MINING METHODS AND INFRASTRUCTURE 173

25.4 METALLURGY AND PROCESSING 173

25.5 ENVIRONMENTAL, PERMITTING,
 AND SOCIAL IMPACT 174

25.6 CAPITAL AND OPERATING
 COSTS 174

25.7 ECONOMIC ANALYSIS 174

**26.0** **RECOMMENDATIONS** **175** 

26.1 PHASE 1: PLANNING, HIRING
 AND PERMITTING 175

26.2 PHASE 2: EXPLORATION
 DECLINE DEVELOPMENT AND FURTHER STUDIES 175

&nbsp;&nbsp;&nbsp;&nbsp;26.2.1 Exploration Decline Development 175

&nbsp;&nbsp;&nbsp;&nbsp;26.2.2 Geology and Exploration 175

&nbsp;&nbsp;&nbsp;&nbsp;26.2.3 Hydrogeological Fieldwork 176

Blue Moon Mine v March 2025

&nbsp;&nbsp;&nbsp;&nbsp;26.2.4 Metallurgical
 Testwork 176

&nbsp;&nbsp;&nbsp;&nbsp;26.2.5 Environmental and Social 176

&nbsp;&nbsp;&nbsp;&nbsp;26.2.6 Feasibility Study 177

26.3 WORK PROGRAM 177

**27.0** **REFERENCES** **178** 

**28.0** **DATE AND SIGNATURE PAGE** **180** 

**29.0** **CERTIFICATES** **181** 

Blue Moon Mine vi March 2025

**List of Tables**

---

| | | |
|:---|:---|:---|
| Table 1.1 | Significant Intercepts from the BMM Drill Program | 4.0 |
| Table 1.2 | Blue Moon Mineral Resource Estimate, Effective as of December 24, 2024 | 7.0 |
| Table 1.3 | LOM Capital Cost Estimate | 14.0 |
| Table 1.4 | LOM Operating Cost Estimate | 14.0 |
| Table 1.5 | Base Case: Key Statistics | 15.0 |
| Table 1.6 | Detailed Metal Price Sensitivity | 16.0 |
| Table 1.7 | Blue Moon Recommended Work Programs | 20.0 |
| Table 2.1 | Units and Abbreviations | 22.0 |
| Table 4.1 | Blue Moon Claims | 28.0 |
| Table 7.1 | Blue Moon Summary Statistics from Drill Core | 45.0 |
| Table 10.1 | Summary of Drilling on the Blue Moon Property, Prior to the Formation of BMM | 52.0 |
| Table 10.2 | Drilling by BMM Since 2018 at Blue Moon Project | 52.0 |
| Table 10.3 | Significant Intercepts from the BMM Drill Program | 53.0 |
| Table 10.4 | Assay Highlights New South Zone (Drill Hole BM21-83) | 55.0 |
| Table 10-5 | Significant Intercepts Drilled by Colony Pacific (1982) | 56.0 |
| Table 10-6 | Significant Intercepts Drilled by Westmin (1984 - 1988) | 57.0 |
| Table 10-7 | Significant Intercepts Drilled by LAC Minerals (1991) | 59.0 |
| Table 11.1 | Summary Statistics, Check Assays | 60.0 |
| Table 11.2 | Paired t-test, Check Assays | 61.0 |
| Table 12.1 | Independent QP's Data Verification, November 5, 2024 | 62.0 |
| Table 13.1 | Selected Head Analyses of the Metallurgical Composite Samples | 65.0 |
| Table 13.2 | Semi-Quantitative Spectrographic Analyses of the Metallurgical Composite Samples | 65.0 |
| Table 13.3 | Summary of the Sample 1 Locked Cycle Flotation Test Results | 67.0 |
| Table 13.4 | Locked Cycle Test Combined Final Concentrate Analyses | 68.0 |

---

Blue Moon Mine vii March 2025

---

| | | |
|:---|:---|:---|
| Table 13.5 | Analyses of Test 25 Pyrite Concentrate and Tailings Samples | 68.0 |
| Table 14.1 | Blue Moon Indicated Mineral Resource Estimate | 72.0 |
| Table 14.2 | Blue Moon Inferred Mineral Resource Estimate | 72.0 |
| Table 14.3 | Drilling Database Assay Statistics | 76.0 |
| Table 14.4 | Drill Database Capping Values | 77.0 |
| Table 14.5 | Capped Drill Database Assay Statistics | 78.0 |
| Table 14.6 | Composite Database Statistics | 81.0 |
| Table 14.7 | Tonnage Factor Determinations from Specific Gravity Values Based on Total Sulphide Content | 82.0 |
| Table 14.8 | Block Model Location and Dimensions | 82.0 |
| Table 14.9 | Block Model - Block Dimensions | 82.0 |
| Table 14.10 | Summary of Search Parameters | 83.0 |
| Table 14.11 | Zinc Equivalent Percent (ZnEq %) Parameters Used for ZnEq % Calculation | 83.0 |
| Table 14.12 | Blue Moon Mineral Resource Estimate, Effective as of December 24, 2024 | 92.0 |
| Table 14.13 | ZnEq % Cutoff Sensitivity Analysis - Indicated Mineral Resource Classification by Mineralized Zone | 93.0 |
| Table 14.14 | ZnEq % Cutoff Sensitivity Analysis - Inferred Mineral Resource Classification by Mineralized Zone | 94.0 |
| Table 16.1 | NSR Parameters Used to Code Block Model for MSO Analysis | 98.0 |
| Table 16.2 | Stope Sizes, Dilution (ELOS) and Recovery Factors Analysed | 99.0 |
| Table 16.3 | Development Design Criteria | 101.0 |
| Table 16.4 | Preliminary Ventilation Flow Requirements | 102.0 |
| Table 16.5 | Resource Rates Applied in the Mine Schedule | 104.0 |
| Table 16.6 | Annual Mine Schedule Summary | 105.0 |
| Table 16.7 | Annual Mine Schedule Summary | 106.0 |
| Table 16.8 | Peak Salaried Workforce Estimate | 107.0 |

---

Blue Moon Mine viii March 2025

---

| | | |
|:---|:---|:---|
| Table 16.9 | Peak Hourly-Wage Workforce Estimate | 108.0 |
| Table 17.1 | Process Design Basis | 114.0 |
| Table 17.2 | Process Design Criteria | 115.0 |
| Table 18.1 | Annual Water Balance | 130.0 |
| Table 20.1 | Summary of Mineral Rights associated with the Blue Moon Project | 141.0 |
| Table 20.2 | Summary of Historic Environmental and Social Baseline Studies | 144.0 |
| Table 21.1 | LOM Capital Cost Estimate | 151.0 |
| Table 21.2 | LOM Capital Cost Estimate- Mining | 152.0 |
| Table 21.3 | LOM Capital Cost Estimate - Processing | 152.0 |
| Table 21.4 | LOM Capital Cost Estimate – Infrastructure | 153.0 |
| Table 21.5 | LOM Capital Cost Estimate – Indirect Costs | 153.0 |
| Table 21.6 | LOM Operating Cost Estimate | 154.0 |
| Table 21.7 | Summary of Estimated Mine Operating Costs | 155.0 |
| Table 21.8 | Summary of Estimated Process Operating Costs | 155.0 |
| Table 21.9 | Estimated Annual E&S and G&A Operating Costs | 158.0 |
| Table 22.1 | Assumed TC/RC terms - Copper Concentrate | 162.0 |
| Table 22.2 | Assumed TC/RC terms - Zinc Concentrate | 162.0 |
| Table 22.3 | LOM Average Operating Costs | 164.0 |
| Table 22.4 | LOM Capital Costs | 165.0 |
| Table 22.5 | Base Case: Key Statistics | 166.0 |
| Table 22.6 | LOM Cash Flow Summary | 167.0 |
| Table 22.7 | LOM Annual Cash Flow | 168.0 |
| Table 22.8 | Detailed Metal Price Sensitivity | 170.0 |
| Table 26.1 | Blue Moon Preliminary Feasibility Study Work Program | 177.0 |

---

Blue Moon Mine ix March 2025

**List of Figures**

---

| | | |
|:---|:---|:---|
| Figure 1.1 | Blue Moon Location Map | 2.0 |
| Figure 1.2 | Mine Design Model View Looking West | 9.0 |
| Figure 1.3 | Blue Moon General Arrangement | 10.0 |
| Figure 1.4 | TMF General Arrangement | 11.0 |
| Figure 1.5 | NSR Value by Metal | 13.0 |
| Figure 1.6 | Annual Cash Flow Projection | 15.0 |
| Figure 4.1 | Blue Moon Location Map | 25.0 |
| Figure 4.2 | Current Land Status at the Blue Moon Project | 27.0 |
| Figure 5.1 | Drone View from Above Blue Moon Shaft to the South Along Ridge | 31.0 |
| Figure 5.2 | Existing Infrastructure | 33.0 |
| Figure 6.1 | American Eagle Mine Entrance | 37.0 |
| Figure 6.2 | Blue Moon Mine; Historic Mine Shaft of Hecla | 37.0 |
| Figure 6.3 | Blue Moon VMS on Dump of Shaft 2 | 38.0 |
| Figure 7.1 | Foothills Copper-Zinc Belt, Western Sierra Nevada Mts., California | 40.0 |
| Figure 7.2 | Property Geology (Meade, 2002) | 43.0 |
| Figure 9.1 | Massive Sulphide Zones (Red) and Gravity Station Grid | 49.0 |
| Figure 9.2 | NNW Trending Gravity Low Superimposed Massive Sulphide Zones (Carpenter, 2023) | 50.0 |
| Figure 10.1 | Location of All Drill Holes on the Blue Moon Prospect through 2023 (Shum, Kevin 2023) | 51.0 |
| Figure 10.2 | Long Section Showing Latest Drilling Through to 2021 | 54.0 |
| Figure 10.3 | Photographs of Zinc Mineralization in Drillhole BM21-83 | 55.0 |
| Figure 14.1 | Plan View of Mineralized Domains and Drilling | 73.0 |
| Figure 14.2 | Long-Section View - 7500E Looking West - Mineralized Domains | 74.0 |
| Figure 14.3 | Long Section View - 7500E Looking East - Mineralized Domains | 75.0 |

---

Blue Moon Mine x March 2025

---

| | | |
|:---|:---|:---|
| Figure 14.4 | Cross-Section through Drill Hole CH57 Showing Mineralized Domain Solids Coded to Assay Intervals | 79.0 |
| Figure 14.5 | Cross-Section View 8100N Looking North - Mineralized Domain Solids | 80.0 |
| Figure 14.6 | Zinc Equivalent Grade Estimation of Main Zone - Long Section 8000E Looking West | 84.0 |
| Figure 14.7 | Zinc Equivalent Grade Estimation of Eastern Lenses - Long Section 8000E Looking West | 85.0 |
| Figure 14.8 | Zinc Equivalent Grade Estimation of Western Lenses - Long Section 7000E Looking East | 86.0 |
| Figure 14.9 | Main Zone Block Estimated Grades vs Capped Composite Grades - Zn % | 87.0 |
| Figure 14.10 | East Lenses Block Estimated Grades vs Capped Composite Grades - Zn % | 87.0 |
| Figure 14.11 | Main Zone Block Estimated Grades vs Composite Grades - Ag OPT | 88.0 |
| Figure 14.12 | Long-Section View - Main Zone - Average Distance to Sample and Indicated Mineral Resource Domain Boundary (Red) - 8000E Looking West | 89.0 |
| Figure 14.13 | Long-Section View – East Lenses - Average Distance to Sample and Indicated Mineral Resource Domain Boundary (Red) - 8000E Looking West | 89.0 |
| Figure 14.14 | Long-Section View – West Lenses - Average Distance to Sample and Indicated Mineral Resource Domain Boundary (Red) - 7000E Looking East | 90.0 |
| Figure 14.15 | Main Zone Block Resource Classification (Red as Indicated Mineral Resource) | 90.0 |
| Figure 14.16 | East Lenses Block Resource Classification (Red as Indicated Mineral Resource) | 91.0 |
| Figure 14.17 | West Lenses Block Resource Classification (Red as Indicated Mineral Resource) | 91.0 |
| Figure 14.18 | Grade-Tonnage Chart for the Indicated Mineral Resource Estimate – All Domains | 95.0 |
| Figure 16.1 | MSO Results Over a Range of Shape Sizes and NSR Cut-Off Values | 99.0 |
| Figure 16.2 | Longitudinal Retreat Concept | 100.0 |
| Figure 16.3 | Mine Design Model View Looking West | 101.0 |
| Figure 16.4 | Ventilation Network Schematic | 103.0 |
| Figure 17.1 | Blue Moon Process Flow Diagram – 1 of 3 | 111.0 |
| Figure 17.2 | Blue Moon Process Flow Diagram – 2 of 3 | 112.0 |
| Figure 17.3 | Blue Moon Process Flow Diagram – 3 of 3 | 113.0 |
| Figure 18.1 | Blue Moon General Arrangement | 124.0 |

---

Blue Moon Mine xi March 2025

---

| | | |
|:---|:---|:---|
| Figure 18.2 | TMF General Arrangement | 127.0 |
| Figure 18.3 | TMF Layout | 128.0 |
| Figure 19.1 | Zinc Market Price 2015-2025 | 133.0 |
| Figure 19.2 | Copper Market Price 2015-2025 | 134.0 |
| Figure 19.3 | Lead Market Price 2015-2025 | 134.0 |
| Figure 19.4 | Gold Market Price 2015-2025 | 135.0 |
| Figure 19.5 | Silver Market Price 2015-2025 | 135.0 |
| Figure 20.1 | Mining Claim Boundaries | 140.0 |
| Figure 20.2 | Environmental and Social Context of Project Site | 145.0 |
| Figure 20.3 | Environmental Conditions at the Project Site (November 2024) | 146.0 |
| Figure 21.1 | Breakdown of Average LOM Process Operating Costs | 156.0 |
| Figure 22.1 | LOM Mill Feed Production Schedule | 161.0 |
| Figure 22.2 | Annual NSR Contribution by Metal | 163.0 |
| Figure 22.3 | NSR value by Concentrate Type | 163.0 |
| Figure 22.4 | NSR value by Metal | 164.0 |
| Figure 22.5 | Annual Operating Costs | 165.0 |
| Figure 22.6 | Annual Cash Flow Projection | 167.0 |
| Figure 22.7 | Base Case NPV Sensitivity Analysis | 169.0 |
| Figure 22.8 | Base Case IRR Sensitivity Analysis | 169.0 |
| Figure 22.9 | Base Case Sensitivity to Discount Rate | 170.0 |

---

Blue Moon Mine xii March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**1.0 SUMMARY**

**1.1** **Introduction** 

Blue Moon Metals Inc. (BMM), holds the mineral rights to the unpatented mining claims and patented (private) lands associated with the Blue Moon volcanogenic massive sulphide (VMS) deposit (Blue Moon Property, or the Property) in central California through its wholly owned subsidiary, Keystone Mines Inc. The deposit is known to contain zinc, copper, lead, gold and silver within sulphide minerals that may potentially be processed into saleable concentrates.

The most recent Technical Report describing a mineral resource estimate (MRE) for the Property was published in October, 2023. That report was authored by Dr. Thomas A. Henricksen, CPG and Scott Wilson, CPG, the latter of Resource Development Associates Inc. (RDA). There has been no further exploration carried out on the Property since the effective date of that report.

In October, 2024, BMM retained RDA and Micon International Limited (Micon) to update the MRE and prepare a Preliminary Economic Assessment (PEA) of the Property, respectively. That work has now been completed, and the results are presented in this Technical Report, in the context of which development of the Property is referred to as 'the Project'.

**1.2** **Property Description** 

The Blue Moon Property is located in Mariposa County, California, approximately 120 miles southeast of San Francisco. The town of Mariposa, located sixteen miles east of the Project, has a population of around 2,000 and a tourist-based economy. The town of Merced, with a population of around 80,000 inhabitants, is twenty-two miles to the southwest of Blue Moon and has a diverse economy related to large scale agriculture. The local community of Hornitos with a population of about 75, is situated about 4.5 miles south of the Property. Figure 1.1 (over) shows the location of the Property.

The Property consists of three distinct land tenure components that cover 494.25 acres. These include:

1. Two
 patented (private) parcels of land, 'American Eagle', and 'Blue Bell & Bonanza', owned 100% by Keystone
 Mines Inc. (both the surface and mineral estate).

2. Eight
 federal unpatented mining (lode) claims, Red Cloud 1-8, held 100% by Keystone Mines Inc. on land administered by the Bureau of Land
 Management (BLM).

3. A 100%
 interest, owned by Keystone Mines Inc., in the mineral rights underlying lands owned by the James Gann Jr. Trust of 1991, in conjunction
 with a surface rights lease agreement for 40 acres, pursuant to an option purchase agreement completed in 2001.

Access to the Property is via California County Route J16 also known as Hornitos Rd. and Bear Valley Rd., a paved secondary highway between the communities of Hornitos and Bear Valley. From a point two miles north of Hornitos, at the intersection of J16 and Exchequer Rd., the Project is accessible via a 3.4-mile route traversing a combination of public and private gravel roads.

Four distinct lenses of massive sulphide mineralization have been identified on the Property: the West, Main, East and American Eagle zones. The American Eagle Zone appears to occur in the same stratigraphic position as the West Zone.

Blue Moon Mine 1 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 1.1**

**Blue Moon Location Map**

![](tm2533647d1_ex41sp1img03.jpg)

Source: Meade (2002)

**1.3** **History** 

Although copper was discovered in Mariposa County during mid-1800's gold rush, initial exploration on the Property did not begin until the 1890's. Between 1899 and 1912, the American Eagle zone was worked, and again in 1942 when a small block of ground was stoped. By 1943, production from the American Eagle was suspended and it has remained inactive since then. No reliable figures for the total production at the American Eagle are available.

In 1940, Red Cloud Mines, Inc. (Red Cloud), began developing shallow workings which intersected zinc, probably in the Main Zone near Blue Moon Shaft #1, adjacent to the American Eagle zone. In 1943, Red Cloud was acquired by Hecla Mining Co., and production at a rate of 200 tons per day yielded ore with an average content of 14% zinc along with minor copper, lead, silver and gold. In 1945, the "hanging wall fault breccia" caved twice, once in the summer and again in November. Following the second cave-in, all work at the Blue Moon mine was suspended. At that time, production amounted to about 56,000 tons of ore containing approximately 12.3% zinc, 0.37% copper, 0.48% lead, 3.76 opt silver, and 0.062 opt Au.

Additional exploration, drilling and engineering studies were carried out between 1976 and 1991 by a series of operators including Amselco, Colony Pacific Explorations Ltd, Westmin Resources Limited, and Lac Minerals. In 1989, Westmin obtained a permit and approval form Mariposa County to build a vertical shaft for underground development and resource expansion, but the project was not developed. In 2 007, ownership of the Property passed to Savant Explorations Inc., later renamed Blue Moon Zinc Corp. and, in 2021, Blue Moon Metals Inc.

Blue Moon Mine 2 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**1.4** **Geology** 

The Gopher Ridge Formation in the area of the Blue Moon deposit consists of a basal sequence of basalt and andesite overlain by a rhyolite. The rhyolite strata are up to 300 m thick and host the Blue Moon deposit(s). The sulphide-sulphate mineralized lenses are hosted in the lower part of the felsic sequence. The felsic volcanic rocks are succeeded to the east by volcaniclastic rocks and ultimately by deep-water argillaceous, sedimentary rocks (Meade, 1996).

Strata at Blue Moon strike approximately 20° west of north, dip near vertically, face to the east and are tightly folded. Minor fold features suggest a steep, north plunge of the regional structure. All lithologies have undergone low grade metamorphism characteristic of the lower greenschist facies.

The rhyolite strata have been subdivided on the basis of phenocryst mineralogy into three distinct units: aphyric rhyolite, feldspar porphyry rhyolite and quartz-feldspar porphyry rhyolite. The thinning of the aphyric rhyolite proximal to the domes defines favorable environments for deposition of massive sulphide mineralization. Further up the stratigraphic sequence, massive feldspar porphyry rhyolite appears to define sill or dyke features that locally truncate sulphide mineralization.

Lateral to the sulphide mineralization are chemical sedimentary rocks containing hematite, magnetite, barite, silica and manganese minerals, which help define mineralized horizons. Sulphide-barite mineralization on the edges of massive sulphide mineralization grades laterally into hematite-jasper iron formation, which, in turn, grades into manganese-bearing siliceous tuffaceous rock.

The Blue Moon deposit is a Kuroko-type volcanogenic massive sulphide (VMS) deposit. The deposit is shown to have some similarities with the Lynx and Myra deposits at Myra Falls, Vancouver Island. Stacked sulphide-sulphate lenses occur in two or more horizons within a 50 ft to 180 ft stratigraphic interval.

Massive sulphide mineralization consists of pyrite, sphalerite, chalcopyrite, galena, and minor tetrahedrite and bornite. Massive and semi-massive sulphides may be accompanied by purple anhydrite, gypsum or barite. Textures include massive, banded and clastic mineralization.

Metal zoning in base or precious metal is poorly understood although there is a strong tendency for narrower mineralized zones to be relatively richer in gold and silver and to have barite gangue.

**1.5** **Exploration and Drilling** 

Exploration of the Blue Moon Property, mostly historical in nature, was carried out by earlier owners and includes geological mapping, soil geochemical surveys and geophysical surveys, including an induced polarization survey, down-hole EM surveys and, in 2023, a gravity survey.

Drilling on the Blue Moon Property since 1942 totals 136,416 ft of drilling in 124 drill holes. Most of the holes were drilled in the Blue Moon deposit area. Only core holes drilled since 1979 were used in the resource calculation. Drilling by BMM in 2018, 2019 and 2021 totals 13,686 ft in ten drill holes. Significant intercepts from the BMM drilling are shown in Table 1.1.

Core was collected at the drilling rig by a company geologist, cleaned, logged for rock type, structures and mineralization prior to a geologist marking out specific intervals for sampling based on sulphide content. The core was sampled lengthwise with one half placed into a plastic sample bag with a sample tag. The other half was returned to the core box with a duplicate sample tag number for a permanent record. Standards and blank samples were not inserted into the stream of core samples prior to BMM as this was not practiced by the majority of mining companies at that time. Core with visual mineralization was stored in locked shipping containers which remain on site, with saved mineralized sections of core available for inspection.

Blue Moon Mine 3 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 1.1**

**Significant Intercepts from the BMM Drill Program**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Hole** | **From**<br>**(ft)** | **To**<br>**(ft)** | **Length**<br>**(ft)** | **Zinc**<br>**(%)** | **Gold**<br>**(g/t)** | **Silver**<br>**(g/t)** | **Lead**<br>**(%)** | **Copper**<br>**(%)** | **ZnEq**<br>**(%)** |
| &nbsp;&nbsp;BMZ75 | 1022.0 | 1038.0 | 16.0 | 1.2 | 0.08 | 0.7 | 0 | 0.04 | 1.4 |
| &nbsp;&nbsp;Inc | 1027.0 | 1029.0 | 2.0 | 2.9 | 0.05 | 1.5 | 0 | 0.08 | 3.2 |
| &nbsp;&nbsp;BMZ78 | 1425.0 | 1545.7 | 120.7 | 9.45 | 1.10 | 42.93 | 0.15 | 0.58 | 12.61 |
| &nbsp;&nbsp;Inc | 1436.0 | 1441.0 | 5.0 | 1.90 | 4.98 | 32.60 | 0.47 | 0.11 | 8.08 |
| &nbsp;&nbsp;Inc | 1459.0 | 1464.0 | 5.0 | 2.60 | 5.01 | 18.50 | 0.01 | 0.33 | 8.77 |
| &nbsp;&nbsp;Inc | 1468.5 | 1453.3 | 15.2 | 5.98 | 2.30 | 15.44 | 0.03 | 0.38 | 9.40 |
| &nbsp;&nbsp;Inc | 1508.0 | 1538.0 | 30.0 | 30.30 | 1.67 | 71.07 | 0.05 | 1.70 | 36.80 |
| &nbsp;&nbsp;Inc | 1508.0 | 1511.0 | 3.0 | 46.50 | 3.14 | 130.00 | 0.13 | 2.20 | 56.51 |
| &nbsp;&nbsp;BMZ79 | 412.8 | 420.3 | 7.5 | 25.6 | 0.68 | 17.39 | 0.02 | 0.87 | 28.46 |
| &nbsp;&nbsp;Inc | 414.7 | 417.7 | 3.0 | 49.6 | 0.91 | 30.32 | 0.05 | 1.39 | 54.11 |
| &nbsp;&nbsp;BMZ79 | 450.4 | 461.3 | 10.9 | 3.1 | 0.16 | 4.49 | 0.27 | 0.47 | 4.62 |
| &nbsp;&nbsp;Inc | 457.2 | 459.2 | 2.0 | 4.2 | 0.08 | 3.30 | 0.33 | 0.24 | 5.24 |
| &nbsp;&nbsp;BM21-83 | 504.0 | 514.0 | 10.0 | 3.8 | 0.07 | 5.10 | 0.17 | 0.12 | 4.40 |
| &nbsp;&nbsp;Inc | 509.0 | 514.0 | 5.0 | 5.0 | 0.07 | 5.10 | 0.22 | 0.08 | 5.50 |
| &nbsp;&nbsp;BM21-83 | 1829.0 | 1839.0 | 10.0 | 1.1 | 3.62 | 11.3 | 0.30 | 0.04 | 5.30 |
| &nbsp;&nbsp;Inc | 1839.0 | 1839.0 | 5.0 | 1.2 | 6.96 | 15.2 | 0.30 | 0.03 | 8.80 |
| &nbsp;&nbsp;BM21-83 | 2408.0 | 2458.0 | 50.0 | 2.4 | 0.31 | 4.5 | 0.06 | 0.12 | 3.13 |
| &nbsp;&nbsp;Inc | 2413.0 | 2423.0 | 10.0 | 3.4 | 0.17 | 5.8 | 0.05 | 0.09 | 3.90 |
| &nbsp;&nbsp;Inc | 2443.0 | 2453.0 | 10.0 | 4.3 | 0.31 | 4.5 | 0.01 | 0.34 | 5.46 |

---

Samples were sent to certified, independent laboratories. Gold assaying used a 30 g sample size for a fire assay with an atomic absorption spectrometry finish (FA-AAS). Silver and lead assays were generated with atomic absorption spectrometry (AAS). All other elements were assayed by inductively coupled plasma atomic emission spectroscopy (ICP-AES), including barium which required an additional, final gravimetric procedure. Known standards and blank samples were inserted into the sample stream by the laboratory for quality control.

Statistical analysis of 55 check assays by a previous author showed no significant difference between laboratories.

A site visit was undertaken on November 5 to 6, 2024 by Scott Wilson C.P.G. SME-RM, Christopher Jacobs CEng MIMMM and Alan J. San Martin, P.Eng., each of whom is a Qualified Person (QP) in terms of Canadian National Instrument (NI) 43-101. As QP for the resource estimate, Mr. Wilson had access to the complete database of the Property including all original assay certificates, the original drill logs, the results of surveys of the original drill hole locations by Freeman and Seaman Land Surveyors, and down-hole, directional survey results for all holes used in the resource calculations. As well as the original surveyors report on drill hole locations, the QP was provided with a report of a 2018 survey commissioned by BMM and completed by Jones Snyder and Associates, a registered land surveyor in the state of California. The 2018 survey included resurveying of 29 holes used in the current resource calculation as well as monuments established by the surveys of 1984 and 1991.

Blue Moon Mine 4 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

All mineralized intersections used in the resource calculation are preserved in a secured storage facility on the Blue Moon Property. As part of the verification process, the QP completed cross checks of the assay sample numbers recorded in the original assay certificates with drill logs and the sample tags in the core boxes for 30 of the mineralized intercepts. No discrepancies or errors were noted between the sample numbers on the tags in the core boxes and those recorded in the assay certificates. The QP did not note any visual discrepancies between what was observed in the core with what was recorded in the drill logs. No assay with high zinc, copper or lead were noted to be at odds with what was observed in the drill core for the comparable interval.

**1.6** **Metallurgy** 

A program of metallurgical testwork was undertaken using two mineralized samples (identified as Sample 1 and Sample 2) by Lakefield Research (now SGS Mineral Services), Ontario, Canada, in 1988, under the direction of Wright Engineers Limited on behalf of Westmin Resources Limited. This preliminary testwork program comprised chemical and mineralogical analyses, hardness testing, batch and locked cycle flotation, flotation concentrate analyses, gravity separation and preliminary settling tests on samples of zinc concentrate and zinc rougher tailings.

Sample 1 was reported by Lakefield Research to comprise relatively coarse high-sulphide mineralization with active pyrite and sphalerite. Sample 2 was reported to contain less sulphides and be more complex and finer grained than Sample 1.

The results of preliminary mineralogical characterization study by Lakefield Research showed that the samples were similar with respect to sulphide mineral species but there were differences in the amounts of each sulphide and mineral associations. In general, Sample 1 contained more sulphides and was relatively coarse grained (> 100 microns) while Sample 2 contained more non-opaque minerals and sulphide particles were smaller in size.

The work indices derived from standard Bond grinding testing of around 9 kWh/t are considered relatively low compared with most copper and zinc ores (between 11 and 14 kWh/t), although the elevated content of barite and gypsum could explain the perceived discrepancy.

Lakefield Research completed 26 separate bench scale batch flotation tests and one locked cycle test primarily to investigate the sequential flotation of copper and zinc from the two samples.

The results of the cycle test using Sample 1 show a 93% copper recovery into a concentrate containing 2 6.5% Cu, 8.42 g/t Au, 484 g/t Ag, 2.35% Pb and 7.0% Zn. Lead recovery to the copper concentrate was also 93% while the recoveries of gold and silver were around 68%. A zinc recovery of 95.2% Zn was achieved into a high quality zinc concentrate containing 62.3% Zn.

Although preliminary mineralogical studies suggested that Sample 2 was more complex and fine-grained than Sample 1, the results from batch rougher and cleaner flotation tests were similar to Sample 1. A simple batch pyrite recovery test was completed using Sample 2 following sequential flotation of Cu/Pb and Zn. Approximately 20% of the original mass was recovered to a pyrite rougher concentrate.

The conclusions from the 1988 testwork program are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Good
 recoveries of copper and zinc into high grade concentrates were achieved using conventional
 sequential flotation technology. Typically, most of the gold and silver in the samples tended
 to report to the copper/lead concentrate. Net recoveries of gold and silver to both the zinc
 and copper concentrates were 86.2% and 94.3% respectively.

Blue Moon Mine 5 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The copper/lead
 concentrate produced contained minor amounts of deleterious elements which may incur penalties
 when sold to smelters. Conversely, this product also contained gold and silver in payable
 quantities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The zinc concentrate
 produced was of high grade with relatively low iron and contained no significant amount of
 penalty elements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Flotation of
 pyrite from zinc tailings was successful and additional work to improve the product quality
 is recommended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Separation of
 copper and lead into separate products was challenging but further work to improve selectivity
 is warranted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The work indices calculated from
 standard Bond ball mill tests were relatively low and need to be confirmed using fresh samples
 that represent the main ore types at Blue Moon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The samples contained
 interesting amounts of barite and gypsum. More work is required to quantify the distribution
 of these minerals within the deposit, the quality of these minerals, and the potential to
 recover these minerals as valuable by-products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The samples appeared
 to contain a certain amount of free or nuggetty gold which should be investigated further.
 Deportment studies on the gold and silver are recommended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Elements of particular
 interest that should be investigated in the next phase of metallurgical testwork include
 germanium and gallium. The economic potential of these elements as well as indium should
 be considered during the next geo-metallurgical testwork program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Based on the
 limited amount of testing undertaken so far, there are no processing factors or other deleterious
 elements that could have a significant effect on the potential economic extraction of the
 deposit.

**1.7** **Mineral Resource Estimate** 

The Mineral Resource Estimate ("MRE") for this report has been determined by using inverse distance cubed (ID<sup>3</sup>) techniques for the Main, Western and Eastern Zones of the Blue Moon Massive Sulphide Deposit. Assay data was derived from the current drilling database, including drill holes completed after 2 018. Mineralized domain solids were created from the coding of drill data in a three-dimensional (3D) geological modeling program. Drilling intercept assay values were capped for each mineralized domain using statistical analysis and subsequently composited forming the sample set used for the MRE grade estimates. The MRE has been determined according to the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines. Mineral Resources have been reported in accordance with the disclosure requirements under NI 43-101.

The MRE is subdivided into three zones: Main Zone (vm1), East Zone (ve) and West Zone (vw). Using compiled and modeled 3D drill data there are distinct, separate, continuous lenses of mineralization, generally striking north. The Main Zone represents the largest occurrence of mineralization. Mineralization has been identified over a strike length of 2,500 ft as well as a plunge of nearly 2,500 ft of depth. The West and East Zones display less continuity as compared to the Main Zone. These were modeled independently and subsequently appended together to form a combined east and west zone triangulation domains. In addition to the dominant mineralized lenses numerous prominent mineralized intervals exist along many drill holes throughout the deposit. Individual mineralized domain solids were developed for these intervals which were subsequently labeled east lenses (vle) and west lenses (vlw) based upon their respective relationships to the Main Zone. The "vle" and "vlw" lenses were compiled and added to the overall "ve" and "vw" domain triangulations.

Blue Moon Mine 6 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

Reasonable prospects of eventual economic extraction assume underground mining of the deposit, surface mill processing and production of zinc concentrates and copper concentrates. Mineral Resources are reported at a Zinc Equivalent Percent (ZnEq %) cutoff grade of 2.9% (Table 1.2).

**Table 1.2**

**Blue Moon Mineral Resource Estimate, Effective as of December 24, 2024**

**at a Cutoff Grade of 2.9% ZnEq**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| | **ZONE** | **Tons ><br> Cutoff** | **Zn %** | **Cu %** | **Pb %** | **Ag Oz/Ton** | **Au Oz/Ton** | **ZnEq %** | **Zn Mlbs** | **Cu Mlbs** | **Pb Mlbs** | **Ag MOz** | **Au Moz** |
| **Indicated** | Main | 3073000 | 5.90 | 0.78 | 0.16 | 1.14 | 0.04 | 12.66 | 362.76 | 47.94 | 10.08 | 3.51 | 0.11 |
| **Indicated** | East | 498000 | 6.64 | 0.47 | 0.63 | 3.72 | 0.09 | 18.99 | 66.15 | 4.67 | 6.29 | 1.85 | 0.04 |
| **Indicated** | West | 78000 | 4.41 | 0.62 | 0.33 | 0.93 | 0.03 | 9.50 | 6.91 | 0.97 | 0.52 | 0.07 | 0.00 |
| **Indicated** | **All Zones** | **3650000** | **5.97** | **0.73** | **0.23** | **1.49** | **0.043** | **13.46** | **435.83** | **53.59** | **16.90** | **5.43** | **0.159** |
| **Inferred** | Main | 3261000 | 5.68 | 0.52 | 0.23 | 1.15 | 0.04 | 11.41 | 370.27 | 33.65 | 14.74 | 3.76 | 0.11 |
| **Inferred** | East | 994000 | 5.04 | 0.59 | 0.56 | 2.43 | 0.07 | 15.49 | 100.11 | 11.80 | 11.20 | 2.42 | 0.07 |
| **Inferred** | West | 173000 | 1.98 | 0.73 | 0.22 | 0.40 | 0.02 | 6.28 | 6.84 | 2.52 | 0.74 | 0.07 | 0.00 |
| **Inferred** | **All Zones** | **4428000** | **5.39** | **0.54** | **0.30** | **1.41** | **0.043** | **12.12** | **477.22** | **47.97** | **26.68** | **6.25** | **0.190** |

---

*Notes:*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Scott Wilson, CPG, President of RDA is responsible for this mineral resource estimate and is an independent Qualified Person as such term is defined by NI 43-101.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Reasonable prospects of eventual economic extraction were assessed by enclosing the mineralized material in the block model estimate in 3D wireframe shapes that were constructed based upon geological interpretations as well as adherence to a minimum mining unit with geometry appropriate for underground mining.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *The cutoff grade of 2.9% ZnEq considered parameters of:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a.* *Metal selling prices: Au-US$2,200/oz, Ag-US$27/oz, Cu-US$4.25/lb., Pb-US$0.90/lb., Zn-US$1.25/lb.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*b.* *Recoveries of Au 86.2%, Ag 94.3%, Cu 93.1%, Pb 0%, Zn 95.3%.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*c.* *Costs including mining, processing, general and administrative (G&A).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Zinc Equivalent Grade ("ZnEq") is estimated by the formula:* 

*ZnEq = Zn% + ((Cu% \* 78.20)+(Pb% \* 0)+(Ag opt \* 25.46)+(Au opt \* 1896.40))/23.83.*

&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *Mineral resources are not mineral reserves and do not have demonstrated economic viability.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(6)* *Figures may not add up due to rounding.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(7)* *Tonnages shown in Table 1.2 are short tons.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(8)* *The QP knows of no other legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources for the Project.* 

**1.8** **Mineral Reserve Estimate** 

No current mineral reserve estimate has been established on the Property.

**1.9** **Mining** 

This PEA is preliminary in nature. It 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, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Blue Moon Mine 7 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

This PEA utilizes the Mineral Resource described in Section 14 and only those portions of the Mineral Resource that fall within the constraints defined by underground parameters of the PEA are used to inform the Project economics.

The mining method selection was largely guided by the results of the Mineable Shape Optimizer (MSO) analysis, which evaluated various stoping methods and sizes based on economic and operational parameters. The MSO process assessed multiple configurations, including longhole stoping and cut-and-fill methods. As a result of this analysis, a stope height of 80 ft, using a $75/ton NSR cutoff, was selected as the basis for the mine design as this maximises resource recovery, limits excessive sustaining capital requirements (level development), and provides the highest relative operating margin compared to the other cases considered.

The mine will be accessed through a ramp system designed with a nominal grade of 13%, reaching a maximum of 15% in some sections. The initial portal and decline will provide access for exploration drilling and be utilized once the mine moves into production as the main haulage route. The layout separates the deposit into North and South mining zones to minimize level development and provide additional mine sequencing flexibility. The decline is positioned to first access the North Zone, prioritizing thicker, higher-grade levels in the mine.

Mining levels will be spaced at 80-ft vertical intervals, with mining fronts consisting of 5 or 6 levels grouped together. Each level will include essential infrastructure such as truck load-out areas, electrical substations, and dewatering sumps. The primary decline will serve as the main haulage route, with additional accesses developed as mining advances. Allowances were added (5% for ramp, 20% for level development) to account for remucks and infrastructure cutouts (Figure 1.2).

The production schedule was created in Datamine's Enhanced Production Scheduler (EPS) software, using benchmark development rates observed on recent projects. The initial decline advances to the main fresh air intake raise, before continuing to the north and beginning the north spiral ramp to the first mining front.

Separate level development crews are assigned to handle level and ventilation accesses, as well as ore sill drives. Stopes are scheduled by linking dependencies between designed stope shapes, in a Primary-Primary retreat sequence to the level access. Additional dependencies were added to the schedule to ensure ventilation breakthroughs are complete in advance of production on a level. The dedicated ramp resource crew advances to the next mining front. Overall production is targeted at 2,000 tons per day. Mining fronts were prioritized by grade and size to aid in early revenue generation.

The underground mining fleet will include a combination of development and production equipment. The development fleet will consist of jumbo drills, bolters, load-haul-dump (LHD) machines, and scissor decks for support infrastructure installation. The production fleet will include 42 tonne haul trucks, longhole drills, and 6-yard LHDs for material movement.

Workforce estimates were created based on the mine schedule, assuming 2-12 h shifts, with a 4-shift rotation. Mine technical and administrative staff and certain fixed plant maintenance personnel were assumed to work 5-d weeks, day shift only. Peak salaried and hourly-waged personnel requirements are 61 and 160 people, respectively.

Provision has been made in the design for mine services including dewatering, electrical distribution, communications and safety, refuge chambers, and compressed air.

Blue Moon Mine 8 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 1.2**

**Mine Design Model View Looking West**

![](tm2533647d1_ex41sp1img04.jpg)

Not to scale

**1.10** **Processing** 

The processing facility has been designed to treat 657,000 tonnes per year. Mineralization will be received from the underground mine at the process site which comprises the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crushing Plant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crushed Ore Handling and Storage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SAG and Ball Mill Grinding Circuit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Flotation Circuits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Copper Flotation.

o Zinc Flotation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Pyrite Flotation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Concentrate
 Handling by means of thickening, filtration and loading for copper, zinc and pyrite concentrates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tailings Handling
 by means of thickening, filtration and preparing for paste and dry stack storage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Paste Backfill Plant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reagents Handling and Storage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Plant Services.

Blue Moon Mine 9 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

The mineral processing operation shall begin when the haul trucks from the underground mine deliver the ore to the primary crusher station. The ore will be crushed and conveyed to a stockpile where it will be reclaimed and transported to the main mill building. The crushed ore will be sufficiently reduced in size in the grinding circuit to liberate the desired minerals. Downstream, the flotation circuits shall selectively recover the target minerals for each type of concentrate. Dedicated thickeners shall densify each slurry stream and recover the overflow water for re-use in the process, while the thickened slurry will be further dewatered through dedicated filter presses. Concentrates and tailings shall all be handled as filter cakes.

Copper and zinc concentrates shall be collected from the storage stockpile located below the filter presses and loaded onto a hopper and conveyor system which will be used to load the concentrate within a lined rectangular shipping container. Pyrite and tailings filter cake shall be conveyed by means of conveyors to a paste backfill mixer. The mixer shall blend the filtered tailings with additional water and a binder into a paste which will then be pumped to the to the underground mine by means of a piping network

**1.11** **Infrastructure** 

The infrastructure of this Project is designed to support the operation of a processing plant and production from the underground operation. The mine and processing plant will operate on a nominal 24 h/day, 7 days/week schedule to achieve an average throughput of 1,800 tonne/day. The proposed general arrangement for the mine site is presented in Figure 1.3.

**Figure 1.3**

**Blue Moon General Arrangement**

![](tm2533647d1_ex41sp1img05.jpg)

Blue Moon Mine 10 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

Infrastructural elements considered in the PEA include access roads, on-site haulage and service roads, power supply from the neighbouring hydro-electric dam, process- , fresh-, and potable water supplies, fuel storage facilities and on-site workshops, mine dry (change-house) and gatehouse and offices for administration, technical services, etc.

The average daily requirement for make-up water will be 75,529 gallons. To the extent possible, this will likely be obtained from wells sunk in the area of the mine. However, additional hydrogeological studies will be required to confirm the adequacy of borehole supply capacity.

Tailings from the flotation plant will be thickened using a conventional underflow system and then be further dewatered using a filter press to produce a "dry" cake comprising approximately 90% solids by weight. The daily production of tailings will be approximately 1,800 tonnes, dry mass. In due course, a proportion of the filter cake tailings will be combined with a suitable binder and water to form a paste for backfilling completed underground workings. A Tailings Management Facility comprising a dry stack, water pond and access routes, will be located on 40 acres of the Gann land. Within this area, the dry stack area will occupy 31 acres, with the remaining land accommodating the pond and access road. The stack and pond will be located in a shallow valley on the eastern side of the Bullion Hill ridge, as indicated in Figure 1.4.

**Figure 1.4**

**TMF General Arrangement**

![](tm2533647d1_ex41sp1img06.jpg)

Blue Moon Mine 11 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**1.12** **Environmental Studies, Permitting and Social or Community Impact** 

Development activities on the Property are subject to various federal, state, and local laws and regulations. The environmental effects of proposed development activities will be evaluated by the US Bureau of Land Management and the Mariposa County Planning Department in accordance with the National Environmental Policy Act (NEPA) and the California Environmental Quality Act (CEQA). Various federal and state environmental laws and regulations will also apply to proposed development activities on the Property. In addition to compliance with all applicable Federal, State and County legal requirements, Blue Moon intends to develop the Project in general alignment with good international industry practice (GIIP).

The legal framework surrounding mining activities in California is comprehensive and environmental standards are high. The associated environmental permitting process, which is yet to commence, can therefore be extensive and time-consuming.

BMM holds the mineral rights to the Blue Moon VMS deposit through its wholly owned subsidiary, Keystone Mines Inc. The mineral and property rights cover a total land area of 494.25 acres and comprise three distinct land tenure components.

Technical studies were undertaken in the 1980s and 1990s under previous management of the Property. These studies provide an indication of baseline conditions in the Project area at the time and can be used to inform the approach to future studies. The previous baseline studies did not identify any significant barriers to Project development. However, it is important to note that they were undertaken on a different project design (e.g., a vertical shaft instead of a ramp decline) and will require updating.

The Project is situated within the lower western foothills of the Sierra Nevada mountain range within the watershed of the Merced River. Previous studies indicated that the types of wildlife likely to be present were considered typical of the region and not at significant risk from mining activities. None of the sites of archaeological interest found during previous studies correspond with the footprint of the current Project design.

The nearest settlement to the Project is the small town of Hornitos, located approximately 4.5 miles south. The Project site was historically mined as part of the Californian Gold Rush. There are active mining operations in the region, and good transport connections.

A full review of the potential environmental and social impacts will be undertaken as the Project advances. Based on the current Project design, location, and an understanding of metal mining operations in similar environments, the main potential risks associated with operations of this nature include natural hazards, disturbance from air quality, noise, vibration and artificial lighting, impacts on water flow and water quality, impacts on biodiversity mainly through loss of habitat, and risks to groundwater from tailings. However, socio-economic impacts are considered to be positive. Potential environmental and social risks and impacts are considered typical of similar exploration and mining operations in North America, and any potential impacts can be managed appropriately.

Responsible closure planning will be integrated into all phases of the Blue Moon Project and undertaken in compliance with Federal and California State legislative requirements and GIIP. A detailed closure plan and cost estimate has not yet been developed but an indicative amount of US$15 million has been budgeted.

Blue Moon Mine 12 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**1.13** **Project Economics** 

This PEA is preliminary in nature. It 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, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Micon's QP prepared the economic analysis of the Project on the basis of a discounted cash flow model, from which Net Present Value (NPV), Internal Rate of Return (IRR) and payback period can be determined. Assessments of NPV are generally accepted within the mining industry as representing the economic value of a project after allowing for the cost of capital invested.

All results are expressed in United States dollars ($ or US$) except where stated otherwise. Conservatively, an exchange rate of CAD 1.35/US$ has been applied where required for conversion of cost inputs whereas, at the effective date of this report, the spot rate was approximately CAD 1.45/US$.

Cost estimates and other inputs to the cash flow model for the Project have been prepared using constant, first quarter 2025 money terms, i.e., without provision for escalation or inflation.

Project revenues will be generated from the sale of zinc and copper concentrates, with credits for gold and silver content. The Project has been evaluated using constant metal prices of US$4.20/lb copper, US$1.25/lb zinc, US$2,200/oz Au and US$27/oz Ag. No credit or penalty has been applied for lead or any other by-product content in concentrates. These price assumptions are supported by the 10-year price history of each metal presented in Section 19. The sensitivity of the Project to changes in price assumptions has been tested 10% above and below base case values and using both spot (February 2 025 market average prices) and consensus price forecasts.

Figure 1.5 shows the relative contribution of each metal to NSR value of the saleable concentrates.

**Figure 1.5**

**NSR Value by Metal**

![](tm2533647d1_ex41sp1img07.jpg)

Blue Moon Mine 13 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

The capital expenditure (CAPEX) estimate for this Preliminary Economic Assessment (PEA) has been developed using a combination of budgetary quotes from vendors, historical pricing from comparable projects, and parametric calculations based on similar equipment and infrastructure. Cost elements have been refined and itemized to enhance confidence in the estimate. However, the overall accuracy remains within the expected range for a PEA-level study. The approach ensures a robust and well-supported cost estimate while maintaining alignment with the early-stage nature of the assessment.

Table 1.3 summarises the initial, sustaining and total LOM capital costs for the Project, in addition to which a provision of US$15 million has been made for mine closure and rehabilitation costs.

**Table 1.3**

**LOM Capital Cost Estimate**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Area** | **Initial**<br>**US$ M** | **Sustaining**<br>**US$ M** | **LOM Total**<br>**US$ M** |
| Mining | 18.4 | 10.0 | 28.4 |
| Processing | 55.0 | 42.8 | 97.7 |
| Infrastructure | 26.7 | 11.7 | 38.4 |
| **Sub-Total Direct Costs** | **100.1** | **64.5** | **164.5** |
| Indirect | 15.9 | 0.0 | 15.9 |
| Contingency | 28.5 | 0.0 | 28.5 |
| **Total Capital Costs** | **144.5** | **64.5** | **209.0** |

---

The operating costs have been estimated from first principals and in each area of the operating cost estimate, labour costs are based on the proposed headcount, estimated salary and burden for each position.

Table 1.4 provides a summary of the estimated life-of-mine (LOM) PEA operating costs.

**Table 1.4**

**LOM Operating Cost Estimate**

---

| | | |
|:---|:---|:---|
| <br>**Area** | **LOM Average**<br>**(US$/t)** | **LOM Cost**<br>**US$'000** |
| Mining | 75.02 | 503709 |
| Processing | 36.11 | 242453 |
| E/S and G&A | 5.10 | 34239 |
| **Total Direct Costs** | **116.24** | **780401** |
| Selling Costs | 22.30 | 149740 |
| Royalties | 0.35 | 2350 |
| **Total Operating Costs** | **138.89** | **931991** |

---

Table 1.5 presents some key statistics for the Blue Moon Mine base case economic assessment.

Blue Moon Mine 14 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 1.5**

**Base Case: Key Statistics**

---

| | | | |
|:---|:---|:---|:---|
| **Item** | | **Units** | **Value** |
| Nominal Processing Capacity |  | tonnes per day | 1800 |
| LOM Total Processed |  | '000 tonnes | 6714 |
| Zinc Equivalent Grade Processed |  | % ZnEq | 12.55 |
| Net Smelter Return |  | US$/tonne treated | 246.00 |
|  | Copper | 000'lbs | 7237 |
| Average Annual Payable | Zinc | 000'lbs | 62260 |
| Production (LOM) | Gold | oz | 22566 |
|  | Silver | oz | 681784 |
|  | ZnEq | 000'lbs | 151046 |

---

The average C1 cash cost over the LOM is estimated at US$0.60/lb zinc equivalent. Including sustaining and mine closure expenses, the average All-in Sustaining Cost (AISC) over the LOM is estimated at US$0.66/lb zinc equivalent and, including initial capital, the average All-in Cost (AIC) over the LOM is estimated at US$0.77/lb zinc equivalent.

A chart summarising the LOM annual cash flow projection for the base case is given in Figure 1.6.

**Figure 1.6**

**Annual Cash Flow Projection**

![](tm2533647d1_ex41sp1img08.jpg)

The base case cash flow equates to a pre-tax IRR of 48% and a net present value at an 8% annual discount rate (NPV8) of US$354 million before tax. After-tax base-case cash flows provide an IRR of 38% and evaluate to NPV8 of US$244 million. After-tax undiscounted payback is achieved in approximately 2.8 years.

Blue Moon Mine 15 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

Micon has tested the sensitivity of the base case NPV8 and IRR to changes in prices (which may also be used as a proxy for ore grades and recoveries), as well as operating costs and capital expenditures. The Project is most sensitive to changes in product prices with a 30% reduction resulting in a near-zero NPV8. A 30% increase in operating and capital costs reduce NPV8 to US$144 million and US$155 million, respectively, showing the Project to be relatively insensitive to either factor alone.

Table 1.6 compares the key economic results for metal prices 10% lower and higher than the base case, as well as at long-term consensus prices forecast in 2024 and average spot prices observed in February, 2 025.

**Table 1.6<br> Detailed Metal Price Sensitivity**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Parameters** | **Parameters** | **PEA Base**<br>**Case** | **-10%**<br>**Pricing** | **+10%**<br>**Pricing** | **Long-Term<br> Consensus**<br>**Forecast** | **Spot Prices<br> Average.**<br>**2025-02** |
|  | Copper US$/lb | **4.20** | 3.78 | 4.62 | 4.75 | 4.23 |
| Metal Prices Assumed | Zinc US$/lb | **1.25** | 1.13 | 1.38 | 1.26 | 1.27 |
|  | Gold US$/oz | **2200** | 1980 | 2420 | 2181 | 2895 |
|  | Silver US$/oz | **27.00** | 24.30 | 29.70 | 26.16 | 32.18 |
| After-Tax NPV (US$ M, 8% Discount Rate) | After-Tax NPV (US$ M, 8% Discount Rate) | **$244** | $163 | $324 | $260 | $340 |
| After-Tax IRR (%) |  | **38%** | 29% | 46% | 39% | 48% |
| First 6 Years of After-Tax Cashflow (US$ M) | First 6 Years of After-Tax Cashflow (US$ M) | **$367** | $293 | $442 | $382 | $458 |
| Payback Period (Years) |  | **2.4** | 2.9 | 2.0 | 2.3 | 1.9 |
| C1 Cost (US$/lb ZnEq) |  | **$0.60** | $0.60 | $0.61 | $0.60 | $0.55 |
| LOM Average Head Grade (ZnEq %) | LOM Average Head Grade (ZnEq %) | **12.55** | 12.66 | 12.47 | 12.72 | 13.83 |

---

**1.14** **Interpretations and Conclusions** 

1.14.1 Geological Setting, Exploration, and Resources

The Blue Moon Project exhibits a typical volcanogenic massive sulphide (VMS) system with mineralization enriched in zinc, copper, lead, gold, and silver. Current drilling defines mineralization extending over 900 m in strike length and to depths of approximately 300 m. Recent exploration programs successfully expanded and confirmed mineralized zones, highlighting considerable potential for resource growth through continued exploration drilling. Updated resource estimates indicate substantial Indicated Resources of 3.7 million tons grading 13.46% zinc equivalent and Inferred Resources of 4.4 million tons grading approximately 12.12% zinc equivalent.

1.14.2 Mining Methods and Infrastructure

The recommended underground longhole retreat mining method is appropriate for the Blue Moon deposit, offering safe and efficient extraction at planned production levels. Infrastructure plans, including processing facilities, road enhancements, and tailings management, require detailed engineering but are considered achievable and within industry standards.

Blue Moon Mine 16 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

1.14.3 Metallurgy and Processing

Metallurgical tests confirm effective and robust recovery rates using conventional flotation and gravity separation methods, achieving approximately 95% recovery for zinc, 93.1% for copper, and significant recoveries for lead, silver, and gold. The testing validated that concentrates produced meet or exceed industry-standard specifications for marketability, providing strong support for the economic and technical feasibility of the proposed processing techniques. Further optimization during feasibility studies is recommended to refine and optimize processing parameters.

1.14.4 Environmental, Permitting, and Social Impact

The Project is expected to have a positive social impact. An initial review of environmental risks indicates that any potential environmental impacts can be managed through appropriate engineering controls, implementation of an environmental and social management system, and adequate resources for technical staff and monitoring equipment/analysis. Specific permitting requirements will need to be confirmed with Mariposa County as the Project advances.

1.14.5 Capital and Operating Costs

Preliminary capital cost estimates for the Blue Moon Project are approximately US$209 million (LOM), inclusive of mine development, processing plant construction, and necessary infrastructure improvements. In addition, a provision of US$15 million is made for mine closure and rehabilitation.

Total operating costs are estimated at approximately US$138.89 per tonne milled. More detailed engineering studies are recommended to further refine these estimates, optimize project economics, and reduce uncertainties associated with early-stage assessments.

1.14.6 Economic Analysis

This PEA is preliminary in nature. It 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, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The base case cash flow projection displays positive economic returns, supporting the potential viability of the plant-feed material included in the LOM production forecast.

**1.15** **Recommendations** 

The following recommended work program adopts a two-phased approach to the further development of the project. BMM intends to construct an exploration decline to access a broader portion of the mineral deposit. Drilling of the deposit from underground offers technical and cost benefits over surface drilling; therefore, development an exploration decline is recommended. BMM must obtain permits prior to construction of the decline. Phase 1 of the work program includes the steps necessary to obtain the required permitting for construction. Phase 1 culminates with the decision to advance to Phase 2; the construction of the exploration decline. Sections 26.1and 26.2 describe the work program phases in detail.

Blue Moon Mine 17 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

1.15.1 Phase 1: Planning, Hiring and Permitting

Following the completion of the PEA, BMM plans to initiate permitting for the development of an exploration decline which, by providing underground access, will allow more efficient exploration core drilling as well as facilitating the geotechnical, hydrogeological, and metallurgical studies which are to be carried out in Phase 2.

Concurrently, Blue Moon intends to expand its team by recruiting additional California-based staff to manage the project's continued development.

It is recommended that BMM complete the ongoing collation and digitization of paper records from previous work on the Property as a guide to future exploration and development work.

To the extent possible, core from earlier drill programs not already stored securely should also be preserved and examined to provide geological and geotechnical data relevant to the Project.

1.15.2 Phase 2: Exploration Decline Development and Further Studies

1.15.2.1 Exploration Decline Development

Upon finalizing the permitting process for the exploration decline, BMM intends to tender and award a construction contract for its development. The decline's construction is anticipated to take around one year and will support underground exploration and geotechnical drilling, reducing both surface disturbance and drilling costs. Additionally, the decline will be designed for dual functionality, serving as the primary access and haulage way once the mine is in operation. It is projected to extend to a depth of approximately 1,000 feet below the surface.

1.15.2.2 Geology and Exploration

The Blue Moon mineralization remains open along strike to the south and at depth. A program of exploration drilling is suggested in order to improve confidence in the resource estimate, aimed at bringing at least part of the Inferred Resource into the Indicated category. That drilling would permit geotechnical logging of the core and generate fresh samples on which to conduct metallurgical testwork. As proposed, therefore, Phase 2 includes an exploration drilling program comprising 13 holes totaling 10,650 m, to be conducted from the decline described above. Beyond mineral resource expansion, the program aims to improve understanding of underground geotechnical conditions to refine assumptions regarding stope spans, backfill strength and mining dilution, providing critical data for future mine planning efforts.

1.15.2.3 Hydrogeological Fieldwork

Pump-testing of existing boreholes should be used to confirm their adequacy as a source of make-up water for the proposed process plant. Additional hydrogeological field work will be conducted to better define mine dewatering requirements during mine operation.

1.15.2.4 Metallurgical Testwork

Metallurgical testwork on representative composite samples of fresh core should be undertaken to (a) confirm the process design criteria currently based on results of earlier testwork; (b) establish whether barite, gypsum, and/or pyrite can be recovered economically; (c) investigate the occurrence of gallium, germanium and indium in the concentrates. Drill core from the exploration drilling program will be used for this purpose, and the testwork should include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre concentration
 amenability tests to investigate upgrading of the mineralization and the potential to extract
 barite and /or gypsum before grinding.

Blue Moon Mine 18 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Detailed mineralogical characterization
 studies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Deportment studies for gold, silver
 and potential critical metals, such as gallium, germanium and indium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Hardness and comminution tests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Additional gravity testwork.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Further flotation optimization batch
 tests followed by locked cycle tests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tailings characterization studies.

Based on the additional testwork described above, the process flowsheet and equipment sizing may be refined, and the location of the plant and ancillary services may be optimized to minimize capital and operating costs and improve the quality of concentrates produced.

1.15.2.5 Environmental and Social

Recommendations considered important for ongoing development of the Project include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Update
 all baseline studies and undertake additional surveys and testwork to ensure comprehensive understanding of environmental and social
 conditions. Particular attention should be paid to geochemical properties, seasonal differences in water bodies and biodiversity
 (migratory birds and mammals), potential nesting sites for birds of prey, and socio-economic conditions.

2. Demarcate
 any known cultural heritage sites and design infrastructure and access routes to avoid them, in collaboration with regulatory authorities.

3. Communicate
 with regulatory authorities and other relevant stakeholders to better determine the presence/absence of threatened/protected species
 and potential migration routes for mammals and birds.

4. Consider
 installing basic monitoring infrastructure, such as a weather station and groundwater monitoring boreholes to support ongoing baseline
 data collection.

5. Ensure
 all stakeholder interactions, including informal meetings, are documented and filed to assist the community relations and communications
 teams in future should the Project proceed to an operational mine.

6. Integrate
 sensitive/protected areas into the GIS used by the exploration team, to minimize the risk for damage, for example cultural heritage
 sites and known wildlife habitats.

7. Ensure
 all future exploration drill holes are properly closed up, to minimize land disturbance and avoid future problems with water connectivity.
 Establish a formal procedure for this and ensure the closure of all drill sites is properly documented.

Blue Moon Mine 19 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Regularly
 review the project design, to adapt to emerging environmental and social risks and incorporate the latest available technologies
 for energy efficiency and environmental protection.

1.15.2.6 Feasibility Study

The results of the Phase 2 field work programs will inform a Feasibility Study ("FS") undertaken to refine the Project's economic and technical parameters, reduce project risks, and enhance resource confidence, while supporting permitting efforts. Upon completion of a FS, a formal construction decision will be made by the BMM board of directors.

1.15.3 Work Program

A provisional budget estimate for the proposed work program is outlined in Table 1.7.

**Table 1.7**

**Blue Moon Recommended Work Programs**

---

| | |
|:---|:---|
| **Activity** | **Amount**<br> **(US$'000)** |
| **Phase 1** | |
| Permitting of Exploration Decline | 500 |
| Digitization of drill logs and other paper records | 25 |
| Relogging and preservation of historical core | 45 |
| Hiring of California-based project development team | 230 |
| Exploration decline design, tender & award | 200 |
| **Phase 1 work program subtotal** | **1000** |
| **Phase 2** |  |
| Exploration portal construction and decline development (underground) | 21635 |
| Exploration drilling, logging, surveys and assaying | 3730 |
| Hydrogeological field work | 120 |
| Metallurgical testwork program on fresh core | 600 |
| Environmental testwork and monitoring, social studies | 500 |
| FS and updated Technical Report | 2500 |
| **Phase 2 work program subtotal** | **29085** |
| **Total** | **30085** |

---

Blue Moon Mine 20 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**2.0 INTRODUCTION**

Blue Moon Metals Inc. (BMM), holds the mineral rights to the Blue Moon volcanogenic massive sulphide (VMS) deposit (Blue Moon, or the Property) in central California through its wholly owned subsidiary, Keystone Mines Inc. The deposit is known to contain zinc, copper, lead, gold and silver within sulphide minerals that might be processed into saleable concentrates. The deposit is also known to contain gallium, germanium, and barite, which are recommended to be investigated further in a future study as to their potential economic viability.

After acquiring the Blue Moon Property, BMM consolidated the exploration information from previous owners and participants including Hecla Mining Co., Colony Pacific, Westmin, and Lac Minerals and, in November, 2018, published a mineral resource estimate (MRE) prepared by Gary Giroux P.Eng. and Lawrence O'Connor, RM-SME.

BMM itself carried out three separate drilling programs between 2018 and 2021. There has been no further exploration carried out on the Property since then.

In October, 2024, BMM retained RDA and Micon International Limited (Micon) to update the MRE and prepare a Preliminary Economic Assessment (PEA) of the Blue Moon Property, respectively. That work has now been completed, and the results are presented in this Technical Report.

The qualified persons responsible for the preparation of this report are:

· Geology & Mineral Resource Scott Wilson, C.P.G, RDA

· Mining, Process Plant, Infrastructure Peter Szkilnyk, P.Eng.

· Geotechnical, stope selection Alan J. San Martin, P.Eng.

· Metallurgy Richard Gowans, P.Eng.

· Economic Evaluation Christopher Jacobs, CEng, MIMMM

A site visit was undertaken on November 5 to 6, 2024 by Scott Wilson C.P.G. SME-RM, Christopher Jacobs CEng MIMMM and Alan J. San Martin, P.Eng., a senior mining engineer with Micon, working in conjunction with Peter Szkilnyk, P.Eng. During the site visit, sufficient opportunity was available to examine drill core from previous programs as well as conduct a general overview of the Property including selected drill sites and the condition of existing project infrastructure.

Based on his experience, qualifications and review of the site and resulting data, Scott Wilson is of the opinion that the programs have been conducted in a professional manner and the quality and quantity of exploration data and information produced from the efforts meet or exceed acceptable industry standards of that time. Much of the data has undergone thorough scrutiny by BMM staff as well as certain data verification procedures by MMTS (see Data Verification, Section 12). Sources of information are listed in the references, Item 27.

Neither RDA nor Micon has, nor has either previously had, any material interest in BMM or related entities or interests. The relationship with BMM is solely a professional association between the client and the independent consultants. This report is prepared in return for fees based upon agreed commercial rates and the payment of these fees is in no way contingent on the results of this report.

This report includes technical information which requires subsequent calculations or estimates to derive sub-totals, totals and weighted averages. Such calculations or estimations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, Micon does not consider them to be material.

Blue Moon Mine 21 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

This report is intended to be used by BMM subject to the terms and conditions of its agreement with Micon. That agreement permits BMM to file this report with the CSA and applicable stock exchanges as an NI 43-101 Technical Report pursuant to provincial securities legislation. Except for the purposes legislated under provincial securities laws, any other use of this report, by any third party, is at that party's sole risk.

The conclusions and recommendations in this report reflect the authors' best judgment in light of the information available to them at the time of writing. The QPs, RDA, and Micon reserve the right, but will not be obliged, to revise this report and conclusions if additional information becomes known to them subsequent to the date of this report. Use of this report acknowledges acceptance of the foregoing conditions.

**2.1** **Units of Measurement and Abbreviations** 

All currency amounts are stated in United States dollars, unless otherwise stated. Quantities are stated *either* in metric units, the standard Canadian and international practice, including metric tonnes (t), kilograms (kg) and grams (g) for mass, kilometres (km) or metres (m) for distance, hectares (ha) for area, and grams per metric tonne (g/t) for gold and silver grades (g/t Au, g/t Ag) *or* in imperial measures including feet, inches, pounds and short tons (T, each of 2,000 pounds). Precious and base metal grades may be expressed in parts per million (ppm) or parts per billion (ppb) and their quantities may also be reported in troy ounces (ounces, oz), ounces per short ton (opt) for precious metals and in pounds (lbs) for base metals, a common practice in parts of the mining industry.

Table 2.1 provides a list of units and abbreviations that are used in this report.

**Table 2.1**

**Units and Abbreviations**

---

| | | | |
|:---|:---|:---|:---|
| **Abbreviation** | **Name** | **Abbreviation** | **Name** |
| $, US$, CAD | Dollar(s) US, Canadian | L | Litre(s) |
| % | Percent(age) | Lb, lbs | Pound(s) avoirdupois |
| < | Less than | m | Metre(s) |
| > | Greater than | M | Million(s) |
| ° | Degree(s) | Moz | Million ounces |
| °C | Degrees Celsius | Ma | Million years |
| 3D | Three-dimensional | Masl | Metres above sea level |
| Ag | Silver | mg | Milligram(s) |
| As | Arsenic | Micon | Micon International Limited |
| Au | Gold | mm | Millimetre(s) |
| AUP | Administrative Use Permit | MSO | Mineable Shape Optimizer |
| Bi | Bismuth | Mt | Million tonnes |
| BLM | US Bureau of Land Management | Mt/y | Million metric tonnes per year |
| BMM | Blue Moon Metals Inc. | km | Kilometre(s) |
| CCA | Cedar Creek Associates Inc. | MMTS | Moose Mountain Technical Services |
| CCR | <u>California Code of Regulations</u> | MND | Mitigated Negative Declaration |
| CEQA | California Environmental Quality Act | n.a. | Not available/not applicable |
| cfm | Cubic feet per minute | NAD | North American Datum |
| CIL | Carbon in leach | NEPA | National Environmental Policy Act |

---

Blue Moon Mine 22 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Abbreviation** | &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Abbreviation** | &nbsp;&nbsp;**Name** |
| &nbsp;&nbsp;CIM | &nbsp;&nbsp;Canadian Institute of Mining, Metallurgy and Petroleum | &nbsp;&nbsp;NI 43-101 | &nbsp;&nbsp;Canadian National Instrument 43-101 |
| &nbsp;&nbsp;cm | &nbsp;&nbsp;Centimetre(s) | &nbsp;&nbsp;NOI | &nbsp;&nbsp;Notice of Intent |
| &nbsp;&nbsp;Conc. | &nbsp;&nbsp;Concentrate | &nbsp;&nbsp;NPV, NPV8 | &nbsp;&nbsp;Net present value, at 8% discount |
| &nbsp;&nbsp;CRIP | &nbsp;&nbsp;Complex resistivity | &nbsp;&nbsp;NSR | &nbsp;&nbsp;Net smelter return |
| &nbsp;&nbsp;CSA | &nbsp;&nbsp;Canadian Securities Administrators |  |  |
| &nbsp;&nbsp;Cu | &nbsp;&nbsp;Copper | &nbsp;&nbsp;opt | &nbsp;&nbsp;Ounces per short ton |
| &nbsp;&nbsp;d | &nbsp;&nbsp;Day (24 hours) | &nbsp;&nbsp;oz | &nbsp;&nbsp;Ounces (troy) |
| &nbsp;&nbsp;DEM | &nbsp;&nbsp;Digital elevation model | &nbsp;&nbsp;oz/y | &nbsp;&nbsp;Ounces per year |
| &nbsp;&nbsp;EA | &nbsp;&nbsp;Environmental Assessment | &nbsp;&nbsp;Pb | &nbsp;&nbsp;Lead |
| &nbsp;&nbsp;EIR | &nbsp;&nbsp;Environmental Impact Report | &nbsp;&nbsp;ppb | &nbsp;&nbsp;Parts per billion |
| &nbsp;&nbsp;EIS | &nbsp;&nbsp;<u>Environmental Impact Statement</u> | &nbsp;&nbsp;ppm | &nbsp;&nbsp;Parts per million |
| &nbsp;&nbsp;ELOS | &nbsp;&nbsp;Equivalent Linear Overbreak/Slough (Mining Dilution) | &nbsp;&nbsp;PRI | &nbsp;&nbsp;Principles for Responsible Investment |
| &nbsp;&nbsp;EP | &nbsp;&nbsp;<u>Equator Principles</u> | &nbsp;&nbsp;QA/QC | &nbsp;&nbsp;Quality Assurance/Quality Control |
| &nbsp;&nbsp;ESG | &nbsp;&nbsp;<u>Environment, Social and Governance</u> |  |  |
| &nbsp;&nbsp;F | &nbsp;&nbsp;<u>Fluorine</u> | &nbsp;&nbsp;RDA | &nbsp;&nbsp;<u>Resource Development Associates Inc.</u> |
| &nbsp;&nbsp;FLPMA | &nbsp;&nbsp;<u>Federal Law Policy and Management Act</u> | &nbsp;&nbsp;s | &nbsp;&nbsp;Second |
| &nbsp;&nbsp;ft, ft<sup>3</sup> | &nbsp;&nbsp;Foot, feet (linear, cubic) | &nbsp;&nbsp;Sb | &nbsp;&nbsp;Antimony |
| &nbsp;&nbsp;g | &nbsp;&nbsp;Gram(s) | &nbsp;&nbsp;SEC | &nbsp;&nbsp;<u>Securities and Exchange Commission</u> |
| &nbsp;&nbsp;g/t | &nbsp;&nbsp;Grams per metric tonne | &nbsp;&nbsp;SEDAR | &nbsp;&nbsp;System for Electronic Document Analysis and Retrieval (https://sedarplus.ca) |
| &nbsp;&nbsp;gal | &nbsp;&nbsp;Gallons (US) | &nbsp;&nbsp;SG | &nbsp;&nbsp;<u>Specific gravity</u> |
| &nbsp;&nbsp;GIIP | &nbsp;&nbsp;Good International Industry Practice | &nbsp;&nbsp;SGMA | &nbsp;&nbsp;Sustainable Groundwater Management Act (California) |
| &nbsp;&nbsp;GIS | &nbsp;&nbsp;Geographic Information System | &nbsp;&nbsp;SI | &nbsp;&nbsp;Système International d'Unités |
| &nbsp;&nbsp;GISTM | &nbsp;&nbsp;Global Industry Standard for Tailings Management | &nbsp;&nbsp;SMARA | &nbsp;&nbsp;Surface Mining and Reclamation Act (California) |
| &nbsp;&nbsp;h | &nbsp;&nbsp;Hour | &nbsp;&nbsp;t | &nbsp;&nbsp;Tonne (metric) |
| &nbsp;&nbsp;ha | &nbsp;&nbsp;Hectare(s) | &nbsp;&nbsp;T | &nbsp;&nbsp;Short ton (2,000 lbs) |
| &nbsp;&nbsp;ICMC | &nbsp;&nbsp;International Cyanide Management Code | &nbsp;&nbsp;TC/RC | &nbsp;&nbsp;Treatment charge / Refining Charge applied by a buyer of concentrates |
| &nbsp;&nbsp;ICMM | &nbsp;&nbsp;International Council on Mining and Metals | &nbsp;&nbsp;TMF | &nbsp;&nbsp;Tailings Management Facility |
| &nbsp;&nbsp;ID<sup>3</sup> | &nbsp;&nbsp;Inverse Distance Cubed | &nbsp;&nbsp;UNEP | &nbsp;&nbsp;United Nations Environment Program |
| &nbsp;&nbsp;IFC PS | &nbsp;&nbsp;International Finance Corporation Environmental and Social Performance Standards | &nbsp;&nbsp;USGS | &nbsp;&nbsp;United States Geological Survey |
| &nbsp;&nbsp;in | &nbsp;&nbsp;Inch(es) | &nbsp;&nbsp;UTM | &nbsp;&nbsp;<u>Universal Transverse Mercator</u> |
| &nbsp;&nbsp;IP | &nbsp;&nbsp;Induced polarization | &nbsp;&nbsp;WB EHS | &nbsp;&nbsp;World Bank Environmental, Health and Safety Guidelines |
| &nbsp;&nbsp;IRR | &nbsp;&nbsp;Internal rate of return | &nbsp;&nbsp;y | &nbsp;&nbsp;Year |
| &nbsp;&nbsp;IW | &nbsp;&nbsp;Intersected Width | &nbsp;&nbsp;Zn | &nbsp;&nbsp;<u>Zinc</u> |
| &nbsp;&nbsp;kg | &nbsp;&nbsp;Kilogram(s) | &nbsp;&nbsp;ZnEq | &nbsp;&nbsp;Zinc Equivalent - polymetallic rock value expressed in terms of zinc content |

---

Blue Moon Mine 23 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**3.0 RELIANCE ON OTHER EXPERTS**

The Qualified Persons (QPs) responsible for preparation of this report are not experts in legal matters and offer no opinion as to the validity or status of the mineral titles claimed. The authors are required by NI 43-101 to include a description of the Property title, terms of legal agreements and related information in Section 4 of this report. In this respect, the QPs have relied on the title opinion of Dorsey & Whitney, LLP, dated December 18, 2024.

Section 20 of this report was prepared under the supervision of QP Christopher Jacobs, CEng MIMMM. Mr. Jacobs has relied upon the expertise of (i) Becky Humphrey, C.Env., MIMMM for the discussion of existing environmental conditions, potential liabilities and remediation in Sections 20.2–20.6 (unpublished draft, received 10 Jan 2025), and (ii) Mr. Jordan Main of Compass Land Group and Mr. Martin P. Stratte of Hunton Andrews Kurth LLP for information relating to existing permits, future permitting requirements, and methods of obtaining those permits (combined comments received on draft report, 02–10 Apr 2025), as described in Sections 4 and 20.1 of this report and summarized in Sections 1 and 26. Accordingly, the environmental and permitting matters discussed herein are provided for information purposes only as required in terms of NI 43-101 and neither the QP nor Micon offers any opinion in this regard.

No other experts were relied upon in the preparation of this technical report.

Blue Moon Mine 24 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**4.0 PROPERTY DESCRIPTION AND LOCATION**

**4.1** **General** **d escription and l ocation** 

The Blue Moon Project is located in eastern, central California along the eastern foothills of the Sierra Nevada Mountains. It is located at latitude 37°33'55 "N and longitude 120°15'22"W, approximately 120 miles south-southeast of San Francisco. The Project is in Mariposa County, California and is situated within Township 4 South, Range 16 East (T4S, R16E), sections 19 and 30, as referenced to the Mount Diablo meridian and baseline of Public Land Survey System (PLSS). The historic and collapsed Blue Moon mine workings are denoted on the Merced Falls 7.5 minute USGS topographic map by two shaft symbols plotted in the SE corner of section 19.

The town of Mariposa, located sixteen miles east of the Project, is the county seat, has a population of around 2,000 and a tourist-based economy relying heavily on visitors to Yosemite National Park. The town of Merced, with a population of around 80,000 inhabitants, is twenty-two miles to the southwest of Blue Moon and has a diverse economy related to large scale agriculture and is home to University of California Merced. The local community of Hornitos with a population of about 75 and minimal services is situated about 4.5 miles south of the Project.

**Figure 4.1**

**Blue Moon Location Map**

![](tm2533647d1_ex41-img01.jpg)

Source: Meade (2002)

Blue Moon Mine 25 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**4.2** **Mineral** **T enure** 

The Blue Moon Property consists of three distinct land tenure components that cover 494.25 acres. These include:

&nbsp;&nbsp;&nbsp;&nbsp;1. Two patented mineral claims (American Eagle, and Blue Bell &
Bonanza) owned 100% by Keystone Mines Inc.; BMM owns the surface and subsurface rights here.

&nbsp;&nbsp;&nbsp;&nbsp;2. Eight federal lode claims (Red Cloud 1-8) held 100% by Keystone
Mines Inc., BMM's wholly owned US subsidiary which has the mineral rights pursuant to BLM claims.

&nbsp;&nbsp;&nbsp;&nbsp;3. 100% interest in the mineral rights from two Spanish Land Grants
of the James Gann Jr. Trust of 1991, owned by Keystone Mines Inc. in conjunction with a surface rights lease agreement for 4 0 acres,
pursuant to an option purchase agreement completed in 2001.

Figure 4.2 shows the relative positions of the patented claims (blue), unpatented claims (red) and the private Gann land (green).

Table 4.1 (over) lists the current Blue Moon mineral claims and surface rights on private land.

Unpatented mining claim maintenance fees are current and paid through August 31, 2025.

The Property was previously owned by Westmin Mines, Inc., an Idaho corporation and subsidiary of Westmin Resources, Inc. On September 12, 2002, Westmin Resources was acquired by Expatriate Resources Ltd., now Yukon Zinc Corporation. The acquisition was subject to a purchase agreement with Boliden Westmin (Canada) Limited, whereby Expatriate acquired 100% interest in Westmin Resources, Inc. in return for the issuance of 3 million common shares and the granting of a 0.5% net smelter return royalty capped at US$500,000 to Boliden Westmin.

The subsidiary Westmin Mines, Inc. changed names to Keystone Mines, Inc, on October 25, 2002. In 2004, Expatriate transferred Keystone to Pacifica Resources Ltd., now EDM Resources Inc., through a Plan of Arrangement. Subsequently, in 2007, Pacifica through a Plan of Arrangement, transferred Keystone to Savant Explorations Ltd. Savant Explorations Ltd. changed names to Blue Moon Zinc Corp. on June 5, 2 017 and changed its name to Blue Moon Metals Inc. on April 13, 2021. Currently the Blue Moon Property is controlled by Blue Moon Metals Inc. through its 100% ownership of the US subsidiary Keystone Mines, Inc., an Idaho Corporation.

In 2017, Northern Empire Resources Corp. (NM) through an agreement with Imperial Metals Corporation, acquired a 10% net profits interest (NPI) in the Blue Moon Project through the takeover of Imperial's Sterling Mines subsidiary. The NPI is only to be paid after deducting all operating expenses, all pre-production expenditures dating back to May 14, 1996, and all post-production expenditures. A finance charge of Prime plus one-half of one percent is also to be deducted before any NPI is paid. The NPI was repurchased and extinguished by Keystones Mines Inc. in January 2018 through the issuance of 300,000 Blue Moon Metals Inc. common shares and the payment of US$20,000 cash to NM.

A Mineral Deed dated effective September 1, 2001, and recorded March 4, 2008, as Document No. 2 080941, reserved to the James W. Gann, Jr. Trust of 1991, a 3% Net Smelter Returns (as defined in the deed) that in the aggregate was not to exceed US$200,000 on the lands included in the Gann Land.

In September 2020, Blue Moon Metals Inc. repurchased two separate 1% Net Smelter Returns (NSR) on the Blue Moon Project by paying each 1% NSR holder US$12,000 or US$24,000 in total.

Blue Moon Mine 26 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 4.2**

**Current Land Status at the Blue Moon Project**

![](tm2533647d1_ex41-img02.jpg)

Blue Moon Mine 27 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 4.1**

**Blue Moon Claims**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **#** | **Claim Type** | **Status** | **Claim <br> Reference #** | **Claim <br> Name** | **Claim <br> Size<br> (Acres)** | **Parcel <br> Number <br> (APN)** | **Claim <br> Owner** | **Notes** |
| **Patented Claims** | **Patented Claims** | **Patented Claims** | **Patented Claims** | **Patented Claims** | **Patented Claims** | **Patented Claims** | **Patented Claims** | **Patented Claims** |
| 1 | Patented Mineral Claim | Active | MS 5719 | American Eagle | 20.67 | 007-120-005-0 | Keystone Mines Inc. | Patent No. 973403 dated January 28, 1926, covering Mineral Survey No. 5719, for the American Eagle lode mining claim, covering portions of Section 30, Township 4 South, Range16 East, MDM. |
| 2 | Patented Mineral Claim | Active | M5718 | Blue Bell and Bonanza | 22.4 | 007-120-002-0 | Keystone Mines Inc. | Patent No. 959494, dated May 18, 1925, covering Mineral Survey No. 5718, for the Blue Bell and Bonanza lode mining claims, covering portions of Section 30, Township 4 South, Range 16 East, MDM. |
| **BLM Land** | **BLM Land** | **BLM Land** | **BLM Land** | **BLM Land** | **BLM Land** | **BLM Land** | **BLM Land** | **BLM Land** |
| 3 | Unpatented Mining Claim (Federal Lode Claim) | Active | CA101349794 | Red Cloud #1 | 20.32 | 007-100-010-0 | Keystone Mines Inc. | Land administered by Bureau of Land Management (Federal Land) |
| 4 | Unpatented Mining Claim (Federal Lode Claim) | Active | CA101303528 | Red Cloud #2 | 20.66 | 007-100-010-0 | Keystone Mines Inc. | Land administered by Bureau of Land Management (Federal Land) |
| 5 | Unpatented Mining Claim (Federal Lode Claim) | Active | CA101300462 | Red Cloud #3 | 6.89 | 007-100-010-0 | Keystone Mines Inc. | Land administered by Bureau of Land Management (Federal Land) |
| 6 | Unpatented Mining Claim (Federal Lode Claim) | Active | CA101301850 | Red Cloud #4 | 20.66 | 007-120-003-0 | Keystone Mines Inc. | Land administered by Bureau of Land Management (Federal Land) |

---

Blue Moon Mine 28 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **#** | **Claim Type** | **Status** | **Claim <br> Reference #** | **Claim <br> Name** | **Claim <br> Size<br> (Acres)** | **Parcel <br> Number <br> (APN)** | **Claim <br> Owner** | **Notes** |
| 7 | Unpatented Mining Claim (Federal Lode Claim) | Active | CA101452189 | Red Cloud #5 | 20.66 | 007-120-003-0 | Keystone Mines Inc. | Land administered by Bureau of Land Management (Federal Land) |
| 8 | Unpatented Mining Claim (Federal Lode Claim) | Active | CA101379487 | Red Cloud #6 | 20.66 | 007-120-003-0 | Keystone Mines Inc. | Land administered by Bureau of Land Management (Federal Land) |
| 9 | Unpatented Mining Claim (Federal Lode Claim) | Active | CA101347731 | Red Cloud #7 | 3.16 | 007-120-004-0 | Keystone Mines Inc. | Land administered by Bureau of Land Management (Federal Land) |
| 10 | Unpatented Mining Claim (Federal Lode Claim) | Active | CA101378594 | Red Cloud #8 | 6.89 | 007-100-010-0 | Keystone Mines Inc. | Land administered by Bureau of Land Management (Federal Land) |
| **Private Land** | **Private Land** | **Private Land** | **Private Land** | **Private Land** | **Private Land** | **Private Land** | **Private Land** | **Private Land** |
| 11 | GANN Lands | Active | Letter dated 1 September 2001 | Spanish Land Grant (J.GANN) | 331.28 | 007-120-007-0 | Keystone Mines Inc. | Includes 40 acre surface rights, flexible location within total 320 acre area |

---

Blue Moon Mine 29 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

The Project is located within the boundaries of the County of Mariposa in the state of California. Mariposa County is the lead agent for all county, state and federal permitting jurisdictions. Exploration permits are issued by Mariposa County through an Administrative Use Permit ("AUP"). The Company's existing AUP expired on June 26, 2023 and the Company will need to apply for a new AUP before commencing any future drilling activities. The Company must file a Notice of Intent to Operate (NOI) with the Bureau of Land Management. The Company has a current NOI in place through to August 27, 2 026.

To the extent known, there are no other royalties, back-in rights, payments or other encumbrances to which the Property is subject. The author knows of no known environmental liabilities for which the Property is subject. The author knows of no other significant factors and risks that may affect access, title or the right or ability to perform work on the Property.

Blue Moon Mine 30 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY**

**5.1** **Access** 

The Blue Moon Property is located 22 miles northeast of Merced, California, and approximately 120 miles east-southeast of San Francisco, California.

Access to the Blue Moon Project is via California County Route J16 also known as Hornitos Rd. and Bear Valley Rd. The road is a paved secondary highway between the communities of Hornitos (population <75) and Bear Valley (population <60). Two miles north of Hornitos, at the intersection of J16 and Exchequer Rd., the Project access is provided by 3.4 miles of gravel roads consisting of county right-of-way across open, private ranch lands and BLM Federally managed ground.

**5.2** **Topography** **, E levation and V egetation** 

The Blue Moon Project is located in the lower foothills of the western Sierra Nevada mountains. The mineralized Property generally coincides with and lies along a broad, prominent northwest trending ridgeline known as Bullion Hill. Elevations on the Project site are between 1,420 ft and 1,180 ft above mean sea level. Lands falling away to the east and west are open, rolling hills covered with tall grasses and sparsely scattered oak trees with some pines. Drainage to the east and south is into Hornitos Creek and the San Joaquin River; to the east and north into Lake McClure behind the Exchequer dam on the Merced River; to the west into Lake McSwain below Exchequer dam on the Merced River.

**Figure 5.1**

**Drone View from Above Blue Moon Shaft to the South Along Ridge**

![](tm2533647d1_ex41-img03.jpg)

Source: Henricksen and Wilson (2023)

Blue Moon Mine 31 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**5.3** **Climate** 

The average yearly temperature for Hornitos, 4.5 miles south of the Blue Moon Property, is 61°F with an average temperature of 82°F (maximum 100°F) in July and an average of 48°F (minimum 34°F) in December and January. The average yearly precipitation for the area is approximately 19 inches with a high of 13.5 inches between December and the end of March, and a low of 0.5 inches in July and August. Precipitation generally comes as gentle falls rains between October and January and as occasional heavy downpours sometimes causing local flash flooding and small landslides or slumps. Rare occasional trace of snow can occur in winter. Summers are hot and dry.

**5.4** **Infrastructure** 

A small storage facility is in place on the site consisting of six steel, lockable, Conex-type shipping containers used for core storage and temporary office space, and 400 linear feet of outdoor, steel core racks under corrugated, steel roofing.

Necessary additional rental equipment to adequately supply and support drilling campaigns has proven to be readily available nearby. Any future potential development beyond exploratory drilling will require additional infrastructure as there are currently no services available at the Project site.

Overhead transmission lines from the Exchequer hydro dam pass close to the Property (Figure 5.2) and it is anticipated that a connection to this grid will provide power for the Project.

Existing wells could provide water for exploration drilling and should be tested to establish their adequacy to support the potential mining and processing operations, subject to which additional wells may be required.

The site has adequate space within which to locate the surface infrastructure for mining, processing and waste (tailings) storage as described elsewhere in this report (see Figure 18.1). Personnel are anticipated to be drawn from neighbouring communities including the towns of Mariposa and Merced.

Blue Moon Mine 32 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 5.2**

**Existing Infrastructure**

![](tm2533647d1_ex41-img04.jpg)

Blue Moon Mine 33 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**6.0 HISTORY**

**6.1** **Background** 

Extending along the foothills of the west slope of the Sierra Nevada from Butte County on the north to Fresno County on the south is a discontinuous belt of copper and zinc mineralization. This belt also has been the source of substantial amounts of gold. Gold-bearing gossans in the oxidized zones overlying the copper-zinc deposits were mined during the gold rush. Later, during the copper "booms" of the Civil War and World Wars I and II, considerable amounts of gold were recovered as a by-product. During the 1 930s a few gossan deposits in this belt were again mined for gold.

The primary copper and zinc deposits consist of lenticular sulphide bodies in zones of alteration in greenstones and various types of schists. Mineralization contains abundant pyrite with associated chalcopyrite, sphalerite and some gold and silver. Most of the mineralization contains only a small fraction of an ounce of gold per ton, but some deposits have yielded as much as one ounce of gold per ton. Also present are galena, bornite, tetrahedrite, covellite, and chalcocite.

The most important mines in the foothill belt have been the Big Bend mine, Butte County; Spencerville and Boss mines, Nevada County; Dairy Farm and Valley View mines, Placer County; Copper Hill and Newton mines, Amador County; Penn, Quail Hill, Napoleon, Collier, Keystone-Union, and North Keystone mines, Calaveras County; Blue Moon, Pocahontas, Green Mountain and La Victoria mines, Mariposa County; Buchanan, Jessie Belle, and Daulton mines, Madera County; and Fresno Copper and Copper King mines, Fresno County.

Considerable by-product gold has been recovered from copper mines in the Moonlight District of northeastern Plumas County, the principal sources having been the Walker, Engels, and Superior mines. However, few production figures are available, so the total gold output of these mines is unknown. In 1 931, the Walker mine was the source of 432,000 tons of copper ore that had an average gold content of 0.05 ounces per ton. At the Walker mine, the mineral bodies consist of wide chalcopyrite-bearing quartz veins in schist and hornfels near granitic rocks. At the Engels and Superior mines, the deposits are bands of chalcopyrite and bornite in sheared granitic rocks.

The Blue Moon deposit is the largest known volcanogenic massive sulphide deposit of its type within the Foothills Massive Sulphide Belt.

A few miles to the south of the Blue Moon Property in Mariposa County is the nearby town of Hornitos. a formerly rollicking Mexican village that sprang up in the 1850s from the newly rich gold diggings at Quartzburg. Situated on Burns Creek, "Hornitos" means "little ovens" in Spanish and was named for the above ground rock and adobe graves of Mexican settlers found in the area. These gravestones were built like little square bake ovens. The population is less than 75 residents today.

Blue Moon Mine 34 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**6.2** **Blue** **M oon P roperty** 

6.2.1 1890 - 1945

Although copper was discovered in Mariposa County during mid-1800s gold rush, initial exploration on the Property did not begin until the 1890's. Approximately 50 prospect pits, trenches, and shafts were developed by gold prospectors at that time, mainly on quartz outcrops and pyritic/gossanous outcrops. In 1899, the American Eagle adit was driven 300 ft into an alteration zone and an "appreciable quantity" of gold was produced from one of six known mineralized zones. This zone is now covered but was reported to be about 4 ft wide and consisted of oxidized sphalerite, pyrite, tetrahedrite, galena, chalcopyrite, silver, and gold, with grades of roughly 3% to 8% zinc, 2% to 11% copper, 1% lead, 1 opt to 3 opt silver, and 0.01 opt to 0.22 opt Au. This mine was worked until 1912, and then was idle until 1 942 when, during WWII, a small block of ground was stoped. By 1943, production from the American Eagle was suspended and it has remained inactive since then. No reliable figures for the total production at the American Eagle are available.

In the early 1930's prospecting in the Blue Moon area, just north of the American Eagle was begun. In 1 935 a small amount of Au-Ag-Cu oxide ore was mined, probably representing the surface expression of the Blue Moon Main Zone. In 1940, Red Cloud Mines, Inc. (Red Cloud), began developing shallow workings which intersected zinc, probably in the Main Zone in the area Blue Moon Shaft #1. The Federal Bureau of Mines had initiated a diamond-drilling program at the American Eagle mine based on an examination by one of its engineers in June 1943; drilling was done from January to March 1944. The results of this drilling by the government are unknown.

Exploratory drilling at that time verified continuity of the mineralization at depth. In 1943, Red Cloud was acquired by Hecla Mining Co. Production at a rate of 200 tons per day yielded ore with an average content of 14% zinc and minor copper, lead, silver and gold. Cutoff grade was defined as 7% zinc over a minimum stope width of four feet. Ore was milled and concentrated by flotation at the Jenny Lind gold mine and mill site located four miles to the southeast. Zinc concentrates were sold to Metals Reserve Co. at Merced Falls and later at Merced; copper concentrates were trucked to the ASARCO smelter at Selby, California.

In 1945, the "hanging wall fault breccia" caved twice, once in the summer and again in November. Following the second cave-in, all work at the Blue Moon mine was suspended. At that time the mine had been developed to a depth of 490 ft and along strike for 320 ft, with a total of 2,370 ft of workings. Total reported production amounted to 55,655 tons containing about 12.3% zinc, 0.37% copper, 0.48% lead, 3.76 opt silver, and 0.062 opt Au.

At the time of its closing, the consolidated Blue Moon mine was ranked as the eleventh largest producing mine, and by far the largest productive base metal mine, in Mariposa County.

6.2.2 1945 – 1975

Exploration and mining activities on the Property were paused during this period.

6.2.3 1976 - 1990

In 1976, Amselco acquired the Property from prospectors Tom Evans and Norm Stevens, and conducted soil geochemical and electromagnetic surveys and 4,161 feet of percussion drilling between 1976 and 1 979. Between 1981 and 1984, Colony Pacific Explorations Ltd. (an Imperial Metals Corporation subsidiary) conducted geological mapping, soil geochemical sampling, induced polarization and downhole EM geophysical surveys, and 33,385 ft of diamond drilling. This drilling was focused on testing the down dip extension of the mine area. Mr. Evans supervised this work and defined the steep plunge of the lenses to the south, still recognized today.

American Mine Services optioned the Property from Colony Pacific in 1983 and calculated a geological and mineable reserve, as per 1983 criteria, as well as undertaking preliminary metallurgical studies, mine engineering and design studies and site facilities planning but subsequently defaulted on their option agreement in 1983. Westmin Resources Limited concluded an option on the Property and conducted several exploration programs in the period 1984-1987 and completed 56,853 ft of diamond drilling expanding the resource base of the deposit and discovering the American Eagle lens and East lenses. The exploration work included recalculation of the mineral resource, and commencing engineering studies and conducting metallurgical, hydrological, and environmental baseline studies. In October 1987, Westmin terminated its option and converted its interest into an equity position in Colony Pacific. The latter continued with permitting of an underground exploration permit and made application for a permit for an underground development and exploration program. More than US$5 million in exploration was completed in the period (Thompson, 1995).

Blue Moon Mine 35 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

6.2.4 1991 - 2001

In 1991 Lac Minerals (eventually Barrick) optioned the Property from Colony Pacific and carried out 19,654 ft of drilling in 15 holes. Lac Minerals also completed soil and rock geochemical surveys, and HLEM and magnetic surveys. Westmin re-acquired the Property in May 1996 at a cost of US$1.45 million.

Following the repurchase in May of 1996, Westmin resumed evaluation of the development of the Blue Moon Property, however as budgetary priorities were being focused on the company's discovery at the Wolverine deposit in the Yukon, exploration and development efforts were diverted away from Blue Moon. In February 1998, Westmin granted Augusta Metals Corporation an option on the Blue Moon Property. Augusta completed 2,470 ft of drilling in five holes on the Lone Oak barite-gold prospect southeast of the main VMS zone. Subsequently Augusta failed to fulfill its work commitments, and the option was forfeited during 2000/2001.

6.2.5 2002 - Present

In 2002, Expatriate Resources Ltd. (Harlan Meade) purchased Westmin from Boliden. In 2004, the Blue Moon Property was spun out into Selwyn Resources Ltd. Subsequently, in 2007, Savant Explorations Ltd. was spun out from Selwyn Resources and issued a NI 43-101 resource estimate based on previous well-documented work programs in 2008 (Morris, R.J. and Giroux, G. 2008).

In 2017, Savant was renamed Blue Moon Zinc Corp., and an updated mineral resource estimate was issued. Between 2018 and 2021, a multi-year drilling program was carried out under a JV with Platina Resources, and a 10% NPI and two 1% NSR royalties were bought back.

In April, 2021, the company was renamed Blue Moon Metals Inc. (BMM).

In 2023, a geophysical (gravity) survey was conducted on the Property (Carpenter, T., 2023) and a revised resource estimate was published, including the 2018-2021 drilling data (Hendricksen, A.H. and Wilson, S., 2023).

Figure 6.1, Figure 6.2, and Figure 6.3 show some historical mine workings and previously mined mineralized rock at the Blue Moon Project.

Blue Moon Mine 36 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 6.1**

**American Eagle Mine Entrance**

![](tm2533647d1_ex41-img05.jpg)

Source: Morris and Giroux (2008)

**Figure 6.2**

**Blue Moon Mine; Historic Mine Shaft of Hecla**

![](tm2533647d1_ex41-img06.jpg)

Blue Moon Mine 37 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 6.3**

**Blue Moon VMS on Dump of Shaft 2**

![](tm2533647d1_ex41-img07.jpg)

Blue Moon Mine 38 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**7.0 GEOLOGICAL SETTING AND MINERALIZATION**

The Blue Moon deposit is hosted by the Upper Jurassic Gopher Ridge Formation of the Western Block of the Sierra Foothills Metamorphic Belt. This belt extends for 186 miles along the western foothills of the Sierra Nevada Mountains and is approximately 9.5 miles wide. Along the length of the belt, clusters of Zn-Cu rich, polymetallic, massive sulphide deposits occur at approximately 25-mile intervals. Many mines were developed between 1860 and the mid 1900s along the belt. One of the largest was the Penn mine in Calaveras County north of Mariposa County, which produced 883,402 tons of Cu-Zn-Pb (Au-Ag) ore (Martin, 1988).

**7.1** **Regional** **G eology** 

Rocks in the Sierra foothills consist of north trending tectonostratigraphic belts of metamorphosed sedimentary, volcanic, and intrusive rocks ranging in age from late Paleozoic to Mesozoic. These belts represent rock sequences, largely of island-arc affinity, that were accreted to the continent. They extend about 235 miles along the western side of the Sierra and are flanked to the east by the Sierra Nevada Batholith and to the west by sedimentary rocks of the Cretaceous and Jurassic Great Valley sequence.

The structural belts are internally bounded by the Melones and Bear Mountains fault zones, and are characterized by extensive faulting, shearing, and folding (Earhart, 1988). Historically, three belts have been identified in the southern Sierran foothills based on lithologic differences and the nature of gold mineralization - the West Gold Belt, the Mother Lode Belt, and the East Gold Belt. The Mother Lode Belt is responsible for most of the gold produced. However, substantial gold has been produced from the East Belt, as well as gold, copper, and other base metals from rocks of the West Belt.

The West Belt consists of an eastern component composed of an ophiolitic melange and a Jurassic age western component composed of the Copper Hill Volcanics, the Salt Springs slate, and Gopher Ridge Volcanics. The Bear Mountains fault zone separates the melange from the Copper Hill Volcanics. The West Belt contains widely scattered gold deposits occurring in quartz veins and stringers in schist, slate, granitic rocks, altered mafic rocks, and as gray ore in greenstone. The West Belt also hosts the Foothill Copper-Zinc Belt (Figure 7.1) and the massive sulphide deposits of the Penn Mine and other VMS deposits.

The Mother Lode Belt traverses western Calaveras County and consists of the upper Jurassic Logtown Ridge and Mariposa formations. The Logtown Ridge Formation consists of about 6,500 ft of volcanic and volcanic-sedimentary rocks of island arc affinity. The overlying Mariposa Formation contains a distal turbidite, hemipelagic sequence of black slate, schist, amphibolite and chlorite schist, fine-grained tuffaceous rocks, and subvolcanic intrusive rocks. The thickness of the Mariposa Formation is estimated to be about 2,600 ft thick at the Consumnes River (Earhart, 1988).

Mother Lode mineralization is characterized by steeply dipping gold-bearing mesothermal quartz veins and bodies of mineralized country rock adjacent to veins. Mother Lode mineral production is generally low to moderate grade (1/3 ounce of gold or less per ton), but mineral occurrences may be considered large in volume. Mother Lode veins are characteristically enclosed in Mariposa Formation slate with associated greenstone. The Mother Lode belt vein system ranges from a few hundred feet to a mile or more in width. Mother Lode type veins fill voids created within faults and fracture zones and consist of quartz, gold and associated sulphides, ankerite, calcite, chlorite, limonite, talc, and sericite. The Melones Fault zone separates the Mother Lode Belt from the East Belt.

Blue Moon Mine 39 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

The Eastern Belt is dominantly argillite, phyllite plus phyllonite, chert, and metavolcanic rocks of Paleozoic-Mesozoic age. The phyllite and phyllonite are dark to silvery gray. The chert is mostly thin bedded with phyllite partings.

**Figure 7.1**

**Foothills Copper-Zinc Belt, Western Sierra Nevada Mts., California**

![](tm2533647d1_ex41-img08.jpg)

Source: Henricksen and Wilson (2023)

The Paleozoic-Mesozoic metasedimentary and metavolcanic rocks of the Eastern Belt have been assigned to the Calaveras Complex by most investigators (Earhart, 1988). Older Paleozoic metamorphic rocks have been assigned to the Shoo Fly Complex. The metamorphic complexes have been intruded in places by Mesozoic plutonic rocks.

Lode deposits of the East Belt consist of many individual gold-bearing quartz veins enclosed in metamorphic rocks of possible Jurassic age, metamorphic rocks of the Calaveras Complex, metamorphic rocks of the Shoo Fly complex, or in granitic rocks. Most of the veins trend northward and dip steeply. An east-west set of intersecting faults may be a controlling factor in controlling deposition of metals. Mineral deposits of the East Belt are smaller and narrower than those of the Mother Lode, but commonly are more chemically complex, and richer in grade. Gold is usually associated with appreciable amounts of pyrite, chalcopyrite, pyrrhotite, galena, sphalerite, and arsenopyrite.

Blue Moon Mine 40 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**7.2** **Local** **G eology** 

The Foothill Copper-Zinc Belt (Figure 7.1) forms part of a complex litho-tectonic belt of Jurassic age island arc metavolcanic, metasedimentary, and meta-plutonic rocks. It lies west of, and roughly parallel to the Mother Lode gold belt. The metallic deposits, which form lenticular bodies in the metavolcanic rocks, are primarily composed of massive pyrite and various amounts of chalcopyrite, sphalerite, gold and silver. Some deposits, however, contain small amounts of pyrrhotite, galena, tetrahedrite, or bornite.

Until the early 1970s, the massive sulphide deposits at the Penn Mine were thought to be epigenetic replacement deposits formed along shear zones (Heyl, et al, 1948; Clark and Lydon, 1962). The reinterpretation of massive sulphide deposits in Japan as being of volcanogenic origin rather than replacement deposits resulted in a re-evaluation of many massive sulphide deposits in the western US. As a result, more recent studies of specific deposits, including those of the Penn Mine, have proposed a syngenetic origin of these deposits (Peterson, 1985).

Kemp (1982) defined the island-arc setting in which the Foothill Copper-Zinc Belt deposits are situated. Schmidt (1978) defined the textural and structural attributes, stratigraphic framework, and the sulphide mineralogy at the Penn Mine and concluded these deposits are more indicative of Kuroko-type syngenetic volcanogenic sulphides. Bedrock at the Penn Mine consists primarily of greenschist-facies metavolcanic rocks of the Gopher Ridge Volcanics that strike N30°W and dip steeply to the east (generally greater than 70°).

Despite the regional metamorphism and eastward tilting there is little evidence of major folding or faulting in the area (Peterson, 1985). The metavolcanic rocks have a weak to intense foliation paralleling the strike. Peterson (1985) subdivided the Gopher Ridge Volcanics at the Penn Mine into one intrusive and five volcanic sub-units based on prominent lithologic features: 1) felsic quartz porphyry intrusive unit, 2) siliceous tuff unit, 3) basalt unit, 4) mafic to intermediate tuff unit, 5) heterogeneous tuff unit, and 6) vent complex unit.

Most of the copper-zinc deposits are intimately associated with sills and lenses of the felsic quartz porphyry unit which occur within the lower three volcanic units. Also associated with the deposits are large areas of sericitic and silicic alteration that produced a quartz sericite schist, and chloritic, hematitic, and pyritic alteration halos around the mineralization. Mineralization occurs in two distinct zones; a western ore zone lying to the east of quartz porphyry schist and along which Shaft Nos. 1, 2, 6 were sunk, and an eastern ore zone just west of chloritic quartz porphyry, which was mined in shafts Nos. 3 and 4. Twelve separate zones were differentiated during underground mining. Heyl et al (1948) provides numerous cross sections through many of these areas within the mine.

Schmidt (1978) identified several zoned mineralization types including massive sulphides, stringer veins and disseminated mineralization. The principal domains consist of massive mixtures of sphalerite, pyrite, bornite, and chalcopyrite with minor gangue comprised of barite, quartz, calcite and/or mica schist, and rare to minor galena and tetrahedrite/tennantite. Quartz, selenite, and some native copper are also present (Clark and Lydon, 1962).

Many of the massive zones are banded with alternating layers of chalcopyrite, pyrite, or sphalerite, 2 wwwhereas others are a fine-grained heterogeneous mixture of up to 60% sphalerite, 50% pyrite, and varying proportions (up to 30%) of copper and accessory minerals. Many of the banded mineral bodies show kinks, swirls, and folds indicative of post-deposition deformation (Schmidt, 1978). The mineralization shapes are lenticular in form, and the long axes plunge down dip or steeply to the north or south. Mineralization shows pronounced elongation with length-to-width ratios ranging from 2:1 to 5 :1 and averaging 3:1 (Schmidt, 1978). They varied considerably in size, some having been mined along the pitch length of as much as 1,000 ft (Heyl et al, 1948). Thickness of mineralization varies from 4 ft to 30 ft. Stringers are pyrite, chalcopyrite, sphalerite, bornite, calcite, barite, and quartz. Gangue of fine-medium-grained aggregates of quartz, calcite, and barite occur interstitial to the stringers.

Blue Moon Mine 41 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

Disseminated mineralization consists of disseminated pyrite, chalcopyrite, and sphalerite, and are associated with extensive wall-rock alteration (Schmidt, 1978). Fine-grained pyrite comprises between 1 % to 10% of the rock. Mineralization displays a strong asymmetric zonation both in mineralogy and mode of mineral occurrence, which was not consistent with a replacement origin.

A typical mineral body in the Western zone consists of: 1) a hanging wall layer of massive to banded mineralization rich in sphalerite, barite, chalcopyrite, pyrite, and galena, and tetrahedrite-tennantite, with sphalerite-barite rich mineralization being more abundant towards the hanging wall, and copper minerals more abundant towards the footwall; 2) a zone of stringer mineralization with copper minerals (bornite and chalcopyrite), pyrite, quartz, and minor tetrahedrite; and 3) quartz-pyrite veinlets and disseminated pyrite mineralization with quartz porphyry or rhyolitic tuffs.

In the Eastern zone, the above sequence is reversed, occurring from footwall to hanging wall. The zoning was attributed to a syngenetic process where gravity would contribute to the asymmetry of both the mineral types and alteration effects (Schmidt, 1978). Mineralized zones are conformable with the volcanic section. Mineralization lies along bedding and schistosity planes rather than along fault planes or fractures zones as would be expected by a hydrothermal origin. These zones also exhibit stratigraphic selectivity, occurring only within or to one side of a felsic quartz porphyry.

Mineralization commonly occurs at the contact of a felsic porphyry with more mafic rocks. The felsic quartz porphyry intrusive units and parts of the volcanic units are altered to sericite and silicified in the stratigraphic horizons of the deposits (Peterson, 1985). Similar associations of felsic rocks and alteration are characteristic of Kuroko-type deposits massive sulphide deposits (Franklin et al, 1981). The fluids affecting the felsic quartz porphyry intrusive and responsible for the mineralization are thought to have had a common origin, with alteration occurring contemporaneously with deposition of the metallic mineralization. First the volcanic units were deposited in an island arc environment. Contemporaneous with or shortly after their deposition, felsic quartz porphyry bodies intruded the volcanic rocks along bedding planes to form a number of sills, the massive sulphide bodies were deposited, and the adjacent country rock was altered.

**7.3** **Property** **G eology** 

The Gopher Ridge Formation in the area of the Blue Moon deposit consists of a basal sequence of basalt and andesite overlain by a rhyolite, Figure 7.2. The rhyolite strata are up to 300m thick and host the Blue Moon deposit(s). The sulphide-sulphate mineralized lenses are hosted in the lower part of the felsic sequence. The felsic volcanic rocks are succeeded to the east by volcaniclastic rocks and ultimately by deep-water argillaceous, sedimentary rocks (Meade, 1996).

Strata at Blue Moon strike approximately 20° west of north, dip near vertically, face to the east and are tightly folded. Minor fold features suggest a steep, north plunge of the regional structure. All lithologies have undergone low grade metamorphism and the prefix "meta" is not applied to lithologic names for the sake brevity in writing. Lithologies observed at Blue Moon exhibit metamorphic characteristics of the lower greenschist facies. The rhyolite strata have been subdivided on the basis of phenocryst mineralogy into three distinct units: aphyric rhyolite, feldspar porphyry rhyolite and quartz-feldspar porphyry rhyolite. The distinction of these different types of rhyolite allows the modeling of the depositional environment of the volcanic rocks at the time of the sulphide mineralization and the identification of stratigraphic horizons within the felsic rocks. More massive phases of aphyric rhyolite define rhyolite dome features that are flanked by clastic, fragmental facies. The thinning of the aphyric rhyolite proximal to the domes defines favorable environments for deposition of massive sulphide mineralization. Further up the stratigraphic sequence, massive feldspar porphyry rhyolite appears to define sill or dyke features that locally truncate sulphide mineralization.

Blue Moon Mine 42 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

Sericitic alteration and bleaching of the rhyolite strata cause wide ranges in the appearance of the various rhyolite rocks, and careful distinction of alteration changes versus changes in lithology is important to defining the volcanic stratigraphy.

Lateral to the sulphide mineralization, chemical sedimentary rocks containing hematite, magnetite, barite, silica and manganese minerals, helped define mineralized horizons. Sulphide-barite mineralization on the edges of massive sulphide mineralization grades laterally into hematite-jasper iron formation, which, in turn, grades into manganese-bearing siliceous tuffaceous rock.

**Figure 7.2**

**Property Geology (Meade, 2002)**

![](tm2533647d1_ex41-img09.jpg)

Blue Moon Mine 43 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**7.4** **Mineralization** 

Probably the best local surface geology maps displaying mineralization at the Blue Moon deposits were those during Harlan Meade's leadership time with both Western Mines and Expatriate Resources (Figure 7.2). Several geologists, including Paul Wodjak and Garfield McVeigh are mentioned in the references. Several subsequent geologists have mapped offset faults in the Main Zone and more work is necessary to clarify these differences.

The Blue Moon deposit is a Kuroko-type volcanogenic massive sulphide deposit. The deposit is shown to have some similarities with the Lynx and Myra deposits at Myra Falls, Vancouver Island. Stacked sulphide-sulphate lenses occur in two or more horizons within a 50 ft to 180 ft stratigraphic interval. Four distinct lenses of massive sulphide mineralization have been identified; the West, Main, East and American Eagle zones. The American Eagle Zone appears to occur in the same stratigraphic position as the West Zone.

The West Zone occupies the lowest stratigraphic position and occurs near the base of the aphyric rhyolite sequence. The Main Zone lies stratigraphically above the West Zone and occurs with the first appearance of quartz and feldspar porphyry rhyolite. The East Zone lies stratigraphically above the Main Zone, although several authors have included it as part of the Main Zone. It is hosted entirely within feldspar porphyry rhyolite.

Massive sulphide mineralization consists of pyrite, sphalerite, chalcopyrite, galena, and minor tetrahedrite and bornite. Massive and semi-massive sulphides may be accompanied by purple anhydrite, gypsum or barite. Textures include massive, banded and clastic mineralization.

Metal zoning in base or precious metal is poorly understood although there is a strong tendency for narrower mineralized zones to be relatively richer in gold and silver and to have barite gangue.

The potential mineral horizons are enveloped by sericite-silica-pyrite alteration that extends laterally in the rhyolite stratigraphy at least 3,000 ft, as far as known mineralization is recognized, and more than 4 90 ft into the footwall andesite. A stockwork sulphide feeder zone is not clearly identified within the footwall alteration zone. This discordant sericite altered zone is linked to a lower strata-bound sericite altered zone in the footwall andesite which extends at least 0.7 miles to the south from the deposit and may be an important exploration tool to identify other mineralized centres.

The lower mineralized horizon (West and American Eagle zones) generally contains more pyrite, chalcopyrite, sphalerite, anhydrite and gypsum than the upper mineralized horizon (Main and East zones) which is comparatively enriched in galena, tetrahedrite and barite. The South Zone has not been studied. Gold and silver grades can be significant in the lower horizon lenses but are on average three times greater in the upper horizon lenses.

A database of some 1,540 samples is available for the deposit. All the samples are from drill core. Table 7.1 lists some of the general statistics.

Blue Moon Mine 44 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 7.1**

**Blue Moon Summary Statistics from Drill Core**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Parameter** | **Minimum** | **Maximum** | **Mean** | **Stand. Dev.** | **C.V.** |
| Sample length (ft) | 0.4 | 21.3 | 3.78 | 1.78 | 0.47 |
| Copper (%) | 0 | 10.7 | 0.35 | 0.85 | 2.44 |
| Zinc (%) | 0 | 46 | 2.37 | 5.09 | 2.15 |
| Lead (%) | 0 | 6.4 | 0.14 | 0.47 | 3.48 |
| Silver (oz/ton) | 0 | 40.3 | 0.69 | 2.44 | 3.55 |
| Gold (oz/ton) | 0 | 1.04 | 0.019 | 0.06 | 3.19 |

---

Blue Moon Mine 45 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**8.0 DEPOSIT TYPES**

The Blue Moon deposit is a Kuroko-type, polymetallic, volcanogenic, massive sulphide deposit, or VMS deposit. The sulphide-sulphate deposit is hosted in rhyolite. Anomalous metalliferous mineralization includes pyrite, sphalerite, chalcopyrite, galena, and minor tetrahedrite and bornite. The associated sulphate minerals are barite, gypsum and purple anhydrite. To date, four lenses of mineralization have been identified within at least two, possibly three, horizons. The lenses are enveloped by sericite-silica-pyrite alteration. Gold and silver grades are significant in the lower horizon lenses but are, on average, three times greater in the upper horizon lenses.

The volcanogenic massive sulphide deposit type and model for Blue Moon is considered appropriate, and the proposed exploration program is planned accordingly.

Blue Moon Mine 46 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**9.0 EXPLORATION**

Exploration of the Blue Moon Property, mostly historical in nature, was in part carried out by earlier owners and includes geological mapping, soil geochemical surveys and geophysical surveys, including an induced polarization survey and down-hole EM surveys.

BMM has carried out surface exploration at the prospect. Three drill campaigns were carried out in 2018, 2 019, and 2021 (see Section 10.0), and a gravity survey in 2023, as reported in Section 9.3.2, below.

**9.1** **Geological** **M apping** 

Westmin Resources and Expatriate Resources geologists carried out several campaigns of excellent geological mapping in the late 1980s and at Lone Oak in 1991. Mapping was at a scale of 1:500. A summary of the maps is shown in Figure 7.2.

Westmin's mapping found volcanic rocks of the Gopher Ridge Formation comprised basalt overlain by andesite and rhyolite. The rhyolite succession is 900 ft to 1,000 ft thick in the vicinity of the West and Main zone mineral deposits and is divided into four units based on quartz and feldspar phenocryst content and texture. The most important unit is the footwall rhyolite because it is key to localizing ore. It is a distinctive aphyric (cherty) rhyolite, commonly banded and highly variable in color. The top of the footwall rhyolite defines the West zone mineralized horizon. New zones of aphyric rhyolite to the south of Blue Moon, whether or not they are exactly correlative with the footwall rhyolite, are considered by previous authors to have better mineralization potential than other types of rhyolite.

The West zone horizon marks a sharp change in the rhyolite stratigraphic sequence at Blue Moon. Rhyolite above the West zone comprises clastic, sparsely feldspar porphyritic rhyolite ("curdy") rhyolite and quartz-feldspar porphyritic phases. The Main zone at Blue Moon lies above the West zone and occurs in sparsely porphyritic and curdy rhyolite 40 ft to 180 ft stratigraphically above the West zone. These phases of rhyolite are a less specific guide to ore. The footwall and curdy rhyolite appear to be domal features and either unit could host mineralization south of the American Eagle adit.

Rhyolite is prominent east and south of the Blue Moon deposits but should not be regarded as a negative feature to finding more mineralization. In fact, it might be considered favorable because most of the copper-zinc zones at the Penn deposit are closely associated with intrusive quartz porphyry rhyolite.

**9.2** **Geochemical** **S urveys** 

Two soil geochemical surveys were completed, one by Colony Pacific in the early 1980s was limited to main deposit area and a later survey by Lac Minerals in 1991 that covered the entire Property. In both surveys soil was collected from the "B" soil horizon. The analytical reports are no longer available; however, as the surveys were conducted by reputable mining companies, the author has no reason to doubt their authenticity.

Little detail remains on the Colony Pacific survey other than the grid spacing of 400 ft by 50 ft and that only zinc, copper, silver and barium were analyzed by the atomic absorption method. Colony Pacific found a moderately strong copper-zinc soil anomaly overlies the andesite footwall alteration zone and the sub-crop of the mineralized zones. It is 500 ft to 1,000 ft wide and extends to the southern limit of the survey at that time.

Blue Moon Mine 47 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

Hydromorphic dispersion downslope has enhanced the extent of copper and zinc anomalies. Silver was not useful and barium was ineffective due to incorrect analytic procedure. Apparently, no other elements such as lead were determined.

In the 1980's. Lac Minerals' (now Barrick) 1991 soil survey is more detailed (50 ft intervals on lines 200 ft apart), covered the entire Property, employed better methodology (ICP and fire assay AA finish) and analyzed for gold, silver, copper, lead, zinc, manganese, arsenic, antimony, barium and mercury. The survey shows that zinc and copper are commonly subject to hydromorphic dispersion in this local California climate. The results for lead, one of the least mobile of the metals analyzed is shown in Figure 9.1. The anomalous results highlight the rhyolite-andesite contact as being favorable to mineralization, and indicate the metalliferous nature of the contact.

**9.3** **Geophysics** 

9.3.1 EM Studies by Walker (2021)

Walker (2021) carried out a study on the effectiveness of EM surveys, both surface and down hole surveys, in finding new massive sulphides at the Blue Moon Property. He examined the old data and came up with the following conclusions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Based on the borehole logging and
 previous exploration reports, the sphalerite zones at the New Moon Project are not very conductive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Based on the
 EM carried out by Lac and Boliden the maximum depth of detection of the Main Zone was detected
 ~250 m below surface.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Based on the Boliden downhole EM
 data the Main Zone was detected in boreholes 60 m to 80 m away. However, if Hole 70 anomaly
 is related to BM83 that distance is larger.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· These depths
 and distances will depend upon how massive the zone is and also on the coupling of the surface
 loop and the conductor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For these deep targets I feel that
 borehole EM is your best bet. I would suggest surveying the holes as soon after drilling
 as possible to ensure the holes remain open and to help target your next holes.

9.3.2 Gravity (2023)

Tom Carpenter (2023) carried out a gravity survey in September of 2023. A total of 131 gravity stations were read above the drill locations of massive sulphides on the Blue Moon Project, over the course of four days. Stations were read on a 100 m grid with some 25 m infill stations. The work was carried out on a 4x4 ATV and on foot.

The massive sulphide zones with residual gravity stations in Figure 9.1. Figure 9.2 shows the NNW trending gravity low superimposed on the massive sulphide zones. These zones appear to nestle along the eastern edge of the gravity low. The gravity low probably is probably formational and is coincidental with phyllically altered rhyolite with the more mafic rocks being gravity highs. At Blue Moon the contact between the altered rhyolite and andesite is very favorable location for forming the VMS mineralization, even the actual massive sulphide zones are too thin and/or too deep to be recognized by widely spaced gravity stations. The drilling has shown that the VMS is often at the eastern contact of the rhyolite/andesite at Blue Moon as shown as the eastern contact of the gravity low.

Blue Moon Mine 48 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 9.1**

**Massive Sulphide Zones (Red) and Gravity Station Grid**

![](tm2533647d1_ex41-img10.jpg)

Source: Henricksen and Wilson (2023)

Blue Moon Mine 49 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 9.2**

**NNW Trending Gravity Low Superimposed Massive Sulphide Zones (Carpenter, 2023)**

![](tm2533647d1_ex41-img11.jpg)

Blue Moon Mine 50 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**10.0 DRILLING**

Most of the drilling on the Property was completed by previous owners, starting in 1942, and by BMM in 2018, 2019, and 2021.

Drilling has occurred on the Blue Moon Property since 1942 with a total of 136,416 ft of drilling in 124 drill holes. Most of the holes were drilled in the Blue Moon deposit area. A few holes were drilled in the Amselco Hill and Lone Oak areas, targeting the favorable stratigraphic horizon. Figure 10.1 shows the location of all drill holes on the Blue Moon prospect through 2023 (Shum, Kevin 2023).

**Figure 10.1**

**Location of All Drill Holes on the Blue Moon Prospect through 2023 (Shum, Kevin 2023)**

![](tm2533647d1_ex41-img12.jpg)

Blue Moon Mine 51 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

Most of the holes drilled on the Blue Moon Property have been diamond drill holes of BQ and NQ core, except for nine percussion holes drilled in 1979 by Amselco. As well, with the exception of the Amselco holes, all the holes have down-hole surveys. Only core holes drilled since 1979 were used in the resource calculation.

Table 10.1 and Table 10.2 list the footage drilled by others and by BMM, respectively.

Table 10.3 (over) details significant Intercepts from the BMM Drill Program.

**Table 10.1**

**Summary of Drilling on the Blue Moon Property, Prior to the Formation of BMM**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Operator** | | **Hole Numbers** | |
| **Year** | **Operator** | **No. of**<br>**Holes** | **Hole Numbers** | **Drilled Length**<br>**(ft)** |
| 1942 | &nbsp;&nbsp;Red Cloud Mines Inc. | 10 | &nbsp;&nbsp;RC2 – RC8, 101-103 | 4516.5 |
| 1944 | &nbsp;&nbsp;US Bureau of Mines | 7 | &nbsp;&nbsp;1-7 | 2800.0 |
| 1979 | &nbsp;&nbsp;Amselco | 9 | &nbsp;&nbsp;79-1 – 79-9 | 4161.0 |
| 1981 | &nbsp;&nbsp;Colony Pacific | 2 | &nbsp;&nbsp;B1, B2 | 1584.0 |
| 1982 | &nbsp;&nbsp;Colony Pacific | 12 | &nbsp;&nbsp;AE1-AE3, B3-82 – B11-82 | 11054.1 |
| 1983 | &nbsp;&nbsp;Colony Pacific | 6 | &nbsp;&nbsp;B12-83 – B17-83 | 9856.6 |
| 1984 | &nbsp;&nbsp;Westmin | 5 | &nbsp;&nbsp;B18 – B22 | 10891.7 |
| 1985 | &nbsp;&nbsp;Westmin | 10 | &nbsp;&nbsp;CH13-14,17-18,23-28 | 10307.5 |
| 1986 | &nbsp;&nbsp;Westmin | 15 | &nbsp;&nbsp;AE 86 CH 1,B 86 CH 29 – B 86CH 42 | 22129.8 |
| 1987 | &nbsp;&nbsp;Westmin | 7 | &nbsp;&nbsp;B 87 CH 43 – B 86 CH49 | 6872.0 |
| 1988 | &nbsp;&nbsp;Westmin | 10 | &nbsp;&nbsp;B 88 CH 50 – B 88 CH59 | 16447.0 |
| 1991 | &nbsp;&nbsp;Lac Minerals | 15 | &nbsp;&nbsp;B 91 CH 60 – B 91 CH74 | 19639.0 |
| 1999 | &nbsp;&nbsp;Augusta | 5 | &nbsp;&nbsp;LO 99 CH 01 – LO 99CH 05 | 2471.0 |
| &nbsp;&nbsp;**Totals** | &nbsp;&nbsp;**Totals** | **113** | **-** | **122730.2** |

---

**Table 10.2**

**Drilling by BMM Since 2018 at Blue Moon Project**

---

| | |
|:---|:---|
| **Hole** | **Drilled Length**<br> **(ft)** |
| &nbsp;&nbsp;BMZ75 (2018) | 1180 |
| &nbsp;&nbsp;BMZ76 (2018) | 950 |
| &nbsp;&nbsp;BMZ77 (2018) | 180 |
| &nbsp;&nbsp;BMZ78 (2018) | 1789 |
| &nbsp;&nbsp;BMZ79 (2019) | 1837 |
| &nbsp;&nbsp;BMZ80 (2019) | 1877 |
| &nbsp;&nbsp;BMZ81 (2021) | 719 |
| &nbsp;&nbsp;BMZ82 (2021) | 577 |
| &nbsp;&nbsp;BMZ83 (2021) | 2809 |
| &nbsp;&nbsp;BMZ84 (2021) | 1768 |
| &nbsp;&nbsp;**Total** | **13686** |

---

Blue Moon Mine 52 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 10.3**

**Significant Intercepts from the BMM Drill Program**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole** | **From**<br> **(ft)** | **To**<br> **(ft)** | **Length**<br> **(ft)** | **Zinc**<br> **(%)** | **Gold**<br> **(g/t)** | **Silver**<br> **(g/t)** | **Lead**<br> **(%)** | **Copper**<br> **(%)** | **ZnEq**<br> **(%)** |
| &nbsp;&nbsp;BMZ75 | 1022.0 | 1038.0 | 16.0 | 1.2 | 0.08 | 0.7 | 0 | 0.04 | 1.4 |
| &nbsp;&nbsp;Inc | 1027.0 | 1029.0 | 2.0 | 2.9 | 0.05 | 1.5 | 0 | 0.08 | 3.2 |
| &nbsp;&nbsp;BMZ78 | 1425.0 | 1545.7 | 120.7 | 9.45 | 1.10 | 42.93 | 0.15 | 0.58 | 12.61 |
| &nbsp;&nbsp;Inc | 1436.0 | 1441.0 | 5.0 | 1.90 | 4.98 | 32.60 | 0.47 | 0.11 | 8.08 |
| &nbsp;&nbsp;Inc | 1459.0 | 1464.0 | 5.0 | 2.60 | 5.01 | 18.50 | 0.01 | 0.33 | 8.77 |
| &nbsp;&nbsp;Inc | 1468.5 | 1453.3 | 15.2 | 5.98 | 2.30 | 15.44 | 0.03 | 0.38 | 9.40 |
| &nbsp;&nbsp;Inc | 1508.0 | 1538.0 | 30.0 | 30.30 | 1.67 | 71.07 | 0.05 | 1.70 | 36.80 |
| &nbsp;&nbsp;Inc | 1508.0 | 1511.0 | 3.0 | 46.50 | 3.14 | 130.00 | 0.13 | 2.20 | 56.51 |
| &nbsp;&nbsp;BMZ79 | 412.8 | 420.3 | 7.5 | 25.6 | 0.68 | 17.39 | 0.02 | 0.87 | 28.46 |
| &nbsp;&nbsp;Inc | 414.7 | 417.7 | 3.0 | 49.6 | 0.91 | 30.32 | 0.05 | 1.39 | 54.11 |
| &nbsp;&nbsp;BMZ79 | 450.4 | 461.3 | 10.9 | 3.1 | 0.16 | 4.49 | 0.27 | 0.47 | 4.62 |
| &nbsp;&nbsp;Inc | 457.2 | 459.2 | 2.0 | 4.2 | 0.08 | 3.30 | 0.33 | 0.24 | 5.24 |
| &nbsp;&nbsp;BM21-83 | 504.0 | 514.0 | 10.0 | 3.8 | 0.07 | 5.10 | 0.17 | 0.12 | 4.40 |
| &nbsp;&nbsp;Inc | 509.0 | 514.0 | 5.0 | 5.0 | 0.07 | 5.10 | 0.22 | 0.08 | 5.50 |
| &nbsp;&nbsp;BM21-83 | 1829.0 | 1839.0 | 10.0 | 1.1 | 3.62 | 11.3 | 0.30 | 0.04 | 5.30 |
| &nbsp;&nbsp;Inc | 1839.0 | 1839.0 | 5.0 | 1.2 | 6.96 | 15.2 | 0.30 | 0.03 | 8.80 |
| &nbsp;&nbsp;BM21-83 | 2408.0 | 2458.0 | 50.0 | 2.4 | 0.31 | 4.5 | 0.06 | 0.12 | 3.13 |
| &nbsp;&nbsp;Inc | 2413.0 | 2423.0 | 10.0 | 3.4 | 0.17 | 5.8 | 0.05 | 0.09 | 3.90 |
| &nbsp;&nbsp;Inc | 2443.0 | 2453.0 | 10.0 | 4.3 | 0.31 | 4.5 | 0.01 | 0.34 | 5.46 |

---

Figure 10.2 presents a longitudinal section showing the drill hole intercepts to date.

Drill hole BMZ-78 cut 30 ft (9.35 m) of massive sulphide mineralization grading 30.3% zinc, 1.7% copper, 1.67 g/t gold and 71 g/t silver for a zinc equivalent grade of 36.8% within a broader interval of 120.7 ft (36.5 m) that returned 9.45% zinc, 0.58% copper, 1.1 g/t gold and 42.9 g/t silver for a zinc equivalent grade of 12.61%.

BMZ-78 was drilled into a previously untested area (200 ft x 500 ft) within the West and Main Zones at a vertical depth of approximately 1,200 ft (374 m).

BMM's 2018 drill program demonstrated that the massive sulphide lenses are now traceable for approximately 3,000 ft (900 m) along plunge and remain open to surface and depth.

Hole BMZ79 intersected significant zones of high-grade sphalerite including the following intervals. Note that stated dimensions are intersected width (IW); true width is approximately 55% of IW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 7.47 m (24.5 ft) at 25.55% zinc,
 0.87% copper, 0.68 g/t gold and 17 g/t silver for a zinc equivalence ("ZnEq")
 of 28.46% from 412.81 m, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 3.05 m (10.0 ft) at 49.60% zinc, 1.39%
 copper, 0.91 g/t gold and 30 g/t silver for a ZnEq of 5 4.11% from 414.65 m.

Blue Moon Mine 53 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 10.2**

**Long Section Showing Latest Drilling Through to 2021**

![](tm2533647d1_ex41-img13.jpg)

Source: Henricksen and Wilson (2023)

A second zone of zinc mineralization in the same hole from 450 m, included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 10.96 m (36.0 ft) at 3.11% zinc,
 0.47% copper and 0.27 % lead for a ZnEq of 4.62% from 4 50.37 m, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 2.08 m (6.8 ft) at 4.2% zinc for
a ZnEq of 5.24% from 457.16 m.

The high-grade zone of BMZ79 includes the highest zinc interval ever intercepted in the Project to date, 1.71 m (5.6 ft) at 51.9% zinc, 1.49% copper, 0.05% lead, 0.85 g/t gold and 31.9 g/t silver from 414.65 m.

The high-grade mineralized intercept in Hole BMZ79 is 50 m (164 ft) above and 8 m (26 ft) south of the high-grade mineralization intercepted by the 2018 diamond hole BMZ78. The intercept extends the size of the high-grade zone of mineralization within the Main mineralized horizon. The Main mineralized horizon also intersected some interesting anomalies of gold and silver (Table 10.3).

The stage 1 drilling program totaled 1,132 m (3,714 ft) and tested the northern border of the mineral resource as well as extend the zone of high-grade mineralization near hole BMZ78 which was drilled by BMM in 2018.

A new drill discovery was made in 2021 testing a geophysical conductor target, located west of the three previously discovered Blue Moon mineralized zones and south of the American Eagle workings, as shown in Table 10.4. This new Zone was discovered deep and lateral to the previously known mineral system. Sphalerite encountered in this new discovery has a different hue from the other zones which may indicate a separate emplacement pulse, with slightly different timing, which could add to the currently known zones.

Blue Moon Mine 54 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 10.4**

**Assay Highlights New South Zone (Drill Hole BM21-83)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Drill Hole** | **From**<br> **(ft)** | **To**<br> **(ft)** | **Thickness**<br> **(ft)** | **Zinc**<br> **(Zn%)** | **Copper**<br> **(Cu%)** | **Lead**<br> **(Pb %)** | **Silver**<br> **(Ag opt)** | **Gold**<br> **(Au opt)** | **ZnEq**<br> **%(\*)** |
| BM21-83 | 2408 | 2458 | 50 | 2.4 | 0.12 | 0.06 | 0.13<br> (4.5 g/t Ag) | 0.009<br> (0.31 g/t Au) | 3.13 |
| including | 2413 | 2423 | 10 | 3.4 | 0.09 | .05 | 0.17<br> (5.8 g/t Ag) | 0.005<br> (0.17 g/t Au) | 3.90 |
| and | 2443 | 2453 | 10 | 4.3 | 0.34 | 0.01 | 0.13<br> (4.5 g/t Ag) | 0.009<br> (0.31 g/t Au) | 5.46 |

---

The above thicknesses are core lengths and are not true thicknesses. The estimated true thicknesses are approximately 50% of the core length. These results are also reported in Table 10.3.

Stringers and blebs of sulphides were encountered starting at a core depth of 2,363 ft that continued until the banded and massive interval from 2,400 ft to 2,452 ft (52 ft interval at a vertical depth from surface of approximately 800 ft). Mineralization then tapered off into another stringer zone down to 2,461 ft core depth. The mineral-rich zone comprised nearly 100 ft core length (not true thickness). Higher up in the hole, several smaller zones were encountered. Mineralization is hosted in rhyolite and rhyolite tuffs of the Gopher Ridge Formation. The stringer and main zone of sulphides are composed of sphalerite, chalcopyrite, galena tetrahedrite and pyrite. In the photos below, core from part of the mineralized zone drill interval is displayed.

**Figure 10.3**

**Photographs of Zinc Mineralization in Drillhole BM21-83**

Source: Henricksen and Wilson (2023)

Blue Moon Mine 55 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

Previous operators drilling result significant intercepts are summarized in the following tables. Results are tabulated at a 1% Zinc cutoff grade. Higher grade intervals within the intercepts are included and disclosed individually, sample by sample, at a 10% zinc cutoff grade. Note that the lengths of the intervals do not represent the true thickness of mineralization and only represent the length of the samples collected for analysis.

**Table 10-5 Significant Intercepts Drilled by Colony Pacific (1982)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole** | **From**<br> **(ft)** | **To**<br> **(ft)** | **Length**<br> **(ft)** | **Zinc**<br> **(%)** | **Gold**<br> **(g/t)** | **Silver**<br> **(g/t)** | **Lead**<br> **(%)** | **Copper**<br> **(%)** | **ZnEq**<br> **(%)** |
| &nbsp;&nbsp;AE1 | 917.3 | 925.5 | 8.2 | 4.97 | 0.03 | 2.36 | 0.12 | 0.33 | 7.75 |
| &nbsp;&nbsp;Inc | 917.3 | 921.5 | 4.2 | 6.62 | 0.02 | 3.44 | 0.10 | 0.44 | 10.01 |
| &nbsp;&nbsp;CH03 | 286 | 307 | 21 | 6.64 | 0.02 | 0.92 | 0.03 | 0.47 | 8.68 |
| &nbsp;&nbsp;Inc | 582.8 | 584.7 | 1.9 | 21.50 | 0.01 | 0.01 | 0.36 | 1.80 | 26.20 |
| &nbsp;&nbsp;Inc | 585.9 | 587.3 | 1.4 | 11.00 | 0.00 | 0.01 | 0.08 | 0.37 | 12.01 |
| &nbsp;&nbsp;Inc | 588 | 589.5 | 1.5 | 15.00 | 0.01 | 0.30 | 0.13 | 1.15 | 18.19 |
| &nbsp;&nbsp;Inc | 599.7 | 600.4 | 0.7 | 10.50 | 0.01 | 0.36 | 0.08 | 0.15 | 11.34 |
| &nbsp;&nbsp;Inc | 603.6 | 607 | 3.4 | 11.00 | 0.06 | 11.33 | 0.19 | 0.29 | 18.85 |
| &nbsp;&nbsp;CH07 | 715 | 729 | 14 | 3.04 | 0.07 | 1.32 | 1.33 | 0.40 | 8.20 |
| &nbsp;&nbsp;CH08 | 782 | 937 | 155 | 5.25 | 0.07 | 0.39 | 0.10 | 1.02 | 10.27 |
|  | 865.7 | 896 | 30.3 | 19.62 | 0.17 | 0.10 | 0.21 | 4.01 | 35.03 |
| &nbsp;&nbsp;CH09 | 1217.9 | 1316.2 | 98.3 | 4.42 | 0.13 | 3.47 | 0.63 | 0.24 | 11.53 |
| &nbsp;&nbsp;Inc | 1217.9 | 1221.9 | 4 | 11.75 | 0.11 | 0.82 | 0.01 | 0.73 | 17.60 |
| &nbsp;&nbsp;Inc | 1226 | 1231 | 5 | 13.25 | 0.21 | 2.21 | 0.01 | 0.65 | 22.97 |
| &nbsp;&nbsp;Inc | 1235.7 | 1238.1 | 2.4 | 14.75 | 0.22 | 1.66 | 0.01 | 0.47 | 24.35 |
| &nbsp;&nbsp;Inc | 1284.4 | 1291.4 | 7 | 10.24 | 0.22 | 12.54 | 3.32 | 0.37 | 26.88 |
| &nbsp;&nbsp;CH10 | 1142.2 | 1193 | 50.8 | 4.11 | 0.01 | 1.73 | 0.01 | 0.35 | 6.05 |
| &nbsp;&nbsp;Inc | 1173.3 | 1176.3 | 3 | 25.00 | 0.02 | 25.00 | 0.01 | 1.45 | 40.28 |
| &nbsp;&nbsp;Inc | 1189.8 | 1191.1 | 1.3 | 22.50 | 0.10 | 0.90 | 0.01 | 1.25 | 29.13 |
| &nbsp;&nbsp;CH11 | 986 | 989 | 3 | 6.75 | 0.06 | 0.76 | 0.55 | 0.21 | 10.01 |
| &nbsp;&nbsp;CH12 | 1454 | 1517.8 | 63.8 | 6.09 | 0.03 | 0.67 | 0.00 | 0.79 | 9.12 |
| &nbsp;&nbsp;Inc | 1497.5 | 1505.9 | 8.4 | 18.25 | 0.06 | 0.91 | 0.01 | 2.95 | 27.45 |
| &nbsp;&nbsp;Inc | 1509.5 | 1511.4 | 1.9 | 18.75 | 0.02 | 1.07 | 0.01 | 2.32 | 25.32 |
| &nbsp;&nbsp;CH15 | 793.5 | 856.5 | 16 | 2.23 | 0.00 | 0.10 | 0.01 | 0.03 | 2.52 |
| &nbsp;&nbsp;CH16 | 1424.5 | 1511.6 | 87.1 | 6.42 | 0.01 | 0.28 | 0.01 | 1.07 | 9.34 |
| &nbsp;&nbsp;Inc | 1424.5 | 1429.3 | 4.8 | 18.04 | 0.01 | 0.01 | 0.01 | 1.83 | 22.39 |
| &nbsp;&nbsp;Inc | 1471.5 | 1475 | 3.5 | 17.94 | 0.06 | 0.76 | 0.01 | 3.05 | 27.23 |
| &nbsp;&nbsp;Inc | 1478.1 | 1484.9 | 6.8 | 14.90 | 0.02 | 0.62 | 0.01 | 2.27 | 20.98 |
| &nbsp;&nbsp;Inc | 1501.4 | 1504.2 | 2.8 | 13.90 | 0.01 | 0.78 | 0.01 | 0.64 | 16.16 |
| &nbsp;&nbsp;Inc | 1504.2 | 1511.6 | 7.4 | 18.74 | 0.01 | 0.61 | 0.01 | 1.12 | 21.90 |

---

Blue Moon Mine 56 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole** | **From<br> (ft)** | **To<br> (ft)** | **Length<br> (ft)** | **Zinc<br> (%)** | **Gold<br> (g/t)** | **Silver<br> (g/t)** | **Lead<br> (%)** | **Copper<br> (%)** | **ZnEq<br> (%)** |
| &nbsp;&nbsp;CH17 | 1606.5 | 1662.8 | 56.3 | 9.93 | 0.05 | 0.38 | 0.09 | 1.70 | 15.69 |
| &nbsp;&nbsp;Inc | 1606.5 | 1609.0 | 2.5 | 12.10 | 0.02 | 0.14 | 1.39 | 1.25 | 16.91 |
| &nbsp;&nbsp;Inc | 1609.0 | 1614.8 | 5.8 | 17.34 | 0.02 | 0.22 | 0.01 | 2.42 | 23.62 |
| &nbsp;&nbsp;Inc | 1614.8 | 1616.6 | 1.8 | 12.64 | 0.02 | 0.07 | 0.01 | 1.65 | 17.08 |
| &nbsp;&nbsp;Inc | 1638.2 | 1641.1 | 2.9 | 16.50 | 0.05 | 1.16 | 0.21 | 2.85 | 25.28 |
| &nbsp;&nbsp;Inc | 1647.1 | 1652.0 | 4.9 | 23.40 | 0.05 | 0.93 | 0.01 | 4.95 | 36.92 |
| &nbsp;&nbsp;Inc | 1652.0 | 1657.2 | 5.2 | 17.70 | 0.03 | 0.01 | 0.01 | 3.02 | 25.42 |
| &nbsp;&nbsp;Inc | 1660.2 | 1662.8 | 2.6 | 33.50 | 0.56 | 2.13 | 0.06 | 5.05 | 65.82 |

---

**Table 10-6 Significant Intercepts Drilled by Westmin (1984 - 1988)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole** | **From<br> (ft)** | **To<br> (ft)** | **Length<br> (ft)** | **Zinc<br> (%)** | **Gold<br> (g/t)** | **Silver<br> (g/t)** | **Lead<br> (%)** | **Copper<br> (%)** | **ZnEq<br> (%)** |
| &nbsp;&nbsp;CH18 | 1894.7 | 2004.2 | 109.5 | 3.00 | 0.02 | 0.27 | 0.04 | 1.12 | 6.32 |
| &nbsp;&nbsp;Inc | 1957 | 1959 | 2 | 12.90 | 0.05 | 0.29 | 0.01 | 2.17 | 19.78 |
| &nbsp;&nbsp;Inc | 1993.5 | 1996 | 2.5 | 12.98 | 0.04 | 0.82 | 0.01 | 1.65 | 18.61 |
| &nbsp;&nbsp;CH21 | 1706 | 1810.3 | 72.7 | 5.89 | 0.04 | 4.17 | 0.61 | 0.64 | 11.21 |
| &nbsp;&nbsp;Inc | 1748 | 1750.6 | 2.6 | 21.70 | 0.01 | 1.48 | 0.57 | 1.71 | 26.88 |
| &nbsp;&nbsp;Inc | 1756.5 | 1760 | 3.5 | 20.60 | 0.11 | 5.37 | 1.51 | 1.05 | 30.43 |
| &nbsp;&nbsp;Inc | 1760 | 1763.4 | 3.4 | 26.20 | 0.13 | 30.20 | 1.22 | 1.86 | 49.39 |
| &nbsp;&nbsp;CH24 | 550.2 | 647.5 | 97.3 | 6.92 | 0.02 | 0.33 | 0.02 | 2.19 | 12.58 |
| &nbsp;&nbsp;Inc | 562 | 566.7 | 4.7 | 14.80 | 0.02 | 0.28 | 0.01 | 2.90 | 22.05 |
| &nbsp;&nbsp;Inc | 611.6 | 616.6 | 5 | 30.60 | 0.02 | 0.52 | 0.01 | 3.39 | 39.10 |
| &nbsp;&nbsp;Inc | 616.6 | 619.7 | 3.1 | 27.80 | 0.01 | 0.51 | 0.01 | 2.44 | 33.97 |
| &nbsp;&nbsp;Inc | 625.9 | 630 | 4.1 | 17.40 | 0.02 | 0.54 | 0.02 | 2.15 | 23.36 |
| &nbsp;&nbsp;Inc | 630 | 632.5 | 2.5 | 16.80 | 0.01 | 0.85 | 0.23 | 2.66 | 23.86 |
| &nbsp;&nbsp;CH25 | 2791.9 | 2803.9 | 12 | 2.44 | 0.01 | 0.23 | 0.07 | 0.25 | 3.57 |
| &nbsp;&nbsp;CH31 | 1067 | 1074 | 7 | 6.15 | 0.76 | 1.75 | 1.32 | 0.29 | 35.37 |
| &nbsp;&nbsp;CH33 | 1444.5 | 1480.8 | 36.3 | 25.01 | 0.14 | 2.91 | 0.94 | 0.63 | 33.40 |
| &nbsp;&nbsp;CH36 | 803.8 | 818.3 | 14.5 | 14.40 | 0.02 | 0.55 | 0.01 | 0.63 | 16.92 |
| &nbsp;&nbsp;Inc | 805.2 | 809.5 | 4.3 | 24.30 | 0.04 | 0.66 | 0.01 | 0.96 | 28.33 |
| &nbsp;&nbsp;Inc | 809.5 | 811.4 | 1.9 | 10.30 | 0.02 | 0.73 | 0.01 | 1.04 | 13.55 |
| &nbsp;&nbsp;Inc | 811.4 | 812.9 | 1.5 | 13.50 | 0.02 | 0.54 | 0.01 | 0.36 | 15.13 |
| &nbsp;&nbsp;Inc | 816.8 | 818.3 | 1.5 | 14.40 | 0.01 | 0.41 | 0.01 | 0.52 | 16.12 |
| &nbsp;&nbsp;CH38 | 1282.7 | 1284.8 | 2.1 | 8.37 | 0.03 | 2.80 | 0.81 | 0.44 | 12.44 |
| &nbsp;&nbsp;CH39 | 3253.4 | 3257.1 | 3.7 | 2.13 | 0.01 | 2.04 | 0.05 | 0.24 | 4.12 |

---

Blue Moon Mine 57 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole** | **From<br> (ft)** | **To<br> (ft)** | **Length<br> (ft)** | **Zinc<br> (%)** | **Gold<br> (g/t)** | **Silver<br> (g/t)** | **Lead<br> (%)** | **Copper<br> (%)** | **ZnEq<br> (%)** |
| &nbsp;&nbsp;CH40 | 2011.4 | 2013.5 | 2.1 | 12.70 | 0.02 | 0.56 | 0.55 | 1.61 | 17.58 |
| &nbsp;&nbsp;CH42 | 673.9 | 676.4 | 2.5 | 3.72 | 0.11 | 1.33 | 0.13 | 0.19 | 8.67 |
| &nbsp;&nbsp;AND |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CH42 | 715.8 | 721 | 5.2 | 6.02 | 0.07 | 1.13 | 0.07 | 0.62 | 10.31 |
| &nbsp;&nbsp;CH43 | 534.5 | 587.4 | 52.9 | 8.01 | 0.01 | 0.77 | 0.15 | 0.72 | 10.55 |
| &nbsp;&nbsp;Inc | 537.3 | 541.2 | 3.9 | 38.40 | 0.05 | 3.72 | 0.09 | 5.91 | 55.29 |
| &nbsp;&nbsp;Inc | 541.2 | 544.5 | 3.3 | 46.00 | 0.03 | 2.96 | 0.03 | 2.34 | 53.55 |
| &nbsp;&nbsp;CH47 | 1318.1 | 1348.4 | 30.3 | 6.49 | 0.04 | 1.78 | 0.33 | 0.45 | 9.92 |
| &nbsp;&nbsp;Inc | 1318.1 | 1323.1 | 5 | 10.90 | 0.07 | 0.92 | 0.32 | 1.46 | 17.41 |
| &nbsp;&nbsp;Inc | 1337.2 | 1339.1 | 1.9 | 10.70 | 0.20 | 11.80 | 4.00 | 0.36 | 26.92 |
| &nbsp;&nbsp;Inc | 1342.6 | 1346.3 | 3.7 | 18.60 | 0.02 | 1.05 | 0.02 | 0.54 | 20.94 |
| &nbsp;&nbsp;AND |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CH47 | 1374.6 | 1384 | 9.4 | 11.53 | 0.01 | 2.41 | 0.67 | 0.95 | 15.69 |
| &nbsp;&nbsp;AND |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CH47 | 1463 | 1496.5 | 33.5 | 12.12 | 0.01 | 0.89 | 0.01 | 1.77 | 16.84 |
| &nbsp;&nbsp;Inc | 1473.5 | 1474.6 | 1.1 | 22.20 | 0.01 | 1.37 | 0.04 | 2.36 | 28.60 |
| &nbsp;&nbsp;Inc | 1478 | 1479.1 | 1.1 | 27.00 | 0.02 | 0.69 | 0.01 | 4.68 | 38.52 |
| &nbsp;&nbsp;Inc | 1479.1 | 1481.8 | 2.7 | 10.10 | 0.01 | 0.69 | 0.01 | 3.07 | 17.70 |
| &nbsp;&nbsp;Inc | 1485 | 1489.4 | 4.4 | 19.20 | 0.01 | 0.74 | 0.01 | 3.60 | 28.09 |
| &nbsp;&nbsp;Inc | 1489.4 | 1494.3 | 4.9 | 34.70 | 0.01 | 1.06 | 0.01 | 3.71 | 43.77 |
| &nbsp;&nbsp;Inc | 1495.4 | 1496.5 | 1.1 | 10.70 | 0.01 | 1.90 | 0.01 | 0.90 | 13.94 |
| &nbsp;&nbsp;CH49 | 503.5 | 508.5 | 5 | 3.10 | 0.00 | 0.08 | 0.01 | 0.05 | 3.32 |
| &nbsp;&nbsp;CH51 | 1837.4 | 1884.3 | 46.9 | 3.18 | 0.01 | 0.13 | 0.01 | 0.43 | 4.47 |
| &nbsp;&nbsp;Inc | 1837.4 | 1840 | 2.6 | 20.90 | 0.02 | 0.55 | 0.01 | 3.60 | 29.92 |
| &nbsp;&nbsp;Inc | 1849.5 | 1851.3 | 1.8 | 10.20 | 0.10 | 1.21 | 0.01 | 2.66 | 20.23 |
| &nbsp;&nbsp;Inc | 1851.3 | 1854.4 | 3.1 | 21.30 | 0.03 | 0.58 | 0.06 | 3.55 | 30.65 |
| &nbsp;&nbsp;CH53 | 869.2 | 872.1 | 2.9 | 6.30 | 0.01 | 0.51 | 0.01 | 2.80 | 13.36 |
| &nbsp;&nbsp;AND |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CH53 | 895 | 896.7 | 1.7 | 1.11 | 0.00 | 0.03 | 0.01 | 0.10 | 1.42 |
| &nbsp;&nbsp;AND |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CH53 | 901.3 | 902.8 | 1.5 | 4.79 | 0.00 | 0.14 | 0.01 | 1.74 | 8.93 |
| &nbsp;&nbsp;AND |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;CH53 | 909.3 | 915.2 | 5.9 | 2.42 | 0.00 | 0.13 | 0.01 | 1.02 | 4.95 |
| &nbsp;&nbsp;CH54 | 477 | 477.7 | 0.7 | 9.76 | 0.01 | 0.44 | 3.08 | 0.65 | 14.04 |
| &nbsp;&nbsp;CH57 | 1784 | 1808 | 24 | 3.93 | 0.02 | 0.28 | 0.08 | 0.24 | 5.25 |
| &nbsp;&nbsp;CH59 | 2726.6 | 2750 | 23.4 | 3.92 | 0.01 | 0.14 | 0.06 | 0.69 | 5.81 |

---

Blue Moon Mine 58 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 10-7 Significant Intercepts Drilled by LAC Minerals (1991)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole** | **From<br> (ft)** | **To<br> (ft)** | **Length<br> (ft)** | **Zinc<br> (%)** | **Gold<br> (g/t)** | **Silver<br> (g/t)** | **Lead<br> (%)** | **Copper<br> (%)** | **ZnEq<br> (%)** |
| &nbsp;&nbsp;B62 | 286 | 307 | 21 | 6.64 | 0.02 | 0.92 | 0.03 | 0.47 | 8.68 |
| &nbsp;&nbsp;Inc | 298.5 | 299.5 | 1 | 14.80 | 0.03 | 0.29 | 0.01 | 1.05 | 18.23 |
| &nbsp;&nbsp;Inc | 299.5 | 300.5 | 1 | 16.40 | 0.02 | 0.66 | 0.01 | 2.09 | 22.24 |
| &nbsp;&nbsp;B72 | 400 | 406 | 6 | 2.42 | 0.00 | 0.14 | 0.01 | 0.17 | 2.90 |

---

Blue Moon Mine 59 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY**

Core from the drill holes through 2021 was collected at the drilling rig by a company geologist and brought to the core logging facility on the Blue Moon Property. The core was cleaned, logged for rock type, structures and mineralization prior to a geologist marking out specific intervals for sampling based on sulphide content. Sampling of the core was done either by a hydraulic splitter if visually lower grade OR sawn if deemed to be potentially higher grade. The core was sampled lengthwise with one half placed into a plastic sample bag with a sample tag. The other half was returned to the core box with a duplicate sample tag number for a permanent record. Standards and blank samples were not inserted into the stream of core samples prior to BMM as this was not practiced by the majority of mining companies at that time. Core with visual mineralization was stored in locked shipping containers which remain on site, with saved mineralized sections of core available for inspection.

Samples for analysis were sent by truck to independent laboratories. Some of the earlier samples were sent to a Mineral Assay Office Inc., Nevada; however, the majority of the core samples were analyzed by Chemex Labs (now ALS Laboratories) in Vancouver, Canada. Both laboratories were certified assayers within their respective jurisdictions and independent of the owners of the Property. All assay data used in the resource calculation was generated via standard, industry accepted assaying techniques. Gold assaying used a 30g sample size for a fire assay with an atomic absorption spectrometry finish (FA-AAS). Silver and lead assays were generated with atomic absorption spectrometry (AAS). All other elements were assayed by inductively coupled plasma atomic emission spectroscopy (ICP-AES), including barium which required an additional, final gravimetric procedure. Known standards and blank samples were inserted into the sample stream by the laboratory for quality control.

One set of check assays carried out by Giroux (2018) included 55 samples that were assayed by both Chemex Labs in Vancouver (Chemex) and Mineral Assay Office Inc. in Nevada (Mineral). At that time, Chemex and Mineral were independent facilities with no relation to the issuer. Chemex was an ISO 9 001:2015 certified laboratory. Chemex and Mineral are no longer in business as of the effective date of this report. Table 11.1 summarizes the results of those check assays.

**Table 11.1**

**Summary Statistics, Check Assays**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Parameter** | **Copper**<br>**(Cu %)** | **Zinc**<br>**(Zn %)** | **Silver**<br>**(opt Ag)** | **Gold**<br>**(opt Au)** |
| &nbsp;&nbsp;Mean, Chemex | 0.918 | 5.385 | 2.554 | 0.035 |
| &nbsp;&nbsp;Mean, Mineral | 0.970 | 5.500 | 2.433 | 0.038 |
| &nbsp;&nbsp;Stand. Dev, Chemex | 0.997 | 6.622 | 7.037 | 0.082 |
| &nbsp;&nbsp;Stand. Dev, Mineral | 1.066 | 6.653 | 7.009 | 0.094 |
| &nbsp;&nbsp;CV, Chemex | 1.09 | 1.23 | 2.76 | 2.31 |
| &nbsp;&nbsp;CV, Mineral | 1.10 | 1.21 | 2.88 | 2.44 |

---

A paired t-test was performed and previously reported on the data to check bias between the laboratories. In all cases the difference between the laboratories is considered insignificant. Table 11.2 summarizes the results.

Blue Moon Mine 60 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

No documentation exists for sample preparation, analyses and security from previous operators. Much of the BMM drilling was intended to successfully verify the historic drilling data. It is the opinion of the QP that the sample preparation, security and analytical procedures followed can be relied upon for the purposes of the report.

**Table 11.2**

**Paired t-test, Check Assays**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Element** | &nbsp;&nbsp;**Results** |
| &nbsp;&nbsp;Cu | &nbsp;&nbsp;Mineral reports 0.05% higher than Chemex |
| &nbsp;&nbsp;Zn | &nbsp;&nbsp;No bias found between laboratories |
| &nbsp;&nbsp;Ag | &nbsp;&nbsp;Chemex reports 0.12 oz/ton higher than Mineral |
| &nbsp;&nbsp;Au | &nbsp;&nbsp;No bias found between laboratories |

---

Blue Moon Mine 61 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**12.0 DATA VERIFICATION**

The QP conducted a personal inspection of Blue Moon on November 5 and 6, 2024. The QP had access to the complete database of the Project including all original assay certificates from BMM and previous operators, the original drill logs of BMM, and down-hole, directional survey results for all drilling. As well as the original surveyor's report on drill hole locations, the QP was provided with a report of a 2018 survey commissioned by BMM and completed by Jones Snyder and Associates, a registered land surveyor in the state of California. The 2018 survey included resurveying of 29 historic holes, drilled by previous operators, of the holes used for the project as well as monuments established by the surveys of 1984 and 1991, established decades prior to the involvement of BMM.

There is no documentation of data verification procedures from previous operators.

All mineralized intersections are preserved in a secured storage facility on the Blue Moon Property. As part of the verification process, the author completed cross checks of the assay sample numbers recorded in the original assay certificates with drill logs and the sample tags in the core boxes for 30 of the mineralized intercepts. No discrepancies or errors were noted between the sample numbers on the tags in the core boxes and those recorded in the assay certificates. The author did not note any visual discrepancies between what was observed in the core with what was recorded in the drill logs. No assay with high zinc, copper or lead were noted to be at odds with what was observed in the drill core for the comparable interval.

The QP reviewed the results of the 2018 drill hole survey and compared these with the original surveys of 1984 and 1991. In addition, the surveys of the 2019 program were also compared for drilling in those years. The results of the surveys compare, and no material difference was found. As a check of the professional surveys, the author also checked the collar locations with a handheld GPS unit (Garmin). The co-ordinates noted matched those of the earlier surveys.

As a check on core recoveries reported in the historical logs, the QP carried out spot checks of key mineralized sections in 25 holes used in the resource calculation of this report. The core recovery noted by the author matched those reported in the historical logs. The author also checked the thicknesses of mineralization by measuring the angle between the core axis and the contact of massive sulphide zones with the bounding rhyolite host rocks. Spot checking of 25 holes used in the resource calculation with respect to drill hole length, azimuth and grid location found no material differences.

During the November 2024 site visit, the QP collected a random interval of core from Drill Hole CH7. The sample was submitted to ALS Reno USA for sample preparation. The assaying was performed at ALS Vancouver BC. ALS Reno USA and ALS Vancouver BC are both subsidiaries of ALS Global. ALS Global is independent of the issuer. ALS Global Quality complies with ISO/EIC 176025:2017. Table 12.1 shows the original assay which is used in the drilling database versus the check sample submitted by the author. The results confirm the occurrence of mineralization for that sample at the encountered drilling depth.

**Table 12.1**

**Independent QP's Data Verification, November 5, 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Parameter** | <br>**Hole ID** | <br>**Sample ID** | <br>**From** | <br>**To** | **Silver**<br>**(opt Ag)** | **Gold**<br>**(opt Au)** | **Copper**<br>**(Cu %)** | **Lead**<br>**(Pb %)** | **Zinc**<br>**(Zn %)** |
| &nbsp;&nbsp;Original | CH47 | 73860 | 1495.4 | 1496.5 | 1.9 | 0.01 | 0.9 | 0.005 | 10.7 |
| &nbsp;&nbsp;Check | - | - | - | - | 0.91 | 0.001 | 0.411 | 0.001 | 5.3 |

---

Blue Moon Mine 62 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

During the site visit on 5-6 November 2024, Mr. San Martin was able to examine drill core from the mineralized zone and its host rock and was thus able to verify the RQD values recorded in drill logs that informed the preliminary estimate of stope spans for the proposed underground mine. Also, Mr. San Martin and Mr. Jacobs were able to verify the condition of the site access road, the availability of suitable terrain for construction of a mine portal, process plant and tailings storage facility, and confirm the proximity of power lines at the nearby hydro-electric dam and distance to the settlement at Hornitos.

Mr. Gowans examined metallurgical testwork reports prepared on behalf of previous operators of the Project and, based on the level of detail provided, determined their suitability for inclusion as the basis for Section 13 of this report.

No limitations were placed on the QP during the site visit. In the opinion of the QP, the data used to estimate mineral resources for the Property is adequate for the purposes used in the technical report.

Blue Moon Mine 63 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**13.0 MINERAL PROCESSING AND METALLURGICAL TESTING**

**13.1** **Introduction** 

No recent metallurgical testwork has been completed using mineralized samples from the Blue Moon Project. Colony Pacific Explorations Ltd. undertook preliminary metallurgical studies at Lakefield Research, Lakefield, Ontario (now SGS Mineral Services) in 1983 and 1988 on behalf of Westmin Resources Limited. Lakefield Research was, and remains, independent of the issuer.

Both test programs are considered "historical", and the results need to be verified using fresh, representative samples. Nevertheless, a description and discussion of the most recent 1988 study, as reported by Lakefield Research, is provided below.

The Qualified Person (QP) for this section of the report is Richard Gowans P.Eng., Principal Metallurgist of Micon International Limited. The QP was not involved with the selection of the metallurgical samples or the management of work completed by Lakefield Research. In preparing this section of the report, the QP has reviewed the following test report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lakefield
 Research, An Investigation of the Recovery of Copper, Lead and Zinc from Blue Moon Project
 Samples, Submitted by Westmin Resources Limited, Progress Report No. 1, November 2 2, 1988.

**13.2** **Metallurgical** **T estwork** 

A program of metallurgical testwork was undertaken using two mineralized samples by Lakefield Research in Ontario in 1988 under the direction of Wright Engineers Limited on behalf of Westmin Resources Limited. The preliminary program of work completed by Lakefield Research comprised chemical and mineralogical analyses, hardness testing, batch and locked cycle flotation, flotation concentrate analyses, gravity separation and preliminary settling tests on samples of zinc concentrate and zinc rougher tailings.

13.2.1 Metallurgical Samples

13.2.1.1 Sample Provenance

In July 1988, Lakefield Research in Ontario received four boxes of Blue Moon mineralized samples that had been selected, prepared and packaged by Westmin Resources. Two of the four boxes were labelled "Sample 1" and the others "Sample 2". Each sample consisted of drill core and coarse reject material from an earlier exploration drilling campaign.

The drill hole locations and core intervals included in the two samples were not disclosed and therefore the spatial representivity of the samples compared to the outlined mineral resources cannot be confirmed by the QP.

Material from each sample was crushed to minus 6 mesh (3.36 mm) and 10 kilograms of each were riffled for Bond Work Index determination. The remainder was crushed to minus 10 mesh (2 mm) and separated into subsamples for individual tests. Test charges of material ground to -200 mesh (0.074 mm) were prepared.

Blue Moon Mine 64 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

13.2.1.2 Feed Sample Analyses

Sample 1 was reported by Lakefield Research to comprise relatively coarse high sulphide mineralization with active pyrite and sphalerite. Sample 2 was reported to contain less sulphides and be more complex and finer grained than Sample 1.

Representative fractions of the two metallurgical samples were submitted for chemical analyses and preliminary mineralogical characterization. The chemical analyses of the two head grade samples are presented in Table 13.1 alongside the average grades reported for the December 2024 mineral resource estimate.

**Table 13.1**

**Selected Head Analyses of the Metallurgical Composite Samples**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Analyte** | **Units** | **Sample 1** | **Sample 2** | **Dec.2024 MRE** |
| &nbsp;&nbsp;Copper | % | 1.71 | 0.34 | 0.73 |
| &nbsp;&nbsp;Lead | % | 0.15 | 1.03 | 0.23 |
| &nbsp;&nbsp;Zinc | % | 15.1 | 6.54 | 5.97 |
| &nbsp;&nbsp;Sulphur | % | 24.1 | 11.5 | - |
| &nbsp;&nbsp;Arsenic | % | 0.03 | 0.01 | - |
| &nbsp;&nbsp;Antimony | % | 0.024 | 0.008 | - |
| &nbsp;&nbsp;Gold <sup>1</sup> | g/t | 0.83 | 7.95 | 1.47 |
| &nbsp;&nbsp;Silver <sup>1</sup> | g/t | 41.1 | 67.2 | 51 |
| &nbsp;&nbsp;Specific gravity | - | 3.51 | 3.56 | 3.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> Gold and silver assays were assayed using a "pulp and metallics" procedure. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> Gold and silver assays were assayed using a "pulp and metallics" procedure. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> Gold and silver assays were assayed using a "pulp and metallics" procedure. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> Gold and silver assays were assayed using a "pulp and metallics" procedure. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> Gold and silver assays were assayed using a "pulp and metallics" procedure. |

---

In addition to the chemical analyses shown in Table 13.1, a semi-quantitative spectrographic analysis was performed on both samples. The results of this multi-element analysis are presented in Table 13.2 with elements below detection limits not included.

**Table 13.2**

**Semi-Quantitative Spectrographic Analyses of the Metallurgical Composite Samples**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Low** | &nbsp;&nbsp;**High** | &nbsp;&nbsp;**Sample 1** | &nbsp;&nbsp;**Sample 2** |
| &nbsp;&nbsp;10% | &nbsp;&nbsp;100% | &nbsp;&nbsp;- | &nbsp;&nbsp;Si |
| &nbsp;&nbsp;3% | &nbsp;&nbsp;30% | &nbsp;&nbsp;Si, Fe, Zn, Ca, Ba | &nbsp;&nbsp;Ba |
| &nbsp;&nbsp;1% | &nbsp;&nbsp;10% | &nbsp;&nbsp;Al | &nbsp;&nbsp;Fe, Al, Zn, Ca |
| &nbsp;&nbsp;0.30% | &nbsp;&nbsp;3% | &nbsp;&nbsp;Mg, Cu | &nbsp;&nbsp;Pb |
| &nbsp;&nbsp;0.10% | &nbsp;&nbsp;1% | &nbsp;&nbsp;K, Sr | &nbsp;&nbsp;Mg, Cu, K, Sr |
| &nbsp;&nbsp;300 ppm | &nbsp;&nbsp;0.30% | &nbsp;&nbsp;Pb |  |
| &nbsp;&nbsp;100 ppm | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;As, Cd, Ti | &nbsp;&nbsp;Ti |
| &nbsp;&nbsp;30 ppm | &nbsp;&nbsp;300 ppm | &nbsp;&nbsp;Sb, Mn, Ga, Mo, Zr | &nbsp;&nbsp;As, Sb, Ga, Mo, Cd, Zr |
| &nbsp;&nbsp;10 ppm | &nbsp;&nbsp;100 ppm | &nbsp;&nbsp;Tl, Ge, Bi, V, Ag, Ni, Cr | &nbsp;&nbsp;Mn, Ge, V, Ag, Ni, Cr, Au, Tl |
| &nbsp;&nbsp;- | &nbsp;&nbsp;<3 ppm | &nbsp;&nbsp;Co | &nbsp;&nbsp;Bi |

---

Both samples appear to contain significant amounts of barite based on the significant barium content. They also show high calcium which could indicate anhydrite and/or gypsum, which have previously been reported as significant constituents within the deposit.

Blue Moon Mine 65 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

13.2.1.3 Feed Sample Mineralogical Characterization

A portion of each sample was briquetted and polished for reflected light microscopy. The results of the study by Lakefield Research showed that the samples were similar with respect to sulphide mineral species but there were differences in the amounts of each sulphide and mineral associations. In general, Sample 1 contained more sulphides and was relatively coarse grained (> 100 microns) while Sample 2 contained more non-opaque minerals and sulphide particles were smaller in size.

***Mineralogy - Sample 1***

The major sulphide minerals identified in Sample 1 were pyrite, sphalerite and chalcopyrite, and minor sulphides were galena, tennantite / tetrahedrite and bornite. Typically, these sulphide minerals were present as liberated grains, as mixed grains in various associations, and as inclusions of one mineral in another.

The sphalerite particles measured between 1,300 to 20 microns and it was estimated that 65% of the mineral was coarser than 75 microns. The sphalerite grains were typically colourless which suggests low iron content and only occasionally hosted other sulphides as inclusions.

The size distribution of the chalcopyrite particles was similar to sphalerite and it was associated most commonly with sphalerite and pyrite as mixed grains and inclusions.

***Mineralogy - Sample 2***

The sulphide minerals present in Sample 2 were pyrite, sphalerite and chalcopyrite, galena, tennantite / tetrahedrite and bornite. Generally, the sulphides were present as free grains, mixed grains of two or more different sulphides, inclusions of one sulphide on another, or inclusions in non-opaque gangue minerals.

The sphalerite particles measured less than 900 microns, were typically colourless, and occasionally occurred as free grains but mainly associated with other sulphides in mixed grains.

The chalcopyrite particles ranged from 300 to 10 microns with about 65% finer than 75 microns. The chalcopyrite was present as free particles and as mixed grains associated with pyrite, sphalerite and galena.

Galena was more abundant in Sample 2 compared with Sample 1 and had a similar size distribution to chalcopyrite. Galena grains were occasionally liberated but also occurred as mixed grains associated with sphalerite, tennantite and pyrite.

Pyrite was present as free grains and in various associations with other sulphide minerals. It was also hosted as very fine inclusions in chalcopyrite and galena.

13.2.2 Grinding Testwork

Standard Bond ball mill tests were completed by Lakefield Research on the two samples. Using a screen size of 104 microns, which produced a product size of around 80% passing 80 microns, the Bond ball mill work index for Samples 1 and 2 were 8.6 and 8.3 kWh per short ton, respectively.

Blue Moon Mine 66 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

The work indices are relatively low compared with most copper and zinc ores (between 11 kWh/t and 1 4 kWh/t), although the elevated content of barite and gypsum could explain the perceived discrepancy.

13.2.3 Flotation Testwork

Lakefield Research completed 26 separate bench scale batch flotation tests and one locked cycle test to primarily investigate the sequential flotation of copper and zinc from the two samples. A total of eight batch tests were undertaken using Sample 1, which considered primary grind size, rougher concentrate regrind, flotation reagent combinations and dosage rates, and the recovery of pyrite from the zinc tailings. Sixteen batch tests used Sample 2 and these tests also investigated grind size, rougher concentrate regrinding, reagents, pyrite recovery as well as the potential to separate copper and lead from the bulk copper/lead concentrate.

***Sample 1***

The preliminary flowsheet developed for Sample 1 and selected for the locked cycle test comprised primary grinding to about 80% passing 75 microns, sequential copper then zinc rougher flotation, regrinding of the copper and zinc rougher concentrates, and three stages of copper and zinc cleaning. The average results for the last three cycles from the 6-cycle test (Test 26) are summarized in Table 13.3.

**Table 13.3**

**Summary of the Sample 1 Locked Cycle Flotation Test Results**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Product** | **Wt%** | **Grades** | **Grades** | **Grades** | **Grades** | **Grades** | **Distribution (%)** | **Distribution (%)** | **Distribution (%)** | **Distribution (%)** | **Distribution (%)** |
| **Product** | **Wt%** | **Cu %** | **Pb %** | **Zn %** | **Au g/t** | **Ag g/t** | **Cu** | **Pb** | **Zn** | **Au** | **Ag** |
| &nbsp;&nbsp;Cu Cl Concentrate | 6.1 | **26.5** | 2.35 | **7.02** | **8.42** | **484** | **93.1** | **93.2** | 2.7 | **67.9** | **68.6** |
| &nbsp;&nbsp;Zn Cl Concentrate | 24.7 | 0.39 | 0.04 | **62.3** | **0.56** | **44.8** | 5.5 | 5.8 | **95.3** | **18.3** | **25.7** |
| &nbsp;&nbsp;Zn Rougher Tailing | 69.2 | 0.03 | 0.002 | 0.47 | 0.15 | 3.5 | 1.3 | 1.1 | 2.0 | 13.7 | 5.7 |
| &nbsp;&nbsp;Head (calc) | 100 | 1.73 | 0.15 | 16.14 | 0.76 | 43.01 | 100.0 | 100.0 | 100.0 | 100.0 | 100.0 |
| &nbsp;&nbsp;Head Assay | - | 1.71 | 0.15 | 15.1 | 0.80 | 41.5 | - | - | - | - | - |

---

The key results of the locked cycle test (shown here in **bold**) show a 93% copper recovery into a concentrate containing 26.5% Cu, 8.42 g/t Au, 484 g/t Ag, 2.35% Pb and 7.0% Zn. Lead recovery to the copper concentrate was also 93% while the recoveries of gold and silver were around 68%.

Generally, high grade zinc concentrates were produced in all batch tests. The locked cycle test results projected a 62.3% Zn concentrate with a Zn recovery of 95.3%, with 18.3% and 25.7% recovery of gold and silver, respectively. The zinc concentrate was of good quality.

The analyses of the final copper and zinc flotation concentrates from the locked cycle flotation test are presented in Table 13.4. The zinc concentrate is of high quality with negligible amounts of potential penalty elements. The copper concentrate contains higher values of problematic elements such as As, Sb, Bi and F and the elevated Pb and Zn content could also be penalized. However, both Au and Ag grades are high enough to potentially be payable.

Blue Moon Mine 67 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 13.4**

**Locked Cycle Test Combined Final Concentrate Analyses**

---

| | | | |
|:---|:---|:---|:---|
| **Element /**<br>**Compound** | <br>**Units** | **Copper**<br>**Concentrate** | **Zinc**<br>**Concentrate** |
| &nbsp;&nbsp;Copper | % | 26.5 | 0.39 |
| &nbsp;&nbsp;Lead | % | 2.35 | 0.04 |
| &nbsp;&nbsp;Zinc | % | 7.02 | 62.3 |
| &nbsp;&nbsp;Gold | g/t | 8.42 | 0.56 |
| &nbsp;&nbsp;Silver | g/t | 484 | 44.8 |
| &nbsp;&nbsp;Antimony | % | 0.12 | 0.004 |
| &nbsp;&nbsp;Arsenic | % | 0.30 | 0.012 |
| &nbsp;&nbsp;Iron | % | 26.1 | 1.40 |
| &nbsp;&nbsp;Sulphur | % | 29.5 | 29.5 |
| &nbsp;&nbsp;Bismuth | % | 0.021 | <0.002 |
| &nbsp;&nbsp;Mercury | % | 0.0002 | 0.0014 |
| &nbsp;&nbsp;Fluorine | % | 0.022 | 0.023 |
| &nbsp;&nbsp;Chlorine | % | <0.005 | 0.005 |
| &nbsp;&nbsp;Cadmium | % | - | 0.34 |
| &nbsp;&nbsp;SiO<sub>2</sub> | % | 0.84 | 0.86 |
| &nbsp;&nbsp;CaO | % | 0.21 | 0.35 |
| &nbsp;&nbsp;MgO | % | 0.083 | 0.073 |
| &nbsp;&nbsp;Al<sub>2</sub>O<sub>3</sub> | % | 0.33 | 0.35 |

---

The two Sample 1 batch tests that included pyrite scavenger flotation of the zinc tailings recovered 10.6% (Test 15) and 19.6% (Test 25) respectively of the mass into the pyrite rougher concentrate. In both cases the recoveries of gold and silver to the pyrite rougher concentrate were less than 5%. The analyses of the pyrite rougher concentrate and tailings from Test 25 are summarized in Table 13.5.

**Table 13.5**

**Analyses of Test 25 Pyrite Concentrate and Tailings Samples**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample** | **Fe %** | **S %** | **Cu %** | **Zn %** | **Au g/t** | **Ag g/t** | **As %** | **Hg g/t** | **Bi %** | **Sb %** |
| &nbsp;&nbsp;Pyrite Concentrate | 29.3 | 36.8 | 0.15 | 0.84 | 0.37 | 9.5 | 0.003 | 1 | <0.002 | <0.002 |
| &nbsp;&nbsp;Pyrite Tailings | 0.41 | 13.0 | 0.03 | 0.12 | 0.09 | 2.0 | <0.001 | <0.3 | <0.002 | <0.002 |

---

Based on the iron assay, the pyrite concentrate is estimated to contain about 60% pyrite. Also, the relatively high sulphur content of the pyrite tailings (13%) suggests that this stream contains significant non-sulphide sulphur bearing minerals, probably barite and/or gypsum.

***Sample 2***

The preliminary mineralogical studies suggest that Sample 2 was more complex and fine-grained than Sample 1, it also contained more galena. Satisfactory copper-lead concentrates were produced with recoveries up to 93% of the copper and 95% of the lead in a bulk cleaner concentrate. However, separation of the copper and lead proved to be problematic. Although relatively high grade separate copper and lead products were produced (up to 30% Cu and 70% Pb), recovery losses were significant.

Blue Moon Mine 68 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

The gold and silver in Sample 2 tended to report with the copper and lead concentrates.

As with Sample 1, a high-quality zinc concentrate containing greater than 60% Zn was produced. The very high zinc grade in zinc concentrates in part reflects the relatively low iron content of sphalerite in the mineralized samples.

A simple batch pyrite recovery test was completed using Sample 2. Following sequential flotation of Cu/Pb and Zn, approximately 20% of the original mass was recovered to a pyrite rougher concentrate. No iron and sulphur analyses were available to ascertain the quality of this product.

13.2.4 Gravity Separation Tests

Four gravity separation tests (two on each sample) were completed by Lakefield Research. Ground samples were fed over a laboratory Wilfley Table in open circuit, with table concentrate upgraded using a Mozley Mineral Separator. Upgrading did occur but metal balances were poor, probably due to the presence of free gold particles.

**13.3** **Conclusions and** **R ecommendations** 

The metallurgical characteristics of the Blue Moon mineralization are gleaned from a program of testwork performed by Lakefield Research in 1988 using two mineralized composite samples. Although there are insufficient details concerning the selection and provenance of the testwork samples to confirm that they were representative of the Blue Moon mineral resources, it can be reasonably assumed that they were representative of the styles of mineralization occurring on the Blue Moon Property.

The conclusions from the 1988 testwork program are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Good
 recoveries of copper and zinc into high grade concentrates were achieved using conventional
 sequential flotation technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Net
 recoveries of gold and silver to both the zinc and copper concentrates were 86.2% and 9 4.3%
 respectively. Typically, most of the gold and silver in the samples tended to report to the
 copper/lead concentrate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 copper/lead concentrate produced contained minor amounts of deleterious elements which may
 incur penalties when sold to smelters. Conversely, this product also contained gold and silver
 in payable quantities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 zinc concentrate produced was of high grade with relatively low iron and contained no significant
 amount of penalty elements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Flotation
 of pyrite from zinc tailings was successful and additional work to improve the product quality
 is recommended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Separation
 of copper and lead into separate products was challenging but further work to improve selectivity
 is warranted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 work indices calculated from standard Bond ball mill tests were relatively low and need to
 be confirmed using fresh samples that represent the main ore types at Blue Moon. The samples
 contained interesting amounts of barite and gypsum. More work is required to quantify the
 distribution of these minerals within the deposit, the quality of these minerals, and the
 potential to recover these minerals as valuable by-products.

Blue Moon Mine 69 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 samples appeared to contain a certain amount of free or nuggetty gold which should be investigated
 further. Deportment studies on the gold and silver are recommended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Elements
 of particular interest that should be investigated in the next phase of metallurgical testwork
 include germanium and gallium. The economic potential of these elements as well as indium
 should be considered during the next geo-metallurgical testwork program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Based
 on the limited amount of testing undertaken so far, there are no processing factors or other
 deleterious elements that could have a significant effect on the potential economic extraction
 of the deposit.

Further geo-metallurgical studies are recommended using fresh metallurgical samples that fully represent the typical lithologies and ore-types found within the identified mineral resources at Blue Moon. The testwork should include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre
 concentration amenability tests to investigate upgrading of the mineralization and the potential
 to extract barite and /or gypsum before grinding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Detailed
 mineralogical characterization studies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Deportment
 studies for gold, silver and potential critical metals, such as Ge, Ga and In.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Hardness
 and comminution tests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Additional
 gravity testwork.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Further
 flotation optimization batch tests followed by locked cycle tests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tailings
 characterization studies.

Blue Moon Mine 70 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**14.0 MINERAL RESOURCE ESTIMATES**

**14.1** **Summary** 

The Mineral Resource Estimate ("MRE") for this report has been determined by using inverse distance cubed (ID<sup>3</sup>) techniques for the Main, Western and Eastern Zones of the Blue Moon Massive Sulphide Deposit. Assay data was derived from the current drilling database, including drill holes completed after 2 018. Mineralized domain solids were created from the coding of drill data in a three-dimensional (3D) geological modeling program. Drilling intercept assay values were capped for each mineralized domain using statistical analysis and subsequently composited forming the sample set used for the MRE grade estimates. The MRE has been determined according to the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (November 29, 2019). Mineral Resources have been reported in accordance with the disclosure requirements under NI 43-101.

The MRE is subdivided into three zones: Main Zone (vm1), East Zone (ve) and West Zone (vw). Using compiled and modeled 3D drill data there are distinct, separate, continuous lenses of mineralization, generally striking north. The Main Zone represents the largest occurrence of mineralization. Mineralization has been identified over a strike length of 2,500 ft as well as a plunge of nearly 2,500 ft of depth. The West and East Zones display less continuity as compared to the Main Zone. These were modeled independently and subsequently appended together to form a combined east and west zone triangulation domains. In addition to the dominant mineralized lenses numerous prominent mineralized intervals exist along many drill holes throughout the deposit. Individual mineralized domain solids were developed for these intervals which were subsequently labeled east lenses (vle) and west lenses (vlw) based upon their respective relationships to the Main Zone. The "vle" and "vlw" lenses were compiled and added to the overall "ve" and "vw" domain triangulations.

Reasonable prospects of eventual economic extraction assume underground mining of the deposit, surface mill processing and production of zinc concentrates and copper concentrates. Mineral Resources are reported at a Zinc Equivalent Percent (ZnEq %) cutoff grade of 2.9%. Cutoff grade sensitivities can be found in Section 0.

ZnEq % is calculated by each assayed metal being assigned a metal price, assumed recovery percentage and overall value factor based on the metal's price and recovery. Notwithstanding its potential for eventual economic extraction, for the purposes of this preliminary economic assessment lead was assumed not payable and so makes no contribution to ZnEq % grade. Parameters forming the basis for the ZnEq % formula are detailed in Section 14.6.

The formula used to estimate ZnEq % is:

*ZnEq = Zn% + ((Cu% \* 78.20)+(Pb% \* 0)+(Ag opt \* 25.46)+(Au opt \* 1896.40))/23.83.*

Table 14.1 and Table 14.2, respectively, present the Indicated and Inferred Mineral Resource Estimates. Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.

Figure 14.1 shows the location of drill holes on the Property, as well as a plan projection of the three mineralized zones. Figure 14.2 and Figure 14.3 show the mineralized domains on long-section 7500E looking West and East, respectively.

Blue Moon Mine 71 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 14.1**

**Blue Moon Indicated Mineral Resource Estimate**

**Effective Date December 24, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Domain**<br>&nbsp;&nbsp;**(Vein)** | &nbsp;&nbsp;**ZnEq**<br>&nbsp;&nbsp;**Cutoff** | <br>&nbsp;&nbsp;**Tons** | &nbsp;&nbsp;**ZnEq**<br>&nbsp;&nbsp;**(%)** | &nbsp;&nbsp;**Copper**<br>&nbsp;&nbsp;**(Cu %)** | &nbsp;&nbsp;**Lead**<br>&nbsp;&nbsp;**(Pb %)** | &nbsp;&nbsp;**Zinc**<br>&nbsp;&nbsp;**(Zn %)** | &nbsp;&nbsp;**Gold**<br>&nbsp;&nbsp;**(opt Au)** | &nbsp;&nbsp;**Silver**<br>&nbsp;&nbsp;**(opt Ag)** |
| &nbsp;&nbsp;Main | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;3073000 | &nbsp;&nbsp;12.66 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;5.90 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;1.14 |
| &nbsp;&nbsp;East | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;498000 | &nbsp;&nbsp;18.99 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;6.64 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;3.72 |
| &nbsp;&nbsp;West | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;78000 | &nbsp;&nbsp;9.50 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;4.41 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;0.93 |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**3650000** | &nbsp;&nbsp;**13.46** | &nbsp;&nbsp;**0.73** | &nbsp;&nbsp;**0.23** | &nbsp;&nbsp;**5.97** | &nbsp;&nbsp;**0.04** | &nbsp;&nbsp;**1.49** |
|  |  |  | &nbsp;&nbsp;**Metal** | &nbsp;&nbsp;**Cu Mlbs** | &nbsp;&nbsp;**Pb Mlbs** | &nbsp;&nbsp;**Zn Mlbs** | &nbsp;&nbsp;**Au Moz** | &nbsp;&nbsp;**Ag Moz** |
|  |  |  | &nbsp;&nbsp;Main | &nbsp;&nbsp;47.94 | &nbsp;&nbsp;10.08 | &nbsp;&nbsp;362.76 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;3.51 |
|  |  |  | &nbsp;&nbsp;East | &nbsp;&nbsp;4.67 | &nbsp;&nbsp;6.29 | &nbsp;&nbsp;66.15 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;1.85 |
|  |  |  | &nbsp;&nbsp;West | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;6.91 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.07 |
|  |  |  | &nbsp;&nbsp;Total | &nbsp;&nbsp;53.59 | &nbsp;&nbsp;16.90 | &nbsp;&nbsp;435.83 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;5.43 |

---

**Table 14.2**

**Blue Moon Inferred Mineral Resource Estimate**

**Effective Date December 24, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Domain**<br>&nbsp;&nbsp;**(Vein)** | &nbsp;&nbsp;**ZnEq**<br>&nbsp;&nbsp;**Cutoff** | <br>&nbsp;&nbsp;**Tons** | &nbsp;&nbsp;**ZnEq**<br>&nbsp;&nbsp;**(%)** | &nbsp;&nbsp;**Copper**<br>&nbsp;&nbsp;**(Cu %)** | &nbsp;&nbsp;**Lead**<br>&nbsp;&nbsp;**(Pb %)** | &nbsp;&nbsp;**Zinc**<br>&nbsp;&nbsp;**(Zn %)** | &nbsp;&nbsp;**Gold**<br>&nbsp;&nbsp;**(opt Au)** | &nbsp;&nbsp;**Silver**<br>&nbsp;&nbsp;**(opt Ag)** |
| &nbsp;&nbsp;Main | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;3261000 | &nbsp;&nbsp;11.41 | &nbsp;&nbsp;0.52 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;5.68 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;1.15 |
| &nbsp;&nbsp;East | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;994000 | &nbsp;&nbsp;15.49 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;5.04 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;2.43 |
| &nbsp;&nbsp;West | &nbsp;&nbsp;2.9% | &nbsp;&nbsp;173000 | &nbsp;&nbsp;6.28 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;1.98 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.40 |
| &nbsp;&nbsp;**Total** |  | &nbsp;&nbsp;**4428000** | &nbsp;&nbsp;**12.12** | &nbsp;&nbsp;**0.54** | &nbsp;&nbsp;**0.30** | &nbsp;&nbsp;**5.39** | &nbsp;&nbsp;**0.04** | &nbsp;&nbsp;**1.41** |
|  |  |  | &nbsp;&nbsp;**Metal** | &nbsp;&nbsp;**Cu Mlbs** | &nbsp;&nbsp;**Pb Mlbs** | &nbsp;&nbsp;**Zn Mlbs** | &nbsp;&nbsp;**Au Moz** | &nbsp;&nbsp;**Ag Moz** |
|  |  |  | &nbsp;&nbsp;Main | &nbsp;&nbsp;33.65 | &nbsp;&nbsp;14.74 | &nbsp;&nbsp;370.27 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;3.76 |
|  |  |  | &nbsp;&nbsp;East | &nbsp;&nbsp;11.80 | &nbsp;&nbsp;11.20 | &nbsp;&nbsp;100.11 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;2.42 |
|  |  |  | &nbsp;&nbsp;West | &nbsp;&nbsp;2.52 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;6.84 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.07 |
|  |  |  | &nbsp;&nbsp;Total | &nbsp;&nbsp;47.97 | &nbsp;&nbsp;26.68 | &nbsp;&nbsp;477.22 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;6.25 |

---

*Notes:*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Scott Wilson, CPG, President of RDA is responsible for this mineral resource estimate and is an independent Qualified Person as such term is defined by NI 43-101.* 

*(2)* *Reasonable prospects of eventual economic extraction were assessed by enclosing the mineralized material in the block model estimate in 3D wireframe shapes that were constructed based upon geological interpretations as well as adherence to a minimum mining unit with geometry appropriate for underground mining.* 

*(3)* *The cutoff grade of 2.9% ZnEq considered parameters of:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a.* *Metal selling prices: Au-US$2,200/oz, Ag-US$27/oz, Cu-US$4.25/lb., Pb-US$0.90/lb., Zn-US$1.25/lb.* 

*b.* *Recoveries of Au 86.2%, Ag 94.3%, Cu 93.1%, Pb 0%, Zn 95.3%.* 

*c.* *Costs including mining, processing, general and administrative (G&A).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Zinc Equivalent Grade ("ZnEq") is estimated by the formula:* 

*ZnEq = Zn% + ((Cu% \* 78.20)+(Pb% \* 0)+(Ag opt \* 25.46)+(Au opt \* 1896.40))/23.83*

&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *Mineral resources are not mineral reserves and do not have demonstrated economic viability.* 

*(6)* *Figures may not add up due to rounding.* 

*(7)* *Tonnages shown in Table 14.1and Table 14.2 are short tons.* 

*(8)* *The QP knows of no other legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources for the Project.* 

Blue Moon Mine 72 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 14.1**

**Plan View of Mineralized Domains and Drilling**

![](tm2533647d1_ex41sp3img001.jpg)

Blue Moon Mine 73 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 14.2**

**Long-Section View - 7500E Looking West - Mineralized Domains**

![](tm2533647d1_ex41sp3img002.jpg)

Source: Henricksen and Wilson (2023)

Blue Moon Mine 74 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 14.3**

**Long Section View - 7500E Looking East - Mineralized Domains**

![](tm2533647d1_ex41sp3img003.jpg)

Source: Henricksen and Wilson (2023)

Blue Moon Mine 75 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**14.2** **DATABASE** 

The database provided included a total of 87 drill holes, totaling 122,364.33 ft, of which 74 holes were used in the modeling of the mineralized domains and subsequent Mineral Resource Estimate. The drill database includes all drilling completed to date, including drill holes completed after 2018. The data received included a drill database with tables for assay and lithology. The database was verified and only one repeat assay interval was found and corrected. Assay values of 0.000 were representative of non-sampled intervals and subsequently changed to 0.001 for statistical purposes. Non-logged intervals were not used for domain modeling.

Domain solids were constructed by means of coding the drill database using cross-section interpretations for each hole included in the domain models. These codes were cross referenced with broader cross-section and long-section analysis for continuity. Assay intervals in the database are flagged with modeling codes based on inclusion within each domain. Database statistics are reported for each domain below. All non-coded assay intervals maintained a default value of (-1), referenced in the statistics as "Wall Rock" (Table 14.3).

**Table 14.3**

**Drilling Database Assay Statistics**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Zone** | &nbsp;&nbsp;**Variable** | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Mean** | &nbsp;&nbsp;**S.D.** | &nbsp;&nbsp;**Minimum** | &nbsp;&nbsp;**Maximum** | &nbsp;&nbsp;**C.V.** |
|  | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;663 | &nbsp;&nbsp;0.041 | &nbsp;&nbsp;0.089 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;1.039 | &nbsp;&nbsp;2.142 |
|  | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;663 | &nbsp;&nbsp;1.490 | &nbsp;&nbsp;3.505 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;40.300 | &nbsp;&nbsp;2.353 |
| &nbsp;&nbsp;All Mineralized Zones | &nbsp;&nbsp;Cu (%) | &nbsp;&nbsp;663 | &nbsp;&nbsp;0.714 | &nbsp;&nbsp;1.178 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;10.700 | &nbsp;&nbsp;1.649 |
|  | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;663 | &nbsp;&nbsp;0.277 | &nbsp;&nbsp;0.680 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;6.400 | &nbsp;&nbsp;2.456 |
|  | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;663 | &nbsp;&nbsp;5.559 | &nbsp;&nbsp;7.886 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;51.900 | &nbsp;&nbsp;1.419 |
|  | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;436 | &nbsp;&nbsp;0.033 | &nbsp;&nbsp;0.082 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;1.039 | &nbsp;&nbsp;2.460 |
|  | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;436 | &nbsp;&nbsp;1.152 | &nbsp;&nbsp;3.402 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;40.300 | &nbsp;&nbsp;2.953 |
| &nbsp;&nbsp;Main Lens | &nbsp;&nbsp;Cu (%) | &nbsp;&nbsp;436 | &nbsp;&nbsp;0.776 | &nbsp;&nbsp;1.229 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;10.700 | &nbsp;&nbsp;1.585 |
|  | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;436 | &nbsp;&nbsp;0.174 | &nbsp;&nbsp;0.514 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;4.790 | &nbsp;&nbsp;2.950 |
|  | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;436 | &nbsp;&nbsp;6.062 | &nbsp;&nbsp;8.765 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;51.900 | &nbsp;&nbsp;1.446 |
|  | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;62 | &nbsp;&nbsp;0.023 | &nbsp;&nbsp;0.048 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;0.295 | &nbsp;&nbsp;2.040 |
|  | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;62 | &nbsp;&nbsp;0.953 | &nbsp;&nbsp;2.028 | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;11.800 | &nbsp;&nbsp;2.128 |
| &nbsp;&nbsp;Western Lenses | &nbsp;&nbsp;Cu (%) | &nbsp;&nbsp;62 | &nbsp;&nbsp;0.682 | &nbsp;&nbsp;0.807 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;4.840 | &nbsp;&nbsp;1.182 |
|  | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;62 | &nbsp;&nbsp;0.446 | &nbsp;&nbsp;1.005 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;4.870 | &nbsp;&nbsp;2.252 |
|  | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;62 | &nbsp;&nbsp;3.678 | &nbsp;&nbsp;4.554 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;23.000 | &nbsp;&nbsp;1.238 |
|  | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;165 | &nbsp;&nbsp;0.070 | &nbsp;&nbsp;0.109 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;1.032 | &nbsp;&nbsp;1.568 |
|  | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;165 | &nbsp;&nbsp;2.584 | &nbsp;&nbsp;3.954 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;33.250 | &nbsp;&nbsp;1.530 |
| &nbsp;&nbsp;Eastern Lenses | &nbsp;&nbsp;Cu (%) | &nbsp;&nbsp;165 | &nbsp;&nbsp;0.563 | &nbsp;&nbsp;1.142 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;7.200 | &nbsp;&nbsp;2.028 |
|  | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;165 | &nbsp;&nbsp;0.485 | &nbsp;&nbsp;0.837 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;6.400 | &nbsp;&nbsp;1.725 |
|  | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;165 | &nbsp;&nbsp;4.934 | &nbsp;&nbsp;6.055 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;30.000 | &nbsp;&nbsp;1.227 |
|  | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;1968 | &nbsp;&nbsp;0.003 | &nbsp;&nbsp;0.006 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;0.128 | &nbsp;&nbsp;2.005 |
|  | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;1968 | &nbsp;&nbsp;0.118 | &nbsp;&nbsp;0.675 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;25.860 | &nbsp;&nbsp;5.715 |
| &nbsp;&nbsp;Wall Rock | &nbsp;&nbsp;Cu (%) | &nbsp;&nbsp;1968 | &nbsp;&nbsp;0.057 | &nbsp;&nbsp;0.205 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;3.420 | &nbsp;&nbsp;3.610 |
|  | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;1968 | &nbsp;&nbsp;0.030 | &nbsp;&nbsp;0.185 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;5.270 | &nbsp;&nbsp;6.063 |
|  | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;1968 | &nbsp;&nbsp;0.378 | &nbsp;&nbsp;1.360 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;33.100 | &nbsp;&nbsp;3.603 |

---

Blue Moon Mine 76 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

14.2.1 Capping

Main, East and West zones were evaluated for capping analysis. Assays were plotted using lognormal cumulative frequency plots (QFP) to investigate the presence of anomalous high grade outlier samples. QFP plots for each zone were compared to statistical models for capping using the cutoff of 3 standard deviations above the sample population mean. This statistical capping approach proved effective in visual comparison with the mineralized zone QFP plots but was anomalously low for the Waste zone due to the large presence of samples at the lower detection limit, or non-logged value of 0.001 for all metals' grades. Capping values were assigned in the assay database prior to compositing. Capped drill database's statistics were then recorded, along with the number of assays capped (Table 14.4).

**Table 14.4**

**Drill Database Capping Values**

---

| | | | |
|:---|:---|:---|:---|
| <br>&nbsp;&nbsp;**Zone** | <br>&nbsp;&nbsp;**Variable** | &nbsp;&nbsp;**Cap**<br>&nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Number**<br>&nbsp;&nbsp;**Capped** |
|  | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;0.279 | &nbsp;&nbsp;8 |
|  | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;11.359 | &nbsp;&nbsp;9 |
| &nbsp;&nbsp;Main Lens | &nbsp;&nbsp;Cu (%) | &nbsp;&nbsp;4.462 | &nbsp;&nbsp;11 |
|  | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;1.715 | &nbsp;&nbsp;8 |
|  | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;32.359 | &nbsp;&nbsp;12 |
|  | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;0.166 | &nbsp;&nbsp;2 |
|  | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;7.036 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Western Lenses | &nbsp;&nbsp;Cu (%) | &nbsp;&nbsp;3.103 | &nbsp;&nbsp;1 |
|  | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;3.460 | &nbsp;&nbsp;3 |
|  | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;17.339 | &nbsp;&nbsp;2 |
|  | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;0.397 | &nbsp;&nbsp;2 |
|  | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;14.445 | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Eastern Lenses | &nbsp;&nbsp;Cu (%) | &nbsp;&nbsp;3.991 | &nbsp;&nbsp;5 |
|  | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;2.997 | &nbsp;&nbsp;2 |
|  | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;23.099 | &nbsp;&nbsp;5 |
|  | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;0.100 | &nbsp;&nbsp;2 |
|  | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Wall Rock | &nbsp;&nbsp;Cu (%) | &nbsp;&nbsp;1.500 | &nbsp;&nbsp;8 |
|  | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;1.000 | &nbsp;&nbsp;4 |
|  | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;9.000 | &nbsp;&nbsp;4 |

---

Table 14.5 shows key statistics for the capped drill hole assay database.

Blue Moon Mine 77 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 14.5**

**Capped Drill Database Assay Statistics**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Zone** | &nbsp;&nbsp;**Variable** | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Mean** | &nbsp;&nbsp;**S.D.** | &nbsp;&nbsp;**Minimum** | &nbsp;&nbsp;**Maximum** | &nbsp;&nbsp;**C.V.** |
|  | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;663 | &nbsp;&nbsp;0.038 | &nbsp;&nbsp;0.063 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;0.397 | &nbsp;&nbsp;1.690 |
|  | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;663 | &nbsp;&nbsp;1.318 | &nbsp;&nbsp;2.398 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;14.445 | &nbsp;&nbsp;1.820 |
| &nbsp;&nbsp;All Mineralized Zones | &nbsp;&nbsp;Cu (%) | &nbsp;&nbsp;663 | &nbsp;&nbsp;0.668 | &nbsp;&nbsp;0.957 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;4.462 | &nbsp;&nbsp;1.434 |
|  | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;663 | &nbsp;&nbsp;0.250 | &nbsp;&nbsp;0.544 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;3.406 | &nbsp;&nbsp;2.181 |
|  | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;663 | &nbsp;&nbsp;5.361 | &nbsp;&nbsp;7.087 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;32.359 | &nbsp;&nbsp;1.322 |
|  | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;436 | &nbsp;&nbsp;0.029 | &nbsp;&nbsp;0.054 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;0.279 | &nbsp;&nbsp;1.851 |
|  | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;436 | &nbsp;&nbsp;0.957 | &nbsp;&nbsp;1.979 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;11.359 | &nbsp;&nbsp;2.067 |
| &nbsp;&nbsp;Main Lense | &nbsp;&nbsp;Cu (%) | &nbsp;&nbsp;436 | &nbsp;&nbsp;0.732 | &nbsp;&nbsp;1.019 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;4.462 | &nbsp;&nbsp;1.392 |
|  | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;436 | &nbsp;&nbsp;0.147 | &nbsp;&nbsp;0.354 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;1.715 | &nbsp;&nbsp;2.407 |
|  | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;436 | &nbsp;&nbsp;5.832 | &nbsp;&nbsp;7.849 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;32.359 | &nbsp;&nbsp;1.346 |
|  | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;62 | &nbsp;&nbsp;0.021 | &nbsp;&nbsp;0.035 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;0.166 | &nbsp;&nbsp;1.690 |
|  | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;62 | &nbsp;&nbsp;0.837 | &nbsp;&nbsp;1.490 | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;7.036 | &nbsp;&nbsp;1.781 |
| &nbsp;&nbsp;Western Lenses | &nbsp;&nbsp;Cu (%) | &nbsp;&nbsp;62 | &nbsp;&nbsp;0.654 | &nbsp;&nbsp;0.682 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;3.103 | &nbsp;&nbsp;1.043 |
|  | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;62 | &nbsp;&nbsp;0.399 | &nbsp;&nbsp;0.824 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;3.406 | &nbsp;&nbsp;2.062 |
|  | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;62 | &nbsp;&nbsp;3.566 | &nbsp;&nbsp;4.139 | &nbsp;&nbsp;0.010 | &nbsp;&nbsp;17.339 | &nbsp;&nbsp;1.161 |
|  | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;165 | &nbsp;&nbsp;0.066 | &nbsp;&nbsp;0.083 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;0.397 | &nbsp;&nbsp;1.262 |
|  | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;165 | &nbsp;&nbsp;2.450 | &nbsp;&nbsp;3.197 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;14.445 | &nbsp;&nbsp;1.305 |
| &nbsp;&nbsp;Eastern Lenses | &nbsp;&nbsp;Cu (%) | &nbsp;&nbsp;165 | &nbsp;&nbsp;0.503 | &nbsp;&nbsp;0.854 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;3.991 | &nbsp;&nbsp;1.698 |
|  | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;165 | &nbsp;&nbsp;0.464 | &nbsp;&nbsp;0.722 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;2.997 | &nbsp;&nbsp;1.558 |
|  | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;165 | &nbsp;&nbsp;4.789 | &nbsp;&nbsp;5.521 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;23.099 | &nbsp;&nbsp;1.153 |
|  | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;1968 | &nbsp;&nbsp;0.003 | &nbsp;&nbsp;0.006 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;0.100 | &nbsp;&nbsp;1.916 |
|  | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;1968 | &nbsp;&nbsp;0.105 | &nbsp;&nbsp;0.322 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;4.000 | &nbsp;&nbsp;3.079 |
| &nbsp;&nbsp;Wall Rock | &nbsp;&nbsp;Cu (%) | &nbsp;&nbsp;1968 | &nbsp;&nbsp;0.053 | &nbsp;&nbsp;0.159 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;1.500 | &nbsp;&nbsp;3.022 |
|  | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;1968 | &nbsp;&nbsp;0.025 | &nbsp;&nbsp;0.086 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;1.000 | &nbsp;&nbsp;3.389 |
|  | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;1968 | &nbsp;&nbsp;0.347 | &nbsp;&nbsp;0.859 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;9.000 | &nbsp;&nbsp;2.476 |

---

Figure 14.4 and Figure 14.5 illustrate the relationship of the mineralized domains to the supporting drill holes.

Blue Moon Mine 78 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 14.4**

**Cross-Section through Drill Hole CH57 Showing Mineralized Domain Solids Coded to Assay Intervals**

**(Looking North, Mine Grid for Scale)**

![](tm2533647d1_ex41sp3img004.jpg)

Source: Henricksen and Wilson (2023)

Blue Moon Mine 79 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 14.5**

**Cross-Section View 8100N Looking North - Mineralized Domain Solids**

**(Black Lines Indicate Drill Hole Traces)**

![](tm2533647d1_ex41sp3img005.jpg)

Source: Henricksen and Wilson (2023)

Blue Moon Mine 80 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**14.3** **Compositing** 

Five-foot run-length composites were developed for grade estimation through the mineral deposit. Compositing intervals were broken at the contact of the mineralized domain solids to maintain the integrity of the coded assay intercepts within the mineralized domains. Composite domain codes recorded for use in the MRE are presented in Table 14.6.

**Table 14.6**

**Composite Database Statistics**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Zone** | &nbsp;&nbsp;**Variable** | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Mean** | &nbsp;&nbsp;**S.D.** | &nbsp;&nbsp;**Minimum** | &nbsp;&nbsp;**Maximum** | &nbsp;&nbsp;**C.V.** |
|  | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;371 | &nbsp;&nbsp;0.033 | &nbsp;&nbsp;0.054 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;0.279 | &nbsp;&nbsp;1.629 |
|  | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;371 | &nbsp;&nbsp;0.952 | &nbsp;&nbsp;1.788 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;11.359 | &nbsp;&nbsp;1.878 |
| &nbsp;&nbsp;Main Lens | &nbsp;&nbsp;Cu (%) | &nbsp;&nbsp;371 | &nbsp;&nbsp;0.691 | &nbsp;&nbsp;0.909 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;4.462 | &nbsp;&nbsp;1.316 |
|  | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;371 | &nbsp;&nbsp;0.144 | &nbsp;&nbsp;0.321 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;1.715 | &nbsp;&nbsp;2.230 |
|  | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;371 | &nbsp;&nbsp;5.540 | &nbsp;&nbsp;7.112 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;32.359 | &nbsp;&nbsp;1.284 |
|  | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;61 | &nbsp;&nbsp;0.019 | &nbsp;&nbsp;0.027 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;0.124 | &nbsp;&nbsp;1.446 |
|  | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;61 | &nbsp;&nbsp;0.696 | &nbsp;&nbsp;1.129 | &nbsp;&nbsp;0.012 | &nbsp;&nbsp;5.017 | &nbsp;&nbsp;1.623 |
| &nbsp;&nbsp;Western Lenses | &nbsp;&nbsp;Cu (%) | &nbsp;&nbsp;61 | &nbsp;&nbsp;0.652 | &nbsp;&nbsp;0.622 | &nbsp;&nbsp;0.008 | &nbsp;&nbsp;3.103 | &nbsp;&nbsp;0.955 |
|  | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;61 | &nbsp;&nbsp;0.337 | &nbsp;&nbsp;0.620 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;3.406 | &nbsp;&nbsp;1.841 |
|  | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;61 | &nbsp;&nbsp;3.407 | &nbsp;&nbsp;3.692 | &nbsp;&nbsp;0.020 | &nbsp;&nbsp;15.705 | &nbsp;&nbsp;1.084 |
|  | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;144 | &nbsp;&nbsp;0.069 | &nbsp;&nbsp;0.076 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;0.348 | &nbsp;&nbsp;1.096 |
|  | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;144 | &nbsp;&nbsp;2.648 | &nbsp;&nbsp;3.178 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;14.266 | &nbsp;&nbsp;1.200 |
| &nbsp;&nbsp;Eastern Lenses | &nbsp;&nbsp;Cu (%) | &nbsp;&nbsp;144 | &nbsp;&nbsp;0.512 | &nbsp;&nbsp;0.763 | &nbsp;&nbsp;0.005 | &nbsp;&nbsp;3.991 | &nbsp;&nbsp;1.492 |
|  | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;144 | &nbsp;&nbsp;0.489 | &nbsp;&nbsp;0.700 | &nbsp;&nbsp;0.003 | &nbsp;&nbsp;2.799 | &nbsp;&nbsp;1.431 |
|  | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;144 | &nbsp;&nbsp;5.204 | &nbsp;&nbsp;5.380 | &nbsp;&nbsp;0.024 | &nbsp;&nbsp;23.099 | &nbsp;&nbsp;1.034 |
|  | &nbsp;&nbsp;Au (opt) | &nbsp;&nbsp;22738 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;0.039 | &nbsp;&nbsp;1.088 |
|  | &nbsp;&nbsp;Ag (opt) | &nbsp;&nbsp;22738 | &nbsp;&nbsp;0.007 | &nbsp;&nbsp;0.058 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;2.150 | &nbsp;&nbsp;7.928 |
| &nbsp;&nbsp;Wall Rock | &nbsp;&nbsp;Cu (%) | &nbsp;&nbsp;22738 | &nbsp;&nbsp;0.004 | &nbsp;&nbsp;0.029 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;1.020 | &nbsp;&nbsp;7.239 |
|  | &nbsp;&nbsp;Pb (%) | &nbsp;&nbsp;22738 | &nbsp;&nbsp;0.003 | &nbsp;&nbsp;0.016 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;0.783 | &nbsp;&nbsp;6.344 |
|  | &nbsp;&nbsp;Zn (%) | &nbsp;&nbsp;22738 | &nbsp;&nbsp;0.022 | &nbsp;&nbsp;0.147 | &nbsp;&nbsp;0.001 | &nbsp;&nbsp;4.100 | &nbsp;&nbsp;6.703 |

---

**14.4** **Density** 

A total of 297 specific gravity measurements are stored in the database. Density measurements are stored in the model based on the grade of total sulphide mineralization. Specific gravity determinations were binned into five grade categories based on the combined assay value of (Cu % + Pb % + Zn %) and a default Wall Rock value for non-mineralized domain sample intervals. Table 14.7 presents tonnage factor determinations based on total sulphide content.

Specific gravity measurements were then converted into their Imperial tonnage factor equivalents for use in the subsequent reporting of the MRE. Tonnage factors are assigned to blocks in the block model according to the following formula:

*Tonnage Factor (ton / cu ft) = 1 / (2000 lbs/ton / (62.4 lbs/cu.ft. \* SG))*

Blue Moon Mine 81 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 14.7**

**Tonnage Factor Determinations from Specific Gravity Values Based on Total Sulphide Content**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Zn% + Cu% +**<br>&nbsp;&nbsp;**Pb% Range** | &nbsp;&nbsp;**Sample**<br>&nbsp;&nbsp;**Count** | <br>&nbsp;&nbsp;**Low SG** | <br>&nbsp;&nbsp;**High SG** | &nbsp;&nbsp;**Average**<br>&nbsp;&nbsp;**SG** | &nbsp;&nbsp;**Tonnage Factor**<br>&nbsp;&nbsp;**(TF) (tons/cu. ft.)** |
| &nbsp;&nbsp;0.0 <= 1 | &nbsp;&nbsp;65 | &nbsp;&nbsp;2.53 | &nbsp;&nbsp;4.48 | &nbsp;&nbsp;3.07 | &nbsp;&nbsp;0.0958 |
| &nbsp;&nbsp;1.0 <= 2 | &nbsp;&nbsp;46 | &nbsp;&nbsp;2.67 | &nbsp;&nbsp;4.37 | &nbsp;&nbsp;3.11 | &nbsp;&nbsp;0.0970 |
| &nbsp;&nbsp;2.0 <= 10 | &nbsp;&nbsp;100 | &nbsp;&nbsp;2.59 | &nbsp;&nbsp;4.69 | &nbsp;&nbsp;3.26 | &nbsp;&nbsp;0.1017 |
| &nbsp;&nbsp;10.0 <= 20 | &nbsp;&nbsp;50 | &nbsp;&nbsp;2.86 | &nbsp;&nbsp;4.25 | &nbsp;&nbsp;3.41 | &nbsp;&nbsp;0.1064 |
| &nbsp;&nbsp;>20 | &nbsp;&nbsp;33 | &nbsp;&nbsp;3.32 | &nbsp;&nbsp;4.55 | &nbsp;&nbsp;3.75 | &nbsp;&nbsp;0.1170 |
| &nbsp;&nbsp;Wall Rock | &nbsp;&nbsp;32 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;3.16 | &nbsp;&nbsp;0.0986 |

---

**14.5** **Block** **M odel** 

A single block model was created to encompass all three mineralized domain solids. Due to the thickness variability of the mineralized zones, the block model was sub-blocked to better conform to locally thin areas of the solids. Smaller blocks allow for a more accurate representation of the modeled domains. Parent block dimensions are 20 ft x 20 ft x 20 ft in the Wall Rock domain but are sub-blocked and forced to a maximum of 10 ft x 10 ft in the Y and Z dimensions on the contact of - and within - the mineralized domains. Sub-block thicknesses in the X dimension can range from 0.1 ft up to 10 ft in order to respect local variations in domain thickness.

Blocks were populated with estimation and default grade variables for subsequent grade estimates. Table 14.8 and Table 14.9 present the location and dimensions of the model and blocks, respectively.

**Table 14.8**

**Block Model Location and Dimensions**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Model**<br>&nbsp;&nbsp;**Origin** | <br>**Coordinates** | <br>**Offset** | **Length**<br>**(Ft)** |
| &nbsp;&nbsp;East | 7000 | East | 1200 |
| &nbsp;&nbsp;North | 5600 | North | 4000 |
| &nbsp;&nbsp;Elevation | -2000 | Elevation | 3500 |

---

**Table 14.9**

**Block Model - Block Dimensions**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Block**<br>&nbsp;&nbsp;**Class** | &nbsp;&nbsp;**Bearing**<br>&nbsp;&nbsp;**(°)** | &nbsp;&nbsp;**Dip**<br>&nbsp;&nbsp;**(°)** | &nbsp;&nbsp;**Plunge**<br>&nbsp;&nbsp;**(°)** | &nbsp;&nbsp;**Block X**<br>&nbsp;&nbsp;**(ft)** | &nbsp;&nbsp;**Block Y**<br>&nbsp;&nbsp;**(ft)** | &nbsp;&nbsp;**Block Z**<br>&nbsp;&nbsp;**(ft)** | &nbsp;&nbsp;**Sub-Block**<br>&nbsp;&nbsp;**X (ft)** | &nbsp;&nbsp;**Sub-Block**<br>&nbsp;&nbsp;**Y (ft)** | &nbsp;&nbsp;**Sub-Block**<br>&nbsp;&nbsp;**Z (ft)** |
| &nbsp;&nbsp;Main | &nbsp;&nbsp;90 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;20 | &nbsp;&nbsp;20 | &nbsp;&nbsp;20 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Sub-Block | &nbsp;&nbsp;90 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;0.1 - 10 | &nbsp;&nbsp;10 | &nbsp;&nbsp;10 |

---

**14.6** **Grade** **E stimation** 

Metal grades for the MRE were estimated using the common Inverse Distance Cubed (ID<sup>3</sup>) estimation methodology. Single pass ID<sup>3</sup> estimates were run for each of the composite metal values in each of the mineralized domain solids. Only samples coded for inclusion within a specific domain solid were used for estimations within that domain solid. Wall rock coded blocks were estimated but not included in the MRE. Visual and statistical inspections of the grade distribution within the block model show the ID<sup>3</sup> model to well represent actual assay values versus estimated grade values throughout all three mineralized domains. Search parameters are summarized in Table 14.10.

Blue Moon Mine 82 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 14.10**

**Summary of Search Parameters**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>&nbsp;&nbsp;**Zone** | <br>&nbsp;&nbsp;**Variable** | <br>&nbsp;&nbsp;**Pass** | &nbsp;&nbsp;**Az/Dip**<br>&nbsp;&nbsp;**(°)** | &nbsp;&nbsp;**Dist.**<br>&nbsp;&nbsp;**(ft.)** | &nbsp;&nbsp;**Az/Dip**<br>&nbsp;&nbsp;**(°)** | &nbsp;&nbsp;**Dist.**<br>&nbsp;&nbsp;**(ft.)** | &nbsp;&nbsp;**Az/Dip**<br>&nbsp;&nbsp;**(°)** | &nbsp;&nbsp;**Dist.**<br>&nbsp;&nbsp;**(ft.)** |
| &nbsp;&nbsp;Main, West and East | &nbsp;&nbsp;Zn | &nbsp;&nbsp;1 | &nbsp;&nbsp;90/0 | &nbsp;&nbsp;600 | &nbsp;&nbsp;0/0 | &nbsp;&nbsp;600 | &nbsp;&nbsp;0/-90 | &nbsp;&nbsp;150 |
| &nbsp;&nbsp;Main, West and East | &nbsp;&nbsp;Cu | &nbsp;&nbsp;1 | &nbsp;&nbsp;90/0 | &nbsp;&nbsp;600 | &nbsp;&nbsp;0/0 | &nbsp;&nbsp;600 | &nbsp;&nbsp;0/-90 | &nbsp;&nbsp;150 |
| &nbsp;&nbsp;Main, West and East | &nbsp;&nbsp;Ag | &nbsp;&nbsp;1 | &nbsp;&nbsp;90/0 | &nbsp;&nbsp;600 | &nbsp;&nbsp;0/0 | &nbsp;&nbsp;600 | &nbsp;&nbsp;0/-90 | &nbsp;&nbsp;150 |
| &nbsp;&nbsp;Main, West and East | &nbsp;&nbsp;Au | &nbsp;&nbsp;1 | &nbsp;&nbsp;90/0 | &nbsp;&nbsp;600 | &nbsp;&nbsp;0/0 | &nbsp;&nbsp;600 | &nbsp;&nbsp;0/-90 | &nbsp;&nbsp;150 |
| &nbsp;&nbsp;Wall Rock | &nbsp;&nbsp;Zn, Cu, Ag, Au, | &nbsp;&nbsp;1 | &nbsp;&nbsp;Omni Directional | &nbsp;&nbsp;Omni Directional | &nbsp;&nbsp;Omni Directional | &nbsp;&nbsp;200 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Wall Rock | &nbsp;&nbsp;Pb | &nbsp;&nbsp;1 | &nbsp;&nbsp;Omni Directional | &nbsp;&nbsp;Omni Directional | &nbsp;&nbsp;Omni Directional | &nbsp;&nbsp;200 | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

---

Zinc Equivalent Percent (ZnEq %) values were calculated from the raw estimated metals values in the grade estimation. Due to the large number of estimated metals, it is common for a polymetallic deposit to use a combined value variable to describe the total value of mineralized material within an estimate. ZnEq % is based on each estimated metal selling price and assumed recovery factor on a block-by-block basis. These are combined to form an overall value factor for each metal which is subsequently used in the calculation, as shown in Table 14.11. Notwithstanding its potential for eventual economic extraction, for the purposes of this preliminary economic assessment lead was assumed not payable and so makes no contribution to ZnEq % grade.

**Table 14.11**

**Zinc Equivalent Percent (ZnEq %) Parameters Used for ZnEq % Calculation**

---

| | | | |
|:---|:---|:---|:---|
| <br>&nbsp;&nbsp;**Variable** | <br>&nbsp;&nbsp;**Metal Price** | &nbsp;&nbsp;**Recovery**<br>&nbsp;&nbsp;**(%)** | <br>&nbsp;&nbsp;**Factor** |
| &nbsp;&nbsp;Zinc | &nbsp;&nbsp;US$1.25/pound | &nbsp;&nbsp;95.3 | &nbsp;&nbsp;23.83 |
| &nbsp;&nbsp;Copper | &nbsp;&nbsp;US$4.25/pound | &nbsp;&nbsp;93.1 | &nbsp;&nbsp;78.20 |
| &nbsp;&nbsp;Lead | &nbsp;&nbsp;US$0.90/pound | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |
| &nbsp;&nbsp;Silver | &nbsp;&nbsp;US$27.00/oz | &nbsp;&nbsp;94.3 | &nbsp;&nbsp;25.46 |
| &nbsp;&nbsp;Gold | &nbsp;&nbsp;US$2,200.00/oz | &nbsp;&nbsp;86.2 | &nbsp;&nbsp;1896.40 |

---

ZnEq % is calculated as follows:

*ZnEq = Zn% + ((Cu% \* 78.20)+(Pb% \* 0)+(Ag opt \* 25.46)+(Au opt \* 1896.40))/23.83*

Figure 14.6, Figure 14.7 and Figure 14.8 show the resulting Zinc Equivalent Grades for the Main Zone, Eastern and Western Lenses, respectively.

Blue Moon Mine 83 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 14.6**

**Zinc Equivalent Grade Estimation of Main Zone - Long Section 8000E Looking West Drill Traces as Black Lines and Resource Classification Boundary as Polygon**

![](tm2533647d1_ex41sp3img006.jpg)

Blue Moon Mine 84 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 14.7**

**Zinc Equivalent Grade Estimation of Eastern Lenses - Long Section 8000E Looking West Drill Traces as Black Lines and Resource Classification Boundary as Polygon**

![](tm2533647d1_ex41sp3img007.jpg)

Blue Moon Mine 85 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 14.8**

**Zinc Equivalent Grade Estimation of Western Lenses - Long Section 7000E Looking East Drill Traces as Black Lines and Resource Classification Boundary as Polygon**

![](tm2533647d1_ex41sp3img008.jpg)

14.6.1 Grade Estimation Verification

The ID<sup>3</sup> grade estimate model was compared visually with nearest neighbour estimates and found to align well with both the model as well as composite grades. In addition to visual methods, the grade estimate model was subjected to statistical analyses to compare block estimated grades versus original composite grades. Composite samples were flagged with corresponding block estimated grades. These results were plotted on scatter plots and trendlines analyzed in Figure 14.9, Figure 14.10, and Figure 14.11.

Blue Moon Mine 86 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 14.9**

**Main Zone Block Estimated Grades vs Capped Composite Grades - Zn %**

![](tm2533647d1_ex41sp3img009.jpg)

Source: Henricksen and Wilson (2023)

**Figure 14.10**

**East Lenses Block Estimated Grades vs Capped Composite Grades - Zn %**

![](tm2533647d1_ex41sp3img010.jpg)

Source: Henricksen and Wilson (2023)

Blue Moon Mine 87 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 14.11**

**Main Zone Block Estimated Grades vs Composite Grades - Ag OPT**

![](tm2533647d1_ex41sp4img001.jpg)

Source: Henricksen and Wilson (2023)

Overall, the block model grade estimate shows a lower average grade at the point of composites. This can be attributed to the grade estimation taking into account spatially close composites of lower grade material within the mineralized domain solid and not "washing out" high grade mineralization.

**14.7** **Resource** **Cl assification** 

Mineral Resources in this Technical Report are classified according to CIM Definition Standards, which are incorporated by reference in NI 43-101. Mineralization at Blue Moon has been classified as Inferred Mineral Resources and Indicated Mineral Resources based on increasing levels of confidence in data density throughout the mineralized domain solids. The addition of new drill data post 2018 has given the author additional confidence in the MRE and Resource Classifications.

Classification of mineral resources are based on the average distance to samples on a block-by-block basis. Because grade estimates were made using distal samples, as well as more densely spaced samples, polygons were digitized in section around contiguous zones showing estimates made with an average distance to sample of approximately 150 ft or less in areas of continuous drill intercepts, eliminating spatial outliers. Polygons were then used to construct triangulated solids which were used to flag the block model. Blocks included in these solids were classified as Indicated Mineral Resources. This process was carried out on the three mineralized domain solid zones independently.

Blue Moon Mine 88 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 14.12**

**Long-Section View - Main Zone - Average Distance to Sample and**

**Indicated Mineral Resource Domain Boundary (Red) - 8000E Looking West**

![](tm2533647d1_ex41sp4img002.jpg)

Source: Henricksen and Wilson (2023)

**Figure 14.13**

**Long-Section View – East Lenses - Average Distance to Sample and**

**Indicated Mineral Resource Domain Boundary (Red) - 8000E Looking West**

![](tm2533647d1_ex41sp4img003.jpg)

Source: Henricksen and Wilson (2023)

Blue Moon Mine 89 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 14.14**

**Long-Section View – West Lenses - Average Distance to Sample and**

**Indicated Mineral Resource Domain Boundary (Red) - 7000E Looking East**

![](tm2533647d1_ex41sp4img004.jpg)

**Figure 14.15**

**Main Zone Block Resource Classification (Red as Indicated Mineral Resource)**

**Long-Section 8000E Looking West**

![](tm2533647d1_ex41sp4img005.jpg)

Source: Henricksen and Wilson (2023)

Blue Moon Mine 90 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 14.16**

**East Lenses Block Resource Classification (Red as Indicated Mineral Resource)**

**Long-Section 8000E Looking West**

![](tm2533647d1_ex41sp4img006.jpg)

Source: Henricksen and Wilson (2023)

**Figure 14.17**

**West Lenses Block Resource Classification (Red as Indicated Mineral Resource)**

**Long-Section 7000E Looking East**

![](tm2533647d1_ex41sp4img007.jpg)

Source: Henricksen and Wilson (2023)

Blue Moon Mine 91 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**14.8** **Mineral** **Re source Es timate** 

Tables in this Section detail the Mineral Resource Estimate for the Blue Moon Project as well as cutoff sensitivity analyses.

Table 14.12 summarizes the Blue Moon Mineral Resource Estimate classified according to CIM definition standards. Reasonable prospects of eventual economic extraction, as defined in this section of the Technical Report, assume underground mining, surface mill processing and production of zinc and copper concentrates. Mineral Resources are reported at a zinc equivalent cutoff grade of 2.9% ZnEq. Based on the stated metal prices and recoveries, zinc equivalent grade is defined as:

*ZnEq = Zn% + ((Cu% \* 78.20)+(Pb% \* 0)+(Ag opt \* 25.46)+(Au opt \* 1896.40))/23.83*

**Table 14.12**

**Blue Moon Mineral Resource Estimate, Effective as of December 24, 2024**

**at a Cutoff Grade of 2.9% ZnEq**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| | **ZONE** | **Tons ><br> Cutoff** | **Zn %** | **Cu %** | **Pb %** | **Ag Oz/Ton** | **Au Oz/Ton** | **ZnEq %** | **Zn Mlbs** | **Cu Mlbs** | **Pb Mlbs** | **Ag MOz** | **Au Moz** |
| **Indicated** | Main | 3073000 | 5.90 | 0.78 | 0.16 | 1.14 | 0.04 | 12.66 | 362.76 | 47.94 | 10.08 | 3.51 | 0.11 |
| **Indicated** | East | 498000 | 6.64 | 0.47 | 0.63 | 3.72 | 0.09 | 18.99 | 66.15 | 4.67 | 6.29 | 1.85 | 0.04 |
| **Indicated** | West | 78000 | 4.41 | 0.62 | 0.33 | 0.93 | 0.03 | 9.50 | 6.91 | 0.97 | 0.52 | 0.07 | 0.00 |
| **Indicated** | **All Zones** | **3650000** | **5.97** | **0.73** | **0.23** | **1.49** | **0.043** | **13.46** | **435.83** | **53.59** | **16.90** | **5.43** | **0.159** |
| **Inferred** | Main | 3261000 | 5.68 | 0.52 | 0.23 | 1.15 | 0.04 | 11.41 | 370.27 | 33.65 | 14.74 | 3.76 | 0.11 |
| **Inferred** | East | 994000 | 5.04 | 0.59 | 0.56 | 2.43 | 0.07 | 15.49 | 100.11 | 11.80 | 11.20 | 2.42 | 0.07 |
| **Inferred** | West | 173000 | 1.98 | 0.73 | 0.22 | 0.40 | 0.02 | 6.28 | 6.84 | 2.52 | 0.74 | 0.07 | 0.00 |
| **Inferred** | **All Zones** | **4428000** | **5.39** | **0.54** | **0.30** | **1.41** | **0.043** | **12.12** | **477.22** | **47.97** | **26.68** | **6.25** | **0.190** |

---

*Notes:*

&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Scott Wilson, CPG, President of RDA is responsible for this mineral resource estimate and is an independent Qualified Person as such term is defined by NI 43-101.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(2)* *Reasonable prospects of eventual economic extraction were assessed by enclosing the mineralized material in the block model estimate in 3D wireframe shapes that were constructed based upon geological interpretations as well as adherence to a minimum mining unit with geometry appropriate for underground mining.* 

&nbsp;&nbsp;&nbsp;&nbsp;*(3)* *The cutoff grade of 2.9% ZnEq considered parameters of:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*a.* *Metal selling prices: Au-US$2,200/oz, Ag-US$27/oz, Cu-US$4.25/lb., Pb-US$0.90/lb., Zn-US$1.25/lb.* 

*b.* *Recoveries of Au 86.2%, Ag 94.3%, Cu 93.1%, Pb 0%, Zn 95.3%* 

*c.* *Costs including mining, processing, general and administrative (G&A).* 

&nbsp;&nbsp;&nbsp;&nbsp;*(4)* *Zinc Equivalent Grade ("ZnEq") is estimated by the formula: ZnEq % is calculated as follows:* 

*ZnEq = Zn% + ((Cu% \* 78.20)+(Pb% \* 0)+(Ag opt \* 25.46)+(Au opt \* 1896.40))/23.83.*

&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *Mineral resources are not mineral reserves and do not have demonstrated economic viability.* 

*(6)* *Figures may not add up due to rounding.* 

*(7)* *Tonnages shown in Table 14.12 are short tons.* 

*(8)* *The QP knows of no other legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources for the Project.* 

**14.9** **Cutoff** **Gr ade Se nsitivity An alysis** 

Mineral Resources are sensitive to the selection of a cutoff grade. The tables in this section of the report highlight the effect of cutoff grade analysis on the reported Mineral Resource Estimates. The reader is cautioned not to misconstrue either Table 14.12 (Indicated) or Table 14.13 (Inferred) as Mineral Resource Estimates. The tabled quantities, as well as the grade-tonnage chart in Figure 14.18, are presented only to show sensitivity of the resource model to the selection of various cutoff grades reported in ZnEq %. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. The QP has reviewed the cut-off grades used in the sensitivity analysis, and it is the opinion of the QP that they meet the test for reasonable prospects of eventual economic extraction at varying metal prices or other underlying parameters used to calculate the cut-off grade.

Blue Moon Mine 92 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 14.12**

**ZnEq % Cutoff Sensitivity Analysis - Indicated Mineral Resource Classification by Mineralized Zone**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL ZONES** | **INDICATED** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| **Cutoff > ZnEq%** | **Tons > Cutoff** | **Zn %** | **Cu %** | **Pb %** | **Ag<br> Oz/Ton** | **Au<br> Oz/Ton** | **ZnEq %** | **Zn Mlbs** | **Cu Mlbs** | **Pb Mlbs** | **Ag MOz** | **Au Moz** |
| 2.6 | 3664000 | 5.95 | 0.73 | 0.23 | 1.48 | 0.043 | 13.42 | 436.24 | 53.68 | 16.94 | 5.44 | 0.159 |
| 2.7 | 3660000 | 5.96 | 0.73 | 0.23 | 1.48 | 0.043 | 13.43 | 436.13 | 53.62 | 16.93 | 5.43 | 0.159 |
| 2.8 | 3655000 | 5.96 | 0.73 | 0.23 | 1.49 | 0.043 | 13.45 | 435.97 | 53.60 | 16.91 | 5.43 | 0.159 |
| 2.9 | 3650000 | 5.97 | 0.73 | 0.23 | 1.49 | 0.043 | 13.46 | 435.83 | 53.59 | 16.90 | 5.43 | 0.159 |
| 3 | 3645000 | 5.98 | 0.73 | 0.23 | 1.49 | 0.043 | 13.47 | 435.68 | 53.57 | 16.88 | 5.43 | 0.158 |
| 3.1 | 3639000 | 5.98 | 0.74 | 0.23 | 1.49 | 0.043 | 13.49 | 435.57 | 53.56 | 16.93 | 5.43 | 0.158 |
| 3.2 | 3634000 | 5.99 | 0.74 | 0.23 | 1.49 | 0.043 | 13.50 | 435.42 | 53.53 | 16.91 | 5.43 | 0.158 |
| 3.3 | 3625000 | 6.00 | 0.74 | 0.23 | 1.50 | 0.043 | 13.53 | 435.12 | 53.46 | 16.88 | 5.43 | 0.158 |
| 3.4 | 3617000 | 6.01 | 0.74 | 0.23 | 1.50 | 0.044 | 13.55 | 434.92 | 53.39 | 16.91 | 5.43 | 0.157 |
| 3.5 | 3609000 | 6.02 | 0.74 | 0.23 | 1.50 | 0.044 | 13.58 | 434.67 | 53.33 | 16.89 | 5.43 | 0.157 |
| **MAIN ZONE** | **INDICATED** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| **Cutoff > ZnEq%** | **Tons > Cutoff** | **Zn %** | **Cu %** | **Pb %** | **Ag<br> Oz/Ton** | **Au<br> Oz/Ton** | **ZnEq %** | **Zn Mlbs** | **Cu Mlbs** | **Pb Mlbs** | **Ag MOz** | **Au Moz** |
| 2.6 | 3087000 | 5.88 | 0.78 | 0.16 | 1.14 | 0.037 | 12.62 | 363.15 | 48.03 | 10.13 | 3.51 | 0.114 |
| 2.7 | 3083000 | 5.89 | 0.78 | 0.16 | 1.14 | 0.037 | 12.63 | 363.06 | 47.97 | 10.11 | 3.51 | 0.114 |
| 2.8 | 3078000 | 5.90 | 0.78 | 0.16 | 1.14 | 0.037 | 12.65 | 362.90 | 47.96 | 10.10 | 3.51 | 0.114 |
| 2.9 | 3073000 | 5.90 | 0.78 | 0.16 | 1.14 | 0.037 | 12.66 | 362.76 | 47.94 | 10.08 | 3.51 | 0.114 |
| 3 | 3068000 | 5.91 | 0.78 | 0.16 | 1.14 | 0.037 | 12.68 | 362.63 | 47.93 | 10.06 | 3.51 | 0.114 |
| 3.1 | 3063000 | 5.92 | 0.78 | 0.17 | 1.14 | 0.037 | 12.70 | 362.52 | 47.91 | 10.11 | 3.50 | 0.113 |
| 3.2 | 3058000 | 5.93 | 0.78 | 0.17 | 1.15 | 0.037 | 12.71 | 362.38 | 47.89 | 10.09 | 3.50 | 0.113 |
| 3.3 | 3050000 | 5.94 | 0.78 | 0.17 | 1.15 | 0.037 | 12.74 | 362.09 | 47.82 | 10.06 | 3.50 | 0.113 |
| 3.4 | 3042000 | 5.95 | 0.79 | 0.17 | 1.15 | 0.037 | 12.76 | 361.90 | 47.75 | 10.10 | 3.50 | 0.113 |
| 3.5 | 3034000 | 5.96 | 0.79 | 0.17 | 1.15 | 0.037 | 12.79 | 361.65 | 47.69 | 10.07 | 3.50 | 0.112 |
| **EAST ZONES** | **INDICATED** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| **Cutoff > ZnEq%** | **Tons > Cutoff** | **Zn %** | **Cu %** | **Pb %** | **Ag<br> Oz/Ton** | **Au<br> Oz/Ton** | **ZnEq %** | **Zn Mlbs** | **Cu Mlbs** | **Pb Mlbs** | **Ag MOz** | **Au Moz** |
| 2.6 | 498000 | 6.64 | 0.47 | 0.63 | 3.72 | 0.086 | 18.99 | 66.15 | 4.67 | 6.29 | 1.85 | 0.043 |
| 2.7 | 498000 | 6.64 | 0.47 | 0.63 | 3.72 | 0.086 | 18.99 | 66.15 | 4.67 | 6.29 | 1.85 | 0.043 |
| 2.8 | 498000 | 6.64 | 0.47 | 0.63 | 3.72 | 0.086 | 18.99 | 66.15 | 4.67 | 6.29 | 1.85 | 0.043 |
| 2.9 | 498000 | 6.64 | 0.47 | 0.63 | 3.72 | 0.086 | 18.99 | 66.15 | 4.67 | 6.29 | 1.85 | 0.043 |
| 3 | 498000 | 6.64 | 0.47 | 0.63 | 3.72 | 0.086 | 18.99 | 66.15 | 4.67 | 6.29 | 1.85 | 0.043 |
| 3.1 | 498000 | 6.64 | 0.47 | 0.63 | 3.72 | 0.086 | 18.99 | 66.15 | 4.67 | 6.29 | 1.85 | 0.043 |
| 3.2 | 498000 | 6.64 | 0.47 | 0.63 | 3.72 | 0.086 | 18.99 | 66.15 | 4.67 | 6.29 | 1.85 | 0.043 |
| 3.3 | 498000 | 6.64 | 0.47 | 0.63 | 3.72 | 0.086 | 18.99 | 66.15 | 4.67 | 6.29 | 1.85 | 0.043 |
| 3.4 | 498000 | 6.64 | 0.47 | 0.63 | 3.72 | 0.086 | 18.99 | 66.15 | 4.67 | 6.29 | 1.85 | 0.043 |
| 3.5 | 498000 | 6.64 | 0.47 | 0.63 | 3.72 | 0.086 | 18.99 | 66.15 | 4.67 | 6.29 | 1.85 | 0.043 |
| **WEST ZONES** | **INDICATED** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| **Cutoff > ZnEq%** | **Tons > Cutoff** | **Zn %** | **Cu %** | **Pb %** | **Ag<br> Oz/Ton** | **Au<br> Oz/Ton** | **ZnEq %** | **Zn Mlbs** | **Cu Mlbs** | **Pb Mlbs** | **Ag MOz** | **Au Moz** |
| 2.6 | 79000 | 4.38 | 0.62 | 0.33 | 0.93 | 0.025 | 9.43 | 6.94 | 0.98 | 0.52 | 0.07 | 0.002 |
| 2.7 | 79000 | 4.39 | 0.62 | 0.33 | 0.93 | 0.025 | 9.45 | 6.93 | 0.98 | 0.52 | 0.07 | 0.002 |
| 2.8 | 79000 | 4.40 | 0.62 | 0.33 | 0.93 | 0.026 | 9.49 | 6.92 | 0.98 | 0.52 | 0.07 | 0.002 |
| 2.9 | 78000 | 4.41 | 0.62 | 0.33 | 0.93 | 0.026 | 9.50 | 6.91 | 0.97 | 0.52 | 0.07 | 0.002 |
| 3 | 78000 | 4.42 | 0.62 | 0.33 | 0.94 | 0.026 | 9.53 | 6.90 | 0.97 | 0.52 | 0.07 | 0.002 |
| 3.1 | 78000 | 4.42 | 0.62 | 0.33 | 0.94 | 0.026 | 9.54 | 6.90 | 0.97 | 0.52 | 0.07 | 0.002 |
| 3.2 | 78000 | 4.43 | 0.62 | 0.33 | 0.94 | 0.026 | 9.56 | 6.89 | 0.97 | 0.52 | 0.07 | 0.002 |
| 3.3 | 78000 | 4.44 | 0.63 | 0.34 | 0.94 | 0.026 | 9.58 | 6.88 | 0.97 | 0.52 | 0.07 | 0.002 |
| 3.4 | 77000 | 4.45 | 0.63 | 0.34 | 0.95 | 0.026 | 9.61 | 6.87 | 0.97 | 0.52 | 0.07 | 0.002 |
| 3.5 | 77000 | 4.46 | 0.63 | 0.34 | 0.95 | 0.026 | 9.62 | 6.87 | 0.97 | 0.52 | 0.07 | 0.002 |

---

Blue Moon Mine 93 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 14.13**

**ZnEq % Cutoff Sensitivity Analysis - Inferred Mineral Resource Classification by Mineralized Zone**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **ALL ZONES** | **INFERRED** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| **Cutoff > ZnEq%** | **Tons > Cutoff** | **Zn %** | **Cu %** | **Pb %** | **Ag<br> Oz/Ton** | **Au<br> Oz/Ton** | **ZnEq %** | **Zn Mlbs** | **Cu Mlbs** | **Pb Mlbs** | **Ag MOz** | **Au Moz** |
| 2.6 | 4459000 | 5.36 | 0.54 | 0.30 | 1.40 | 0.043 | 12.06 | 478.11 | 48.01 | 26.75 | 6.26 | 0.192 |
| 2.7 | 4447000 | 5.37 | 0.54 | 0.30 | 1.41 | 0.043 | 12.08 | 477.77 | 47.97 | 26.69 | 6.26 | 0.191 |
| 2.8 | 4438000 | 5.38 | 0.54 | 0.30 | 1.41 | 0.043 | 12.10 | 477.51 | 47.94 | 26.73 | 6.25 | 0.191 |
| 2.9 | 4428000 | 5.39 | 0.54 | 0.30 | 1.41 | 0.043 | 12.12 | 477.22 | 47.97 | 26.68 | 6.25 | 0.190 |
| 3 | 4418000 | 5.40 | 0.54 | 0.30 | 1.41 | 0.043 | 12.15 | 476.94 | 47.93 | 26.64 | 6.25 | 0.190 |
| 3.1 | 4403000 | 5.41 | 0.54 | 0.30 | 1.42 | 0.043 | 12.18 | 476.46 | 47.87 | 26.65 | 6.24 | 0.190 |
| 3.2 | 4376000 | 5.43 | 0.55 | 0.30 | 1.42 | 0.043 | 12.23 | 475.60 | 47.79 | 26.61 | 6.23 | 0.190 |
| 3.3 | 4336000 | 5.47 | 0.55 | 0.31 | 1.43 | 0.044 | 12.31 | 474.20 | 47.71 | 26.54 | 6.21 | 0.192 |
| 3.4 | 4300000 | 5.50 | 0.55 | 0.31 | 1.44 | 0.044 | 12.39 | 472.98 | 47.60 | 26.47 | 6.20 | 0.191 |
| 3.5 | 4258000 | 5.54 | 0.56 | 0.31 | 1.45 | 0.045 | 12.48 | 471.50 | 47.44 | 26.47 | 6.18 | 0.190 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **MAIN ZONE** | **INFERRED** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| **Cutoff > ZnEq%** | **Tons > Cutoff** | **Zn %** | **Cu %** | **Pb %** | **Ag<br> Oz/Ton** | **Au<br> Oz/Ton** | **ZnEq %** | **Zn Mlbs** | **Cu Mlbs** | **Pb Mlbs** | **Ag MOz** | **Au Moz** |
| 2.6 | 3290000 | 5.64 | 0.51 | 0.23 | 1.15 | 0.035 | 11.33 | 371.08 | 33.69 | 14.80 | 3.78 | 0.115 |
| 2.7 | 3279000 | 5.65 | 0.51 | 0.23 | 1.15 | 0.035 | 11.36 | 370.77 | 33.64 | 14.75 | 3.77 | 0.115 |
| 2.8 | 3270000 | 5.67 | 0.51 | 0.23 | 1.15 | 0.035 | 11.38 | 370.53 | 33.62 | 14.78 | 3.77 | 0.114 |
| 2.9 | 3261000 | 5.68 | 0.52 | 0.23 | 1.15 | 0.035 | 11.41 | 370.27 | 33.65 | 14.74 | 3.76 | 0.114 |
| 3 | 3252000 | 5.69 | 0.52 | 0.23 | 1.16 | 0.035 | 11.43 | 370.01 | 33.63 | 14.70 | 3.76 | 0.114 |
| 3.1 | 3240000 | 5.71 | 0.52 | 0.23 | 1.16 | 0.035 | 11.46 | 369.65 | 33.56 | 14.71 | 3.75 | 0.113 |
| 3.2 | 3222000 | 5.73 | 0.52 | 0.23 | 1.16 | 0.035 | 11.51 | 369.15 | 33.51 | 14.69 | 3.75 | 0.113 |
| 3.3 | 3197000 | 5.76 | 0.52 | 0.23 | 1.17 | 0.036 | 11.57 | 368.35 | 33.44 | 14.64 | 3.73 | 0.115 |
| 3.4 | 3172000 | 5.79 | 0.53 | 0.23 | 1.17 | 0.036 | 11.64 | 367.56 | 33.37 | 14.59 | 3.72 | 0.114 |
| 3.5 | 3149000 | 5.82 | 0.53 | 0.23 | 1.18 | 0.036 | 11.70 | 366.77 | 33.31 | 14.61 | 3.70 | 0.113 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **EAST ZONES** | **INFERRED** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| **Cutoff > ZnEq%** | **Tons > Cutoff** | **Zn %** | **Cu %** | **Pb %** | **Ag<br> Oz/Ton** | **Au<br> Oz/Ton** | **ZnEq %** | **Zn Mlbs** | **Cu Mlbs** | **Pb Mlbs** | **Ag MOz** | **Au Moz** |
| 2.6 | 996000 | 5.03 | 0.59 | 0.56 | 2.43 | 0.074 | 15.47 | 100.16 | 11.80 | 11.20 | 2.42 | 0.073 |
| 2.7 | 995000 | 5.03 | 0.59 | 0.56 | 2.43 | 0.074 | 15.48 | 100.15 | 11.81 | 11.19 | 2.42 | 0.073 |
| 2.8 | 995000 | 5.03 | 0.59 | 0.56 | 2.43 | 0.074 | 15.48 | 100.14 | 11.80 | 11.20 | 2.42 | 0.073 |
| 2.9 | 994000 | 5.04 | 0.59 | 0.56 | 2.43 | 0.074 | 15.49 | 100.11 | 11.80 | 11.20 | 2.42 | 0.073 |
| 3 | 993000 | 5.04 | 0.59 | 0.56 | 2.43 | 0.074 | 15.50 | 100.09 | 11.79 | 11.19 | 2.42 | 0.073 |
| 3.1 | 991000 | 5.05 | 0.60 | 0.57 | 2.44 | 0.075 | 15.53 | 99.99 | 11.80 | 11.20 | 2.41 | 0.074 |
| 3.2 | 982000 | 5.07 | 0.60 | 0.57 | 2.46 | 0.075 | 15.64 | 99.64 | 11.78 | 11.18 | 2.41 | 0.074 |
| 3.3 | 968000 | 5.12 | 0.61 | 0.58 | 2.49 | 0.076 | 15.82 | 99.06 | 11.77 | 11.16 | 2.41 | 0.074 |
| 3.4 | 958000 | 5.15 | 0.61 | 0.58 | 2.52 | 0.077 | 15.96 | 98.63 | 11.75 | 11.13 | 2.41 | 0.073 |
| 3.5 | 945000 | 5.19 | 0.62 | 0.59 | 2.55 | 0.078 | 16.13 | 98.02 | 11.72 | 11.12 | 2.41 | 0.073 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **WEST ZONES** | **INFERRED** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Grade Above Cutoff** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** | **Contained Metal** |
| **Cutoff > ZnEq%** | **Tons > Cutoff** | **Zn %** | **Cu %** | **Pb %** | **Ag<br> Oz/Ton** | **Au<br> Oz/Ton** | **ZnEq %** | **Zn Mlbs** | **Cu Mlbs** | **Pb Mlbs** | **Ag MOz** | **Au Moz** |
| 2.6 | 174000 | 1.98 | 0.73 | 0.21 | 0.40 | 0.018 | 6.27 | 6.87 | 2.52 | 0.75 | 0.07 | 0.003 |
| 2.7 | 174000 | 1.98 | 0.73 | 0.21 | 0.40 | 0.018 | 6.27 | 6.86 | 2.52 | 0.75 | 0.07 | 0.003 |
| 2.8 | 173000 | 1.98 | 0.73 | 0.21 | 0.40 | 0.018 | 6.28 | 6.84 | 2.52 | 0.74 | 0.07 | 0.003 |
| 2.9 | 173000 | 1.98 | 0.73 | 0.22 | 0.40 | 0.018 | 6.28 | 6.84 | 2.52 | 0.74 | 0.07 | 0.003 |
| 3 | 173000 | 1.98 | 0.73 | 0.22 | 0.40 | 0.018 | 6.29 | 6.83 | 2.51 | 0.74 | 0.07 | 0.003 |
| 3.1 | 172000 | 1.98 | 0.73 | 0.22 | 0.40 | 0.018 | 6.29 | 6.82 | 2.51 | 0.74 | 0.07 | 0.003 |
| 3.2 | 172000 | 1.98 | 0.73 | 0.22 | 0.40 | 0.018 | 6.30 | 6.81 | 2.51 | 0.75 | 0.07 | 0.003 |
| 3.3 | 171000 | 1.99 | 0.73 | 0.22 | 0.40 | 0.018 | 6.32 | 6.79 | 2.50 | 0.75 | 0.07 | 0.003 |
| 3.4 | 170000 | 2.00 | 0.73 | 0.22 | 0.40 | 0.018 | 6.34 | 6.78 | 2.47 | 0.74 | 0.07 | 0.003 |
| 3.5 | 165000 | 2.04 | 0.73 | 0.23 | 0.41 | 0.019 | 6.42 | 6.72 | 2.41 | 0.74 | 0.07 | 0.003 |

---

Blue Moon Mine 94 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 14.18**

**Grade-Tonnage Chart for the Indicated Mineral Resource Estimate – All Domains**

![](tm2533647d1_ex41sp4img008.jpg)

Blue Moon Mine 95 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**15.0 MINERAL RESERVE ESTIMATES**

No current mineral reserve estimate has been established on the Blue Moon Mine Property.

Blue Moon Mine 96 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**16.0 MINING METHODS**

**16.1** **Introduction** 

This section outlines the parameters and procedures used by Micon to perform the PEA level mine planning work for the Blue Moon Project at a proposed mill feed production rate of 1,800 tonnes per day.

This PEA is preliminary in nature. In addition to the Measured and Indicated Resources, the mine plan presented in this section includes Inferred Mineral Resources. Inferred Mineral Resources are considered too geologically speculative to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that this PEA will be realized.

This PEA utilizes the Mineral Resources described in Section 14 and only portions of the Mineral Resources that fall within the constraints defined by underground parameters of the PEA listed in this section are used to inform the Project economics.

**16.2** **Deposit Geometry and Geotechnical Considerations** 

The Blue Moon deposit exhibits a steep dip with mineralization extending along strike and to depth. Mineralized zone widths vary, with some areas pinching out to less than 10 ft, while thicker sections reach up to 50 ft. The mineralization is continuous but locally variable, with parallel lenses in certain area.

There is limited geotechnical information available for Blue Moon apart from historical reports and qualitative assessments. Based on review of the prior reports and analogues to similar deposits, the ground conditions are expected to be fair to good, amenable to cut and fill and longhole stoping. Ground control measures will include resin rebar and mesh screening for back support, with split sets used along walls where necessary. However, additional geotechnical drilling and rock mass characterization will be necessary to refine mine design and ground support strategies in subsequent study phases.

**16.3** **MSO and Mining Method Analysis** 

The mining method selection was largely guided by the results of the Mineable Shape Optimizer (MSO) analysis, which evaluated various stoping methods and sizes based on economic and operational parameters. The MSO process assessed multiple configurations, including longhole stoping and cut-and-fill methods. The following methods were not included in the analysis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Open
 pit mining: Surface disturbance is desired to be kept to a minimum and an open pit would
 likely result in high stripping demands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Conventional
 methods (shrinkage, etc.): undesirable given the labour intensity and lack of productivity
 as well as exposure of personnel close to the face.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Caving
 methods: orebody geometry and size not amenable to caving, surface footprint disturbance
 undesirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Room
 and Pillar/Post-Pillar Cut and Fill: orebody geometry not amenable; these methods are better
 suited to flatter lying deposits.

Blue Moon Mine 97 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

The MSO analysis examined the following stope sizes and stope dimensions, dilution factors, and cutoff grades. Longhole stopes were analyzed over an operating cost range of $65 - 90/ton, while the cut and fill stopes were analyzed over a range of $100 – 150/ton. The block model was coded with an NSR value according to the parameters in Table 16.1.

**Table 16.1**

**NSR Parameters Used to Code Block Model for MSO Analysis**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Metal Prices** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Copper | &nbsp;&nbsp;US$/lb | &nbsp;&nbsp;4.20 |
| &nbsp;&nbsp;Zinc | &nbsp;&nbsp;US$/lb | &nbsp;&nbsp;1.25 |
| &nbsp;&nbsp;Lead | &nbsp;&nbsp;US$/lb | &nbsp;&nbsp;0.90 |
| &nbsp;&nbsp;Gold | &nbsp;&nbsp;US$/oz | &nbsp;&nbsp;2200 |
| &nbsp;&nbsp;Silver | &nbsp;&nbsp;US$/oz | &nbsp;&nbsp;27.00 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Process Recovery** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Zn Conc.** | &nbsp;&nbsp;**Cu Conc.** |
| &nbsp;&nbsp;Copper | &nbsp;&nbsp;% | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;93.10 |
| &nbsp;&nbsp;Zinc | &nbsp;&nbsp;% | &nbsp;&nbsp;95.3 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Lead | &nbsp;&nbsp;% | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Gold | &nbsp;&nbsp;% | &nbsp;&nbsp;18.3 | &nbsp;&nbsp;67.90 |
| &nbsp;&nbsp;Silver | &nbsp;&nbsp;% | &nbsp;&nbsp;25.7 | &nbsp;&nbsp;68.60 |
| &nbsp;&nbsp;Concentrate Grade | &nbsp;&nbsp;% (Zn/Cu) | &nbsp;&nbsp;62.3 | &nbsp;&nbsp;26.50 |

---

---

| | | | |
|:---|:---|:---|:---|
| **NSR terms** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Zn Conc.** | &nbsp;&nbsp;**Cu Conc.** |
| &nbsp;&nbsp;Metal Payable |  |  |  |
| &nbsp;&nbsp;Copper | &nbsp;&nbsp;% | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;96.50 |
| &nbsp;&nbsp;Zinc | &nbsp;&nbsp;% | &nbsp;&nbsp;87.20 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Lead | &nbsp;&nbsp;% | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Gold | &nbsp;&nbsp;% | &nbsp;&nbsp;75.00 | &nbsp;&nbsp;96.00 |
| &nbsp;&nbsp;Silver | &nbsp;&nbsp;% | &nbsp;&nbsp;80.00 | &nbsp;&nbsp;90.00 |
| &nbsp;&nbsp;<u>Minimum Deduction</u> | &nbsp;&nbsp;<u>Minimum Deduction</u> |  |  |
| &nbsp;&nbsp;Copper | &nbsp;&nbsp;% | &nbsp;&nbsp;- | &nbsp;&nbsp;1.00 |
| &nbsp;&nbsp;Zinc | &nbsp;&nbsp;% | &nbsp;&nbsp;8.00 | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Lead | &nbsp;&nbsp;% | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Gold | &nbsp;&nbsp;g/t Au | &nbsp;&nbsp;1.00 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Silver | &nbsp;&nbsp;g/t Ag | &nbsp;&nbsp;102.86 | &nbsp;&nbsp;0.00 |
| &nbsp;&nbsp;Transport Charge | &nbsp;&nbsp;US$/wt | &nbsp;&nbsp;72.00 | &nbsp;&nbsp;72.00 |
| &nbsp;&nbsp;Treatment Charge | &nbsp;&nbsp;US$/t | &nbsp;&nbsp;165.00 | &nbsp;&nbsp;30.00 |
| &nbsp;&nbsp;Refining Charge | &nbsp;&nbsp;US$/lb (Zn/Cu) | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;Refining Charge | &nbsp;&nbsp;US$/oz Au | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;5.00 |
| &nbsp;&nbsp;Refining Charge | &nbsp;&nbsp;US$/oz Ag | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.50 |

---

Table 16.2 presents the various stope sizes, dilution (ELOS) and recovery factors analysed.

Blue Moon Mine 98 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 16.2**

**Stope Sizes, Dilution (ELOS) and Recovery Factors Analysed**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Method** | **Stope**<br>**Height/Level**<br>**Interval (ft)** | <br>**Stope Length**<br>**(along strike, ft)** | <br>**Min. Width**<br>**(ft)** | <br>**ELOS**<br>**(HW, ft)** | <br>**ELOS**<br>**(FW, ft)** | **Mining**<br>**Recovery**<br>**(%)** |
| Longhole/Blasthole | 65 | 20 | 6 | 1 | 1 | 90 |
| Longhole/Blasthole | 80 | 20 | 6 | 1 | 1 | 90 |
| Longhole/Blasthole | 50 | 20 | 6 | 1 | 1 | 90 |
| Longhole/Blasthole | 100 | 40 | 8 | 1.5 | 1.5 | 90 |
| Cut and Fill | 10 | 80 | 8 | 0.4 | 0.4 | 95 |

---

The stope shapes were then processed by applying an assumed operating cost of US$75/ton for longhole stoping and US$100/ton for cut and fill stopes, based on similar projects. The resulting operating margin results are displayed in Figure 16.1. The analysis demonstrates that over the 50 ft to 8 0 ft. height, the orebody is relatively insensitive to cut-offs, while the larger stopes as well as the cut-and-fill stopes suffer a diminished operating margin as the selectivity and increased cost burdens the economics.

**Figure 16.1**

**MSO Results Over a Range of Shape Sizes and NSR Cut-Off Values**

![](tm2533647d1_ex41sp4img009.jpg)

The 80 ft H, US$75/ton NSR case was selected as the basis for the mine design, as this maximises resource recovery, limits excessive sustaining capital requirements (level development), and provides the highest relative operating margin compared to the other cases considered.

Stoping operations will follow a Longitudinal Retreat sequence, illustrated in Figure 16.2.

Blue Moon Mine 99 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 16.2**

**Longitudinal Retreat Concept**

![](tm2533647d1_ex41sp4img010.jpg)

Not to scale

**16.4** **Mine** **A ccess** 

The mine will be accessed through a ramp system designed with a nominal grade of 13%, reaching a maximum of 15% in some sections. The initial portal and decline will provide access for exploration drilling and be utilized once the mine moves into production as the main haulage route. The layout separates the deposit into North and South mining zones to minimize level development and provide additional mine sequencing flexibility. The decline is positioned to first access the North Zone, prioritizing thicker, higher-grade levels in the mine.

Mining levels will be spaced at 80-ft vertical intervals, with mining fronts consisting of five or six levels grouped together. Each level will include essential infrastructure such as truck load-out areas, electrical substations, and dewatering sumps. The primary decline will serve as the main haulage route, with additional accesses developed as mining advances. Allowances were added (5% for Ramp, 20% for level development) to account for remucks and infrastructure cutouts. The basic criteria followed for the development design is shown in Table 16.3.

Blue Moon Mine 100 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 16.3**

**Development Design Criteria**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Criteria** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Decline Gradient | &nbsp;&nbsp;13% to 15% |
| &nbsp;&nbsp;Decline Size | &nbsp;&nbsp;16.4 ft W x 16.4 ft H |
| &nbsp;&nbsp;Level Development Size | &nbsp;&nbsp;15 ft W x 15 ft H |
| &nbsp;&nbsp;Fresh Air Raise Size (diameter) | &nbsp;&nbsp;14 ft. |
| &nbsp;&nbsp;Footwall-to-Ramp Offset | &nbsp;&nbsp;>120 ft. |
| &nbsp;&nbsp;Ramp Turning Radius | &nbsp;&nbsp;80 ft. |
| &nbsp;&nbsp;Ramp Additional Allowance | &nbsp;&nbsp;5% |
| &nbsp;&nbsp;Level Development Additional Allowance | &nbsp;&nbsp;20% |
| &nbsp;&nbsp;Lateral Development Overbreak | &nbsp;&nbsp;10% |
| &nbsp;&nbsp;Vertical Development Overbreak | &nbsp;&nbsp;5% |

---

Figure 16.3 shows a view of the mine design development and stope model. A secondary egress system is planned via the fresh air raise, providing an alternate escape route in case of emergency.

**Figure 16.3**

**Mine Design Model View Looking West**

![](tm2533647d1_ex41sp4img011.jpg)

Not to scale

Blue Moon Mine 101 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**16.5** **Ventilation** 

Fresh air will be introduced through a single surface raise via two axial fans, each of an estimated 400 hp, feeding both North and South zones through level breakthroughs, where a regulator and auxiliary fan setup will be installed, with ducting into the stoping areas. Exhaust air will be directed through the decline ramp, supplemented by booster fans to manage pressures as the mine advances deeper.

The total estimated flow required to be supplied to the mine is approximately 280,000 CFM. Table 16.4 summarises the estimate of required flow, and Figure 16.4 illustrates the ventilation network for the PEA mine design.

In the deeper sections of the mine, supplementary exhaust raises may be required to enhance airflow and maintain safe working conditions. Future trade-off work should investigate the use of battery-electric vehicles for all or some of the mobile equipment fleet.

**Table 16.4**

**Preliminary Ventilation Flow Requirements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;**MSHA Part 7 Vent** | &nbsp;&nbsp;**MSHA Part 7 Vent** | | | |
| <br>&nbsp;&nbsp;**Fleet Calc** | <br>&nbsp;&nbsp;**Model Assumed** | &nbsp;&nbsp;**Rate/Factor** | &nbsp;&nbsp;**Rate/Factor** | <br>&nbsp;&nbsp;**#** | <br>&nbsp;&nbsp;**%**<br>&nbsp;&nbsp;**Utilisation** | &nbsp;&nbsp;**Total**<br>&nbsp;&nbsp;**Requirement**<br>&nbsp;&nbsp;**(CFM)** |
| &nbsp;&nbsp;42-t Truck or equivalent | &nbsp;&nbsp;Epiroc MT42S | &nbsp;&nbsp;18999 | &nbsp;&nbsp;cfm/unit | &nbsp;&nbsp;4 | &nbsp;&nbsp;100% | &nbsp;&nbsp;75997 |
| &nbsp;&nbsp;6-yd LHD or equivalent | &nbsp;&nbsp;Epiroc ST14 | &nbsp;&nbsp;12996 | &nbsp;&nbsp;cfm/unit | &nbsp;&nbsp;3 | &nbsp;&nbsp;100% | &nbsp;&nbsp;38987 |
| &nbsp;&nbsp;10-yd LHD or equivalent | &nbsp;&nbsp;Epiroc ST18 | &nbsp;&nbsp;17022 | &nbsp;&nbsp;cfm/unit | &nbsp;&nbsp;1 | &nbsp;&nbsp;100% | &nbsp;&nbsp;17022 |
| &nbsp;&nbsp;Jumbo Drill | &nbsp;&nbsp;Epiroc Boomer 282 | &nbsp;&nbsp;100 | &nbsp;&nbsp;cfm/hp | &nbsp;&nbsp;2 | &nbsp;&nbsp;25% | &nbsp;&nbsp;3700 |
| &nbsp;&nbsp;Production Drill | &nbsp;&nbsp;Epiroc Simba S7 | &nbsp;&nbsp;100 | &nbsp;&nbsp;cfm/hp | &nbsp;&nbsp;2 | &nbsp;&nbsp;25% | &nbsp;&nbsp;3700 |
| &nbsp;&nbsp;Bolter | &nbsp;&nbsp;Epiroc Boltec | &nbsp;&nbsp;100 | &nbsp;&nbsp;cfm/hp | &nbsp;&nbsp;1 | &nbsp;&nbsp;25% | &nbsp;&nbsp;1850 |
| &nbsp;&nbsp;Scissor Lift | &nbsp;&nbsp;MacLean SL2 | &nbsp;&nbsp;100 | &nbsp;&nbsp;cfm/hp | &nbsp;&nbsp;2 | &nbsp;&nbsp;25% | &nbsp;&nbsp;7750 |
| &nbsp;&nbsp;Grader | &nbsp;&nbsp;MacLean GR5 | &nbsp;&nbsp;100 | &nbsp;&nbsp;cfm/hp | &nbsp;&nbsp;1 | &nbsp;&nbsp;50% | &nbsp;&nbsp;10100 |
| &nbsp;&nbsp;Pickup Truck | &nbsp;&nbsp;Landcruiser | &nbsp;&nbsp;100 | &nbsp;&nbsp;cfm/hp | &nbsp;&nbsp;6 | &nbsp;&nbsp;50% | &nbsp;&nbsp;38400 |
| &nbsp;&nbsp;**Sub-Total Equipment Requirements** | &nbsp;&nbsp;**Sub-Total Equipment Requirements** |  |  |  |  | &nbsp;&nbsp;**197506** |
| &nbsp;&nbsp;Personnel |  |  |  |  |  | &nbsp;&nbsp;6000 |
| &nbsp;&nbsp;Leakage (10%) |  |  |  |  |  | &nbsp;&nbsp;20351 |
| &nbsp;&nbsp;Contingency (25%) |  |  |  |  |  | &nbsp;&nbsp;55964 |
| &nbsp;&nbsp;**Grand Total** |  |  |  |  |  | &nbsp;&nbsp;**279821** |

---

Blue Moon Mine 102 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 16.4**

**Ventilation Network Schematic**

**Blue Shows the Fresh Air Path, Red Shows the Return Air Path**

![](tm2533647d1_ex41sp4img012.jpg)

Not to scale

**16.6** **Production** **Sc hedule** 

The production schedule was created in Datamine's Enhanced Production Scheduler (EPS) software, using benchmark development rates observed on recent projects. The initial decline advances to the main fresh air intake raise, before continuing to the north and beginning the north spiral ramp to the first mining front.

Separate level development crews are assigned to handle level and ventilation accesses, as well as ore sill drives. Stopes are scheduled by linking dependencies between designed stope shapes, in a Primary-Primary retreat sequence to the level access. Additional dependencies were added to the schedule to ensure ventilation breakthroughs are complete in advance of production on a level. The dedicated ramp resource crew advances to the next mining front. Overall production is targeted at 1,800 tonnes per day. Mining fronts were prioritized by grade and size to aid in early revenue generation.

Development and stoping rates were assigned using benchmark rates observed at similar projects, as outlined in Table 16.5.

Blue Moon Mine 103 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 16.5**

**Resource Rates Applied in the Mine Schedule**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Resource** | &nbsp;&nbsp;**Rate** | &nbsp;&nbsp;**Comment** |
| &nbsp;&nbsp;Ramp Crew | &nbsp;&nbsp;~540 ft/mo | &nbsp;&nbsp;Single Face Maximum |
| &nbsp;&nbsp;Level Crews | &nbsp;&nbsp;~660 ft/mo | &nbsp;&nbsp;Multi Face Maximum |
| &nbsp;&nbsp;Longhole Stopes | &nbsp;&nbsp;~200 tpd, | &nbsp;&nbsp;All-In Rate |
| &nbsp;&nbsp;Vertical Development | &nbsp;&nbsp;11 ft/d | &nbsp;&nbsp;Single Face |

---

Development was scheduled as just-in-time to avoid extraneous early development, and the schedule was backwards-levelled to pull forward development where slack exists.

Table 16.6 presents a summary of the annual mine development and production tonnages.

Blue Moon Mine 104 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 16.6**

**Annual Mine Schedule Summary**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>&nbsp;&nbsp;**Parameter** | <br>**Unit** | **LOM**<br>**Total/**<br>**Avg.** | <br>**Year**<br>**-2\*** | <br>**Year**<br>**-1** | <br>**Year**<br>**1** | <br>**Year**<br>**2** | <br>**Year**<br>**3** | <br>**Year**<br>**4** | <br>**Year**<br>**5** | <br>**Year**<br>**6** | <br>**Year**<br>**7** | <br>**Year**<br>**8** | <br>**Year**<br>**9** | <br>**Year**<br>**10** | <br>**Year**<br>**11** |
| &nbsp;&nbsp;Mined Tons | 000 t | 9554 | 237 | 281 | 911 | 887 | 859 | 941 | 884 | 952 | 933 | 877 | 913 | 756 | 124 |
| &nbsp;&nbsp;Development Feet | 000 ft | 131 | 7.9 | 10.5 | 16.1 | 10.2 | 9.3 | 12.5 | 10.4 | 13.2 | 12.2 | 10.3 | 11.9 | 5.7 | 0.9 |
| &nbsp;&nbsp;Mill Feed Tons | 000 t | 7401 | 5 | 127 | 746 | 742 | 750 | 766 | 727 | 692 | 725 | 701 | 684 | 635 | 102 |
| &nbsp;&nbsp;NSR Value | US$/ton | 222 | 184.1 | 194.9 | 231.6 | 251.2 | 238 | 226.9 | 212.5 | 209.3 | 211.9 | 165.4 | 248 | 230.2 | 208.7 |
| &nbsp;&nbsp;ZnEq Grade | % | 11.64 | 10.12 | 10.39 | 12.18 | 13.17 | 12.42 | 11.89 | 11.08 | 10.99 | 11.20 | 8.61 | 13.19 | 11.99 | 10.30 |
| &nbsp;&nbsp;Zinc Grade | % | 5.17 | 5.80 | 5.01 | 5.10 | 5.21 | 4.79 | 5.25 | 4.95 | 5.19 | 5.64 | 3.81 | 7.03 | 5.34 | 1.92 |
| &nbsp;&nbsp;Copper Grade | % | 0.56 | 0.34 | 0.34 | 0.42 | 0.40 | 0.39 | 0.62 | 0.83 | 0.82 | 0.67 | 0.59 | 0.45 | 0.40 | 0.71 |
| &nbsp;&nbsp;Silver Grade | opt | 1.32 | 1.98 | 1.59 | 1.82 | 2.07 | 1.80 | 1.35 | 0.96 | 1.04 | 1.08 | 0.73 | 1.29 | 0.98 | 0.76 |
| &nbsp;&nbsp;Gold Grade | opt | 0.04 | 0.01 | 0.03 | 0.05 | 0.06 | 0.06 | 0.04 | 0.03 | 0.02 | 0.03 | 0.03 | 0.04 | 0.05 | 0.07 |
| &nbsp;&nbsp;Lead Grade | % | 0.24 | 0.13 | 0.26 | 0.31 | 0.32 | 0.25 | 0.19 | 0.18 | 0.22 | 0.21 | 0.16 | 0.27 | 0.31 | 0.40 |
| &nbsp;&nbsp;Ramp Feet (Equivalent) | '000 ft | 39.3 | 5.6 | 2.8 | 2.3 | 3.3 | 1.3 | 4.4 | 2.4 | 5.5 | 4.2 | 2.1 | 3.8 | 1 | 0.7 |
| &nbsp;&nbsp;Mill Feed Development | '000 ft | 40.4 | 0.2 | 3.6 | 8.8 | 4.2 | 4.6 | 5.1 | 3.6 | 2 | 3.1 | 2.8 | 2.1 | 0.4 | 0 |
| &nbsp;&nbsp;Level Development Waste (Equivalent) | '000 ft | 46.8 | 1.5 | 3.7 | 4.6 | 2.7 | 3.2 | 2.7 | 4 | 4.9 | 4.5 | 5.1 | 5.7 | 4 | 0.2 |
| &nbsp;&nbsp;Raise Feet | '000 ft | 4.6 | 0.6 | 0.4 | 0.4 | 0 | 0.3 | 0.3 | 0.4 | 0.8 | 0.4 | 0.4 | 0.4 | 0.3 | 0 |
| &nbsp;&nbsp;Waste Tons | '000 T | 2153.3 | 232.2 | 154.5 | 165.1 | 144.4 | 108.3 | 175.2 | 156.9 | 260.4 | 208.1 | 176.1 | 229.3 | 120.7 | 22 |

---

*Notes:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.* *Tonnages and per ton figures reflect short tons.* 

2. *Initial Mining shown here occurring in Year -2 is assumed to be carried out earlier as part of an exploration ramp development to give access for underground drilling. Accordingly, the PEA cash flow model assumes this to be a sunk cost.* 

Blue Moon Mine 105 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**16.7** **Equipment** **F leet** 

The underground mining fleet will include a combination of development and production equipment. The development fleet will consist of jumbo drills, bolters, load-haul-dump (LHD) machines, and scissor decks for support infrastructure installation. The production fleet will include 42 tonne haul trucks, longhole drills, and 6-yard LHDs for material movement, as detailed in Table 16.7.

**Table 16.7**

**Annual Mine Schedule Summary**

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>&nbsp;&nbsp;**Parameter** | **Year**<br>**- 2\*** | **Year**<br>**-1** | **Year**<br>**1** | **Year**<br>**2** | **Year**<br>**3** | **Year**<br>**4** | **Year**<br>**5** | **Year**<br>**6** | **Year**<br>**7** | **Year**<br>**8** | **Year**<br>**9** | **Year**<br>**10** | **Year**<br>**11** |
| &nbsp;&nbsp;Jumbos | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| &nbsp;&nbsp;Bolters | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;LHD Dev | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| &nbsp;&nbsp;Scissor Deck | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| &nbsp;&nbsp;Personnel Carrier | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 |
| &nbsp;&nbsp;Prod. Drills | 1 | 1 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | 1 |
| &nbsp;&nbsp;Prod. LHD (ST14) | 1 | 1 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | 2 |
| &nbsp;&nbsp;Haul Trucks (42t) | 1 | 2 | 3 | 3 | 3 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 |
| &nbsp;&nbsp;Emulsion Loader (Prod.) | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;Shotcreter | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;Grouter | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;Fuel/Lube Truck | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;Utility Truck | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;Boom Truck | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;Grader | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| &nbsp;&nbsp;Pickups | 2 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 | 6 |

---

For the purposes of this PEA, it has been assumed that all the mobile mining equipment will be provided by a mining contractor.

Future studies will assess the feasibility of integrating battery-electric vehicles to reduce diesel emissions and ventilation costs.

**16.8** **Mine** **P ersonnel** 

Workforce estimates were created based on the mine schedule, assuming 2 h to 12 h shifts, with a 4-shift rotation. Mine technical and administrative staff and certain fixed plant maintenance personnel were assumed to work 5-d weeks, day shift only.

Peak salaried and hourly-waged personnel requirements are shown below in Table 16.8 and Table 16.9, respectively.

Blue Moon Mine 106 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 16.8**

**Peak Salaried Workforce Estimate**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Number** |
| &nbsp;&nbsp;Mine Site Management/Admin | &nbsp;&nbsp;Manager, Mining | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mine Site Management/Admin | &nbsp;&nbsp;Mine Superintendent | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mine Site Management/Admin | &nbsp;&nbsp;Mine Supervisor | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;Mine Site Management/Admin | &nbsp;&nbsp;Mine Captain | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Mine Site Management/Admin | &nbsp;&nbsp;Accountant | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mine Site Management/Admin | &nbsp;&nbsp;Junior Accountant | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mine Site Management/Admin | &nbsp;&nbsp;Controller | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mine Site Management/Admin | &nbsp;&nbsp;Buyer | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mine Site Management/Admin | &nbsp;&nbsp;Warehouse Supervisor | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mine Site Management/Admin | &nbsp;&nbsp;Warehouse Attendant | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Mine Site Management/Admin | &nbsp;&nbsp;Janitorial | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Mine Site Management/Admin | &nbsp;&nbsp;Security Superintendent | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mine Site Management/Admin | &nbsp;&nbsp;Security Guard | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Mining Engineering | &nbsp;&nbsp;Chief Mine Engineer | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mining Engineering | &nbsp;&nbsp;Senior Mining Engineer | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mining Engineering | &nbsp;&nbsp;Long Range Planner | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mining Engineering | &nbsp;&nbsp;Short Range Planner | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Mining Engineering | &nbsp;&nbsp;Ventilation Engineer/Tech | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mining Engineering | &nbsp;&nbsp;Ground Control Engineer/Tech | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Mining Engineering | &nbsp;&nbsp;Senior Surveyor/Tech | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mining Engineering | &nbsp;&nbsp;Surveyor | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Geology | &nbsp;&nbsp;Chief Geologist | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Geology | &nbsp;&nbsp;Senior Geologist | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Geology | &nbsp;&nbsp;Beat Geologist | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Geology | &nbsp;&nbsp;Resource Geologist | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Geology | &nbsp;&nbsp;Core Logger | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Health and Safety | &nbsp;&nbsp;Safety Superintendent | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Health and Safety | &nbsp;&nbsp;Safety Supervisor | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Health and Safety | &nbsp;&nbsp;Safety Personnel | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Maintenance | &nbsp;&nbsp;Maintenance Superintendent | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Maintenance | &nbsp;&nbsp;Maintenance Foreman | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Maintenance | &nbsp;&nbsp;Maintenance Planner | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mill | &nbsp;&nbsp;Mill Superintendent | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mill | &nbsp;&nbsp;Mill Foreman | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mill | &nbsp;&nbsp;Project Engineer | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mill | &nbsp;&nbsp;Mill Technician | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mill | &nbsp;&nbsp;Mechanical Engineer | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mill | &nbsp;&nbsp;Civil Engineer | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Mill | &nbsp;&nbsp;Electrical Engineer | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Environmental | &nbsp;&nbsp;Environmental Superintendent | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Environmental | &nbsp;&nbsp;Environmental Coordinator | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Environmental | &nbsp;&nbsp;Environmental Tech | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;**Total Salaried Staff** |  | &nbsp;&nbsp;**61** |

---

Blue Moon Mine 107 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 16.9**

**Peak Hourly-Wage Workforce Estimate**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Position** | &nbsp;&nbsp;**Number** |
| &nbsp;&nbsp;Development | &nbsp;&nbsp;Jumbo Operators | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;Development | &nbsp;&nbsp;Dev LHD Operators | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;Development | &nbsp;&nbsp;Bolters | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Development | &nbsp;&nbsp;Services/Helpers | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;Production | &nbsp;&nbsp;Longhole Drillers | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;Production | &nbsp;&nbsp;Blasters | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;Production | &nbsp;&nbsp;LHD Operators - Production | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;Indirects | &nbsp;&nbsp;Truck Operators | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;Indirects | &nbsp;&nbsp;U/G Labourers (Material Transport) | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;Indirects | &nbsp;&nbsp;Ramp Maintenance/Misc | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;UG Construction | &nbsp;&nbsp;Paste Operator | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;UG Construction | &nbsp;&nbsp;Shotcreter | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;UG Construction | &nbsp;&nbsp;General Construction Labourer | &nbsp;&nbsp;12 |
| &nbsp;&nbsp;Maintenance | &nbsp;&nbsp;Shop Mechanic | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;Maintenance | &nbsp;&nbsp;Apprentice Mechanic | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;Maintenance | &nbsp;&nbsp;Mobile Mechanic | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;Maintenance | &nbsp;&nbsp;General Shop Labourer | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;Maintenance | &nbsp;&nbsp;Millwright | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;Maintenance | &nbsp;&nbsp;Electrician | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;Maintenance | &nbsp;&nbsp;Welder | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;**Total Hourly-Wage Workforce** |  | &nbsp;&nbsp;**160** |

---

**16.9** **Mine** **Se rvices** 

16.9.1 Dewatering System

A multi-stage "daisy chain" pumping system will be implemented to prevent excessive hydraulic head pressure, limiting head height to a maximum of 240 ft per sump. Intermediate sumps will be fed via gravity through boreholes. As mining progresses deeper, new sumps will be developed on new production levels to maintain effective water management.

In addition to sumps, drain holes will be drilled in areas with high expected water inflows to mitigate localized flooding risks. If necessary, water will be treated on the surface as required to meet environmental discharge regulations.

16.9.2 Electrical Distribution

Power will be supplied at 13.8 kV from the surface and transmitted underground via a dedicated feeder line. A central transformer station, located off the main decline above the mining zones, will step power down from 13.8 kV to 4,160 V for distribution throughout the mine. Electrical distribution will be facilitated via boreholes to feed substations near level access points. Each level substation will further step power down from 4160 V to 600 V or 480 V, depending on equipment requirements. The system will provide power to jumbo drills, production drills, fans, and pumps.

Blue Moon Mine 108 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

16.9.3 Mine Communications and Safety

A leaky feeder system will be installed throughout the underground workings to provide wireless communication for voice, data, and tracking systems. Standard underground mine phones and intercom stations will also be positioned at critical locations for redundancy.

To ensure worker safety, the mine will implement a stench gas emergency warning system within the intake ventilation system, allowing immediate alerting of underground personnel in case of a fire or hazardous event. A mine rescue team will be maintained on-site, with emergency response protocols integrated with local emergency providers.

16.9.4 Refuge Chambers

Mobile refuge stations will be strategically placed within the underground workings to provide a safe haven in the event of an emergency. Each chamber will be equipped to support 12 or more workers for up to 36 hours, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Chemical
 toilets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Emergency
 food and water supplies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Backup
 power, lighting, and communications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Oxygen
 supply via compressed air, oxygen cylinders, and candles.

The refuge chambers will be in existing cut-outs and will be easily relocatable as mining progresses.

16.9.5 Compressed Air System

Two air compressors will supply underground compressed air for pneumatic equipment. Initially, both units will service the main production areas, but as mining expands, one unit may be relocated to a secondary underground access for improved distribution.

Blue Moon Mine 109 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**17.0 RECOVERY METHODS**

The preliminary economic assessment (PEA) process design is based on treating mineralized material from the Blue Moon deposit through a sequential flotation process to produce a copper concentrate and a zinc concentrate as primary products. A pyrite concentrate can also produce as a secondary product with the remaining material considered tailings, but this is not reflected in the base case. The process design is based on testwork completed by SGS Lakefield which is described in Section 13.0 of this Technical Report.

The primary consideration in developing the process design was to ensure the process could separate a saleable copper concentrate along with a saleable zinc concentrate: the sale of these two products comprises the PEA base case. The plant layout also makes provision for a separate pyrite concentrate that could potentially remove sulphur-bearing mineral from the tailings storage facility, subject to finding a commercial outlet for this material or preferentially using it as a component of paste-fill in the underground mine. Further study is required before inclusion of either option, though, so for the purposes of this PEA, the pyrite has been considered a part of the tailings stream.

The processing facility has been designed to treat 657,000 tonnes per year, or 1,800 tonnes/day. Mineralization will be received from the underground mine at the process site which comprises the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;· Crushing
 Plant.

· Crushed
 Ore Handling and Storage.

· SAG
 and Ball Mill Grinding Circuit.

· Flotation
 Circuits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Copper
 Flotation.

o Zinc
 Flotation.

o Pyrite Flotation.

&nbsp;&nbsp;&nbsp;&nbsp;· Concentrate
 Handling by means of thickening, filtration and loading for copper, and zinc concentrates,
 with the option to handle pyrite concentrate also.

· Tailings
 Handling by means of thickening, filtration and preparing for paste and dry stack storage.

· Paste
 Backfill Plant.

· Reagents
 Handling and Storage.

· Plant
 Services.

The overall process flow diagrams are seen in Figure 17.1, Figure 17.2, and Figure 17.3.

Blue Moon Mine 110 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 17.1**

**Blue Moon Process Flow Diagram – 1 of 3**

Blue Moon Mine 111 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 17.2**

**Blue Moon Process Flow Diagram – 2 of 3**

![](tm2533647d1_ex41sp4img014.jpg)

Blue Moon Mine 112 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 17.3**

**Blue Moon Process Flow Diagram – 3 of 3**

![](tm2533647d1_ex41sp4img015.jpg)

Blue Moon Mine 113 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**17.1** **Process Design Criteria** 

17.1.1 Design Basis

The mineral processing operation shall begin when the haul trucks from the underground mine deliver the ore to the primary crusher station. The ore will be crushed and conveyed to a stockpile where it will be reclaimed and transported to the main mill building. The crushed ore will be sufficiently reduced in size in the grinding circuit to liberate the desired minerals. Downstream, the flotation circuits shall selectively recover the target minerals for each type of concentrate. Dedicated thickeners shall densify each slurry stream and recover the overflow water for re-use in the process, while the thickened slurry will be further dewatered through dedicated filter presses. Concentrates and tailings shall all be handled as filter cakes.

Copper and zinc concentrates shall be collected from the storage stockpile located below the filter presses and loaded onto a hopper and conveyor system which will be used to load the concentrate within a lined rectangular shipping container. Pyrite and tailings filter cake shall be conveyed by means of conveyors to a paste backfill mixer. The mixer shall blend the filtered tailings with additional water and a binder into a paste which will then be pumped to the to the underground mine by means of a piping network.

Table 17.1 provides a summary of the overall process design basis for the Blue Moon mineral processing operation. The facility has been designed to treat 1,800 tonnes per day on average, nominally operating 2 4 hours per day and 7 days per week. The table also provides an overview of the copper and zinc concentrate recovery performances.

**Table 17.1**

**Process Design Basis**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Criteria** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Throughput Design** |  |  |
| &nbsp;&nbsp;Annual Throughput | &nbsp;&nbsp;t/year - dry | &nbsp;&nbsp;657000 |
| &nbsp;&nbsp;Operating Days per Year | &nbsp;&nbsp;d | &nbsp;&nbsp;365 |
| &nbsp;&nbsp;Operating Availability – Crushing | &nbsp;&nbsp;h/y | &nbsp;&nbsp;5694 |
| &nbsp;&nbsp;Operating Availability – Grinding and Flotation | &nbsp;&nbsp;h/y | &nbsp;&nbsp;8059 |
| &nbsp;&nbsp;Operating Availability – Paste Plant | &nbsp;&nbsp;h/y | &nbsp;&nbsp;4380 |
| &nbsp;&nbsp;Design Throughput Rate– Crushing | &nbsp;&nbsp;t/h - dry | &nbsp;&nbsp;115 |
| &nbsp;&nbsp;Design Throughput Rate – Grinding and Flotation | &nbsp;&nbsp;t/h - dry | &nbsp;&nbsp;81.5 |
| &nbsp;&nbsp;Design Production Rate – Copper Concentrate | &nbsp;&nbsp;t/h - dry | &nbsp;&nbsp;1.61 |
| &nbsp;&nbsp;Design Production Rate – Zinc Concentrate | &nbsp;&nbsp;t/h - dry | &nbsp;&nbsp;6.34 |
| &nbsp;&nbsp;**Comminution** |  |  |
| &nbsp;&nbsp;Crushing Feed Size – 100% Passing | &nbsp;&nbsp;in | &nbsp;&nbsp;23.2 |
| &nbsp;&nbsp;Crushing Product Size – 80% Passing | &nbsp;&nbsp;in | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Grinding Product Size – 80% Passing | &nbsp;&nbsp;µm | &nbsp;&nbsp;74 |
| &nbsp;&nbsp;Average Specific Gravity | &nbsp;&nbsp;- | &nbsp;&nbsp;3.30 |
| &nbsp;&nbsp;Ball Mill Circulating Load | &nbsp;&nbsp;% | &nbsp;&nbsp;300 |
| &nbsp;&nbsp;Bond Ball Mill Work Index – Design | &nbsp;&nbsp;kWh/t | &nbsp;&nbsp;8.5 |
| &nbsp;&nbsp;Bond Abrasion Index - Design | &nbsp;&nbsp;g | &nbsp;&nbsp;0.20 |

---

Blue Moon Mine 114 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Criteria** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Head Grade** |  |  |
| &nbsp;&nbsp;Head Grade, Copper – nominal | &nbsp;&nbsp;Cu % | &nbsp;&nbsp;0.56 |
| &nbsp;&nbsp;Head Grade, Zinc – nominal | &nbsp;&nbsp;Zn % | &nbsp;&nbsp;5.65 |
| &nbsp;&nbsp;Head Grade, Lead – nominal | &nbsp;&nbsp;Pb % | &nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;Head Grade, Gold – nominal | &nbsp;&nbsp;Au ppm | &nbsp;&nbsp;1.33 |
| &nbsp;&nbsp;Head Grade, Silver - nominal | &nbsp;&nbsp;Ag ppm | &nbsp;&nbsp;44.6 |
| &nbsp;&nbsp;**Concentrate Recoveries** |  |  |
| &nbsp;&nbsp;Copper Concentrate - Grade | &nbsp;&nbsp;Cu % | &nbsp;&nbsp;26.5 |
| &nbsp;&nbsp;Copper Concentrate – Copper Recovery | &nbsp;&nbsp;Cu % | &nbsp;&nbsp;93.1 |
| &nbsp;&nbsp;Copper Concentrate – Zinc Recovery | &nbsp;&nbsp;Zn % | &nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;Copper Concentrate – Lead Recovery | &nbsp;&nbsp;Pb % | &nbsp;&nbsp;93.2 |
| &nbsp;&nbsp;Copper Concentrate – Gold Recovery | &nbsp;&nbsp;Au % | &nbsp;&nbsp;67.90 |
| &nbsp;&nbsp;Copper Concentrate – Silver Recovery | &nbsp;&nbsp;Ag % | &nbsp;&nbsp;68.60 |
| &nbsp;&nbsp;Zinc Concentrate - Grade | &nbsp;&nbsp;Zn % | &nbsp;&nbsp;62.3 |
| &nbsp;&nbsp;Zinc Concentrate – Copper Recovery | &nbsp;&nbsp;Cu % | &nbsp;&nbsp;5.5 |
| &nbsp;&nbsp;Zinc Concentrate – Zinc Recovery | &nbsp;&nbsp;Zn % | &nbsp;&nbsp;95.30 |
| &nbsp;&nbsp;Zinc Concentrate – Lead Recovery | &nbsp;&nbsp;Pb % | &nbsp;&nbsp;5.8 |
| &nbsp;&nbsp;Zinc Concentrate – Gold Recovery | &nbsp;&nbsp;Au % | &nbsp;&nbsp;18.30 |
| &nbsp;&nbsp;Zinc Concentrate – Silver Recovery | &nbsp;&nbsp;Ag % | &nbsp;&nbsp;25.70 |

---

The above hourly rates have been adjusted for different areas of the process based on their operating availabilities. The crushing circuit uses a 65% availability, and the main process plant a 92% availability. Filtration circuits have an 80% availability to accommodate the regular cycle times required to operate the equipment. Dry ton throughputs are presented net of these availabilities, thus satisfying the daily throughput requirement.

17.1.2 Process Design Criteria

Table 17.2 provides a summary of key process design parameters used for the Blue Moon PEA.

**Table 17.2**

**Process Design Criteria**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Criteria** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Crushing Plant** |  |  |
| &nbsp;&nbsp;Crusher Feed Bin Retention Time Required | &nbsp;&nbsp;h | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;Crusher Bin Total Live Capacity | &nbsp;&nbsp;t | &nbsp;&nbsp;115 |
| &nbsp;&nbsp;Maximum Rock Feed Size | &nbsp;&nbsp;inch | &nbsp;&nbsp;23.2 |
| &nbsp;&nbsp;Maximum Rock Feed Size | &nbsp;&nbsp;mm | &nbsp;&nbsp;590 |
| &nbsp;&nbsp;Close Size Setting | &nbsp;&nbsp;inch | &nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;Close Size Setting | &nbsp;&nbsp;mm | &nbsp;&nbsp;70 |
| &nbsp;&nbsp;Final Product Size - Passing (P80) | &nbsp;&nbsp;inch | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;Final Product Size - Passing (P80) | &nbsp;&nbsp;mm | &nbsp;&nbsp;127 |
| &nbsp;&nbsp;**Crushed Ore Handling** |  |  |
| &nbsp;&nbsp;Stockpile Live Capacity | &nbsp;&nbsp;h | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;Stockpile Live Capacity | &nbsp;&nbsp;t | &nbsp;&nbsp;1800 |

---

Blue Moon Mine 115 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Criteria** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Grinding Circuit** |  |  |
| &nbsp;&nbsp;Feed To SAG Mill | &nbsp;&nbsp;t/d | &nbsp;&nbsp;1800 |
| &nbsp;&nbsp;Feed To SAG Mill | &nbsp;&nbsp;t/h | &nbsp;&nbsp;81.5 |
| &nbsp;&nbsp;SAG Mill - Feed Size - Passing (P80) | &nbsp;&nbsp;inch | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;SAG Mill - Product Size - Passing (P80) | &nbsp;&nbsp;microns | &nbsp;&nbsp;1000 |
| &nbsp;&nbsp;SAG Mill - Proportion Circulating Load | &nbsp;&nbsp;% | &nbsp;&nbsp;25% |
| &nbsp;&nbsp;SAG Mill - Proportion of Pebbles | &nbsp;&nbsp;% | &nbsp;&nbsp;25% |
| &nbsp;&nbsp;SAG Mill - Grinding Mill Solids Density | &nbsp;&nbsp;%w/w | &nbsp;&nbsp;75% |
| &nbsp;&nbsp;SAG Mill - Estimate Average Power Draw | &nbsp;&nbsp;HP | &nbsp;&nbsp;927 |
| &nbsp;&nbsp;SAG Mill - Estimate Mill Diameter | &nbsp;&nbsp;ft | &nbsp;&nbsp;13.8 |
| &nbsp;&nbsp;SAG Mill - Estimate Mill Length | &nbsp;&nbsp;ft | &nbsp;&nbsp;6.9 |
| &nbsp;&nbsp;Ball Mill - Feed Size - Passing (P80) | &nbsp;&nbsp;microns | &nbsp;&nbsp;1000 |
| &nbsp;&nbsp;Ball Mill - Product Size - Passing (P80) | &nbsp;&nbsp;microns | &nbsp;&nbsp;74 |
| &nbsp;&nbsp;Ball Mill - Proportion Circulating Load | &nbsp;&nbsp;% | &nbsp;&nbsp;300% |
| &nbsp;&nbsp;Ball Mill - Grinding Mill Solids Density | &nbsp;&nbsp;%w/w | &nbsp;&nbsp;73% |
| &nbsp;&nbsp;Ball Mill - Cyclone Feed Density | &nbsp;&nbsp;%w/w | &nbsp;&nbsp;50% |
| &nbsp;&nbsp;Ball Mill - Cyclone U/F Solids Density | &nbsp;&nbsp;%w/w | &nbsp;&nbsp;75% |
| &nbsp;&nbsp;Ball Mill - Estimate Average Power Draw | &nbsp;&nbsp;HP | &nbsp;&nbsp;855 |
| &nbsp;&nbsp;Ball Mill - Estimate Mill Diameter | &nbsp;&nbsp;ft | &nbsp;&nbsp;11.8 |
| &nbsp;&nbsp;Ball Mill - Estimate Mill Length | &nbsp;&nbsp;ft | &nbsp;&nbsp;17.7 |
| &nbsp;&nbsp;**Copper Flotation** |  |  |
| &nbsp;&nbsp;Cu Feed Solids Density | &nbsp;&nbsp;%w/w | &nbsp;&nbsp;33% |
| &nbsp;&nbsp;Cu Rougher Feed Flowrate | &nbsp;&nbsp;t/h | &nbsp;&nbsp;81.5 |
| &nbsp;&nbsp;Cu Rougher Flotation Time | &nbsp;&nbsp;mins | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;Cu Rougher Volume Requirement | &nbsp;&nbsp;ft<sup>3</sup> | &nbsp;&nbsp;2467 |
| &nbsp;&nbsp;Cu Cleaner 1 Flotation Time | &nbsp;&nbsp;mins | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;Cu Cleaner 1 Volume Requirement | &nbsp;&nbsp;ft<sup>3</sup> | &nbsp;&nbsp;271 |
| &nbsp;&nbsp;Cu Cleaner 2 Flotation Time | &nbsp;&nbsp;mins | &nbsp;&nbsp;9 |
| &nbsp;&nbsp;Cu Cleaner 2 Volume Requirement | &nbsp;&nbsp;ft<sup>3</sup> | &nbsp;&nbsp;121 |
| &nbsp;&nbsp;Cu Cleaner 3 Flotation Time | &nbsp;&nbsp;mins | &nbsp;&nbsp;9 |
| &nbsp;&nbsp;Cu Cleaner 3 Volume Requirement | &nbsp;&nbsp;ft<sup>3</sup> | &nbsp;&nbsp;68 |
| &nbsp;&nbsp;**Zinc Flotation** |  |  |
| &nbsp;&nbsp;Zn Feed Solids Density | &nbsp;&nbsp;%w/w | &nbsp;&nbsp;32% |
| &nbsp;&nbsp;Zn Rougher Feed Flowrate | &nbsp;&nbsp;t/h | &nbsp;&nbsp;79.9 |
| &nbsp;&nbsp;Zn Rougher Flotation Time | &nbsp;&nbsp;mins | &nbsp;&nbsp;15 |
| &nbsp;&nbsp;Zn Rougher Volume Requirement | &nbsp;&nbsp;ft<sup>3</sup> | &nbsp;&nbsp;2050 |
| &nbsp;&nbsp;Zn Cleaner 1 Flotation Time | &nbsp;&nbsp;mins | &nbsp;&nbsp;13 |
| &nbsp;&nbsp;Zn Cleaner 1 Volume Requirement | &nbsp;&nbsp;ft<sup>3</sup> | &nbsp;&nbsp;310 |
| &nbsp;&nbsp;Zn Cleaner 2 Flotation Time | &nbsp;&nbsp;mins | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Zn Cleaner 2 Volume Requirement | &nbsp;&nbsp;ft<sup>3</sup> | &nbsp;&nbsp;171 |
| &nbsp;&nbsp;Zn Cleaner 3 Flotation Time | &nbsp;&nbsp;mins | &nbsp;&nbsp;8 |
| &nbsp;&nbsp;Zn Cleaner 3 Volume Requirement | &nbsp;&nbsp;ft<sup>3</sup> | &nbsp;&nbsp;100 |
| &nbsp;&nbsp;**Pyrite Flotation** |  |  |
| &nbsp;&nbsp;Feed solids density | &nbsp;&nbsp;%w/w | &nbsp;&nbsp;32% |
| &nbsp;&nbsp;Solids Feed rate | &nbsp;&nbsp;t/h | &nbsp;&nbsp;73.6 |
| &nbsp;&nbsp;Pyrite Rougher Flotation Time | &nbsp;&nbsp;mins | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;Pyrite Rougher Volume Requirement | &nbsp;&nbsp;ft<sup>3</sup> | &nbsp;&nbsp;3490 |

---

Blue Moon Mine 116 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Criteria** | &nbsp;&nbsp;**Unit** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;**Concentrate Dewatering** |  |  |
| &nbsp;&nbsp;Cu Average Feed Rate | &nbsp;&nbsp;t/d | &nbsp;&nbsp;35.6 |
| &nbsp;&nbsp;Cu Average Feed Rate | &nbsp;&nbsp;t/h | &nbsp;&nbsp;1.61 |
| &nbsp;&nbsp;Cu Average Concentrate Weight Recovery | &nbsp;&nbsp;% wt rec. | &nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;Cu Thickener U/F Density | &nbsp;&nbsp;%w/w | &nbsp;&nbsp;65% |
| &nbsp;&nbsp;Cu Thickener Sizing Criteria | &nbsp;&nbsp;t/m<sup>2</sup>/h | &nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;Cu Thickener Minimum Diameter | &nbsp;&nbsp;ft | &nbsp;&nbsp;10.4 |
| &nbsp;&nbsp;Cu Selected Diameter | &nbsp;&nbsp;ft | &nbsp;&nbsp;13.1 |
| &nbsp;&nbsp;Cu Filter Sizing Criteria | &nbsp;&nbsp;kg/m<sup>2</sup>/h | &nbsp;&nbsp;250 |
| &nbsp;&nbsp;Cu Filter Area Required | &nbsp;&nbsp;ft<sup>2</sup> | &nbsp;&nbsp;98 |
| &nbsp;&nbsp;Cu Filter Product Moisture | &nbsp;&nbsp;%w/w | &nbsp;&nbsp;8% |
| &nbsp;&nbsp;Zn Average Feed Rate | &nbsp;&nbsp;t/d | &nbsp;&nbsp;140 |
| &nbsp;&nbsp;Zn Average Feed Rate | &nbsp;&nbsp;t/h | &nbsp;&nbsp;6.3 |
| &nbsp;&nbsp;Zn Average Concentrate Weight Recovery | &nbsp;&nbsp;% wt rec. | &nbsp;&nbsp;7.3% |
| &nbsp;&nbsp;Zn Thickener Sizing Criteria | &nbsp;&nbsp;t/m2/h | &nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;Zn Thickener U/F Density | &nbsp;&nbsp;%w/w | &nbsp;&nbsp;65% |
| &nbsp;&nbsp;Zn Minimum Diameter | &nbsp;&nbsp;ft | &nbsp;&nbsp;20.7 |
| &nbsp;&nbsp;Zn Selected Diameter | &nbsp;&nbsp;ft | &nbsp;&nbsp;19.7 |
| &nbsp;&nbsp;Zn Filter Sizing Criteria | &nbsp;&nbsp;kg/m<sup>2</sup>/h | &nbsp;&nbsp;250 |
| &nbsp;&nbsp;Zn Filter Area Required | &nbsp;&nbsp;ft<sup>2</sup> | &nbsp;&nbsp;385 |
| &nbsp;&nbsp;Zn Filter Product Moisture | &nbsp;&nbsp;%w/w | &nbsp;&nbsp;8% |
| &nbsp;&nbsp;Pyrite Average Feed Rate | &nbsp;&nbsp;t/d | &nbsp;&nbsp;360 |
| &nbsp;&nbsp;Pyrite Average Feed Rate | &nbsp;&nbsp;t/h | &nbsp;&nbsp;16.3 |
| &nbsp;&nbsp;Pyrite Average Concentrate Weight Recovery | &nbsp;&nbsp;% wt rec. | &nbsp;&nbsp;20.0% |
| &nbsp;&nbsp;Pyrite Thickener Sizing Criteria | &nbsp;&nbsp;t/m<sup>2</sup>/h | &nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;Pyrite Thickener U/F Density | &nbsp;&nbsp;%w/w | &nbsp;&nbsp;65% |
| &nbsp;&nbsp;Pyrite Minimum Diameter | &nbsp;&nbsp;ft | &nbsp;&nbsp;32.8 |
| &nbsp;&nbsp;Pyrite Selected Diameter | &nbsp;&nbsp;ft | &nbsp;&nbsp;32.8 |
| &nbsp;&nbsp;Pyrite Filter Sizing Criteria | &nbsp;&nbsp;kg/m<sup>2</sup>/h | &nbsp;&nbsp;500 |
| &nbsp;&nbsp;Pyrite Filter Area Required | &nbsp;&nbsp;ft<sup>2</sup> | &nbsp;&nbsp;618 |
| &nbsp;&nbsp;Pyrite Filter Product Moisture | &nbsp;&nbsp;%w/w | &nbsp;&nbsp;15% |
| &nbsp;&nbsp;**Tailings Dewatering** |  |  |
| &nbsp;&nbsp;Average Feed Rate | &nbsp;&nbsp;t/d | &nbsp;&nbsp;1264 |
| &nbsp;&nbsp;Average Feed Rate | &nbsp;&nbsp;t/h | &nbsp;&nbsp;57.3 |
| &nbsp;&nbsp;Average Yield | &nbsp;&nbsp;% | &nbsp;&nbsp;70.2% |
| &nbsp;&nbsp;Design Yield | &nbsp;&nbsp;%w/w | &nbsp;&nbsp;90.2% |
| &nbsp;&nbsp;Thickener Sizing Criteria | &nbsp;&nbsp;t/m<sup>2</sup>/h | &nbsp;&nbsp;0.40 |
| &nbsp;&nbsp;Thickener U/F Density | &nbsp;&nbsp;%w/w | &nbsp;&nbsp;60% |
| &nbsp;&nbsp;Minimum Diameter | &nbsp;&nbsp;ft | &nbsp;&nbsp;52.5 |
| &nbsp;&nbsp;Selected Diameter | &nbsp;&nbsp;ft | &nbsp;&nbsp;52.5 |
| &nbsp;&nbsp;Tailings Filter Sizing Criteria | &nbsp;&nbsp;kg/m<sup>2</sup>/h | &nbsp;&nbsp;900 |
| &nbsp;&nbsp;Tailings Filter Area Required | &nbsp;&nbsp;ft<sup>2</sup> | &nbsp;&nbsp;969 |
| &nbsp;&nbsp;Tailings Filter Product Moisture | &nbsp;&nbsp;%w/w | &nbsp;&nbsp;15% |
| &nbsp;&nbsp;**Paste Plant** |  |  |
| &nbsp;&nbsp;Operating Regime | &nbsp;&nbsp;h/d | &nbsp;&nbsp;10.8 |
| &nbsp;&nbsp;Operating Regime | &nbsp;&nbsp;d/w | &nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;Cement Addition | &nbsp;&nbsp;%w/w | &nbsp;&nbsp;6% |
| &nbsp;&nbsp;Paste Solids Content | &nbsp;&nbsp;%w/w | &nbsp;&nbsp;74% |
| &nbsp;&nbsp;Paste Solids Content | &nbsp;&nbsp;%v/v | &nbsp;&nbsp;54% |

---

Blue Moon Mine 117 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**17.2** **Process** **De scription** 

17.2.1 Crushing Plant

Underground mineralized material will be transported from the underground mine portal to the crushing plant by means of haul trucks. The trucks shall tip directly into the ore bin. The ore bin has a capacity of 115 short tons and will be equipped with a 23.2-inch static grizzly to prevent oversized ore from entering the crushing circuit. A rock breaker shall be used to break oversized ore. A vibrating grizzly feeder will feed the material from the bin to the primary crusher, which will allow finer material to bypass the crusher.

The primary crusher will be designed to reduce the run-of-mine feed material to 80% passing 5 inches. The crushed material will combine with the undersize material from the grizzly feeder onto the sacrificial conveyor. The sacrificial conveyor will transport the reduced material to a second conveyor which will feed a stockpile.

The major equipment and systems found within the crushing plant are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;· Underground
 ore receiving bin, 115 short tons capacity.

· Vibrating
 Feeder, TKF11-42-2V model or equivalent.

· Jaw
 Crusher, JC106 model or equivalent.

· Crusher
 discharge conveyor.

· Dust
 collection system.

17.2.2 Crushed Ore Handling

The crushed ore handling circuit includes a covered stockpile, reclaim feeders, a SAG mill feed conveyor and a provision for front-end loader access to the stockpile.

Crushed material from the crushing plant will be transferred by means of a conveyor to the stockpile. The covered stockpile is designed to contain 24 hours of live capacity. The stockpile shall be designed to allow front-end loader access to recover material directly from the stockpile or assist in moving the dead fraction of the stockpile. Two reclaim apron feeders shall be installed below the stockpile which will withdraw the crushed material and deposit it onto a SAG mill feed conveyor. This conveyor shall transport the material to the grinding area and will utilize weightometers installed on the conveyor to control the throughput to the mill. The SAG mill feed conveyor will be equipped with an in-load bin which will allow front-end loaders to load spilled material back onto the conveyor.

The major equipment and systems found within the ore handling area are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;· Covered
 stockpile with 1,980 live short tons ore storage capacity.

· Two
 crushed ore bin apron feeders.

· SAG
 mill feed conveyor equipped with in-load bin and weightometers.

As an interim operating scenario, the stockpile may rely on front-end loaders to reclaim the crushed material and load directly into the in-load bin located on the SAG mill feed conveyor. This method would be utilized in the event that the reclaim feeder system capital is deferred to a later date.

Blue Moon Mine 118 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

17.2.3 Grinding Circuit

The PEA grinding circuit comprises a semi-autogenous grinding (SAG) mill operated in an open circuit configuration along with a ball mill operated in closed-circuit with a hydro-cyclone cluster. The overall grinding circuit will be designed to reduce the incoming ore from an 80% passing particle size of 5 inches (127 mm) to a final product size of 74 µm found in the hydro-cyclone overflow stream.

Crushed material will be transported by the SAG mill feed conveyor and be discharged into the SAG mill feed chute. The SAG mill will be a single pinion grated mill operating in an open circuit. The selected SAG mill will have an inside diameter of 13.8 ft (4.2 m) and an effective grinding length (EGL) of 6.9 ft (2.1 m). The mill feed will be mixed with an inlet water stream to maintain a pulp density of 75% solids. The SAG mill discharge slurry will reach an 80% passing product size of 1,000 µm and be collected into a common hydro-cyclone feed pump box which will also receive the discharge from the ball mill.

The selected ball mill will be a single pinion overflow mill, operating in closed circuit with the hydro-cyclone cluster. The mill has an inside diameter of 11.8 ft (3.6 m) and an EGL of 17.7 ft (5.4 m). The underflow stream from the hydro-cyclones shall discharge into the ball mill and diluted with a water stream to maintain a target pulp density of 73% solids. The ball mill discharge shall pass over a slotted trommel screen to remove any scat material from the mill.

The combined SAG and ball mill discharge will be being pumped to the hydro-cyclone cluster to recover the desired -74 µm grind product. The cyclone underflow slurry shall reach a density of approximately 7 5% solids while the density of the cyclone overflow slurry will be 33% solids. The cyclone overflow stream will pass through a trash screen to remove any debris or contaminants.

Operators will monitor the grinding mills discharge densities, cyclone stream densities, power draw, cyclone pressure among other parameters to maintain an 80% passing product size of 74 µm.

The major equipment and systems found within the grinding area are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;· 13.8
 ft diameter x 6.9 ft in effective grinding length SAG mill with 1000 HP motor.

· 11.8
 ft diameter x 17.7 ft in effective grinding length ball mill with 1400 HP motor.

· Hydro-cyclone
 cluster and pumping system.

· Grinding
 media handling system.

17.2.4 Copper
 Flotation

The Blue Moon operation shall utilize a sequential flotation design and will begin with the recovery of copper from the incoming slurry from the grinding circuit. The zinc and pyrite flotation will follow utilizing the tails from the copper circuit.

The copper flotation circuit will prioritize the recovery of copper mineral from the slurry stream and produce a concentrate that will later be dewatered. Lead will typically also report to the copper concentrate.

The hydro-cyclone overflow slurry from the grinding circuit will pass through the trash screen and feed the conditioning tanks and be mixed with flotation reagents. The resulting slurry will then flow by gravity to the copper rougher flotation bank at a nominal density of 33% solids.

Blue Moon Mine 119 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

The PEA design includes conventional forced air tank cells as copper rougher flotation cells. The concentrate collected from the roughers shall feed the copper regrind circuit while the rougher tailings will report to the zinc flotation circuit.

The copper regrind circuit will consist of a hydro-cyclone cluster and a stirred vertical mill operating in open circuit. Slurry from the surge tank will be pumped to the cyclone to densify the feed and target an 8 0% passing size of 20 µm in the overflow that will feed the copper cleaner flotation circuit. The cyclone underflow will be pumped through the bottom of the operating vertical mill and discharge from the top and routed to the cleaner flotation circuit.

The copper cleaner circuit consist of three sequential stages of cleaner flotation. The flotation concentrates flow from the first stage downstream until it reaches the third stage cleaner, the concentrate from which will report to the copper concentrate thickener. The tailings from the cleaner cells flow counter-currently to the concentrate movement. The tailings from the first stage of cleaning will report to the zinc flotation circuit.

The major equipment and systems found within the copper flotation circuit are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;· Five
 10 m<sup>3</sup> rougher cells.

· Three
 4.5 m<sup>3</sup> cleaner 1 cells.

· Three
 4.5 m<sup>3</sup> cleaner 2 cells.

· Three
 2.5 m<sup>3</sup> cleaner 3 cells.

· Vertical
 copper regrind mill with 250 HP motor.

· Copper
 regrind hydro-cyclone cluster.

17.2.5 Zinc Flotation

The zinc flotation circuit will prioritize the recovery of zinc mineral from the copper flotation tailings. The zinc concentrate will later be thickened and filter pressed.

The tailings stream from the copper rougher bank and the first copper cleaner bank will feed the zinc flotation conditioning tanks and mixed with appropriate flotation reagents. The discharge from the final conditioner will feed the first zinc rougher flotation cell. The concentrate collected from roughers shall report to the zinc regrind circuit while zinc rougher tailings will feed the pyrite flotation circuit.

The zinc regrind circuit will be similar to the copper regrind circuit and have a target product size of 80% passing size of 20 µm. The reground material will gravitate to the zinc cleaner circuit which consists of three sequential stages of cleaner flotation. The first cleaner stage will be dosed with hydrated lime and collectors to facilitate the selection of the zinc from the slurry. The flotation concentrates flow from the first stage downstream until it reaches the third stage cleaner, the concentrate from which reports to the zinc concentrate thickener. The tailings from the cleaner cells flow counter-currently to the concentrate movement. The tailings from the first stage of cleaning will report to the optional pyrite flotation circuit.

The major equipment and systems found within the zinc flotation circuit are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;· Five
 10 m<sup>3</sup> rougher cells.

· Three
 8 m<sup>3</sup> cleaner 1 cells.

Blue Moon Mine 120 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

&nbsp;&nbsp;&nbsp;&nbsp;· Three
 8 m<sup>3</sup> cleaner 2 cells.

· Three
 8 m<sup>3</sup> cleaner 3 cells.

· Vertical
 zinc regrind mill with 250 HP motor.

· Zinc
 regrind hydro-cyclone cluster.

17.2.6 Pyrite Flotation (Optional)

Following the separation of copper and zinc concentrates the remaining minerals contained within the slurry will contain a significant portion of pyrite material. The optional pyrite circuit has been accommodated in the plant layout but is not included in the PEA base case. It relies on a single rougher bank to collect a pyrite concentrate. No cleaner stage or regrind system has been considered for the pyrite circuit at this time.

The zinc rougher and first cleaner tailings streams will both report to the pyrite conditioning tanks where flotation reagents will be added. The conditioner overflow will feed the pyrite rougher bank at a nominal density of 32% solids and a pH of approximately 7.0.

The pyrite rougher flotation cells are conventional forced air tank cells. The concentrate collected from roughers shall report to the pyrite thickener while the pyrite rougher tailings will report to the final tailings thickener.

The major equipment and systems found within the pyrite flotation circuit are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;· Five
 10 m<sup>3</sup> rougher cells.

17.2.7 Concentrate Dewatering and Handling

The concentrate handling circuits consists of thickener, filtration and filter cake handling equipment required to dewater the copper, zinc and pyrite concentrates.

Each concentrate steam reports to a dedicated thickener, where flocculant will be dosed to facilitate the settling of solids in the slurry and to reach an underflow density of approximately 65% solids by weight. The thickener overflows will report to the process water system to be re-used within the process plant. The underflows will each report to a dedicated agitated filter feed tank which will be able to hold 1 2 hours equivalent of slurry.

The copper and zinc concentrates held within their respective filter feed tanks shall each report to a dedicated tower filter press. The filters will be fed according to the required cycle time and will both produce a filter cake containing about 8% moisture by weight. Each cake will be discharged into a separate concentrate stockpile located below the filter press.

To prepare the concentrate for shipment, a front-end loader will recover the filter cake material from the desired stockpile and load a hopper and horizontal conveyor system. This system will deliver the filtered concentrate to a lined shipping container which will be used to transport the material off site. A dedicated system shall be used for each concentrate to prevent cross contamination of concentrates while loading. Dust collection systems shall also be installed to manage dust levels within the concentrate area.

Blue Moon Mine 121 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

Optionally, the pyrite concentrate will be pumped from the filter feed tank to a horizontal plate and frame filter press. The pyrite concentrate will be pressed as per the filter cycle and discharge a filter cake with a moisture content of 15% by weight. This pyrite filter cake will report to a conveyor belt which will convey the material to the back-fill paste mixer.

The major equipment and systems included within the concentrate dewatering circuits are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;· 13.1
 ft (4 m) diameter high-rate copper concentrate thickener.

· 19.7
 ft (6 m) diameter high-rate zinc concentrate thickener.

· 32.8
 ft (10 m) diameter high-rate pyrite concentrate thickener (optional).

· Flocculant
 dosing system.

· Copper
 concentrate tower filter press and loadout conveyor.

· Zinc
 concentrate tower filter press and loadout conveyor.

· Pyrite
 concentrate horizontal plate and frame filter press (optional).

· Ancillary
 equipment for operation of filter presses.

· Dust
 collection system.

17.2.8 Tailings Dewatering and Handling

Tailings from the flotation circuits will report to a tailings thickener, where flocculant will be added to enable settling of the solids. The thickener overflow will feed the process water system for re-use in the process plant. The underflow will reach a design density of 60% solids by weight and will be pumped to an agitated filter feed tank. The filter feed tank will have a residence time of 12 hours and will feed a horizontal plate and frame filter press. The filter press will produce a filtered tailings cake containing 1 5% moisture, this cake will discharge onto a reversible conveyor. The conveyor will have the option to *either* deposit the filtered tailings to a stockpile from which it will be loaded onto trucks for long-term dry stack surface tailings storage *or* feed the paste plant to be used as backfill for the underground mine.

The major equipment and systems found within the tailings dewatering circuits are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;· 52.5
 ft (16 m) diameter high-rate tailings thickener.

· Flocculant
 dosing system.

· Tailings
 horizontal plate and frame filter press.

· Reversible
 filter cake conveyor.

17.2.9 Paste Plant

The paste backfill that will be used in the underground mine operation will utilize a paste mixture prepared from cement, process water and tailings of the mineral processing plant. The filtered pyrite and tailings material will both report to a paste mixer which will combine the filter cakes with a cement binder and adjustment water to reach a desired paste density. This paste will be pumped through the underground distribution network until it reaches the stopes to be filled.

Optionally, the filtered pyrite material will be used in priority to reduce the amount of sulphur-bearing material stored in the surface dry stack tailings area.

Blue Moon Mine 122 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

The major equipment and systems included within the tailings dewatering circuits are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Paste
 mixer unit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Piston
 paste pumps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cement
 binder addition system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Emergency
 flushing pump.

17.2.10 Reagents Handling and Storage

The Blue Moon mineral processing operation will utilize the following reagents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sodium
 Isopropyl Xanthate (SIPX).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Potassium
 Amyl Xanthate (PAX).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Minerec
 M2030.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Oroform
 D8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Zinc
 Sulphate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Copper
 Sulphate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sodium
 Cyanide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sulphur
 Dioxide/Sodium Metabisulphite (SMBS).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· MIBC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lime.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sulphuric
 Acid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Flocculant.

17.2.11 Plant Services

Compressed air will supply the necessary air for the operation of filter presses, actuation of instruments and maintenance tools. Low pressure blowers will be used to supply air to the flotation cells.

Process water will be recycled from the collection of overflows from the thickeners. Dedicated process water tanks will be used to separate the different water qualities and will be re-used in specific areas. The lower pH copper sulphate solution will be re-used in the copper flotation circuit, the higher pH zinc solution will be used in the zinc flotation circuit and the tailings and pyrite solution will report to a common water tank given the solution is near a neutral pH.

Raw water will be used to feed the potable water system, gland water service and reagent preparation. At times raw water make-up water will be required to replenish the process water circuit as the recirculation of process waters will accumulate reagents over time.

Blue Moon Mine 123 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**18.0 PROJECT INFRASTRUCTURE**

The infrastructure of this Project is designed to support the operation of 1,800 tonne/day processing plant and production of the underground operation. The mine and processing plant will operate 2 4 h/day, 7 days/week. The proposed general arrangement for the mine site is presented in Figure 18.1.

**Figure 18.1**

**Blue Moon General Arrangement**

![](tm2533674d1_ex4-1sp05img01.jpg)

**18.1** **Roads** 

18.1.1 Access Road

Access to the Blue Moon Project is via Exchequer Rd, a 3.4 mile gravel road which connects to California County Route J16 to the south.

J16, also known as Hornitos and Bear Valley Roads, is a paved secondary highway serving the communities of Hornitos and Bear Valley.

Blue Moon Mine 124 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

18.1.2 Haul Roads

Mine haul roads will be developed to facilitate the transport of personnel, equipment, and materials, as well as to convey mined resources to and from the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mine
 portal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crushing
 plant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Truck
 shop / Truck wash station.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fuel
 station.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Processing
 plant.

18.1.3 Service Roads

Service roads will be developed to facilitate personnel, equipment and materials transport on site to and from the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gate
 house.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Administration
 building.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mine
 dry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Main
 substation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Processing
 plant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Stockpile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Explosives
 magazine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Truck
 shop.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mine
 portal.

**18.2** **Utilities** 

18.2.1 Power Supply

Electric power will be supplied from the New Exchequer Powerhouse, which is located on Lake McClure, approximately 1.5 miles north of the Project. Provision is made in the capital cost estimate for a transmission line that will connect the New Exchequer Dam utilities to an on-site substation.

The total power demand of the mine, concentrator and recovery plant is estimated to be approximately 9 MW and requires as substation capacity of approximately 15 MVA.

Blue Moon Mine 125 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

18.2.2 Water Systems

18.2.2.1 Process Water

Process water will be reclaimed from the water management pond and pumped back to the plant. As described in Section 17.0, there will be multiple process water systems within the plant to minimise inter circuit reagent contamination.

Mine water will be recycled and used underground for drilling, dust suppression, and maintenance needs. All mine water will report to a main sump underground.

18.2.2.2 Fresh Water

Run-off will be directed by cut-off ditches to a Fresh Water storage pond. The pond will be maintained at a certain level to provide fire water. Should run-off be insufficient and the pond level decrease, pumps will supply water from groundwater wells, subject to hydrogeological studies to confirm capacity.

18.2.2.3 Potable Water

A modular potable water packaged plant will be used to provide potable water for the operation.

**18.3** **Fuel Facilities** 

A diesel storage tank will be in a fuel station on surface. As the mine continues to develop, underground diesel storage tanks will be installed in the underground shop and other locations in the mine as needed.

All fuel storage tanks will be in non permeable containment berms satisfying the biggest of the following conditions: 110% of the capacity of the biggest storage tank, or 100% of the biggest tank and 10% of the capacity of all the other tanks within the same containment area.

**18.4** **Buildings** 

The following new constructions will be required to support the operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Four
 bay maintenance facility sized to accommodate 50-ton underground trucks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Administration
 building accommodating site management, meeting rooms, technical services, administration,
 medical treatment and training space.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Process
 Plant incorporating a paste plant and processing laboratory

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mine
 dry

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Compressed
 air container

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gatehouse

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fuel
 station

Surface facilities will be expanded as the development of the Project ramps up.

Blue Moon Mine 126 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**18.5** **Tailings Management Facility** 

Tailings from the flotation plant will be thickened using a conventional underflow system and then be further dewatered using a filter press to produce a "dry" cake comprising approximately 90% solids by weight. The daily production of tailings will be approximately 1,800 tonnes, dry mass. In due course, a proportion of the filter cake tailings will be combined with a suitable binder and water to form a paste for backfilling completed underground workings.

The Tailings Management Facility (TMF), comprising a dry stack, water pond and access routes, will be located on 40 acres of land adjacent to the mine. Within this area, the dry stack area will occupy 31 acres, with the remaining land accommodating the pond and access road. The stack and pond will be located in a shallow valley on the eastern side of the Bullion Hill ridge, as indicated in Figure 18.2.

**Figure 18.2**

**TMF General Arrangement**

![](tm2533674d1_ex4-1sp05img02.jpg)

Land preparation will entail removal of vegetation, stripping of topsoil and levelling of any localised steep topography. Four low embankments will be required to infill low areas to produce a regular perimeter of the TMF, plus a fifth embankment to impound the pond.

The assumed containment system is compliant with the requirements of California Code Regulations Title 27, div. 2, 1, ch. 7, subch. 1, art. 1. For the PEA, the tailings are assumed to be group A mining wastes (i.e., containing hazardous substances which pose a significant risk to water quality). Depending on the final choice of reagents and water treatment facilities, a lower classification may be possible. However, reducing the classification to group B mining waste would not make a significant difference in the technical requirements for environmental protection measures.

Blue Moon Mine 127 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

The location of the TMF complies with the regulations, being remote from Holocene faults and area of rapid geological change. The location on the side a ridge is not prone to flooding risk. A composite basal sealing system will be installed, comprising a compacted clay liner, 2 ft thick, and a geomembrane of 8 0 Mil HDPE.

The lowest level on the stack perimeter is 50 m (164 ft) lower than the start of the access road at the mine site, with the access road designed for a maximum grade of 10%. The perimeter of the stack will be delineated by a levelled track, 25 ft wide, which will accommodate a drainage channel, anchor trench for the containment system and safety bunds, plus providing access for construction plant and tailings delivery.

Tailings will be delivered to the TMF by dump trucks and will be placed in a coordinated plan to maintain stability and controlled drainage patterns. Filling will commence in the lowest level of the TMF. Tailings will be paddock tipped and then be spread by bulldozer and compacted by a self-propelled roller to form a nominally level platform of tailings. The smooth surface and a slight fall will direct rainfall runoff to the pond, rather than infiltrating.

The tailings will be placed in a stack with maximum slope grade of 20% to ensure stability. The completed stack will reach an elevation of 383 m, which is below the height of the ridge, thereby limiting visual impact. The pond could be retained after closure.

The proposed TMF layout is shown in Figure 18.3.

**Figure 18.3**

**TMF Layout**

![](tm2533674d1_ex4-1sp05img03.jpg)

Blue Moon Mine 128 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**18.6** **Sewage Treatment** 

A modular sewage treatment packaged plant will be used to treat effluent.

**18.7** **Fire Protection** 

A fire protection system will need to be installed. Firewater pumps are provided in the capital estimate for this study.

**18.8** **Ventilation** 

Ventilation of the mine will be facilitated by two 400 hp, 280,000 CFM fans to push clean air into the mine.

The ultimate sizing of the primary and secondary fans will be based upon the maximum number of diesel equipment and persons that will be working in the mine at once.

The ventilation arrangement will be designed so as to avoid drawing cold air into the portal, and to assist the naturally buoyant warm air to rise by convection through the ventilation decline.

**18.9** **Waste Rock Storage** 

It is estimated that 939,000 t of waste rock will be produced over the LOM, depending on any deviations from the current development plan. It is envisaged that some of the rock will be crushed and sold as aggregate, estimated at 45,000 t/yr. This would result in up to 400,000 t of waste rock needing to be stored on or near the site over LOM, less any additional material stockpiled off-site for continued aggregate production following mine closure. It may also be possible to identify nearby locations with a requirement for infilling, which would provide a beneficial use.

The potential for acid rock drainage (ARD) will need to be evaluated by laboratory testing. Waste rock dumps will be managed to minimise the potential for ARD, such as zoning of waste dumps, reducing infiltration, and ensuring rapid drainage.

In addition to the waste rock produced by the mine, smaller quantities of cut and fill will be produced and used by the development of the TMF. Stripping of topsoil prior to construction may produce up to 3 0,000 t, which will need to be temporarily stored prior to its use in restoration. Excavations of near-surface soils and weathered rock would produce up to 20,000 t of material, which could be used in landscaping the TMF.

There will be a requirement for up to 110,000 t of structural fill, primarily to build the TMF embankments. If the timing of mine excavation is suitable, these earthworks could utilise waste rock from the mine. The establishment of a crusher would enhance the opportunities for beneficial use, adding other possibilities such as road stone production.

**18.10** **Explosives Storage** 

Temporary storage magazines will be installed on surface until underground magazines are constructed. The surface and underground magazines will meet all regulatory requirements.

Blue Moon Mine 129 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

Once underground magazines are established, explosives will be ordered from the supplier on an as-needed basis.

**18.11** **Mine Dewatering and Sedimentation Ponds** 

Submersible trash pumps situated within each of the sumps will be activated by float switches so as to run only when needed. The size and specifications of the pumps will be determined based on ground water inflow prior to and during operations.

Excess mine water that is not kept within a storage tank nor re-used for mining will report to a sedimentation (settling) pond outside of the mine via an HDPE pipe that will exit at or near to the portal.

The sedimentation pond will be designed to allow for the required retention time so that suspended solids are given adequate time to settle out, so that any water discharged from site will meet applicable environmental regulations. A dosing station may be needed at the sedimentation pond to permit treatment of the water before it exits the pond or is pumped to the process plant.

**18.12** **Water Usage** 

The annual water balance for the processing operation is presented in Table 18.1. This shows the total quantity of water (in US gallons per year) that is used or retained at key stages in the process. The calculation represents stable conditions during the main phase of operations. There will be some transient differences during start-up and shut-down, which will be managed within the overall averages.

**Table 18.1**

**Annual Water Balance**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Parameter** | **Water in <br> Process Stages<br> (gal/y)** | **Losses from<br> Process Stages<br> (gal/y)** | **Gains into<br> Water Circuit <br> (gal/y)** | **Water <br> Availability<br> (gal/y)** |
| &nbsp;&nbsp;Required for Process | 410052826 | - | - | - |
| &nbsp;&nbsp;Grinding, Gland etc. | - | -14237945 | - | - |
| &nbsp;&nbsp;Input to Flotation | 406798438 | - | - | - |
| &nbsp;&nbsp;Water Lost in Concentrate | - | -1516019 | - | - |
| &nbsp;&nbsp;Water in Raw Tailings | 405282419 | - | - | - |
| &nbsp;&nbsp;Water Removed by Primary Thickener | - | -300677106 | 300677106 | - |
| &nbsp;&nbsp;Water in Thickened Tailings | 104605313 | - | - | - |
| &nbsp;&nbsp;Filtrate from Filter Thickener | - | -76915671 | 76915671 | - |
| &nbsp;&nbsp;Water Lost in Cake Sent to TMF | - | -14721404 | - | - |
| &nbsp;&nbsp;Water in Tailings Used for Paste | - | -12968238 | - | - |
| &nbsp;&nbsp;Water in Circuit | 0 |  | - | - |
| &nbsp;&nbsp;Additional Water for Paste | - | - | -14142389 | - |
| &nbsp;&nbsp;Rainfall and Runoff | - | - | 20737756 | - |
| &nbsp;&nbsp;Miscellaneous Losses | - | - | -1703381 | - |
| &nbsp;&nbsp;Recovered Water | - | - | - | 382484763 |
| &nbsp;&nbsp;Make up | - | - | 27568063 | - |
| &nbsp;&nbsp;Available for Process | - | - | - | 410052826 |

---

Blue Moon Mine 130 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

The average requirement for make-up water will be 75,529 gallons per day. To the extent possible, this will likely be obtained from wells sunk in the area of the mine. However, additional hydrogeological studies will be required to confirm the adequacy of borehole supply capacity.

At steady state, water circulation within the operation is predicted to be slightly higher than 1.1 million gallons per day (gpd). More than 95% of the water will be used directly in the flotation process. Minor uses will include reagent mixing, crushing, gland water, general wash-down, etc. Most of the losses from the process stages will be due to water entrained within the tailings – as paste for underground backfill or filter cake in the TMF.

Water recovery will be achieved by two stages of dewatering, in the primary thickener and filter. Approximately 1 million gpd of water will be recovered from the tailings thickeners and will be reused in the process after adjustment of the reagent composition. Smaller quantities of water will be contained in the final concentrate and lost as evaporation from the pond. This will be offset by minor water gains from precipitation onto the TMF, which will be collected into the pond. A proportion of the mine inflow, estimated as 15,000 gpd, will also contribute to the water balance.

It is assumed that the recovered water will be used directly in the process, after filtration for solids removal (at the pump inlet) and recharging with reagents. Further treatment, to remove residual reagents, is not anticipated at this stage.

**18.13** **Water Storage** 

The Project is anticipated to be a net consumer of water, and is, therefore, designed to operate as a zero-discharge facility.

The main water storage on site will be the pond associated with the TMF, which will have a design capacity of 10 million gallons for storage of process water and a back-up for short-term deficit. The containment system of the pond will be similar to the TMF, i.e., a composite liner of compacted clay covered by a geomembrane. To the extent practicable, tanks at the process site may also be used to capture thickener overflow for re-use, minimizing the pumping requirements for process water supply.

Under normal conditions the use of make-up water will allow the pond level to remain fairly constant, with small fluctuations caused by the minor gains and losses. On an operational basis, the full capacity would provide sufficient process water for at least 10 days of operations, allowing for a zone of dead storage and turbulence as levels drop. The pond management regime would allow for the water level to increase towards the maximum by the start of the dry season.

The pond will provide emergency storage for runoff from the TMF, especially in the wet season. The pond management regime would allow for the water level to decrease before the wet season starts. The design capacity is 50% higher than the runoff that would results from an expected "worst-case" rainfall event. The design regulations require a minimum storage for a 24-hour storm. This is accommodated. A recent rainfall event in the area was reported to produce 8 inches of rain over 5 days. A similar event on site would produce up to 6 million gallons of runoff, which could be accommodated by the pond if the level was kept sufficiently low.

The pond could also provide storage for stormwater runoff from the mine site, which could be piped along the access road to the TMF.

Blue Moon Mine 131 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

The design freeboard of the pond is 3 ft. The freeboard would be lined and would provide an emergency storage capacity of up to 4 million gallons. Thus, the runoff from a "worst-case" rainfall event could be accommodated if the pond level was 5ft below the design level.

**18.14** **Waste Management** 

In addition to mining wastes (tailings, waste rock, etc.), the mine will produce a range of waste materials during construction and operations. These will largely be commercial and industrial solid wastes such as packaging from reagents and other materials, replaced parts from equipment, off-cuts and off-spec materials, rags and spoiled PPE and office wastes. There will also be domestic wastes from canteen services. Reduction and reuse of wastes will be practiced where practicable.

Additionally, contracts will be established with licenced waste management operators for the removal of wastes, including any hazardous wastes, to appropriate facilities. Recycling and recovery will be implemented where possible, with disposal of residues to suitable landfill or other facilities as necessary.

The mine will establish a waste collection area, with containers for the temporary storage of wastes, pending collection. Containers will be weather-proof and will also deter vermin. They may be located in a fenced compound, if necessary. Waste will be segregated in coordination with the waste management contractors, with separate storage for, as example, metals, plastics, wood, card and paper, IEEE, rags. Containers will be labelled, and potentially contaminated and hazardous materials will be identified with warning signs. Wood waste will be reused, where possible. Uncontaminated construction wastes, such as surplus or demolished concrete or aggregates may be used as temporary pavements in the TMF, especially during wet weather.

It is envisaged that liquid wastes, such as waste oils and hydraulic fluid, will be taken off site and appropriately managed by the vehicle maintenance contractors. Storage tanks or drums would be located in the waste accumulation area for any ad-hoc liquid wastes that arise.

The mining process *per se* will not generate liquid wastes, as the solutions will be recycled and reused.

Blue Moon Mine 132 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**19.0 MARKET STUDIES AND CONTRACTS**

**19.1** **Contracts** 

There are no material contracts in place concerning the Blue Moon Property.

For the purposes of this PEA, Micon has used its own resources to determine a reasonable estimate of concentrate off-take terms. Details of those terms are given in Section 22 of the report.

**19.2** **Market Studies** 

All the payable commodities considered in this PEA (zinc, copper, lead, gold and silver) are openly traded with price transparency. Micon has utilized its records of historical prices as well as current market trends and published institutional consensus price forecasts in setting the base-case, spot and consensus prices used in its economic analysis.

19.2.1 Zinc

Over the past ten years, the 12-month trailing average price for zinc has largely remained in the range of US$1.00 to US$1.50 per pound. Micon's QP has used a mid-range figure of US$1.25/lb for the base case in this PEA (Figure 19.1).

**Figure 19.1**

**Zinc Market Price 2015-2025**![](tm2533674d1_ex4-1sp05img04.jpg)

19.2.2 Copper

Copper is seen to have risen markedly in recent years and may be expected to continue to show strong price growth in the future due to supply constraints and strong demand. Micon's QP has selected a price of US$4.20/lb for the base case in this PEA, approximating the 12-month trailing average to February 2 025 (Figure 19.2).

Blue Moon Mine 133 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 19.2**

**Copper Market Price 2015-2025**

![](tm2533674d1_ex4-1sp05img05.jpg)

19.2.3 Lead

Lead has not been attributed any value for the purpose of this PEA. Nevertheless, it remains a component of the mineral resource and, subject to further metallurgical testwork, may become a payable metal in a future study. Lead has shown little change in price over the past 10 years, as shown in Figure 19.3.

**Figure 19.3**

**Lead Market Price 2015-2025**

![](tm2533674d1_ex4-1sp05img06.jpg)

Blue Moon Mine 134 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

19.2.4 Gold

The gold price has climbed steadily over the past 18 months and averaged over US$2,890/oz in February, 2025. Micon's QP has used a conservative value of US$2,200/oz for the PEA base case (Figure 1 9.4).

**Figure 19.4**

**Gold Market Price 2015-2025**

![](tm2533674d1_ex4-1sp05img07.jpg)

19.2.5 Silver

The silver price has also climbed steadily over the past 18 months and averaged over US$32.18/oz in February, 2025. Micon's QP has used a conservative value of US$27/oz for the PEA base case (Figure 1 9.5).

**Figure 19.5**

**Silver Market Price 2015-2025**

![](tm2533674d1_ex4-1sp05img08.jpg)

Blue Moon Mine 135 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

19.2.6 Aggregate

Compass Land Group conducted an analysis of the potential for sales of aggregate using waste rock from the Blue Moon Property (Main, 2024). The Compass report indicates the existence of an opportunity to supply 35,000 to 50,000 tons per year of aggregates to the local market. In its PEA, Micon has assumed that 50,000 tons per year can be supplied at a break-even price.

19.2.7 Pyrite

Metallurgical testwork has demonstrated the potential for recovery of a pyrite concentrate from the Blue Moon tailings stream. Future studies could investigate whether a market exists for purchase of that concentrate, possibly as a source of sulphur for other industrial processes. The PEA has been prepared assuming no pyrite concentrate is recovered.

19.2.8 Barite

The occurrence of barite (BaSO<sub>4</sub>) associated with metalliferous mineralization at Blue Moon has been documented. In the event that future metallurgical testwork shows barite to be recoverable, a possible market exists for barite as a component of drilling 'mud' used in the oil and gas industry, and the potential for sales into that market should be investigated. No barite revenue is included in the PEA.

19.2.9 Gypsum

The occurrence of gypsum (CaSO<sub>4</sub>·2H<sub>2</sub>O) associated with metalliferous mineralization at Blue Moon has also been documented. Gypsum is used in a variety of industrial applications including drywall and cement manufacture. Should future metallurgical testwork show gypsum to be recoverable from the process plant feed, the potential for gypsum sales should be investigated.

19.2.10 Gallium, Germanium and Indium

Gallium (Ga), germanium (Ge) and indium (In) are recognised as frequently occurring in trace amounts within sphalerite deposits. Further studies should therefore aim to quantify the amounts of each that might potentially be recovered into zinc concentrates at the Property, and investigate the payability of each of these metals in those concentrates.

Blue Moon Mine 136 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**20.0** **Environmental Studies, Permitting And Social Or Community Impact** 

This section of the report summarizes the current status of permitting and environmental studies for the Blue Moon Project. It provides an overview of the environmental and social context and identifies preliminary risks and impacts, together with conceptual strategies for management and closure planning. Information is based on secondary data, including historical baseline studies, and feedback from a site visit conducted by Micon QPs in November, 2024.

**20.1** **Regulatory Framework and Project Permitting** 

The Project is subject to the Federal laws of the USA, California State laws, and local requirements of Mariposa County. Development activities on the Property are subject to various federal, state, and local laws and regulations. The environmental effects of proposed development activities will be evaluated by the BLM and the Mariposa County Planning Department in accordance with the National Environmental Policy Act (NEPA) and the California Environmental Quality Act (CEQA). There are various federal and state environmental laws and regulations that will also apply to proposed development activities on the Property.

20.1.1 Summary of Key Mining and Environmental Legislation

The legal framework surrounding mining activities in California is comprehensive and environmental standards are high. The associated environmental permitting process can therefore be extensive and time-consuming.

The following list summarizes the key legislation that may be applicable to the Project. A more comprehensive list will be prepared as the Project advances to the next stage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Federal Mining Law of 1872** – This law governs mining activities, including processing,
 on unpatented mining claims located on public lands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Federal Law Policy and Management Act (FLPMA) –** This law governs the Bureau of Land Management's
 administration of federal public lands consistent with the "multiple use" mandate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Bureau of Land Management (BLM) Surface Management Regulations** – These regulations guide
 BLM's review of proposed mining activities for consistency with FLPMA and other applicable
 laws. The regulations also prescribe technical and operating standards for mining activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **National Environmental Policy Act (NEPA) of 1970** – This Act governs the environmental review
 of "federal actions" such as authorizations to undertake development activities
 (including mining) on public lands.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **California Environmental Quality Act (CEQA) of 1970** – This Act governs the environmental review
 of proposed development activities in California (including mining).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **California Surface Mining and Reclamation Act (SMARA) of 1975** – This Act prescribes standards
 for surface mining activities and attendant reclamation to minimize environmental impacts
 and provide for the land to be returned to a suitable condition after reclamation.

Blue Moon Mine 137 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **California Sustainable Groundwater Management Act (SGMA) of 2014** – This Act promotes the sustainable
 use of groundwater resources and aims to avoid their depletion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **California Code of Regulations (CCR)** – This represents the official compilation and publication
 of all regulations adopted, amended or repealed by the various state agencies. It includes
 provision for infrastructure requirements relevant to mining activities, such as tailings
 impoundments.

Additional relevant legislation may include, but is not limited to: the Clean Air Act, Clean Water Act, Endangered Species Act, and Safe Drinking Water Act and equivalent or similar state regulatory programs.

20.1.2 Environmental Permitting Process

Prior to construction and operation of mining projects in California, an environmental review process is required under CEQA. NEPA review is also required for federal actions. The environmental review can be documented in separate reports or a combined report that covers both Federal and State requirements. CEQA documents include Mitigated Negative Declarations (MND) and Environmental Impact Reports (EIR). NEPA documents include Environmental Assessments (EA) and Environmental Impact Statements (EIS).

An overview of the environmental review processes is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Applications
 for development activities are filed with the BLM and the Mariposa County Planning Department
 (County).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Those
 agencies evaluate the applications for "completeness" in accordance with applicable
 regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 agencies conduct scoping processes to evaluate the level of environmental review required
 under NEPA and CEQA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For
 projects with activities on both public and private lands that are not exempt from environmental
 review pursuant to the provisions of NEPA or CEQA, the agencies can either prepare a combined
 environmental document to satisfy NEPA and CEQA, or BLM can prepare its own NEPA document
 and the County can prepare its own CEQA document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Drafts
 of the environmental document(s) will be released for public review and comment. There are
 typically informational meetings as well where members of the public can ask the agencies
 questions about the proposed development activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 agencies will provide written responses to any public comments received prior to taking action
 on the permit applications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· As
 part of its environmental review of proposed activities, BLM and the County may need to consult
 with federal and state regulatory agencies in regard to impacts to certain categories of
 resources, such as biological resources or cultural resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Depending
 on the level of project impacts, additional permits or authorizations may be required from
 federal or state regulatory agencies, as discussed below.

Various other regulatory permits and supplementary authorizations may also be necessary. These may include: rights of way for water pipelines and power lines, and permits for building, road construction and maintenance, hazardous materials, fuel storage, explosives, operation of mobile equipment, air emissions, groundwater abstraction, and sewage. The onsite handling of waters would be regulated by the Central Valley Regional Water Quality Control Board.

Blue Moon Mine 138 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

20.1.3 Project Permitting Status

Blue Moon Metals Inc. (BMM), holds the mineral rights to the Blue Moon VMS deposit through its wholly owned subsidiary, Keystone Mines Inc. The mineral rights cover a total land area of approximately 494 acres and comprise three distinct land tenure components:

&nbsp;&nbsp;&nbsp;&nbsp;1. Two patented mining
 claims (American Eagle, and Blue Bell and Bonanza) owned 100% by Keystone Mines Inc. covering
 approximately 43 acres.

&nbsp;&nbsp;&nbsp;&nbsp;2. Eight Unpatented mining
 claims (Federal Lode Claims) (Red Cloud 1-8) owned 100% by Keystone Mines Inc. on land administered
 by the Bureau of Land Management (BLM) covering approximately 120 acres.

&nbsp;&nbsp;&nbsp;&nbsp;3. 100% interest in the
 mineral rights from two Spanish Land Grants of the James Gann Jr. Trust of 1991, owned by
 Keystone Mines Inc. in conjunction with a 40-acre surface rights lease agreement (the location
 of which is flexible), pursuant to an option purchase agreement completed in 2001 (known
 as the Gann Land, covering approximately 331 acres).

The various mineral rights have been independently checked by a legal team on behalf of BMM and Keystone Mines Inc. All claims are understood to be in good standing. It is noted that the next payment is due to BLM by 1 September 2025 to maintain the active status of the unpatented mining claims.

The Project area is shown in Figure 20.1 and the mineral rights are further detailed Table 20.1 (over).

Keystone Mines Inc. has obtained approval for drilling activities associated with the Blue Moon Exploration Project via a Notice of Intent (NOI) from the Bureau of Land Management.

The PEA envisages surface infrastructure for the proposed Blue Moon Project will be predominantly located on the Patented Mining Claims. The Tailings Management Facility (TMF) and water storage pond will be located on a 40-acre area to the southeast, within the surface rights agreement of the privately owned Gann land.

The environmental permitting process for the Project is yet to commence. The specific requirements will be reviewed and confirmed with Mariposa County as the Project advances.

Blue Moon Mine 139 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 20.1**

**Mining Claim Boundaries**

![](tm2533674d1_ex4-1sp05img09.jpg)

Blue Moon Mine 140 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 20.1**

**Summary of Mineral Rights associated with the Blue Moon Project**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **#** | **Claim Type** | **Status** | **Claim<br> Reference #** | **Claim<br> Name** | **Claim Size<br> (Acres)** | **Parcel Number<br> (APN** | **Claim<br> Owner** | **Notes** |
| **Patented Claims** | **Patented Claims** | | | | | | | |
| 1 | Patented Mineral Claim | Active | MS 5719 | American Eagle | 20.67 | 007-120-005-0 | Keystone Mines Inc. | Patent No. 973403 dated January 28, 1926, covering Mineral Survey No. 5719, for the American Eagle lode mining claim, covering portions of Section 30, Township 4 South, Range16 East, MDM. |
| 2 | Patented Mineral Claim | Active | M5718 | Blue Bell and Bonanza | 22.40 | 007-120-002-0 | Keystone Mines Inc. | Patent No. 959494, dated May 18, 1 925, covering Mineral Survey No. 5718, for the Blue Bell and Bonanza lode mining claims, covering portions of Section 30, Township 4 South, Range 16 East, MDM. |
| **BLM Land** | **BLM Land** | **BLM Land** | **BLM Land** | **BLM Land** | **BLM Land** | **BLM Land** | **BLM Land** | **BLM Land** |
| 3 | Unpatented Mining Claim (Federal Lode Claim) | Active | CA101349794 | Red Cloud #1 | 20.32 | 007-100-010-0 | Keystone Mines Inc. | Land administered by Bureau of Land Management (Federal Land) |
| 4 | Unpatented Mining Claim (Federal Lode Claim) | Active | CA101303528 | Red Cloud #2 | 20.66 | 007-100-010-0 | Keystone Mines Inc. | Land administered by Bureau of Land Management (Federal Land) |
| 5 | Unpatented Mining Claim (Federal Lode Claim) | Active | CA101300462 | Red Cloud #3 | 6.89 | 007-100-010-0 | Keystone Mines Inc. | Land administered by Bureau of Land Management (Federal Land) |

---

Blue Moon Mine 141 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **#** | **Claim Type** | **Status** | **Claim<br> Reference #** | **Claim<br> Name** | **Claim Size<br> (Acres)** | **Parcel Number<br> (APN** | **Claim<br> Owner** | **Notes** |
| 6 | Unpatented Mining Claim (Federal Lode Claim) | Active | CA101301850 | Red Cloud #4 | 20.66 | 007-120-003-0 | Keystone Mines Inc. | Land administered by Bureau of Land Management (Federal Land) |
| 7 | Unpatented Mining Claim (Federal Lode Claim) | Active | CA101452189 | Red Cloud #5 | 20.66 | 007-120-003-0 | Keystone Mines Inc. | Land administered by Bureau of Land Management (Federal Land) |
| 8 | Unpatented Mining Claim (Federal Lode Claim) | Active | CA101379487 | Red Cloud #6 | 20.66 | 007-120-003-0 | Keystone Mines Inc. | Land administered by Bureau of Land Management (Federal Land) |
| 9 | Unpatented Mining Claim (Federal Lode Claim) | Active | CA101347731 | Red Cloud #7 | 3.16 | 007-120-004-0 | Keystone Mines Inc. | Land administered by Bureau of Land Management (Federal Land) |
| 10 | Unpatented Mining Claim (Federal Lode Claim) | Active | CA101378594 | Red Cloud #8 | 6.89 | 007-100-010-0 | Keystone Mines Inc. | Land administered by Bureau of Land Management (Federal Land) |
| **GANN Land** | **GANN Land** | **GANN Land** | **GANN Land** | **GANN Land** | **GANN Land** | **GANN Land** | **GANN Land** | **GANN Land** |
| 11 | Private Lands | Active | Letter dated September 1, 2001 | Spanish Land Grant (J.GANN) | 331.28 | 007-120-007-0 | Keystone Mines Inc. | Includes 40 acres surface rights, flexible location within total 331.3 acre area |

---

Blue Moon Mine 142 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

20.1.4 Good International Industry Practice

In addition to compliance with all applicable Federal, State and County legal requirements, Blue Moon intends to develop the Project in general alignment with good international industry practice (GIIP). Such an approach will demonstrate Blue Moon's responsible business ethics and commitment to environment, social and governance (ESG) principles, and may also help facilitate any potential financial lender requirements in the future.

Examples of relevant and widely accepted international guidelines, which represent GIIP, are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **International Finance Corporation Environmental and Social Performance Standards (IFC PS)** – these
 are part of the IFC's Sustainability Framework. The IFC PS provide a baseline of environmental
 and social good practice and form an important assessment reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Equator Principles (EP)** – these form a risk management framework, adopted by international
 financial institutions for determining, assessing and managing environmental and social risk
 in projects. The EP framework is based on the IFC PS and on the World Bank Group (WBG) Environmental,
 Health and Safety (EHS) Guidelines on environmental and social sustainability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **World Bank Environmental, Health and Safety Guidelines (WB EHS)** – these provide a source
 of technical information during project appraisal. They are widely accepted as technical
 reference documents presenting general and industry specific examples of GIIP. For the mining
 industry, sector specific guidelines for open-pit mining are also relevant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **International Council on Mining and Metals (ICMM) Mining Principles** – these have been developed
 in response to evolving societal expectations of the mining industry, and include a comprehensive
 set of Performance Expectations, Position Statements, and Good Practice Guides, including
 widely recognized guidelines for integrated mine closure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Global Industry Standard for Tailings Management (GISTM)** – the Standard was developed
 by an independent review process in response to a number of tailings dam failures. It was
 initiated by the International Council on Mining and Metals (ICMM), United Nations Environment
 Program (UNEP) and Principles for Responsible Investment (PRI) and provides a global benchmark
 to achieve strong social, environmental and technical outcomes in tailings management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **The International Cyanide Management Code for the Manufacture, Transport and Use of Cyanide in the Production of Gold (Cyanide Code, ICMC)** – the Cyanide Code is a voluntary,
 performance driven, certification program of best practices for gold and silver mining companies,
 and the companies producing and transporting cyanide used in gold and silver mining.

**20.2** **Status of Environmental and Social Studies** 

The most recent technical report (November 2023) for the Blue Moon Project did not include an environmental and social component. No environmental or social studies have yet been undertaken for the current Project, and are not yet required.

Technical studies were undertaken in the 1980s under previous management of the Property, as part of the permitting process for planned development of a vertical underground shaft and associated mining/processing infrastructure, which did not progress. These studies provide an indication of baseline conditions in the Project area at the time, and can be used to inform the approach to future studies. The relevant environmental and social studies are listed in Table 20.2.

Blue Moon Mine 143 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 20.2**

**Summary of Historic Environmental and Social Baseline Studies**

---

| | | |
|:---|:---|:---|
| **Report Name** | **Author** | **Date** |
| Terrestrial Wildlife Resource Report for the Blue Moon Project | Cedar Creek Associates Inc. | 1988 |
| Cultural Resource Study | Napton & Greathouse | 1988 |
| Seismicity Study Blue Moon Project | Knight Piésold | 1988 |
| Hydrogeological Investigations and groundwater Modelling | Knight Piésold | 1988 |
| Blue Moon - Hydrogeological Investigations and Groundwater Modelling | Knight Piésold | 1989 |
| Water Resources Technical Report for the Blue Moon Project Underground Exploration Program | Riverside Technology Inc. | 1989 |
| Mine Waste Classification, Blue Moon Property | Philips & Plumley | 1989 |
| Mariposa Community Profile Project | D&S Whitcombe | 1991 |

---

As the Project design advances updated technical and environmental studies will be necessary.

The previous baseline studies did not identify any significant barriers to Project development, however, it is important to note that they were undertaken on a different project design.

**20.3** **Environmental and Social Context** 

The Blue Moon Project is located in Mariposa County, east central California, USA.

20.3.1 Overview

The Project is situated within the lower western foothills of the Sierra Nevada mountain range. There are several well-known conservation areas along the foothills, including Yosemite National Park, Stanislaus National Forest, and Sierra National Forest. The Project is situated within the Merced River watershed, with the Merced River Recreation Management Area/Wilderness Study area located approximately 15 miles east of the Project, and the river itself flowing 1 mile west of the Project site. Lake McClure, formed by the New Exchequer Dam and part of the Merced watershed, is immediately north of the Project boundary and provides water for irrigation, hydropower and recreational use (Figure 20.2, over).

The Project site is dominated by a rhyolite ridgeline with elevations ranging between 1,420 ft and 1,180 ft above mean sea level. The landscape consists of open rolling hills with dry grassland and sparse tree cover. The climate is Mediterranean (temperate), with hot summers, cool winters, and an average annual rainfall of 20 inches. Temperatures range from around 48°F to 82°F and most precipitation occurs between November and May, with the exception of summer thunderstorms (CCA Inc., 1988). It is on the western edge of the Sierra Foothills Fault System, which is a system of relatively low seismicity for the region. Exploration and mining operations can be conducted year-round.

An indication of current site conditions is provided in Figure 20.3 (see page 146).

Blue Moon Mine 144 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 20.2**

**Environmental and Social Context of Project Site**

![](tm2533674d1_ex4-1sp05img10.jpg)

20.3.2 Water Resources

The Project site lies within the watershed of the Merced River, which originates in the Sierra Nevada to the east and flows through Yosemite National Park and past the Project site into the San Joaquin River valley in the west. Site drainage is intermittent and seasonal, flowing towards Hornitos Creek (a tributary of Merced River) south and east of the ridgeline, and towards Lake McClure and Lake McSwain in the north and west (Riverside Technology Inc., 1989). Small natural springs have been identified on site. High concentrations of metals are anticipated in the water due to the geology and legacy of mining activity. No recent water quality sampling has been undertaken.

20.3.3 Biodiversity

Baseline studies undertaken in 1988 stated that there was no aquatic habitat or wetlands in the immediate footprint of the Project, but the close proximity of Lake McClure and the Merced River was noted. Terrestrial habitat comprises Oak Woodland, Annual Grassland, Digger Pine Woodland, and limited Bucktrush Chaparral (scrubland), with old mine workings also potentially providing cave-like conditions. The area provides feeding grounds and potential habitat for a variety of birdlife including songbirds, gamebirds, woodpeckers, owls and raptors, as well as recreational bird-watching opportunities. Mule deer was the only large mammal species considered likely to be present, with low potential for mountain lion and black bear in the wider region.

Blue Moon Mine 145 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 20.3**

**Environmental Conditions at the Project Site (November 2024)**

![](tm2533674d1_ex4-1sp05img11.jpg)

Blue Moon Mine 146 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

Actual wildlife sightings were limited, but the types of species likely to be present were considered typical of the region and not at significant risk from mining activities. Endangered or threatened species with potential to occur in the Project area included Pale Big-eared Bat (*Corynorhinus townsendii pallescens*), Spotted Bat (*Euderma maculatum*) and Bald Eagle (*Haliaeetus leucocephalus*).

20.3.4 Cultural Heritage

The area around the Project site is associated with historic Native American occupation of Bullion Hill. Eight sites of archaeological interest were found in the vicinity of the Project during the 1988 Cultural Resource Survey. None of the sites correspond with the footprint of the current Project design and only one site is close to the proposed infrastructure area within the patented claims. All sites should be carefully avoided in any future drilling programs and re-surveyed to document the current condition. Consideration should be given to protective fencing for the closest site.

20.3.5 Socio-economic Setting

The nearest settlement to the Project is the small town of Hornitos, located approximately 4.5 miles south. Hornitos was established as a mining town during the gold rush and had a population of >10,000 during the 1850s. The population has substantially declined since then, with a current estimate of <75 residents, however it is now a popular tourist attraction. The Project site is approximately 16 miles from Mariposa and 22 miles from Merced. There are active mining operations in the region, and good transport connections to Reno and Oakland port, with existing gravel access roads from Highway 49.

The Project site was historically mined as part of the Californian Gold Rush and gold, silver, copper, lead and zinc were produced there until around 1945 under previous ownership of the Property. There is evidence of old mining workings, tailings deposits and cores samples around the site and a modern core shed has been used for more recent exploration activity. Current land use in the immediate surrounding area is predominantly cattle grazing.

A survey was undertaken with local residents in 1990-1991, to understand perceptions of various socio-economic factors at the time. This survey is no longer considered relevant for the Project and a socio-economic baseline study will be required.

**20.4** **Environmental and Social Risks and Impacts** 

The Project will be designed to minimize environmental impacts as far as possible and enhance socio-economic opportunities. The site has been mined historically so is not a greenfield development, and the spatial footprint will be limited, with mining activity taking place underground and no heap leach facility.

A full review of the potential environmental and social impacts will be undertaken as the Project advances. Based on the current Project design, location, and an understanding of metal mining operations in similar environments, the main potential risks are anticipated to include the following:

**Natural Hazards** – The Project is located in an area of active seismic activity. The probability of a major seismic event is considered to be 'extremely low' (KP, 1988), but must be taken into account for TMF design. The area can also experience localized flash flooding after thunderstorms, therefore adequate water storage capacity will need to be included to ensure appropriate drainage and separation of potential contaminants during extreme events.

Blue Moon Mine 147 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Disturbance from Air Quality, Noise, Vibration and Artificial Lighting** – The Project will generate greenhouse gas emissions, dust, noise, vibration and artificial light from routine operational activities including movement of vehicles and equipment, drilling, blasting and crushing. This has the potential to cause disturbance to local wildlife and will need to be monitored; nearby communities are unlikely to be disturbed. A combination of engineering controls and operational controls will be used to minimize impacts.

**Water Resources** – The Project intends to operate as a closed loop water system, with no planned discharge to the environment (e.g. rivers). Supplementary water will be needed for operational use, with the likely source being from groundwater, subject to additional studies. Project operations have the potential to impact downstream water quality via uncontained stormwater runoff/drainage, potential seepage from waste material (tailings) and accidental spills/leaks. There is a particular risk from the use of sodium cyanide in the process plant, and specific management and monitoring measures will therefore need to be implemented. Groundwater levels may be affected by pumping for dewatering, and potential connectivity with old mine workings should be considered. Given the nature of the geology and historic mining activity, there is potential for leaching of heavy metals and potential seepage from acid generating material. Water treatment would likely be required if any discharge into the environment (i.e., beyond designated storage ponds) becomes necessary.

**Biodiversity** – Wildlife presence and habitat at the Project site is considered to be representative of the surrounding area. Terrestrial habitat loss due to the Project is unlikely to have a significant or long-term impact. There is potential for impacts to birds of prey that may nest in taller trees surrounding the site, and for migratory birds that may be attracted to artificial water bodies on site. Communication with relevant stakeholders is recommended, to better understand local and regional wildlife movements. Process water bodies will require appropriate bird deterrents, due to the potential presence of cyanide.

**Tailings Management** – The Project will require construction of an engineered Tailings Management Facility. Detailed design has not yet been undertaken but will incorporate state and international guidelines and provision for appropriate liners, drainage and monitoring systems, including for residual cyanide detection. As extensive exploration activity has historically been undertaken, pre-construction surveys will be needed to ensure that drill holes have been adequately sealed, to minimize the risk of seepage to groundwater.

**Cultural Heritage** – There are several sites of archaeological interest located close to the Project site, some of which were disturbed during historic mining/exploration activity. There is a risk that further exploration drilling and Project construction works may cause accidental damage to these sites. This can be managed by integrating the locations of sites into planning and design systems, using agreed vehicle access routes, and maintaining a watching brief during construction in sensitive areas. Development of a Chance Finds Procedure and Cultural Heritage Management Plan is recommended, in addition to consultation with regulatory authorities to determine if any of the sites require fencing for protection.

**Socio-economic impacts** – Overall, the Project is expected to have a positive impact on the local and regional economy, through creation of direct and indirect jobs and associated training opportunities. Details of job opportunities will be refined as the Project progresses through FS stage and priority will be given to hiring and procurement from local communities. Proactive engagement will be undertaken with the local communities and a Grievance Mechanism will be established.

Blue Moon Mine 148 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

At this stage of the Project, potential environmental and social risks and impacts are considered typical of similar exploration and mining operations in North America. Any negative impacts can be managed appropriately, provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 Project Design Criteria incorporates sufficient environmental protection measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 comprehensive environmental and social management system (ESMS) is developed and implemented
 prior to construction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sufficient
 financial resources are allocated for technical staff, monitoring equipment and sample analysis.

**20.5** **Project Closure Planning** 

Responsible closure planning will be integrated into all phases of the Blue Moon Project and undertaken in compliance with Federal and California State requirements and GIIP, for example the ICMM Guidance for Integrated Mine Closure.

A Reclamation Plan will be developed and submitted to the regulatory authorities as part of the project permitting process, and this must be approved before mining commences. Financial assurance (reclamation bond) will be posted with both the BLM and Mariposa County, and reviewed annually.

The approach to closure planning will focus on returning the land to pre-mining conditions, to the extent possible. It will minimize negative environmental and social impacts, enhance environmental and social benefits, and take due consideration of public health and safety. Reclamation activities will include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Backfilling
 of underground mining areas and restricting access to the portal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dismantling
 of surface infrastructure and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capping,
 covering with topsoil, and re-vegetating the TMF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Planting
 of native tree species.

Stakeholder engagement will take place to assess whether any of the supporting infrastructure can be left in situ for use by the local community, such as access roads.

Regular inspection of the site and environmental monitoring, particularly for downstream water quality, will be carried out post-closure.

A collaborative approach will be undertaken with BLM to assess reclamation requirements and responsibilities for old mine workings and tailings deposits in the vicinity of the Project site.

A detailed closure cost estimate has not yet been developed but an indicative amount of US$15 million has been budgeted.

**20.6** **Recommendations** 

The environmental assessment process for the Project is not yet complete, and therefore specific recommendations will arise as a result of future baseline studies, impact assessment, and the public consultation process, in addition to any terms and conditions outlined by the regulatory authorities.

Blue Moon Mine 149 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

Recommendations considered important for ongoing development of the Project include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Update
 all baseline studies and undertake additional surveys and testwork to ensure comprehensive
 understanding of environmental and social conditions. Particular attention should be paid
 to geochemical properties, seasonal differences in water bodies and biodiversity (migratory
 birds and mammals), potential nesting sites for birds of prey, and socio-economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Demarcate any known cultural heritage
 sites and design infrastructure and access routes to avoid them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Communicate with regulatory authorities
 and other relevant stakeholders to better determine the presence/absence of threatened/protected
 species and potential migration routes for mammals and birds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Consider installing basic monitoring
 infrastructure, such as a weather station and groundwater monitoring boreholes to support
 ongoing baseline data collection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Ensure all stakeholder interactions,
 including informal meetings, are documented and filed to assist the community relations and
 communications teams in future should the Project proceed to an operational mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Integrate sensitive/protected areas into
 the GIS used by the exploration team, to minimize the risk for damage, for example cultural
 heritage sites and known wildlife habitats.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Ensure exploration
 drill holes are properly closed up, to minimize land disturbance and avoid future problems
 with water connectivity. Establish a formal procedure for this and ensure the closure of
 all drill sites is properly documented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Regularly review the project design,
 to adapt to emerging environmental and social risks and incorporate the latest available
 technologies for energy efficiency and environmental protection.

Blue Moon Mine 150 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**21.0 CAPITAL AND OPERATING COSTS**

**21.1** **Capital Costs** 

21.1.1 Summary and Basis of Estimate

The capital expenditure (CAPEX) estimate for this Preliminary Economic Assessment (PEA) has been developed using a combination of budgetary quotes from vendors, historical pricing from comparable projects, and parametric calculations based on similar equipment and infrastructure. Cost elements have been refined and itemized to enhance confidence in the estimate. However, the overall accuracy remains within the expected range for a PEA-level study. The approach ensures a robust and well-supported cost estimate while maintaining alignment with the early-stage nature of the assessment.

Conservatively, an exchange rate of CAD 1.35/US$ has been applied where required for conversion of cost inputs whereas, at the effective date of this report, the spot rate was approximately CAD 1.45/US$.

Table 21.1 summarises the initial, sustaining and total LOM capital costs for the Project.

**Table 21.1**

**LOM Capital Cost Estimate**

---

| | | | |
|:---|:---|:---|:---|
| **Area** | **Initial <br> (US$ M)** | **Sustaining<br> (US$ M)** | **LOM Total<br> (US$ M)** |
| Mining | 18.4 | 10.0 | 28.4 |
| Processing | 55.0 | 42.8 | 97.7 |
| Infrastructure | 26.7 | 11.7 | 38.4 |
| **Sub-Total Direct Costs** | **100.1** | **64.5** | **164.5** |
| Indirect | 15.9 | 0.0 | 15.9 |
| Contingency | 28.5 | 0.0 | 28.5 |
| **Total Capital Costs** | **144.5** | **64.5** | **209.0** |

---

21.1.2 Mining Capital

Initial mining capital expenditure is comprised of pre-production development costs of US$18.4 million.

The PEA assumes that all mining development and production operations are carried out by a contractor that will provide all the mobile equipment necessary to meet the mine plan. Accordingly, no mobile mining equipment fleet purchases are included in the capital estimate and, instead, an amount has been added to the mining operating costs per tonne of mill-feed production to account for the cost of ownership of that fleet, based on the leasing costs of equipment worth US$14.1 million.

Furthermore, for the purposes of this PEA, almost US$30 million of capital expenditure in respect of static mining equipment and infrastructure, mine portal, initial decline ramp development and mineral exploration (core drilling and assaying) are treated as a sunk cost, given Blue Moon's expectation that its proposed exploration program would be completed before a project construction decision is taken.

Table 21.2 presents a breakdown of the presumed exploration/study costs, initial and sustaining mining capital costs for the Project, excluding contingency.

Blue Moon Mine 151 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 21.2**

**LOM Capital Cost Estimate- Mining**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Area** | &nbsp;&nbsp;**Study Capital** **<br> (US$ M)** | &nbsp;&nbsp;**Initial** **<br> (US$ M)** | &nbsp;&nbsp;**Sustaining** **<br> (US$ M)** | &nbsp;&nbsp;**LOM Total** **<br> (US$ M)** |
| &nbsp;&nbsp;Capitalized Pre-Production Opex | &nbsp;&nbsp;13.9 | &nbsp;&nbsp;18.4 | &nbsp;&nbsp;- | &nbsp;&nbsp;18.4 |
| &nbsp;&nbsp;Exploration Drilling, Engineering, etc. | &nbsp;&nbsp;8.0 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Ventilation Equipment & Infrastructure | &nbsp;&nbsp;3.6 | &nbsp;&nbsp;- | &nbsp;&nbsp;3.4 | &nbsp;&nbsp;3.4 |
| &nbsp;&nbsp;U/G Static Equipment & Infrastructure | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;- | &nbsp;&nbsp;6.6 | &nbsp;&nbsp;6.6 |
| &nbsp;&nbsp;Mine Portal Establishment | &nbsp;&nbsp;2.1 | &nbsp;&nbsp;- | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;**Total Mining Capital** | &nbsp;&nbsp;**29.6** | &nbsp;&nbsp;**18.4** | &nbsp;&nbsp;**10.0** | &nbsp;&nbsp;**28.4** |

---

21.1.3 Processing Capital

Table 21.3 summarises the initial, sustaining and LOM total processing capital costs for the Project, excluding contingency.

**Table 21.3**

**LOM Capital Cost Estimate - Processing**

---

| | | | |
|:---|:---|:---|:---|
| **Area** | **Initial <br> (US$ M)** | **Sustaining <br> (US$ M)** | **LOM Total<br> (US$ M)** |
| Crushing/Milling/Flotation | 2.995 | - | - |
| Ore Bin | 0.347 | - | - |
| Grinding | 0.501 | - | - |
| Cu Flotation | 11.065 | - | - |
| Zn Flotation | 4.704 | - | - |
| Tailings | 3.884 | - | - |
| Plant Services | 0.159 | - | - |
| Reagents | 0.321 | - | - |
| Processing Plant | 10.823 | - | - |
| Processing Plant Buildings | 4.311 | - | - |
| **Sub-Total Direct Costs - Plant** | **39.109** | **17.208** | **56.317** |
| Paste Mixing Plant | 0.483 | - | - |
| Paste Pumping | 6.750 | - | - |
| Paste Piping, etc. | 1.642 | - | - |
| **Sub-Total Direct Costs - Paste** | **8.875** | **3.905** | **12.780** |
| Tailings Disposal | 6.988 | 21.662 | 28.649 |
| **Total Processing Capital** | **54.972** | **42.775** | **97.747** |

---

Approximately half of the sustaining capital in the process area is for two phases of expansion at the tailings storage facility which is planned to be carried out in Year 3 and Year 7. The remainder of the process sustaining capital is a provision for routine equipment rebuilds and replacements over the LOM period.

21.1.4 Infrastructural Capital

Table 21.4 summarises the initial, sustaining and LOM total infrastructural capital costs for the Project, excluding contingency.

Blue Moon Mine 152 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 21.4**

**LOM Capital Cost Estimate – Infrastructure**

---

| | | | |
|:---|:---|:---|:---|
| **Area** | **Initial<br> (US$ M)** | **Sustaining <br> (US$ M)** | **LOM Total<br> (US$ M)** |
| Site Preparation | 3.175 | - | - |
| Workshop | 2.788 | - | - |
| Site Buildings | 1.866 | - | - |
| Surface Water Management | 0.392 | - | - |
| Equipment | 0.613 | - | - |
| **Sub-Total On-Site infrastructure** | **8.835** | **3.887** | **12.723** |
| Electrical Supply | 0.833 | - | - |
| Access Road Upgrade | 1.029 | - | - |
| **Sub-Total Off-Site Infrastructure** | **1.862** | **0.820** | **2.682** |
| Fire Protection | 0.245 | - | - |
| Water Supply | 1.506 | - | - |
| Electrical Distribution | 12.922 | - | - |
| Communications | 0.719 | - | - |
| Fuel Storage | 0.459 | - | - |
| Solid Waste Disposal | 0.148 | - | - |
| **Sub-Total Common Services** | **15.998** | **7.039** | **23.038** |
| **Total Infrastructure Capital** | **26.696** | **11.746** | **38.442** |

---

21.1.5 Indirect Capital and Contingency

Table 21.5 summarises the LOM total indirect capital costs for the Project, as well as the individual contingency provisions which in total equate to 27.1% of the overall base estimate. Contingency on individual line items ranges from 20% to 35%, appropriate to the degree of scope definition.

**Table 21.5**

**LOM Capital Cost Estimate – Indirect Costs**

---

| | | | |
|:---|:---|:---|:---|
| **Area** | **Initial<br> (US$ M)** | **Sustaining<br> (US$ M)** | **LOM Total <br> (US$ M)** |
| Pre-Production Operations Labour | 1.579 | - | - |
| Vendor Commissioning | 0.369 | - | - |
| Mobilization/Demobilization | 0.543 | - | - |
| Site Running Costs | 0.407 | - | - |
| **Sub-Total Pre-Production Costs** | **2.900** | **-** | **2.900** |
| Process Plant First Fills | 0.115 | - | - |
| Spares and Consumables Stock | 0.919 | - | - |
| Sustaining Capital/Spares | 2.100 | - | - |
| **Sub-Total Spares and First Fills** | **3.134** | **-** | **3.134** |
| EPCM | 7.672 | - | 7.672 |
| Owner's Costs | 2.189 | - | 2.189 |
| **Indirect Capital excl. Contingency** | **15.895** | **-** | **15.895** |
| Contingency | 28.528 | - | 28.528 |
| **Grand Total Indirect plus Contingency** | **44.423** | - | **44.423** |

---

Blue Moon Mine 153 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

21.1.6 Closure, Rehabilitation and Salvage

Blue Moon intends to provide a corporate bond against future closure costs. A provision of US$15.0 million has been made in Year 12 of the Project cash flow to account for the expected cash costs incurred on closure of the mine. This provision is net of the amount that may be realised upon disposal of plant and equipment following mine closure.

**21.2** **Operating Costs** 

Table 21.6 provides a summary of the estimated life-of-mine (LOM) PEA operating costs.

**Table 21.6**

**LOM Operating Cost Estimate**

---

| | | |
|:---|:---|:---|
| Area | **LOM Average<br> (US$/t)** | **LOM Cost<br> (US$'000)** |
| Mining | 75.02 | 503709 |
| Processing | 36.11 | 242453 |
| E/S and G&A | 5.10 | 34239 |
| **Total Direct Costs** | **116.24** | **780401** |
| Selling Costs | 22.30 | 149740 |
| Royalties | 0.35 | 2350 |
| **Total Operating Costs** | **138.89** | **931991** |

---

Over the LOM, mining accounts for 65% of the estimated direct on-site cash costs, while processing costs altogether account for a further 31% of costs, the balance (4%) are environmental, social, general and administrative costs.

The operating costs have been estimated from first principals and in each area of the operating cost estimate, labour costs are based on the proposed headcount, estimated salary and burden for each position.

21.2.1 Mining Operating Costs

Table 21.7 shows a breakdown of the estimated mine operating costs, based on contractor mining budgetary rates and the QP's estimate of in-house technical support, management and supervisory labour costs. Pre-production development costs are all capitalized, and all on-going development during the LOM period are assumed to be expensed.

Blue Moon Mine 154 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 21.7**

**Summary of Estimated Mine Operating Costs**

---

| | | |
|:---|:---|:---|
| **Description** | **LOM Cost<br> (US$'000)** | **LOM Average<br> (US$/T)** |
| Mining Operating Costs - ROM | 365039 | 54.37 |
| Mining Development Costs - Ramp | 71028 | 10.58 |
| Mining Development Costs - Lateral (W) | 80199 | 11.95 |
| Mining Development Costs - Raises | 6937 | 1.03 |
| Mining – Operations Support Services | 6131 | 0.91 |
| Mining – Technical Support Services | 4088 | 0.61 |
| Mining - Mgmt. Supervision | 2555 | 0.38 |
| *Less* Capitalized Pre-Production | (32267) | (4.81) |
| **Total Mine Operating Costs** | **503709** | **75.02** |

---

21.2.2 Processing Operating Costs

A summary of the LOM estimated process operating costs is presented in Table 21.8.

**Table 21.8**

**Summary of Estimated Process Operating Costs**

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Number of <br> Employees** | **LOM Cost<br> (US$'000)** | **LOM Average<br> (US$/T)** |
| Process Management and Admin Labour | 2 | 3539 | 0.53 |
| Plant Operations Labour | 35 | 29961 | 4.46 |
| Plant Maintenance Labour | 11 | 10336 | 1.54 |
| Chemical Laboratory Labour | 7 | 8785 | 1.31 |
| Operating Supplies | - | 62625 | 9.33 |
| Surface Tailings Management | - | 4565 | 0.68 |
| Maintenance Supplies | - | 23884 | 3.56 |
| Electrical Power | - | 57375 | 8.55 |
| Backfill Plant | 6 | 41384 | 6.16 |
| **Total Processing Operating Costs** | **61** | **242453** | **36.11** |

---

The process operating costs have been estimated from first principles with costs sub-divided into the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Labour:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Plant operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Plant maintenance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Chemical laboratory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Operating
 supplies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Wear parts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Reagents.

Blue Moon Mine 155 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Laboratory supplies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Fuel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Surface
 tailings management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Electrical
 power

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Maintenance
 supplies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Backfill
 plant:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Labour

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Operating supplies

o Electrical power

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Maintenance supplies

A breakdown of the average process unit operating costs is illustrated in Figure 21.1. The highest cost area is consumables with flotation reagents the major contributor.

**Figure 21.1**

**Breakdown of Average LOM Process Operating Costs**

![](tm2533674d1_ex4-1sp05img12.jpg)

21.2.2.1 Labour

The total concentrator labour complement has been estimated at 55 personnel comprising two management/administrative employees, 35 process plant operators, 11 plant maintenance personnel and seven laboratory workers. The manpower includes tailings haul truck drivers but excludes backfill personnel who are accounted for in the backfill plant category.

Total estimated annual cost for processing labour is US$4.8 million or US$6.71/T processed

Blue Moon Mine 156 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

21.2.2.2 Operating Supplies

The estimated consumption wear parts include crusher and mill liners, and grinding media for the mills (SAG, primary ball and concentrate regrind). The usage rates are based on typical industry factors applied to the estimated abrasion index and standard unit operation work indices. The unit costs for wear parts were estimated from similar recent projects.

Flotation reagent and their consumptions were based on metallurgical testwork and unit supply costs from Micon's in-house project data base. The consumption rates were discounted by 25% as the flowsheet and conditions used for the laboratory bench scale testwork were not optimized. The operating supplies also includes an allowance for concentrate and tailings dewatering chemicals.

An allowance for fuel to drive plant vehicles and standby generators has been included.

21.2.2.3 Electrical Power

The cost of electrical power is based on a very high-level estimate of installed power per operating area, operating and power efficiency factors for each area, and a unit power cost of US$0.175/kWh. The total installed power for the processing facilities is estimated at approximately 5 MW, average operating power of 4 MW and an average annual power consumption of 48 kWh/t processed.

21.2.2.4 Maintenance Supplies

The estimate annual costs for maintenance supplies were factored based on the total installed costs for mechanical equipment and piping, buildings, electrical and instrumentation equipment, and mobile equipment.

21.2.2.5 Surface Tailings Management

The estimate costs for surface tailings management are based the cost of loading and hauling tailings filter cake to the tailings management facility and an allowance for TMF management which includes sampling and monitoring, dozer usage etc.

21.2.2.6 Backfill Plant

The estimated backfill plant operating costs includes labour (6 operators), operating supplies (cement), electrical power and maintenance supplies.

21.2.3 Environmental and Social, and General and Administration Operating Costs

The estimated annual costs for environmental/social management and general and administration are summarized in Table 21.9.

Blue Moon Mine 157 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 21.9**

**Estimated Annual E&S and G&A Operating Costs**

---

| | |
|:---|:---|
| **Area** | **Annual Cost<br> (US$'000)** |
| Environmental and Social | 360 |
| G&A Labour | 1391 |
| G&A Expenses | 1600 |
| **Total** | **3351** |

---

The G&A labour comprises 12 site personnel that covers management, administration, HR, safety and warehouse. G&A expenses cover office supplies, safety/first aid supplies, insurance, IT, licenses and permits, office utilities, waste management and security.

21.2.4 Indirect Off-Site Costs

The estimated indirect costs include concentrate marketing and selling costs and royalties.

21.2.4.1 Concentrate Sales Costs

The total estimated cost for product sales equates to US$22.30/ t processed over the life of the Project and includes the following items for both the copper and zinc flotation concentrates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Concentrate
 transportation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Treatment
 charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Refining
 charges.

21.2.4.2 Royalties

Royalties are discussed in detail elsewhere in this report. The total estimated royalties paid over the life of mine amounts to about US$2.35 million.

Blue Moon Mine 158 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**22.0 ECONOMIC ANALYSIS**

**22.1** **Cautionary Statement** 

This Section presents the results of a preliminary economic assessment (PEA) of the Blue Moon Mine based on the mineral resource estimate and the annual forecasts of production, operating cost and capital expenditures presented in this Technical Report, in order to establish the economic potential of the Property.

This PEA is preliminary in nature. It 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, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Information that is forward-looking includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mineral
 Resource and Mineral Reserve estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Forecast
 commodity prices and exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 proposed mine production plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Projected
 mining losses, dilution and process recovery rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Capital
 and operating cost estimates and working capital requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions
 as to closure costs and closure requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions
 as to environmental, permitting and social considerations and risks.

Additional risks to the forward-looking information include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes
 to costs of production from what is assumed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unrecognized
 environmental risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unanticipated
 reclamation expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Unexpected
 variations in quantity of mineralized material, grade or recovery rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Geotechnical
 or hydrogeological considerations differing from those that have been assumed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Failure
 of mining methods or equipment to operate as anticipated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Failure
 of plant, equipment or processes to operate as anticipated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes
 to assumptions as to the availability and cost of electrical power and process reagents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ability
 to maintain the social licence to operate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accidents,
 labour disputes and other risks of the mining industry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes
 to interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes
 to tax rates and availability of allowances for depreciation and amortization.

Blue Moon Mine 159 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**22.2** **Basis OF Evaluation** 

Micon's QP has prepared the following PEA of the Project on the basis of a discounted cash flow model, from which Net Present Value (NPV), Internal Rate of Return (IRR) and payback period can be determined. Assessments of NPV are generally accepted within the mining industry as representing the economic value of a project after allowing for the cost of capital invested.

The objective of the study was to determine a potential economic value of the Project. In order to do this, the cash flow arising from the base case has been forecast using constant US dollars. The sensitivity of NPV to changes in the base case assumptions for price, operating costs and capital expenditure was then examined.

**22.3** **Macro-economic Assumptions** 

22.3.1 Exchange Rate and Inflation

All results are expressed in United States dollars ($ or US$) except where stated otherwise. Conservatively, an exchange rate of CAD 1.35/US$ has been applied where required for conversion of cost inputs whereas, at the effective date of this report, the spot rate was approximately CAD 1.45/US$.

Cost estimates and other inputs to the cash flow model for the Project have been prepared using constant, first quarter 2025 money terms, i.e., without provision for escalation or inflation.

22.3.2 Weighted Average Cost of Capital

In order to find the NPV of the cash flows forecast for the Project, an appropriate discount factor must be applied which represents the weighted average cost of capital (WACC) imposed on the Project by the capital markets. The cash flow projections used for the evaluation have been prepared on an all-equity basis. This being the case, WACC is equal to the market cost of equity.

In this case, Micon has selected an annual discount rate of 8% in real terms for its base case and has tested the sensitivity of the Project to changes in this rate.

22.3.3 Royalty and Taxation Regime

California's royalty on sales of gold (US$5.00/oz) and silver (US$0.50/oz) and State income tax of 8.84% are taken into account. US federal income tax is also then provided for at the rate of 21%, after depreciation of capital expenditures on a straight-line basis over seven years. A third-party royalty, capped at US$500,000, is also provided for.

22.3.4 Expected Metal Prices

Project revenues will be generated from the sale of zinc and copper concentrates, with credits for gold and silver content. The Project has been evaluated using constant metal prices of US$4.20/lb copper, US$1.25/lb zinc, US$2,200/oz Au and US$27/oz Ag. No credit or penalty has been applied for lead or any other by-product content in concentrates.

Section 19.0 of this report provides a rationale for the use of these values.

Blue Moon Mine 160 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**22.4** **Technical Assumptions** 

The technical parameters, production forecasts and estimates described elsewhere in this report are reflected in the base case cash flow model. These inputs to the model are summarised below.

22.4.1 Mine Construction and Development

The PEA considers a 15-month construction period for the Blue Moon process plant and surface and underground infrastructure. Prior to this construction period, it is assumed that an exploration decline will have been developed to permit the drilling from underground of additional boreholes to improve confidence in the resource estimate and provide material for further metallurgical testwork. Therefore, for the purposes of this PEA, the cost of that development as well as the drilling, analytical and metallurgical testwork costs amounting to approximately US$30 million in total, are considered as a sunk cost.

22.4.2 Production and Sales

The Blue Moon Mine is expected to achieve its designed process throughput rate of 1,800 tonnes/day within the first year of operation and maintain that steady state in Years 2-10 before ramping down ahead of mine closure in Year 11. Figure 22.1 shows the annual tonnages and mill-feed grades.

**Figure 22.1**

**LOM Mill Feed Production Schedule**

![](tm2533674d1_ex4-1sp06img1.jpg)

The Blue Moon Mine will produce a zinc concentrate and a copper concentrate. The Micon QP has used in-house data and experience to forecast typical treatment and refining charges (TC/RC) for each concentrate.

The assumed TC/RC terms for the copper concentrate are given in Table 22.1 and for the zinc concentrate in Table 22.2.

Blue Moon Mine 161 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 22.1**

**Assumed TC/RC terms -Copper Concentrate**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Copper Content of Concentrate Shipped | &nbsp;&nbsp;% | &nbsp;&nbsp;26.50 |
| &nbsp;&nbsp;Moisture Content of Concentrate Shipped | &nbsp;&nbsp;% | &nbsp;&nbsp;8.00 |
| &nbsp;&nbsp;Treatment Charge | &nbsp;&nbsp;US$/dmt conc. | &nbsp;&nbsp;30.00 |
| &nbsp;&nbsp;Transport Charge | &nbsp;&nbsp;US$/wmt conc. | &nbsp;&nbsp;72.00 |
| &nbsp;&nbsp;Payability - Copper | &nbsp;&nbsp;% | &nbsp;&nbsp;96.50 |
| &nbsp;&nbsp;Payability - Gold | &nbsp;&nbsp;% | &nbsp;&nbsp;96.00 |
| &nbsp;&nbsp;Payability - Silver | &nbsp;&nbsp;% | &nbsp;&nbsp;90.00 |
| &nbsp;&nbsp;Minimum Deduction - Copper | &nbsp;&nbsp;% | &nbsp;&nbsp;1.00 |
| &nbsp;&nbsp;Minimum Deduction - Gold | &nbsp;&nbsp;g/t | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Minimum Deduction - Silver | &nbsp;&nbsp;g/t | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Refining Charge - Copper | &nbsp;&nbsp;US$/lb | &nbsp;&nbsp;0.03 |
| &nbsp;&nbsp;Refining Charge - Gold | &nbsp;&nbsp;US$/oz | &nbsp;&nbsp;5.00 |
| &nbsp;&nbsp;Refining Charge - Silver | &nbsp;&nbsp;US$/oz | &nbsp;&nbsp;0.50 |

---

**Table 22.2**

**Assumed TC/RC terms -Zinc Concentrate**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Units** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Zinc Content of Concentrate Shipped | &nbsp;&nbsp;% | &nbsp;&nbsp;62.30 |
| &nbsp;&nbsp;Moisture Content of Concentrate Shipped | &nbsp;&nbsp;% | &nbsp;&nbsp;8.00 |
| &nbsp;&nbsp;Treatment Charge | &nbsp;&nbsp;US$/dmt conc. | &nbsp;&nbsp;165.00 |
| &nbsp;&nbsp;Transport Charge | &nbsp;&nbsp;US$/wmt conc. | &nbsp;&nbsp;72.00 |
| &nbsp;&nbsp;Payability – Zinc (at 62.3% Zn in conc.) | &nbsp;&nbsp;% | &nbsp;&nbsp;87.16 |
| &nbsp;&nbsp;Payability - Gold | &nbsp;&nbsp;% | &nbsp;&nbsp;96.00 |
| &nbsp;&nbsp;Payability - Silver | &nbsp;&nbsp;% | &nbsp;&nbsp;90.00 |
| &nbsp;&nbsp;Deduction - Zinc | &nbsp;&nbsp;% | &nbsp;&nbsp;8.00 |
| &nbsp;&nbsp;Minimum Deduction - Gold | &nbsp;&nbsp;g/t | &nbsp;&nbsp;1.00 |
| &nbsp;&nbsp;Minimum Deduction - Silver | &nbsp;&nbsp;g/t | &nbsp;&nbsp;93.30 |
| &nbsp;&nbsp;Refining Charge - Zinc | &nbsp;&nbsp;US$/lb | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Refining Charge - Gold | &nbsp;&nbsp;US$/oz | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Refining Charge - Silver | &nbsp;&nbsp;US$/oz | &nbsp;&nbsp;- |

---

Gross sales revenue is equivalent to US$268.30/tonne treated. Selling costs (for concentrate transport, treatment and refining) amount to US$22.30/tonne, yielding an average net smelter return (NSR) value of mill-feed of US$246.00/tonne over the LOM period. The annual contribution to net revenue of each metal is shown in Figure 22.2. No credit or penalty was assumed for lead or any other potential by-products or deleterious elements.

Blue Moon Mine 162 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 22.2**

**Annual NSR Contribution by Metal**

![](tm2533674d1_ex4-1sp06img2.jpg)

A high proportion of the credits for gold and silver are attributed to the copper concentrate, resulting in its value exceeding that of the zinc concentrate despite the zinc metal itself having more than twice the value of payable copper. Figure 22.3 compares the value of each concentrate, while Figure 22.4 shows the contribution of each metal to total revenue.

**Figure 22.3**

**NSR value by Concentrate Type**

![](tm2533674d1_ex4-1sp06img3.jpg)

Blue Moon Mine 163 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 22.4**

**NSR value by Metal**

![](tm2533674d1_ex4-1sp06img4.jpg)

22.4.3 Cash Operating Costs

Direct cash operating costs for the Blue Moon Mine are estimated at an average of US$116.24/t over the LOM period. Selling costs (i.e., TC/RC and concentrate transport) add a further US$22.58/t for a total of US$138.89/t. A summary of these costs is given in Table 22.3. A more detailed breakdown is provided in Section 21.2 of this report.

**Table 22.3**

**LOM Average Operating Costs**

---

| | | |
|:---|:---|:---|
| **Description** | **Unit Cost<br> (US$/tonne Milled)** | **LOM Total<br> (US$'000)** |
| Mining | 75.02 | 503709 |
| Processing | 36.11 | 242453 |
| General & Administrative | 5.10 | 34239 |
| **Sub-Total Direct Costs** | **116.24** | **780401** |
| Selling Costs | 22.30 | 149740 |
| Royalties | 0.35 | 2350 |
| **Total Operating Costs** | **138.89** | **932491** |

---

Figure 22.5 shows the annual cash operating costs of the Blue Moon Mine compared to the net smelter returns on concentrate sales, demonstrating the positive operating margin achieved in each year of the Project, averaging 53% over the LOM period.

Blue Moon Mine 164 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Figure 22.5**

**Annual Operating Costs**

![](tm2533674d1_ex4-1sp06img5.jpg)

22.4.4 Capital Expenditure

The Blue Moon Mine is expected to require an initial investment of US$144.5 million, with a further US$64.5 million in sustaining capital over the LOM period. In addition, upon closure, approximately US$15.0 million in demolition and rehabilitation costs is expected to be incurred, net of any realizable salvage or scrap value of equipment. A breakdown of these amounts is given in Table 22.4.

**Table 22.4**

**LOM Capital Costs**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Initial Capital<br> (US$ M)** | &nbsp;&nbsp;**Sustaining Capital** <br> **(US$ M)** | &nbsp;&nbsp;**LOM Total Capital**<br> **(US$ M)** |
| &nbsp;&nbsp;Capitalized Pre-Production Opex, etc. | &nbsp;&nbsp;18.4 | &nbsp;&nbsp;10.0 | &nbsp;&nbsp;28.4 |
| &nbsp;&nbsp;Process Plant | &nbsp;&nbsp;39.1 | &nbsp;&nbsp;17.2 | &nbsp;&nbsp;56.3 |
| &nbsp;&nbsp;Backfill Plant | &nbsp;&nbsp;8.9 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;12.8 |
| &nbsp;&nbsp;Tailings Disposal | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;21.7 | &nbsp;&nbsp;28.6 |
| &nbsp;&nbsp;On-Site Infrastructure | &nbsp;&nbsp;8.8 | &nbsp;&nbsp;3.9 | &nbsp;&nbsp;12.7 |
| &nbsp;&nbsp;Off-Site Infrastructure | &nbsp;&nbsp;1.9 | &nbsp;&nbsp;0.8 | &nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;Common Services | &nbsp;&nbsp;16.0 | &nbsp;&nbsp;7.0 | &nbsp;&nbsp;23.0 |
| &nbsp;&nbsp;Indirect - Site Costs | &nbsp;&nbsp;2.9 | &nbsp;&nbsp;- | &nbsp;&nbsp;2.9 |
| &nbsp;&nbsp;Indirect - Spares & First Fills | &nbsp;&nbsp;3.1 | &nbsp;&nbsp;- | &nbsp;&nbsp;3.1 |
| &nbsp;&nbsp;EPCM | &nbsp;&nbsp;7.7 | &nbsp;&nbsp;- | &nbsp;&nbsp;7.7 |
| &nbsp;&nbsp;Owners Cost | &nbsp;&nbsp;2.2 | &nbsp;&nbsp;- | &nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;Contingency | &nbsp;&nbsp;28.5 | &nbsp;&nbsp;- | &nbsp;&nbsp;28.5 |
| &nbsp;&nbsp;**Total Capital Expenditure excl. Closure** | &nbsp;&nbsp;**144.5** | &nbsp;&nbsp;**64.5** | &nbsp;&nbsp;**209.0** |
| &nbsp;&nbsp;Closure & Reclamation provision | &nbsp;&nbsp;- | &nbsp;&nbsp;15.0 | &nbsp;&nbsp;15.0 |
| &nbsp;&nbsp;**Grand Total Capital Expenditure** | &nbsp;&nbsp;**144.5** | &nbsp;&nbsp;**79.5** | &nbsp;&nbsp;**224.0** |

---

Blue Moon Mine 165 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

22.4.5 Working Capital

Estimated working capital requirements assume 25 days each for accounts receivable, payables and stores. Net working capital averages US$11.0 million over the LOM period, with a maximum requirement of US$13.6 million in Year 2.

**22.5** **Base Case Economics** 

22.5.1 Key Statistics

Table 22.5 presents some key statistics for the Blue Moon Mine base case economic assessment.

**Table 22.5**

**Base Case: Key Statistics**

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Item** | **Units** | **Value** |
| Nominal Processing Capacity |  | tonnes per day | 1800 |
| LOM Total Processed |  | '000 tonnes | 6714 |
| Zinc Equivalent Grade Processed |  | % ZnEq | 12.55 |
| Net Smelter Return |  | US$/tonne treated | 246.00 |
| Average Annual Payable<br> Production (LOM) | Copper | 000'lbs | 7237 |
| Average Annual Payable<br> Production (LOM) | Zinc | 000'lbs | 62260 |
| Average Annual Payable<br> Production (LOM) | Gold | oz | 22566 |
| Average Annual Payable<br> Production (LOM) | Silver | oz | 681784 |
| Average Annual Payable<br> Production (LOM) | ZnEq | 000'lbs | 151046 |

---

The average C1 cash cost over the LOM is estimated at US$0.60/lb zinc equivalent. Including sustaining and mine closure expenses, the average All-in Sustaining Cost (AISC) over the LOM is estimated at US$0.66/lb zinc equivalent and, including initial capital, the average All-in Cost (AIC) over the LOM is estimated at US$0.77/lb zinc equivalent.

22.5.2 Base Case Cash Flow

A summary of the LOM cash flow projection is given in Table 22.6 and Figure 22.6. Details of the annual cash flow projection are given in Table 22.7.

The base case cash flow equates to a pre-tax IRR of 48% and a net present value at an 8% annual discount rate (NPV8) of US$354 million before tax. After-tax base-case cash flows provide an IRR of 38% and evaluate to NPV8 of US$244 million. After-tax undiscounted payback is achieved in approximately 2.8 years.

Blue Moon Mine 166 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 22.6**

**LOM Cash Flow Summary**

---

| | | | |
|:---|:---|:---|:---|
| **Parameter** | **LOM<br> (US$ M)** | **US$/t Treated** | **US$/lb ZnEq** |
| **Gross Sales Revenue** | **1801.3** | **268.30** | **1.17** |
| Mining | 503.7 | 75.02 | 0.33 |
| Processing | 242.5 | 36.11 | 0.16 |
| G&A | 34.2 | 5.10 | 0.02 |
| Selling Costs | 149.7 | 22.30 | 0.10 |
| Royalties & Production Taxes | 2.3 | 0.35 | 0.00 |
| **C1 Cash Operating Costs** | **932.5** | **138.89** | **0.60** |
| Sustaining Capital Expenditure | 64.5 | 9.60 | 0.04 |
| Reclamation & Closure | 15.0 | 2.23 | 0.01 |
| **All-in Sustaining Cost** | **1012.0** | **150.73** | **0.66** |
| Initial Capital | 144.5 | 21.52 | 0.09 |
| **All-in-Cost** | **1156.4** | **172.24** | **0.75** |
| Income Taxes | 181.0 | 26.96 | 0.12 |
| **Net Cashflow** | **463.9** | **69.10** | **0.30** |

---

**Figure 22.6**

**Annual Cash Flow Projection**

Blue Moon Mine 167 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Table 22.7**

**LOM Annual Cash Flow**

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Project Years** | | **LOM Total** | **Yr-2** | **Yr-1** | **Yr1** | **Yr2** | **Yr3** | **Yr4** | **Yr5** | **Yr6** | **Yr7** | **Yr8** | **Yr9** | **Yr10** | **Yr11** | **Yr12** |
| Tonnes mill-feed | tonnes | **6714** | **0** | **0** | **526** | **657** | **657** | **657** | **657** | **657** | **657** | **657** | **657** | **657** | **275** | **0** |
| &nbsp;&nbsp;&nbsp;Copper grade in mill-feed | % | 0.56 | 0.00 | 0.00 | 0.42 | 0.40 | 0.39 | 0.62 | 0.83 | 0.80 | 0.67 | 0.58 | 0.45 | 0.40 | 0.51 | 0.00 |
| &nbsp;&nbsp;&nbsp;Zinc grade in mill-feed | % | 5.17 | 0.00 | 0.00 | 5.10 | 5.21 | 4.79 | 5.25 | 4.95 | 5.19 | 5.64 | 3.86 | 6.93 | 5.31 | 4.02 | 0.00 |
| &nbsp;&nbsp;&nbsp;Lead grade in mill-feed | % | 0.24 | 0.00 | 0.00 | 0.31 | 0.32 | 0.25 | 0.19 | 0.18 | 0.22 | 0.21 | 0.16 | 0.27 | 0.30 | 0.32 | 0.00 |
| &nbsp;&nbsp;&nbsp;Gold grade in mill-feed | % | 1.38 | 0.00 | 0.00 | 1.61 | 1.90 | 1.90 | 1.34 | 1.01 | 0.88 | 0.94 | 0.91 | 1.41 | 1.78 | 1.70 | 0.00 |
| &nbsp;&nbsp;&nbsp;Silver grade in mill-feed | g/t | 45.36 | 0.00 | 0.00 | 62.42 | 71.10 | 61.88 | 46.37 | 32.94 | 36.65 | 36.96 | 25.96 | 45.05 | 36.77 | 47.54 | 0.00 |
| Products shipped |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Copper Concentrate (26.5% Cu) | t | 131.5 | 0 | 0 | 7.7 | 9.3 | 8.9 | 14.4 | 19.1 | 18.4 | 15.5 | 13.5 | 10.4 | 9.3 | 5 | 0 |
| &nbsp;&nbsp;&nbsp;Zinc Concentrate (62.3% Zn) | t | 531.5 | 0 | 0 | 41 | 52.4 | 48.1 | 52.8 | 49.7 | 52.2 | 56.7 | 38.8 | 69.6 | 53.3 | 16.9 | 0 |
| &nbsp;&nbsp;&nbsp;Copper concentrate |  | 900324 | 0 | 0 | 74901 | 104493 | 100527 | 91061 | 87433 | 82936 | 78006 | 68388 | 83208 | 89019 | 40353 | 0 |
| &nbsp;&nbsp;&nbsp;Zinc Concentrate |  | 901024 | 0 | 0 | 73422 | 96644 | 89302 | 89202 | 80321 | 82952 | 89675 | 63627 | 112188 | 92254 | 31438 | 0 |
| **Gross Sales Revenue** | US$'000 | **1801348** | 0 | 0 | 148323 | 201136 | 189829 | 180263 | 167754 | 165888 | 167681 | 132015 | 195396 | 181273 | 71791 | 0 |
| &nbsp;&nbsp;&nbsp;Copper concentrate |  | 20452 | 0 | 0 | 1381 | 1757 | 1654 | 2200 | 2676 | 2604 | 2240 | 1915 | 1695 | 1531 | 799 | 0 |
| &nbsp;&nbsp;&nbsp;Zinc Concentrate |  | 129289 | 0 | 0 | 9974 | 12737 | 11705 | 12842 | 12098 | 12687 | 13796 | 9426 | 16930 | 12974 | 4118 | 0 |
| **Selling Costs** | US$'000 | 149740 | 0 | 0 | 11355 | 14494 | 13359 | 15042 | 14774 | 15292 | 16036 | 11341 | 18625 | 14506 | 4917 | 0 |
| Net smelter returns |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Copper Concentrate |  | 879872 | 0 | 0 | 73520 | 102736 | 98873 | 88861 | 84757 | 80331 | 75766 | 66473 | 81514 | 87488 | 39554 | 0 |
| &nbsp;&nbsp;&nbsp;Zinc Concentrate |  | 771736 | 0 | 0 | 63448 | 83906 | 77598 | 76360 | 68223 | 70265 | 75879 | 54201 | 95257 | 79279 | 27320 | 0 |
| **Total net smelter returns** | US$'000 | **1651608** | 0 | 0 | 136968 | 186642 | 176471 | 165221 | 152979 | 150596 | 151645 | 120673 | 176771 | 166767 | 66873 | 0 |
| Operating Expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mining |  | 503709 | 0 | 0 | 50723 | 48451 | 46577 | 52038 | 48942 | 54910 | 52862 | 48812 | 52029 | 41587 | 6778 | 0 |
| &nbsp;&nbsp;&nbsp;Processing |  | 242453 | 0 | 0 | 19882 | 23229 | 23229 | 23229 | 23229 | 23229 | 23229 | 23229 | 23229 | 23229 | 13510 | 0 |
| &nbsp;&nbsp;&nbsp;G&A |  | 34239 | 0 | 0 | 2680 | 3351 | 3351 | 3351 | 3351 | 3351 | 3351 | 3351 | 3351 | 3351 | 1404 | 0 |
| S/Total Direct Operating Costs | US$'000 | 780401 | 0 | 0 | 73286 | 75031 | 73156 | 78617 | 75522 | 81490 | 79442 | 75392 | 78608 | 68166 | 21692 | 0 |
| &nbsp;&nbsp;&nbsp;Selling costs (from above) |  | 149740 | 0 | 0 | 11355 | 14494 | 13359 | 15042 | 14774 | 15292 | 16036 | 11341 | 18625 | 14506 | 4917 | 0 |
| &nbsp;&nbsp;&nbsp;Royalties & production taxes |  | 2350 | 0 | 0 | 687 | 274 | 258 | 180 | 127 | 121 | 125 | 110 | 176 | 201 | 91 | 0 |
| Total Operating Costs (C1) |  | 932491 | 0 | 0 | 85328 | 89799 | 86773 | 93839 | 90423 | 96902 | 95603 | 86843 | 97409 | 82872 | 26700 | 0 |
| Operating cash flow (EBITDA) | 53% | 868857 | 0 | 0 | 62996 | 111338 | 103056 | 86424 | 77330 | 68986 | 72078 | 45172 | 97987 | 98401 | 45090 | 0 |
| Capital Expenditures & W/Cap Mvmt |  | 223955 | 25218 | 119260 | 14575 | 7911 | 11213 | 4427 | 3471 | 4839 | 12179 | 2028 | 8166 | 3399 | (2929) | 10197 |
| **Net cashflow before tax** | **US$'000** | **644902** | **(25218)** | **(119260)** | **48420** | **103426** | **91843** | **81997** | **73860** | **64147** | **59899** | **43144** | **89821** | **95002** | **48019** | **(10197)** |
| &nbsp;&nbsp;&nbsp;Corporation tax (State & Federal) |  | 180999 | 0 | 0 | 10540 | 23871 | 21229 | 16250 | 13526 | 11007 | 11530 | 10727 | 25502 | 25771 | 11046 | 0 |
| &nbsp;&nbsp;&nbsp;**Net cashflow after tax** | **US$'000** | **463903** | **(25218)** | **(119260)** | **37880** | **79555** | **70615** | **65748** | **60333** | **53139** | **48368** | **32417** | **64319** | **69231** | **36973** | **(10197)** |

---

Blue Moon Mine 168 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**22.6** **Sensitivity Analysis** 

22.6.1 Base Case Sensitivity

Micon has tested the sensitivity of the base case NPV8 and IRR to changes in prices (which may also be used as a proxy for ore grades and recoveries), as well as operating costs and capital expenditures. The results are shown in Figure 22.7 and Figure 22.8, respectively.

**Figure 22.7**

**Base Case NPV Sensitivity Analysis**

![](tm2533674d1_ex4-1sp06img7.jpg)

**Figure 22.8**

**Base Case IRR Sensitivity Analysis**

![](tm2533674d1_ex4-1sp06img8.jpg)

Blue Moon Mine 169 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

The Project is most sensitive to changes in product prices with a 30% reduction resulting in a near-zero NPV<sub>8</sub>. A 30% increase in operating and capital costs reduce NPV <sub>8</sub> to US$144 million and US$155 million, respectively, showing the Project to be relatively insensitive to either factor alone.

22.6.2 Discount Rate Sensitivity

Sensitivity of after-tax NPV to discount rate has also been tested, as shown in Figure 22.9.

**Figure 22.9**

**Base Case Sensitivity to Discount Rate**

![](tm2533674d1_ex4-1sp06img9.jpg)

22.6.3 Detailed Metal Price Sensitivity

Table 22.8 compares the key economic results for metal prices 10% lower and higher than the base case, as well as at long-term consensus prices forecast in 2024 and average spot prices observed in February, 2025.

**Table 22.8**

**Detailed Metal Price Sensitivity**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Parameters** | **Parameters** | **PEA Base<br> Case** | **-10%<br> Pricing** | **+10%<br> Pricing** | **Long-Term<br> Consensus<br> Forecast** | **Spot Prices<br> Average<br> 2025-02** |
| Metal Prices Assumed | Copper US$/lb | **4.20** | 3.78 | 4.62 | 4.75 | 4.23 |
| Metal Prices Assumed | Zinc US$/lb | **1.25** | 1.13 | 1.38 | 1.26 | 1.27 |
| Metal Prices Assumed | Gold US$/oz | **2200** | 1980 | 2420 | 2181 | 2895 |
| Metal Prices Assumed | Silver US$/oz | **27.00** | 24.30 | 29.70 | 26.16 | 32.18 |
| After-Tax NPV (US$ M, 8% Discount Rate) | After-Tax NPV (US$ M, 8% Discount Rate) | **$244** | $163 | $324 | $260 | $340 |
| After-Tax IRR (%) | After-Tax IRR (%) | **38%** | 29% | 46% | 39% | 48% |
| First 6 Years of After-Tax Cashflow (US$ M) | First 6 Years of After-Tax Cashflow (US$ M) | **$367** | $293 | $442 | $382 | $458 |
| Payback Period (Years) | Payback Period (Years) | **2.4** | 2.9 | 2.0 | 2.3 | 1.9 |
| C1 Cost (US$/lb ZnEq) | C1 Cost (US$/lb ZnEq) | **$0.60** | $0.60 | $0.61 | $0.60 | $0.55 |
| LOM Average Head Grade (ZnEq %) | LOM Average Head Grade (ZnEq %) | **12.55** | 12.66 | 12.47 | 12.72 | 13.83 |

---

Blue Moon Mine 170 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**23.0 ADJACENT PROPERTIES**

Currently there are no adjacent properties with similar mineralization to the Blue Moon Property.

Blue Moon Mine 171 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**24.0 OTHER RELEVANT DATA AND INFORMATION**

The Authors know of no other relevant data and information that would make the report understandable and not misleading.

Blue Moon Mine 172 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**25.0 INTERPRETATION AND CONCLUSIONS**

**25.1** **Overview** 

Micon was engaged by Blue Moon Metals Inc. to prepare a preliminary economic assessment conforming to NI 43-101 standards, evaluating the potential economic viability of the Blue Moon Project based on the updated 2024 mineral resource estimate.

This technical report, compliant with NI 43-101, was prepared by experienced independent consultants employing established geological and engineering methodologies. The report provides detailed findings from exploration, geological modeling, mineral resource estimation, mining methods, metallurgical testing, processing techniques, infrastructure needs, environmental considerations, tailings and water management, and capital and operating cost estimations. The investigation meets or surpasses typical industry standards for preliminary economic assessments.

The Qualified Persons collectively conclude that the Blue Moon Project, as detailed in this PEA, contains sufficient supporting information to substantiate a positive preliminary economic outlook. The Blue Moon deposit hosts significant resources enriched in zinc, copper, silver, and gold, suitable for underground mining and conventional processing methods. No fatal flaws have been identified at this stage. The report's findings justify advancing the Project to a preliminary feasibility study.

**25.2** **Geological Setting, Exploration, and Resources** 

The Blue Moon Project exhibits a typical volcanogenic massive sulphide (VMS) system with mineralization enriched in zinc, copper, lead, gold, and silver. Current drilling defines mineralization extending over 900 m in strike length and to depths of approximately 300 m. Recent exploration programs successfully expanded and confirmed mineralized zones, highlighting considerable potential for resource growth through continued exploration drilling. Updated resource estimates indicate substantial Indicated Resources of 3.7 million tons grading 13.46% zinc equivalent and Inferred Resources of 4.4 million tons grading approximately 12.12% zinc equivalent.

**25.3** **Mining Methods and Infrastructure** 

The recommended underground longhole retreat mining method is appropriate for the Blue Moon deposit, offering safe and efficient extraction at planned production levels. Infrastructure plans, including processing facilities, road enhancements, and tailings management, require detailed engineering but are considered achievable and within industry standards.

**25.4** **Metallurgy and Processing** 

Metallurgical tests confirm effective and robust recovery rates using conventional flotation and gravity separation methods, achieving approximately 95% recovery for zinc, 93.1% for copper, and economically significant recoveries for silver and gold. The testing validated that concentrates produced meet or exceed industry-standard specifications for marketability, providing strong support for the economic and technical feasibility of the proposed processing techniques. Further testwork during feasibility studies is recommended to refine and optimize processing parameters.

Blue Moon Mine 173 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**25.5** **Environmental, Permitting, and Social Impact** 

The Project is expected to have a positive social impact. An initial review of environmental risks indicates that any negative impacts can be managed through appropriate engineering controls, implementation of an environmental and social management system, and adequate resources for technical staff and monitoring equipment/analysis. Specific permitting requirements will need to be confirmed with Mariposa County as the Project advances.

**25.6** **Capital and Operating Costs** 

Preliminary capital cost estimates for the Blue Moon Project are approximately US$209 million (LOM), inclusive of mine development, processing plant construction, and necessary infrastructure improvements. Total operating costs are estimated at approximately US$116.24 per tonne milled. More detailed engineering studies are recommended to further refine these estimates, optimize project economics, and reduce uncertainties associated with early-stage assessments.

**25.7** **Economic Analysis** 

This PEA is preliminary in nature. It 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, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The base case cash flow projection displays positive economic returns, supporting the potential viability of the plant-feed material included in the LOM production forecast.

Blue Moon Mine 174 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**26.0 RECOMMENDATIONS**

The following recommended work program adopts a two-phased approach to the further development of the project. BMM intends to construct an exploration decline to access a broader portion of the mineral deposit. Drilling of the deposit from underground offers technical and cost benefits over surface drilling; therefore, development an exploration decline is recommended. BMM must obtain permits prior to construction of the decline. Phase 1 of the work program includes the steps necessary to obtain the required permitting for construction. Phase 1 culminates with the decision to advance to Phase 2; the construction of the exploration decline. Section 26.1 and Section 26.2 describe the work program phases in detail.

**26.1** **Phase 1: Planning, Hiring and Permitting** 

Following the completion of the PEA, BMM plans to initiate permitting for the development of an exploration decline which, by providing underground access, will allow more efficient exploration core drilling as well as facilitating the geotechnical, hydrogeological, and metallurgical studies which are to be carried out in Phase 2.

Concurrently, Blue Moon intends to expand its team by recruiting additional California-based staff to manage the project's continued development.

It is recommended that BMM complete the ongoing collation and digitization of paper records from previous work on the Property as a guide to future exploration and development work.

To the extent possible, core from earlier drill programs not already stored securely should also be preserved and examined to provide geological and geotechnical data relevant to the Project.

**26.2** **Phase 2: Exploration Decline Development and Further Studies** 

26.2.1 Exploration Decline Development

Upon finalizing the permitting process for the exploration decline, BMM intends to tender and award a construction contract for its development. The decline's construction is anticipated to take around one year and will support underground exploration and geotechnical drilling, reducing both surface disturbance and drilling costs. Additionally, the decline will be designed for dual functionality, serving as the primary access and haulage way once the mine is in operation. It is projected to extend to a depth of approximately 1,000 feet below the surface.

26.2.2 Geology and Exploration

The Blue Moon mineralization remains open along strike to the south and at depth. A program of exploration drilling is suggested in order to improve confidence in the resource estimate, aimed at bringing at least part of the Inferred Resource into the Indicated category. That drilling would permit geotechnical logging of the core and generate fresh samples on which to conduct metallurgical testwork. As proposed, therefore, Phase 2 includes an exploration drilling program comprising 13 holes totaling 10,650 m, to be conducted from the decline described above. Beyond mineral resource expansion, the program aims to improve understanding of underground geotechnical conditions to refine assumptions regarding stope spans, backfill strength and mining dilution, providing critical data for future mine planning efforts.

Blue Moon Mine 175 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

26.2.3 Hydrogeological Fieldwork

Pump-testing of existing boreholes should be used to confirm their adequacy as a source of make-up water for the proposed process plant. Additional hydrogeological field work will be conducted to better define mine dewatering requirements during mine operation.

26.2.4 Metallurgical Testwork

Metallurgical testwork on representative composite samples of fresh core should be undertaken to (a) confirm the process design criteria currently based on results of earlier testwork; (b) establish whether barite, gypsum, and/or pyrite can be recovered economically; (c) investigate the occurrence of gallium, germanium and indium in the concentrates. Drill core from the exploration drilling program will be used for this purpose, and the testwork should include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre
 concentration amenability tests to investigate upgrading of the mineralization and the potential
 to extract barite and /or gypsum before grinding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Detailed
 mineralogical characterization studies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Deportment
 studies for gold, silver and potential critical metals, such as gallium, germanium and indium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Hardness
 and comminution tests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Additional
 gravity testwork.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Further
 flotation optimization batch tests followed by locked cycle tests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tailings
 characterization studies.

Based on the additional testwork described above, the process flowsheet and equipment sizing may be refined, and the location of the plant and ancillary services may be optimized to minimize capital and operating costs and improve the quality of concentrates produced.

26.2.5 Environmental and Social

Recommendations considered important for ongoing development of the Project include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Update all baseline studies and undertake additional surveys and
testwork to ensure comprehensive understanding of environmental and social conditions. Particular attention should be paid to geochemical
properties, seasonal differences in water bodies and biodiversity (migratory birds and mammals), potential nesting sites for birds of
prey, and socio-economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Demarcate any known cultural heritage sites and design infrastructure
and access routes to avoid them, in collaboration with regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Communicate with regulatory authorities and other relevant stakeholders
to better determine the presence/absence of threatened/protected species and potential migration routes for mammals and birds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Consider installing basic monitoring infrastructure, such as a
weather station and groundwater monitoring boreholes to support ongoing baseline data collection.

Blue Moon Mine 176 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Ensure all stakeholder interactions, including informal meetings,
are documented and filed to assist the community relations and communications teams in future should the Project proceed to an operational
mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Integrate sensitive/protected areas into the GIS used by the exploration
team, to minimize the risk for damage, for example cultural heritage sites and known wildlife habitats.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Ensure all future exploration drill holes are properly closed
up, to minimize land disturbance and avoid future problems with water connectivity. Establish a formal procedure for this and ensure
the closure of all drill sites is properly documented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Regularly review the project design, to adapt to emerging environmental
and social risks and incorporate the latest available technologies for energy efficiency and environmental protection.

26.2.6 Feasibility Study

The results of the Phase 2 field work programs will inform a Feasibility Study ("FS") undertaken to refine the Project's economic and technical parameters, reduce project risks, and enhance resource confidence, while supporting permitting efforts. Upon completion of a FS, a formal construction decision will be made by the BMM board of directors.

**26.3** **Work Program** 

A provisional budget estimate for the aforementioned work programs is outlined in Table 26.1.

**Table 26.1**

**Blue Moon Preliminary Feasibility Study Work Program**

---

| | |
|:---|:---|
| **Activity** | &nbsp;&nbsp;**Amount<br> (US$'000)** |
| **Phase 1** |  |
| Permitting of Exploration Decline | &nbsp;&nbsp;500 |
| Digitization of drill logs and other paper records | &nbsp;&nbsp;25 |
| Relogging and preservation of historical core | &nbsp;&nbsp;45 |
| Hiring of California-based project development team | &nbsp;&nbsp;230 |
| Exploration decline design, tender & award | &nbsp;&nbsp;200 |
| **Phase 1 work program subtotal** | &nbsp;&nbsp;**1000** |
| **Phase 2** |  |
| Exploration Decline construction and underground development | &nbsp;&nbsp;21635 |
| Exploration drilling, logging, surveys and assaying | &nbsp;&nbsp;3730 |
| Hydrogeological field work | &nbsp;&nbsp;120 |
| Metallurgical testwork program on fresh core | &nbsp;&nbsp;600 |
| Environmental testwork and monitoring, social studies | &nbsp;&nbsp;500 |
| FS and updated Technical Report | &nbsp;&nbsp;2500 |
| **Phase 2 work program subtotal** | &nbsp;&nbsp;**29085** |
| **Total** | &nbsp;&nbsp;**30085** |

---

Blue Moon Mine 177 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**27.0 REFERENCES**

Anonymous, 1957, California Division of Mines and Geology Vol 53, Numbers 1 and 2, Mines and Mineral Deposits of Mariposa County, California; p. 35

Briggs, B. 1989, Westmin Mines Limited Blue Moon Project Mining Plan, private company report dated December 1989.

Carpenter, Tom, 2023, Summary of the gravity survey conducted for Keystone Mines Inc. on the Blue Moon Project, September 25 through 30, 2023, 20 pp.

Cedar Creek Associates Inc., 1988. Terrestrial Wildlife Resource Report for the Blue Moon Project.

D&S Whitcombe, 1991, Mariposa Community Profile Project. Eric, John H., and Cox, Manning W., 1948, Zinc deposits of the American Eagle- Blue Moon area, Mariposa County, California: California Div. Mines Bull. 144, pp. 133-150.

Giroux, G.H. and O'Connor, L.J., 2018, Resource Estimate for the Blue Moon Massive Sulfide Occurrence, Mariposa County, CA, Technical Report for Blue Moon Zinc, 70 pp.

Graham, R.W., 1987, The Geology and Geochemistry of the Blue Moon Polymetallic Sulfide Deposit, Mariposa County, California, M.S. Thesis, Colorado School of Mines, 163 pp.

Hendricksen, A.H. and Wilson, S., 2023, Technical Report for the Blue Moon Mine Township 4 South, Range 16 East MDB&M, Mariposa County, California, November 19, 2023, 74pp.

Hutchinson, R.W., 1973, Volcanogenic sulfide deposits and their metallogenic significance: Economic Geology, v. 68, p 1223-1246.

Knight Piésold, 1988, Seismicity Study Blue Moon Project.

Knight Piésold, 1988, Hydrogeological Investigations and groundwater Modelling.

Knight Piésold, 1989, Blue Moon - Hydrogeological Investigations and Groundwater Modelling

Lakefield Research, An Investigation of The Recovery of Copper, Lead and Zinc from Blue Moon Project Samples Submitted by Westmin Resources Limited, Progress Report No. 1, dated November 22, 1988.

Leader, J. 1987, Colony Pacific Explorations Ltd. Blue Moon Project Mariposa California, private company report, dated November 27, 1997.

Main, J. 2024, Aggregate Sales Opportunity from Blue Moon Mining Project, memorandum from Compass Land Group to Blue Moon Metals, dated November 14, 2024.

Martin, R.C. 1988, Volcanogenic massive sulfide belt of the Western Sierra Nevada foothills, California Geology, September 1998, p 1995-204.

Meade H. D. 2002, Summary Report on Geological, Engineering and Economic Evaluation on Blue Moon Property Mariposa County, California. Private report prepared for Expatriate Resources Ltd., dated September 12, 2002.

Meade H.D. and MacVeigh, G. 1995, Blue Moon, private company report for Westmin Resources Limited dated October 1995.

Meade H. D. 1996, Addendum to Blue Moon Report, private company report for Westmin Resources Limited, dated April 3, 1996.

Blue Moon Mine 178 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

Meade, H. D. 1996, Blue Moon Project, Mariposa County, California, Executive Summary, private company report for Westmin Resources Limited, dated December 1996.

Morris, R.J. and Giroux, G. 2008, Resource Estimate for the Blue Moon Massive Sulphide Occurrence, 4 3-101 Report for Savant Explorations Ltd., February 7, 2008.

Napton & Greathouse, 1988, Cultural Resource Study.

Philips & Plumley, 1989, Mine Waste Classification, Blue Moon Property

Riverside Technology Inc., 1989, Water Resources Technical Report for the Blue Moon Project Underground Exploration Program.

Terry, D.A., 1998, Exploration Proposal for the Blue Moon Project, Mariposa County, California, private company report for Boliden Limited, June 11, 1988.

Blue Moon Mine 179 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**28.0 DATE AND SIGNATURE PAGE**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**RESOURCE DEVELOPMENT ASSOCIATES INC.** |  |
| &nbsp;&nbsp;*"Scott Wilson" {signed and sealed as of the report date}* | &nbsp;&nbsp;*"Scott Wilson" {signed and sealed as of the report date}* |
| &nbsp;&nbsp;Scott E. Wilson, C.P.G. SME-RM | &nbsp;&nbsp;Report Date: April 14, 2025 (as amended and restated on September 12, 2025) |
| &nbsp;&nbsp;Principal | &nbsp;&nbsp;Effective Date: March 03, 2025 |
| &nbsp;&nbsp;**MICON INTERNATIONAL LIMITED** |  |
| &nbsp;&nbsp;*"Peter Szkilnyk" {signed and sealed as of the report date}* | &nbsp;&nbsp;*"Peter Szkilnyk" {signed and sealed as of the report date}* |
| &nbsp;&nbsp;Peter Szkilnyk, P.Eng. | &nbsp;&nbsp;Report Date: April 14, 2025 (as amended and restated on September 12, 2025) |
| &nbsp;&nbsp;Mining Lead | &nbsp;&nbsp;Effective Date: March 03, 2025 |
| &nbsp;&nbsp;*"Alan San Martin" {signed and sealed as of the report date}* | &nbsp;&nbsp;*"Alan San Martin" {signed and sealed as of the report date}* |
| &nbsp;&nbsp;Alan J. San Martin, P.Eng. | &nbsp;&nbsp;Report Date: April 14, 2025 (as amended and restated on September 12, 2025) |
| &nbsp;&nbsp;Senior Mining Engineer | &nbsp;&nbsp;Effective Date: March 03, 2025 |
| &nbsp;&nbsp;*"Richard Gowans" {signed and sealed as of the report date}* | &nbsp;&nbsp;*"Richard Gowans" {signed and sealed as of the report date}* |
| &nbsp;&nbsp;Richard M. Gowans, P.Eng. | &nbsp;&nbsp;Report Date: April 14, 2025(as amended and restated on September 12, 2025) |
| &nbsp;&nbsp;Principal Metallurgist | &nbsp;&nbsp;Effective Date: March 03, 2025 |
| &nbsp;&nbsp;*"Justin Taylor" {signed and sealed as of the report date}* | &nbsp;&nbsp;*"Justin Taylor" {signed and sealed as of the report date}* |
| &nbsp;&nbsp;Justin Taylor, P.Eng. | &nbsp;&nbsp;Report Date: April 14, 2025 (as amended and restated on September 12, 2025) |
| &nbsp;&nbsp;President, Halyard Inc. | &nbsp;&nbsp;Effective Date: March 03, 2025 |
| &nbsp;&nbsp;*"Christopher Jacobs" {signed and sealed as of the report date}* | &nbsp;&nbsp;*"Christopher Jacobs" {signed and sealed as of the report date}* |
| &nbsp;&nbsp;Christopher Jacobs, CEng, MIMMM | &nbsp;&nbsp;Report Date: April 14, 2025(as amended and restated on September 12, 2025) |
| &nbsp;&nbsp;Mining Economist | &nbsp;&nbsp;Effective Date: March 03, 2025 |

---

Blue Moon Mine 180 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**29.0 CERTIFICATES**

Certificates for each of the Qualified Persons responsible for this Technical Report are include in this section.

Blue Moon Mine 181 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Scott E. Wilson**

I, Scott E. Wilson, CPG, SME-RM, of Highlands Ranch, Colorado, as co-author of this report for Blue Moon Metals Inc. entitled "NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California" dated April 14, 2025 (amended and restated on September 12, 2025), with an effective date of March 03, 2025, do hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I am currently employed
 as President by Resource Development Associates, Inc., 10262 Willowbridge Way, Highlands
 Ranch, Colorado USA 80126.

&nbsp;&nbsp;&nbsp;&nbsp;2. I graduated with a Bachelor
 of Arts degree in Geology from the California State University, Sacramento in 1989.

&nbsp;&nbsp;&nbsp;&nbsp;3. I am a Certified Professional Geologist and
 member of the American Institute of Professional Geologists (CPG #10965) and a Registered
 Member (#4025107) of the Society for Mining, Metallurgy and Exploration, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;4. I have been employed as both a geologist
 and a mining engineer continuously for a total of 34 years. My experience included resource
 estimation, mine planning, geological modeling, geostatistical evaluations, project development,
 and authorship of numerous technical reports and preliminary economic assessments of various
 projects throughout North America, South America and Europe. I have employed and mentored
 mining engineers and geologists continuously since 2003.

&nbsp;&nbsp;&nbsp;&nbsp;5. I have read the definition of "Qualified
 Person" set out in National Instrument 43-101 ("NI 43-101) and certify that by
 reason of my education, affiliation with a professional association (as defined in NI 43-101)
 and past relevant work experience, I fulfill the requirements to be a "Qualified Person"
 for the purposes of NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;6. I conducted a personal inspection of the
 Blue Moon Project on November 5 to 6, 2024.

7. I am responsible for Sections 1.2-1.5, 1.7, 4-12, 14, 23, 25.2,
and 26 (except 26.2.4 and 26.2.5) of the Technical Report.

8. I am independent of the Issuer as
independence is described in Section 1.5 of NI 43-101.

9. The Issuer retained my services in August 2023 to independently
estimate mineral resources for the Project.

10. I have read NI 43-101 and Form 43-101F1, and this Technical Report
was prepared in compliance with NI 43-101.

11. As of the effective date of this Technical Report, to the best
of my knowledge, information and belief, the portions of the Technical Report for which I am responsible contain all scientific and technical
information that is required to be disclosed to make the portions of the Technical Report for which I am responsible not misleading.

Report dated April 14, 2025 (amended and restated on September 12, 2025), with an effective date of March 03, 2025.

"Scott Wilson" {signed and sealed as of the report date}

Scott E. Wilson, CPG, SME-RM

President

Blue Moon Mine 182 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Peter Szkilnyk, P.Eng.**

As the co-author of this report for Blue Moon Metals Inc. entitled "NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California" dated April 14, 2025 (amended and restated on September 12, 2025), with an effective date of March 03, 2025, I, Peter Szkilnyk, do hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I am employed as Principal Mining Engineer
 by, and carried out this assignment for, Micon International Limited, Suite 601, 90 Eglinton
 Ave. East, Toronto, Ontario M4P 2Y3, tel. (416) 362-5135, email: <u>pszkilnyk@micon-international.com</u>.

&nbsp;&nbsp;&nbsp;&nbsp;2. I hold the following academic qualifications:

B.ASc (Mining Engineering), Queen's University, 2008

M.B.A., Smith School of Business, Queen's University, 2018

&nbsp;&nbsp;&nbsp;&nbsp;3. I am a licensed Professional Engineer in
 the Province of Ontario (PEO license #100182869) and a member in good standing of the Canadian
 Institute of Mining, Metallurgy and Petroleum. By virtue of my education, professional registration,
 and relevant work history, I fulfill the requirements of a Qualified Person as defined in
 NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;4. I have over 15 years of progressive experience
 in the mining industry, including roles in mine engineering, technical due diligence, M&A
 evaluation, mineral reserve estimates, and strategic planning for both open-pit and underground
 operations. During my career, I have participated in multiple scoping, prefeasibility, and
 feasibility studies across various commodities, led or supported due diligence reviews for
 corporate development activities, and served as a technical consultant on projects in Canada
 and internationally.

&nbsp;&nbsp;&nbsp;&nbsp;5. I have not visited the Blue Moon Property
 that is the subject of this report.

&nbsp;&nbsp;&nbsp;&nbsp;6. I have had no prior involvement with the
 Blue Moon Property which is the subject of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;7. I am responsible for Sections 1.8, 1.9, 15,
 16 (except 16.2 and 16.3), 21.2.1, and 25.3 of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;8. I am independent of Blue Moon Metals Inc.
 and its related entities, as defined in Section 1.5 of NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;9. I have read NI 43-101
 and the Sections of this report for which I am responsible have been prepared in compliance
 with the instrument.

10. As of the date of this certificate to the best of my knowledge,
information and belief, the sections of this Technical Report for which I am responsible contain all scientific and technical information
that is required to be disclosed to make this report not misleading.

Report dated April 14, 2025 (amended and restated on September 12, 2025), with an effective date of March 03, 2025.

"*Peter Szkilnyk*" {signed and sealed as of the report date}

Peter Szkilnyk, P.Eng

Principal Mining Engineer

Blue Moon Mine 183 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Alan J. San Martin, B.Eng., P.Eng.**

As the co-author of this report for Blue Moon Metals Inc. entitled "NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California" dated April 14, 2025 (amended and restated on September 12, 2025), with an effective date of March 03, 2025, I, Alan J. San Martin, do hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I am employed by, and carried out this assignment
 for, Micon International Limited, whose address is Suite 601, 90 Eglington Ave. East, Toronto,
 Ontario M4P 2Y3., tel: (416) 362-5135, <u>e-mail asanmartin@micon-international.com</u>.

&nbsp;&nbsp;&nbsp;&nbsp;2. I hold the following academic qualifications:

Bachelor's degree in Mining Engineering (B.Eng.) from the National University of Piura, Peru, 1999.

&nbsp;&nbsp;&nbsp;&nbsp;3. I am a registered Professional Engineer of
 Ontario (PEO License # 100568064); as well, I am a member in good standing of:

Canadian Institute of Mining, Metallurgy and Petroleum, Member ID 151724.

Colegio de Ingenieros del Perú (CIP), Membership # 79184.

&nbsp;&nbsp;&nbsp;&nbsp;4. I have been working as a mining engineer
 and geoscientist in the mineral industry for over 25 years;

&nbsp;&nbsp;&nbsp;&nbsp;5. I am familiar with the current NI 43-101
 and, by reason of education, experience and professional registration as Licensed Professional
 Engineer, I fulfill the requirements of a Qualified Person as defined in NI 43-101. My work
 experience includes 5 years as Mining Engineer in exploration (Peru), 4 years as Resource
 Estimator in exploration (Ecuador) and 16 years as mining consultant in Canada;

&nbsp;&nbsp;&nbsp;&nbsp;6. I have read NI 43-101 and Form 43-101F1 and
 the portions of this Technical Report for which I am responsible have been prepared in compliance
 with that instrument and form.

&nbsp;&nbsp;&nbsp;&nbsp;7. I visited the Blue Moon Property that is
 the subject of this report on November 5 to 6, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;8. I have had no prior involvement with the
 Blue Moon Property which is the subject of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;9. I am independent of Blue Moon Metals Inc.
 and its related entities, as defined in Section 1.5 of NI 43-101.

10. I am responsible for Sections 16.2 and 16.3 of this Technical
Report.

11. As of the date of this certificate, to the best of my knowledge,
information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make
this technical report not misleading.

Report dated April 14, 2025 (amended and restated on September 12, 2025), with an effective date of March 03, 2025.

"Alan San Martin" {signed and sealed as of the report date}

Alan J. San Martin, P.Eng.

Senior Mining Engineer

Blue Moon Mine 184 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Richard M. Gowans, P.Eng.**

As the co-author of this report for Blue Moon Metals Inc. entitled "NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California" dated April 14, 2025 (amended and restated on September 12, 2025), with an effective date of March 03, 2025, I, Richard Gowans do hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I am employed by, and
 carried out this assignment for, Micon International Limited, Suite 601, 90 Eglinton Ave.
 East, Toronto, Ontario M4P 2Y3, tel. (416) 362-5135, e-mail <u>rgowans@micon-international.com.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;2. I hold the following academic qualifications:

B.Sc. (Hons) Minerals Engineering, The University of Birmingham, U.K.1980.

&nbsp;&nbsp;&nbsp;&nbsp;3. I am a registered Professional
 Engineer of Ontario (membership number 90529389); as well, I am a member in good standing
 of the Canadian Institute of Mining, Metallurgy and Petroleum.

&nbsp;&nbsp;&nbsp;&nbsp;4. I am familiar with NI 43-101 and by reason
 of education, experience and professional registration, fulfill the requirements of a Qualified
 Person as defined in NI 43-101. I have worked for over 30 years in a wide range of technical
 areas as a consultant, manager and engineer; including mineral processing, hydrometallurgy,
 pyrometallurgy, logistics and infrastructure design and review, and capital and operating
 cost estimation.

&nbsp;&nbsp;&nbsp;&nbsp;5. I have read NI 43-101 and this Technical
 Report has been prepared in compliance with the instrument.

&nbsp;&nbsp;&nbsp;&nbsp;6. I have not visited the Blue Moon Property
 which is the subject of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;7. I have had no prior involvement with the
 Blue Moon Property which is the subject of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;8. I am independent of Blue Moon Metals Inc.
 and its related entities, as defined in Section 1.5 of NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;9. I am responsible for Sections 1.6, 1.10,
 13, 17, 21.2.2, 25.4, and 26.2.4 of this Technical Report.

10. As of the date of this certificate, to the best of my knowledge,
information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make
this technical report not misleading.

Report dated April 14, 2025 (amended and restated on September 12, 2025), with an effective date of March 03, 2025.

*"Richard Gowans"* {signed and sealed as of the report date}

Richard Gowans P.Eng.

Principal Metallurgist

Blue Moon Mine 185 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Justin Taylor, P.Eng.**

As the co-author of this report for Blue Moon Metals Inc. entitled "NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California" dated April 14, 2025 (amended and restated on September 12, 2025), with an effective date of March 03, 2025, I, Justin Taylor do hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I am employed by, and carried out this assignment
 for, Halyard Inc, 212 King Street W, Suite 501, Toronto, Ontario, M5H1K5; parent company
 of Micon International Limited, Suite 601, 90 Eglinton Ave. East, Toronto, Ontario M4P 2Y3,
 tel. (647) 907-9803, e-mail <u>justint@halyard.ca.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;2. I hold the following academic qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· B.Eng
 Mechanical Engineering – University of Pretoria 1999

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· B.Eng
 Hons. Maintenance Engineering – University of Pretoria 2001

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dipl.
 Bus. Admin – Gordon Institue of Business Science 2004.

&nbsp;&nbsp;&nbsp;&nbsp;3. I am a registered Professional Engineer in
 Ontario (P.Eng., License 100140330).

&nbsp;&nbsp;&nbsp;&nbsp;4. I am familiar with NI 43-101 and, by reason
 of education, experience, and professional registration, fulfill the requirements of a Qualified
 Person as defined in NI 43-101. My work experience includes 25 years in the management of
 technical studies and design of metallurgical processing plants.

&nbsp;&nbsp;&nbsp;&nbsp;5. I have read NI 43-101 and this Technical
 Report has been prepared in compliance with the instrument.

&nbsp;&nbsp;&nbsp;&nbsp;6. I have not visited the Blue Moon Property
 which is the subject of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;7. I have had no prior involvement with the
 Blue Moon Property which is the subject of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;8. I am independent of Blue Moon Metals Inc.
 and its related entities, as defined in Section 1.5 of NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;9. I am responsible for Sections 1.11, 18, and
 21.1.3-21.1.5 of this Technical Report.

10. As of the date of this certificate, to the best of my knowledge,
information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed to make
this technical report not misleading.

Report dated April 14, 2025 (amended and restated on September 12, 2025), with an effective date of March 03, 2025.

*"Justin Taylor" {signed and sealed as of the report date}*

Justin Taylor P.Eng.

President, Halyard Inc.

Blue Moon Mine 186 March 2025

---

| | |
|:---|:---|
| ![](tm2533647d1_ex41img001.jpg) | Blue Moon Metals Inc. |

---

**Christopher Jacobs, CEng, MIMMM**

As the co-author of this report for Blue Moon Metals Inc. entitled "NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California" dated April 14, 2025 (amended and restated on September 12, 2025), with an effective date of March 03, 2025, I, Christopher Jacobs, do hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I am employed as Mining Economist by, and
 carried out this assignment for, Micon International Limited, Suite 601, 90 Eglinton Ave.
 East, Toronto, Ontario M4P 2Y3, tel. (416) 362-5135, email: cjacobs@micon-international.com.

&nbsp;&nbsp;&nbsp;&nbsp;2. I hold the following academic qualifications:

B.Sc. (Hons) Geochemistry, University of Reading, 1980;

M.B.A., Gordon Institute of Business Science, University of Pretoria, 2004.

&nbsp;&nbsp;&nbsp;&nbsp;3. I am a Chartered Engineer
 registered with the Engineering Council of the U.K. (registration number 369178), as well,
 I am a member in good standing of:

The Institute of Materials Minerals and Mining

The Canadian Institute of Mining, Metallurgy and Petroleum

&nbsp;&nbsp;&nbsp;&nbsp;4. I am familiar with NI 43-101 and by reason
 of education, experience and professional registration, fulfill the requirements of a Qualified
 Person as defined in NI 43-101. I have worked in the minerals industry for more than 45 years;
 my work experience includes 10 years as an exploration and mining geologist on gold, platinum,
 copper/nickel and chromite deposits; 10 years as a technical/operations manager in both open-pit
 and underground mines; 3 years as strategic (mine) planning manager and the remainder as
 an independent consultant, in which capacity I have worked on a variety of deposits including
 gold and base metals.

&nbsp;&nbsp;&nbsp;&nbsp;5. I visited the Blue Moon Property that is
 the subject of this report on November 5 to 6, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;6. I have had no prior involvement with the
 Blue Moon Property which is the subject of this Technical Report

&nbsp;&nbsp;&nbsp;&nbsp;7. I am responsible for
 Sections 1.1, 1.12-1.15, 2, 3, 19, 20, 21.1.1, 21.1.2,21.1.6, 21.2.3, 21.2.4, 22, 24,25.5-25.7,
 26.2.5 and 27 of this Technical Report.

&nbsp;&nbsp;&nbsp;&nbsp;8. I am independent of Blue Moon Metals Inc.
 and its related entities, as defined in Section 1.5 of NI 43-101.

9. I have read NI 43-101 and the Sections of this report for which
I am responsible have been prepared in compliance with the instrument.

10. As of the date of this certificate to the best of my knowledge,
information and belief, the sections of this Technical Report for which I am responsible contain all scientific and technical information
that is required to be disclosed to make this report not misleading.

Report dated April 14, 2025 (amended and restated on September 12, 2025), with an effective date of March 03, 2025.

"*Christopher Jacobs*" {signed and sealed as of the report date}

Christopher Jacobs, CEng, MIMMM

Mining Economist

Blue Moon Mine 187 March 2025

## Exhibit 99.42

**Exhibit 99.42**

**Adam Wheeler**

Mining Consultant, C. Eng, Eur Ing, FIMMM

Cambrose Farm, Redruth, Cornwall, TR16 4HT, England.

**CONSENT OF QUALIFIED PERSON**

Filed on SEDAR+

---

| | |
|:---|:---|
| To: | Blue Moon Metals Inc. (the "**Company**") |

---

And to: British Columbia Securities Commission <br> Alberta Securities Commission <br> Autorité des Marchés Financiers

And to: TSX Venture Exchange

I, Adam Wheeler, consent to the public filing of the technical report titled *"Report NI 43-101 Technical Report on the Mineral Resources of the Sulitjelma Project, Norway"*, with an effective date of February 20, 2025 and dated May 20, 2025, as amended and restated on September 12, 2025, (the "**Technical Report**") prepared for the Company, and filed with the securities regulatory authorities referred to above.

I also consent to any extracts from, or a summary of, the Technical Report in the annual information form dated September 12, 2025 of the Company (the "**AIF**").

I certify that I have read the AIF being filed by the Company and that it fairly and accurately represents the information in the Technical Report for which I am responsible.

Dated this 12<sup>th</sup> day of September, 2025

(signed) "Adam Wheeler" <br>   <br> Adam Wheeler, B.Sc., M.Sc., C. Eng., Eur. Ing., FIMMM

## Exhibit 99.43

...

**Exhibit 99.43**

**REPORT NI 43-101**

**TECHNICAL REPORT ON THE**

**MINERAL RESOURCES OF THE**

**SULITJELMA PROJECT, NORWAY**

**Prepared for**

**Blue Moon Metals Inc.**

**by**

**Qualified Person:**

**Adam Wheeler, B.Sc, M.Sc, C. Eng., Eur Ing, FIMMM.**

---

| |
|:---|
| **Effective Date of Resources:** |
| **Effective Date of Report:** **20**<sup>th</sup> May 2025 (as amended and restated on September 12, 2025)** |

---

**Adam Wheeler, Mining Consultant, C. Eng, Eur Ing, FIMMM, Cambrose Farm, Redruth, Cornwall, TR16 4HT, England.**

**September 2025**

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **2** |

---

**QUALIFIED PERSONS CERTIFICATE**

**Certificate Of Author**

Adam Wheeler, Mining Consultant,

Cambrose Farm, Redruth, Cornwall, TR16 4HT, England.

Tel/Fax: (44) 1209-899042; E-mail: <u>adamwheeler@btinternet.com</u>

As the author of this "Technical Report on the Mineral Resources of the Sulitjelma Project, Norway", I, A. Wheeler do hereby certify that:

1. I am an independent mining consultant, based
 at Cambrose Farm, Redruth, Cornwall, TR16 4HT, England.

2. I hold the following academic qualifications:

B.Sc. (Mining) Camborne School of Mines 1981 <br> M.Sc. (Mining Engineering) Queen's University (Canada) 1982

3. I am a registered Chartered
 Engineer (C. Eng and Eur. Ing) with the Engineering Council (UK). Reg. no. 371572.

4. I am a professional fellow
 (FIMMM) in good standing of the Institute of Materials, Minerals and Mining.

5. I have worked as a mining consultant in the
 minerals industry for over 40 years. I have worked on over 50 different projects involving
 geological modelling, exploration drillhole layout or resource estimation. These projects
 have covered 35 different countries, and 25 of them have involved me as an QP for either
 43-101 or JORC reports. Twenty of these projects were related to copper. I have been working
 on the Sulitjelma project since 2021, involved with geological modelling and mineral resource
 estimation.

6. I have read NI 43-101 and the technical report,
 which is the subject of this certificate, has been prepared in compliance with NI 43-101.
 By reason of my education, experience and professional registration, I fulfil the requirements
 of a "qualified person" as defined by NI 43-101. My work experience includes
 5 years at an underground gold mine, 7 years as a mining engineer in the development and
 application of mining and geological software, and 30 years as an independent mining consultant,
 involved with geological modelling, exploration drill hole layout, mineral resource and reserve
 estimation, evaluation and planning projects for both open pit and underground mining projects.

7. I am responsible for the preparation of the
 technical report titled "Technical Report on the Mineral Resources of the Sulitjelma
Project, Norway", and dated May 20<sup>th</sup>, 2025 (as amended and restated on September 12<sup>th</sup>, 2025). I visited the
project property on 2/12/2024.

8. As of the date hereof,
 to the best of my knowledge, information and belief, the technical report, which is the subject
 of this certificate, contains all scientific and technical information that is required to
 be disclosed to make such a technical report not misleading.

9. I am independent of Blue Moon Metals Inc,
 pursuant to section 1.5 of NI 43-101.

10. I have read the National
 Instrument and Form 43-101F1 (the "Form") and the Technical Report has been prepared
 in compliance with NI 43-101 and the Form.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **3** |

---

**DATE AND SIGNATURES PAGE**

Herewith, my report entitled "Technical Report on the Mineral Resources of the Sulitjelma Project, Norway", dated May 20<sup>th</sup>, 2025 (as amended and restated on September 12, 2025).

*(signed and sealed) "Adam Wheeler"* <br>   <br> A. Wheeler, C.Eng., Eur. Ing., FIMMM Dated the 12<sup>th</sup> of September 2025

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **4** |

---

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| QUALIFIED PERSONS CERTIFICATE | QUALIFIED PERSONS CERTIFICATE | 2 |
| 1 | SUMMARY | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;Overview | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;&nbsp;Ownership | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 | &nbsp;&nbsp;&nbsp;&nbsp;Geology and Mineralisation | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 | &nbsp;&nbsp;&nbsp;&nbsp;Database and Resource Estimation | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;&nbsp;Exploration Status | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 | &nbsp;&nbsp;&nbsp;&nbsp;Mineral Resource Estimation | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 | &nbsp;&nbsp;&nbsp;&nbsp;Results and Interpretations | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 | &nbsp;&nbsp;&nbsp;&nbsp;Conclusions | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9 | &nbsp;&nbsp;&nbsp;&nbsp;Recommendations | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sample Preparation, Analyses, and Security | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data Verification | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exploration Program and Budget | 15 |
| 2 | INTRODUCTION | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 | &nbsp;&nbsp;&nbsp;&nbsp;Author | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 | &nbsp;&nbsp;&nbsp;&nbsp;Terms of Reference | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 | &nbsp;&nbsp;&nbsp;&nbsp;Units and Currency | 17 |
| 3 | RELIANCE ON OTHER EXPERTS | 17 |
| 4 | PROPERTY DESCRIPTION AND LOCATION | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 | &nbsp;&nbsp;&nbsp;&nbsp;Location | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 | &nbsp;&nbsp;&nbsp;&nbsp;Licenses | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 | &nbsp;&nbsp;&nbsp;&nbsp;Fees and Royalties | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 | &nbsp;&nbsp;&nbsp;&nbsp;Environmental Liabilities | 23 |
| 5 | ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 | &nbsp;&nbsp;&nbsp;&nbsp;Accessibility | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 | &nbsp;&nbsp;&nbsp;&nbsp;Site Description | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 | &nbsp;&nbsp;&nbsp;&nbsp;Climate | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 | &nbsp;&nbsp;&nbsp;&nbsp;Local Resources | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 | &nbsp;&nbsp;&nbsp;&nbsp;Infrastructure | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 | &nbsp;&nbsp;&nbsp;&nbsp;Power Supply | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7 | &nbsp;&nbsp;&nbsp;&nbsp;Water Supply | 28 |
| 6 | HISTORY | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 | &nbsp;&nbsp;&nbsp;&nbsp;Mining History | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 | &nbsp;&nbsp;&nbsp;&nbsp;Exploration | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 | &nbsp;&nbsp;&nbsp;&nbsp;Recent Project Developments | 33 |
| 7 | GEOLOGICAL SETTING AND MINERALISATION | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 | &nbsp;&nbsp;&nbsp;&nbsp;Regional Geology | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 | &nbsp;&nbsp;&nbsp;&nbsp;Local Geology | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 | &nbsp;&nbsp;&nbsp;&nbsp;Mineralisation | 38 |
| 8 | DEPOSIT TYPE | 40 |
| 9 | EXPLORATION | 41 |
| 10 | DRILLING | 41 |
| 11 | SAMPLE PREPARATION, ANALYSIS AND SECURITY | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 | &nbsp;&nbsp;&nbsp;&nbsp;Observations | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 | &nbsp;&nbsp;&nbsp;&nbsp;Overview | 55 |
| 12 | DATA VERIFICATION | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 | &nbsp;&nbsp;&nbsp;&nbsp;Site Visit | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 | &nbsp;&nbsp;&nbsp;&nbsp;Drill hole Core | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 | &nbsp;&nbsp;&nbsp;&nbsp;Collar Data | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 | &nbsp;&nbsp;&nbsp;&nbsp;Database | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 | &nbsp;&nbsp;&nbsp;&nbsp;Drill Hole Data | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 | &nbsp;&nbsp;&nbsp;&nbsp;Density | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 | &nbsp;&nbsp;&nbsp;&nbsp;Overview | 66 |
| 13 | MINERAL PROCESSING AND METALLURGICAL TESTING | 67 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **5** |

---

---

| | | |
|:---|:---|:---|
| 14 | MINERAL RESOURCE ESTIMATE | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 | &nbsp;&nbsp;&nbsp;&nbsp;Data Collation | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 | &nbsp;&nbsp;&nbsp;&nbsp;Interpretation | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 | &nbsp;&nbsp;&nbsp;&nbsp;Exploratory Data Analysis | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 | &nbsp;&nbsp;&nbsp;&nbsp;Compositing | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 | &nbsp;&nbsp;&nbsp;&nbsp;Geostatistics | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 | &nbsp;&nbsp;&nbsp;&nbsp;Volumetric Modelling | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 | &nbsp;&nbsp;&nbsp;&nbsp;Grade Estimation | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 | &nbsp;&nbsp;&nbsp;&nbsp;Resource Classification | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 | &nbsp;&nbsp;&nbsp;&nbsp;Model Validation | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cross-Sections | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Comparison of Grades | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Local Comparison of Grades | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 | &nbsp;&nbsp;&nbsp;&nbsp;Resource Evaluation | 91 |
| 15 | MINERAL RESERVE ESTIMATES | 95 |
| 16 | MINING METHODS | 95 |
| 17 | RECOVERY METHODS | 95 |
| 18 | PROJECT INFRASTRUCTURE | 95 |
| 19 | MARKET STUDIES AND CONTRACTS | 95 |
| 20 | ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL IMPACT | 95 |
| 21 | CAPITAL AND OPERATING COSTS | 95 |
| 22 | ECONOMIC ANALYSIS | 95 |
| 23 | ADJACENT PROPERTIES | 96 |
| 24 | OTHER RELEVANT INFORMATION | 98 |
| 25 | INTERPRETATION AND CONCLUSIONS | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1 | &nbsp;&nbsp;&nbsp;&nbsp;Risks and Uncertainties | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Drill holes | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Density Measurements | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Historic QA/QC Procedures | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.1.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mined-Out Areas | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2 | &nbsp;&nbsp;&nbsp;&nbsp;Results and Interpretations | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.3 | &nbsp;&nbsp;&nbsp;&nbsp;Conclusions | 100 |
| 26 | RECOMMENDATIONS | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.1 | &nbsp;&nbsp;&nbsp;&nbsp;Sample Preparation, Analyses, and Security | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.2 | &nbsp;&nbsp;&nbsp;&nbsp;Data Verification | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.3 | &nbsp;&nbsp;&nbsp;&nbsp;Exploration Program and Budget | 102 |
| 27 | REFERENCES | 103 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **6** |

---

**LIST OF TABLES**

---

| | |
|:---|:---|
|  | **Page** |
| Table 1-1. Sulitjelma Deposit Resource Estimation Summary | 12 |
| Table 1-2. Proposed Budget | 15 |
| Table 4-1. Summary of License Areas | 19 |
| Table 6-1. Sulitjelma Mine Production Summary | 31 |
| Table 6-4. Summary of Drake Exploration Sample Results | 31 |
| Table 10-1. Sulitjelma Drilling Summary | 41 |
| Table 10-2. Summary of Core Diameters | 41 |
| Table 10-3. Drill Hole Collars – Rupsi-Dypet (1 of 2) | 43 |
| Table 10-4. Drill Hole Collars – Rupsi-Dypet (2 of 2) | 44 |
| Table 10-5. Drill Hole Collars – Hankabakken II (1 of 2) | 45 |
| Table 10-6. Drill Hole Collars – Hankabakken II (2 of 2) | 46 |
| Table 10-7. Drill Hole Collars – Sagmo | 47 |
| Table 10-8. Drill Hole Intersections – Rupsi-Dypet | 48 |
| Table 10-9. Drill Hole Intersections – Hankabakken II (1of 2) | 49 |
| Table 10-10. Drill Hole Intersections – Hankabakken II (2of 2) | 50 |
| Table 10-11. Drill Hole Intersections – Sagmo | 51 |
| Table 11-1. Summary of Limits of Detection | 54 |
| Table 12-1. Summary of Check Density Measurements | 66 |
| Table 13-1. Summary of 1984 Mill Production | 67 |
| Table 14-1. Summary of Drill hole Database | 70 |
| Table 14-2. Statistical Summaries – Interpreted Samples | 77 |
| Table 14-3. Top-Cut Levels | 80 |
| Table 14-4. Zone Orientations | 80 |
| Table 14-5. Compositing Parameters | 80 |
| Table 14-6. Statistical Summary– RD Composites | 82 |
| Table 14-7. Statistical Summary– H2 Composites | 82 |
| Table 14-8. Statistical Summary– SM Composites | 82 |
| Table 14-9. Summary of Model Prototypes | 84 |
| Table 14-10. Grade Estimation Parameters | 86 |
| Table 14-11. Global Comparison of Average Grades | 89 |
| Table 14-12. MSO Parameters | 91 |
| Table 14-13. Cut-Off Grade and Cu_Eq Parameters | 92 |
| Table 14-14. Grade-Tonnage Table – RD Region, Inferred Resources Only | 93 |
| Table 14-15. Grade-Tonnage Table – H2 Region, Inferred Resources Only | 93 |
| Table 14-16. Grade-Tonnage Table – SM Region, Inferred Resources Only | 94 |
| Table 14-17. Grade-Tonnage Table – RD, H2 and SM Regions, Inferred Resources Only | 94 |
| Table 14-18.Constrained Mineral Resource Estimate Statement | 100 |
| Table 26-1. Proposed Budget | 102 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **7** |

---

**LIST OF FIGURES**

---

| | |
|:---|:---|
|  | **Page** |
| Figure 4-1. Overall Map of Sulitjelma Location | 18 |
| Figure 4-2. Northern Norway Map of Sulitjelma Location | 18 |
| Figure 4-3. Plan of License Areas - Overall | 20 |
| Figure 4-4. Plan of License Areas – North | 21 |
| Figure 4-5. Plan of License Areas – South | 22 |
| Figure 5-1. Plan of Local Sulitjelma Area | 26 |
| Figure 5-2. Plan of Sulitjelma and Old Mine Workings | 26 |
| Figure 5-3. Plan of Sandnes Water Supply | 28 |
| Figure 5-4. Plan of Hydroelectric Power Plants in Sulitjelma Area | 29 |
| Figure 5-5. Plan of Power Lines and Transformers in Sulitjelma Area | 29 |
| Figure 6-1. Plan of VTEM Survey Extents – Drake Exploration 2014 | 32 |
| Figure 6-2. Main Areas in Project Development | 33 |
| Figure 7-1. Simplified Map of Scandinavian Caledonides | 34 |
| Figure 7-2. Outline Geological Map Scandinavian Caledonides | 35 |
| Figure 7-3. Profile Between Bodø and Sulitjelma | 35 |
| Figure 7-4. Stratigraphy of Sulitjelma Ophiolite Complex – Pre-Folding/Faulting | 36 |
| Figure 7-5. Simplified Geology Plan of Sulitjelma Area | 37 |
| Figure 7-6. Profile of Sulitjelma Fold Nappe | 37 |
| Figure 7-7. Stratigraphic Column of Sulitjelma in Northern Mineralisation Area | 38 |
| Figure 7-8. S-N Profile Across Langvann Antiform | 38 |
| Figure 7-9. Example of Folding in Giken II Mineralisation | 39 |
| Figure 10-1. Overall Plan of Drill Holes | 51 |
| Figure 10-2. Drillholes' Section – Rupsi Dypet | 52 |
| Figure 10-3. Drill Holes' Section - Hankabakken II | 52 |
| Figure 10-4. Drill Holes' Section – Sagmo | 52 |
| Figure 11-1. Histogram of Drilling Sample Lengths | 53 |
| Figure 11-2. Photo of NGU Core Storage Facility – Lokken | 54 |
| Figure 12-1. Pictures – Underground at Rupsi | 57 |
| Figure 12-2. Surface Infrastructure - Former Processing Facilities | 57 |
| Figure 12-3. Looking Westwards from Giken Mine | 58 |
| Figure 12-4. Looking Southward towards Former Sagmo Mine Area | 58 |
| Figure 12-5. Hole RUP-168 | 60 |
| Figure 12-6. Hole RUP-136 | 61 |
| Figure 12-7. Hole RUP-137 | 61 |
| Figure 12-8. Histogram of Check Collar Elevation Differences – Rupsi and Sagmo | 62 |
| Figure 12-9. Plan of Underground Drill holes vs Historical Map - Rupsi | 64 |
| Figure 12-10. Plan of Underground Drill holes vs Historical Map - Sagmo | 64 |
| Figure 12-11. Plan of Underground Drill holes vs Historical Map - Hankabakken | 64 |
| Figure 12-12. Historic Profile | 65 |
| Figure 12-13. Profile 6 with Imported Data | 65 |
| Figure 13-1. Photograph of As-Received Sample- for SGS Flotation Testing | 68 |
| Figure 13-2. Test Flotation Flowsheet | 69 |
| Figure 14-1. 3D View of All Drill holes, Looking North-West | 70 |
| Figure 14-2. Plan Plot of Drill holes | 70 |
| Figure 14-3. 3D View of RD Drill holes – Looking North-West | 71 |
| Figure 14-4. 3D View of H2 Drill holes – Looking North-West | 71 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **8** |

---

---

| | |
|:---|:---|
| Figure 14-5. 3D View of SM Drill holes – Looking North-West | 71 |
| Figure 14-6. RD – Plan of Interpreted Veins | 73 |
| Figure 14-7. 3D View of RD Interpreted Veins, Looking South-West | 73 |
| Figure 14-8. Overall S-N Section Through RD Region | 74 |
| Figure 14-9. S-N Section Through RD Mineralised Zones | 74 |
| Figure 14-10. Plan of H2 Interpreted Zones | 75 |
| Figure 14-11. 3D View of H2 Interpreted Zones, Looking South-West | 75 |
| Figure 14-12. Plan of SM Interpreted Zones | 76 |
| Figure 14-13. WE Long-Section of SM Interpreted Zones | 76 |
| Figure 14-14. Log-Probability Plots of Cu Samples Within Interpreted Zones | 78 |
| Figure 14-15. Log-Probability Plots of Zn Samples Within Interpreted Zones | 78 |
| Figure 14-16. Point Plots of Cu vs Zn Grades | 78 |
| Figure 14-17. Histograms of Vein True Thickness Values | 79 |
| Figure 14-18. Sample Length Histograms by Zone | 79 |
| Figure 14-19. Log-Probability Plots for Composites - Cu | 81 |
| Figure 14-20. Log-Probability Plots for Composites – Zn | 81 |
| Figure 14-21. RD – Cu Experimental Isotropic Variograms | 83 |
| Figure 14-22. H2 - Cu Experimental Isotropic Variograms | 83 |
| Figure 14-23. Plan of Model Prototypes | 85 |
| Figure 14-24. Example Cross-Section – RD | 86 |
| Figure 14-25. Example Cross-Section – H2 | 87 |
| Figure 14-26. Example Cross-Section – SM | 87 |
| Figure 14-27. Swath Plots – Cu | 90 |
| Figure 23-1. Plan of Sulis Green Future License Areas | 96 |
| Figure 23-2. Plan of VMS Exploration License Areas | 97 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **9** |

---

---

| | |
|:---|:---|
| **1** | **SUMMARY** |

---

**1.1** **Overview** 

Mr. Adam Wheeler, (C. Eng, Eur Ing.) was retained by Blue Moon Metals Inc. ("Blue Moon"), a TSX Venture Exchange listed (TSX-V.: MOON) company focused on the exploration and development of deposits in Norway and the USA, to prepare an independent Technical Report on the mineral resources of the Sulitjelma Project located in Nordland County, northern Norway. Sulitjelma Project is a former producer and a potential underground copper mining project. This Technical Report conforms to National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). The Author has visited the Project on December 2<sup>nd</sup>, 2024. He also visited the central Norwegian core facility at the Norwegian Geological Survey (NGU), Lokken, on December 3<sup>rd</sup>, 2024, to inspect drill hole core from Sulitjelma.

The overall Sulitjelma Projects was former underground mining operations, occurring from 1891 – 1991. The mineral resource estimate described in this report reflects all the drilling data currently available. It should be noted that there are several different orebodies on the Sulitjelma Project, with one overall region measuring approximately 7km by 2km, and another smaller region about 3km away, measuring approximately 2km by 1km. The mineral resource estimation described here has focused on four deposit regions.

Resource estimation work was done using the Datamine mining software system, Studio RM, Version 2.1.125.0.

**1.2** **Ownership** 

Nye Sulitjelma Gruver ("NSG") has 14 extraction licences and 16 exploration licences covering the Sulitjelma deposit areas within the Nordland district. Part of the Sagmo area is inside the Junkerdal National Park. Otherwise, there are no protected areas for the other parts of the deposit.

Blue Moon acquired 100% of the issued and outstanding shares of NSG pursuant to a share purchase agreement dated December 19, 2024. As consideration, Blue Moon issued 56,079,997 common shares of Blue Moon to former NSG shareholders, who will also receive US$3M in cash milestone payments related to permitting for tailings discharge followed by receipt of the operating permit for the Sulitjelma Project.

**1.3** **Geology and Mineralisation** 

The volcanogenic massive sulphide ("VMS") sulphide deposits at Sulitjelma Project are situated at the contact between submarine basalts and overlying sediments and they are interpreted to have been formed by volcanic-associated hydrothermal sedimentary exhalative processes on the Ordovician seafloor within a fault-controlled basin and are classified as being of Cyprus type VMS deposit.

Each deposit has a well-developed subjacent zone of hydrothermal alteration, the core of which appears abnormally enriched in potassium relative to the surrounding strata. Distinct mineralization facies are recognised as products of primary hydrothermal alteration, regional amphibolite-grade metamorphism and accompanying tectonic deformation. The widespread brecciation associated with the mineralised zones can partly explained by tectonism, but it may also be evidence of a cyclic catastrophic stage, during the evolution of the enclosing basalts.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **10** |

---

The overall district hosting the Sulitjelma Project is about 100 km<sup>2</sup> in size, containing about 25 individual deposits. The VMS deposits are tabular and elongated, reaching 1,200 m in length and 300 m in width, typically dipping between 10 degrees and 45 degrees. The high-grade parts of the deposits that were mined historically rarely exceeded 5 m in thickness and typically averaged 2 m.

The mineralised zones typically consist of massive pyrite, pyrrhotite, chalcopyrite and sphalerite. Mineralisation can also be semi-massive, brecciated as well as disseminated. Well-known in the Sulitjelma Project area are large, rounded pyrite crystals, within a matrix of chalcopyrite, sphalerite and pyrrhotite.

Historically, the bulk of the material extracted at Sulitjelma Project was in what is known as the Northern Ore Field located north of Lake Langvann. The current resource estimation includes the Rupsi/Dypet and Hankabakken deposits, which are part of this Northern Ore Field. The other zone being evaluated in the current study is the Sagmo deposit, which is in the Southern Ore Field, south of Lake Langvann.

**1.4** **Database and Resource Estimation** 

In 2021, Norwegian geologists started to compile all available drill hole information and its related data, into Excel spreadsheets. The compiled information was transferred to Datamine, as separate .csv files for collar coordinates, drill hole survey data, assay results and lithology logs. After import of these data sets into Datamine, the different assay, collars and survey data files were combined into individual single files for each zone for work in 3D.

For the Sulitjelma Project, complete sets of data from 601 diamond drill holes have been collated, covering 78,144 m. Of these, 286 diamond drill holes have intersected mineralisation for the three regions which have been evaluated in the current study. 51 of these holes were drilled from surface, with the other 235 holes being drilled from underground.

The drilling data was then used to develop a sectional interpretation of mineralised intersections, based on lithology as well as a cut-off of broadly 0.3% CuEq. The interpreted zones have been extrapolated a maximum distance of approximately 100 m beyond the furthest intersection, both laterally and down-dip, from the outer-most drill hole intersections. The drilling grid spacing used was generally 200 to 250 m, so the extrapolation distance is generally half of the typical grid spacing.

Three separate block models were developed, for the Rupsi/Dypet, Hankabakken and Sagmo deposits. For each deposit, the same modelling methodology was applied. A digital terrain model (DTM) was generated, based on the centre points on each drill hole intersection. Approximate apparent thickness values were then estimated and used to develop a three-dimensional block model of each zone. Composite grades for copper and zinc were then estimated, based on inverse-distance weighting (squared). The previously exploited areas were allocated as mined by using perimeters from historical mine plans. These mined-out areas are therefore excluded from the current mineral resource estimation in this report.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **11** |

---

**1.5** **Exploration Status** 

The Sulitjelma Project is at development stage, and Blue Moon is evaluating a restart of operations of this historical producer. Historical diamond drilling was carried out between 1945 and 1988, during which operators completed 816 core drill holes for a total of 137,700 m. Other exploration work in the Sulitjelma Project area has included ground and airborne geophysical studies, geological mapping, outcrop and mine dump grab sampling, and regional lithogeochemical rock sampling for rocktype fingerprinting. In addition to the 25 deposits that have been identified, there are several mineralized occurrences both around the deposits and regionally that are either untested or only supported by limited drilling. This means that additional infill and exploration drilling is warranted to more fully test favourable stratigraphy both around the deposits and regionally.

Blue Moon has not yet done any active exploration work, including drilling, on the Sulitjelma Project since acquiring the property but is developing plans to do so.

The current exploration plan is to extend the existing Rupsi tunnel by approximately 1 km. From this new development access underground, a diamond drilling program of 10,000 m is planned. The new drilling data is expected to greatly assist with further geological and geotechnical modelling.

**1.6** **Mineral Resource Estimation** 

This Mineral Resource Estimation ("MRE") work was carried out and prepared in compliance with Canadian National Instrument 43-101, and the mineral resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council May 10<sup>th</sup>, 2014.

Conforming with guidelines for "reasonable prospects for eventual economic extraction", constrained evaluations were completed using a Mineable Shape Optimiser (MSO) to generate wireframes.

This mineral resource estimate of the Sulitjelma deposit is summarised in Table 1-1, related to a cut-off grade of 0.6% CuEq and a minimum thickness of 2.2 m.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **12** |

---

**Table 1-1. Sulitjelma Deposit Resource Estimation Summary**

**Effective Date: 20<sup>th</sup> February 2025**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** | **Inferred Resources** |
| &nbsp;&nbsp;**Deposit** | **Tonnes** | **Cu** | **Zn** | **Cu_Eq** |
|  | **Kt** | **%** | **%** | **%** |
| &nbsp;&nbsp;**Rupsi** | 7874 | 1.18 | 0.33 | 1.23 |
| &nbsp;&nbsp;**Dypet** | 1384 | 1.23 | 0.20 | 1.27 |
| &nbsp;&nbsp;**Hankabakken II** | 4955 | 0.88 | 0.06 | 0.89 |
| &nbsp;&nbsp;**Sagmo** | 2853 | 0.98 | 0.16 | 1.00 |
| &nbsp;&nbsp;**Total** | **17066** | **1.06** | **0.21** | **1.10** |

---

**Notes:**

**1.** **CIM definitions were followed for MRE.** 

**2.** **All resources reported are categorised Inferred; there are no Measured or Indicated resources.** 

**3.** **A minimum mining thickness of 2.2 m was applied in making the MRE constraint wireframes.** 

**4.** **The MRE constraint wireframes were generated using a preliminary MSO, based on a cut-off grade of 0.6% Cu_Eq, related to potential underground mining.** 

**5.** **Assumed parameters for the cut-off grade and Cu-equivalent (Cu_Eq) calculations included:** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Prices:** | **USD4.20/lb Cu, USD1.25/lb Zn** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Processing recoveries:** | **92% Cu, 57% Zn** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Payabilities:** | **96.5% Cu, 86% Zn** |

---

**6.** **For the cut-off grade calculation, the assumed total operating cost was $50/t of ore.** 

**7.** **A global density value of 3 t/m<sup>3</sup> was assumed.** 

**8.** **Rounding may result in apparent summation differences between tonnes, grades and metal content; not considered material.** 

**9.** **Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.** 

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **13** |

---

**1.7** **Results and Interpretations** 

There are several opportunities to improve the current results presented in this report, which should be investigated further as part of the ongoing development of the Sulitjelma Project. Most of the deposits evaluated in this mineral resource estimation have some parts that are densely sampled, notably in areas in or close to the old underground workings. Going down-dip, the drill hole spacings are generally much wider, with more reliance on much longer underground drill holes, often with very poor intersection angles, or on relatively few surface drill holes.

Further drilling campaigns would therefore have a significant effect on the development of the project, in terms of:

&nbsp;&nbsp;&nbsp;&nbsp;· The use of twin drill holes to help verify
 all or part of the historical drilling data.

&nbsp;&nbsp;&nbsp;&nbsp;· Potentially increase Inferred category
 material through additional drilling both down-dip and along-strike.

&nbsp;&nbsp;&nbsp;&nbsp;· Decreasing drill spacing would greatly
 help in the estimation of Indicated category material. To achieve Indicated resource categorisation
 using any of the historical drill hole data, the results from twin drilling would have to
 help verify the use of all or part of the historical drill hole database.

**1.8** **Conclusions** 

The updated mineral resource estimate as of February 20<sup>th</sup>, 2025, has these conclusions from the Author, which are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· The Sulitjelma mine processed approximately
 26 Mt of ore over just under 100 years of production, with average grades of 1.80% Cu and
 0.82% Zn. Approximately 10 Mt of ore were produced from zones nearby to the zones which have
 been evaluated in the current study.

&nbsp;&nbsp;&nbsp;&nbsp;· The geological setting and character of
 the VMS mineralization identified to date on the Sulitjelma Project are of sufficient enough
 to justify additional exploration expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;· Most drill holes in the current database
 are related to the mineral resources at Sulitjelma Project in the four deposits, totalling
 601 core drill holes for 78,144 metres. There is no core on site, but at the NGU core inventory
 at Lokken, approximately 19,330m Sulitjelma core are stored, from 469 holes that were drilled
 in and around the Sulitjelma zones being considered in this study.

&nbsp;&nbsp;&nbsp;&nbsp;· Drilling has identified extensive, conformable,
 metasediments and metavolcanics with quite distinct mineralized zones, that remain open with
 respect to further exploration, and which in some areas have been mined extensively in the
 past.

&nbsp;&nbsp;&nbsp;&nbsp;· The drilling related to the zones being
 currently evaluated took place between 1952 and 1988, while the mine was in production. There
 is very little information available about the drilling, sampling, sample preparation and
 analysis procedures. Similarly, there is almost no QAQC data available.

&nbsp;&nbsp;&nbsp;&nbsp;· Very little data is available for rock
 density measurements.

&nbsp;&nbsp;&nbsp;&nbsp;· Due to the proximity
 of the underground workings and the geometry of the deposit, many of the underground drill
 hole intersection angles are very poor, which complicates geological modelling.

&nbsp;&nbsp;&nbsp;&nbsp;· Because of these factors, the author has
 assigned all of the current resource estimation to the Inferred category.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **14** |

---

**1.9** **Recommendations** 

**1.9.1** **Sample Preparation, Analyses, and Security** 

&nbsp;&nbsp;&nbsp;&nbsp;· **QAQC Program.** A rigorous quality
 control and quality assurance ("QAQC") policy needs to be developed for standards,
 blanks and duplicate samples, for all on-going drilling and sampling work. This QAQC program
 will also need to use certified reference material ("CRM") samples with similar
 lithologies and Cu/Zn grades to Sulitjelma Project.

&nbsp;&nbsp;&nbsp;&nbsp;· **Core Shack.** A secure premises will
 be required for core logging and storage of drill core, as well as all returned pulp and
 reject material from the analytical laboratory.

&nbsp;&nbsp;&nbsp;&nbsp;· **Density Measurement** equipment and
 procedures need to be set-up for any new drilling as well as check density measurements of
 historical core at Lokken.

**1.9.2** **Data Verification** 

&nbsp;&nbsp;&nbsp;&nbsp;· **Relogging of Drill Core**. A relogging
 program should be completed of Sulitjelma Project historical drill core stored at Lokken.
 This work would be more extensive than any previous relogging exercise; noting that relogging
 will be difficult, as much of the core is extremely dirty. If possible, some check sampling
 should also be completed while relogging is ongoing, although in most cases there is little,
 or no drill core left in the core boxes from the originally sampled intersections. As well,
 additional sampling of previously unsampled drill core should be done, noting that at current
 cut-off levels for the mineral resource estimate, there are potentially extended or new mineralised
 intersections that could warrant follow-up.

&nbsp;&nbsp;&nbsp;&nbsp;· **Drilling Database**. The current
 database needs to be enhanced so that YEAR identification data is recorded for each drill
 hole. This is very important, as in on-going verification and estimation work, it may be
 necessary to filter the historic data with relation to the date of age of the data available.

&nbsp;&nbsp;&nbsp;&nbsp;· **Twin Drilling.** A twin drilling
 program should be completed during the next work program, to help verify all or part of the
 historical drilling data for each deposit. NSG have already planned the extension of an existing
 underground adit, the Rupsi tunnel, for the purpose of providing drilling access. A suggested
 starting proportion of twinning could be 5%, with respect to historic drill holes for each
 deposit. When the assay results are returned from the laboratory and analysed, it can be
 determined if and where further twin drilling would be required.

&nbsp;&nbsp;&nbsp;&nbsp;· **Drill Hole Collars.** During summer, historic surface drill hole collars should be found and resurveyed, where
 possible. Depending on the extent of underground access, the location and resurveying of
 underground drill hole collars should also be attempted.

&nbsp;&nbsp;&nbsp;&nbsp;· **Mined-Out Extents**.
 Depending on underground access, surveys should be made of mined-out areas adjacent to the
 evaluated resources. Modern equipment, including the use of drones, could help with this
 check survey process.

&nbsp;&nbsp;&nbsp;&nbsp;· **Metallurgical Program**. A full metallurgical
 audit should be undertaken regarding the production recoveries and any reports on file. Once
 there is new material available from drilling that is representative of the deposits, a new
 metallurgical program should be planned to encompass flotation test work, variability analysis,
 and lock cycle testing to ensure process design in the plant is setup for maximizing metal
 recovery.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **15** |

---

**1.9.3** **Exploration Program and Budget** 

For further development of the project, the Author recommends implementation of an exploration program. This work covers extension of the existing Rupsi tunnel by 1 km, in order to allow access, and then using of this new tunnel access to complete approximately 10,000 m of diamond drilling from underground. The intent of the drilling is to enable potentially increasing confidence in the resources in the Rupsi deposit, with upgrading of some material from an Inferred category to an Indicated category.

A summary breakdown of this work program is presented below, along with associated estimated costs expected to total approximately 4.6 M USD (Table 1-2).

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Table 1-2. Proposed Budget** | |
| &nbsp;&nbsp;**Work Planned**<br>&nbsp;&nbsp; | **Cost**<br>***M USD*** |
| &nbsp;&nbsp;Extension of Rupsi Tunnel (1 km) | 3.4 |
| &nbsp;&nbsp;Diamond drilling (~10,000 m) | 1.2 |
| &nbsp;&nbsp;**Total** | **4.6** |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **16** |

---

---

| | |
|:---|:---|
| **2** | **INTRODUCTION** |

---

**2.1** **Author** 

This report was prepared by qualified person (QP) Adam Wheeler (C. Eng, Eur Ing, Fellow, Institute of Materials, Minerals and Mining) – herein referred to as the Author. He is an independent mining consultant, who was contracted to present an updated mineral resource estimate that has an effective date of February 20th, 2025. The Author 's involvement with Sulitjelma started in 2021. A summary of the Author's site visit and personal inspections is shown below:

2<sup>nd</sup> December 2024 (1 Day). Inspection of underground workings and surface infrastructure. 3<sup>rd</sup> December 2024 (1 Day). Inspection of drill core at the NGU facilities in Løkken, on

**2.2** **Terms of Reference** 

This independent Technical Report was commissioned by the Issuer, Blue Moon Metals Inc., in connection with its acquisition of Nye Sulitjelma Gruver AS (NSG), and completed by the Author, an independent mining consultant. Blue Moon, Nussir ASA ("Nussir") and NSG announced that they have entered into separate share purchase agreements on December 19, 2024, pursuant to which Blue Moon agreed to acquire all of the issued and outstanding common shares of Nussir and NSG. Both Nussir and NSG are private Norwegian companies with properties in northern Norway. Upon closing, Blue Moon acquired a 93.55% interest in Nussir for US$51.7M and a 100% interest in NSG for US$12M, both of which were satisfied in common shares of Blue Moon (the "Blue Moon Shares") at a deemed price of C$0.30 per Blue Moon Share. Former NSG shareholders will also receive US$3M in cash milestone payments (the "Cash Milestone Payments") related to permitting for tailings discharge followed by receipt of the operating permit for the Sulitjelma Project. For additional details, please refer to Blue Moon's news releases dated November 27, 2024, December 19, 2024 and February 27, 2025 (available on Blue Moon's profile in SEDAR+ at www.sedarplus.ca).

The Author was previously retained by NSG to provide initial resource estimations during 2021 and 2022. The mineral resource estimate presented herein has used block models generated from these periods, but with the evaluation updated to provide results according to 43-101 guidelines.

The Author has subsequently been retained by Blue Moon to provide an independent Technical Report on the Mineral Resource estimate for the Sulitjelma Project that meets the provisions of CIM - Standards of Disclosure for Mineral Projects. The purpose of this current report is to provide an independent Technical Report in conformance with the standards required by NI 43-101 and Form 43-101F1. The estimate of mineral resources contained in this report conforms to the CIM Mineral Resource and Mineral Reserve definitions (May 2014) referred to in NI 43-101.

Based on the Property visits and review of the available literature and data, the Author takes responsibility for the information herein.

This Report is a compilation of proprietary and publicly available information. In support of the technical sections of this Report, the Author has independently reviewed reports, data, and information derived from work compiled by NSG as well as relevant geological publications, as listed in Section 27. These were used to verify background geological information regarding the regional and local geological setting and mineral deposit potential of the Property. The Author has deemed these reports, data, and information to be valid contributions, to the best of his knowledge. In addition to the site visit, Adam Wheeler reviewed available literature and documented results concerning the project and held discussions with technical personnel of Blue Moon.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **17** |

---

**2.3** **Units and Currency** 

All measurement units used in this report are metric, and currency is expressed in US Dollars, unless stated otherwise. A conversion rate of 10.45 Norwegian NOK to 1 USD has been used.

---

| | |
|:---|:---|
| **3** | **RELIANCE ON OTHER EXPERTS** |

---

**3.1** **Ownership** 

The Author has worked on the Sulitjelma project since 2021 and is familiar with the relevant license areas. The Author has directly accessed the on-line Norwegian mapping archive system Kartverket, which shows the extent and identification of mineral licenses throughout Norway. The Author has also cross-checked the online information with data sent to him from NSG contained in a third-party legal opinion from Simonsen Vogtwiig written by Mona Soyland, dated February 25<sup>th</sup>, 2025, which was e-mailed to the Author. This comparison has confirmed the Author's view with respect to the validity of the mineral title for tenure for Sulitjelma project, noting that the Author is not qualified to express a legal opinion in respect to property titles, current ownership, and other related legal matters, associated with the Sulitjelma project. It is further described in Section 4.2 of this report.

**3.2** **Taxes** 

The Author has relied on Blue Moon for guidance on applicable taxes, royalties, and other government levies or interests, applicable to revenue or income from the Project. This information was provided by an internal document on January 22<sup>nd</sup>, 2025, from Blue Moon's legal advisors, Simonsen Vogtwiig, written by Mona Soyland. The Author is not qualified to express an opinion regarding taxation in respect to the Sulitjelma project. This information has been further described in Section 4.3 of this report. However, as this report is focussed on the mineral resource estimate only, with no economic analysis, this tax information does not affect the mineral resource estimation results but have been presented to give a full disclosure of these economic parameters.

---

| | |
|:---|:---|
| **4** | **PROPERTY DESCRIPTION AND LOCATION** |

---

**4.1** **Location** 

The Sulitjelma Project is located in Northern Norway, at Latitude 67<sup>o</sup> 8' 11'' and Longitude 16<sup>o</sup> 4' 30''. It is approximately 74 km due east of the city of Bodø on the west coast of Norway and it is approximately 14 km west of the border between Norway and Sweden. Sulitjelma Project is approximately 31 km east of the portal town of Fauske, and approximately 31 km to the south-east of the Straumen container port.

The position of Sulitjelma Project is shown in Figure 4-1 and Figure 4-2.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **18** |

---

**Figure 4-1. Overall Map of Sulitjelma Location**

![](tm2533647d1_ex43sp1img001.jpg)

**Figure 4-2. Northern Norway Map of Sulitjelma Location**

![](tm2533647d1_ex43sp1img002.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **19** |

---

**4.2** **Licenses** 

The main license areas held by NSG are shown in Figure 4-2 and they are summarised in Table 4-1. All the deposits in the current study are covered either by the Mining Rights or Exploration Rights licenses referenced herein; noting that all the licenses listed in Table 4-1 relate to minerals that contain copper, zinc, gold or silver. The licenses are all registered within the Fauske Kommune, in the county of Nordland. The Project covers approximately 4,980 hectares in total, of which 624 hectares are covered by NSG's Mining Rights.

NSG does not currently own any property or land. However, they have an option to buy the old mine buildings and its associated land from the local community.

The company VMS Exploration have Exploration Rights licenses that overlap the NSG's licenses, but they do not have any Mining Rights licenses in the Sulitjelma area.

**Table 4-1. Summary of License Areas**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name</u>** | &nbsp;&nbsp;**<u>License Code</u>** | **<u>Type of rights</u>** | **<u>Holder</u>** | **<u>Expiration Date</u>** | **<u>Area m</u><sup>2</sup>** |
| &nbsp;&nbsp;**Hankabakken 1** | &nbsp;&nbsp;**0009-1/2012** | Mining rights | Sulitjelma Mineral AS | 2028-12-31 | 203000 |
| &nbsp;&nbsp;**Hankabakken 2** | &nbsp;&nbsp;**0010-1/2012** | Mining rights | Sulitjelma Mineral AS | 2028-12-31 | 146596 |
| &nbsp;&nbsp;**Hankabakken 3** | &nbsp;&nbsp;**0011-1/2012** | Mining rights | Sulitjelma Mineral AS | 2028-12-31 | 111264 |
| &nbsp;&nbsp;**Hankabakken 4** | &nbsp;&nbsp;**0012-1/2012** | Mining rights | Sulitjelma Mineral AS | 2028-12-31 | 71890 |
| &nbsp;&nbsp;**Hankabakken 5** | &nbsp;&nbsp;**0013-1/2012** | Mining rights | Sulitjelma Mineral AS | 2028-12-31 | 500000 |
| &nbsp;&nbsp;**Giken/Charlotta 1** | &nbsp;&nbsp;**0014-1/2012** | Mining rights | Sulitjelma Mineral AS | 2028-12-31 | 1000000 |
| &nbsp;&nbsp;**Giken/Charlotta 2** | &nbsp;&nbsp;**0015-1/2012** | Mining rights | Sulitjelma Mineral AS | 2028-12-31 | 500000 |
| &nbsp;&nbsp;**Rupsi** | &nbsp;&nbsp;**0016-1/2012** | Mining rights | Sulitjelma Mineral AS | 2028-12-31 | 1000000 |
| &nbsp;&nbsp;**Sagmo 1** | &nbsp;&nbsp;**0017-1/2012** | Mining rights | Sulitjelma Mineral AS | 2028-12-31 | 140012 |
| &nbsp;&nbsp;**Sagmo 2** | &nbsp;&nbsp;**0018-1/2012** | Mining rights | Sulitjelma Mineral AS | 2028-12-31 | 448000 |
| &nbsp;&nbsp;**Diamanten A** | &nbsp;&nbsp;**0016-1/2015** | Mining rights | Sulitjelma Mineral AS | 2029-12-31 | 1000000 |
| &nbsp;&nbsp;**Sagmo 3** | &nbsp;&nbsp;**0009/2023** | Mining rights | Nye Sulitjelma Gruver AS | 2033-12-31 | 900000 |
| &nbsp;&nbsp;**Sagmo 4** | &nbsp;&nbsp;**0010/2023** | Mining rights | Nye Sulitjelma Gruver AS | 2033-12-31 | 10000 |
| &nbsp;&nbsp;**Sagmo 5** | &nbsp;&nbsp;**0011/2023** | Mining rights | Nye Sulitjelma Gruver AS | 2033-12-31 | 210000 |
| &nbsp;&nbsp;**Sagmo 1** | &nbsp;&nbsp;**0125/2022** | Exploration rights | Nye Sulitjelma Gruver AS | 2029-12-31 | 3000000 |
| &nbsp;&nbsp;**Sagmo 2** | &nbsp;&nbsp;**0126/2022** | Exploration rights | Nye Sulitjelma Gruver AS | 2029-12-31 | 357056 |
| &nbsp;&nbsp;**Sagmo 3** | &nbsp;&nbsp;**0127/2022** | Exploration rights | Nye Sulitjelma Gruver AS | 2029-12-31 | 868000 |
| &nbsp;&nbsp;**Sagmo 5** | &nbsp;&nbsp;**0129/2022** | Exploration rights | Nye Sulitjelma Gruver AS | 2029-12-31 | 91000 |
| &nbsp;&nbsp;**Sagmo 7** | &nbsp;&nbsp;**0131/2022** | Exploration rights | Nye Sulitjelma Gruver AS | 2029-12-31 | 10000000 |
| &nbsp;&nbsp;**Avilon 1** | &nbsp;&nbsp;**0124/2022** | Exploration rights | Nye Sulitjelma Gruver AS | 2029-12-31 | 6000000 |
| &nbsp;&nbsp;**Sulitjelma 1** | &nbsp;&nbsp;**0132/2022** | Exploration rights | Nye Sulitjelma Gruver AS | 2029-12-31 | 3000000 |
| &nbsp;&nbsp;**Sulitjelma 10** | &nbsp;&nbsp;**0133/2022** | Exploration rights | Nye Sulitjelma Gruver AS | 2029-12-31 | 5000000 |
| &nbsp;&nbsp;**Sulitjelma 2** | &nbsp;&nbsp;**0134/2022** | Exploration rights | Nye Sulitjelma Gruver AS | 2029-12-31 | 1000000 |
| &nbsp;&nbsp;**Sulitjelma 3** | &nbsp;&nbsp;**0135/2022** | Exploration rights | Nye Sulitjelma Gruver AS | 2029-12-31 | 5000000 |
| &nbsp;&nbsp;**Sulitjelma 4** | &nbsp;&nbsp;**0136/2022** | Exploration rights | Nye Sulitjelma Gruver AS | 2029-12-31 | 500000 |
| &nbsp;&nbsp;**Sulitjelma 5** | &nbsp;&nbsp;**0137/2022** | Exploration rights | Nye Sulitjelma Gruver AS | 2029-12-31 | 2000000 |
| &nbsp;&nbsp;**Sulitjelma 6** | &nbsp;&nbsp;**0138/2022** | Exploration rights | Nye Sulitjelma Gruver AS | 2029-12-31 | 1000000 |
| &nbsp;&nbsp;**Sulitjelma 7** | &nbsp;&nbsp;**0139/2022** | Exploration rights | Nye Sulitjelma Gruver AS | 2029-12-31 | 217250 |
| &nbsp;&nbsp;**Sulitjelma 8** | &nbsp;&nbsp;**0140/2022** | Exploration rights | Nye Sulitjelma Gruver AS | 2029-12-31 | 4000000 |
| &nbsp;&nbsp;**Sulitjelma 9** | &nbsp;&nbsp;**0141/2022** | Exploration rights | Nye Sulitjelma Gruver AS | 2029-12-31 | 1750000 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **20** |

---

**Figure 4-3. Plan of License Areas - Overall**

*[Source: Norwegian Directorate of Mining]*

![](tm2533647d1_ex43sp1img003.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **21** |

---

**Figure 4-4. Plan of License Areas – North**

![](tm2533647d1_ex43sp1img004.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **22** |

---

**Figure 4-5. Plan of License Areas – South**

![](tm2533647d1_ex43sp1img005.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **23** |

---

**4.3** **Fees and Royalties** 

Under the Norwegian Minerals Act, metals with a specific gravity of 5 g/cm³ or higher, including copper and zinc, are classified as state-owned minerals. These metals, which are of primary economic interest at Sulitjelma Project, require compensation to the state through payment of yearly fees to uphold the extraction and exploration permits. The fees are calculated based on the size of the areas in question and must be paid within 15th January each year.

Further, all extraction of state-owned minerals requires payment of an annual fee of 0.5% of the sales value of the extracted minerals to the landowner. In addition, an increased landowner fee of 0.5% is mandated for projects in Nordland County.

Blue Moon must pay a fee equivalent to 0.75% of the sales value of extracted minerals. The basis for calculating the fee will in general be the extractor's sales revenue (excluding VAT) from the sale of extracted quantities and quantities that potentially have sales value, but which the extractor processes on their own or otherwise utilizes without making a sale. The annual fee will be due for payment by March 31 of the following year.

**4.4** **Environmental Liabilities** 

The Sulitjelma project currently has no environmental liabilities, since any impact from historical mining operations rest with the Norwegian Government.

A permit for restart of initial mining activities must be acquired to conduct the exploration work described in Section 26.3. This permit has been applied for and the status of this application is expected during 2025. Apart from this, the Author is not aware of any other significant factors and risks that may affect access, title, or the right or ability to perform work on the property.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **24** |

---

---

| | |
|:---|:---|
| **5** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY** |

---

**5.1** **Accessibility** 

There is an International Airport in Bodø on the west coast, with national and international flights daily. Bodø is 91 km by road to Sulitjelma. The European Highway E6 goes through the Municipal Center of Fauske. From here the regional #630 road goes eastward to Sulitjelma (38 km). This road is built for transport and is of a high standard and asphalted.

Established container port of Straumen can accommodate large ships and has weekly port calls. Straumen is a 54 km drive from Sulitjelma. The port in Fauske can be used for larger ships.

Fauske and Straumen are both ice-free during winter, making sea transport of supplies and export of concentrate directly to and from the site possible year-round.

**5.2** **Site Description** 

Sulitjelma is an old mining village, in Fauske Municipality in Nordland County, Norway. It is situated in a lush inland valley at an elevation of 140 metres (460 ft) above sea level. Most of the existing residences as well as the old mine infrastructure is located on the north and eastern banks Langvatnet lake. The lakes Lomivatnet, Kjelvatnet and Muorkkejávrre are located to the east and south of the village.

The 0.53-square-kilometre (130-acre) village of Sulitjelma has a population (2023) of 399.

Sulitjelma is virtually surrounded by mountains and glaciers. Sulitjelma is at the southern terminus of the Nordkalottruta hiking trail. There is a road connection to the town of Fauske, which is located approximately 31 km to the west. Winters in Sulitjelma have reliable snow cover that are on average 2 °C colder than in the town of Fauske. Sulitjelma Church and Sulitjelma Chapel are both located in the village. There are many historical mines in the area.

Most of the entrances to the historical mining areas are from horizontal adits heading north off the northern bank of Langvann lake. There are also the historical Sagmo mine workings approximately 2 km south of the lake. Plans of local Sulitjelma area, relative to the historical mine workings and old plant infrastructure, are shown in Figure 5-1 and Figure 5-2. The topography rises at about 10 degrees on the south side of the lake, and at about 27 degrees on the north side.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **26** |

---

**Figure 5-1. Plan of Local Sulitjelma Area**

![](tm2533647d1_ex43sp2img001.jpg)

**Figure 5-2. Plan of Sulitjelma and Old Mine Workings**

![](tm2533647d1_ex43sp2img002.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **27** |

---

**5.3** **Climate** 

Sulitjelma Project is located inside the Arctic Circle and has 24-hours of daylight from early May to the beginning of August with midnight sun between the beginning of June to the second week of July. The area has polar night for part of December because it has sunrise at 11 am and sunset before noon each day.

Average 24-hour temperatures at Sulitjelma Project range from -5<sup>o</sup> C in February to approximately from 12<sup>o</sup> C in July. Moderate summer temperatures normally last from May to September. Daytime temperatures are usually significantly warmer than the 24-hr average from March to September, while there is very little diurnal temperature variation from November to early February, as the sun is very low or below the horizon most of the day.

Precipitation is heaviest from September to March, often as snow, typically over 130 mm a day in this period. The average annual precipitation is approximately 1 m.

The Project is operable year-round.

**5.4** **Local Resources** 

There is a small local tourist industry in Sulitjelma, with a mining museum and trips along one of the remaining mine tunnels. Sulitjelma is at the southern terminus of the Nordkalottruta hiking trail. There is production of sapphire glass at the industrial area in Sandnes, near to the old processing plant.

The Langvann lake is a potential location for future tailings placement.

The town of Fauske, 31 km to the west, has a population of approximately 10,000 and it has many different types of manufacturing companies.

**5.5** **Infrastructure** 

There is paved road access all the way to Sulitjelma. There are still many buildings and infrastructure on site, from the former mining operations, that could be useful for any restart of mining operations. NSG have the exclusive right to buy the former process plant at a very low price. Along with the permit for restart of mining operations (which has been applied for) this will give NSG sufficient surface rights for mining and processing operations, as well as access to water, power and potential waste and tailings disposal areas.

Outotec completed a historical Preliminary Feasibility Study on Sulitjelma in 2013. This included cost estimation of developing a new plant. Outotec visited the site twice during this period, and concluded that the old process buildings remain in relatively good condition, and a new processing plant could be developed using existing conveyor tunnels and premises with only minor adjustments, such as drilling holes and grouting.

For mobile telecommunications there is a 5G network widely available in the Mine area and Fauske.

There is a local hospital in Fauske (31 km east of Sulitjelma) and a regional hospital in Bodø (74 km due east of Sulitjelma).

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **28** |

---

The main industries in Fauske include tourism, energy, marble and dolomite quarries. The main industries in Bodø include energy, construction and aviation.

**5.6** **Power Supply** 

High voltage power lines are available on site, supplied by multiple hydroelectric power stations in the area. A plan of the local hydroelectric power stations is shown in Figure 5-4. A plan of the power lines and transformers is shown in Figure 5-5. The approximately W-E lines are 110-170 kV, and the approximately north-south lines are 32 – 66 kV.

In Sulitjelma, 1,072 GWh is produced annually (average production) from 5 power plants, all owned by Salten Kraftsamband (SKS). Most of the power is surplus power that is exported from Sulitjelma. Local distribution takes place via a transformer station close to the old flotation building at the Sandnes industrial area. From here, the power is distributed internally into Sulitjelma mainly through 5 kV overhead lines..

**5.7** **Water Supply** 

There are existing facilities for process water and potable water at site. The process water comes from the outlet water from hydropower and could be used as a supply for a processing plant. The local water supply at Sandnes, in and around the old processing plant area, is shown in Figure 5-3.

**Figure 5-3. Plan of Sandnes Water Supply**

![](tm2533647d1_ex43sp2img003.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **29** |

---

**Figure 5-4. Plan of Hydroelectric Power Plants in Sulitjelma Area**

![](tm2533647d1_ex43sp2img004.jpg)

**Figure 5-5. Plan of Power Lines and Transformers in Sulitjelma Area**

![](tm2533647d1_ex43sp2img005.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **30** |

---

---

| | |
|:---|:---|
| **6** | **HISTORY** |

---

**6.1** **Mining History** 

There have been historical mineral resources and mineral reserves that led to historical production at the Sulitjelma Project. Blue Moon is not treating any historical estimates as current mineral reserves or mineral resources.

The Author of this report has not done sufficient work to classify any historical estimate associated with the Sulitjelma Project, as either current mineral reserves or mineral resources. If the Author has referred to any historical estimates, the reader is cautioned not to treat them, or any part of them, as current. The historical production summarized below are included simply to provide the reader with a complete history of the Sulitjelma Project, which has been producing and selling metal into the marketplace since 1896 (see Table 6-1). The Author of this report has reviewed the information in this section, as well as that within the cited references, and the Author has determined that it is suitable for disclosure.

All stakeholders are cautioned that none are considered current and therefore should not rely on them due to being superseded by the mineral resource estimate of this report.

Copper has been mined in Norway for several hundred years, noting the first documented copper mine being the Verlohme Sohn Mine in Kongsberg 1490.

The first deposit discovered in Sulitjelma Project area was found by a Lapp, Mons Petter, in 1858. The Swedish consul Nils Persson was granted a mining lease in 1886, and after initial investigations and preliminary mining in1887, he established a mining company in 1891, the Sulitjelma Aktiebolag. The mines in the Sulitjelma Project area became the largest mining enterprise in Norway of the 20th century, with an estimate of 75,000-man years of labour. The largest number of employees was reached in 1913, amounting to 1,750. The company was reorganized in 1933, under the name of A/S Sulitjelma Gruber, and from 1937 the major shareholders were Norwegians. In 1931, a 50-year mining licence was established. In 1965, Elkem bought up to 90% ownership. In 1983, the Elkem decided that they did not want to continue mining due to low copper prices (below NOK 10/kg) and a lack of mining investment. Copper smelting ceased in 1987, which was followed by cessation of mining operations on June 28, 1991. Over the production history, the mines of Sulitjelma Project produced copper, zinc and sulphur, mining 26 Mt of ore, with average grades of 1.8% Cu, 0.82% Zn and 20% S.

The copper concentrates and blister copper produced at the site might also yield some future potential benefits with respect to gold and silver. It appears that there has been no follow-up metallurgical work undertaken since this finding to further the understanding of both gold and silver in the VMS deposits that compose the Sulitjelma Project.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **31** |

---

**Table 6-1. Sulitjelma Mine Production Summary**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Grades** | **Grades** | **Grades** | **Content** | **Content** | **Content** | |
| <br>**Mine Unit** | <br>**Start**<br>***Year*** | <br>**Stop**<br>***Year*** | <br>**Tonnes**<br>***Mt*** | <br>**Cu**<br>*%*** | <br>**Zn**<br>*%*** | <br>**S**<br>*%*** | <br>**Cu**<br>***Kt*** | <br>**Zn**<br>***Kt*** | <br>**S**<br>***Kt*** | **Production**<br>**Rate**<br>***Ktpa*** |
| **Jakobsbakken** | 1896 | 1968 | 4.47 | 1.55 | 2.42 | 31.0 | 69 | 108 | 1385 | 62 |
| **Mons Petter** | 1887 | 1912 | 0.04 | 2.78 |  | 28.6 | 1 |  | 11 | 2 |
| **Giken 1** | 1892 | 1973 | 3.19 | 2.50 | 0.76 | 23.8 | 80 | 24 | 760 | 39 |
| **Mons Petter 2** | 1975 | 1986 | 2.02 | 1.75 | 0.49 | 21.1 | 35 | 10 | 426 | 184 |
| **Anna** | 1908 | 1923 | 0.03 | 3.86 |  | 20.4 | 1 |  | 6 | 2 |
| **Ny-Sulitjelma** | 1893 | 1965 | 2.59 | 1.99 | 0.55 | 20.2 | 51 | 14 | 522 | 36 |
| **Sagmo** | 1906 | 1987 | 1.94 | 1.70 | 0.42 | 19.8 | 33 | 8 | 385 | 24 |
| **Charlotta 1** | 1894 | 1971 | 1.15 | 2.31 | 0.60 | 19.0 | 27 | 7 | 219 | 15 |
| **Holmsen/Gudrun** | 1912 | 1961 | 0.71 | 1.49 | 0.55 | 18.4 | 11 | 4 | 130 | 14 |
| **Furuhaugen** | 1896 | 1921 | 0.37 | 1.65 |  | 17.5 | 6 |  | 65 | 15 |
| **Giken 2** | 1961 | 1991 | 3.29 | 1.81 | 0.45 | 16.2 | 60 | 15 | 533 | 110 |
| **Sture** | 1904 | 1959 | 0.25 | 1.66 | 0.53 | 16.2 | 4 | 1 | 40 | 5 |
| **Charlotta 2** | 1961 | 1990 | 1.83 | 1.79 | 0.49 | 15.9 | 33 | 9 | 291 | 63 |
| **Hankabakken 1** | 1901 | 1981 | 1.29 | 1.44 | 0.41 | 15.1 | 19 | 5 | 195 | 16 |
| **Helsingborg** | 1908 | 1909 | 0.00 | 1.54 |  | 14.4 | 0.02 |  | 0.14 | 1 |
| **Palmberg 1** | 1917 | 1943 | 0.04 | 1.10 | 0.50 | 13.4 | 0.47 | 0.22 | 6 | 2 |
| **Hankabakken 2** | 1963 | 1988 | 0.89 | 1.22 | 0.24 | 12.3 | 11 | 2 | 109 | 36 |
| **Bursi** | 1902 | 1981 | 1.96 | 1.49 | 0.31 | 12.1 | 29 | 6 | 237 | 25 |
| **Total** | **1887** | **1991** | **26.06** | **1.80** | **0.82** | **20.4** | **470** | **214** | **5320** | **251** |

---

**6.2** **Exploration** 

An Australian exploration company, Drake Resources, conducted exploration activities in the Sulitjelma Project area between 2014 and 2015. Initial work involved a 2014 airborne geophysical ("VTEM") survey, which enabled identification of priority copper/zinc targets. The priority targets were then groomed through ground-based electromagnetic (EM) geophysics survey, as well as taking samples from outcrops as well as from an individual mine dump, as summarised in Table 6-2. These geophysics survey limits are shown in Figure 6-1.

**Table 6-2. Summary of Drake Exploration Sample Results**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Sample**<br>**Number** | **Sample Type** | **Weight**<br>**Kg** | **Easting** | **Northing** | **Cu%** | **Zn%** | **Pb%** | **Ag**<br>**ppm** |
| **SJV0010** | Outcrop grab | 0.84 | 540871 | 7448410 | 0.84 | 0.03 | 0 | 2 |
| **SJV0011** | Outcrop grab | 0.67 | 556221 | 7443696 | 0.77 | 0.32 | 0 | 1 |
| **SJV0012** | Outcrop grab | 1.18 | 556201 | 7443694 | 0.32 | 0.10 | 0 | 1 |
| **SJV0013** | Mine dump grab | 0.76 | 545121 | 7448850 | 0.89 | 1.68 | 0.01 | 7 |
| **SJV0014** | Mine dump grab | 1.05 | 543440 | 7442355 | 0.34 | 0.02 | 0.67 | 45 |
| **SJV0015** | Mine dump grab | 1.72 | 543440 | 7442355 | 0.17 | 0.06 | 3.77 | 224 |
| **SJV0016** | Mine dump grab | 2.11 | 543440 | 7442355 | 0.20 | 0.02 | >10.00 | 645 |
| **SJV0017** | Mine dump grab | 1.29 | 543440 | 7442355 | 1.61 | 0.82 | 2.46 | 104 |
| **SJV0018** | Mine dump grab | 1.3 | 549493 | 7447319 | 4.40 | 1.19 | 0.05 | 24 |
| **SJV0019** | Mine dump grab | 1.52 | 549493 | 7447319 | 1.95 | 1.66 | 0.08 | 21 |

---

In 2014, exploration work was also carried out in the Diamanten area, which is approximately 10km south of the Sagmo deposit, as also shown in Figure 6-1. 10 samples were taken from 3 drill holes, with one sample assaying 4.7% Cu. The Diamanten area is untouched by mining, and it is within one of NSG's mining licenses.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **32** |

---

**Figure 6-1. Plan of VTEM Survey Extents – Drake Exploration 2014**

![](tm2533647d1_ex43sp2img006.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **33** |

---

**6.3** **Recent Project Developments** 

The company Nye Sulitjelma Gruver ("NSG") was established in 2011. The mining rights for the Nordgruvefeltet and Sagmo areas were secured by NSG in 2012.

A regulation plan was developed for the area in 2016, with a focus on impact assessment, which was approved by the Fauske municipality. In 2020, an application was made for a permit for a restart of initial mining activities in accordance with the Pollution Act and sent to the Norwegian Environment Agency. The status of this application is expected this year. Further project developments are summarised below:

---

| | |
|:---|:---|
| 2020 | - Start of current mineral resource estimation project work. |
| 2021.0 | - Start of planning for initial mining area and waste rock deposition. |
|  | - Acquisition of Sulitjelma Mineral (the previous owners) by NSG. |
|  | - NSG categorised as "pilot project" in Nordland County. |
| 2022.0 | - More detailed planning of Rupsi tunnel and exploration drilling. |
|  | - Request made for potential electric power demand of 10MW capacity. |
| 2023.0 | - Application to Directorate for Minerals for extension of Rupsi tunnel. NSG have received basic agreement and are expecting formal declaration. |
| 2024.0 | - Detailed Zoning Plan made for Rupsi and Avilon. Avilon is 300 m away for waste deposition. The focus of this zoning plan includes the areas shown in Figure 6-2. |

---

**Figure 6-2. Main Areas in Project Development**

![](tm2533647d1_ex43sp2img007.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **34** |

---

---

| | |
|:---|:---|
| **7** | **GEOLOGICAL SETTING AND MINERALISATION** |

---

**7.1** **Regional Geology** 

The stratigraphic sequence, which contains many Scandinavian pyritic deposits, lies in the middle and upper Köli nappes of the upper allochthon, part of the Caledonide orogen, a belt of lower Paleozoic rocks extending some 2,000 km along the western margin of the Scandinavian peninsula. The geographic location of Sulitjelma and its position within the Caledonides is shown in Figure 7-1.

The Sulitjelma region is underlain by a granitic gneiss basement of Precambrian age, which is exposed in several tectonic windows. This basement is a continuation of the Precambrian of the adjoining Baltic Shield. The Caledonian rocks above this basement are relatively thin and have been divided into several structural units, separated by early thrusts and affected by later metamorphism and folding.

**Figure 7-1. Simplified Map of Scandinavian Caledonides**

![](tm2533647d1_ex43sp2img008.jpg)

In the Sulitjelma region two nappe units have been distinguished (Figure 7-2 and Figure 7-3), of which the upper one, a varied series of metasediments, is termed the Sulitjelma Schist Sequence. The lower unit consists of amphibolites above calcareous schists and phyllites.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **35** |

---

**Figure 7-2. Outline Geological Map Scandinavian Caledonides**

[Compiled by Nicholson (1969), 66<sup>o</sup>N to 68<sup>o</sup>N]

![](tm2533647d1_ex43sp2img009.jpg)

**Figure 7-3. Profile Between Bodø and Sulitjelma**

[ Compiled by Nicholson (1969), Ref A-A' from Figure 7-2]

![](tm2533647d1_ex43sp2img010.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **36** |

---

**7.2** **Local Geology** 

A plan of the surface geology for the Sulitjelma Project area is shown in Figure 7-5. The Furulund Group and the Sulitjelma amphibolites contain the volcanogenic massive sulphide ("VMS") mineralisation. The lithology of Furulund Group consists of calcareous phyllites and schists, very well-banded and in parts rich in garnet and hornblende. The group includes basic intrusions, which are now metadolerites with coarse-grained interiors and highly deformed margins.

The Sulitjelma Project area deposits are located at the junction of a dominantly basaltic sequence, the Otervatn Volcanic Formation, with the overlying thick sedimentary unit: the Furulund Group. This basaltic segment forms the extrusive portion of the Sulitjelma Ophiolite Complex (Boyle, 1989) shown in Figure 7-4. The Sulitjelma Gabbro Complex and the sheeted Mietjerpakte Intrusive Complex have been interpreted by Boyle (1980) as the intrusive and hypabyssal portions. The stratigraphic and igneous relations of the rocks of the area have been reviewed and a model for the emplacement of the Sulitjelma fold nappe presented by Boyle (1987). Geochemical studies by Boyle (1982, 1989) and Cook (1987) have been interpreted to show that the Sulitjelma Ophiolite Complex represents a fragment of ensialic marginal basin which closed and was obducted during the Scandian orogenic phase and emplaced as a large-scale fold nappe (Figure 7-6).

The stratigraphy of the Sulitjelma Project area has undergone amphibolite-grade metamorphism. Polyphase penetrative deformation of the sequence has resulted in widespread stratigraphic inversion. This has led the actual stratigraphy shown in Figure 7-7, as well as the relative positions of mineralised zones shown in the section in Figure 7-6. The plan locations of the main deposits are shown in Figure 7-5.

**Figure 7-4. Stratigraphy of Sulitjelma Ophiolite Complex – Pre-Folding/Faulting**

[After] Boyle (1987)]

![](tm2533647d1_ex43sp2img011.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **37** |

---

**Figure 7-5. Simplified Geology Plan of Sulitjelma Area**

[After Cook et al 1990]

![](tm2533647d1_ex43sp2img012.jpg)

**Figure 7-6. Profile of Sulitjelma Fold Nappe**

[After Boyle, 1987]

![](tm2533647d1_ex43sp2img013.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **38** |

---

**Figure 7-7. Stratigraphic Column of Sulitjelma in Northern Mineralisation Area**

![](tm2533647d1_ex43sp2img014.jpg)

**Figure 7-8. S-N Profile Across Langvann Antiform**

![](tm2533647d1_ex43sp2img015.jpg)

**7.3** **Mineralisation** 

The deposits are interpreted as being originally formed at a single stratigraphic interval on the Ordovician seafloor (Cook et al, 1990), which fits the VMS genetic model. Each deposit has a well-developed subjacent zone of hydrothermal alteration, in which the core of each alteration zone appears to be abnormally enriched in potassium relative to the surrounding strata. The core of these alteration zones is typically enveloped by a chloritic alteration zone characterized by an increasing Fe/(Fe d- Mg) ratio away from the deposit.

Distinct sulphide mineralization facies are recognized as products of primary hydrothermal alteration, regional amphibolite--grade metamorphism, and accompanying penetrative tectonic deformation. Metals in these zones of hydrothermal alteration are interpreted as having resulted from leaching from the enclosing basalts, which display widespread physical and chemical effects of hydrothermal leaching. The widespread brecciation associated with the deposits can partly be explained by tectonism; it may also be evidence of a cyclic catastrophic stage during the evolution of the sea-floor hydrothermal system.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **39** |

---

The Sulitjelma Gabbro Complex shows textural features in accordance with rapid cooling by seawater and it is believed that a subvolcanic intrusion represents the heat source which drove the hydrothermal convection cell.

The highly altered geochemistry of the main lithologies, due to hydrothermal alteration, and the widespread presence of chlorite as the major silicate mineral makes them distinctive and readily recognizable at surface outcrop. The chloritization is either due to widespread retrograde metamorphism to greenschist grade or to abnormal fluid conditions during prograde metamorphism which prevented the crystallization of Ca amphiboles. Small but distinct, although somewhat erratic, dispersal halos of trace elements exist in the strata-bound horizons of chloritic alteration and extend up to 300 m away from the deposits. Zn, Pb, Co, Ag, Cd, As, Bi, and Se form the most readily detectable halos. The size and orientation of the halos are strongly controlled by structural deformation of the sequence.

Major minerals in the VMS deposits are pyrite, chalcopyrite, sphalerite, and pyrrhotite. Galena and arsenopyrite are minor minerals. The minerals typically contain metablastic pyrite in a matrix of chalcopyrite, sphalerite, and pyrrhotite, with the pyrite commonly displaying either cataclastic deformation textures or annealed to 120° triple junctions. The famous large, rounded pyrite crystals, 1 cm or larger, termed "durchbewe-gung" (through-movement) fabrics by early German workers, have been the subject of much interest. They have been interpreted as the results of the deformation which accompanied regional metamorphism and are aligned parallel to the schistosity of the enclosing rock. Gangue minerals include quartz, iron- and titanium-oxides, and locally, anhydrite.

Several of the deposits display variations in mineralogy, notably the Sagmo deposit, possessing more pyrrhotite than pyrite. At the Mons Petter deposit, there is a widespread, distinct facies of the mineralization composed of magnetite, pyrite and sphalerite. Grades of precious metals in all the deposits are generally low.

Differential mobilization of the mineralization induced by metamorphism and tectonism is recognized at various scales (Figure 7-9). Fold hinges within the mineralised zones typically display considerable enrichment of the more ductile sulphide phases, particularly chalcopyrite and pyrrhotite. The mineralization is often also thickened in the necks of the folds and thinned on the limbs. The mineralogy of the subjacent potassic zone is usually K-feldspar, biotite and albite, with varying proportions of quartz, albite, quartz, chlorite, hornblende, actinolite and sulphides.

**Figure 7-9. Example of Folding in Giken II Mineralisation**

[After Cook et al, 1990]

![](tm2533647d1_ex43sp2img016.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **40** |

---

---

| | |
|:---|:---|
| **8** | **DEPOSIT TYPE** |

---

The Sulitjelma Project area contains more than 20 different VMS deposits, which are recognised as stratiform, strata-bound pyritic Cu-Zn sulphide bodies, the products of volcanic-associated hydrothermal sedimentary exhalative formation. There are many shared characteristics of Cyprus-type VMS deposits such as being hosted by pillowed mafic volcanic rocks of ophiolitic affinity, examples of which include those in Cyprus itself, the Semail ophiolite in Oman and the Ergani district in Turkey.

These deposits are interpreted as having been originally formed at a single stratigraphic interval on the Ordovician seafloor. The stratigraphy of the Sulitjelma Project area has undergone amphibolite-grade metamorphism, and polyphase penetrative deformation of the sequence has resulted in widespread stratigraphic inversion, as well as overlapping of different parts of the original strata, giving what are now effectively different beds.

Each individual deposit is elongate or tabular in shape and is confined to a single stratigraphic interval and they are typically 500 to 1,200 m in length, 200 to 400 m in width, and from 1 to 15 m in thickness. In the northern ore field, these deposits are typically dipping from 10 to 45 degrees to the north-east. Each deposit lies on a distinct axis, most deposits in the northern field having long axes trending northwest-southeast. These lithologies, together with the deposits and enclosing envelopes of alteration, have been isoclinally folded by simple shear, such that they now appear stacked up within the stratigraphy, giving the appearance of multiple mineralised zones.

Each deposit has a well-developed subjacent zone of alteration, in which the core of each alteration zone appears to be abnormally enriched in potassium relative to the surrounding strata. The potassically enriched core is enveloped by a more typical chloritic alteration zone characterized by an increasing Fe/(Fe + Mg) ratio away from the deposit. There are distinct facies in the mineralization that are recognized as products of primary hydrothermal zonation, regional amphibolite-grade metamorphism, and accompanying penetrative tectonic deformation. The metals in the deposits are interpreted as having resulted from leaching of the enclosing basalts, which display widespread the physical and chemical effects of hydrothermal leaching.

Typically, the deposits are overlain by amphibolites or schists, with basalts of the Otervatn Volcanic Formation below. However, with the isoclinal folding and stratigraphic inversion, means that variations can occur, often with amphibolites both above and below the deposits.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **41** |

---

---

| | |
|:---|:---|
| **9** | **EXPLORATION** |

---

Blue Moon has not carried out any exploration work on the property. For a description of historical exploration work, refer to Section 6 - History.

---

| | |
|:---|:---|
| **10** | **DRILLING** |

---

Blue Moon has not carried out any drilling work on the property. This section provides a summary of all drilling, as well as all coring procedures relative to all work done by prior operators for the Sulitjelma Project.

A summary of historic drilling at Sulitjelma Project is shown in Table 10-1. The inventories of drill core stored at the Lokken facility contains 816 diamond drill holes, totalling 137,699 m. These drill holes were completed over period of 43-years between 1945 and 1988. Specifically, regarding the Sulitjelma Project area, 642 holes were completed, totalling 97,202 m, completed over a 36-year period between 1952 and 1988. From these holes, the inventory data records indicate that 41,155 m of this core is stored at Lokken, representing 42% of the drilled total.

The drilling database used for the mineral resource estimate described in this report contains 601 historic drill holes, totalling 78,144 m. The current mineral resource estimate is presented in Section 14 of this report with an effective date of February 20<sup>th</sup>, 2025.

The Author has not been able to verify the drilling methodologies for the Sulitjelma Project because of a loss of records by NSG. Similarly, the Author has not been able to verify the core logging procedures for the Sulitjelma Project for the same reason; however, the Author is confident that the appropriate information has been captured due to the review of databases and referencing back to stored drill core that was available for review. This includes information about lithology, alteration, mineralization, and structure, meaning in the opinion of the Author, the data was collected properly for use in a mineral resource estimation exercise.

**Table 10-1. Sulitjelma Drilling Summary**

---

| | | | |
|:---|:---|:---|:---|
|  | | | **Years** |
| | **Holes in**<br>**DB** | **Drilled**<br>**Length (m)** | **Years** |
| **All** | 816 | 137699 | 1945-1988 |
| **Areas Being Evaluated** | 642 | 97202 | 1952-1988 |
| **Current Database** | 601 | 78144 | 1952-1988 |

---

The drill core diameters of the completed drill holes in the Sulitjelma Project area are summarised in Table 10-2. The data related to 10 of the holes, within the currently evaluated areas, do not have a recorded core diameter.

**Table 10-2. Summary of Core Diameters**

---

| | | |
|:---|:---|:---|
| **Diameter (mm)** | **Holes** | **Proportion (%)** |
| **22** | 147 | 23% |
| **32** | 251 | 40% |
| **36 (BQ)** | 234 | 37% |
| **Total** | **632** | **100%** |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **42** |

---

Drillhole collar and orientation data for the regions in the current study are summarised in Table 10-3 to Table 10-7. The column BHID_Original shows the original drill names. The field BHID is the numeric identifier which been newly assigned in the current database.

The principal intersections selected for subsequent modelling are summarised in Table 10-8 to Table 10-11. The column TRUETHK shown is the true thickness of each intersection i.e. the derived perpendicular distance between the upper and lower boundaries of the mineralised zone being intersected.

An overall plan and sections of the drilling are shown in Figure 10-1 to Figure 10-4.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **43** |

---

**Table 10-3. Drill Hole Collars – Rupsi-Dypet (1 of 2)**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Collar Coordinates (m)** | **Collar Coordinates (m)** | **Collar Coordinates (m)** | | | | | | **Collar Coordinates (m)** | **Collar Coordinates (m)** | **Collar Coordinates (m)** | | | |
| **BHID <br> Original** | **BHID** | **Easting** | **Northing** | **Elev'n** | **Azimuth** <br> **(o)** | **Dip (o)** | **Length** <br> **(m)** | **BHID<br> Original** | **BHID** | **Easting** | **Northing** | **Elev'n** | **Azimuth** <br> **(o)** | **Dip (o)** | **Length** <br> **(m)** |
| **128B** | **1** | 543996 | 7449358 | 522.7 | 23.0 | 70.0 | 559.0 | **CH2-98B** | **72** | 545514 | 7448314 | -160.0 | 180.0 | 55.0 | 68.5 |
| **129** | **2** | 544627 | 7449585 | 691.0 | 0.0 | 90.0 | 957.6 | **CH2-99B** | **73** | 546121 | 7448308 | -269.0 | 80.0 | 40.0 | 81.6 |
| **130** | **3** | 544143 | 7449196 | 540.0 | 150.0 | 90.0 | 745.0 | **CH2-99C** | **74** | 546121 | 7448308 | -269.0 | 10.0 | 42.0 | 315.0 |
| **135** | **4** | 543857 | 7449742 | 600.7 | 360.0 | 86.0 | 740.0 | **CH2-99D** | **75** | 546119 | 7448308 | -269.0 | 10.0 | 35.0 | 342.6 |
| **136** | **5** | 543708 | 7449659 | 585.9 | 162.0 | 81.0 | 751.0 | **CH2-99E** | **76** | 546121 | 7448308 | -269.0 | 10.0 | 28.0 | 530.3 |
| **137** | **6** | 544026 | 7449599 | 618.9 | 360.0 | 86.0 | 760.0 | **CH2-99F** | **77** | 546121 | 7448308 | -269.0 | 10.0 | 14.5 | 207.3 |
| **149** | **7** | 544383 | 7449441 | 657.0 | 236.0 | 78.0 | 820.6 | **CH2-99G** | **78** | 546121 | 7448308 | -269.0 | 90.0 | 3.0 | 242.5 |
| **168** | **8** | 544183 | 7449483 | 623.3 | 360.0 | 75.0 | 750.0 | **CH2-99H** | **79** | 546121 | 7448308 | -269.0 | 320.0 | 38.0 | 250.0 |
| **180** | **9** | 543681 | 7449379 | 488.6 | 47.0 | 84.2 | 493.3 | **CH2-99I** | **80** | 546120 | 7448307 | -269.0 | 320.0 | 31.0 | 233.8 |
| **181** | **10** | 544166 | 7449682 | 652.4 | 0.0 | 81.0 | 775.0 | **CH2-99J** | **81** | 546120 | 7448307 | -269.0 | 45.0 | 35.0 | 105.0 |
| **182** | **11** | 544208 | 7449921 | 702.6 | 169.0 | 88.0 | 937.0 | **CH2-99K** | **82** | 546120 | 7448307 | -269.0 | 45.0 | 27.0 | 262.3 |
| **186** | **12** | 544094 | 7449846 | 661.2 | 297.0 | 85.0 | 826.0 | **CH2-100B** | **83** | 546029 | 7448299 | -269.0 | 190.0 | 41.0 | 34.4 |
| **205A** | **13** | 546487 | 7447774 | 584.0 | 338.0 | 56.0 | 313.5 | **GI2-81A** | **84** | 546983 | 7448478 | -406.0 | 222.0 | -55.0 | 49.2 |
| **207A** | **14** | 546348 | 7447867 | 605.0 | 336.0 | 59.0 | 657.8 | **GI2-81B** | **85** | 546988 | 7448481 | -406.0 | 42.0 | 55.0 | 79.8 |
| **207B** | **15** | 546348 | 7447868 | 606.0 | 3.0 | 66.0 | 697.9 | **GI2-82B** | **86** | 546895 | 7448228 | -269.0 | 166.0 | 33.0 | 26.6 |
| **208** | **16** | 547452 | 7448644 | 755.0 | 139.0 | 77.0 | 812.0 | **GI2-83B** | **87** | 546608 | 7448236 | -269.0 | 0.0 | 31.0 | 358.6 |
| **209** | **17** | 547644 | 7448436 | 717.0 | 147.0 | 83.0 | 663.0 | **GI2-83C** | **88** | 546608 | 7448236 | -269.0 | 0.0 | 38.0 | 164.5 |
| **Da-120A** | **19** | 543807 | 7449179 | 467.0 | 0.0 | 90.0 | 401.2 | **GI2-83D** | **89** | 546608 | 7448236 | -269.0 | 40.0 | 23.0 | 215.9 |
| **Da-120B** | **20** | 543807 | 7449179 | 467.0 | 45.0 | 60.0 | 452.1 | **GI2-83E** | **90** | 546608 | 7448236 | -269.0 | 40.0 | 25.0 | 109.4 |
| **Da-210A** | **21** | 543242 | 7449045 | 263.0 | 119.0 | 58.0 | 173.2 | **GI2-83F** | **91** | 546608 | 7448236 | -269.0 | 310.0 | 14.0 | 357.3 |
| **Da-210B** | **22** | 543242 | 7449045 | 263.0 | 81.0 | 33.0 | 252.0 | **GI2-83G** | **92** | 546608 | 7448236 | -269.0 | 328.0 | 17.0 | 266.6 |
| **Da-210C** | **23** | 543242 | 7449045 | 263.0 | 293.0 | 50.0 | 173.0 | **GI2-83H** | **93** | 546608 | 7448236 | -269.0 | 328.0 | 21.0 | 285.1 |
| **239** | **24** | 544121 | 7449796 | 658.0 | 171.0 | 86.0 | 820.0 | **GI2-83I** | **94** | 546608 | 7448236 | -269.0 | 328.0 | 17.0 | 140.4 |
| **CH2-71A** | **30** | 545912 | 7448181 | -195.0 | 0.0 | -55.0 | 4.0 | **GI2-83J** | **95** | 546608 | 7448236 | -269.0 | 0.0 | 26.0 | 195.9 |
| **CH2-71B** | **31** | 545912 | 7448181 | -195.0 | 180.0 | 55.0 | 39.2 | **GI2-83K** | **96** | 546608 | 7448236 | -269.0 | 0.0 | 29.0 | 415.1 |
| **CH2-72A** | **32** | 546142 | 7448111 | -195.0 | 0.0 | -60.0 | 4.7 | **GI2-83L** | **97** | 546608 | 7448236 | -269.0 | 328.0 | 35.0 | 97.8 |
| **CH2-72B** | **33** | 546142 | 7448111 | -195.0 | 180.0 | 45.0 | 23.9 | **GI2-83M** | **98** | 546608 | 7448236 | -269.0 | 328.0 | 28.0 | 204.3 |
| **CH2-73B** | **34** | 545381 | 7448052 | -33.0 | 214.0 | 40.0 | 59.1 | **GI2-83N** | **99** | 546608 | 7448236 | -269.0 | 0.0 | 90.0 | 52.2 |
| **CH2-73C** | **35** | 545381 | 7448052 | -33.0 | 214.0 | 5.0 | 106.1 | **GI2-84B** | **100** | 547671 | 7448106 | -106.0 | 7.0 | 50.0 | 81.6 |
| **CH2-74** | **36** | 545527 | 7448213 | -106.0 | 10.0 | -60.0 | 132.5 | **GI2-84C** | **101** | 547672 | 7448111 | -106.0 | 9.0 | 60.0 | 157.2 |
| **CH2-75A** | **37** | 545246 | 7448590 | -182.0 | 30.0 | -50.0 | 10.0 | **GI2-84D** | **102** | 547672 | 7448111 | -106.0 | 9.0 | 50.0 | 301.4 |
| **CH2-75B** | **38** | 545246 | 7448593 | -182.0 | 210.0 | 50.0 | 53.1 | **GI2-84E** | **103** | 547671 | 7448106 | -106.0 | 9.0 | 45.0 | 283.8 |
| **CH2-75C** | **39** | 545246 | 7448590 | -182.0 | 210.0 | 30.0 | 53.1 | **GI2-84F** | **104** | 547671 | 7448106 | -106.0 | 9.0 | 34.0 | 246.0 |
| **CH2-75D** | **40** | 545252 | 7448590 | -182.0 | 30.0 | 51.0 | 79.8 | **GI2-84G** | **105** | 547671 | 7448106 | -106.0 | 9.0 | 30.0 | 260.0 |
| **CH2-76** | **41** | 545363 | 7448510 | -182.0 | 200.0 | 55.0 | 69.4 | **GI2-84H** | **106** | 547673 | 7448110 | -99.0 | 7.0 | -54.0 | 220.0 |
| **CH2-77** | **42** | 545487 | 7448401 | -182.0 | 200.0 | 50.0 | 59.8 | **GI2-85A** | **107** | 545876 | 7448278 | -269.0 | 40.0 | -55.0 | 37.3 |
| **CH2-78A** | **43** | 545597 | 7448325 | -182.0 | 30.0 | -55.0 | 9.2 | **GI2-85B** | **108** | 545876 | 7448278 | -269.0 | 220.0 | 54.0 | 63.2 |
| **CH2-78B** | **44** | 545599 | 7448322 | -182.0 | 210.0 | 50.0 | 56.7 | **GI2-86A** | **109** | 546800 | 7448237 | -269.0 | 335.0 | -50.0 | 44.4 |
| **CH2-79A** | **45** | 545712 | 7448214 | -182.0 | 20.0 | -65.0 | 9.8 | **GI2-86B** | **110** | 546800 | 7448237 | -269.0 | 155.0 | 44.0 | 28.4 |
| **CH2-79B** | **46** | 545712 | 7448214 | -182.0 | 180.0 | 50.0 | 38.2 | **GI2-87B** | **111** | 546968 | 7448366 | -343.0 | 142.0 | 42.0 | 73.7 |
| **CH2-80** | **47** | 545829 | 7448176 | -182.0 | 200.0 | 50.0 | 51.7 | **GI2-88B** | **112** | 546802 | 7448256 | -269.0 | 0.0 | 32.0 | 166.3 |
| **CH2-81** | **48** | 545934 | 7448143 | -182.0 | 170.0 | 53.0 | 45.0 | **GI2-88C** | **113** | 546802 | 7448256 | -269.0 | 355.0 | 35.0 | 134.9 |
| **CH2-82A** | **49** | 546015 | 7448125 | -182.0 | 20.0 | -50.0 | 6.0 | **GI2-88D** | **114** | 546802 | 7448256 | -269.0 | 0.0 | 30.0 | 280.5 |
| **CH2-82B** | **50** | 546015 | 7448125 | -182.0 | 200.0 | 50.0 | 47.6 | **GI2-88E** | **115** | 546802 | 7448256 | -269.0 | 0.0 | 41.0 | 117.7 |
| **CH2-83** | **51** | 546167 | 7448109 | -182.0 | 180.0 | 48.0 | 29.0 | **GI2-88F** | **116** | 546802 | 7448256 | -269.0 | 32.0 | 31.0 | 116.5 |
| **CH2-84A** | **52** | 546241 | 7448076 | -182.0 | 0.0 | -47.0 | 7.3 | **GI2-88G** | **117** | 546802 | 7448256 | -269.0 | 32.0 | 28.0 | 126.3 |
| **CH2-84B** | **53** | 546241 | 7448076 | -182.0 | 180.0 | 55.0 | 26.7 | **GI2-88H** | **118** | 546802 | 7448256 | -269.0 | 63.0 | 22.0 | 142.4 |
| **CH2-85** | **54** | 546207 | 7448123 | -195.0 | 20.0 | 60.0 | 63.4 | **GI2-88I** | **119** | 546802 | 7448256 | -269.0 | 329.0 | 32.0 | 233.5 |
| **CH2-86** | **55** | 546229 | 7448184 | -195.0 | 0.0 | 45.0 | 86.8 | **GI2-88J** | **120** | 546802 | 7448256 | -269.0 | 329.0 | 25.0 | 344.5 |
| **CH2-86B** | **56** | 546229 | 7448184 | -195.0 | 209.0 | 70.0 | 39.3 | **GI2-88K** | **121** | 546802 | 7448256 | -269.0 | 297.0 | 23.0 | 89.6 |
| **CH2-86D** | **57** | 546229 | 7448184 | -195.0 | 2.0 | 65.0 | 65.2 | **GI2-89A** | **122** | 547296 | 7447880 | -102.0 | 115.0 | -26.0 | 220.0 |
| **CH2-87** | **58** | 546011 | 7448143 | -195.0 | 0.0 | 45.0 | 91.0 | **GI2-89B** | **123** | 547296 | 7447880 | -101.0 | 116.0 | -38.0 | 165.3 |
| **CH2-88** | **59** | 545804 | 7448229 | -195.0 | 0.0 | 45.0 | 116.3 | **GI2-89C** | **124** | 547296 | 7447880 | -101.0 | 93.0 | -40.0 | 98.4 |
| **CH2-89B** | **60** | 545600 | 7448341 | -195.0 | 235.0 | 50.0 | 52.6 | **GI2-89D** | **125** | 547296 | 7447880 | -101.0 | 96.0 | -23.0 | 166.5 |
| **CH2-89C** | **61** | 545603 | 7448346 | -195.0 | 25.0 | 45.0 | 88.8 | **GI2-89E** | **126** | 547295 | 7447880 | -101.0 | 141.0 | -54.0 | 157.4 |
| **CH2-90B** | **62** | 545552 | 7448455 | -195.0 | 215.0 | 47.0 | 78.6 | **GI2-89F** | **127** | 547296 | 7447883 | -101.0 | 46.0 | -12.0 | 84.8 |
| **CH2-90C** | **63** | 545450 | 7448461 | -195.0 | 35.0 | 50.0 | 82.0 | **GI2-89G** | **128** | 547296 | 7447884 | -101.0 | 76.0 | -17.0 | 106.5 |
| **CH2-91B** | **64** | 545376 | 7448519 | -195.0 | 200.0 | 50.0 | 65.8 | **GI2-89H** | **129** | 547296 | 7447884 | -103.0 | 29.0 | -8.0 | 93.7 |
| **CH2-92** | **65** | 545589 | 7448082 | -106.0 | 225.0 | 65.0 | 56.8 | **GI2-89I** | **130** | 547297 | 7447883 | -102.0 | 76.0 | -5.0 | 219.6 |
| **CH2-94B** | **66** | 545509 | 7448413 | -195.0 | 240.0 | 50.0 | 65.3 | **GI2-89J** | **131** | 547295 | 7447881 | -101.0 | 0.0 | -62.0 | 51.7 |
| **CH2-94C** | **67** | 545513 | 7448414 | -195.0 | 40.0 | 50.0 | 77.7 | **GI2-89K** | **132** | 547295 | 7447881 | -101.0 | 200.0 | -83.0 | 68.2 |
| **CH2-95** | **68** | 545401 | 7448500 | -195.0 | 180.0 | 50.0 | 64.3 | **GI2-90B** | **133** | 546606 | 7448122 | -203.0 | 205.0 | 52.0 | 8.0 |
| **CH2-96A** | **69** | 546008 | 7448075 | -160.0 | 0.0 | -55.0 | 11.8 | **MP-40D3** | **134** | 545694 | 7448383 | 203.0 | 20.0 | 36.0 | 630.0 |
| **CH2-96B** | **70** | 545987 | 7448063 | -160.0 | 180.0 | 55.0 | 52.2 | **MP-40Q** | **135** | 545682 | 7448377 | 205.5 | 28.0 | 51.0 | 603.4 |
| **CH2-97B** | **71** | 545608 | 7448238 | -160.0 | 210.0 | 55.0 | 54.4 | **MP-40Q3** | **136** | 545694 | 7448383 | 203.0 | 43.0 | 26.0 | 210.0 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **44** |

---

**Table 10-4. Drill Hole Collars – Rupsi-Dypet (2 of 2)**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Collar Coordinates (m)** | **Collar Coordinates (m)** | **Collar Coordinates (m)** | | | | | | **Collar Coordinates (m)** | **Collar Coordinates (m)** | **Collar Coordinates (m)** | | | |
| **BHID <br> Original** | **BHID** | **Easting** | **Northing** | **Elev'n** | **Azimuth** <br> **(o)** | **Dip (o)** | **Length** <br> **(m)** | **BHID<br> Original** | **BHID** | **Easting** | **Northing** | **Elev'n** | **Azimuth** <br> **(o)** | **Dip (o)** | **Length** <br> **(m)** |
| **MP-40R** | **137** | 545682 | 7448377 | 203.0 | 20.0 | 39.0 | 687.5 | **GI2-100** | **203** | 546489 | 7448137 | -225.0 | 149.0 | 59.0 | 7.6 |
| **MP-40R2** | **138** | 545682 | 7448377 | 203.0 | 9.0 | 40.0 | 677.5 | **GI2-101B** | **204** | 546522 | 7448159 | -225.0 | 124.0 | 59.0 | 18.1 |
| **MP-40S** | **139** | 545680 | 7448377 | 205.5 | 0.0 | 34.0 | 786.7 | **GI2-102B** | **205** | 546569 | 7448197 | -241.5 | 191.0 | 56.0 | 16.2 |
| **MP-40S2** | **140** | 545679 | 7448379 | 205.5 | 0.0 | 50.0 | 672.4 | **GI2-103B** | **206** | 546487 | 7448202 | -241.0 | 178.0 | 61.0 | 7.4 |
| **MP-40T** | **141** | 545679 | 7448379 | 205.5 | 338.0 | 48.0 | 595.6 | **GI2-104B** | **207** | 546451 | 7448192 | -241.0 | 141.0 | 65.0 | 15.4 |
| **CH2-101B** | **142** | 545879 | 7448371 | -269.0 | 221.0 | 0.0 | 42.5 | **GI2-105B** | **208** | 546386 | 7448191 | -240.0 | 199.0 | 63.0 | 26.9 |
| **CH2-101C** | **143** | 545879 | 7448371 | -269.0 | 171.0 | 35.0 | 61.9 | **GI2-106B** | **209** | 546355 | 7448197 | -240.0 | 203.0 | 60.0 | 27.0 |
| **CH2-101D** | **144** | 545879 | 7448371 | -269.0 | 261.0 | 6.0 | 77.0 | **GI2-107B** | **210** | 546323 | 7448185 | -240.0 | 175.0 | 60.0 | 27.2 |
| **CH2-101E** | **145** | 545879 | 7448371 | -269.0 | 261.0 | 30.0 | 93.6 | **GI2-108A** | **211** | 547290 | 7448079 | -106.0 | 127.0 | -6.0 | 213.4 |
| **CH2-101G** | **146** | 545879 | 7448371 | -269.0 | 126.0 | 25.0 | 113.3 | **GI2-108B** | **212** | 547290 | 7448069 | -103.0 | 212.0 | -19.0 | 285.0 |
| **CH2-101H** | **147** | 545879 | 7448371 | -269.0 | 81.0 | 40.0 | 70.0 | **GI2-108C** | **213** | 547290 | 7448079 | -106.0 | 127.0 | -10.0 | 296.3 |
| **CH2-101I** | **148** | 545879 | 7448371 | -269.0 | 36.0 | 45.0 | 192.3 | **GI2-116A1** | **214** | 546589 | 7448268 | -260.6 | 347.0 | 31.0 | 352.0 |
| **CH2-101J** | **149** | 545879 | 7448371 | -269.0 | 36.0 | 35.0 | 36.3 | **GI2-116G** | **215** | 546589 | 7448268 | -260.6 | 14.0 | 41.0 | 146.5 |
| **CH2-101K** | **150** | 545879 | 7448371 | -269.0 | 140.0 | 27.0 | 27.0 | **GI2-116M** | **216** | 546589 | 7448268 | -260.6 | 321.0 | 34.0 | 166.7 |
| **CH2-101L** | **151** | 545879 | 7448371 | -269.0 | 81.0 | 70.0 | 88.6 | **GI2-116O** | **217** | 546589 | 7448268 | -260.6 | 29.0 | 28.0 | 258.1 |
| **CH2-105D** | **152** | 545869 | 7448106 | -160.0 | 43.0 | 65.0 | 55.0 | **GI2-116R** | **218** | 546589 | 7448268 | -260.6 | 3.0 | 35.0 | 200.0 |
| **CH2-106B** | **153** | 545917 | 7448088 | -160.0 | 203.0 | 68.0 | 28.2 | **BU-2** | **219** | 543673 | 7448491 | 162.0 | 45.0 | -73.0 | 42.8 |
| **CH2-107B** | **154** | 545984 | 7448099 | -160.0 | 202.0 | 54.0 | 38.8 | **BU-3** | **220** | 543791 | 7448375 | 162.0 | 45.0 | -73.0 | 62.8 |
| **CH2-108A** | **155** | 545628 | 7448314 | -182.0 | 29.0 | 58.0 | 83.5 | **BU-4** | **221** | 543475 | 7448916 | 162.0 | 0.0 | -70.0 | 28.4 |
| **CH2-108B** | **156** | 545631 | 7448314 | -182.0 | 29.0 | 41.0 | 128.8 | **BU-5** | **222** | 543465 | 7448916 | 162.0 | 0.0 | 70.0 | 31.5 |
| **CH2-108C** | **157** | 545628 | 7448313 | -182.0 | 29.0 | 27.0 | 246.4 | **BU-8A** | **223** | 544049 | 7448126 | 162.0 | 0.0 | -71.0 | 38.0 |
| **CH2-108D** | **158** | 545628 | 7448313 | -178.0 | 29.0 | 29.0 | 210.0 | **BU-8B** | **224** | 544049 | 7448126 | 162.0 | 0.0 | -90.0 | 26.8 |
| **CH2-108E** | **159** | 545627 | 7448313 | -182.0 | 356.0 | 23.0 | 223.1 | **BU-9A** | **225** | 543989 | 7448186 | 162.0 | 0.0 | -74.0 | 38.6 |
| **CH2-108F** | **160** | 545627 | 7448313 | -178.0 | 356.0 | 20.0 | 123.0 | **BU-9B** | **226** | 543989 | 7448186 | 162.0 | 180.0 | -50.0 | 34.3 |
| **CH2-108G** | **161** | 545627 | 7448313 | -178.0 | 335.0 | 24.0 | 127.0 | **BU-10A** | **227** | 544015 | 7448161 | 162.0 | 0.0 | -84.0 | 44.8 |
| **CH2-108H** | **162** | 545629 | 7448311 | -178.0 | 94.0 | 18.0 | 98.2 | **BU-10B** | **228** | 544015 | 7448161 | 162.0 | 0.0 | -50.0 | 31.5 |
| **CH2-108I** | **163** | 545627 | 7448308 | -178.0 | 83.0 | 14.0 | 144.4 | **BU-11A** | **229** | 544228 | 7448551 | 169.0 | 45.0 | -65.0 | 54.7 |
| **CH2-108J** | **164** | 545629 | 7448313 | -178.0 | 74.0 | 22.0 | 134.3 | **BU-12A** | **230** | 544205 | 7448392 | 169.0 | 90.0 | -65.0 | 50.1 |
| **CH2-108K** | **165** | 545629 | 7448313 | -178.0 | 65.0 | 23.0 | 178.5 | **BU-13A** | **231** | 543669 | 7448861 | 169.0 | 295.0 | -55.0 | 88.5 |
| **CH2-108L** | **166** | 545629 | 7448313 | -178.0 | 59.0 | 23.0 | 165.0 | **BU-14A** | **232** | 544383 | 7448321 | 109.0 | 121.0 | -15.0 | 112.9 |
| **CH2-108M** | **167** | 545629 | 7448313 | -178.0 | 35.0 | 37.0 | 100.0 | **BU-14B** | **233** | 544383 | 7448321 | 109.0 | 110.0 | -7.0 | 164.4 |
| **CH2-108N** | **168** | 545628 | 7448313 | -178.0 | 47.0 | 38.0 | 167.5 | **BU-15A** | **234** | 544383 | 7448321 | 109.0 | 36.0 | 16.0 | 158.9 |
| **CH2-108O** | **169** | 545628 | 7448313 | -178.0 | 47.0 | 30.0 | 231.1 | **BU-15B** | **235** | 544379 | 7448321 | 109.0 | 36.0 | 8.0 | 180.2 |
| **CH2-108P** | **170** | 545629 | 7448311 | -178.0 | 84.0 | 30.0 | 190.8 | **BU-16** | **236** | 544373 | 7448300 | 139.0 | 225.0 | -60.0 | 52.6 |
| **CH2-109A** | **171** | 545556 | 7448329 | -169.0 | 234.0 | 55.0 | 186.0 | **BU-17A** | **237** | 544795 | 7448413 | 62.0 | 70.0 | -44.0 | 76.9 |
| **CH2-109B** | **172** | 545556 | 7448329 | -169.0 | 13.0 | 35.0 | 139.3 | **BU-17B** | **238** | 544795 | 7448413 | 62.0 | 250.0 | 43.0 | 17.8 |
| **CH2-109C** | **173** | 545556 | 7448329 | -169.0 | 38.0 | 48.0 | 73.8 | **BU-18** | **239** | 544604 | 7448370 | 101.0 | 58.0 | -70.0 | 76.7 |
| **CH2-110B** | **174** | 545653 | 7448288 | -195.0 | 223.0 | 58.0 | 40.7 | **BU-19** | **240** | 544684 | 7448053 | 139.0 | 45.0 | -61.0 | 59.3 |
| **CH2-110C** | **175** | 545653 | 7448288 | -195.0 | 217.0 | 18.0 | 17.3 | **BU-20A** | **241** | 543977 | 7448310 | 196.0 | 220.0 | -50.0 | 15.2 |
| **CH2-110D** | **176** | 545650 | 7448294 | -195.0 | 37.0 | 54.0 | 73.2 | **BU-20B** | **242** | 543977 | 7448310 | 196.0 | 150.0 | -70.0 | 10.7 |
| **CH2-111B** | **177** | 545879 | 7448201 | -195.0 | 205.0 | 68.0 | 43.6 | **BU-21A** | **243** | 543994 | 7448305 | 196.0 | 220.0 | -50.0 | 11.5 |
| **CH2-111C1** | **178** | 545879 | 7448201 | -195.0 | 204.0 | 32.0 | 49.6 | **BU-21B** | **244** | 543994 | 7448305 | 196.0 | 140.0 | -60.0 | 10.9 |
| **CH2-111C2** | **179** | 545879 | 7448201 | -195.0 | 191.0 | 25.0 | 49.3 | **BU-22** | **245** | 544031 | 7448263 | 197.0 | 240.0 | -68.0 | 10.9 |
| **CH2-111D** | **180** | 545879 | 7448201 | -195.0 | 358.0 | 65.0 | 51.8 | **BU-23A** | **246** | 544428 | 7448226 | 132.0 | 60.0 | 61.0 | 50.8 |
| **CH2-112B** | **181** | 545993 | 7448158 | -195.0 | 140.0 | 59.0 | 52.6 | **BU-24B** | **247** | 543644 | 7448860 | 163.5 | 81.0 | 72.0 | 42.3 |
| **CH2-112C** | **182** | 546002 | 7448155 | -195.0 | 206.0 | 10.0 | 55.7 | **BU-25B** | **248** | 543562 | 7448859 | 163.0 | 180.0 | 58.0 | 27.5 |
| **CH2-113B** | **183** | 546067 | 7448131 | -195.0 | 202.0 | 80.0 | 37.1 | **BU-25C** | **249** | 543560 | 7448861 | 163.0 | 321.0 | 27.0 | 54.3 |
| **CH2-113C** | **184** | 546067 | 7448131 | -194.0 | 194.0 | 6.0 | 65.0 | **Da-188A** | **250** | 544352 | 7448702 | 535.0 | 58.0 | 72.0 | 555.0 |
| **CH2-113D** | **185** | 546067 | 7448131 | -195.0 | 22.0 | 52.0 | 60.7 | **Da-188B** | **251** | 544352 | 7448702 | 535.0 | 326.0 | 71.0 | 487.2 |
| **CH2-114B** | **186** | 546114 | 7448118 | -195.0 | 14.0 | 50.0 | 59.1 | **Da-188D** | **252** | 544352 | 7448702 | 535.0 | 120.0 | 74.0 | 349.4 |
| **CH2-115A** | **187** | 545644 | 7448373 | -196.0 | 125.0 | 31.0 | 149.5 | **Da-195A** | **253** | 544159 | 7448760 | 477.0 | 99.0 | 78.0 | 290.0 |
| **CH2-115C** | **188** | 545644 | 7448378 | -196.0 | 50.0 | 36.0 | 178.5 | **Da-195B** | **254** | 544159 | 7448760 | 477.0 | 207.0 | 72.0 | 290.9 |
| **CH2-115D** | **189** | 545641 | 7448379 | -196.0 | 26.0 | 43.0 | 233.0 | **Da-195C** | **255** | 544159 | 7448760 | 477.0 | 338.0 | 79.0 | 290.5 |
| **CH2-115E** | **190** | 545640 | 7448379 | -196.0 | 346.0 | 42.0 | 130.0 | **Da-196A** | **256** | 544105 | 7448601 | 443.0 | 99.0 | 63.0 | 251.3 |
| **CH2-115F** | **191** | 545639 | 7448379 | -200.0 | 321.0 | 23.0 | 176.5 | **Da-198A** | **257** | 544371 | 7448921 | 583.0 | 169.0 | 86.0 | 490.0 |
| **CH2-115H** | **192** | 545640 | 7448379 | -196.0 | 352.0 | 33.0 | 328.0 | **Da-198B** | **258** | 544371 | 7448923 | 583.0 | 67.0 | 79.0 | 516.8 |
| **CH2-115I** | **193** | 545637 | 7448373 | -196.0 | 331.0 | 27.0 | 230.0 | **Da-198C** | **259** | 544369 | 7448920 | 583.0 | 282.0 | 81.0 | 462.5 |
| **GI2-91B** | **195** | 546569 | 7448140 | -203.0 | 149.0 | 53.0 | 20.0 | **Da-200A** | **260** | 544320 | 7448991 | 569.0 | 279.0 | 81.0 | 478.8 |
| **GI2-92B** | **196** | 546528 | 7448109 | -203.0 | 130.0 | 62.0 | 9.8 | **Da-201A** | **261** | 544525 | 7449056 | 608.0 | 190.0 | 84.0 | 599.2 |
| **GI2-93B** | **197** | 546488 | 7448101 | -203.0 | 155.0 | 59.0 | 9.5 | **Da-201B** | **262** | 544527 | 7449064 | 608.0 | 138.0 | 77.0 | 645.5 |
| **GI2-94B** | **198** | 546460 | 7448100 | -202.0 | 140.0 | 57.0 | 19.5 | **Da-201C** | **263** | 544527 | 7449056 | 608.0 | 252.0 | 70.0 | 600.0 |
| **GI2-96A** | **199** | 546008 | 7448075 | -160.0 | 0.0 | 55.0 | 11.8 | **Da-202A** | **264** | 544510 | 7448911 | 606.0 | 288.0 | 81.0 | 546.2 |
| **GI2-97B** | **200** | 546393 | 7448115 | -225.0 | 149.0 | 57.0 | 20.8 | **Da-202B** | **265** | 544510 | 7448911 | 606.0 | 138.0 | 79.0 | 500.0 |
| **GI2-98B** | **201** | 546543 | 7448169 | -225.0 | 189.0 | 58.0 | 13.6 | **Da-218** | **266** | 544240 | 7448984 | 553.0 | 177.0 | 79.0 | 423.2 |
| **GI2-99B** | **202** | 546589 | 7448162 | -225.0 | 203.0 | 62.0 | 10.9 | **Da-119** | **267** | 543698 | 7449104 | 450.0 | 0.0 | 90.0 | 350.6 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **45** |

---

**Table 10-5. Drill Hole Collars – Hankabakken II (1 of 2)**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Collar Coordinates (m)** | **Collar Coordinates (m)** | **Collar Coordinates (m)** | | | | | | **Collar Coordinates (m)** | **Collar Coordinates (m)** | **Collar Coordinates (m)** | | | |
| **BHID <br> Original** | **BHID** | **Easting** | **Northing** | **Elev'n** | **Azimuth** <br> **(o)** | **Dip (o)** | **Length** <br> **(m)** | **BHID<br> Original** | **BHID** | **Easting** | **Northing** | **Elev'n** | **Azimuth** <br> **(o)** | **Dip (o)** | **Length** <br> **(m)** |
| **Kop-150A** | **268** | 548863.0 | 7448773.0 | 830.9 | 182.0 | 46.0 | 129.2 | **Ha2-12A** | **335** | 547937.5 | 7447638.0 | 186.0 | 0.0 | -35.0 | 15.0 |
| **Kop-150B** | **269** | 548864.0 | 7448780.0 | 832.0 | 346.0 | 31.0 | 190.0 | **Ha2-12B** | **336** | 547937.5 | 7447638.0 | 186.0 | 180.0 | 35.0 | 3.0 |
| **Kop-150C** | **270** | 548865.0 | 7448779.0 | 831.7 | 344.0 | 54.0 | 173.9 | **Ha2-13A** | **337** | 547867.5 | 7447639.9 | 186.0 | 330.0 | -57.0 | 8.2 |
| **Kop-150D** | **271** | 548864.0 | 7448776.0 | 831.3 | 252.0 | 30.0 | 143.6 | **Ha2-13B** | **338** | 547867.5 | 7447639.9 | 186.0 | 180.0 | 55.0 | 10.0 |
| **Hanken-157A** | **272** | 548285.3 | 7447475.1 | 506.7 | 180.0 | 76.5 | 148.8 | **Ha2-14A** | **339** | 547790.0 | 7447627.0 | 186.0 | 360.0 | -54.0 | 17.8 |
| **Hanken-156A** | **273** | 548193.2 | 7447390.9 | 525.4 | 189.7 | 70.2 | 110.1 | **Ha2-14B** | **340** | 547790.0 | 7447627.0 | 186.0 | 180.0 | 42.0 | 28.5 |
| **Hanken-156B** | **274** | 548193.2 | 7447390.9 | 525.4 | 134.5 | 69.5 | 113.8 | **Ha2-15A** | **341** | 547722.0 | 7447620.0 | 186.0 | 350.0 | -45.0 | 9.9 |
| **Hanken-156C** | **275** | 548193.2 | 7447390.9 | 525.4 | 110.4 | 52.2 | 125.1 | **Ha2-15B** | **342** | 547722.0 | 7447620.0 | 186.0 | 180.0 | 43.0 | 6.0 |
| **Hanken-155A** | **276** | 548353.7 | 7447356.4 | 536.9 | 133.7 | 66.5 | 89.6 | **Ha2-16A** | **343** | 547669.0 | 7447617.0 | 186.0 | 5.0 | -45.0 | 5.0 |
| **Hanken-155B** | **277** | 548353.7 | 7447356.4 | 536.9 | 240.8 | 62.5 | 95.3 | **Ha2-16B** | **344** | 547669.0 | 7447617.0 | 186.0 | 180.0 | 38.0 | 6.5 |
| **Fjell-154A** | **278** | 548460.0 | 7448602.0 | 766.3 | 162.0 | 45.0 | 28.0 | **Ha2-17A** | **345** | 547612.0 | 7447609.0 | 210.0 | 350.0 | -56.0 | 6.3 |
| **Fjell-154B** | **279** | 548460.0 | 7448602.0 | 766.3 | 342.0 | 32.0 | 62.1 | **Ha2-17B** | **346** | 547612.0 | 7447609.0 | 210.0 | 180.0 | 66.0 | 28.0 |
| **Kop-153A** | **280** | 548656.5 | 7448663.0 | 808.7 | 180.0 | 71.0 | 63.8 | **Ha2-18A** | **347** | 547933.0 | 7447617.0 | 210.0 | 350.0 | -66.0 | 12.8 |
| **Kop-153B** | **281** | 548656.0 | 7448663.0 | 808.7 | 180.0 | 71.0 | 135.5 | **Ha2-18B** | **348** | 547933.0 | 7447617.0 | 210.0 | 200.0 | 50.0 | 6.5 |
| **Kop-152A** | **282** | 549115.0 | 7448883.0 | 801.3 | 174.0 | 58.0 | 58.6 | **Ha2-19A** | **349** | 547869.0 | 7447610.0 | 210.0 | 360.0 | -48.0 | 3.6 |
| **Kop-152B** | **283** | 549114.0 | 7448878.0 | 800.8 | 320.0 | 49.0 | 130.0 | **Ha2-19B** | **350** | 547869.0 | 7447610.0 | 210.0 | 180.0 | 40.0 | 5.6 |
| **Kop-152C** | **284** | 549114.0 | 7448887.0 | 801.7 | 315.0 | 70.0 | 181.0 | **Ha2-20A** | **351** | 547760.0 | 7447588.0 | 209.0 | 330.0 | -50.0 | 26.5 |
| **Kop-151A** | **285** | 548975.0 | 7448815.0 | 819.2 | 0.0 | 90.0 | 118.5 | **Ha2-20B** | **352** | 547760.0 | 7447588.0 | 209.0 | 180.0 | 50.0 | 6.0 |
| **Kop-151B** | **286** | 548976.9 | 7448816.3 | 819.0 | 180.0 | 40.0 | 83.4 | **Ha2-21A** | **353** | 547778.0 | 7447596.0 | 210.0 | 360.0 | -47.0 | 15.2 |
| **Kop-151C** | **287** | 548975.0 | 7448818.0 | 818.8 | 342.0 | 45.0 | 187.3 | **Ha2-21B** | **354** | 547778.0 | 7447596.0 | 210.0 | 180.0 | 48.0 | 6.2 |
| **Lap-164** | **288** | 547995.0 | 7448520.0 | 729.8 | 161.0 | 56.0 | 159.0 | **Ha2-22A** | **355** | 547822.0 | 7447609.0 | 210.0 | 340.0 | -52.0 | 12.9 |
| **Lap-165** | **289** | 547841.0 | 7448351.0 | 684.1 | 155.0 | 47.0 | 130.0 | **Ha2-22B** | **356** | 547822.0 | 7447609.0 | 210.0 | 180.0 | 52.0 | 13.8 |
| **Lap-166** | **290** | 547706.0 | 7448259.0 | 661.7 | 149.0 | 62.0 | 96.9 | **Ha2-23A** | **357** | 547534.0 | 7447623.0 | 210.0 | 15.0 | -68.0 | 11.5 |
| **Lap-167** | **291** | 547453.0 | 7448316.0 | 691.3 | 155.0 | 60.0 | 82.8 | **Ha2-23B** | **358** | 547534.0 | 7447623.0 | 210.0 | 195.0 | 57.0 | 10.1 |
| **Lap-169** | **292** | 548967.4 | 7449062.6 | 824.7 | 164.4 | 43.3 | 165.0 | **Ha2-24A** | **359** | 548183.0 | 7447648.0 | 210.0 | 40.0 | -53.0 | 17.2 |
| **Hanken-177A1** | **293** | 548698.9 | 7447402.6 | 545.1 | 0.0 | 63.9 | 113.0 | **Ha2-24B** | **360** | 548183.0 | 7447648.0 | 210.0 | 180.0 | 50.0 | 2.7 |
| **Hanken-177A** | **294** | 548698.9 | 7447402.6 | 545.1 | 180.0 | 63.9 | 92.0 | **Ha2-25A** | **361** | 548134.0 | 7447640.0 | 211.0 | 360.0 | 50.0 | 16.2 |
| **Hanken-177B** | **295** | 548698.9 | 7447402.6 | 545.1 | 0.0 | 74.7 | 126.1 | **Ha2-25B** | **362** | 548120.0 | 7447640.0 | 211.0 | 180.0 | -40.0 | 2.9 |
| **Hanken-177C** | **296** | 548700.9 | 7447400.6 | 545.5 | 285.8 | 45.9 | 172.4 | **Ha2-26A** | **363** | 548091.0 | 7447642.0 | 210.0 | 325.0 | -60.0 | 16.6 |
| **Hanken-177D** | **297** | 548698.9 | 7447402.6 | 545.1 | 105.8 | 27.0 | 114.1 | **Ha2-26B** | **364** | 548091.0 | 7447640.0 | 210.0 | 145.0 | 30.0 | 9.0 |
| **Hanken-179A** | **298** | 548550.6 | 7447295.4 | 539.6 | 0.0 | 76.5 | 38.2 | **Ha2-27A** | **365** | 548178.0 | 7447645.0 | 210.0 | 215.0 | -60.0 | 33.1 |
| **Hanken-179B** | **299** | 548550.6 | 7447295.4 | 539.6 | 180.0 | 81.0 | 30.0 | **Ha2-27B** | **366** | 548178.0 | 7447645.0 | 210.0 | 210.0 | -88.0 | 21.7 |
| **Hanken-179C** | **300** | 548550.6 | 7447295.4 | 539.6 | 180.0 | 60.3 | 37.4 | **Ha2-27C** | **367** | 548178.0 | 7447645.0 | 210.0 | 205.0 | 44.0 | 4.5 |
| **Hanken-184E** | **304** | 548611.0 | 7447309.0 | 546.0 | 0.0 | 50.0 | 63.0 | **Ha2-28A** | **368** | 547918.0 | 7447705.0 | 186.0 | 346.0 | 43.0 | 318.0 |
| **Hanken-184F** | **305** | 548611.0 | 7447309.0 | 546.0 | 0.0 | 40.0 | 122.0 | **Ha2-28B** | **369** | 547918.0 | 7447705.0 | 186.0 | 346.0 | 50.0 | 280.1 |
| **Hanken-184G** | **306** | 548611.0 | 7447309.0 | 546.0 | 180.0 | 45.0 | 77.0 | **Ha2-28C** | **370** | 547918.0 | 7447705.0 | 186.0 | 346.0 | 61.0 | 270.0 |
| **Hanken-184H** | **307** | 548611.0 | 7447309.0 | 546.0 | 0.0 | 90.0 | 35.9 | **Ha2-29** | **371** | 547918.0 | 7447705.0 | 186.0 | 320.0 | 40.0 | 170.0 |
| **Hanken-184J** | **308** | 548611.0 | 7447309.0 | 546.0 | 180.0 | 55.0 | 61.0 | **Ha2-30A** | **372** | 547918.5 | 7447705.0 | 186.0 | 320.0 | 30.0 | 556.1 |
| **Hanken-187A** | **310** | 548598.0 | 7447434.0 | 534.3 | 240.0 | 90.0 | 102.5 | **Ha2-30B** | **373** | 547918.0 | 7447705.0 | 186.0 | 320.0 | 30.0 | 556.1 |
| **Hanken-187C** | **311** | 548598.0 | 7447434.0 | 534.3 | 240.0 | 72.0 | 116.2 | **Ha2-31A** | **374** | 547977.0 | 7447804.0 | 90.0 | 360.0 | -60.0 | 8.4 |
| **Hanken-187D** | **312** | 548598.0 | 7447434.0 | 534.3 | 240.0 | 40.0 | 137.0 | **Ha2-31B** | **375** | 547977.0 | 7447804.0 | 90.0 | 180.0 | 61.0 | 18.0 |
| **Kop-209** | **313** | 547452.0 | 7448644.0 | 752.7 | 139.0 | 77.0 | 663.3 | **Ha2-32A** | **376** | 547978.0 | 7447768.0 | 118.0 | 360.0 | -60.0 | 8.4 |
| **Kop-208** | **314** | 547644.0 | 7448436.0 | 715.9 | 147.0 | 83.0 | 849.5 | **Ha2-32B** | **377** | 547978.0 | 7447768.0 | 118.0 | 180.0 | 60.0 | 17.8 |
| **Hanken-221A** | **315** | 548620.6 | 7447950.3 | 538.0 | 144.0 | 81.0 | 232.2 | **Ha2-33A** | **378** | 547990.0 | 7447730.0 | 144.0 | 360.0 | -60.0 | 16.0 |
| **Hanken-221B** | **316** | 548620.6 | 7447950.3 | 538.0 | 109.8 | 61.2 | 285.4 | **Ha2-33B** | **379** | 547990.0 | 7447730.0 | 144.0 | 180.0 | 60.0 | 13.0 |
| **Hanken-221C** | **317** | 548620.6 | 7447825.3 | 519.1 | 67.5 | 46.8 | 307.0 | **Ha2-34A** | **380** | 547997.0 | 7447690.0 | 164.0 | 360.0 | -60.0 | 21.9 |
| **Hanken-223A** | **318** | 548620.6 | 7447825.3 | 519.1 | 144.0 | 81.0 | 210.8 | **Ha2-34B** | **381** | 547997.0 | 7447690.0 | 164.0 | 180.0 | 60.0 | 5.6 |
| **Hanken-223B** | **319** | 548620.6 | 7447825.3 | 519.1 | 207.0 | 64.8 | 190.3 | **Ha2-35A** | **382** | 547454.0 | 7447613.0 | 187.0 | 320.0 | -64.0 | 44.8 |
| **Hanken-233A** | **320** | 548467.0 | 7447890.0 | 528.9 | 144.0 | 81.0 | 254.0 | **Ha2-35B** | **383** | 547454.0 | 7447613.0 | 187.0 | 140.0 | 53.0 | 33.1 |
| **Hanken-233B** | **321** | 548467.0 | 7447890.0 | 528.9 | 207.0 | 65.0 | 269.6 | **Ha2-36** | **384** | 547975.0 | 7447843.0 | 80.0 | 180.0 | 54.0 | 14.0 |
| **Hanken-234A** | **322** | 547831.4 | 7447579.4 | 498.5 | 249.3 | 54.0 | 289.8 | **Ha2-37A** | **385** | 547771.0 | 7447706.0 | 144.0 | 310.0 | -52.0 | 10.8 |
| **Hanken-234B** | **323** | 547831.4 | 7447579.4 | 498.5 | 207.0 | 61.2 | 260.0 | **Ha2-37B** | **386** | 547771.0 | 7447706.0 | 144.0 | 145.0 | 50.0 | 24.5 |
| **Ha2-1** | **324** | 548158.6 | 7447689.4 | 186.0 | 290.0 | -38.0 | 12.0 | **Ha2-38A** | **387** | 548292.0 | 7447630.0 | 237.0 | 17.0 | -58.0 | 7.3 |
| **Ha2-2** | **325** | 548134.8 | 7447680.0 | 186.0 | 340.0 | -39.0 | 18.5 | **Ha2-38B** | **388** | 548292.0 | 7447630.0 | 237.0 | 197.0 | 59.0 | 12.9 |
| **Ha2-3** | **326** | 548101.0 | 7447667.5 | 186.0 | 0.0 | -34.0 | 21.0 | **Ha2-39A** | **389** | 548178.7 | 7447617.7 | 236.0 | 340.0 | -56.0 | 16.8 |
| **Ha2-4** | **327** | 548075.0 | 7447660.0 | 186.0 | 335.0 | -38.0 | 23.0 | **Ha2-39B** | **390** | 548178.7 | 7447617.7 | 236.0 | 160.0 | 60.0 | 8.9 |
| **Ha2-5** | **328** | 547999.4 | 7447641.9 | 186.0 | 335.0 | -40.0 | 23.0 | **Ha2-40A** | **391** | 547683.9 | 7447678.1 | 163.0 | 350.0 | 80.0 | 30.4 |
| **Ha2-6** | **329** | 547973.0 | 7447639.0 | 186.0 | 360.0 | -40.0 | 19.0 | **Ha2-40B** | **392** | 547683.9 | 7447678.1 | 163.0 | 350.0 | 50.0 | 91.9 |
| **Ha2-7** | **330** | 547960.0 | 7447600.0 | 187.0 | 315.0 | 43.0 | 61.3 | **Ha2-40C** | **393** | 547683.9 | 7447678.1 | 163.0 | 350.0 | 60.0 | 48.6 |
| **Ha2-8** | **331** | 547972.0 | 7447570.0 | 187.0 | 360.0 | -69.0 | 67.5 | **Ha2-41A** | **394** | 548400.0 | 7447636.0 | 237.0 | 345.0 | -44.0 | 13.7 |
| **Ha2-9** | **332** | 547997.0 | 7447614.0 | 187.0 | 110.0 | 42.0 | 64.0 | **Ha2-41B** | **395** | 548400.0 | 7447636.0 | 237.0 | 165.0 | 44.0 | 18.9 |
| **Ha2-10** | **333** | 548094.0 | 7447649.0 | 217.0 | 291.0 | -45.0 | 32.5 | **Ha2-42A** | **396** | 548417.0 | 7447496.0 | 237.0 | 325.0 | 39.0 | 143.4 |
| **Ha2-11** | **334** | 548095.0 | 7447617.0 | 217.0 | 300.0 | -50.0 | 24.6 | **Ha2-42B** | **397** | 548417.0 | 7447496.0 | 237.0 | 325.0 | 45.0 | 86.0 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **46** |

---

**Table 10-6. Drill Hole Collars – Hankabakken II (2 of 2)**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Collar Coordinates (m)** | **Collar Coordinates (m)** | **Collar Coordinates (m)** | | | | | | **Collar Coordinates (m)** | **Collar Coordinates (m)** | **Collar Coordinates (m)** | | | |
| **BHID <br> Original** | **BHID** | **Easting** | **Northing** | **Elev'n** | **Azimuth** <br> **(o)** | **Dip (o)** | **Length** <br> **(m)** | **BHID<br> Original** | **BHID** | **Easting** | **Northing** | **Elev'n** | **Azimuth** <br> **(o)** | **Dip (o)** | **Length** <br> **(m)** |
| **Ha2-43A** | **398** | 548419.6 | 7447493.4 | 355.0 | 35.0 | 45.0 | 78.1 | **Ha1-39A** | **462** | 548118.9 | 7447210.8 | 488.0 | 326.0 | -55.0 | 21.5 |
| **Ha2-43B** | **399** | 548419.6 | 7447493.4 | 355.0 | 35.0 | 70.0 | 34.0 | **Ha1-40A** | **463** | 548117.2 | 7447193.8 | 488.0 | 355.0 | -75.0 | 12.1 |
| **Ha2-44A** | **400** | 547739.0 | 7447676.0 | 164.0 | 360.0 | -50.0 | 15.0 | **Ha1-41A** | **464** | 548131.1 | 7447198.0 | 488.0 | 310.0 | -45.0 | 15.2 |
| **Ha2-44B** | **401** | 547739.0 | 7447676.0 | 164.0 | 180.0 | 45.0 | 15.0 | **Ha1-42A** | **465** | 548082.2 | 7447194.3 | 488.0 | 303.0 | -5.0 | 49.2 |
| **Ha2-45A** | **402** | 547585.0 | 7447652.0 | 164.0 | 360.0 | -51.0 | 13.2 | **Ha1-44** | **467** | 548451.9 | 7447207.9 | 555.9 | 200.0 | 60.0 | 9.8 |
| **Ha2-45B** | **403** | 547585.0 | 7447650.0 | 164.0 | 180.0 | 50.0 | 6.7 | **Ha1-45** | **468** | 548449.7 | 7447221.9 | 551.5 | 200.0 | 60.0 | 16.8 |
| **Ha2-46A** | **404** | 547354.0 | 7447659.0 | 164.0 | 360.0 | -55.0 | 12.8 | **Ha1-46** | **469** | 548466.6 | 7447229.1 | 549.9 | 200.0 | 60.0 | 25.0 |
| **Ha2-46B** | **405** | 547354.0 | 7447657.0 | 164.0 | 180.0 | 52.0 | 11.4 | **Ha1-47** | **470** | 548475.4 | 7447238.3 | 549.6 | 200.0 | 60.0 | 28.4 |
| **Ha2-47A** | **406** | 547737.0 | 7447718.0 | 118.0 | 360.0 | -50.0 | 24.3 | **Ha1-48** | **471** | 548488.4 | 7447240.4 | 549.8 | 200.0 | 60.0 | 17.1 |
| **Ha2-47B** | **407** | 547739.0 | 7447717.0 | 118.0 | 180.0 | 48.0 | 11.1 | **Ha1-49** | **472** | 548472.2 | 7447254.2 | 543.1 | 200.0 | 60.0 | 11.0 |
| **Ha2-48** | **408** | 547592.0 | 7447708.0 | 118.0 | 360.0 | -40.0 | 7.0 | **Ha1-51** | **474** | 548401.2 | 7447186.1 | 566.8 | 270.0 | 55.0 | 8.7 |
| **Ha2-49A** | **409** | 547369.4 | 7447713.4 | 117.0 | 0.0 | -50.0 | 11.8 | **Ha1-52A** | **475** | 548161.2 | 7447386.5 | 410.0 | 16.0 | -57.0 | 18.1 |
| **Ha2-49B** | **410** | 547369.6 | 7447702.4 | 117.0 | 180.0 | 50.0 | 10.5 | **Ha1-53B** | **476** | 548199.2 | 7447388.0 | 410.0 | 165.0 | 52.0 | 9.0 |
| **Ha2-50A** | **411** | 547391.4 | 7447779.7 | 60.0 | 0.0 | -55.0 | 29.4 | **Ha1-54A** | **477** | 548214.1 | 7447395.3 | 410.0 | 18.0 | -54.0 | 15.0 |
| **Ha2-50B** | **412** | 547391.5 | 7447777.7 | 60.0 | 180.0 | 52.0 | 7.1 | **Ha1-55A** | **478** | 548269.1 | 7447394.1 | 410.0 | 0.0 | -70.0 | 11.0 |
| **Ha2-51** | **413** | 547598.4 | 7447779.8 | 60.0 | 0.0 | -50.0 | 10.4 | **Ha2-P2-1** | **507** | 548075.0 | 7447622.0 | 187.0 | 0.0 | -90.0 | 2.5 |
| **Ha2-52A** | **414** | 548161.0 | 7447389.0 | 61.0 | 0.0 | 52.0 | 26.0 | **Ha2-P2-2** | **508** | 548075.0 | 7447626.0 | 189.0 | 0.0 | -55.0 | 5.5 |
| **Ha2-52E** | **415** | 548161.0 | 7447389.0 | 61.0 | 180.0 | -70.0 | 45.2 | **Ha2-P3-1** | **509** | 548055.0 | 7447616.0 | 186.0 | 0.0 | -90.0 | 2.8 |
| **Ha2-53A** | **416** | 548251.0 | 7447723.0 | 187.0 | 180.0 | 60.0 | 45.0 | **Ha2-P3-2** | **510** | 548055.0 | 7447620.0 | 188.0 | 0.0 | -60.0 | 6.0 |
| **Ha2-53B** | **417** | 548251.0 | 7447723.0 | 187.0 | 360.0 | 50.0 | 94.3 | **Ha2-P4-1** | **511** | 548035.0 | 7447549.0 | 237.0 | 0.0 | -90.0 | 2.0 |
| **Ha2-53C** | **418** | 548251.0 | 7447723.0 | 187.0 | 360.0 | 38.0 | 287.0 | **Ha2-P4-2** | **512** | 548035.0 | 7447596.0 | 209.0 | 0.0 | -90.0 | 5.0 |
| **Ha2-54B** | **420** | 548213.0 | 7447398.0 | 411.0 | 18.0 | -54.0 | 14.9 | **Ha2-P4-3** | **513** | 548035.0 | 7447628.0 | 186.0 | 0.0 | -90.0 | 6.5 |
| **Ha2-55A** | **421** | 548268.0 | 7447397.0 | 411.0 | 338.0 | -70.0 | 11.0 | **Ha2-P4-4** | **514** | 548035.0 | 7447662.0 | 165.0 | 0.0 | -90.0 | 2.5 |
| **Ha2-55B** | **422** | 548268.0 | 7447397.0 | 411.0 | 158.0 | 55.0 | 22.8 | **Ha2-P6-1** | **515** | 547995.0 | 7447598.0 | 186.0 | 0.0 | -90.0 | 1.5 |
| **Ha2-56B** | **423** | 548568.6 | 7447491.6 | 356.0 | 164.0 | 43.0 | 12.0 | **Ha2-P6-2** | **516** | 547995.0 | 7447648.0 | 164.0 | 0.0 | -90.0 | 2.0 |
| **Ha2-57B** | **424** | 548633.5 | 7447497.6 | 349.0 | 166.0 | 54.0 | 12.0 | **Ha2-P6-3** | **517** | 547995.0 | 7447651.0 | 165.0 | 0.0 | -56.0 | 11.5 |
| **Ha2-59A** | **425** | 548220.0 | 7447468.3 | 349.0 | 352.0 | -48.0 | 7.7 | **Ha2-P7-1** | **518** | 547975.0 | 7447647.0 | 163.0 | 0.0 | -90.0 | 2.4 |
| **Ha2-59B** | **426** | 548222.1 | 7447464.4 | 349.0 | 153.0 | 55.0 | 16.5 | **Ha2-P7-2** | **519** | 547975.0 | 7447647.0 | 165.0 | 0.0 | -55.0 | 8.0 |
| **Ha2-60** | **427** | 548091.1 | 7447592.3 | 255.0 | 6.0 | -45.0 | 10.5 | **Ha2-P8-1** | **520** | 547955.0 | 7447600.0 | 186.0 | 0.0 | -90.0 | 2.7 |
| **Ha2-61A** | **428** | 548477.0 | 7447567.0 | 283.0 | 12.0 | -62.0 | 13.3 | **Ha2-P8-2** | **521** | 547955.0 | 7447640.0 | 163.0 | 0.0 | -90.0 | 2.9 |
| **Ha2-61B** | **429** | 548477.0 | 7447567.0 | 283.0 | 180.0 | 48.0 | 13.3 | **Ha2-P8-3** | **522** | 547955.0 | 7447620.0 | 187.0 | 0.0 | -90.0 | 1.1 |
| **Ha2-62A** | **430** | 548405.0 | 7447576.0 | 283.0 | 350.0 | -57.0 | 15.5 | **Ha2-P8-4** | **523** | 547955.0 | 7447663.0 | 144.0 | 0.0 | -90.0 | 1.5 |
| **Ha2-62B** | **431** | 548405.0 | 7447576.0 | 283.0 | 160.0 | 55.0 | 15.5 | **Ha2-P8-5** | **524** | 547955.0 | 7447643.0 | 165.0 | 0.0 | -50.0 | 8.0 |
| **Ha2-63A** | **432** | 548312.4 | 7447569.7 | 274.0 | 26.1 | -54.0 | 20.0 | **Ha2-P8-6** | **525** | 547955.0 | 7447663.0 | 144.0 | 0.0 | -55.0 | 4.0 |
| **Ha2-63(1)** | **433** | 548348.5 | 7447567.3 | 274.0 | 354.0 | 42.0 | 1.9 | **Ha2-P9-1** | **526** | 547935.0 | 7447638.0 | 163.0 | 0.0 | -90.0 | 2.8 |
| **Ha2-64A** | **434** | 548298.0 | 7447599.5 | 260.0 | 8.1 | -54.0 | 8.5 | **Ha2-P9-2** | **527** | 547935.0 | 7447638.0 | 166.0 | 0.0 | -55.0 | 8.0 |
| **Ha2-64B** | **435** | 548298.0 | 7447599.5 | 260.0 | 174.6 | 43.2 | 10.7 | **Ha2-P10-1** | **528** | 547915.0 | 7447637.0 | 163.0 | 0.0 | -90.0 | 2.6 |
| **Ha2-65A** | **436** | 548266.1 | 7447590.0 | 260.0 | 0.0 | -55.0 | 11.6 | **Ha2-P10-2** | **529** | 547915.0 | 7447659.0 | 143.0 | 0.0 | -90.0 | 1.9 |
| **Ha2-65B** | **437** | 548266.1 | 7447590.0 | 255.0 | 180.0 | 45.0 | 7.4 | **Ha2-P10-3** | **530** | 547915.0 | 7447637.0 | 165.0 | 0.0 | -57.0 | 8.0 |
| **Ha2-66B** | **438** | 548270.6 | 7447627.1 | 236.0 | 159.3 | 50.0 | 9.1 | **Ha2-P10-4** | **531** | 547915.0 | 7447659.0 | 145.0 | 0.0 | -57.0 | 6.0 |
| **Ha2-67A** | **439** | 548232.9 | 7447673.5 | 209.0 | 27.0 | -54.0 | 5.2 | **Ha2-P11-1** | **532** | 547895.0 | 7447633.0 | 165.0 | 0.0 | -57.0 | 8.0 |
| **Ha2-67B** | **440** | 548228.9 | 7447670.4 | 209.0 | 185.4 | 35.1 | 15.1 | **Ha2-P11-2** | **533** | 547895.0 | 7447665.0 | 146.0 | 0.0 | -65.0 | 6.5 |
| **Ha2-68A** | **441** | 548220.0 | 7447618.0 | 250.0 | 14.4 | -54.9 | 14.1 | **Ha2-P12-1** | **534** | 547875.0 | 7447639.0 | 163.0 | 0.0 | -90.0 | 1.9 |
| **Ha2-68B** | **442** | 548220.0 | 7447618.0 | 250.0 | 178.2 | 39.6 | 14.1 | **Ha2-P12-2** | **535** | 547875.0 | 7447638.0 | 165.0 | 0.0 | -65.0 | 6.0 |
| **Ha2-69A** | **443** | 548146.2 | 7447587.2 | 261.0 | 0.0 | -57.6 | 5.6 | **Ha2-P12-3** | **536** | 547875.0 | 7447666.0 | 147.0 | 0.0 | -57.0 | 0.5 |
| **Ha2-69B** | **444** | 548146.2 | 7447587.2 | 261.0 | 180.0 | 60.0 | 10.0 | **Ha2-P13-1** | **537** | 547855.0 | 7447658.0 | 144.0 | 0.0 | -90.0 | 1.7 |
| **Ha2-70A** | **445** | 548582.2 | 7447514.8 | 330.0 | 342.0 | -44.1 | 9.1 | **Ha2-P13-2** | **538** | 547855.0 | 7447658.0 | 146.0 | 0.0 | -66.0 | 5.5 |
| **Ha2-70B** | **446** | 548572.2 | 7447516.7 | 330.0 | 165.6 | 54.0 | 15.2 | **Ha2-P13-3** | **539** | 547855.0 | 7447642.0 | 165.0 | 0.0 | -55.0 | 5.0 |
| **Ha2-71A** | **447** | 548251.0 | 7447716.0 | 187.0 | 47.0 | 18.0 | 926.1 | **Ha2-P14-1** | **540** | 547835.0 | 7447662.0 | 145.0 | 0.0 | -90.0 | 2.0 |
| **Ha2-71B** | **448** | 548251.0 | 7447716.0 | 188.0 | 47.0 | 22.0 | 480.0 | **Ha2-P14-2** | **541** | 547835.0 | 7447662.0 | 147.0 | 0.0 | -55.0 | 7.5 |
| **Ha2-72A** | **449** | 548474.8 | 7447476.2 | 349.0 | 178.2 | -63.0 | 4.0 | **Ha2-P14-3** | **542** | 547835.0 | 7447637.0 | 166.0 | 0.0 | -55.0 | 7.5 |
| **Ha2-72B** | **450** | 548474.8 | 7447476.2 | 349.0 | 178.2 | 42.3 | 6.7 | **Ha2-P15-1** | **543** | 547815.0 | 7447630.0 | 165.0 | 0.0 | -55.0 | 5.0 |
| **Ha2-73A** | **451** | 548494.8 | 7447478.5 | 349.0 | 5.4 | -63.0 | 3.5 | **Ha2-P15-2** | **544** | 547815.0 | 7447630.0 | 163.0 | 0.0 | -90.0 | 2.0 |
| **Ha2-73B** | **452** | 548494.8 | 7447478.5 | 349.0 | 185.4 | 45.9 | 8.4 | **Ha2-P17-1** | **545** | 547775.0 | 7447640.0 | 166.0 | 0.0 | -55.0 | 4.0 |
| **Ha2-74A** | **453** | 548545.7 | 7447486.3 | 349.0 | 351.0 | -63.0 | 1.5 | **Ha2-P22-1** | **546** | 547675.0 | 7447757.0 | 62.0 | 180.0 | 55.0 | 4.0 |
| **Ha2-74B** | **454** | 548545.7 | 7447486.3 | 349.0 | 171.0 | 42.3 | 13.6 | **Ha2-P23-1** | **547** | 547655.0 | 7447615.0 | 165.0 | 0.0 | -55.0 | 5.0 |
| **Ha2-76A** | **455** | 548248.0 | 7447720.0 | 188.0 | 0.0 | 35.0 | 720.3 | **Ha2-P24-1** | **548** | 547635.0 | 7447616.0 | 165.0 | 0.0 | -55.0 | 4.0 |
| **Ha2-76B** | **456** | 548248.0 | 7447720.0 | 188.0 | 0.0 | 37.6 | 854.0 | **Ha2-P24-2** | **549** | 547635.0 | 7447680.0 | 119.0 | 180.0 | 55.0 | 4.0 |
| **Ha2-76C** | **457** | 548248.0 | 7447720.0 | 187.0 | 0.0 | 33.0 | 896.3 | **Ha2-P25-1** | **550** | 547615.0 | 7447644.0 | 145.0 | 180.0 | 55.0 | 4.0 |
| **Ha2-76D** | **458** | 548248.0 | 7447720.0 | 188.0 | 358.0 | 34.0 | 460.6 | **Ha2-P28-1** | **551** | 547555.0 | 7447680.0 | 122.0 | 0.0 | -55.0 | 4.0 |
| **Ha1-36A** | **459** | 548092.1 | 7447200.4 | 488.0 | 334.0 | -50.0 | 17.6 |  |  |  |  |  |  |  |  |
| **Ha1-37A** | **460** | 548092.1 | 7447200.4 | 488.0 | 334.0 | -68.0 | 26.2 |  |  |  |  |  |  |  |  |
| **Ha1-38A** | **461** | 548106.1 | 7447201.6 | 488.0 | 343.0 | -63.0 | 23.0 |  |  |  |  |  |  |  |  |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **47** |

---

**Table 10-7. Drill Hole Collars – Sagmo**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Collar Coordinates (m)** | **Collar Coordinates (m)** | **Collar Coordinates (m)** | | | | | | **Collar Coordinates (m)** | **Collar Coordinates (m)** | **Collar Coordinates (m)** | | | |
| **BHID <br> Original** | **BHID** | **Easting** | **Northing** | **Elev'n** | **Azimuth** <br> **(o)** | **Dip (o)** | **Length** <br> **(m)** | **BHID<br> Original** | **BHID** | **Easting** | **Northing** | **Elev'n** | **Azimuth** <br> **(o)** | **Dip (o)** | **Length** <br> **(m)** |
| **S-81A** | **1** | 542639 | 7445138 | 359 | 270 | 61 | 47.8 | **S-68B** | **48** | 542410 | 7445412 | 317 | 9 | -20 | 160.3 |
| **S-81B** | **2** | 542639 | 7445138 | 359 | 270 | 34 | 106.6 | **S-68C** | **49** | 542410 | 7445412 | 317 | 9 | -30 | 93.5 |
| **S-81C** | **3** | 542639 | 7445138 | 359 | 270 | 18 | 170.0 | **S-68D2** | **50** | 542407 | 7445414 | 317 | 319 | -27 | 100.0 |
| **S-81D** | **4** | 542639 | 7445138 | 359 | 270 | 7 | 208.3 | **S-68E** | **51** | 542407 | 7445414 | 317 | 332 | -18 | 145.9 |
| **S-81L** | **5** | 542639 | 7445138 | 359 | 216 | 18 | 132.3 | **S-68F2** | **52** | 542410 | 7445412 | 317 | 50 | 14 | 115.9 |
| **S-82B** | **6** | 542669 | 7445124 | 359 | 90 | -22 | 43.9 | **S-68G** | **53** | 542410 | 7445412 | 317 | 72 | -12 | 92.6 |
| **S-82C** | **7** | 542669 | 7445124 | 359 | 90 | -15 | 209.7 | **S-71A** | **54** | 542668 | 7445243 | 354 | 270 | 90 | 5.4 |
| **S-82D** | **8** | 542669 | 7445124 | 359 | 162 | -12 | 70.0 | **S-71B** | **55** | 542668 | 7445243 | 354 | 270 | 22 | 13.0 |
| **S-82E** | **9** | 542669 | 7445124 | 359 | 128 | -16 | 97.0 | **S-71C** | **56** | 542668 | 7445243 | 354 | 270 | 58 | 7.8 |
| **S-83B** | **10** | 542300 | 7445397 | 316 | 201 | -19 | 95.4 | **S-71D** | **57** | 542668 | 7445243 | 354 | 270 | 0 | 5.7 |
| **S-83C** | **11** | 542303 | 7445397 | 316 | 174 | -23 | 89.1 | **S-71E** | **58** | 542668 | 7445243 | 354 | 270 | 36 | 9.0 |
| **S-83D** | **12** | 542303 | 7445397 | 316 | 145 | -22 | 104.3 | **S-72A** | **59** | 542668 | 7445223 | 354 | 270 | 90 | 2.5 |
| **S-83E** | **13** | 542303 | 7445397 | 316 | 205 | -13 | 153.8 | **S-72B** | **60** | 542668 | 7445223 | 354 | 270 | 9 | 5.6 |
| **S-235A** | **17** | 542198 | 7445686 | 752 | 156 | 80 | 425.0 | **S-72C** | **61** | 542668 | 7445223 | 354 | 270 | 41 | 9.7 |
| **S-235B** | **18** | 542198 | 7445686 | 752 | 36 | 81 | 415.0 | **S-73A** | **62** | 542667 | 7445203 | 354 | 270 | 90 | 3.0 |
| **S-67D** | **19** | 542195 | 7445387 | 317 | 360 | -54 | 90.0 | **S-73B** | **63** | 542667 | 7445203 | 354 | 270 | 9 | 10.8 |
| **S-67E** | **20** | 542195 | 7445401 | 317 | 358 | 23 | 98.3 | **S-73C** | **64** | 542667 | 7445203 | 354 | 270 | 43 | 5.6 |
| **S-67F** | **21** | 542195 | 7445401 | 317 | 360 | -12 | 183.4 | **S-73D** | **65** | 542667 | 7445203 | 354 | 270 | 30 | 20.0 |
| **S-67G** | **22** | 542196 | 7445387 | 317 | 41 | -31 | 77.5 | **S-74A** | **66** | 542665 | 7445183 | 354 | 270 | 90 | 6.5 |
| **S-67I** | **23** | 542194 | 7445391 | 317 | 303 | 29 | 69.0 | **S-74B** | **67** | 542665 | 7445183 | 354 | 270 | 18 | 11.8 |
| **S-67J** | **24** | 542195 | 7445392 | 317 | 335 | -16 | 122.5 | **S-74C** | **68** | 542665 | 7445183 | 354 | 270 | 48 | 10.5 |
| **S-67K** | **25** | 542195 | 7445392 | 317 | 344 | -12 | 154.4 | **S-75** | **69** | 542665 | 7445183 | 354 | 90 | -41 | 10.0 |
| **S-67L** | **26** | 542199 | 7445389 | 318 | 193 | -32 | 66.0 | **S-76A** | **70** | 542659 | 7445163 | 354 | 270 | 90 | 9.6 |
| **S-67M** | **27** | 542199 | 7445389 | 317 | 134 | -23 | 78.1 | **S-76B** | **71** | 542659 | 7445163 | 354 | 270 | 9 | 5.7 |
| **S-67N** | **28** | 542199 | 7445389 | 317 | 173 | -14 | 108.0 | **S-76C** | **72** | 542659 | 7445163 | 354 | 270 | 45 | 13.5 |
| **S-67O** | **29** | 542200 | 7445389 | 318 | 107 | -20 | 128.0 | **S-76D** | **73** | 542663 | 7445163 | 354 | 90 | 36 | 6.0 |
| **S-67P** | **30** | 542199 | 7445389 | 317 | 135 | -18 | 92.0 | **S-76E** | **74** | 542683 | 7445163 | 354 | 270 | 90 | 8.0 |
| **S-43** | **31** | 542539 | 7445386 | 313 | 270 | -60 | 74.6 | **S-76F** | **75** | 542659 | 7445163 | 354 | 270 | 60 | 17.7 |
| **S-49** | **32** | 542352 | 7445407 | 317 | 270 | -73 | 54.2 | **S-80A** | **76** | 542691 | 7445516 | 352 | 54 | -2 | 44.6 |
| **S-61A** | **33** | 542632 | 7445395 | 314 | 270 | -50 | 6.0 | **S-80B** | **77** | 542687 | 7445517 | 352 | 333 | 40 | 20.0 |
| **S-61B** | **34** | 542632 | 7445395 | 314 | 270 | -55 | 12.0 | **S-80C** | **78** | 542685 | 7445513 | 352 | 288 | 12 | 130.0 |
| **S-61C** | **35** | 542632 | 7445395 | 314 | 90 | -60 | 11.0 | **S-80D** | **79** | 542685 | 7445513 | 352 | 270 | 5 | 214.3 |
| **S-65A** | **36** | 542665 | 7445355 | 316 | 51 | -51 | 70.0 | **S-80F** | **80** | 542690 | 7445518 | 352 | 348 | 12 | 76.0 |
| **S-65B** | **37** | 542665 | 7445355 | 316 | 25 | -31 | 66.7 | **S-80I** | **83** | 542690 | 7445518 | 352 | 17 | 0 | 137.7 |
| **S-65E** | **38** | 542676 | 7445360 | 316 | 11 | -16 | 146.7 | **S-80N** | **84** | 542685 | 7445513 | 352 | 302 | 18 | 80.9 |
| **S-66A** | **39** | 542304 | 7445404 | 316.4 | 358 | -28 | 83.3 | **S-80O** | **85** | 542685 | 7445510 | 352 | 234 | 27 | 101.4 |
| **S-66B** | **40** | 542304 | 7445404 | 316.4 | 358 | -18 | 115.1 | **S-81F** | **86** | 542639 | 7445138 | 359 | 306 | 22 | 136.4 |
| **S-66D** | **41** | 542302 | 7445403 | 316.4 | 321 | -11 | 167.5 | **S-81K** | **87** | 542639 | 7445138 | 359 | 248 | 14 | 186.4 |
| **S-66E** | **42** | 542303 | 7445404 | 316.2 | 334 | -10 | 199.8 | **S-204** | **88** | 541196 | 7445758 | 652 | 53 | 75 | 419.6 |
| **S-67A** | **43** | 542194 | 7445387 | 317 | 313 | -19 | 97.5 | **S-206** | **89** | 541337 | 7445862 | 664 | 353 | 86 | 451.6 |
| **S-67B** | **44** | 542194 | 7445387 | 317 | 332 | -12 | 164.1 | **S-236** | **90** | 542209 | 7445830 | 755 | 44 | 68 | 386.8 |
| **S-67C** | **45** | 542194 | 7445387 | 317 | 341 | 9 | 220.0 | **S-237A** | **91** | 542097 | 7445706 | 743 | 162 | 78 | 435.0 |
| **S-67H** | **46** | 542196 | 7445387 | 317 | 25 | -22 | 100.0 | **S-237B** | **92** | 542097 | 7445706 | 743 | 47 | 84 | 420.0 |
| **S-68A** | **47** | 542411 | 7445413 | 317 | 25 | -55 | 68.4 |  |  |  |  |  |  |  |  |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **48** |

---

**Table 10-8. Drill Hole Intersections – Rupsi-Dypet**

[TRUETHK = True Thickness in metres]

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BHID** | **FROM** | **TO** | **LENGTH** | **TRUETHK** | **Cu %** | **Zn %** | **ZONE** | **BHID** | **FROM** | **TO** | **LENGTH** | **TRUETHK** | **Cu %** | **Zn %** | **ZONE** |
| 1 | 399.2 | 402.2 | 3 | 2.9 | 4.42 | 0.25 | 2 | 140 | 635 | 656 | 21 | 18.7 | 0.93 | 0.04 | 8 |
| 1 | 485.2 | 495 | 9.8 | 9.4 | 1.40 | 0.20 | 3 | 141 | 516 | 519.2 | 3.2 | 3 | 0.64 | 0.05 | 6 |
| 3 | 413 | 414 | 1 | 1 | 0.70 | 0.17 | 2 | 141 | 540.8 | 551.2 | 10.4 | 6.9 | 0.39 | 0.09 | 7 |
| 3 | 439 | 445.9 | 6.9 | 6.7 | 0.77 | 0.01 | 3 | 141 | 562 | 568 | 6 | 5.4 | 0.37 | 0.00 | 9 |
| 3 | 452 | 456 | 4 | 3.8 | 0.94 | 0.07 | 5 | 155 | 16.1 | 24.4 | 8.4 | 4.8 | 3.06 | 0.42 | 6 |
| 4 | 547.5 | 559 | 11.6 | 11.4 | 1.23 | 0.23 | 2 | 156 | 28.3 | 36.4 | 8.1 | 2.8 | 2.10 | 0.48 | 6 |
| 5 | 536 | 539 | 3 | 3 | 0.94 | 0.02 | 2 | 158 | 94.6 | 111.1 | 16.6 | 2.1 | 3.45 | 0.65 | 6 |
| 6 | 576.4 | 579.9 | 3.4 | 3.1 | 1.18 | 0.51 | 2 | 159 | 38 | 48.3 | 10.3 | 0.2 | 8.00 | 1.51 | 6 |
| 8 | 625 | 628.6 | 3.6 | 3.2 | 6.82 | 0.65 | 2 | 162 | 71.3 | 80.4 | 9.2 | 2.3 | 1.16 | 0.13 | 9 |
| 8 | 676 | 681.8 | 5.8 | 5.1 | 0.42 | 0.03 | 5 | 167 | 34.2 | 40.4 | 6.2 | 1.5 | 2.39 | 0.75 | 6 |
| 9 | 380.5 | 381.5 | 1 | 1 | 2.06 | 1.42 | 2 | 168 | 32.4 | 42 | 9.6 | 3 | 4.23 | 0.44 | 6 |
| 10 | 692.7 | 704 | 11.3 | 11 | 0.71 | 0.64 | 2 | 168 | 149.4 | 151.5 | 2.1 | 0.8 | 5.26 | 2.81 | 8 |
| 10 | 712 | 716 | 4 | 3.9 | 0.68 | 1.54 | 3 | 169 | 87 | 123.7 | 36.7 | 9.7 | 1.81 | 0.14 | 6 |
| 10 | 721 | 741 | 20 | 19.3 | 1.05 | 0.64 | 5 | 169 | 221.3 | 230 | 8.8 | 3.3 | 2.82 | 0.49 | 8 |
| 11 | 785 | 786 | 1 | 1 | 0.31 | 0.01 | 2 | 170 | 29 | 39.5 | 10.5 | 3.7 | 2.55 | 0.29 | 6 |
| 12 | 725 | 735 | 10 | 9.5 | 0.42 | 0.08 | 2 | 176 | 62.6 | 65.4 | 2.8 | 1.4 | 2.04 | 0.49 | 8 |
| 12 | 740 | 741 | 1 | 0.9 | 0.30 | 0.07 | 3 | 187 | 34 | 38 | 4 | 2.2 | 1.38 | 0.28 | 6 |
| 12 | 752 | 802 | 50 | 47.1 | 0.54 | 0.13 | 5 | 187 | 92.1 | 93.7 | 1.7 | 0.9 | 4.31 | 0.38 | 8 |
| 19 | 337.3 | 339.3 | 2 | 1.9 | 0.66 |  | 3 | 188 | 116 | 118.8 | 2.8 | 0.7 | 0.67 | 0.06 | 6 |
| 20 | 319.1 | 323.8 | 4.7 | 3.9 | 1.17 |  | 2 | 188 | 128.4 | 135 | 6.7 | 1.4 | 0.73 | 0.06 | 9 |
| 20 | 387.9 | 392.2 | 4.3 | 3.2 | 1.13 |  | 3 | 189 | 60 | 76.2 | 16.2 | 5.3 | 0.93 | 0.18 | 6 |
| 20 | 397.6 | 400 | 2.4 | 1.8 | 0.71 |  | 5 | 189 | 131.6 | 133.9 | 2.3 | 0.6 | 1.49 | 0.92 | 9 |
| 41 | 24.9 | 31 | 6.1 | 6 | 0.47 |  | 9 | 189 | 153.5 | 157 | 3.5 | 1 | 0.66 | 0.02 | 9 |
| 42 | 24.1 | 26.6 | 2.5 | 2.4 | 2.17 |  | 6 | 189 | 189 | 193 | 4 | 1.2 | 0.36 | 0.06 | 8 |
| 61 | 0 | 13.9 | 13.9 | 5 | 2.80 |  | 6 | 189 | 202 | 204.3 | 2.3 | 0.7 | 1.86 | 0.02 | 8 |
| 61 | 75.3 | 76.4 | 1.1 | 0.3 | 5.10 |  | 9 | 190 | 53.7 | 61.4 | 7.7 | 2.8 | 1.93 | 0.33 | 6 |
| 63 | 0 | 3.8 | 3.8 | 0.1 | 1.99 |  | 7 | 190 | 105.2 | 107 | 1.8 | 0.1 | 3.09 | 0.38 | 7 |
| 63 | 65 | 66.4 | 1.4 | 0 | 1.96 |  | 7 | 191 | 65 | 86.3 | 21.3 | 3.5 | 1.95 | 0.46 | 6 |
| 64 | 15.4 | 16.5 | 1.1 | 1.1 | 0.80 |  | 7 | 191 | 172.5 | 174.2 | 1.6 | 0.3 | 3.52 | 1.41 | 6 |
| 66 | 19.3 | 22.8 | 3.5 | 3.2 | 1.17 |  | 6 | 192 | 117.6 | 146.4 | 28.8 | 5.7 | 0.55 | 0.21 | 6 |
| 66 | 45.3 | 48.3 | 3.1 | 2.8 | 0.49 |  | 9 | 192 | 244.9 | 252.3 | 7.5 | 1.6 | 1.31 | 0.39 | 7 |
| 68 | 15.7 | 19.3 | 3.6 | 3.4 | 2.17 |  | 7 | 192 | 289.7 | 323 | 33.3 | 7.2 | 0.90 | 0.21 | 7 |
| 68 | 28 | 29.4 | 1.4 | 1.3 | 0.72 |  | 9 | 193 | 130 | 139.6 | 9.6 | 1.7 | 0.60 | 0.23 | 6 |
| 89 | 86.2 | 159 | 72.9 | 0.2 | 2.10 |  | 10 | 214 | 329.7 | 333 | 3.3 | 0.2 | 0.77 | 0.68 | 10 |
| 91 | 261.5 | 264.7 | 3.2 | 0.1 | 5.12 |  | 10 | 214 | 342 | 344 | 2 | 0.1 | 0.32 | 0.01 | 10 |
| 92 | 147.6 | 178.5 | 30.9 | 1.6 | 1.71 |  | 10 | 215 | 114.4 | 131 | 16.6 | 3.2 | 1.40 | 0.31 | 10 |
| 93 | 124.7 | 132 | 7.3 | 0.3 | 0.34 |  | 10 | 218 | 166.3 | 181 | 14.7 | 1.3 | 4.74 | 1.07 | 10 |
| 135 | 559 | 563 | 4 | 3.6 | 1.97 | 0.03 | 6 | 250 | 384.5 | 396.2 | 11.7 | 10.7 | 0.61 | 0.19 | 2 |
| 135 | 569.1 | 572.5 | 3.4 | 3 | 3.38 | 0.05 | 9 | 251 | 347.4 | 351.6 | 4.2 | 3.6 | 1.99 | 0.80 | 2 |
| 137 | 637 | 638 | 1 | 0.9 | 0.44 | 0.01 | 6 | 253 | 248.7 | 254.4 | 5.7 | 5.3 | 0.49 | 0.23 | 2 |
| 138 | 607 | 611 | 4 | 3.6 | 0.41 | 0.02 | 6 | 254 | 265.8 | 274.5 | 8.7 | 8.6 | 0.64 | 0.20 | 3 |
| 138 | 621 | 622.6 | 1.7 | 1.5 | 1.38 | 1.03 | 9 | 255 | 268.6 | 277.2 | 8.6 | 8.4 | 0.48 | 0.14 | 3 |
| 138 | 646 | 661 | 15 | 13.5 | 0.63 | 0.03 | 8 | 257 | 440.3 | 455.2 | 15 | 14.6 | 0.74 | 0.26 | 2 |
| 140 | 614.5 | 616 | 1.5 | 0.9 | 2.09 | 0.72 | 7 | 260 | 430.1 | 435 | 4.9 | 4.7 | 0.57 | 0.19 | 2 |
|  |  |  |  |  |  |  |  | 264 | 479.2 | 489.3 | 10.1 | 9.6 | 0.49 | 0.13 | 2 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **49** |

---

**Table 10-9. Drill Hole Intersections – Hankabakken II (1of 2)**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BHID** | **FROM** | **TO** | **LENGTH** | **TRUETHK** | **Cu %** | **Zn %** | **ZONE** | **BHID** | **FROM** | **TO** | **LENGTH** | **TRUETHK** | **Cu %** | **Zn %** | **ZONE** |
| 123 | 137.6 | 163.7 | 26 | 8.6 | 1.30 | 0.02 | 3 | 341 | 0 | 7 | 7 | 6.9 | 0.75 |  | 2 |
| 125 | 140.3 | 152.8 | 12.6 | 3 | 1.11 | 0.02 | 3 | 342 | 0 | 3.1 | 3.1 | 3 | 1.48 |  | 3 |
| 130 | 139 | 142 | 3 | 0.5 | 0.64 | 0.01 | 3 | 344 | 2 | 5 | 3 | 2.9 | 0.77 |  | 3 |
| 130 | 156.9 | 160 | 3.1 | 0.5 | 0.55 | 0.03 | 3 | 345 | 0 | 2 | 2 | 2 | 1.10 |  | 2 |
| 130 | 202.5 | 209 | 6.5 | 0.9 | 1.47 |  | 2 | 347 | 0 | 1.8 | 1.8 | 1.8 | 1.22 |  | 5 |
| 213 | 236.7 | 270 | 33.3 | 15.5 | 0.38 | 0.09 | 3 | 348 | 3.5 | 6.5 | 3 | 2.9 | 1.05 |  | 2 |
| 213 | 278 | 284 | 6 | 2.9 | 0.81 | 0.15 | 3 | 349 | 0 | 1 | 1 | 1 | 1.20 |  | 2 |
| 272 | 134 | 138.1 | 4.1 | 3.9 | 0.71 | 0.05 | 2 | 351 | 10.6 | 12 | 1.4 | 1.4 | 0.93 |  | 2 |
| 273 | 89.3 | 101.6 | 12.3 | 11.9 | 0.88 | 0.01 | 2 | 355 | 0 | 1.8 | 1.8 | 1.8 | 1.14 |  | 2 |
| 274 | 97 | 108 | 11 | 10.2 | 0.81 | 0.01 | 2 | 356 | 5.6 | 7.9 | 2.3 | 2.3 | 0.57 |  | 3 |
| 275 | 113.7 | 119.7 | 5.9 | 5 | 0.54 | 0.05 | 2 | 358 | 3.4 | 7.7 | 4.3 | 4.2 | 0.83 |  | 2 |
| 276 | 77.3 | 86.9 | 9.6 | 8.9 | 0.72 | 0.01 | 2 | 361 | 0 | 14.7 | 14.7 | 3.8 | 1.02 |  | 2 |
| 277 | 88.4 | 90.6 | 2.3 | 1.9 | 0.66 | 0.01 | 2 | 364 | 0 | 5.5 | 5.5 | 4.7 | 1.61 |  | 2 |
| 294 | 67.1 | 80.9 | 13.8 | 13.6 | 0.47 | 0.12 | 2 | 365 | 7 | 31 | 24 | 11.9 | 0.77 |  | 2 |
| 295 | 105 | 106.7 | 1.7 | 1.1 | 0.48 | 0.00 | 2 | 366 | 0 | 5 | 5 | 4 | 0.89 |  | 3 |
| 295 | 110.9 | 113 | 2.1 | 1.3 | 0.47 | 0.24 | 3 | 366 | 10 | 21.7 | 11.7 | 9.4 | 1.13 |  | 2 |
| 296 | 120 | 138 | 18 | 11.5 | 0.60 | 0.08 | 3 | 368 | 285.2 | 288 | 2.8 | 0.4 | 0.44 |  | 2 |
| 297 | 100 | 102.4 | 2.4 | 1.7 | 0.45 | 0.08 | 2 | 368 | 294.6 | 314.4 | 19.8 | 2.6 | 0.95 |  | 2 |
| 298 | 29.2 | 34.8 | 5.7 | 3.7 | 0.94 | 0.01 | 2 | 369 | 244 | 245.9 | 1.9 | 0.5 | 0.49 |  | 3 |
| 299 | 23.3 | 28.4 | 5.2 | 4.6 | 0.98 | 0.01 | 2 | 369 | 256 | 258 | 2 | 0.5 | 0.54 |  | 3 |
| 300 | 19.4 | 31.1 | 11.7 | 11.7 | 1.21 | 0.07 | 2 | 369 | 263 | 273 | 10 | 2.5 | 0.50 |  | 3 |
| 301 | 47 | 65.8 | 18.8 | 15.4 | 0.87 | 0.13 | 2 | 371 | 110 | 125 | 15 | 5.3 | 0.52 |  | 2 |
| 303 | 33.6 | 47.9 | 14.3 | 11.9 | 0.66 | 0.10 | 5 | 371 | 129.5 | 167 | 37.5 | 14.6 | 0.48 |  | 3 |
| 304 | 56.2 | 59.3 | 3.1 | 0.9 | 1.01 | 0.30 | 5 | 373 | 552 | 554 | 2 | 0.9 | 0.40 |  | 2 |
| 305 | 102.7 | 109 | 6.3 | 0.7 | 1.03 | 0.14 | 5 | 377 | 5 | 6 | 1 | 1 | 0.31 |  | 5 |
| 306 | 50.2 | 60.5 | 10.3 | 10.1 | 1.13 | 0.06 | 2 | 378 | 0 | 9 | 9 | 8.9 | 0.45 |  | 5 |
| 306 | 65 | 70 | 5 | 4.9 | 0.43 | 0.41 | 3 | 379 | 1.7 | 9 | 7.3 | 7.3 | 0.36 |  | 2 |
| 308 | 40.3 | 47 | 6.7 | 6.7 | 1.22 | 0.05 | 5 | 380 | 0 | 13 | 13 | 12.9 | 0.57 |  | 5 |
| 308 | 55.7 | 58.3 | 2.6 | 2.6 | 1.01 | 0.24 | 2 | 381 | 2 | 3 | 1 | 1 | 0.48 |  | 2 |
| 310 | 90.3 | 92.4 | 2.1 | 1.7 | 0.82 | 0.06 | 2 | 382 | 9.8 | 11.7 | 1.9 | 1.8 | 0.31 |  | 2 |
| 310 | 98.3 | 102.5 | 4.2 | 3.4 | 0.53 | 0.21 | 3 | 383 | 0 | 2.3 | 2.3 | 2.2 | 0.72 |  | 3 |
| 312 | 103.4 | 115.5 | 12.1 | 8.4 | 0.50 | 0.10 | 2 | 386 | 5 | 10.6 | 5.6 | 5.3 | 1.00 |  | 2 |
| 322 | 262 | 264 | 2 | 1.5 | 0.35 | 0.04 | 2 | 388 | 0 | 7.9 | 7.9 | 7.7 | 0.82 |  | 2 |
| 322 | 275 | 281.3 | 6.3 | 4.7 | 0.68 | 0.12 | 3 | 389 | 0 | 6.8 | 6.8 | 6.7 | 0.98 |  | 2 |
| 323 | 237 | 245 | 8 | 7.6 | 0.63 | 0.17 | 2 | 390 | 0 | 2.5 | 2.5 | 2.4 | 2.16 |  | 3 |
| 324 | 4 | 7 | 3 | 2.1 | 0.53 |  | 2 | 391 | 12.5 | 19.6 | 7.2 | 5.1 | 1.75 |  | 2 |
| 325 | 0 | 12 | 12 | 11.4 | 0.44 |  | 2 | 391 | 24.5 | 27.6 | 3.1 | 2.2 | 0.35 |  | 3 |
| 326 | 0 | 13 | 13 | 12.1 | 0.70 |  | 2 | 392 | 55.5 | 62.5 | 7 | 1.8 | 1.14 |  | 2 |
| 327 | 0 | 19 | 19 | 17.7 | 1.10 |  | 2 | 392 | 69.6 | 75 | 5.4 | 1.3 | 0.40 |  | 3 |
| 328 | 0 | 21 | 21 | 20 | 0.96 |  | 5 | 392 | 81 | 83 | 2 | 0.5 | 0.72 |  | 3 |
| 329 | 0 | 16.5 | 16.5 | 15.7 | 1.74 |  | 5 | 392 | 88.3 | 90.7 | 2.4 | 0.6 | 0.86 |  | 3 |
| 331 | 43.4 | 56 | 12.6 | 12.2 | 0.64 |  | 5 | 393 | 24.5 | 36.5 | 12 | 5.1 | 1.15 |  | 2 |
| 334 | 5 | 15 | 10 | 8.5 | 1.69 |  | 2 | 393 | 40.7 | 44 | 3.3 | 1.3 | 0.67 |  | 3 |
| 336 | 0 | 2 | 2 | 1.8 | 1.16 |  | 5 | 394 | 0.4 | 2.2 | 1.8 | 1.8 | 0.56 |  | 2 |
| 338 | 6.8 | 8 | 1.2 | 1.2 | 0.65 |  | 2 | 398 | 33.4 | 46.3 | 12.9 | 3.6 | 0.87 |  | 2 |
| 339 | 0 | 4.5 | 4.5 | 4.5 | 1.08 |  | 2 | 398 | 53.6 | 55 | 1.4 | 0.4 | 0.40 |  | 2 |
| 340 | 1.5 | 3 | 1.5 | 1.5 | 0.69 | - | 3 | 398 | 65.7 | 67.8 | 2.1 | 0.6 | 0.50 | - | 2 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **50** |

---

**Table 10-10. Drill Hole Intersections – Hankabakken II (2of 2)**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BHID** | **FROM** | **TO** | **LENGTH** | **TRUETHK** | **Cu %** | **Zn %** | **ZONE** | **BHID** | **FROM** | **TO** | **LENGTH** | **TRUETHK** | **Cu %** | **Zn %** | **ZONE** |
| 399 | 16.3 | 20 | 3.7 | 2.3 | 0.76 |  | 2 | 457 | 877.7 | 881 | 3.3 | 0.1 | 1.46 | 0.26 | 2 |
| 400 | 0 | 8.4 | 8.4 | 8.3 | 0.32 |  | 2 | 458 | 443.9 | 450.4 | 6.5 | 0.1 | 0.38 | 0.36 | 2 |
| 401 | 3 | 11.2 | 8.3 | 8.1 | 1.13 |  | 3 | 459 | 14.4 | 17 | 2.7 | 2.6 | 0.48 |  | 2 |
| 402 | 4 | 8.9 | 4.9 | 4.8 | 2.12 |  | 2 | 461 | 15.1 | 21.5 | 6.4 | 6.3 | 0.41 |  | 2 |
| 404 | 0 | 6 | 6 | 6 | 0.39 |  | 2 | 462 | 17.6 | 19.8 | 2.2 | 2.1 | 0.36 |  | 2 |
| 405 | 0 | 9.3 | 9.3 | 9.3 | 1.01 |  | 3 | 465 | 26.7 | 31.6 | 4.9 | 2.2 | 0.40 |  | 2 |
| 406 | 6 | 8 | 2 | 2 | 0.32 |  | 2 | 475 | 0 | 4.8 | 4.8 | 4.6 | 0.67 |  | 2 |
| 408 | 0 | 3 | 3 | 2.9 | 0.55 |  | 2 | 476 | 0 | 2.2 | 2.2 | 2.2 | 0.92 |  | 2 |
| 409 | 8.8 | 10 | 1.2 | 1.2 | 0.54 |  | 2 | 507 | 0 | 2.5 | 2.5 | 2 | 0.80 |  | 3 |
| 410 | 5.8 | 7.8 | 2.1 | 2 | 0.31 |  | 3 | 509 | 0 | 2.8 | 2.8 | 2.3 | 0.80 |  | 3 |
| 411 | 13.6 | 15.4 | 1.8 | 1.8 | 1.22 |  | 2 | 510 | 0 | 6 | 6 | 6 | 1.54 |  | 2 |
| 412 | 2.7 | 4.6 | 1.9 | 1.9 | 0.82 |  | 3 | 511 | 0 | 2 | 2 | 1.6 | 1.30 |  | 2 |
| 413 | 0 | 2 | 2 | 2 | 0.66 |  | 2 | 512 | 0 | 5 | 5 | 4.1 | 1.60 |  | 2 |
| 416 | 5.4 | 12.4 | 7.1 | 7 | 0.40 |  | 2 | 513 | 0 | 6.5 | 6.5 | 5.3 | 2.00 |  | 2 |
| 417 | 37.2 | 40.7 | 3.5 | 0.9 | 0.41 |  | 2 | 514 | 0 | 2.5 | 2.5 | 2 | 0.80 |  | 2 |
| 417 | 56.9 | 58.3 | 1.4 | 0.4 | 0.39 |  | 2 | 515 | 0 | 1.5 | 1.5 | 1.2 | 0.90 |  | 3 |
| 418 | 260.3 | 263.4 | 3.1 | 0.2 | 0.83 |  | 2 | 516 | 0 | 2 | 2 | 1.6 | 0.90 |  | 3 |
| 420 | 0.7 | 3.2 | 2.5 | 2.4 | 0.39 |  | 2 | 517 | 0 | 8 | 8 | 8 | 1.25 |  | 2 |
| 423 | 1 | 3.4 | 2.3 | 2.3 | 0.35 |  | 2 | 518 | 0 | 2.4 | 2.4 | 1.9 | 2.70 |  | 3 |
| 423 | 10.9 | 12 | 1 | 1 |  |  | 3 | 519 | 0 | 8 | 8 | 8 | 0.64 |  | 2 |
| 424 | 8 | 9.3 | 1.4 | 1.3 | 0.62 |  | 2 | 520 | 0 | 2.7 | 2.7 | 2.2 | 1.50 |  | 3 |
| 425 | 0 | 2.4 | 2.4 | 2.4 | 1.76 |  | 2 | 521 | 0 | 2.9 | 2.9 | 2.3 | 1.60 |  | 3 |
| 427 | 0 | 6.4 | 6.4 | 6.2 | 0.81 | 0.05 | 2 | 522 | 0 | 1.1 | 1.1 | 0.9 | 4.00 |  | 2 |
| 428 | 0 | 6.5 | 6.5 | 6.4 | 0.51 |  | 2 | 523 | 0 | 1.5 | 1.5 | 1.2 | 0.80 |  | 3 |
| 430 | 0 | 1.5 | 1.5 | 1.5 | 0.40 |  | 2 | 524 | 0 | 8 | 8 | 7.9 | 1.01 |  | 2 |
| 432 | 0 | 9.9 | 9.9 | 9.3 | 0.69 |  | 2 | 526 | 0 | 2.8 | 2.8 | 2.3 | 2.50 |  | 3 |
| 433 | 0 | 1.1 | 1.1 | 0.1 | 1.12 |  | 2 | 527 | 0 | 8 | 8 | 8 | 1.94 |  | 2 |
| 435 | 0 | 6.8 | 6.8 | 6.6 | 1.05 |  | 2 | 528 | 0 | 2.6 | 2.6 | 2.1 | 1.40 |  | 3 |
| 436 | 0 | 5.5 | 5.5 | 5.5 | 0.77 |  | 2 | 529 | 0 | 1.9 | 1.9 | 1.5 | 0.60 |  | 3 |
| 437 | 3.1 | 4.8 | 1.7 | 1.7 | 0.57 |  | 3 | 530 | 0 | 7.5 | 7.5 | 7.5 | 1.99 |  | 2 |
| 438 | 0 | 5 | 5 | 4.9 | 0.58 | 0.11 | 2 | 531 | 1.5 | 6 | 4.5 | 4.5 | 0.88 |  | 2 |
| 440 | 1 | 3.3 | 2.3 | 2.1 | 0.74 | 0.06 | 2 | 532 | 0 | 8 | 8 | 8 | 1.11 |  | 2 |
| 440 | 11 | 12.2 | 1.2 | 1.1 | 0.90 | 0.38 | 3 | 533 | 0 | 6.5 | 6.5 | 6.4 | 1.17 |  | 2 |
| 441 | 0 | 1.6 | 1.6 | 1.6 | 0.42 |  | 2 | 534 | 0 | 1.9 | 1.9 | 1.5 | 1.60 |  | 3 |
| 442 | 1 | 12.3 | 11.3 | 10.9 | 1.02 | 0.11 | 3 | 535 | 0 | 6 | 6 | 5.9 | 0.97 |  | 2 |
| 444 | 0 | 5.5 | 5.5 | 5.5 | 0.48 | 0.08 | 2 | 537 | 0 | 1.7 | 1.7 | 1.4 | 2.50 |  | 3 |
| 445 | 0 | 1 | 1 | 1 | 0.48 | 0.06 | 2 | 538 | 0 | 5.5 | 5.5 | 5.4 | 0.64 |  | 2 |
| 446 | 0 | 1 | 1 | 1 | 0.50 | 0.06 | 2 | 539 | 0 | 3.5 | 3.5 | 3.5 | 1.70 |  | 2 |
| 446 | 11 | 13.2 | 2.2 | 2.2 | 0.36 | 0.13 | 3 | 540 | 0 | 2 | 2 | 1.6 | 1.50 |  | 3 |
| 447 | 819.6 | 822.1 | 2.5 | 0.1 | 0.36 | 0.11 | 2 | 541 | 0 | 7.5 | 7.5 | 7.5 | 1.23 |  | 2 |
| 447 | 836.7 | 844.7 | 8 | 0.2 | 0.49 | 0.15 | 2 | 543 | 2 | 3 | 1 | 1 | 1.40 |  | 2 |
| 448 | 74.8 | 93 | 18.2 | 0.1 | 0.39 | 0.01 | 2 | 544 | 0 | 2 | 2 | 1.6 | 1.80 |  | 3 |
| 448 | 115 | 119 | 4 | 0 | 0.53 | 0.01 | 2 | 545 | 1 | 3 | 2 | 2 | 0.50 |  | 3 |
| 448 | 364.2 | 366.3 | 2.1 | 0 | 0.36 | 0.01 | 2 | 546 | 0 | 1.5 | 1.5 | 1.5 | 1.00 |  | 3 |
| 450 | 0 | 1.3 | 1.3 | 1.3 | 0.84 | 0.12 | 2 | 550 | 0 | 1.5 | 1.5 | 1.5 | 1.10 | - | 3 |
| 454 | 0 | 1.5 | 1.5 | 1.5 | 0.38 | 0.04 | 2 |  |  |  |  |  |  |  |  |
| 454 | 6.2 | 10.2 | 4 | 3.9 | 0.36 | 0.23 | 3 |  |  |  |  |  |  |  |  |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **51** |

---

**Table 10-11.** **Drill Hole Intersections – Sagmo**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **BHID** | **FROM** | **TO** | **LENGTH** | **TRUETHK** | **Cu %** | **Zn %** | **ZONE** | **BHID** | **FROM** | **TO** | **LENGTH** | **TRUETHK** | **Cu %** | **Zn %** | **ZONE** |
| 1 | 23.6 | 27.5 | 3.9 | 3 | 0.54 | 0.07 | 2 | 43 | 81.2 | 86.2 | 5 | 1.7 | 1.19 | 0.24 | 5 |
| 3 | 159.3 | 164.3 | 5 | 0.8 | 0.48 | 0.02 | 2 | 44 | 132.4 | 158.8 | 26.4 | 5.2 | 1.01 | 0.28 | 5 |
| 5 | 116.3 | 117.8 | 1.5 | 0.3 | 0.53 | 0.01 | 2 | 45 | 184.7 | 195.1 | 10.4 | 0.9 | 1.08 | 0.26 | 2 |
| 6 | 18.3 | 38 | 19.7 | 4.4 | 0.41 | 0.03 | 2 | 45 | 204.7 | 211 | 6.3 | 0.6 | 1.04 | 0.39 | 2 |
| 7 | 65.5 | 72 | 6.5 | 0.7 | 0.42 | 0.03 | 2 | 46 | 49.5 | 78 | 28.5 | 9 | 1.33 | 0.15 | 5 |
| 7 | 150 | 152 | 2 | 0.2 | 0.51 | 0.05 | 2 | 47 | 52.7 | 55 | 2.3 | 1.8 | 1.49 | 0.20 | 5 |
| 7 | 157 | 164.8 | 7.8 | 0.8 | 0.32 | 0.03 | 2 | 48 | 140.5 | 145 | 4.5 | 1.3 | 0.70 | 0.20 | 5 |
| 8 | 6 | 8.5 | 2.5 | 0.4 | 0.48 | 0.03 | 2 | 49 | 75.4 | 86.5 | 11.1 | 5 | 0.96 | 0.23 | 5 |
| 9 | 24.8 | 43 | 18.2 | 2.6 | 0.59 | 0.04 | 2 | 51 | 128.2 | 131.4 | 3.2 | 0.9 | 0.77 | 0.19 | 5 |
| 10 | 62.2 | 80 | 17.8 | 6.8 | 0.66 | 0.11 | 5 | 52 | 88.8 | 94.1 | 5.3 | 1.7 | 1.72 | 0.23 | 3 |
| 11 | 63.2 | 66 | 2.8 | 1.2 | 0.66 | 0.15 | 5 | 53 | 90.1 | 92.6 | 2.5 | 0.2 | 0.87 | 0.20 | 2 |
| 12 | 81 | 84 | 3 | 1.1 | 0.34 | 0.03 | 5 | 54 | 0 | 2.8 | 2.8 | 2.8 | 0.85 | 0.25 | 2 |
| 12 | 99 | 102 | 3 | 1.1 | 0.47 | 0.16 | 5 | 56 | 1 | 5.3 | 4.3 | 3.2 | 0.95 | 0.29 | 2 |
| 13 | 136.8 | 143 | 6.2 | 1.8 | 0.77 | 0.15 | 5 | 57 | 0 | 2 | 2 | 0.3 | 0.48 | 0.21 | 2 |
| 17 | 391 | 403.7 | 12.7 | 12.4 | 0.99 | 0.22 | 5 | 58 | 0 | 7.8 | 7.8 | 3.5 | 0.53 | 0.23 | 2 |
| 18 | 390 | 391.2 | 1.2 | 1.1 | 0.53 | 0.17 | 5 | 59 | 0 | 1.6 | 1.6 | 1.6 | 0.94 | 0.23 | 2 |
| 19 | 32.2 | 38.6 | 6.4 | 5 | 0.47 | 0.09 | 5 | 60 | 4 | 5.5 | 1.5 | 0 | 0.31 | 0.18 | 2 |
| 20 | 70 | 74.9 | 4.9 | 1.8 | 0.95 | 0.12 | 2 | 61 | 0 | 8.7 | 8.7 | 4.6 | 0.67 | 0.20 | 2 |
| 21 | 137.4 | 149 | 11.7 | 1.9 | 0.72 | 0.12 | 5 | 62 | 0 | 1.9 | 1.9 | 1.8 | 1.56 | 0.30 | 2 |
| 22 | 42.1 | 71.8 | 29.8 | 13.6 | 0.83 | 0.12 | 5 | 63 | 1 | 3 | 2 | 0 | 0.70 | 0.12 | 2 |
| 23 | 55.3 | 57.9 | 2.6 | 0.9 | 0.90 | 0.12 | 2 | 64 | 0 | 4.3 | 4.3 | 2.4 | 0.99 | 0.23 | 2 |
| 24 | 100.8 | 103.6 | 2.9 | 0.7 | 1.21 | 0.12 | 5 | 65 | 0 | 18 | 18 | 6.5 | 1.30 | 0.20 | 2 |
| 25 | 126.3 | 135.1 | 8.9 | 1.6 | 0.89 | 0.09 | 5 | 66 | 0 | 5.6 | 5.6 | 5.5 | 0.90 | 0.10 | 2 |
| 26 | 42.6 | 57.6 | 15 | 8.6 | 0.88 | 0.10 | 5 | 67 | 0 | 10 | 10 | 1.6 | 1.11 | 0.12 | 2 |
| 27 | 46.2 | 66.9 | 20.7 | 7.8 | 1.08 | 0.17 | 5 | 68 | 0 | 10 | 10 | 6.3 | 1.15 | 0.13 | 2 |
| 28 | 80 | 104 | 24 | 6.6 | 1.09 | 0.12 | 5 | 70 | 0 | 8.4 | 8.4 | 8.3 | 0.59 | 0.06 | 2 |
| 29 | 41.2 | 63.5 | 22.3 | 6.7 | 1.00 | 0.16 | 5 | 71 | 2 | 4 | 2 | 0 | 0.43 | 0.06 | 2 |
| 29 | 91.6 | 92.6 | 1 | 0.3 | 1.23 | 0.09 | 5 | 72 | 0 | 6 | 6 | 3.5 | 0.36 | 0.07 | 2 |
| 30 | 59.3 | 80 | 20.7 | 6.2 | 1.42 | 0.11 | 5 | 74 | 0 | 7 | 7 | 6.9 | 0.67 | 0.08 | 2 |
| 32 | 35 | 39.1 | 4.1 | 3.9 | 1.81 | 0.15 | 5 | 75 | 4 | 16 | 12 | 9.3 | 0.47 | 0.08 | 2 |
| 34 | 0 | 10.4 | 10.4 | 9.4 | 1.69 |  | 3 | 76 | 7.5 | 17.2 | 9.7 | 0.8 | 0.73 | 0.15 | 2 |
| 36 | 47.3 | 70 | 22.7 | 15.8 | 1.60 | 0.24 | 2 | 77 | 10.7 | 12.3 | 1.6 | 0.9 | 1.33 | 0.24 | 2 |
| 37 | 39 | 51.1 | 12.1 | 6 | 1.60 | 0.22 | 3 | 78 | 93.5 | 96.1 | 2.6 | 0.1 | 1.62 | 0.09 | 2 |
| 38 | 126.9 | 146.7 | 19.8 | 5.1 | 1.34 | 0.24 | 2 | 79 | 203.1 | 211.3 | 8.2 | 0.6 | 1.02 | 0.15 | 2 |
| 39 | 79.7 | 83.3 | 3.6 | 1.6 | 1.07 | 0.23 | 5 | 80 | 57.3 | 63.9 | 6.6 | 1 | 0.50 | 0.06 | 2 |
| 40 | 111 | 115.1 | 4.1 | 1.1 | 0.96 | 0.23 | 5 | 83 | 22.7 | 38.4 | 15.7 | 0.5 | 1.22 | 0.19 | 2 |
| 41 | 138.9 | 165.7 | 26.8 | 5.2 | 1.25 | 0.14 | 5 | 84 | 63.7 | 66.1 | 2.4 | 0.4 | 0.96 | 0.12 | 2 |
| 42 | 162.4 | 174.4 | 12 | 1.9 | 0.90 | 0.26 | 5 | 91 | 397 | 399.8 | 2.8 | 2.7 | 0.56 | 0.11 | 5 |
|  |  |  |  |  |  |  |  | 92 | 386 | 388.8 | 2.8 | 2.8 | 0.74 | 0.14 | 5 |

---

**Figure 10-1. Overall Plan of Drill Holes**

![](tm2533647d1_ex43sp3img001.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **52** |

---

**Figure 10-2. Drillholes' Section – Rupsi Dypet**

[Section Lines shown in Figure 10-1]

![](tm2533647d1_ex43sp3img002.jpg)

**Figure 10-3. Drill Holes' Section -Hankabakken II**

![](tm2533647d1_ex43sp3img003.jpg)

**Figure 10-4. Drill Holes' Section – Sagmo**

![](tm2533647d1_ex43sp3img004.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **53** |

---

---

| | |
|:---|:---|
| **11** | **SAMPLE PREPARATION, ANALYSIS AND SECURITY** |

---

**11.1** **Observations** 

There was a thorough review by the Author of available information from NSG on the Sulitjelma Project that yielded very little quality control and quality assurance ("QAQC") data. Similarly, the Author discovered that there is little information available regarding sample preparation, laboratory analytical procedures, including the performance standards, blanks and duplicates for QAQC. This means that there is also no information available about chain of custody security procedures from the historic drilling activities; however, it is presumed that the prior operators conducted both sampling of the drill core and used analytical procedures in accordance with the industry best practices, based on the information presented here in Section 11 below.

In terms of sample collection, it can be seen from the remaining Sulitjelma Project drill core at Lokken that sampling was focused on mineralised intersections for the most part, with the initial samples being taken by sawing of the drill core in half and leaving the remnant half core in the core box for record keeping and future review.

The fact that so much of the Sulitjelma Project drill core is still in reasonable condition at Lokken, demonstrates the sound safeguarding procedures which must have been in place when the original samples were taken by prior operators.

Core diameters, as summarised in **Error! Reference source not found.**, range from 22 mm t o 36 mm (BQ). For the current database, a histogram of sample lengths is shown in Figure 11-1.

**Figure 11-1. Histogram of Drilling Sample Lengths**

![](tm2533647d1_ex43sp3img005.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **54** |

---

It can be seen from this histogram most of the samples have been taken with a 1 m length, and a lower number at 0.5 m, 2 m and 3 m. There is also a spread of intermediate sample lengths.

There are no records that can be provided by NSG describing the assay methods used; however, from examination of the compiled assay databases, the limits of detection can be inferred by the Author, and these detection limits are summarised in Table 11-1.

The NGU inventory in Lokken, where all the remaining Sulitjelma Project drill core is currently stored, is a well maintained and secure facility; however, there does not appear to be any storage of sample rejects or pulps.

**Table 11-1. Summary of Limits of Detection**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Element** | &nbsp;&nbsp;**Value** | &nbsp;&nbsp;**Unit** |
| &nbsp;&nbsp;**Cu** | 0.01 | % |
| &nbsp;&nbsp;**Zn** | 0.01 | % |
| &nbsp;&nbsp;**Pb** | 0.01 | ppm |
| &nbsp;&nbsp;**S** | 0.08 | % |
| &nbsp;&nbsp;**Fe** |  | % |
| &nbsp;&nbsp;**Au** | 0.01 | ppm |
| &nbsp;&nbsp;**Ag** | 0.1 | ppm |

---

The absence of QAQC standards, blanks and duplicates, as well as the lack of analysis, does of course provide a risk for the available drill hole databases. This is discussed in more detail in section 25.1.3 with respect to putting in place mitigative measures moving forward.

**Figure 11-2. Photo of NGU Core Storage Facility – Lokken**

![](tm2533647d1_ex43sp4img001.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **55** |

---

**11.2 Overview**

The sample preparation methods and QAQC measures used could not be validated or verified by the Author, owing to the lack of documentation and other information related to sampling activities (1952-1988) connected with the drilling databases used in the current study by prior operators.

Similarly, the assaying and analytical procedures could also not be validated or verified by the Author, owing to the lack of recorded information relating to the laboratories used by prior operators. Owing to the time lapsed after mine closure, the laboratory equipment cannot be inspected by the Author.

The nature, extent and results of QAQC procedures could not be validated or verified by the Author, owing to the lack of related information available on standards, blanks and duplicates, and their statistical analysis.

However, in the Author's opinion, there is adequate confidence in the sampling, data collection and processing, which is sufficient for mineral resource estimation work that is completed in the current study. The Author's opinion is supported by the following points:

&nbsp;&nbsp;&nbsp;&nbsp;· The mine's production history (as summarised in Section 6.1).

&nbsp;&nbsp;&nbsp;&nbsp;· The significant amount of properly stored drill core still in reasonable condition at Lokken, demonstrating
the sound procedures that must have been in place when the original samples were taken.

&nbsp;&nbsp;&nbsp;&nbsp;· Any verification steps made by the Author of available plans, sections and geologists' notes relating
to the sample data.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **56** |

---

**12 DATA VERIFICATION**

During the site visit to Sulitjelma Project, numerous data verification steps were completed by the Author including the following:

&nbsp;&nbsp;&nbsp;&nbsp;· The site visits to Sulitjelma in December 2024, including both surface and underground reviews.

&nbsp;&nbsp;&nbsp;&nbsp;· A review of example Sulitjelma Project drill core at the NGU core storage in Lokken.

&nbsp;&nbsp;&nbsp;&nbsp;· A review of surface drill collar elevation data relative to surface topography data.

&nbsp;&nbsp;&nbsp;&nbsp;· A review of drill hole database integrity with respect to transcription errors from
source materials.

&nbsp;&nbsp;&nbsp;&nbsp;· It is noted that additional reviews of drill hole databases against historical mine
plans and cross-sections provided further validation of information.

&nbsp;&nbsp;&nbsp;&nbsp;· The analysis of density measurements of samples from drill core

**12.1 Site Visit**

The Author's site visit on 2<sup>nd</sup> December 2024 covered the following:

- Visiting NSG's head office in Fauske, Norway.

- Inspection of underground workings, including Rupsi tunnel and old stopes.

- Inspection of former Process Plant buildings at Sandnes (east end of lake).

- Visiting the museum facilities and inspection of the tunnel at the historical Giken mine.

In the Author's opinion, the Rupsi tunnel is in very good condition. Copper mineralisation is visible on many walls near the stope excavations, as is the nature of the tight ductile folding. The stope workings are also accessible, the remnant pillars clearly visible. It seems likely that it would be possible, with enough time, to enter much further into the old workings and the check the location of some old drill hole collars. The tunnel into the historical Giken mine also appears to be in very good condition, having a working rail track, so that it can be used as a tourist destination for trips underground with a mine tram car in the summer months.

The existing processing building also appear to be in reasonable condition.

Unfortunately, due to snow cover at the time of the site visit to Sulitjelma Project, it was not possible to review the position of any historical surface drill hole collars in the field. See Item 12.3 for additional information regarding the validation and verification of drill collar locations.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **57** |

---

**Figure 12-1. Pictures – Underground at Rupsi**

[Upper Left: Entrance to Rupsi Tunnel; Upper Right: Old Chute,<br> Lower Left: Along Rupsi Tunnel; Lower Right: Old Stoped Workings]

![](tm2533647d1_ex43sp4img002.jpg)

**Figure 12-2. Surface Infrastructure - Former Processing Facilities**

![](tm2533647d1_ex43sp4img003.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **58** |

---

**Figure 12-3. Looking Westwards from Giken Mine**

![](tm2533647d1_ex43sp4img004.jpg)

**Figure 12-4. Looking Southward towards Former Sagmo Mine Area**

![](tm2533647d1_ex43sp4img005.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **59** |

---

**12.2 Drill Hole Core Validation**

The Author reviewed was made of drill hole core stored the NGU core storage facility at Lokken. A total of 9 drill holes were selected randomly for review, all of which are part of the database used in the current resource estimation work. Historical drill hole logs and other drillhole information are stored in the NGU facility at Lokken or at NSG's offices in Fauske. The logs are in different forms, including typed out tables, pro-forma tables filled in by hand, hand-written notes and geological sections. Most of the data now available in Excel form corresponds with scanned copies of the original drill hole information.

The drill holes selected for review in the latest site visit came from the Rupsi, Hankabakken and Sagmo mines. Example photos from this review, with some key features highlighted, are shown in Figure 12-5 to Figure 12-7.

The Author's observations from this review process include the following:

&nbsp;&nbsp;&nbsp;&nbsp;· The inventory of Sulitjelma Project drill hole core stored at Lokken appears to be generally accurate
according to the available historical information. All drill holes requested, and their related core boxes could generally be found by
the staff at Lokken.

&nbsp;&nbsp;&nbsp;&nbsp;· Some of the drill holes, mainly for waste intersections, have been reduced to "compressed"
sections, in that 10cm of core has been taken from each metre of the original core, so boxes with a 10m length are representing 100m of
actual drill core. This modification is recorded at the core inventory in a '%core available' column.

&nbsp;&nbsp;&nbsp;&nbsp;· For some of the previously sampled intersections, there is no core left. The most likely explanation is
that the original core was too small and/or friable to allow sawing, or due to additional samples being taken from the same intersections.

&nbsp;&nbsp;&nbsp;&nbsp;· For the sampled intersections with higher-grades, where the core is cut, it is still
available for review, and it corresponds well with observations of sulphide mineralisation, generally pyrite and chalcopyrite.

&nbsp;&nbsp;&nbsp;&nbsp;· Rounded pyrite crystals are seen in many intersections, which is a very distinctive texture of the mineralisation
at the Sulitjelma Project.

&nbsp;&nbsp;&nbsp;&nbsp;· Some of the sampled intervals are very short in the opinion of the Author, but in many instances, there
is lot of apparent mineralisation that has not been sampled, which could be an opportunity for Blue Moon moving forward. This may be a
function of the high cut-offs used historically when the mines were in production previously.

&nbsp;&nbsp;&nbsp;&nbsp;· The digitally logged lithology codes appear to correspond reasonably well with the Author's observations
of the selected drill core being reviewed in their core boxes.

&nbsp;&nbsp;&nbsp;&nbsp;· Most of the core boxes retrieved for the core review were in good condition. However, it was observed
that some of the boxes appear to have been left open and as a result, the drill core appears to be in bad condition and extremely dirty.
For any detailed relogging exercise, the drill core would need to carefully clean, and it may not be possible in some cases due to the
deterioration and heavy staining.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **60** |

---

**Figure 12-5. Hole RUP-168**

[From 620 m – To 630m]

Many sulphidic intersections outside of sampled intersections

![](tm2533647d1_ex43sp4img006.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **61** |

---

**Figure 12-6. Hole RUP-136**

[From 540m to 550m]<br> Logged as Chlorite-Breccia

![](tm2533647d1_ex43sp4img007.jpg)

**Figure 12-7. Hole RUP-137**

[ From 570m to 9 580m]<br> Red Blocked out portion = 3m averaging 1.28% Cu, logged as Massive Sulphide

![](tm2533647d1_ex43sp4img008.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **62** |

---

**12.3 Collar Data Validation**

There are 48 surface drill holes in the Rupsi and Sagmo regions that were used in the current mineral resource estimation. The database collar elevations were compared by the Author with check elevations obtained from the reference National Height Model data, stemming from laser scanning and image matching (Hoydedata.no from 2016 and 2019). These elevation differences, either positive or negative, are summarised in Figure 12-8. An analysis by the Author shows that the median and mean differences are close to zero, indicating an absence of bias. However, the lowest 10% of the population are -7.5 m below and top 10% exceed by 4.5m the median and mean values.

**Figure 12-8. Histogram of Check Collar Elevation Differences – Rupsi and Sagmo**

![](tm2533647d1_ex43sp4img009.jpg)

For the Hankabakken II region, the supplied data of the 63 surface, drill hole collars had incorrect elevation data, stemming from use of a wrong topographic model. For the updated mineral resource estimation described in this report, the drill hole collar elevations were set to the elevations derived from the National Height Model data.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **63** |

---

**12.4 Database Validation**

Various examples of the original drillhole logs were checked by the Author against the corresponding database entries, going back as far back as data originally created in 1962. The assay and lithology data did correspond reasonably well, validating that the data has been adequately transposed from the log sheets to the database.

During data verification steps completed by the Author, involving the import and desurveying of drill hole data for Rupsi, Dypet, and Hankabakan deposits, the only errors were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· The Author discovered that there was no survey data for holes 6 drill holes, out of a total of 518 drill
holes. These holes without survey data were subsequently excluded.

&nbsp;&nbsp;&nbsp;&nbsp;· There was no lithology data for 62 Hankabakken holes. In cases where no lithology data was available,
grade data only was used for interpretation purposes by the Author.

For the Sagmo deposit, the only errors identified by the Author were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· There was no survey data for two drill holes (81 and 82), out of a total of 89 drill
holes; these two holes were therefore excluded.

&nbsp;&nbsp;&nbsp;&nbsp;· For drill hole lithology information, only 1 drill hole was lacking data.

&nbsp;&nbsp;&nbsp;&nbsp;· Three of the holes had assays, yet did not have corresponding drill collar information and downhole survey
data. These holes were subsequently excluded.

The Author completed further validation and verification steps of database integrity through operations including:

&nbsp;&nbsp;&nbsp;&nbsp;· Range checks., on coordinate and Cu grade values.

&nbsp;&nbsp;&nbsp;&nbsp;· Drill hole combination reports. .

&nbsp;&nbsp;&nbsp;&nbsp;· Statistical analysis

&nbsp;&nbsp;&nbsp;&nbsp;· Visualisation and plotting.

The drill hole combination reports list out in detail all the data from each hole for each of the different files involved in combination and desurveying (determination of 3D sample positions) of all drillhole data.

The Author conducted visualisation and plotting checks including the generation of sections from the processed drillhole data and comparing these with the original hand-drawn profiles.

The assay database contained 3,728 samples, but these only contained Cu and Zn assays for the most part. Approximately 25% of the samples in the database had a reported Ag value in g/t or oz/t. For the mineral resource estimation process, the Author focused on Cu and Zn.

**12.5 Drill Hole Data Validation**

The Author conducted checks of the underground drill hole data against historical underground level and stope plans, as shown in the examples in Figure 12-9 to Figure 12-11. These historical plans showed a good correspondence with the underground collar positions in the digital database.

Drill hole and topographic data were also checked by the Author against historic hand-drawn profiles, as shown in Figure 12-12 and Figure 12-13. These comparisons also showed good correspondence.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **64** |

---

**Figure 12-9. Plan of Underground Drill holes vs Historical Map - Rupsi**

![](tm2533647d1_ex43sp4img010.jpg)

**Figure 12-10. Plan of Underground Drill holes vs Historical Map - Sagmo**

![](tm2533647d1_ex43sp4img011.jpg)

**Figure 12-11. Plan of Underground Drill holes vs Historical Map - Hankabakken**

![](tm2533647d1_ex43sp4img012.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **65** |

---

**Figure 12-12. Historic Profile**

![](tm2533647d1_ex43sp4img013.jpg)

**Figure 12-13. Profile 6 with Imported Data**

[Section also shows interpreted model in the current estimation]

![](tm2533647d1_ex43sp4img014.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **66** |

---

**12.6 Density Validation**

The Author completed an analysis of recent density measurements of drill core from Sulitjelma Project. The density sample measurements stemmed from different lithologies as well as including both mineralised material and waste. Samples were tested from each of the different deposits being evaluated. . A summary of these density measurements is presented in Table 12-1.

The average density value obtained from these measurements helped to verify for the Author the global density value of 3 t/m<sup>3</sup> that had been applied previously in the mineral resources estimation work.

**Table 12-1. Summary of Check Density Measurements**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**SampleID** | &nbsp;&nbsp;**BHID** | &nbsp;&nbsp;**Box (m)** | **FROM**<br>**(m)** | &nbsp;&nbsp;**Cu %** | **Density**<br>**t/m3** |
| **1** | &nbsp;&nbsp;&nbsp;**RUP_136** | &nbsp;&nbsp;536-539 | 536.5 | 0.52 | 2.96 |
| **2** | &nbsp;&nbsp;&nbsp;**RUP_137** | &nbsp;&nbsp;570-580 | 572.5 |  | 2.97 |
| **3** | &nbsp;&nbsp;&nbsp;**RUP_137** | &nbsp;&nbsp;570-580 | 578.75 | 1.24 | 2.90 |
| **4** | &nbsp;&nbsp;&nbsp;**RUP_128B** | &nbsp;&nbsp;390-400 | 399.45 |  | 2.87 |
| **5** | &nbsp;&nbsp;&nbsp;**RUP_128B** | &nbsp;&nbsp;390-400 | 399.55 |  | 2.79 |
| **6** | &nbsp;&nbsp;&nbsp;**RUP_130** | &nbsp;&nbsp;430-440 | 439.45 | 0.38 | 2.76 |
| **7** | &nbsp;&nbsp;&nbsp;**RUP_130** | &nbsp;&nbsp;470-480 | 474.5 | 0.61 | 2.83 |
| **8** | &nbsp;&nbsp;&nbsp;**RUP_130** | &nbsp;&nbsp;470-480 | 475.4 | 0.29 | 2.77 |
| **9** | &nbsp;&nbsp;&nbsp;**RUP_130** | &nbsp;&nbsp;470-480 | 476.2 | 0.96 | 2.83 |
| **10** | &nbsp;&nbsp;&nbsp;**HANK_184A** | &nbsp;&nbsp;40-50 | 40.8 |  | 2.98 |
| **11** | &nbsp;&nbsp;&nbsp;**HANK_184F** | &nbsp;&nbsp;100-110 | 100.3 | 1.09 | 3.20 |
| **12** | &nbsp;&nbsp;&nbsp;**HANK_184F** | &nbsp;&nbsp;100-110 | 107.4 | 0.96 | 2.84 |
| **13** | &nbsp;&nbsp;&nbsp;**Sagmo_67G** | &nbsp;&nbsp;40-50 | 43.9 | 2.19 | 3.33 |
| **14** | &nbsp;&nbsp;&nbsp;**Sagmo_67G** | &nbsp;&nbsp;40-50 | 47.3 | 0.49 | 3.83 |
| **15** | &nbsp;&nbsp;&nbsp;**Sagmo_67H** | &nbsp;&nbsp;50-60 | 52.3 | 2.66 | 3.62 |
| **16** | &nbsp;&nbsp;&nbsp;**Sagmo_67H** | &nbsp;&nbsp;50-60 | 57.5 |  | 2.81 |
|  |  |  |  | **Average** | **3.02** |

---

**12.7 Overview**

The data verification procedures applied by the Author are described in sections 12.1 to 12.6 above.

Some limitations were encountered were verification:

&nbsp;&nbsp;&nbsp;&nbsp;· **Drillhole Collars and Surveys.** The Author could not independently verify any drillhole collars
or orientation, owing to limited underground access during the mine visit, as well as snow cover during his visit preventing any checks
of surface drillholes. However, the Author has used checked the supplied collar data against reference National Height Model data, and
has checked hole traces on available historic plans and sections against desurveyed data from the supplied database. This has led the
Author to believe that the supplied collar and survey data are adequate for resource estimation purposes, as described in this report.

&nbsp;&nbsp;&nbsp;&nbsp;· **Sample Assays.** The Author has been able to verify the database assay data, in terms of transposing
data from the information on typed or hand-written logged sheets. However, there are no assay certificates available
or information that allow verification of the procedures, protocols or standards of the laboratories used. Similarly, there are no records
of the method of sample preparation. This means that the Author cannot fully verify the database assay data. However, it must be remembered
that these sample assays were all created during a period of continuous mine production. There is recorded production of ore from all
of the areas covered by the drilling used in the current estimate. This has led the Author to believe that the supplied assay data are
adequate for resource estimation purposes, as described in this report.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **67** |

---

**13 MINERAL PROCESSING AND METALLURGICAL TESTING**

There is very little information regarding the historical processing facilities. However, Table 13 -1 shows a summary of the mill and process plant production from 1984. This summary shows a plant recovery for Cu of 97.5% in 1984.

**Table 13-1. Summary of 1984 Mill Production**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Product** | **Tons** | **% Cu** | **% Zn** | **% S** | **Tons Cu** | **Tons Zn** | **Tons S** | **Recovery %** |
| &nbsp;&nbsp;**Mill Feed** | 450000 | 1.69 | 0.45 | 18.0 | 7605 | 2025 | 81000 |  |
| &nbsp;&nbsp;**Cu concentrate** | 25136 | 29.50 | 1.25 | 34.1 | 7415 | 314 | 8571 | 97.5 |
| &nbsp;&nbsp;**Zn concentrate** | 1610 | 1.40 | 51.0 | 32.7 | 22.5 | 821 | 526 | 40.5 |
| &nbsp;&nbsp;**S concentrate** | 118428 | 0.03 | 0.20 | 51.0 | 35.5 | 237 | 60398 | 74.6 |
| &nbsp;&nbsp;**Tailings** | 304826 | 0.04 | 0.21 | 3.77 | 121.9 | 640 | 11492 |  |

---

More recent flotation testwork was completed by SGS Mineral Services in 2020, and these metallurgical results sent to Sarb Consulting ("Sarb"). The testwork results were used by Sarb in their own study to assess the environmental geochemical effects of potential tailings disposal in Langvatnet.

A flotation program was completed on a sample from Sulitjelma, in order to develop a flotation flowsheet and produce flotation tailings for long-term sub-water leach testing. Five rougher tests and three cleaner tests were performed and flotation results were obtained. The testwork was completed at SGS Vancouver Metallurgy, and included sample preparation, flotation, and product characterization.

A photograph of this sample is shown in Figure 13-1. This 36kg of material was collected from wall rock in the old Dypet mine, with average grades of 3.44%Cu and 0.5%Zn.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **68** |

---

**Figure 13-1. Photograph of As-Received Sample- for SGS Flotation Testing**

![](tm2533647d1_ex43sp4img015.jpg)

The sample was stage-crushed to -10 mesh, homogenized, split into 2 kg test charges, and preserved in a freezer prior to flotation. A head sample was submitted for an ICP-Scan and whole rock analysis (WRA). The sample was massive sulphide material and assayed 3.44% Cu, 0.5% Zn, 33% Fe, and 35.4% S.

Five rougher flotation tests were performed to optimize the flotation conditions in order to maximize the copper and zinc recovery into separate concentrates. The tests were performed at a primary grind size k80 of approximately 140 µm. Lime was added in both the copper and zinc circuits to increase the pH and depress pyrite. Collectors 3418A, SIPX, and 5100 were tested in the copper flotation while SIPX and 3894 were tested in the zinc flotation. Zinc sulphate was used to depress sphalerite in the copper circuit while copper sulphate was used to re-activate sphalerite in the zinc circuit.

Three cleaner tests were completed by employing the same flotation conditions. The first test was performed to confirm the flotation results while the other two tests were completed to produce tailings for environmental testwork. The overall test flotation flowsheet is presented in Figure 13-2.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **69** |

---

**Figure 13-2. Test Flotation Flowsheet**

![](tm2533647d1_ex43sp4img016.jpg)

SGS concluded that, based on the supplied sample, the material responded well to a conventional, sequential copper/zinc flotation flowsheet. Under the conditions established in open circuit flotation tests, copper recoveries of 90-95% can be expected for a concentrate grade of approximately 30% Cu can be expected, along with a zinc recovery of 50-55% for a concentrate grade of 45-50% Zn. Zinc "loss" to the copper concentrate was approximately 30%.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **70** |

---

**14 MINERAL RESOURCE ESTIMATE**

**14.1 Data Collation**

The mineral resource estimation for this report was based on all available drill hole data. A summary of the current drill hole database is shown below. Plans and 3D views of the data are shown in Figure 14-1 to Figure 14-5.

**Table 14-1. Summary of Drill hole Database**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Region** | | **Holes** | **Length** | | **Samples** |
| **Region** | | **Holes** | **Length** | | **Samples** |
| &nbsp;&nbsp;**Name** | <br>&nbsp;&nbsp;**Code** |  | ***m*** | **Average**<br>**Length/ Hole**<br>***m*** |  |
| &nbsp;&nbsp;**Rupsi/Dypet** | &nbsp;&nbsp;**RD** | 260 | 50277 | 193 | 1908 |
| &nbsp;&nbsp;**Hankabakken II** | &nbsp;&nbsp;**H2** | 254 | 18429 | 73 | 1380 |
| &nbsp;&nbsp;**Sagmo** | &nbsp;&nbsp;**SM** | 87 | 9438 | 108 | 440 |
| &nbsp;&nbsp;**Total** |  | **601** | **78144** | **130** | **3728** |

---

**Figure 14-1. 3D View of All Drill holes, Looking North-West**

![](tm2533647d1_ex43sp4img017.jpg)

**Figure 14-2. Plan Plot of Drill holes**

![](tm2533647d1_ex43sp4img018.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **71** |

---

**Figure 14-3. 3D View of RD Drill holes – Looking North-West**

![](tm2533647d1_ex43sp4img019.jpg)

**Figure 14-4. 3D View of H2 Drill holes – Looking North-West**

![](tm2533647d1_ex43sp4img020.jpg)

**Figure 14-5. 3D View of SM Drill holes – Looking North-West**

![](tm2533647d1_ex43sp4img021.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **72** |

---

**14.2 Interpretation**

The interpretations of most of the VMS mineralization was made using the following procedure:

&nbsp;&nbsp;&nbsp;&nbsp;1. Identification of possible intersections, based on a cut-off of 0.36% Cu over length of 1 m, as well as
marked lithological differences.

&nbsp;&nbsp;&nbsp;&nbsp;2. Interpretation of strings connecting VMS mineralization composite centres, with similar orientations and
geometries to those shown on supplied geological profiles.

&nbsp;&nbsp;&nbsp;&nbsp;3. Assignment of a ZONE, to discriminate the different VMS mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;4. Generation of DTMs describing VMS mineralization centrelines.

The Author noted the following difficulties with the interpretation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Erratic and sporadic layout of holes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Few specific geological characteristics to assist with vein identification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Many underground holes have very poor intersection angles.

Plans and 3D views of the vein centre DTMs are shown in Figure 14-6 to Figure 14-7 as well as Figure 14-10 to Figure 14-13. In the Rupsi-Dypet ("RD") deposits, there are 8 separate zones have been interpreted, 3 zones in each the Hankabakken II (H2) deposit, and another 3 zones in Sagmo deposit ("SM"). Most of the boundaries of mineralization are extremely sharp, with much lower grades or unsampled core outside of the flagged intersections.

The lithology log data was used to create LeapFrog Geo (version 5.0.3) models of the principal lithologies. Example sections of the RD zone, for the interpreted mineralised zones with respect to local geology, are shown in Figure 14-8 and Figure 14-9.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **73** |

---

**Figure 14-6. RD – Plan of Interpreted Veins**

![](tm2533647d1_ex43sp4img022.jpg)

**Figure 14-7. 3D View of RD Interpreted Veins, Looking South-West**

![](tm2533647d1_ex43sp4img023.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **74** |

---

**Figure 14-8. Overall S-N Section Through RD Region**

![](tm2533647d1_ex43sp4img024.jpg)

**Figure 14-9. S-N Section Through RD Mineralised Zones**

![](tm2533647d1_ex43sp4img025.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **75** |

---

**Figure 14-10. Plan of H2 Interpreted Zones**

![](tm2533647d1_ex43sp4img026.jpg)

**Figure 14-11. 3D View of H2 Interpreted Zones, Looking South-West**

![](tm2533647d1_ex43sp4img027.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **76** |

---

**Figure 14-12. Plan of SM Interpreted Zones**

![](tm2533647d1_ex43sp4img028.jpg)

**Figure 14-13. WE Long-Section of SM Interpreted Zones**

![](tm2533647d1_ex43sp4img029.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **77** |

---

**14.3 Exploratory Data Analysis**

A statistical summary of the mineralized samples, captured within the interpretation limits of the wireframes, is shown in Table 14-2. Log-probability plots of these captured samples, for each deposit, are shown in Figure 14-14 to Figure 14-15, for Cu and Zn, respectively. Most of these are showing close to log-normal distributions.

**Table 14-2. Statistical Summaries – Interpreted Samples**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **FIELD** | **ZONE** | **NUMBER** | **MIN** | **MAX** | **MEAN** | **VARIANCE** | **STANDDEV** | **COVARTN%** | **PCTL10** | **PCTL50** | **PCTL90** |
|  | Cu_pct | 2 | 71 | 0.14 | 16.82 | 1.01 | 1.87 | 1.37 | 135.5 | 0.30 | 0.67 | 3.85 |
|  | Cu_pct | 3 | 26 | 0.19 | 4.24 | 0.84 | 0.34 | 0.58 | 69.3 | 0.28 | 0.62 | 1.47 |
|  | Cu_pct | 5 | 78 | 0.00 | 3.76 | 0.68 | 0.41 | 0.64 | 93.8 | 0.09 | 0.52 | 1.48 |
|  | Cu_pct | 6 | 99 | 0.14 | 11.45 | 2.18 | 4.99 | 2.23 | 102.5 | 0.35 | 1.47 | 4.67 |
|  | Cu_pct | 7 | 37 | 0.07 | 17.49 | 1.14 | 2.02 | 1.42 | 125 | 0.21 | 0.88 | 4.32 |
|  | Cu_pct | 8 | 26 | 0.03 | 15.66 | 1.48 | 4.00 | 2.00 | 135 | 0.32 | 0.86 | 5.24 |
|  | Cu_pct | 9 | 24 | 0.02 | 5.41 | 1.08 | 1.15 | 1.07 | 98.9 | 0.17 | 0.78 | 3.23 |
|  | Cu_pct | 10 | 53 | 0.27 | 14.18 | 2.07 | 3.63 | 1.91 | 92.3 | 0.34 | 1.56 | 5.57 |
| **RD** | Cu_pct | All | 414 | 0.00 | 17.49 | 1.56 | 3.36 | 1.83 | 117.2 | 0.27 | 0.86 | 4.18 |
|  | Zn_pct | 2 | 68 | 0.01 | 1.81 | 0.29 | 0.09 | 0.30 | 103 | 0.06 | 0.22 | 0.63 |
|  | Zn_pct | 3 | 17 | 0.01 | 2.35 | 0.35 | 0.33 | 0.57 | 166 | 0.03 | 0.20 | 1.62 |
|  | Zn_pct | 5 | 78 | 0.03 | 2.19 | 0.25 | 0.19 | 0.43 | 173 | 0.04 | 0.12 | 0.40 |
|  | Zn_pct | 6 | 90 | 0.01 | 2.20 | 0.37 | 0.19 | 0.43 | 115.2 | 0.08 | 0.22 | 1.24 |
|  | Zn_pct | 7 | 29 | 0.03 | 1.47 | 0.23 | 0.05 | 0.23 | 100.2 | 0.05 | 0.22 | 0.79 |
|  | Zn_pct | 8 | 26 | 0.01 | 2.81 | 0.23 | 0.32 | 0.56 | 244.9 | 0.02 | 0.06 | 0.89 |
|  | Zn_pct | 9 | 16 | 0.00 | 5.57 | 0.17 | 0.22 | 0.47 | 272.1 | 0.00 | 0.09 | 1.21 |
|  | Zn_pct | 10 | 18 | 0.01 | 2.57 | 0.58 | 0.48 | 0.69 | 120.1 | 0.04 | 0.44 | 1.88 |
|  | Zn_pct | All | 342 | 0.00 | 5.57 | 0.32 | 0.20 | 0.45 | 143.6 | 0.04 | 0.18 | 0.95 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **FIELD** | **ZONE** | **NUMBER** | **MIN** | **MAX** | **MEAN** | **VARIANCE** | **STANDDEV** | **COVARTN%** | **PCTL10** | **PCTL50** | **PCTL90** |
|  | Cu_pct | 2 | 564 | 0 | 7.75 | 0.88 | 0.60 | 0.77 | 87.6 | 0.27 | 0.65 | 1.88 |
|  | Cu_pct | 3 | 212 | 0 | 3.77 | 0.82 | 0.38 | 0.62 | 75.7 | 0.19 | 0.55 | 1.45 |
|  | Cu_pct | 5 | 83 | 0.2 | 8.60 | 1.03 | 1.34 | 1.16 | 113 | 0.27 | 0.66 | 1.74 |
| **H2** | Cu_pct | All | 859 | 0 | 8.60 | 0.88 | 0.61 | 0.78 | 89.2 | 0.25 | 0.62 | 1.80 |
|  | Zn_pct | 2 | 111 | 0 | 0.68 | 0.08 | 0.01 | 0.11 | 131 | 0.01 | 0.04 | 0.22 |
|  | Zn_pct | 3 | 63 | 0 | 7.00 | 0.24 | 1.00 | 1.00 | 414.7 | 0.02 | 0.07 | 0.28 |
|  | Zn_pct | 5 | 13 | 0 | 0.36 | 0.12 | 0.01 | 0.09 | 81.5 | 0.04 | 0.10 | 0.31 |
|  | Zn_pct | All | 187 | 0 | 7.00 | 0.14 | 0.39 | 0.62 | 432.1 | 0.01 | 0.05 | 0.28 |

---

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **FIELD** | **ZONE** | **NUMBER** | **MIN** | **MAX** | **MEAN** | **VARIANCE** | **STANDDEV** | **COVARTN%** | **PCTL10** | **PCTL50** | **PCTL90** |
|  | Cu_pct | 2 | 169 | 0.08 | 13.10 | 0.95 | 1.31 | 1.14 | 119.9 | 0.34 | 0.79 | 1.62 |
|  | Cu_pct | 3 | 17 | 0.64 | 3.12 | 1.65 | 0.60 | 0.77 | 46.8 | 0.68 | 1.51 | 2.45 |
|  | Cu_pct | 5 | 182 | 0.10 | 3.20 | 1.00 | 0.34 | 0.58 | 58.3 | 0.46 | 0.85 | 1.79 |
| **SM** | Cu_pct | All | 368 | 0.08 | 13.10 | 1.01 | 0.80 | 0.89 | 88.9 | 0.39 | 0.81 | 1.78 |
|  | Zn_pct | 2 | 169 | 0.01 | 0.47 | 0.15 | 0.01 | 0.10 | 66.4 | 0.04 | 0.15 | 0.29 |
|  | Zn_pct | 3 | 9 | 0.15 | 0.28 | 0.22 | 0.00 | 0.04 | 18.6 | 0.14 | 0.23 | 0.27 |
|  | Zn_pct | 5 | 182 | 0.02 | 0.40 | 0.15 | 0.01 | 0.08 | 50.4 | 0.07 | 0.15 | 0.25 |
|  | Zn_pct | All | 360 | 0.01 | 0.47 | 0.15 | 0.01 | 0.09 | 57.2 | 0.05 | 0.15 | 0.27 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **78** |

---

**Figure 14-14. Log-Probability Plots of Cu Samples Within Interpreted Zones**

![](tm2533647d1_ex43sp05img001.jpg)

**Figure 14-15. Log-Probability Plots of Zn Samples Within Interpreted Zones**

![](tm2533647d1_ex43sp05img002.jpg)

Point plots of Cu vs Zn assays, on logarithmic scales, are shown in Figure 14-16. These show generally a positive correlation, with higher grades of Cu generally being accompanied by higher grades of Zn, particularly for RD and SM.

**Figure 14-16. Point Plots of Cu vs Zn Grades**

![](tm2533647d1_ex43sp05img003.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **79** |

---

For each of the drill hole intersections, the true thickness was calculated, based on the average dip and dip direction of each zone. These derived true thickness values are plotted as histograms in Figure 14-17. All these distributions are skewed, with most of the thicknesses being below 5m, also with additional high thickness values. This reflects the sporadic thickening of the zones.

**Figure 14-17. Histograms of Vein True Thickness Values**

![](tm2533647d1_ex43sp05img004.jpg)

Histograms reflecting the different sample lengths used for each zone are show in Figure 14-18. For SM, fewer samples greater than 3m long were used in SM, with most of the samples being 0.5, 1m or 2m. For RD and H2, most of the samples taken were either 0.5m or 1m. It is evident that in general samples were broken on lithological breaks. Within consistent lithologies, it is not clear how the basic sample length was decided. But it must be remembered that the drill hole database covers a long historic interval of 36 years, which many changes in geological personnel.

**Figure 14-18. Sample Length Histograms by Zone**

![](tm2533647d1_ex43sp05img005.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **80** |

---

**14.4 Compositing**

Samples within the interpreted zones were examined for outlier grades, using log-probability plots and decile analyses. This process enabled reasonable outlier levels to be determined, as summarised in Table 14-3. The results were applied as capping levels to the identified zone samples, prior to creating composites. In the case of RD and H2, 5 m downhole composites were created. The composite lengths were slightly variable to be the same lengths across each intersection. This is because parts of these zones are thicker than 5 m, so cross-mineralization composites would not provide enough detail for grade estimation into the mineral resource. For SM, only cross-mineralization composites were created, as the apparent true thickness is seldom above 10m.

---

| | | |
|:---|:---|:---|
| **Table 14-3. Top-Cut Levels** | **Table 14-3. Top-Cut Levels** | **Table 14-3. Top-Cut Levels** |
| **REGION** | **Cu %** | **Zn %** |
| **RD** | 10 | 2 |
| **H2** | 4 | 0.7 |
| **SM** | 3.5 | - |

---

After the composites were created, an apparent true thicknesses for mineralization were determined, based on the drill hole orientation and the general orientation of each zone. The zone orientations are summarised in Table 14-4Table 14-5.

---

| | | | |
|:---|:---|:---|:---|
| **Table 14-4. Zone Orientations** | **Table 14-4. Zone Orientations** | **Table 14-4. Zone Orientations** | **Table 14-4. Zone Orientations** |
| **REGION** | **ZONE** | **Dip Direction** | **Dip** |
|  | **2** | 20 | 16 |
|  | **3** | 20 | 17 |
|  | **5** | 20 | 18 |
|  | **6** | 20 | 24 |
| **RD** | **7** | 20 | 50 |
|  | **8** | 20 | 25 |
|  | **9** | 20 | 27 |
|  | **10** | 10 | 30 |
|  | **2** | 353 | 35 |
| **H2** | **3** | 354 | 36 |
|  | **5** | 348 | 34 |
|  | **2** | 276 | 9 |
| **SM** | **3** | 291 | 11 |
|  | **5** | 234 | 4 |

---

A summary of the compositing parameters is shown in Table 14-5.

---

| | | |
|:---|:---|:---|
| **Table 14-5. Compositing Parameters** | **Table 14-5. Compositing Parameters** | **Table 14-5. Compositing Parameters** |
|  | **Minimum** | **Minmum** |
| **REGION** | **Gap** | **Composite Length** |
| | *m* | *m* |
| **RD** | 0.1 | 5 |
| **H2** | 0.1 | 5 |
| **SM** | 0.1 | Intersection |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **81** |

---

**14.5 Geostatistics**

Statistics from the generated composites are shown in Table 14-6 to Table 14-8. Log-probability plots of the composite grades are shown in Figure 14-19 and Figure 14-20. Cu variograms for the RD and H2 composite data are shown in Figure 14-21 and Figure 14-22. The experimental variograms indicate a range of approximately 100m.

**Figure 14-19. Log-Probability Plots for Composites - Cu**

![](tm2533647d1_ex43sp05img022.jpg)

**Figure 14-20. Log-Probability Plots for Composites – Zn**

![](tm2533647d1_ex43sp05img006.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **82** |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Table 14-6. Statistical Summary– RD Composites** | **Table 14-6. Statistical Summary– RD Composites** | **Table 14-6. Statistical Summary– RD Composites** | **Table 14-6. Statistical Summary– RD Composites** | **Table 14-6. Statistical Summary– RD Composites** | **Table 14-6. Statistical Summary– RD Composites** | **Table 14-6. Statistical Summary– RD Composites** | **Table 14-6. Statistical Summary– RD Composites** | **Table 14-6. Statistical Summary– RD Composites** | **Table 14-6. Statistical Summary– RD Composites** | **Table 14-6. Statistical Summary– RD Composites** | **Table 14-6. Statistical Summary– RD Composites** |
| [ TRUETHK = True Thickness in m] | [ TRUETHK = True Thickness in m] | [ TRUETHK = True Thickness in m] | [ TRUETHK = True Thickness in m] | [ TRUETHK = True Thickness in m] | [ TRUETHK = True Thickness in m] | [ TRUETHK = True Thickness in m] | [ TRUETHK = True Thickness in m] | [ TRUETHK = True Thickness in m] | [ TRUETHK = True Thickness in m] | [ TRUETHK = True Thickness in m] | [ TRUETHK = True Thickness in m] |
| **FIELD** | **ZONE** | **NUMBER** | **MIN** | **MAX** | **MEAN** | **VARIANCE** | **STANDDEV** | **COVARTN%** | **PCTL10** | **PCTL50** | **PCTL90** |
| **Cu_pct** | **2** | 17 | 0.31 | 6.82 | 1.10 | 1.60 | 1.26 | 115.33 | 0.39 | 0.74 | 2.77 |
| **Cu_pct** | **3** | 8 | 0.30 | 1.40 | 0.83 | 0.12 | 0.34 | 41.57 | 0.26 | 0.67 | 1.18 |
| **Cu_pct** | **5** | 5 | 0.42 | 1.05 | 0.68 | 0.06 | 0.23 | 34.38 | 0.36 | 0.71 | 1.00 |
| **Cu_pct** | **6** | 23 | 0.41 | 8.00 | 1.84 | 1.07 | 1.03 | 56.12 | 0.47 | 1.95 | 3.50 |
| **Cu_pct** | **7** | 9 | 0.39 | 3.09 | 1.03 | 0.42 | 0.65 | 63.32 | 0.35 | 1.96 | 2.26 |
| **Cu_pct** | **8** | 8 | 0.36 | 5.26 | 1.19 | 0.98 | 0.99 | 82.95 | 0.31 | 1.95 | 4.50 |
| **Cu_pct** | **9** | 11 | 0.37 | 5.10 | 1.02 | 1.08 | 1.04 | 101.89 | 0.38 | 0.73 | 3.19 |
| **Cu_pct** | **10** | 8 | 0.32 | 5.12 | 2.12 | 1.95 | 1.40 | 65.87 | 0.32 | 1.56 | 4.81 |
| **Cu_pct** | **All** | 89 | 0.30 | 8.00 | 1.14 | 1.03 | 1.02 | 89.02 | 0.42 | 1.16 | 3.59 |
| **Zn_pct** | **2** | 16 | 0.01 | 1.42 | 0.30 | 0.06 | 0.24 | 78.61 | 0.02 | 0.23 | 0.71 |
| **Zn_pct** | **3** | 6 | 0.01 | 1.54 | 0.29 | 0.18 | 0.43 | 149.72 | - | 0.17 | 0.73 |
| **Zn_pct** | **5** | 4 | 0.03 | 0.64 | 0.25 | 0.05 | 0.23 | 90.42 | 0.01 | 0.10 | 0.44 |
| **Zn_pct** | **6** | 20 | 0.01 | 1.51 | 0.27 | 0.04 | 0.21 | 77.24 | 0.02 | 0.28 | 0.75 |
| **Zn_pct** | **7** | 5 | 0.09 | 0.72 | 0.21 | 0.02 | 0.15 | 74.06 | 0.03 | 0.38 | 0.55 |
| **Zn_pct** | **8** | 8 | 0.02 | 2.81 | 0.15 | 0.17 | 0.42 | 271.89 | 0.02 | 0.22 | 0.95 |
| **Zn_pct** | **9** | 7 | 0.00 | 1.03 | 0.18 | 0.11 | 0.33 | 190.33 | 0.00 | 0.06 | 0.96 |
| **Zn_pct** | **10** | 4 | 0.01 | 1.07 | 0.53 | 0.12 | 0.35 | 65.49 | - | 0.50 | 0.92 |
| **Zn_pct** | **All** | 70 | 0.00 | 2.81 | 0.26 | 0.09 | 0.29 | 113.16 | 0.02 | 0.22 | 0.92 |
| **TRUETHK** | **2** | 17 | 0.96 | 14.58 | 5.85 | 17.52 | 4.19 | 71.51 | 0.97 | 3.92 | 11.13 |
| **TRUETHK** | **3** | 8 | 0.95 | 9.39 | 5.38 | 9.55 | 3.09 | 57.48 | 0.77 | 5.27 | 8.79 |
| **TRUETHK** | **5** | 5 | 1.76 | 47.12 | 15.43 | 289.48 | 17.01 | 110.25 | 0.71 | 5.10 | 33.23 |
| **TRUETHK** | **6** | 23 | 0.15 | 9.67 | 3.10 | 4.19 | 2.05 | 66.06 | 0.40 | 2.95 | 5.21 |
| **TRUETHK** | **7** | 9 | 0.02 | 7.23 | 2.37 | 7.35 | 2.71 | 114.19 | 0.02 | 1.08 | 6.97 |
| **TRUETHK** | **8** | 8 | 0.71 | 18.67 | 5.08 | 42.68 | 6.53 | 128.56 | 0.69 | 1.31 | 14.55 |
| **TRUETHK** | **9** | 11 | 0.33 | 6.04 | 2.33 | 3.22 | 1.79 | 76.90 | 0.36 | 1.48 | 5.20 |
| **TRUETHK** | **10** | 8 | 0.10 | 3.18 | 0.87 | 1.07 | 1.04 | 119.24 | 0.10 | 0.22 | 1.92 |
| **TRUETHK** | **All** | 89 | 0.02 | 47.12 | 4.33 | 36.49 | 6.04 | 139.43 | 0.26 | 2.95 | 9.62 |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Table 14-7. Statistical Summary– H2 Composites** | **Table 14-7. Statistical Summary– H2 Composites** | **Table 14-7. Statistical Summary– H2 Composites** | **Table 14-7. Statistical Summary– H2 Composites** | **Table 14-7. Statistical Summary– H2 Composites** | **Table 14-7. Statistical Summary– H2 Composites** | **Table 14-7. Statistical Summary– H2 Composites** | **Table 14-7. Statistical Summary– H2 Composites** | **Table 14-7. Statistical Summary– H2 Composites** | **Table 14-7. Statistical Summary– H2 Composites** | **Table 14-7. Statistical Summary– H2 Composites** | **Table 14-7. Statistical Summary– H2 Composites** |
| **FIELD** | **ZONE** | **NUMBER** | **MINIMUM** | **MAXIMUM** | **MEAN** | **VARIANCE** | **STANDDEV** | **COVARTN%** | **PCTL10** | **PCTL50** | **PCTL90** |
| **Cu_pct** | **2** | 119 | 0.31 | 4.00 | 0.91 | 0.19 | 0.44 | 48.6 | 0.39 | 0.76 | 1.47 |
| **Cu_pct** | **3** | 54 | 0.31 | 2.70 | 0.87 | 0.25 | 0.50 | 57.5 | 0.39 | 0.80 | 1.60 |
| **Cu_pct** | **5** | 12 | 0.31 | 1.74 | 0.93 | 0.18 | 0.43 | 45.8 | 0.34 | 0.99 | 1.22 |
| **Cu_pct** | **All** | 185 | 0.31 | 4.00 | 0.90 | 0.21 | 0.45 | 50.2 | 0.39 | 0.77 | 1.57 |
| **Zn_pct** | **2** | 34 | 0.00 | 0.36 | 0.07 | 0.003 | 0.05 | 73.8 | 0.01 | 0.06 | 0.16 |
| **Zn_pct** | **3** | 15 | 0.01 | 0.41 | 0.13 | 0.010 | 0.10 | 78.5 | 0.02 | 0.12 | 0.31 |
| **Zn_pct** | **5** | 4 | 0.05 | 0.30 | 0.09 | 0.002 | 0.05 | 53.2 | 0.03 | 0.12 | 0.23 |
| **Zn_pct** | **All** | 53 | 0.00 | 0.41 | 0.09 | 0.006 | 0.07 | 82.0 | 0.01 | 0.08 | 0.24 |
| **TRUETHK** | **2** | 119 | 0.02 | 17.7 | 4.3 | 13.3 | 3.6 | 84.0 | 0.4 | 3.5 | 9.0 |
| **TRUETHK** | **3** | 55 | 0.46 | 15.5 | 3.1 | 11.4 | 3.4 | 107.3 | 0.5 | 2.0 | 8.4 |
| **TRUETHK** | **5** | 12 | 0.72 | 20.0 | 7.9 | 40.9 | 6.4 | 81.3 | 0.7 | 7.8 | 15.1 |
| **TRUETHK** | **All** | 186 | 0.02 | 20.0 | 4.2 | 15.7 | 4.0 | 94.1 | 0.6 | 2.3 | 9.7 |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Table 14-8. Statistical Summary– SM Composites** | **Table 14-8. Statistical Summary– SM Composites** | **Table 14-8. Statistical Summary– SM Composites** | **Table 14-8. Statistical Summary– SM Composites** | **Table 14-8. Statistical Summary– SM Composites** | **Table 14-8. Statistical Summary– SM Composites** | **Table 14-8. Statistical Summary– SM Composites** | **Table 14-8. Statistical Summary– SM Composites** | **Table 14-8. Statistical Summary– SM Composites** | **Table 14-8. Statistical Summary– SM Composites** | **Table 14-8. Statistical Summary– SM Composites** | **Table 14-8. Statistical Summary– SM Composites** |
| **FIELD** | **ZONE** | **NUMBER** | **MIN** | **MAX** | **MEAN** | **VARIANCE** | **STANDDEV** | **COVARTN%** | **PCTL10** | **PCTL50** | **PCTL90** |
| **Cu_pct** | **2** | 42 | 0.31 | 1.62 | 0.92 | 0.17 | 0.41 | 44.94 | 0.41 | 0.79 | 1.32 |
| **Cu_pct** | **3** | 3 | 1.60 | 1.72 | 1.66 | 0.00 | 0.04 | 2.67 | 1.54 | 1.69 | 1.71 |
| **Cu_pct** | **5** | 32 | 0.34 | 1.81 | 0.99 | 0.08 | 0.29 | 29.13 | 0.48 | 0.93 | 1.31 |
| **Cu_pct** | **All** | 77 | 0.31 | 1.81 | 1.00 | 0.15 | 0.38 | 38.30 | 0.46 | 0.90 | 1.44 |
| **Zn_pct** | **2** | 42 | 0.01 | 0.39 | 0.15 | 0.01 | 0.08 | 55.65 | 0.03 | 0.12 | 0.25 |
| **Zn_pct** | **3** | 2 | 0.22 | 0.23 | 0.22 | 0.00 | 0.00 | 0.56 | 0.22 | 0.23 | 0.23 |
| **Zn_pct** | **5** | 32 | 0.03 | 0.28 | 0.15 | 0.00 | 0.05 | 33.57 | 0.09 | 0.15 | 0.23 |
| **Zn_pct** | **All** | 76 | 0.01 | 0.39 | 0.16 | 0.00 | 0.07 | 44.34 | 0.04 | 0.15 | 0.24 |
| **TRUETHK** | **2** | 42 | 0.00 | 15.84 | 2.65 | 10.08 | 3.17 | 119.99 | 0.15 | 1.31 | 6.43 |
| **TRUETHK** | **3** | 3 | 1.75 | 9.43 | 5.71 | 9.86 | 3.14 | 54.95 |  | 5.97 | 8.39 |
| **TRUETHK** | **5** | 32 | 0.30 | 13.55 | 4.03 | 11.73 | 3.43 | 85.04 | 0.97 | 2.31 | 8.44 |
| **TRUETHK** | **All** | 77 | 0.00 | 15.84 | 3.34 | 11.44 | 3.38 | 101.26 | 0.31 | 1.80 | 7.96 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **83** |

---

**Figure 14-21. RD – Cu Experimental Isotropic Variograms**

![](tm2533647d1_ex43sp05img007.jpg)

**Figure 14-22. H2 - Cu Experimental Isotropic Variograms**

![](tm2533647d1_ex43sp05img008.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **84** |

---

**14.7 Volumetric Modelling**

Separate volumetric block models were set up for each of the SD, H2 and RD deposits using the following procedure:

&nbsp;&nbsp;&nbsp;&nbsp;1. **DTM Creation.** A DTM was generated, based on the centre of each intersection. Some additional control
strings were used to limit define the extent of each DTM.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Prototype.** A model prototype was set up, using 10m x 10m blocks laterally,
and columnar (variable height blocks in the Z direction) for SM and 5m high parent blocks for RD and H2.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Initial Zone Modelling.** Based on the DTMs, zone blocks were generated with an artificially set
2m sub-cell height.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Thickness Estimation**. Composite apparent true thickness values were estimated into zone sub-blocks,
using inverse-distance weighting. The sub-cell heights were then set to the estimated thickness values.

A summary of the model prototypes is shown in Table 14-9, which are depicted in plan in Figure 14-23. Prior to estimation, blocks were split vertically into 5m high sub-cells.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Table 14-9. Summary of Model Prototypes** | **Table 14-9. Summary of Model Prototypes** | **Table 14-9. Summary of Model Prototypes** | **Table 14-9. Summary of Model Prototypes** | **Table 14-9. Summary of Model Prototypes** | **Table 14-9. Summary of Model Prototypes** |
| **RD** | **Minumum** | **Maximum** | **Size** | **Number** | **Extent** |
| **X** | 543500 | 547000 | 5 | 700 | 3500 |
| **Y** | 7448100 | 7450000 | 5 | 380 | 1900 |
| **Z** | 500 | 350 | 850 | 1 | 850 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **H2** | **Minumum** | **Maximum** | **Size** | **Number** | **Extent** |
| **X** | 547120 | 549100 | 5 | 396 | 1980 |
| **Y** | 7447060 | 7448600 | 5 | 308 | 1540 |
| **Z** | 400 | 600 | 1000 | 1 | 1000 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SM** | **Minumum** | **Maximum** | **Size** | **Number** | **Extent** |
| **X** | 542000 | 543000 | 10 | 100 | 1000 |
| **Y** | 7444800 | 7445900 | 10 | 110 | 1100 |
| **Z** | 250 | 450 | 200 | 1 | 200 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **85** |

---

**Figure 14-23. Plan of Model Prototypes**

[**Blue** = Drill holes in current database; **Green** = 10m surface contours]

![](tm2533647d1_ex43sp05img009.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **86** |

---

**14.8 Grade Estimation**

Cu and Zn grade values were estimated into the zone sub-blocks, using inverse-distance weighting. Alternative values were also estimated using nearest-neighbour estimation, for validation purposes. The estimation parameters applied are summarised in Table 14-10.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Table 14-10. Grade Estimation Parameters** | **Table 14-10. Grade Estimation Parameters** | **Table 14-10. Grade Estimation Parameters** | **Table 14-10. Grade Estimation Parameters** | **Table 14-10. Grade Estimation Parameters** | **Table 14-10. Grade Estimation Parameters** | **Table 14-10. Grade Estimation Parameters** | **Table 14-10. Grade Estimation Parameters** | **Table 14-10. Grade Estimation Parameters** |
| | | **Distances (m):** | **Distances (m):** | | | | | |
| | | | | | | | **Max. Minimum** | **Max. Minimum** |
| | | | | | | | **Comps Per** | **No. of** |
| <br>**Field** | <br>**Search**<br>**Volume** | <br>**Along-**<br>**Strike** | <br>**Down-**<br>**Dip** | <br>**Cross-**<br>**Strike** | <br>**Minimum**<br>**Composites** | <br>**Maximum**<br>**Composites** | **Drillhole** | **Drillholes** |
|  | **1** | 50 | 50 | 10 | 3 | 15 | 2 | 2 |
| **Cu/Zn** | **2** | 100 | 100 | 20 | 3 | 15 | 2 | 2 |
|  | **3** | 200 | 200 | 40 | 1 | 7 | 2 | 1 |

---

**Notes**

**. Main grades estimated using ID^2**

**. Grades also estimated NN, for validation purposes**

**<sub>.</sub>** **Density value 3t/m<sup>3</sup> assumed**

**<sub>.</sub>** **Blocks for estimation in RD and H2 sized 10m x 10m x 5m**

**<sub>.</sub>** **Blocks for estimation in SM sized 10m x 10m x Columnar**

A global density of 3t/m<sup>3</sup> was assumed, as discussed in Section 12.6. Example cross-sections of the estimated grade models are shown in Figure 14-24 to Figure 14-26. A complete set of grade sections for RD, SM and H2 deposits are shown in Appendices B, C and D respectively.

**Figure 14-24. Example Cross-Section – RD**

![](tm2533647d1_ex43sp05img010.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **87** |

---

**Figure 14-25. Example Cross-Section – H2**

![](tm2533647d1_ex43sp05img011.jpg)

**Figure 14-26. Example Cross-Section – SM**

![](tm2533647d1_ex43sp05img012.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **88** |

---

**14.9 Resource Classification**

Definitions for resource categories used in this report are consistent with CIM (2014) definitions incorporated by reference into NI 43-101. In the CIM classification, a Mineral Resource is defined as "a concentration or occurrence of solid 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 eventual economic extraction. The location, quantity, grade or quality, continuity, and other geological characteristics of a Mineral Resource are known, estimated, or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are classified into Measured, Indicated, and Inferred categories. A Mineral Reserve is defined as the "economically mineable part of a Measured and/or Indicated Mineral Resource" demonstrated by studies at pre-feasibility or feasibility level as appropriate. Mineral Reserves are classified into Proven and Probable categories.

All mineral resources estimated in this study have been classified as Inferred category. The rationale for this decision includes the following:

&nbsp;&nbsp;&nbsp;&nbsp;· A complete lack of QAQC samples in the available data sets. However, it is believed prior operators conducted
their work in accordance with the best practices of the period. This is supported by the continued existence of core and related inventory
data at Lokken.

&nbsp;&nbsp;&nbsp;&nbsp;· Extremely limited density data sets available.

&nbsp;&nbsp;&nbsp;&nbsp;· Limited underground geological mapping information.

&nbsp;&nbsp;&nbsp;&nbsp;· Dependence on some drill holes with very poor intersection angles.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **89** |

---

**14.10 Model Validation**

For the mineral resource estimation, model validation included the following steps:

**14.10.1** **Cross-Sections**

Cross-sections were prepared for each deposit and for each of their respective zones, then compared with the downhole composite data.

**14.10.2** **Global Comparison of Grades**

The overall average sample and composite metal grades were compared with global average grades from each block model, as interpolated by inverse-distance weighting and nearest neighbour. These results are summarised below in Table 14-11, showing reasonably good correspondence.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Table 14-11. Global Comparison of Average Grades** | **Table 14-11. Global Comparison of Average Grades** | **Table 14-11. Global Comparison of Average Grades** | **Table 14-11. Global Comparison of Average Grades** | **Table 14-11. Global Comparison of Average Grades** | **Table 14-11. Global Comparison of Average Grades** |
| **FIELD** | **ZONE** | **Samples** | **Composites** | **Model ID** | **Model NN** |
| **Cu_pct** | **2** | 0.88 | 0.91 | 0.78 | 0.74 |
| **Cu_pct** | **3** | 0.82 | 0.87 | 0.80 | 0.76 |
| **Cu_pct** | **5** | 1.03 | 0.93 | 0.97 | 0.94 |
| **Zn_pct** | **2** | 0.08 | 0.07 | 0.07 | 0.07 |
| **Zn_pct** | **3** | 0.24 | 0.13 | 0.13 | 0.15 |
| **Zn_pct** | **5** | 0.12 | 0.09 | 0.12 | 0.13 |

---

**14.10.3** **Local Comparison of Grades**

Average grades along vertical columnar (50 m thick) block model slices were determined, derived from the inverse-distance and nearest neighbour grades. These were shown, along with the average composites' grades and total tonnages on the same slices, in comparative swath plots for Cu, as shown in Figure 14-27. These graphs show that the average block model grades compare reasonably well with the corresponding average composite grades.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **90** |

---

**Figure 14-27. Swath Plots – Cu**

![](tm2533647d1_ex43sp05img013.jpg)

![](tm2533647d1_ex43sp05img014.jpg)

![](tm2533647d1_ex43sp05img015.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **91** |

---

**14.11 Resource Evaluation**

For reporting purposes for a mineral resource estimate connected with a potential future underground mining operation, to comply with 'reasonable prospects of eventual economic extraction' guidelines, the following steps were completed:

1) **Cut-Off.** An economic cut-off grade was determined, applicable to underground mining at Sulitjelma deposit, as summarised in Table 14-13. This also shows the parameters used to determine a copper-equivalent (Cu_Eq) grade values, derived from both Cu and Zn. The assumed recovery values come from the 2020 testwork. The Cu_Eq parameters stem from price, recovery and payability values. The cut-off applied for resource evaluation was 0.6% CuEq.

2) **Constraining Volumes.** A mineable shape optimisation ("MSO") was run (Datamine process MSO), to generate reasonably practical constraining wireframe volumes for a mineral resource estimate. The parameters used in this optimisation are summarised in Table 14-12 This applied selectivity means that a small amount of sub-0.6%Cu_Eq material is taken within the estimation process ('must-take') and some +0.6%Cu_Eq material is excluded.

**3)** **Evaluation.** The estimation of Inferred mineral resources was broken down by zone and deposit, and they are summarised in Table 14-18, showing grades of Cu and Zn, as well as average apparent true thickness values. Grade-tonnage tables of the different regions, as well as overall, are shown in Table 14-14 to Table 14-17.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table 14-12. MSO Parameters** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table 14-12. MSO Parameters** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table 14-12. MSO Parameters** |
| **Factor** | ***Unit*** | **Value** |
| Cut-Off | *%Cu_Eq* | 0.6 |
| Minimum height | *m* | 2.2 |
| Minimum length along strike | *m* | 10 |
| Minimum length down-dip | *m* | 10 |
| Minimum waste pillar thickness | *m* | 7 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **92** |

---

**Table 14-13. Cut-Off Grade and Cu_Eq Parameters**

---

| | | |
|:---|:---|:---|
|  | **<u>Values</u>** |  |
| **Cu Metal Price** | 4.2 | *$/lb* |
|  | 9259 | *$/t* |
| **Cu Processing** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Processing Recovery | 92.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrate Grade | 29.5% | *% Cu* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assumed Feed Grade | 0.83% | *% Cu* |
| **Cu Smelter Terms** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TC/RC | 65 | *$/t conc* |
|  | 220 | *$/t Cu product* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Freight Charge | 70 | *$/t conc* |
|  | 237 | *$/t Cu product* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payability | 96.5% |  |
| **Operating Costs** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining | 35 | *$/t* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G&A + infra + closure + royalty | 5 | *$/t* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Processing | 10 | *$/t* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total = mining, G&A, processing | 50 |  |
| **Breakeven Cu Cut-Off** | **0.6%** | *%Cu* |
| **Zn Contribution to Cu_Equivalent** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zn metal price | 1.25 | *$/lb* |
|  | 2756 | *$/t* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zn processing recovery | 57% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zn Concentrate Grade | 51% | *%Zn* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zn payability | 86% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CuEq Coefficient | 0.16 | *%CuEq/%Zn* |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **93** |

---

**Table 14-14. Grade-Tonnage Table – RD Region, Inferred Resources Only**

**Table 14-15. Grade-Tonnage Table – H2 Region, Inferred Resources Only**

**Table 14-16. Grade-Tonnage Table – SM Region, Inferred Resources Only**

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **94** |

---

**Table 14-17. Grade-Tonnage Table – RD, H2 and SM Regions, Inferred Resources Only**

![](tm2533647d1_ex43sp05img019.jpg)

**Table 14-18. Constrained Mineral Resource Estimate Statement**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Effective Date: 20<sup>th</sup> February 2025 | Effective Date: 20<sup>th</sup> February 2025 | Effective Date: 20<sup>th</sup> February 2025 | Effective Date: 20<sup>th</sup> February 2025 | Effective Date: 20<sup>th</sup> February 2025 | Effective Date: 20<sup>th</sup> February 2025 | Effective Date: 20<sup>th</sup> February 2025 | Effective Date: 20<sup>th</sup> February 2025 | Effective Date: 20<sup>th</sup> February 2025 | Effective Date: 20<sup>th</sup> February 2025 | Effective Date: 20<sup>th</sup> February 2025 |
|  |  |  | **Inferred Resources By Zone** | **Inferred Resources By Zone** | **Inferred Resources By Zone** |  |  | **Sub-Totals** | **Sub-Totals** |  |
| **Region** | **Zone** | **Tonnes** | **Cu** | **Zn** | **Cu_Eq** | **Thickness** | **Tonnes** | **Cu** | **Zn** | **Cu_Eq** |
|  |  | **Kt** | **%** | **%** | **%** | **m** | **Kt** | **%** | **%** | **%** |
|  | 2 | 4188 | 1.45 | 0.35 | 1.50 | 5.2 |  |  |  |  |
| **Rupsi** | 3 | 1499 | 0.95 | 0.19 | 0.98 | 5.5 |  |  |  |  |
|  | 5 | 2188 | 0.82 | 0.37 | 0.88 | 15.7 | **7874** | **1.18** | **0.33** | **1.23** |
|  | 6 | 410 | 1.40 | 0.24 | 1.43 | 3.6 |  |  |  |  |
|  | 7 | 126 | 0.77 | 0.15 | 0.79 | 2.4 |  |  |  |  |
| **Dypet** | 8 | 484 | 0.89 | 0.11 | 0.91 | 6.8 |  |  |  |  |
|  | 9 | 163 | 2.01 | 0.25 | 2.05 | 2.5 |  |  |  |  |
|  | 10 | 201 | 1.39 | 0.36 | 1.45 | 2.9 | **1384** | **1.23** | **0.20** | **1.27** |
|  | 2 | 3031 | 0.88 | 0.07 | 0.89 | 4.2 |  |  |  |  |
| **Hankabakken II** | 3 | 1471 | 0.86 | 0.05 | 0.86 | 3.1 |  |  |  |  |
|  | 5 | 453 | 1.00 | 0.02 | 1.00 | 9.1 | **4955** | **0.88** | **0.06** | **0.89** |
|  | 2 | 455 | 1.15 | 0.19 | 1.18 | 3.6 |  |  |  |  |
| **Sagmo** | 3 | 193 | 1.56 | 0.14 | 1.58 | 6.4 |  |  |  |  |
|  | 5 | 2205 | 0.89 | 0.15 | 0.91 | 4.1 | **2853** | **0.98** | **0.16** | **1.00** |
| **Total** |  | **17066** | **1.06** | **0.21** | **1.10** | **6.1** |  |  |  |  |

---

**Notes:**

**1.** **CIM definitions were followed for MRE.** 

**2.** **All resources reported are categorised Inferred; no Measured or Indicated resources.** 

**3.** **Thickness reported above shows the average Apparent True Thickness values.** 

**4.** **A minimum mining thickness of 2.2 m was applied in making the MRE constraint wireframes.** 

**5.** **The MRE constraint wireframes were generated using a preliminary MSO, based on a cut-off grade of 0.60% Cu_Eq, related to potential underground mining.** 

**6.** **Assumed parameters for the cut-off grade and Cu-equivalent (Cu_Eq) calculations included:** 

---

| | |
|:---|:---|
| **Prices:** | **USD 4.20/lb Cu, USD 1.25/lb Zn** |
| **Processing recoveries:** | **92% Cu, 57% Zn** |
| **Payabilities:** | **96.5% Cu, 86% Zn** |

---

**7.** **For the cut-off grade calculation, the assumed total operating cost was $50/t of ore.** 

**8.** **A global density value of 3 t/m** **<sup>3</sup> was assumed.** 

**9.** **Rounding may result in apparent summation differences between tonnes, grades and metal content; not considered material.** 

**10.** **Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.** 

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **95** |

---

**15 MINERAL RESERVE ESTIMATES**

Not applicable

**16 MINING METHODS**

Not applicable

**17 RECOVERY METHODS**

Not applicable

**18 PROJECT INFRASTRUCTURE**

Not applicable

**19 MARKET STUDIES AND CONTRACTS**

Not applicable

**20 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL IMPACT**

Not applicable

**21 CAPITAL AND OPERATING COSTS**

Not applicable

**22 ECONOMIC ANALYSIS**

Not applicable

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **96** |

---

**23 ADJACENT PROPERTIES**

There are two other Exploration companies with exploration licenses in or close to Sulitjelma:

**Sulis Green Future** has exploration licenses immediately to the north of NSG's licenses (Figure 23-1).

**VMS Exploration** have exploration licenses to the north as well as overlying NSG's licenses. They do not have any Mining licenses in the Sulitjelma area (Figure 23-2).

This information is publicly disclosed and the source of this information is from the Norwegian Mapping Authorities web site (Kartverket).

The Author has not visited these other properties and is therefore unable to verify information pertaining to the presence of mineralization on the adjacent properties. These properties are not necessarily indicative of the mineralization associated with the Sulitjelma project that is the subject of this report. The information provided in this section is simply intended to provide examples of other properties that exist in the region. The Author is not aware of any historical estimates of mineral resources or mineral reserves relating to these adjacent properties.

**Figure 23-1. Plan of Sulis Green Future License Areas**

[Sulis Green Future licenses in Blue; Sulitjelma licenses in Black]

![](tm2533647d1_ex43sp05img020.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **97** |

---

**Figure 23-2. Plan of VMS Exploration License Areas**

[VMS Exploration licenses in Blue; Sulitjelma licenses in Black]

![](tm2533647d1_ex43sp05img021.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **98** |

---

**24 OTHER RELEVANT INFORMATION**

Not applicable.

**25 INTERPRETATION AND CONCLUSIONS**

**25.1 Risks and Uncertainties**

There are several risks and uncertainties associated with the Sulitjelma project that should be considered; however, there are also several generic risks that are associated with nearly all exploration and mining project, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sensitivity of the mineral resource to metal pricing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supply chain cost escalation for contractors and service providers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Possible exploration permitting difficulties, related costs, and resulting delays

The project specific risks and uncertainties that the Author has identified are discussed in this section of the report.

**25.1.1 Drill holes**

<u>T</u>here are some errors associated with elevation of surface drill hole collars. These errors can be mitigated with check measurements of surface drill hole collars using a differential GPS. It would also be recommended to have a LiDAR survey flown over the Sulitjelma Project area for cross checking with the differential GPS survey. Similarly, if and where possible, check surveys should also be made of available underground drill hole collars.

**25.1.2 Density Measurements.**

There is a considerable lack of available density data for samples collected from drill core associated with any of the deposits. This lack of density data creates a corresponding risk with respect to the tonnage estimation. The risk can be mitigated in the future by collecting more density measurements of available drill core, as well as proactively taking density measurements from drill core during any new diamond drilling.

**25.1.3 Historic QA/QC Procedures.**

There is almost no information available on historical QAQC. To help mitigate the risks associated with use of the historical drill hole data, a twin drilling program would be required. A full QAQC program would need to be followed for the sampling associated with such updated drilling. The twin holes need to duplicate a small proportion of the original drill holes for each deposit or at least end up with new mineralised intersections that are similar to the original, historical intersections. Statistical results between the twinned drill holes would need to demonstrate a good correspondence between the current and historical assay data.

Without such a verification exercise, it is unlikely that the historical drilling data would be acceptable to use for the categorisation of Indicated resources.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **99** |

---

**25.1.4 Mined-Out Areas**

The extent of historic mined-out areas has been taken from old plans but should be validated. There is a risk that inaccuracies of this data of the historical mined-out areas could affect the estimation of currently available resources. This risk could be mitigated by updated volumetric surveys of mined out areas. Although access might be difficult in some areas, modern survey equipment, including the use of drones, could help with this analysis.

**25.2 Results and Interpretations**

There are several opportunities to improve the current results, that should be investigated further as part of the ongoing development of the Sulitjelma project.

Most of the regions evaluated in this study have some parts which are relatively densely sampled, in areas in or close to the old underground workings. Going down-dip, the drill hole spacings are generally much wider, with more reliance on much longer underground drill holes, often with very poor intersection angles, or on relatively few surface drill holes.

Further drilling campaigns could therefore have a significant effect on the development of the project, in terms of:

&nbsp;&nbsp;&nbsp;&nbsp;· The use of twin holes to help verify all or part of the historical drilling data.

&nbsp;&nbsp;&nbsp;&nbsp;· Increased Inferred resource quantities with more closely spaced drilling down-dip and along-strike, as
well as extension of the mineralised resources.

&nbsp;&nbsp;&nbsp;&nbsp;· Estimation of some Indicated resources with even more closely spaced drilling. To achieve Indicated resource
categorisation using any of the historical drill hole data, the results from twin drilling would have to help verify the use of all or
part of the historical drill hole database.

Additional drilling should be designed to enable a significant proportion of the deposit to be reclassified into a higher category of confidence, such as Indicated category, as well as provide a more accurate interpretation of geology and mineralised zones. Stakeholders should be cautioned that additional drilling is not a guarantee for upgrading the confidence of an existing resource category.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **100** |

---

**25.3 Conclusions**

The updated mineral resource estimate with an effective date of February 20<sup>th</sup>, 2025, has these conclusions from the Author and are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· The geological setting and character of the massive and semi-massive sulphide
mineralisation, hosted within a chlorite-biotite breccia, as well as the Cu and Zn production history, are of sufficient merit to justify
additional exploration expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;· Most historic drill holes in the current database related to the mineral resources at Sulitjelma are located
in 3 different regions, totalling 601 core drill holes a total meterage of 78,144 metres. The regions being evaluated are on the periphery
of older mined-out areas.

&nbsp;&nbsp;&nbsp;&nbsp;· Historic drilling has identified strata-bound zones that are generally extensions of previously mined
areas above, are well mineralized and remain open to depth.

&nbsp;&nbsp;&nbsp;&nbsp;· The Author has reviewed the available sample data, and although the there is a lack of QAQC information
available, the Author is of the opinion that the database for the mineral resource is of sufficient quality to estimate mineral resources
for an Inferred category.

&nbsp;&nbsp;&nbsp;&nbsp;· Mineral resources were estimated using a 0.6% copper-equivalent cut-off value for potential underground
extraction. This cut-off level would also need to be studied further in the future.

&nbsp;&nbsp;&nbsp;&nbsp;· The mineral resource estimate for the Sulitjelma deposit is presented in Table 25.1 below.

&nbsp;&nbsp;&nbsp;&nbsp;· There is general support for the project, at the current stage of mineral resource development, from the
affected communities in the area, as those communities will benefit from local employment. There is a good dialogue with people from the
local reindeer district.

**Table 25.1. Mineral Resource Estimate Summary for the Sulitjelma deposit**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Effective Date: 20<sup>th</sup> February 2025 | Effective Date: 20<sup>th</sup> February 2025 | Effective Date: 20<sup>th</sup> February 2025 | Effective Date: 20<sup>th</sup> February 2025 | Effective Date: 20<sup>th</sup> February 2025 |
|  |  | **Inferred Resources** | **Inferred Resources** |  |
| **Region** | **Tonnes** | **Cu** | **Zn** | **Cu_Eq** |
|  | ***Kt*** | *%*** | *%*** | *%*** |
| **Rupsi/ Dypet** | 9258 | 1.19 | 0.31 | 1.24 |
| **Hankabakken II** | 4955 | 0.88 | 0.06 | 0.89 |
| **Sagmo** | 2853 | 0.98 | 0.16 | 1.00 |
| **Total** | **17066** | **1.06** | **0.21** | **1.10** |

---

**Notes:**

**1.** **CIM definitions were followed for MRE.** 

**2.** **All resources reported are categorised Inferred; there are no Measured or Indicated resources.** 

**3.** **A minimum mining thickness of 2.2 m was applied in making the MRE constraint wireframes.** 

**4.** **The MRE constraint wireframes were generated using a preliminary MSO, based on a cut-off grade of 0.6% Cu_Eq, related to potential underground mining.** 

**5.** **Assumed parameters for the cut-off grade and Cu-equivalent (Cu_Eq) calculations included:** 

---

| | |
|:---|:---|
| **Prices:** | **USD 4.20/lb Cu, USD 1.25/lb Zn** |
| **Processing recoveries:** | **92% Cu, 57% Zn** |
| **Payabilities:** | **96.5% Cu, 86% Zn** |

---

**6.** **For the cut-off grade calculation, the assumed total operating cost was $50/t of ore.** 

**7.** **A global density value of 3 t/m<sup>3</sup> was assumed.** 

**8.** **Rounding may result in apparent summation differences between tonnes, grades and metal content; not considered material.** 

**9.** **Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.** 

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **101** |

---

**26 RECOMMENDATIONS**

**26.1 Sample Preparation, Analyses, and Security**

&nbsp;&nbsp;&nbsp;&nbsp;· **QAQC Program.** Develop rigorous quality control and quality assurance ("QAQC") policy
for standards, blanks and duplicate samples for all on-going drilling and sampling work that meets or exceeds all industry best practice
standards.

&nbsp;&nbsp;&nbsp;&nbsp;· **CRMs.** The QAQC program will also need to include the selection of certified reference material ("CRM") that are
sourced from a similar deposit type and possess metal values close to the typical grades of the Sulitjelma Project for copper and zinc.
It is noted that when both gold and silver are better characterized, it might be needed to adjust the CRMs to accommodate the precious
metal content.

&nbsp;&nbsp;&nbsp;&nbsp;· **Laboratories**. As well as using an ISO certified primary laboratory, the QAQC program will also require
an umpire or secondary independent laboratory, which should also be ISO certified. A percentage of the new samples should be emitted using
select analysis methodologies that are like the primary laboratory. This comparison will provide assurances that any variation of metal
grades seen in the analytical certificates are valid and respected.

&nbsp;&nbsp;&nbsp;&nbsp;· **Core Shack.** A secure premises will be required for drill core logging
 that can also provide storage for the drill core and all returned pulps and reject materials from the analytical facilities.

&nbsp;&nbsp;&nbsp;&nbsp;· **Density Measurement.** Equipment needs to be put into place and procedures established for density
measurement from the drill core of any new work program, as well as collect check density measurements from historical core at Lokken.

&nbsp;&nbsp;&nbsp;&nbsp;· **Point Load Testing ("PLT").** To enhance any geomechanical measurements, a PLT needs
to be acquired and used in the core shack on drill core from any new work program. These measurements compliment the collection of RQD
and RMR during the core logging process, and can be used by engineers in the future for helping refine the ground support requirements.

**26.2 Data Verification**

&nbsp;&nbsp;&nbsp;&nbsp;· **Relogging of Drill Core**. A relogging program should be completed of Sulitjelma Project historical
drill core stored at Lokken. This work would be more extensive than any previous relogging exercise; noting that relogging will be difficult,
as much of the core is extremely dirty. If possible, some check sampling should also be completed while relogging is ongoing, although
in most cases there is little, or no drill core left in the core boxes from the originally sampled intersections. As well, additional
sampling of previously unsampled drill core should be done, noting that at current cut-off levels for the mineral resource estimate, there
are potentially extended or new mineralised intersections that could warrant follow-up.

&nbsp;&nbsp;&nbsp;&nbsp;· **Drilling Database**. The current database needs to be enhanced so that YEAR identification data is
recorded for each drill hole. This is very important, as in on-going verification and estimation work, it may be necessary to filter the
historic data with relation to the date of age of the data available.

&nbsp;&nbsp;&nbsp;&nbsp;· **Twin Drilling.** A twin drilling program should be completed during the next work program, to help
verify all or part of the historical drilling data for each deposit. NSG have already planned the extension of an existing underground
adit, the Rupsi tunnel, for the purpose of providing drilling access. A suggested
starting proportion of twinning could be 5%, with respect to historic drill holes for each deposit. When the assay results are returned
from the laboratory and analysed, it can be determined if and where further twin drilling would be required.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **102** |

---

&nbsp;&nbsp;&nbsp;&nbsp;· **Drill Hole Collars.** During summer, historic surface drill hole collars should
be found and resurveyed, where possible. Depending on the extent of underground access, the location and resurveying of underground drill
hole collars should also be attempted.

&nbsp;&nbsp;&nbsp;&nbsp;· **Mined-Out Extents**. Again, depending on underground access, surveys should be
made of mined-out areas adjacent to the evaluated resources. Modern equipment, including the use of drones, could help with this check
survey process.

&nbsp;&nbsp;&nbsp;&nbsp;· **Metallurgical Program**. A full metallurgical audit should be undertaken regarding the production
recoveries and any reports on file. Once there is new material available from drilling that is representative of the deposits, a new metallurgical
program should be planned to encompass flotation test work, variability analysis, and lock cycle testing to ensure process design in the
plant is setup for maximizing metal recovery.

**26.3 Exploration Program and Budget**

For further development of the project, the Author recommends the exploration program already outlined by NSG. This work covers extension of the existing Rupsi tunnel by 1,000 m, and then using of this new tunnel to complete approximately 10,000 m of diamond drilling from underground. The intent of the drilling is to potentially upgrade confidence for the resources in the Rupsi deposit from Inferred category to Indicated category and allow some geomechanical modelling.

A summary breakdown of this work program is presented below, along with associated estimated costs expected to total approximately 4.6 M USD (Table 26-1).

---

| | |
|:---|:---|
| **Table 26-1. Proposed Budget** | **Table 26-1. Proposed Budget** |
| **Work Planned** | **Cost**<br>***M USD*** |
| Extension of Rupsi Tunnel (1 km) | 3.4 |
| Diamond drilling (~10,000 m) | 1.2 |
| **Total** | **4.6** |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Sulitjelma Project** |  |
| | **103** |

---

**27 REFERENCES**

**Cook, Halls and Kaspersen, 1990.** *The Geology of the Sulitjelma Ore Field, Northern Norway-- Some New Interpretations*. Economic Geology, Vol 85, pp 1720-1737.

**Drake Resources, 2015.** *Quarterly Activities Report, September 2015.*

**Geis, H, 1978***. Structural Control of Stratiform Sulfide Deposits, with A New Example from Sulitjelma.* Economic Geology, Vol 73, pp. 1161-1177.

**Nordrum, F.S., 1999***. Minerals from the Sulitjelma Copper Mines, North Norway.*

**Outotec, 2013***. Preliminary Feasibility Study, Nye Sulitjelma AS.*

**Promin, 2021**. *Lokken Fieldwork Report – Relogging of Old Drill Cores.*

**Sarb Consulting, 2020.** *Environmental Geochemical Assessment of Tailings Disposal in Langvatnet, Nye Sulitjelma Mines.*

**SGS Canada, 2020.** *An Investigation into The Flotation of Sample from Sulitjelma Mine.*

Report prepared for Sarb Consulting.

**Wilson, M.R.. 1973**. *The Geological Setting of the Sulitjelma Ore Bodies, Central Norwegian Caledonides.* Economic Geology, Vol 68, pp. 307-316.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

## Exhibit 99.44

**Exhibit 99.44**

![](tm2533647d1_ex44-1sp01img001.jpg)

**BLUE MOON METALS INC.**

**ANNUAL INFORMATION FORM** 

**FOR THE FINANCIAL YEAR ENDED DECEMBER 31, 2024**

September 12, 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **INTRODUCTORY NOTES** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cautionary Statement Regarding Forward- |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Looking Information | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Currency and Exchange Rate Information | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Technical Abbreviations | 3 |
| **CORPORATE STRUCTURE** | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Corporation | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Intercorporate Relationships | 6 |
| **DESCRIPTION OF THE BUSINESS** | **7** |
| &nbsp;&nbsp;&nbsp;&nbsp;General | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Strategy | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialized Skills and Knowledge | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Competitive Conditions | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Economic Dependence and Components | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Business Cycles | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Environmental Protection | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employees | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Operations | 9 |
| **GENERAL DEVELOPMENT OF THE BUSINESS** | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;Three Year History | 9 |
| **MINERAL PROJECTS** | **16** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Nussir Property | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Blue Moon Property | 46 |
| **RISK FACTORS** | **80** |
| &nbsp;&nbsp;&nbsp;&nbsp;Permits, Licences and Approvals | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Governmental Regulation | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;Volatility of Commodity Prices | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liquidity and Additional Financing | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;Nature of Mineral Exploration and Development | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;No Earnings and History of Losses | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Third-Party Approvals | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration, Development and Operations | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Systems and Cyber Security Threats | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global Financial Conditions | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market Price of the Common Shares | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Operations Risks | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Risk | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Enforcing Judgments | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dependence on Key Personnel | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliability of Mineral Resources Estimates | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Uncertainty Relating to Inferred Mineral Resources | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquiring Title | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Title Matters | 86 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Uncertainty and Inherent Sample Variability | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Term and Extension of Concession Contracts | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surface Rights | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Climate Change | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Uninsurable Risks | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Competition | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Local Communities, Indigenous Peoples and First |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Nations | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conflicts of Interest | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Infrastructure | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-existing Environmental Liabilities | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Outbreaks of Diseases and Public Health Crises | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;Potential Impact of Tariffs and Trade Restrictions | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;International Conflict, Geopolitical Instability and War | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;The Outstanding Common Shares Could be |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Subject to Dilution | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;No Dividends Policy | 89 |
| **DIVIDENDS OR DISTRIBUTIONS** | **90** |
| **DESCRIPTION OF CAPITAL STRUCTURE** | **90** |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Shares | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Shares | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity Incentive Plans | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible Securities | 91 |
| **MARKET FOR SECURITIES** | **91** |
| &nbsp;&nbsp;&nbsp;&nbsp;Trading Price and Volume of Securities | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prior Sales – Securities Not Listed or Quoted on a Marketplace | 92 |
| **DIRECTORS AND OFFICERS** | **93** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cease Trade Orders, Bankruptcies, Penalties or Sanctions | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;Conflicts of Interest | 98 |
| **AUDIT COMMITTEE** | **98** |
| &nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee's Charter | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;Composition of the Audit Committee | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Relevant Education and Experience | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-Approval Policies and Procedures | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;External Auditor Service Fees | 100 |
| **LEGAL PROCEEDINGS AND REGULATORY ACTIONS** | **100** |
| **INTERESTS OF MANAGEMENT AND** |  |
| **OTHERS IN MATERIAL TRANSACTIONS** | **100** |
| **TRANSFER AGENT AND REGISTRAR** | **100** |
| **MATERIAL CONTRACTS** | **101** |
| **INTERESTS OF EXPERTS** | **101** |
| **ADDITIONAL INFORMATION** | **102** |
| **SCHEDULE "A" AUDIT COMMITTEE CHARTER** | **A-1** |

---

- ii -

**INTRODUCTORY NOTES**

**Cautionary Statement Regarding Forward-Looking Information**

This annual information form (this "**AIF**") of Blue Moon Metals Inc. (the "**Corporation**" or "**Blue Moon**") contains or incorporates by reference forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws, which are based on expectations, estimates and projections as of the date hereof. This forward-looking information includes, or may be based upon, without limitation, estimates, forecasts and statements as to management's expectations with respect to, among other things, the Corporation's historical trends, current conditions, future operations, proposed exploration activities or other development plans at the Corporation's properties; the ability and timing of the Corporation to undertake anticipated exploration, drilling, development, construction and other activities of the Corporation and the result of such activities; the timing and amount of funding required to execute the Corporation's exploration, development and business plans; anticipated capital and exploration expenditures; the ability of exploration work (including drilling and drilling results) to accurately predict mineralization; the type of drilling included in the Corporation's drill program; the ability to generate additional drill targets; expansions of previously known mineralized zones and the discovery of new mineralized zones; the results and assumptions underlying the mineral resource estimates on the Blue Moon Property (as defined herein) and the Nussir Property (as defined herein); the timing and ability (if at all) for the Corporation to complete the recommended work program in the Blue Moon Technical Report (as defined herein) and the Nussir Technical Report (as defined herein); the timing and ability (if at all) for Blue Moon to complete a feasibility study on the Nussir Property and Blue Moon Property; the Corporation's ability to sustain and enhance shareholder value; potential mineralization; the ability to realize upon any mineralization in a manner that is economic; the capital resources available to Blue Moon; the ability for further work to define, expand or upgrade mineral resources at the Corporation's properties; category conversion; the expected ability and timing of the Corporation to advance the Nussir Property and the Blue Moon Property to final investment decision and construction (if at all) and the costs relating to same; the effect on the Corporation of any changes to existing legislation or policy; government regulation of exploration, development and mining operations; the ability of the Corporation and the length of time required to obtain permits, certifications and approvals; the ability for the Corporation to obtain consent or third-party approvals in order to enter into or complete agreements or transactions; the potential impact of the Corporation's projects in local communities and the social acceptability of the Corporation's properties; the success of exploration, development and mining activities; the geology of the Corporation's properties; sustainability and environmental impacts of operations at the Corporation's properties; environmental risks; the availability of labour; the focus of the Corporation in the future; the future payment by the Corporation of dividends; progress in development of mineral properties; the ability of the Corporation to complete its exploration and development objectives for the Corporation's properties; the Corporation's ability to raise funding privately or on a public market in the future; the Corporation's future growth; results of operations and performance; and business prospects and opportunities.

Wherever possible, words such as "anticipate", "believe", "expect", "intend", "may", "plan" and similar expressions have been used to identify such forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the information is given, and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, assumptions and other factors that could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking information. These factors, including, but not limited to: errors in management's geological modelling; the inability of the Corporation to capitalize on mineralization on its properties in a manner that is economic; lack of adequate drill density; the timing and ability (if at all) to complete further exploration activities, including drilling; risks relating to costs, timing and ability (if at all) to advance the properties of the Corporation or to reach a construction decision in respect of the Blue Moon Property and the Nussir Property, or other properties of the Corporation differing materially from estimates; the inability to obtain all authorizations and permits needed to continue advancing the Corporation's properties in a timely manner (or at all); failure of the Corporation to complete any further studies for the Blue Moon Property and the Nussir Property in the timing contemplated (or at all); risks relating to the key assumptions, parameters, limitations and methods used in the Blue Moon Technical Report (as defined herein) and the Nussir Technical Report (as defined herein), including the mineral resources estimates contained therein; the prospects, if any, of the Blue Moon Property and the Nussir Property mineral deposits; the amount and type of drilling to be completed and the timing to complete such drilling; the potential to extend mineralization down-plunge and at depth; the ability of exploration work (including drilling) to accurately predict mineralization; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; future drilling and advancement at the properties of the Corporation; the results of exploration activities; risks relating to mining activities; the global economic climate; metal prices; dilution; environmental risks; community and non-governmental actions; fluctuations in currency markets; social acceptability or the Corporation's projects; fluctuations in commodity prices; risks relating to capital market conditions and the ability of the Corporation to access sufficient capital on favourable terms or at all; changes in law, rules and regulations applicable to the Corporation and its operations; taxation, controls and regulations; risks relating to outbreaks of diseases and public health crises; risks relating to international conflict, geopolitical instability of war; risks relating to any imposition of tariffs or other trade restrictions; political or economic developments in Canada, the United States, Norway or in other countries in which the Corporation does business or may carry on business in the future; risks relating to foreign operations and enforcement of judgments; operating or technical difficulties in connection with exploration or development activities; employee relations; information systems security threats; the speculative nature of mineral exploration and development; obtaining necessary licenses and permits; contests over title to properties, especially title to undeveloped properties; the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill results and other geological data; environmental hazards; industrial accidents; unusual or unexpected formations, pressures, cave-ins and flooding; limitations of insurance coverage and the possibility of cost overruns or unanticipated costs and expenses; factors discussed under the heading "*Risk Factors*"; and other risks, including those risks set out in the continuous disclosure documents of the Corporation, which are available on SEDAR+ (<u>www.sedarplus.ca</u>) under the Corporation's issuer profile.

Many of these uncertainties and contingencies can affect the Corporation's actual results and could cause actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Corporation. Prospective investors should not place undue reliance on any forward-looking information. Although the forward-looking information contained in this AIF is based upon what management believes, or believed at the time, to be reasonable assumptions, there can be no assurance that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended. Neither the Corporation nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Corporation does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by securities laws.

**Currency and Exchange Rate Information**

In this AIF, unless otherwise indicated, all references to "$", "dollars" or "CAD" refer to Canadian dollars, all references to "US$" or "USD" refer to United States dollars, and all references to "NOK" refer to Norwegian Krone.

The following table sets forth: (i) the rates of exchange for U.S. dollars and Norwegian Krone expressed in Canadian dollars in effect at the end of the periods indicated; (ii) the average exchange rates in effect during such periods; (iii) the high rate of exchange in effect during such periods; and (iv) the low rate of exchange in effect during such periods, such rates, in each case, based on the noon or daily average exchange rate, as applicable, for conversion of one U.S. dollar or one Norwegian Krone (as applicable) to Canadian dollars as reported by the Bank of Canada.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **U.S. Dollars** | **U.S. Dollars** | **U.S. Dollars** | **Norwegian Krone** | **Norwegian Krone** | **Norwegian Krone** |
|  | **Year Ended**<br>**December 31,**<br>**2024<sup>(1)</sup>** | **Year Ended**<br>**December 31,**<br>**2023<sup>(1)</sup>** | **Year Ended**<br>**December 31,**<br>**2022<sup>(1)</sup>** | **Year Ended**<br>**December 31,**<br>**2024<sup>(1)</sup>** | **Year Ended**<br>**December 31,**<br>**2023<sup>(1)</sup>** | **Year Ended**<br>**December 31,**<br>**2022<sup>(1)</sup>** |
| Period End | 1.4389 | 1.3226 | 1.3544 | 0.1268 | 0.1304 | 0.1375 |
| Average | 1.3698 | 1.3497 | 1.3013 | 0.1274 | 0.1278 | 0.1357 |
| High | 1.4416 | 1.3875 | 1.3856 | 0.1302 | 0.1361 | 0.1452 |
| Low | 1.3316 | 1.3128 | 1.2451 | 0.1240 | 0.1209 | 0.1269 |

---

**Notes:**

(1) Exchange rate based on the daily average rate of exchange as reported by the Bank of Canada.

On September 11, 2025, the daily average rate of exchange as reported by the Bank of Canada was US$1.00 = $1.3844 and NOK1.00 = $0.1401.

**Technical Abbreviations**

Unless the context otherwise requires, technical terms or abbreviations not otherwise defined in this AIF shall have the following meanings:

---

| | |
|:---|:---|
| **List of Abbreviations** | **List of Abbreviations** |
| **Abbreviation** | **Definition** |
| 3 D | Three dimensional |
| AES | Atomic Emission Spectrometry |
| Ag | Silver |
| AI | Bond Abrasion Index |
| Al | Aluminium |
| ALS | ALS Chemex Laboratory |
| As | Arsenic |
| Au | Gold |
| AuAg | Copper-mineralisation Electrum |
| Aup | Administrative Use Permit |
| Ba | Barium |
| Bh | Bore Hole |
| Bi | Bismuth |
| BLM | US Bureau of Land Management |
| BWI | Bond Ball Mill Work Index |
| CEQA | California Environmental Quality Act |
| CIM | Canadian Institute of Mining, Metallurgy and Petroleum |
| Cr | Chromium |
| CRM | Certified reference material |
| Cu | Copper |
| DFS | Definitive Feasibility Study |
| EM | Electromagnetic |
| ENE | East-northeast |
| F | Fluorine |
| GIIP | Good International Industry Practice |
| GPS | Global Positioning System |
| ICP | Inductively Coupled Plasma |
| ID | Identification |
| ID<sup>3</sup> | Inverse Distance Cubed |
| IP | Induced Polarization |
| IRR | Internal Rate of Return |
| ISO | International Organization for Standardization |

---

---

| | |
|:---|:---|
| **List of Abbreviations** | **List of Abbreviations** |
| **Abbreviation** | **Definition** |
| IW | Intersected Width |
| K | Potassium |
| LiDAR | Light Detection and Ranging |
| Micon | Micon International Limited |
| Mo | Molybdenum |
| MRE | Mineral Resource Estimate |
| MSO | Mineable Shape Optimizer |
| Na | Sodium |
| NE | Northeast |
| NEPA | National Environmental Policy Act |
| NGU | Norwegian Geological Survey |
| Ni | Nickel |
| NNE | North-northeast |
| No. | Number |
| NOI | Notice of Intent |
| NPV, NPV8 | Net present value, at 8% discount |
| NS | North South |
| NSR | Net smelter return |
| NW | Northwest |
| OES | Optical Emission Spectroscopy |
| OMAC | OMAC Laboratories |
| Pb | Lead |
| PFS | Pre-Feasibility Study |
| PLT | Point load testing |
| Pt | Platinum |
| QA/QC | Quality Assurance / Quality Control |
| RDA | Resource Development Associates Inc. |
| RMR | Rock Mass Rating |
| RQD | Rock quality designation |
| Sb | Antimony |
| Se | Selenium |
| SE | Southeast |
| SPI | SAG Power Index test |
| Sn | Tin |
| Sr | Strontium |
| SW | Southwest |
| Ta | Tantalum |
| Te | Tellurium |
| Ti | Titanium |
| TMF | Tailings Management Facility |

---

---

| | |
|:---|:---|
| **List of Abbreviations** | **List of Abbreviations** |
| **Abbreviation** | **Definition** |
| UCS | Uniaxial Compressive Strength |
| V | Vanadium |
| VMS | Volcanogenic Massive Sulphide |
| W | Tungsten |
| WSW | West-southwest |
| XRF | X-ray fluorescence |
| XRT | X-ray Transmission |
| Zn | Zinc |
| ZnEq | Zinz Equivalent – polymetallic rock value expressed in terms of zinc content |

---

---

| | |
|:---|:---|
| **Units of Measurement** | **Units of Measurement** |
| **Abbreviation** | **Definition** |
| ± | Plus / minus |
| $, US$, CAD, NOK | Dollar(s) US, Canadian, Norwegian Krone |
| > , < | Greater than, less than |
| $/t | Dollars per tonne |
| &nbsp;&nbsp;&nbsp;&nbsp;o | Degree(s) |
| <sup>o</sup>C | Degrees Celsius |
| % | Percent(age) |
| cm | Centimetre(s) |
| d | Day (24 hours) |
| ft | Foot, feet (linear) |
| g | Gram(s) |
| g/cm<sup>3</sup> | Gram(s) per cubic centimetre |
| g/t | Gram(s) per metric tonne |
| gal | Gallons (US) |
| h | Hour (s) |
| in | Inch(es) |
| kg | Kilogram(s) |
| kWh | Kilowatt-hour |
| km | Kilometre(s) |
| km<sup>2</sup> | Square kilometre(s) |
| L | Litre(s) |
| Lb, Lbs | Pound(s) avoirdupoids |
| m | Metre(s) |
| M | Million(s) |
| <sub>m</sub>2 | Square metre(s) |
| m<sup>3</sup> | Cubic metre(s) |

---

---

| | |
|:---|:---|
| **Units of Measurement** | **Units of Measurement** |
| **Abbreviation** | **Definition** |
| mg | Milligram(s) |
| mm | Millimetre(s) |
| Moz | Million ounces |
| Mt | Million tonnes |
| opt | Ounces per short ton |
| oz | Ounces (troy) |
| oz/y | Ounces per year |
| s | Second |
| t | Tonne (metric) |
| T | Short ton (2,000 lbs) |
| y | Year |

---

**CORPORATE STRUCTURE**

**The Corporation**

The Corporation is an exploration and development stage company which is focused on the exploration and development of mineral resource properties. The Corporation was registered and incorporated under the Business Corporations Act (British Columbia) ("**BCBCA**") on January 15, 2007 under the name "Savant Explorations Ltd." as a spin-out entity in connection with a spin-out transaction by the Corporation's then parent company, Pacifica Resources Ltd. (now, EDM Resources Inc.) ("**Pacifica**") of certain assets including, among other things, Pacifica's interest in the Yava polymetallic suphide property in Nunavut, the Blue Moon Property, the Tillex copper prospect in Ontario and various copper projects in Chile (the "**Spin Out Transaction**"). The Spin Out Transaction, which was effected by way of a plan of arrangement under section 288 of the BCBCA, was completed on June 6, 2007. On June 7, 2007, common shares of the Corporation (the "**Common Shares**") commenced trading on the TSX Venture Exchange (the "**TSXV**") under the symbol "SVT". On July 4, 2017, the Corporation changed its name to "Blue Moon Zinc Corp." and in connection with the name change, the Common Shares commenced trading under a new symbol "MOON" on July 5, 2017.

On April 14, 2021, the Corporation further changed its name to "Blue Moon Metals Inc." On March 7, 2023, the Corporation consolidated its Common Shares on the basis of one post-consolidation Common Share for each ten pre-consolidation Common Shares (the "**2023 Consolidation**").

On March 13, 2025, the Corporation further consolidated its Common Shares on the basis of ten pre-consolidation Common Shares to one post-consolidation Common Share (the "**2025 Consolidation**", together with the 2023 Consolidation, the "**Consolidation**"). Unless otherwise noted, all figures set out in this AIF, relating to a number, value or price of Common Shares are presented on a post-Consolidation basis.

The Common Shares are listed for trading on the TSXV under the symbol "MOON", the Frankfurt Stock Exchange under the symbol "8SX0", and the OTCQX Best Market under the symbol "BMOOF". See "*Market For Securities*".

The Corporation's registered office is located at 2700-1133 Melville Street, Vancouver, British Columbia, Canada, V6E 4E5 and its head office is located at 220 Bay Street, Suite 550, Toronto, Ontario, Canada, M5J 2W4.

**Intercorporate Relationships**

As of the date of this AIF, the Corporation has four material subsidiaries, Keystone Mines Inc. ("**Keystone**"), Nussir ASA ("**Nussi**r"), Nye Sulitjelma Gruver AS ("**NSG**") and Sulitjelma Mineral AS ("**Sulitjelma**").

![](tm2533647d1_ex44-1sp01img002.jpg)

**DESCRIPTION OF THE BUSINESS**

**General**

Blue Moon is a Canadian mineral exploration and development company focused on advancing its three polymetallic brownfield projects, being the Nussir copper-gold-silver property in Norway (the "**Nussir Property**"), the Blue Moon zinc-copper-gold-silver property in California, USA (the "**Blue Moon Property**"), and the NSG copper-zinc-gold-silver property in Norway (the "**NSG Property**").

As of the date of this AIF, the Corporation considers the Blue Moon Property and the Nussir Property to be its only material mineral properties for the purposes of National Instrument 43-101 – *Standards for Disclosure for Mineral Projects* ("**NI 43-101**"). The Corporation holds a 100% interest in Keystone which holds the mineral rights to the unpatented mining claims and patented lands associated with the Blue Moon Property, located in Mariposa County, California. The Corporation also holds a 93.55% interest in Nussir which holds the extraction licences and exploration licences associated with the Nussir Property, located in Finmark county, Norway. For additional information on the Blue Moon Property and the Nussir Property, please see "*Mineral Projects*".

**Business Strategy**

The Corporation's long-term strategy is to focus on the advancement of its material properties, the Nussir Property and the Blue Moon Property with the aim of taking these properties into production. This will be complemented by continuing to explore and develop the NSG Property. In the near-term, the Corporation intends to focus its efforts on optimizing and advancing the Nussir Property, which is fully permitted, towards an optimized feasibility study, and further advancing the Blue Moon Property towards feasibility. The Corporation intends to engage in continued drilling and exploration activities to expand and further define mineral resources on its properties. In addition, the Corporation will evaluate further critical metals mergers and acquisition opportunities.

**Specialized Skills and Knowledge**

All aspects of the Corporation's business require specialized skills and knowledge. Such skills and knowledge include the areas of finance, operations, geology, drilling, mining, construction, engineering, metallurgy, accounting and natural resources. The Corporation retains executive officers, skilled personnel and consultants with experience in these areas in Canada, the United States and Norway, generally.

In order to attract and retain personnel with the specialized skills and knowledge required for its operations the Corporation maintains remuneration and compensation packages that it believes to be competitive. The Corporation has been successful to date in identifying and retaining personnel with such skills and knowledge. See "*Directors and Officers*" for details as to the specific skills and knowledge of the Corporation's directors and management.

**Competitive Conditions**

The mineral exploration and mining business is a competitive business. The Corporation competes with numerous other companies and individuals in the search for and the acquisition, development and advancement of attractive mineral properties, and to retain qualified personnel, suitable contractors for drilling and bulk sampling operations, technical and engineering resources, and necessary exploration and mining equipment. The Corporation has put in place experienced management personnel and will continue to evaluate the required expertise and skill to carry out its operations.

**Economic Dependence and Components**

The Corporation's business is not dependent on any contract to sell a major part of its products or to purchase a major part of its requirements for goods, services or raw materials, or on any franchise or license or other agreement to use a patent, formula, trade secret, process or trade name upon which its business depends. It is not expected that the Corporation's business will be affected in the current financial year by the renegotiation, amendment or termination of contracts or subcontracts.

**Business Cycles**

The Corporation's business, at its current exploration and development phase, is not cyclical, and may be conducted year-round.

**Environmental Protection**

The Corporation's exploration activities are subject to, and any future development and production operations will be subject to, environmental laws and regulations in the jurisdictions in which its exploration activities and operations are carried out. See "*Risk Factors*".

Exploration activities have a limited impact on the environment while mining is an extractive industry that has environmental impacts. The Corporation's goal is to constantly evaluate ways to minimize that impact. The Corporation has strived to meet or exceed environmental standards at the Blue Moon Property and the Nussir Property, and the Corporation expects to continue this approach during its transition from the exploration stage towards the development stage through effective engagement with affected stakeholders, including local communities, government and regulatory agencies.

The Corporation's environmental performance is overseen at the Board level and environmental performance is the responsibility of the Corporation. In common with other natural resources and mineral processing companies, the Corporation's operations generate hazardous and non-hazardous waste, effluent, emissions into the atmosphere and contaminated soils that are all managed in compliance with local and international regulations and standards. There are numerous federal, state, and local laws that apply to the Corporation's operations, exploration, development projects and land holdings. These laws address such matters as protection of the natural environment, air and water quality, emissions standards and disposal of waste.

The Corporation recognizes environmental management as a corporate priority and places a strong emphasis on preserving the environment for future generations, while also providing for safe, responsible and profitable operations by developing natural resources for the benefit of its employees, stakeholders and local communities. The Corporation strives to comply with all applicable environmental laws and regulations and to promote environmental stewardship in its activities. Employees are expected to maintain compliance with applicable laws governing the jurisdictions in which they perform their duties.

**Employees**

As of December 31, 2024, the Corporation had two full-time employees. As of the date of this AIF, the Corporation had twenty-seven full-time employees.

On an ongoing basis, the Corporation evaluates the required expertise and skills to execute its business strategy and will seek to attract and retain the individuals required to meet the Corporation's goals.

The Corporation believes its success is dependent on the performance of its management team and key individuals, many of whom have specialized skills in exploration, development and production in the mining industry. Substantially all / a majority of site personnel and/or consultants have been active at the Blue Moon Property and the Nussir Property for several years or otherwise have extensive experience with similar projects and are knowledgeable as to operations, geology, engineering, construction, environment, mining, metallurgy and infrastructure related to mining development.

The Corporation believes it has adequate personnel with the specialized skills required to carry out its operations and anticipates making ongoing efforts to match its workforce capabilities with its business strategy for its operations as it evolves.

**Foreign Operations**

As the Corporation's material mineral properties are located in the United States and Norway, the Corporation's business is dependent on foreign operations and as such, a substantial portion of the Corporation's business is exposed to various degrees of political, economic and other risks and uncertainties.

The Corporation's operations and investments may be affected by local political and economic developments, including expropriation, invalidation of government orders, permits or agreements pertaining to property rights, political unrest, labour disputes, limitations on repatriation of earnings, limitations on mineral exports, limitations on foreign ownership, inability to obtain or delays in obtaining necessary mining permits, opposition to mining from local, environmental or other non-governmental organizations, government participation, royalties, duties, rates of exchange, high rates of inflation, price controls, exchange controls, currency fluctuations, taxation and changes in laws, regulations or policies as well as by laws and policies of Canada affecting foreign trade, investment and taxation. For more information, please see "*Risk Factors – Foreign Operations Risks*".

**GENERAL DEVELOPMENT OF THE BUSINESS**

**Three Year History**

The Corporation was incorporated on January 15, 2007, and its primary focus has been to acquire, explore, and if appropriate, develop polymetallic properties in the United States and in Norway. The following is a summary of the Corporation's development over the three most recently completed financial years.

Unless otherwise noted, all figures set out in this AIF, relating to a number, value or price of Common Shares are presented on a post-Consolidation basis.

***2022***

On March 1, 2022, the Corporation announced results of its 2021 fall exploration program at the Blue Moon Property, including the discovery of an additional massive sulphide zone and extension of the American Eagle Zone from surface to a depth of 700 metres.

***2023***

<u>Financings</u>

On March 3, 2023, the Corporation completed a non-brokered private placement (the "**March 2023 Offering**") of 1 20,000 Common Shares for aggregate gross proceeds of $120,000. In connection with the closing of the March 2023 Offering, the Corporation completed the 2023 Consolidation. The March 2023 Offering was priced at $1.00 per Common Share. The proceeds from the March 2023 Offering were used for the Corporation's continuing costs to maintain the Blue Moon Project, regulatory fees, audited financials and other general working capital.

On May 8, 2023, the Corporation completed a non-brokered private placement of an aggregate of 270,000 Common Shares at a price of $0.65 per Common Share for aggregate gross proceeds of $175,500. The proceeds of the financing were used for the Corporation's working capital, regulatory costs, shareholder meeting costs and costs associated with the Blue Moon Project.

On June 15, 2023, the Corporation completed a non-brokered private placement of an aggregate of 769,600 Common Shares at a price of $0.65 per Common Share, for aggregate gross proceeds of $500,240. The proceeds of the financing were used for the Corporation's mineral resource report and other work to advance and maintain the Blue Moon Project, as well as general working capital.

<u>Exploration and Technical Study Updates</u>

On August 21, 2023, the Corporation announced it commenced work on an updated mineral resource estimate ("**MRE**") for its Blue Moon Project. The Corporation further announced the appointment of Enrique Correa as a director to the Board. In addition to this board change, Douglas Urch stepped down as a director to the Board.

On November 27, 2023, the Corporation filed a technical report for the Blue Moon Project, entitled the "*Technical Report for the Blue Moon Mine, Township 4 South, Range 16 East MDB&M, Mariposa County, California*", dated November 19, 2023, with an effective date of October 27, 2023, in respect of an updated MRE for the Blue Moon Project. This technical report has been superseded by the Blue Moon Technical Report.

***2024***

<u>Board Updates</u>

On July 3, 2024, the Corporation announced the appointment of Pedro Fonseca as an independent director to the Board. In addition to this board change, Enrique Correa stepped down as a director of the Board.

<u>Non-Brokered Private Placement</u>

On August 30, 2024, the Corporation completed a non-brokered private placement of 2,640,000 Common Shares at a price of $0.35 per Common Share for aggregate gross proceeds of $924,000, pursuant to the minimum pricing exception under the policies of the TSXV. The net proceeds from the private placement were used for further permitting and exploration activities at the Corporation's Blue Moon Project, as well as general working capital and corporate purposes.

<u>Sale of Yava Project</u>

On October 2, 2024, the Corporation announced that it entered into a definitive agreement with Honey Badger Silver Inc. ("**Honey Badger**") to sell its Yava Project, located in Nunavut. Pursuant to the definitive agreement dated October 1 , 2024, the Corporation received 4,250,000 common shares of Honey Badger, with an approximate value of $340,000, representing a price of $0.08 per Honey Badger share.

<u>Shareholder Meeting and Board and Management Updates</u>

On October 17, 2024, the Corporation announced the results of its 2024 annual general meeting, including the key additions to its Board as follows: (i) Maryse Bélanger as independent Chairman to the Board, (ii) Christian Kargl-Simard as independent director, and (iii) Haytham Hodaly as independent director.

On November 1, 2024, the Corporation announced key management changes with the following appointments: (i) Christian Kargl-Simard as President and Chief Executive Officer ("**CEO**"); and (ii) Frances Kwong as Chief Financial Officer ("**CFO**") and Corporate Secretary. In addition, the Corporation added Garfield MacVeigh and Christian Aramayo, two non-executive advisors, to its Board. The Corporation further announced it granted 177,500 RSUs and DSUs to certain of its directors, advisors and consultants under the Corporation's Omnibus Plan. The RSUs will vest annually over three years from the grant date and the DSUs will vest upon the departure of the grantees from the Corporation. An additional 115,000 Options were granted to certain officers and advisors of the Corporation, pursuant to its Omnibus Plan, with an exercise price of $3.40 per Option, exercisable for a period of five years from the date of grant and vesting over a three-year period.

<u>Acquisition of Nussir and NSG and Concurrent Financing</u>

On November 27, 2024, the Corporation announced the entering into two separate binding letters of intent with Nussir and NSG, pursuant to which the Corporation agreed to acquire all of the issued and outstanding shares of Nussir and NSG (the "**Nussir Shares**" and the "**NSG Shares**", respectively). Subsequently on December 19, 2024, the Corporation announced it entered into two share purchase agreements (the "**Nussir Share Purchase Agreement**" and the "**NSG Share Purchase Agreement**", respectively) with Nussir and NSG, pursuant to which the Corporation agreed to acquire 99.55% of the Nussir Shares and 100% of the NSG Shares, in exchange for the issuance of an aggregate of up to 31,314,283 Common Shares to Nussir and NSG shareholders, at a deemed price of C$3.00 per Common Share. Under the NSG Share Purchase Agreement, the Corporation agreed to pay US$3,000,000 in cash milestone payments, of which US$1,500,000 will be paid upon receipt by NSG of the discharge permit for the NSG Property and the remaining US$1,500,000 upon receipt by NSG of the operating permit for the NSG Property. The summary of the terms of the Nussir Share Purchase Agreement and the NSG Share Purchase Agreement are qualified entirely by the full text of these agreements, copies of which are available on SEDAR + (www.sedarplus.ca) under the Corporation's issuer profile.

In connection with, and to finance, the Nussir and NSG Transaction, on December 19, 2024, the Corporation completed a brokered private placement of 10,000,031 units of the Corporation at a price of C$3.00 per unit for aggregate gross proceeds of C$30,000,093 (the "**Concurrent Financing**") pursuant to the terms of the agency agreement dated December 19, 2024 among the Corporation and the Agents (as defined below) (the "**Agency Agreemen**t"). The Concurrent Financing was co-led by Cormark Securities Inc. and Scotia Capital Inc., on behalf of a syndicate which includes National Bank Financial Inc., Haywood Securities Inc., Raymond James Ltd., and CIBC World Markets Inc. (collectively, the "**Agents**"). Each unit consists of 0.1 post-Consolidation Common Share (one (1) pre-2025 Consolidation Common Share) and nine (9) subscription receipts (each, a "**Subscription Receipt**"). Each Subscription Receipt entitled the holder thereof to receive, upon the satisfaction or waiver the Escrow Release Conditions (as defined below) 0.1 post-Consolidation Common Share (one (1) pre-2025 Consolidation Common Share). The "Escrow Release Conditions" in respect of the Subscription Receipts includes the following events: (i) satisfaction or waiver of all condition precedents to each of the Nussir Transaction and the NSG Transaction (other than the issuance of the consideration shares); (ii) receipt of regulatory, shareholder and third party approvals for the Nussir and NSG Transaction; and (ii) delivery of the escrow release notice by the Corporation and the co-lead agents under the subscription receipt agreement dated December 19, 2024 governing the Subscription Receipts.

Pursuant to the Concurrent Financing and the terms of the Agency Agreement, the Agents were paid a commission equal to 6% of the gross proceeds of the Concurrent Financing (reduced in connection with subscriptions by certain strategic, institutional or retail investors, and by insiders of Blue Moon and shareholders of Nussir and NSG).

Hartree Partners LP ("**Hartree**") subscribed for C$7,250,000 under the Concurrent Financing. In connection with this subscription, Hartree was granted, among other things, the right to further subscribe for between C$5,250,000 and C$7,750,000 in Common Shares (the "**Subscription Option**") as well as pro rata pre-emptive rights in respect of future equity issuances of the Corporation, the right to appoint a person to the Board by the end of 2025, and to have representation on a technical committee. The Corporation also agreed to enter into an offtake agreement with Hartree (the "**Offtake Agreement**") for concentrate production at the Nussir Property and right of last offer for a portion of the offtake volumes at the Blue Moon Property and the NSG Property. In addition, Hartree and the Corporation entered into a memorandum of understanding for up to US$20 million secured bridge loan.

In addition, as Wheaton Precious Metals Corp. ("**Wheaton**") subscribed for C$4,950,000, the Corporation granted Wheaton a right of first refusal on any precious metals streams from the Corporation's properties for a payment of C$50,000.

As part of the Concurrent Financing, Leonard Nilsen & Sønner AS ("**LNS**") subscribed for C$4,200,000 worth of units and agreed to subscribe for an additional C$2,300,000 worth of Common Shares upon two milestones, the first being the start of decline construction at the Nussir Property (the "**First Milestone**") and the second 10 months after the start of the decline construction. The Corporation also agreed to grant LNS the right to appoint one member to the Board by the end of June 2025 if it holds 5% of the Common Shares, which LNS has not yet exercised as of the date hereof.

The trading of the Common Shares was halted pending the approval of the TSXV of the Nussir and NSG Transaction. Trading resumed on March 14, 2025. See "*General Development of the Business – Three Year History – 2024 – TSXV Graduation, 2025 Consolidation and Resumption of Trading*".

***Events Subsequent to 2024***

<u>Completion of Nussir and NSG Transaction</u>

On February 27, 2025, the Corporation announced the closing of its acquisition of Nussir and NSG (the "**Nussir Transaction**" and the "**NSG Transaction**", respectively, and collectively, the "**NSG and Nussir Transaction**"). As consideration for the NSG and Nussir Transaction, the Corporation issued an aggregate of 29,776,149 Common Shares, comprised of: (i) 24,168,149 Common Shares to former shareholders of Nussir, and (ii) 5,608,000 Common Shares to former shareholders of NSG, in exchange for a 93.55% interest in Nussir and a 100% interest in NSG, respectively. The aggregate consideration for the NSG and Nussir Transaction of 31,314,283 Common Shares, previously announced by the Corporation on December 19, 2024, was reduced by 1,538,134 Common Shares, as the 9 9.5% interest initially contemplated by the Nussir Share Purchase Agreement was reduced to 93.55%. In connection with the closing of the NSG and Nussir Transaction, the Escrow Release Conditions were met and the Subscription Receipts were automatically converted into Common Shares.

In connection with the Nussir Transaction, Nussir was granted the right to appoint two nominees to the Board. Baker Steel Resources Trust Limited ("**BSRT**"), one of the former shareholders of Nussir, acquired 5,572,888 Common Shares as part of the consideration it received pursuant to the Nussir Transaction. In addition, BSRT held 1,950,003 subscription receipts which were automatically converted into 195,000 Common Shares. As a result, BSRT holds 5 ,789,555 Common Shares, representing approximately 12.8% immediately after the completion of the Nussir Transaction and approximately 11.2% of the issued and outstanding Common Shares as of the date hereof. For additional details, please refer to the early warning report filed by BSRT dated February 27, 2025.

Concurrently with the closing of the NSG and Nussir Transaction, the Corporation appointed Nussir's nominees, Karin Thorburn and Francis Johnstone, an investment advisor at BSRT, to the Board.

<u>Nussir Technical Report</u>

On February 27, 2025, the Corporation filed a technical report for the Nussir Property entitled the "*Report NI 43-101 Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects, Norway*", dated January 24, 2025, with an effective date as at January 20, 2025. This technical report has been superseded by the Nussir Technical Report.

<u>Corporate Updates</u>

On February 27, 2025, the Corporation also announced key management changes as follows: (i) Skott Mealer as President and Chief Operating Officer ("**COO**"); and (ii) Theodore Veligrakis as Vice President, Exploration.

<u>Blue Moon Technical Report</u>

On March 3, 2025, the Corporation announced an updated MRE and the results of a preliminary economic assessment ("**PEA**") for the Blue Moon Project (as defined herein). Subsequently on April 15, 2025, the Corporation filed a technical report in respect of the updated MRE for the Blue Moon Project entitled the *"NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California"*, dated April 14, 2025, with an effective date as at March 3, 2025. This technical report has been superseded by the Blue Moon Technical Report.

<u>Hartree Subscription and Investor Rights Agreement</u>

On March 7, 2025, Hartree exercised its Subscription Option to purchase an additional 1,750,000 Common Shares at a price of C$3.00 per Common Share for aggregate proceeds of C$5,250,000. In connection with this subscription, the Corporation and Hartree entered into an investor rights agreement dated March 7, 2025 (the "**Hartree Investor Rights Agreement**") which provides for, among other things, the right to nominate a board member, participation right and top-up rights in respect of future equity issuances and right to appoint a representative or observer to the technical committee, demand registration rights and piggy registration rights. The summary of the terms of the Hartree Investor Rights Agreement is qualified entirely by the full text of the Hartree Investor Rights Agreement, a copy of which is available on SEDAR+ (www.sedarplus.ca) under the Corporation's issuer profile.

In connection with this subscription, the Corporation and Hartree also entered into the Offtake Agreement.

<u>REAS Acquisition</u>

On March 10, 2025, the Corporation announced the acquisition of Repparfjord Eiendom AS (the "**REAS Acquisition**") from Wergeland Eigedom AS ("**WG**"), which included the ship loading equipment and infrastructure related to aggregate mining, port area and adjacent properties to the Corporation's Nussir Project, pursuant to the terms of the share purchase agreement dated March 6, 2025 between the Corporation and WG (the "**REAS Share Purchase Agreement**"). Pursuant to the terms of the REAS Share Purchase Agreement, as consideration in respect of the REAS Acquisition, the Corporation paid 180,000,000 NOK (approximately US$16,000,000), comprised of 4,210,000 Common Shares and approximately US$7.2 million in cash.

<u>TSXV Graduation, 2025 Consolidation and Resumption of Trading</u>

On March 13, 2025, the Corporation announced its graduation to a tier 1 issuer on the TSXV. In addition, the Corporation announced the 2025 Consolidation will be effective as of March 14, 2025 upon the resumption of trading of the Common Shares on the TSXV. The Common Shares had been halted in connection with the Nussir Transaction and NSG Transaction. See "*General Development of the Business – Three Year History – 2024 – Acquisition of Nussir and NSG and Concurrent Financing*".

<u>Norwegian License Updates</u>

On March 18, 2025, the Corporation announced that the Norwegian Ministry of Trade, Industry and Fisheries upheld the Corporation's operating license and the extended deadline for start-up of operations for the Nussir Property. The license will remain in place as long as mining activities on the Nussir Property have commenced by September 2027.

<u>NSG MRE</u>

On April 10, 2025, the Corporation announced a maiden MRE for the NSG Property, highlighting 17 Mt grading 1 .06% Cu and 0.21% Zn in the inferred category over three deposits.

<u>BLM Approval</u>

On April 15, 2025, the Corporation announced it received the approval of the Bureau of Land Management for a portal and tunnel to enable underground mineral exploration activities at the Corporation's Blue Moon Property. The Corporation expects to complete a feasibility study within 24 months following the start of construction of the decline in Q3 2025.

<u>Uplist to OTCQX Best Market</u>

On April 14, 2025, the Corporation announced the reinstatement of quotation on the OTCQB, trading under the symbol " BMOOF", following a halt in the trading of the Common Shares on the TSXV as part of its acquisition of the Nussir Property and the NSG Property. Subsequently, on April 15, 2025, the Corporation announced that its Common Shares started trading on the OTCQX under the ticker symbol "BMOOF", representing an upgrade from the OTCQB Venture Market.

<u>Corporate Updates</u>

On April 21, 2025, the Corporation announced the appointment of Boi Linh Doig as Vice President, Mining.

<u>Change of Auditors</u>

On April 21, 2025, the Corporation filed a notice of change of auditor, along with letters from its former and successor auditors, changing its auditor from Davidson & Company LLP, Chartered Professional Accountants to MNP LLP, Chartered Professional Accountants. See "*Interest of Experts*".

<u>LNS Investment & Engagement of Red Cloud Securities</u>

On May 8, 2025, the Corporation announced that LNS has been mobilized in preparation for the underground development of the exploration decline and underground mining parameter confirmation at the Nussir Project. In addition, as the Corporation achieved the First Milestone, LNS subscribed for 376,833 Common Shares at a price of C$3.00 per Common Share for aggregate proceeds of C$1,130,499. See "*General Development of the Business – Three Year History – 2024 – Acquisition of Nussir and NSG and Concurrent Financing*". In addition, the Corporation retained Red Cloud Securities Inc. as a market maker for the Corporation.

<u>Sulitjelma Technical Report</u>

On May 20, 2025, the Corporation filed a technical report for the Sulitjelma project entitled the "*Report NI 43-101 Technical Report on the Mineral Resources of the Sulitjelma Project, Norway*", dated May 20, 2025, with an effective date as at February 20, 2025. This technical report has been superseded by the Sulitjelma Technical Report.

<u>Corporate Updates</u>

On July 3, 2025, the Corporation announced the appointment of Stephen Eddy as Senior Vice-President, Corporate Development.

The Corporation granted 200,000 Options to Stephen Eddy, pursuant to its Omnibus Plan, with an exercise price of $3.37 per Option, exercisable for a period of five years from the date of grant and vesting over a three-year period.

<u>Strategic Project Status for the Nussir Project</u>

On June 5, 2025, the Corporation announced that, on June 4, 2025, the Nussir Project was designated by the European Union Commission as a Strategic Critical Raw Material Project.

<u>Norwegian Environmental Permit</u>

On July 9, 2025, the Corporation announced that it received environmental permits for its planned activities from the Norwegian Environmental Agency and awarded a contract to Fauskebygg AS for the extension of its Rupsi tunnel at NSG.

<u>Loan and Investment by Hartree and Oaktree</u>

On August 19, 2025, the Corporation announced that it entered into a memorandum of understanding (the "**MOU**") with Hartree and funds managed by Oaktree Capital Management, L.P. ("**Oaktree**", together with Hartree, the "**Lenders**", and each a "**Lender**") in respect of an investment package which consists of (i) a previously agreed to bridge loan (the "**Bridge Loan**") and (ii) a project financing package (the "**Project Finance Package**"), which provides for up to US$140 million of support for the continued development and construction of the Corporation's flagship, fully permitted Nussir Project. The Project Finance Package includes a US$50 million senior secured term loan (the "**Term Loan**"), a US$70 million precious metals stream (the "**Stream**"), and an equity investment of up to US$20 million (subject to a 19.9% Oaktree / Hartree combined ownership limitation) (the "**Equity Investment**").

The Corporation and its subsidiaries, Nussir and Keystone, as borrowers, and Blue Moon Norway AS and Repparfjord Eiendom AS, each a wholly-owned subsidiary of the Corporation, as guarantors, entered into the loan agreement dated August 19, 2025 (as amended on September 2, 2025) (the "**Bridge Loan Agreement**") with the Lenders and related documents relating to the Bridge Loan on August 19, 2025. Pursuant to the Bridge Loan Agreement the Lenders shall provide a bridge facility of up to US$25,000,000 with a maturity of June 30, 2027, available from the closing date to and including March 31, 2026 with interest equal to the base rate (the "**Base Rate**") plus 8.0% per annum, where the Base Rate is the 3-month Term SOFR plus 0.10% per annum, subject to a minimum Base Rate of 3.00% per annum. In connection with the Bridge Loan, the Corporation has agreed to grant Hartree, as a loan bonus, 1,045,000 Common Shares which was issued upon the initial draw of funds under the Bridge Loan of US$12.5 million which was completed on September 4, 2025. The Bridge Loan is expected to be used to fund early works, pre-construction activities, development, construction, operation and working capital requirements of the Nussir Project, advancing the Blue Moon Project, and for general corporate and working capital purposes. In addition, the Corporation also entered into a non-binding letter agreement on August 19, 2025 in respect of the Term Loan and Stream.

Further, in relation to the Equity Investment, the Corporation executed a subscription agreement dated August 19, 2 025 with Oaktree to purchase 2,092,173 Common Shares at a price of C$3.30 per Common Share for aggregate gross proceeds of approximately US$5 million (the "**Initial Equity Offering**"). The Initial Equity Offering was subsequently closed on September 4, 2025 and represents the first tranche of the Equity Investment. The remainder of which will be subscribed to by both Oaktree and Hartree. The Corporation intends to use the proceeds of the Initial Equity Offering for general corporate and working capital purposes.

<u>Nussir Technical Report</u>

On September 12, 2025, the Corporation filed an amended and restated technical report for the Nussir Property entitled the "*NI 43-101 Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects, Norway*", dated January 24, 2025 (as amended and restated on September 12, 2025), with an effective date as at January 20, 2025 (the "**Nussir Technical Report**"). This is the current NI 43-101 technical report in respect of the Nussir Property.

<u>Blue Moon Technical Report</u>

On September 12, 2025, the Corporation filed an amended and restated technical report in respect of the updated MRE for the Blue Moon Project entitled the "*NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California*", dated April 14, 2025 (as amended and restated on September 12, 2 025), with an effective date as at March 3, 2025 (the "**Blue Moon Technical Report**"). This is the current NI 43-1 01 technical report in respect of the Blue Moon Property.

<u>Sulitjelma Technical Report</u>

On September 12, 2025, the Corporation filed an amended and restated technical report for the Sulitjelma project entitled the "*NI 43-101 Technical Report on the Mineral Resources of the Sulitjelma Project, Norway*", dated May 20, 2025 (as amended and restated on September 12, 2025), with an effective date as at February 20, 2025 (the "**Sulitjelma Technical Report**"). This is the current NI 43-101 technical report in respect of the Sulitjelma project.

**MINERAL PROJECTS**

**The Nussir Property**

***Technical Report***

Scientific and technical information relating to the Nussir Property provided in this AIF is supported by and qualified in its entirety by the full text of the most recent technical report on the Nussir Property filed in accordance with NI 43-101 entitled "*NI 43-101 Technical Report On The Mineral Resources Of The Nussir And Ulveryggen Projects, Norway*" dated January 24, 2025 (as amended and restated on 12, 2025) with an effective date of January 20, 2025, being the Nussir Technical Report, which was prepared, reviewed, and approved by Adam Wheeler, B.Sc., M.Sc., C. Eng., Eur Ing., FIMMM who is a "qualified person" for purposes of NI 43-101. Reference should be made to the full text of the Nussir Technical Report, which is available electronically on SEDAR + (www.sedarplus.ca) under Blue Moon's issuer profile.

Scientific or technical information in respect of the Nussir Property provided subsequent to the date of the Nussir Technical Report were prepared by or under the supervision of Dustin Small, who is a consultant to the Corporation and a non-independent qualified person for the purposes of NI 43-101.

***Property Description, Location and Access***

The Nussir deposit is located about 1.5 km north of the Øyen Industrial area and 1.5 km south of the Markoppnes Industrial area, in Repparfjord, Kvalsund, Hammerfest Municipality, in the western part of Finnmark county, northern Norway. The Ulveryggen deposit is located approximately 3 km south of Nussir. It is envisaged that an industrial area with mineral processing plant and related facilities could be located either at the established industrial area at Øyen, subject to a deal with the current operator, or at the Markoppnes industrial area. The zoned area for mining and industrial activity in the Repparfjord area is about 5000 acres.

For exploration activities, access is year-round for the underground, however, for surface exploration, only the legislated window of May 1 to June 15 each year is unavailable. This means that all work that is planned and budgeted can be undertaken on tenure for the Nussir and Ulveryggen projects.

**Figure 2.1: Area Map of West Finnmark**

![](tm2533647d1_ex44-1sp01img003.jpg)

<u>Accessibility</u>

The Øyen area and nearby Markoppnes, which are on the coast just to the north-west of each deposit, are situated along National Highway 94 (R94). The R94 highway continues to the north-west, up to the city of Hammerfest with its major oil installations. The E6 major road is just a few kilometres away at the site of Skaidi; this road connects the previous mining area to the biggest city in Finnmark, Alta, to the south. Alta is approximately 70km south-west of the deposit areas and has an international airport.

The Repparfjord is ice-free during winter, making sea transport of supplies and export of concentrate directly to and from the site possible year-round.

<u>Site Description</u>

The topography overlying and around the area of the Nussir deposit is an unspoiled Arctic environment, extending westwards from the port area at Øyen. The area immediately overlying Nussir is relatively flat for most of the first 8 km from the coast, passing various small shallow post-glacial lakes, at an elevation generally of approximately 200 m. Almost immediately north of the Nussir outcrop, hill rise up steeply, up to a height of approximately 500 m. Approximately 800m south-east of the Nussir deposit the land again rises up to 400-500 m. The most westward part of the Nussir deposit passes under the rising hills. The vegetation of the projects is predominantly described as alpine and rare, but variable. It ranges from areas of birch trees close to the fjord to more like alpine tundra, at altitude, with very sparse and limited vegetation. Near bog ecosystems, dwarf birch trees are present.

The Ulveryggen deposit is approximately 3km south-east from the Nussir deposit and 2km south-west from the coastline. There are four old open pits at the Ulveryggen deposit, which were mined from 1972 to 1979. There is some surface infrastructure which connects to a 2.5 km 36 m2 (6x6 meter) historical underground haulage tunnel which is in good condition, as well as existing 4.5 km of surface haul roads from the Øyen industrial area all the way up to the open pits at 450 meter above sea level. Next to the tunnel portal there is an existing workshop building for trucks and other vehicles. The current strike of the Ulveryggen deposit is much smaller than Nussir, extending approximately 2 km from west to east.

<u>Licenses</u>

The main license areas held by Nussir, are shown in Figure 2.2, and are summarized in Table 2.1 for Nussir and in Table 2.2 for Ulveryggen. These areas all have valid extraction status and are held by Nussir. These extraction licences areas do not expire as the operating licence on top of these is valid and are held by Nussir. Nussir applied for an operating license for the area covered by the 25 extraction licences, and the operating licence was awarded in 2019. In 2024 it applied for extension of the operating licence for a further 3 years according to the Minerals Act of Norway. The extension was granted by the Mining Directorate of Norway in 2024 and then objected to by third parties. The Mining Directorate upheld its decision and then sent the objections to be finally decided by the Ministry of Trade, Industry and Fisheries and a decision is expected within Q1 2025. As long as the objections regarding the extension is under processing, the permit still remains valid. Other than the fees described below, under the heading "Fees and Royalties", there are no other obligations that must be met to retain the permit.

Nussir, a Norwegian public limited liability company, holds various mineral extraction and exploration permits necessary for its mining operations. According to the title and legal opinion provided by Simonsen Vogt Wiig AS, Nussir is duly incorporated and in good standing under Norwegian law, with no ongoing bankruptcy proceedings as of December 19th, 2024, and has valid title to all licences listed in Tables 2.1 and 2.2. The company does not own or lease any real property, meaning it must enter into an agreement with the public landowner Finnmark Estate for mining activities. Nussir is given access by the state to the land covered by the extraction permits which allows Nussir to access the surface rights both for the Nussir and Ulveryggen properties, and to carry out the required exploration and development activities. In addition, Nussir needs to submit an application to the Municipality for the use of vehicles for such activities, typically once a year. Nussir will need to reach an agreement to acquire and/or lease additional industrial area to construct a full mine and milling operation. Two options exist at the Markoppnes or the Oyen industrial areas next to the project. Both are being evaluated by Nussir, with a further decision to come in due course, but at this time Nussir is in good legal standing with all of its licenses and access arrangements with the different governing entities for the current stage of project.

The title opinion confirms that Nussir holds a 100% interest in all its registered mining permits, which remain in good standing. These include an operating license, extraction permits named for copper, gold, palladium, platinum, and silver (but will in fact also include all other state-owned minerals (i.e metals with a specific gravity of 5 grams/cm3 or higher) within the license areas) and 4 exploration permits. The company's operating license, initially issued in 2 019, was extended until 2027 by the Norwegian Directorate of Mining, although this decision has been appealed and is currently under review by the Ministry of Trade, Industry, and Fisheries. If the extension is overturned, a new application process could take up to two years. The opinion also notes that the permits are not subject to any registered security interests and that no legal or regulatory issues outside Norway have been identified that would affect Nussir's ability to hold these rights.

**Table 2.1: Summary of License Areas – Nussir**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L**icense Code** | **NAME** | **AREA (m<sup>2</sup>)** |
| &nbsp;&nbsp;G.UTV 0001/2006-FB | Nussir 1 | 291172 |
| &nbsp;&nbsp;G.UTV 0002/2006-FB | Nussir 2 | 292251 |
| &nbsp;&nbsp;G.UTV 0003/2006-FB | Nussir 3 | 299109 |
| &nbsp;&nbsp;G.UTV 0004/2006-FB | Nussir 4 | 298875 |
| &nbsp;&nbsp;G.UTV 0005/2006-FB | Nussir 5 | 296036 |
| &nbsp;&nbsp;G.UTV 0006/2006-FB | Nussir 6 | 174865 |
| &nbsp;&nbsp;G.UTV 0007/2006-FB | Nussir 7 | 287282 |
| &nbsp;&nbsp;G.UTV 0008/2006-FB | Nussir 8 | 205676 |
| &nbsp;&nbsp;G.UTV 0009/2006-FB | Nussir 9 | 242878 |
| &nbsp;&nbsp;G.UTV 0010/2006-FB | Nussir 10 | 255072 |
| &nbsp;&nbsp;G.UTV 0011/2006-FB | Nussir 11 | 199900 |
| &nbsp;&nbsp;G.UTV 0012/2006-FB | Nussir 12 | 215893 |
| &nbsp;&nbsp;G.UTV 0001-1/2015 | Nussir Deep 1 | 644623 |
| &nbsp;&nbsp;G.UTV 0002-1/2015 | Nussir Deep 2 | 288715 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**License Code** | **NAME** | **AREA (m<sup>2</sup>)** |
| &nbsp;&nbsp;G.UTV 0003-1/2015 | Nussir Deep 3 | 433512 |
| &nbsp;&nbsp;G.UTV 0004-1/2015 | Nussir Deep4 | 269706 |
| &nbsp;&nbsp;G.UTV 0005-1/2015 | Nussir Deep 5 | 283553 |
| &nbsp;&nbsp;G.UTV 0006-1/2015 | Nussir Deep 6 | 399766 |
| &nbsp;&nbsp;G.UTV 0007-1/2015 | Nussir Deep 7 | 806227 |
| &nbsp;&nbsp;G.UTV 0008-1/2015 | Nussir Deep 8 | 233762 |
| &nbsp;&nbsp;G.UTV 0009-1/2015 | Nussir Deep 9 | 207267 |
| &nbsp;&nbsp;G.UTV 0010-1/2015 | Nussir Deep 10 | 184362 |
| &nbsp;&nbsp;G.UTV 0011-1/2015 | Nussir Deep 11 | 369850 |
|  | **Table 2.2: Summary of License Areas – Ulveryggen** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**License Code** | **NAME** | **AREA (m<sup>2</sup>)** |
| &nbsp;&nbsp;G.UTV 001-1/2013 | Ulveryggen 1 | 991269 |
| &nbsp;&nbsp;G.UTV 002-1/2013 | Ulveryggen 2 | 988113 |

---

**Figure 2.2: Plan of License Areas**

![](tm2533647d1_ex44-1sp01img004.jpg)

***Fees and Royalties***

Under the Norwegian Minerals Act, metals with a specific gravity of 5 g/cm³ or higher, including copper, silver, and gold, are classified as state-owned minerals. These metals, which are of primary economic interest at both Nussir and Ulveryggen, require compensation to the state through payment of yearly fees in order to uphold the extraction and exploration permits. These fees are calculated based on the size of the areas in question and must be paid within the 15<sup>th</sup> of January each year. Nussir has made payment of NOK 107,000 in total for all extraction and exploration permits for 2025.

Further, all extraction of state-owned minerals requires payment of a 0.5% net smelter royalty of the sales value of the extracted minerals to the landowner, who is Finnmarkseiendommen (FeFo). In addition, an increased landowner royalty of 0.25% net smelter royalty is mandated for projects in Finnmark as is the case for Nussir, which is also paid to FeFo.

Blue Moon must therefore pay a 0.75% net smelter royalty on all extracted minerals. This royalty will be due for payment by March 31 of the following year. There are no back-in rights, payments or other encumbrances to which both Nussir and Ulveryggen permits are subject to.

***Environmental Liabilities***

The Nussir and Ulveryggen projects have negligible environmental liability, since any impact from historical mining operations, notably at Ulveryggen deposit, rest with the Norwegian Government.

***History***

<u>Nussir</u>

*Initial Exploration*

Copper ore deposits in the Repparfjord area were discovered at the turn of the last century. In 1903, the Swedish company Nordiska Grufaktiebolag began to explore the ore field. Sydvaranger AS, a large Norwegian mining company with an iron ore mine in Finnmark, was prospecting west of Ulveryggen and found some Cu-enriched sites, which were later identified to be the Nussir orebody. AS Prospektering was established from Sydvaranger as an independent company, and worked on building their geological database, including the Nussir project.

In 2000, Terra Holding bought AS Prospektering and took over the Nussir deposit rights. Further analyses on the deposit showed promising results, and plans were made to further study and develop the project. In December 2004, Terra Holding created Nussir AS to focus on developing the Nussir deposit.

<u>Geophysical surveys</u>

*Ground IP and Resistivity*

Three ground geophysical surveys campaigns have been done by the Norwegian Geological Survey (NGU) using surveying equipment comprising a Terrameter ABEM-LS unit and multielectrode cables.

Induced polarisation and resistivity were measured in the ground above drillhole intersections for correlation purposes and in target exploration areas. Results indicated strong correlations between copper mineralisation, strong IP anomalies and low resistivity anomalies, as exemplified in Figure 2.4. Other mineralisation suffers from a low signal-to-noise ratio. Large parts of the regions are characterized by "negative" in phase data, typical for regions with high susceptibility and/or high resistivity. All collected data have a significant higher quality and resolution than earlier airborne data collected by the NGU in the same area in the 1970s.

A GPS system from Seatex (SEAPOS 100E) was used for helicopter positioning.

Progressing from the (eastern) Nussir I mineralised body, detailed field observations allowed the establishment of its potential Nussir II continuation towards west. Figure 2.3 shows its magnetic and radiometric signatures, with a red line highlighting a possible thrust discontinuity. The vertical derivative of the total magnetic field (Figure 2.3a) shows that the Nussir greenstones to the east of the red line are characterised by two very prominent, parallel high anomalies. A third, weaker and less continuous anomaly parallels these two anomalies further to the north. These features are the most prominent elements of the magnetic signature in the greenstones of the Nussir Mountain. They are folded about a NE-SW trending axis and can be readily traced eastward, where they strike ENE-WSW. The same fold geometry is shown by the anomalies generated by the Saltvatn Group lithologies, south of the yellow line. The Nussir mineralisation is folded by this structure, which generated local thickening and duplication of the deposit. It is obvious from Figure 2.3 that these high anomalies do not continue simply to the west of the red line, where a single, yet extremely irregular and laterally stepped magnetic anomaly has instead been observed. The radiometric dataset is less conclusive with regard to the detailed internal architecture of the greenstone bodies exposed to the east and west of the discontinuity, but on the other hand, highlights significant compositional similarities between the two greenstone bodies, expressed by a similar total count signature (Figure 2.3b) and, above all, the ternary radiometric information of Figure 6-1c.

**Figure 2.3: Geophysical Signature of the Nussir West Area**

[Source: NGU]

Geological information is drawn on top of:

a) The vertical gradient of the magnetic total field.

b) The radiometric total count.

c) The ternary radiometry.

The red line traces possible thrust discontinuity (Pharaoh et al., 1983). The yellow line shows

the boundary between the Nussir (to the north) and Saltvatn Groups (to the south).

![](tm2533647d1_ex44-1sp01img005.jpg)

The current interpretation of the local structural framework is shown in Figure 2.4. White lines are used to trace the main anomalies within the greenstones. These interpretations are supported by the results from structural investigations: the Skinnfjellet greenstone body is interpreted as being folded by a Fn+1 antiform, with an undulating axial trace trending generally SW-NE. The fold nose has been traced, however, not by following the curved map pattern of the dolomites, but instead by joining the high magnetic anomalies of the underlying greenstones, which are the likely source of the magnetic signature from underneath a presumably very thin dolomite occurrence. The south-eastern limb of the antiform is easily identified and corresponds to the top-to-the-NW sheared contact between dolomites and greenstones and the Dypelv conglomerates.

The conglomerates contain also early Fn folds, which are the oldest structural feature recognised by Nussir within the Repparfjord Window. Later Fn+2 shortening generated the prominent folds that refold Fn+1 and Fn folds. Fn+2 are the folds that caused the current folded pattern of the Nussir and Saltvatn Group lithologies in the Nussir West area.

**Figure 2.4: Structural Interpretation of Nussir West Area.**

[Source: NGU]

[Interpretation superimposed on the vertical gradient of the total magnetic field]

![](tm2533647d1_ex44-1sp01img007.jpg)

Key to the understanding of a possible existence of a south-westward continuation of Nussir I, into the postulated Nussir II towards the west, was the geological and structural evolution in the Nussir West area. The currently preferred interpretation, i.e. the Nussir Group greenstones occupying the hanging wall of a thrust with top-to-the-SE transport direction, calls for a possible continuation of Nussir I below this thrust plane on the south-eastern side of Skinnfjellet. The dip of the thrust plane is, however, an important factor. Although there is a lack of direct field constraints on the geometry of the structure, it can be argued that the dip of this thrust is probably steep, as indicated by the abrupt termination of the magnetic anomalies of the highly magnetic Djupelv Formation conglomerate. If the conglomerate continued at shallow depth beneath the greenstones of Steinfjellet, then the magnetic signature of this formation should be encountered as deeply seated magnetic anomalies, which is not the case, thus, suggesting a sharp truncation by the thrust plane.

Detailed studies of the highest frequency of apparent resistivity, give a clear indication of an anomaly which fits with the mapped Nussir mineralisation in the eastern part. In this part the geophysical profiles are perpendicular to the mineralisation. In the western part the outline of the mineralisation is swinging north, and the geophysical profiles are parallel. In this area the geophysical anomalies are not easy to interpret.

The geophysical study shows that lakes and strong faults also give the same anomaly as the mineralised zone, and it is not easy to distinguish the three. There are a lot of lakes and faults in the area.

<u>Ulveryggen</u>

*Initial Exploration and Historical Open Pit Mining*

The Repparfjord deposit was identified around 1900. The first trenches and shafts were opened in 1903 by the Swedish company "Nordiska Grufaktiebolaget". In 1905, the company was granted a mining permit.

In 1955, 2,358 m of drilling was carried out by the Canadian company "Invex Corporation Ltd". In 1963, a Norwegian company acquired the rights to the deposit. In the 1960s, the Norwegian company "AS National Industri" drilled around 10,000 m. Based on the geological work from this period, the deposit was estimated at 10 million tons averaging 0.72% Cu. Folldal Verk AS acquired the rights to the deposit in 1970, and at the same time construction of mining and flotation facilities began. 2 years later in May 1972 the test production started, and full open pit production later the same year.

Mine development included 700 m of crosscuts, shafts and about 1,700 m of trenches, however, the grade of ore was found to be too low to allow for a profitable operation at that time. The Ulveryggen ore was mined and processed by Folldal Verk AS from 1972 until 1979.

The Repparfjord deposit produced 2 Mt of waste rock and 3 Mt of ore averaging 0.66% Cu from four small open pits. The deposit was opened by 4 open pits each 100-400 m long, 30-120 m wide and with 2-5 benches of 10 m height. For wintertime transport, a 2,500 m long haulage tunnel was driven 200 m under the open pit level. Ore was dumped through an ore pass down to the tunnel from where trucks hauled the ore to an ore pass leading to and feeding the primary crusher. An underground conveyor took the primary crushed ore to further crushing, milling and separation in the nearby processing plant.

The deposit outcrops at around 425 meter above sea level, and due to the climatic conditions the crushing and processing facilities were placed at sea level around 4 km from the deposit. The ore was crushed and milled in 4 operations down to 80% under 0.074 mm in size. From the crude ore, 50,903 tons of concentrate with an average content of 35.5% Cu were processed. The copper mill recovery was 91.3% on average.

Since the closure of the mine, one of the pits has been used for disposal of cleaned drilling cuttings from the offshore oil activities. The filling is cement stabilized.

In 2011, Nussir purchased the rights to the old Ulveryggen mine with all its existing facilities and access to complement the Nussir project.

*Geophysical Survey*

In October 2007 a helicopter-borne geophysical survey was completed around Ulveryggen. Measurements taken included magnetic, frequency-domain EM, and spectral gamma ray radiometry data. These measurements were a small part (~40 km2) of a larger survey carried out south of Vargsundet.

This survey showed that the delineation of EM and magnetic anomalies are related to overall district-scale structures.

*Structural Mapping and Field XRF Analyses*

Reconnaissance structural geological mapping and field XRF-analyses were carried out in the Ulveryggen area in

August 2007. The preliminary conclusions from this work suggest a structural control of at least part of the mineralisation.

Observations at Hovedfelt suggest a relatively constant dip direction of the bedding to the NE. There appears to be a large antiform to the south of the studies area, with Ulveryggen being located on its north-western limb. At Hovedfelt and Vestfelt there is a significant brittle/ductile shear zone, seemingly associated with the high copper values within the meta-sediments.

XRF analyses were carried out by using a Thermo Scientific NITON XLp Analyzer. The analyses were mostly carried out along across-strike profiles in NE facing walls within the open pits, three profiles in the 'Hovedfelt' and 'Vestfelt', and a final profile in the NE-wall of the northeasternmost Erik pit. The analyses commonly show strong variation along each profile, but there are also examples of rather homogeneous values.

The intimate spatial association of the locally very high Cu values and sheared volumes of the Ulveryggen Formation suggests a structural control on at least part of the mineralisation. The brittle/ductile shear zones are generally characterized by complex internal architectures, with irregular distribution of highly sheared and practically undeformed domains, separated by irregular fracture networks.

*Stream Sediment Sampling*

Target areas in the Repparfjord District were identified, based on interpretation of geophysics, geochemistry, known geology and the stream sediment grades. Other targets exist in presumed sub-parallel structural zones.

 *Historical Mineral Resources*

There have been several historical mineral resources for the Nussir and Ulveryggen projects, which are summarized in this section. Blue Moon is not treating the historical estimates as current mineral resources or mineral reserves.

The author of the Nussir Technical Report has not done sufficient work to classify any of the historical estimates discussed in this section as current mineral reserves or mineral resources. The author has referred to these estimates as "historical estimates" and the reader is cautioned not to treat them, or any part of them, as current mineral resources. The historical estimates summarized below are included simply to provide the reader with a complete history of the property. The author of the Nussir Technical Report has reviewed the information in this section, as well as that within the cited references, and have determined that it is suitable for disclosure. All stakeholders are cautioned that none are considered current and therefore should not rely on them due to being superseded by the Nussir Technical Report.

In 2012, the author was commissioned by Nussir for a mineral resource estimate that incorporated drilling from 1985 to 2011 (17,761 m in 90 core drill holes). The mineral resource estimate report was completed, titled "Nussir Report Estimation Updated May 2012" (Wheeler, 2012) and it is historical in nature and should not be relied upon. Subsequently in 2013, the author was re-engaged for a mineral resource estimate update to include an additional 3,222 metres of drilling from 21 core drill holes. A report titled, "Nussir Report Estimation Updated March 2014" was completed (Wheeler, 2013). The report is considered historical in nature and should not be relied upon.

In April 2016, Nussir commissioned a PFS for the Nussir project. For the PFS, an updated mineral resource estimate report was completed, titled "Nussir Report Estimation Updated October 2016" that incorporated additional drilling results from 67 core drill holes totalling 19,880 metres. Both the PFS and the mineral resource are historical in nature and should not be relied upon.

The author was commissioned by Nussir in 2018 to update the mineral resource estimate to incorporate an additional 7 ,947 metres of drilling in 20 core drill holes. A report titled "Nussir Report Estimation Updated January 2018" was completed (Wheeler, 2018). This mineral resource is historical in nature, and it should not be relied upon.

In 2019, Nussir commissioned a DFS for the Nussir project. The DFS, titled, "Nussir Feasibility Study 2023", was supported by a mineral resource estimate that incorporated a further 3,912 metres of additional drilling in 13 core drill holes. Both the DFS and the mineral resource are historical in nature and should not be relied upon.

***Geographical Setting, Mineralization and Deposit Type***

<u>Regional Geology – Nussir</u>

The Nussir project area is situated within the Repparfjord-Komagfjord (Pharaoh et al. 1983) Precambrian tectonic window which was uplifted and exposed due to erosion of the overlying Caledonian nappes. The first detailed bedrock mapping of the region was carried out by Reitan (1963). Revised mapping of the northern part was done in the 1970's by Pharaoh et al (1983). Later, more detailed mapping of the area was conducted by Nilsen & Nilsson (1996). Geochemical studies of the metavolcanic rocks were performed by Jensen (1996).

The bedrock of the window consists predominantly of metavolcanic and metasedimentary rock. The rocks are intruded by mafic, ultramafic and felsic intrusive rocks. Although geochronological constraints are generally scarce, the meta-supracrustal rocks are assumed to be primarily of Early Proterozoic age, even though the lowermost stratigraphic sequences might represent Archaean rocks, as suggested by the comparison to correlative sequences in inner Finnmark. The oldest metavolcanic unit within the Kautokeino Greenstone Belt has revealed an Archaean Age (~2780 Ma, A. Solli pers. comm. 2008). The Paleoproterozoic rocks are overlain by thin sequences of Neoproterozoic sediments. The basement rocks are overthrust by allochthonous rocks of the Caledonian Nappe Complex and have undergone multiphase deformation during the Svecokarelian and Caledonian orogenies.

<u>Mineralisation – Nussir</u>

The Nussir deposit mineralisation is hosted by yellowish to greenish grey, banded, fine-grained sandstones and siltstones with common carbonate-rich layers. Studies of thin sections show that the rocks have strong variations in deformation, from well-preserved primary layering to strong ductile deformation (Sandstad, 2010). These show that the major ore minerals in the eastern part of Nussir are bornite and chalcocite. They mainly comprise cement of clastic grains of the sandstone and suggest a diagenetic origin for their deposition rather than strictly epigenetic formation, related to deformation of the host rock. Accessory sulphide minerals include chalcopyrite, covelite, wittichenite, carrollite, and cinnabar.

Gold (Au) and Silver (Ag) are closely associated with the Cu-mineralisation. Electrum (AuAg) has been identified at the contact and as inclusions and cracks in bornite. Ag also occurs in minerals associated with Tellurium (Te), Lead (Pb), Selenium (Se) and Bismuth (Bi). Platinum (Pt) most frequently occurs as microscopic grains of sperrylite that form clusters of inclusions in bornite and disseminated, interstitial grains in the silicate matrix of the sandstone.

Other sulphides are rare, although pyrite and molybdenite occur locally. Malachite is observed on surface outcrops. The mineralisation occurs as fine-grained impregnation fracture fillings. The thickness of the mineralised zone varies from zero to more than 4 meters.

<u>Regional Geology – Ulveryggen</u>

The prospect area is comprised of folded Precambrian metasedimentary rocks of the Ulveryggen Formation, part of the Saltvatn Group, that are exposed in the Komagfjord tectonic window, within the Caledonian mountain belt of western Finnmark. Sediments in the general prospect area are typically sandstones and quartzites, trending to what have been previously described as conglomerates in the immediate area of the old Ulveryggen Mine (Nilsen, K. 2019). Evidence of ENE-trending faulting, roughly parallel to the regional trend of bedding, is strong, as is the presence of NNE-trending faulting, particularly obvious in the mine area. Occasional small mafic dikes are also present in the mine area. The Ulveryggen sedimentary units are fault-bounded to the south by older greenstones and to the north by probably younger sedimentary units.

<u>Mineralisation – Ulveryggen</u>

The mineralization occurs along a 2-kilometer trend between the two main faults and along a fan of smaller faults located in between. NNE-trending strike slip faults offset mineralization along the order of 10's to several 100's of meters. Copper mineralization, typically in the form of chalcopyrite, bornite, lesser chalcocite, and secondary malachite, is present as disseminations in conglomerates (partly interpreted as mylonites), on shears, along bedding, in cracks and fractures, and in small, sometimes cross-cutting, quartz veins and veinlets. The thickness of the mineralization appears to diminish with depth as the two main faults coalesce. However, there is strong mineral potential for more to be discovered, heretofore undiscovered, copper mineralization along strike of the main system, both to the east and west.

Clay alteration is apparent in narrow ENE-trending shear zones that have been previously described as thin argillite partings. Although extremely difficult to ascertain in hand samples, mass silicification of the quartzites is probable along the main ENE-trending fault zones.

In section the mineralisation is SE-dipping (from about 60o to vertical), often significantly widening to the top and narrowing to the bottom. Generally, the horizontal length of the mineralised zone is about 2.6 km, with widths up to 2 00 m, and a vertical extent of approximately 150 m.

Host rocks of the deposit are notably bedded and foliated with the foliation in many cases. The foliation is not necessarily parallel to the bedding, mostly dipping NW or SE with the angles of 22˚ to 40˚, marking gentle, almost symmetrical folds. It appears that NW-dipping predominates.

Mineralized metasedimentary rocks appear to be significantly silicified. Sometimes mineralization occurs as a set of mesothermal quartz veins with rich chalcopyrite-bornite mineralization. The main part of the economic mineralization in the mined-out John open pit is bounded between to two antithetic NE-striking, NW- and SE-dipping shear zones.

Striations observed in the Erik pit appear flatter than striations in the Hovedfelt pit, which implies that the vertical component of the shear zone movement is progressively increasing in the SW direction, while the horizontal component is getting weaker. Kinematics of the shear zone appear to be dextral–normal (SE block uplifted), which is shown by observed shear zone fabrics, as well as by porphyroblast (pebbles) rotation.

Numerous ductile shear zones with NW orientation cut and displace mineralization, while being mineralized themselves. The shear zone offsets on a larger scale affect the major ore bodies, as shown by the position of the existing pits. Some of the faults also demonstrate the presence of vertical movement component. The faults appear to be reverse in the mineralized faults and normal in the non-mineralized.

The appearance of the dextral shear zones suggests a model of a contractional imbricate fan. of a dextral (and of course reverse) shear zone. The northern (SE-dipping) shear zone appears to be the main structure, while the southern (NW-dipping) structures are in the form of a set of splays (shears). Vertically the shears are reverse, as would result from NW orientated compression, which is supported by the presence of NW-oriented tension gashes observed in the field.

Opening of both NW- and SE-dipping foliation planes due to more recent NE-orientated stresses is also suggested, as suggested by northern tension gashes. It appears that the higher-grade mineralization is related to the intersection of the NW-striking cross-faults with the main structure. Superposition of all or some of these factors caused the formation of the Ulveryggen mineralization, characterized by disseminated and fracture filling texture.

Impressions from the 2017 logging of drill cores indicate that parts of the conglomeratic zones may have been formed by alteration (silicification- carbonatization) of exhalitic volcanics, possibly in combination with larger scale alteration, mobilization and eventually Cumineralization by precipitation in the pressure shadows within shear zones. Chlorite in the "conglomerate" matrix and relatively higher Ni- and Cr- background levels in correlation with Cu, may indicate a possible mafic volcanic source for the Ulveryggen mineralisation. Further studies of the Cu-genesis, high Cu-background data from old stream samples, as well as shearzones, could help define possible promising exploration targets in vicinity of Ulveryggen area.

***Deposit Type***

The two Cu-deposits, Nussir and Ulveryggen, have a similar composition of Cu-bearing sulphides. They are probably the result of a similar geological system. They represent examples of sedimentary-associated type of deposits, with many common features found in the Copperbelt in central Africa and Kupferschiefer in Poland and Germany, which include a continental rift environment, hot sub-aquatic conditions, shale/dolomite/conglomerate sequences, stratabound disseminated veinlets of Cu minerals, partly extensive alteration, syngenetic-diagenetic settings and epigenetic events.

<u>Nussir</u>

The Nussir deposit is considered to be a stratabound sediment hosted copper deposit, and the mineralisation is interpreted as post-diagenetic. The Nussir deposit is a generally homogenous, Cu-ore zone with Ag, Au, some Pt and Pd. It was primarily deposited as a continuous dolomiteschist layer on the sea floor, with relatively little deviation in grade, thickness and other factors. Later events with folding, shearing and alterations have partly affected primary features.

Description of the Copperbelt deposits has many similarities with the mineralisation in the Repparfjord area, in particular with the Nussir deposit. They both have a base of conglomerates overlaid by dolomites and siltstones. Both are interpreted to be associated with deposition in rift basins.

Similar stratigraphy can also be seen in the Kupferschiefer in Poland. At the base there are clastic materials lying in a series of basins, mainly red sandstones and conglomerates, and the uppermost sections are composed of arenites and carbonates.

<u>Ulveryggen</u>

The Ulveryggen deposit is also considered to be a stratabound sediment hosted copper deposit, with a similar composition of copper-bearing sulphides to Nussir, but the general mineralogy and genetic setting is different. The Ulveryggen deposit constitutes a more complex orebody, described as sedimentary deposition of copper minerals within layers in sandstone-conglomeratic sequences. The Ulveryggen mineralisation has a different setting, interpreted as syngenetic shear-zones. The Au- Ag and Pt- Pd content is considerably lower at Ulveryggen than at Nussir.

The main Ulveryggen deposit area is dominated by two sub-parallel ENE-trending faults, dipping steeply towards each other. Known mineralization occurs in several pods along a 2-kilometer trend between the two main faults and along a fan of smaller faults located in between. The thickness of mineralization appears to diminish with depth as the two main faults coalesce. However, there is potential for more, heretofore undiscovered, copper mineralization along strike of the main system, both to the east and west.

***Exploration***

Blue Moon has not carried out any exploration work on the property. For a description of historical exploration work, including that completed by Nussir and its predecessor companies (AS Prospektering and Terra Holdings), refer to the History section of this summary.

***Drilling***

Blue Moon has not carried out any drilling activities on either Nussir or Ulveryggen deposits, and all drilling on these properties and for the mineral resource estimation exercises were completed by prior operators.

<u>Historical Drilling – Nussir</u>

A total of 211 exploration diamond drillholes, covering over 52,700 m, have been drilled on the Nussir project up to 2 019. One drillhole (no.212) was delayed out of the 2019 resource estimation and was drilled in 2020 and confirmed the modelled grade and width. A few additional drillholes were performed in 2024, however, these were solely for metallurgical and processing test work, in order to achieve enough core material to perform material sorting tests and were not intended or used for mineral resource estimation, because they were all twin drill holes of older, successfully completed drillholes. In addition, ten channel samples have been collected from mineralized surface outcropping. A total of approximately 2,600 samples have been assayed.

In 1984, ten channel samples were collected from mineralized surface outcrops. The drilling started in 1985 with six relatively short diamond drill holes, all less than 80 m in length and a dip varying between 50 to 70 degrees. In 1986, further two diamond drillholes were drilled to check the continuity of the mineralization at depth. One of the drillholes confirmed the vertical extension of the mineralization to more than 250 m below surface. The laboratory Mercury Analytical Ltd. was used to analyse the core from the first eight drillholes.

In 1988, six diamond drill holes were drilled. The core was analyzed by Caleb Brett Laboratories. A total of 35 diamond drill holes were drilled in the period between 1990 and 1996. Between 1985 and 1996, a total of 600 samples were analyzed from 43 drill holes. All samples were analyzed for Cu, and partly for Ag and Au. The samples were analyzed by different laboratories with unknown analytical methods. For verification purposes, 69 samples from 1990 were assayed in 2008. The older samples were not independently used to define blocks defined as Indicated Resources in the current study.

In 2002, 63 samples from nine diamond drillholes were analyzed by OMAC Laboratories, Ireland for 47 elements using Aqua Regia digestion and ICP. Ag was the only precious metal analyzed. However, only a few meters of each of the drill holes were analyzed. Typically, the analyzed core section analyzed was one meter per sample.

The drilling continued in 2006 with the drilling of seven diamond holes. A total of 32 samples from four holes were analyzed by OMAC Laboratories, Ireland using 46 elements by Aqua Regia digestion and ICP-OES. In addition, Au was analyzed by Fire Assay/AA on 30 g samples.

4 07 samples from 9 holes were analyzed in 2008 for 46 elements by Aqua Regia digestion and ICP-OES by OMAC Laboratories, Ireland. The digestion is partial for some elements especially Al, Ba, Cr, K, Na, Sn, Sr, Ta, Ti, V and W. In addition, Au, Pt and Pd were analyzed by Fire Assay/AA on 30 g samples. The whole cores from drill holes Bh 3 9 (117.6 m), 40 (43.2 m) and 60 (120 m) were analyzed, whereas parts of Bh 19, 20, 54, 55, 57 and 90 were analyzed. The analyzed core lengths were 1-2 m.

In 2011, a total of six diamond drillholes (1996 m) were drilled on the Nussir deposit. Five of the drill holes (1,432 m) were drilled as infill holes in the eastern part of the deposit to decrease the drill spacing from 250 m to 125 m. In addition, one deep diamond drill hole (564 m) was drilled in the central part of the Nussir deposit to confirm the extension of the mineralization in this previous undrilled zone. The drill hole successfully confirmed an 8.6 m intersection zone (7m true width) averaging 0.69% Cu (including 3.6 m averaging 1,09% Cu) from 541 m downhole. From the 2011 drill campaign, a total of 164 samples (including standards and blanks) were submitted to ALS Chemex laboratory in Piteå. All samples were analyzed by 33 element four acid ICP-AES and Au, Pt and Pd 30 g Fire Assay ICP. In the mineralized zone the core were normally analyzed on one meter intervals. However, additional samples of varying length were sampled in zones of interest.

All pre-2011 drill hole collar locations were originally surveyed using a DPOS GPS (TOPCON) with an accuracy of 1 -2 dm. The 2011 drill holes were surveyed using a handheld GPS with and later surveyed by DPOS GPS (TOPCON) in 2012. Downhole surveys have been done for all intact drillholes in 2012 using a pee-wee magnetic survey tool. The registered azimuth values in the upper part of some holes were influenced by magnetic rocks and had to be corrected. Gyro based downhole surveying was chosen during 2013 campaign to avoid this problem.

In 2017, 89 drillhole collars were re-measured using a more accurate (within 1-2cm) CPOS GPS instrument, in a re-survey program completed by the company GeoNord. The collar database used in the resource estimation covered in the Nussir Technical Report is summarized in Table 2.3, with respect to the positioning system used.

**Table 2.3: Summary of Collar Positioning Systems – Nussir**

---

| | | |
|:---|:---|:---|
| **Method** | **Number** | **Proportion** |
| Unknown (Channels) | 10 | 5% |
| Hand GPS | 15 | 7% |
| DPOS | 107 | 48% |
| CPOS | 89 | 40% |
| **TOTAL** | **221** | **100%** |

---

Most of the drill holes have been drilled with success. However, in the central parts of the 9 km long mineralized horizon, four drill holes were abandoned before they reached the mineralization. This was due to strongly fractured rocks in an interpreted fault zone.

All cores were transported down to a warehouse with logging facilities and logged for geological, sampling and geotechnical purposes by in-house personnel.

Geotechnical data have been collected from some pre-2011 drill holes, including RQD, core recovery, fracture density and orientation, hardness and joint data. All core drilled from 2008 have been photographed. Data collected on the six diamond drillholes drilled from 2011, includes geology, down hole survey, sample, RQD, core recovery and assay data.

A summary of the current database, with relation to the different diamond drilling campaigns, to date is shown in Table 2.4.

**Table 2.4: Nussir Diamond Drilling Summary**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Year** | <br>**Number**<br>**of Holes** | <br>**Length**<br>**(m)** | **Average**<br>**Hole**<br>**Length**<br>**(m)** | <br>**Hole**<br>**Size** | <br>**Core**<br>**Diameter**<br>**(mm)** | <br>**Drilling**<br>**Company** | <br>**Drill Rig** |
| 1985 | 6 | 264 | 44 | AQ | 27 | - | - |
| 1986 | 2 | 496 | 248 | AQ | 27 | - | - |
| 1988 | 6 | 1325 | 221 | AQ | 27 | - | - |
| 1990 | 24 | 1893 | 78 | AQ | 27 | - | - |
| 1995 | 4 | 724 | 181 | AQ | 27 | - | - |
| 1996 | 4 | 1182 | 296 | AQ | 27 | - | - |
| 2006 | 7 | 2687 | 384 | - | 18 | Diamantboring | Diamec 262 |
|  |  |  |  |  |  | Nord AS |  |
| 2007 | 1 | 78 | 78 | AQ | 27 | - | - |
| 2008 | 30 | 7116 | 233 | BQTK | 36.5 | Arctic Drilling AS | Diamec 252 |
| 2011 | 6 | 1996 | 333 | BQTK | 40.7 | Arctic Drilling AS | Diamec 252 |
| 2013 | 21 | 3222 | 153 | BQTK | 40.7 | ADC Ltd. Oy | K1 with Sandvik drill |
| 2014 | 34 | 9308 | 274 | NQ/BQ | 47.6/36.5 | Arctic Drilling AS | Atlas U6 and 264 |
| 2015 | 33 | 10572 | 320 | NQ | 47.6 | Arctic Drilling AS | Atlas U6/264 |
| 2017 | 20 | 7947 | 397 | NQ | 47.6 | Arctic Drilling | Atlas U6/264, |
|  |  |  |  |  |  | AS/Rockma | Sandvik DE 140 MT |
| 2019 | 13 | 3912 | 301 | NQ | 47.6 | Arctic Drilling | Atlas U6/264, |
|  |  |  |  |  |  | AS/Rockma | Sandvik DE 140 MT |
| **Total** | **211** | **52722** | **250** |  |  |  |  |

---

The 10 lines of channel samples that were taken in 1985 covered an average sampled length of 35 m/line. In 2006, 20 air percussive holes were also drilled, with an average length of 20 m, but samples from these percussive holes were not used in the current resource estimate. Selected core material including intersections from 2013 campaigns are stored in Skaidi, nearby the deposit. Core from 35 older holes are stored at the Norwegian Geological Survey in Løkken.

<u>Historical Drilling – Ulveryggen</u>

Complete sets of data from 134 diamond drillholes have now been collated, as summarized in Table 2.5.

All the 2014 and 2017 drillholes are of NQ (47.6 mm) diameter. For the drilling since 2010, all remaining core is stored in the National core-storage facility at Løkken, except for core lengths near or inside the mineralised zones, which is kept at Blue Moon's facility in Skaidi.

**Table 2.5: Ulveryggen Drilling Summary**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Sample Type** | <br>**YEAR** | <br>**Holes/Channels** | <br>**Length (m)** | **Avg.**<br>**Length/Hole**<br>**(m)** | <br>**Cu Samples** |
|  | pre-2010 | 83 | 11141 | 134 | 3988 |
| Surface | 2014 | 1 | 412 | 412 | 24 |
| Drillholes | 2017 | 7 | 967 | 138 | 88 |
|  | **Sub-total** | **91** | **12520** | **138** | **4100** |
|  | pre-2010 | 22 | 2754 | 125 | 325 |
| U/g Drillholes | 2010 | 21 | 1464 | 70 | 455 |
|  | **Sub-total** | **43** | **4219** | **98** | **780** |
| **Total** |  | **134** | **16738** | **125** | **4880** |

---

***Sampling, Analysis and Data Verification***

<u>Sample Preparation, Analysis and Security</u>

*Nussir*

*1984 to 1996*

Descriptions of historical sampling methods, preparation and analysis by ASPRO have been recorded. The sample intervals are well defined. The sample intervals were picked based on mineralized or geological boundaries. Chemical analysis was normally made for one-meter intervals.

No cores before 1986 are available. Cores from 1986 to 1996 are stored at the central Norwegian core facility at the Norwegian Geological Survey, Løkken in Trondheim. Sampling and splitting of the cores were done by the company at the site, and sample preparation such as crushing and pulverizing was done by the laboratories.

Mercury Analytical Ltd. was responsible for assay analysis from 1984 to 1985. In 1988, six diamond drill holes were drilled. The holes were analyzed by Caleb Brett Laboratories, England. In both cases, the analytical methods are not known, and the analyzed core lengths are usually one meter or shorter.

These pre-2000 samples were analyzed for Cu, Ag and Au. Cu-oxide mineralization is confined typically to the upper level of the deposit and, historically, non-sulphide Cu was not universally quantified by analysis of soluble Cu.

In 2002, 63 samples from nine holes were re-analyzed for 47 elements by Aqua Regia digestion and ICP by OMAC Laboratories, Ireland. Only Ag among the precious metals was analyzed.

*Terra Control/Nussir ASA 2006 to 2019*

From 2006 to 2008, TerraControl (now Nussir ASA) and Nussir drilled 43 (five were abandoned) diamond drill holes on the Nussir Property.

Most of the core samples from 2006 and 2007 were marked on core boxes, and cut in half by the on-site geologist, Kjell Nilsen. The samples were placed in boxes and shipped to OMAC, Ireland, for analysis. The drill core boxes from the 2008 drilling campaign were shipped to ALS Chemex in Sweden, which did all the sample preparation based on the marked intervals made by Nussir`s on-site geologist.

Between 2006 and 2008, samples from 20 percussion drillholes and nine diamond drill holes were analyzed for 46 elements using Aqua Regia digestion and ICP-OES by OMAC Laboratories, Ireland.

In 2008, 199 samples from four diamond drillholes (Bh 19, 20, 39, 40) were re-analyzed for 46 elements, using four-acid ICP-AES and Pt, Pd, Au 30g Fire Acid ICP. Samples from 30 diamond drillholes were analyzed in 2008 by 46 elements four-acid ICP-AES and Pt, Pd, Au 30g Fire Acid ICP.

In 2011, six diamond drillholes were analyzed by ALS Chemex laboratory in Sweden by 33 element four acid ICP-AES and Au, Pt and Pd 30 g Fire Assay ICP. In this campaign, intersections for assaying were identified by initial assaying using handheld XRF. In 2011 and 2013, external check samples were sent to SGS.

For the drilling campaigns in 2015, 2017 and 2019, ALS Chemex was used as the primary laboratory, and Labtium as the external check laboratory.

Sample preparation work has been done using ALS Chemex in Piteå, under instructions from Nussir's geologists, using the following steps:

1 . Sawing of core into two halves.

2 . Crushing of one-half sample, 70% < 2mm.

3 . Riffle splitting of crushed sample.

4 . Pulverising to 85% < 75 μm.

5 . Taking of sample for analysis.

*Quality Assurance/Quality Control*

*2008*

During 2008, 1443 assay measurements were made by OMAC, from core stemming from the 1990 drilling campaigns.

Most of these were taken to provide measurements of previously unassayed core, but 69 overlapped with previous assays, measured in either Mercury Analytical or Caleb Brett laboratories. A diagram depicting these reassayed duplicates and a check analysis study of the data is shown in the Nussir Technical Report.

*2009-2011*

This combined set of 110 check samples was analyzed for the 2009 campaign. The Cu grades are displayed diagrammatically in the Nussir Technical Report, along with results of an additional 2011 check analysis study.

For the samples associated with the 2011 drilling campaign, the following quality control measures were taken:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Standards (certified by Geostat Pty. Ltd.) and blanks were inserted for every ten
samples, and at the start of every batch.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· ALS inserted their own internal duplicates in the laboratory. Of the 141 samples assayed for the 2011
campaign, 4 internal duplicates were taken.

*2013*

For the 2013 campaign, 6-7 internal coarse duplicates were taken, out of 152 primary assays. The results are shown in the Nussir Technical Report.

During the 2013 campaign one blank was inserted for approximately every 10 samples. These blanks were prepared from local gabbro source. Of these 26 samples, only 2 showed any Cu grades above expected blank levels, representing 8% of the samples analyzed. The cause of the 2 error values is not known.

During 2013, 27 external duplicates were assayed at SGS, stemming from pulp material returned by ALS from the 2011 and spring 2013 campaigns. Results are summarized in the Nussir Technical Report.

Additionally, three external standard samples were purchased from Geostat. The results of assays on two of these standards are also shown in the Nussir Technical Report. These cover both 2011 and 2013 results. The results from these 2 standards are acceptable, with no check assays outside of 2 x standard deviation limits. Another lower grade standard was also assayed, and produced consistent results, but there appears to have been a misallocation of the standard ID, and so these results have not been used.

*2017*

A summary of the QA/QC samples taken through the 2017 drilling campaign is shown in Table 2.6.

**Table 2.6: Summary of QAQC Samples – 2017**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Control** | | **Number of Samples** | **Number** | **Frequency** |
| Twin Samples | TS | 265 | 24 | 9% |
| Coarse Duplicates | CD | 265 | 2 | 0.8% |
| Fine Duplicates | PD | 265 | 19 | 7% |
| Standards | STD | 265 | 16 | 6% |
| Coarse Blanks | CB | 265 | 16 | 6% |
| Fine Blanks | FB | 265 | 21 | 8% |
| External Controls | EC | 265 | 30 | 11% |
|  |  |  | **Total** | **48%** |

---

Precision analysis results for field duplicates are summarized in the Nussir Technical Report. The proportion of errors is greater than the usual 10% error threshold for acceptability. However, one of the error pairs is almost directly on the error limit failure line. If this one error was removed, the proportion of errors would be reduced to 13%.

Coarse duplicate measurements were very limited. Precision analysis results for pulp duplicates were quite acceptable. Additionally, results for standards' analysis were consistently acceptable. Coarse blanks' results were also consistently acceptable, showing no relationship with previous assays, indicating no contamination during sample preparation.

All fine blanks' Cu assays were below the level of detection, indicating no contamination during analysis. The lack of coarse duplicates results means there is no direct measure of the precision of sample preparation. That withstanding, it may be concluded that overall, the 2017 QA/QC results are generally acceptable.

*2019*

A summary of the QA/QC samples taken through the 2019 drilling campaign is shown in Table 2.7.

**Table 2.7: Summary of QAQC Samples – 2019**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Control** | | **Number of Samples** | **Number** | **Frequency** |
| Twin Samples | TS | 100 | 9 | 9% |
| Coarse Duplicates | CD | 100 | 11 | 11% |
| Fine Duplicates | PD | 100 | 11 | 11% |
| Standards | STD | 100 | 5 | 5% |
| Coarse Blanks | CB | 100 | 9 | 9% |
| Fine Blanks | FB | 100 | 0 | 0% |
| External Controls | EC | 100 | 10 | 10% |
|  |  |  | **Total** | **55%** |

---

Precision analysis results for all forms of duplicates are shown in the Nussir Technical Report: no errors were apparent.

Standards' results are summarized in the Nussir Technical Report as well; no errors were apparent. Coarse blanks' results are included as well.Although of the assays are rather high, there appears to be no relationship with the previous assays.

The proportion of errors is greater than the usual 10% error threshold for acceptability. However, one of the error pairs is almost directly on the error limit failure line. If this one error was removed, the proportion of errors would be reduced to 13%.

Results for the external check Cu samples, which were sent to Labtium, show very low bias results, and those check samples which were outliers had extremely low grades, of less than 0.005% Cu.

*Density Measurements*

Density measurements were done by Promin. Selected drill core billets were accurately cut and then polished to have a cut that was as close to 90° as possible (at SINTEF). The length was then measured four times around the circumference of the drill core and averaged.

The same was done with the diameter of the core; measured 4 times and averaged. The resulting volume was then used as the volume for the core billet. Along with the dry weight, the density was then calculated. The drill cores were also inspected for any chippings or other damage to the cylinder shape, to check the volume calculation was not affected.

*Ulveryggen*

In 2014 and 2017, the diamond drillhole samples were analyzed by ALS Chemex laboratory in Sweden by four acid

ICP-AES. The selection of intersections for assaying was also assisted by initial assaying using handheld XRF.

Sample preparation work has been done using ALS Chemex in Piteå, under instructions from Nussir's geologists, using the following steps:

1 . Sawing of core into two halves.

2 . Crushing of one-half sample, 70% < 2mm.

3 . Riffle splitting of crushed sample.

4 . Pulverising to 85% < 75 μm.

5 . Taking of sample for analysis.

*2014*

In terms of sample preparation and QA/QC, the Ulveryggen drillholes completed in 2014 were part of the drilling campaign for the neighbouring Nussir deposit.

A summary of the QA/QC samples taken through the 2014 and 2015 campaigns for Nussir is shown below in Table 2.8.

**Table 2.8: Summary of QAQC Samples – 2014 and 2015**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2014** | **2014** | **2015** | **2015** | **Combined** | **Combined** |
|  | **Number** | &nbsp;&nbsp;&nbsp;**Proportion** | **Number** | **Proportion** | **Number** | &nbsp;&nbsp;&nbsp;&nbsp;**Proportion** |
| Primary Samples | 324 |  | 247 |  | 571 |  |
| Field Duplicates | 0 | &nbsp;&nbsp;0.0% | 23 | 9.3% | 23 | &nbsp;&nbsp;&nbsp;&nbsp;4.0% |
| Pulp Duplicates | 4 | &nbsp;&nbsp;1.2% | 21 | 8.5% | 25 | &nbsp;&nbsp;&nbsp;&nbsp;4.4% |
| External Duplicates | 14 | &nbsp;&nbsp;4.3% | 13 | 5.3% | 27 | &nbsp;&nbsp;&nbsp;&nbsp;4.7% |
| Blanks | 4 | &nbsp;&nbsp;1.2% | 12 | 4.9% | 16 | &nbsp;&nbsp;&nbsp;&nbsp;2.8% |
| Standards | 14 | &nbsp;&nbsp;4.3% | 18 | 7.3% | 32 | &nbsp;&nbsp;&nbsp;&nbsp;5.6% |
| **Total** |  | &nbsp;&nbsp;**11.1%** |  | **35.2%** |  | &nbsp;&nbsp;&nbsp;&nbsp;**21.5%** |

---

Asummary of the 2015 field duplicates' results is included in the Nussir Technical Report. The results show a relatively high proportion of errors. The 2014 and 2015 pulp duplicates' results are also presented. Both sets of results are acceptable.

In the 2014 campaign, primary samples were assayed at Labtium, with external assaying done at ALS. In the 2015 campaign, primary samples were assayed at ALS, with external assaying done at Labtium.

Standards' results were acceptable, although there were not sufficient of them for the same standard ID to present graphically.

External duplicates' and coarse blanks' results are also presented in the Nussir Technical Report. These results are acceptable.

*2017*

In terms of sample preparation and QA/QC, the seven Ulveryggen drillholes completed in 2017 were part of the drilling campaign for the neighbouring Nussir deposit. A summary of the QA/QC samples taken through the 2017 campaign for Nussir is shown below in Table 2.9. Of the 265 total primary samples assayed, 177 came from the Nussir drilling, 88 came from Ulveryggen.

**Table 2.9: Summary of QA/QC Samples – 2017**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Type of Control** | | **Number of Samples** | **Number** | **Frequency** |
| &nbsp;&nbsp;Twin Samples | TS | 265 | 24 | 9% |
| &nbsp;&nbsp;Coarse Duplicates | CD | 265 |  |  |
| &nbsp;&nbsp;Fine Duplicates | PD | 265 | 19 | 7% |
| &nbsp;&nbsp;Standards | STD | 265 | 16 | 6% |
| &nbsp;&nbsp;Coarse Blanks | CB | 265 | 16 | 6% |
| &nbsp;&nbsp;Fine Blanks | FB | 265 | 21 | 8% |
| &nbsp;&nbsp;External Controls | EC | 265 | 30 | 11% |
|  |  |  | **Total** | **48%** |

---

Precision analysis results for field duplicates are summarized in the Nussir Technical Report. The proportion of errors is greater than the usual 10% error threshold for acceptability. However, one of the error pairs is almost directly on the error limit failure line. If this one error was removed, the proportion of errors would be reduced to 13%.

Precision analysis results for pulp duplicates are also summarized in the Nussir Technical Report. These results were quite acceptable.

Additionally, results for standards' analysis are shown in the Nussir Technical Report. These results are consistently acceptable.

Coarse blanks' results are also summarized in the Nussir Technical Report, showing consistently acceptable results, as well as no relationship with previous assays, indicating no contamination during sample preparation.

All fine blanks' Cu assays were below the level of detection, indicating no contamination during analysis. The absence of coarse duplicates results means there is no direct measure of the precision of sample preparation. That withstanding, it may be concluded that overall the 2017 QA/QC results are generally acceptable.

<u>Core and Sample Storage</u>

Drill core is stored at Blue Moon's facility at Skaidi and at the NGU national archive in Løkken. Both are secure lockable facilities. The author has visited them both.

Rejects and pulp material from 29 Nussir holes (all from 2014) and 1 Ulveryggen hole are stored at Løkken, stemming from the preparation of 289 samples. There is also reject and pulp material at the core shack in Skaidi, but there is no inventory available for this at the current time.

<u>Overview</u>

There have been five laboratories associated with the Nussir and Ulveryggen project over the year (Table 11-20).

Three of the five laboratories have ISO 17025 accreditation. It should be noted that none of the laboratories involved in either project have or have had interests in the project or the operators, which includes Nussir.

In the opinion of the author, the QA/QC results overall are acceptable and support the use of the available samples for resource estimation purposes on the Nussir and Ulveryggen deposits.

***Data Verification***

Data verification steps completed by the author include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Site visits to Nussir, before, during, and after exploration drilling campaigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Site visit to Ulveryggen, including open pits and exploration adit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Check review of example Nussir drill core, at Skaidi and the NGU core storage in Lokken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Check of collar positions relative to surface maps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Check of data base integrity through drillhole data processing, statistical analysis, visualisation and
plotting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Additional checking of Ulveryggen sample data relative to underground adit model.

<u>Site Visit</u>

In 2007, the author walked the entire strike length of the Nussir deposit outcrop and project area. In 2014, the author visited Nussir during that year's drilling campaign. The author most recently visited Nussir between January 14 and 6, 2025. The author has also done check review work of example Nussir and Ulveryggen drill core, at Skaidi and the NGU core storage in Løkken. The author also visited the Ulveryggen site in 2010, which included the old open pit areas and the underground drilling locations. He also visited Ulveryggen between January 14 to 16, 2025.

<u>Drill Hole Data</u>

*Collar Data*

The author did his own GPS verifications of 5 historic and recent drillhole collar positions at Nussir during his 2014 site visit. Any XY errors were within 2 m accuracy of the information in the databases, and the author found no anomalies that would be material to any mineral resource estimate.

The drillhole collars for both Nussir and Ulveryggen, which have been measured by DPOS or CPOS, have been checked for elevation against LiDAR topographical data. Histograms comparing LiDAR elevation differences, and the DPOS/CPOS systems are shown in the Nussir Technical Report. A summary of the elevation differences from this check exercise for Nussir is shown in Table 2.11, and elevation differences have been plotted as histograms available in the Nussir Technical Report. A summary of the elevation differences for Ulveryggen is shown in Table 2.12, and elevation differences have been plotted as histograms which can be found in the Nussir Technical Report.

In 2019 Nussir also completed their own check exercise on azimuths of drillhole collars. For the original survey file, 65 holes only had one measurement, i.e. 156 had a proper series of downhole measurements. Of these 65, 33 hole-collars' azimuths were remeasured in 2019 using Devico equipment. The results of the horizontal displacements, at end of these holes due to the azimuth differences, is shown in Table 2.10.

**Table 2.10: Summary of Horizontal Displacements - Azimuth Differences – Nussir**

---

| | |
|:---|:---|
| **Parameter** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| Number of Collars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 |
| Mean | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 |
| Median | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.76 |
| Prop'n exceeding 0.5m | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33% |
| Prop'n exceeding 1m | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.3% |
| Prop'n exceeding 5m | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.0% |

---

For these check data, observations include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For Nussir deposit, there does not appear to be an appreciable difference in elevation accuracy between
DPOS and CPOS measurements as verified by the author.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The azimuth validation review by the author has identified 3 of the holes with high differences. Two of
these three holes did not intersection mineralisation, and the remaining hole has negligible effect of the zones' interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In general, the elevation differences seem worse for Ulveryggen deposit than Nussir deposit. However,
this might be due to difficult type of topography at Ulveryggen deposit, with many very steep faces and slopes left by the open pit mining,
making the LiDAR pick-up more difficult without more detailed DPOS or CPOS measurements for calibration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The distribution of LiDAR errors is near normal, not indicating any positive or negative bias in the opinion
of the author.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The proportion of +2m and +5m LiDAR errors are rather high, and efforts in the future to reduce these
should be made to increase precision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There does not appear to be any relationship between higher elevation differences and XY positioning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is considered the errors encountered from this validation exercise do not have any appreciable effect
on the current MRE.

**Table 2.11: Summary of Collars' Elevation Differences with LiDAR – Nussir**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Parameter** | &nbsp;&nbsp;&nbsp;&nbsp;**All Holes** | &nbsp;&nbsp;&nbsp;&nbsp;**Mineralised Holes** |
| &nbsp;&nbsp;Number of Collars | 221 | 178 |
| &nbsp;&nbsp;Mean Absolute Difference (m) | 1.66 | 1.42 |
| &nbsp;&nbsp;Median Absolute Difference (m) | 0.83 | 0.80 |
| &nbsp;&nbsp;Prop'n exceeding Mean+3SD | 2.7% | 2.2% |
| &nbsp;&nbsp;Prop'n exceeding 2m | 21.7% | 18.5% |
| &nbsp;&nbsp;Prop'n exceeding 5m | 7.2% | 5.1% |
| &nbsp;&nbsp;Prop'n exceeding 10m | 2.7% | 1.7% |

---

**Table 2.12: Summary of Collars' Elevation Differences with LiDAR – Ulveryggen**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Parameter** | &nbsp;&nbsp;&nbsp;&nbsp;**All Holes** | &nbsp;&nbsp;&nbsp;&nbsp;**Mineralised Holes** |
| &nbsp;&nbsp;Number of Collars | 93 | 67 |
| &nbsp;&nbsp;Mean Absolute Difference (m) | 2.48 | 2.76 |
| &nbsp;&nbsp;Median Absolute Difference (m) | 1.77 | 2.11 |
| &nbsp;&nbsp;Prop'n exceeding Mean+3SD | 0.1% | 0.0% |
| &nbsp;&nbsp;Prop'n exceeding 2m | 46.2% | 50.7% |
| &nbsp;&nbsp;Prop'n exceeding 5m | 14.0% | 16.4% |
| &nbsp;&nbsp;Prop'n exceeding 10m | 2.2% | 3.0% |

---

*Drillhole Core*

The site visits included a review of selected Nussir and Ulveryggen deposit drill core, at Skaidi and the NGU core storage in Lokken, in order to validate and verify the information in the databases against data entry. The items reviewed during this work included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Correspondence between logged/database lithologies and actual lithologies in the core boxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Correspondence between mineralisation and marked sample limits with the database.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any notable aspects of copper mineralisation.

In these reviews the mineralisation and lithologies observed correspond well with the database information.

<u>Database</u>

Check of database integrity was through operations including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Range checks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Checks of tabulated data against original logged data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Drillhole data processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Statistical analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Visualisation and plotting.

Any discrepancies found were discussed and resolved through communication with Nussir geologists.

The author completed all of the above verification steps. In the case of Ulveryggen, there was additional checking of Ulveryggen sample data relative to the underground adit model and the old open pit workings.

<u>Overview</u>

Please note that the author was not able to verify surface drillhole collar locations at Ulveryggen deposit, owing to surface mining activities after drilling, as well as extensive snow cover at the time of the Author's visits. However, the additional validation step of comparison drill collar locations with LIDAR data, as well as analysis of sections of the pit workings relative to drillhole data, have led the Author to believe that the Ulveryggen deposit, surface drillhole collar data are valid and therefore verified for resource estimation purposes.

In the author's opinion, the geological data in the databases are also adequate for the Nussir and Ulveryggen deposit resource estimation work, and that this technical information was collected in line with industry best practices as defined in the CIM Mineral Resources and Mineral Reserves Best Practice Guidelines.

***Mineral Processing and Metallurgical Testing***

<u>Overview</u>

Several metallurgical test work programs have been executed under Nussir project development on the Nussir and Ulveryggen copper deposits. Three major test work programs were performed between 2010/11 and 2019:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "An
 Investigation into RECOVERY OF COPPER FROM THE KVALSUND DEPOSIT" prepared for NUSSIR
 ASA, SGS Project 12527-001 – Final report, dated May 9, 2011.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For
 a historical PFS in 2016; "SGS Lakefield – An Investigation into PRE-FEASIBILITY
 LEVEL METALLURGICAL TESTING ON SAMPLES FROM NUSSIR AND ULVERYGGEN COPPER DEPOSITS" prepared
 for NUSSIR ASA, SGS Project 12527-003 – Final Report, dated Aug 17, 2016.

All test work has been done by SGS Lakefield, Canada, and are documented in separate reports. Canadian consultant and flotation provider, Woodgrove Technologies, took part in coordinating the test programs. The Ulveryggen deposit was in production from 1972 to 1979, with documented process plant performance.

The two deposits yield copper concentrate grades and copper recoveries that are very high compared to most copper deposits in the world. The reason for the high concentrate grade is due to the high amount of bornite and chalcocite in the deposits. The high copper recovery is due to the clean ore with practically no other sulphides, no oxidised ore and beneficial grind size for efficient flotation.

The following types of metallurgical samples were taken in the historical 2019 DFS testwork and sent to SGS for different metallurgical tests, including but not limited to grindability and flotation testing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Composite Samples. Three different spatial composites from Nussir were prepared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Variability Samples. 15 were taken from Nussir, and 3 from Ulveryggen.

The spatial composites from Nussir are summarized in Table 2.13. QEMSCAN analysis verified their original assay results, as well as providing additional metallurgical data on the mineralogical makeup of the composites. All three composites were dominated by bornite, with lesser chalcopyrite (Composite 3) and chalcocite (Composite 1).

**Table 2.13: Summary of Nussir Composite Metallurgical Samples**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **Unit** | **Comp 1** | **Comp 2** | **Comp 3** |
| Cu | % | 1.10 | 1.53 | 1.18 |
| Au | g/t | 0.19 | 0.16 | 0.11 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | **Unit** | **Comp 1** | **Comp 2** | **Comp 3** |
| Ag | g/t | 17.6 | 20.1 | 12.4 |
| S | % | 0.36 | 0.67 | 0.61 |
| Total Weight | kg | 10.43 | 28.42 | 47.07 |
| Number of Holes |  | 3 | 5 | 6 |

---

A more detailed breakdown of the assays from the three prepared composites is shown in Table 2.14.

**Table 2.14: Assay Breakdown of Nussir Composite Metallurgical Samples**

---

| | | | |
|:---|:---|:---|:---|
| **Sample ID**<br>| **Comp 1** | **Comp 2** | **Comp 3** |
| Au g/t | 0.19 | 0.16 | 0.11 |
| Ag g/t | 17.6 | 20.1 | 12.4 |
| Pt g/t | 0.13 | 0.16 | <0.02 |
| S % | 0.36 | 0.67 | 0.61 |
| Cu seq H<sub>2</sub>SO<sub>4</sub> % | 0.024 | 0.025 | 0.016 |
| Cu seq. NaCN % | 0.99 | 1.4 | 0.86 |
| Cu seq. A/R % | 0.037 | 0.14 | 0.3 |
| Cu % | 1.10 | 1.53 | 1.18 |
| Ag g/t | 17 | 21 | 11 |
| Al g/t | 46200 | 46300 | 40400 |
| As g/t | <30 | <30 | <30 |
| Be g/t | 0.8 | 0.76 | 0.7 |
| Bi g/t | <20 | <20 | <20 |
| Ca g/t | 130000 | 126000 | 125000 |
| Cd g/t | <2 | <2 | <2 |
| Co g/t | 11 | 13 | 14 |
| Cr g/t | 31 | 30 | 27 |
| Fe g/t | 12800 | 13600 | 16500 |
| K g/t | 26200 | 24400 | 19500 |
| Li g/t | <20 | <20 | <20 |
| Mg g/t | 10700 | 13300 | 36800 |
| Mn g/t | 3500 | 3110 | 4380 |
| Mo g/t | <20 | <20 | <20 |
| Na g/t | 12700 | 16300 | 13800 |
| Ni g/t | <20 | 30 | 24 |
| P g/t | 352 | 417 | 284 |
| Pb g/t | <20 | <20 | <20 |
| Sb g/t | <10 | <10 | <10 |
| Se g/t | <40 | <40 | <40 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Sample ID** | **Comp 1** | **Comp 2** | **Comp 3** |
| Sn g/t | <40 | <40 | <40 |
| Sr g/t | 196 | 178 | 123 |
| Ti g/t | 1530 | 1510 | 1320 |
| T1 g/t | <30 | <30 | <30 |
| U g/t | <20 | <20 | <20 |
| V g/t | 46 | 45 | 42 |
| Y g/t | 11.2 | 10.9 | 9.2 |
| Zn g/t | <40 | <40 | <40 |

---

**Figure 2.5: Nussir Long Section – Drillholes Used for Variability Metallurgical Samples**

![](tm2533647d1_ex99-44sp2img001.jpg)

<u>Variability and Hardness Testing</u>

The drillholes used for providing the variability samples from Nussir are depicted in long section in Figure 2.5. The grades of all the variability samples are summarized in Table 2.15. The variability samples were submitted for comminution testwork, including SAG Power Index test (SPI®), Bond Ball Mill Work Index (BWI), ModBond test, and Bond Abrasion Index (AI) test. These results are summarized in Table 2.16.

**Table 2.15: Variability Samples Head Assays**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample ID** | **Bore Hold ID** | **Cu, %** | **Au, g/t** | **Ag, g/t** | **S, %** |
| **Nussir Deposit** | **Nussir Deposit** | **Nussir Deposit** | **Nussir Deposit** | **Nussir Deposit** | **Nussir Deposit** |
| VAR 1 | NUS-DD-188 | 1.84 | 0.16 | 34.2 | 0.51 |
| VAR 2 | NUS-DD-189 | 0.31 | < 0.02 | 1.3 | 0.19 |
| VAR 3 | NUS-DD-190 | 1.11 | 0.05 | 3.8 | 0.69 |
| VAR 4 | NUS-DD-191 | 0.49 | 0.03 | 5.2 | 0.22 |
| VAR 5 | NUS-DD-192 | 1.48 | 0.19 | 14.8 | 0.64 |
| VAR 6 | NUS-DD-195 | 1.03 | 0.17 | 23.3 | 0.42 |
| VAR 7 | NUS-DD-196 | 0.12 | < 0.02 | < 0.5 | 0.10 |
| VAR 10 | NUS-DD-193 | 0.61 | 0.11 | 8 | 0.25 |
| VAR 11 | NUS-DD-194 | 0.77 | 0.12 | 7 | 0.42 |
| VAR 12 | NUS-DD-198 | 1.63 | 0.14 | 12.4 | 0.65 |
| VAR 14 | NUS-DD-179 | 1.51 | 0.93 | 20 | 0.50 |
| VAR 15 | NUS-DD-181 | 1.31 | 0.38 | 18.5 | 0.51 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample ID** | **Bore Hold ID** | **Cu, %** | **Au, g/t** | **Ag, g/t** | **S, %** |
| VAR 16 | NUS-DD-183 | 0.83 | 0.30 | 25.4 | 0.28 |
| VAR 17 | NUS-DD-185 | 0.45 | 0.06 | 3.9 | 0.16 |
| VAR 18 | NUS-DD-186 | 0.54 | 0.18 | 8.8 | 0.27 |
| **Ulveryggen Deposit** | **Ulveryggen Deposit** | **Ulveryggen Deposit** | **Ulveryggen Deposit** | **Ulveryggen Deposit** | **Ulveryggen Deposit** |
| VAR 8 | ULV-DD-17-01 | 0.84 | < 0.02 | 1.4 | 0.31 |
| VAR 9 | ULV-DD-17-04 | 0.50 | < 0.02 | 0.7 | 0.13 |
| VAR 13 | ULV-DD-17-05 | 0.95 | 0.02 | 2.1 | 0.28 |

---

**Table 2.16: Nussir Deposit Grindability Statistics**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **BWI (kWh/t)** | **BWI (kWh/t)** | |
| **Statistic** | **SPI <br> (Min)** | **Full Bond** | **Mod Bond** | **Al <br> (g)** |
| Number of Samples | 21 | 4 | 23 | 3 |
| Maximum | 112 | 12.6 | 15.1 | 0.27 |
| Minimum | 34.1 | 11.6 | 9.13 | 0.13 |
| Average | 77.4 | 12.0 | 11.5 | 0.18 |
| Relative Std Dev, % | 25.0 | 3.76 | 12.5 | 44.4 |
| 75th Percentile | 87.1 | 12.2 | 12.3 | 0.20 |
| 25<sup>th</sup> Percentile | 66.6 | 11.7 | 10.7 | 0.13 |

---

Based on statistical analysis of the results, the SPI and BWI results indicate the Nussir material as being soft to moderately hard, and slightly abrasive. The Ulveryggen sample results were categorised as moderately hard to hard, and very abrasive.

<u>Locked-Cycle Testing</u>

A series of locked cycle tests and comparable open-circuit batch tests for each of the spatial composites were conducted. The batch and locked cycle test results compared well, with concentrate grades slightly higher in the batch tests and recoveries approximately 2-4% higher in the locked cycle tests. The two ore bodies gave similar results under the conditions tested.

The results of the locked cycle tests and the comparable open-circuit batch tests for each composite, as well as two of the variability samples were also selected for locked cycle testing along with the comparable open-circuit batch test. The results are provided in Table 2.17.

**Table 2.17: Locked Cycle and Open Circuit Test Results Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Composite** | **Test No.** | **Product** | **Assays, % <br> Cu** | **% Distribution**<br> **Cu** |
| Comp 1 | LCT2 | Cu Conc | 59.5 | 97.0 |
| Comp 1 | F27 | Cu Conc | 63.9 | 93.4 |
| Comp 2 | LCT 3 | Cu Conc | 50.1 | 95.3 |
| Comp 2 | F26 | Cu Conc | 53.1 | 92.7 |
| Comp 3 | LCT1 | Cu Conc | 36.9 | 96.7 |
| Comp 3 | F25 | Cu Conc | 41.4 | 92.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Bore Hole ID** | **Composite** | **Test No.** | **Product** | **Assays, % <br> Cu** | **% Distribution**<br> **Cu** |
| NUS-DD-188 | VAR 1 | LCT 4 | Cu Conc | 62.6 | 95.6 |
| NUS-DD-188 | VAR 1 | F28 | Cu Conc | 62.8 | 91.8 |
| ULV-DD-17-01 | VAR 8 | LCT 5 | Cu Conc | 53.6 | 95.9 |
| ULV-DD-17-01 | VAR 8 | F35R | Cu Conc | 54.8 | 93.6 |

---

The average copper grade of the final concentrates was 53.3% Cu and recovery was 92.5%. The average copper grade of the final concentrates for the three Ulveryggen samples was 60.8% Cu and recovery was 90.4%.

There was no evidence of a relationship between the copper head grade and copper recovery. Overall, the test results indicated that high copper grades and recoveries are feasible for all samples under the conditions applied.

<u>Material Sorting Studies</u>

A sorting study on Nussir copper mineralization was conducted by Comex and it was completed on December 19, 2 024. The objective of the study was to evaluate the potential of employing a multi-sensor sorting technology, utilizing X-ray Transmission (XRT) and X-ray Fluorescence (XRF) sensors. Drill core samples containing copper minerals were provided by Nussir and crushed to optimize grain shape and element release before testing. The XRT sensor classified the material into three categories: high-grade, low-grade, and waste. Initial results indicated that a significant portion of the waste fraction still contained copper, necessitating an additional refinement step using XRF to further separate copper-rich particles.

The combined sorting process achieved a pre-concentration of the feed material from 0.57% Cu to 1.28% Cu while reducing the waste fraction by 31.1% of the total input. The final waste contained only 0.11% Cu, resulting in a metal recovery efficiency of 94.4% with minimal copper losses. The study confirmed that sorting technology is a viable method for pre-concentration, allowing for the removal of low-grade material early in processing. However, Comex is recommending larger-scale tests to account for variability in the copper mineralization and therefore further optimize the sorting parameters to maximize effectiveness.

***Mineral Resource Estimate***

The MRE work was carried out and prepared in compliance with NI 43-101, and the mineral resources in this estimate were calculated using the CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council May, 2014.

Conforming with guidelines for "reasonable prospects for eventual economic extraction", constrained evaluations were completed using a Mineable Shape Optimiser (MSO) to generate wireframes.

The updated mineral resource estimate of the Nussir deposit is summarized in Table 2.18, related to a cut-off grade of 0.3%Cu and a minimum width of 2.0 m.

**Table 2.18: Nussir Resource Estimation Summary (Effective Date: January 20, 2025)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **Tonnes <br> Mt** | **Cu%** | **Ag <br> g/t** | **Au <br> g/t** | **Cu Eq%** | **Cu Metal <br> Kt** | **Ag Metal <br> Koz** | **Au Metal<br> Koz** |
| Measured | 2.69 | 1.08 | 12.8 | 0.18 | 1.31 | 29 | 1103 | 16 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **Tonnes <br> Mt** | **Cu%** | **Ag <br> g/t** | **Au <br> g/t** | **Cu Eq%** | **Cu Metal <br> Kt** | **Ag Metal<br> Koz** | **Au Metal<br> Koz** |
| Indicated | 26.03 | 1.01 | 12.3 | 0.11 | 1.19 | 263 | 10288 | 92 |
| **Meas + Ind** | **28.72** | **1.02** | **12.3** | **0.12** | **1.20** | **292** | **11391** | **108** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inferred** | **31.99** | **1.01** | **14.6** | **0.14** | **1.23** | **324** | **14,972** | **143** |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) CIM definitions were followed for MRE.

&nbsp;&nbsp;&nbsp;&nbsp;(2) A minimum mining
 width of 2.0 m was applied in making the MRE constraint wireframes. These wireframes were
 generated using a preliminary MSO.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Density values for Nussir were estimated
 from density sample values or assigned default average values where insufficient samples
 occur nearby.

&nbsp;&nbsp;&nbsp;&nbsp;(4) MRE constraint wireframes were generated for a cut-off
 grade of 0.30% Cu, related to potential underground mining.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Metal prices assumed
 for the MRE were US$4.20 lb Cu, US$27.00/Oz Ag and US$2,200oz Au, which represent reasonable
 long-term consensus metal pricing.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Metallurgy recovery assumptions were
 96% Cu, 80% Ag and 93% Au, which stem from SGS metallurgical testwork completed in 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(7) The cut-off grade
 of 0.30% Cu was derived from the price and recovery values above, as well as a smelter payability
 of 97.3% and an assumed total operating cost $26.20/t of ore.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Rounding may result in apparent summation
 differences between tonnes, grades and metal content; not considered material.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Mineral Resources are not Mineral Reserves
 and do not have demonstrated economic viability.

The updated resource estimate of the Ulveryggen deposit is summarized in Table 2.19.

**Table 2.19: Ulveryggen Resource Estimation Summary (Effective Date: January 20, 2025)**

---

| | | | |
|:---|:---|:---|:---|
| **Resource Category** | **Tonnes <br> Mt** | **Cu%**  | **Cu Metal <br> Kt** |
| Indicated | 4.05 | 0.65 | 26.3 |

---

Inferred <u>3.70</u> <u>0.68</u> <u>25.0</u>

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) CIM definitions were followed for MRE.

&nbsp;&nbsp;&nbsp;&nbsp;(2) A minimum mining
 width of 2.0 m was applied in making the MRE constraint wireframes. These wireframes were
 generated using a preliminary MSO.

&nbsp;&nbsp;&nbsp;&nbsp;(3) A global density value was assigned
 for Ulveryggen, based on analysis of density measurements.

&nbsp;&nbsp;&nbsp;&nbsp;(4) MRE constraint wireframes generated
 for a cut-off grade of 0.30% Cu, related to potential underground mining.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The assumed metal price assumed for
 the MRE was 4.20 $/lb Cu, which represents a reasonable long-term value.

&nbsp;&nbsp;&nbsp;&nbsp;(6) The assumed metallurgical recovery
 was 96% Cu, which stems from SGS metallurgical testwork completed in 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(7) The cut-off grade
 of 0.30% Cu was derived from the price and recovery values above, as well as a smelter payability
 of 97.3% and an assumed total operating cost $26.20/t of ore.

&nbsp;&nbsp;&nbsp;&nbsp;(8) Rounding may result in apparent summation
 differences between tonnes, grades and metal content; not considered material.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Mineral Resources are not Mineral Reserves
 and do not have demonstrated economic viability.

***Exploration, Development and Production***

<u>Exploration Status</u>

The Nussir and Ulveryggen projects are at the Mineral Resource development stage. Drilling was carried out between 1 985 and 2019, during which operators completed 345 core drill holes for a total of 69,440 m. Other exploration work has included surficial geochemistry sampling, ground and airborne geophysical studies, geological mapping, surface chip and grab sampling (including trenching), and regional lithogeochemical rock sampling for rocktype fingerprinting. In addition to the two deposits that have been identified, there are a number of mineralized occurrences both around the deposits and regionally that are either untested or supported by limited drilling. This means that additional infill and exploration drilling is warranted to more fully test favourable stratigraphy both around the deposits and regionally.

Additionally, there are several opportunities to improve the current results that should be investigated further as part of the ongoing development of the Nussir and Ulveryggen projects.

<u>Exploration Targets – Nussir</u>

The Nussir deposit is open to the west and to depth. In particular, the current limit of Inferred category resources excludes the influence of the deep drillhole intersections, because they are excessively distant to the grid of holes above. The exploration target potential was derived by modelling the identified mineralization. The volume of the modelled areas determines the potential tonnage statement in the exploration target. The grade range given in the exploration target is determined with consideration to the drill results within the modelled exploration target area and consideration of the geological setting in an established mineral resource estimate area. The potential tonnages and grades are therefore conceptual in nature and are based on previous drill results that defined the approximate length, thickness, depth and grade of the portion of the mineral resource estimate. There has been insufficient exploration and data collection to define a current mineral resource for the exploration target and the Corporation cautions that there is a risk that further exploration will not result in the delineation of a mineral resource. The exploration target around these deeper intersections therefore represents a tonnage between 8.5 Mt and 16.5Mt, and a Cu grade between 0.7 and 1 .3% Cu, between 9 and 17 g/t silver, and 0.1 and 0.15g/t gold.

There are also a number of mineralized targets that occur both downdip and along strike of the mineralized exploration target that has been defined. This mineral potential has not been properly tested by drilling. Additionally, a number of mineral targets currently outside of the resource area of the Nussir and Ulveryggen deposits are supported by geological mapping and limited drilling. This means that additional infill and exploration drilling is warranted to more fully test favourable stratigraphy both regionally and directly at Nussir and Ulveryggen deposits.

<u>Exploration Targets – Ulveryggen</u>

The Ulveryggen deposit is open to depth, and based on geochemical sampling and geophysics, there are drilling targets both along strike and down-dip.

<u>Double Mineralized Intersections – Nussir Deposit</u>

There are some instances at Nussir, mainly in the more folded west end, of single drillholes picking up two mineralised intersections. This could be due to reverse faulting, and when drilled sufficiently in the future, could lead to an improved interpretation with more mineralised material that is currently modelled. These potentially repeated strata are only known to occur over 2.5 of the 10 km strike length of known mineralization. Limited drilling has been done to date to fully test the mineral potential of this possible extension. Given the presence of a mineral resource adjacent to this parallel zone of favourable strata, it means additional drilling is warranted but there is no guarantee that additional drilling will result in the delineation of a mineral resource in these areas.

<u>Inferred Resource Conversion – Nussir Deposit</u>

The Nussir deposit is open to depth over much of its strike length, as well as westwards. If the project progresses and the proposed underground development commences, this could allow much closer and offset access for drilling of deeper zones. This would provide an opportunity to significantly extend Indicated resources to depth and westwards. Additional drilling should be designed in order to enable a significant proportion of the deposit to be reclassified into a higher category of confidence, such as Indicated category, as well as provide a more accurate interrelation and structural geology and mineralised zones. Stakeholders should be cautioned that additional drilling is not a guarantee for upgrading the resource category.

<u>Inferred Resource Conversion – Ulveryggen Deposit</u>

There are numerous areas currently modelled at the Ulveryggen deposit, where the current drilling density does not support an Indicated resource categorisation. Additional drilling should be designed to enable a significant proportion of the deposit to be reclassified into a higher category of confidence, such as Indicated category, as well as provide a more accurate interrelation and structural geology and mineralised zones. Stakeholders should be cautioned that additional drilling is not a guarantee for upgrading the resource category.

***Recommendations***

The author of the Nussir Technical Report made the following recommendations for future exploration, development and production activities.

<u>Sample Preparation, Analyses and Security</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Develop
 rigorous quality control and quality assurance ()"**QA/QC**") policy for standards,
 blanks and duplicate sample when drilling that is monitored on a batch-by-batch basis when
 data is received from the accredited laboratory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider
 the use of prep- and or reject duplicate samples to enhance the QA/QC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Select
 certified reference material (CRM) that are more aligned to the grades of the Nussir and
 Ulveryggen deposits for copper, gold and silver; being mindful that if geochemically testing
 for platinum and or palladium, it might require a different CRM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Develop
 an umpire or secondary independent laboratory, remitting approximately 10 to 15% of the total
 samples, and select analysis methodologies that are similar to the primary laboratory. This
 will provide future assurances that the range of grades seen in the analytical certificates
 are valid and respected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider
 centralizing all pulp and reject storage

<u>Data Verification</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Finish
 the drill collar validations done in 2019, referencing the Devisight system from Devico for
 the X and Y coordinates, and then validating elevation (or Z) data between the surveys for
 each of the drill collar locations against the LiDAR survey. Having a valid elevation data
 strengthens the respect of the mineral resource modelling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider
 a more rigorous check analysis program, if the analytical pulps are available from prior
 drilling program results. At a minimum, select approximately 100 to 200 pulps from each round
 of drilling that would be re-run at both the primary and secondary laboratory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider
 moving point and vector data from drilling into a proper database management system such
 as MX Deposit. This includes but is not limited to drill collar information, lithological
 data, structural data, sample data, and analytical results. The advantage of such a cloud-based
 database management system is that it negates expensive software purchasing and it can be
 linked to major 3D modelling programs such as Seequent's Leapfrog Geo and other programs.

<u>Further Studies</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An
 optimization and or trade-off study should be done to assess a conventional tailings facility
 approach for any future engineering studies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider
 building a Leapfrog Geo model of all lithological units and structures that is maintained
 and updated regularly when new surficial mapping and or drilling is completed. This will
 help better guide future studies and mineral resource estimation processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider
 adding RMR to the geomechanical (rock mechanics) data collection in addition to the RQD work
 already part of the core logging process. This methodology is typically done for deposits
 that potentially could be extracted through an underground.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider
 adding point load testing ()"**PLT**") to the geomechanical data collection process
 in the coreshack. The addition of this process will provide rock quality and strength information
 that will be invaluable when assessing ground stability in future engineering studies. It
 will also provide a large dataset that can be used in conjunction with any analytical program
 carried out at a rock mechanics laboratory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider
 a regular analytical process at a rock mechanics laboratory to backstop geomechanical data
 collection. Testing could include UCS, BTS, and Triaxial measurements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider
 taking a coreshack measurement of specific gravity for each sample marked for collection
 or add an analytical pulp or reject measurement at the primary laboratory. The addition of
 a larger number of specific gravity measurements will greatly enhance the estimation of the
 tonnes on a block by block basis in the mineral resource model, as currently the estimations
 are using average values for lithologies.

<u>Exploration Program and Budget</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For
 further development of the project, the author recommends a work program at the Nussir and
 Ulveryggen projects that includes the preparation of the development of an exploration decline
 (including logistics and support), exploration drilling and optimization studies including
 engineering. A summary breakdown of this work program is presented below along with associated
 estimated costs expected to cost C$13.0 million (Table 2.20).

**Table 2.20: Proposed Budget**

---

| | |
|:---|:---|
| **Item** | **(C$000)** |
| Underground access (decline) preparation, exploration logistics and support | 4000 |
| Exploration – drilling 25,000 to 30,000 m | 6000 |
| Optimization studies including engineering studies | 3000 |
| **Total** | **13000** |

---

**The Blue Moon Property**

***Technical Report***

Scientific and technical information relating to the Blue Moon Property provided in this AIF is supported by and qualified in its entirety by the full text of the Blue Moon Technical Report on the Blue Moon Property filed in accordance with NI 43-101 entitled *"NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California"* dated April 14, 2025 (as amended and restated on September 12, 2025) with an effective date of March 3, 2025, being the Blue Moon Technical Report, which was prepared, reviewed, and approved by Scott Wilson, C.P.G. SME-RM, Peter Szkilnyk, P.Eng., Alan J. San Martin, P.Eng., Richard Gowans, P.Eng., Justin Taylor, P.Eng., and Christopher Jacobs, C.Eng., MIMMM., each of whom is a "qualified person" **("QP")** for purposes of NI 43-101. Reference should be made to the full text of the Blue Moon Technical Report, which is available electronically on SEDAR+ (www.sedarplus.ca) under Blue Moon's issuer profile. Development of the Blue Moon Property is referred to as the **"Blue Moon Project".**

Scientific or technical information in respect of the Blue Moon Property provided subsequent to the date of the Blue Moon Technical Report were prepared by or under the supervision of Dustin Small, who is a consultant to the Corporation and a non-independent qualified person for the purposes of NI 43-101.

***Property Description, Location and Access***

The Blue Moon Property is located in Mariposa County, California, approximately 120 miles southeast of San Francisco. The town of Mariposa, located sixteen miles east of the Blue Moon Project, has a population of around 2 ,000 and a tourist-based economy. The town of Merced, with a population of around 80,000 inhabitants, is twenty-two miles to the southwest of Blue Moon and has a diverse economy related to large scale agriculture. The local community of Hornitos with a population of about 75, is situated about 4.5 miles south of the Blue Moon Property. Figure 1.1 shows the location of the Blue Moon Property.

Access to the Blue Moon Property is via California County Route J16 also known as Hornitos Rd. and Bear Valley Rd., a paved secondary highway between the communities of Hornitos and Bear Valley. From a point two miles north of Hornitos, at the intersection of J16 and Exchequer Rd., the Blue Moon Property is accessible via a 3.4-mile route traversing a combination of public and private gravel roads.

Four distinct lenses of massive sulphide mineralization have been identified on the Blue Moon Property: the West, Main, East and American Eagle zones. The American Eagle Zone appears to occur in the same stratigraphic position as the West Zone.

**Figure 1.1: Blue Moon Location Map**

![](tm2533647d1_ex99-44sp2img002.jpg)

Source: Meade (2002)

***Mineral Tenure***

As of the date of the Blue Moon Technical Report, the Blue Moon Property consisted of three distinct land tenure components that covered 494.25 acres. These include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Two patented mineral claims (American Eagle, and Blue Bell & Bonanza) owned 100% by Keystone; Blue Moon owns the surface and subsurface rights here.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Eight federal lode claims (Red Cloud 1-8) held 100% by Keystone, Blue Moon's wholly owned US subsidiary which has the mineral rights pursuant to Bureau of Land Management (BLM) claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 100% interest in the mineral rights from two Spanish land grants of the James Gann Jr. Trust of 1991, owned by Keystone in conjunction with a surface rights lease agreement for 40 acres, pursuant to an option purchase agreement completed in 2001.

Table 1.1 lists the Blue Moon Property mineral claims and surface rights on private land as of the date of the Blue Moon Technical Report. For updated information regarding Blue Moon Property mineral claims and surface rights on private lands, please see "*The Blue Moon Property – Subsequent Events*".

**Table 1.1: Blue Moon Claims**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**#** | &nbsp;&nbsp;**Claim Type** | **Status** | **Claim <br> Reference #** | **Claim <br> Name** | **Claim <br> Size <br> (Acres)** | **Parcel<br> Number**<br> **(APN)** | **Claim <br> Owner** | **Notes** |
| &nbsp;&nbsp;**Patented Claims** | &nbsp;&nbsp;**Patented Claims** | &nbsp;&nbsp;**Patented Claims** | &nbsp;&nbsp;**Patented Claims** | &nbsp;&nbsp;**Patented Claims** | &nbsp;&nbsp;**Patented Claims** | &nbsp;&nbsp;**Patented Claims** | &nbsp;&nbsp;**Patented Claims** | &nbsp;&nbsp;**Patented Claims** |
| &nbsp;&nbsp;1. | &nbsp;&nbsp;Patented Mineral Claim | Active | &nbsp;&nbsp;MS 5719 | &nbsp;&nbsp;American Eagle | &nbsp;&nbsp;20.67 | &nbsp;&nbsp;007-120-005-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Patent No. 973403 dated January 28, 1926, covering Mineral Survey No. 5719, for the American Eagle lode mining claim, covering portions of Section 30, Township 4 South, Range 16 East, MDM. |
| &nbsp;&nbsp;2. | &nbsp;&nbsp;Patented Mineral Claim | Active | &nbsp;&nbsp;M5718 | &nbsp;&nbsp;Blue Bell and Bonanza | &nbsp;&nbsp;22.4 | &nbsp;&nbsp;007-120-002-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Patent No. 959494, dated May 18, 1925, covering Mineral Survey No. 5718, for the Blue Bell and Bonanza lode mining claims, covering portions of Section 30, Township 4 South, Range 16 East, MDM. |
| &nbsp;&nbsp;**BLM Land** | &nbsp;&nbsp;**BLM Land** | &nbsp;&nbsp;**BLM Land** | &nbsp;&nbsp;**BLM Land** | &nbsp;&nbsp;**BLM Land** | &nbsp;&nbsp;**BLM Land** | &nbsp;&nbsp;**BLM Land** | &nbsp;&nbsp;**BLM Land** | &nbsp;&nbsp;**BLM Land** |
| &nbsp;&nbsp;3. | &nbsp;&nbsp;Unpatented Mining Claim (Federal Lode Claim) | Active | &nbsp;&nbsp;CA101349794 | &nbsp;&nbsp;Red Cloud #1 | &nbsp;&nbsp;20.32 | &nbsp;&nbsp;007-100-010-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Land administered by Bureau of Land Management (Federal Land) |
| &nbsp;&nbsp;4. | &nbsp;&nbsp;Unpatented Mining Claim (Federal Lode Claim) | Active | &nbsp;&nbsp;CA101303528 | &nbsp;&nbsp;Red Cloud #2 | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;007-100-010-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Land administered by Bureau of Land Management (Federal Land) |
| &nbsp;&nbsp;5. | &nbsp;&nbsp;Unpatented Mining Claim (Federal Lode Claim) | Active | &nbsp;&nbsp;CA101300462 | &nbsp;&nbsp;Red Cloud #3 | &nbsp;&nbsp;6.89 | &nbsp;&nbsp;007-100-010-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Land administered by Bureau of Land Management (Federal Land) |
| &nbsp;&nbsp;6. | &nbsp;&nbsp;Unpatented Mining Claim (Federal Lode Claim) | Active | &nbsp;&nbsp;CA101301850 | &nbsp;&nbsp;Red Cloud #4 | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;007-120-003-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Land administered by Bureau of Land Management (Federal Land) |
| &nbsp;&nbsp;7. | &nbsp;&nbsp;Unpatented Mining Claim (Federal Lode Claim) | Active | &nbsp;&nbsp;CA101452189 | &nbsp;&nbsp;Red Cloud #5 | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;007-120-003-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Land administered by Bureau of Land Management (Federal Land) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**#** | &nbsp;&nbsp;**Claim Type** | **Status** | **Claim <br> Reference #** | **Claim <br> Name** | **Claim <br> Size <br> (Acres)** | **Parcel<br> Number**<br> **(APN)**<br>| **Claim <br> Owner** | **Notes** |
| &nbsp;&nbsp;8. | &nbsp;&nbsp;Unpatented Mining Claim (Federal Lode Claim) | Active | &nbsp;&nbsp;CA101379487 | &nbsp;&nbsp;Red Cloud #6 | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;007-120-003-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Land administered by Bureau of Land Management (Federal Land) |
| &nbsp;&nbsp;9. | &nbsp;&nbsp;Unpatented Mining Claim (Federal Lode Claim) | Active | &nbsp;&nbsp;CA101347731 | &nbsp;&nbsp;Red Cloud #7 | &nbsp;&nbsp;3.16 | &nbsp;&nbsp;007-120-004-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Land administered by Bureau of Land Management (Federal Land) |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Unpatented Mining Claim (Federal Lode Claim) | Active | &nbsp;&nbsp;CA101378594 | &nbsp;&nbsp;Red Cloud #8 | &nbsp;&nbsp;6.89 | &nbsp;&nbsp;007-100-010-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Land administered by Bureau of Land Management (Federal Land) |
| &nbsp;&nbsp;**Private Land** | &nbsp;&nbsp;**Private Land** | &nbsp;&nbsp;**Private Land** | &nbsp;&nbsp;**Private Land** | &nbsp;&nbsp;**Private Land** | &nbsp;&nbsp;**Private Land** | &nbsp;&nbsp;**Private Land** | &nbsp;&nbsp;**Private Land** | &nbsp;&nbsp;**Private Land** |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;GANN Lands | Active | &nbsp;&nbsp;Letter dated 1 September 2001 | &nbsp;&nbsp;Spanish Land Grant (J. GANN) | &nbsp;&nbsp;331.28 | &nbsp;&nbsp;007-120-007-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Includes 40 acre surface rights, flexible location within total 320 acre area |

---

Unpatented mining claim maintenance fees are current and paid through August 31, 2025.

The Blue Moon Property was previously owned by Westmin Mines, Inc., an Idaho corporation and subsidiary of Westmin Resources, Inc. On September 12, 2002, Westmin Resources was acquired by Expatriate, now Yukon Zinc Corporation. The acquisition was subject to a purchase agreement with Boliden Westmin, whereby Expatriate Resources Ltd. ("**Expatriate**") acquired 100% interest in Westmin Resources, Inc. in return for the issuance of 3 million common shares and the granting of a 0.5% net smelter return royalty capped at US$500,000 to Boliden

Westmin.

The subsidiary Westmin Mines, Inc. changed names to Keystone Mines, Inc, on October 25, 2002. In 2004, Expatriate transferred Keystone to Pacifica Resources Ltd., now EDM Resources Inc., through a Plan of Arrangement. Subsequently, in 2007, Pacifica through the Pacifica arrangement, transferred Keystone to Savant Explorations Ltd. Savant Explorations Ltd. changed names to Blue Moon Zinc Corp. on June 5, 2017 and changed its name to Blue Moon Metals Inc. on April 13, 2021. Currently, the Blue Moon Property is controlled by Blue Moon through its 100% ownership of the US subsidiary, Keystone, an Idaho corporation.

In 2017, Northern Empire Resources Corp. (NM) through an agreement with Imperial Metals Corporation, acquired a 10% net profits interest (NPI) in the Blue Moon Property through the takeover of Imperial's Sterling Mines subsidiary. The NPI is only to be paid after deducting all operating expenses, all pre-production expenditures dating back to May 14, 1996, and all post-production expenditures. A finance charge of prime plus one-half of one percent is also to be deducted before any NPI is paid. The NPI was repurchased and extinguished by Keystones in January 2018 through the issuance of 300,000 Common Shares and the payment of US$20,000 cash to NM.

A mineral deed dated effective September 1, 2001, and recorded March 4, 2008, as Document No. 2080941, reserved to the James W. Gann, Jr. Trust of 1991, a 3% Net Smelter Returns (as defined in the deed) that in the aggregate was not to exceed US$200,000 on the lands included in the Gann Land.

In September 2020, Blue Moon repurchased two separate 1% Net Smelter Returns (NSR) on the Blue Moon Project by paying each 1% NSR holder US$12,000 or US$24,000 in total.

The Blue Moon Project is located within the boundaries of the County of Mariposa in the state of California. Mariposa County is the lead agent for all county, state and federal permitting jurisdictions. Exploration permits are issued by Mariposa County through an Administrative Use Permit (AUP). The Corporation's existing AUP expired on June 26, 2023 and the Corporation will need to apply for a new AUP before commencing any future drilling activities. The Corporation must file a Notice of Intent to Operate (NOI) with the Bureau of Land Management. The Corporation has a current NOI in place through to August 27, 2026.

To the extent known, there are no other royalties, back-in rights, payments or other encumbrances to which the Blue Moon Property is subject. The author knows of no known environmental liabilities for which the Blue Moon Property is subject. The author of the Blue Moon Technical Report knows of no other significant factors and risks that may affect access, title or the right or ability to perform work on the Blue Moon Property.

***History***

<u>Background</u>

Extending along the foothills of the west slope of the Sierra Nevada from Butte County on the north to Fresno County on the south is a discontinuous belt of copper and zinc mineralization. This belt also has been the source of substantial amounts of gold. Gold-bearing gossans in the oxidized zones overlying the copper-zinc deposits were mined during the gold rush. Later, during the copper "booms" of the Civil War and World Wars I and II, considerable amounts of gold were recovered as a by-product. During the 1930s a few gossan deposits in this belt were again mined for gold.

The primary copper and zinc deposits consist of lenticular sulphide bodies in zones of alteration in greenstones and various types of schists. Mineralization contains abundant pyrite with associated chalcopyrite, sphalerite and some gold and silver. Most of the mineralization contains only a small fraction of an ounce of gold per ton, but some deposits have yielded as much as one ounce of gold per ton. Also present are galena, bornite, tetrahedrite, covellite, and chalcocite.

The most important mines in the foothill belt have been the Big Bend mine, Butte County; Spencerville and Boss mines, Nevada County; Dairy Farm and Valley View mines, Placer County; Copper Hill and Newton mines, Amador County; Penn, Quail Hill, Napoleon, Collier, Keystone-Union, and North Keystone mines, Calaveras County; Blue Moon, Pocahontas, Green Mountain and La Victoria mines, Mariposa County; Buchanan, Jessie Belle, and Daulton mines, Madera County; and Fresno Copper and Copper King mines, Fresno County.

Considerable by-product gold has been recovered from copper mines in the Moonlight District of northeastern Plumas County, the principal sources having been the Walker, Engels, and Superior mines. However, few production figures are available, so the total gold output of these mines is unknown. In 1931, the Walker mine was the source of 432,000 tons of copper ore that had an average gold content of 0.05 ounces per ton. At the Walker mine, the mineral bodies consist of wide chalcopyrite-bearing quartz veins in schist and hornfels near granitic rocks. At the Engels and Superior mines, the deposits are bands of chalcopyrite and bornite in sheared granitic rocks.

The Blue Moon deposit is the largest known volcanogenic massive sulphide deposit of its type within the Foothills Massive Sulphide Belt.

A few miles to the south of the Blue Moon Property in Mariposa County is the nearby town of Hornitos. a formerly rollicking Mexican village that sprang up in the 1850s from the newly rich gold diggings at Quartzburg. Situated on Burns Creek, "Hornitos" means "little ovens" in Spanish and was named for the above ground rock and adobe graves of Mexican settlers found in the area. These gravestones were built like little square bake ovens. The population is less than 75 residents today.

<u>1890 – 1945</u>

Although copper was discovered in Mariposa County during mid-1800s gold rush, initial exploration on the Blue Moon Property did not begin until the 1890's. Approximately 50 prospect pits, trenches, and shafts were developed by gold prospectors at that time, mainly on quartz outcrops and pyritic/gossanous outcrops. In 1899, the American Eagle adit was driven 300 ft into an alteration zone and an "appreciable quantity" of gold was produced from one of six known mineralized zones. This zone is now covered but was reported to be about 4 ft wide and consisted of oxidized sphalerite, pyrite, tetrahedrite, galena, chalcopyrite, silver, and gold, with grades of roughly 3% to 8% zinc, 2 % to 11% copper, 1% lead, 1 opt to 3 opt silver, and 0.01 opt to 0.22 opt Au. This mine was worked until 1912, and then was idle until 1942 when, during WWII, a small block of ground was stoped. By 1943, production from the American Eagle was suspended and it has remained inactive since then. No reliable figures for the total production at the American Eagle are available.

In the early 1930's prospecting in the Blue Moon area, just north of the American Eagle was begun. In 1935 a small amount of Au-Ag-Cu oxide ore was mined, probably representing the surface expression of the Blue Moon Main Zone. In 1940, Red Cloud Mines, Inc. (Red Cloud), began developing shallow workings which intersected zinc, probably in the Main Zone in the area Blue Moon Shaft #1. The Federal Bureau of Mines had initiated a diamond-drilling program at the American Eagle mine based on an examination by one of its engineers in June 1943; drilling was done from January to March 1944. The results of this drilling by the government are unknown.

Exploratory drilling at that time verified continuity of the mineralization at depth. In 1943, Red Cloud was acquired by Hecla Mining Co. Production at a rate of 200 tons per day yielded ore with an average content of 14% zinc and minor copper, lead, silver and gold. Cutoff grade was defined as 7% zinc over a minimum stope width of four feet. Ore was milled and concentrated by flotation at the Jenny Lind gold mine and mill site located four miles to the southeast. Zinc concentrates were sold to Metals Reserve Co. at Merced Falls and later at Merced; copper concentrates were trucked to the ASARCO smelter at Selby, California.

In 1945, the "hanging wall fault breccia" caved twice, once in the summer and again in November. Following the second cave-in, all work at the Blue Moon mine was suspended. At that time the mine had been developed to a depth of 490 ft and along strike for 320 ft, with a total of 2,370 ft of workings. Total reported production amounted to 55,655 tons containing about 12.3% zinc, 0.37% copper, 0.48% lead, 3.76 opt silver, and 0.062 opt Au.

At the time of its closing, the consolidated Blue Moon mine was ranked as the eleventh largest producing mine, and by far the largest productive base metal mine, in Mariposa County.

<u>1945 – 1975</u>

Exploration and mining activities on the Blue Moon Property were paused during this period.

<u>1976 – 1990</u>

In 1976, Amselco acquired the Blue Moon Property from prospectors Tom Evans and Norm Stevens, and conducted soil geochemical and electromagnetic surveys and 4,161 feet of percussion drilling between 1976 and 1979. Between 1981 and 1984, Colony Pacific Explorations Ltd. (an Imperial Metals Corporation subsidiary) conducted geological mapping, soil geochemical sampling, induced polarization and downhole EM geophysical surveys, and 33,385 ft of diamond drilling. This drilling was focused on testing the down dip extension of the mine area. Mr. Evans supervised this work and defined the steep plunge of the lenses to the south, still recognized today.

American Mine Services optioned the Blue Moon Property from Colony Pacific in 1983 and calculated a geological and mineable reserve, as per 1983 criteria, as well as undertaking preliminary metallurgical studies, mine engineering and design studies and site facilities planning but subsequently defaulted on their option agreement in 1983. Westmin Resources Limited concluded an option on the Blue Moon Property and conducted several exploration programs in the period 1984-1987 and completed 56,853 ft of diamond drilling expanding the resource base of the deposit and discovering the American Eagle lens and East lenses. The exploration work included recalculation of the mineral resource, and commencing engineering studies and conducting metallurgical, hydrological, and environmental baseline studies. In October 1987, Westmin terminated its option and converted its interest into an equity position in Colony Pacific. The latter continued with permitting of an underground exploration permit and made application for a permit for an underground development and exploration program. More than US$5 million in exploration was completed in the period (Thompson, 1995).

<u>1991 – 2001</u>

In 1991 Lac Minerals (eventually Barrick) optioned the Blue Moon Property from Colony Pacific and carried out 19,654 ft of drilling in 15 holes. Lac Minerals also completed soil and rock geochemical surveys, and HLEM and magnetic surveys. Westmin re-acquired the Blue Moon Property in May 1996 at a cost of US$1.45 million.

Following the repurchase in May of 1996, Westmin resumed evaluation of the development of the Blue Moon Property, however as budgetary priorities were being focused on the company's discovery at the Wolverine deposit in the Yukon, exploration and development efforts were diverted away from Blue Moon. In February 1998, Westmin granted Augusta Metals Corporation an option on the Blue Moon Property. Augusta completed 2,470 ft of drilling in five holes on the Lone Oak barite-gold prospect southeast of the main VMS zone. Subsequently Augusta failed to fulfill its work commitments, and the option was forfeited during 2000/2001.

<u>2002 - Present</u>

In 2002, Expatriate (Harlan Meade) purchased Westmin from Boliden Westmin. In 2004, the Blue Moon Property was spun out into Selwyn Resources Ltd. Subsequently, in 2007, Savant Explorations Ltd. was spun out from Selwyn Resources and issued a NI 43-101 resource estimate based on previous well-documented work programs in 2008 (Morris, R.J. and Giroux, G. 2008).

In 2017, Savant was renamed Blue Moon Zinc Corp., and an updated mineral resource estimate was issued. Between 2 018 and 2021, a multi-year drilling program was carried out by Blue Moon and under a JV with Platina Resources, and a 10% NPI and two 1% NSR royalties were bought back.

In April, 2021, the Corporation was renamed Blue Moon Metals Inc.

In 2023, a geophysical (gravity) survey was conducted on the Blue Moon Property (Carpenter, T., 2023) and a revised resource estimate was published, including the 2018-2021 drilling data (Hendricksen, A.H. and Wilson, S., 2023).

***Geology and Mineralization***

The Blue Moon deposit is hosted by the Upper Jurassic Gopher Ridge Formation of the Western Block of the Sierra Foothills Metamorphic Belt. This belt extends for 186 miles along the western foothills of the Sierra Nevada Mountains and is approximately 9.5 miles wide. Along the length of the belt, clusters of Zn-Cu rich, polymetallic, massive sulphide deposits occur at approximately 25-mile intervals. Many mines were developed between 1860 and the mid 1900s along the belt. One of the largest was the Penn mine in Calaveras County north of Mariposa County, which produced 883,402 tons of Cu-Zn-Pb (Au-Ag) ore (Martin, 1988).

<u>Regional Geology</u>

Rocks in the Sierra foothills consist of north trending tectonostratigraphic belts of metamorphosed sedimentary, volcanic, and intrusive rocks ranging in age from late Paleozoic to Mesozoic. These belts represent rock sequences, largely of island-arc affinity, that were accreted to the continent. They extend about 235 miles along the western side of the Sierra and are flanked to the east by the Sierra Nevada Batholith and to the west by sedimentary rocks of the Cretaceous and Jurassic Great Valley sequence.

The structural belts are internally bounded by the Melones and Bear Mountains fault zones, and are characterized by extensive faulting, shearing, and folding (Earhart, 1988). Historically, three belts have been identified in the southern Sierran foothills based on lithologic differences and the nature of gold mineralization - the West Gold Belt, the Mother Lode Belt, and the East Gold Belt. The Mother Lode Belt is responsible for most of the gold produced. However, substantial gold has been produced from the East Belt, as well as gold, copper, and other base metals from rocks of the West Belt.

The West Belt consists of an eastern component composed of an ophiolitic melange and a Jurassic age western component composed of the Copper Hill Volcanics, the Salt Springs slate, and Gopher Ridge Volcanics. The Bear Mountains fault zone separates the melange from the Copper Hill Volcanics. The West Belt contains widely scattered gold deposits occurring in quartz veins and stringers in schist, slate, granitic rocks, altered mafic rocks, and as gray ore in greenstone. The West Belt also hosts the Foothill Copper-Zinc Belt and the massive sulphide deposits of the Penn Mine and other VMS deposits.

The Mother Lode Belt traverses western Calaveras County and consists of the upper Jurassic Logtown Ridge and Mariposa formations. The Logtown Ridge Formation consists of about 6,500 ft of volcanic and volcanic-sedimentary rocks of island arc affinity. The overlying Mariposa Formation contains a distal turbidite, hemipelagic sequence of black slate, schist, amphibolite and chlorite schist, fine-grained tuffaceous rocks, and subvolcanic intrusive rocks. The thickness of the Mariposa Formation is estimated to be about 2,600 ft thick at the Consumnes River (Earhart, 1988).

Mother Lode mineralization is characterized by steeply dipping gold-bearing mesothermal quartz veins and bodies of mineralized country rock adjacent to veins. Mother Lode mineral production is generally low to moderate grade (1/3 ounce of gold or less per ton), but mineral occurrences may be considered large in volume. Mother Lode veins are characteristically enclosed in Mariposa Formation slate with associated greenstone. The Mother Lode belt vein system ranges from a few hundred feet to a mile or more in width. Mother Lode type veins fill voids created within faults and fracture zones and consist of quartz, gold and associated sulphides, ankerite, calcite, chlorite, limonite, talc, and sericite. The Melones Fault zone separates the Mother Lode Belt from the East Belt.

The Eastern Belt is dominantly argillite, phyllite plus phyllonite, chert, and metavolcanic rocks of Paleozoic-Mesozoic age. The phyllite and phyllonite are dark to silvery gray. The chert is mostly thinbedded with phyllite partings.

The Paleozoic-Mesozoic metasedimentary and metavolcanic rocks of the Eastern Belt have been assigned to the Calaveras Complex by most investigators (Earhart, 1988). Older Paleozoic metamorphic rocks have been assigned to the Shoo Fly Complex. The metamorphic complexes have been intruded in places by Mesozoic plutonic rocks. Lode deposits of the East Belt consist of many individual gold-bearing quartz veins enclosed in metamorphic rocks of possible Jurassic age, metamorphic rocks of the Calaveras Complex, metamorphic rocks of the Shoo Fly complex, or in granitic rocks. Most of the veins trend northward and dip steeply. An east-west set of intersecting faults may be a controlling factor in controlling deposition of metals. Mineral deposits of the East Belt are smaller and narrower than those of the Mother Lode, but commonly are more chemically complex, and richer in grade. Gold is usually associated with appreciable amounts of pyrite, chalcopyrite, pyrrhotite, galena, sphalerite, and arsenopyrite.

<u>Local Geology</u>

The Foothill Copper-Zinc Belt forms part of a complex litho-tectonic belt of Jurassic age island arc metavolcanic, metasedimentary, and meta-plutonic rocks. It lies west of, and roughly parallel to the Mother Lode gold belt. The metallic deposits, which form lenticular bodies in the metavolcanic rocks, are primarily composed of massive pyrite and various amounts of chalcopyrite, sphalerite, gold and silver. Some deposits, however, contain small amounts of pyrrhotite, galena, tetrahedrite, orbornite.

Until the early 1970s, the massive sulphide deposits at the Penn Mine were thought to be epigenetic replacement deposits formed along shear zones (Heyl, et al, 1948; Clark and Lydon, 1962). The reinterpretation of massive sulphide deposits in Japan as being of volcanogenic origin rather than replacement deposits resulted in a re-evaluation of many massive sulphide deposits in the western US. As a result, more recent studies of specific deposits, including those of the Penn Mine, have proposed a syngenetic origin of these deposits (Peterson, 1985).

Kemp (1982) defined the island-arc setting in which the Foothill Copper-Zinc Belt deposits are situated. Schmidt (1978) defined the textural and structural attributes, stratigraphic framework, and the sulphide mineralogy at the Penn Mine and concluded these deposits are more indicative of Kuroko-type syngenetic volcanogenic sulphides. Bedrock at the Penn Mine consists primarily of greenschist-facies metavolcanic rocks of the Gopher Ridge Volcanics that strike N30°W and dip steeply to the east (generally greater than 70°).

Despite the regional metamorphism and eastward tilting there is little evidence of major folding or faulting in the area (Peterson, 1985). The metavolcanic rocks have a weak to intense foliation paralleling the strike. Peterson (1985) subdivided the Gopher Ridge Volcanics at the Penn Mine into one intrusive and five volcanic sub-units based on prominent lithologic features: 1) felsic quartz porphyry intrusive unit, 2) siliceous tuff unit, 3) basalt unit, 4) mafic to intermediate tuff unit, 5) heterogeneous tuff unit, and 6) vent complex unit.

Most of the copper-zinc deposits are intimately associated with sills and lenses of the felsic quartz porphyry unit which occur within the lower three volcanic units. Also associated with the deposits are large areas of sericitic and silicic alteration that produced a quartz sericite schist, and chloritic, hematitic, and pyritic alteration halos around the mineralization. Mineralization occurs in two distinct zones; a western ore zone lying to the east of quartz porphyry schist and along which Shaft Nos. 1, 2, 6 were sunk, and an eastern ore zone just west of chloritic quartz porphyry, which was mined in shafts Nos. 3 and 4. Twelve separate zones were differentiated during underground mining. Heyl et al (1948) provides numerous cross sections through many of these areas within the mine.

Schmidt (1978) identified several zoned mineralization types including massive sulphides, stringer veins and disseminated mineralization. The principal domains consist of massive mixtures of sphalerite, pyrite, bornite, and chalcopyrite with minor gangue comprised of barite, quartz, calcite and/or mica schist, and rare to minor galena and tetrahedrite/tennantite. Quartz, selenite, and some native copper are also present (Clark and Lydon, 1962).

Many of the massive zones are banded with alternating layers of chalcopyrite, pyrite, or sphalerite, whereas others are a fine-grained heterogeneous mixture of up to 60% sphalerite, 50% pyrite, and varying proportions (up to 30%) of copper and accessory minerals. Many of the banded mineral bodies show kinks, swirls, and folds indicative of post-deposition deformation (Schmidt, 1978). The mineralization shapes are lenticular in form, and the long axes plunge down dip or steeply to the north or south. Mineralization shows pronounced elongation with length-to-width ratios ranging from 2:1 to 5:1 and averaging 3:1 (Schmidt, 1978). They varied considerably in size, some having been mined along the pitch length of as much as 1,000 ft (Heyl et al, 1948). Thickness of mineralization varies from 4 ft to 30 ft. Stringers are pyrite, chalcopyrite, sphalerite, bornite, calcite, barite, and quartz. Gangue of finemedium- grained aggregates of quartz, calcite, and barite occur interstitial to the stringers.

Disseminated mineralization consists of disseminated pyrite, chalcopyrite, and sphalerite, and are associated with extensive wall-rock alteration (Schmidt, 1978). Fine-grained pyrite comprises between 1% to 10% of the rock. Mineralization displays a strong asymmetric zonation both in mineralogy and mode of mineral occurrence, which was not consistent with a replacement origin.

A typical mineral body in the Western zone consists of: 1) a hanging wall layer of massive to banded mineralization rich in sphalerite, barite, chalcopyrite, pyrite, and galena, and tetrahedrite-tennantite, with sphalerite-barite rich mineralization being more abundant towards the hanging wall, and copper minerals more abundant towards the footwall; 2) a zone of stringer mineralization with copper minerals (bornite and chalcopyrite), pyrite, quartz, and minor tetrahedrite; and 3) quartz-pyrite veinlets and disseminated pyrite mineralization with quartz porphyry or rhyolitic tuffs.

In the Eastern zone, the above sequence is reversed, occurring from footwall to hanging wall. The zoning was attributed to a syngenetic process where gravity would contribute to the asymmetry of both the mineral types and alteration effects (Schmidt, 1978). Mineralized zones are conformable with the volcanic section. Mineralization lies along bedding and schistosity planes rather than along fault planes or fractures zones as would be expected by a hydrothermal origin. These zones also exhibit stratigraphic selectivity, occurring only within or to one side of a felsic quartz porphyry.

Mineralization commonly occurs at the contact of a felsic porphyry with more mafic rocks. The felsic quartz porphyry intrusive units and parts of the volcanic units are altered to sericite and silicified in the stratigraphic horizons of the deposits (Peterson, 1985). Similar associations of felsic rocks and alteration are characteristic of Kuroko-type deposits massive sulphide deposits (Franklin et al, 1981). The fluids affecting the felsic quartz porphyry intrusive and responsible for the mineralization are thought to have had a common origin, with alteration occurring contemporaneously with deposition of the metallic mineralization. First the volcanic units were deposited in an island arc environment. Contemporaneous with or shortly after their deposition, felsic quartz porphyry bodies intruded the volcanic rocks along bedding planes to form a number of sills, the massive sulphide bodies were deposited, and the adjacent country rock was altered.

<u>Property Geology</u>

The Gopher Ridge Formation in the area of the Blue Moon deposit consists of a basal sequence of basalt and andesite overlain by a rhyolite, Figure 1.2. The rhyolite strata are up to 300m thick and host the Blue Moon deposit(s). The sulphide-sulphate mineralized lenses are hosted in the lower part of the felsic sequence. The felsic volcanic rocks are succeeded to the east by volcaniclastic rocks and ultimately by deep-water argillaceous, sedimentary rocks (Meade,

1996).

Strata at the Blue Moon Property strike approximately 20° west of north, dip near vertically, face to the east and are tightly folded. Minor fold features suggest a steep, north plunge of the regional structure. All lithologies have undergone low grade metamorphism and the prefix "meta" is not applied to lithologic names for the sake brevity in writing. Lithologies observed at Blue Moon exhibit metamorphic characteristics of the lower greenschist facies. The rhyolite strata have been subdivided on the basis of phenocryst mineralogy into three distinct units: aphyric rhyolite, feldspar porphyry rhyolite and quartz-feldspar porphyry rhyolite. The distinction of these different types of rhyolite allows the modeling of the depositional environment of the volcanic rocks at the time of the sulphide mineralization and the identification of stratigraphic horizons within the felsic rocks. More massive phases of aphyric rhyolite define rhyolite dome features that are flanked by clastic, fragmental facies. The thinning of the aphyric rhyolite proximal to the domes defines favorable environments for deposition of massive sulphide mineralization. Further up the stratigraphic sequence, massive feldspar porphyry rhyolite appears to define sill or dyke features that locally truncate sulphide mineralization.

Sericitic alteration and bleaching of the rhyolite strata cause wide ranges in the appearance of the various rhyolite rocks, and careful distinction of alteration changes versus changes in lithology is important to defining the volcanic stratigraphy.

Lateral to the sulphide mineralization, chemical sedimentary rocks containing hematite, magnetite, barite, silica and manganese minerals, helped define mineralized horizons. Sulphide-barite mineralization on the edges of massive sulphide mineralization grades laterally into hematite-jasper iron formation, which, in turn, grades into manganese-bearing siliceous tuffaceous rock.

**Figure 1.2: Property Geology (Meade, 2002)**

![](tm2533647d1_ex99-44sp2img003.jpg)

<u>Mineralization</u>

Probably the best local surface geology maps displaying mineralization at the Blue Moon deposits were those during Harlan Meade's leadership time with both Western Mines and Expatriate (Figure 1.2). Several geologists, including Paul Wodjak and Garfield McVeigh are mentioned in the references. Several subsequent geologists have mapped offset faults in the Main Zone and more work is necessary to clarify these differences.

The Blue Moon deposit is a Kuroko-type volcanogenic massive sulphide deposit. The deposit is shown to have some similarities with the Lynx and Myra deposits at Myra Falls, Vancouver Island. Stacked sulphide-sulphate lenses occur in two or more horizons within a 50 ft to 180 ft stratigraphic interval. Four distinct lenses of massive sulphide mineralization have been identified; the West, Main, East and American Eagle zones. The American Eagle Zone appears to occur in the same stratigraphic position as the West Zone.

The West Zone occupies the lowest stratigraphic position and occurs near the base of the aphyric rhyolite sequence. The Main Zone lies stratigraphically above the West Zone and occurs with the first appearance of quartz and feldspar porphyry rhyolite. The East Zone lies stratigraphically above the Main Zone, although several authors have included it as part of the Main Zone. It is hosted entirely within feldspar porphyry rhyolite.

Massive sulphide mineralization consists of pyrite, sphalerite, chalcopyrite, galena, and minor tetrahedrite and bornite. Massive and semi-massive sulphides may be accompanied by purple anhydrite, gypsum or barite. Textures include massive, banded and clastic mineralization.

Metal zoning in base or precious metal is poorly understood although there is a strong tendency for narrower mineralized zones to be relatively richer in gold and silver and to have barite gangue. The potential mineral horizons are enveloped by sericite-silica-pyrite alteration that extends laterally in the rhyolite stratigraphy at least 3,000 ft, as far as known mineralization is recognized, and more than 490 ft into the footwall andesite. A stockwork sulphide feeder zone is not clearly identified within the footwall alteration zone. This discordant sericite altered zone is linked to a lower strata-bound sericite altered zone in the footwall andesite which extends at least 0.7 miles to the south from the deposit and may be an important exploration tool to identify other mineralized centres.

The lower mineralized horizon (West and American Eagle zones) generally contains more pyrite, chalcopyrite, sphalerite, anhydrite and gypsum than the upper mineralized horizon (Main and East zones) which is comparatively enriched in galena, tetrahedrite and barite. The South Zone has not been studied. Gold and silver grades can be significant in the lower horizon lenses but are on average three times greater in the upper horizon lenses.

A database of some 1,540 samples is available for the deposit. All the samples are from drill core. Table 1.2 lists some of the general statistics.

**Table 1.2: Blue Moon Summary Statistics from Drill Core**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Parameter** | **Minimum** | **Maximum** | **Mean** | **Stand. Dev.** | **C.V.** |
| Sample length (ft) | 0.4 | 21.3 | 3.78 | 1.78 | 0.47 |
| Copper (%) | 0 | 10.7 | 0.35 | 0.85 | 2.44 |
| Zinc (%) | 0 | 46 | 2.37 | 5.09 | 2.15 |
| Lead (%) | 0 | 6.4 | 0.14 | 0.47 | 3.48 |
| Silver (oz/ton) | 0 | 40.3 | 0.69 | 2.44 | 3.55 |
| Gold (oz/ton) | 0 | 1.04 | 0.019 | 0.06 | 3.19 |

---

<u>Deposit Types</u>

The Blue Moon deposit is a Kuroko-type, polymetallic, volcanogenic, massive sulphide deposit, or VMS deposit. The sulphide-sulphate deposit is hosted in rhyolite. Anomalous metalliferous mineralization includes pyrite, sphalerite, chalcopyrite, galena, and minor tetrahedrite and bornite. The associated sulphate minerals are barite, gypsum and purple anhydrite. To date, four lenses of mineralization have been identified within at least two, possibly three, horizons. The lenses are enveloped by sericite-silicapyrite alteration. Gold and silver grades are significant in the lower horizon lenses but are, on average, three times greater in the upper horizon lenses.

The volcanogenic massive sulphide deposit type and model for Blue Moon is considered appropriate, and the proposed exploration program is planned accordingly.

***Exploration***

Exploration of the Blue Moon Property, mostly historical in nature, was carried out by earlier owners and includes geological mapping, soil geochemical surveys and geophysical surveys, including an induced polarization survey, down-hole EM surveys and, in 2023, a gravity survey.

***Drilling***

Most of the drilling on the Blue Moon Property was completed by previous owners, starting in 1942, and by Blue Moon in 2018, 2019, and 2021.

Drilling has occurred on the Blue Moon Property since 1942 with a total of 136,416 ft of drilling in 124 drill holes. Most of the holes were drilled in the Blue Moon deposit area. A few holes were drilled in the Amselco Hill and Lone Oak areas, targeting the favorable stratigraphic horizon. Figure 1.3 shows the location of all drill holes on the Blue Moon prospect through 2023 (Shum, Kevin 2023).

**Figure 1.3: Location of All Drill Holes on the Blue Moon Prospect through 2023 (Shum, Kevin 2023)**

![](tm2533647d1_ex99-44sp2img004.jpg)

Most of the holes drilled on the Blue Moon Property have been diamond drill holes of BQ and NQ core, except for nine percussion holes drilled in 1979 by Amselco. As well, with the exception of the Amselco holes, all the holes have down-hole surveys. Only core holes drilled since 1979 were used in the resource calculation.

Table 1.3 and Table 1.4 list the footage drilled by others and by Blue Moon, respectively.

**Table 1.3: Summary of Drilling on the Blue Moon Property, Prior to the Formation of Blue Moon**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Operator** | **No of <br> Holes** | **Hole Numbers** | **Drilled Length <br> (ft)** |
| 1942 | Red Cloud Mines Inc. | 10 | RC2 - RC8, 101-103 | 4516.5 |
| 1944 | US Bureau of Mines | 7 | 1-7 | 2800.0 |
| 1979 | Amselco | 9 | 79-1 – 79-9 | 4161.0 |
| 1981 | Colony Pacific | 2 | B1, B2 | 1584.0 |
| 1982 | Colony Pacific | 12 | AE1 - AE3, B3-82 - B11-82 | 11054.1 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year** | **Operator** | **No of <br> Holes** | **Hole Numbers** | **Drilled Length**<br> (**ft**) |
| 1983 | Colony Pacific | 6 | B12-83 - B17-83 | 9856.6 |
| 1984 | Westmin | 5 | B18 - B22 | 10891.7 |
| 1985 | Westmin | 10 | CH13-14,17-18,23-28 | 10307.5 |
| 1986 | Westmin | 15 | AE 86 CH 1,B 86 CH 29 - B 86CH 42 | 22129.8 |
| 1987 | Westmin | 7 | B 87 CH 43 - B 86 CH49 | 6872.0 |
| 1988 | Westmin | 10 | B 88 CH 50 - B 88 CH59 | 16447.0 |
| 1991 | Lac Minerals | 15 | B 91 CH 60 - B 91 CH74 | 19639.0 |
| 1999 | Augusta | 5 | LO 99 CH 01- LO 99CH 05 | 2471.0 |
| **Totals** | **Totals** | **113** | - | **122730.2** |

---

**Table 1.4: Drilling by Blue Moon Since 2018 at Blue Moon Project**

---

| | |
|:---|:---|
| **Hole** | **Drilled Length <br> (ft)** |
| BMZ75 (2018) | 1180 |
| BMZ76 (2018) | 950 |
| BMZ77 (2018) | 180 |
| BMZ78 (2018) | 1789 |
| BMZ79 (2019) | 1837 |
| BMZ80 (2019) | 1877 |
| BMZ81 (2021) | 719 |
| BMZ82 (2021) | 577 |
| BMZ83 (2021) | 2809 |
| BMZ84 (2021) | 1768 |
| **Total** | **13686** |

---

Table 1.5 details significant Intercepts from the Blue Moon Drill Program.

**Table 1.5: Significant Intercepts from the Blue Moon Drill Program**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole** | **From <br> (ft)** | **To <br> (ft)** | **Length <br> (ft)** | **Zinc**<br> **(%)** | **Gold <br> (g/t)** | **Silver <br> (g/t)** | **Lead**<br> **(%)**<br>| **Copper**<br> **(%)** | **ZnEq**<br> **(%)** |
| BMZ75 | &nbsp;&nbsp;&nbsp;1022.0 | &nbsp;&nbsp;&nbsp;1038.0 | &nbsp;&nbsp;&nbsp;16.0 | &nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;0.7 | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;1.4 |
| Inc | &nbsp;&nbsp;&nbsp;1027.0 | &nbsp;&nbsp;&nbsp;1029.0 | &nbsp;&nbsp;&nbsp;2.0 | &nbsp;&nbsp;&nbsp;2.9 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;1.5 | &nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;3.2 |
| BMZ78 | &nbsp;&nbsp;&nbsp;1425.0 | &nbsp;&nbsp;&nbsp;1545.7 | &nbsp;&nbsp;&nbsp;120.7 | &nbsp;&nbsp;&nbsp;9.45 | &nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;42.93 | &nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;12.61 |
| Inc | &nbsp;&nbsp;&nbsp;1436.0 | &nbsp;&nbsp;&nbsp;1441.0 | &nbsp;&nbsp;&nbsp;5.0 | &nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;32.60 | &nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;8.08 |
| Inc | &nbsp;&nbsp;&nbsp;1459.0 | &nbsp;&nbsp;&nbsp;1464.0 | &nbsp;&nbsp;&nbsp;5.0 | &nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;18.50 | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;8.77 |
| Inc | &nbsp;&nbsp;&nbsp;1468.5 | &nbsp;&nbsp;&nbsp;1453.3 | &nbsp;&nbsp;&nbsp;15.2 | &nbsp;&nbsp;&nbsp;5.98 | &nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;15.44 | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;9.40 |
| Inc | &nbsp;&nbsp;&nbsp;1508.0 | &nbsp;&nbsp;&nbsp;1538.0 | &nbsp;&nbsp;&nbsp;30.0 | &nbsp;&nbsp;&nbsp;30.30 | &nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;71.07 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;36.80 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hole** | **From <br> (ft)** | **To <br> (ft)** | **Length <br> (ft)** | **Zinc**<br> **(%)** | **Gold <br> (g/t)** | **Silver <br> (g/t)** | **Lead**<br> **(%)** | **Copper**<br> **(%)** | **ZnEq**<br> **(%)** |
| Inc | &nbsp;&nbsp;&nbsp;1508.0 | &nbsp;&nbsp;&nbsp;1511.0 | &nbsp;&nbsp;&nbsp;3.0 | &nbsp;&nbsp;&nbsp;46.50 | &nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;130.00 | &nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;56.51 |
| BMZ79 | &nbsp;&nbsp;&nbsp;412.8 | &nbsp;&nbsp;&nbsp;420.3 | &nbsp;&nbsp;&nbsp;7.5 | &nbsp;&nbsp;&nbsp;25.6 | &nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;17.39 | &nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;28.46 |
| Inc | &nbsp;&nbsp;&nbsp;414.7 | &nbsp;&nbsp;&nbsp;417.7 | &nbsp;&nbsp;&nbsp;3.0 | &nbsp;&nbsp;&nbsp;49.6 | &nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;30.32 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;54.11 |
| BMZ79 | &nbsp;&nbsp;&nbsp;450.4 | &nbsp;&nbsp;&nbsp;461.3 | &nbsp;&nbsp;&nbsp;10.9 | &nbsp;&nbsp;&nbsp;3.1 | &nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;4.62 |
| Inc | &nbsp;&nbsp;&nbsp;457.2 | &nbsp;&nbsp;&nbsp;459.2 | &nbsp;&nbsp;&nbsp;2.0 | &nbsp;&nbsp;&nbsp;4.2 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;5.24 |
| BM21- 83 | &nbsp;&nbsp;&nbsp;504.0 | &nbsp;&nbsp;&nbsp;514.0 | &nbsp;&nbsp;&nbsp;10.0 | &nbsp;&nbsp;&nbsp;3.8 | &nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;4.40 |
| Inc | &nbsp;&nbsp;&nbsp;509.0 | &nbsp;&nbsp;&nbsp;514.0 | &nbsp;&nbsp;&nbsp;5.0 | &nbsp;&nbsp;&nbsp;5.0 | &nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;5.50 |
| BM21- 83 | &nbsp;&nbsp;&nbsp;1829.0 | &nbsp;&nbsp;&nbsp;1839.0 | &nbsp;&nbsp;&nbsp;10.0 | &nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;11.3 | &nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;5.30 |
| Inc | &nbsp;&nbsp;&nbsp;1839.0 | &nbsp;&nbsp;&nbsp;1839.0 | &nbsp;&nbsp;&nbsp;5.0 | &nbsp;&nbsp;&nbsp;1.2 | &nbsp;&nbsp;&nbsp;6.96 | &nbsp;&nbsp;&nbsp;15.2 | &nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;8.80 |
| BM21- 83 | &nbsp;&nbsp;&nbsp;2408.0 | &nbsp;&nbsp;&nbsp;2458.0 | &nbsp;&nbsp;&nbsp;50.0 | &nbsp;&nbsp;&nbsp;2.4 | &nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;4.5 | &nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;3.13 |
| Inc | &nbsp;&nbsp;&nbsp;2413.0 | &nbsp;&nbsp;&nbsp;2423.0 | &nbsp;&nbsp;&nbsp;10.0 | &nbsp;&nbsp;&nbsp;3.4 | &nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;5.8 | &nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;3.90 |
| Inc | &nbsp;&nbsp;&nbsp;2443.0 | &nbsp;&nbsp;&nbsp;2453.0 | &nbsp;&nbsp;&nbsp;10.0 | &nbsp;&nbsp;&nbsp;4.3 | &nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;4.5 | &nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;5.46 |

---

Figure 1.4 presents a longitudinal section showing the drill hole intercepts to date.

Drill hole BMZ-78 cut 30 ft (9.35 m) of massive sulphide mineralization grading 30.3% zinc, 1.7% copper, 1.67 g/t gold and 71 g/t silver for a zinc equivalent grade of 36.8% within a broader interval of 120.7 ft (36.5 m) that returned 9 .45% zinc, 0.58% copper, 1.1 g/t gold and 42.9 g/t silver for a zinc equivalent grade of 12.61%.

BMZ-78 was drilled into a previously untested area (200 ft x 500 ft) within the West and Main Zones at a vertical depth of approximately 1,200 ft (374 m).

Blue Moon's 2018 drill program demonstrated that the massive sulphide lenses are now traceable for approximately 3 ,000 ft (900 m) along plunge and remain open to surface and depth.

Hole BMZ79 intersected significant zones of high-grade sphalerite including the following intervals. Note that stated dimensions are intersected width (IW); true width is approximately 55% of IW.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 7.47
 m (24.5 ft) at 25.55% zinc, 0.87% copper, 0.68 g/t gold and 17 g/t silver for a zinc equivalence
 ("ZnEq") of 28.46% from 412.81 m, including:

○ 3.05 m (10.0 ft) at 49.60% zinc, 1.39% copper, 0.91 g/t gold and 30 g/t silver for a ZnEq of 54.11% from 414.65 m.

**Figure 1.4: Long Section Showing Latest Drilling through 2021**

![](tm2533647d1_ex99-44sp2img005.jpg)

Source: Hendricksen and Wilson (2023)

A second zone of zinc mineralization in the same hole from 450 m, included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 10.96
 m (36.0 ft) at 3.11% zinc, 0.47% copper and 0.27 % lead for a ZnEq of 4.62% from 450.37 m,
 including:

○ 2.08 m (6.8 ft) at 4.2% zinc for a ZnEq of 5.24% from 457.16 m.

The high-grade zone of BMZ79 includes the highest zinc interval ever intercepted in the Blue Moon Project to date, 1.71 m (5.6 ft) at 51.9% zinc, 1.49% copper, 0.05% lead, 0.85 g/t gold and 31.9 g/t silver from 414.65 m.

The high-grade mineralized intercept in Hole BMZ79 is 50 m (164 ft) above and 8 m (26 ft) south of the high-grade mineralization intercepted by the 2018 diamond hole BMZ78. The intercept extends the size of the high-grade zone of mineralization within the Main mineralized horizon. The Main mineralized horizon also intersected some interesting anomalies of gold and silver (Table 1.5).

The stage 1 drilling program totaled 1,132 m (3,714 ft) and tested the northern border of the mineral resource as well as extend the zone of high-grade mineralization near hole BMZ78 which was drilled by Blue Moon in 2018.

A new drill discovery was made in 2021 testing a geophysical conductor target, located west of the three previously discovered Blue Moon mineralized zones and south of the American Eagle workings, as shown in Table 1.6. This new zone was discovered deep and lateral to the previously known mineral system. Sphalerite encountered in this new discovery has a different hue from the other zones which may indicate a separate emplacement pulse, with slightly different timing, which could add the currently known zones.

**Table 1.6: Assay Highlights New South Zone (Drill Hole BM21-83)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Drill <br> Hole** | **From <br> (ft)** | **To <br> (ft)** | **Thickness <br> (ft)** | **Zinc <br> (Zn%)** | **Copper <br> (Cu%)** | **Lead <br> (Pb %)** | **Silver<br> (Ag<br> opt)** | **Gold<br> (Au**<br> **opt)**<br>| **ZnEq**<br> **%(\*)** |
| BM21- 83 | 2408 | 2458 | 50 | 2.4 | 0.12 | 0.06 | 0.13<br> (4.5 g/t<br> Ag) | 0.009 (0.31 g/t<br> Au) | 3.13 |
| including | 2413 | 2423 | 10 | 3.4 | 0.09 | .05 | 0.17<br> (5.8 g/t<br> Ag) | 0.005<br> (0.17 g/t Au) | 3.90 |
| and | 2443 | 2453 | 10 | 4.3 | 0.34 | 0.01 | 0.13<br> (4.5 g/t<br> Ag) | 0.009 (0.31 g/t<br> Au) | 5.46 |

---

**Notes:**

\* The above thicknesses are core lengths and are not true thicknesses. The estimated true thicknesses are approximately 50% of the core length. These results are also reported in Table 1.5.

Stringers and blebs of sulphides were encountered starting at a core depth of 2,363 ft that continued until the banded and massive interval from 2,400 ft to 2,452 ft (52 ft interval at a vertical depth from surface of approximately 800 ft). Mineralization then tapered off into another stringer zone down to 2,461 ft core depth. The mineral-rich zone comprised nearly 100 ft core length (not true thickness). Higher up in the hole, several smaller zones were encountered. Mineralization is hosted in rhyolite and rhyolite tuffs of the Gopher Ridge Formation. The stringer and main zone of sulphides are composed of sphalerite, chalcopyrite, galena tetrahedrite and pyrite.

***Sample Preparation, Analyses and Security***

Core from the drill holes through 2021 was collected at the drilling rig by a company geologist and brought to the core logging facility on the Blue Moon Property. The core was cleaned, logged for rock type, structures and mineralization prior to a geologist marking out specific intervals for sampling based on sulphide content. Sampling of the core was done either by a hydraulic splitter if visually lower grade or sawn if deemed to be potentially higher grade. The core was sampled lengthwise with one half placed into a plastic sample bag with a sample tag. The other half was returned to the core box with a duplicate sample tag number for a permanent record. Standards and blank samples were not inserted into the stream of core samples prior to Blue Moon as this was not practiced by the majority of mining companies at that time. Core with visual mineralization was stored in locked shipping containers which remain on site, with saved mineralized sections of core available for inspection.

Samples for analysis were sent by truck to independent laboratories. Some of the earlier samples were sent to a Mineral Assay Office Inc., Nevada; however, the majority of the core samples were analyzed by Chemex Labs (now ALS Laboratories) in Vancouver, Canada. Both laboratories were certified assayers within their respective jurisdictions and independent of the owners of the Blue Moon Property. All assay data used in the resource calculation was generated via standard, industry accepted assaying techniques. Gold assaying used a 30g sample size for a fire assay with an atomic absorption spectrometry finish (FA-AAS). Silver and lead assays were generated with atomic absorption spectrometry (AAS). All other elements were assayed by inductively coupled plasma atomic emission spectroscopy (ICP-AES), including barium which required an additional, final gravimetric procedure. Known standards and blank samples were inserted into the sample stream by the laboratory for quality control.

One set of check assays carried out by Giroux (2018) included 55 samples that were assayed by both Chemex Labs in Vancouver (Chemex) and Mineral Assay Office Inc. in Nevada (Mineral). At that time, Chemex and Mineral were independent facilities with no relation to the issuer. Chemex was an ISO 9001:2015 certified laboratory. Chemex and Mineral are no longer in business as of the effective date of the Blue Moon Technical Report. Table 1.7 summarizes the results of those check assays.

**Table 1.7: Summary Statistics, Check Assays**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Parameter** | **Copper <br> (Cu %)** | **Zinc <br> (Zn %)** | **Silver <br> (opt Ag)** | **Gold <br> (opt Au)** |
| &nbsp;&nbsp;Mean, Chemex | 0.918 | 5.385 | 2.554 | 0.035 |
| &nbsp;&nbsp;Mean, Mineral | 0.970 | 5.500 | 2.433 | 0.038 |
| &nbsp;&nbsp;Stand. Dev, Chemex | 0.997 | 6.622 | 7.037 | 0.082 |
| &nbsp;&nbsp;Stand. Dev, Mineral | 1.066 | 6.653 | 7.009 | 0.094 |
| &nbsp;&nbsp;CV, Chemex | 1.09 | 1.23 | 2.76 | 2.31 |
| &nbsp;&nbsp;CV, Mineral | 1.10 | 1.21 | 2.88 | 2.44 |

---

A paired t-test was performed and previously reported on the data to check bias between the laboratories. In all cases the difference between the laboratories is considered insignificant. Table 1.8 summarizes the results.

No documentation exists for sample preparation, analyses and security from previous operators. It is the opinion of the QP that the sample preparation, security and analytical procedures followed can be relied upon for the purposes of the Blue Moon Technical Report.

**Table 1.8: Paired t-test, Check Assays**

---

| | |
|:---|:---|
| **Element** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Results** |
| Cu | &nbsp;&nbsp;Mineral reports 0.05% higher than Chemex |
| Zn | &nbsp;&nbsp;No bias found between laboratories |
| Ag | &nbsp;&nbsp;Chemex reports 0.12 oz/ton higher than Mineral |
| Au | &nbsp;&nbsp;No bias found between laboratories |

---

***Data Verification***

The QP conducted a personal inspection of Blue Moon on November 5 and 6, 2024. The QP had access to the complete database of the Blue Moon Project including all original assay certificates from the Corporation and previous operators, the original drill logs of the Corporation, and down-hole, directional survey results for all drilling. As well as the original surveyor's report on drill hole locations, the QP was provided with a report of a 2018 survey commissioned by Blue Moon and completed by Jones Snyder and Associates, a registered land surveyor in the state of California. The 2018 survey included resurveying of 29 of the holes used for the Blue Moon Project as well as monuments established by the surveys of 1984 and 1991, established decades prior to the involvement of Blue Moon.

There is no documentation of data verification procedures from previous operators.

All mineralized intersections are preserved in a secured storage facility on the Blue Moon Property. As part of the verification process, the author completed cross checks of the assay sample numbers recorded in the original assay certificates with drill logs and the sample tags in the core boxes for 30 of the mineralized intercepts. No discrepancies or errors were noted between the sample numbers on the tags in the core boxes and those recorded in the assay certificates. The author did not note any visual discrepancies between what was observed in the core with what was recorded in the drill logs. No assay with high zinc, copper or lead were noted to be at odds with what was observed in the drill core for the comparable interval.

The QP reviewed the results of the 2018 drill hole survey and compared these with the original surveys of 1984 and 1 991. In addition, the surveys of the 2019 program were also compared for drilling in those years. The results of the surveys compare, and no material difference was found. As a check of the professional surveys, the author also checked the collar locations with a handheld GPS unit (Garmin). The co-ordinates noted matched those of the earlier surveys.

As a check on core recoveries reported in the historical logs, the QP carried out spot checks of key mineralized sections in 25 holes used in the resource calculation of the Blue Moon Technical Report. The core recovery noted by the author matched those reported in the historical logs. The author also checked the thicknesses of mineralization by measuring the angle between the core axis and the contact of massive sulphide zones with the bounding rhyolite host rocks. Spot checking of 25 holes used in the resource calculation with respect to drill hole length, azimuth and grid location found no material differences.

During the November 2024 site visit, the QP collected a random interval of core from Drill Hole CH7. The sample was submitted to ALS Reno USA for sample preparation. The assaying was performed at ALS Vancouver BC. ALS Reno USA and ALS Vancouver BC are both subsidiaries of ALS Global. ALS Global is independent of the issuer. ALS Global Quality complies with ISO/EIC 176025:2017. Table 1.9 shows the original assay which is used in the drilling database versus the check sample submitted by the author. The results confirm the occurrence of mineralization for that sample at the encountered drilling depth.

**Table 1.9: Independent QP's Data Verification, November 5, 2024**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Parameter** | **Hole ID** | **Sample <br> ID** | **From** | **To** | **Silver<br> (opt**<br> **Ag)** | **Gold<br> (opt**<br> **Au)** | **Copper <br> (Cu %)** | **Lead <br> (Pb %)** | **Zinc <br> (Zn %)** |
| Original | CH47 | 73860 | 1495.4 | 1496.5 | 1.9 | 0.01 | 0.9 | 0.005 | 10.7 |
| Check | - | - | - | - | 0.91 | 0.001 | 0.411 | 0.001 | 5.3 |

---

QPs Christoper Jacobs and Alan San Martin were also present during the site visit on 5-6 November 2024. At that time, Mr. San Martin was able to examine drill core from the mineralized zone and its host rock and was thus able to verify the RQD values recorded in drill logs that informed the preliminary estimate of stope spans for the proposed underground mine. Also, Mr. San Martin and Mr. Jacobs were able to verify the condition of the site access road, the availability of suitable terrain for construction of a mine portal, process plant and tailings storage facility, and confirm the proximity of power lines at the nearby hydro-electric dam and distance to the settlement at Hornitos.

Mr. Gowans examined metallurgical testwork reports prepared on behalf of previous operators of the Project and, based on the level of detail provided, determined their suitability for inclusion.

No limitations were placed on the QP during the site visit. In the opinion of the QP, the data used to estimate mineral resources for the Blue Moon Property is adequate for purposes used in the Blue Moon Technical Report.

Further details on the sampling methods, analyses and data verification are available in the Blue Moon Technical Report, which is available on SEDAR+ (<u>www.sedarplus.ca</u>) under the Corporation's issuer profile.

***Mineral Processing and Metallurgical Testing***

A program of metallurgical testwork was undertaken using two mineralized samples (identified as Sample 1 and Sample 2) by Lakefield Research (now SGS Mineral Services), Ontario, Canada, in 1988, under the direction of Wright Engineers Limited on behalf of Westmin Resources Limited. This preliminary testwork program comprised chemical and mineralogical analyses, hardness testing, batch and locked cycle flotation, flotation concentrate analyses, gravity separation and preliminary settling tests on samples of zinc concentrate and zinc rougher tailings.

Sample 1 was reported by Lakefield Research to comprise relatively coarse high-sulphide mineralization with active pyrite and sphalerite. Sample 2 was reported to contain less sulphides and be more complex and finer grained than Sample 1.

The results of preliminary mineralogical characterization study by Lakefield Research showed that the samples were similar with respect to sulphide mineral species but there were differences in the amounts of each sulphide and mineral associations. In general, Sample 1 contained more sulphides and was relatively coarse grained (> 100 microns) while Sample 2 contained more non-opaque minerals and sulphide particles were smaller in size.

The work indices derived from standard bond grinding testing of around 9 kWh/t are considered relatively low compared with most copper and zinc ores (between 11 and 14 kWh/t), although the elevated content of barite and gypsum could explain the perceived discrepancy.

Lakefield Research completed 26 separate bench scale batch flotation tests and one locked cycle test primarily to investigate the sequential flotation of copper and zinc from the two samples.

The results of the cycle test using Sample 1 show a 93% copper recovery into a concentrate containing 26.5% Cu, 8 .42 g/t Au, 484 g/t Ag, 2.35% Pb and 7.0% Zn. Lead recovery to the copper concentrate was also 93% while the recoveries of gold and silver were around 68%. A zinc recovery of 95.2% Zn was achieved into a high quality zinc concentrate containing 62.3% Zn.

Although preliminary mineralogical studies suggested that Sample 2 was more complex and fine grained than Sample 1 , the results from batch rougher and cleaner flotation tests were similar to Sample 1. A simple batch pyrite recovery test was completed using Sample 2 following sequential flotation of Cu/Pb and Zn. Approximately 20% of the original mass was recovered to a pyrite rougher concentrate.

The conclusions from the 1988 testwork program are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Good
 recoveries of copper and zinc into high grade concentrates were achieved using conventional
 sequential flotation technology. Typically, most of the gold and silver in the samples tended
 to report to the copper/lead concentrate. Net recoveries of gold and silver to both the zinc
 and copper concentrates were 86.2% and 94.3% respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 copper/lead concentrate produced contained minor amounts of deleterious elements which may
 incur penalties when sold to smelters. Conversely, this product also contained gold and silver
 in payable quantities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 zinc concentrate produced was of high grade with relatively low iron and contained no significant
 amount of penalty elements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Flotation
 of pyrite from zinc tailings was successful and additional work to improve the product quality
 is recommended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Separation
 of copper and lead into separate products was challenging but further work to improve selectivity
 is warranted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 work indices calculated from standard bond ball mill tests were relatively low and need to
 be confirmed using fresh samples that represent the main ore types at Blue Moon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 samples contained interesting amounts of barite and gypsum. More work is required to quantify
 the distribution of these minerals within the deposit, the quality of these minerals, and
 the potential to recover these minerals as valuable by-products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 samples appeared to contain a certain amount of free or nuggetty gold which should be investigated
 further. Deportment studies on the gold and silver are recommended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Elements
 of particular interest that should be investigated in the next phase of metallurgical testwork
 include germanium and gallium. The economic potential of these elements as well as indium
 should be considered during the next geo-metallurgical testwork program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Based
 on the limited amount of testing undertaken so far, there are no processing factors or other
 deleterious elements that that could have a significant effect on the potential economic
 extraction of the deposit.

***Mineral Resource Estimate***

The MRE for the Blue Moon Technical Report was determined by using inverse distance cubed (ID3) techniques for the Main, Western and Eastern Zones of the Blue Moon Massive Sulphide Deposit. Assay data was derived from the current drilling database, including drill holes completed after 2018. Mineralized domain solids were created from the coding of drill data in a three-dimensional (3D) geological modeling program. Drilling intercept assay values were capped for each mineralized domain using statistical analysis and subsequently composited forming the sample set used for the MRE grade estimates. The MRE has been determined according to the CIM Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (November 29, 2019). Mineral Resources have been reported in accordance with the disclosure requirements under NI 43-101.

The MRE is subdivided into three zones: Main Zone (vm1), East Zone (ve) and West Zone (vw). Using compiled and modeled 3D drill data there are distinct, separate, continuous lenses of mineralization, generally striking north. The Main Zone represents the largest occurrence of mineralization. Mineralization has been identified over a strike length of 2,500 ft as well as a plunge of nearly 2,500 ft of depth. The West and East Zones display less continuity as compared to the Main Zone. These were modeled independently and subsequently appended together to form a combined east and west zone triangulation domains. In addition to the dominant mineralized lenses numerous prominent mineralized intervals exist along many drill holes throughout the deposit. Individual mineralized domain solids were developed for these intervals which were subsequently labeled east lenses (vle) and west lenses (vlw) based upon their respective relationships to the Main Zone. The "vle" and "vlw" lenses were compiled and added to the overall "ve" and "vw" domain triangulations.

Reasonable prospects of eventual economic extraction assume underground mining of the deposit, surface mill processing and production of zinc concentrates and copper concentrates. Mineral Resources are reported at a Zinc Equivalent Percent (ZnEq %) cutoff grade of 2.9%. Cutoff grade sensitivities can be found in the Blue Moon Technical Report.

ZnEq % is calculated by each assayed metal being assigned a metal price, assumed recovery percentage and overall value factor based on the metal's price and recovery. Notwithstanding its potential for eventual economic extraction, for the purposes of this preliminary economic assessment lead was assumed not payable and so makes no contribution to ZnEq % grade. Parameters forming the basis for the ZnEq % formula are detailed in the Blue Moon Technical Report.

The formula used to estimate ZnEq % is:

ZnEq = Zn% + ((Cu% \* 78.20)+(Pb% \* 0)+(Ag opt \* 25.46)+(Au opt \* 1896.40))/23.83.

Table 1.10 and Table 1.11, respectively, present the Indicated and Inferred Mineral Resource Estimates. Resources are not Mineral Reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the Mineral Resources will be converted into Mineral Reserves.

Figure 1.5 shows the location of drill holes on the Blue Moon Property, as well as a plan projection of the three mineralized zones. Figure 1.6 and Figure 1.7 show the mineralized domains on long-section 7500E looking West and East, respectively.

**Table 1.10: Blue Moon Indicated Mineral Resource Estimate Effective Date December 24, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain <br> (Vein)** | **ZnEq <br> Cutoff** | **Tons** | **ZnEq**<br> **(%)** | **Copper <br> (Cu %)** | **Lead <br> (Pb %)** | **Zinc <br> (Zn %)** | **Gold <br> (opt Au)** | **Silver <br> (opt Ag)** |
| &nbsp;&nbsp;Main | 2.9% | 3073000 | 12.66 | 0.78 | 0.16 | 5.90 | 0.04 | 1.14 |
| &nbsp;&nbsp;East | 2.9% | 498000 | 18.99 | 0.47 | 0.63 | 6.64 | 0.09 | 3.72 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain <br> (Vein)** | **ZnEq <br> Cutoff** | **Tons** | **ZnEq**<br> **(%)** | **Copper <br> (Cu %)** | **Lead <br> (Pb %)** | **Zinc <br> (Zn %)** | **Gold <br> (opt Au)** | **Silver <br> (opt Ag)** |
| &nbsp;&nbsp;West | 2.9% | 78000 | 9.50 | 0.62 | 0.33 | 4.41 | 0.03 | 0.93 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | **3650000** | **13.46** | **0.73** | **0.23** | **5.97** | **0.04** | **1.49** |
|  |  |  | **Metal** | **Cu Mlbs** | **Pb Mlbs** | **Zn Mlbs** | **Au Moz** | **Ag Moz** |
|  |  |  | Main | 47.94 | 10.08 | 362.76 | 0.11 | 3.51 |
|  |  |  | East | 4.67 | 6.29 | 66.15 | 0.04 | 1.85 |
|  |  |  | West | 0.97 | 0.52 | 6.91 | 0.00 | 0.07 |
|  |  |  | Total | 53.59 | 16.90 | 435.83 | 0.16 | 5.43 |

---

**Table 1.11: Blue Moon Inferred Mineral Resource Estimate Effective Date December 24, 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Domain <br> (Vein)** | **ZnEq <br> Cutoff** | **Tons** | **ZnEq**<br> **(%)** | **Copper <br> (Cu %)** | **Lead <br> (Pb %)** | **Zinc <br> (Zn %)** | **Gold <br> (opt Au)** | **Silver <br> (opt Ag)** |
| &nbsp;&nbsp;Main | 2.9% | 3261000 | 11.41 | 0.52 | 0.23 | 5.68 | 0.04 | 1.15 |
| &nbsp;&nbsp;East | 2.9% | 994000 | 15.49 | 0.59 | 0.56 | 5.04 | 0.07 | 2.43 |
| &nbsp;&nbsp;West | 2.9% | 173000 | 6.28 | 0.73 | 0.22 | 1.98 | 0.02 | 0.40 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**Total** | **4428000** | **12.12** | **0.54** | **0.30** | **5.39** | **0.04** | **1.41** |
|  |  |  | **Metal** | **Cu Mlbs** | **Pb Mlbs** | **Zn Mlbs** | **Au Moz** | **Ag Moz** |
|  |  |  | Main | 33.65 | 14.74 | 370.27 | 0.11 | 3.76 |
|  |  |  | East | 11.80 | 11.20 | 100.11 | 0.07 | 2.42 |
|  |  |  | West | 2.52 | 0.74 | 6.84 | 0.00 | 0.07 |
|  |  |  | Total | 47.97 | 26.68 | 477.22 | 0.19 | 6.25 |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Scott Wilson, CPG, President of RDA is responsible
 for this mineral resource estimate and is an independent Qualified Person as such term is defined
 by NI 43-101.

(2) Reasonable prospects of eventual economic extraction were assessed by
 enclosing the mineralized material in the block model estimate in 3 D wireframe shapes that were constructed based upon geological
 interpretations as well as adherence to a minimum mining unit with geometry appropriate for underground mining.

(3) The cutoff grade of 2.9% ZnEq considered parameters of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Metal selling prices: Au-US$2,200/oz,
 Ag-US$27/oz, Cu-US$4.25/lb., Pb-US$0.90/lb., Zn-US$1.25/lb.

(b) Recoveries of Au 86.2%, Ag 94.3%, Cu 93.1%, Pb 0%, Zn 95.3%.

(c) Costs including mining, processing, general and administrative (G&A).

&nbsp;&nbsp;&nbsp;&nbsp;(4) Zinc Equivalent Grade ("ZnEq")
 is estimated by the formula:

ZnEq = Zn% + ((Cu% \* 78.20)+(Pb% \* 0)+(Ag opt \* 25.46)+(Au opt \* 1896.40))/23.83

&nbsp;&nbsp;&nbsp;&nbsp;(5) Mineral resources are not mineral reserves and do not have demonstrated
 economic viability.

(6) Figures may not add up due to rounding.

(7) Tonnages shown in Table 1.10 and Table 1.11 are short tons.

(8) The QP knows of no other legal, political, environmental, or other risks
 that could materially affect the potential development of the mineral resources for the Blue Moon Project.

**Figure 1.5: Plan View of Mineralized Domains and Drilling**

![](tm2533647d1_ex99-44sp2img006.jpg)

**Figure 1.6: Long-Section View - 7500E Looking West - Mineralized Domains**

![](tm2533647d1_ex99-44sp2img007.jpg)

Source: Henricksen and Wilson (2023)

**Figure 1.7: Long Section View - 7500E Looking East - Mineralized Domains**

![](tm2533647d1_ex99-44sp2img008.jpg)

Source: Henricksen and Wilson (2023)

The QP knows of no other legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources for the Blue Moon Project.

***Mineral Reserve Estimate***

No current mineral reserve estimate has been established on the Blue Moon Property.

***Mining Operations***

The PEA is preliminary in nature. It 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, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

The PEA utilizes the Mineral Resources described in the Blue Moon Technical Report and only those portions of the Mineral Resource that fall within the constraints defined by underground parameters of the PEA are used to inform the Blue Moon Project economics.

The mining method selection was largely guided by the results of the Mineable Shape Optimizer (MSO) analysis, which evaluated various stoping methods and sizes based on economic and operational parameters. The MSO process assessed multiple configurations, including longhole stoping and cut and fill methods. As a result of this analysis, a stope height of 80 ft, using a $75/ton NSR cutoff, was selected as the basis for the mine design as this maximises resource recovery, limits excessive sustaining capital requirements (level development), and provides the highest relative operating margin compared to the other cases considered.

The mine will be accessed through a ramp system designed with a nominal grade of 13%, reaching a maximum of 1 5% in some sections. The initial portal and decline will provide access for exploration drilling and be utilized once the mine moves into production as the main haulage route. The layout separates the deposit into North and South mining zones to minimize level development and provide additional mine sequencing flexibility. The decline is positioned to first access the North Zone, prioritizing thicker, higher-grade levels in the mine.

Mining levels will be spaced at 80-ft vertical intervals, with mining fronts consisting of 5 or 6 levels grouped together. Each level will include essential infrastructure such as truck load-out areas, electrical substations, and dewatering sumps. The primary decline will serve as the main haulage route, with additional accesses developed as mining advances. Allowances were added (5% for ramp, 20% for level development) to account for remucks and infrastructure cutouts (Figure 1.8).

The production schedule was created in Datamine's Enhanced Production Scheduler (EPS) software, using benchmark development rates observed on recent projects. The initial decline advances to the main fresh air intake raise, before continuing to the north and beginning the north spiral ramp to the first mining front.

Separate level development crews are assigned to handle level and ventilation accesses, as well as ore sill drives. Stopes are scheduled by linking dependencies between designed stope shapes, in a Primary- Primary retreat sequence to the level access. Additional dependencies were added to the schedule to ensure ventilation breakthroughs are complete in advance of production on a level. The dedicated ramp resource crew advances to the next mining front. Overall production is targeted at 2,000 tons per day. Mining fronts were prioritized by grade and size to aid in early revenue generation.

The underground mining fleet will include a combination of development and production equipment. The development fleet will consist of jumbo drills, bolters, load-haul-dump (LHD) machines, and scissor decks for support infrastructure installation. The production fleet will include 42 tonne haul trucks, longhole drills, and 6-yard LHDs for material movement.

Workforce estimates were created based on the mine schedule, assuming 2-12 h shifts, with a 4-shift rotation. Mine technical and administrative staff and certain fixed plant maintenance personnel were assumed to work 5-d weeks, day shift only. Peak salaried and hourly-waged personnel requirements are 61 and 160 people, respectively.

Provision has been made in the design for mine services including dewatering, electrical distribution, communications and safety, refuge chambers, and compressed air.

**Figure 1.8: Mine Design Model View Looking West**

![](tm2533647d1_ex99-44sp2img009.jpg)

*Not to scale.*

***Processing and Recovery Operations***

The processing facility has been designed to treat 657,000 tonnes per year. Mineralization will be received from the underground mine at the process site which comprises the following areas:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crushing
 Plant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Crushed
 Ore Handling and Storage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SAG
 and Ball Mill Grinding Circuit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Flotation
 Circuits:

○ Copper Flotation.

○ Zinc Flotation.

○ Pyrite Flotation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Concentrate
 Handling by means of thickening, filtration and loading for copper, zinc and pyrite concentrates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tailings
 Handling by means of thickening, filtration and preparing for paste and dry stack storage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Paste
 Backfill Plant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reagents
 Handling and Storage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Plant
 Services.

The mineral processing operation shall begin when the haul trucks from the underground mine deliver the ore to the primary crusher station. The ore will be crushed and conveyed to a stockpile where it will be reclaimed and transported to the main mill building. The crushed ore will be sufficiently reduced in size in the grinding circuit to liberate the desired minerals. Downstream, the flotation circuits shall selectively recover the target minerals for each type of concentrate. Dedicated thickeners shall densify each slurry stream and recover the overflow water for re-use in the process, while the thickened slurry will be further dewatered through dedicated filter presses. Concentrates and tailings shall all be handled as filter cakes.

Copper and zinc concentrates shall be collected from the storage stockpile located below the filter presses and loaded onto a hopper and conveyor system which will be used to load the concentrate within a lined rectangular shipping container. Pyrite and tailings filter cake will be conveyed by means of conveyors to a paste backfill mixer. The mixer shall blend the filtered tailings with additional water and a binder into a paste which will then be pumped to the underground mine by means of a piping network.

***Infrastructure, Permitting and Compliance Activities***

<u>Project Infrastructure</u>

The infrastructure of the Blue Moon Property is designed to support the operation of a processing plant and production from the underground operation. The mine and processing plant will operate on a nominal 24 h/day, 7 days/week schedule to achieve an average throughput of 1,800 tonne/day. The proposed general arrangement for the mine site is presented in Figure 1.9.

**Figure 1.9: Blue Moon General Arrangement**

![](tm2533647d1_ex99-44sp2img010.jpg)

Infrastructural elements considered in the PEA include access roads, on-site haulage and service roads, power supply from the neighbouring hydro-electric dam, process- , fresh-, and potable water supplies, fuel storage facilities and on-site workshops, mine dry (change-house) and gatehouse and offices for administration, technical services, etc.

The average daily requirement for make-up water will be 75,529 gallons. To the extent possible, this will likely be obtained from wells sunk in the area of the mine. However, additional hydrogeological studies will be required to confirm the adequacy of borehole supply capacity.

Tailings from the flotation plant will be thickened using a conventional underflow system and then be further dewatered using a filter press to produce a "dry" cake comprising approximately 90% solids by weight. The daily production of tailings will be approximately 1,800 tonnes, dry mass. In due course, a proportion of the filter cake tailings will be combined with a suitable binder and water to form a paste for backfilling completed underground workings. A tailings management facility comprising a dry stack, water pond and access routes, will be located on 40 acres of the Gann land. Within this area, the dry stack area will occupy 31 acres, with the remaining land accommodating the pond and access road. The stack and pond will be located in a shallow valley on the eastern side of the Bullion Hill ridge, as indicated in Figure 1.10.

**Figure 1.10: TMF General Arrangement**

![](tm2533647d1_ex99-44sp2img011.jpg)

***Environmental Studies, Permitting and Social or Community Impact***

Development activities on the Blue Moon Property are subject to various federal, state, and local laws and regulations. The environmental effects of proposed development activities will be evaluated by the US Bureau of Land Management and the Mariposa County Planning Department in accordance with the National Environmental Policy Act (NEPA) and the California Environmental Quality Act (CEQA). Various federal and state environmental laws and regulations will also apply to proposed development activities on the Blue Moon Property. In addition to compliance with all applicable Federal, State and County legal requirements, Blue Moon intends to develop the Blue Moon Property in general alignment with good international industry practice (GIIP).

The legal framework surrounding mining activities in California is comprehensive and environmental standards are high. The associated environmental permitting process, which is yet to commence, can therefore be extensive and time-consuming.

Blue Moon holds the mineral rights to the Blue Moon VMS deposit through its wholly owned subsidiary, Keystone. As of the date of the Blue Moon Technical Report, the mineral and property rights covered a total land area of 494.25 acres and comprise three distinct land tenure components. For updated information regarding Blue Moon Property mineral claims and surface rights, please see "The Blue Moon Property – Subsequent Events".

Technical studies were undertaken in the 1980s and 1990s under previous management of the Blue Moon Property. These studies provide an indication of baseline conditions in the Blue Moon Project area at the time and can be used to inform the approach to future studies. The previous baseline studies did not identify any significant barriers to Blue Moon Project development. However, it is important to note that they were undertaken on a different project design (e.g., a vertical shaft instead of a ramp decline) and will require updating.

The Blue Moon Project is situated within the lower western foothills of the Sierra Nevada mountain range within the watershed of the Merced River. Previous studies indicated that the types of wildlife likely to be present were considered typical of the region and not at significant risk from mining activities. None of the sites of archaeological interest found during previous studies correspond with the footprint of the current Blue Moon Project design.

The nearest settlement to the Blue Moon Project is the small town of Hornitos, located approximately 4.5 miles south.The Blue Moon Project site was historically mined as part of the Californian Gold Rush. There are active mining operations in the region, and good transport connections.

A full review of the potential environmental and social impacts will be undertaken as the Blue Moon Project advances. Based on the current Blue Moon Project design, location, and an understanding of metal mining operations in similar environments, the main potential risks associated with operations of this nature include natural hazards, disturbance from air quality, noise, vibration and artificial lighting, impacts on water flow and water quality, impacts on biodiversity mainly through loss of habitat, and risks to groundwater from tailings. However, socio-economic impacts are considered to be positive. Potential environmental and social risks and impacts are considered typical of similar exploration and mining operations in North America, and any potential impacts can be managed appropriately.

Responsible closure planning will be integrated into all phases of the Blue Moon Property and undertaken in compliance with Federal and California State legislative requirements and GIIP. A detailed closure plan and cost estimate has not yet been developed but an indicative amount of US$15 million has been budgeted.

***Capital and Operating Costs***

The PEA is preliminary in nature. It 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, and there is no certainty that the PEA will be realized. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Micon's QP prepared the economic analysis of the Blue Moon Project on the basis of a discounted cash flow model, from which Net Present Value (NPV), Internal Rate of Return (IRR) and payback period can be determined. Assessments of NPV are generally accepted within the mining industry as representing the economic value of a project after allowing for the cost of capital invested.

All results are expressed in United States dollars ($ or US$) except where stated otherwise. Conservatively, an exchange rate of CAD 1.35/US$ has been applied where required for conversion of cost inputs whereas, at the effective date of the Blue Moon Technical Report, the spot rate was approximately CAD 1.45/US$.

Cost estimates and other inputs to the cash flow model for the Blue Moon Project have been prepared using constant, first quarter 2025 money terms, i.e., without provision for escalation or inflation.

Blue Moon Project revenues will be generated from the sale of zinc and copper concentrates, with credits for gold and silver content. The Blue Moon Project has been evaluated using constant metal prices of US$4.20/lb copper, US$1.25/lb zinc, US$2,200/oz Au and US$27/oz Ag. No credit or penalty has been applied for lead or any other by-product content in concentrates. These price assumptions are supported by the 10-year price history of each metal presented in Section 19. The sensitivity of the Blue Moon Project to changes in price assumptions has been tested 1 0% above and below base case values and using both spot (February 2025 market average prices) and consensus price forecasts.

Figure 1.11 shows the relative contribution of each metal to NSR value of the saleable concentrates.

**Figure 1.11: NSR Value by Metal**

![](tm2533647d1_ex99-44sp2img012.jpg)

The capital expenditure (CAPEX) estimate for the PEA has been developed using a combination of budgetary quotes from vendors, historical pricing from comparable projects, and parametric calculations based on similar equipment and infrastructure. Cost elements have been refined and itemized to enhance confidence in the estimate. However, the overall accuracy remains within the expected range for a PEA-level study. The approach ensures a robust and well supported cost estimate while maintaining alignment with the early-stage nature of the assessment.

Table 1.12 summarizes the initial, sustaining and total LOM capital costs for the Blue Moon Project, in addition to which a provision of US$15 million has been made for mine closure and rehabilitation costs.

**Table 1.12: LOM Capital Cost Estimate**

---

| | | | |
|:---|:---|:---|:---|
| **Area** | **Initial <br> US$ M** | **Sustaining <br> US$ M** | **LOM Total <br> US$ M** |
| &nbsp;&nbsp;Mining | 18.4 | 10.0 | 28.4 |
| &nbsp;&nbsp;Processing | 55.0 | 42.8 | 97.7 |
| &nbsp;&nbsp;Infrastructure | 26.7 | 11.7 | 38.4 |
| &nbsp;&nbsp;**Sub-Total Direct Costs** | **100.1** | **64.5** | **164.5** |
| &nbsp;&nbsp;Indirect | 15.9 | 0.0 | 15.9 |
| &nbsp;&nbsp;Contingency | 28.5 | 0.0 | 28.5 |
| &nbsp;&nbsp;**Total Capital Costs** | **144.5** | **64.5** | **209.0** |

---

The operating costs have been estimated from first principals and in each area of the operating cost estimate, labour costs are based on the proposed headcount, estimated salary and burden for each position.

Table 1.13 provides a summary of the estimated life-of-mine (LOM) PEA operating costs.

**Table 1.13: LOM Operating Cost Estimate**

---

| | | |
|:---|:---|:---|
| **Area** | **LOM Average <br> (US$/0** | **LOM Cost <br> US$'000** |
| &nbsp;&nbsp;Mining | 75.02 | 503709 |
| &nbsp;&nbsp;Processing | 36.11 | 242453 |
| &nbsp;&nbsp;E/S and G&A | 5.10 | 34239 |
| &nbsp;&nbsp;**Total Direct Costs** | **116.24** | **780401** |
| &nbsp;&nbsp;Selling Costs | 22.30 | 149740 |
| &nbsp;&nbsp;Royalties | 0.35 | 2350 |
| &nbsp;&nbsp;**Total Operating Costs** | **138.89** | **931991** |

---

Table 1.14 presents some key statistics for the Blue Moon mine base case economic assessment.

**Table 1.14: Base Case – Key Statistics**

---

| | | | |
|:---|:---|:---|:---|
| **Item** | **Item** | **Units** | **Value** |
| &nbsp;&nbsp;Nominal Processing Capacity | &nbsp;&nbsp;Nominal Processing Capacity | tonnes per day | 1800 |
| &nbsp;&nbsp;LOM Total Processed | &nbsp;&nbsp;LOM Total Processed | '000 tonnes | 6714 |
| &nbsp;&nbsp;Zinc Equivalent Grade Processed | &nbsp;&nbsp;Zinc Equivalent Grade Processed | % ZnEq | 12.55 |
| &nbsp;&nbsp;Net Smelter Return | &nbsp;&nbsp;Net Smelter Return | US$/tonne treated | 246.00 |
| Average Annual Payable Production (LOM) | &nbsp;&nbsp;Copper | 000'lbs | 7237 |
| Average Annual Payable Production (LOM) | &nbsp;&nbsp;Zinc | 000'lbs | 62260 |
| Average Annual Payable Production (LOM) | &nbsp;&nbsp;Gold | oz | 22566 |
| Average Annual Payable Production (LOM) | &nbsp;&nbsp;Silver | oz | 681784 |
| Average Annual Payable Production (LOM) | &nbsp;&nbsp;ZnEq | 000'lbs | 151046 |

---

The average C1 cash cost over the LOM is estimated at US$0.60/lb zinc equivalent. Including sustaining and mine closure expenses, the average All-in Sustaining Cost (AISC) over the LOM is estimated at US$0.66/lb zinc equivalent and, including initial capital, the average All-in Cost (AIC) over the LOM is estimated at US$0.77/lb zinc equivalent.

A chart summarizing the LOM annual cash flow projection for the base case is given in Figure 1.12.

**Figure 1.12: Annual Cash Flow Projection**

![](tm2533647d1_ex99-44sp2img013.jpg)

The base case cash flow equates to a pre-tax IRR of 48% and a net present value at an 8% annual discount rate (NPV8) of US$354 million before tax. After-tax base-case cash flows provide an IRR of 38% and evaluate to NPV8 of US$244 million. After-tax undiscounted payback is achieved in approximately 2.8 years.

Micon has tested the sensitivity of the base case NPV8 and IRR to changes in prices (which may also be used as a proxy for ore grades and recoveries), as well as operating costs and capital expenditures. The Blue Moon Project is most sensitive to changes in product prices with a 30% reduction resulting in a near-zero NPV8. A 30% increase in operating and capital costs reduce NPV8 to US$144 million and US$155 million, respectively, showing the Blue Moon Project to be relatively insensitive to either factor alone.

Table 1.15 compares the key economic results for metal prices 10% lower and higher than the base case, as well as at long-term consensus prices forecast in 2024 and average spot prices observed in February, 2025.

**Table 1.15: Detailed Metal Price Sensitivity**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Parameters** | **Parameters** | **PEA Base <br> Case** | **-10% <br> Pricing** | **+10% <br> Pricing** | **Long-Term <br> Consensus <br> Forecast** | **Spot Prices<br> Average.**<br> **2025-02** |
| &nbsp;&nbsp;&nbsp;&nbsp;Metal Prices <br> Assumed | Copper US$/lb | **4.20** | 3.78 | 4.62 | 4.75 | 4.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metal Prices <br> Assumed | Zinc US$/lb | **1.25** | 1.13 | 1.38 | 1.26 | 1.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metal Prices <br> Assumed | Gold US$/oz | **2200** | 1980 | 2420 | 2181 | 2895 |
| &nbsp;&nbsp;&nbsp;&nbsp;Metal Prices <br> Assumed | Silver US $/oz | **27.00** | 24.30 | 29.70 | 26.16 | 32.18 |
| &nbsp;&nbsp;After-Tax NPV (US$ M, 8% Discount Rate) | &nbsp;&nbsp;After-Tax NPV (US$ M, 8% Discount Rate) | **$244** | $163 | $324 | $260 | $340 |
| &nbsp;&nbsp;After-Tax IRR (%) | &nbsp;&nbsp;After-Tax IRR (%) | **38%** | 29% | 46% | 39% | 48% |
| &nbsp;&nbsp;First 6 Years of After-Tax Cashflow (US$ M) | &nbsp;&nbsp;First 6 Years of After-Tax Cashflow (US$ M) | **$367** | $293 | $442 | $382 | $458 |
| &nbsp;&nbsp;Payback Period (Years) | &nbsp;&nbsp;Payback Period (Years) | **2.4** | 2.9 | 2.0 | 2.3 | 1.9 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Parameters** | **PEA Base <br> Case** | **-10% <br> Pricing** | **+10% <br> Pricing** | **Long-Term <br> Consensus <br> Forecast** | **Spot Prices<br> Average.**<br> **2025-02** |
| &nbsp;&nbsp;Cl Cost (US$/lb ZnEq) | **$0.60** | $0.60 | $0.61 | $0.60 | $0.55 |
| &nbsp;&nbsp;LOM Average Head Grade (ZnEq %) | **12.55** | 12.66 | 12.47 | 12.72 | 13.83 |

---

***Recommendations***

The following recommended work program adopts a two-phased approach to the further development of the Blue Moon Property. Blue Moon intends to construct an exploration decline to access a broader portion of the mineral deposit. Drilling of the deposit from underground offers technical and cost benefits over surface drilling; therefore, development of an exploration decline is recommended. Blue Moon must obtain permits prior to construction of the decline. Phase 1 of the work program includes the steps necessary to obtain the required permitting for construction. Phase 1 culminates with the decision to advance to Phase 2; the construction of the exploration decline. The following sections describe the work program phases.

<u>Phase 1: Planning, Hiring and Permitting</u>

Following the completion of the PEA, Blue Moon plans to initiate permitting for the development of an exploration decline which, by providing underground access, will allow more efficient exploration core drilling as well as facilitating the geotechnical, hydrogeological, and metallurgical studies which are to be carried out in Phase 2.

Concurrently, Blue Moon intends to expand its team by recruiting additional California-based staff to manage the project's continued development.

It is recommended that Blue Moon complete the ongoing collation and digitization of paper records from previous work on the Blue Moon Property as a guide to future exploration and development work.

To the extent possible, core from earlier drill programs not already stored securely should also be preserved and examined to provide geological and geotechnical data relevant to the Blue Moon Project.

<u>Phase 2: Exploration Decline Development and Further Studies</u>

*Exploration Decline Development*

Upon finalizing the permitting process for the exploration decline, Blue Moon intends to tender and award a construction contract for its development. The decline's construction is anticipated to take around one year and will support underground exploration and geotechnical drilling, reducing both surface disturbance and drilling costs. Additionally, the decline will be designed for dual functionality, serving as the primary access and haulage way once the mine is in operation. It is projected to extend to a depth of approximately 1,000 feet below the surface.

*Geology and Exploration*

The Blue Moon mineralization remains open along strike to the south and at depth. A program of exploration drilling is suggested in order to improve confidence in the resource estimate, aimed at bringing at least part of the Inferred Resource into the Indicated category. That drilling would permit geotechnical logging of the core and generate fresh samples on which to conduct metallurgical testwork. As proposed, therefore, Phase 2 includes an exploration drilling program comprising 13 holes totaling 10,650 m, to be conducted from the decline described above. Beyond mineral resource expansion, the program aims to improve understanding of underground geotechnical conditions to refine assumptions regarding stope spans, backfill strength and mining dilution, providing critical data for future mine planning efforts.

*Hydrogeological Framework*

Pump-testing of existing boreholes should be used to confirm their adequacy as a source of make-up water for the proposed process plant. Additional hydrogeological field work will be conducted to better define mine dewatering requirements during mine operation.

*Metallurgical Testwork*

Metallurgical testwork on representative composite samples of fresh core should be undertaken to (a) confirm the process design criteria currently based on results of earlier testwork; (b) establish whether barite, gypsum, and/or pyrite can be recovered economically; (c) investigate the occurrence of gallium, germanium and indium in the concentrates. Drill core from the exploration drilling program will be used for this purpose, and the testwork should include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre concentration amenability tests to investigate upgrading of the mineralization and the potential to
extract barite and /or gypsum before grinding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Detailed mineralogical characterization studies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Deportment studies for gold, silver and potential critical metals, such as gallium, germanium and indium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Hardness and comminution tests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Additional gravity testwork.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Further flotation optimization batch tests followed by locked cycle tests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tailings characterization studies.

Based on the additional testwork described above, the process flowsheet and equipment sizing may be refined, and the location of the plant and ancillary services may be optimized to minimize capital and operating costs and improve the quality of concentrates produced.

*Environmental and Social*

Recommendations considered important for ongoing development of the Blue Moon Project include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Update all baseline studies and undertake additional surveys and testwork to ensure comprehensive understanding of environmental and social conditions. Particular attention should be paid to geochemical properties, seasonal differences in water bodies and biodiversity (migratory birds and mammals), potential nesting sites for birds of prey, and socio-economic conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Demarcate any known cultural heritage sites and design infrastructure and access routes to avoid them, in collaboration with regulatory authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Communicate with regulatory authorities and other relevant stakeholders to better determine the presence/absence of threatened/protected species and potential migration routes for mammals and birds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Consider installing basic monitoring infrastructure, such as a weather station and groundwater monitoring boreholes to support ongoing baseline data collection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Ensure all stakeholder interactions, including informal meetings, are documented and filed to assist the community relations and communications teams in future should the Blue Moon Project proceed to an operational mine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Integrate sensitive/protected areas into the GIS used by the exploration team, to minimize the risk for damage, for example cultural heritage sites and known wildlife habitats.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Ensure all future exploration drill holes are properly closed up, to minimize land disturbance and avoid future problems with water connectivity. Establish a formal procedure for this and ensure the closure of all drill sites is properly documented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Regularly review the project design, to adapt to emerging environmental and social risks and incorporate the latest available technologies for energy efficiency and environmental protection.

*Feasibility Study*

The results of the Phase 2 field work programs will inform a Feasibility Study ("FS") undertaken to refine the Blue

Moon Project's economic and technical parameters, reduce project risks, and enhance resource confidence, while supporting permitting efforts. Upon completion of a FS, a formal construction decision will be made by the Board.

*Work Program*

A provisional budget estimate for the proposed work program is outlined in the Blue Moon Technical Report.

***Subsequent Events***

Subsequent to the date of the Blue Moon Technical Report, the Corporation acquired one additional federal lode claim (CA106727777) which is held by Keystone, Blue Moon's wholly owned US subsidiary. This added approximately 6 .89 acres to the size of the Blue Moon Property. As of the date of this AIF, the Blue Moon Property covers 501.14 acres.

**RISK FACTORS**

The Corporation's business, being the acquisition, exploration, and development of polymetallic properties in the United States and Norway, is speculative and involves a high degree of risk. The risk factors listed below could materially affect the Corporation's financial condition and/or future operating results and could cause actual events to differ materially from those described in forward-looking statements made by or relating to the Corporation. Additional risks or uncertainties not presently known to us or that we consider immaterial may also impair our business operations.

**Permits, Licences and Approvals**

The operations of the Corporation require licenses and permits from various governmental authorities. The Corporation believes it holds or is in the process of obtaining all necessary licences and permits to carry on the activities, which it is currently conducting under applicable laws and regulations. Such licences and permits are subject to changes in regulations and in various operating circumstances. The Corporation will use its best efforts to obtain all necessary licenses and permits to carry on the activities which it intends to conduct, and it intends to comply in all material respects with the terms of such licenses and permits. However, there can be no guarantee that the Corporation will be able to obtain and maintain, at all times, all necessary licenses and permits required to undertake its proposed exploration and development, or to place its properties into commercial production and to operate mining facilities thereon. In the event of commercial production, the cost of compliance with changes in governmental regulations has the potential to reduce the imposition of fines or penalties as well as criminal charges against the Corporation for violations of applicable laws or regulations.

**Governmental Regulation**

The mineral exploration and development activities of the Corporation are subject to various laws governing prospecting, development, production, taxes, labour standards and occupational health, mine safety, toxic substances, land use, water use, land claims of local people, and other matters in local areas of operation. Although the Corporation's exploration and development activities are currently carried out in accordance with all applicable rules and regulations, no assurance can be given that new rules and regulations will not be enacted or that existing rules and regulations will not be applied in a manner, which could limit or curtail exploration, development, or production. Amendments to current laws and regulations governing the Corporation's operations, or more stringent implementation thereof, could have an adverse impact on the Corporation's business and financial condition.

The Corporation's operations may be subject to environmental regulations promulgated by government agencies from time to time. Environmental legislation provides for restrictions and prohibitions on spills, releases, or emissions of various substances produced in association with certain mining operations, such as seepage from tailings disposal areas, which would result in environmental degradation. A breach of such legislation may result in the imposition of fines, and penalties. Environmental legislation is evolving in a manner that means standards are stricter, and enforcement, fines, and penalties for non-compliance are more stringent. Environmental assessments of proposed projects carry a heightened degree of responsibility for companies and their directors, officers, and employees. The cost of compliance with changes in governmental regulations has the potential to reduce the profitability of the Corporation's future operations. Compensation projects are also imposed by the governmental authorities to alleviate the impacts of mining activities.

Failure to comply with applicable laws, regulations, and permitting requirements may result in enforcement actions, including orders issued by regulatory or judicial authorities that could cause operations to cease or be curtailed. Other enforcement actions may include corrective measures requiring capital expenditures, the installation of additional equipment or remedial actions. Parties engaged in mining operations may be required to compensate those suffering loss or damage by reason of such mining activities and may have civil or criminal fines or penalties imposed upon them for violations of applicable laws or regulations.

**Volatility of Commodity Prices**

The development of the Corporation's properties is dependent on the future prices of minerals and metals. As well, should any of the Corporation's properties eventually enter commercial production, the Corporation's profitability will be significantly affected by changes in the market prices of minerals and metals.

Metal prices are subject to volatile price movements, which can be material and occur over short periods of time and which are affected by numerous factors, all of which are beyond the Corporation's control. Such factors include, but are not limited to, interest and exchange rates, inflation or deflation, fluctuations in the value of the U.S. dollar and foreign currencies, global and regional supply and demand, speculative trading, the costs of and levels of metals production, and political and economic conditions. Such external economic factors are in turn influenced by changes in international investment patterns, monetary systems, the strength of and confidence in the U.S. dollar (the currency in which the prices of metals are generally quoted), and political developments.

The effect of these factors on the prices of metals, and therefore the economic viability of any of the Corporation's exploration projects, cannot be accurately determined. The prices of commodities have historically fluctuated widely, and future price declines could cause the development of (and any future commercial production from) the Corporation's properties to be impracticable or uneconomical. As such, the Corporation may determine that it is not economically feasible to commence commercial production at some or all of its properties, which could have a material adverse impact on the Corporation's financial performance and results of operations. In such a circumstance, the Corporation may also curtail or suspend some or all of its exploration activities.

**Liquidity and Additional Financing**

The Corporation's ability to continue its business operations is dependent on management's ability to secure additional financing. The Corporation's only source of liquidity is its cash and cash equivalent balances. Liquidity requirements are managed based upon forecasted cash flows to ensure that there is sufficient working capital to meet the Corporation's obligations.

The advancement, exploration, and development of the Corporation's properties, including continuing exploration and development projects, and, if warranted, construction of mining facilities and the commencement of mining operations, will require substantial additional financing. As a result, the Corporation may be required to seek additional sources of equity financing in the near future. While the Corporation has been successful in raising such financing in the past, its ability to raise additional equity financing may be affected by numerous factors beyond its control including, but not limited to, adverse market conditions, commodity price changes, and economic downturns. There can be no assurance that the Corporation will be successful in obtaining any additional financing required to continue its business operations and/or to maintain its property interests, or that such financing will be sufficient to meet the Corporation's objectives or obtained on terms favourable to the Corporation. Failure to obtain sufficient financing as and when required may result in the delay or indefinite postponement of exploration and/or development on any or all of the Corporation's properties, or even a loss of property interest, which would have a material adverse effect on the Corporation's business, financial condition, and results of operations.

**Nature of Mineral Exploration and Development**

The Corporation's future is dependent on its exploration and development programs. The exploration and development of mineral deposits involve significant financial risks over a prolonged period of time, which may not be eliminated even through a combination of careful evaluation, experience and knowledge. Few properties that are explored are ultimately developed into economically viable operating mines. Major expenditures on the Corporation's exploration properties may be required to construct mining and processing facilities at a site, and it is possible that even preliminary due diligence will show adverse results, leading to the abandonment of projects. It is impossible to ensure that preliminary or full feasibility studies on the Corporation's projects, or the current or proposed exploration programs on any of the properties in which the Corporation has exploration rights, will result in any profitable commercial mining operations. The Corporation cannot give any assurance that its current and future exploration activities will result in a discovery of mineral deposits containing mineral reserves.

Estimates of mineral resources and any potential determination as to whether a mineral deposit will be commercially viable can also be affected by such factors as: the particular attributes of the deposit, such as its size and grade; unusual or unexpected geological formations and metallurgy; proximity to infrastructure; financing costs; metal prices, which are highly volatile; and governmental regulations, including those relating to prices, taxes, royalties, infrastructure, land use, importing and exporting of metal concentrates, exchange controls and environmental protection. The effect of these factors cannot be accurately predicted, but the combination of any or all of these factors may result in the Corporation not receiving an adequate return on its invested capital or suffering material adverse effects to its business and financial condition. Exploration and development projects also face significant operational risks including but not limited to an inability to obtain access rights to properties, accidents, equipment breakdowns, labour disputes (including work stoppages and strikes), and other unanticipated interruptions.

**No Earnings and History of Losses**

The business of developing and exploring resource properties involves a high degree of risk and, therefore, there is no assurance that current exploration programs will result in profitable operations. The Corporation has not determined whether any of its properties contain economically recoverable reserves of mineralized material and currently has not earned any revenue from its projects; therefore, the Corporation does not generate cash flow from its operations. There can be no assurance that significant additional losses will not occur in the future. The Corporation's operating expenses and capital expenditures may increase in future years with advancing exploration, development, and/or production from the Corporation's properties. The Corporation does not expect to receive revenues from operations in the foreseeable future and expects to incur losses until such time as one or more of its properties enters into commercial production and generates sufficient revenue to fund continuing operations. There is no assurance that any of the Corporation's properties will eventually enter commercial operation. There is also no assurance that new capital will become available, and if it is not, the Corporation may be forced to substantially curtail or cease operations.

**Third-Party Approvals**

The Corporation may require the consent or approval of third parties in order to enter into or complete certain agreements or transactions necessary in the course of its operations. There can be no assurance that such third parties, which may include shareholders, regulatory bodies or entities with an interest in the applicable property or others (including water supply management and availability), will provide the required approval or consent or enter into such agreement in a timely manner, or at all. Failure to obtain such third party approval may result in a material adverse effect on the Corporation's operations and financial condition.

**Exploration, Development and Operations**

The long-term profitability of the Corporation's operations will be in part directly related to the cost and success of its exploration programs, which may be affected by a number of factors, including the Corporation's ability to extend the permitted term of exploration granted by the underlying concession contracts. Substantial expenditures are required to establish reserves through drilling, to develop processes to extract the resources, and in the case of new properties, to develop the extraction and processing facilities and infrastructure at any site chosen for extraction. Although substantial benefits may be derived from the discovery of a major deposit, no assurance can be given that any such deposit will be commercially viable or that the funds required for development can be obtained on a timely basis.

**Information Systems and Cyber Security Threats**

The Corporation's operations depend upon information technology systems in the conduct of its operations. The Corporation could be adversely affected by network disruptions from a variety of sources, including, without limitation, computer viruses, security breaches, cyber-attacks, natural disasters and defects in design. Cybersecurity threats include attempts to gain unauthorized access to data or automated network systems and the manipulation or improper use of information technology systems.

A failure of any part of the Corporation's information technology systems could, depending on the nature of such failure, materially adversely impact the Corporation's reputation, financial condition and results of operations. The Corporation is subject to cybersecurity attacks and related threats from time to time. Although to date the Corporation has not experienced any material losses relating to cyber attacks or other information security breaches, there can be no assurance that the Corporation will not incur such losses in the future. The Corporation's risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As a result, cyber security and the continued development and enhancement of controls, processes, and practices designed to protect systems, computers, software, data and networks from attack, damage, or unauthorized access remain a priority. As cyber threats continue to evolve, the Corporation may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities.

**Global Financial Conditions**

Current global financial conditions have been subject to increased volatility, and access to public financing, particularly for junior resource companies, has been negatively impacted. These factors may impact the ability of the Corporation to obtain equity or debt financing in the future and, if obtained, such financing may not be on terms favourable to the Corporation. If increased levels of volatility and market turmoil continue, the Corporation's operations could be adversely impacted, and the value and price of the Common Shares could be adversely affected.

**Market Price of the Common Shares**

The Common Shares trade on the TSXV under the symbol "MOON", the Frankfurt Stock Exchange under the symbol "8SX0", and the OTCQX Best Market under the symbol "BMOOF". The market price of securities of many companies, particularly exploration and development stage mining companies, experience wide fluctuations that are not necessarily related to the operating performance, underlying asset values or prospects of such companies. There can be no assurance that an active market for the Common Shares will be sustained, or that fluctuations in the price of the Common Shares will not occur. The market price of the Common Shares at any given point in time may not accurately reflect the Corporation's long-term value. Securities class action litigation has often been brought against companies following periods of volatility in the market price of their securities. The Corporation may in the future be the target of similar litigation. Securities litigation could result in substantial costs and damages and divert management's attention and resources.

**Foreign Operations Risks**

The Corporation's material properties are located in the United States and Norway. Such properties and operations are subject to various levels of political, economic and other risks and certainties that are different from those encountered in Canada. These risks vary from country to country and may include: political unrest, labour disputes, invalidation of governmental orders and permits, corruption, war, civil disturbances and terrorist actions, arbitrary changes in law or policies of particular countries, foreign taxation, price controls, delays in obtaining or the inability to obtain necessary governmental permits, opposition to mining from environmental or other non-governmental organizations, limitations on foreign ownership, limitations on the repatriation of earnings, import and export controls and increased financing costs. These risks may limit, delay or disrupt the Corporation's projects, restrict the movement of funds or result in the deprivation of contract rights or the taking of property by nationalization or expropriation without fair compensation.

There can be no assurance that there will be no changes in the laws of the jurisdiction or changes in the regulatory environment for mining companies in the local jurisdiction that would adversely affect the Corporation. It is difficult for the Corporation to predict the effect of any constitutional or political changes on the Corporation's business and operations, and it is also possible that future social unrest in the United States or Norway will adversely affect the Corporation's operations.

In the future, the Corporation may choose to acquire properties or operate in foreign jurisdictions other than the U.S. and Norway.

For additional risks relating to foreign operations, please see *"Risk Factors – Foreign Currency Risk"* and *"Risk Factors – Potential Impact of Tariffs and Trade Restrictions".*

**Foreign Currency Risk**

The Corporation is subject to currency risks. The Corporation's functional currency is the Canadian dollar, which is exposed to fluctuations against other currencies. The Corporation's activities are located in Canada, the United States and Norway, and as such many of its expenditures and obligations are denominated in U.S. dollars and Norwegian Krone. The Corporation maintains its principal office in Canada, and maintains cash accounts in Canadian dollars, U.S. dollars and Norwegian Krone and has monetary assets and liabilities in Canadian dollars, U.S. dollars and Norwegian Krone.

The Corporation's assets and liquidities are significantly affected by changes in the Canadian/U.S. dollar and Canadian/Norwegian Krone exchange rates. Most expenses are currently denominated in Canadian dollars, U.S. dollars and Norwegian Krone. Exchange rate movements can therefore have a significant impact on the Corporation's costs. The appreciation of non-Canadian dollar currencies against the Canadian dollar can increase the costs of the Corporation's activities.

Additionally, the imposition of tariffs and other trade restrictions between Canada, Norway and the United States may further contribute to currency fluctuations. For more details, see *"Potential Impact of Tariffs and Trade Restrictions"* above.

**Enforcing Judgments**

Some of the Corporation's mineral assets, including the Corporation's material properties, the Nussir Property and the Blue Moon Property, are located outside of Canada and are held indirectly through foreign affiliates. As a result, it may be difficult or impossible for Canadian investors to initiate a lawsuit within Canada against these persons or to enforce judgments in Canada against such assets. In addition, it may not be possible for Canadian investors to collect from these persons or assets judgments obtained in courts in Canada predicated on the civil liability provisions of securities legislation of certain of the provinces and territories of Canada. It may also be difficult or impossible for Canadian investors to succeed in a lawsuit in the United States or in Norway based solely on violations of Canadian Securities Laws.

In addition, in the event of a dispute involving the foreign operations of the Corporation, the Corporation may be subject to the exclusive jurisdiction of foreign courts or may not be successful in subjecting foreign persons to the jurisdiction of courts in Canada. The Corporation's ability to enforce its rights could have a material adverse effect on its future cash flows, earnings, results of operations and fmancial condition.

**Dependence on Key Personnel**

The Corporation's future growth and its ability to develop depend, to a significant extent, on its ability to attract and retain highly qualified personnel. The Corporation relies on a limited number of key employees, consultants, and members of senior management and competes with mining and other companies to attract and retain key executives and other employees and third-party contractors with appropriate technical skills and managerial experience necessary to operate its business. While the Corporation maintains policies, procedures and frameworks in place to mitigate this risk, there can be no assurance that the Corporation will be able to attract and retain skilled and experienced personnel. Although the Corporation believes it will be able to replace key employees, consultants or members of senior management within reasonable time should the need arise, the loss of such key personnel, if not replaced in a timely manner, could have a material adverse effect on the Corporation's business, financial condition, and prospects.

To operate successfully and manage its potential future growth, the Corporation must attract and retain highly qualified engineering, managerial and financial personnel. The Corporation faces intense competition for qualified personnel in these areas, and there can be no certainty that the Corporation will be able to attract and retain qualified personnel. If the Corporation is unable to hire and retain additional qualified personnel in the future to develop its properties, its business, financial condition, and operating results could be adversely affected.

**Reliability of Mineral Resources Estimates**

Mineral resources are estimates only, and no assurance can be given that the anticipated tonnages and grades will be achieved or that the indicated level of recovery will be realized. MREs may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing and other relevant issues. There are numerous uncertainties inherent in estimating mineral resources, including many factors beyond the Corporation's control. Such estimation is a subjective process, and the accuracy of any MRE is a function of the quantity and quality of available data, the nature of the mineralized body, and the assumptions made and judgments used in engineering and geological interpretation. These estimates may require adjustments or downward revisions based upon further exploration or development work or actual production experience.

Fluctuations in commodity prices, results of drilling, metallurgical testing and production, the evaluation of mine plans after the date of any estimate, permitting requirements or unforeseen technical or operational difficulties, may require revision of MREs. Should reductions in mineral resources occur, the Corporation may be required to take a material write-down of its investment in mining properties, reduce the carrying value of one or more of its assets or delay or discontinue production or the development of new projects, resulting in increased net losses and reduced cash flow. Mineral resources should not be interpreted as assurances of mine life or the profitability of current or future operations. Any material reductions in estimates of mineral resources could have a material adverse effect on the Corporation's results of operations and financial condition.

Mineral resources are not mineral reserves and have a greater degree of uncertainty as to their existence and feasibility. There is no assurance that mineral resources will be upgraded to proven or probable mineral reserves.

**Uncertainty Relating to Inferred Mineral Resources**

Inferred mineral resources are not mineral reserves and do not have demonstrated economic viability. However, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.

**Acquiring Title**

The acquisition of title to mineral properties is a very detailed and time-consuming process. The Corporation may not be the registered holder of some or all of the claims and concessions comprising the Blue Moon Property, the Nussir Property or any of the mineral projects of the Corporation. These claims or concessions may currently be registered in the names of other individuals or entities, which may make it difficult for the Corporation to enforce its rights with respect to such claims or concessions. There can be no assurance that proposed or pending transfers will be effected as contemplated. Failure to acquire title to any of the claims or concessions at one or more of the Corporation's projects may have a material adverse impact on the financial condition and results of operation of the Corporation.

**Title Matters**

Once acquired, title to, and the area of, mineral properties may be disputed. There is no guarantee that title to one or more claims or concessions at the Corporation's projects will not be challenged or impugned. There may be challenges to any of the Corporation's titles which, if successful, could result in the loss or reduction of the Corporation's interest in such titles. The Corporation's properties may be subject to prior unregistered liens, agreements, transfers or claims, and title may be affected by, among other things, undetected defects. In addition, the Corporation may be unable to operate its properties as permitted or to enforce its rights with respect to its properties. The failure to comply with all applicable laws and regulations, including a failure to pay taxes or to carry out and file assessment work, can lead to the unilateral termination of concessions by mining authorities or other governmental entities.

**Uncertainty and Inherent Sample Variability**

Although the Corporation believes that the estimated mineral resources at the Blue Moon Property and the Nussir Property have been delineated with appropriately spaced drilling, there exists inherent variability between duplicate samples taken adjacent to each other and between sampling points that cannot be reasonably eliminated. There also may be unknown geologic details that have not been identified or correctly appreciated at the current level of delineation. This results in uncertainties that cannot be reasonably eliminated from the estimation process. Some of the resulting variances can have a positive effect and others can have a negative effect on mining and processing operations.

**Term and Extension of Concession Contracts**

Non-compliance with concession contracts may lead to their early termination by the relevant mining authorities or other governmental entities. A corporation whose concession contracts were subject to termination could be prevented from being issued new concessions or from keeping the concessions that it already held. The Corporation is not aware of any cause for termination or any investigation or procedure aimed at the termination of any of its concession contracts.

**Surface Rights**

The Corporation does not own all of the surface rights at its properties and there is no assurance that surface rights owned by the government or third parties will be granted, nor that they will be on reasonable terms if granted. Failure to acquire surface rights may impact the Corporation's ability to access its properties, as well as its ability to commence and/or complete construction or production, any of which would have a material adverse effect on the profitability of the Corporation's future operations.

**Climate Change**

The Corporation's activities are subject to risks related to climate change. While it is widely recognized that continued emission of greenhouse gases will cause further warming of the planet and this warming could lead to damaging economic and social consequences for the Corporation, the exact timing and severity of physical effects are difficult to estimate. There exists a common misperception regarding the long-term nature of climate change implications, leading some to believe they may not be immediately relevant to present decision-making. Natural catastrophes are more and more present, and the Corporation must continue to assess its vulnerabilities and implement corrective measures to secure its infrastructure.

Yet, the potential repercussions of climate change on the Corporation extend beyond physical impacts and are not exclusively relegated to the distant future. Mitigating the effects of climate change necessitates a reduction in greenhouse gas emissions and an expedited transition to a lower-carbon economy. This reduction involves a shift away from fossil fuel energy and related physical assets. While the changes associated with transitioning to a lower-carbon economy pose substantial risks, they also present significant opportunities for the Corporation to focus more on climate change mitigation and adaptative solutions.

**Uninsurable Risks**

Mining operations generally involve a high degree of risk. Exploration, development, and production operations on mineral properties involve numerous risks, including but not limited to unexpected or unusual geological operating conditions, seismic activity, rock bursts, cave-ins, fires, floods, landslides, earthquakes, and other environmental occurrences, risks relating to the shipment of metal concentrates or ore bars, and political and social instability, any of which could result in damage to, or destruction of, the mine and other producing facilities, damage to life or property, environmental damage and possible legal liability. Although the Corporation believes that appropriate precautions to mitigate these risks are being taken, operations are subject to hazards such as equipment failure or failure of structures, which may result in environmental pollution and consequent liability. It is not always possible to obtain insurance against all such risks and the Corporation may decide not to insure against certain risks because of high premiums or other reasons. Should such liabilities arise, they could reduce or eliminate the Corporation's future profitability and result in increasing costs and a decline in the value of the Common Shares. The Corporation does not maintain insurance against title, political or environmental risks.

While the Corporation may obtain insurance against certain risks in such amounts as it considers adequate, the nature of these risks is such that liabilities could exceed policy limits or be excluded from coverage. The potential costs that could be associated with any liabilities not covered by insurance or in excess of insurance coverage may cause substantial delays and require significant capital outlays, thereby adversely affecting the Corporation's business and financial condition.

**Competition**

The mineral exploration and mining business is competitive in all of its phases. In the search for and acquisition of attractive mineral properties, the Corporation competes with numerous other companies and individuals, including competitors with greater financial, technical, and other resources. The Corporation's ability to acquire properties in the future will depend on its ability to select and acquire suitable producing properties or prospects for mineral exploration. There is no assurance that the Corporation will continue to be able to compete successfully with its competitors in acquiring such properties or prospects, nor that it will be able to develop any market for the raw materials that may be produced from its properties. Any such inability could have a material adverse effect on the Corporation's business and financial condition.

**Local Communities, Indigenous Peoples and First Nations**

Indigenous title claims, rights to consultation/accommodation and the Corporation's relationship with local communities may affect the Corporation's existing exploration and development projects. Governments in many jurisdictions must consult with first nations, indigenous communities or tribal nations with respect to grants of mineral rights or surface rights and the issuance or amendment of project authorizations. Consultation and other rights of Certain stakeholders may require accommodations, including undertakings regarding employment, royalty payments and other matters. This may affect the Corporation's ability to acquire, within a reasonable time frame, effective mineral titles or surface rights in these jurisdictions in which first nations, indigenous communities, tribal nations or local communities' titles are claimed, and may affect the timetable and costs of development of mineral properties in these jurisdictions. The risk of such unforeseen title claims also could affect exploration and development projects. These legal requirements may also affect the Corporation's ability to transfer existing projects or to develop new projects.

The Corporation's relationship with the communities in which it conducts activities are critical to ensure the future success of its existing activities and the exploration and development of its projects. There is an increasing level of public concern relating to the perceived effect of mining activities on the environment and on communities impacted by such activities. Adverse publicity relating to the mining industry generated by non-governmental organizations and others could have an adverse effect on the Corporation's reputation or financial condition and may impact its relationship with the communities in which it conducts activities. While the Corporation is committed to working in a socially responsible manner, there is no guarantee that the Corporation's efforts in this regard will mitigate this potential risk.

The inability of the Corporation to maintain positive relationships with local communities may result in additional obstacles to permitting, increased legal challenges, or other disruptive operational issues at any of the Corporation's projects, and could have a significant adverse impact on the Corporation's share price and financial condition.

**Conflicts of Interest**

Certain of the directors and officers of the Corporation also serve as directors and/or officers of other companies involved in natural resource exploration, development and mining operations. Consequently, there exists the possibility for such directors and officers to be in a position of conflict. The directors of the Corporation are required by law to act honestly and in good faith with a view to the best interests of the Corporation, and to disclose any interest they may have in any project or opportunity of the Corporation. In addition, each of the directors is required by law to declare his or her interest in and refrain from voting on any matter in which he or she may have a conflict of interest, in accordance with applicable laws.

**Infrastructure**

Mining, processing, development, and exploration activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources, and water supplies, as well as the location of population centres and pools of labour, are important determinants, which affect capital and operating costs. Unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could impact the Corporation's ability to explore its properties, thereby adversely affecting its business and financial condition.

**Pre-existing Environmental Liabilities**

Pre-existing environmental liabilities may exist on the properties in which the Corporation hold an interest or on properties that may be subsequently acquired by the Corporation which are unknown, and which have been caused by previous or existing owners or operators of the properties. In such event, the Corporation may be required to remediate these properties and the costs of remediation could be substantial. Further, in such circumstances, the Corporation may not be able to claim indemnification or contribution from other parties. In the event the Corporation were required to undertake and fund significant remediation work, such event could have a material adverse effect upon the Corporation and the value of its securities.

**Outbreaks of Diseases and Public Health Crises**

The Corporation faces risks related to health epidemics and other outbreaks of communicable diseases, which could significantly disrupt its operations and may materially and adversely affect its business and financial conditions.

Although the Corporation's current operations are not being materially impacted by any public health crises, the Corporation continues to monitor the developments and impact of any health crises and pandemic diseases as they may arise. The Corporation cannot estimate whether, or to what extent, any future outbreak of epidemics oar pandemics or other health crises may have an impact on the business, operations and financial condition of the Corporation. The outbreak of epidemics, pandemics or other public health crises, such as the Coronavirus pandemic, may result in volatility and disruptions in the supply and demand for copper, zinc and other critical metals and minerals, global supply chains and financial markets, as well as declining trade and market sentiment and reduced mobility of people, all of which could affect commodity prices, interest rates, credit ratings, credit risk, share prices and inflation. The risks to the Corporation of such public health crises also include risks to employee health and safety, a slowdown or temporary suspension of operations in geographic locations impacted by an outbreak, increased labor and fuel costs, regulatory changes, political or economic instabilities or civil unrest as well as the Corporation's ability to service its debt obligations. As such, the impacts of such crises may have a material adverse effect on the Corporation's business, results of operations and financial condition and the market price of the Common Shares. There can be no assurance that the Corporation's personnel or its contractors' personnel will not be impacted by these pandemic diseases and ultimately see its workforce productivity reduced or incur increased safety and medical costs / insurance premiums as a result of these health risks.

**Potential Impact of Tariffs and Trade Restrictions**

The imposition of tariffs and trade restrictions between Canada and the United States presents a risk to the Corporation and the global economy, which may have adverse effects on supply chains, capital expenditures, and operational costs. Since February 2025, the United States announced broad-based tariffs on goods exported out of a number of countries including Canada and Norway, into the United States. In response, the Canadian government and a number of other governments imposed, or announced they would impose, retaliatory tariffs. The introduction of protectionist or retaliatory international trade tariffs, sanctions or other barriers to international commerce by the United States, Canada or other countries may impact the Corporation's current or proposed mineral exploration and development objectives or otherwise negatively impact the Corporation. The timing, implementation and extent of such tariffs and other measures is uncertain. Any change to tariffs and/or international trade regulations, and related impact to global economic conditions, may have a material adverse effect on the Canadian economy and the mining industry as well as global economic conditions and the stability of global financial markets, and may, as a result, have a material adverse effect on the Corporation's business, financial conditions and results of operations. Furthermore, there is a risk that the tariffs imposed by the United States on other countries could trigger a broader global trade war which could have a material adverse effect on the Canadian, United States and global economies, and by extension the mining industry and the Corporation.

Higher capital and operating costs resulting from tariffs may negatively impact project economics, profitability, and production efficiency. The impact of tariffs may also increase the cost of certain materials originating from the United States. Supply chain disruptions and delays in procuring essential equipment could also affect project timelines and operational efficiency. In addition, the imposition of tariffs and other trade restrictions may also exacerbate other risk factors such as currency fluctuations and general economic volatility. Tariffs could impact trade flows, investor sentiment, and monetary policy decisions, leading to greater fluctuations in the exchange rates. Since a certain portion of the Corporation's equipment, supplies, and operational expenses are denominated in U.S. dollars, a weaker Canadian dollar vis-à-vis the U.S. dollar and the Norwegian Krone would increase costs in Canadian dollar terms, potentially reducing the profitability of the Corporation's operations and projects. See also "Foreign Currency Risks" above. These impacts may have a material adverse effect on the Corporation's business, results of operations and financial condition.

**International Conflict, Geopolitical Instability and War**

International conflict and other geopolitical tensions and events, including war, military action, terrorism, trade disputes, and international responses thereto have historically led to, and may in the future lead to, uncertainty or volatility in global commodity and financial markets and supply chains. International conflicts (such as the Russian invasion of Ukraine and the Israel-Hamas conflict) including any related sanctions or other international action, may have a destabilizing effect on commodity prices, supply chains, and global economies more broadly. Volatility in commodity prices and supply chain disruptions may adversely affect the Corporation's business, financial condition, and results of operations. The extent and duration of the international conflicts and related international action cannot be accurately predicted at this time and the effects of such conflict may magnify the impact of the other risks identified in this AIF, the financial statements of the Corporation and the management's discussion and analysis, including those relating to commodity price volatility and global financial conditions. International conflicts may result in unforeseeable impacts, including on shareholders of the Corporation, and third parties with which the Corporation relies on or transacts, and may have an adverse effect on the Corporation's business, results of operation, and financial condition.

**The Outstanding Common Shares Could be Subject to Dilution**

The exercise of Options, DSUs and RSUs (as defined herein) already issued by the Corporation and the issuance of additional equity securities in the future could result in dilution in the equity interests of holders of Common Shares.

**No Dividends Policy**

The Corporation has not declared a dividend since incorporation and does not anticipate doing so in the foreseeable future. Any future determination as to the payment of dividends will be at the discretion of the Board and will depend on the availability of profit, operating results, the financial position of the Corporation, future capital requirements and general business and other factors considered relevant by the directors of the Corporation. No assurances in relation to the payment of dividends can be given.

**DIVIDENDS OR DISTRIBUTIONS**

There are no restrictions in the Corporation's articles or by-laws or pursuant to any agreement or understanding which could prevent the Corporation from paying dividends. The Corporation has never declared or paid any dividends on any class of securities. The Corporation currently intends to retain future earnings, if any, to fund the development and growth of its business, and does not intend to pay any cash dividends on the Common Shares for the foreseeable future. Any decision to pay dividends on the Common Shares in the future will be made by the Board on the basis of earnings, financial requirements and other conditions existing at the time.

**DESCRIPTION OF CAPITAL STRUCTURE**

**Common Shares**

The Corporation is authorized to issue an unlimited number of Common Shares without par value, of which 5 4,623,262 Common Shares were issued and outstanding as at September 11, 2025.

All Common Shares rank equally as to dividends, voting powers and participation in the distribution of assets. All holders of Common Shares are entitled to receive notice of any meetings of shareholders of the Corporation, and to attend and cast one vote per Common Share at all such meetings. Holders of Common Shares do not have cumulative voting rights with respect to the election of directors. Holders of Common Shares are entitled to receive on a pro rata basis such dividends, if any, as and when declared by the Board at its discretion from funds legally available therefor, and upon the liquidation, dissolution or winding up of the Corporation are entitled to receive on a pro rata basis the net assets of the Corporation after payment of liabilities, in each case subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking senior in priority to or on a pro rata basis with the holders of Common Shares with respect to dividends or liquidation. The Common Shares do not carry any pre-emptive, subscription, redemption or conversion rights, nor do they contain any sinking or purchase fund provisions.

**Preferred Shares**

The Corporation is authorized to issue an unlimited number of Class "A" preferred shares (the "**Class A Preferred Shares**") with par value of $10 per share and an unlimited Class "B" preferred shares (the "**Class B Preferred Shares**", and together with the Class A Preferred Shares the "**Preferred Shares**") without par value. As at September 12, 2025, no Preferred Shares are issued and outstanding.

The holders of Class A Preferred Shares are entitled, on the liquidation or dissolution of the Corporation, whether voluntary or involuntary, or on any other distribution of its assets among its Shareholders for the purpose of winding up its affairs, to receive, before any distribution is made to the holders of Common Shares or any other shares of the Corporation ranking junior to the Class A Preferred Shares with respect to repayment of capital on the liquidation or dissolution of the Corporation, whether voluntary or involuntary, or on any other distribution of its assets among its Shareholders for the purpose of winding up its affairs, the amount paid up with respect to each Class A Preferred Share held by them, together with the fixed premium (if any) thereon, all accrued and unpaid cumulative dividends (if any and if preferential) thereon, which for such purpose will be calculated as if such dividends were accruing on a day-to-day basis up to the date of such distribution, whether or not earned or declared, and all declared and unpaid noncumulative dividends (if any and if preferential) thereon. After payment to the holders of Class A Preferred Shares of the amounts so payable to them, they will not be entitled to share in any further distribution of the property or assets of the Corporation except as specifically provided in the special rights and restrictions attached to any particular series. Holders of Class A Preferred Shares are not entitled to receive notice of, or to attend or vote at, any general meeting of Shareholders of the Corporation.

The holders of Class B Preferred Shares are entitled, on the liquidation or dissolution of the Corporation, whether voluntary or involuntary, or on any other distribution of its assets among its Shareholders for the purpose of winding up its affairs, to receive, before any distribution is made to the holders of Common Shares or any other shares of the Corporation ranking junior to the Class B Preferred Shares with respect to repayment of capital on the liquidation or dissolution of the Corporation, whether voluntary or involuntary, or on any other distribution of its assets among its Shareholders for the purpose of winding up its affairs, the amount paid up with respect to each Class B Preferred Share held by them, together with the fixed premium (if any) thereon, all accrued and unpaid cumulative dividends (if any and if preferential) thereon, which for such purpose will be calculated as if such dividends were accruing on a day-to-day basis up to the date of such distribution, whether or not earned or declared, and all declared and unpaid noncumulative dividends (if any and if preferential) thereon. After payment to the holders of Class B Preferred Shares of the amounts so payable to them, they will not be entitled to share in any further distribution of the property or assets of the Corporation except as specifically provided in the special rights and restrictions attached to any particular series. Holders of Class B Preferred Shares are not entitled to receive notice of, or to attend or vote at, any general meeting of Shareholders of the Corporation.

**Equity Incentive Plans**

The Corporation's omnibus share compensation plan (the "**Omnibus Plan**") has been established for the benefit of its directors, officers, employees and consultants. The Omnibus Plan was adopted by the Board on September 12, 2024 and approved by shareholders of the Corporation on October 17, 2024. The Omnibus Plan provides for the grant of Options, RSUs and DSUs with an aggregate maximum number of Common Shares that may be reserved for issuance under the Omnibus Plan and all other share-based compensation arrangements of the Corporation equal to 10% of the outstanding Common Shares.

**Convertible Securities**

As of the date of this AIF, the following convertible securities are issued and outstanding:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 774,500
 options to acquire Common Shares **("Options")** issued pursuant to the Omnibus
 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 62,500
 restricted share units **("RSUs")** outstanding pursuant to the Omnibus Plan;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 224,506
 deferred share units **("DSUs")** outstanding pursuant to the Omnibus Plan.

**MARKET FOR SECURITIES**

**Trading Price and Volume of Securities**

***Common Shares***

The Common Shares trade on the TSXV under the symbol "MOON", the Frankfurt Stock Exchange under the symbol "8SX0", and the OTCQX Best Market under the symbol "BMOOF". The following table sets out the high and low trading prices, as well as the trading volume, for the Common Shares on the TSXV for each month of the fiscal year ended December 31, 2024 (being presented on a post-Consolidation basis).

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **High** | **Low** | **Trading Volume** |
| &nbsp;&nbsp;January, 2024 | $0.75 | $0.55 | 10227 |
| &nbsp;&nbsp;February, 2024 | $0.70 | $0.55 | 2435 |
| &nbsp;&nbsp;March, 2024 | $0.65 | $0.55 | 11604 |
| &nbsp;&nbsp;April, 2024 | $0.60 | $0.40 | 19352 |
| &nbsp;&nbsp;May, 2024 | $0.50 | $0.35 | 24167 |
| &nbsp;&nbsp;June, 2024 | $0.55 | $0.35 | 69546 |
| &nbsp;&nbsp;July, 2024 | $0.35 | $0.30 | 50505 |
| &nbsp;&nbsp;August, 2024 | $1.75 | $0.25 | 913480 |
| &nbsp;&nbsp;September, 2024 | $3.00 | $1.40 | 289250 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **High** | **Low** | **Trading Volume** |
| &nbsp;&nbsp;October, 2024 | $3.90 | $2.80 | 135709 |
| &nbsp;&nbsp;November, 2024 | $4.30 | $3.30 | 73562 |
| &nbsp;&nbsp;December, 2024 | $3.55 | $3.55 | – |

---

**Prior Sales – Securities Not Listed or Quoted on a Marketplace**

During the financial year ended December 31, 2024, other than issuances of Common Shares, the Corporation issued Options, RSUs, DSUs and Subscription Receipts.

***Options***

During the financial year ended December 31, 2024, the Corporation issued the following Options to purchase Common Shares (being presented on a post-Consolidation basis).

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date of Grant** | **Exercise Price** | **Expiry Date** |
| &nbsp;&nbsp;January 10, 2024120000<sup>(1)</sup> | $1.00 | January 10, 2029 |
| &nbsp;&nbsp;November 1, 2024115000<sup>(2)</sup> | $3.40 | November 1, 2029 |

---

Notes

&nbsp;&nbsp;&nbsp;&nbsp;(1) Vesting over 18 months, with a third of the Options vesting every six months.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Vesting over a three-year period.

***RSUs***

During the financial year ended December 31, 2024, the Corporation issued the following RSUs (being presented on a post-Consolidation basis), which may be settled in Common Shares, cash or a combination of Common Shares and cash, at the Corporation's discretion:

---

| |
|:---|
| **Date of Grant** |
| &nbsp;&nbsp;November 1, 202437500 <sup>(1)</sup> |

---

**Notes**

(1) Vesting annually over three years from the date of grant.

***DSUs***

During the financial year ended December 31, 2024, the Corporation issued the following DSUs (being presented on a post-Consolidation basis), which may be settled in Common Shares, cash or a combination of Common Shares and cash, at the Corporation's discretion:

---

| |
|:---|
| **Date of Grant** |
| &nbsp;&nbsp;November 1, 2024<sup>(1)</sup>140000<sup>(1)</sup> |

---

**Notes**

(1) Vesting annually over three years from the date of grant.

***Subscription Receipts***

In connection with the Concurrent Financing, the Corporation issued 90,000,279 Subscription Receipts which were automatically converted to 9,000,035 Common Shares (on a post-Consolidation basis, rounded) in accordance with their terms on February 27, 2025, in connection with the completion of the Nussir and NSG Transaction. See *"General Development of the Business – Three Year History – 2024 – Acquisition of Nussir and NSG and Concurrent Financing".*

**PRINCIPAL HOLDERS OF VOTING SECURITIES**

To the best of knowledge of the directors and senior officers of the Corporation, as of the date of this AIF, no other person owns, directs, or controls, directly or indirectly, 10% or more of the issued and outstanding Common Shares, other than as disclosed below:

---

| | | |
|:---|:---|:---|
| **Name of Shareholder** | &nbsp;&nbsp;**Number of Common Shares** | **Percentage of Issued and <br> Outstanding** |
| &nbsp;&nbsp;Baker Steel Resources Trust Ltd. | &nbsp;&nbsp;5789555 | 10.6% |
| &nbsp;&nbsp;Monial AS | &nbsp;&nbsp;8292206 | 15.2% |

---

**DIRECTORS AND OFFICERS**

The following table sets forth the name and residence of each director and executive officer of the Corporation, as well as such individual's position with the Corporation, period of service as a director (if applicable), and principal occupation(s) within the five preceding years. Each of the directors of the Corporation will hold office until the close of the next annual meeting of shareholders or until the director's successor is elected or appointed.

---

| | | | |
|:---|:---|:---|:---|
| **Name, Province <br> and Country of <br> Residence)** | **Position(s) with <br> Corporation** | **Date of <br> Appointment as <br> Director** | **Principal Occupation(s) <br> for Five Preceding Years** |
| &nbsp;&nbsp; Maryse Belanger<br> *British Columbia, Canada*<br>| Director | October 17, 2024 | &nbsp;&nbsp; Director and Chair of Environment, Social and Governance Committee at Equinox Gold Corp since June 2020. Formerly, Director and Chair of the board of directors of Adventus Mining Corporation from March 28, 2024 to July 2024; Interim Chief Executive Officer of IAMGOLD Corporation from May 2022 to April 2023 and board chair of IAMGOLD Corporation from February 2022 to September 2023. Former Director and CEO of Bullfrog Gold Corp. (now, Augusta Gold Corp.) from September 2020 to April 2021.<br>|
|  Christian Kargl-Simard<br> *Ontario, Canada*<br>| Director, CEO | October 17, 2024 | Non-executive Chairman of Surge Copper Corp. since September 2020 and board member of NorthX Nickel Corp. since November 2022. Formerly CEO of Adventus Mining Corporation from December 2016 until July 2024. |
| &nbsp;&nbsp; Haytham Hodaly<sup>(2)</sup><br> *British Columbia, Canada*<br>| Director | October 17, 2024 | President Of Wheaton Precious Metal Corp since September 2025. Senior Vice President, Corporate Development of Wheaton Precious Metals Corp from January 2012 to September 2025. Director of NEXE Innovations Inc. since 2020. Formerly, a Director of Goldsource Mines Inc. from 2017 until 2024 and a Director of the Denver Gold Group from 2019 until 2024. |
| Karin Thorburn<sup>(2)</sup> <br> *Bergen, Norway* | Director | February 26, 2025 | Research Chair Professor of Finance at NHH Norwegian School of Economics since 2009 and Adjunct Full Professor of Finance at The Wharton School of University of Pennsylvania, USA since 2016. Director of the Board of Argentum Asset Management AS since 2022, Maritime & Merchant Bank ASA since 2016, and Nussir ASA from 2023-2025. |
| &nbsp;&nbsp;&nbsp;Francis Johnstone<sup>(2)</sup> | Director | February 26, 2025 | Investment Advisor to Baker Steel Resources Trust Ltd since 2010. |

---

---

| | | | |
|:---|:---|:---|:---|
| **Name, Province <br> and Country of <br> Residence)** | **Position(s) with <br> Corporation** | **Date of <br> Appointment as <br> Director** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal Occupation(s)**<br> **for Five Preceding Years**<br>|
| *London, United Kingdom* |  |  |  |
| Skott Mealer <br> *Florida, USA* | President and COO | &nbsp;&nbsp;*–* | Formerly Vice President of Adventus Mining Corporation and General Manager of Curimining, concession holder of the Curipamba - El Domo Project, from February 2022 until July 2024. |
| Frances Kwong *<br> Ontario, Canada* | CFO and Corporate Secretary | &nbsp;&nbsp;*–* | Formerly CFO of Adventus Mining Corporation from October 2017 until July 2024. |
|  Theodore Veligrakis<br> *Paleochori Chalkidikis, Macedonia, Greece* | Vice President, Exploration | &nbsp;&nbsp;*–* | Mineral Exploration Consultant at Physis Corp since September 2024. Formerly Exploration Manager of Adriatic Metals plc from May 2021 until May 2024, previously Senior Exploration Geologist at Tethyan Resources from May 2019 until May 2021 and Exploration Geologist at Eldorado Gold from May 2012 until April 2019. |
| Boi Linh Doig *<br> Ontario, Canada* | Vice President, Mining | &nbsp;&nbsp;*–* | Formerly Principal Projects Engineer at Evolution Mining Limited from May 2020 until April 2025. |
| Stephen Eddy *<br> Ontario, Canada* | Senior Vice President, Corporate Development |  | Formerly SVP, Business Development of Iamgold Corporation from 2023 to 2025 and Vice President, Business Development of Iamgold Corporation from 2014 to 2023, Stephen has guided transformative projects such as the turnaround of the Cote Gold project. |

---

Notes:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The information as to province and country of residence and principal occupation, not being within the
knowledge of the Corporation, has been furnished by the respective directors individually.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Member of the Audit Committee. Karin Thorburn is the Chair.

Based on the disclosure available on the System for Electronic Disclosure by Insiders, as of the date of this AIF, the directors and executive officers of the Corporation (as listed in this AIF) as a group, beneficially owned, or controlled or directed, directly or indirectly, a total of 1,757,303 Common Shares, representing approximately 3.41% of the total issued and outstanding Common Shares as of the date hereof.

Set forth below is a brief description of the background of the directors and executive officers of the Corporation.

***Maryse Bélanger, Director***

Ms. Bélanger currently serves as Director of the Corporation. Ms. Bélanger also currently serves on the board of directors of Equinox Gold Corp., where she is chair of its Environment, Social and Governance Committee and is a member of its Compensation and Nomination Committee. She has over 35 years of experience globally, with proven strengths in operational excellence and efficiency, technical studies and services. She has provided oversight and project management support through some of the mining industry's key strategic acquisitions. Ms. Bélanger was appointed Chair of Adventus Mining Corporation's board of directors in March 2024, prior to its sale to Silvercorp Metals Inc. in July 2024 for $235M. She was Interim CEO and Board Chair of IAMGOLD Corporation from 2022-2 023, successfully overcoming financing and construction issues to advance the company's flagship Côté Mine toward production. From 2016 to 2020, Ms. Bélanger was President, COO and Director of Atlantic Gold, where she guided the company's Touquoy Mine through construction to production, and the eventual acquisition of Atlantic Gold by St. Barbara for C$722 million. She was recognized twice by the Women in Mining UK "WIM (UK)" 100 Global Inspirational Women in Mining Project as one the most inspirational Global Women in Mining. She holds a Bachelor of Science degree in Geology, a graduate certificate in Geostatistics and ICD.D designation.

***Christian Kargl-Simard, CEO & Director***

Mr. Kargl-Simard currently serves as CEO and Director of the Corporation. He has over 20 years of experience in the mining industry, having worked both in technical and finance roles. He recently sold Adventus Mining Corporation to Silvercorp Metals Inc. for $235M after starting with a $2M exploration focused asset base in December 2016. Prior to starting Adventus Mining, he worked for 10 years in investment banking roles at Raymond James Ltd. and Haywood Securities Inc. During his tenure in investment banking, Christian was involved in financings raising more than $7 billion, and he assisted in completing over 35 M&A transactions. Christian also worked for Dynatec up to its sale to Sherritt International Corp. in 2007, both in metallurgical engineering and corporate development roles. Christian holds a B.A.Sc. degree in Metallurgical Engineering from the University of British Columbia. Christian is also non-executive chairman of Surge Copper Corp.

***Haytham Hodaly, Director***

Mr. Hodaly currently serves as a director of the Corporation and Senior Vice President, Corporate Development of -Wheaton Precious Metals. Mr. Hodaly has almost 30 years of experience in analyzing mining opportunities. He joined Wheaton Precious Metals in 2012 and has since been involved with more than US$10 billion worth of streaming transactions. Prior to joining Wheaton Precious Metals, Mr. Hodaly had spent more than 16 years in the North American securities industry, most recently as Director and Mining Analyst, Global Mining Research, at RBC Capital Markets. Prior to this, Mr. Hodaly held the position of Co-Director of Research and Senior Mining Analyst at Salman Partners Inc., in addition to holding the titles of Vice President and Director of the firm. Mr. Hodaly is an engineer with a Bachelor of Applied Science in Mining and Mineral Processing Engineering and a Master of Engineering, specializing in Mineral economics, both obtained from the University of British Columbia. Mr. Hodaly currently serves as a director of NEXE Innovations Inc. since 2020 and a Director of Blue Moon Metals Inc. since October 2024 and was formerly a director of Goldsource Mines Inc. from 2017 until 2024 and a Director of Gold Denver Gold Group from 2019 until 2024.

***Karin Thorburn, Director***

Dr. Thorburn is Research Chair Professor of Finance at NHH Norwegian School of Economics and Adjunct Full Professor of Finance at The Wharton School of University of Pennsylvania, USA. Before joining NHH in 2009, she was a faculty member at the Tuck School of Business at Dartmouth College, USA. Her research focuses on M&A, restructuring, raising capital, and corporate governance, and is regularly published in leading academic journals. Dr. Thorburn is a Research Associate of the Center for Economic Policy Research (CEPR) in London and a Research Affiliate of the European Corporate Governance Institute (ECGI) in Brussels. She is a Director of the Board of Argentum Asset Management AS, Maritime & Merchant Bank ASA, Preferred Global Health AS, Green LNG Services AS, and Horus of Norway AS, and previously of Nussir ASA, SEB Investment Management AB, and Nordea Bank Norway ASA. She has served on several government-appointed committees on topics related to banking regulation and the investment strategy of Norway's Government Pension Fund Global. Dr. Thorburn holds a PhD in financial economics from the Stockholm School of Economics .

***Francis Johnstone, Director***

Mr. Johnstone has been an Investment Advisor to Baker Steel Resources Trust Ltd since its inception and is based in London. Mr. Johnstone has trained in corporate finance and M&A at Citibank, Francis entered the mining business in 1989 with Cluff Resources plc and became Group Projects and Operations Manager. Prior to Cluff's takeover by Ashanti Goldfields in 1996, Mr. Johnstone was a key member of the team who built Freda Rebecca the largest gold mine in Zimbabwe, the Ayanfuri Gold Mine in Ghana and negotiated for and discovered the Geita Gold Mine in Tanzania. In 2003, he joined Ridge Mining plc as Commercial Director, and was an integral member of the team that undertook a feasibility study, financed and developed the Blue Ridge Platinum Mine in South Africa prior to the acquisition of Ridge Mining Plc by Aquarius Platinum Limited in 2009.

***Skott Mealer, President and COO***

Mr. Mealer currently serves as President and COO of the Corporation. Mr. Mealer is a seasoned mining professional with over 20 years of experience in project development and construction. He most recently led the advancement of the El Domo Project for Adventus Mining in Ecuador resulting in granting of all required permits for construction and operation of the mine – only the third in Ecuador and first since 2016. Prior to that he worked for Kinross Gold Corporation for 10 years on various projects including successfully leading the La Coipa restart in Chile and Round Mountain Phase W in Nevada, and also held key roles on other projects in Chile, Brazil and Ecuador including FDN and Mirador. He is fluent in Spanish and English and has extensive experience building and leading multidisciplinary, multicultural teams in both engineering and construction with consistent performance in safety, cost reduction and schedule adherence.

***Frances Kwong, CFO and Corporate Secretary***

Ms. Kwong currently serves as CFO and Corporate Secretary of the Corporation. Ms. Kwong is a financial professional with over 40 years of international experience from finance and strategy planning to management of financial systems implementation in mining and other industries. She has close to 20 years of experience in the global mining sector, ensuring compliance with financial and regulatory requirements and has been involved in numerous financing as well as transactions both at asset and corporate level, serving as Chief Financial Officer of Adventus Mining for 7 years up to its $235M sale to Silvercorp Metals in the summer of 2024, Vaaldiam Mining Inc., and as senior consultant for a major mining-focused equity and royalty fund. Prior to the mining sector, Frances worked in the telecommunications and information technology industries. Frances is a fellow of the Institute of Chartered Accountants in England and Wales, a Canadian CPA, and holds a B. Soc. Sc. (Hons) degree from the University of Hong Kong.

***Theodore Veligrakis, Vice President, Exploration***

Mr. Veligrakis currently serves as Vice President of Exploration of the Corporation. Mr. Veligrakis is a professional geologist with over 13 years of experience in mineral exploration across world-class Au-Ag epithermal, Au-Pb-Zn-Ag carbonate replacement, Cu-Au porphyry, skarn and VMS deposits across the Western Tethyan Mineral Belt and West Africa. Previously, he was the Exploration Manager of Adriatic Metals (ASX: ADT) in Bosnia & Herzegovina, where he was involved in the discovery of Rupice NW polymetallic deposit, doubling the existing life of mine to 20 years. Before Adriatic Metals, Theo was the Senior Exploration Geologist for Tethyan Resources (TSX-V: TETH) in Serbia and a Generative Exploration Geologist for Eldorado Gold (TSX: ELD / NYSE: EGO) in Greece and Balkans. Throughout his career, Mr. Veligrakis has demonstrated strong leadership in exploration strategy, team management, and technical excellence. As Exploration Manager at Adriatic Metals, he led a team of 13 geologists, streamlining exploration processes and implementing successful near mine and regional drilling programs. His expertise spans project generation, surface mapping, and geochemical and geophysical data integration. He has also conducted technical due diligence on multi-commodity projects across Europe, Africa, and Central Asia, contributing to strategic investment decisions. Passionate about early- to mid-stage exploration, he is committed to unlocking new mineral discoveries through innovative and systematic exploration approaches.

***Boi Linh Doig, Vice President, Mining***

Mrs. Doig currently serves as Vice President of Mining of the Corporation. Mrs. Doig has over 20 years of underground experience in the mining industry. Most recently, she served as Principal Projects Engineer at Evolution Mining – Red Lake Operations, where she led a team in delivering several key projects resulting in significant cost savings and operational improvements. She has previously held several leadership roles, including Chief Mine Engineer with Newmont Goldcorp's Red Lake Gold Mines, and Engineering Team Leader with Goldcorp at Musselwhite Mine. Throughout her career, she has demonstrated exceptional skills in managing multi-disciplinary engineering teams, optimizing mine operations, driving strategic initiatives, and executing projects that enhance safety, efficiency, and productivity. Mrs. Doig holds a Bachelor of Applied Sciences in Mineral Engineering from the University of Toronto and is a licensed Professional Engineer with Professional Engineers of Ontario.

***Stephen Eddy, Senior Vice President, Corporate Development***

Mr. Eddy is a strategic financial executive with over two decades of experience leading capital markets transactions, risk management, and corporate development in the mining sector. As Senior Vice President of Business Development at IAMGOLD, he spearheaded $900M in acquisitions and $2.4B in divestitures, including landmark deals such as the $500M sale of Niobec and a $195M strategic investment by Sumitomo. Known for his sharp financial acumen, collaborative leadership, and ability to unlock value in complex, high-stakes environments, Stephen has guided transformative projects such as the turnaround of the Cote Gold project. A Chartered Professional Accountant, Master of Management and Professional Accounting (MMPA) graduate from Rotman School of Management and holds a honours BA in Economics from the University of Western Ontario, he brings a rigorous analytical approach, a passion for growth, and a commitment to operational excellence. Stephen excels in aligning strategy with execution to drive shareholder value and position organizations for long-term success.

**Cease Trade Orders, Bankruptcies, Penalties or Sanctions**

Other than as set out below, no individual set forth in the above table is, as at the date hereof, or was, within 10 years before the date hereof, a director, chief executive officer or chief financial officer of any company (including the Corporation) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) was subject to a cease trade order, an order similar to a cease trade order or an order that denied the
relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days
and that was issued while such individual was acting in the capacity as director, chief executive officer or chief financial officer;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was subject to a cease trade order, an order similar to a cease trade order or an order that denied the
relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days,
that was issued after such individual ceased to be a director, chief executive officer or chief financial officer, and which resulted
from an event that occurred while such individual was acting in the capacity as director, chief executive officer or chief financial officer.

Other than as set out below, no individual set forth in the above table or shareholder holding a sufficient number of securities of the Corporation to affect materially the control of the Corporation, nor any personal holding company of any such individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is, as of the date hereof, or has been within 10 years before the date hereof, a director
or executive officer of any company (including the Corporation) that, while such individual was acting in that capacity, or within a year
of such individual ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency,
was subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee
appointed to hold its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has, within the 10 years before the date hereof, become bankrupt, made a proposal under any legislation
relating to bankruptcy or insolvency, become subject to or instituted any proceedings, arrangement or compromise with creditors, or had
a receiver, receiver manager or trustee appointed to hold the assets of such individual; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has been subject to (i) any penalties or sanctions imposed by a court relating to
securities legislation or by a securities regulatory authority, or has entered into a settlement agreement with a securities regulatory
authority, or (ii) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to
a reasonable investor in making an investment decision.

Ms. Bélanger was a director of Mirabela Nickel Limited ("**MBN**") from July 2014 to June 2016. On September 24, 2015, the board of directors of MBN elected to place the company into voluntary administration under the relevant provisions of the Australian Corporations Act 2001 to progress discussions with financiers to put in place funding arrangements or other restructuring options that would alleviate the liquidity challenges facing MBN's operations at the time. Such discussions were unsuccessful and on June 13, 2016 the creditors of MBN voted to place MBN in liquidation. On September 21, 2015, an order was issued by the British Columbia Securities Commission that all trading in the securities of MBN be ceased due to its failure to file financial statements for the period ended June 30, 2015. On September 25, 2015 and October 7, 2015, orders were issued by the Ontario Securities Commission that all trading in the securities of MBN be ceased due to its failure to file financial statements for the period ended June 30, 2015.

Ms. Bélanger was a director of Pure Gold Mining Inc. **("Pure Gold")** from February 2020 until March 30, 2023. Pure Gold owned the Madsen Mining property, located near Red Lake Ontario. After redeveloping the property and processing facilities, Pure Gold experienced significant start up and operational difficulties. Consequently, on October 31, 2022, Pure Gold applied for and received an initial order for creditor protection from the Supreme Court of British Columbia **("Court")** under the *Companies' Creditors Arrangement Act* **("CCAA").** KSV Restructuring Inc. was appointed as the monitor. On November 10, 2022, the Court approved a Sales and Investment Solicitation Process Order, among other relief. On March 30, 2023, the Court approved Pure Gold's appointment of a Chief Administrative Officer and all members of the Pure Gold board of directors resigned immediately. Pure Gold's common shares were suspended from trading on the NEX Board of the TSXV. Pure Gold was subsequently acquired by West Lake Gold Mines on June 16, 2023 under the CCAA proceedings.

Ms. Bélanger was a director of Plateau Energy Metals Inc. **("Plateau")** from May 2016 to May 2021. On May 3, 2021, Plateau and two of its officers (Alexander Holmes and Philip Gibbs) received a Notice of Hearing together with a Statement of Allegations from staff of the Ontario Securities Commission (the **"OSC")** announcing the commencement of regulatory proceedings on the basis that Plateau misled investors about a decision by a Peruvian mining regulator that threatened their mining rights over certain properties in Peru. In October of 2022, Plateau, Alexander Holmes and Philip Gibbs entered into a Settlement Agreement with the OSC and paid $210,000, $60,000 and $30,000 respectively on account of costs to the OSC in accordance with the terms of the Settlement Agreement. Plateau, Alexander Holmes and Philip Gibbs also made payments of $500,000, $175,000 and $75,000 respectively on account of administrative penalties.

Dr. Thorburn has been a director of Preferred Global Health AS **("PGH")** since October 2020. She is also a director of Preferred Global Health Ltd. **("PGH Bermuda"),** a wholly-owned subsidiary of PGH, since October 7, 2022. PGH petitioned to have a receiver appointed in respect of PGH Bermuda, which entered a voluntary receivership process. On December 1, 2023, the Supreme Court of Bermuda appointed an Official Receiver as the Provisional Liquidator of PGH Bermuda. On December 16, 2024, the Supreme Court of Bermuda ordered that Elizabeth Cava and Marcin Czarnocki, both of Deloitte Financial Advisory Ltd., replace the Official Receiver and appointed them as Joint Provisional Liquidators (the **"JPLs")** of PGH Bermuda. On June 19, 2025, the directors of PGH Bermuda received notice of the appointment of the JPLs and provided all relevant documentation.

**Conflicts of Interest**

Certain of the directors and officers of Blue Moon are directors and officers of other companies, some of which are in the same business as Blue Moon. See *"Risk Factors".* Certain of the officers and directors of the Corporation also serve as directors and/or officers of other companies involved in the mineral exploration and development business, and consequently there exists the possibility for such officers or directors to be in a position of conflict. Any decision made by any such officers or directors involving the Corporation will be made in accordance with their duties and obligations under the laws of the Province of British Columbia and Canada.

**AUDIT COMMITTEE**

**The Audit Committee's Charter**

The Board has adopted a Charter for the Audit Committee, which sets out the Audit Committee's mandate, organization, powers and responsibilities. The full text of the Audit Committee Charter is attached hereto as Schedule "A".

**Composition of the Audit Committee**

The members of the Audit Committee are Karin Thorburn, Haytham Hodaly and Francis Johnstone, all of whom are " independent" and "financially literate" (as such terms are defined in National Instrument 52-110 – Audit Committees).

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name of Member** | &nbsp;&nbsp;**Independent** **<sup>(1)</sup>** | **Financially Literate** **<sup>(2)</sup>** |
| &nbsp;&nbsp;Karin Thorburn | &nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;Haytham Hodaly | &nbsp;&nbsp;Yes | Yes |
| &nbsp;&nbsp;Francis Johnstone | &nbsp;&nbsp;Yes | Yes |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;(1) To be considered independent, a member of the Audit Committee must not have any direct
or indirect "material relationship" with the Corporation. A "material relationship" is a relationship which could,
in the view of the Board, be reasonably expected to interfere with the exercise of a member's independent judgment.

(2) To be considered financially literate, a member of the Audit Committee must have the
ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that
are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the Corporation's financial
statements.

**Relevant Education and Experience**

The following is a summary of the Audit Committee members' education and experience which is relevant to the performance of their responsibilities as an Audit Committee member:

***Karin Thorburn***

Dr. Thorburn is Research Chair Professor of Finance at NHH Norwegian School of Economics and Adjunct Full Professor of Finance at The Wharton School of University of Pennsylvania, USA. She is a Research Associate of the Center for Economic Policy Research (CEPR) in London and a Research Affiliate of the European Corporate Governance Institute (ECGI) in Brussels. Dr. Thorburn is a Director of the Board of Argentum Asset Management AS, Maritime & Merchant Bank ASA, Preferred Global Health AS, Green LNG Services AS, and Horus AS, and previously of Nussir ASA, SEB Investment Management AB, and Nordea Bank Norway ASA. She has served on several government-appointed committees on topics related to banking regulation and the investment strategy of Norway's Government Pension Fund Global. Dr. Thorburn holds a PhD in financial economics from the Stockholm School of Economics.

***Haytham Hodaly***

Mr. Hodaly is the Senior Vice President, Corporate Development of Wheaton Precious Metals and brings with him almost 30 years of experience in analyzing mining opportunities. Mr. Hodaly is an engineer with a Bachelor of Applied Science in Mining and Mineral Processing Engineering and a Master of Engineering, specializing in Mineral Economics, both obtained from the University of British Columbia.

***Francis Johnstone***

Mr. Johnstone is an Investment Advisor to Baker Steel Resources Trust Ltd and has trained in corporate finance and M&A at Citibank. Since then, he has been involved in the financial side of the mining business for over 35 years and has served on the audit committees of a number of publicly listed mining companies.

In these positions, each member has been responsible for receiving information relating to companies and obtaining an understanding of the balance sheet, income statements, statements of cash flows and assessing the financial condition of the Corporation and its operating results. Each member has an understanding of the mineral exploration and mining business in which the Corporation is engaged and has an appreciation of the financial issues and accounting principles that are relevant in assessing the Corporation's financial disclosures and internal controls.

For more information see *"Directors and Officers"*.

**Pre-Approval Policies and Procedures**

The Audit Committee has adopted specific policies and procedures for the engagement of non-audit services as described below under the heading "Responsibilities of the Committee" of the Audit Committee Charter.

**External Auditor Service Fees**

The following table discloses the aggregate fees charged to the Corporation by its external auditor during the last two financial years:

---

| | | |
|:---|:---|:---|
| **Financial Year Ending** | **Audit Fees<sup>(1)</sup>** | **Tax Fees<sup>(3)</sup>** |
| &nbsp;&nbsp;December 31, 2024 | $19232 Nil | $8250 Nil |
| &nbsp;&nbsp;December 31, 2023 | $19000 Nil | Nil |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The aggregate audit fees billed.

(2) The aggregate fees billed for assurance and related services that are
reasonably related to the performance of the audit or review of the Corporation's fmancial statements that are not included under the
heading *"Audit Fees".* 

(3) The aggregate fees billed for professional services rendered for tax compliance, tax advice and tax planning.

(4) The aggregate fees billed for products and services other than as set
out under the headings *"Audit Fees", "Audit Related Fees"* and *"Tax Fees".* 

**LEGAL PROCEEDINGS AND REGULATORY ACTIONS**

The Corporation is not and was not a party to, and none of its property is or was the subject of, any legal proceedings during the Corporation's most recently completed financial year, nor does the Corporation contemplate any such legal proceedings.

No penalties or sanctions have been imposed against the Corporation (i) by a court relating to securities legislation or (ii) by a securities regulatory authority, nor has the Corporation entered into any settlement agreements (a) before a court relating to securities legislation or (b) with a securities regulatory authority, during the Corporation's most recently completed financial year, nor has a court or regulatory body imposed any other penalties or sanctions against the Corporation.

**INTERESTS OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**

Except as disclosed elsewhere in this AIF, no (a) director or executive officer, (b) person or Corporation that beneficially owns, controls or directs, directly or indirectly, more than 10% of the Common Shares, nor (c) associate or affiliate of any of the persons or companies referred to in (a) or (b) has, or has had within the three most recently completed financial years before the date hereof, any material interest, direct or indirect, in any transaction that has materially affected or is reasonably expected to materially affect the Corporation or any of its subsidiaries.

**TRANSFER AGENT AND REGISTRAR**

The transfer agent and registrar of the Corporation is Odyssey Trust Company, and the register of Common Shares and registers of transfers are maintained at its Toronto office.

**MATERIAL CONTRACTS**

The only material contracts that the Corporation has entered into (i) since the beginning of its most recently completed financial year, or (ii) before the beginning of its most recently completed fmancial year and that are still in effect, other than contracts entered into in the ordinary course of business, are as follows (copies of which are available on SEDAR+ <u>(www.sedarplus.ca)</u> under the Corporation's issuer profile):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Agency Agreement (see *"General Development of the Business – Three Year History – 2024 –Acquisition of Nussir and NSG and Concurrent Financing");* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the subscription receipt agreement dated December 19, 2024 among the Corporation, Cormark Securities Inc.,
Scotia Capital Inc. and Odyssey Trust Company, relating to the Concurrent Financing (see *"General Development of the Business – Three Year History – 2024 – Acquisition of Nussir and NSG and Concurrent Financing");* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Nussir Share Purchase Agreement dated December 19, 2024, between the Corporation, Nussir ASA, Monial
AS, Baker Steel Resources Trust Limited, Antaeus AS, and Nils Christian Thrane (see *"General Development of the Business – Three Year History – 2024 – Acquisition of Nussir and NSG and Concurrent Financing");* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the NSG Share Purchase Agreement dated December 19, 2024, between the Corporation, NSG, Starker Bjornstad,
Fauskebygg Holding AS, Fauskebygg Invest AS, Orjan Grotnes Valla, Morten Grotnes Valla, and Leif Roar Stavnes (see *"General Development of the Business – Three Year History – 2024 – Acquisition of Nussir and NSG and Concurrent Financing");* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Hartree Investor Rights Agreement (see *"General Development of the Business – Three Year History – 2024 – Acquisition of Nussir and NSG and Concurrent Financing");* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the REAS Share Purchase Agreement (see *"General Development of the Business – Three Year History – Events Subsequent to 2024 – REAS Acquisition");* and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Bridge Loan Agreement (see *"General Development of the Business – Three Year History –Events Subsequent to 2024 – Loan and Investment by Hartree and Oaktree".* 

**INTERESTS OF EXPERTS**

The authors of: (i) the Blue Moon Technical Report are Scott Wilson, C.P.G. SME-RM from Resource Development Associates Inc., Peter Szkilnyk, P. Eng. from Micon International Limited, Alan J. San Martin, P.Eng. from Micon International Limited, Richard Gowans, P.Eng. from Micon International Limited, Justin Taylor, P. Eng. from Micon International Limited and Christopher Jacobs, C. Eng., MIMMM from Micon International Limited; and (ii) the Nussir Technical Report is Adam Wheeler, B.Sc, M.Sc, C. Eng., Eur Ing., FIMMM. To the knowledge of the Corporation, each of these experts holds less than 1% of the outstanding securities of the Corporation or of any associate or affiliate thereof as of the date hereof. None of the aforementioned firms or persons received, or will receive, any direct or indirect interest in any securities of the Corporation or of any associate or affiliate thereof in connection with the preparation of the report prepared by such person. None of the aforementioned firms or persons, nor any directors, officers or employees of such firms, are currently, or are expected to be elected, appointed or employed as, a director, officer or employee of the Corporation, or of any associate or affiliate of the Corporation.

Davidson & Company LLP, the former auditors of the Corporation (until April 21, 2025), prepared an auditors' report to the shareholders of the Corporation on the statement of financial position of the Corporation for the years ended December 31, 2024 and 2023, and the statements of loss and comprehensive loss, cash flows and changes in shareholders' equity for the years ended December 31, 2024 and 2023. Davidson & Company LLP has advised that it is independent with respect to the Corporation within the meaning of the rules of Professional Conduct of Chartered Professional Accountants of Ontario. Davidson & Company LLP resigned effective on April 21, 2025 and succeeded by MNP LLP, as the current auditors of the Corporation.

**ADDITIONAL INFORMATION**

Additional information, including directors' and officers' remuneration and indebtedness, principal holders of the Corporation's securities and securities authorized for issuance under equity compensation plans, as applicable, is contained in the Corporation's management information circular dated September 17, 2024, which is available on SEDAR+ (<u>www.sedarplus.ca</u>) under Blue Moon's issuer profile. Additional financial information is provided in the Corporation's financial statements and management's discussion and analysis for the Corporation's most recently completed financial year. Additional information relating to the Corporation may also be found on SEDAR+ (<u>www.sedarplus.ca</u>) under Blue Moon's issuer profile.

**SCHEDULE "A"**

**AUDIT COMMITTEE CHARTER**

**1.0 PURPOSE**

**1.1** The Audit
 Committee (the **"Committee")** is a standing committee of the board of directors
 (the **"Board")** of Blue Moon Metals Inc. (the **"Corporation")** charged with assisting the Board in fulfilling its fmancial oversight responsibilities
 by reviewing the financial reports and other fmancial information provided by the Corporation
 to regulatory authorities and shareholders, the Corporation's systems of internal controls
 regarding fmance and accounting and the Corporation's auditing, accounting and financial
 reporting processes. Consistent with this function, the Committee will encourage continuous
 improvement of, and should foster adherence to, the Corporation's policies, procedures and
 practices at all levels. The Committee's primary duties and responsibilities are to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) serve as
 an independent and objective party to monitor the Corporation's financial reporting and internal
 control system and review the Corporation's fmancial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review and
 appraise the performance of the Corporation's external auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide
 an open avenue of communication among the Corporation's auditors, financial and senior management
 and the Board.

**2.0 COMMITTEE MEMBERSHIP**

**2.1** The Board
 shall annually elect a minimum of three (3) directors to the Committee, a majority of whom
 shall be fmancially literate, independent of management and free from any material relationship
 with the Corporation, that in the opinion of the Board, would interfere with the director's
 exercise of independent judgment as a member of the Committee. Unless a chair of the Committee **("Chair")** is elected by the full Board, the members of the Committee may
 designate a Chair by a majority vote of the full Committee membership.

**2.2** If the
 Corporation ceases to be a "venture issuer" (as that term is defmed in National
 Instrument 52-110 *–Audit Committees* **("NI 52-110")),** then all
 of the members of the Committee shall be independent (as that term is defmed in NI 52-110).

**2.3** If the
 Corporation ceases to be a "venture issuer" (as that term is defined in NI 52-110),
 then all members of the Committee shall be financially literate. All members of the Committee
 that are not financially literate will work towards becoming fmancially literate to obtain
 a working familiarity with basic finance and accounting practices. For the purposes of this
 Charter of the Audit Committee (the **"Charter"),** the defmition of "fmancially
 literate" is the ability to read and understand a set of financial statements that present
 a breadth and level of complexity of accounting issues that are generally comparable to the
 breadth and complexity of the issues that can presumably be expected to be raised by the
 Corporation's fmancial statements.

**3.0 MEETINGS**

**3.1** The Committee shall meet a least
 four (4) times annually, or more frequently as circumstances dictate. As part of its job to foster
 open communication, the Committee will meet at least annually with the external auditors.

**3.2** A quorum for the transaction of
business at any meeting of the Committee shall be two (2) members.

**4.0 RESPONSIBILITIES AND DUTIES**

To fulfill its responsibilities and duties, the Committee shall:

***4.1 Documents/Reports Review***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review this Charter annually and recommend
 any changes to the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review the
 Corporation's financial statements, management discussion and analysis and any annual and
 interim earnings press releases before the Corporation publicly discloses this information,
 and any reports or other financial information (including quarterly fmancial statements),
 which are submitted to any governmental body, or to the public, including any certification,
 report, opinion, or review rendered by the external auditors.

***4.2 External Auditors***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) annually
 review the performance of the external auditors who shall be ultimately accountable to the
 Board and the Committee as representatives of the shareholders of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) annually
 obtain a formal written statement of external auditors setting forth all relationships between
 the external auditors and the Corporation, consistent with Independence Standards Board Standard
 No. 1 - *Independence Discussions with Audit Committees;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) review and
 discuss with the external auditors any disclosed relationships or services that may impact
 the objectivity and independence of the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) take appropriate
 action to oversee the independence of the external auditors, including the resolution of
 disagreements between management and the external auditor regarding fmancial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) recommend
 to the Board the selection and, where applicable, the replacement of the external auditors
 nominated annually for shareholder approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) recommend
 to the Board the compensation to be paid to the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) at least
 once per year, consult with the external auditors, without the presence of management, about
 the quality of the Corporation's accounting principles, internal controls and the completeness
 and accuracy of the Corporation's financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) review and
 approve the Corporation's hiring policies regarding partners, employees and former partners
 and employees of the present and former external auditors of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review with
 management and the external auditors the audit plan for the year-end financial statements
 and intended template for such statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review and
 pre-approve all audit and audit-related services and the fees and other compensation related
 thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) review and
 pre-approve any non-audit services provided by the Corporation's external auditors, subject
 to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the pre-approval
 requirement shall be satisfied with respect to the provision of non-audit services if the
 following criteria (as set forth in Section 2.4 of NI 52-110) are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the
 aggregate amount of all such non-audit services provided to the Corporation constitutes not
 more than five percent of the total amount of fees paid by the Corporation (and its subsidiary
 entities) to its external auditors during the fiscal year in which the non-audit services
 are provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) such services were not recognized by the Corporation (or the subsidiary entity) at
the time of the engagement to be non-audit services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) such services are promptly brought to the attention of the Committee and approved,
prior to the completion of the audit, by the Committee or by one or more members of the Committee who are members of the Board to whom
authority to grant such approvals has been delegated by the Committee (with such delegation being in compliance with Section 2.5 of NI
52-110); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Committee may delegate to the Chair or any other independent member of the Committee the authority to pre-approve
non-audit services, provided such pre-approved non-audit services are presented to the Committee at the next scheduled Committee meeting
following such pre-approval.

***4.3 Financial Reporting Processes***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in consultation with the external auditors, review with management the integrity of
the Corporation's financial reporting process, both internal and external;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) consider the external auditors' judgments about the quality and appropriateness of
the Corporation's accounting principles as applied in its financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) consider and approve, if appropriate, changes to the Corporation's auditing and accounting
principles and practices as suggested by the external auditors and management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review significant judgments made by management in the preparation of the financial
statements and the view of the external auditors as to the appropriateness of such judgments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) following completion of the annual audit, review separately with management and the external auditors
any significant difficulties encountered during the course of the audit, including any restrictions on the scope of work or access to
required information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) review any significant disagreement among management and the external auditors in
connection with the preparation of the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) review with the external auditors and management the extent to which changes and improvements
in financial or accounting practices have been implemented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) review any complaints or concerns about any questionable accounting, internal accounting
controls or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) establish a procedure for the receipt, retention and treatment of complaints received by the Corporation regarding accounting, internal
accounting controls or auditing matters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) establish a procedure for the confidential, anonymous submission by employees of the
Corporation of concerns regarding questionable accounting or auditing matters.

***4.4 Internal Control***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) consider the effectiveness of the Corporation's internal control system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) understand the scope of external auditors' review of internal control over financial reporting, and obtain reports on significant findings and recommendations,
together with management's responses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) review external auditors' management letters and management's responses to such letters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) as requested by the Board, discuss with management and the external auditors the Corporation's major risk
exposures (whether financial, operational or otherwise), the adequacy and effectiveness of the accounting and financial controls, and
the steps management has taken to monitor and control such exposures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) annually review the Corporation's disclosure controls and procedures, including any significant deficiencies
in, or material non-compliance with, such controls and procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) discuss with the Chief Financial Officer
 and, as is in the Committee's opinion appropriate, the Chief Executive Officer, all elements
 of the certification required pursuant to National Instrument 5 2-109 - *Certification of Disclosure in Issuers' Annual and Interim Filings*.

***4.5 Other***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review any related-party transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) engage independent counsel and other advisors as it determines necessary to carry out its duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) set and pay compensation for any independent counsel and other advisors employed by the Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) communicate directly with the internal and external auditors.

Approved by the Board of Directors on October 17, 2024

## Exhibit 99.45

**Exhibit 99.45**

**Adam Wheeler**

Mining Consultant, C. Eng, Eur Ing, FIMMM

Cambrose Farm, Redruth, Cornwall, TR16 4HT, England.

**CONSENT OF QUALIFIED PERSON**

Filed on SEDAR+

---

| | |
|:---|:---|
| To: | Blue Moon Metals Inc. (the "**Company**") |
| And to: | British Columbia Securities Commission |
|  | Alberta Securities Commission |
|  | Autorité des Marchés Financiers |

---

And to: TSX Venture Exchange

I, Adam Wheeler, consent to the public filing of the technical report titled *" NI 43-101 Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects, Norway"*, with an effective date of June 20, 2025 and dated January 24, 2025, as amended and restated on September 12, 2025 (the "**Technical Report**") prepared for the Company, and filed with the securities regulatory authorities referred to above.

I also consent to any extracts from, or a summary of, the Technical Report in the annual information form dated September 12, 2025 of the Company (the "**AIF**").

I certify that I have read the AIF being filed by the Company and that it fairly and accurately represents the information in the Technical Report for which I am responsible.

Dated this 12<sup>th</sup> day of September, 2025

<u>*(signed) "Adam Wheeler"*</u> <br> Adam Wheeler, B.Sc., M.Sc., C. Eng., Eur. Ing., FIMMM

## Exhibit 99.46

**Exhibit 99.46**

**NI 43-101 TECHNICAL REPORT ON THE**

**MINERAL RESOURCES OF THE**

**NUSSIR AND ULVERYGGEN PROJECTS, NORWAY**

**Prepared for**

**Blue Moon Metals Inc.**

**by**

**Qualified Person:**

**Adam Wheeler, B.Sc, M.Sc, C. Eng., Eur Ing., FIMMM**

**Effective Date of Resources:** **20<sup>th</sup> January 2025**

**Effective Date of Report:** **24<sup>th</sup> January 2025 (as amended and restated on 12 September 2025)**

**Adam Wheeler, Mining Consultant, C. Eng, Eur Ing,, FIMMM**

**Cambrose Farm, Redruth, Cornwall, TR16 4HT, England.**

**September 2025**

**Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects**<sub>2</sub>

**QUALIFIED PERSONS CERTIFICATE**

**Certificate Of Author**

Adam Wheeler, Mining Consultant,

Cambrose Farm, Redruth, Cornwall, TR16 4HT, England.

Tel/Fax: (44) 1209-899042; E-mail: <u>adamwheeler@btinternet.com</u>

As the author of this "Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects, Norway", I, A. Wheeler do hereby certify that:

1. I am an independent mining consultant, based at Cambrose Farm, Redruth, Cornwall, TR16 4HT, England.

2. I hold the following academic qualifications:-

B.Sc. (Mining) Camborne School of Mines 1981 <br> M.Sc. (Mining Engineering) Queen's University (Canada) 1982

3. I am a registered Chartered Engineer (C. Eng and Eur. Ing) with the Engineering Council
(UK). Reg. no. 371572.

4. I am a professional fellow (FIMMM) in good standing of the Institute of Materials,
Minerals and Mining.

5. I have worked as a mining consultant in the minerals industry for over 40 years. I have worked on over
50 different projects involving geological modelling, exploration drillhole layout or resource estimation. These projects have covered
35 different countries, and 25 of them have involved me as an QP for either 43-101 or JORC reports. Twenty of these projects have been
related to copper. I have been working on the Nussir project since 2007 and the Ulveryggen project since 2010, involved with exploration
drillhole layout, geological modelling and resource estimation.

6. I have read NI 43-101 and the technical report, which is the subject of this certificate, has been prepared
in compliance with NI 43-101. By reason of my education, experience and professional registration, I fulfil the requirements of a "qualified
person" as defined by NI 43-101. My work experience includes 5 years at an underground gold mine, 7 years as a mining engineer in
the development and application of mining and geological software, and 30 years as an independent mining consultant, involved with geological
modelling, exploration drill hole layout, resource and reserve estimation, evaluation and planning projects for both open pit and underground
mining projects.

7. I am responsible for the preparation of the technical report
titled "Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects, Norway", and dated January 25<sup>th</sup>,
2025. I visited the project property on 2/7/2007 – 4/7/2007, 14/6/2010 – 16/6/2010, 22/9/2014 – 24/9/2014 and 14/1/2025
 – 16/1/2025. The visits before 2024 were part of my prior involvement with Nussir as an independent contractor, related to previous
resource estimation exercises for the Nussir and Ulveryggen projects.

8. As of the date hereof, to the best of the my knowledge, information and belief, the
technical report, which is the subject of this certificate, contains all scientific and technical information that is required to be disclosed
to make such a technical report not misleading.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

**Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects**<sub>3</sub>

9. I am independent of the Issuer and related companies applying all of the tests of
Section 1.5 of NI 43-101.

10. I have read the National Instrument and Form 43-101F1 (the "Form")
and the Technical Report has been prepared in compliance with the Instrument and the Form.

**DATE AND SIGNATURES PAGE**

Herewith, my report entitled "Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects, Norway", dated January 24, 2025 (as amended and restated on September 12, 2025).

<u>*(signed and sealed) "Adam Wheeler"*</u>   <br> A. Wheeler, C.Eng., Eur. Ing. FIMMM Dated the 12<sup>th</sup> of September 2025

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

**Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects**<sub>4</sub>

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| QUALIFIED PERSONS CERTIFICATE | QUALIFIED PERSONS CERTIFICATE | 2 |
| 1 | SUMMARY | 12 |

---

1.1 Overview 12

1.2 Ownership 12

1.3 Geology 12

1.4 Database and Resource Estimation 13

1.5 Exploration Status 14

1.6 Mineral Resource Estimation 15

1.7 Results and Interpretations 16

1.7.1 Exploration Targets – Nussir deposit 16

1.7.2 Exploration Targets – Ulveryggen deposit 17

1.7.3 Double Mineralised Intersections – Nussir deposit 17

1.7.4 Inferred Resource Conversion – Nussir deposit 17

1.7.5 Inferred Resource Conversion – Ulveryggen deposit 17

1.8 Conclusions 18

1.9 Recommendations 18

1.9.1 Sample Preparation, Analyses, and Security 18

1.9.2 Data Verification 19

1.9.3 Further Studies 19

1.9.4 Exploration Program and Budget 20

2 INTRODUCTION 21

2.1 Author 21

2.2 Terms of Reference 21

2.3 Units and Currency 22

3 RELIANCE ON OTHER EXPERTS 22

3.1 Ownership 22

3.2 Taxes 22

4 PROPERTY DESCRIPTION AND LOCATION 23

4.1 Location 23

4.2 Licenses 24

4.3 Fees and Royalties 27

4.4 Environmental Liabilities 27

5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE and PHYSIOGRAPHY 28

5.1 Accessibility 28

5.2 Site Description 28

5.3 Climate 28

5.4 Local Resources 29

5.5 Infrastructure 29

5.6 Power Supply 30

5.7 Water Supply 30

6 HISTORY 31

6.1 Nussir 31

6.1.1 Initial Exploration 31

6.1.2 Geophysical surveys 31

6.2 Ulveryggen 36

6.2.1 Initial Exploration and Historical Open Pit Mining 36

6.2.2 Geophysical survey 36

6.2.3 Structural Mapping and Field XRF Analyses 39

6.2.4 Stream Sediment Sampling 42

6.3 Historical Mineral Resources 42

7 GEOLOGICAL SETTING AND MINERALISATION 44

7.1 Nussir 44

7.1.1 Regional Geology- Nussir 44

7.1.2 Local Geology and Mineralisation - Nussir 46

7.2 Ulveryggen 47

7.2.1 Regional Geology - Ulveryggen 47

7.2.2 Local Geology and Mineralisation - Ulveryggen 47

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

**Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects**<sub>5</sub>

8 DEPOSIT TYPE 52

8.1 Background 52

8.2 Nussir 52

8.3 Ulveryggen 52

9 EXPLORATION 53 <br> 10 DRILLING 53

10.1 Nussir 53

10.2 Ulveryggen 61

11 SAMPLE PREPARATION, ANALYSIS AND SECURITY 68

11.1 Nussir 68

11.1.1 1984 to 1996 68

11.1.2 Terra Control/Nussir ASA 2006 to 2019 68

11.1.3 Quality Assurance/ Quality Control 70

11.1.4 Density Measurements 89

11.1.5 Summary 89

11.2 Ulveryggen 89

11.2.1 Sample Preparation and Analysis 89

11.2.2 Quality Assurance/ Quality Control 91

11.3 Core and Sample Storage 98

11.4 Overview 98

12 DATA VERIFICATION 99

12.1 Site Visits 99

12.2 Drillhole Data 102

12.2.1 Collar Data 102

12.2.2 Drillhole Core 105

12.3 Database 105

12.4 Overview 108

13 MINERAL PROCESSING AND METALLURGICAL TESTING 109

13.1 Overview 109

13.2 Variability and Hardness Testing 112

13.3 Locked Cycle Testing 113

13.4 Material Sorting Studies 114

14 MINERAL RESOURCE ESTIMATE 115

14.1 Nussir 115

14.1.1 Data Collation 115

14.1.2 Interpretation 117

14.1.3 Exploratory Data Analysis 121

14.1.4 Compositing 124

14.1.5 Geostatistics 125

14.1.6 Volumetric Modelling 128

14.1.7 Density 132

14.1.8 Grade Estimation 134

14.1.9 Resource Classification 137

14.1.10 Model Validation 142

14.1.11 Resource Evaluation 144

14.2 Ulveryggen 149

14.2.1 Data Collation 149

14.2.2 Interpretation 150

14.2.3 Exploratory Data Processing 153

14.2.4 Compositing 156

14.2.5 Geostatistics 158

14.2.6 Volumetric Modelling 159

14.2.7 Grade Estimation 159

14.2.8 Density 162

14.2.9 Resource Classification 163

14.2.10 Model Validation 165

14.2.11 Resource Evaluation 167

15 MINERAL RESERVE ESTIMATES 169 <br> 16 MINING METHODS 169 <br> 17 RECOVERY METHODS 169

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

**Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects**<sub>6</sub>

---

| | | |
|:---|:---|:---|
| 18 | PROJECT INFRASTRUCTURE | 169 |
| 19 | MARKET STUDIES AND CONTRACTS | 169 |
| 20 | ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL IMPACT | 169 |
| 21 | CAPITAL AND OPERATING COSTS | 169 |
| 22 | ECONOMIC ANALYSIS | 169 |
| 23 | ADJACENT PROPERTIES | 170 |
| 24 | OTHER RELEVANT DATA AND INFORMATION | 172 |
| 25 | INTERPRETATION AND CONCLUSIONS | 172 |

---

25.1 Risks and Uncertainties 172

25.1.1 Drillholes 172

25.1.2 Density Measurements 172

25.1.3 Rejects/Pulps Inventory 172

25.1.4 Historic QA/QC Procedures 173

25.1.5 Fault Zones - Nussir 173

25.1.6 Structural Modelling - Nussir 173

25.2 Results and Interpretations 174

25.2.1 Exploration Targets - Nussir 174

25.2.2 Exploration Targets - Ulveryggen 174

25.2.3 Double Mineralised Intersections – Nussir deposit 175

25.2.4 Inferred Resource Conversion – Nussir deposit 175

25.3 Conclusions 176

26 RECOMMENDATIONS 178

26.1 Sample Preparation, Analyses, and Security 178

26.2 Data Verification 179

26.3 Further Studies 179

26.4 Exploration Program and Budget 180

27 REFERENCES 181

---

| | |
|:---|:---|
| **APPENDICES** | **APPENDICES** |
| A | Geostatistical Plots - Nussir |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

**Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects**<sub>7</sub>

---

| | |
|:---|:---|
| **LIST OF TABLES** | **LIST OF TABLES** |
|  | **Page** |
| Table 1-1. Nussir Resource Estimation Summary | 15 |
| Table 1-2. Ulveryggen Resource Estimation Summary | 16 |
| Table 1-3. Proposed Exploration Budget | 20 |
| Table 4-1. Summary of License Areas - Nussir | 25 |
| Table 4-2. Summary of License Areas – Ulveryggen | 25 |
| Table 10-1. Summary of Collar Positioning Systems – Nussir | 54 |
| Table 10-2. Nussir Diamond Drilling Summary | 55 |
| Table 10-3. Nussir Drillhole Collars, 1985-2011 | 56 |
| Table 10-4. Nussir Drillhole Collars, 2013-2019 | 57 |
| Table 10-5. Nussir – Main Drillhole intersections, 1985-2011 | 58 |
| Table 10-6. Nussir – Main Drillhole intersections, 2013-2019 | 59 |
| Table 10-7. Ulveryggen Drilling Summary | 61 |
| Table 10-8. Ulveryggen Drillhole Collars – Underground Drill Holes | 62 |
| Table 10-9. Ulveryggen Drillhole Collars – Surface Drill Holes | 63 |
| Table 10-10. Summary of Main Intersections- Ulveryggen (1 of 2) | 64 |
| Table 10-11. Summary of Main Intersections- Ulveryggen (2 of 2) | 65 |
| Table 11-1. Summary of Reassay Cu Analysis - 2008 | 70 |
| Table 11-2. Summary of 2011 Nussir Cu Check Assay Analysis | 72 |
| Table 11-3. Summary of 2011 ALS Internal Duplicates | 73 |
| Table 11-4. Summary of Internal Coarse Duplicates - 2013 | 73 |
| Table 11-5. External Duplicates' Summary – 2013 | 75 |
| Table 11-6. Summary of QAQC Samples – 2014 and 2015 | 76 |
| Table 11-7. Summary of QAQC Samples – 2017 | 79 |
| Table 11-8. Precision Analysis – Field Duplicates - 2017 | 79 |
| Table 11-9. Precision Analysis – Pulp Duplicates - 2017 | 80 |
| Table 11-10. Standards' Results Summary and Global Accuracy - 2017 | 82 |
| Table 11-11. Summary of QAQC Samples – 2019 | 84 |
| Table 11-12. Summary of Sample Standards | 89 |
| Table 11-13. Summary of QAQC Samples – 2014 and 2015 | 91 |
| Table 11-14. Summary of Standards Used for Ulveryggen | 91 |
| Table 11-15. Summary of QAQC Samples – 2017 | 94 |
| Table 11-16. Precision Analysis – Field Duplicates - 2017 | 95 |
| Table 11-17. Precision Analysis – Pulp Duplicates - 2017 | 95 |
| Table 11-18. Standards' Results Summary and Global Accuracy - 2017 | 97 |
| Table 11-19. Summary of Core Inventories | 98 |
| Table 11-20. Summary of Analytical Laboratories | 98 |
| Table 12-1. Summary of Horizontal Displacements - Azimuth Differences – Nussir | 102 |
| Table 12-2. Summary of Collars' Elevation Differences with LiDAR - Nussir | 103 |
| Table 12-3. Summary of Collars' Elevation Differences with LiDAR – Ulveryggen | 104 |
| Table 13-1. Summary of Nussir Composite Metallurgical Samples | 109 |
| Table 13-2. Assay Breakdown of Nussir Composite Metallurgical Samples | 110 |
| Table 13-3. Variability Samples Head Assays | 112 |
| Table 13-4. Nussir Deposit Grindability Statistics | 112 |
| Table 13-5. Locked Cycle and Open Circuit Test Results Summary | 114 |
| Table 14-1. Holes and Cu Sample Data Summary - Nussir | 116 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

**Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects**<sub>8</sub>

---

| | |
|:---|:---|
| Table 14-2. Sample Statistics – Nussir | 121 |
| Table 14-3. Summary of Top-Cuts Applied – Nussir | 121 |
| Table 14-4. Composite Statistics – Nussir | 124 |
| Table 14-5. Model Variogram Parameters – Nussir | 127 |
| Table 14-6. Model Prototype Definitions - Nussir | 131 |
| Table 14-7. Statistical Summary of Density Measurements - Nussir | 132 |
| Table 14-8. Statistical Summary of Composite Densities - Nussir | 132 |
| Table 14-9. Grade Estimation Parameters – Nussir | 134 |
| Table 14-10. Conditional Simulation Results for Nussir | 140 |
| Table 14-11. Resource Classification Criteria - Nussir | 140 |
| Table 14-12. Global Comparison of Grades – Nussir | 142 |
| Table 14-13. MSO Parameters – Nussir | 144 |
| Table 14-14. Average Resource True Thickness | 144 |
| Table 14-15. Cut-Off Grade Calculation | 145 |
| Table 14-16. Copper-Equivalent Calculations | 145 |
| Table 14-17. Grade-Tonnage Table – Measured and Indicated Resources Only | 146 |
| Table 14-18. Constrained Resource Evaluation Statement – Nussir deposit | 147 |
| Table 14-19. Sample Data Summary - Ulveryggen | 149 |
| Table 14-20. Summary of Selected Samples - Ulveryggen | 153 |
| Table 14-21. Cu Sample Statistics - Ulveryggen | 154 |
| Table 14-22. Decile Analysis of Selected Samples >0.3% Cu, - Ulveryggen | 155 |
| Table 14-23. Summary of 2.5m Composites - Ulveryggen | 156 |
| Table 14-24. Composite Statistics – Ulveryggen | 156 |
| Table 14-25. Model Variogram Parameters - Ulveryggen | 158 |
| Table 14-26. Model Prototype - Ulveryggen | 159 |
| Table 14-27. Grade Estimation Parameters - Ulveryggen | 161 |
| Table 14-28. Summary of Density Measurements - Ulveryggen | 162 |
| Table 14-29. Resource Classification System - Ulveryggen | 163 |
| Table 14-30. Global Comparison of Cu Grades - Ulveryggen | 165 |
| Table 14-31. MSO Parameters - Ulveryggen | 167 |
| Table 14-32. Resource Evaluation Summary – Ulveryggen | 168 |
| Table 14-33. Grade-Tonnage Table - Indicated Resources Only- Ulveryggen | 168 |
| Table 25-25-1. Nussir Resource Estimation Summary | 177 |
| Table 25-25-2. Ulveryggen Resource Estimation Summary | 178 |
| Table 26-1. Proposed Budget | 180 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

**Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects**<sub>9</sub>

---

| | |
|:---|:---|
| **LIST OF FIGURES** | **LIST OF FIGURES** |
|  | **Page** |
| Figure 4-1. Area Map of West Finnmark | 23 |
| Figure 4-2. Plan of License Areas | 26 |
| Figure 6-1. Geophysical Signature of the Nussir West Area | 33 |
| Figure 6-2. Structural Interpretation of Nussir West Area | 34 |
| Figure 6-3. Profile Plot of Inverse of Apparent Resistivity, Hz 34133 | 35 |
| Figure 6-4. Flight Lines of Geophysical Survey Lines, South of Repparfjord | 37 |
| Figure 6-5. Plan of Magnetic Total Field Results | 38 |
| Figure 6-6. Plan of Structural Observation Localities | 39 |
| Figure 6-7. View to NE of Hovedfelt Northeastern Face | 40 |
| Figure 6-8. Cu Analyses Along lower NE wall at Hovedfelt | 41 |
| Figure 6-9. Identified Exploration Targets | 42 |
| Figure 7-1. Nussir Geological Map | 45 |
| Figure 7-2. John Open Pit, Looking SW | 48 |
| Figure 7-3. Erik Open Pit Looking N | 49 |
| Figure 7-4. Hovedfelt Open pit, NE part, looking NE | 49 |
| Figure 7-5. NW-dipping Mineralisation in Erik Open Pit | 50 |
| Figure 7-6. Plan of Deposit Area and Main Tectonic Features | 51 |
| Figure 7-7. Section of Simplified Tectonic Framework | 51 |
| Figure 10-1. Plan of Drill Holes – Nussir | 60 |
| Figure 10-2. Example Drill Hole Cross-Sections – Nussir | 60 |
| Figure 10-3. Plan of Drillholes and Mineralised Zones - Ulveryggen | 66 |
| Figure 10-4. 3D View of Drillholes Looking NE - Ulveryggen | 66 |
| Figure 10-5. Plan of Drill Holes | 67 |
| Figure 10-6. Example Drill Hole Sections | 67 |
| Figure 11-1. Nussir - Reassayed Grade Comparison | 70 |
| Figure 11-2. Check Assay Scatterplot – 2009 Campaign | 71 |
| Figure 11-3. ALS Internal Duplicate Assays – 2011 Drilling Campaign | 72 |
| Figure 11-4. Internal Coarse Cu Duplicates - 2013 | 73 |
| Figure 11-5. Blanks' Results – 2013 | 74 |
| Figure 11-6. External Duplicates – 2013 | 74 |
| Figure 11-7. Standards' Results - 2013 | 75 |
| Figure 11-8. 2015 Field Duplicates – Precision Analysis | 77 |
| Figure 11-9. Pulp Duplicates' Analyses – 2014 and 2015 | 77 |
| Figure 11-10. External Duplicates' Analyses – 2014 and 2015 | 78 |
| Figure 11-11. Blanks' Analyses – 2014 and 2015 | 78 |
| Figure 11-12. Precision Analysis – Field Duplicates - 2017 | 79 |
| Figure 11-13. Precision Analysis – Coarse Duplicates - 2017 | 80 |
| Figure 11-14. Precision Analysis – Pulp Duplicates - 2017 | 80 |
| Figure 11-15. Standard Analyses' Graphs – Cu% - 2017 | 81 |
| Figure 11-16. Coarse Blanks' Assays - 2017 | 83 |
| Figure 11-17. Field Duplicates' Results -2019 | 85 |
| Figure 11-18. Coarse Duplicates' Results -2019 | 85 |
| Figure 11-19. Pulp Duplicates' Results -2019 | 86 |
| Figure 11-20. Coarse Blanks' Results – 2019 | 86 |
| Figure 11-21. Standard 910-11 Results 2017-2019 | 87 |
| Figure 11-22. Standard 310-1 Results 2017-2019 | 87 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

**Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects**<sub>10</sub>

---

| | |
|:---|:---|
| Figure 11-23. External Check Sample Results – 2019 | 88 |
| Figure 11-24. 2015 Field Duplicates – Precision Analysis | 92 |
| Figure 11-25. Pulp Duplicates' Analyses – 2014 and 2015 | 92 |
| Figure 11-26. External Duplicates' Analyses – 2014 and 2015 | 93 |
| Figure 11-27. Blanks' Analyses – 2014 and 2015 | 93 |
| Figure 11-28. Precision Analysis – Field Duplicates - 2017 | 94 |
| Figure 11-29. Precision Analysis – Pulp Duplicates - 2017 | 95 |
| Figure 11-30. Standard Analyses' Graphs – Cu% - 2017 | 96 |
| Figure 11-31. Coarse Blanks' Assays - 2017 | 97 |
| Figure 12-1. Looking West Along Topography at Nussir | 100 |
| Figure 12-2. Looking North at Drilling Rig Set-Up – Nussir | 100 |
| Figure 12-3. South-East Wall of Holvedfelt Pit, Ulveryggen | 100 |
| Figure 12-4. Looking Eastwards into Old Pit Workings, Ulveryggen | 101 |
| Figure 12-5. Skaidi Core Shack | 101 |
| Figure 12-6. Histograms of Collars' LiDAR Errors - Nussir | 103 |
| Figure 12-7. Histograms of Collars' Elevation Differences with LiDAR - Nussir | 103 |
| Figure 12-8. Histograms of Collars' Elevation Differences with LiDAR - Ulveryggen | 104 |
| Figure 12-9. Plan of LiDAR Differences with Collar Elevation - Nussir | 104 |
| Figure 12-10. 3D View of Holes, Showing Holes of Core Review | 105 |
| Figure 12-11. Hole NUS-DD-90-009 | 106 |
| Figure 12-12. Hole NUS-DD-90-017 | 106 |
| Figure 12-13. Hole NUS-DD-90-021 | 106 |
| Figure 12-14. Hole NUS-DD-14-001 | 107 |
| Figure 12-15. Hole NUS-DD-15-030 | 107 |
| Figure 12-16. Hole ULV-DD-17-06 | 108 |
| Figure 13-1. Nussir Long Section - Locations of Composite Metallurgical Samples | 111 |
| Figure 13-2. Nussir Long Section – Drillholes Used for Variability Metallurgical Samples | 111 |
| Figure 13-3. Locked Cycle Test Flowsheet | 113 |
| Figure 14-1. Nussir Horizontal Section at 0mRL, with Lithological Interpretation | 117 |
| Figure 14-2. Nussir Example Sections - Lithological Interpretation | 118 |
| Figure 14-3. Plan View of Drillholes and Interpretation Limits - Nussir | 119 |
| Figure 14-4. 3D View of Nussir Mineralized Zones – East Side | 120 |
| Figure 14-5. 3D View of Nussir Mineralized Zones – West Side | 120 |
| Figure 14-6. Log-Probability Plots of Mineralized Zone Samples - Nussir | 122 |
| Figure 14-7. Coefficient of Variation Analyses' Graphs - Nussir | 123 |
| Figure 14-8. Sample Length Histogram - Nussir | 124 |
| Figure 14-9. Histogram of Composite True Thicknesses - Nussir | 124 |
| Figure 14-10. Statistical Cu Plots, Composites - Nussir | 125 |
| Figure 14-11. Histograms/ Log-Probability Plots- - Composites Au, Ag. Pd, Pt | 126 |
| Figure 14-12. Experimental and Model Variograms - Nussir | 127 |
| Figure 14-13. Plan of Evaluation Regions - Nussir | 128 |
| Figure 14-14. Plan View of Mineralized Wireframe Model - Nussir | 129 |
| Figure 14-15. W-E Long Section of Wireframe Model - Nussir | 129 |
| Figure 14-16. 3D View of Wireframe Model – View from SW - Nussir | 130 |
| Figure 14-17. 3D View of Model Prototype Structures– View from SW - Nussir | 130 |
| Figure 14-18. Grade vs Density Graph – Mineralized Zone Measurements - Nussir | 132 |
| Figure 14-19. Density Histograms by Rock Type - Nussir | 133 |
| Figure 14-20. Density Histograms by Lithology - Nussir | 133 |
| Figure 14-21. 3D View of Density Measurement Locations - Nussir | 133 |
| Figure 14-22. 3D View of Estimated Cu Grades - Nussir | 134 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

**Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects**<sub>11</sub>

---

| | |
|:---|:---|
| Figure 14-23. Long Section of Modelled Cu Grades - Nussir | 135 |
| Figure 14-24. Long Section of Resource Classification - Nussir | 136 |
| Figure 14-25. Normal Score Variogram for Cu - Nussir | 139 |
| Figure 14-26. Example Histogram of Simulated Average Cu Grades | 139 |
| Figure 14-27. Resource Classification – Plan- Nussir | 141 |
| Figure 14-28. Resource Classification – 3D View from NE, With Drillholes – Nussir | 141 |
| Figure 14-29. Swath Plots - Nussir | 143 |
| Figure 14-30. Constrained Resource Evaluation Long Section – Nussir (looking north) | 148 |
| Figure 14-31. Long Section - Resource Model Partitions – Nussir (looking north) | 148 |
| Figure 14-32. Example Interpretation of Ulveryggen Mineralized Zones – Section 20 | 150 |
| Figure 14-33. Plan View of Interpreted Mineralized Zones – Ulveryggen | 151 |
| Figure 14-34. Long Section of Mineralized Zones - Ulveryggen | 151 |
| Figure 14-35. 3D View of Mineralized Zones, Looking North-East - Ulveryggen | 152 |
| Figure 14-36. Log Probability Plot of All Selected Samples - Ulveryggen | 154 |
| Figure 14-37. Log Probability Plot of +0.3%Cu Composites - Ulveryggen | 157 |
| Figure 14-38. Cu Variogram Models - Ulveryggen | 158 |
| Figure 14-39. Example Vertical Section of Block Model Structure- Ulveryggen | 160 |
| Figure 14-40. Example Horizontal Section of Block Model Structure – Ulveryggen | 160 |
| Figure 14-41. Histogram of Densities – Mineralised Samples 2017 - Ulveryggen | 162 |
| Figure 14-42. Example Block Model Section, Showing Resource Classes – Ulveryggen | 164 |
| Figure 14-43. Cu Swath Plot - Ulveryggen | 166 |
| Figure 14-44. 3D Plot of MSO Stopes Shapes – Ulveryggen | 167 |
| Figure 23-1. Claims in the Repparfjord Area | 171 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

**Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects**<sub>12</sub>

---

| | |
|:---|:---|
| **1** | **SUMMARY** |

---

**1.1** **Overview** 

Mr. Adam Wheeler, (C. Eng, Eur Ing.) was retained by Blue Moon Metals Inc. ("Blue Moon"), a TSX Venture Exchange listed (TSX-V.: MOON) company focused on the exploration and development of deposits in Norway and the USA, to prepare an independent Technical Report on the mineral resources of the Nussir and Ulveryggen projects located in Finnmark, northern Norway. Both are potential underground mining projects. The deposits are approximately 3 km apart. This Technical Report conforms to National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). The Author has visited the Project several times, most recently from January 14 to 16, 2025.

The Nussir deposit has been evaluated over several different drilling campaigns from 2007 up to 2019. The resource estimate described here reflects all the drilling up to 2019, as well as development of the project since then. The Nussir sample database reflects the most recent drilling results available, as well as checks on old and reanalysed data. Geological Interpretation work was done using the Leapfrog modelling system, version 4.3.1 in 2018 and version 5.0.3 in 2019.

The Ulveryggen deposit, previously referred to as Repparfjord, was mined by a series of small open pits during the 1970s. The deposit was evaluated again in 2010, based on available drillhole, channel and trench data. Further drilling was then done between 2014 and 2017, leading to the resource estimation described in this report.

For both deposits, resource estimation work was done using the Datamine mining software system (Studio RM).

**1.2** **Ownership** 

Nussir ASA owns 25 extraction licences and 4 exploration licences covering the Nussir and Ulveryggen deposit areas within the Kvalsund district. There are no protected areas (national park, nature reserve, landscape conservation) in the area.

Blue Moon entered into a definitive agreement with Nussir ASA, a private Norwegian Company, on December 19, 2024, to which Blue Moon has agreed to acquire 99.5% of the issued and outstanding shares of Nussir. The consideration is being satisfied through the issuance of common shares of Blue Moon. Closing of such transaction is subject to TSX-V approval, and therefore acceptance of this NI 43-101 technical report.

**1.3** **Geology** 

Nussir is considered to be a stratabound sediment hosted copper deposit. The Nussir Cu-mineralized zone is an almost continuous layer over a strike length of 9 km, which is dolomite-dominated in the west and mostly calcite-dominated sandstone-limestone, along with medium dark schist with chalcocite/bornite dissemination in the east. This mineralized zone is within the Gorohatjohca sedimentary formation, which consists of claystone and is 200- 400m thick in the west, thinning out to a few meters wide in the east. The Gorohatjohca overlies the Stangvatn conglomerate formation and underlies the Nussir volcanic formation.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

**Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects**<sub>13</sub>

The Ulveryggen prospect area is comprised of folded Precambrian sedimentary rocks, that are exposed in the Caledonian mountain belt of western Finnmark. Sediments in the general prospect area are typically described as sandstones and quartzites, trending to what have been previously described as conglomeratic beds in the immediate area of the old Ulveryggen Mine. The Ulveryggen sedimentary units are fault-bounded to the south by older greenstones and to the north by younger sedimentary units.

The main Ulveryggen deposit area is dominated by two sub-parallel ENE-trending faults, dipping steeply towards each other. Known mineralization occurs in several pods along a 2-kilometer trend between the two main faults and along a fan of smaller faults located in between. It is considered that the mineralisation is most likely of shear zone origin, rather than sedimentary, primarily in the form of chalcopyrite, bornite, and lesser chalcocite and secondary malachite. The thickness of mineralization appears to diminish with depth as the two main faults coalesce. However, there is potential for more, heretofore undiscovered, copper mineralization along strike of the main system, both to the east and west.

**1.4** **Database and Resource Estimation** 

For both deposits, the sample databases were updated by Norwegian geologists, which has culminated in Excel databases, data from which were exported to Datamine as separate .csv files for collar coordinates, drillhole survey data, assay results and lithology logs. After import of these data sets into Datamine, the different assay, collars and survey data files were combined into a single file of three-dimensional samples.

For the Nussir deposit, complete sets of data from 211 diamond drillholes have now been collated. Of these, 172 diamond drillholes have intersected mineralisation. In addition, data from 10 lines of surface channel samples have been used. These data were then used to develop a final three-dimensional model of sectional interpretations, based on a cut-off of broadly 0.4%Cu. The interpreted zones have in general been extrapolated a maximum distance of approximately 100m, both laterally and down-dip, from the outer-most drillhole intersections. The drilling grid spacing used was generally 200-250m, so the extrapolation distance is generally half of the typical grid spacing.

These Nussir solid wireframe models were separated into three main groups, according to orientation, and were then used as the basis to create resource block models of the deposit, with blocks rotated so as to be aligned with the zones' general orientations. Cu, Ag, Au, Pd and Pt grades were estimated into the resource block models using ordinary kriging. Geostatistical parameters were also used in the assignment of resource categories. These final block models were used as the basis for resource evaluation.

For Ulveryggen, complete sets of data from 134 diamond drillholes have now been collated. Of these, 113 diamond drillholes have intersected mineralisation. In addition, data from 51 surface trenches have been used, along with 8 underground channel samples. These data were then used to develop a final three-dimensional model of sectional interpretations, based on a cut-off of broadly 0.3%Cu.

The interpreted Ulveryggen zones have in general been extrapolated a maximum distance of approximately 50m down-dip, from the outer-most drillhole intersections, and 30m laterally beyond the ultimate drilled sections. The drilling grid spacing generally used is 30-45m. Cu grades were estimated into the resource block model using ordinary kriging, and the final block models was used as the basis for resource evaluation.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

**Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects**<sub>14</sub>

**1.5** **Exploration Status** 

The Nussir and Ulveryggen projects are at the Mineral Resource development stage. Drilling was carried out between 1985 and 2019, during which operators completed 345 core drill holes for a total of 69,440 m. Other exploration work has included surficial geochemistry sampling, ground and airborne geophysical studies, geological mapping, surface chip and grab sampling (including trenching), and regional lithogeochemical rock sampling for rocktype fingerprinting. In addition to the two deposits that have been identified, there are a number of mineralized occurrences both around the deposits and regionally that are either untested or supported by limited drilling. This means that additional infill and exploration drilling is warranted to more fully test favourable stratigraphy both around the deposits and regionally.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **15** |

---

**1.6** **Mineral Resource Estimation** 

This Mineral Resource Estimation ("MRE") work was carried out and prepared in compliance with Canadian National Instrument 43-101, and the mineral resources in this estimate were calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by CIM Council May, 2014.

Conforming with guidelines for "reasonable prospects for eventual economic extraction", constrained evaluations were completed using a Mineable Shape Optimiser (MSO) to generate wireframes.

The updated mineral resource estimate of the Nussir deposit is summarised in Table 1-1, related to a cut-off grade of 0.3%Cu and a minimum width of 2.0 m.

**Table 1-1. Nussir Resource Estimation Summary**

**Effective Date: 20<sup>th</sup> January, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Category** | **Tonnes**<br>**Mt** | **Cu%** | **Ag**<br>**g/t** | **Au**<br>**g/t** | **Cu Eq%** | **Cu Metal**<br>**Kt** | **Ag Metal**<br>**Koz** | **Au Metal**<br>**Koz** |
| *Measured* | 2.69 | 1.08 | 12.8 | 0.18 | 1.31 | 29 | 1103 | 16 |
| *Indicated* | 26.03 | 1.01 | 12.3 | 0.11 | 1.19 | 263 | 10288 | 92 |
| ***Meas+Ind*** | **28.72** | **1.02** | **12.3** | **0.12** | **1.20** | **292** | **11391** | **108** |
| ***Inferred*** | **31.99** | **1.01** | **14.6** | **0.14** | **1.23** | **324** | **14972** | **143** |

---

**Notes:**

**1.** **CIM definitions were followed for MRE.** 

**2.** **A minimum mining width of 2.0 m was applied in making the MRE constraint wireframes. These wireframes were generated using a preliminary MSO.** 

**3.** **Density values for Nussir were estimated from density sample values or assigned default average values where insufficient samples occur nearby.** 

**4.** **MRE constraint wireframes were generated for a cut-off grade of 0.30% Cu, related to potential underground mining.** 

**5.** **Metal prices assumed for this MRE were US$4.20 lb Cu, US$27.00/Oz Ag and US$2,200oz Au, which represent reasonable long-term consensus metal pricing.** 

**6.** **Metallurgy recovery assumptions were 96% Cu, 80% Ag and 93% Au, which stem from SGS metallurgical testwork completed in 2022.** 

**7.** **The cut-off grade of 0.30% Cu was derived from the price and recovery values above, as well as a smelter payability of 97.3% and an assumed total operating cost $26.20/t of ore.** 

**8.** **Rounding may result in apparent summation differences between tonnes, grades and metal content; not considered material.** 

**9.** **Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.** 

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **16** |

---

The updated resource estimate of the Ulveryggen deposit is summarised in Table 1-2 .

**Table 1-2. Ulveryggen Resource Estimation Summary**

**Effective Date: 20<sup>th</sup> January, 2025**

---

| | | | |
|:---|:---|:---|:---|
| **Resource** | **Tonnes** | **Cu** | **Cu Metal** |
| **Category** | **Mt** | **%** | **Kt** |
| ***Indicated*** | **4.05** | **0.65** | **26.3** |
| ***Inferred*** | **3.70** | **0.68** | **25.0** |

---

**Notes:**

**1.** **CIM definitions were followed for MRE.** 

**2.** **A minimum mining width of 2.0 m was applied in making the MRE constraint wireframes. These wireframes were generated using a preliminary MSO.** 

**3.** **A global density value was assigned for Ulveryggen, based on analysis of density measurements.** 

**4.** **MRE constraint wireframes generated for a cut-off grade of 0.30% Cu, related to potential underground mining.** 

**5.** **The assumed metal price assumed for this MRE was 4.20 $/lb Cu, which represents a reasonable long-term value.** 

**6.** **The assumed metallurgical recovery was 96% Cu, which stems from SGS metallurgical testwork completed in 2022.** 

**7.** **The cut-off grade of 0.30% Cu was derived from the price and recovery values above, as well as a smelter payability of 97.3% and an assumed total operating cost $26.20/t of ore.** 

**8.** **Rounding may result in apparent summation of differences between tonnes, grades and metal content; not considered material.** 

**9.** **Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.** 

**1.7** **Results and Interpretations** 

There are several opportunities to improve the current results, that should be investigated further as part of the ongoing development of the Nussir and Ulveryggen projects.

**1.7.1** **Exploration Targets – Nussir deposit** 

The Nussir deposit is open to the west and to depth. In particular, the current limit of Inferred category resources excludes the influence of thee deep drillhole intersections, because they are excessively distant to the grid of holes above. The exploration target potential was derived by modelling the identified mineralization. The volume of the modelled areas determines the potential tonnage statement in the exploration target. The grade range given in the exploration target is determined with consideration to the drill results within the modelled exploration target area and consideration of the geological setting in an established mineral resource estimate area. The potential tonnages and grades are therefore conceptual in nature and are based on previous drill results that defined the approximate length, thickness, depth and grade of the portion of the mineral resource estimate. There has been insufficient exploration and data collection to define a current mineral resource for the exploration target and the Issuer cautions that there is a risk that further exploration will not result in the delineation of a mineral resource. The exploration target around these deeper intersections therefore represents a tonnage between 8.5 Mt and 16.5 Mt, and a Cu grade between 0.7 and 1.3% Cu, between 9 and 17g/t Ag, and 0.1 to 0.15 g/t Au.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **17** |

---

There are also a number of mineralized targets occur both downdip and along strike of the mineralized exploration target that has been defined. This mineral potential has not been properly tested by drilling. Additionally, a number of mineral targets currently outside of the resource area of the Nussir and Ulveryggen deposits are supported by geological mapping and limited drilling. This means that additional infill and exploration drilling is warranted to more fully test favourable stratigraphy both regionally and directly at Nussir and Ulveryggen deposits.

**1.7.2** **Exploration Targets – Ulveryggen deposit** 

The Ulveryggen deposit is open to depth, and based on geochemical sampling and geophysics, there are drilling targets both along strike and down-dip.

**1.7.3** **Double Mineralised Intersections -– Nussir deposit** 

There are some instances at Nussir, mainly in the more folded west end, of single drillholes picking up two mineralised intersections. This could be due to reverse faulting, and when drilled sufficiently in the future, could lead to an improved interpretation with more mineralised material that is currently modelled. These potentially repeated strata are only known to occur over 2.5 of the 10 km strike length of known mineralization. Limited drilling has been done to date to fully test the mineral potential of this possible extension. Given the presence of a mineral resource adjacent to this parallel zone of favourable strata, it means additional drilling is warranted, but there is no guarantee that additional drilling will result in the delineation of a mineral resource in these areas.

**1.7.4** **Inferred Resource Conversion -– Nussir deposit** 

The Nussir deposit is open to depth over much of its strike length, as well as westwards. If the project progresses and the proposed underground development commences, this could allow much closer and offset access for drilling of deeper zones. This would provide an opportunity to significantly extend Indicated resources to depth and westwards. Additional drilling should be designed in order to enable a significant proportion of the deposit to be reclassified into a higher category of confidence, such as Indicated category, as well as provide a more accurate interrelation and structural geology and mineralised zones. Though it is cautioned that additional drilling is not a guarantee for upgrading the resource category.

**1.7.5** **Inferred Resource Conversion – Ulveryggen deposit** 

There are numerous areas currently modelled at the Ulveryggen deposit, where the current drilling density does not support an Indicated resource categorisation. Additional drilling should be designed in order toto enable a significant proportion of the deposit to be reclassified into a higher category of confidence, such as Indicated category, as well as provide a more accurate interrelation and structural geology and mineralised zones. Though it is cautioned that additional drilling is not a guarantee for upgrading the resource category.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **18** |

---

**1.8** **Conclusions** 

The updated mineral resource estimate as of January 20th, 2025, has these conclusions from the Author and are as follows:

· The geological setting and character of the sedimentary-hosted copper mineralization identified to date on the Project, and specifically at the Nussir and Ulveryggen deposits, are of sufficient enough merit to justify additional exploration expenditures.

· The majority of drill holes completed to date were targeting the mineral resource totalling 345 core drill holes for 69,440 metres.

· Drilling has identified extensive, conformable, sedimentary strata that are well mineralized that remain open for growth. Geological mapping on surface and drilling both along strike and downdip of the mineral resource have identified the same favourable host rocks for copper mineralization indicating mineral potential warranting additional drilling to more fully test these favourable strata both regionally and at the Nussir and Ulveryggen deposits.

· The Author has reviewed the procedures for drilling, sampling, sample preparation and analysis, and is of the opinion that they are appropriate for the deposit style and mineralization.

· The Author has reviewed the quality control results (QA/QC) and did not find any material issues, so the Author is of the opinion that the databases for the mineral resource are of sufficient quality to estimate mineral resources.

· Mineral resources were estimated using a 0.30% copper cutoff value for potential underground extraction that will need to be studied further in the future.

· Measured mineral resources for the Nussir deposit are 2.69 Mt grading 1.08% copper, 12.8 g/t silver, and 0.11 g/t gold. The Indicated mineral resources are 26.03 Mt grading 1.01% copper, 12.3 g/t silver and 0.11 g/t gold. The Inferred mineral resources are 31.99 Mt grading 1.01% copper, 14.6 g/t silver and 0.14 g/t gold.

· For the Ulveryggen deposit, the Indicated mineral resources are 4.05 Mt grading 0.65% copper and the Inferred mineral resources are 3.70 Mt grading 0.68% copper.

· There is a parallel zone of mineralization that is believed to be a potential fault repetition, tested only by limited drilling over a 2.5 km stretch of the 10 km strike extent of the favourable strata. A number of additional mineral occurrences occur outside of the deposits, such as the Western zone, that require addition exploration beyond infill and exploration drilling directly around the mineral resource wireframes.

· There is general support for the project at the exploration stage of mineral resource development from the affected communities in the area, as those communities will benefit from local employment.

**1.9** **Recommendations** 

**1.9.1** **Sample Preparation, Analyses, and Security** 

· Develop a rigorous quality control and quality assurance ("QAQC") policy for standards, blanks and duplicate sample when drilling, that is monitored on a batch by batch basis when data is received from the accredited laboratory.

· Consider the use of prep- and or reject duplicate samples to enhance the QAQC.

· Select certified reference material (CRM) that are more aligned to the grades of the Nussir and Ulveryggen deposits for copper, gold and silver; being mindful that if geochemically testing for platinum and or palladium, it might require a different CRM.

· Using an umpire or secondary independent laboratory, and remitting approximately 10 to 15% of the total samples, and select analysis methodologies that are similar to the primary laboratory. This will provide future assurances that the range of grades seen in the analytical certificates are valid and respected.

· Consider centralizing all pulp and reject storage.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **19** |

---

**1.9.2** **Data Verification** 

· Finish the drill collar validations done in 2019, referencing the Devisight system from Devico for the X and Y coordinates, and then validating elevation (or Z) data between the surveys for each of the drill collar locations against the LiDAR survey. Having a valid elevation data strengthens the respect of the mineral resource modelling.

· Consider a more rigorous check analysis program, if the analytical pulps are available from prior drilling program results. At a minimum, select approximately 100 to 200 pulps from each round of drilling that would be re-run at both the primary and secondary laboratory.

· Consider moving point and vector data from drilling into a proper database management system such as MX Deposit. This includes but is not limited to drill collar information, lithological data, structural data, sample data, and analytical results. The advantage of such a cloud-based database management system is that it negates expensive software purchasing and it can be linked to major 3D modelling programs such as Seequent's Leapfrog Geo and other programs.

**1.9.3** **Further Studies** 

· An optimization and or trade-off study is recommended to assess a conventional tailings facility approach for any future engineering studies

· Consider building a Leapfrog Geo model of all lithological units and structures that is maintained and updated regularly when new surficial mapping and or drilling is completed. This will help better guide future studies and mineral resource estimation processes.

· Consider adding RMR to the geomechanical (rock mechanics) data collection in addition to the RQD work already part of the core logging process. This methodology is typically done for deposits that potentially could be extracted through an underground.

· Consider adding point load testing ("PLT") to the geomechanical data collection process in the coreshack. The addition of this process will provide rock quality and strength information that is expected to be valuable when assessing ground stability in future engineering studies. It will also provide a large dataset that can be used in conjunction with any analytical program carried out at a rock mechanics laboratory

· Consider a regular analytical process at a rock mechanics laboratory to backstop geomechanical data collection. Testing could include UCS, BTS, and Triaxial measurements. If a PLT is collecting

· Consider taking a coreshack measurement of specific gravity for each sample marked for collection or add an analytical pulp or reject measurement at the primary laboratory. The addition of a larger number of specific gravity measurements is expected to greatly enhance the estimation of the tonnes on a block by block basis in the mineral resource model, as currently the estimations are using average values for lithologies.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **20** |

---

**1.9.4** **Exploration Program and Budget** 

For further development of the project, the Author recommends a work program at the Nussir and Ulveryggen projects, that includes the preparation of the development of an exploration decline (including logistics and support), exploration drilling and optimization studies including engineering. A summary breakdown of this work program is presented below along with associated estimated costs expected to cost C$13.0 million (Table 1-3).

**Table 1-3. Proposed Exploration Budget**

---

| | |
|:---|:---|
| **Item** | **(C$000)** |
| &nbsp;&nbsp;Underground access (decline) preparation, exploration logistics and support | 4000 |
| &nbsp;&nbsp;Exploration – drilling 25,000 to 30,000 m | 6000 |
| &nbsp;&nbsp;Optimization studies including engineering studies | 3000 |
| &nbsp;&nbsp;**Total** | **13000** |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **21** |

---

---

| | |
|:---|:---|
| **2** | **INTRODUCTION** |

---

**2.1** **Author** 

This report was prepared by qualified person (QP) Adam Wheeler (C. Eng, Eur Ing, Fellow, Institute of Materials, Minerals and Mining) – herein referred to as the Author. Mr. Wheeler is an independent mining consultant, who was contracted by Blue Moon in order to estimate an updated mineral resource, which has an effective date of 20<sup>th</sup> January, 2025. The Author's involvement with Nussir and Ulveryggen Projects started in 2007, noting a summary of the Author's site visits and personal inspections are shown below:

---

| | | |
|:---|:---|:---|
| **Dates** | **Duration** | **Work Completed** |
| 2/7/2007 – 4/7/2007 | 3 days. | Inspected whole Nussir deposit and project area, and review of available data. |
| 14/6/2010 – 16/6/2010 | 3 days | Surface and underground inspections at Ulveryggen. |
| 22/9/2014 – 24/9/2014 | 3 days | Nussir site visit during drilling campaign, inspection of core, sampling and QA/QC procedures |
| 03/12/2024 | 1 day | Nussir and Ulveryggen core review ay NGU core storage facilities, Løkken. |
| 14/1/2025 – 16/1/2025 | 3 days | Ulveryggen site visit, as well as Nussir/Ulveryggen core review in Skaidi. |

---

**2.2** **Terms of Reference** 

This independent Technical Report was commissioned by the Issuer, Blue Moon Metals Inc., in connection with its acquisition of Nussir ASA, and completed by the Author, an independent mining consultant.

Blue Moon has agreed to acquire a 99.5% interest in Nussir ASA and the Nussir project, pursuant to a share purchase agreement dated December 19, 2024, as further described in news releases dated December 19, 2024 and November 17, 2024. Nussir ASA is a private Norwegian company, and its main asset is the Nussir project in northern Norway.

The Author was retained previously by Nussir ASA to provide an independent Technical Report on the Mineral Resources at Nussir, as at December 31st, 2019, and for the Mineral Resources at Ulveryggen, as at January 31st, 2018. The mineral resource estimated presented herein has used resource block models generated from these periods, but the evaluation itself has been updated.

Blue Moon retained the Author for the current transaction to provide an independent Technical Report on the combined Mineral Resources for Nussir and Ulveryggen Projects that meets the provisions of CIM - Standards of Disclosure for Mineral Projects. The purpose of this current report is to provide an independent Technical Report in conformance with the standards required by NI 43-101 and Form 43-101F1. The estimate of mineral resources contained in this report conforms to the CIM Mineral Resource and Mineral Reserve definitions (May 2014) referred to in NI 43-101.

Based on the Property visits and review of the available literature and data, the Author takes responsibility for the information herein.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **22** |

---

This Report is a compilation of proprietary and publicly available information. In support of the technical sections of this Report, the Author has independently reviewed reports, data, and information derived from work completed by Nussir ASA and relevant geological publications, as listed in Section 27. These were used to verify background geological information regarding the regional and local geological setting and mineral deposit potential of the Property. The Author has deemed these reports, data, and information to be valid contributions, to the best of his knowledge. In addition to site visits, Adam Wheeler reviewed available literature and documented results concerning the project and held discussions with technical personnel of Blue Moon.

Based on the Property visits and review of the available literature and data, the Author takes responsibility for the information herein.

**2.3** **Units and Currency** 

All measurement units used in this report are metric, and currency is expressed in US Dollars, unless stated otherwise.

---

| | |
|:---|:---|
| **3** | **RELIANCE ON OTHER EXPERTS** |

---

For this report, the Author has relied on information related to:

**3.1** **Ownership** 

The Author has worked on the Nussir project since 2007 and so is familiar with the relevant license areas but has not independently reviewed the ownership of the Nussir and Ulveryggen projects, or any underlying property agreements, mineral tenure, surface rights, or royalties. For the Nussir project, the extent and nature of the Title to the mineral lands has been investigated and confirmed by a 3<sup>rd</sup> party legal expert, Simonsen Vogt Wiig AS, written by Mona Soyland, in a report dated December 19, 2024. This 3<sup>rd</sup> party title opinion has confirmed the Author's view with respect to the validity of the mineral title for tenure, but the Author is not qualified to express a legal opinion in respect to property titles, current ownership, and other related legal matters, associated with the Nussir and Ulveryggen projects. It is further described in Section 4.2 of this report.

**3.2** **Taxes** 

The Author has relied on Blue Moon for guidance on applicable taxes, royalties, and other government levies or interests, applicable to revenue or income from the Project. This information was provided by an internal document on January 22<sup>nd</sup>, 2025, from Blue Moon's legal advisors, Simonsen Vogtwiig, written by Mona Soyland. The Author is not qualified to express an opinion regarding taxation in respect to the Nussir and Ulveryggen projects. This information has been further described in Section 4.3 of this report. However, as this report is focussed on resource estimates only, with no economic analysis, this tax information does not affect the resource estimation results but have been presented to give a full disclosure of these economic parameters.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **23** |

---

---

| | |
|:---|:---|
| **4** | **PROPERTY DESCRIPTION AND LOCATION** |

---

**4.1** **Location** 

The Nussir deposit is located about 1,5 km north of the Øyen Industrial area and 1.5 km south of the Markoppnes Industrial area, in Repparfjord, Kvalsund, Hammerfest Municipality, in the western part of Finnmark county, northern Norway. The Ulveryggen deposit is located approximately 3 km south of Nussir. It is envisaged that an industrial area with mineral processing plant and related facilities could be located either at the established industrial area at Øyen, subject to a deal with the current operator, or at the Markoppnes industrial area. The zoned area for mining and industrial activity in the Repparfjord area is about 5000 acres.

For exploration activities, access is year-round for the underground, however, for surface exploration, only the legislated window of May 1 to June 15 each year is unavailable. This means that all work that is planned and budgeted can be undertaken on tenure for the Nussir and Ulveryggen projects.

**Figure 4-1. Area Map of West Finnmark**

[Map compiled by Promin AS]

![](tm2533647d1_ex46sp2img01.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **24** |

---

**4.2** **Licenses** 

The main license areas held by Nussir ASA, are shown in Figure 4-2 and Figure 3-2, and are summarised in Table 4-1 for Nussir and in Table 4-2 for Ulveryggen. These areas all have valid extraction status and are held by Nussir ASA. These extraction licences areas do not expire as the operating licence on top of these is valid and are held by Nussir ASA. Nussir applied for an operating license for the area covered by the 25 extraction licences, and the operating licence was awarded in 2019. In 2024 it applied for extension of the operating licence for further 3 years according to the Minerals Act of Norway. Extension was granted by the Mining Directorate of Norway in 2024 and then objected by a third parties. The Mining Directorate upheld its decision and then sent the objections to be finally decided by the Ministry of Trade, Industry and Fisheries and a decision is expected within Q1 2025. As long as the objection regarding the extension is under processing, the permit remains valid. Other than the fees described in section 4.3, there are no other obligations that must be met to retain the permit.

Nussir ASA, a Norwegian public limited liability company, holds various mineral extraction and exploration permits necessary for its mining operations. According to the title and legal opinion provided by Simonsen Vogt Wiig AS, Nussir ASA is duly incorporated and in good standing under Norwegian law, with no ongoing bankruptcy proceedings as of December 19th, 2024, and has valid title to all licences listed in Tables 4-1 and 4-2. The company does not own or lease any real property, meaning it must enter into an agreement with the public landowner Finnmark Estate for mining activities. Nussir ASA is given access by the state to the land covered by the extraction permits which allows Nussir to access the surface rights both for the Nussir and Ulveryggen properties, and to carry out the required exploration and development activities. In addition, Nussir ASA needs to submit application to the Municipality for use of vehicles for such activities, typically once a year. Nussir ASA will need to reach an agreement to acquire and/or lease additional industrial area to construct a full mine and milling operation. Two options exist at the Markoppnes or the Oyen industrial areas next to the project. Both are being evaluated by Nussir ASA, with a further decision to come in due course, but at this time Nussir ASA is in good legal standing with all of its licenses and access arrangements with the different governing entities for the current stage of project.

The third-party,legal, title opinion confirms that Nussir ASA holds a 100% interest in all its registered mining permits, which remain in good standing. These include an operating license, extraction permits named for copper, gold, palladium, platinum, and silver (but will in fact also include all other state-owned minerals (i.e metals with a specific gravity of 5 grams/cm<sup>3</sup> or higher) within the license areas) and 4 exploration permits. The company's operating license, initially issued in 2019, was extended until 2027 by the Norwegian Directorate of Mining, although this decision has been appealed and is currently under review by the Ministry of Trade, Industry, and Fisheries. If the extension is overturned, a new application process could take up to two years. The opinion also notes that the permits are not subject to any registered security interests and that no legal or regulatory issues outside Norway have been identified that would affect Nussir ASA's ability to hold these rights.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **25** |

---

**Table 4-1. Summary of License Areas - Nussir**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**NAME** | |
|  |  | **AREA**<br>**m<sup>2</sup>** |
| &nbsp;&nbsp;G.UTV 0001/2006-FB | &nbsp;&nbsp;Nussir 1 | 291172 |
| &nbsp;&nbsp;G.UTV 0002/2006-FB | &nbsp;&nbsp;Nussir 2 | 292251 |
| &nbsp;&nbsp;G.UTV 0003/2006-FB | &nbsp;&nbsp;Nussir 3 | 299109 |
| &nbsp;&nbsp;G.UTV 0004/2006-FB | &nbsp;&nbsp;Nussir 4 | 298875 |
| &nbsp;&nbsp;G.UTV 0005/2006-FB | &nbsp;&nbsp;Nussir 5 | 296036 |
| &nbsp;&nbsp;G.UTV 0006/2006-FB | &nbsp;&nbsp;Nussir 6 | 174865 |
| &nbsp;&nbsp;G.UTV 0007/2006-FB | &nbsp;&nbsp;Nussir 7 | 287282 |
| &nbsp;&nbsp;G.UTV 0008/2006-FB | &nbsp;&nbsp;Nussir 8 | 205676 |
| &nbsp;&nbsp;G.UTV 0009/2006-FB | &nbsp;&nbsp;Nussir 9 | 242878 |
| &nbsp;&nbsp;G.UTV 0010/2006-FB | &nbsp;&nbsp;Nussir 10 | 255072 |
| &nbsp;&nbsp;G.UTV 0011/2006-FB | &nbsp;&nbsp;Nussir 11 | 199900 |
| &nbsp;&nbsp;G.UTV 0012/2006-FB | &nbsp;&nbsp;Nussir 12 | 215893 |
| &nbsp;&nbsp;G.UTV 0001-1/2015 | &nbsp;&nbsp;Nussir Deep 1 | 644623 |
| &nbsp;&nbsp;G.UTV 0002-1/2015 | &nbsp;&nbsp;Nussir Deep 2 | 288715 |
| &nbsp;&nbsp;G.UTV 0003-1/2015 | &nbsp;&nbsp;Nussir Deep 3 | 433512 |
| &nbsp;&nbsp;G.UTV 0004-1/2015 | &nbsp;&nbsp;Nussir Deep 4 | 269706 |
| &nbsp;&nbsp;G.UTV 0005-1/2015 | &nbsp;&nbsp;Nussir Deep 5 | 283553 |
| &nbsp;&nbsp;G.UTV 0006-1/2015 | &nbsp;&nbsp;Nussir Deep 6 | 399766 |
| &nbsp;&nbsp;G.UTV 0007-1/2015 | &nbsp;&nbsp;Nussir Deep 7 | 806227 |
| &nbsp;&nbsp;G.UTV 0008-1/2015 | &nbsp;&nbsp;Nussir Deep 8 | 233762 |
| &nbsp;&nbsp;G.UTV 0009-1/2015 | &nbsp;&nbsp;Nussir Deep 9 | 207267 |
| &nbsp;&nbsp;G.UTV 0010-1/2015 | &nbsp;&nbsp;Nussir Deep 10 | 184362 |
| &nbsp;&nbsp;G.UTV 0011-1/2015 | &nbsp;&nbsp;Nussir Deep 11 | 369850 |

---

**Table 4-2. Summary of License Areas – Ulveryggen**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**License Code** | **NAME** | |
|  |  | **AREA**<br>**m<sup>2</sup>** |
| &nbsp;&nbsp;G.UTV 001-1/2013 | Ulveryggen 1 | 991269 |
| &nbsp;&nbsp;G.UTV 002-1/2013 | Ulveryggen 2 | 988113 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **26** |

---

**Figure 4-2. Plan of License Areas**

*[Source: Norwegian Directorate of Mining]*

![](tm2533647d1_ex46sp2img02.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **27** |

---

**4.3** **Fees and Royalties** 

Under the Norwegian Minerals Act, metals with a specific gravity of 5 g/cm³ or higher, including copper, silver, and gold, are classified as state-owned minerals. These metals, which are of primary economic interest at both Nussir and Ulveryggen, require compensation to the state through payment of yearly fees in order to uphold the extraction and exploration permits. These fees are calculated based on the size of the areas in question and must be paid within 15th January each year. Nussir ASA has made payment of NOK 107,000 in total for all extraction and exploration permits for 2025.

Further, all extraction of state-owned minerals requires payment of a 0.5% net smelter royalty of the sales value of the extracted minerals to the landowner, who is Finnmarkseiendommen (FeFo). In addition, an increased landowner royalty of 0.25% net smelter royalty is mandated for projects in Finnmark as is the case for Nussir ASA, which is also paid to Finnmarkseiendommen (FeFo).

Blue Moon must therefore pay a 0.75% net smelter royalty on all extracted minerals. This royalty will be due for payment by March 31 of the following year. There are no back-in rights, payments or other encumbrances to which both Nussir and Ulveryggen permits are subject to.

**4.4** **Environmental Liabilities** 

The Nussir and Ulveryggen projects have negligible environmental liability, since any impact from historical mining operations, notably at Ulveryggen deposit, rest with the State, meaning Norwegian Government.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **28** |

---

---

| | |
|:---|:---|
| **5** | **ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE and PHYSIOGRAPHY** |

---

**5.1** **Accessibility** 

The Øyen area and nearby Markoppnes, which are on the coast just to the north-west of each deposit, are situated along National Highway 94 (R94). The R94 highway continues to the north-west, up to the city of Hammerfest with its major oil installations. The E6 major road is just a few kilometres away at the site of Skaidi; this road connects the previous mining area to the biggest city in Finnmark, Alta, to the south. Alta is approximately 70km south-west of the deposit areas and has an international airport.

The Repparfjord is ice-free during winter, making sea transport of supplies and export of concentrate directly to and from the site possible year-round.

**5.2** **Site Description** 

The topography overlying and around the area of the Nussir deposit is an unspoiled Arctic environment, extending westwards from the port area at Øyen. The area immediately overlying Nussir is relatively flat for most of the first 8 km from the coast, passing various small shallow post-glacial lakes, at an elevation generally of approximately 200 m. Almost immediately north of the Nussir outcrop, hill rise up steeply, up to a height of approximately 500 m. Approximately 800m south-east of the Nussir deposit the land again rises up to 400-500 m. The most westward part of the Nussir deposit passes under the rising hills. The vegetation of the projects is predominantly described as alpine and rare, but variable. It ranges from areas of birch trees close to the fjord to more like alpine tundra, at altitude, with very sparse and limited vegetation. Near bog ecosystems, dwarf birch trees are present.

The Ulveryggen deposit is approximately 3km south-east from the Nussir deposit and 2km south-west from the coastline. There are four old open pits at the Ulveryggen deposit, which were mined from 1972 to 1979. There is some surface infrastructure which connects to a 2.5 km 36 m<sup>2</sup> (6x6 meter) historical underground haulage tunnel, which is in good condition, as well as existing 4.5 km of surface haul roads from the Øyen industrial area all the way up to the open pits at 450 meter above sea level. Next to the tunnel portal there is an existing workshop building for trucks and other vehicles. The current strike of the Ulveryggen deposit is much smaller than Nussir, extending approximately 2 km from west to east.

**5.3** **Climate** 

The climate and landscape of the Kvalsund Municipality is typical of Arctic and Sub-Arctic Zones. There is midnight sun in the summers and 24 hours without sun in the winter.

Precipitation is typically over 1 mm for 10-15 days/month throughout the year, and over 10 mm for 1-2 days/month throughout the year. Wind speeds are typically over 10 m/s (Force 5) from December through to April, and otherwise much lower for the other months.

Winter temperatures are generally below freezing for November through till April, typically around -5<sup>o</sup> C. The lowest temperatures can be down to around -10<sup>o</sup> C. Summer temperatures are typically around 7-10<sup>o</sup> C and get up to 16<sup>o</sup> C.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **29** |

---

**5.4** **Local Resources** 

Kvalsund was a 1,846 km<sup>2</sup> municipality on the western coast of Finnmark, which largely consists of pristine and rugged landscapes. It is approximately 20 km from the western boundary of the projects; noting the roads are of good quality and provide for sufficient transport. Most of that area was on the mainland, but 125 km<sup>2</sup> of it was on the island Kvaløya and 85 km<sup>2</sup> on the island Seiland. The municipality had about 1,000 inhabitants, many of which live in the Kvalsund village, the then administrative centre. Some live in the Sami village of Kokelv, in the inner part of the Revsbotn Fjord. The population of Kvalsund has been in decline since 1950, during the period 1950-2004 by 43%, the reason being a sharp decline in employment in the fisheries. Kvalsund Municipality was merged with the larger Hammerfest Municipality on January 1<sup>st</sup>, 2020.

Businesses in Kvalsund are characterized by small enterprises of various trades. Primary industries have recently become less important for employment. Tourism, transport, aquaculture, construction and service industries have become the more prominent industries. On the other hand, 37% of the working population have jobs outside the Kvalsund area, mainly in Hammerfest.

**5.5** **Infrastructure** 

The industrial area and former processing plant are currently controlled by Repparfjord Eiendom. Access to the eastern portion of the Nussir deposit is facilitated by its proximity to the fjord which provides deep water harbour, with all year access. There is an opportunity to place any new construction within the regulated industrial area at Øyen, including but not limited to a processing plant, roads, and the portal to the mine.

A processing plant was built to serve the previous historical mining activities of the Ulveryggen deposit with an open pit in the 1970s, transporting ore via an underground tunnel and ore pass to an ore processing plant at the Øyen industrial area. The industrial area today is partially in use to serve a local quarry, which also utilises the harbour's loading facilities.

The quay was built in 1971 and can serve vessels up to 30,000 tonnes. A Ship Loader with a loading capacity of 1,000 to 1,500 tph is installed and in use. The quay is operated and maintained by Repparfjord Eiendom.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **30** |

---

**5.6** **Power Supply** 

The municipality has two hydroelectric powerplants in Porsaelva on the east side of the Vargsundet (a total of 65 GWh of average annual production), and there is currently stranded green electric hydropower oversupply in Northern Norway, leading to relatively low electricity prices and therefore power available for any future development of industrial activities.

**5.7** **Water Supply** 

There are considerable freshwater resources in the area. Repparfjord Eiendom owns the existing water feed system including a dam and an 8" pipeline and has secured the rights from the owner, FEFO, to use the water. A study was initiated to assess secure the water supply in the future. One of the suggestions has been to strengthen the existing dam at level 170 m. Taking water from the Geresjohka River has also been considered. Improving the road to the dam would also be necessary for future developments.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **31** |

---

---

| | |
|:---|:---|
| **6** | **HISTORY** |

---

**6.1** **Nussir** 

**6.1.1** **Initial Exploration** 

Copper ore deposits in the Repparfjord area were discovered at the turn of the last century. In 1903, the Swedish company Nordiska Grufaktiebolag began to explore the ore field. Sydvaranger AS, a large Norwegian mining company with an iron ore mine in Finnmark, was prospecting west of Ulveryggen and found some Cu-enriched sites, which were later identified to be the Nussir orebody. AS Prospektering was established from Sydvaranger as an independent company, and worked on building their geological database, including the Nussir Project.

In 2000, Terra Holding bought AS Prospektering and took over the Nussir deposit rights. Further analyses on the deposit showed promising results, and plans were made to further study and develop the project. In December 2004, Terra Holding created Nussir AS to focus on developing the Nussir deposit.

**6.1.2** **Geophysical surveys** 

***Ground IP and Resistivity***

Three ground geophysical surveys campaigns have been done by the Norwegian Geological Survey (NGU) using surveying equipment comprising a Terrameter ABEM-LS unit and multi-electrode cables. Cables configured with 2m electrode interval were used for the five 160m long survey lines in 2007, 10m electrode interval were used for the four long survey lines in 2011 and an electrode interval of 5m were used for the nine 4-700m long survey lines in the 2013 campaign. Depth range depended on profile length, being roughly 160m for the long 2011 profiles and 60 m for the 2013 profiles. Most profiles were oriented normal to structures, as shown in Figure 6-1.

Induced polarisation and resistivity were measured in the ground above drillhole intersections for correlation purposes and in target exploration areas. Results indicated strong correlations between copper mineralisation, strong IP anomalies and low resistivity anomalies, as exemplified in Figure 6-2 (Dalsegg. E. et.al. 2013). Other mineralisation suffers from a low signal-to-noise ratio. Large parts of the regions are characterized by "negative" in phase data, typical for regions with high susceptibility and/or high resistivity. All collected data have a significant higher quality and resolution than earlier airborne data collected by the NGU in the same area in the 1970s.

A GPS system from Seatex (SEAPOS 100E) was used for helicopter positioning. This system has an accuracy of ±5 m. Moreover, a Bendix/King radar-altimeter was mounted on the helicopter. Its accuracy is 5 % of the measured altitude. The time sampling of the GPS was 1 second.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **32** |

---

It was important to interpret all the geophysical data in order to understand the overall occurrence of the mineralised zones. Progressing from the (eastern) Nussir I mineralised body, detailed field observations allowed the establishment of its potential Nussir II continuation towards west. Figure 6-1 shows its magnetic and radiometric signatures, with a red line highlighting a possible thrust discontinuity (Pharaoh et al.,1983). The vertical derivative of the total magnetic field (Figure 6-1a) shows that the Nussir greenstones to the east of the red line are characterised by two very prominent, parallel high anomalies. A third, weaker and less continuous anomaly parallels these two anomalies further to the north. These features are the most prominent elements of the magnetic signature in the greenstones of the Nussir Mountain. They are folded about a NE-SW trending axis and can be readily traced eastward, where they strike ENE-WSW. The same fold geometry is shown by the anomalies generated by the Saltvatn Group lithologies, south of the yellow line. The Nussir mineralisation is folded by this structure, which generated local thickening and duplication of the deposit. It is obvious from Figure 6-1 that these high anomalies do not continue simply to the west of the red line, where a single, yet extremely irregular and laterally stepped magnetic anomaly has instead been observed. The radiometric dataset is less conclusive with regard to the detailed internal architecture of the greenstone bodies exposed to the east and west of the discontinuity, but on the other hand, highlights significant compositional similarities between the two greenstone bodies, expressed by a similar total count signature (Figure 6-1b) and, above all, the ternary radiometric information of Figure 6-1c. It needs to be mentioned that only the radioactive concentrations of the uppermost 1-2 m are detected by gamma ray spectrometry and, therefore, the radiometric signature reflects only the surface geology.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **33** |

---

**Figure 6-1. Geophysical Signature of the Nussir West Area**

*[Source: NGU]*

Geological information is drawn on top of:

a) The vertical gradient of the magnetic total field.

b) The radiometric total count.

c) The ternary radiometry.

The red line traces possible thrust discontinuity (Pharaoh et al., 1983). The yellow line shows the boundary between the Nussir (to the north) and Saltvatn Groups (to the south).

![](tm2533647d1_ex46sp2img03.jpg)

The current interpretation of the local structural framework is shown in Figure 6-2. White lines are used to trace the main anomalies within the greenstones. These interpretations are supported by the results from structural investigations (Viola, G. et al 2008): the Skinnfjellet greenstone body is interpreted as being folded by a Fn+1 antiform, with an undulating axial trace trending generally SW-NE. The fold nose has been traced, however, not by following the curved map pattern of the dolomites, but instead by joining the high magnetic anomalies of the underlying greenstones, which are the likely source of the magnetic signature from underneath a presumably very thin dolomite occurrence. The south-eastern limb of the antiform is easily identified and corresponds to the top-to-the-NW sheared contact between dolomites and greenstones and the Dypelv conglomerates.

The conglomerates contain also early Fn folds, which are the oldest structural feature recognised by Nussir within the Repparfjord Window (see Sandstad et al., 2007). Later Fn+2 shortening generated the prominent folds that refold Fn+1 and Fn folds. Fn+2 are the folds that caused the current folded pattern of the Nussir and Saltvatn Group lithologies in the Nussir West area.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **34** |

---

**Figure 6-2. Structural Interpretation of Nussir West Area.**

*[Source: NGU]*

[Interpretation superimposed on the vertical gradient of the total magnetic field]

![](tm2533647d1_ex46sp2img04.jpg)

Key to the understanding of a possible existence of a south-westward continuation of Nussir I, into the postulated Nussir II towards the west, was the geological and structural evolution in the Nussir West area. The currently preferred interpretation, i.e. the Nussir Group greenstones occupying the hanging wall of a thrust with top-to-the-SE transport direction, calls for a possible continuation of Nussir I below this thrust plane on the south-eastern side of Skinnfjellet. The dip of the thrust plane is, however, an important factor. Although there is a lack of direct field constraints on the geometry of the structure, it can be argued that the dip of this thrust is probably steep, as indicated by the abrupt termination of the magnetic anomalies of the highly magnetic Djupelv Formation conglomerate. If the conglomerate continued at shallow depth beneath the greenstones of Steinfjellet, then the magnetic signature of this formation should be encountered as deeply seated magnetic anomalies, which is not the case, thus, suggesting a sharp truncation by the thrust plane.

Detailed studies of the highest frequency of apparent resistivity, as shown in Figure 6-3, give a clear indication of an anomaly which fits with the mapped Nussir mineralisation in the eastern part. In this part the geophysical profiles are perpendicular to the mineralisation. In the western part the outline of the mineralisation is swinging north, and the geophysical profiles are parallel. In this area the geophysical anomalies are not easy to interpret.

The geophysical study show that lakes and strong faults also give the same anomaly as the mineralised zone, and it is not easy to distinguish the three. There are a lot of lakes and faults in the area.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **35** |

---

**Figure 6-3. Profile Plot of Inverse of Apparent Resistivity, Hz 34133.**

*[Source: NGU]*

![](tm2533647d1_ex46sp2img05.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **36** |

---

**6.2** **Ulveryggen** 

**6.2.1** **Initial Exploration and Historical Open Pit Mining** 

The Repparfjord deposit was identified around 1900. The first trenches and shafts were opened in 1903 by the Swedish company "Nordiska Grufaktiebolaget". In 1905, the company was granted a mining permit.

In 1955, 2,358 m of drilling was carried out by the Canadian company "Invex Corporation Ltd". In 1963, a Norwegian company acquired the rights to the deposit. In the 1960s, the Norwegian company "AS National Industri" drilled around 10,000 m. Based on the geological work from this period, the deposit was estimated as 10 million ton averaging 0.72% Cu.

"Folldal Verk AS" acquired the rights to the deposit in 1970, and at the same time construction of mining and flotation facilities began. 2 years later in May 1972 the test production started, and full open pit production later the same year.

Mine development included 700 m of crosscuts, shafts and about 1,700 m of trenches, however, the grade of ore was found to be too low to allow for a profitable operation at that time. The Ulveryggen ore was mined and processed by Folldal Verk AS from 1972 until 1979.

The Repparfjord deposit produced 2 Mt of waste rock and 3 Mt of ore averaging 0.66% Cu from four small open pits. The deposit was opened by 4 open pits each 100-400 m long, 30-120 m wide and with 2-5 benches of 10 m height. For wintertime transport, a 2,500 m long haulage tunnel was driven 200 m under the open pit level. Ore was dumped through an ore pass down to the tunnel from where trucks hauled the ore to an ore pass leading to and feeding the primary crusher. An underground conveyor took the primary crushed ore to further crushing, milling and separation in the nearby processing plant.

The deposit outcrops at around 425 meter above sea level, and due the climatic conditions the crushing and processing facilities were placed at sea level around 4 km from the deposit. The ore was crushed and milled in 4 operations down to 80% under 0.074 mm in size. From the crude ore, 50,903 tons of concentrate with an average content of 35.5% Cu were processed. The copper mill recovery was 91.3% on average.

Since the closure of the mine, one of the pits has been used for disposal of cleaned drilling cuttings from the offshore oil activities. The filling is cement stabilized.

In 2011, Nussir ASA purchased the rights to the old Ulveryggen mine with all its existing facilities and access to complement the Nussir Project.

**6.2.2** **Geophysical survey** 

In October 2007 a helicopter-borne geophysical survey was completed around Ulveryggen. Measurements taken included magnetic, frequency-domain EM, spectral gamma ray radiometry data. These measurements were a small part (~40 km<sup>2</sup>) of a larger survey carried out south of Vargsundet.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **37** |

---

During acquisition the crystal for the radiometric measurements was mounted directly at the bottom of the helicopter, whereas the magnetometer and the EM-transmitter and receiver coils were mounted in a bird hanging 30 m below the helicopter. The part of the survey around the Ulveryggen comprised 101 lines with a line spacing of 100 m. The average helicopter altitude was 65 m. These flight lines are shown in Figure 6-4.

All collected data had a significant higher quality and resolution than earlier airborne data collected by the NGU in the same area in the seventieths. Maps were generated of magnetic field data, resistivity data and processed radiometric data for potassium, uranium and thorium ground concentrations.

**Figure 6-4. Flight Lines of Geophysical Survey Lines, South of Repparfjord**

*[Source: NGU]*

![](tm2533647d1_ex46img001.gif)

This survey showed that the delineation of EM and magnetic anomalies are related to overall district-scale structures. An example plan of the magnetic total field results are shown in Figure 6-5.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **38** |

---

**Figure 6-5. Plan of Magnetic Total Field Results**

*[Source: NGU]*

![](tm2533647d1_ex46img002.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **39** |

---

**6.2.3** **Structural Mapping and Field XRF Analyses** 

Reconnaissance structural geological mapping and field XRF-analyses were carried out in the Ulveryggen area in August 2007. The preliminary conclusions from this work suggest a structural control of at least part of the mineralisation.

The plan in Figure 6-6 shows the localities of structural observations and the location of example XRF-profiles.

**Figure 6-6. Plan of Structural Observation Localities**

![](tm2533647d1_ex46img003.jpg)

Observations at Hovedfelt suggest a relatively constant dip direction of the bedding to the NE. There appears to be a large antiform to the south of the studies area, with Ulveryggen being located on it north-western limb. At Hovedfelt and Vestfelt there is a significant brittle/ductile shear zone, seemingly associated with the high copper values within the meta-sediments. The shear zone in the Hovedfelt pit is shown in Figure 6-7. This shows a 35 m wide shear zone. The stereonet plot shows the dextral reverse kinematics of a number of sub-vertical striated fractures in the shear zone.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **40** |

---

**Figure 6-7. View to NE of Hovedfelt Northeastern Face**

![](tm2533647d1_ex46img004.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **41** |

---

XRF analyses were carried out by using a Thermo Scientific NITON XLp Analyzer. A total of 179 analyses were made, including 133 analyses along seven profiles in three of the open pits at Ulveryggen, 32 analysis from the Roar prospect, which is located 2 km SW of the mining area, and some test anaylises of various mineralised boulders. Examples of these analyses are depicted in Figure 6-8. The analyses were mostly carried out along across-strike profiles in NE facing walls within the open pits, three profiles in the 'Hovedfelt' and 'Vestfelt', and a final profile in the NE-wall of the northeasternmost Erik pit. The analyses commonly show strong variation along each profile, but there are also example of rather homogeneous values.

**Figure 6-8. Cu Analyses Along lower NE wall at Hovedfelt**

![](tm2533647d1_ex46img005.jpg)

The intimate spatial association of the locally very high Cu values and sheared volumes of the Ulveryggen Formation suggests a structural control on at least part of the mineralisation. The brittle/ductile shear zones are generally characterized by complex internal architectures, with irregular distribution of highly sheared and practically undeformed domains, separated by irregular fracture networks.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **42** |

---

**6.2.4** **Stream Sediment Sampling** 

Target areas in the Repparfjord District were identified, based on interpretation of geophysics, geochemistry, known geology and the stream sediment grades, as shown in Figure 6-9. Other targets exist in presumed sub-parallel structural zones.

**Figure 6-9. Identified Exploration Targets**

![](tm2533647d1_ex46img006.jpg)

**6.3** **Historical Mineral Resources** 

There have been several historical mineral resources for the Nussir and Ulveryggen projects, which are summarized in this section. Blue Moon is not treating the historical estimates as current mineral resources or mineral reserves.

The Author of this report has not done sufficient work to classify any of the historical estimates discussed in this section as current mineral reserves or mineral resources. The Author has referred to these estimates as "historical estimates" and the reader is cautioned not to treat them, or any part of them, as current mineral resources. The historical estimates summarized below are included simply to provide the reader with a complete history of the Property. The Author of this report has reviewed the information in this section, as well as that within the cited references, and have determined that it is suitable for disclosure.

All stakeholders are cautioned that none are considered current and therefore should not rely on them due to being superseded by this report.

In 2012, the Author was commissioned by Nussir ASA for a mineral resource estimate that incorporated drilling from 1985 to 2011 (17,761 m in 90 core drill holes). The mineral resource estimate report was completed, titled "Nussir Report Estimation Updated May 2012" (Wheeler, 2012) and it is historical in nature and should not be relied upon. Subsequently in 2013, the Author was re-engaged for a mineral resource estimate update to include an additional 3,222 metres of drilling from 21 core drill holes. A report titled, "Nussir Report Estimation Updated March 2014" was completed (Wheeler, 2013), The report is considered historical in nature and should not be relied upon.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **43** |

---

In April 2016, Nussir ASA commissioned a PFS for the Nussir project. For the PFS, an updated mineral resource estimate report was completed, titled "Nussir Report Estimation Updated October 2016" that incorporated additional drilling results from 67 core drill holes totalling 19,880 metres. Both the PFS and the mineral resource are historical in nature and should not be relied upon.

The Author was commissioned by Nussir ASA in 2018 to update the mineral resource estimate to incorporate an additional 7,947 metres of drilling in 20 core drill holes. A report titled "Nussir Report Estimation Updated January 2018" was completed (Wheeler, 2018). This mineral resource is historical in nature, and it should not be relied upon.

In 2019, Nussir ASA commissioned a DFS for the Nussir project. The DFS, titled, "Nussir Feasibility Study 2023", was supported by a mineral resource estimate that incorporated a further 3,912 metres of additional drilling in 13 core drill holes. Both the DFS and the mineral resource are historical in nature and should not be relied upon.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **44** |

---

---

| | |
|:---|:---|
| **7** | **GEOLOGICAL SETTING AND MINERALISATION** |

---

**7.1** **Nussir** 

**7.1.1** **Regional Geology- Nussir** 

The Nussir project area is situated within the Repparfjord-Komagfjord (Pharaoh et al. 1983) Precambrian tectonic window which was uplifted and exposed due to erosion of the overlying Caledonian nappes. The first detailed bedrock mapping of the region was carried out by Reitan (1963). Revised mapping of the northern part was done in the 1970's by Pharaoh et al (1983). Later, more detailed mapping of the area was conducted by Nilsen & Nilsson (1996). Geochemical studies of the metavolcanic rocks were performed by Jensen (1996).

The bedrock of the window consists predominantly of metavolcanic and metasedimentary rock, as shown in Figure 7-1. The rocks are intruded by mafic, ultramafic and felsic intrusive rocks. Although geochronological constraints are generally scarce, the meta-supracrustal rocks are assumed to be primarily of Early Proterozoic age, even though the lowermost stratigraphic sequences might represent Archaean rocks, as suggested by the comparison to correlative sequences in inner Finnmark. The oldest metavolcanic unit within the Kautokeino Greenstone Belt has revealed an Archaean Age (~2780 Ma, A. Solli pers. comm. 2008). The Paleoproterozoic rocks are overlain by thin sequences of Neoproterozoic sediments. The basement rocks are overthrust by allochthonous rocks of the Caledonian Nappe Complex and have undergone multiphase deformation during the Svecokarelian and Caledonian orogenies.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **45** |

---

**Figure 7-1. Nussir Geological Map**

*[NGU description of stratigraphic units]*

![](tm2533647d1_ex46img007.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **46** |

---

**7.1.2** **Local Geology and Mineralisation - Nussir** 

The Nussir deposit mineralisation is hosted by yellowish to greenish grey, banded, fine-grained sandstones and siltstones with common carbonate-rich layers. Studies of thin sections show that the rocks have strong variations in deformation, from well-preserved primary layering to strong ductile deformation (Sandstad, 2010). These show that the major ore minerals in the eastern part of Nussir are bornite and chalcocite. They mainly comprise cement of clastic grains of the sandstone and suggest a diagenetic origin for their deposition rather than strictly epigenetic formation, related to deformation of the host rock. Accessory sulphide minerals include chalcopyrite, covelite, wittichenite, carrollite, and cinnabar.

Gold (Au) and Silver (Ag) are closely associated with the Cu-mineralisation. Electrum (AuAg) has been identified at the contact and as inclusions and cracks in bornite. Ag also occurs in minerals associated with Tellurium (Te), Lead (Pb), Selenium (Se) and Bismuth (Bi). Platinum (Pt) most frequently occurs as microscopic grains of sperrylite that form clusters of inclusions in bornite and disseminated, interstitial grains in the silicate matrix of the sandstone.

Other sulphides are rare, although pyrite and molybdenite occur locally. Malachite is observed on surface outcrops. The mineralisation occurs as fine-grained impregnation fracture fillings. The thickness of the mineralised zone varies from zero to more than 4 meters.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **47** |

---

**7.2** **Ulveryggen** 

**7.2.1** **Regional Geology - Ulveryggen** 

The prospect area is comprised of folded Precambrian metasedimentary rocks of the Ulveryggen Formation, part of the Saltvatn Group, that are exposed in the Komagfjord tectonic window, within the Caledonian mountain belt of western Finnmark. Sediments in the general prospect area are typically sandstones and quartzites, trending to what have been previously described as conglomerates in the immediate area of the old Ulveryggen Mine (Nilsen, K. 2019). Evidence of ENE-trending faulting, roughly parallel to the regional trend of bedding, is strong, as is the presence of NNE-trending faulting, particularly obvious in the mine area. Occasional small mafic dikes are also present in the mine area. The Ulveryggen sedimentary units are fault-bounded to the south by older greenstones and to the north by probably younger sedimentary units.

**7.2.2** **Local Geology and Mineralisation - Ulveryggen** 

A plan of the area is shown in Figure 7-6. The mineralization occurs along a 2-kilometer trend between the two main faults and along a fan of smaller faults located in between. NNE-trending strike slip faults offset mineralization along the order of 10's to several 100's of meters. Copper mineralization, typically in the form of chalcopyrite, bornite, lesser chalcocite, and secondary malachite, is present as disseminations in conglomerates (partly interpreted as mylonites), on shears, along bedding, in cracks and fractures, and in small, sometimes cross-cutting, quartz veins and veinlets. The thickness of the mineralization appears to diminish with depth as the two main faults coalesce. However, there is strong mineral potential for more to be discovered, heretofore undiscovered, copper mineralization along strike of the main system, both to the east and west.

Clay alteration is apparent in narrow ENE-trending shear zones that have been previously described as thin argillite partings. Although extremely difficult to ascertain in hand samples, mass silicification of the quartzites is probable along the main ENE-trending fault zones.

In section the mineralisation is SE-dipping (from about 60<sup>o</sup> to vertical), often significantly widening to the top and narrowing to the bottom. Generally, the horizontal length of the mineralised zone is about 2.6 km, with widths up to 200 m, and a vertical extent of approximately 150 m.

Host rocks of the deposit are notably bedded and foliated with the foliation in many cases. The foliation is not necessarily parallel to the bedding, mostly dipping NW or SE with the angles of 22˚ to 40˚, marking gentle, almost symmetrical folds. It appears that NW-dipping predominates.

Mineralized metasedimentary rocks appear to be significantly silicified. Sometimes mineralization occurs as a set of mesothermal quartz veins with rich chalcopyrite-bornite mineralization. The main part of the economic mineralization in the mined-out John open pit is bounded between to two antithetic NE-striking, NW- and SE-dipping shear zones, as shown in Figure 7-2.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **48** |

---

**Figure 7-2. John Open Pit, Looking SW**

[Picture by Promin AS]

![](tm2533647d1_ex46img008.jpg)

Striations observed in the Erik pit (Figure 7-3) appear flatter than striations in the Hovedfelt pit (Figure 7-4), which implies that the vertical component of the shear zone movement is progressively increasing in the SW direction, while the horizontal component is getting weaker. Kinematics of the shear zone appear to be dextral–normal (SE block uplifted), which is shown by observed shear zone fabrics (Figure 7-5), as well as by porphyroblast (pebbles) rotation.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **49** |

---

**Figure 7-3. Erik Open Pit Looking N.**

[Picture by Promin AS]

![](tm2533647d1_ex46img009.jpg)

**Figure 7-4. Hovedfelt Open pit, NE part, looking NE**

[Picture by Promin AS]

![](tm2533647d1_ex46img010.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **50** |

---

**Figure 7-5. NW-dipping Mineralisation in Erik Open Pit**

[Picture by Promin AS]

![](tm2533647d1_ex46img011.jpg)

Numerous ductile shear zones with NW orientation cut and displace mineralization, while being mineralized themselves. The shear zone offsets on a larger scale affect the major ore bodies, as shown by the position of the existing pits. Some of the faults also demonstrate the presence of vertical movement component. The faults appear to be reverse in the mineralized faults and normal in the non-mineralized.

The appearance of the dextral shear zones suggests a model of a contractional imbricate fan. of a dextral (and of course reverse) shear zone. The northern (SE-dipping) shear zone appears to be the main structure, while the southern (NW-dipping) structures are in the form of a set of splays (shears), as shown in Figure 7-7. Vertically the shears are reverse, as would result from NW orientated compression, which is supported by the presence of NW-oriented tension gashes observed in the field.

Opening of both NW- and SE-dipping foliation planes due to more recent NE-orientated stresses is also suggested, as suggested by northern tension gashes. It appears that the higher-grade mineralization is related to the intersection of the NW-striking cross-faults with the main structure. Superposition of all or some of these factors caused the formation of the Ulveryggen mineralization, characterized by disseminated and fracture filling texture.

Impressions from the 2017 logging of drill cores indicate that parts of the conglomeratic zones may have been formed by alteration (silicification- carbonatization) of exhalitic volcanics, possibly in combination with larger scale alteration, mobilization and eventually Cu-mineralization by precipitation in the pressure shadows within shear zones. Chlorite in the "conglomerate" matrix and relatively higher Ni- and Cr- background levels in correlation with Cu, may indicate a possible mafic volcanic source for the Ulveryggen mineralisation. Further studies of the Cu-genesis, high Cu-background data from old stream samples, as well as shear-zones, could help define possible promising exploration targets in vicinity of Ulveryggen area.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **51** |

---

**Figure 7-6. Plan of Deposit Area and Main Tectonic Features**

*[After E. Plyuschev, 2008]*

![](tm2533647d1_ex46img014.jpg)

**Green triangles – synthetic to main fault zone**

**Red triangles – antithetic to main fault zone**

**Figure 7-7. Section of Simplified Tectonic Framework**

![](tm2533647d1_ex46img015.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **52** |

---

---

| | |
|:---|:---|
| **8** | **DEPOSIT TYPE** |

---

**8.1** **Background** 

The two Cu-deposits, Nussir and Ulveryggen, have a similar composition of Cu-bearing sulphides. They are probably the result of a similar geological system. They represent examples of sedimentary-associated type of deposits, with many common features found in the Copperbelt in central Africa and Kupferschiefer in Poland and Germany, which include a continental rift environment, hot sub-aquatic conditions, shale/dolomite/conglomerate sequences, stratabound disseminated veinlets of Cu minerals, partly extensive alteration, syngenetic-diagenetic settings and epigenetic events

**8.2** **Nussir** 

The Nussir deposit is considered to be a stratabound sediment hosted copper deposit, and the mineralisation is interpreted as post-diagenetic. The Nussir deposit is a generally homogenous, Cu-ore zone with Ag, Au, some Pt and Pd. It was primarily deposited as a continuous dolomite-schist layer on the sea floor, with relatively little deviation in grade, thickness and other factors. Later events with folding, shearing and alterations have partly affected primary features.

Description of the Copperbelt deposits has many similarities with the mineralisation in the Repparfjord area, in particular with the Nussir deposit. They both have a base of conglomerates overlaid by dolomites and siltstones. Both are interpreted to be associated with deposition in rift basins.

Similar stratigraphy can also be seen in the Kupferschiefer in Poland. At the base there are clastic materials lying in a series of basins, mainly red sandstones and conglomerates, and the uppermost sections are composed of arenites and carbonates.

**8.3** **Ulveryggen** 

The Ulveryggen deposit is also considered to be a stratabound sediment hosted copper deposit, with a similar composition of copper-bearing sulphides to Nussir, but the general mineralogy and genetic setting is different. The Ulveryggen deposit constitutes a more complex orebody, described as sedimentary deposition of copper minerals within layers in sandstone-conglomeratic sequences. The Ulveryggen mineralisation has a different setting, interpreted as syngenetic shear-zones. The Au- Ag and Pt- Pd content is considerably lower at Ulveryggen than at Nussir.

The main Ulveryggen deposit area is dominated by two sub-parallel ENE-trending faults, dipping steeply towards each other. Known mineralization occurs in several pods along a 2-kilometer trend between the two main faults and along a fan of smaller faults located in between. The thickness of mineralization appears to diminish with depth as the two main faults coalesce. However, there is potential for more, heretofore undiscovered, copper mineralization along strike of the main system, both to the east and west.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **53** |

---

---

| | |
|:---|:---|
| **9** | **EXPLORATION** |

---

Blue Moon has not carried out any exploration work on the property. For a description of historical exploration work, including that completed by Nussir ASA and its predecessor companies (AS Prospektering and Terra Holdings), refer to Section 6 - History.

---

| | |
|:---|:---|
| **10** | **DRILLING** |

---

Blue Moon has not carried out any drilling activities on either Nussir or Ulveryggen deposits, and all drilling on these properties and for the mineral resource estimation exercises were completed by prior operators. The current mineral resource estimate is presented in Section 14 of this report with an effective date of January 20<sup>th</sup>, 2025.

**10.1** **Nussir** 

A total of 211 exploration diamond drillholes, covering over 52,700 m, have been drilled on the Nussir project up to 2019. One drillhole (no.212) was delayed out of the 2019 resource estimation and was drilled in 2020 and confirmed the modelled grade and width. A few additional drillholes were performed in 2024, however, these were solely for metallurgical and processing test work, in order to achieve enough core material to perform material sorting tests and were not intended or used for mineral resource estimation, because they were all twin drill holes of older, successfully completed drillholes. In addition, ten channel samples have been collected from mineralized surface outcropping. A total of approximately 2,600 samples has been assayed.

In 1984, ten channel samples were collected from mineralized surface outcrops. The drilling started in 1985 with six relatively short diamond drill holes, all less than 80 m in length and a dip varying between 50 to 70 degrees. In 1986, further two diamond drillholes were drilled to check the continuity of the mineralization at depth. One of the drillholes confirmed the vertical extension of the mineralization to more than 250 m below surface. The laboratory Mercury Analytical Ltd. was used to analyse the core from the first eight drillholes.

In 1988, six diamond drill holes were drilled. The core was analysed by Caleb Brett Laboratories. A total of 35 diamond drill holes were drilled in the period between 1990 and 1996. Between 1985 and 1996, a total of 600 samples were analysed from 43 drill holes. All samples were analysed for Cu, and partly for Ag and Au. The samples were analysed by different laboratories with unknown analytical methods. For verification purposes, 69 samples from 1990 were assayed in 2008, as described in Section 11. The older samples were not independently used to define blocks defined as Indicated Resources in the current study.

In 2002, 63 samples from nine diamond drillholes were analysed by OMAC Laboratories, Ireland for 47 elements using Aqua Regia digestion and ICP. Ag was the only of the precious metals analysed. However, only a few meters of each of the drill holes were analysed. Typically, the analysed core section analysed was one meter per sample.

The drilling continued in 2006 with the drilling of seven diamond holes. A total of 32 samples from four holes were analysed by OMAC Laboratories, Ireland using 46 elements by Aqua Regia digestion and ICP-OES. In addition, Au was analysed by Fire Assay/AA on 30 g samples.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **54** |

---

407 samples from 9 holes were analysed in 2008 for 46 elements by Aqua Regia digestion and ICP-OES by OMAC Laboratories, Ireland. The digestion is partial for some elements especially Al, Ba, Cr, K, Na, Sn, Sr, Ta, Ti, V and W. In addition, Au, Pt and Pd were analysed by Fire Assay/AA on 30 g samples. The whole cores from drill holes Bh 39 (117.6 m), 40 (43.2 m) and 60 (120 m) were analysed, whereas parts of Bh 19, 20, 54, 55, 57 and 90 were analysed. The analysed core lengths were 1-2 m.

In 2011, a total of six diamond drillholes (1996 m) were drilled on the Nussir deposit. Five of the drill holes (1,432 m) were drilled as infill holes in the eastern part of the deposit to decrease the drill spacing from 250 m to 125 m. In addition, one deep diamond drill hole (564 m) was drilled in the central part of the Nussir deposit to confirm the extension of the mineralization in this previous undrilled zone. The drill hole successfully confirmed an 8.6 m intersection zone (7m true width) averaging 0.69% Cu (including 3.6 m averaging 1,09% Cu) from 541 m downhole. From the 2011 drill campaign, a total of 164 samples (including standards and blanks) were submitted to ALS Chemex laboratory in Piteå. All samples were analysed by 33 element four acid ICP-AES and Au, Pt and Pd 30 g Fire Assay ICP. In the mineralized zone the core was normally analysed on one-meter intervals. However, additional samples of varying length were sampled in zones of interest.

All pre-2011 drill hole collar locations were originally surveyed using a DPOS GPS (TOPCON) with an accuracy of 1-2 dm. The 2011 drill holes were surveyed using a handheld GPS with and later surveyed by DPOS GPS (TOPCON) in 2012. Downhole surveys have been done for all intact drillholes in 2012 using a pee-wee magnetic survey tool. The registered azimuth values in the upper part of some holes were influenced by magnetic rocks and had to be corrected. Gyro based downhole surveying was chosen during 2013 campaign to avoid this problem.

In 2017, 89 drillhole collars were re-measured using a more accurate (within 1-2cm) CPOS GPS instrument, in a re-survey program completed by the company GeoNord. The collar database used in the resource estimation covered in this report is summarised in, with respect to the positioning system used.

**Table 10-1. Summary of Collar Positioning Systems – Nussir**

---

| | | |
|:---|:---|:---|
| **Method** | **Number** | **Proportion** |
| **Unknown (Channels)** | 10 | 5% |
| **Hand GPS** | 15 | 7% |
| **DPOS** | 107 | 48% |
| **CPOS** | 89 | 40% |
| **TOTAL** | 221 | 100% |

---

Most of the drill holes have been drilled with success. However, in the central parts of the 9 km long mineralized horizon, four drill holes were abandoned before they reached the mineralization. This was due to strongly fractured rocks in an interpreted fault zone.

All cores were transported down to a warehouse with logging facilities and logged for geological, sampling and geotechnical purposes by in-house personnel.

Geotechnical data have been collected from some pre-2011 drill holes, including RQD, core recovery, fracture density and orientation, hardness and joint data. All core drilled from 2008 have been photographed. Data collected on the six diamond drillholes drilled from 2011, includes geology, down hole survey, sample, RQD, core recovery and assay data.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **55** |

---

A summary of the current database, with relation to the different diamond drilling campaigns, to date is shown in **Error! Reference source not found.** Table 10-2

**Table 10-2. Nussir Diamond Drilling Summary**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Number of**<br> **Holes** | **Length (m)** | **Average Hole**<br> **Length (m)** | &nbsp;&nbsp;**Hole**<br> **Size** | **Core Diameter**<br> **(mm)** | **Drilling Company** | **Drill Rig** |
| **1985** | 6 | 264 | 44 | AQ | 27 |  |  |
| **1986** | 2 | 496 | 248 | AQ | 27 |  |  |
| **1988** | 6 | 1325 | 221 | AQ | 27 |  |  |
| **1990** | 24 | 1893 | 78 | AQ | 27 |  |  |
| **1995** | 4 | 724 | 181 | AQ | 27 |  |  |
| **1996** | 4 | 1182 | 296 | AQ | 27 |  |  |
| **2006** | 7 | 2687 | 384 |  | 18 | Diamantboring Nord AS | Diamec 262 |
| **2007** | 1 | 78 | 78 | AQ | 27 |  |  |
| **2008** | 30 | 7116 | 233 | BQTK | 36.5 | Arctic Drilling AS | Diamec 252 |
| **2011** | 6 | 1996 | 333 | BQTK | 40.7 | Arctic Drilling AS | Diamec 252 |
| **2013** | 21 | 3222 | 153 | BQTK | 40.7 | ADC Ltd. Oy | K1 with Sandvik drill |
| **2014** | 34 | 9308 | 274 | NQ/BQ | 47.6/36.5 | Arctic Drilling AS | Atlas U6 and 264 |
| **2015** | 33 | 10572 | 320 | NQ | 47.6 | Arctic Drilling AS | Atlas U6/264 |
| **2017** | 20 | 7947 | 397 | NQ | 47.6 | Arctic Drilling AS/Rockma | Atlas U6/264, Sandvik DE 140 MT |
| **2019** | 13 | 3912 | 301 | NQ | 47.6 | Arctic Drilling AS/Rockma | Atlas U6/264, Sandvik DE 140 MT |
| **Total** | **211** | **52722** | **250** |  |  |  |  |

---

The 10 lines of channel samples that were taken in 1985 covered an average sampled length of 35 m/line. In 2006, 20 air percussive holes were also drilled, with an average length of 20 m, but samples from these percussive holes were not used in the current resource estimate. Selected core material including intersections from 2013 campaigns are stored in Skaidi, nearby the deposit. Core from 35 older holes is stored at the Norwegian Geological Survey in Løkken.

The drillhole collar locations for all Nussir holes, directions, dips and lengths are shown in Table 10-3 and Table 10-4. Summaries of the main Nussir drillhole intersections are shown in Table 10-5 and Table 10-6.

A plan and cross-sections of the drillhole data are shown in Figure 10-1 and Figure 10-2.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **56** |

---

**Table 10-3. Nussir Drillhole Collars, 1985-2011**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Collar Coordinates (m)** | **Collar Coordinates (m)** | **Collar Coordinates (m)** | | | |
| **YEAR** | **BHID** | **Easting** | **Northing** | **Elev'n** | **Azimuth<br> (<sup>o</sup>)** | **Dip<br> (<sup>o</sup>)** | **Length<br> (m)** |
| **1985** | **NUS-CH-85-001** | 390533 | 7818095 | 371 | 33 | 0 | 3 |
| **1985** | **NUS-CH-85-002** | 390539 | 7818091 | 375 | 33 | 0 | 4 |
| **1985** | **NUS-CH-85-003** | 391432 | 7818155 | 410 | 340 | 0 | 4 |
| **1985** | **NUS-CH-85-004** | 393097 | 7818573 | 360 | 330 | 0 | 3 |
| **1985** | **NUS-CH-85-005** | 395195 | 7819588 | 314 | 330 | 0 | 3 |
| **1985** | **NUS-CH-85-006** | 395431 | 7819627 | 279 | 340 | 0 | 2 |
| **1985** | **NUS-CH-85-007** | 390239 | 7818657 | 400 | 80 | 0 | 5 |
| **1985** | **NUS-CH-85-008** | 390116 | 7819012 | 410 | 50 | 0 | 4 |
| **1985** | **NUS-CH-85-009** | 390062 | 7819058 | 402 | 50 | 0 | 5 |
| **1985** | **NUS-CH-85-010** | 396948 | 7820005 | 173 | 340 | 0 | 3 |
| **1985** | **NUS-DD-85-001** | 395480 | 7819652 | 278 | 170 | 60 | 25 |
| **1985** | **NUS-DD-85-002** | 395477 | 7819656 | 278 | 170 | 70 | 42 |
| **1985** | **NUS-DD-85-003** | 395286 | 7819638 | 297 | 155 | 60 | 28 |
| **1985** | **NUS-DD-85-004** | 393839 | 7819021 | 323 | 160 | 50 | 80 |
| **1985** | **NUS-DD-85-005** | 392843 | 7818531 | 399 | 158 | 59 | 64 |
| **1985** | **NUS-DD-85-007** | 390544 | 7818140 | 375 | 197 | 48 | 25 |
| **1986** | **NUS-DD-86-001** | 396070 | 7820037 | 208 | 165 | 60 | 293 |
| **1986** | **NUS-DD-86-002** | 390259 | 7819114 | 405 | 250 | 75 | 203 |
| **1988** | **NUS-DD-88-001** | 396069 | 7820037 | 208 | 165 | 80 | 373 |
| **1988** | **NUS-DD-88-002** | 395454 | 7819765 | 278 | 170 | 80 | 191 |
| **1988** | **NUS-DD-88-003** | 394939 | 7819647 | 366 | 145 | 85 | 277 |
| **1988** | **NUS-DD-88-004** | 395270 | 7819656 | 298 | 160 | 80 | 109 |
| **1988** | **NUS-DD-88-005** | 396729 | 7820053 | 218 | 155 | 60 | 180 |
| **1988** | **NUS-DD-88-006** | 396418 | 7819991 | 227 | 170 | 65 | 195 |
| **1990** | **NUS-DD-90-001** | 390231 | 7819047 | 414 | 238 | 30 | 93 |
| **1990** | **NUS-DD-90-002** | 390232 | 7819047 | 414 | 239 | 60 | 99 |
| **1990** | **NUS-DD-90-003** | 390312 | 7818805 | 403 | 261 | 46 | 55 |
| **1990** | **NUS-DD-90-004** | 390311 | 7818805 | 403 | 253 | 79 | 72 |
| **1990** | **NUS-DD-90-006** | 390286 | 7818504 | 413 | 288 | 48 | 50 |
| **1990** | **NUS-DD-90-007** | 390286 | 7818503 | 413 | 290 | 75 | 68 |
| **1990** | **NUS-DD-90-008** | 390343 | 7818487 | 423 | 270 | 80 | 120 |
| **1990** | **NUS-DD-90-009** | 390650 | 7818096 | 394 | 186 | 45 | 34 |
| **1990** | **NUS-DD-90-010** | 390667 | 7818146 | 398 | 187 | 81 | 106 |
| **1990** | **NUS-DD-90-011** | 391153 | 7818148 | 432 | 171 | 45 | 63 |
| **1990** | **NUS-DD-90-012** | 391153 | 7818148 | 432 | 172 | 80 | 95 |
| **1990** | **NUS-DD-90-013** | 391724 | 7818289 | 421 | 165 | 45 | 70 |
| **1990** | **NUS-DD-90-014** | 391724 | 7818289 | 421 | 165 | 80 | 114 |
| **1990** | **NUS-DD-90-015** | 392276 | 7818371 | 441 | 170 | 45 | 84 |
| **1990** | **NUS-DD-90-016** | 392276 | 7818370 | 441 | 170 | 75 | 90 |
| **1990** | **NUS-DD-90-017** | 392843 | 7818531 | 399 | 157 | 80 | 89 |
| **1990** | **NUS-DD-90-018** | 393414 | 7818776 | 346 | 153 | 80 | 55 |
| **1990** | **NUS-DD-90-019** | 393414 | 7818775 | 346 | 163 | 43 | 44 |
| **1990** | **NUS-DD-90-020** | 393398 | 7818804 | 351 | 154 | 80 | 110 |
| **1990** | **NUS-DD-90-021** | 393838 | 7819022 | 323 | 160 | 80 | 118 |
| **1990** | **NUS-DD-90-022** | 393859 | 7818980 | 316 | 153 | 45 | 43 |
| **1990** | **NUS-DD-90-023** | 394329 | 7819219 | 335 | 155 | 45 | 56 |
| **1990** | **NUS-DD-90-024** | 394329 | 7819220 | 335 | 155 | 80 | 57 |
| **1990** | **NUS-DD-90-026** | 394960 | 7819564 | 336 | 145 | 45 | 110 |
| **1995** | **NUS-DD-95-001** | 390480 | 7818709 | 416 | 281 | 69 | 197 |
| **1995** | **NUS-DD-95-002** | 390415 | 7818382 | 425 | 222 | 42 | 124 |
| **1995** | **NUS-DD-95-003** | 390415 | 7818383 | 425 | 245 | 87 | 150 |
| **1995** | **NUS-DD-95-004** | 392791 | 7818660 | 454 | 160 | 70 | 253 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Collar Coordinates (m)** | **Collar Coordinates (m)** | **Collar Coordinates (m)** | | | |
| **YEAR** | **BHID** | **Easting** | **Northing** | **Elev'n** | **Azimuth<br> (<sup>o</sup>)** | **Dip <br> (o)** | **Length<br> (m)** |
| **1996** | **NUS-DD-96-001** | 390622 | 7818678 | 435 | 270 | 80 | 368 |
| **1996** | **NUS-DD-96-002** | 391009 | 7818364 | 425 | 165 | 78 | 319 |
| **1996** | **NUS-DD-96-003** | 391650 | 7818480 | 455 | 165 | 75 | 356 |
| **1996** | **NUS-DD-96-005** | 396110 | 7819872 | 190 | 155 | 70 | 140 |
| **2006** | **NUS-DD-06-001** | 396410 | 7820160 | 207 | 176 | 80 | 427 |
| **2006** | **NUS-DD-06-002** | 390826 | 7818485 | 433 | 135 | 85 | 520 |
| **2006** | **NUS-DD-06-003** | 392730 | 7818841 | 435 | 160 | 85 | 403 |
| **2006** | **NUS-DD-06-004** | 390824 | 7818484 | 434 | 195 | 80 | 469 |
| **2006** | **NUS-DD-06-005** | 390824 | 7818486 | 434 | 270 | 85 | 306 |
| **2006** | **NUS-DD-06-006** | 390360 | 7819359 | 444 | 210 | 80 | 443 |
| **2006** | **NUS-DD-06-007** | 389972 | 7819200 | 398 | 178 | 59 | 120 |
| &nbsp;&nbsp;**2007** | **NUS-DD-07-001** | 391457 | 7818203 | 416 | 180 | 60 | 78 |
| **2008** | **NUS-DD-08-001** | 396203 | 7819984 | 200 | 150 | 58 | 230 |
| **2008** | **NUS-DD-08-002** | 396204 | 7819984 | 201 | 150 | 71 | 248 |
| **2008** | **NUS-DD-08-003** | 396019 | 7819922 | 213 | 140 | 60 | 210 |
| **2008** | **NUS-DD-08-004** | 396019 | 7819922 | 213 | 150 | 80 | 260 |
| **2008** | **NUS-DD-08-005** | 395912 | 7819891 | 226 | 138 | 60 | 184 |
| **2008** | **NUS-DD-08-006** | 395912 | 7819892 | 226 | 140 | 75 | 237 |
| **2008** | **NUS-DD-08-007** | 395687 | 7819938 | 266 | 160 | 50 | 257 |
| **2008** | **NUS-DD-08-008** | 395687 | 7819939 | 266 | 160 | 60 | 320 |
| **2008** | **NUS-DD-08-009** | 395564 | 7819781 | 273 | 160 | 90 | 268 |
| **2008** | **NUS-DD-08-010** | 395569 | 7819756 | 269 | 160 | 60 | 164 |
| **2008** | **NUS-DD-08-011** | 395384 | 7819700 | 292 | 160 | 90 | 201 |
| **2008** | **NUS-DD-08-012** | 395384 | 7819699 | 292 | 160 | 70 | 110 |
| **2008** | **NUS-DD-08-013** | 395191 | 7819851 | 344 | 160 | 75 | 395 |
| **2008** | **NUS-DD-08-014** | 395067 | 7819846 | 335 | 160 | 60 | 373 |
| **2008** | **NUS-DD-08-015** | 394648 | 7819706 | 384 | 160 | 60 | 445 |
| **2008** | **NUS-DD-08-016** | 394455 | 7819617 | 408 | 160 | 60 | 420 |
| **2008** | **NUS-DD-08-019** | 395349 | 7819913 | 323 | 160 | 65 | 378 |
| **2008** | **NUS-DD-08-020** | 395349 | 7819912 | 323 | 160 | 80 | 497 |
| **2008** | **NUS-DD-08-021** | 396918 | 7820104 | 186 | 160 | 60 | 160 |
| **2008** | **NUS-DD-08-022** | 396918 | 7820104 | 185 | 160 | 80 | 200 |
| **2008** | **NUS-DD-08-023** | 397173 | 7820148 | 162 | 160 | 75 | 144 |
| **2008** | **NUS-DD-08-024** | 397173 | 7820147 | 162 | 160 | 90 | 184 |
| **2008** | **NUS-DD-08-025** | 396404 | 7819842 | 194 | 160 | 90 | 59 |
| **2008** | **NUS-DD-08-026** | 396231 | 7819871 | 187 | 150 | 80 | 115 |
| **2008** | **NUS-DD-08-027** | 397438 | 7820242 | 59 | 160 | 55 | 120 |
| **2008** | **NUS-DD-08-028** | 397438 | 7820242 | 59 | 160 | 70 | 140 |
| **2008** | **NUS-DD-08-029** | 397756 | 7820292 | 44 | 160 | 90 | 161 |
| **2008** | **NUS-DD-08-030** | 395796 | 7819753 | 221 | 160 | 90 | 116 |
| **2008** | **NUS-DD-08-031** | 398089 | 7820385 | 17 | 80 | 86 | 360 |
| **2008** | **NUS-DD-08-032** | 390858 | 7818205 | 416 | 190 | 60 | 164 |
| **2011** | **NUS-DD-11-001** | 395133 | 7819635 | 321 | 140 | 86 | 200 |
| **2011** | **NUS-DD-11-002** | 395224 | 7819701 | 320 | 160 | 77 | 194 |
| **2011** | **NUS-DD-11-003** | 395224 | 7819702 | 320 | 160 | 90 | 238 |
| **2011** | **NUS-DD-11-004** | 395412 | 7819854 | 310 | 160 | 90 | 462 |
| **2011** | **NUS-DD-11-005** | 395304 | 7819899 | 330 | 160 | 55 | 339 |
| **2011** | **NUS-DD-11-006** | 392731 | 7818849 | 456 | 160 | 82 | 563 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **57** |

---

**Table 10-4. Nussir Drillhole Collars, 2013-2019**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Collar Coordinates (m)** | **Collar Coordinates (m)** | **Collar Coordinates (m)** | | | |
| **YEAR** | **BHID** | **Easting** | **Northing** | **Elev'n** | **Azimuth<br> (<sup>o</sup>)** | **Dip <br> (o)** | **Length<br> (m)** |
| <br> **2013**  | **NUS-DD-13-001** | 389769 | 7819221 | 382 | 170 | 50 | 112 |
| <br> **2013**  | **NUS-DD-13-002** | 389523 | 7819182 | 345 | 180 | 55 | 154 |
| <br> **2013**  | **NUS-DD-13-003** | 389280 | 7819335 | 312 | 208 | 52 | 162 |
| <br> **2013**  | **NUS-DD-13-004** | 389763 | 7819478 | 402 | 178 | 81 | 437 |
| <br> **2013**  | **NUS-DD-13-005** | 389706 | 7819124 | 367 | 178 | 51 | 175 |
| <br> **2013**  | **NUS-DD-13-006** | 389711 | 7819154 | 368 | 0 | 90 | 14 |
| <br> **2013**  | **NUS-DD-13-007** | 389172 | 7819372 | 293 | 208 | 50 | 64 |
| <br> **2013**  | **NUS-DD-13-008** | 389048 | 7819584 | 290 | 160 | 55 | 247 |
| <br> **2013**  | **NUS-DD-13-009** | 390824 | 7818070 | 388 | 180 | 44 | 61 |
| <br> **2013**  | **NUS-DD-13-010** | 390635 | 7818086 | 391 | 170 | 46 | 51 |
| <br> **2013**  | **NUS-DD-13-011** | 389605 | 7819222 | 360 | 174 | 45 | 71 |
| <br> **2013**  | **NUS-DD-13-012** | 389513 | 7819207 | 343 | 182 | 44 | 51 |
| <br> **2013**  | **NUS-DD-13-013** | 389200 | 7819315 | 302 | 275 | 44 | 36 |
| <br> **2013**  | **NUS-DD-13-014** | 389251 | 7819352 | 308 | 342 | 44 | 111 |
| <br> **2013**  | **NUS-DD-13-015** | 389175 | 7819181 | 298 | 346 | 44 | 54 |
| <br> **2013**  | **NUS-DD-13-016** | 389228 | 7819121 | 310 | 42 | 46 | 29 |
| <br> **2013**  | **NUS-DD-13-017A** | 389019 | 7819449 | 262 | 197 | 45 | 23 |
| <br> **2013**  | **NUS-DD-13-017B** | 389030 | 7819450 | 263 | 197 | 45 | 45 |
| <br> **2013**  | **NUS-DD-13-018** | 389343 | 7819524 | 331 | 203 | 81 | 600 |
| <br> **2013**  | **NUS-DD-13-019** | 390232 | 7819047 | 414 | 239 | 60 | 120 |
| <br> **2013**  | **NUS-DD-13-020** | 393594 | 7819259 | 382 | 139 | 83 | 604 |
| <br> **2014** | **NUS-DD-14-001** | 391209 | 7818993 | 453 | 226 | 85 | 1101 |
| <br> **2014** | **NUS-DD-14-002** | 393477 | 7819510 | 432 | 167 | 83 | 979 |
| <br> **2014** | **NUS-DD-14-003B** | 391601 | 7818802 | 470 | 154 | 83 | 905 |
| <br> **2014** | **NUS-DD-14-003C** | 391601 | 7818802 | 470 | 154 | 83 | 899 |
| <br> **2014** | **NUS-DD-14-004** | 392616 | 7819071 | 477 | 154 | 83 | 908 |
| <br> **2014** | **NUS-DD-14-005** | 390623 | 7819427 | 470 | 224 | 83 | 751 |
| <br> **2014** | **NUS-DD-14-006** | 394565 | 7819323 | 315 | 157 | 45 | 64 |
| <br> **2014** | **NUS-DD-14-007** | 394070 | 7819093 | 320 | 153 | 50 | 36 |
| <br> **2014** | **NUS-DD-14-008** | 393828 | 7819039 | 328 | 161 | 83 | 161 |
| <br> **2014** | **NUS-DD-14-009** | 393646 | 7818889 | 324 | 153 | 45 | 32 |
| <br> **2014** | **NUS-DD-14-010** | 393146 | 7818627 | 365 | 158 | 45 | 31 |
| <br> **2014** | **NUS-DD-14-011** | 392984 | 7818553 | 379 | 163 | 60 | 32 |
| <br> **2014** | **NUS-DD-14-012** | 392946 | 7818539 | 386 | 163 | 55 | 30 |
| <br> **2014** | **NUS-DD-14-013** | 392917 | 7818514 | 385 | 160 | 60 | 34 |
| <br> **2014** | **NUS-DD-14-014** | 392882 | 7818492 | 385 | 160 | 60 | 8 |
| <br> **2014** | **NUS-DD-14-014B** | 392883 | 7818494 | 387 | 160 |  | 15 |
| <br> **2014** | **NUS-DD-14-015** | 392853 | 7818495 | 394 | 160 | 60 | 26 |
| <br> **2014** | **NUS-DD-14-016** | 392843 | 7818538 | 402 | 343 | 85 | 164 |
| <br> **2014** | **NUS-DD-14-017** | 392843 | 7818534 | 403 | 160 | 87 | 111 |
| <br> **2014** | **NUS-DD-14-018** | 392825 | 7818487 | 398 | 163 | 55 | 31 |
| <br> **2014** | **NUS-DD-14-019** | 392797 | 7818479 | 401 | 168 | 50 | 35 |
| <br> **2014** | **NUS-DD-14-020** | 392768 | 7818468 | 407 | 163 | 55 | 37 |
| <br> **2014** | **NUS-DD-14-021** | 392735 | 7818457 | 409 | 163 | 50 | 50 |
| <br> **2014** | **NUS-DD-14-022** | 392548 | 7818373 | 409 | 343 | 45 | 40 |
| <br> **2014** | **NUS-DD-14-022B** | 392548 | 7818373 | 409 | 153 | 50 | 31 |
| <br> **2014** | **NUS-DD-14-023** | 391941 | 7818296 | 420 | 158 | 55 | 55 |
| <br> **2014** | **NUS-DD-14-024** | 391426 | 7818341 | 452 | 168 | 83 | 327 |
| <br> **2014** | **NUS-DD-14-025** | 393396 | 7818806 | 349 | 330 | 77 | 236 |
| <br> **2014** | **NUS-DD-14-026** | 392844 | 7818533 | 401 | 339 | 74 | 282 |
| <br> **2014** | **NUS-DD-14-027** | 392842 | 7818539 | 403 | 339 | 77 | 212 |
| <br> **2014** | **NUS-DD-14-028** | 392844 | 7818534 | 403 | 343 | 87 | 150 |
| <br> **2014** | **NUS-DD-14-029B** | 392275 | 7818373 | 442 | 340 | 76 | 300 |
| <br> **2014** | **NUS-DD-14-030** | 391662 | 7818575 | 469 | 162 | 83 | 571 |
| <br> **2014** | **NUS-DD-14-031** | 392183 | 7818664 | 499 | 157 | 83 | 584 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Collar Coordinates (m)** | **Collar Coordinates (m)** | **Collar Coordinates (m)** | | | |
| **YEAR** | **BHID** | **Easting** | **Northing** | **Elev'n** | **Azimuth<br> (<sup>o</sup>)** | **Dip <br> (o)** | **Length<br> (m)** |
| **2015** | **NUS-DD-15-001** | 395635 | 7819958 | 267 | 160 | 75 | 422 |
| **2015** | **NUS-DD-15-002** | 395846 | 7820008 | 231 | 160 | 71 | 357 |
| **2015** | **NUS-DD-15-003** | 396324 | 7820019 | 219 | 160 | 83 | 312 |
| **2015** | **NUS-DD-15-004** | 396083 | 7819819 | 191 | 160 | 79 | 63 |
| **2015** | **NUS-DD-15-006** | 393834 | 7819048 | 324 | 340 | 78 | 376 |
| **2015** | **NUS-DD-15-007** | 393710 | 7818986 | 325 | 340 | 77 | 342 |
| **2015** | **NUS-DD-15-008** | 393627 | 7818912 | 327 | 340 | 85 | 170 |
| **2015** | **NUS-DD-15-009** | 393514 | 7818858 | 335 | 340 | 78 | 225 |
| **2015** | **NUS-DD-15-010** | 393241 | 7818725 | 362 | 340 | 72 | 203 |
| **2015** | **NUS-DD-15-011** | 393083 | 7818604 | 368 | 340 | 73 | 90 |
| **2015** | **NUS-DD-15-012** | 393063 | 7818616 | 373 | 340 | 68 | 336 |
| **2015** | **NUS-DD-15-013** | 392622 | 7818417 | 408 | 340 | 76 | 96 |
| **2015** | **NUS-DD-15-014** | 392106 | 7818334 | 435 | 160 | 82 | 121 |
| **2015** | **NUS-DD-15-015** | 392055 | 7818473 | 477 | 160 | 83 | 350 |
| **2015** | **NUS-DD-15-016** | 392404 | 7818552 | 486 | 160 | 83 | 330 |
| **2015** | **NUS-DD-15-017** | 392584 | 7818628 | 477 | 160 | 84 | 362 |
| **2015** | **NUS-DD-15-018** | 391590 | 7818230 | 419 | 175 | 80 | 83 |
| **2015** | **NUS-DD-15-019** | 391862 | 7818486 | 456 | 160 | 84 | 402 |
| **2015** | **NUS-DD-15-020** | 392001 | 7818608 | 482 | 160 | 84 | 552 |
| **2015** | **NUS-DD-15-021** | 392472 | 7818786 | 471 | 160 | 83 | 563 |
| **2015** | **NUS-DD-15-022** | 392938 | 7818961 | 456 | 160 | 83 | 575 |
| **2015** | **NUS-DD-15-023** | 393186 | 7819008 | 448 | 160 | 84 | 510 |
| **2015** | **NUS-DD-15-024** | 393432 | 7819101 | 393 | 160 | 83 | 418 |
| **2015** | **NUS-DD-15-025** | 391422 | 7818464 | 458 | 175 | 83 | 472 |
| **2015** | **NUS-DD-15-026** | 391180 | 7818496 | 434 | 175 | 83 | 522 |
| **2015** | **NUS-DD-15-027** | 391210 | 7818343 | 439 | 175 | 79 | 326 |
| **2015** | **NUS-DD-15-028** | 391282 | 7818190 | 428 | 175 | 80 | 116 |
| **2015** | **NUS-DD-15-029** | 394055 | 7819131 | 322 | 160 | 85 | 164 |
| **2015** | **NUS-DD-15-030** | 393848 | 7819314 | 393 | 160 | 81 | 482 |
| **2015** | **NUS-DD-15-031** | 393063 | 7818616 | 379 | 340 | 73 | 246 |
| **2015** | **NUS-DD-15-032** | 393958 | 7819089 | 320 | 340 | 78 | 242 |
| **2015** | **NUS-DD-15-033** | 394139 | 7819237 | 351 | 160 | 84 | 326 |
| **2015** | **NUS-DD-15-034** | 393650 | 7819205 | 379 | 160 | 82 | 404 |
| **2017** | **NUS-DD-179** | 395890 | 7819786 | 211 | 160 | 80 | 100 |
| **2017** | **NUS-DD-180** | 392868 | 7818888 | 452 | 160 | 70 | 470 |
| **2017** | **NUS-DD-181** | 396206 | 7820022 | 205 | 340 | 84 | 461 |
| **2017** | **NUS-DD-182** | 393047 | 7818899 | 452 | 160 | 79 | 480 |
| **2017** | **NUS-DD-183** | 396048 | 7820000 | 209 | 310 | 80 | 504 |
| **2017** | **NUS-DD-184** | 393135 | 7819028 | 457 | 160 | 82 | 610 |
| **2017** | **NUS-DD-185** | 395839 | 7819933 | 239 | 340 | 82 | 499 |
| **2017** | **NUS-DD-186** | 396597 | 7820127 | 219 | 20 | 78 | 473 |
| **2017** | **NUS-DD-187** | 396570 | 7820091 | 225 | 160 | 85 | 299 |
| **2017** | **NUS-DD-188** | 396604 | 7819902 | 175 | 340 | 77 | 56 |
| **2017** | **NUS-DD-189** | 392377 | 7818702 | 481 | 160 | 78 | 512 |
| **2017** | **NUS-DD-190** | 392630 | 7818789 | 468 | 160 | 71 | 465 |
| **2017** | **NUS-DD-191** | 393353 | 7819181 | 401 | 180 | 73 | 577 |
| **2017** | **NUS-DD-192** | 393479 | 7819172 | 385 | 170 | 81 | 531 |
| **2017** | **NUS-DD-193** | 394195 | 7819185 | 328 | 345 | 82 | 185 |
| **2017** | **NUS-DD-194** | 393786 | 7819317 | 394 | 164 | 79 | 569 |
| **2017** | **NUS-DD-195** | 393991 | 7819401 | 405 | 169 | 85 | 625 |
| **2017** | **NUS-DD-196** | 393971 | 7819045 | 314 | 342 | 83 | 86 |
| **2017** | **NUS-DD-197** | 392450 | 7818284 | 407 | 339 | 45 | 132 |
| **2017** | **NUS-DD-198** | 393287 | 7818720 | 356 | 165 | 83 | 71 |
| **2019** | **NUS-DD-199** | 396748 | 7820206 | 204 | 216 | 85 | 488 |
| **2019** | **NUS-DD-200** | 397019 | 7820171 | 173 | 179 | 66 | 200 |
| **2019** | **NUS-DD-201** | 396988 | 7820171 | 176 | 276 | 80 | 300 |
| **2019** | **NUS-DD-202** | 397218 | 7820181 | 151 | 105 | 60 | 200 |
| **2019** | **NUS-DD-203** | 397218 | 7820181 | 151 | 317 | 72 | 350 |
| **2019** | **NUS-DD-204** | 396761 | 7820172 | 198 | 182 | 74 | 328 |
| **2019** | **NUS-DD-205** | 396572 | 7820092 | 225 | 176 | 77 | 330 |
| **2019** | **NUS-DD-206** | 396766 | 7819930 | 185 | 338 | 41 | 30 |
| **2019** | **NUS-DD-207** | 396777 | 7819922 | 177 | 346 | 51 | 93 |
| **2019** | **NUS-DD-208** | 397007 | 7820220 | 175 | 321 | 83 | 428 |
| **2019** | **NUS-DD-209** | 397440 | 7820348 | 48 | 243 | 78 | 270 |
| **2019** | **NUS-DD-210** | 397596 | 7820276 | 43 | 160 | 68 | 120 |
| **2019** | **NUS-DD-211** | 397504 | 7820391 | 42 | 96 | 71 | 330 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **58** |

---

**Table 10-5. Nussir – Main Drillhole intersections, 1985-2011**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **YEAR** | **BHID** | **FROM**<br>***m*** | **TO**<br>***m*** | **Cu**<br>*%*** | **Length** <br>***m*** | **True**<br> **Thickness**<br>***m*** |
| **1985** | **NUS-DD-85-001** | 15 | 17.7 | 1.07 | 2.7 | 2.4 |
| **1985** | **NUS-DD-85-002** | 26 | 28.3 | 1.41 | 2.3 | 1.9 |
| **1985** | **NUS-DD-85-003** | 19.2 | 22.6 | 2.46 | 3.4 | 3.1 |
| **1985** | **NUS-DD-85-004** | 67 | 72 | 1.10 | 5 | 4.6 |
| **1985** | **NUS-DD-85-005** | 53 | 57.7 | 1.59 | 4.7 | 4.3 |
| **1985** | **NUS-DD-85-007** | 17.6 | 21.6 | 1.48 | 4 | 3.5 |
| **1986** | **NUS-DD-86-001** | 275.2 | 279.7 | 1.70 | 4.5 | 4.1 |
| **1986** | **NUS-DD-86-002** | 140.3 | 148 | 1.25 | 7.7 | 4.4 |
| **1988** | **NUS-DD-88-001** | 350.8 | 352.6 | 1.59 | 1.8 | 1.6 |
| **1988** | **NUS-DD-88-002** | 176.2 | 182.8 | 1.10 | 6.6 | 5.2 |
| **1988** | **NUS-DD-88-003** | 269.7 | 271 | 0.70 | 1.4 | 1.2 |
| **1988** | **NUS-DD-88-004** | 57 | 57.5 | 0.78 | 0.5 | 0.4 |
| **1988** | **NUS-DD-88-005** | 147 | 148.7 | 0.09 | 1.7 | 1.5 |
| **1988** | **NUS-DD-88-006** | 188.9 | 191.9 | 1.20 | 3 | 2.6 |
| **1990** | **NUS-DD-90-001** | 40 | 43 | 1.00 | 3 | 2.1 |
| **1990** | **NUS-DD-90-002** | 44 | 49 | 0.66 | 5 | 3.7 |
| **1990** | **NUS-DD-90-003** | 41 | 45 | 1.15 | 4 | 3.9 |
| **1990** | **NUS-DD-90-004** | 59 | 65 | 1.33 | 6 | 4.9 |
| **1990** | **NUS-DD-90-006** | 40 | 45 | 1.10 | 5 | 4.8 |
| **1990** | **NUS-DD-90-007** | 48 | 53.3 | 1.31 | 5.3 | 4.5 |
| **1990** | **NUS-DD-90-008** | 96 | 101 | 1.32 | 5 | 4.1 |
| **1990** | **NUS-DD-90-009** | 24 | 28 | 1.47 | 4 | 2.8 |
| **1990** | **NUS-DD-90-010** | 96 | 103 | 0.95 | 7 | 5.4 |
| **1990** | **NUS-DD-90-011** | 56 | 60 | 1.24 | 4 | 3.9 |
| **1990** | **NUS-DD-90-012** | 80 | 86 | 0.93 | 6 | 4.7 |
| **1990** | **NUS-DD-90-013** | 55 | 58 | 0.10 | 3 | 3 |
| **1990** | **NUS-DD-90-014** | 99 | 101 | 0.64 | 2 | 1.5 |
| **1990** | **NUS-DD-90-015** | 74 | 75 | 1.02 | 1 | 1 |
| **1990** | **NUS-DD-90-017** | 73.9 | 77.7 | 1.82 | 3.8 | 2.7 |
| **1990** | **NUS-DD-90-018** | 52.1 | 54.9 | 0.55 | 2.8 | 2 |
| **1990** | **NUS-DD-90-019** | 37 | 40 | 1.33 | 3 | 2.9 |
| **1990** | **NUS-DD-90-020** | 94 | 97 | 1.40 | 3 | 2.2 |
| **1990** | **NUS-DD-90-021** | 97 | 100 | 1.23 | 3 | 2 |
| **1990** | **NUS-DD-90-022** | 19 | 22 | 1.17 | 3 | 2.8 |
| **1990** | **NUS-DD-90-023** | 23 | 25 | 0.79 | 2 | 1.9 |
| **1990** | **NUS-DD-90-024** | 37 | 41 | 0.80 | 4 | 2.8 |
| **1990** | **NUS-DD-90-026** | 90 | 91 | 0.57 | 1 | 1 |
| **1995** | **NUS-DD-95-001** | 184 | 192 | 0.84 | 8 | 6.8 |
| **1995** | **NUS-DD-95-002** | 116 | 122 | 0.98 | 6 | 5.2 |
| **1995** | **NUS-DD-95-003** | 133.9 | 140 | 1.19 | 6.2 | 4.6 |
| **1995** | **NUS-DD-95-004** | 243 | 246 | 1.17 | 3 | 2.5 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **YEAR** | **BHID** | **FROM**<br>***m*** | **TO**<br>***m*** | **Cu**<br>*%*** | **Length**<br>***m*** | **True**<br> **Thickness**<br>***m*** |
| **1996** | **NUS-DD-96-001** | 355 | 362 | 1.51 | 7 | 5.5 |
| **1996** | **NUS-DD-96-002** | 309 | 313 | 1.29 | 4 | 2.9 |
| **1996** | **NUS-DD-96-003** | 343 | 347.5 | 1.58 | 4.5 | 3.4 |
| **1996** | **NUS-DD-96-005** | 127 | 130 | 0.98 | 3 | 2.1 |
| **2006** | **NUS-DD-06-001** | 415 | 417 | 0.54 | 2 | 1.4 |
| **2006** | **NUS-DD-06-002** | 505 | 512.5 | 1.26 | 7.5 | 5.2 |
| **2006** | **NUS-DD-06-004** | 438.1 | 442.2 | 1.50 | 4.1 | 3.9 |
| **2006** | **NUS-DD-06-007** | 24.3 | 29 | 1.27 | 4.7 | 4.1 |
| **2007** | **NUS-DD-07-001** | 52 | 56 | 1.29 | 4 | 3.6 |
| **2008**  | **NUS-DD-08-001** | 195 | 198 | 0.98 | 3 | 2.8 |
| **2008**  | **NUS-DD-08-002** | 232.7 | 235 | 2.06 | 2.3 | 1.9 |
| **2008**  | **NUS-DD-08-003** | 174.2 | 177.1 | 0.48 | 2.9 | 2.6 |
| **2008**  | **NUS-DD-08-004** | 258 | 260 | 0.54 | 2 | 1.5 |
| **2008**  | **NUS-DD-08-005** | 174.6 | 177.5 | 1.35 | 2.9 | 2.6 |
| **2008**  | **NUS-DD-08-006** | 207.6 | 210.9 | 1.29 | 3.3 | 2.5 |
| **2008**  | **NUS-DD-08-008** | 309 | 313.8 | 1.39 | 4.8 | 4.3 |
| **2008**  | **NUS-DD-08-009** | 259.4 | 265 | 1.25 | 5.6 | 3.2 |
| **2008**  | **NUS-DD-08-010** | 132.6 | 139 | 1.48 | 6.4 | 6 |
| **2008**  | **NUS-DD-08-011** | 134.5 | 144.4 | 1.60 | 9.9 | 5.7 |
| **2008**  | **NUS-DD-08-012** | 85.2 | 89 | 1.05 | 3.8 | 3 |
| **2008**  | **NUS-DD-08-013** | 374 | 378.9 | 0.27 | 4.9 | 4 |
| **2008**  | **NUS-DD-08-014** | 320.2 | 324 | 0.63 | 3.8 | 3.6 |
| **2008**  | **NUS-DD-08-015** | 422.9 | 425.6 | 0.43 | 2.7 | 2.5 |
| **2008**  | **NUS-DD-08-016** | 405.2 | 407.3 | 0.51 | 2.1 | 2 |
| **2008**  | **NUS-DD-08-019** | 357.3 | 361.8 | 0.61 | 4.5 | 4 |
| **2008**  | **NUS-DD-08-020** | 485.4 | 488.7 | 0.57 | 3.3 | 2.4 |
| **2008**  | **NUS-DD-08-021** | 125.1 | 128.8 | 1.37 | 3.7 | 2.9 |
| **2008**  | **NUS-DD-08-022** | 154.7 | 158.8 | 0.14 | 4.1 | 2.5 |
| **2008**  | **NUS-DD-08-023** | 124 | 129.9 | 1.12 | 5.9 | 4.3 |
| **2008**  | **NUS-DD-08-024** | 168.3 | 173.1 | 0.66 | 4.8 | 2.8 |
| **2008**  | **NUS-DD-08-025** | 30.4 | 32.7 | 2.34 | 2.3 | 1.3 |
| **2008**  | **NUS-DD-08-026** | 93.5 | 95.7 | 2.00 | 2.2 | 1.7 |
| **2008**  | **NUS-DD-08-027** | 99.1 | 103.1 | 0.79 | 4 | 3.3 |
| **2008**  | **NUS-DD-08-028** | 101.7 | 104.9 | 1.82 | 3.2 | 2.9 |
| **2008**  | **NUS-DD-08-030** | 111.9 | 114.5 | 0.54 | 2.6 | 1.5 |
| **2008**  | **NUS-DD-08-032** | 147.5 | 152.5 | 1.06 | 5 | 4.2 |
| **2011** | **NUS-DD-11-001** | 120 | 123 | 0.81 | 3 | 1.9 |
| **2011** | **NUS-DD-11-002** | 146.7 | 150 | 0.31 | 3.3 | 2.5 |
| **2011** | **NUS-DD-11-003** | 223 | 228.3 | 0.19 | 5.3 | 3 |
| **2011** | **NUS-DD-11-004** | 454.1 | 459.8 | 0.38 | 5.8 | 3.9 |
| **2011** | **NUS-DD-11-005** | 314 | 318 | 0.75 | 4 | 3.7 |
| **2011** | **NUS-DD-11-006** | 541.4 | 550 | 0.69 | 8.6 | 7 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **59** |

---

**Table 10-6. Nussir – Main Drillhole intersections, 2013-2019**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **YEAR** | **BHID** | **FROM**<br>***m*** | **TO**<br>***m*** | **Cu**<br>*%*** | **Length** <br>***m*** | **True Thickness**<br>***m*** |
| **2013** | **NUS-DD-13-001** | 17 | 21.8 | 1.18 | 4.8 | 4.5 |
| **2013** | **NUS-DD-13-003** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142.6 | 146.7 | 1.81 | 4.1 | 3.5 |
| **2013** | **NUS-DD-13-004** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380.2 | 389.5 | 1.30 | 9.3 | 6.3 |
| **2013** | **NUS-DD-13-010** | 9 | 12.1 | 1.20 | 3.1 | 2.5 |
| **2013** | **NUS-DD-13-011** | 24 | 30 | 1.87 | 6 | 5.4 |
| **2013** | **NUS-DD-13-012** | 11.5 | 13.2 | 0.62 | 1.8 | 1.7 |
| **2013** | **NUS-DD-13-018** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417.2 | 427.2 | 0.00 | 10 | 6.4 |
| **2013** | **NUS-DD-13-019** | 45.5 | 50.4 | 0.64 | 4.9 | 3.3 |
| **2013** | **NUS-DD-13-020** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588.7 | 594.9 | 1.33 | 6.2 | 4.9 |
| **2014** | **NUS-DD-14-001** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078.8 | 1088.4 | 0.93 | 9.7 | 7.4 |
| **2014** | **NUS-DD-14-002** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950.4 | 954.2 | 0.85 | 3.8 | 3.3 |
| **2014** | **NUS-DD-14-003C** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888.5 | 891.9 | 3.12 | 3.4 | 2.9 |
| **2014** | **NUS-DD-14-004** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;803.8 | 808 | 0.97 | 4.2 | 3.6 |
| **2014** | **NUS-DD-14-005** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722.4 | 730 | 1.11 | 7.6 | 4.9 |
| **2014** | **NUS-DD-14-006** | 10.2 | 12.7 | 0.53 | 2.5 | 2.5 |
| **2014** | **NUS-DD-14-008** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | 147 | 2.41 | 4 | 2.8 |
| **2014** | **NUS-DD-14-011** | 15.2 | 18.5 | 0.92 | 3.3 | 3 |
| **2014** | **NUS-DD-14-013** | 6.3 | 9 | 1.24 | 2.7 | 2.4 |
| **2014** | **NUS-DD-14-014B** | 5.4 | 9.7 | 1.20 | 4.3 | 3.9 |
| **2014** | **NUS-DD-14-015** | 17.8 | 22 | 1.57 | 4.2 | 3.8 |
| **2014** | **NUS-DD-14-016** | 152.4 | 163 | 1.04 | 10.6 | 5.2 |
| **2014** | **NUS-DD-14-017** | 98.3 | 102.8 | 1.58 | 4.6 | 2.8 |
| **2014** | **NUS-DD-14-018** | 19.9 | 22 | 0.59 | 2.1 | 2 |
| **2014** | **NUS-DD-14-019** | 27.3 | 28.9 | 0.94 | 1.6 | 1.5 |
| **2014** | **NUS-DD-14-020** | 29.5 | 32.7 | 0.70 | 3.2 | 3 |
| **2014** | **NUS-DD-14-024** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313.1 | 316.5 | 1.26 | 3.4 | 2.6 |
| **2014** | **NUS-DD-14-025** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218.7 | 225.1 | 0.92 | 6.4 | 2.6 |
| **2014** | **NUS-DD-14-026** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259.5 | 267.7 | 0.36 | 8.2 | 2.9 |
| **2014** | **NUS-DD-14-027** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203.5 | 217.1 | 1.18 | 13.6 | 5.2 |
| **2014** | **NUS-DD-14-028** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | 125.7 | 1.48 | 4.7 | 2.6 |
| **2014** | **NUS-DD-14-029B** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271.4 | 275 | 1.04 | 3.6 | 1.4 |
| **2014** | **NUS-DD-14-031** | 557.4 | 562 | 0.78 | 4.6 | 3.8 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **YEAR** | **BHID** | **FROM**<br>***m*** | **TO**<br>***m*** | **Cu**<br>*%*** | **Length** <br>***m*** | **True**<br> **Thickness**<br>***m*** |
| **2015** | **NUS-DD-15-001** | 398.8 | 403.5 | 1.49 | 4.7 | 4.1 |
| **2015** | **NUS-DD-15-002** | 342.6 | 345.9 | 1.62 | 3.3 | 2.7 |
| **2015** | **NUS-DD-15-003** | 296.7 | 300.3 | 1.12 | 3.6 | 2.6 |
| **2015** | **NUS-DD-15-004** | 54.3 | 57.7 | 0.93 | 3.4 | 2.5 |
| **2015** | **NUS-DD-15-006** | 238 | 245.4 | 1.71 | 7.4 | 2.8 |
| **2015** | **NUS-DD-15-007** | 200.7 | 208.2 | 1.66 | 7.5 | 3.5 |
| **2015** | **NUS-DD-15-008** | 83 | 98.5 | 1.44 | 15.5 | 8.4 |
| **2015** | **NUS-DD-15-009** | 207.5 | 216.1 | 1.14 | 8.6 | 3 |
| **2015** | **NUS-DD-15-010** | 180 | 190.5 | 0.59 | 10.5 | 4.2 |
| **2015** | **NUS-DD-15-011** | 74 | 81.1 | 0.84 | 7.1 | 2.2 |
| **2015** | **NUS-DD-15-013** | 80.6 | 88.5 | 0.87 | 7.9 | 3.4 |
| **2015** | **NUS-DD-15-016** | 318.2 | 329 | 0.74 | 10.8 | 9.5 |
| **2015** | **NUS-DD-15-017** | 340.8 | 345 | 1.64 | 4.2 | 3.6 |
| **2015** | **NUS-DD-15-018** | 50.2 | 54.6 | 1.20 | 4.4 | 3 |
| **2015** | **NUS-DD-15-020** | 531.9 | 536.5 | 1.43 | 4.6 | 4 |
| **2015** | **NUS-DD-15-021** | 548.8 | 552.3 | 1.18 | 3.5 | 2.9 |
| **2015** | **NUS-DD-15-022** | 560.2 | 572 | 1.24 | 11.8 | 9.9 |
| **2015** | **NUS-DD-15-023** | 443.3 | 447.7 | 0.98 | 4.4 | 3.9 |
| **2015** | **NUS-DD-15-024** | 397.7 | 401 | 1.44 | 3.3 | 2.9 |
| **2015** | **NUS-DD-15-025** | 441.9 | 445.9 | 0.92 | 4 | 3.6 |
| **2015** | **NUS-DD-15-026** | 512 | 518 | 0.92 | 6 | 4.9 |
| **2015** | **NUS-DD-15-027** | 308.7 | 313 | 1.16 | 4.3 | 3.2 |
| **2015** | **NUS-DD-15-028** | 101.2 | 107 | 1.24 | 5.8 | 4 |
| **2015** | **NUS-DD-15-029** | 131.7 | 137.6 | 1.08 | 5.9 | 3.9 |
| **2015** | **NUS-DD-15-030** | 445.6 | 449.2 | 1.22 | 3.6 | 3.2 |
| **2015** | **NUS-DD-15-031** | 176 | 191 | 1.37 | 15 | 4.8 |
| **2015** | **NUS-DD-15-032** | 221 | 231 | 1.32 | 10 | 4.3 |
| **2015** | **NUS-DD-15-033** | 296 | 300.6 | 0.94 | 4.6 | 2.2 |
| **2015** | **NUS-DD-15-034** | 393.1 | 397.6 | 1.16 | 4.5 | 4 |
| **2017** | **NUS-DD-179** | 86.8 | 91 | 2.01 | 4.2 | 3.1 |
| **2017** | **NUS-DD-180** | 459.8 | 465.5 | 0.53 | 5.7 | 4.8 |
| **2017** | **NUS-DD-181** | 403.9 | 407.9 | 0.53 | 4 | 2.7 |
| **2017** | **NUS-DD-182** | 469.4 | 475 | 0.59 | 5.6 | 4.3 |
| **2017** | **NUS-DD-183** | 481.9 | 484.6 | 0.79 | 2.7 | 1.8 |
| **2017** | **NUS-DD-184** | 601 | 608.5 | 0.72 | 7.5 | 5.6 |
| **2017** | **NUS-DD-185** | 493.5 | 496.4 | 0.60 | 2.9 | 1.3 |
| **2017** | **NUS-DD-187** | 449.5 | 453.3 | 0.89 | 3.8 | 1.8 |
| **2017** | **NUS-DD-188** | 20.5 | 38 | 1.93 | 17.5 | 7.2 |
| **2017** | **NUS-DD-189** | 493.7 | 497.5 | 1.59 | 3.8 | 3.1 |
| **2017** | **NUS-DD-190** | 446.8 | 451 | 1.18 | 4.2 | 3.6 |
| **2017** | **NUS-DD-191** | 561.9 | 565.3 | 1.08 | 3.4 | 2.7 |
| **2017** | **NUS-DD-192** | 508 | 513 | 1.25 | 5 | 3.7 |
| **2017** | **NUS-DD-193** | 168 | 178.5 | 0.69 | 10.5 | 5.1 |
| **2017** | **NUS-DD-194** | 552.9 | 561.2 | 0.88 | 8.3 | 6.2 |
| **2017** | **NUS-DD-195** | 610.7 | 617.2 | 0.95 | 6.5 | 4.7 |
| **2017** | **NUS-DD-196** | 74.2 | 81.6 | 0.95 | 7.4 | 3.7 |
| **2017** | **NUS-DD-197** | 122.1 | 127.4 | 0.35 | 5.3 | 1.2 |
| **2017** | **NUS-DD-198** | 52 | 56.2 | 2.18 | 4.2 | 2.8 |
| **2019** | **NUS-DD-199** | 465 | 468 | 0.68 | 3 | 1.9 |
| **2019** | **NUS-DD-200** | 160 | 164 | 1.03 | 4 | 3.4 |
| **2019** | **NUS-DD-201** | 277 | 280.6 | 1.79 | 3.6 | 2.2 |
| **2019** | **NUS-DD-202** | 166 | 172.5 | 1.46 | 6.5 | 5.1 |
| **2019** | **NUS-DD-203** | 298.9 | 301 | 1.92 | 2.1 | 0.8 |
| **2019** | **NUS-DD-204** | 309.9 | 311.5 | 1.33 | 1.6 | 1.2 |
| **2019** | **NUS-DD-205** | 292.3 | 296 | 0.86 | 3.7 | 2.8 |
| **2019** | **NUS-DD-207** | 38 | 41 | 0.55 | 3 | 0.3 |
| **2019** | **NUS-DD-208** | 417 | 422 | 1.27 | 0 | 2.6 |
| **2019** | **NUS-DD-209** | 245.5 | 247.5 | 1.07 | 0 | 1.2 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **60** |

---

**Figure 10-1. Plan of Drill Holes – Nussir**

![](tm2533647d1_ex46img016.jpg)

**Figure 10-2. Example Drill Hole Cross-Sections – Nussir**

[Sections' Orientation shown in Figure 10-1]

![](tm2533647d1_ex46img017.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **61** |

---

**10.2 Ulveryggen**

Complete sets of data from 134 diamond drillholes have now been collated for Ulveryggen, as summarised in **Error! Reference source not found.**. A plan and 3D view of these data are shown in **Error! Reference source not found.** Figure 10-3 and Figure 10-4**Error! Reference source not found.**, respectively, with the wireframe models generated of the interpreted mineralised zones.

All the 2014 and 2017 drillholes are of NQ (47.6 mm) diameter. For the drilling since 2010, all remaining core is stored in the National core-storage facility at Løkken, except for core lengths near or inside the mineralised zones, which is kept at Blue Moon's facility in Skaidi.

**Table 10-7. Ulveryggen Drilling Summary**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample Type** | **YEAR** | **Holes/**<br> **Channels** | **Length (m)** | **Avg. Length/**<br> **Hole (m)** | **Cu**<br> **Samples** |
| Surface Drillholes | pre-2010 | 83 | 11141 | 134 | 3988 |
| Surface Drillholes |  |  |  |  |  |
| Surface Drillholes | 2014 | 1 | 412 | 412 | 24 |
| Surface Drillholes | 2017 | 7 | 967 | 138 | 88 |
|  | **Sub-total** | **91** | **12520** | **138** | **4100** |
| U/g Drillholes | pre-2010 | 22 | 2754 | 125 | 325 |
| U/g Drillholes | 2010 | 21 | 1464 | 70 | 455 |
| U/g Drillholes | 2010 | 21 | 1464 | 70 | 455 |
| U/g Drillholes | **Sub-total** | **43** | **4219** | **98** | **780** |
| **Total** |  | **134** | **16738** | **125** | **4880** |
| **Total** |  | **134** | **16738** | **125** | **4880** |

---

A summary of the drill hole collars is shown in Table 10-3 and Table 10-4, for underground and surface holes, respectively. A summary of the main drill hole intersections is shown in Table 10-5 and Table 10-6.

A reference plan and some typical example drill hole sections are shown in Figure 10-5 and Figure 10-6.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **62** |

---

**Table 10-8. Ulveryggen Drillhole Collars – Underground Drill Holes**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Collar Coordinates (m)** | **Collar Coordinates (m)** | **Collar Coordinates (m)** | | | |
| **YEAR** | **BHID** | **Easting** | **Northing** | **Elev'n**  | **Azimuth**<br>**(<sup>o</sup>)** | **Dip**<br>**(<sup>o</sup>)** | **Length**<br>**(m)** |
| **Pre-2009** | **10255** | 396804.2 | 7816084.1 | 228.4 | 340 | -2 | 180 |
| **Pre-2009** | **10256** | 396806.2 | 7816080.1 | 228 | 155 | -47 | 34 |
| **Pre-2009** | **10257** | 396806.2 | 7816080.1 | 228 | 155 | 0 | 63 |
| **Pre-2009** | **10258** | 396806.2 | 7816080.1 | 228 | 155 | 60 | 75 |
| **Pre-2009** | **10259** | 396805.2 | 7816082.1 | 227 | 0 | 90 | 147.1 |
| **Pre-2009** | **10411** | 396960.2 | 7816150.1 | 231 | 150 | 10 | 74.6 |
| **Pre-2009** | **10631** | 397143.2 | 7816265.1 | 226.3 | 326 | -0 | 150 |
| **Pre-2009** | **10632** | 397143.2 | 7816265.1 | 228.5 | 334 | -35 | 149.5 |
| **Pre-2009** | **10633** | 397143.2 | 7816264.1 | 226.1 | 330 | 46 | 166.8 |
| **Pre-2009** | **10721** | 397218.2 | 7816314.1 | 227 | 325 | -38 | 140.4 |
| **Pre-2009** | **10722** | 397218.2 | 7816314.1 | 225.3 | 325 | -1 | 157.8 |
| **Pre-2009** | **10781** | 397265.2 | 7816352.1 | 225 | 330 | 0 | 150 |
| **Pre-2009** | **102510** | 396804.2 | 7816084.1 | 228 | 340 | 30 | 170 |
| **Pre-2009** | **102511** | 396806.2 | 7816080.1 | 228 | 160 | 65 | 85.5 |
| **Pre-2009** | **104331** | 396970.2 | 7816162.1 | 231.4 | 335 | 20 | 195 |
| **Pre-2009** | **104342** | 396975.2 | 7816157.1 | 231.4 | 150 | 0 | 49 |
| **Pre-2009** | **104831** | 397010.2 | 7816188.1 | 226 | 330 | -20 | 150 |
| **Pre-2009** | **105313** | 397060.2 | 7816218.1 | 226 | 324 | -4 | 150 |
| **Pre-2009** | **105324** | 397060.2 | 7816218.1 | 228.2 | 325 | -33 | 150.3 |
| **Pre-2009** | **105812** | 397100.2 | 7816238.1 | 226 | 330 | 0 | 150 |
| **Pre-2009** | **110431** | 397490.2 | 7816490.1 | 220 | 150 | 0 | 98.6 |
| **Pre-2009** | **110442** | 397490.2 | 7816490.1 | 220 | 150 | -80 | 35.6 |
| **2010** | **201001** | 396912.3 | 7816130.9 | 232.7 | 150 | -60 | 79.4 |
| **2010** | **201002** | 396912.3 | 7816130.9 | 228.9 | 150 | 0 | 94.1 |
| **2010** | **201003** | 396974.5 | 7816162.8 | 228.2 | 150 | 0 | 65.8 |
| **2010** | **201004** | 396974.5 | 7816162.8 | 230.4 | 150 | -45 | 62.3 |
| **2010** | **201005** | 396949.0 | 7816149.7 | 229.5 | 150 | 0 | 62.25 |
| **2010** | **201006** | 396949.0 | 7816149.7 | 227.5 | 150 | 35 | 75.9 |
| **2010** | **201007** | 397021.3 | 7816186.2 | 228 | 150 | 0 | 51.25 |
| **2010** | **201008** | 397021.3 | 7816186.2 | 226.5 | 150 | 35 | 30 |
| **2010** | **201009** | 397021.3 | 7816186.2 | 230.5 | 150 | -45 | 30 |
| **2010** | **201010** | 397059.1 | 7816208.9 | 228 | 150 | 0 | 71.1 |
| **2010** | **201011** | 397059.1 | 7816208.9 | 230.1 | 150 | -45 | 30 |
| **2010** | **201012** | 397117.5 | 7816248.9 | 228 | 150 | 0 | 30 |
| **2010** | **201013** | 396923.8 | 7816144.5 | 230.2 | 330 | -30 | 166.8 |
| **2010** | **201014** | 396839.9 | 7816091.4 | 230 | 154 | 0 | 101.5 |
| **2010** | **201015** | 396839.9 | 7816091.4 | 232.5 | 150 | -45 | 36.9 |
| **2010** | **201016** | 396839.9 | 7816091.4 | 228.5 | 150 | 30 | 43.7 |
| **2010** | **201017** | 396879.7 | 7816114.1 | 230 | 150 | 0 | 56.1 |
| **2010** | **201018** | 396879.7 | 7816114.1 | 228.8 | 150 | 35 | 84 |
| **2010** | **201019** | 396879.7 | 7816114.1 | 232.5 | 150 | -45 | 50 |
| **2010** | **201020** | 396897.0 | 7816122.5 | 230 | 150 | 0 | 53.1 |
| **2010** | **201021** | 396793.3 | 7816074.1 | 230 | 204 | 0 | 54 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **63** |

---

**Table 10-9. Ulveryggen Drillhole Collars – Surface Drill Holes**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Collar Coordinates (m)** | **Collar Coordinates (m)** | **Collar Coordinates (m)** | | | |
| **YEAR** | **BHID** | **Easting** | **Northing** | **Elev'n** | **Azimuth**<br>**(<sup>o</sup>)** | **Dip**<br>**(<sup>o</sup>)** | **Length**<br>**(m)** |
| **Pre-2010** | **4451** | 397473.3 | 7816499.6 | 330.0 | 330.0 | 90.0 | 15.0 |
| **Pre-2010** | **4453** | 397477.8 | 7816514.4 | 330.0 | 330.0 | -90.0 | 15.0 |
| **Pre-2010** | **9371** | 396050.2 | 7815635.1 | 409.0 | 150.0 | 45.0 | 92.0 |
| **Pre-2010** | **9401** | 396060.2 | 7815658.1 | 420.0 | 150.0 | 45.0 | 65.6 |
| **Pre-2010** | **9501** | 396177.2 | 7815672.1 | 421.0 | 330.0 | 45.0 | 98.7 |
| **Pre-2010** | **9502** | 396235.2 | 7815580.1 | 395.0 | 330.0 | 45.0 | 246.0 |
| **Pre-2010** | **9541** | 396175.2 | 7815751.1 | 419.0 | 330.0 | 45.0 | 74.0 |
| **Pre-2010** | **9581** | 396230.2 | 7815730.1 | 427.9 | 330.0 | 27.0 | 112.7 |
| **Pre-2010** | **9582** | 396230.2 | 7815730.1 | 427.6 | 330.0 | 46.0 | 119.5 |
| **Pre-2010** | **9621** | 396230.2 | 7815800.1 | 423.0 | 330.0 | 45.0 | 80.0 |
| **Pre-2010** | **9622** | 396240.2 | 7815775.1 | 422.0 | 330.0 | 50.0 | 104.5 |
| **Pre-2010** | **9661** | 396286.2 | 7815802.1 | 427.9 | 330.0 | 29.7 | 120.3 |
| **Pre-2010** | **9662** | 396285.2 | 7815790.1 | 426.6 | 330.0 | 42.3 | 54.8 |
| **Pre-2010** | **9663** | 396290.2 | 7815792.1 | 426.6 | 330.0 | 41.8 | 115.1 |
| **Pre-2010** | **9681** | 396290.2 | 7815836.1 | 426.0 | 330.0 | 43.5 | 72.3 |
| **Pre-2010** | **9701** | 396300.2 | 7815842.1 | 420.0 | 330.0 | 45.0 | 70.0 |
| **Pre-2010** | **9702** | 396318.2 | 7815822.1 | 430.0 | 330.0 | 44.5 | 116.2 |
| **Pre-2010** | **9703** | 396308.2 | 7815845.1 | 426.6 | 330.0 | 16.3 | 72.3 |
| **Pre-2010** | **9721** | 396345.2 | 7815835.1 | 432.8 | 330.0 | 29.0 | 121.8 |
| **Pre-2010** | **9751** | 396350.2 | 7815877.1 | 431.5 | 330.0 | 42.0 | 76.9 |
| **Pre-2010** | **9752** | 396372.2 | 7815860.1 | 433.2 | 330.0 | 43.4 | 110.4 |
| **Pre-2010** | **9753** | 396350.2 | 7815877.1 | 431.5 | 330.0 | 15.2 | 57.3 |
| **Pre-2010** | **9781** | 396366.2 | 7815904.1 | 433.8 | 330.0 | 34.3 | 61.8 |
| **Pre-2010** | **9801** | 396420.2 | 7815888.1 | 434.3 | 330.0 | 44.5 | 128.6 |
| **Pre-2010** | **9802** | 396380.2 | 7815924.1 | 438.8 | 330.0 | 20.0 | 55.0 |
| **Pre-2010** | **9803** | 396380.2 | 7815924.1 | 438.7 | 330.0 | 24.0 | 17.2 |
| **Pre-2010** | **9804** | 396392.2 | 7815905.1 | 436.9 | 330.0 | 45.0 | 108.1 |
| **Pre-2010** | **9805** | 396380.2 | 7815924.1 | 438.7 | 330.0 | 45.0 | 86.0 |
| **Pre-2010** | **9871** | 396455.2 | 7815925.1 | 431.0 | 150.0 | 45.0 | 91.5 |
| **Pre-2010** | **9951** | 396558.2 | 7816002.1 | 423.0 | 150.0 | 60.0 | 101.8 |
| **Pre-2010** | **10051** | 396580.2 | 7816065.1 | 426.0 | 150.0 | 45.0 | 144.5 |
| **Pre-2010** | **10091** | 396625.2 | 7816075.1 | 417.0 | 150.0 | 45.0 | 126.7 |
| **Pre-2010** | **10121** | 396660.2 | 7816088.1 | 417.5 | 150.0 | 45.0 | 61.0 |
| **Pre-2010** | **10122** | 396648.2 | 7816108.1 | 416.5 | 150.0 | 47.0 | 158.6 |
| **Pre-2010** | **10161** | 396698.2 | 7816100.1 | 424.0 | 150.0 | 45.0 | 104.3 |
| **Pre-2010** | **10162** | 396675.2 | 7816130.1 | 417.0 | 150.0 | 46.0 | 141.0 |
| **Pre-2010** | **10163** | 396664.2 | 7816148.1 | 417.0 | 150.0 | 50.0 | 191.7 |
| **Pre-2010** | **10164** | 396768.2 | 7815974.1 | 392.5 | 330.0 | 50.0 | 303.6 |
| **Pre-2010** | **10201** | 396720.2 | 7816131.1 | 413.0 | 150.0 | 44.0 | 132.7 |
| **Pre-2010** | **10202** | 396705.2 | 7816160.1 | 413.0 | 150.0 | 49.0 | 185.8 |
| **Pre-2010** | **10251** | 396764.2 | 7816154.1 | 414.0 | 150.0 | 45.0 | 130.0 |
| **Pre-2010** | **10252** | 396744.2 | 7816190.1 | 410.0 | 150.0 | 50.0 | 148.0 |
| **Pre-2010** | **10253** | 396860.2 | 7816000.1 | 386.0 | 330.0 | 45.0 | 301.9 |
| **Pre-2010** | **10254** | 396830.2 | 7816040.1 | 394.0 | 330.0 | 46.0 | 127.0 |
| **Pre-2010** | **10281** | 396778.2 | 7816200.1 | 402.0 | 150.0 | 35.0 | 129.8 |
| **Pre-2010** | **10321** | 396815.2 | 7816215.1 | 397.0 | 150.0 | 50.0 | 176.3 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Collar Coordinates (m)** | **Collar Coordinates (m)** | **Collar Coordinates (m)** | | | |
| **YEAR** | **BHID** | **Easting** | **Northing** | **Elev'n** | **Azimuth**<br>**(<sup>o</sup>)** | **Dip**<br>**(<sup>o</sup>)** | **Length**<br>**(m)** |
|  | **10322** | 396900.2 | 7816054.1 | 383.0 | 330.0 | 50.0 | 285.1 |
|  | **10323** | 396880.2 | 7816103.1 | 395.0 | 330.0 | 35.0 | 187.6 |
|  | **10361** | 396929.4 | 7816105.3 | 390.0 | 330.0 | 60.0 | 325.6 |
|  | **10362** | 396889.4 | 7816161.7 | 408.0 | 330.0 | 30.0 | 133.8 |
|  | **10431** | 397002.2 | 7816112.1 | 371.0 | 330.0 | 40.0 | 264.8 |
|  | **10432** | 396980.2 | 7816140.1 | 379.0 | 330.0 | 17.0 | 192.5 |
|  | **10481** | 397033.2 | 7816151.1 | 379.0 | 330.0 | 36.0 | 217.9 |
|  | **10531** | 396986.2 | 7816328.1 | 374.0 | 150.0 | 30.0 | 99.5 |
|  | **10532** | 397025.2 | 7816276.1 | 390.0 | 330.0 | 48.0 | 45.5 |
|  | **10533** | 397160.2 | 7816032.1 | 329.5 | 330.0 | 45.0 | 43.1 |
|  | **10581** | 397105.2 | 7816227.1 | 379.0 | 330.0 | 45.0 | 39.4 |
|  | **10601** | 397200.2 | 7816105.1 | 342.0 | 330.0 | 45.0 | 39.9 |
|  | **10611** | 397062.2 | 7816375.1 | 375.0 | 150.0 | 30.0 | 85.1 |
|  | **10681** | 397113.2 | 7816413.1 | 375.0 | 150.0 | 25.0 | 168.0 |
|  | **10682** | 397226.2 | 7816225.1 | 356.0 | 330.0 | 60.0 | 256.7 |
|  | **10731** | 397232.2 | 7816300.1 | 370.0 | 330.0 | 45.0 | 83.7 |
|  | **10732** | 397310.2 | 7816152.1 | 330.0 | 330.0 | 45.0 | 38.2 |
|  | **10921** | 397380.2 | 7816418.1 | 360.0 | 330.0 | 45.0 | 55.9 |
| **Pre-2010** | **10981** | 397450.2 | 7816441.1 | 338.0 | 330.0 | 30.0 | 67.2 |
|  | **11041** | 397485.2 | 7816485.1 | 330.0 | 330.0 | 45.0 | 98.0 |
|  | **11042** | 397520.2 | 7816446.1 | 330.0 | 330.0 | 45.0 | 62.0 |
|  | **11581** | 398050.2 | 7816600.1 | 272.0 | 330.0 | 75.0 | 135.0 |
|  | **11861** | 398280.2 | 7816750.1 | 245.0 | 330.0 | 90.0 | 152.9 |
|  | **11862** | 398280.2 | 7816750.1 | 245.0 | 150.0 | 45.0 | 134.9 |
|  | **19685** | 396660.2 | 7815940.1 | 400.0 | 330.0 | 43.0 | 115.0 |
|  | **19686** | 396745.2 | 7816000.1 | 391.0 | 330.0 | 45.0 | 130.0 |
|  | **19687** | 396808.2 | 7816076.1 | 402.0 | 330.0 | 47.0 | 172.0 |
|  | **19688** | 396905.4 | 7816132.2 | 397.0 | 330.0 | 43.0 | 211.0 |
|  | **95023** | 396195.2 | 7815650.1 | 421.0 | 330.0 | 15.0 | 126.8 |
|  | **95034** | 396195.2 | 7815650.1 | 421.0 | 330.0 | 25.0 | 129.8 |
|  | **95412** | 396214.2 | 7815690.1 | 425.6 | 330.0 | 16.7 | 119.9 |
|  | **95423** | 396223.2 | 7815675.1 | 420.2 | 330.0 | 25.5 | 132.1 |
|  | **196811** | 397181.2 | 7816295.1 | 380.0 | 330.0 | 45.0 | 195.0 |
|  | **196820** | 396968.2 | 7816065.1 | 370.0 | 330.0 | 46.0 | 280.0 |
|  | **196821** | 397058.2 | 7816125.1 | 366.0 | 330.0 | 47.0 | 275.0 |
|  | **196822** | 397144.2 | 7816172.1 | 365.0 | 330.0 | 45.0 | 245.0 |
|  | **196823** | 397212.2 | 7816256.1 | 365.0 | 330.0 | 46.0 | 245.0 |
|  | **196824** | 397300.2 | 7816352.1 | 365.0 | 330.0 | 45.0 | 250.0 |
| **2014** | **ULV-DD-14-001** | 397054.4 | 7816046.2 | 353.7 | 324.0 | 70.0 | 412.0 |
|  | **ULV-DD-17-01** | 397009.5 | 7816093.8 | 370.3 | 330.0 | 53.5 | 135.0 |
|  | **ULV-DD-17-02** | 397081.4 | 7816143.8 | 368.3 | 330.0 | 46.0 | 96.7 |
|  | **ULV-DD-17-03** | 397081.8 | 7816142.9 | 368.1 | 330.0 | 62.5 | 136.3 |
| **2017** | **ULV-DD-17-04** | 396985.0 | 7816079.0 | 370.0 | 330.0 | 55.0 | 109.2 |
|  | **ULV-DD-17-05** | 396985.0 | 7816079.0 | 370.0 | 310.0 | 57.3 | 127.5 |
|  | **ULV-DD-17-06** | 396766.9 | 7815973.2 | 385.6 | 330.0 | 60.0 | 171.6 |
|  | **ULV-DD-17-07** | 396767.0 | 7815973.0 | 385.6 | 332.0 | 64.5 | 190.3 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **64** |

---

**Table 10-10. Summary of Main Intersections- Ulveryggen (1 of 2)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Complete Intersections** | **Complete Intersections** | **Complete Intersections** | **Intersections >0.3%Cu** | **Intersections >0.3%Cu** | **Intersections >0.3%Cu** |
| **BHID** | **Zone** | **FROM**<br>**m** | **TO**<br>**m** | **Length**<br>**m** | **True**<br> **Thickness**<br>**m** | **Cu %** | **Length** <br>**m** | **True**<br> **Thickness**<br>**m** | **Cu %** |
| **ULV-DD-14-001** | 4 | 170.3 | 184.5 | 14.2 | 10.5 | 0.62 | 11.8 | 8.8 | 0.73 |
| **ULV-DD-17-01** | 4 | 69.1 | 111.3 | 42.2 | 38.7 | 0.47 | 22.3 | 20.5 | 0.86 |
| **ULV-DD-17-03** | 4 | 116.3 | 126.5 | 10.2 | 8.5 | 0.20 | 5.1 | 4.2 | 0.39 |
| **ULV-DD-17-04** | 4 | 53.7 | 100.4 | 46.7 | 41.4 | 0.23 | 14.7 | 13.1 | 0.51 |
| **ULV-DD-17-05** | 4 | 70.2 | 127.5 | 57.3 | 45.1 | 0.03 | 2.5 | 2 | 0.78 |
| **ULV-DD-17-06** | 2 | 93.4 | 120.3 | 26.9 | 23.9 | 0.36 | 17.1 | 15.2 | 0.48 |
| **ULV-DD-17-07** | 2 | 121.1 | 128.8 | 7.7 | 6.3 | 0.63 | 7.7 | 6.3 | 0.63 |
| **10051** | 2 | 73 | 117 | 44 | 20 | 0.09 | 4.9 | 2.2 | 0.43 |
| **10091** | 2 | 29 | 123 | 94 | 33.5 | 0.24 | 32.2 | 11.5 | 0.50 |
| **10121** | 2 | 3 | 61 | 58 | 19.8 | 0.27 | 20.2 | 6.9 | 0.57 |
| **10122** | 2 | 48 | 139 | 91 | 33.2 | 0.52 | 53.1 | 19.6 | 0.75 |
| **10161** | 2 | 0 | 70 | 70 | 26.3 | 0.64 | 60 | 22.6 | 0.74 |
| **10162** | 2 | 30 | 141 | 111 | 45.8 | 0.63 | 83.3 | 33.9 | 0.80 |
| **10163** | 2 | 89 | 192 | 103 | 40.1 | 0.35 | 55.3 | 21.5 | 0.56 |
| **10164** | 2 | 98 | 129 | 31 | 29.2 | 0.71 | 23.3 | 21.9 | 0.90 |
| **10201** | 2 | 0 | 98 | 98 | 43 | 0.57 | 72.9 | 32.8 | 0.72 |
| **10202** | 2 | 3.6 | 170 | 166.4 | 63.9 | 0.36 | 77 | 28.4 | 0.64 |
| **10251** | 2 | 0 | 83.5 | 83.5 | 30.5 | 0.75 | 65.8 | 24 | 0.91 |
| **102511** | 2 | 44 | 77 | 33 | 0.2 | 0.69 | 33 | 0.2 | 0.69 |
| **10252** | 2 | 24 | 125 | 101 | 38.6 | 0.64 | 98.5 | 37.6 | 0.71 |
| **10253** | 2 | 116 | 125 | 9 | 8.7 | 0.90 | 9 | 8.7 | 0.90 |
| **10253** | 3 | 287.5 | 290.6 | 3.1 | 3.1 | 1.62 | 3.1 | 3.1 | 1.62 |
| **10254** | 2 | 77 | 103 | 26 | 24.7 | 0.61 | 18.2 | 17.3 | 0.81 |
| **10255** | 3 | 140 | 150 | 10 | 8.8 | 0.70 | 7.5 | 6.6 | 0.87 |
| **10256** | 2 | 11 | 32 | 21 | 19.4 | 0.69 | 18.4 | 17 | 0.79 |
| **10257** | 2 | 13 | 24 | 11 | 9.9 | 0.89 | 11 | 9.9 | 0.89 |
| **10258** | 2 | 40 | 73 | 33 | 2.8 | 0.42 | 27.9 | 2.4 | 0.46 |
| **10281** | 2 | 16 | 129.8 | 113.8 | 61.6 | 0.38 | 61.8 | 33.3 | 0.54 |
| **10321** | 2 | 8 | 250.8 | 242.8 | 62.8 | 0.32 | 110.1 | 28.5 | 0.72 |
| **10322** | 2 | 109 | 138 | 29 | 27.4 | 0.19 | 7.3 | 6.9 | 0.43 |
| **10322** | 3 | 262 | 266 | 4 | 3.9 | 0.82 | 4 | 3.9 | 0.82 |
| **10323** | 2 | 63 | 124.6 | 61.6 | 61.2 | 0.12 | 2.6 | 2.6 | 0.40 |
| **10323** | 3 | 174 | 177 | 3 | 3 | 0.32 | 3 | 3 | 0.32 |
| **10361** | 3 | 235 | 237 | 2 | 1.8 | 0.62 | 2 | 1.8 | 0.62 |
| **10362** | 2 | 11.4 | 39 | 27.6 | 27.5 | 1.08 | 25.1 | 25 | 1.17 |
| **10431** | 3 | 237 | 255 | 18 | 17.9 | 0.47 | 12.9 | 12.8 | 0.56 |
| **10431** | 4 | 34 | 88 | 54 | 52.9 | 0.30 | 24.5 | 24 | 0.49 |
| **10432** | 4 | 1 | 55 | 54 | 53.3 | 0.51 | 29.5 | 29.1 | 0.79 |
| **104331** | 3 | 139 | 148 | 9 | 8.9 | 0.69 | 9 | 8.9 | 0.69 |
| **104342** | 4 | 22 | 48 | 26 | 23.6 | 0.62 | 18.2 | 16.5 | 0.82 |
| **10481** | 4 | 28 | 56 | 28 | 27.7 | 0.53 | 22.9 | 22.6 | 0.59 |
| **10531** | 3 | 32 | 58 | 26 | 15.6 | 0.10 | 2.6 | 1.6 | 0.32 |
| **105313** | 6 | 112 | 117 | 5 | 4.3 | 0.32 | 2.5 | 2.2 | 0.36 |
| **10532** | 3 | 36.7 | 42 | 5.3 | 4.9 | 0.49 | 2.7 | 2.4 | 0.80 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Complete Intersections** | **Complete Intersections** | **Complete Intersections** | **Intersections >0.3%Cu** | **Intersections >0.3%Cu** | **Intersections >0.3%Cu** |
| **BHID** | **Zone** | **FROM**<br>**m** | **TO**<br>**m** | **Length**<br>**m** | **True**<br> **Thickness**<br>**m** | **Cu %** | **Length** <br>**m** | **True**<br> **Thickness**<br>**m** | **Cu %** |
| &nbsp;&nbsp;**10581** | 4 | 20 | 32 | 12 | 11.3 | 0.62 | 12 | 11.3 | 0.62 |
| &nbsp;&nbsp;**10611** | 3 | 9 | 37 | 28 | 16.1 | 0.28 | 12.7 | 7.3 | 0.40 |
| &nbsp;&nbsp;**10681** | 3 | 23 | 40 | 17 | 11.3 | 0.39 | 14.6 | 9.7 | 0.43 |
| &nbsp;&nbsp;**10682** | 4 | 128 | 130 | 2 | 1.9 | 1.02 | 2 | 1.9 | 1.02 |
| &nbsp;&nbsp;**10721** | 3 | 118 | 126 | 8 | 3.7 | 0.41 | 5.3 | 2.4 | 0.49 |
| &nbsp;&nbsp;**10721** | 6 | 27 | 33 | 6 | 2.7 | 0.38 | 3 | 1.4 | 0.51 |
| &nbsp;&nbsp;**10731** | 4 | 21 | 39 | 18 | 17 | 0.93 | 18 | 17 | 0.93 |
| &nbsp;&nbsp;**10781** | 5 | 113 | 145 | 32 | 29 | 0.27 | 12.3 | 11.2 | 0.52 |
| &nbsp;&nbsp;**10921** | 6 | 32.5 | 41 | 8.5 | 8 | 0.64 | 8.5 | 8 | 0.64 |
| &nbsp;&nbsp;**1103** | 6 | 0 | 20 | 20 | 17.9 | 0.45 | 20 | 17.9 | 0.45 |
| &nbsp;&nbsp;**1104** | 6 | 0 | 6 | 6 | 5.4 | 1.10 | 6 | 5.4 | 1.10 |
| &nbsp;&nbsp;**11041** | 6 | 27 | 31 | 4 | 3.8 | 0.94 | 4 | 3.8 | 0.94 |
| &nbsp;&nbsp;**110431** | 6 | 62 | 72 | 10 | 9.1 | 0.39 | 7.5 | 6.8 | 0.46 |
| &nbsp;&nbsp;**1105** | 6 | 21 | 39 | 18 | 15.6 | 0.89 | 18 | 15.6 | 0.89 |
| &nbsp;&nbsp;**1107** | 6 | 0 | 13 | 13 | 11.7 | 0.60 | 13 | 11.7 | 0.60 |
| &nbsp;&nbsp;**1110** | 6 | 0 | 38 | 38 | 34.4 | 0.65 | 38 | 34.4 | 0.65 |
| &nbsp;&nbsp;**1111** | 6 | 12 | 23 | 11 | 8.6 | 0.44 | 11 | 8.6 | 0.44 |
| &nbsp;&nbsp;**1112** | 1 | 0 | 9 | 9 | 8.2 | 0.75 | 9 | 8.2 | 0.75 |
| &nbsp;&nbsp;**1113** | 1 | 0 | 9 | 9 | 8.2 | 0.70 | 9 | 8.2 | 0.70 |
| &nbsp;&nbsp;**1114** | 1 | 6 | 9 | 3 | 2.7 | 0.80 | 3 | 2.7 | 0.80 |
| &nbsp;&nbsp;**1115** | 1 | 0 | 8 | 8 | 7.3 | 0.53 | 5.3 | 4.8 | 0.80 |
| &nbsp;&nbsp;**1116** | 1 | 0 | 4 | 4 | 3.6 | 1.50 | 4 | 3.6 | 1.50 |
| &nbsp;&nbsp;**1117** | 1 | 8 | 29 | 21 | 19 | 1.69 | 21 | 19 | 1.69 |
| &nbsp;&nbsp;**1118** | 1 | 0 | 6 | 6 | 5.4 | 0.40 | 6 | 5.4 | 0.40 |
| &nbsp;&nbsp;**1119** | 1 | 4 | 31 | 27 | 24.5 | 0.51 | 19.6 | 17.8 | 0.60 |
| &nbsp;&nbsp;**1120** | 1 | 20 | 34 | 14 | 12.7 | 1.23 | 14 | 12.7 | 1.23 |
| &nbsp;&nbsp;**196811** | 3 | 131 | 151.9 | 20.9 | 20.4 | 0.27 | 5.2 | 5.1 | 0.43 |
| &nbsp;&nbsp;**196811** | 4 | 4.5 | 27.5 | 23 | 21.7 | 1.24 | 23 | 21.7 | 1.24 |
| &nbsp;&nbsp;**196820** | 3 | 241.5 | 267.7 | 26.2 | 26.2 | 1.01 | 26.2 | 26.2 | 1.01 |
| &nbsp;&nbsp;**196821** | 4 | 86 | 95.5 | 9.5 | 9.3 | 0.50 | 7.1 | 7 | 0.56 |
| &nbsp;&nbsp;**196822** | 4 | 97.5 | 99 | 1.5 | 1.4 | 0.50 | 1.5 | 1.4 | 0.50 |
| &nbsp;&nbsp;**196823** | 3 | 188.3 | 189.7 | 1.4 | 1.4 | 0.47 | 1.4 | 1.4 | 0.47 |
| &nbsp;&nbsp;**196823** | 4 | 71.5 | 84 | 12.5 | 12 | 0.83 | 12.5 | 12 | 0.83 |
| &nbsp;&nbsp;**196823** | 6 | 132 | 144.5 | 12.5 | 12.2 | 0.82 | 12.5 | 12.2 | 0.82 |
| &nbsp;&nbsp;**196824** | 5 | 167.5 | 179.5 | 12 | 11.3 | 0.47 | 4.8 | 4.5 | 0.86 |
| &nbsp;&nbsp;**19685** | 2 | 65.5 | 115 | 49.5 | 48.8 | 0.16 | 5 | 4.9 | 1.54 |
| &nbsp;&nbsp;**19686** | 2 | 54.5 | 106.5 | 52 | 50.4 | 0.57 | 37.1 | 35.9 | 0.71 |
| &nbsp;&nbsp;**19687** | 2 | 7 | 75.4 | 68.4 | 64.1 | 0.58 | 38 | 35.7 | 0.94 |
| &nbsp;&nbsp;**19688** | 2 | 65 | 79 | 14 | 13.6 | 0.97 | 14 | 13.6 | 0.97 |
| &nbsp;&nbsp;**19688** | 3 | 169.5 | 190.5 | 21 | 21 | 0.64 | 15.8 | 15.7 | 0.83 |
| &nbsp;&nbsp;**201001** | 2 | 27 | 28 | 1 | 0.8 | 0.62 | 1 | 0.8 | 0.62 |
| &nbsp;&nbsp;**201002** | 4 | 47.3 | 49.4 | 2.1 | 1.9 | 2.46 | 2.1 | 1.9 | 2.46 |
| &nbsp;&nbsp;**201003** | 4 | 30 | 52 | 22 | 19.9 | 0.85 | 19.6 | 17.7 | 0.93 |
| &nbsp;&nbsp;**201004** | 4 | 20 | 54 | 34 | 31.9 | 0.92 | 29.1 | 27.4 | 1.03 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **65** |

---

**Table 10-11. Summary of Main Intersections- Ulveryggen (2 of 2)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Complete Intersections** | **Complete Intersections** | **Complete Intersections** | **Intersections >0.3%Cu** | **Intersections >0.3%Cu** | **Intersections >0.3%Cu** |
| **BHID**  | **Zone** | **FROM**<br>**m** | **TO**<br>**m** | **Length**<br>**m** | **True**<br> **Thickness**<br>**m** | **Cu%** | **Length**<br>**m** | **True**<br> **Thickness**<br>**m** | **Cu%** |
| **201005** | 4 | 28 | 46 | 18 | 16.3 | 0.17 | 5.1 | 4.7 | 0.32 |
| **201006** | 4 | 57 | 63 | 6 | 3 | 0.35 | 3 | 1.5 | 0.46 |
| **201006** | 6 | 5 | 9 | 4 | 2 | 0.47 | 2 | 1 | 0.67 |
| **201007** | 4 | 7 | 14 | 7 | 6.3 | 1.02 | 7 | 6.3 | 1.02 |
| **201008** | 4 | 13 | 19 | 6 | 3 | 0.97 | 6 | 3 | 0.97 |
| **201009** | 4 | 8 | 29 | 21 | 19.7 | 0.40 | 7.9 | 7.4 | 0.79 |
| **2010101** | 4 | 0 | 0.5 | 0.5 | 0 | 0.81 | 0.5 | 0 | 0.81 |
| **201014** | 2 | 1 | 18.7 | 17.7 | 16 | 0.24 | 7.8 | 7.1 | 0.36 |
| **201015** | 2 | 0 | 16 | 16 | 15 | 0.24 | 5.3 | 5 | 0.37 |
| **201016** | 2 | 0 | 19 | 19 | 10.9 | 0.51 | 14.3 | 8.2 | 0.61 |
| **201017** | 2 | 0 | 48 | 48 | 43.5 | 0.07 | 5.1 | 4.6 | 0.47 |
| **201017** | 4 | 52 | 54 | 2 | 1.8 | 0.48 | 2 | 1.8 | 0.48 |
| **201018** | 2 | 1 | 45.7 | 44.7 | 22.3 | 0.14 | 8.1 | 4.1 | 0.56 |
| **201019** | 2 | 1 | 54 | 53 | 49.8 | 0.07 | 5.5 | 5.2 | 0.47 |
| **201020** | 4 | 48 | 52 | 4 | 3.6 | 0.78 | 4 | 3.6 | 0.78 |
| **201021** | 2 | 11 | 26 | 15 | 8 | 0.37 | 10 | 5.3 | 0.47 |
| **2206** | 2 | 0 | 15 | 15 | 13.4 | 0.94 | 15 | 13.4 | 0.94 |
| **2207** | 2 | 0 | 13 | 13 | 11.6 | 0.58 | 13 | 11.6 | 0.58 |
| **2208** | 2 | 0 | 38 | 38 | 33.9 | 1.26 | 38 | 33.9 | 1.26 |
| **2209** | 2 | 7 | 21 | 14 | 12.5 | 0.97 | 14 | 12.5 | 0.97 |
| **2210** | 2 | 0 | 69 | 69 | 61.6 | 0.92 | 69 | 61.6 | 0.92 |
| **2212** | 2 | 0 | 9 | 9 | 8 | 1.65 | 9 | 8 | 1.65 |
| **2213** | 2 | 0 | 10 | 10 | 9 | 1.90 | 10 | 9 | 1.90 |
| **2214** | 2 | 0 | 9 | 9 | 8.1 | 0.60 | 9 | 8.1 | 0.60 |
| **2215** | 2 | 0 | 88 | 88 | 79.5 | 1.33 | 88 | 79.5 | 1.33 |
| **2216** | 2 | 0 | 10 | 10 | 9 | 0.50 | 10 | 9 | 0.50 |
| **2217** | 2 | 24 | 104 | 80 | 72.2 | 0.80 | 55 | 49.7 | 1.06 |
| **2218** | 2 | 44 | 87 | 43 | 38.8 | 2.03 | 43 | 38.8 | 2.03 |
| **2218** | 4 | 0 | 15 | 15 | 13.5 | 1.01 | 10 | 9 | 1.47 |
| **3301** | 4 | 10 | 39 | 29 | 26.3 | 1.02 | 24.2 | 21.9 | 1.18 |
| **3302** | 4 | 0 | 18 | 18 | 16.1 | 1.52 | 18 | 16.1 | 1.52 |
| **3303** | 4 | 0 | 34 | 34 | 30.7 | 1.08 | 34 | 30.7 | 1.08 |
| **3304** | 4 | 10 | 27 | 17 | 15.4 | 0.46 | 4.9 | 4.4 | 1.53 |
| **3305** | 4 | 16 | 28 | 12 | 10.8 | 1.70 | 12 | 10.8 | 1.70 |
| **3306** | 4 | 0 | 13 | 13 | 11.7 | 2.50 | 13 | 11.7 | 2.50 |
| **3307** | 4 | 0 | 12 | 12 | 10.9 | 0.68 | 12 | 10.9 | 0.68 |
| **3350** | 4 | 2 | 32 | 30 | 27.2 | 0.42 | 22.5 | 20.4 | 0.56 |
| **3351** | 4 | 0 | 25 | 25 | 2 | 1.95 | 25 | 2 | 1.95 |
| **3352** | 4 | 0 | 25 | 25 | 22.7 | 1.30 | 22.5 | 20.4 | 1.42 |
| **3353** | 4 | 0 | 22 | 22 | 19.6 | 1.13 | 22 | 19.6 | 1.13 |
| **3354** | 4 | 0 | 11 | 11 | 10 | 0.70 | 11 | 10 | 0.70 |
| **3401** | 3 | 0 | 24 | 24 | 21.8 | 0.70 | 24 | 21.8 | 0.70 |
| **3402** | 3 | 0 | 19 | 19 | 17.2 | 1.08 | 11.9 | 10.8 | 1.70 |
| **3403** | 3 | 0 | 23 | 23 | 20.8 | 0.70 | 23 | 20.8 | 0.70 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Complete Intersections** | **Complete Intersections** | **Complete Intersections** | **Intersections >0.3%Cu** | **Intersections >0.3%Cu** | **Intersections >0.3%Cu** |
| **BHID**  | **Zone** | **FROM**<br>**m** | **TO**<br>**m** | **Length**<br>**m** | **True**<br> **Thickness**<br>**m** | **Cu%** | **Length**<br>**m** | **True**<br> **Thickness**<br>**m** | **Cu%** |
| **3404** | 3 | 10 | 40 | 30 | 26.8 | 0.40 | 30 | 26.8 | 0.40 |
| **4401** | 6 | 7 | 14 | 7 | 6.3 | 1.54 | 7 | 6.3 | 1.54 |
| **4402** | 6 | 8 | 24 | 16 | 14.3 | 1.29 | 16 | 14.3 | 1.29 |
| **4450** | 6 | 0 | 46 | 46 | 41.7 | 2.04 | 46 | 41.7 | 2.04 |
| **4451** | 6 | 0 | 27.5 | 27.5 | 11.6 | 1.10 | 27.5 | 11.6 | 1.10 |
| **4452** | 6 | 4 | 20 | 16 | 14.5 | 1.61 | 16 | 14.5 | 1.61 |
| **4453** | 6 | 0 | 15 | 15 | 6.3 | 2.36 | 15 | 6.3 | 2.36 |
| **9371** | 6 | 47 | 80 | 33 | 11.3 | 0.25 | 22.2 | 7.6 | 0.38 |
| **9401** | 6 | 50 | 65 | 15 | 5.1 | 0.23 | 2.5 | 0.9 | 0.45 |
| **9501** | 1 | 76 | 98 | 22 | 20.7 | 0.20 | 4.9 | 4.6 | 0.47 |
| **9501** | 6 | 11 | 38 | 27 | 25.4 | 0.26 | 9.8 | 9.2 | 0.42 |
| **9502** | 1 | 194 | 201 | 7 | 6.6 | 0.22 | 2.3 | 2.2 | 0.44 |
| **95023** | 1 | 103 | 105 | 2 | 2 | 0.82 | 2 | 2 | 0.82 |
| **95034** | 1 | 85 | 97 | 12 | 12 | 0.39 | 9.6 | 9.6 | 0.47 |
| **9541** | 1 | 0 | 35.4 | 35.4 | 33.3 | 0.84 | 27.8 | 26.1 | 1.01 |
| **95412** | 1 | 70 | 101 | 31 | 30.7 | 0.64 | 20.7 | 20.5 | 0.85 |
| **95423** | 1 | 85 | 125 | 40 | 40 | 0.43 | 14.3 | 14.3 | 0.66 |
| **9581** | 1 | 91 | 95 | 4 | 4 | 0.33 | 4 | 4 | 0.33 |
| **9582** | 1 | 51 | 113 | 62 | 57.9 | 0.39 | 42.8 | 40 | 0.65 |
| **9621** | 1 | 0 | 57 | 57 | 53.6 | 1.35 | 54.9 | 51.6 | 1.48 |
| **9622** | 1 | 70 | 95 | 25 | 22.7 | 0.45 | 17.5 | 15.9 | 0.55 |
| **9661** | 1 | 37 | 85 | 48 | 47.8 | 0.55 | 27.4 | 27.4 | 0.84 |
| **9662** | 1 | 32 | 54.8 | 22.8 | 21.8 | 0.27 | 12.7 | 12.1 | 0.36 |
| **9663** | 1 | 49 | 115.1 | 66.1 | 63.2 | 0.46 | 29.8 | 28.5 | 0.86 |
| **9681** | 1 | 28 | 61 | 33 | 31.3 | 0.73 | 20.3 | 19.3 | 1.14 |
| **9701** | 1 | 37 | 58 | 21 | 19.7 | 0.76 | 18.4 | 17.3 | 0.84 |
| **9702** | 1 | 92 | 116.2 | 24.2 | 22.8 | 0.89 | 14.5 | 13.7 | 1.39 |
| **9703** | 1 | 22 | 40 | 18 | 17.8 | 0.88 | 12.9 | 12.7 | 1.22 |
| **9721** | 1 | 73 | 98 | 25 | 24.9 | 0.53 | 10 | 10 | 1.15 |
| **9721** | 6 | 40 | 51 | 11 | 11 | 0.54 | 8.3 | 8.2 | 0.71 |
| **9751** | 1 | 65.8 | 76.2 | 10.4 | 9.9 | 1.47 | 10.4 | 9.9 | 1.47 |
| **9751** | 6 | 13 | 16 | 3 | 2.9 | 0.48 | 3 | 2.9 | 0.48 |
| **9752** | 6 | 15 | 22 | 7 | 6.6 | 0.46 | 7 | 6.6 | 0.46 |
| **9753** | 1 | 51 | 53 | 2 | 2 | 0.51 | 2 | 2 | 0.51 |
| **9753** | 6 | 6 | 34 | 28 | 27.6 | 0.53 | 28 | 27.6 | 0.53 |
| **9781** | 1 | 43 | 44 | 1 | 1 | 0.43 | 1 | 1 | 0.43 |
| **9801** | 6 | 19 | 44 | 25 | 23.6 | 0.73 | 25 | 23.6 | 0.73 |
| **9802** | 1 | 0 | 14 | 14 | 13.9 | 0.44 | 14 | 13.9 | 0.44 |
| **9803** | 1 | 0 | 17.2 | 17.2 | 17.2 | 0.28 | 9.8 | 9.8 | 0.48 |
| **9804** | 1 | 27 | 37 | 10 | 9.4 | 0.29 | 5 | 4.7 | 0.42 |
| **9805** | 1 | 0 | 19 | 19 | 17.9 | 0.36 | 14.3 | 13.4 | 0.43 |
| **9951** | 2 | 5 | 37.8 | 32.8 | 2.9 | 0.44 | 22.7 | 2 | 0.56 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **66** |

---

**Figure 10-3. Plan of Drillholes and Mineralised Zones - Ulveryggen**

![](tm2533647d1_ex46img018.jpg)

**Figure 10-4. 3D View of Drillholes Looking NE - Ulveryggen**

![](tm2533647d1_ex46img019.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **67** |

---

**Figure 10-5. Plan of Drill Holes**

![](tm2533647d1_ex46img020.jpg)

**Figure 10-6. Example Drill Hole Sections**

[Sections lines referenced in Figure 10-5]

![](tm2533647d1_ex46img022.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **68** |

---

**11 SAMPLE PREPARATION, ANALYSIS AND SECURITY**

**11.1 Nussir**

**11.1.1 1984 to 1996**

Descriptions of historical sampling methods, preparation and analysis by ASPRO have been recorded. The sample intervals are well defined. The sample intervals were picked based on mineralized or geological boundaries. Chemical analysis was normally made for one-meter intervals.

No cores before 1986 are available. Cores from 1986 to 1996 are stored at the central Norwegian core facility at the Norwegian Geological Survey, Lokken in Trondheim. Sampling and splitting of the cores were done by the company at the site, and sample preparation such as crushing and pulverizing was done by the laboratories.

Mercury Analytical Ltd. was responsible for assay analysis from 1984 to 1985. In 1988, six diamond drill holes were drilled. The holes were analysed by Caleb Brett Laboratories, England. In both cases, the analytical methods are not known, and the analysed core lengths are usually one meter or shorter.

These pre-2000 samples were analysed for Cu, Ag and Au. Cu-oxide mineralization is confined typically to the upper level of the deposit and, historically, non-sulphide Cu was not universally quantified by analysis of soluble Cu.

In 2002, 63 samples from nine holes were re-analysed for 47 elements by Aqua Regia digestion and ICP by OMAC Laboratories, Ireland. Only Ag among the precious metals was analysed. The samples are from drill holes Bh 21, 25, 26, 27, 28, 29, 35, 38 and 40, but only a few meters of each of the drill holes were analysed. The core was usually analysed for one-meter sections.

**11.1.2 Terra Control/Nussir ASA 2006 to 2019**

From 2006 to 2008, TerraControl (now Nussir ASA) and Nussir ASA drilled 43 (five were abandoned) diamond drill holes on the Nussir property.

Most of the core samples from 2006 and 2007 were marked on core boxes, and cut in half by the on-site geologist, Kjell Nilsen. The samples were placed in boxes and shipped to OMAC, Ireland, for analysis. The drill core boxes from the 2008 drilling campaign were shipped to ALS Chemex in Sweden, which did all the sample preparation based on the marked intervals made by Nussir`s on-site geologist.

Between 2006 and 2008, samples from 20 percussion drillholes and nine diamond drill holes were analysed for 46 elements using Aqua Regia digestion and ICP-OES by OMAC Laboratories, Ireland.

In 2008, 199 samples from four diamond drillholes (Bh 19, 20, 39, 40) were re-analysed for 46 elements, using four-acid ICP-AES and Pt, Pd, Au 30g Fire Acid ICP. Samples from 30 diamond drillholes were analysed in 2008 by 46 elements four-acid ICP-AES and Pt, Pd, Au 30g Fire Acid ICP.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **69** |

---

In 2011, six diamond drillholes were analysed by ALS Chemex laboratory in Sweden by 33 element four acid ICP-AES and Au, Pt and Pd 30 g Fire Assay ICP. In this campaign, intersections for assaying were identified by initial assaying using handheld XRF. In 2011 and 2013, external check samples were sent to SGS.

For the drilling campaigns in 2015, 2017 and 2019, ALS Chemex was used as the primary laboratory, and Labtium as the external check laboratory.

Sample preparation work has been done using ALS Chemex in Piteå, under instructions from Nussir's geologists, using the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sawing of core into two halves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Crushing of one-half sample, 70% < 2mm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Riffle splitting of crushed sample.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Pulverising to 85% < 75 µm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Taking of sample for analysis.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **70** |

---

**11.1.3 Quality Assurance/ Quality Control**

***2008***

During 2008, 1443 assay measurements were also made by OMAC, from core stemming from the 1990 drilling campaigns. Most of these were taken to provide measurements of previously unassayed core, but 69 overlapped with previous assays, measured in either Mercury Analytical or Caleb Brett laboratories. A diagram depicting these reassayed duplicates is shown in Figure 11-1 and a check analysis study of this data is summarised in Table 11-1.

**Figure 11-1. Nussir - Reassayed Grade Comparison**

![](tm2533647d1_ex46img023.jpg)

**Table 11-1. Summary of Reassay Cu Analysis - 2008**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Number of**<br>**Pairs** | **HARD**<br>**Precision**<br>**@90% Rank** | <br>**Correlation**<br>**Coefficient** | **Slope of**<br>**Regression**<br>**Line** | <br>**Proportion**<br>**Misclassified** |
| 69 | 31% | 95.7% | 0.993 | 7.6% |

---

**Notes**

**. Misclassification based on 0.3% Cu**

**. HARD = Half Absolute Relative Difference**

**. In HARD calculation, 10pmm used as level of precision**

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **71** |

---

***2009-2011***

This combined set of 110 check samples was analysed for the 2009 campaign, and the Cu grades are displayed diagrammatically in Figure 11-2.

**Figure 11-2. Check Assay Scatterplot – 2009 Campaign.**

![](tm2533647d1_ex46img024.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **72** |

---

The results of an additional 2011 check analysis study are shown in the table below.

**Table 11-2. Summary of 2011 Nussir Cu Check Assay Analysis**

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Number of**<br>**Pairs** | **HARD**<br>**Precision**<br>**@90% Rank** | <br>&nbsp;&nbsp;**Correlation**<br>&nbsp;&nbsp;**Coefficient** | **Slope of**<br>**Regression**<br>**Line** | <br>**Proportion**<br>**Misclassified** |
| 110 | 17.0% | 97.98% | 1.018 | 3.60% |

---

**Notes**

**. Misclassification based on 0.3% Cu**

**. HARD = Half Absolute Relative Difference**

**. In HARD calculation, 10pmm used as level of precision**

For the samples associated with the 2011 drilling campaign, the following quality control measures were taken:

- Standards (certified by Geostat Pty. Ltd.) and blanks were inserted for every ten samples, and at the start of every batch.

- ALS inserted their own internal duplicates in the laboratory. Of the 141 samples assayed for the 2011 campaign, 4 internal duplicates were taken, as depicted in diagram in Figure 11-3 and summarised in Table 11-3.

**Figure 11-3. ALS Internal Duplicate Assays – 2011 Drilling Campaign**

![](tm2533647d1_ex46img025.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **73** |

---

**Table 11-3. Summary of 2011 ALS Internal Duplicates**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Number**<br>**of Pairs** | <br>**Correlation**<br>**Coefficient** | **Slope of**<br>**Regression**<br>**Line** | <br>**Proportion**<br>**Misclassified** |
| 4 | 99.8% | 0.997 | 0.0% |

---

**Notes**

**. Misclassification based on 0.3% Cu**

**. All HARD (Half Absolute Relative Difference) levels below 5%**

***2013***

For the 2013 campaign, 6-7 internal coarse duplicates were taken, out of 152 primary assays. The results from these duplicates are shown in Figure 11-4 and Table 11-4.

**Figure 11-4. Internal Coarse Cu Duplicates - 2013**

![](tm2533647d1_ex46img026.jpg)

**Table 11-4. Summary of Internal Coarse Duplicates - 2013**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Metal** | <br>**Number of**<br>**Pairs** | <br>**Correlation**<br>**Coefficient** | **Slope of**<br>**Regression**<br>**Line** |
| Cu | 7 | 99.9% | 0.99 |
| Au | 6 | 99.9% | 1.12 |
| Pd | 6 | 99.7% | 0.92 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **74** |

---

During the 2013 campaign one blank was inserted for approximately every 10 samples. These blanks were prepared from local gabbro source. Of these 26 samples, only 2 showed any Cu grades above expected blank levels, as shown in Figure 11-5, representing 8% of the samples analysed. The cause of the 2 error values is not known.

**Figure 11-5. Blanks' Results – 2013**

![](tm2533647d1_ex46img027.jpg)

During 2013, 27 external duplicates were assayed at SGS, stemming from pulp material returned by ALS from the 2011 and spring 2013 campaigns. These results are summarised in Figure 11-6 and Table 11-5.

**Figure 11-6. External Duplicates - 2013**

![](tm2533647d1_ex46img028.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **75** |

---

**Table 11-5. External Duplicates' Summary – 2013**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| <br>**Metal** | <br>**Number**<br>**of Pairs** | **HARD**<br>**Precision**<br>**@90% Rank** | <br>**Correlation**<br>**Coefficient** | **Slope of**<br>**Regression**<br>**Line** | <br>**Proportion**<br>**Misclassified** |
| **Cu** | 27 | 8.2% | 99.8% | 0.901 | 3.7% |
| **Ag** | 27 | 25.0% | 99.1% | 0.980 |  |
| **Au** | 27 | 28.0% | 99.2% | 1.090 |  |
| **Pd** | 24 | 29.0% | 99.9% | 0.963 |  |
| **Pt** | 12 | 14.0% | 99.9% | 1.060 |  |

---

**Notes**

**. Misclassification based on 0.3% Cu**

**. HARD = Half Absolute Relative Difference**

Three external standard samples were purchased from Geostat. The results of assays on two of these standards are shown in Figure 11-7. These cover both 2011 and 2013 results.

**Figure 11-7. Standards' Results - 2013**

![](tm2533647d1_ex46img029.jpg)

The results from these 2 standards are acceptable, with no check assays outside of 2 x standard deviation limits. Another lower grade standard was also assayed, and produced consistent results, but there appears to have been a misallocation of the standard ID, and so these results have not been used.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **76** |

---

***2014-2015***

A summary of the QA/QC samples taken through the 2014 and 2015 campaigns is shown below in Table 11-6.

**Table 11-6. Summary of QAQC Samples – 2014 and 2015**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Control** |  | **Number of**<br> **Samples** | **Number** | **Frequency** |
| **Type of Control** |  | **Number of**<br> **Samples** | **Number** | **Frequency** |
| Twin Samples | TS | 265 | 24 | 9% |
| Coarse Duplicates | CD | 265 | 2 | 0.8% |
| Fine Duplicates | PD | 265 | 19 | 7% |
| Standards | STD | 265 | 16 | 6% |
| Coarse Blanks | CB | 265 | 16 | 6% |
| Fine Blanks | FB | 265 | 21 | 8% |
| External Controls | EC | 265 | 30 | 11% |
|  |  |  | **Total** | **48%** |

---

A summary of the 2015 field duplicates' results is shown in Figure 11-8. These results show a relatively high proportion of errors. The 2014 and 2015 pulp duplicates' results are shown in Figure 11-9. Both sets of results are acceptable.

In the 2014 campaign, primary samples were assayed at Labtium, with external assaying done at ALS. In the 2015 campaign, primary samples were assayed at ALS, with external assaying done at Labtium.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **77** |

---

**Figure 11-8. 2015 Field Duplicates – Precision Analysis**

![](tm2533647d1_ex46img030.jpg)

**Figure 11-9. Pulp Duplicates' Analyses – 2014 and 2015**

![](tm2533647d1_ex46img031.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **78** |

---

The external duplicates' results are shown in Figure 11-10. These results are acceptable.

**Figure 11-10. External Duplicates' Analyses – 2014 and 2015**

![](tm2533647d1_ex46img032.jpg)

The coarse blanks' results are shown in Figure 11-11. These results are acceptable.

**Figure 11-11. Blanks' Analyses – 2014 and 2015**

![](tm2533647d1_ex46img033.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **79** |

---

***2017***

A summary of the QA/QC samples taken through the 2017 drilling campaign is shown in Table 11-7.

**Table 11-7. Summary of QAQC Samples – 2017**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Control** |  | | **Number** | **Frequency** |
| **Type of Control** | | **Number of**<br>**Samples** | **Number** | **Frequency** |
| Twin Samples | TS | 265 | 24 | 9% |
| Coarse Duplicates | CD | 265 | 2 | 0.8% |
| Fine Duplicates | PD | 265 | 19 | 7% |
| Standards | STD | 265 | 16 | 6% |
| Coarse Blanks | CB | 265 | 16 | 6% |
| Fine Blanks | FB | 265 | 21 | 8% |
| External Controls | EC | 265 | 30 | 11% |
|  |  |  | **Total** | **48%** |

---

Precision analysis results for field duplicates are summarised in Figure 11-12 and Table 11-8. The proportion of errors is greater than the usual 10% error threshold for acceptability. However, one of the error pairs is almost directly on the error limit failure line. If this one error was removed, the proportion of errors would be reduced to 13%.

**Figure 11-12. Precision Analysis – Field Duplicates - 2017**

![](tm2533647d1_ex46img034.jpg)

**Table 11-8. Precision Analysis – Field Duplicates - 2017**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Type** | **Number of**<br>**Pairs** | <br>**Failed** | <br>&nbsp;&nbsp;&nbsp;&nbsp;**Error %** |
| PD - Cu | 24 | 4 | 17% |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **80** |

---

Coarse duplicate measurements were very limited but are shown graphically in Figure 11-13. Precision analysis results for pulp duplicates are summarised in Figure 11-14 and Table 11-9. These results are quite acceptable.

**Figure 11-13. Precision Analysis – Coarse Duplicates - 2017**

![](tm2533647d1_ex46img035.jpg)

**Figure 11-14. Precision Analysis – Pulp Duplicates - 2017**

![](tm2533647d1_ex46img036.jpg)

**Table 11-9. Precision Analysis – Pulp Duplicates - 2017**

---

| | | | |
|:---|:---|:---|:---|
| **Type** | **Number of Pairs** | **Failed** | &nbsp;&nbsp;&nbsp;&nbsp;**Error %** |
| PD - Cu | 18 | 1 | 5.6% |

---

Results for standards' analysis are shown in Figure 11-15 and Table 11-10. These results are consistently acceptable.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **81** |

---

**Figure 11-15. Standard Analyses' Graphs – Cu% - 2017**

![](tm2533647d1_ex46sp5img001.jpg)

![](tm2533647d1_ex46sp5img002.jpg)

![](tm2533647d1_ex46sp5img003.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **82** |

---

**Table 11-10. Standards' Results Summary and Global Accuracy - 2017**

![](tm2533647d1_ex46sp5img004.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **83** |

---

Coarse blanks' results are summarised in Figure 11-16. This shows consistently acceptable results, as well as no relationship with previous assays, indicating no contamination during sample preparation.

**Figure 11-16. Coarse Blanks' Assays - 2017**

![](tm2533647d1_ex46sp5img005.jpg)

All fine blanks' Cu assays were below the level of detection, indicating no contamination during analysis.

The lack of coarse duplicates results means there is no direct measure of the precision of sample preparation. That withstanding, it may be concluded that overall, the 2017 QA/QC results are generally acceptable.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **84** |

---

***2019***

A summary of the QA/QC samples taken through the 2019 drilling campaign is shown in Table 11-11.

**Table 11-11. Summary of QAQC Samples – 2019**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of**<br>**Control** | | **Number of**<br>**Primary Samples** | <br>**Number** | <br>**Frequency** |
| Twin Samples | TS | 100 | 9 | 9% |
| Coarse Duplicates | CD | 100 | 11 | 11% |
| Fine Duplicates | PD | 100 | 11 | 11% |
| Standards | STD | 100 | 5 | 5% |
| Coarse Blanks | CB | 100 | 9 | 9% |
| Fine Blanks | FB | 100 | 0 | 0% |
| External Controls | EC | 100 | 10 | 10% |
|  |  |  | **Total** | **55%** |

---

Precision analysis results for all forms of duplicates are shown in Figure 11-17, Figure 11-18 and Figure 11-19: no errors were apparent.

Standards' results are summarised in Figure 11-21 and Figure 11-22; no errors were apparent.

Coarse blanks' results are shown in Figure 11-20. Although of the assays are rather high, there appears to be no relationship with the previous assays.

Figure 11-12 and Table 11-8. The proportion of errors is greater than the usual 10% error threshold for acceptability. However, one of the error pairs is almost directly on the error limit failure line. If this one error was removed, the proportion of errors would be reduced to 13%.

Results for the external check Cu samples, which were sent to Labtium, are shown in Figure 11-23. The show very low bias results, and those check samples which were outliers had extremely low grades, of less than 0.005% Cu.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **85** |

---

**Figure 11-17. Field Duplicates' Results -2019**

![](tm2533647d1_ex46sp5img006.jpg)

**Figure 11-18. Coarse Duplicates' Results -2019**

![](tm2533647d1_ex46sp5img007.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **86** |

---

**Figure 11-19. Pulp Duplicates' Results -2019**

![](tm2533647d1_ex46sp5img008.jpg)

**Figure 11-20. Coarse Blanks' Results – 2019**

![](tm2533647d1_ex46sp5img009.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **87** |

---

**Figure 11-21. Standard 910-11 Results 2017-2019**

![](tm2533647d1_ex46sp5img010.jpg)

**Figure 11-22. Standard 310-1 Results 2017-2019**

![](tm2533647d1_ex46sp5img011.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **88** |

---

**Figure 11-23. External Check Sample Results – 2019**

![](tm2533647d1_ex46sp5img012.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **89** |

---

**11.1.4 Density Measurements**

Density measurements were done by Promin. Selected drill core billets were accurately cut and then polished to have a cut that was as close to 90° as possible (at SINTEF). The length was then measured four times around the circumference of the drill core and averaged.

The same was done with the diameter of the core; measured 4 times and averaged. The resulting volume was then used as the volume for the core billet. Along with the dry weight, the density was then calculated. The drill cores were also inspected for any chippings or other damage to the cylinder shape, to check the volume calculation was not affected.

**11.1.5 Summary**

Up to the end of 2013, the Nussir deposit database stemmed primarily from 108 drillholes, with 1,974 samples. In the 2009 sampling campaign, assays were obtained from OMAC and ALS laboratories. During April-May 2011, 93 samples were sent for check assay to the ALS laboratory (which had originally been assayed by OMAC) and 17 samples were sent for check assay to the OMAC laboratory (which had originally been assayed by ALS). Up to the end of 2009, this gave 110 check assay measurements, approximately 1 in 12 of the available assays, which was considered an acceptable proportion of samples.

For the 2011 and 2013 drilling campaigns, primary samples were analysed by ALS Chemex in Sweden, using four-acid ICP-AES. External duplicates were analysed at SGS laboratories in Bor, Serbia.

In the 2014 campaign, primary samples were assayed at Labtium, with external assaying done at ALS. In the 2015-2019 campaigns, primary samples were assayed at ALS, with external assaying done at Labtium.

The standards (Geostats Pty, Ltd.) used for Nussir work are summarised below:

**Table 11-12. Summary of Sample Standards**

---

| | | |
|:---|:---|:---|
| **Campaigns** | **Standard** | **Certified Cu Grade**<br>**Cu %** |
| **Prior to 2014** | GBM303-8 | 1.395 |
| **Prior to 2014** | GBM309-4 | 2.233 |
| **2014 -2019** | GBM907-14 | 0.813 |
| **2014 -2019** | GBM310-1 | 0.579 |
| **2014 -2019** | GBM910-11 | 0.131 |

---

**11.2 Ulveryggen**

**11.2.1 Sample Preparation and Analysis**

In 2014 and 2017, the diamond drillhole samples were analysed by ALS Chemex laboratory in Sweden by four acid ICP-AES. The selection of intersections for assaying was also assisted by initial assaying using handheld XRF.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **90** |

---

Sample preparation work has been done using ALS Chemex in Piteå, under instructions from Nussir's geologists, using the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Sawing of core into two halves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Crushing of one-half sample, 70% < 2mm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Riffle splitting of crushed sample.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Pulverising to 85% < 75 µm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Taking of sample for analysis.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **91** |

---

**11.2.2 Quality Assurance/ Quality Control**

***2014***

In terms of sample preparation and QA/QC, the Ulveryggen drillholes completed in 2014 were part of the drilling campaign for the neighbouring Nussir deposit. A summary of the QA/QC samples taken through the 2014 and 2015 campaigns for Nussir is shown below in Table 11-13.

**Table 11-13. Summary of QAQC Samples – 2014 and 2015**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **2014** | **2014** | **2015** | **2015** | **Combined** | **Combined** |
|  | **Number** | **Proportion** | **Number** | **Proportion** | **Number** | **Proportion** |
| **Primary Samples** | 324 |  | 247 |  | 571 |  |
| **Field Duplicates** | 0 | 0.0% | 23 | 9.3% | 23 | 4.0% |
| **Pulp Duplicates** | 4 | 1.2% | 21 | 8.5% | 25 | 4.4% |
| **External Duplicates** | 14 | 4.3% | 13 | 5.3% | 27 | 4.7% |
| **Blanks** | 4 | 1.2% | 12 | 4.9% | 16 | 2.8% |
| **Standards** | 14 | 4.3% | 18 | 7.3% | 32 | 5.6% |
| **Total** |  | **11.1%** |  | **35.2%** |  | **21.5%** |

---

A summary of the 2015 field duplicates' results is shown in Figure 11-2. These results show a relatively high proportion of errors. The 2014 and 2015 pulp duplicates' results are shown in Figure 11-25. Both sets of results are acceptable.

In the 2014 campaign, primary samples were assayed at Labtium, with external assaying done at ALS. In the 2015 campaign, primary samples were assayed at ALS, with external assaying done at Labtium.

Standards' results were acceptable, and although there were not sufficient of them for the same standard ID to present graphically. The standards used are summarised below.

**Table 11-14. Summary of Standards Used for Ulveryggen**

---

| | |
|:---|:---|
| **Standards** | **Target Range** |
| | ***Cu ppm*** |
| GBM908-5 | 447-549 |
| MRGeo08 | 567-695 |
| OGGeo08 | 7680-9400 |
| OREAS-45P | 992-1215 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **92** |

---

**Figure 11-24. 2015 Field Duplicates – Precision Analysis**

![](tm2533647d1_ex46sp5img013.jpg)

**Figure 11-25. Pulp Duplicates' Analyses – 2014 and 2015**

![](tm2533647d1_ex46sp5img014.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **93** |

---

The external duplicates' results are shown in Figure 11-26. These results are acceptable.

**Figure 11-26. External Duplicates' Analyses – 2014 and 2015**

![](tm2533647d1_ex46sp5img015.jpg)

The coarse blanks' results are shown in Figure 11-27. These results are acceptable.

**Figure 11-27. Blanks' Analyses – 2014 and 2015**

![](tm2533647d1_ex46sp5img016.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **94** |

---

***2017***

In terms of sample preparation and QA/QC, the seven Ulveryggen drillholes completed in 2017 were part of the drilling campaign for the neighbouring Nussir deposit. A summary of the QA/QC samples taken through the 2017 campaign for Nussir is shown below in Table 11-15. Of the 265 total primary samples assayed, 177 came from the Nussir drilling, 88 came from Ulveryggen.

**Table 11-15. Summary of QAQC Samples – 2017**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Control** |  | | **Number** | **Frequency** |
| **Type of Control** | | **Number of**<br>**Samples** | **Number** | **Frequency** |
| Twin Samples | TS | 265 | 24 | 9% |
| Coarse Duplicates | CD | 265 |  |  |
| Fine Duplicates | PD | 265 | 19 | 7% |
| Standards | STD | 265 | 16 | 6% |
| Coarse Blanks | CB | 265 | 16 | 6% |
| Fine Blanks | FB | 265 | 21 | 8% |
| External Controls | EC | 265 | 30 | 11% |
|  |  |  | **Total** | **48%** |

---

Precision analysis results for field duplicates are summarised in Figure 11-28 and Table 11-16. The proportion of errors is greater than the usual 10% error threshold for acceptability. However, one of the error pairs is almost directly on the error limit failure line. If this one error was removed, the proportion of errors would be reduced to 13%.

**Figure 11-28. Precision Analysis – Field Duplicates - 2017**

![](tm2533647d1_ex46sp5img017.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **95** |

---

**Table 11-16. Precision Analysis – Field Duplicates - 2017**

---

| | | | |
|:---|:---|:---|:---|
| <br>**Type** | **Number of**<br>**Pairs** | <br>**Failed** | <br>**Error %** |
| PD - Cu | 24 | 4 | 17% |

---

Precision analysis results for pulp duplicates are summarised in Figure 11-29 and Table 11-17 These results are quite acceptable.

**Figure 11-29. Precision Analysis – Pulp Duplicates - 2017**

![](tm2533647d1_ex46sp5img018.jpg)

**Table 11-17. Precision Analysis – Pulp Duplicates - 2017**

---

| | | | |
|:---|:---|:---|:---|
| **Type** | **Number of Pairs** | **Failed** | **Error %** |
| PD - Cu | 18 | 1 | 5.6% |

---

Results for standards' analysis are shown in Figure 11-30 and Table 11-18. These results are consistently acceptable.

Coarse blanks' results are summarised in Figure 11-31. This shows consistently acceptable results, as well as no relationship with previous assays, indicating no contamination during sample preparation.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **96** |

---

**Figure 11-30. Standard Analyses' Graphs – Cu% - 2017**

![](tm2533647d1_ex46sp5img019.jpg)

![](tm2533647d1_ex46sp5img020.jpg)

![](tm2533647d1_ex46sp5img021.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **97** |

---

**Table 11-18. Standards' Results Summary and Global Accuracy - 2017**

![](tm2533647d1_ex46sp5img022.jpg)

**Figure 11-31. Coarse Blanks' Assays - 2017**

![](tm2533647d1_ex46sp5img023.jpg)

All fine blanks' Cu assays were below the level of detection, indicating no contamination during analysis. The absence of coarse duplicates results means there is no direct measure of the precision of sample preparation. That withstanding, it may be concluded that overall the 2017 QA/QC results are generally acceptable.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **98** |

---

**11.3 Core and Sample Storage**

Drill core is stored at Blue Moon's's facility at Skaidi and at the NGU national archive in Løkken. Both are secure lockable facilities. The Author has visited them both. A summary of the core inventories is shown in Table 11-8.

**Table 11-19. Summary of Core Inventories**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location** | **Description** | **Description** | **Holes** | | |
| **Location** | **Description** | **Description** | **Holes** | **Length**<br>**m** | **Average Length**<br>**per Hole (m)** |
| **Skaidi** | Nussir | Complete Holes | 11 | 3028 | 275 |
|  | Nussir | Mineralised Intersections | 79 | 1162 | 15 |
| **Lokken** | Nussir |  | 166 | 33909 | 204 |
|  | Ulveryggen | Ulveryggen | 23 | 1805 | 78 |

---

Rejects and pulp material from 29 Nussir holes (all from 2014) and 1 Ulveryggen hole are stored at Løkken, stemming from the preparation of 289 samples. There is also reject and pulp material at the core shack in Skaidi, but there is no inventory available for this at the current time.

**11.4 Overview**

There have been five laboratories associated with the Nussir and Ulveryggen project over the year (Table 11-20). Three of the five laboratories have ISO 17025 accreditation. It should be noted that none of the laboratories involved in either project have or have had interests in the project or the operators, which includes Nussir ASA.

In the opinion of the Author, the QA/QC results overall are acceptable and support the use of the available samples for resource estimation purposes on the Nussir and Ulveryggen deposits.

**Table 11-20. Summary of Analytical Laboratories**

---

| | | |
|:---|:---|:---|
| | **Years** | **Accreditation** |
| Mercury Analytical | 1984-1985 |  |
| Caleb Brett Laboratories | 1988 |  |
| OMAC Laboratories | 2002-2008 | ISO/IEC 17025 |
| Labtium | 2014 | ISO/IEC 17025 |
| ALS Chemex | 2008-2019 | ISO/IEC 17025 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **99** |

---

**12 DATA VERIFICATION**

During the most recent site visit, the Author undertook the following data verification steps completed by the Author include:

&nbsp;&nbsp;&nbsp;&nbsp;· Site visits to Nussir, before, during, and after exploration drilling campaigns.

· Site visit to Ulveryggen, including open pits and exploration adit.

· Check review of example Nussir and Ulveryggen deposit drill core, at Skaidi and the NGU core storage in
Lokken.

· Check of collar positions relative to surface maps.

· Check of data base integrity through drillhole data processing, statistical analysis, visualisation and
plotting.

· Additional checking of Ulveryggen sample data relative to underground adit model.

**12.1 Site Visits**

In 2007, the Author walked the entire strike length of the Nussir deposit outcrop and project area. In 2014, the Author visited Nussir during that year's drilling campaign. Pictures of the general topography at Nussir and a typical drill rig set-up are shown in Figure 12-1 and Figure 12-2, respectively. The Author most recently visited Nussir between January 14 and 16, 2025.

The Author has also done check review work of example Nussir and Ulveryggen drill core, at Skaidi (Figure 12-5) and the NGU core storage in Løkken.

The Author also visited the Ulveryggen site in 2010, which included the old open pit areas and the underground drilling locations. He also visited Ulveryggen between January 14 to 16, 2025. A picture of some of the old pit workings is shown in Figure 12-3. This shows copper-staining on the pit wall, the sheared nature of mineralized zones, and looks across to the hills just to the west of the Nussir deposit. A picture directly into the some of the old pit workings is shown in Figure 12-4.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **100** |

---

**Figure 12-1. Looking West Along Topography at Nussir**

![](tm2533647d1_ex46sp5img024.jpg)

**Figure 12-2. Looking North at Drilling Rig Set-Up – Nussir**

![](tm2533647d1_ex46sp5img025.jpg)

**Figure 12-3. South-East Wall of Holvedfelt Pit, Ulveryggen**

![](tm2533647d1_ex46sp5img026.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **101** |

---

**Figure 12-4. Looking Eastwards into Old Pit Workings, Ulveryggen**

![](tm2533647d1_ex46sp5img027.jpg)

**Figure 12-5. Skaidi Core Shack**

![](tm2533647d1_ex46sp5img028.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **102** |

---

**12.2 Drillhole Data**

**12.2.1 Collar Data**

The Author did his own GPS verifications of 5 historic and recent drillhole collar positions at Nussir during his 2014 site visit. Any XY errors were within 2 m accuracy of the information in the databases, and the Author found no anomalies that would be material to any mineral resource estimate.

The drillhole collars for both Nussir and Ulveryggen, which have been measured by DPOS or CPOS, have been checked for elevation against LiDAR topographical data. Histograms comparing LiDAR elevation differences, and the DPOS/CPOS systems, is shown in Figure 12-6. A summary of the elevation differences from this check exercise for Nussir is shown in Table 12-2 , and elevation differences have been plotted as histograms in Figure 12-7. A summary of the elevation differences for Ulveryggen is shown in Table 12-3, and elevation differences have been plotted as histograms in Figure 12-8.

The Author also reviewed results from a 2019 resurveying exercise of azimuths at drillhole collars. For the original survey file, 65 holes only had one measurement, i.e. 156 had a proper series of downhole measurements. Of these 65, 33 hole-collars' azimuths were remeasured in 2019 using Devico equipment. The results of the horizontal displacements, at end of these holes due to the azimuth differences, is shown in Table 12-1.

**Table 12-1. Summary of Horizontal Displacements - Azimuth Differences – Nussir**

---

| | |
|:---|:---|
| **Parameter** | **Value** |
| Number of Collars | 30 |
| Mean | 4.90 |
| Median | 37.76 |
| Prop'n exceeding 0.5m | 33% |
| Prop'n exceeding 1m | 23.3% |
| Prop'n exceeding 5m | 10.0% |

---

For these check data, observations include:

&nbsp;&nbsp;&nbsp;&nbsp;· For Nussir deposit, there does not appear to be in appreciable difference in elevation accuracy between
DPOS and CPOS measurements as verified by the Author.

&nbsp;&nbsp;&nbsp;&nbsp;· The azimuth validation review by the Author has identified 3 of the holes with high differences. Two of
these three holes did not intersection mineralisation, and the remaining hole has negligible effect of the zones' interpretation.

&nbsp;&nbsp;&nbsp;&nbsp;· In general, the elevation differences seem worse for Ulveryggen deposit than Nussir deposit. However,
this might be due to difficult type of topography at Ulveryggen deposit, with many very steep faces and slopes left by the open pit mining,
making the LiDAR pick-up more difficult without more detailed DPOS or CPOS measurements for calibration.

&nbsp;&nbsp;&nbsp;&nbsp;· The distribution of LiDAR errors is near normal, not indicating any positive or negative bias in the opinion
of the Author.

&nbsp;&nbsp;&nbsp;&nbsp;· The proportion of +2m and +5m LiDAR errors are rather high, and efforts in the future should be made to
increase the precision.

&nbsp;&nbsp;&nbsp;&nbsp;· There does not appear to be any relationship between higher elevation differences
and X-Y positioning, as shown in Figure 12-9.

&nbsp;&nbsp;&nbsp;&nbsp;· It is considered the errors encountered from this validation exercise do not have any appreciable effect
on the current MRE.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **103** |

---

**Figure 12-6. Histograms of Collars' LiDAR Errors - Nussir**

![](tm2533647d1_ex46sp5img029.jpg)

**Figure 12-7. Histograms of Collars' Elevation Differences with LiDAR - Nussir**

![](tm2533647d1_ex46sp5img030.jpg)

**Table 12-2. Summary of Collars' Elevation Differences with LiDAR - Nussir**

---

| | | |
|:---|:---|:---|
| **Parameter** | **All Holes** | |
| **Parameter** | **All Holes** | **Mineralised**<br>**Holes** |
| Number of Collars | 221 | 178 |
| Mean Absolute Difference (m) | 1.66 | 1.42 |
| Median Absolute Difference (m) | 0.83 | 0.80 |
| Prop'n exceeding Mean+3SD | 2.7% | 2.2% |
| Prop'n exceeding 2m | 21.7% | 18.5% |
| Prop'n exceeding 5m | 7.2% | 5.1% |
| Prop'n exceeding 10m | 2.7% | 1.7% |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **104** |

---

**Figure 12-8. Histograms of Collars' Elevation Differences with LiDAR - Ulveryggen**

![](tm2533647d1_ex46sp5img031.jpg)

**Table 12-3. Summary of Collars' Elevation Differences with LiDAR – Ulveryggen**

---

| | | |
|:---|:---|:---|
| **Parameter** | **All Holes \*** | |
| **Parameter** | **All Holes \*** | **Mineralised**<br>**Holes** |
| Number of Collars | 93 | 67 |
| Mean Absolute Difference (m) | 2.48 | 2.76 |
| Median Absolute Difference (m) | 1.77 | 2.11 |
| Prop'n exceeding Mean+3SD | 0.1% | 0.0% |
| Prop'n exceeding 2m | 46.2% | 50.7% |
| Prop'n exceeding 5m | 14.0% | 16.4% |
| Prop'n exceeding 10m | 2.2% | 3.0% |

---

**Notes**

**\* Surface holes unaffected by open pit mining**

**Figure 12-9. Plan of LiDAR Differences with Collar Elevation - Nussir**

![](tm2533647d1_ex46sp5img032.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **105** |

---

**12.2.2 Drillhole Core**

The Author's site visits included a review of selected Nussir and Ulveryggen deposit drill core, at Skaidi and the NGU core storage in Lokken, in order to validate and verify the information in the databases against data entry. The drill holes from which mineralised intersections were verified are summarised in Figure 12-10. The items reviewed during this work included:

&nbsp;&nbsp;&nbsp;&nbsp;· Correspondence between logged/database lithologies, and actual lithologies in the core boxes.

· Correspondence between mineralisation and marked sample limits with the database.

· Any notable aspects of copper mineralisation.

Examples of core photos from the Author's core review at Lokken are shown in Figure 12-11 to Figure 12-16. The red blocked-out sections are the main zone intersections, with average zone intersection grades shown above. In these reviews the mineralisation and lithologies observed correspond well with the database information.

**Figure 12-10. 3D View of Holes, Showing Holes of Core Review**

![](tm2533647d1_ex46sp5img033.jpg)

**12.3 Database**

Check of database integrity was through operations including:

&nbsp;&nbsp;&nbsp;&nbsp;· Range checks.

· Checks of tabulated data against original logged data.

· Drillhole data processing.

· Statistical analysis

· Visualisation and plotting.

The Author completed all of the above verification steps. In the case of Ulveryggen, there was additional checking by the Author of Ulveryggen sample data relative to the underground adit model and the old open pit workings.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **106** |

---

**Figure 12-11. Hole NUS-DD-90-009**

[24-27.8m, 1.48%Cu, 35.3g/tAg, 0.07g/tAu]

![](tm2533647d1_ex46sp5img034.jpg)

**Figure 12-12. Hole NUS-DD-90-017**

[73.85-77.7m; 1.82%Cu, 16.1g/tAg, 0.15g/tAu]

![](tm2533647d1_ex46sp5img035.jpg)

**Figure 12-13. Hole NUS-DD-90-021**

[97-100m; 1.23%Cu, 15.5g/tAg, 0.15g/tAu]

![](tm2533647d1_ex46sp5img036.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **107** |

---

**Figure 12-14. Hole NUS-DD-14-001**

[1078.85-1088.4m, 0.94%Cu, 11.7g/tAg, 0.28g/tAu]

![](tm2533647d1_ex46sp5img037.jpg)

**Figure 12-15. Hole NUS-DD-15-030**

[445.6-449.2m; 1.22%Cu, 27.3g/tAg, 0.16g/tAu]

![](tm2533647d1_ex46sp5img038.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **108** |

---

**Figure 12-16. Hole ULV-DD-17-06**

[95.3-100.2m; 0.58%Cu]

![](tm2533647d1_ex46sp5img039.jpg)

**12.4 Overview**

The data verification procedures applied by the Author are described in sections 12.1, 12,2 and 12.3 above. Please note that the Author was not able to verify surface drillhole collar locations at Ulveryggen deposit, owing to surface mining activities after drilling, as well as extensive snow cover at the time of the Author's visits. However, the additional validation step of comparison drill collar locations with LIDAR data, as well as analysis of sections of the pit workings relative to drillhole data, have led the Author to believe that the Ulveryggen deposit, surface drillhole collar data are valid and therefore verified for resource estimation purposes.

In the Author's opinion, the geological data in the databases are also adequate for the Nussir and Ulveryggen deposit, resource estimation work, and that this technical information was collected in line with industry best practices, as defined in the Canadian Institute of Mining and Metallurgy and Petroleum (CIM) Mineral Resources and Mineral Reserves Best Practice Guidelines.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **109** |

---

**13 MINERAL PROCESSING AND METALLURGICAL TESTING**

**13.1 Overview**

Several metallurgical test work programs have been executed under Nussir ASA project development on the Nussir and Ulveryggen copper deposits. Three major test work programs were performed between 2010/11 and 2019:

&nbsp;&nbsp;&nbsp;&nbsp;· "An Investigation into RECOVERY OF COPPER FROM THE KVALSUND DEPOSIT" prepared
for NUSSIR ASA, SGS Project 12527-001 – Final report, dated May 9, 2011.

· For a historical PFS in 2016; "SGS Lakefield "An Investigation into PRE-FEASIBILITY LEVEL
METALLURGICAL TESTING ON SAMPLES FROM NUSSIR AND ULVERYGGEN COPPER DEPOSITS" prepared for NUSSIR ASA, SGS Project 12527-003 –
Final Report, dated Aug 17, 2016.

All test work has been done by SGS Lakefield, Canada, and are documented in separate reports. Canadian consultant and flotation provider, Woodgrove Technologies, took part in coordinating the test programs. The Ulveryggen deposit was in production from 1972 to 1979, with documented process plant performance.

The two deposits yield copper concentrate grades and copper recoveries that are very high compared to most copper deposits in the world. The reason for the high concentrate grade is due to the high amount of bornite and chalcocite in the deposits. The high copper recovery is due to the clean ore with practically no other sulphides, no oxidised ore and beneficial grind size for efficient flotation.

The following types of metallurgical samples were taken in the historical 2019 DFS testwork and sent to SGS for different metallurgical tests, including but not limited to grindability and flotation testing.

&nbsp;&nbsp;&nbsp;&nbsp;1. Composite Samples. Three different spatial composites from Nussir were prepared.

&nbsp;&nbsp;&nbsp;&nbsp;2. Variability Samples. 15 were taken from Nussir, and 3 from Ulveryggen.

The spatial composites from Nussir are summarised in Table 13-1 and are depicted in long section in Figure 13-1. QEMSCAN analysis verified their original assay results, as well as providing additional metallurgical data on the mineralogical makeup of the composites. All three composites were dominated by bornite, with lesser chalcopyrite (Composite 3) and chalcocite (Composite 1).

**Table 13-1. Summary of Nussir Composite Metallurgical Samples**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Element** | ***Unit*** | **Comp 1** | **Comp 2** | **Comp 3** |
| Cu | *%* | 1.10 | 1.53 | 1.18 |
| Au | *g/t* | 0.19 | 0.16 | 0.11 |
| Ag | *g/t* | 17.6 | 20.1 | 12.4 |
| S | *%* | 0.36 | 0.67 | 0.61 |
| Total Weight | *kg* | 10.43 | 28.42 | 47.07 |
| Number of Holes |  | 3 | 5 | 6 |

---

A more detailed breakdown of the assays from the three prepared composites is shown in Table 13-2.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **110** |

---

**Table 13-2. Assay Breakdown of Nussir Composite Metallurgical Samples**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Sample ID** | **Comp 1** | **Comp 2** | **Comp 3** |
| &nbsp;&nbsp;&nbsp;&nbsp;Au g/t | 0.19 | 0.16 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ag g/t | 17.6 | 20.1 | 12.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pt g/t | 0.13 | 0.16 | < 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;S % | 0.36 | 0.67 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cu seq H2SO4% | 0.024 | 0.025 | 0.016 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cu seq. NaCN % | 0.99 | 1.4 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cu seq. A/R % | 0.037 | 0.14 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cu % | 1.10 | 1.53 | 1.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ag g/t | 17 | 21 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Al g/t | 46200 | 46300 | 40400 |
| &nbsp;&nbsp;&nbsp;&nbsp;As g/t | < 30 | < 30 | < 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Be g/t | 0.8 | 0.76 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bi g/t | < 20 | < 20 | < 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ca g/t | 130000 | 126000 | 125000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cd g/t | < 2 | < 2 | < 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Co g/t | 11 | 13 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cr g/t | 31 | 30 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fe g/t | 12800 | 13600 | 16500 |
| &nbsp;&nbsp;&nbsp;&nbsp;K g/t | 26200 | 24400 | 19500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Li g/t | < 20 | < 20 | < 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mg g/t | 10700 | 13300 | 36800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mn g/t | 3500 | 3110 | 4380 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mo g/t | < 20 | < 20 | < 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Na g/t | 12700 | 16300 | 13800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ni g/t | < 20 | 30 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;P g/t | 352 | 417 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pb g/t | < 20 | < 20 | < 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sb g/t | < 10 | < 10 | < 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Se g/t | < 40 | < 40 | < 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sn g/t | < 40 | < 40 | < 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sr g/t | 196 | 178 | 123 |
| &nbsp;&nbsp;&nbsp;&nbsp;Ti g/t | 1530 | 1510 | 1320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tl g/t | < 30 | < 30 | < 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;U g/t | < 20 | < 20 | < 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;V g/t | 46 | 45 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;Y g/t | 11.2 | 10.9 | 9.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Zn g/t | < 40 | < 40 | < 40 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **111** |

---

**Figure 13-1. Nussir Long Section - Locations of Composite Metallurgical Samples**

![](tm2533647d1_ex46sp5img040.jpg)

**Figure 13-2. Nussir Long Section – Drillholes Used for Variability Metallurgical Samples**

![](tm2533647d1_ex46sp5img041.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **112** |

---

**13.2 Variability and Hardness Testing**

The drillholes used for providing the variability samples from Nussir are depicted in long section in Figure 13-2. The grades of all the variability samples are summarised in Table 13-3. The variability samples were submitted for comminution testwork, including SAG Power Index test (SPI®), Bond Ball Mill Work Index (BWI), ModBond test, and Bond Abrasion Index (AI) test. These results are summarised in Table 13-4.

**Table 13-3. Variability Samples Head Assays**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Sample ID | Bore Hold ID | Cu, % | Au, g/t | Ag, g/t | S, % |
| **Nussir Deposit** | **Nussir Deposit** | **Nussir Deposit** | **Nussir Deposit** | **Nussir Deposit** | **Nussir Deposit** |
| VAR 1 | NUS-DD-188 | 1.84 | 0.16 | 34.2 | 0.51 |
| VAR 2 | NUD-DD-189 | 0.31 | < 0.02 | 1.3 | 0.19 |
| VAR 3 | NUD-DD-190 | 1.11 | 0.05 | 3.8 | 0.69 |
| VAR 4 | NUS-DD-191 | 0.49 | 0.03 | 5.2 | 0.22 |
| VAR 5 | NUS-DD-192 | 1.48 | 0.19 | 14.8 | 0.64 |
| VAR 6 | NUS-DD-195 | 1.03 | 0.17 | 23.3 | 0.42 |
| VAR 7 | NUS-DD-196 | 0.12 | < 0.02 | < 0.5 | 0.10 |
| VAR 10 | NUS-DD-193 | 0.61 | 0.11 | 8 | 0.25 |
| VAR 11 | NUS-DD-194 | 0.77 | 0.12 | 7 | 0.42 |
| VAR 12 | NUS-DD-198 | 1.63 | 0.14 | 12.4 | 0.65 |
| VAR 14 | NUS-DD-179 | 1.51 | 0.93 | 20 | 0.50 |
| VAR 15 | NUS-DD-181 | 1.31 | 0.38 | 18.5 | 0.51 |
| VAR 16 | NUS-DD-183 | 0.83 | 0.30 | 25.4 | 0.28 |
| VAR 17 | NUS-DD-185 | 0.45 | 0.06 | 3.9 | 0.16 |
| VAR 18 | NUS-DD-186 | 0.54 | 0.18 | 8.8 | 0.27 |
| **Ulveryggen Deposit** | **Ulveryggen Deposit** | **Ulveryggen Deposit** | **Ulveryggen Deposit** | **Ulveryggen Deposit** | **Ulveryggen Deposit** |
| VAR 8 | ULV-DD-17-01 | 0.84 | < 0.02 | 1.4 | 0.31 |
| VAR 9 | ULV-DD-17-04 | 0.50 | < 0.02 | 0.7 | 0.13 |
| VAR 13 | ULV-DD-17-05 | 0.95 | 0.02 | 2.1 | 0.28 |

---

**Table 13-4. Nussir Deposit Grindability Statistics**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | BWI (kWh/t) | BWI (kWh/t) |  |
| Statistic | SPI® | Full | Mod | AI |
|  | (Min) | Bond | Bond | (g) |
| Number of samples | 21 | 4 | 23 | 3 |
| Maximum | 112 | 12.6 | 15.1 | 0.27 |
| Minimum | 34.1 | 11.6 | 9.13 | 0.13 |
| Average | 77.4 | 12.0 | 11.5 | 0.18 |
| Relative Std Dev, % | 25.0 | 3.76 | 12.5 | 44.4 |
| 75th Percentile | 87.1 | 12.2 | 12.3 | 0.20 |
| 25th Percentile | 66.6 | 11.7 | 10.7 | 0.13 |

---

Based on statistical analysis of the results, the SPI and BWI results indicate the Nussir material as being soft to moderately hard, and slightly abrasive. The Ulveryggen sample results were categorised as moderately hard to hard, and very abrasive.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **113** |

---

**13.3 Locked Cycle Testing**

A series of locked cycle tests and comparable open-circuit batch tests for each of the spatial composites. The batch and locked cycle test results compared well, with concentrate grades slightly higher in the batch tests and recoveries approximately 2-4% higher in the locked cycle tests. The two ore bodies gave similar results under the conditions tested.

**Figure 13-3. Locked Cycle Test Flowsheet**

![](tm2533647d1_ex46sp5img042.jpg)

The results of the locked cycle tests and the comparable open-circuit batch tests for each composite, as well as two of the variability samples were also selected for locked cycle testing along with the comparable open-circuit batch test. The results are provided in Table 13-5.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **114** |

---

**Table 13-5. Locked Cycle and Open Circuit Test Results Summary**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Composite | Test No. | Product | Assays, % <br> Cu | % Distribution <br> Cu |
| Comp 1 | LCT2 | Cu Conc | 59.5 | 97.0 |
| Comp 1 | F27 | Cu Conc | 63.9 | 93.4 |
| Comp 2 | LCT 3 | Cu Conc | 50.1 | 95.3 |
| Comp 2 | F26 | Cu Conc | 53.1 | 92.7 |
| Comp 3 | LCT1 | Cu Conc | 36.9 | 96.7 |
| Comp 3 | F25 | Cu Conc | 41.4 | 92.3 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Bore Hole ID | &nbsp;&nbsp;Composite | &nbsp;&nbsp;Test No. | &nbsp;&nbsp;Product | &nbsp;&nbsp;Assays, % <br> Cu | &nbsp;&nbsp;% Distribution<br> Cu |
| &nbsp;&nbsp;NUS-DD-188 | &nbsp;&nbsp;VAR 1 | &nbsp;&nbsp;LCT 4 | &nbsp;&nbsp;Cu Conc | &nbsp;&nbsp;62.6 | &nbsp;&nbsp;95.6 |
| &nbsp;&nbsp;NUS-DD-188 | &nbsp;&nbsp;VAR 1 | &nbsp;&nbsp;F28 | &nbsp;&nbsp;Cu Conc | &nbsp;&nbsp;62.8 | &nbsp;&nbsp;91 .8 |
| &nbsp;&nbsp;ULV-DD-17-01 | &nbsp;&nbsp;VAR 8 | &nbsp;&nbsp;LCT 5 | &nbsp;&nbsp;Cu Conc | &nbsp;&nbsp;53.6 | &nbsp;&nbsp;95.9 |
| &nbsp;&nbsp;ULV-DD-17-01 | &nbsp;&nbsp;VAR 8 | &nbsp;&nbsp;F35R | &nbsp;&nbsp;Cu Conc | &nbsp;&nbsp;54.8 | &nbsp;&nbsp;93.6 |

---

The average copper grade of the final concentrates was 53.3% Cu and recovery was 92.5%. The average copper grade of the final concentrates for the three Ulveryggen samples was 60.8% Cu and recovery was 90.4%.

There was no evidence of a relationship between the copper head grade and copper recovery. Overall, the test results indicated that high copper grades and recoveries are feasible for all samples under the conditions applied.

**13.4 Material Sorting Studies**

A sorting study on Nussir copper mineralization was conducted by Comex and it was completed on December 19, 2024. The objective of the study was to evaluate the potential of employing a multi-sensor sorting technology, utilizing X-ray Transmission (XRT) and X-ray Fluorescence (XRF) sensors. Drill core samples containing copper minerals were provided by the Nussir ASA and crushed to optimize grain shape and element release before testing. The XRT sensor classified the material into three categories: high-grade, low-grade, and waste. Initial results indicated that a significant portion of the waste fraction still contained copper, necessitating an additional refinement step using XRF to further separate copper-rich particles.

The combined sorting process achieved a pre-concentration of the feed material from 0.57% Cu to 1.28% Cu while reducing the waste fraction by 31.1% of the total input. The final waste contained only 0.11% Cu, resulting in a metal recovery efficiency of 94.4% with minimal copper losses. The study confirmed that sorting technology is a viable method for pre-concentration, allowing for the removal of low-grade material early in processing. However, Comex is recommending larger-scale tests to account for variability in the copper mineralization and therefore further optimize the sorting parameters to maximize effectiveness.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **115** |

---

**14 MINERAL RESOURCE ESTIMATE**

**14.1 Nussir**

**14.1.1 Data Collation**

The sample database has been updated by a Norwegian geologist (who has a mining degree from the Norwegian university of Science and Technology), culminating in a single updated Excel workbook, with separate sheets including:

&nbsp;&nbsp;&nbsp;&nbsp;· **Collar coordinates.** As compared with previous estimates, all coordinates have been updated for
the UTM system, WGS84, zone 35. All of the drillhole collars from 1985 to 2019 were measured by DPOS GPS, with an accuracy of 0.2-0.5
m. After this, drillhole collars have been measured with a handheld GPS, with an accuracy of approximately 5 m. During 2017, there was
a CPOS survey campaign (tied into a base station), campaign going over old and current drill holes, with an accuracy of 2-5 cm. This was
done for almost all drill holes, and also included re-measuring of drillholes' collars from 2008 or later, that had not been previously
measured with DPOS.

&nbsp;&nbsp;&nbsp;&nbsp;· **Downhole Survey data.** Measurements in holes from 2008, 2011 and resurveying of 21 holes drilled
in 1990 and 94, stem from a magnetic PeeWee tool rented from Devico in Norway. All 21 holes drilled in 2013 were surveyed by the drilling
crew using a Reflex gyro instrument. 16 holes were surveyed prior to 2011 with magnetic equipment and 30 diamond drill holes, and 20 percussion
holes remain un-surveyed. Since 2014, two different Devico devices were used. A Deviflex instrument has been mostly used, which employs
lasers and gravitation, where the azimuth Is dependent on the first assumed azimuth. A Devishot instrument has also been used (in approximately
9% of survey measurements), which is a magnetic instrument.

&nbsp;&nbsp;&nbsp;&nbsp;· **Assay Results**. The contained assayed grades of Cu, reassayed Cu (handheld XRF, where measured),
Ag, Au, reassayed Au, Pd and Pt. A summary of all drillholes and Cu sample data is shown in Table 14-1.

&nbsp;&nbsp;&nbsp;&nbsp;· **Lithology Logs.** This contained log data fields which included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Geological grouping

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Formation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Lithological code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mineralisation codes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Alteration code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Structural code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Geological description

&nbsp;&nbsp;&nbsp;&nbsp;· **Density Measurements**.

After import of these data sets into Datamine, the data files were combined and then 'desurveyed' so as to obtain the complete three-dimensional coordinates of each sample. These data could then be viewed in three-dimensions, plan, cross-section or long-section.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **116** |

---

**Table 14-1. Holes and Cu Sample Data Summary - Nussir**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Sample**<br>**Type** | <br>**YEAR** | **Holes/** <br>**Channels** | <br>**Length (m)** | **Cu**<br>**Samples** |
| **Channel** | 1985 | 10 | 35 | 10 |
| **Samples** | 1985 | 10 | 35 | 10 |
|  | 1985 | 6 | 264 | 31 |
|  | 1986 | 2 | 496 | 28 |
|  | 1988 | 6 | 1325 | 69 |
|  | 1990 | 24 | 1893 | 431 |
|  | 1995 | 4 | 724 | 59 |
|  | 1996 | 4 | 1182 | 66 |
|  | 2006 | 7 | 2687 | 101 |
| **Diamond** | 2007 | 1 | 78 | 17 |
| **Drillholes** | 2008 | 30 | 7116 | 605 |
|  | 2011 | 6 | 1996 | 141 |
|  | 2013 | 21 | 3222 | 126 |
|  | 2014 | 34 | 9308 | 326 |
|  | 2015 | 33 | 10572 | 283 |
|  | 2017 | 20 | 7947 | 186 |
|  | 2019 | 13 | 3912 | 100 |
|  | **Total DD** | **211** | **52723** | **2569** |
|  | **Total ALL** | **221** | **52757** | **2579** |

---

In the process of this data collation, the following validation steps were taken:

&nbsp;&nbsp;&nbsp;&nbsp;a) Range checks

b) Sequential FROM-TO checks

c) Visual examination

d) Cross-referencing different log-types and reports

These checks enabled some few small transcription errors in assay and survey data to be resolved.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **117** |

---

**14.1.2 Interpretation**

The Nussir Cu-mineralized zone is an almost continuous layer over a strike length of 10 km, which is dolomite-dominated in the west and mostly calcite-dominated sandstone-limestone, along with medium dark schist with chalcocite/bornite dissemination, in the east. This mineralized zone is within the Gorohatjohca sedimentary formation, which predominantly consists of claystone, and is 200- 400m thick in the west, thinning out to a few metres wide in the east. The Gorohatjohca overlies the Stangvatn conglomerate formation and underlies the Nussir volcanic formation.

Interpretation of the mineralized zone was based primarily on a 0.3% Cu cut-off, along with the physical controls of the lithologies within the Gorohatjohca formation. Leapfrog Geo software (version 4.3.1 in 2018 and version 5.0.3 in 2019) was used in this interpretation work, creating wireframe models of the mineralized zone and the Gorohatjohca formation. In the western-most 3 km of the deposit, the mineralized layer is folded in an S-shaped macroscopic structure with the axial plane dipping moderately to the north-west.

There is a specific break in Cu mineralisation in the central part of the deposit, representing an effective 'dry zone' about 400m along strike length. It is situated along the southern flank of the major fold and is interpreted as a local extensional normal fault where the mineralized layers have been pulled apart. It has not been possible to model the continuation of this fault zone, and other faults between adjacent drillholes. This is due to lower number of drillholes in this area. In future work, it is recommended that more drilling is needed in this area, and corresponding analysis of any fault outlines from topographic data.

For subsequent resource modelling, the interpreted mineralized zones have in general been extrapolated a maximum distance of approximately 100 m, both laterally and down-dip, from the outer-most drillhole intersections. The drilling grid spacing used generally has been 200-250m, so this extrapolation distance is approximately half of the typical grid spacing. An extrapolation of 100 m - 250 m would seem a reasonable extent for consideration an exploration target category.

A horizontal section at 0 m elevation, of the eastern part of the deposit, is shown in Figure 14-1, showing the mineralized zone as well as the Gorohatjohca formation. Example sections of the same structures (with reference lines shown in Figure 14-1) are shown in Figure 14-2. A plan view of the mineralized zone is shown in Figure 14-3, with 3D views in Figure 14-4 and Figure 14-5.

**Figure 14-1. Nussir Horizontal Section at 0mRL, with Lithological Interpretation**

![](tm2533647d1_ex46sp5img043.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **118** |

---

**Figure 14-2. Nussir Example Sections - Lithological Interpretation**

[All sections looking westwards]

![](tm2533647d1_ex46sp5img044.jpg)

![](tm2533647d1_ex46sp5img045.jpg)

![](tm2533647d1_ex46sp5img046.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **119** |

---

**Figure 14-3. Plan View of Drillholes and Interpretation Limits - Nussir**

![](tm2533647d1_ex46sp5img047.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **120** |

---

**Figure 14-4. 3D View of Nussir Mineralized Zones – East Side**

![](tm2533647d1_ex46sp5img048.jpg)

**Figure 14-5. 3D View of Nussir Mineralized Zones – West Side**

![](tm2533647d1_ex46sp5img049.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **121** |

---

**14.1.3 Exploratory Data Analysis**

Some intersections with grades lower than 0.3% Cu were also included in the mineralized interpretation for continuity purposes. Summary statistics were generated for all sample data, as well as just for the sample data inside the revised intersections, and are shown in Table 14-2. A histogram of original sample lengths is shown in Figure 14-8.

**Table 14-2. Sample Statistics – Nussir**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>&nbsp;&nbsp;**FIELD** | <br>&nbsp;&nbsp; **Unit** | &nbsp;&nbsp;**Number**<br>&nbsp;&nbsp;**of**<br>&nbsp;&nbsp;**Samples** | <br>**Number>**<br>**Trace** | <br>**Minimum** | <br>**Maximum** | <br>**Mean** | <br>**Variance** | <br>**Standard**<br>**Deviation** | **Log**<br>**Estimate**<br>**of Mean** | **Coefficient**<br>**of Variation%** |
| **All** | &nbsp;&nbsp;**Cu** | &nbsp;&nbsp;*%* | 2947 | 2693 | 0 | 9.44 | 0.36 | 0.51 | 0.71 | 2.44 | 198 |
| **Samples** | &nbsp;&nbsp;**Ag** | &nbsp;&nbsp;*g/t* | 2947 | 1147 | 0 | 146.5 | 4.1 | 103.5 | 10.2 | 12.8 | 249 |
|  | &nbsp;&nbsp;**Au** | &nbsp;&nbsp;*g/t* | 2947 | 1989 | 0 | 13.73 | 0.06 | 0.15 | 0.38 | 0.08 | 638 |
|  | &nbsp;&nbsp;**Pd** | &nbsp;&nbsp;*ppb* | 2947 | 1736 | 0 | 5800 | 20.3 | 19394 | 139.3 | 16.8 | 685 |
|  | &nbsp;&nbsp;**Pt** | &nbsp;&nbsp;*ppb* | 2947 | 1123 | 0 | 13500 | 30.6 | 71031 | 266.5 | 41.3 | 871 |

---

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>&nbsp;&nbsp;**FIELD** | <br>&nbsp;&nbsp; **Unit** | &nbsp;&nbsp;**Number**<br>&nbsp;&nbsp;**of**<br>&nbsp;&nbsp;**Samples** | <br>**Number>**<br>**Trace** | <br>**Minimum** | <br>**Maximum** | <br>**Mean** | <br>**Variance** | <br>**Standard**<br>**Deviation** | **Log**<br>**Estimate**<br>**of Mean** | **Coefficient**<br>**of Variation%** |
| **Within** | &nbsp;&nbsp;**Cu** | &nbsp;&nbsp;*%* | 846 | 846 | 0.001 | 9.44 | 1.11 | 0.86 | 0.93 | 1.53 | 84 |
| **Mineralized** | &nbsp;&nbsp;**Ag** | &nbsp;&nbsp;*g/t* | 846 | 761 | 0 | 146.5 | 13.2 | 228.6 | 15.1 | 16.4 | 115 |
| **Intersections** | &nbsp;&nbsp;**Au** | &nbsp;&nbsp;*g/t* | 846 | 769 | 0 | 4.34 | 0.14 | 0.08 | 0.28 | 0.18 | 210 |
|  | &nbsp;&nbsp;**Pd** | &nbsp;&nbsp;*ppb* | 669 | 442 | 0 | 5800 | 45.7 | 68862 | 262.4 | 39.1 | 574 |
|  | &nbsp;&nbsp;**Pt** | &nbsp;&nbsp;*ppb* | 669 | 217 | 0 | 13500 | 72.2 | 284970 | 533.8 | 214.7 | 740 |

---

The upper 'All Sample' section of the table relates to the overall extent of samples taken. The lower 'Just Intersections' part shows the main information for the samples inside the interpreted mineralized zones, which were processed onwards for resource estimation purposes. Log probability plots were also prepared for the intersection samples, are shown in Appendix A and Figure 14-6. For all of the metal grades, the populations are approaching log normal. For Cu grades, the lower 10% of samples, below 0.25% Cu, appear to have different characteristics. To also assist with the assessment of outlier grades, a coefficient of variation (cv) analysis was also made on the mineralized samples, along with decile analyses. The cv plots are shown overleaf, which demonstrates the top-cut levels selected, which were applied after compositing. A summary of the top-cut levels used, and the effects of these top-cut applications, is summarised in Table 14-3.

**Table 14-3. Summary of Top-Cuts Applied – Nussir**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Metal** | <br>**Unit** | <br>**Top-Cut**<br>**Level** | <br>**No. of**<br>**Composites** | <br>**No . Cut**<br>**Applied** | **Proportion**<br>**% Cut**<br>**Applied** | <br>**Uncut**<br>**Mean** | <br>**Cut**<br>**Mean** |
| **Cu** | *%* | 4.75 | 172 |  | 0 | 1.10 | 1.10 |
| **Ag** | *g/t* | 80 | 170 |  | 0 | 13.4 | 13.4 |
| **Au** | *g/t* | 1.5 | 164 | 1 | 0.6 | 0.15 | 0.15 |
| **Pd** | *ppb* | 700 | 124 | 1 | 0.8 | 64.6 | 59.4 |
| **Pt** | *ppb* | 1650 | 104 | 1 | 1 | 189.1 | 184.6 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **122** |

---

**Figure 14-6. Log-Probability Plots of Mineralized Zone Samples - Nussir**

![](tm2533647d1_ex46sp5img050.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **123** |

---

**Figure 14-7. Coefficient of Variation Analyses' Graphs - Nussir**

![](tm2533647d1_ex46sp5img051.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **124** |

---

**Figure 14-8. Sample Length Histogram - Nussir**

![](tm2533647d1_ex46sp5img052.jpg)

**14.1.4 Compositing**

Composites were created across each identified intersection. These composites were therefore of variable length. Statistics of the composite samples are summarised below in Table 14-4. True thickness values were also calculated for each intersection. The statistics summaries shown in Table 14-4 are shown for grade values directly, as well as grade values weighted by true thickness. The true thickness values have been calculated after generation of the composites and stored with the composites thereafter. This weighting has little effect on the calculated statistics. This is due to the relative uniform thickness of the mineralized zones, generally from 2 to 5 m. A histogram of all the composites' true thickness values is shown in Figure 14-9.

**Table 14-4. Composite Statistics – Nussir**

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | <br>**FIELD** | &nbsp;&nbsp;<br>**Unit** | **Number of**<br>**Samples** | **Number >**<br>**Trace** | <br>**Minimum** | <br>**Maximum** | <br>**Mean** | <br>**Variance** | **Standard**<br>**Deviation** | **Log Estimate**<br>**of Mean** | **Coefficient of**<br>**Variation %** |
|  | **Cu** | &nbsp;&nbsp;*%*** | 173 | 172 | 0.00 | 3.12 | 1.10 | 0.23 | 0.48 | 1.14 | 44 |
|  | **Ag** | &nbsp;&nbsp;***g/t*** | 173 | 170 | 0 | 52.5 | 13.4 | 92.8 | 9.6 | 15 | 72 |
|  | **Au** | &nbsp;&nbsp;***g/t*** | 173 | 164 | 0.00 | 1.50 | 0.15 | 0.03 | 0.16 | 0.15 | 111 |
| **Unweighted** | **Cu Accumulation** | **Cu Accumulation** | 173 | 172 | 0.00 | 13.94 | 3.82 | 5.81 | 2.41 | 4.15 | 63 |
|  | **Thickness *m*** | **Thickness *m*** | 173 | 173 | 0.26 | 9.87 | 3.40 | 2.47 | 1.57 | 3.47 | 46 |
|  | **Pd** | &nbsp;&nbsp;***ppb*** | 124 | 124 | 0.97 | 700 | 59.4 | 10017 | 100.1 | 73.9 | 169 |
|  | **Pt** | &nbsp;&nbsp;***ppb*** | 104 | 104 | 2.19 | 1650 | 184.6 | 80754 | 284.2 | 273.4 | 154 |
|  | **Cu** | &nbsp;&nbsp;*%*** | 173 | 172 | 0.00 | 3.12 | 1.12 | 0.21 | 0.46 | 1.16 | 41 |
|  | **Ag** | &nbsp;&nbsp;***g/t*** | 173 | 170 | 0 | 52.5 | 13.6 | 91.6 | 9.6 | 15.1 | 70 |
| **Weighted** | **Au** | &nbsp;&nbsp;***g/t*** | 173 | 164 | 0.00 | 1.50 | 0.14 | 0.02 | 0.13 | 0.14 | 92 |
| **By Length** | **Pd** | &nbsp;&nbsp;***ppb*** | 124 | 124 | 1 | 700 | 58.9 | 12702 | 112.7 | 68.2 | 191 |
|  | **Pt** | &nbsp;&nbsp;***ppb*** | 104 | 104 | 2.2 | 1650 | 196.7 | 104174 | 322.8 | 273.6 | 164 |

---

**Figure 14-9. Histogram of Composite True Thicknesses - Nussir**

![](tm2533647d1_ex46sp5img053.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **125** |

---

**14.1.5 Geostatistics**

Statistical plots for the composite copper grades are shown in Figure 14-10. This also shows a scatterplot of composite grades versus true thickness, which demonstrates that there is no particular relationship between grade and thickness.

**Figure 14-10. Statistical Cu Plots, Composites - Nussir**

![](tm2533647d1_ex46sp5img054.jpg)

Histograms and log-probability plots for the other metals in the composites, Ag, Au, Pd and Pt, are shown in Figure 14-11. In all cases the approximately single log-normal populations are apparent.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **126** |

---

**Figure 14-11. Histograms/ Log-Probability Plots- - Composites Au, Ag. Pd, Pt**

![](tm2533647d1_ex46sp5img055.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **127** |

---

The composites were used to generate experimental variograms for the composited metal grades, from which model variograms were developed, as shown in Figure 14-12. Most of the model variograms have a range of approximately 200 m. The model variogram parameters are summarised in Table 14-5. An isotropic model has been fitted in all cases, as this corresponded with the experimental variograms both along-strike and down-dip

**Figure 14-12. Experimental and Model Variograms - Nussir**

![](tm2533647d1_ex46sp5img056.jpg)

**Table 14-5. Model Variogram Parameters – Nussir**

---

| | | | |
|:---|:---|:---|:---|
| **Field** | **Nugget** | **Range (m)** | **C1** |
| **Cu** | 0.09 | 177 | 0.161 |
| **Ag** | 6.6 | 223 | 45.1 |
| **Au** | 0.01 | 251 | 0.01 |
| **Pd** | 2238 | 166 | 5113 |
| **Pt** | 2,024 | 358 | 8,194 |

---

**Notes**

**. All models isotropic**

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **128** |

---

**14.1.6 Volumetric Modelling**

The interpreted Leapfrog Geo (version 4.3.1 in 2018 and version 5.0.3 in 2019) wireframe models of the mineralized models have also been combined with the topography. The overall stratigraphic package has not been built into the block model. A plan, W-E long-sections and a three dimensional view are shown in Figure 14-14, Figure 14-15 and Figure 14-16, respectively.

Because of the overall folded nature of the deposit, three separate block models were used, each with separate rotated structures, as depicted with the model prototypes shown in Figure 14 -17. However, for evaluation purposes, three separate regions have been demarcated: western, central and eastern, as summarised below, and depicted in the plan shown in Figure 14 -13.

&nbsp;&nbsp;&nbsp;&nbsp;a) **Western Region.** West of 392,050mE.

&nbsp;&nbsp;&nbsp;&nbsp;b) **Central Region.** This extends from 392,050mE to approximately 394,650mE.

&nbsp;&nbsp;&nbsp;&nbsp;c) **Eastern Region.** East of 394,650mE.

**Figure 14-13. Plan of Evaluation Regions - Nussir**

![](tm2533647d1_ex46sp5img057.jpg)

The wireframe models were used as the basis for filling the mineralized zones with blocks. A parent block size of 150m x 150m was used in the along-strike and down-dip directions. Across the true thickness of the zones, sub-blocks were used to provide single blocks across the mineralized zones at any point. The sub-blocks measured 5m along-strike, 5m down-dip and variable length across-strike, according to mineralisation thickness.

Details of these different model prototypes are shown in Table 14-6.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **129** |

---

**Figure 14-14. Plan View of Mineralized Wireframe Model - Nussir**

![](tm2533647d1_ex46sp5img058.jpg)

**Figure 14-15. W-E Long Section of Wireframe Model - Nussir**

[5:1 Vertical Exaggeration]

![](tm2533647d1_ex46sp5img059.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **130** |

---

**Figure 14-16. 3D View of Wireframe Model – View from SW - Nussir**

![](tm2533647d1_ex46sp5img060.jpg)

**Figure 14-17. 3D View of Model Prototype Structures– View from SW - Nussir**

![](tm2533647d1_ex46sp5img061.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **131** |

---

**Table 14-6. Model Prototype Definitions - Nussir**

![](tm2533647d1_ex46sp5img062.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **132** |

---

**14.1.7 Density**

Density measurements from core samples were collated. A statistical summary of these measurements is shown in Table 14-7. Histograms displaying the density measurements by broad rock type, and by lithology, are shown in Figure 14-19 and Figure 14-20. There does not appear to be any major changes in density with lithology. A graph of Cu grade versus density values, for density measurements from the mineralized zone, is shown in Figure 14-18. There does not seem to be any clear relationship between density and Cu grade.

**Figure 14-18. Grade vs Density Graph – Mineralized Zone Measurements - Nussir**

![](tm2533647d1_ex46sp5img063.jpg)

It was therefore decided to average density measurements over mineralized zone intersections and assign these to the mineralized zone composite set. A statistical summary of these composite density values is shown in Table 14-8.

**Table 14-7. Statistical Summary of Density Measurements - Nussir**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | **NUMBER** | **MINIMUM** | **MAXIMUM** | **MEAN** | **VARIANCE** | **STANDARD<br> DEVIATION** | **MEDIAN** |
| **Footwall** | 27 | 2.66 | 2.87 | 2.71 | 0.0021 | 0.0457 | 2.71 |
| **Hanging Wall** | 33 | 2.66 | 3.02 | 2.79 | 0.0091 | 0.0953 | 2.77 |
| **Mineralized Zone** | 53 | 2.63 | 2.87 | 2.76 | 0.0034 | 0.0581 | 2.75 |

---

**Table 14-8. Statistical Summary of Composite Densities - Nussir**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**DESCRIPTION** | <br>**NUMBER** | <br>**MINIMUM** | <br>**MAXIMUM** | <br>**MEAN** | <br>**VARIANCE** | **STANDARD**<br>**DEVIATION** | <br>**MEDIAN** |
| **Mineralized Zone** | 14 | 2.67 | 2.87 | 2.75 | 0.0029 | 0.0540 | 2.75 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **133** |

---

**Figure 14-19. Density Histograms by Rock Type - Nussir**

![](tm2533647d1_ex46sp5img064.jpg)

**Figure 14-20. Density Histograms by Lithology - Nussir**

![](tm2533647d1_ex46sp5img065.jpg)

A 3D picture of the density composites is shown in Figure 14-21. It can be seen that these density measurements are all in the eastern part of the deposit. These composites were used to estimate density values into the resource model, using inverse-distance weighting. For model blocks where density composites are not nearby (over a distance of 450 m), an average density value of 2.76 t/m<sup>3</sup> has been set.

**Figure 14-21. 3D View of Density Measurement Locations - Nussir**

![](tm2533647d1_ex46sp5img066.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **134** |

---

**14.1.8 Grade Estimation**

Metal grades were estimated direct from the average grades of the intersection composites. The grade interpolation parameters applied are summarised below in Table 14-9. The primary grades were estimated using ordinary kriging (OK), using the variogram parameters shown in Table 14-5. For comparative purposes, copper grades were also interpolated by inverse-distance weighting and nearest-neighbour. Six progressively larger searches were made, so that if insufficient composites were found on the first search, the next larger search would be applied.

**Table 14-9. Grade Estimation Parameters – Nussir**

---

| | | | |
|:---|:---|:---|:---|
| **Search Distances (m)** | **Search Distances (m)** | | |
| **Along-Strike** | **Down-Dip** | <br>**Search** | **Minimum No.**<br>**of**<br>**Composites/**<br>**Drillholes** |
| 125 | 125 | 1st | 3 |
| 225 | 225 | 2nd | 2 |
| 450 | 450 | 3rd | 2 |
| 500 | 500 | 4th | 1 |
| 750 | 750 | 5th | 1 |
| 1000 | 1000 | 6th | 1 |

---

**Notes:**

**. Maximum number of composites/drillholes used = 12**

**. Cu, Ag, Au, Pd and Pt grades interpolated using ordinary kriging**

**. Check grades were also determined by NN and Inverse-Distance(^2)**

**. Density values estimated using inverse-distance weighting**

**. Estimations are done within plane of each zone, projected according to orientations:**

---

| | | |
|:---|:---|:---|
| | **Dip** | **Direction** |
| **West 1** | 45 | 70 |
| **West 2** | 65 | 0 |
| **East** | 55 | -20 |

---

A 3D view of estimated Cu grades is shown in Figure 14-22. A long section depicting the variation of the estimated Cu grades are shown in Figure 14-23. Figure 14-24 shows a long section of the resource classification.

**Figure 14-22. 3D View of Estimated Cu Grades - Nussir**

![](tm2533647d1_ex46sp5img067.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **135** |

---

**Figure 14-23. Long Section of Modelled Cu Grades - Nussir**

![](tm2533647d1_ex46sp5img068.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **136** |

---

**Figure 14-24. Long Section of Resource Classification - Nussir**

![](tm2533647d1_ex46sp5img069.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **137** |

---

**14.1.9 Resource Classification**

Definitions for resource categories used in this report are consistent with CIM (2014) definitions incorporated by reference into NI 43-101. In the CIM classification, a Mineral Resource is defined as "a concentration or occurrence of solid 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 eventual economic extraction. The location, quantity, grade or quality, continuity, and other geological characteristics of a Mineral Resource are known, estimated, or interpreted from specific geological evidence and knowledge, including sampling. Mineral Resources are classified into Measured, Indicated, and Inferred categories. A Mineral Reserve is defined as the "economically mineable part of a Measured and/or Indicated Mineral Resource" demonstrated by studies at pre-feasibility or feasibility level as appropriate. Mineral Reserves are classified into Proven and Probable categories.

In order to test resource classification criteria, a conditional simulation exercise was completed, which focussed on the precision of evaluation that may be obtained with different drillhole spacings, related to mining blocks containing more broadly equivalent to 3 months of production and 1 year of production. This analysis was completed with the following stages:

1. A panel was defined, in the eastern part of the Nussir deposit, with an assumed average thickness of 3m, and along-strike and down-dip dimensions of 245 m. These dimensions were selected, so that this block contains approximately 0.5 Mt of material, which is roughly equivalent to 3 months of production (based on an assumed production rate of 2 Mtpa). This was used to create a volumetric test model.

2. Based on all available drillholes in the same area, a grid of densely spaced pseudo-samples was generated, based on the same statistical parameters as the original distribution of actual samples. Using this data set, samples corresponding to any different theoretical drilling grids could be selected. In this way, different composite groups were created for drilling grids spaced at 25 m, 50 m, etc up to 500 m.

3. The complete composite set for the eastern part of Nussir was converted into normal score form, and used to provide experimental variograms, from which model variograms were determined, for Cu, Cu x Thickness (accumulation) and Thickness quantities. An example is shown in Figure 14-25.

4. A conditional simulation was then run using each of the different pseudo-drilling grid sets. The parameters used for these simulation runs included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Sequential gaussian simulation.

b) An internal point density of 5m x 5m inside the test area.

c) 50 simulation runs were completed for each test.

d) Normal transformed model variograms used.

e) Horizontal search distances of 400m were used.

f) Minimum/Maximum no. of composites = 2 / 20

5. For each conditional simulation run, and for each of the three variables, the distribution of overall average values was approximately normally distributed, as shown in the example in

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **138** |

---

Figure 14-26. The standard deviation of these results was then used to calculate the relative error of the overall average grade, at the 90% probability level.

6. From these results, the relative errors at the 90% probability level were also determined for a block corresponding to approximately one year's production.

A summary of these results is shown in Table 6-11. For the assessment of resource classification, it has been assumed that Measured Resources should be known within ±15%, with 90% confidence for a production quarter (3 months). Similarly, it has been assumed that Indicated Resources should be known within ±15%, with 90% confidence on an annual basis. This method of resource classification is gaining wide acceptance and has been applied to similar deposits as Nussir (e.g. Copperwood – AMEC).

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **139** |

---

**Figure 14-25. Normal Score Variogram for Cu - Nussir**

![](tm2533647d1_ex46sp5img070.jpg)

**Figure 14-26. Example Histogram of Simulated Average Cu Grades**

![](tm2533647d1_ex46sp5img071.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **140** |

---

**Table 14-10. Conditional Simulation Results for Nussir**

[3 Month and 1 Year Test Blocks]

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Results for Quarterly Mining Block(0.5 Mt)** | **Results for Quarterly Mining Block(0.5 Mt)** | **Results for Quarterly Mining Block(0.5 Mt)** | **Results for Quarterly Mining Block(0.5 Mt)** | **Results for Quarterly Mining Block(0.5 Mt)** | **Results for Quarterly Mining Block(0.5 Mt)** | |
| <br>**FIELD** | <br>**Drilling**<br>**Grid**<br>**Spacing**<br>**m** | <br>**MEAN** | <br>**STANDDEV** | <br>**MINIMUM**  | <br>**MAXIMUM** | **+/-**<br>**Tolerance**<br>**at 90%**<br>**Probability**<br>**Level**<br>*%*** | <br>**Relative**<br>**Error%** | **Relative**<br>**Error for**<br>**Annual**<br>**Block**<br>**(2Mt)%** |
| **CU** | **25** | 0.99 | 0.02 | 0.93 | 1.03 | *0.03* | 3.5 | 1.7 |
| CU | **50** | 0.95 | 0.04 | 0.89 | 1.04 | *0.06* | 6.2 | 3.1 |
| CU | **75** | 1.03 | 0.07 | 0.86 | 1.19 | 0.11 | 11.1 | 5.5 |
| CU | **100** | 0.88 | 0.08 | 0.65 | 1.06 | 0.14 | 15.9 | 8 |
| CU | **125** | 0.98 | 0.10 | 0.67 | 1.20 | 0.16 | 16.5 | 8.3 |
| CU | **150** | 0.97 | 0.14 | 0.58 | 1.29 | 0.24 | 24.2 | 12.1 |
| CU | **175** | 1.13 | 0.15 | 0.70 | 1.46 | 0.25 | 21.9 | 10.9 |
| CU | **200** | 1.08 | 0.15 | 0.59 | 1.34 | 0.25 | 23.4 | 11.7 |
| CU | **225** | 0.88 | 0.15 | 0.51 | 1.17 | 0.24 | 27.1 | 13.6 |
| CU | **250** | 0.92 | 0.25 | 0.33 | 1.42 | 0.41 | 44.5 | 22.3 |
| CU | **275** | 0.98 | 0.20 | 0.48 | 1.40 | 0.32 | 33 | 16.5 |
| CU | **300** | 1.62 | 0.41 | 0.90 | 3.11 | 0.67 | 41.5 | 20.8 |
| CU | **325** | 1.09 | 0.28 | 0.38 | 1.83 | 0.45 | 41.5 | 20.7 |
| CU | **350** | 0.90 | 0.37 | 0.19 | 2.01 | 0.61 | 68.3 | 34.1 |
| CU | **375** | 0.92 | 0.33 | 0.23 | 1.90 | 0.54 | 59.2 | 29.6 |
| CU | **400** | 0.89 | 0.32 | 0.20 | 1.70 | 0.52 | 57.9 | 29 |

---

From the results produced for Nussir, as summarised in Table 14-11, the following conclusions have been developed with respect to resource classification:

**Measured Resources.** A drill grid spacing of 125m gives quarterly 90% confidence levels of ±16.5% for Cu grade.

**Indicated Resources.** A drill grid spacing of 225m gives annual 90% confidence levels of ±13.6% for Cu grade.

The applied resource classification criteria are summarised in Table 14-11. These categories were set into the resource block models based on perimeters defined in long section.

**Table 14-11. Resource Classification Criteria - Nussir**

---

| | |
|:---|:---|
| **Category** | **Criteria** |
| Measured | At least 3 drillholes with a spacing of at least 125m |
| Indicated | At least 3 drillholes with a spacing of at least 225m |
| Inferred | Greater grid spacings of 225m, max extrapolation of 100m |

---

Plan and 3D views depicting the resultant resource classifications are shown in Figure 14-27 and Figure 14-28. The areas allocated with a Measured resource category have been intersected with predominantly post-2000 diamond drilling. The parts of the block model allocated as Measured have used an average number of 5 drillholes for estimation. Those parts allocated as Indicated have used an average number of 4 drillholes for estimation.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **141** |

---

**Figure 14-27. Resource Classification – Plan- Nussir**

![](tm2533647d1_ex46sp7img001.jpg)

**Figure 14-28. Resource Classification – 3D View from NE, With Drillholes – Nussir**

![](tm2533647d1_ex46sp7img002.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **142** |

---

**14.1.10** **Model Validation**

***Visual Examination***

Long sections of the block model contents were prepared for the west and east zones. These were oriented to be approximately perpendicular to the respective zones. The models blocks shown were colour-coded, and overlain with the corresponding data from the drillhole composites.

***Global Comparison of Grades***

The overall average sample and composite metal grades were compared with global average grades from the block model, as interpolated by kriging, inverse-distance weighting and nearest neighbour. These results are summarised below in Table 14-12.

**Table 14-12. Global Comparison of Grades – Nussir**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **BLOCK MODEL** | **BLOCK MODEL** | **BLOCK MODEL** |
| **ZONE** | **FIELD** | ***Unit*** | **SAMPLES COMPOSITES** | **SAMPLES COMPOSITES** | **OK** | **NN** | **ID** |
| **E** | **Cu** | *%*** | 1.12 | 1.12 | 1.16 | 1.19 | 1.17 |
| **W1** | **Cu** | *%*** | 1.17 | 1.17 | 1.13 | 1.09 | 1.12 |
| **W2** | **Cu** | *%*** | 1.20 | 1.07 | 1.16 | 1.22 | 1.18 |
| **E** | **Ag** | ***g/t*** | 13.7 | 12.2 | 19.9 | 20.3 | 20.1 |
| **W1** | **Ag** | ***g/t*** | 21.9 | 21.4 | 11.8 | 11.2 | 11.5 |
| **W2** | **Ag** | ***g/t*** | 17.8 | 15.2 | 13.9 | 13.5 | 14.2 |
| **E** | **Au** | ***g/t*** | 0.14 | 0.14 | 0.14 | 0.15 | 0.15 |
| **W1** | **Au** | ***g/t*** | 0.11 | 0.10 | 0.14 | 0.14 | 0.14 |
| **W2** | **Au** | ***g/t*** | 0.23 | 0.20 | 0.21 | 0.17 | 0.20 |
| **E** | **Pd** | ***ppb*** | 57.6 | 52.3 | 114.9 | 112.8 | 116.6 |
| **W1** | **Pd** | ***ppb*** | 237.8 | 134 | 65.7 | 72.7 | 68.8 |
| **W2** | **Pd** | ***ppb*** | 50.9 | 37.1 | 43.7 | 69.7 | 48.9 |
| **E** | **Pt** | ***ppb*** | 172.9 | 177.4 | 305.8 | 266.1 | 308.9 |
| **W1** | **Pt** | ***ppb*** | 813.3 | 358.3 | 197.8 | 200.5 | 201.6 |
| **W2** | **Pt** | ***ppb*** | 269.2 | 197.3 | 213.3 | 307.3 | 220.3 |

---

**Notes**

---

| | | |
|:---|:---|:---|
| **. No cut-off applied** | **. No cut-off applied** | **. No cut-off applied** |
| **. Grades derived from all resource categories** | **. Grades derived from all resource categories** | **. Grades derived from all resource categories** |
| **. OK ordinary kriging** | **. OK ordinary kriging** | **. OK ordinary kriging** |
| **. NN nearest neighbour** | **. NN nearest neighbour** | **. NN nearest neighbour** |
| **. ID inverse-distance weighting (^2)** | **. ID inverse-distance weighting (^2)** | **. ID inverse-distance weighting (^2)** |
| **. ZONE IDs:** | **. ZONE IDs:** |  |
|  | **E** | **Main Eastern area** |
|  | **W1** | **Main Western area** |
|  | **W2** | **Western extension** |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **143** |

---

***Local Comparison of Grades***

Average model grades along vertical columnar (200 m thick) model block slices were determined, stemming from the kriged, inverse-distance and nearest neighbour grades. These were shown, along with the average composites' grades and total tonnages on the same slices, in comparative swath plots for all estimated metal grades, as shown in Figure 14-29. The models' grades shown are for both all resource categories. These graphs show some degree of smoothing, but in general reflect well the trends in the corresponding average composite grades.

From this analysis it was decided to use the kriged grades as the principal estimated grades for all metals in the resource estimation.

**Figure 14-29. Swath Plots - Nussir**

![](tm2533647d1_ex46sp7img003.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **144** |

---

**14.1.11** **Resource Evaluation**

For reporting purposes for a resource estimate connected with a potential underground mining operation, complying with 'reasonable prospects of eventual economic extraction' guidelines, the following steps were completed:

1) **Cut-Off.** An economic cut-off grade was determined, applicable to underground mining at the Nussir deposit, as summarised in Table 14-15.

2) **Minimum Mining Width.** The prepared in-situ block model has columnar blocks representing the true width of the mineralised zones, as interpreted. These model blocks were processed, such any parts narrower than 2m were diluted up to 2m, reducing the grades accordingly.

3) **Constraining Volumes.** A mineable shape optimisation was run (Datamine process MSO), to generate reasonably practical constraining wireframe volumes for a resource evaluation. The parameters used in this optimisation are summarised in Table 14-31. A long section of resultant constrained resources is shown in Figure 14-44. This applied selectivity means that a small amount of sub-0.3%Cu material is taken within the evaluation ('must-take') and some +0.3%Cu material is excluded.

**4)** **Evaluation.** The evaluation was broken down by resource class, as well as by west, central and eastern partitions, as depicted in Figure 14-31. The evaluation summary in Table 14-18 shows grades of Cu, Ag and Au. A grade-tonnage table of the measured and Indicated resources is shown in Table 14-17. A copper-equivalent (CuEq) grade has also been calculated, purely to provide extra information. The CuEq grade has been calculated based on the different assumed Cu, Ag and Au prices as well as average metallurgical recoveries from testwork, as shown in Table 14-15. Corresponding average true thickness values are shown in Table 14-14.

**Table 14-13. MSO Parameters – Nussir**

---

| | | |
|:---|:---|:---|
| **Factor** | ***Unit*** | **Value** |
| Cut-Off | *%Cu* | 0.3 |
| Minimum width | *m* | 2 |
| Minimum length along - strike | *m* | 10 |
| Minimum length down-dip | *m* | 10 |
| Minimum waste pillar width | *m* | 10 |
| Surface crown pillar (excluded) | *m* | 15 |

---

**Table 14-14. Average Resource True Thickness**

[Derived from MSO Constrained Resources]

---

| | | |
|:---|:---|:---|
| **Average True Thickness (m)** | **Average True Thickness (m)** | **Average True Thickness (m)** |
| **Region** | **Meas+Ind** | **Inferred** |
| **West** | 4.2 | 6.1 |
| **Central** | 3.6 | 3.7 |
| **East** | 2.7 | 2.5 |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **145** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Table 14-15. Cut-Off Grade Calculation** | &nbsp;&nbsp;**Table 14-15. Cut-Off Grade Calculation** | &nbsp;&nbsp;**Table 14-15. Cut-Off Grade Calculation** |
|  | &nbsp;&nbsp;**Values** |  |
| &nbsp;&nbsp;**Cu Metal Price** | &nbsp;&nbsp;**4.2** | &nbsp;&nbsp;*$/lb* |
|  | &nbsp;&nbsp;9259 | &nbsp;&nbsp;*$/t* |
| &nbsp;&nbsp;**Processing** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Processing Recovery | &nbsp;&nbsp;96.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrate Grade | &nbsp;&nbsp;45% | &nbsp;&nbsp;*% Cu* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assumed Feed Grade | &nbsp;&nbsp;0.83% | &nbsp;&nbsp;*% Cu* |
| &nbsp;&nbsp;**Smelter Terms** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minimum Deduction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Treatment, Refining and Freight Charge | &nbsp;&nbsp;87.5 | &nbsp;&nbsp;*$/t conc* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Concentrate ref | &nbsp;&nbsp;0.0875 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payability | &nbsp;&nbsp;97.30% |  |
| &nbsp;&nbsp;**Operating Costs** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mining | &nbsp;&nbsp;20 | &nbsp;&nbsp;*$/t* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G&A & infra & closure & royalty | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;*$/t* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Processing | &nbsp;&nbsp;5.5 | &nbsp;&nbsp;*$/t* |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | &nbsp;&nbsp;**26.15** | &nbsp;&nbsp;***$/t*** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (excluding op devt) | &nbsp;&nbsp;26.15 | &nbsp;&nbsp;*$/t* |
| &nbsp;&nbsp;**Breakeven Cut-Off** | &nbsp;&nbsp;**0.30** | &nbsp;&nbsp;*% Cu* |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Table 14-16. Copper-Equivalent Calculations** | &nbsp;&nbsp;**Table 14-16. Copper-Equivalent Calculations** | &nbsp;&nbsp;**Table 14-16. Copper-Equivalent Calculations** | &nbsp;&nbsp;**Table 14-16. Copper-Equivalent Calculations** |
|  | &nbsp;&nbsp;***<u>Unit</u>*** |  | &nbsp;&nbsp;**<u>Values</u>** |  |
| &nbsp;&nbsp;**Prices** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cu Price | &nbsp;&nbsp;*$/lb* |  | &nbsp;&nbsp;**4.2** |  |
|  | &nbsp;&nbsp;*$/t* | &nbsp;&nbsp;Cu_Price | &nbsp;&nbsp;9259 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ag Price | &nbsp;&nbsp;*$/oz* |  | &nbsp;&nbsp;**27.00** |  |
|  | &nbsp;&nbsp;*$/g* | &nbsp;&nbsp;Ag_price | &nbsp;&nbsp;0.868 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Au Price | &nbsp;&nbsp;*$/oz* |  | &nbsp;&nbsp;**2200** |  |
|  | &nbsp;&nbsp;*$/g* | &nbsp;&nbsp;Au_Price | &nbsp;&nbsp;70.73 |  |
| &nbsp;&nbsp;**Processing** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cu Processing Recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cu Processing Recovery | &nbsp;&nbsp;Cu_Recov | &nbsp;&nbsp;96.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ag Processing Recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ag Processing Recovery | &nbsp;&nbsp;Ag_Recov | &nbsp;&nbsp;80.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Au Processing Recovery | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Au Processing Recovery | &nbsp;&nbsp;Au_Recov | &nbsp;&nbsp;93.0% |  |
| &nbsp;&nbsp;**Cu Equiv Coefficients - Price and Recovery** | &nbsp;&nbsp;**Cu Equiv Coefficients - Price and Recovery** |  |  |  |
|  | &nbsp;&nbsp;*Per g/t Ag* | &nbsp;&nbsp;Ag_Coeff | &nbsp;&nbsp;0.00781 | &nbsp;&nbsp;= Ag_Price\*Ag_Recov/(Cu_Price\*Cu_Recov) |
|  | &nbsp;&nbsp;*Per g/t Au* | &nbsp;&nbsp;Au_Coeff | &nbsp;&nbsp;0.740 | &nbsp;&nbsp;= Au_Price\*Au_Recov/(Cu_Price\*Cu_Recov) |
| &nbsp;&nbsp;**Test Calculations - Based on M&I Resource Grades** | &nbsp;&nbsp;**Test Calculations - Based on M&I Resource Grades** |  |  |  |
|  | &nbsp;&nbsp;*%* | &nbsp;&nbsp;Cu Grade | &nbsp;&nbsp;**1.01** |  |
|  | &nbsp;&nbsp;*g/t* | &nbsp;&nbsp;Ag Grade | &nbsp;&nbsp;**12.30** |  |
|  | &nbsp;&nbsp;*g/t* | &nbsp;&nbsp;Au Grade | &nbsp;&nbsp;**0.12** |  |
|  | &nbsp;&nbsp;*%* | &nbsp;&nbsp;Cu_Eq | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;= Cu_Grade + (Ag_Coeff\*Ag_Grade) + (Au_Coeff\*Au_Grade) |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **146** |

---

**Table 14-17. Grade-Tonnage Table – Measured and Indicated Resources Only**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Cu Cut-Off** | **Tonnes** | **Cu** | **Ag** | **Au** | ![](tm2533647d1_ex46sp7img004.jpg) |
| **%** | **Mt** | **%** | **g/t** | **g/t** | ![](tm2533647d1_ex46sp7img004.jpg) |
| 0.3 | 28.72 | 1 | 12.33 | 0.12 | ![](tm2533647d1_ex46sp7img004.jpg) |
| 0.4 | 28.03 | 1.04 | 12.61 | 0.12 | ![](tm2533647d1_ex46sp7img004.jpg) |
| 0.5 | 27.12 | 1.06 | 12.90 | 0.11 | ![](tm2533647d1_ex46sp7img004.jpg) |
| 0.6 | 26.64 | 1.07 | 13.02 | 0.11 | ![](tm2533647d1_ex46sp7img004.jpg) |
| 0.7 | 25.75 | 1.08 | 13.20 | 0.11 | ![](tm2533647d1_ex46sp7img004.jpg) |
| 0.8 | 22.83 | 1.12 | 14.08 | 0.11 | ![](tm2533647d1_ex46sp7img004.jpg) |
| 0.9 | 20.01 | 1.16 | 14.92 | 0.12 | ![](tm2533647d1_ex46sp7img004.jpg) |
| 1 | 17.01 | 1.20 | 15.47 | 0.12 | ![](tm2533647d1_ex46sp7img004.jpg) |
| 1.1 | 12.30 | 1.26 | 16.28 | 0.12 | ![](tm2533647d1_ex46sp7img004.jpg) |
| 1.2 | 6.91 | 1.34 | 17.01 | 0.13 | ![](tm2533647d1_ex46sp7img004.jpg) |
| 1.3 | 2.93 | 1.46 | 18.61 | 0.12 | ![](tm2533647d1_ex46sp7img004.jpg) |
| 1.4 | 1.62 | 1.57 | 20.01 | 0.12 | ![](tm2533647d1_ex46sp7img004.jpg) |
| 1.5 | 0.86 | 1.67 | 23.08 | 0.11 | ![](tm2533647d1_ex46sp7img004.jpg) |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **147** |

---

**Table 14-18. Constrained Resource Evaluation Statement – Nussir deposit**

**Effective Date: 20<sup>th</sup> January, 2025**

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;***Measured Resources*** | &nbsp;&nbsp;***Measured Resources*** | &nbsp;&nbsp;***Measured Resources*** | &nbsp;&nbsp;***Measured Resources*** | &nbsp;&nbsp;***Measured Resources*** | &nbsp;&nbsp;***Indicated Resources*** | &nbsp;&nbsp;***Indicated Resources*** | &nbsp;&nbsp;***Indicated Resources*** | &nbsp;&nbsp;***Indicated Resources*** | &nbsp;&nbsp;***Indicated Resources*** | &nbsp;&nbsp;***Measured + Indicated Resources*** | &nbsp;&nbsp;***Measured + Indicated Resources*** | &nbsp;&nbsp;***Measured + Indicated Resources*** | &nbsp;&nbsp;***Measured + Indicated Resources*** | &nbsp;&nbsp;***Measured + Indicated Resources*** |
| &nbsp;&nbsp;**Region** | | | | | | | | | | | | | | | |
|  | &nbsp;&nbsp;**Tonnes**<br>&nbsp;&nbsp;**Mt** | &nbsp;&nbsp;**Cu**<br>&nbsp;&nbsp;**%** | &nbsp;&nbsp;**Ag**<br>&nbsp;&nbsp;**g/t** | &nbsp;&nbsp;**Au**<br>&nbsp;&nbsp;**g/t** | &nbsp;&nbsp;**Cu Eq** <br>&nbsp;&nbsp;**%** | &nbsp;&nbsp;**Tonnes**<br>&nbsp;&nbsp;**Mt** | &nbsp;&nbsp;**Cu**<br>&nbsp;&nbsp;**%** | &nbsp;&nbsp;**Ag**<br>&nbsp;&nbsp;**g/t** | &nbsp;&nbsp;**Au**<br>&nbsp;&nbsp;**g/t** | &nbsp;&nbsp;**Cu Eq** <br>&nbsp;&nbsp;**%** | &nbsp;&nbsp;**Tonnes**<br>&nbsp;&nbsp;**Mt** | &nbsp;&nbsp;**Cu**<br>&nbsp;&nbsp;**%** | &nbsp;&nbsp;**Ag**<br>&nbsp;&nbsp;**g/t** | &nbsp;&nbsp;**Au**<br>&nbsp;&nbsp;**g/t** | &nbsp;&nbsp;**Cu Eq**<br>&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;**West** |  |  |  |  |  | &nbsp;&nbsp;5.52 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;19.6 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;1.25 | &nbsp;&nbsp;5.52 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;19.6 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;1.25 |
| &nbsp;&nbsp;**Central** | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;1.44 | &nbsp;&nbsp;15.6 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;12.84 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;9.4 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;13.43 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;9.7 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;1.20 |
| &nbsp;&nbsp;**East** | &nbsp;&nbsp;2.10 | &nbsp;&nbsp;0.98 | &nbsp;&nbsp;12.0 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;7.68 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;11.9 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;9.77 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;11.9 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;1.17 |
| &nbsp;&nbsp;**TOTAL** | &nbsp;&nbsp;**2.69** | &nbsp;&nbsp;**1.08** | &nbsp;&nbsp;**12.8** | &nbsp;&nbsp;**0.18** | &nbsp;&nbsp;**1.31** | &nbsp;&nbsp;**26.03** | &nbsp;&nbsp;**1.01** | &nbsp;&nbsp;**12.3** | &nbsp;&nbsp;**0.11** | &nbsp;&nbsp;**1.19** | &nbsp;&nbsp;**28.72** | &nbsp;&nbsp;**1.02** | &nbsp;&nbsp;**12.3** | &nbsp;&nbsp;**0.12** | &nbsp;&nbsp;**1.20** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;***Inferred Resources*** | &nbsp;&nbsp;***Inferred Resources*** | &nbsp;&nbsp;***Inferred Resources*** | &nbsp;&nbsp;***Inferred Resources*** | &nbsp;&nbsp;***Inferred Resources*** |
| &nbsp;&nbsp;**Region** | | | | | |
|  | &nbsp;&nbsp;**Tonnes**<br>&nbsp;&nbsp;**Mt** | &nbsp;&nbsp;**Cu**<br>&nbsp;&nbsp;**%** | &nbsp;&nbsp;**Ag**<br>&nbsp;&nbsp;**g/t** | &nbsp;&nbsp;**Au**<br>&nbsp;&nbsp;**g/t** | &nbsp;&nbsp;**Cu Eq**<br>&nbsp;&nbsp;**%** |
| &nbsp;&nbsp;**West** | &nbsp;&nbsp;22.45 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;17.4 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;1.31 |
| &nbsp;&nbsp;**Central** | &nbsp;&nbsp;7.95 | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;8.1 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;1.10 |
| &nbsp;&nbsp;**East** | &nbsp;&nbsp;1.59 | &nbsp;&nbsp;0.60 | &nbsp;&nbsp;6.5 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.78 |
| &nbsp;&nbsp;**TOTAL** | &nbsp;&nbsp;**31.99** | &nbsp;&nbsp;**1.01** | &nbsp;&nbsp;**14.6** | &nbsp;&nbsp;**0.14** | &nbsp;&nbsp;**1.23** |

---

**Notes:**

---

| | |
|:---|:---|
| **1 .** | **CIM definitions were followed for MRE.** |
| **2 .** | **A minimum mining width of 2.0 m was applied in making the MRE constraint wireframes. These wireframes were generated using a preliminary MSO.** |
| **3 .** | **Density values for Nussir were estimated from density sample values or assigned default average values where insufficient samples occur nearby.** |
| **4 .** | **MRE constraint wireframes were generated for a cut-off grade of 0.30%Cu, related to potential underground mining.** |
| **5 .** | **Metal prices assumed for this MRE were US$4.20/lb Cu, US$27.00/Oz Ag and US$2,200oz Au, which represent reasonable long-term consensus metal pricing.** |
| **6 .** | **Metallurgy recovery assumptions were 96% Cu, 80% Ag and 93% Au, which stem from SGS metallurgical testwork completed in 2022.** |
| **7 .** | **The cut-off grade of 0.30% Cu was derived from the price and recovery values above, as well as a smelter payability of 97.3% and an assumed total operating cost $26.20/t of ore.** |
| **8 .** | **Rounding may result in apparent summation differences between tonnes, grades and metal content; not considered material.** |
| **9 .** | **Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.** |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **148** |

---

**Figure 14-30. Constrained Resource Evaluation Long Section – Nussir (looking north)**

![](tm2533647d1_ex46sp7img005.jpg)

**Figure 14-31. Long Section - Resource Model Partitions – Nussir (looking north)**

![](tm2533647d1_ex46sp7img006.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **149** |

---

**14.2 Ulveryggen**

**14.2.1 Data Collation**

The sample database has been updated by a Norwegian geologist, culminating in a single updated Excel workbook, with separate sheets for:

&nbsp;&nbsp;&nbsp;&nbsp;· **Collar coordinates.** As compared with previous estimates, all coordinates have been updated for
the UTM system, WGS84, zone 35. All the drillhole collars from 1985 to 2008 were measured by DPOS GPS, with an accuracy of 0.2-0.5m. Drillhole
collars from the 2014 and 2017 campaigns have been measured by CPOS by Geonord.

&nbsp;&nbsp;&nbsp;&nbsp;· **Downhole Survey data.** A Deviflex instrument has been used which used lasers and gravitation, where
the azimuth Is dependent on the first assumed azimuth. A Devishot instrument has also been used, which is a magnetic instrument.

&nbsp;&nbsp;&nbsp;&nbsp;· **Assay Results**. Grades of Cu, re-assayed Cu (where measured), Ag, Au, re-assayed Au,

&nbsp;&nbsp;&nbsp;&nbsp;· **Lithology Logs.** These include logged codes lithology, mineralisation and alteration.

&nbsp;&nbsp;&nbsp;&nbsp;· **Geotechnical Logs.** These include RQD and Q values.

&nbsp;&nbsp;&nbsp;&nbsp;· **Magnetization Logs.** 

After import of these data sets into Datamine, the different assay, collars and survey data files were combined and then 'de-surveyed' to obtain the complete three-dimensional coordinates of each sample. A summary of all processed sample data is shown in Table 14-19.

**Table 14-19. Sample Data Summary - Ulveryggen**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample Type** | &nbsp;&nbsp;**YEAR** | &nbsp;&nbsp;**Holes/ <br> Trenches** | &nbsp;&nbsp;**Length (m)** | &nbsp;&nbsp;**Avg. Length/ <br> Hole (m)** | &nbsp;&nbsp;**Cu <br> Samples** |
|  | &nbsp;&nbsp;pre-2010 | &nbsp;&nbsp;83 | &nbsp;&nbsp;11141 | &nbsp;&nbsp;134 | &nbsp;&nbsp;3988 |
| Surface |  |  |  |  |  |
| Drillholes | &nbsp;&nbsp;2014 | &nbsp;&nbsp;1 | &nbsp;&nbsp;412 | &nbsp;&nbsp;412 | &nbsp;&nbsp;24 |
|  | &nbsp;&nbsp;<u>2017</u> | &nbsp;&nbsp;<u>7</u> | &nbsp;&nbsp;<u>967</u> | &nbsp;&nbsp;<u>138</u> | &nbsp;&nbsp;<u>88</u> |
|  | &nbsp;&nbsp;**Sub-total** | &nbsp;&nbsp;**91** | &nbsp;&nbsp;**12520** | &nbsp;&nbsp;**138** | &nbsp;&nbsp;**4100** |
|  | &nbsp;&nbsp;pre-2010 | &nbsp;&nbsp;22 | &nbsp;&nbsp;2754 | &nbsp;&nbsp;125 | &nbsp;&nbsp;325 |
| U/g Drillholes | &nbsp;&nbsp;<u>2010</u> | &nbsp;&nbsp;<u>21</u> | &nbsp;&nbsp;<u>1464</u> | &nbsp;&nbsp;<u>70</u> | &nbsp;&nbsp;<u>455</u> |
|  | &nbsp;&nbsp;**Sub-total** | &nbsp;&nbsp;**43** | &nbsp;&nbsp;**4219** | &nbsp;&nbsp;**98** | &nbsp;&nbsp;**780** |
| Surface |  |  |  |  |  |
| trenches | &nbsp;&nbsp;pre-2010 | &nbsp;&nbsp;51 | &nbsp;&nbsp;1421 | &nbsp;&nbsp;28 | &nbsp;&nbsp;116 |
| **Total** |  | &nbsp;&nbsp;**185** | &nbsp;&nbsp;**18159** | &nbsp;&nbsp;**98** | &nbsp;&nbsp;**4996** |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **150** |

---

In the process of this data collation, the following validation steps were taken, which enabled some few small transcription errors in assay and survey data to be resolved.

&nbsp;&nbsp;&nbsp;&nbsp;a) Range checks

&nbsp;&nbsp;&nbsp;&nbsp;b) Sequential FROM-TO checks

&nbsp;&nbsp;&nbsp;&nbsp;c) Visual examination

&nbsp;&nbsp;&nbsp;&nbsp;d) Cross-referencing previous data and reports

**14.2.2 Interpretation**

Discussions with Nussir geologists, as well considerations of potential economic grades, led to the use of 0.3%Cu cut-off in the re-interpretation of overall mineralized zone limits. This was applied in the interpretation of zone limits on 36 different profiles. Most of these profiles were spaced approximately 40m apart, with a small number of other profiles spaced at either 20m or 15m apart.

Internal waste zones were created during the generation of the resource block model by projecting these zones directly from <0.3% intersections, which essentially reflect the gaps between shear-hosted mineralisation. An example of the resultant interpretation is shown in the example below in Figure 14-32, for Section 20.

**Figure 14-32. Example Interpretation of Ulveryggen Mineralized Zones – Section 20**

![](tm2533647d1_ex46sp7img007.jpg)

Most of the interpreted outer envelopes were linked together to form three-dimensional wireframe models. In some cases where the zones were not continuous, the individual perimeters were used directly during the modelling process. Six different physical zones were identified, as shown in a plan, long section and a 3D view in Figure 14-33 - Figure 14-35.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **151** |

---

**Figure 14-33. Plan View of Interpreted Mineralized Zones – Ulveryggen**

![](tm2533647d1_ex46sp7img008.jpg)

**Figure 14-34. Long Section of Mineralized Zones - Ulveryggen**

![](tm2533647d1_ex46sp7img009.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **152** |

---

**Figure 14-35. 3D View of Mineralized Zones, Looking North-East - Ulveryggen**

![](tm2533647d1_ex46sp7img010.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **153** |

---

**14.2.3 Exploratory Data Processing**

***Sample Selection***

The interpreted wireframe zones were used to create a selected sample set, which included all samples inside the interpreted structures. A breakdown of the whole selected sample set is shown in Table 14-20.

**Table 14-20. Summary of Selected Samples - Ulveryggen**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Sample <br> Type** | &nbsp;&nbsp;**YEAR** | &nbsp;&nbsp;**Holes/ <br> Trenches** | &nbsp;&nbsp;**Length <br> (m)** | &nbsp;&nbsp;**Avg. <br> Length/ <br> Hole (m)** | &nbsp;&nbsp;**Cu <br> Samples** |
|  | &nbsp;&nbsp;2009 | &nbsp;&nbsp;75 | &nbsp;&nbsp;2798 | &nbsp;&nbsp;37 | &nbsp;&nbsp;2135 |
| **Surface** | &nbsp;&nbsp;2014 | &nbsp;&nbsp;1 | &nbsp;&nbsp;14 | &nbsp;&nbsp;14 | &nbsp;&nbsp;9 |
| **Drillholes** |  |  |  |  |  |
|  | &nbsp;&nbsp;<u>2017</u> | &nbsp;&nbsp;<u>7</u> | &nbsp;&nbsp;<u>199</u> | &nbsp;&nbsp;<u>28</u> | &nbsp;&nbsp;<u>54</u> |
|  | &nbsp;&nbsp;**Sub-Total** | &nbsp;&nbsp;**83** | &nbsp;&nbsp;**3011** | &nbsp;&nbsp;**36** | &nbsp;&nbsp;**2198** |
|  | &nbsp;&nbsp;2009 | &nbsp;&nbsp;11 | &nbsp;&nbsp;204 | &nbsp;&nbsp;19 | &nbsp;&nbsp;106 |
| **U/g** |  |  |  |  |  |
| **Drillholes** | &nbsp;&nbsp;<u>2010</u> | &nbsp;&nbsp;<u>19</u> | &nbsp;&nbsp;<u>432</u> | &nbsp;&nbsp;<u>23</u> | &nbsp;&nbsp;<u>254</u> |
|  | &nbsp;&nbsp;**<u>Sub-Total</u>** | &nbsp;&nbsp;**<u>30</u>** | &nbsp;&nbsp;**<u>636</u>** | &nbsp;&nbsp;**<u>21</u>** | &nbsp;&nbsp;**<u>360</u>** |
| **Surface** |  |  |  |  |  |
| **<u>Trenches</u>** | &nbsp;&nbsp;<u>2009</u> | &nbsp;&nbsp;<u>47</u> | &nbsp;&nbsp;<u>1049</u> | &nbsp;&nbsp;<u>22</u> | &nbsp;&nbsp;<u>91</u> |
| **Total** |  | &nbsp;&nbsp;**160** | &nbsp;&nbsp;**4696** | &nbsp;&nbsp;**29** | &nbsp;&nbsp;**2649** |

---

The majority of these drillhole samples were 1m or less in length.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **154** |

---

***Statistics***

Summary statistics were generated for all selected sample data, as well as just for the sample data inside +0.3% Cu intersections, and are shown in Table 14-21.

**Table 14-21. Cu Sample Statistics - Ulveryggen**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>&nbsp;&nbsp;**<u>ZONE</u>** | &nbsp;&nbsp;**Number**<br>&nbsp;&nbsp;**of**<br>&nbsp;&nbsp;**<u>Samples</u>** | <br>&nbsp;&nbsp;**<u>Minimum</u>** | <br>&nbsp;&nbsp;**Maximum** | <br>&nbsp;&nbsp;**Mean** | <br>&nbsp;&nbsp;**Variance** | <br>&nbsp;&nbsp;**Standard**<br>&nbsp;&nbsp;**Deviation** | &nbsp;&nbsp;**Log**<br>&nbsp;&nbsp;**Estimate**<br>&nbsp;&nbsp;**of Mean** | <br>&nbsp;&nbsp;**Coefficient**<br>&nbsp;&nbsp;**<u>of Variation</u>** |
| &nbsp;&nbsp;**All selected samples** | &nbsp;&nbsp;**All** | &nbsp;&nbsp;2694 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;4.72 | &nbsp;&nbsp;0.69 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.65 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;93.3 |
|  | &nbsp;&nbsp;**1** | &nbsp;&nbsp;325 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;4.72 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.95 | &nbsp;&nbsp;73.3 |
|  | &nbsp;&nbsp;**2** | &nbsp;&nbsp;755 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.58 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;64.8 |
| &nbsp;&nbsp;**Just** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;94 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;2.95 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.47 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;63.7 |
| &nbsp;&nbsp;**samples** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;275 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;3.51 | &nbsp;&nbsp;1.09 | &nbsp;&nbsp;0.45 | &nbsp;&nbsp;0.67 | &nbsp;&nbsp;1.10 | &nbsp;&nbsp;61.0 |
| &nbsp;&nbsp;**>0.3% Cu** | &nbsp;&nbsp;**5** | &nbsp;&nbsp;13 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;1.58 | &nbsp;&nbsp;0.74 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;56.5 |
|  | &nbsp;&nbsp;**<u>6</u>** | &nbsp;&nbsp;<u>94</u> | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;<u>2.79</u> | &nbsp;&nbsp;<u>1.09</u> | &nbsp;&nbsp;<u>0.43</u> | &nbsp;&nbsp;<u>0.66</u> | &nbsp;&nbsp;<u>1.09</u> | &nbsp;&nbsp;<u>60.5</u> |
|  | &nbsp;&nbsp;**<u>All</u>** | &nbsp;&nbsp;**1556** | &nbsp;&nbsp;**<u>0.30</u>** | &nbsp;&nbsp;**4.72** | &nbsp;&nbsp;**0.95** | &nbsp;&nbsp;**0.39** | &nbsp;&nbsp;**0.63** | &nbsp;&nbsp;**0.94** | &nbsp;&nbsp;**<u>65.9</u>** |

---

A log probability plots was prepared for all selected samples, as shown in Figure 14-36. This shows a marked break at around 0.2-0.3%Cu and so supports the use of 0.3%Cu for the separate modelling of internal waste. Otherwise, the grade population is approximately log normal. A decile analysis was also completed, as shown in Table 14-22, which does not indicate any outlier grade values.

**Figure 14-36. Log Probability Plot of All Selected Samples - Ulveryggen**

![](tm2533647d1_ex46sp7img011.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **155** |

---

**Table 14-22. Decile Analysis of Selected Samples >0.3% Cu, - Ulveryggen**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**DECILE** | &nbsp;&nbsp;**COUNT** | &nbsp;&nbsp;**CU** | **MIN** | &nbsp;&nbsp;**MAX** | &nbsp;&nbsp;**ACCUM** | &nbsp;&nbsp; **PERCENT** |
| &nbsp;&nbsp;**0-10** | &nbsp;&nbsp;156 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;69.0 | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;**10-20** | &nbsp;&nbsp;156 | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;73.0 | &nbsp;&nbsp;2.7 |
| &nbsp;&nbsp;**20-20** | &nbsp;&nbsp;156 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;124.7 | &nbsp;&nbsp;4.6 |
| &nbsp;&nbsp;**30-40** | &nbsp;&nbsp;156 | &nbsp;&nbsp;0.50 | &nbsp;&nbsp;0.46 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;95.4 | &nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;**40-50** | &nbsp;&nbsp;156 | &nbsp;&nbsp;0.59 | &nbsp;&nbsp;0.54 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;164.7 | &nbsp;&nbsp;6.1 |
| &nbsp;&nbsp;**50-60** | &nbsp;&nbsp;156 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;238.0 | &nbsp;&nbsp;8.8 |
| &nbsp;&nbsp;**60-70** | &nbsp;&nbsp;156 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;0.76 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;182.4 | &nbsp;&nbsp;6.8 |
| &nbsp;&nbsp;**70-80** | &nbsp;&nbsp;156 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;0.94 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;379.2 | &nbsp;&nbsp;14.1 |
| &nbsp;&nbsp;**80-90** | &nbsp;&nbsp;156 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;511.8 | &nbsp;&nbsp;19.0 |
| &nbsp;&nbsp;**90-100** | &nbsp;&nbsp;152 | &nbsp;&nbsp;2.18 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;4.72 | &nbsp;&nbsp;854.8 | &nbsp;&nbsp;31.7 |
| &nbsp;&nbsp;**90-91** | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.74 | &nbsp;&nbsp;1.70 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;28.6 | &nbsp;&nbsp;1.1 |
| &nbsp;&nbsp;**91-92** | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.83 | &nbsp;&nbsp;1.80 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;87.3 | &nbsp;&nbsp;3.2 |
| &nbsp;&nbsp;**92-93** | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.93 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;1.95 | &nbsp;&nbsp;96.9 | &nbsp;&nbsp;3.6 |
| &nbsp;&nbsp;**93-94** | &nbsp;&nbsp;16 | &nbsp;&nbsp;1.98 | &nbsp;&nbsp;1.96 | &nbsp;&nbsp;2.03 | &nbsp;&nbsp;109.0 | &nbsp;&nbsp;4.0 |
| &nbsp;&nbsp;**94-95** | &nbsp;&nbsp;16 | &nbsp;&nbsp;2.05 | &nbsp;&nbsp;2.03 | &nbsp;&nbsp;2.15 | &nbsp;&nbsp;223.0 | &nbsp;&nbsp;8.3 |
| &nbsp;&nbsp;**95-96** | &nbsp;&nbsp;16 | &nbsp;&nbsp;2.24 | &nbsp;&nbsp;2.16 | &nbsp;&nbsp;2.33 | &nbsp;&nbsp;48.9 | &nbsp;&nbsp;1.8 |
| &nbsp;&nbsp;**96-97** | &nbsp;&nbsp;16 | &nbsp;&nbsp;2.43 | &nbsp;&nbsp;2.36 | &nbsp;&nbsp;2.51 | &nbsp;&nbsp;100.4 | &nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;**97-98** | &nbsp;&nbsp;16 | &nbsp;&nbsp;2.75 | &nbsp;&nbsp;2.51 | &nbsp;&nbsp;2.88 | &nbsp;&nbsp;69.5 | &nbsp;&nbsp;2.6 |
| &nbsp;&nbsp;**98-99** | &nbsp;&nbsp;16 | &nbsp;&nbsp;3.21 | &nbsp;&nbsp;2.89 | &nbsp;&nbsp;3.51 | &nbsp;&nbsp;54.9 | &nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;**99-100** | &nbsp;&nbsp;8 | &nbsp;&nbsp;4.04 | &nbsp;&nbsp;3.55 | &nbsp;&nbsp;4.72 | &nbsp;&nbsp;36.3 | &nbsp;&nbsp;1.3 |
| &nbsp;&nbsp;**TOTAL** | &nbsp;&nbsp;**1556** | &nbsp;&nbsp;**0.95** |  |  | &nbsp;&nbsp;**2693** | &nbsp;&nbsp;**100.0** |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **156** |

---

**14.2.4 Compositing**

The compositing procedure used may be outlined as follows:

&nbsp;&nbsp;&nbsp;&nbsp;a) All selected samples were first composited to 2.5 m. This composite length was applied slightly variable,
to provide equal length composites across each intersection.

&nbsp;&nbsp;&nbsp;&nbsp;b) These composites were then flagged as being either below or above 0.3%Cu. This demarcation
was made for the modelling and separate grade handling of internal waste zones.

The breakdown of composites by zone is shown in Table 14-23.

**Table 14-23. Summary of 2.5m Composites - Ulveryggen**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**ZONE** | &nbsp;&nbsp;**Waste<br> <0.3% Cu** | &nbsp;&nbsp;**Mineralised <br> >=0.3% Cu** |
| &nbsp;&nbsp;**1** | &nbsp;&nbsp;88 | &nbsp;&nbsp;178 |
| &nbsp;&nbsp;**2** | &nbsp;&nbsp;402 | &nbsp;&nbsp;577 |
| &nbsp;&nbsp;**3** | &nbsp;&nbsp;36 | &nbsp;&nbsp;87 |
| &nbsp;&nbsp;**4** | &nbsp;&nbsp;115 | &nbsp;&nbsp;221 |
| &nbsp;&nbsp;**5** | &nbsp;&nbsp;11 | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;**6** | &nbsp;&nbsp;21 | &nbsp;&nbsp;125 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;**673** | &nbsp;&nbsp;**1195** |

---

As discussed in Section 4.2, composites were created across each identified intersection, with a length of 2.5 m. Those composites with average Cu grade values below 0.3% were then flagged as internal waste and handled separately. Statistics of the composite samples are summarised in Table 14-24.

**Table 14-24. Composite Statistics – Ulveryggen**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | <br>&nbsp;&nbsp;**ZONE** | <br>&nbsp;&nbsp;**Number** | <br>&nbsp;&nbsp;**Minimum** | <br>&nbsp;&nbsp;**Maximum** | <br>&nbsp;&nbsp;**Mean** | <br>&nbsp;&nbsp;**Variance** | <br>&nbsp;&nbsp;**Standard**<br>&nbsp;&nbsp;**Deviation** | &nbsp;&nbsp;**Log**<br>&nbsp;&nbsp;**Estimate of**<br>&nbsp;&nbsp;**Mean** | <br>&nbsp;&nbsp;**Coefficient**<br>&nbsp;&nbsp;**of Variation** |
| &nbsp;&nbsp;**All** | &nbsp;&nbsp;**<0.3% Cu** | &nbsp;&nbsp;496 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;95.2 |
| &nbsp;&nbsp;**Composites** | &nbsp;&nbsp;**>=0.3% Cu** | &nbsp;&nbsp;1195 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.56 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;62.9 |
|  | &nbsp;&nbsp;**1** | &nbsp;&nbsp;178 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;2.88 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;0.57 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;65.0 |
| &nbsp;&nbsp;**+0.3%Cu** | &nbsp;&nbsp;**2** | &nbsp;&nbsp;577 | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;4.00 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;0.51 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;61.2 |
| &nbsp;&nbsp;**Composites** | &nbsp;&nbsp;**3** | &nbsp;&nbsp;87 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;2.00 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.42 | &nbsp;&nbsp;0.70 | &nbsp;&nbsp;59.3 |
| &nbsp;&nbsp;**By Zone** | &nbsp;&nbsp;**4** | &nbsp;&nbsp;221 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;2.87 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;0.38 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;1.02 | &nbsp;&nbsp;61.0 |
|  | &nbsp;&nbsp;**5** | &nbsp;&nbsp;7 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;1.22 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.62 | &nbsp;&nbsp;47.1 |
|  | &nbsp;&nbsp;**6** | &nbsp;&nbsp;125 | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;2.36 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;0.41 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;1.05 | &nbsp;&nbsp;61.5 |

---

A log-probability plot of the composite data in the different zones is shown in Figure 14-37. Although there are some differences in populations (particularly zones 3 and 5, which have much fewer composites), the grade populations are quite similar.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **157** |

---

**Figure 14-37. Log Probability Plot of +0.3%Cu Composites - Ulveryggen**

![](tm2533647d1_ex46sp7img012.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **158** |

---

**14.2.5 Geostatistics**

Owing to the similarity between copper grade distributions for the +0.3% Cu composites, experimental directional variograms were generated with the complete set of +0.3% Cu composites, and subsequently modelled, as shown in Figure 14-38.

**Figure 14-38. Cu Variogram Models - Ulveryggen**

![](tm2533647d1_ex46sp7img013.jpg)

These variograms show a range along-strike and down-dip of approximately 50 m, with a much shorter range of influence cross-strike. This pairwise relative variogram model was subsequently used in setting up kriging and other model estimation parameters. The model variogram parameters are summarised below in Table 14-25.

**Table 14-25. Model Variogram Parameters - Ulveryggen**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**1st Structure** | &nbsp;&nbsp;**1st Structure** | &nbsp;&nbsp;**1st Structure** | &nbsp;&nbsp;**1st Structure** | &nbsp;&nbsp;**2nd Structure** | &nbsp;&nbsp;**2nd Structure** | &nbsp;&nbsp;**2nd Structure** | &nbsp;&nbsp;**2nd Structure** |
| | &nbsp;&nbsp; **Ranges** | &nbsp;&nbsp; **Ranges** | &nbsp;&nbsp; **Ranges** | | &nbsp;&nbsp; **Ranges** | &nbsp;&nbsp; **Ranges** | &nbsp;&nbsp; **Ranges** | |
| <br>&nbsp;&nbsp;**NUGGET**<br>&nbsp;&nbsp;**Co** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Z** | <br>&nbsp;&nbsp;**C1** | &nbsp;&nbsp;**X** | &nbsp;&nbsp;**Y** | &nbsp;&nbsp;**Z** | <br>&nbsp;&nbsp;**C2** |
| &nbsp;&nbsp;0.042 | &nbsp;&nbsp;29 | &nbsp;&nbsp;30 | &nbsp;&nbsp;4 | &nbsp;&nbsp; 0.104 | &nbsp;&nbsp;54 | &nbsp;&nbsp;54 | &nbsp;&nbsp;16 | &nbsp;&nbsp;0.080 |

---

**Notes**

**. Rotation used of 150<sup>o</sup> about Z-axis, then 70<sup>o</sup> about X-axis**

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **159** |

---

**14.2.6 Volumetric Modelling**

The mineralized zone wireframes, and additional sectional perimeters, were used in the generation of a volumetric block model for the Ulveryggen deposit. The model prototype parameters used are summarised below in Table 14-26.

**Table 14-26. Model Prototype - Ulveryggen**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Origin** | &nbsp;&nbsp;**Size (m)** | &nbsp;&nbsp;**Number** | &nbsp;&nbsp;**Range** |
| &nbsp;&nbsp;**X** | &nbsp;&nbsp;396069 | &nbsp;&nbsp;10 | &nbsp;&nbsp;179 | &nbsp;&nbsp;1790 |
| &nbsp;&nbsp;**Y** | &nbsp;&nbsp;7815497 | &nbsp;&nbsp;5 | &nbsp;&nbsp;131 | &nbsp;&nbsp;655 |
| &nbsp;&nbsp;**Z** | &nbsp;&nbsp;58 | &nbsp;&nbsp;10 | &nbsp;&nbsp;47 | &nbsp;&nbsp;470 |

---

**Notes**

**. A model rotation of -30 degrees was use d about the z-axis, so that the rotated axes become:**

**X** **along-strike** 

---

| | |
|:---|:---|
| **Y** | **cross-strike** |

---

---

| | |
|:---|:---|
| **Z** | **down-dip** |

---

**. Sub-cells down to a minimum width of 2.5m were use d for modelling internal waste**

**14.2.7 Grade Estimation**

During the modelling process, internal waste blocks were first generated from <0.3% Cu composites. The projection of internal waste, as well as subsequent grade interpolation, was also controlled by a set of centreline dip and strike strings, to allow for directional anisotropy within the deposit. Example vertical and horizontal sections, showing the resultant block model structure, are shown in Figure 14-39 and Figure 14-40.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **160** |

---

**Figure 14-39. Example Vertical Section of Block Model Structure- Ulveryggen**

![](tm2533647d1_ex46sp7img014.jpg)

**Figure 14-40. Example Horizontal Section of Block Model Structure – Ulveryggen**

![](tm2533647d1_ex46sp7img015.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **161** |

---

Based on the model variograms generated, copper grades were interpolated using ordinary kriging. The internal waste demarcation of 0.3% Cu was used as a hard boundary – so only composites flagged as +0.3% Cu were used for grade estimation into the main +0.3% mineralized blocks. For comparative and validation purposes, copper grades were also interpolated by two other ways - inverse-distance weighting and nearest-neighbour. Three progressively larger searches were made, so that if insufficient composites were found on the first search, the next larger search would be applied, and so on. The search distances used stemmed from the model variograms – the first search was based on 2/3 of the variability of the model variogram, and then the next search was based on the variogram ranges. If blocks still had not encountered enough composites, a much larger search was made to try to ensure that all blocks modelled as mineralized did receive grades. The grade estimation parameters are summarised below in Table 14-27.

**Table 14-27. Grade Estimation Parameters - Ulveryggen**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Search Distances (m)** | **Search Distances (m)** | **Search Distances (m)** | | |
| **Along-Strike** | **Down-Dip** | **Cross-Strike** | &nbsp;&nbsp;&nbsp;**Search** | **Minimum**<br>**Composites** |
| 20 | 20 | 5 | 1st | 5 |
| 50 | 50 | 12.5 | 2nd | 3 |
| 60 | 60 | 15 | 3rd | 1 |

---

**Notes:**

**. Maximum number of composites used = 24**

**. All grades interpolated using ordinary kriging**

**. Alternative grades also determined by IPD(^2) and NN**

**. Zones' orientations modelling using directional anisotropy**

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **162** |

---

**14.2.8 Density**

20 density measurements were taken from core samples in six of the holes in the 2010 drilling campaigns. 42 density measurements were also taken from core samples in two of the holes in the 2017 drilling campaigns. Measurements were derived from dry core weights in air and then suspended in water. No wax was used.

These results are summarised in Table 14-28. A histogram of density results in mineralised samples is shown in Figure 14-41.

**Table 14-28. Summary of Density Measurements - Ulveryggen**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Campaign** | &nbsp;&nbsp;**Type** | &nbsp;&nbsp;**Number of<br> Samples** | &nbsp;&nbsp; **Average**<br> **Density**<br> ***t/m <sup>3</sup>*** | **Standard**<br> **Deviation** |
| &nbsp;&nbsp; **2010** | &nbsp;&nbsp;**<u>Mineralised</u>** | &nbsp;&nbsp;<u>14</u> | &nbsp;&nbsp;<u>2.71</u> | &nbsp;&nbsp;<u>0.043</u> |
| &nbsp;&nbsp; **2010** |  |  |  |  |
| &nbsp;&nbsp; **2010** | &nbsp;&nbsp;**Unmineralised** | &nbsp;&nbsp;6 | &nbsp;&nbsp;2.69 | &nbsp;&nbsp;0.014 |
| &nbsp;&nbsp; **2017** | &nbsp;&nbsp;**<u>Mineralised</u>** | &nbsp;&nbsp;<u>28</u> | &nbsp;&nbsp;<u>2.71</u> | &nbsp;&nbsp;<u>0.015</u> |
| &nbsp;&nbsp; **2017** |  |  |  |  |
| &nbsp;&nbsp; **2017** | &nbsp;&nbsp;**Unmineralised** | &nbsp;&nbsp;14 | &nbsp;&nbsp;2.70 | &nbsp;&nbsp;0.022 |

---

**Figure 14-41. Histogram of Densities – Mineralised Samples 2017 - Ulveryggen**

![](tm2533647d1_ex46sp7img016.jpg)

The average value for mineralised rock, 2.71 t/m<sup>3</sup>, was used as the global density value for subsequent evaluation purposes.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **163** |

---

**14.2.9 Resource Classification**

The resource classification system was also based predominantly on the variography results. The system applied is summarised below in Table 14-29.

**Table 14-29. Resource Classification System - Ulveryggen**

---

| | |
|:---|:---|
| **Measured** | At 5 composites, within a 20m x 20m x 5m search, from at least 3 drillholes or trench lines. |
| **Indicated** | At 5 composites, within a 50m x 50m x 12.5m search, from at least 3 drillholes or trench lines. |
| **Inferred** | Within delineated zones - max extrapolation of 60m. |

---

An example section of the applied resource classification system is shown in Figure 14-42.

Very little material has been drilled off sufficiently closely to be classified as measured, so all the resources in this case have been classified as either indicated or inferred.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **164** |

---

**Figure 14-42. Example Block Model Section, Showing Resource Classes – Ulveryggen**

![](tm2533647d1_ex46sp7img017.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **165** |

---

**14.2.10** **Model Validation**

Based on the block models generated, the following model validation steps were taken.

***Visual Examination***

Cross-sections through all the zones were generated, as shown in Appendix F. These compared the block model grades with the original sample grades, and in general compared well.

***Global Comparison of Grades***

The overall average sample and composite copper grades were compared with global average grades from the block model, as interpolated by kriging, inverse-distance weighting and nearest neighbour. These results are summarised below in Table 14-30. It can be seen that these results compare fairly well.

**Table 14-30. Global Comparison of Cu Grades - Ulveryggen**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Block Model Average Grades** | **Block Model Average Grades** | **Block Model Average Grades** |
| **<u>Zone</u>** | **<u>Samples</u>** | **<u>Composites</u>** | **<u>OK</u>** | **<u>ID</u>** | **<u>NN</u>** |
| **1** | 0.96 | 0.88 | 0.89 | 0.86 | 0.90 |
| **2** | 0.90 | 0.84 | 0.71 | 0.70 | 0.71 |
| **3** | 0.74 | 0.71 | 0.67 | 0.67 | 0.68 |
| **4** | 1.09 | 1.02 | 0.89 | 0.84 | 0.88 |
| **5** | 0.74 | 0.62 | 0.64 | 0.65 | 0.64 |
| **<u>6</u>** | <u>1.09</u> | <u>1.04</u> | <u>0.81</u> | <u>0.79</u> | <u>0.81</u> |

---

**Notes**

**. Evaluation restricted to +0.3% blocks/samples**

**. Block model evaluation - indicated + inferred**

**. OK ordinary kriging**

**. ID inverse distance weighting (^2)**

**. NN nearest neighbour**

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **166** |

---

***Local Comparison of Grades***

Average model grades along vertical columnar model block slices were determined, stemming from both the kriged and nearest neighbour grades. A comparative swath plot was then produced for copper, as shown in Figure 14-43. This shows that the kriged grades are smoothed within the extremes exhibited by the nearest neighbour grades, but in general all 3 grades show the same trends. All three grades are much closer together in the areas with the highest tonnages and more drilling.

From this analysis it was decided to use the kriged copper grade as the principal copper grade for the resource estimation.

**Figure 14-43. Cu Swath Plot - Ulveryggen**

![](tm2533647d1_ex46sp7img018.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **167** |

---

**14.2.11** **Resource Evaluation**

For reporting purposes for a resource estimate connected with a potential underground mining operation, and complying with 'reasonable prospects of eventual economic extraction' guidelines, the following steps were completed:

1) **Cut-Off.** An economic cut-off grade was determined, applicable to underground mining at Nussir and Ulveryggen, as summarised in Table 14-15.

2) **Constraining Volumes.** A preliminary mineable shape optimisation was run (Datamine process MSO) to generate reasonably practical constraining wireframe volumes for a resource evaluation. The parameters used in this optimisation are summarised in Table 14-31. A 3D plot of the output constraining envelopes is shown in Figure 14-44.

3) **Evaluation**. The evaluation was broken down by resource class and zone, as shown in Table 14-32. A grade-tonnage table for the Indicated resources is shown in Table 14-33. Approximately 24% of the Indicated material, and 13% of the Inferred material, is within 15 m of the current pit and natural topography. Owing to the complex geometry of mineralised zones, true thickness values are not applicable and were therefore not calculated.

**Table 14-31. MSO Parameters - Ulveryggen**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Factor** | &nbsp;&nbsp;***Unit*** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;Cut-Off | &nbsp;&nbsp;*%Cu* | &nbsp;&nbsp;0.3 |
| &nbsp;&nbsp;Minimum width | &nbsp;&nbsp;*m* | &nbsp;&nbsp;3 |
| &nbsp;&nbsp;Minimum length along - strike | &nbsp;&nbsp;*m* | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Minimum length down-dip | &nbsp;&nbsp;*m* | &nbsp;&nbsp;10 |
| &nbsp;&nbsp;Minimum waste pillar width | &nbsp;&nbsp;*m* | &nbsp;&nbsp;10 |

---

**Figure 14-44. 3D Plot of MSO Stopes Shapes – Ulveryggen**

![](tm2533647d1_ex46sp7img019.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **168** |

---

**Table 14-32. Resource Evaluation Summary – Ulveryggen**

**(As of End-January, 2025)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | ***Indicated*** | ***Indicated*** | ***Inferred*** | ***Inferred*** |
| **ZONE** | **Tonnes**<br>**Kt** | **Cu%** | **Tonnes**<br>**Kt** | **Cu%** |
| **1** | 761 | 0.73 | 393 | 0.70 |
| **2** | 1936 | 0.59 | 818 | 0.56 |
| **3** | 149 | 0.48 | 1151 | 0.62 |
| **4** | 1205 | 0.71 | 563 | 0.90 |
| **5** |  |  | 247 | 0.51 |
| **6** |  |  | 525 | 0.79 |
| **Total** | **4052** | **0.65** | **3697** | **0.68** |

---

**Notes**

**. MSO constraints based on a cut-off grade of 0.3%Cu**

**. Minimum thickness = 3m**

**. Minimum selectivity = 10m along-strike and down-dip**

**. Based on Dec 2018 resource block model**

**Table 14-33. Grade-Tonnage Table - Indicated Resources Only- Ulveryggen**

---

| | | | |
|:---|:---|:---|:---|
| **Cu Cut-Off<br> %**<br> 0.3 | **Tonnes<br> Kt**<br> 4,048 | **Cu<br> %**<br> 0.65 | ![](tm2533647d1_ex46sp7img020.jpg) |
| 0.4 | 3968 | 0.66 | ![](tm2533647d1_ex46sp7img020.jpg) |
| 0.5 | 3268 | 0.70 | ![](tm2533647d1_ex46sp7img020.jpg) |
| 0.6 | 2003 | 0.79 | ![](tm2533647d1_ex46sp7img020.jpg) |
| 0.7 | 1212 | 0.89 | ![](tm2533647d1_ex46sp7img020.jpg) |
| 0.8 | 730 | 0.98 | ![](tm2533647d1_ex46sp7img020.jpg) |
| 0.9 | 427 | 1.08 | ![](tm2533647d1_ex46sp7img020.jpg) |
| 1 | 257 | 1.17 | ![](tm2533647d1_ex46sp7img020.jpg) |
| 1.1 | 131 | 1.30 | ![](tm2533647d1_ex46sp7img020.jpg) |
| 1.2 | 98 | 1.35 | ![](tm2533647d1_ex46sp7img020.jpg) |
| 1.3 | 55 | 1.45 | ![](tm2533647d1_ex46sp7img020.jpg) |
| 1.4 | 34 | 1.50 | ![](tm2533647d1_ex46sp7img020.jpg) |
| 1.5 | 17 | 1.57 | ![](tm2533647d1_ex46sp7img020.jpg) |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **169** |

---

**15 MINERAL RESERVE ESTIMATES**

Not applicable

**16 MINING METHODS**

Not applicable

**17 RECOVERY METHODS**

Not applicable

**18 PROJECT INFRASTRUCTURE**

Not applicable

**19 MARKET STUDIES AND CONTRACTS**

Not applicable

**20 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL IMPACT**

Not applicable

**21 CAPITAL AND OPERATING COSTS**

Not applicable

**22 ECONOMIC ANALYSIS**

Not applicable

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **170** |

---

**23 ADJACENT PROPERTIES**

There are other claim holders in the Repparfjord area, as shown in the plan in Figure 23-1. The companies holding the claims, beside Nussir, are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Grønnstein AS, Norwegian exploration company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Aurum Future Minerals AS, owned by Ireland-based Aurum Discovery Ltd

As can be seen from the plan, these other claims are either immediately to the west or east of Nussir's claims.

The Author has not visited these other properties and is therefore unable to verify information pertaining to the presence of mineralization on the adjacent properties. These properties are not necessarily indicative of the mineralization associated with the Nussir and Ulveryggen projects that is the subject of this report. The information provided in this section is simply intended to provide examples of other properties that exist in the region.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **171** |

---

**Figure 23-1. Claims in the Repparfjord Area**

*[Source: Norwegian Directorate of Mining]*

![](tm2533647d1_ex46sp7img021.jpg)

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **172** |

---

**24 OTHER RELEVANT DATA AND INFORMATION**

Non-applicable.

**25 INTERPRETATION AND CONCLUSIONS**

**25.1 Risks and Uncertainties**

There are several risks and uncertainties associated with the Nussir and Ulveryggen projects that should be considered; however, there are also several generic risks that are associated with nearly all exploration and mining project, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sensitivity of the mineral resource to metal pricing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supply chain cost escalation for contractors and service providers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Possible exploration permitting difficulties, related costs, and resulting delays

The project specific risks and uncertainties that the Author has identified are discussed in this section of the report.

**25.1.1 Drillholes**

<u>T</u>here are some errors associated with elevation of drillhole collars when compared to the LiDAR data. In general, the elevation differences seem worse for the Ulveryggen deposit than at the Nussir deposit. However, this observation might be due to the sharp changes in topography at the Ulveryggen deposit, where many very steep faces and slopes are left by the historical open pit mining, making the LiDAR pick-up more difficult. The risk of errors having any appreciable effect on resource estimation is minimal. These errors can be mitigated with more accurate measurements of historical and recent drillhole collars. The Author concludes that the data management of drillholes is of sufficient quality to support the estimation of a mineral resource.

**25.1.2 Density Measurements.**

For both the Nussir and Ulveryggen projects, the density measurements taken do not cover the full extent of the deposit, nor do they fully cover all strata associated with the mineralization. As such, there is a risk associated with the assumed densities in some parts of the deposit. This risk can be mitigated in the future with the collection of further density measurements with each successive drilling program and by analysing these results for refinement of any future estimations of a mineral resource for the projects. The Author concludes that the density measurement are sufficient to support the estimation of a mineral resource.

**25.1.3 Rejects/Pulps Inventory.**

There is a small risk associated with incomplete inventories of available rejects and pulps, for both Nussir and Ulveryggen. This risk can be mitigated by preparing updated inventories for both Løkken and Skaidi.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **173** |

---

**25.1.4 Historic QA/QC Procedures.**

The little QAQC information is available for the data prior to 2008 at Nussir (representing approximately 30% of all current samples) and prior to 2010 at Ulveryggen (representing approximately 85% of all current samples). There is a risk of potential bias and lack of precision associated with this older data. In later years, QA/QC procedures have been applied progressively more rigorously. The weakness of this old data can be mitigated in the future with further sampling and new data. The Author concludes that the historical QAQC is sufficient to support the estimation of a mineral resource.

**25.1.5 Fault Zones - Nussir.**

At the Nussir deposit, there are some fault intersections in drillholes in the Eastern part of the deposit, which were could not be built into coherent fault models, so faults are not represented in the current geological model. Given the overall continuity of the mineralised structures at Nussir, and the observed outcrop continuity, it does not appear likely that faults significantly affect the resource model and subsequent estimation. However, to mitigate this risk, it is recommended that fault models are interpreted as the project develops, using additional drilling results and more detailed mapping of surface topography. The Author concludes that the continuity of strata and mineralization, along with the current interpretations of fault structures is of sufficient quality to support the estimation of a mineral resource.

**25.1.6 Structural Modelling - Nussir.**

The wide-spaced drilling at the Nussir deposit could be possibly picking up other structural geological features that might affect the overall geometry of mineralised zones. To mitigate this risk, it is recommended that any other structural geological details are accounted for as the project develops, using further drilling results and more detailed mapping of surface topography. The Author concludes that the current stead of the structural information available for the deposit is sufficient to support the estimation of a mineral resource.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **174** |

---

**25.2 Results and Interpretations**

There are several opportunities to improve the current results that should be investigated further as part of the ongoing development of the Nussir and Ulveryggen projects.

**25.2.1 Exploration Targets - Nussir.**

The Nussir deposit is open to the west and to depth. In particular, the current limit of Inferred category resources excludes the influence of thee deep drillhole intersections, because they are excessively distant to the grid of holes above. The exploration target potential was derived by modelling the identified mineralization. The volume of the modelled areas determines the potential tonnage statement in the exploration target. The grade range given in the exploration target is determined with consideration to the drill results within the modelled exploration target area and consideration of the geological setting in an established mineral resource estimate area. The potential tonnages and grades are therefore conceptual in nature and are based on previous drill results that defined the approximate length, thickness, depth and grade of the portion of the mineral resource estimate. There has been insufficient exploration and data collection to define a current mineral resource for the exploration target and the Issuer cautions that there is a risk that further exploration will not result in the delineation of a mineral resource. The exploration target around these deeper intersections therefore represents a tonnage between 8.5 Mt and 16.5Mt, and a Cu grade between 0.7 and 1.3% Cu, between 9 and 17 g/t silver, and 0.1 and 0.15g/t gold.

There are also a number of mineralized targets occur both downdip and along strike of the mineralized exploration target that has been defined. This mineral potential has not been properly tested by drilling. Additionally, a number of mineral targets currently outside of the resource area of the Nussir and Ulveryggen deposits are supported by geological mapping and limited drilling. This means that additional infill and exploration drilling is warranted to more fully test favourable stratigraphy both regionally and directly at Nussir and Ulveryggen deposits.

**25.2.2 Exploration Targets - Ulveryggen**

The Ulveryggen deposit is open to depth, and based on geochemical sampling and geophysics, there are drilling targets both along strike and down-dip.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **175** |

---

**25.2.3 Double Mineralised Intersections – Nussir deposit**

There are some instances at Nussir, mainly in the more folded west end, of single drillholes picking up two mineralised intersections. This could be due to reverse faulting, and when drilled sufficiently in the future, could lead to an improved interpretation with more mineralised material that is currently modelled. These potentially repeated strata are only known to occur over 2.5 of the 10 km strike length of known mineralization. Limited drilling has been done to date to fully test the mineral potential of this possible extension. Given the presence of a mineral resource adjacent to this parallel zone of favourable strata, it means additional drilling is warranted but there is no guarantee that additional drilling will result in the delineation of a mineral resource in these areas.

**25.2.4 Inferred Resource Conversion – Nussir deposit**

The Nussir deposit is open to depth over much of its strike length, as well as westwards. If the project progresses and the proposed underground development commences, this could allow much closer and offset access for drilling of deeper zones. This would provide an opportunity to significantly extend Indicated resources to depth and westwards. Additional drilling should be designed in order to enable a significant proportion of the deposit to be reclassified into a higher category of confidence, such as Indicated category, as well as provide a more accurate interrelation and structural geology and mineralised zones. Stakeholders should be cautioned that addition drilling is not a guarantee for upgrading the resource category.

Inferred Resource Conversion – Ulveryggen deposit

There are numerous areas currently modelled at the Ulveryggen deposit, where the current drilling density does not support an Indicated resource categorisation. Additional drilling should be designed to enable a significant proportion of the deposit to be reclassified into a higher category of confidence, such as Indicated category, as well as provide a more accurate interrelation and structural geology and mineralised zones. Stakeholders should be cautioned that additional drilling is not a guarantee for upgrading the resource category.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **176** |

---

**25.3 Conclusions**

The updated mineral resource estimate with an effective date of January 20, 2025, has these conclusions from the Author and are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The geological setting and character of the sedimentary-hosted copper mineralization identified to date
on the Project, and specifically at the Nussir and Ulveryggen deposits, are of sufficient enough merit to justify additional exploration
expenditures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The majority of drill holes completed to date were targeting the mineral resource totalling 345 core drill
holes for 69,440 metres.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Drilling has identified extensive, conformable, sedimentary strata that are well mineralized that remain
open for growth. Geological mapping on surface and drilling both along strike and downdip of the mineral resource have identified the
same favorable host rocks for copper mineralization indicating mineral potential warranting additional drilling to more fully test these
favorable strata both regionally and at the Nussir and Ulveryggen deposits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There is a parallel zone of mineralization that has been identified that is believed to be a potential
fault repetition, tested only by limited drilling over a 2.5 km stretch of the 10 km strike extent of the favorable strata. A number of
additional mineral occurrences occur outside of the deposits, such as the Western zone, that require addition exploration beyond infill
and exploration drilling directly around the mineral resource wireframes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· There is general support for the project at the exploration stage of mineral resource development from
the affected communities in the area, as those communities will benefit from local employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Author has reviewed the procedures for drilling, sampling, sample preparation and analysis, and is
of the opinion that they are appropriate for the deposit style and mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Author has reviewed the quality control results (QA/QC) and did not find any material issues, so the
Author is of the opinion that the databases for the mineral resource are of sufficient quality to estimate mineral resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Mineral resources were estimated using a 0.30% copper cutoff value for potential underground
extraction that will need to be studied further in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Measured mineral resources for the Nussir deposit are presented in Table 25-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For the Ulveryggen deposit, the Indicated mineral resources are presented in Table
25-2.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **177** |

---

**Table 25-25-1. Nussir Resource Estimation Summary**

**Effective Date: 20<sup>th</sup> January, 2025**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Category**<br>&nbsp;&nbsp; | &nbsp;&nbsp;**Tonnes**<br>&nbsp;&nbsp;**Mt** | &nbsp;&nbsp;**Cu**<br>&nbsp;&nbsp;**%** | &nbsp;&nbsp;**Ag**<br>&nbsp;&nbsp;**g/t** | &nbsp;&nbsp;**Au**<br>&nbsp;&nbsp;**g/t** | &nbsp;&nbsp;**Cu Eq**<br>&nbsp;&nbsp;**%** | &nbsp;&nbsp;**Cu Metal**<br>&nbsp;&nbsp;**Kt** | &nbsp;&nbsp;**Ag Metal**<br>&nbsp;&nbsp;**Koz** | &nbsp;&nbsp;**Au Metal**<br>&nbsp;&nbsp;**Koz** |
| &nbsp;&nbsp;*Measured* | &nbsp;&nbsp;2.69 | &nbsp;&nbsp;1.08 | &nbsp;&nbsp;12.8 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;1.31 | &nbsp;&nbsp;29 | &nbsp;&nbsp;1103 | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;*Indicated* | &nbsp;&nbsp;26.03 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;12.3 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;1.19 | &nbsp;&nbsp;263 | &nbsp;&nbsp;10288 | &nbsp;&nbsp;92 |
| &nbsp;&nbsp;***Meas+Ind*** | &nbsp;&nbsp;**28.72** | &nbsp;&nbsp;**1.02** | &nbsp;&nbsp;**12.3** | &nbsp;&nbsp;**0.12** | &nbsp;&nbsp;**1.20** | &nbsp;&nbsp;**292** | &nbsp;&nbsp;**11391** | &nbsp;&nbsp;**108** |
| &nbsp;&nbsp;***Inferred*** | &nbsp;&nbsp;**31.99** | &nbsp;&nbsp;**1.01** | &nbsp;&nbsp;**14.6** | &nbsp;&nbsp;**0.14** | &nbsp;&nbsp;**1.23** | &nbsp;&nbsp;**324** | &nbsp;&nbsp;**14972** | &nbsp;&nbsp;**143** |

---

**Notes:**

---

| | |
|:---|:---|
| **1 .** | **CIM definitions were followed for MRE.** |

---

---

| | |
|:---|:---|
| **2 .** | **A minimum mining width of 2.0 m was applied in making the MRE constraint wireframes. These wireframes were generated using a preliminary MSO.** |

---

---

| | |
|:---|:---|
| **3 .** | **Density values for Nussir were estimated from density sample values or assigned default average values where insufficient samples occur nearby.** |

---

---

| | |
|:---|:---|
| **4 .** | **MRE constraint wireframes were generated for a cut-off grade of 0.30% Cu, related to potential underground mining.** |

---

---

| | |
|:---|:---|
| **5 .** | **Metal prices assumed for this MRE were US$4.20 lb Cu, US$27.00/Oz Ag and US$2,200oz Au, which represent reasonable long-term consensus metal pricing.** |

---

---

| | |
|:---|:---|
| **6 .** | **Metallurgy recovery assumptions were 96% Cu, 80% Ag and 93% Au, which stem from SGS metallurgical testwork completed in 2022.** |

---

---

| | |
|:---|:---|
| **7 .** | **The cut-off grade of 0.30% Cu was derived from the price and recovery values above, as well as a smelter payability of 97.3% and an assumed total operating cost $26.20/t of ore.** |

---

---

| | |
|:---|:---|
| **8 .** | **Rounding may result in apparent summation differences between tonnes, grades and metal content; not considered material.** |

---

---

| | |
|:---|:---|
| **9 .** | **Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.** |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **178** |

---

**Table 25-25-2. Ulveryggen Resource Estimation Summary**

**Effective Date: 20<sup>th</sup> January, 2025**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Resource** | &nbsp;&nbsp;**Tonnes** | &nbsp;&nbsp;**Cu** | &nbsp;&nbsp;**Cu Metal** |
| &nbsp;&nbsp;**Category** | &nbsp;&nbsp;**Mt** | &nbsp;&nbsp;**%** | &nbsp;&nbsp;**Kt** |
| &nbsp;&nbsp;***Indicated*** | &nbsp;&nbsp;**4.05** | &nbsp;&nbsp;**0.65** | &nbsp;&nbsp;**26.3** |
| &nbsp;&nbsp;***Inferred*** | &nbsp;&nbsp;**3.70** | &nbsp;&nbsp;**0.68** | &nbsp;&nbsp;**25.0** |

---

**Notes:**

---

| | |
|:---|:---|
| **1 .** | **CIM definitions were followed for MRE.** |

---

---

| | |
|:---|:---|
| **2 .** | **A minimum mining width of 2.0 m was applied in making the MRE constraint wireframes. These wireframes were generated using a preliminary MSO.** |

---

---

| | |
|:---|:---|
| **3 .** | **A global density value was assigned for Ulveryggen, based on analysis of density measurements.** |

---

---

| | |
|:---|:---|
| **4 .** | **MRE constraint wireframes generated for a cut-off grade of 0.30% Cu, related to potential underground mining.** |

---

---

| | |
|:---|:---|
| **5 .** | **The assumed metal price assumed for this MRE was 4.20 $/lb Cu, which represents a reasonable long-term value.** |

---

---

| | |
|:---|:---|
| **6 .** | **The assumed metallurgical recovery was 96% Cu, which stems from SGS metallurgical testwork completed in 2022.** |

---

---

| | |
|:---|:---|
| **7 .** | **The cut-off grade of 0.30% Cu was derived from the price and recovery values above, as well as a smelter payability of 97.3% and an assumed total operating cost $26.20/t of ore.** |

---

---

| | |
|:---|:---|
| **8 .** | **Rounding may result in apparent summation differences between tonnes, grades and metal content; not considered material.** |

---

---

| | |
|:---|:---|
| **9 .** | **Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.** |

---

**26 RECOMMENDATIONS**

**26.1 Sample Preparation, Analyses, and Security**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Develop rigorous quality control and quality assurance ("QA/QC") policy for standards, blanks
and duplicate sample when drilling that is monitored on a batch-by-batch basis when data is received from the accredited laboratory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider the use of prep- and or reject duplicate samples to enhance the QA/QC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Select certified reference material (CRM) that are more aligned to the grades of the Nussir and Ulveryggen
deposits for copper, gold and silver; being mindful that if geochemically testing for platinum and or palladium, it might require a different
CRM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Develop an umpire or secondary independent laboratory, remitting approximately 10 to 15% of the total
samples, and select analysis methodologies that are similar to the primary laboratory. This will provide future assurances that the range
of grades seen in the analytical certificates are valid and respected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider centralizing all pulp and reject storage

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **179** |

---

**26.2 Data Verification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Finish the drill collar validations done in 2019, referencing the Devisight system from Devico for the
X and Y coordinates, and then validating elevation (or Z) data between the surveys for each of the drill collar locations against the
LiDAR survey. Having a valid elevation data strengthens the respect of the mineral resource modelling.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider a more rigorous check analysis program, if the analytical pulps are available from prior drilling
program results. At a minimum, select approximately 100 to 200 pulps from each round of drilling that would be re-run at both the primary
and secondary laboratory.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider moving point and vector data from drilling into a proper database management system such as MX
Deposit. This includes but is not limited to drill collar information, lithological data, structural data, sample data, and analytical
results. The advantage of such a cloud-based database management system is that it negates expensive software purchasing and it can be
linked to major 3D modelling programs such as Seequent's Leapfrog Geo and other programs.

**26.3 Further Studies**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An optimization and or trade-off study should be done to assess a conventional tailings
facility approach for any future engineering studies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider building a Leapfrog Geo model of all lithological units and structures that
is maintained and updated regularly when new surficial mapping and or drilling is completed. This will help better guide future studies
and mineral resource estimation processes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider adding RMR to the geomechanical (rock mechanics) data collection in addition to the RQD work
already part of the core logging process. This methodology is typically done for deposits that potentially could be extracted through
an underground.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider adding point load testing ("PLT") to the geomechanical data collection process in
the coreshack. The addition of this process will provide rock quality and strength information that will be invaluable when assessing
ground stability in future engineering studies. It will also provide a large dataset that can be used in conjunction with any analytical
program carried out at a rock mechanics laboratory

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider a regular analytical process at a rock mechanics laboratory to backstop geomechanical data collection.
Testing could include UCS, BTS, and Triaxial measurements. If a PLT is collecting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider taking a coreshack measurement of specific gravity for each sample marked for collection or add
an analytical pulp or reject measurement at the primary laboratory. The addition of a larger number of specific gravity measurements will
greatly enhance the estimation of the tonnes on a block by block basis in the mineral resource model, as currently the estimations are
using average values for lithologies.

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **180** |

---

**26.4 Exploration Program and Budget**

For further development of the project, The Author recommends a work program at the Nussir and Ulveryggen projects that includes the preparation of the development of an exploration decline (including logistics and support), exploration drilling and optimization studies including engineering. A summary breakdown of this work program is presented below along with associated estimated costs expected to cost C$13.0 million (Table 26-1).

**Table 26-1. Proposed Budget**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Item** | **(C$000)** |
| Underground access (decline) preparation, exploration logistics and support | 4000 |
| Exploration – drilling 25,000 to 30,000 m | 6000 |
| Optimization studies including engineering studies | 3000 |
| **Total** | **13000** |

---

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

---

| | |
|:---|:---|
| **Technical Report on the Mineral Resources of the Nussir and Ulveryggen Projects** | **181** |

---

**27 REFERENCES**

**Dalsegg, Einar. Elvebakk, Harald and Rønning, Jan S. 2013.** *Geofysiske bakke- og borehullsmålinger ved Nussir i 2013, Kvalsund kommune, Finnmark.* Trondheim : Norwegian Geological Survey, 2013.052 ISSN0800-3416.

**Dalsegg, Einar and Rønning, Jan S. 2011.** *Geofysiske målinger Nussir- Ulveryggen, Kvalsund kommune, Finnmark.* Trondheim : Norwegian Geological Survey, 2011.072 ISSN0800-3416.

**Girard, Romain, Pullman, Bryan, and Balding, Barry.** *Nussir & Ulveryggen Copper Project PFS*, 2017.

**Heincke, Bjørn H. Koziel, Janusz. Walker, Peter and Lynum, Rolf. 2008.** *Helicopter-borne geophysical measurements for mineral exploration at Nussir, Kvalsund, Finnmark.* Trondheim : Norwegian Geological Survey, 2008.020 ISSN0800-3416.

**Hitzman, Murray W. 2008.** *A New view of the Zambian Copperbelt.* Misty Hills, South Africa : Colorado School of mines, 2008.

**Nilsen, Kjell S., 2019.** *Nussir and Ulveryggen – Geological Report.*

**Pharaoh, Tim C, Jansen, Øystein and Ramsey, Donald M. 1983.** *Stratigraphy and structure of the northern part of Repparfjord-Komagfjord Window, Finnmark, Northern Norway*. Trondheim : Universitetsforlaget, 1983. B0007B7JF6.

**Rønning, Jan S., Dalsegg, Einar and Walker, Peter. 2007.** *Vurdering av helikoptergeofysikk over Nussirforekomsten.* Trondheim : Norwegian Geological Survey, 2007. ISSN0800-3416.

**Sandstad, Jan Sverre., Viola, G. & Nilsson, L. 2007.** Reconnaissance structural geologic mapping and field XRF analyses of the Ulveryggen copper deposit, Finnmark, Norway. Norges geologiske undersøkelse Report 2007.060.

**Sandstad, Jan Sverre. 2010.** *Microscope and SEM investigations of thin sections from the Nussir copper deposit, Kvalsund, Finnmark, Northern Norway. Trondheim* : Norges geologiske institutt, 2010.025 ISSN0800-3416.

**SGS, 2019.** *An Investigation into the Recovery of Copper from the Nussir Deposit.* Project 12527-04 0 Report 2.

**Simonsen Vogtwiig, 19/12/2024**. *"Title and Corporate Opinion' from Blue Moon".*

**Viola, Giulio. Sandstad, Jan S. Nilsson, Lars P. Heincke, Bjørn. 2008***. Structural and ore geological studies in the northwestern part of the Repparfjord Window, Kvalsund, Finnmark, Norway*. Trondheim : Norgesgeologiske institutt, 2008.029, ISSN0800-3416.

**Wheeler, Adam. May 2012.** "*Nussir Report Estimation Updated May 2012".*

**Wheeler, Adam. March 2014.** "*Nussir Report Estimation Updated March 2014".*

**Wheeler, Adam. October 2016.** "*Nussir Report Estimation Updated May 2016".*

**Wheeler, Adam. January 2018.** "*Nussir Report Estimation Updated May 2018".*

---

| | |
|:---|:---|
| **Adam Wheeler** | **September 2025** |

---

## Exhibit 99.47

**Exhibit 99.47**

**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

---

| | |
|:---|:---|
| **ITEM 1.** | **Name and Address of Company** |

---

Blue Moon Metals Inc. ("**Blue Moon**" or the "**Company**")

555 – 220 Bay Street

Toronto, Ontario

M5J 2W4

---

| | |
|:---|:---|
| **ITEM 2.** | **Date of Material Change** |

---

September 4, 2025

---

| | |
|:---|:---|
| **ITEM 3.** | **News Release** |

---

A news release relating to the material change was issued and disseminated on September 4, 2025 via GlobeNewswire, a copy of which was subsequently filed under the Company's profile on SEDAR+ at <u>www.sedarplus.ca</u>.

---

| | |
|:---|:---|
| **ITEM 4.** | **Summary of Material Change** |

---

On September 4, 2025, Blue Moon completed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a US$5 million non-brokered private placement
 of common shares of the Company (the "**Initial Equity Subscription**") with
 Opps XII BL MN Holdings L.P. a fund managed by Oaktree Capital Management, L.P. ()"**Oaktree** "),
 representing the first subscription of a non-binding equity commitment of up to US$20 million
 from funds managed by Oaktree and Hartree Partners, L.P.(" **Hartree** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the first draw by
 Nussir ASA, a 93.55% owned subsidiary of the Company and Keystone Mines Inc., a wholly owned
 subsidiary of the Company, as borrowers under a bridge loan (the "**Bridge Loan** ")
 with Opps XII BL MN Holdings L.P. and Hartree as lenders, in the amount of US$12.5 million.

---

| | |
|:---|:---|
| **ITEM 5.** | **Full Description of Material Change** |

---

On September 4, 2025, Blue Moon closed the Initial Equity Subscription and through its subsidiary, Nussir ASA, completed the initial draw of US$12.5 million under the Bridge Loan. Concurrent with the first draw-down under the Bridge Loan, the Company issued 1,045,000 common shares of the Company (the "**Bonus Shares**") to Hartree.

Blue Moon had entered into (i) a subscription agreement dated August 19, 2025 in respect of the Initial Equity Subscription, (ii) a loan agreement dated August 19, 2025 (as amended on September 2, 2025) providing for a US$25 million Bridge Loan, which may be drawn in two installments of US$12.5 million (with the initial US$12.5 million drawn on September 4, 2025) upon the satisfaction of certain standard conditions precedent, and (iii) a non-binding letter of intent dated August 19, 2025 providing for (A) an equity investment of up to US$20 million from Hartree and funds managed by Oaktree, which may be completed upon the occurrence of certain events and capped to maintain ownership below a 19.9% threshold between Hartree and Oaktree, of which, US$5 million closed on September 4, 2025 as the Initial Equity Subscription, and (B) up to an aggregate US$120 million of non-dilutive funding by way of a senior secured term loan and a redeemable precious metals stream, subject to customary milestones and closing conditions. As such, the Initial Equity Subscription and the Bridge Loan represent the first stages of a larger investment package which can provide for up to US$140 million of support for the continued development and construction the Company's flagship, fully permitted Nussir Copper Project, located in Norway.

The capital from the initial draw under the Bridge Loan and the Initial Equity Subscription is intended to support key early works and pre-construction activities including detailed engineering, procurement of long-lead items, underground development, and operational readiness. The Bridge Loan is structured to provide working capital for Nussir ASA's advanced stage sediment hosted development copper-gold-silver project located in northern Norway (the "**Nussir Project**"), and for the advancement of the Company's polymetallic volcanogenic massive sulfide deposit located in central California. The US$50 million senior secured term loan and US$70 million redeemable precious metals stream are contemplated to be used for the completion of the Nussir Project, following the satisfaction of certain defined conditions.

Following the closing of the Initial Equity Subscription and the issuance of the Bonus Shares, approximately 13.37% of the voting rights attached to outstanding common shares of the Company are controlled, directly or indirectly by Oaktree.

All securities issued under the Initial Equity Subscription and the Bonus Shares are subject to a hold period expiring four months and one day from the issue date in accordance with applicable Canadian securities laws.

A copy of the Loan Agreement is available on SEDAR+ (<u>www.sedarplus.ca</u>) under the Company's issuer profile.

---

| | |
|:---|:---|
| **ITEM 5.2.** | **Disclosure of Restructuring Transactions** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 6.** | **Reliance on Subsection 7.1(2) of National Instrument 51-102** |

---

Not applicable.

---

| | |
|:---|:---|
| **ITEM 7.** | **Omitted Information** |

---

There are no significant facts required to be disclosed herein which have been omitted.

---

| | |
|:---|:---|
| **ITEM 8.** | **Executive Officer** |

---

For further information, please contact:

Christian Kargl-Simard, CEO and Director

T: +1 (416) 230 3440

---

| | |
|:---|:---|
| **ITEM 9.** | **Date of Report** |

---

September 12, 2025

**Cautionary Note Regarding Forward-Looking Information**

*This material change report includes "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian and U.S. securities laws. All statements included herein that address events or developments that the Company expects to occur in the future are forward-looking statements. Forward-looking information may in some cases be identified by words such as "will", "anticipates", "expects", " intends" and similar expressions suggesting future events or future performance. Forward- looking statements in this material change report include, but are not limited to, statements regarding, the anticipated benefits of, and the use of proceeds from, the Bridge Loan and Initial Equity Subscription, that the Company's ability to obtain non-dilutive funding by way of a senior secured term loan and redeemable precious metals stream, and that the Company will be able to obtain up to an additional US$15 million equity investment from Hartree and Oaktree.*

 

*The Company cautions that all forward-looking information is inherently subject to change and uncertainty and that actual results may differ materially from those expressed or implied by the forward-looking information. A number of risks, uncertainties and other factors could cause actual results and events to differ materially from those expressed or implied in the forward-looking information or could cause our current objectives, strategies and intentions to change, including but not limited to: the anticipated benefits of the Bridge Loan, Initial Equity Subscription, and/or larger investment package will not be as anticipated, that the development of the Company's assets may not progress as anticipated, that the Company may not be able to finalize terms of the senior secured term loan, additional equity investment by Hartree and Oaktree and/or redeemable precious metals stream on terms acceptable to the Company. Accordingly, the Company warns investors to exercise caution when considering statements containing forward-looking information and that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. The Company cannot guarantee that any forward-looking information will materialize and you are cautioned not to place undue reliance on this forward-looking information. Any forward-looking information contained in this material change report represents management's current expectations and are based on information currently available to management, and are subject to change after the date of this material change report. The Company is under no obligation (and the Company expressly disclaims any such obligation) to update or alter any statements containing forward-looking information, the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this material change report is qualified by the cautionary statements herein.*

 

*Forward-looking information is provided herein for the purpose of giving information about the director and officer appointments, the Investment and their expected impact. Readers are cautioned that such information may not be appropriate for other purposes.*

 

*A comprehensive discussion of other risks that impact Blue Moon can also be found in its public reports and filings which are available at www.sedarplus.ca.*

## Exhibit 99.48

**Exhibit 99.48**

*Execution Version*

**FIRST AMENDMENT**

**THIS FIRST AMENDMENT** (this "**Amendment**") is dated as of September 2, 2025 (the "**Effective Date**") and entered into between Nussir ASA, as a borrower ("**Nussir**"), Keystone Mines Inc., as a borrower ("**Keystone**" and together with Nussir, the "**Borrowers**"), Blue Moon Metals Inc., as Parent (the "**Parent**"), Blue Moon Norway AS, as a guarantor ("**Blue Moon Norway**"), Repparfjord Eiendom AS, as a guarantor ("**Repparfjord**" and together with Blue Moon Norway, the "**Norwegian Guarantors**"), Hartree Partners, LP, as administrative agent (the "**Administrative Agent**") and Hartree Partners, LP and Opps XII BL MN Holdings LP, as lenders (the "**Lenders**").

**RECITALS:**

A. The Borrower Group Members (as defined in the Loan Agreement), the Administrative
Agent and the Lenders are parties to a loan agreement dated as of August 19, 2025 (the "**Existing Loan Agreement** ", as
amended by this Amendment, the "**Loan Agreement** ").

B. The Borrower Group Members, the Administrative Agent and the Lenders wish
to amend the Existing Loan Agreement pursuant to the terms and conditions set out in this Amendment.

**ARTICLE 1**

**INTERPRETATION**

**Section 1.1 Definitions**. Capitalized terms not defined in this Amendment have the meanings given to them in the Loan Agreement.

**Section 1.2 Headings, etc**. The inclusion of headings in this Amendment is for convenience of reference only and does not affect the construction or interpretation hereof.

**Section 1.3 Governing Law**. This Amendment shall be governed by and construed in accordance with the laws of the Province of Ontario and the federal laws of Canada applicable therein.

**ARTICLE 2**

**AMENDMENTS AND WAIVERS**

**Section 2.1 Amendments.** Subject to the satisfaction of the conditions set forth in Section 4.1 hereof, the Borrower Group Members, the Administrative Agent and the Lenders agree that, effective as of the Amendment Effective Date (as defined below), the Existing Loan Agreement shall be amended to add the underlined text (indicated textually in the same manner as the following example: <u>underlined text</u>) and to delete the stricken text (indicated textually in the same manner as the following example: stricken text) in each case, as shown in the redline attached as Exhibit A hereto.

**ARTICLE 3**

**CONDITIONS**

**Section 3.1 Conditions to Effectiveness**. The effectiveness of this Amendment and the amendments provided herein are subject to satisfaction of the following conditions precedent:

(1) The Administrative Agent's receipt of the following each dated as of the Effective
Date and each in form and substance reasonably satisfactory to the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of this Amendment duly executed and delivered by all parties hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such other assurances, certificates, documents, consents or opinions as the Lenders may reasonably require.

**ARTICLE 4**

**MISCELLANEOUS**

**Section 4.1 Ratification of Existing Obligations and Security**. Each of the Borrower Group Members, as applicable, hereby acknowledges and confirms that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The representations and warranties contained in Article 4 of the Loan Agreement are true and correct as
of the date of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The terms of the Loan Agreement shall remain in full force and effect and are hereby
ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Its Obligations under the Loan Agreement and each other Loan Document to which it is a party will not
otherwise be impaired or affected by the execution and delivery of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding the amendments granted hereby, the Security Documents and the security granted thereunder
will continue in full force and effect as general and continuing collateral security for all of the Obligations.

**Section 4.2 Further Assurances**. The Borrowers shall at their own expense do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered all such further acts, security documents, powers of attorney and assurances as the Lenders may from time to time request to better assure and perfect, protect and preserve the security interests and other interests under the Security Documents after giving effect to this Amendment.

**Section 4.3 Benefits**. This Amendment is binding upon and will inure to the benefit of the parties hereto and their respective permitted successors and assigns.

**Section 4.4 Loan Document**. This Amendment constitutes a Loan Document for all purposes under the Loan Agreement.

**Section 4.5 Costs and Expenses**. The Borrowers shall pay all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Lenders and their Affiliates (including the reasonable and documented fees, charges and disbursements of outside counsel to the Administrative Agent and the Lenders (directly to such counsel if requested by the Administrative Agent and the Lenders) in connection with the preparation, negotiation, execution and delivery of this Amendment.

**Section 4.6 Limited Effect**. Except as expressly provided herein, all of the terms and provisions of the Loan Documents are and shall remain in full force and effect unamended, and are hereby ratified and confirmed by each Borrower Group Member.

**Section 4.7 Counterparts**. This Amendment may be executed in any number of counterparts and delivered by facsimile or PDF via email, each of which will be deemed to be an original.

*- signature pages follow -*

**IN WITNESS WHEREOF** the parties hereto have executed this Amendment as of the date stated on the first page above.

---

| | |
|:---|:---|
| **NUSSIR ASA,** as borrower | **NUSSIR ASA,** as borrower |
| By: | [Redacted – Personal Information] |
|  | *[Redacted – Personal Information]* |

---

---

| | |
|:---|:---|
| **KEYSTONE MINES INC.,** as borrower | **KEYSTONE MINES INC.,** as borrower |
| By: | [Redacted – Personal Information] |
|  | *[Redacted – Personal Information]* |

---

---

| | |
|:---|:---|
| **BLUE MOON METALS INC.,** as Parent | **BLUE MOON METALS INC.,** as Parent |
| By: | [Redacted – Personal Information] |
|  | *[Redacted – Personal Information]* |

---

---

| | |
|:---|:---|
| **BLUE MOON NORWAY AS,** as guarantor | **BLUE MOON NORWAY AS,** as guarantor |
| By: | [Redacted – Personal Information] |
|  | *[Redacted – Personal Information]* |

---

---

| | |
|:---|:---|
| **REPPARFJORD EIENDOM AS,** as guarantor | **REPPARFJORD EIENDOM AS,** as guarantor |
| By: | [Redacted – Personal Information] |
|  | *[Redacted – Personal Information]* |

---

---

| | |
|:---|:---|
| **HARTREE PARTNERS, LP, by its general partner Hartree Partners GP, LLC,** as administrative agent | **HARTREE PARTNERS, LP, by its general partner Hartree Partners GP, LLC,** as administrative agent |
| By: | [Redacted – Personal Information] |
|  | *[Redacted – Personal Information]* |

---

---

| | |
|:---|:---|
| **HARTREE PARTNERS, LP, by its general partner Hartree Partners GP, LLC,** as lender | **HARTREE PARTNERS, LP, by its general partner Hartree Partners GP, LLC,** as lender |
| By: | [Redacted – Personal Information] |
|  | *[Redacted – Personal Information]* |

---

---

| | |
|:---|:---|
| **OPPS XII BL MN HOLDINGS, L.P.,** as lender | **OPPS XII BL MN HOLDINGS, L.P.,** as lender |
| By: | Oaktree Fund GP IIA, LLC |
| Its: | General Partner |
| By: | Oaktree Fund GP II, L.P. |
| Its: | Managing Member |

---

---

| | |
|:---|:---|
| By: | [Redacted – Personal Information] |
|  | *[Redacted – Personal Information]* |
| By: | *[Redacted – Personal Information]* |
|  | *[Redacted – Personal Information]* |

---

**Exhibit A**

**Conformed Loan Agreement**

See attached.

Execution Version

<u>Conformed Through First Amendment</u>

**LOAN AGREEMENT**

**between**

**<u>Keystone Mines Inc. and</u>** **Nussir ASA**

**as Borrower<u>Borrowers</u>, - and -**

**Blue Moon Metals Inc.**

**as Parent, - and –**

**Keystone Mines Inc.**

**as Guarantor, - and -**

**Blue Moon Norway AS**

**as Guarantor, - and - Repparfjord Eiendom AS**

**as Guarantor, - and -**

**Hartree Partners, LP and Opps XII BL MN Holdings LP**

**as Lenders**

**- and - Hartree Partners, LP**

**as Administrative Agent**

**- and -**

**Hartree Partners, LP**

**as Lead Arranger**

**August 19, 2025**

---

| | | |
|:---|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| **ARTICLE 1** | **ARTICLE 1** | **ARTICLE 1** |
| **DEFINITIONS** | **DEFINITIONS** | **DEFINITIONS** |
| Section 1.1 | Certain Defined Terms | 1 |
| Section 1.2 | Accounting Principles | 21 |
| Section 1.3 | Interpretation | 22 |
| **ARTICLE 2** | **ARTICLE 2** | **ARTICLE 2** |
| **THE LOANS** | **THE LOANS** | **THE LOANS** |
| Section 2.1 | The Loan | 22 |
| Section 2.2 | Advances | 23 |
| Section 2.3 | Structuring Premium | 23 |
| Section 2.4 | Purposes of the Loan | 21<u>23</u> |
| Section 2.5 | Interest | 21<u>23</u> |
| Section 2.6 | Payment of Interest | 23 |
| Section 2.7 | Default Interest | 24 |
| Section 2.8 | Interest Act | 22<u>24</u> |
| Section 2.9 | Maximum Interest Rate | 22<u>24</u> |
| Section 2.10 | Repayments of the Loan | 24 |
| Section 2.11 | Payments | 23<u>25</u> |
| Section 2.12 | Obligations with Respect to the Loan | 25 |
| Section 2.13 | Amendment to Loan Agreement. | 24 |
| **ARTICLE 3** | **ARTICLE 3** | **ARTICLE 3** |
| **CONDITIONS PRECEDENT; CLOSING DELIVERABLES** | **CONDITIONS PRECEDENT; CLOSING DELIVERABLES** | **CONDITIONS PRECEDENT; CLOSING DELIVERABLES** |
| Section 3.1 | Conditions Precedent to the Closing Date | 26 |
| Section 3.2 | Conditions Precedent to the First Advance | 27 |
| Section 3.3 | Conditions Precedent to all Advances | 28 |
| **ARTICLE 4** | **ARTICLE 4** | **ARTICLE 4** |
| **REPRESENTATIONS AND WARRANTIES** | **REPRESENTATIONS AND WARRANTIES** | **REPRESENTATIONS AND WARRANTIES** |
| Section 4.1 | Representations and Warranties of the Borrower Group Members | 29 |
| Section 4.2 | Survival of Representations and Warranties | 36 |
| Section 4.3 | Repetition of Representations and Warranties | 36 |

---

(ii)

---

| | | |
|:---|:---|:---|
| **ARTICLE 5** | **ARTICLE 5** | **ARTICLE 5** |
| **COVENANTS** | **COVENANTS** | **COVENANTS** |
| Section 5.1 | Reporting Covenants | 37 |
| Section 5.2 | Affirmative Covenants | 38 |
| Section 5.3 | Negative Covenants | 43 |
| **ARTICLE 6** | **ARTICLE 6** | **ARTICLE 6** |
| **SECURITY** | **SECURITY** | **SECURITY** |
| Section 6.1 | Security | 46 |
| Section 6.2 | Additional Security Upon Event of Default | 46 |
| Section 6.3 | Further Assurances | 47 |
| Section 6.4 | Security Effective | 47 |
| Section 6.5 | No Merger | 47 |
| **ARTICLE 7** | **ARTICLE 7** | **ARTICLE 7** |
| **EVENTS OF DEFAULT** | **EVENTS OF DEFAULT** | **EVENTS OF DEFAULT** |
| Section 7.1 | Events of Default | 47 |
| Section 7.2 | Effect of Event of Default | 50 |
| Section 7.3 | Set-Off | 50 |
| Section 7.4 | Application of Proceeds | 51 |
| **ARTICLE 8** | **ARTICLE 8** | **ARTICLE 8** |
| **ADMINISTRATIVE AGENT** | **ADMINISTRATIVE AGENT** | **ADMINISTRATIVE AGENT** |
| Section 8.1 | Appointment and Authority | 51 |
| Section 8.2 | Exculpatory Provisions | 52 |
| Section 8.3 | Indemnification of the Administrative Agent | 52 |
| Section 8.4 | Non-Reliance on Administrative Agent | 52 |
| Section 8.5 | Collective Action of the Lenders | 52 |
| Section 8.6 | Replacement of Administrative Agent | 53 |
| Section 8.7 | Payments | 53 |
| Section 8.8 | Administrative Agent Resignation | 53 |
| **ARTICLE 9** | **ARTICLE 9** | **ARTICLE 9** |
| **MISCELLANEOUS** | **MISCELLANEOUS** | **MISCELLANEOUS** |
| Section 9.1 | Amendments and Waivers | 54 |
| Section 9.2 | Norwegian Financial Assistance Limitation | 55 |
| Section 9.3 | Notices | 55 |
| Section 9.4 | No Waiver; Cumulative Remedies | 55 |
| Section 9.5 | Costs and Expenses; Indemnity | 56 |
| Section 9.6 | Survival | 57<u>61</u> |
| Section 9.7 | Benefits of Agreement | 61 |
| Section 9.8 | Binding Effect; Assignment; Transfer | 61 |

---

(iii)

---

| | | |
|:---|:---|:---|
| Section 9.9 | Governing Law | 58<u>62</u> |
| Section 9.10 | Submission to Jurisdiction | 58<u>62</u> |
| Section 9.11 | Entire Agreement | 63 |
| Section 9.12 | Severability | 59<u>63</u> |
| Section 9.13 | Judgment Currency | 59<u>63</u> |
| Section 9.14 | Confidentiality and Public Statements | 64 |
| Section 9.15 | Eligible Financial Contract | 65 |
| Section 9.16 | No Partnership or Joint Venture | 65 |
| Section 9.17 | Counterparts | 61<u>65</u> |
| Section 9.18 | OFAC | 61<u>65</u> |
| Section 9.19 | USA Patriot Act | 65 |
| Section 9.20 | Further Assurances | 66 |

---

(iv)

**LOAN AGREEMENT**

**THIS LOAN AGREEMENT** (the "**Agreement**"), made as of August 19, 2025 by and between Blue Moon Metals Inc., a corporation existing under the laws of the Province of British Columbia, Canada (the "**Parent**"), Nussir ASA, a public limited liability company existing under the laws of Norway (the"Borrower**<u>Nussir</u>**"), as borrower, Keystone Mines Inc., a corporation existing under the laws of the State of Idaho ("**Keystone**"), as guarantor <u>and together with Nussir and their respective successors and permitted assigns, "the Borrowers" and each a "**Borrower**"), as borrower</u>, Repparfjord Eiendom AS, a private limited liability company existing under the laws of Norway ("**Repparfjord**"), as guarantor, Blue Moon Norway AS ("**Blue Moon Norway**" and together with Repparfjord, the "**Norwegian Guarantors**"), as guarantor, Hartree Partners, LP, Opps XII BL MN Holdings LP and each other lender party hereto from time to time (together with their successors and permitted assigns, the "**Lenders**"), Hartree Partners, LP, as administrative agent (the "**Administrative Agent**") and Hartree Partners, LP, as lead arranger (the "**Lead Arranger**").

**WHEREAS:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Borrower is <u>Borrowers are</u> in the business of owning, constructing, developing and certain mining properties and assets
 as referenced herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In furtherance of such business, the Borrower has <u>Borrowers have</u> requested, and the Lenders, subject to the terms and conditions set forth herein, have
 agreed to make the loans provided for herein to be used by the Borrower <u>Borrowers</u> for the purposes permitted herein.

**NOW THEREFORE**, in consideration of the mutual covenants and agreements herein contained, the parties hereto covenant and agree as follows:

**ARTICLE 1** 

**DEFINITIONS**

**Section 1.1 Certain Defined Terms.**

As used in this Agreement (including in the recitals hereof), the following terms shall have the following meanings:

" **Abandonment**" shall occur if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower Group Members cease reasonable
 work towards the development and construction of the Nussir
 Project <u>Projects</u>,
 including work towards all necessary feasibility study updates, licenses and permits, for
 reasons other than a Force Majeure, and such condition continues without interruption for
 60 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Administrative Agent shall have delivered to the Borrower <u>Borrowers</u> a notice requesting a certificate to the effect that the Borrower Group Members intend to resume such reasonable work;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) within five (5) Business Days following delivery of such notice such certificate is not delivered to the
Administrative Agent, or such certificate is delivered and the Borrower Group Members do not then resume such reasonable work; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Administrative Agent has thereafter notified the Borrower <u>Borrowers</u> in writing that Abandonment has occurred.

"**Adjusted Term SOFR**" means, for any Interest Period, the sum of Term SOFR plus 0.10% per annum.

"**Administrative Agent**" means Hartree Partners, LP, in its capacity as administrative agent for the Lenders hereunder, or any successor Administrative Agent appointed pursuant to Section 8.1.

"**Advance**" has the meaning set forth in Section 2.1.

"**Advance Request**" means a written request for an Advance in the form attached hereto as Schedule B.

"**Affiliate**" in relation to any Person (in this definition, the "relevant party") means any other Person that directly or indirectly, Controls, is Controlled by or is under common Control with, the relevant party.

"**Agreement**" has the meaning set forth in the Preamble.

"**AML Legislation**" means any Applicable Law concerning or relating to terrorism or money laundering, including, without limitation, United States Executive Order No. 13224, the Patriot Act, the laws comprising or implementing the Bank Secrecy Act (United States), the laws administered by OFAC and the U.S. State Department, the Criminal Code (Canada), the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada), the Regulations Implementing the United Nations Resolutions on the Suppression of Terrorism (Canada), Directive 2005/60/EC of the European Parliament and the Council of 26 October 2005 (EU), the United Nations Al-Qaida and Taliban Regulations (Canada), the Anti-terrorism Act (Canada), and any similar or analogous legislation in any other applicable country, including as may be applicable to the Borrower Group Members, the Projects, the Administrative Agent or the Lenders, as any of the foregoing laws may from time to time be amended, renewed, extended, or replaced.

"**Anti-Corruption Law**s" shall mean all laws, executive orders, ordinances, rules, regulations or statutes of any jurisdiction related to corruption or bribery, including, but not limited to, (a) the FCPA, as amended, (b) the UK Bribery Act 2010, (c) Norway, and (d) the Corruption of Foreign Public Officials Act (Canada), as any of the foregoing laws may from time to time be amended, renewed, extended, or replaced.

"**Anti-Corruption Policy**" means the anti-bribery and anti-corruption policy of the Borrower Group Members adopted by the Board, as the same may be amended, revised, supplemented or replaced from time to time in accordance with the terms hereof, a copy of which has been provided to the Administrative Agent prior to the Closing Date.

"**Anti-Terrorism Laws**" means each of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the USA Patriot Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Money Laundering Control Act of 1986, 18 U.S.C. sect. 1956;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Parts II.1, XII.2 and section 354 of the Criminal Code (Canada);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all Sanctions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any similar law enacted in the United States of America, Canada or Norway subsequent
to the date of this Agreement.

"**Applicable Law**" means any law (including common law and equity), any international or other treaty, any domestic or foreign constitution or any multinational, federal, provincial, territorial, state, municipal, county or local statute, law, ordinance, code, rule, regulation, Order (including any securities laws or requirements of stock exchanges and any consent decree or administrative Order), or Authorization of a Governmental Body applicable to any specified Person, property, transaction or event, or any such Person's Business Assets.

"**Applicable Percentage**" means with respect to any Lender, the percentage of the total Commitments represented by such Lender's Commitment. If all Advances available under the Loan have been made or if the Commitments have been terminated or expired, the Applicable Percentage shall be the percentage of the total outstanding Loans represented by such Lender's outstanding Loans.

"**Authorization**" means any authorization, approval, consent, concession, exemption, license, lease, grant, permit, franchise, right, privilege or no action letter from any Governmental Body having jurisdiction with respect to any specified Person, property, transaction or event, or with respect to any of such Person's Business Affairs (including any zoning approval, mining permit, development permit and building permit) or from any Person in connection with any easements or contractual rights.

"**Authorized Officer**" means, with respect to any Person, the chief executive officer, the president, the chief financial officer or the treasurer of such Person, or any other senior officer of such Person having substantially the same authority and responsibility.

"**Availability Period**" means the period from and including the Closing Date to and including March 31, 2026.

"**Bankruptcy Code**" means any of the Bankruptcy Reform Act, Title 11 of the United States Code, the Bankruptcy and Insolvency Act (Canada), the Companies Creditors Arrangement Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Canada) and the Winding up and Restructuring Act (Canada) and the Norwegian Insolvency Act of June 8, 1984 no. 58 (Nw: konkursloven), each as amended or recodified from time to time, including (unless the context otherwise requires) any rules or regulations promulgated thereunder.

" **Base Rate**" for an Interest Period means the greater of (i) Adjusted Term SOFR, and (ii) 3.0%, as calculated three Business Days prior to the commencement of such Interest Period.

" **Blue Moon Norway**" as the meaning set forth in the Preamble.

"**Blue Moon Project**" means the polymetallic volcanogenic massive sulfide (VMS) deposit located in central California approximately 22 miles northeast of Merced and 120 miles east, southeast of San Francisco.

"**Blue Moon Security Documents**" means the California law governed security to be granted by Keystone in favour of the Collateral Agent over all of Keystone's present and after acquired property including, without limitation, its interest in the Blue Moon Project, in form and substance satisfactory to the Lenders.

"**Board**" means the board of directors of the Parent.

"**Bonus Shares**" has the meaning set forth in the Loan Bonus Letter Agreement.

"**Borrower** **<u>Borrowers</u>**" has the meaning set forth in the Preamble.

"**Borrower Group Business**" means the development, construction, procurement, engineering, maintenance and operation of, and extraction, processing and sale of minerals from, the Projects.

"**Borrower Group Member**" means the Parent, the Borrower, Keystone<u>Borrowers</u> and the Norwegian Guarantors, or any of them.

"**Borrower Subsidiary**" means any Subsidiary of the<u>either</u> Borrower that holds or acquires directly or indirectly any interest in the Nussir<u>a</u> Project.

"**Business Affairs**" means the Business Assets, affairs, liabilities, condition (financial or otherwise), and results of operations of a specified Person or Persons.

"**Business Assets**" means the business, operations, undertaking, property and assets of a specified Person or Persons (including interests held in the Capital Stock of another Person).

"**Business Day**" means a day (other than a Saturday or a Sunday) on which banks are open for business in Vancouver, British Columbia and New York, New York.

"**Canadian Dollars**" and the symbol "C$" each mean lawful currency of Canada.

"**Capital Lease**" means, as to any Person, any lease of property by such Person as lessee to the extent the obligations of such Person thereunder are required to be classified and accounted for as capital lease obligations or finance lease obligations on a balance sheet of such Person in accordance with GAAP, provided that, for the purposes solely of determining whether a lease is a capital lease or an operating lease, the provisions of IFRS as of December 31, 2018 shall be used.

"**Capital Stock**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) common shares, preferred shares or other equivalent equity interests (howsoever
designated) of capital stock of a corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) units, membership interests, limited liability company interests or other equity interests,
preferred, common or otherwise, in a limited liability company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) member or shareholder interests in an unlimited company or unlimited liability company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) limited or general partnership interests in a partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any other interest that confers the right to receive a share of the profits and/or
losses of, or the distribution of assets of, any Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any other interest equivalent to any of the interests referred to in any of clauses
(a), (b), (c), (d) and (e) of this definition.

"**Change of Control**" means,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the Parent, an event or series of events by which any one of the following
occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the direct or indirect sale, transfer, conveyance or other disposition (other than
by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets
of the Borrower Group Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Person, or two or more Persons acting in concert, acquire(s), directly or indirectly,
50% or more of the voting power or voting Capital Stock of Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Parent's effective ownership (via joint venture agreement, asset sale or otherwise)
of the Blue Moon Project or the Nussir Project decreased below 80%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) any Person amalgamates or consolidates with or merges with or into Parent pursuant
to a transaction in which any of the outstanding voting Capital Stock of Parent or such other person is converted into or exchanged for
cash, securities or other property in which Parent is not the continuing or surviving corporation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) any other change in the Control of Parent; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to the Borrower <u>Nussir</u>,
an event or series of event by which Parent ceases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to hold, directly or indirectly, at least 93% of the issued Capital Stock of the Borrower <u>Nussir</u> or the Capital Stock having the right to cast at least 93% of the votes capable of being cast in general meetings of shareholders of the Borrower <u>Nussir</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to have the right to appoint the entire board of directors or equivalent governing
body of the Borrower <u>Nussir</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to have the right to control the management or policies of the Borrower <u>Nussir</u>;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iv)</u> <u>to have the power to manage or direct Nussir through ownership of Capital <u>Stock, by contract or otherwise; or</u></u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> <u>with respect to Keystone, an event or series of event by which Parent ceases:</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(i)</u> <u>to hold, directly or indirectly, 100% of the issued Capital Stock of Keystone or the Capital Stock having the right to cast 100% of the votes capable of being cast in general meetings of shareholders of Keystone;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u> <u>to have the right to appoint the entire board of directors or equivalent governing body of Keystone;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u> <u>to have the right to control the management or policies of Keystone; or</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to have the power to manage or direct the Borrower <u>Keystone</u> through ownership of Capital Stock, by contract or otherwise.

"**Change of Control Agreement**" has the meaning given to such term in Section 2.10(4).

"**Closing Date**" means the date hereof.

"**Code**" means the US Internal Revenue Code of 1986, as amended.

"**Collateral**" means (i) the assets comprising the Nussir Project and the Blue Moon Project and (ii) the assets comprised by the Security Documents.

"**Collateral Agent**" Hartree Partners, LP and its successors and permitted assigns.

"**Commitment**" means, in respect of each Lender, the amount specified with respect to such Lender in Schedule A (which will be amended and distributed to all parties by the Administrative Agent from time to time to reflect any changes thereto), as such amount may be reduced from time to time by such Lender's Applicable Percentage of the amount of any prepayments or repayments required or made hereunder or by the cancellation of any unused portion of the Loan.

"**Commodity Contract**" means commodity options, futures, swaps, and other similar agreements and arrangements designed to provide protection to any Borrower Group Member against fluctuations in commodity prices.

"**Confidential Information**" has the meaning set forth in Section 9.14(1).

"**Connection Income Taxes**" means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes.

"**Contaminant**" means any solid, liquid, gas, odor, heat, sound, vibration, radiation or combination of any of them that is reasonably expected to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) materially impair the quality of the Environment for any use that can be made of it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) materially injure or damage property or plant or animal life;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) materially and adversely affect the health of any individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) materially impair the safety of any individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) materially render any plant or animal life unfit for use by man; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) create a liability under any Environmental Law;
 and includes any "**contaminant**" within the meaning assigned to such term in any Environmental
 Law.

"**Contingent Obligation**" means, as applied to any Person, any direct or indirect liability, contingent or otherwise, of such Person with respect to any Indebtedness or contractual obligation of another Person, if the purpose or intent of such Person in incurring the Contingent Obligation is to provide assurance to the obligee of such Indebtedness or contractual obligation that such Indebtedness or contractual obligation will be paid or discharged, or that any agreement entered into by such other Person relating to such Indebtedness or contractual obligation will be complied with, or that any holder of such Indebtedness or contractual obligation will be protected against loss in respect thereof. Contingent Obligations of a Person include (a) the direct or indirect guarantee, endorsement (other than for collection or deposit in the ordinary course of business), co making, discounting with recourse or sale with recourse by such Person of an obligation of another Person, and (b) any liability of such Person for an obligation of another Person through any agreement (contingent or otherwise) (i) to purchase, repurchase or otherwise acquire such obligation or any security therefor, or to provide funds for the payment or discharge of such obligation (whether in the form of a loan, advance, stock purchase, capital contribution or otherwise), (ii) to maintain the Solvency, any balance sheet item, level of income or financial condition of another Person, (iii) to make take or pay or similar payments, if required, regardless of non performance by any other party or parties to an agreement, (iv) to purchase, sell or lease (as lessor or lessee) property, or to purchase or sell services, primarily for the purpose of enabling the debtor to make payment of such obligation or to assure the holder of such obligation against loss, or (v) to supply funds to or in any other manner invest in such other Person (including to pay for property or services irrespective of whether such property is received or such services are rendered), if in the case of any agreement or liability described under subclauses (i) through (v) of this sentence the primary purpose or intent thereof is as described in the preceding sentence. The amount of any Contingent Obligation shall be equal to the lesser of (A) the amount payable under such Contingent Obligation (if quantifiable) or (B) the portion of the obligation so guaranteed or otherwise supported.

"**Control**," "**Controls**" and "**Controlled**" when used with respect to any Person means possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person (whether through ownership of Voting Capital Stock, by contract or otherwise); provided that, in any event and without limitation, any Person or combination of Persons acting jointly or in concert which owns or own, directly or indirectly, more than 50% of the Voting Capital Stock having ordinary voting power for the election of the directors of, or Persons performing similar functions for, such Person will be deemed to Control such Person (irrespective of whether at the time any other Capital Stock of such Person of any other class shall or might have voting power upon the occurrence of any contingency).

"**Default**" means (a) an Event of Default, or (b) an event or condition that with the giving of notice or the passage of time, or both, would constitute an Event of Default.

"**Development**" means all activities, operations and work performed for the purpose of or in connection with the development, commissioning, start up and construction of the Projects through to the point of completion of relevant processing facilities as determined in accordance with the principal contracts governing the construction of the Projects, and including (a) acquisitions of mineral rights, surface rights, water rights, Authorizations and other interests necessary for the development, construction, commissioning, start up and operation of the Projects, (b) pre production development for the commencement of mining operations, and (c) activities undertaken to comply with any Applicable Laws arising out of or related to any of the foregoing.

"**Disposition**" means a disposition of all or substantially all of the Collateral.

"**Distribution**" shall mean, with respect to any Person, any payment, directly or indirectly, by such Person: (a) of any dividends on any Capital stock, other than dividends or distributions payable in shares or other Capital Stock; (b) on account of, or for the purpose of setting apart any property for a sinking or other analogous fund for, the purchase, redemption, retirement or other acquisition of any Capital Stock of such Person; (c) of any other distribution (other than distributions in shares or other Capital Stock) in respect of any Capital Stock of such Person including a return of capital or repurchase/redemption thereof; (d) payments of interest or principal on any Indebtedness owing to any holder of Capital Stock or any Affiliate thereof, or (e) of any management, consulting or similar fee or compensation or any bonus payment or comparable payment, or by way of gift or other gratuity, to the extent such distributions are made in cash, to any Affiliate of such Person (including to a direct or indirect parent) or to any director, officer or member of the management of an Affiliate of such Person provided that payments by a Borrower Group Member in the course of its business to employees, officers and members of management, expense reimbursement to directors, in each case in the ordinary course of business consistent with past practice shall not constitute Distributions hereunder.

"**Dollars**" and the symbol "**$**" each mean lawful money of the United States of America.

"**Employee Benefit Plan**" has the meaning set forth in Section 4.1(26).

"**Environment**" means the ambient air, all layers of the atmosphere, surface water, underground water, all land, all living organisms and the interacting natural systems that include components of air, land, water, organic and inorganic matter and living organisms, and includes indoor spaces.

"**Environmental Laws**" means any Applicable Law which applies to the Business Affairs of any particular Person relating to the Environment, occupational health or safety, industrial hygiene, product liability or any past, present or future activity, event or circumstance in respect of any Hazardous Materials (including the use, handling, transportation, production, disposal, discharge or storage thereof or the terms of any Authorization issued therefore) or the environmental conditions on, under or about any real property of any particular Person (including soil, groundwater and indoor and ambient air conditions).

" **Event of Default**" has the meaning set forth in Section 7.1.

"**Excluded Taxes**" means, with respect to the Administrative Agent, any Lender or any other recipient of any payment (each, a "**Recipient**") to be made by or on account of any obligation of a Borrower Group Member hereunder or under any Loan Document, any of the following Taxes imposed on or with respect to or required to be withheld or deducted from, such payment: (a) Taxes imposed on or measured by its net income (however denominated), franchise Taxes, and branch profit Taxes, in each case (i) imposed as a result of such Recipient being organized under the laws of, or having its principal office or (in the case of a Lender) its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes; (b) any<u>U.S. federal withholding</u> Taxes imposed under FATCA<u>on amounts payable to or for the account of such Recipient with respect to an applicable interest in a Loan pursuant to a law in effect on the date on which (i) such Recipient acquires such interest in the Loan, or (ii) such Recipient changes its lending office, except in each case to the extent that, pursuant to Section 9.5, amounts with respect to such Taxes were payable either to such Recipient's assignor immediately before such Recipient became a party hereto or to such Recipient immediately before it changed its lending office</u>; (c) Taxes attributable to such Recipient's failure to comply with Section 9.5(7) of this Agreement; (d) any Canadian federal withholding Taxes arising as a result of (i) a Recipient not dealing at "arm's length" (within the meaning of the ITA) with a Borrower Group Member, (ii) a Recipient being a "specified shareholder" (as defined in subsection 18(5) of the ITA) of a Borrower Group Member or not dealing at "arm's length" with a "specified shareholder" (in each case within the meanings in the ITA) of a Borrower Group Member, or (iii) the<u>a</u> Borrower being a "specified entity" (as defined in subsection 18.4(1) of the ITA) in respect of the Recipient (except, in each of the foregoing cases (i), (ii) and (iii), where any such non-arm's length or specified non-resident shareholder relationship arose, or a Borrower Group Member is a specified entity, as a result of the Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan Document), and (e) withholding<u>any</u> Taxes imposed under FATCA.

"**Existing ROFRs**" means the rights of first refusal or rights of first offer, to provide financing to the Borrower Group Members in connection with the Nussir<u>any</u> Project by way of stream, royalty, offtake or other similar instrument, that are described in Schedule 4.1(15) attached hereto.

"**Existing Royalties**" means the royalty agreements that are described in Schedule 4.1(15) attached hereto.

"**FATCA**" means Sections 1471 through 1474 of the Code, as of the Closing Date (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the Code and fiscal or regulatory legislation, or official rules adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Bodies and implementing such sections of the Code.

"**Fiscal Quarter**" means each period of three months, ending on each March 31, June 30, September 30 and December 31.

" Fiscal Year" means each period of 12 months ending on December 31 of each year.

"**Force Majeure**" means any event or circumstance, whether foreseeable or unforeseeable, suffered by any Borrower Group Member which is not within its reasonable control, and includes, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) acts of God, nature, or the elements, including wind, ice and other storms, lightning,
floods, earthquakes, volcanic eruptions, landslides, explosions and fires, sink holes, drought or other adverse weather condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) strikes, lockouts, labor disputes and other industrial disturbances, including unavailability
of power, water and other items necessary for production, (however arising and whether or not employee demands are reasonable or within
the power of the applicable Borrower Group Member to grant), it being acknowledged that the settlement of strikes, lockouts, and other
labor disturbances depends upon the agreement of employees and other third parties and therefore is not wholly within the discretion of
the applicable Borrower Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) war or the consequence thereof, acts or serious threats of sabotage or terrorism,
riot, civil war, blockade, insurrection, acts of public enemies, invasion, civil strife or mob violence, trade sanctions, revolution,
embargo, prohibition of import or export, expropriation, nationalization or other act of eminent domain; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) epidemics, pandemics and similar medical emergencies or issues.

"**Foreign Lender**" has the meaning set forth in Section 9.5(7)(a)(ii).

"**GAAP**" means generally accepted accounting principles determined in accordance with Section 1.2.

"**Good Industry Practice**" means, in relation to any decision or undertaking, the exercise of that degree of diligence, skill, care, prudence, oversight, economy and stewardship which is commonly observed or would reasonably be expected to be observed by skilled and experienced professionals in the mining industry engaged in the same type of undertaking under the same or similar circumstances.

"**Governmental Body**" means the government of Canada, the United States of America, Norway or any other nation, or of any political subdivision thereof, whether state, provincial, territorial or local, and any agency, authority, instrumentality, regulatory body (including stock exchanges), court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including any supra national bodies such as the European Union or the European Central Bank).

"**Hartree**" means Hartree Partners, LP and its successors and permitted assigns.

"**Hazardous Materials**" means any pollutant or Contaminant, including any hazardous, dangerous, registrable or toxic chemical, material or other substance within the meaning of any Environmental Law.

"**IFRS**" means the International Financial Reporting Standards adopted by the International Accounting Standards Board from time to time.

"**Indebtedness**" of any Person means, without duplication:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all obligations of such Person for borrowed money and all obligations of such Person
evidenced by bonds, debentures, notes, bills or other similar instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all obligations, contingent or otherwise, relative to the face amount of all letters of credit, whether
or not drawn, and banker's acceptances issued for such Person's account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all obligations under any Capital Lease and the principal component or equivalent
of obligations under Other Leases of such Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all obligations of such Person in respect of the deferred purchase price of property
or services (excluding current accounts payable incurred in the ordinary course of business);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all obligations of any Person secured by a Lien on property owned or being purchased
by such Person; all obligations secured by (or for which the holder of such obligations has an existing right, contingent or
otherwise, to be secured by) any Lien upon or in property owned by such Person, even though such Person has not assumed or become liable
for the payment of such obligations or such obligations are limited in recourse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all liabilities of such Person as determined in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all obligations of such Person created or arising under any conditional sale or other
title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the seller or lender
under such agreement in the event of default are limited to repossession or sale of such property);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all Contingent Obligations of such Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all obligations of such Person to purchase, redeem, retire, defease or otherwise acquire
for value any Capital Stock of such Person with a mandatory repurchase or redemption date of less than ten years from the date of issuance
thereof.

For purposes of determining the amount of Indebtedness in a circumstance when the creditor has recourse only to specified assets, the amount shall be the lesser of (i) the amount of such obligation or (ii) the fair market value of such assets.

"**Indemnified Liabilitie**s" has the meaning set forth in Section 9.5(3).

"**Indemnified Person**" has the meaning set forth in Section 9.5(2).

"**Indemnified Taxes**" means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any Obligation of the Borrower Group Members under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes.

"**Interest Period**" means the (i) the period from and including the date of the initial Advance hereunder, to but excluding the next following Payment Date, (ii) from and including a Payment Date, to but excluding the next Payment Date, and (iii) from an including the final Payment Date prior to repayment, to but excluding the date the Loan and all other Obligations are repaid in full.

"**Interest Rate**" means the Base Rate plus 8.0% per annum.

"**Interest Rate Contract**" means interest rate swap agreements, interest rate cap agreements, interest rate collar agreements, interest rate insurance, and other agreements or arrangements designed to provide protection against fluctuations in interest rates.

"**Investment**" has the meaning set forth in Section 5.3(8).

"**IRS**" means the United States Internal Revenue Service.

"**Judgment Conversion Date**" has the meaning set forth in Section 9.13(1).

"**Judgment Currency**" has the meaning set forth in Section 9.13(1).

"**Lead Arranger**" means Hartree Partners, LP, in its capacity as lead arranger for the Lenders hereunder.

"**Lenders**" has the meaning given to such term in the preamble.

"**Lien**" means any mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), security interest, right of set off (to the extent constituting a security interest), priority or other security agreement or preferential arrangement of any kind or nature whatsoever, including any conditional sale or other title retention agreement or the interest of a lessor under a Capital Lease or an Other Lease.

"**Loan**" or "**Loans**" means the Advances to be made hereunder.

"**Loan Bonus Letter Agreement**" means that certain loan bonus letter agreement dated as of the date hereof between the Parent, the Borrower<u>Nussir</u> and the Lead Arranger.

"**Loan Documents**" means, collectively, this Agreement, the Loan Bonus Letter Agreement, the Security Documents, the North American Collateral Agency Agreement, the Norwegian Intercreditor Agreement and each other agreement, document, instrument or certificate delivered to the Administrative Agent or the Collateral Agent, as applicable, for the benefit of the Secured Parties as a loan document pursuant to or otherwise in connection with any of this Agreement.

"**Material Adverse Change**" means any change, effect, event, occurrence or change in condition or state of facts, that in any such case, has, or could reasonably be expected to have, a Material Adverse Effect.

"**Material Adverse Effect**" means any event, change, condition, occurrence or development that, individually or in the aggregate, has had or would reasonably be expected to have a material adverse effect on: (a) the business, operations, results of operations, financial condition, assets, liabilities, permits or authorizations of the Projects; or (b) the ability of the Borrower<u>Borrowers</u> to obtain authorizations which impact the ability of the Borrower<u>Borrowers</u> to construct or operate the Projects in a manner consistent with that certain 2023 SRK Definitive Feasibility Study; provided, however, that none of the following shall constitute a Material Adverse Effect: (i) changes generally affecting the industry in which the Borrower operates<u>Borrowers operate</u>; (ii) changes in general economic, financial or political conditions, including the effect of geopolitical events or natural disasters; or (iii) changes in law or accounting principles, except to the extent that such changes disproportionately affect the Borrower<u>Borrowers</u> relative to other similarly situated companies in the same industry.

"**Material Permits**" means, collectively, each license, permit or approval issued by any Governmental Body, or any applicable stock exchange or securities commission, to any Borrower Group Member as outlined on Schedule 4.1(14), for which is material to the Business Affairs of the Borrower Group Members.

"**Material Project Agreements**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the agreements listed in Schedule 4.1(14) attached hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each agreement involving the potential expenditure by, or revenue to, the <u>a</u> Borrower or any Subsidiary of more than $5,000,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) each agreement the breach, loss or termination of which would reasonably be expected to be materially
adverse to the development or operation of the Nussir <u>a</u> Project or otherwise result in a Material Adverse Effect relating to the Nussir <u>a</u> Project; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any other agreement designated by the Required Lenders and the <u>a</u> Borrower as a Material Project Agreement.

"**Maturity Date**" means June 30, 2027.

"**Mining Properties**" means the mineral rights and mineral leases listed in Schedule 4.1(15) attached hereto, including the unpatented mining claims and all accessions and successions thereto, whether created privately or through government action, and all other property, buildings, structures, facilities and fixtures now or at any time hereafter used, affixed to or situate thereon, including any means of access thereto and any of the foregoing to which any Borrower Group Member or any of their respective Affiliates, acquires an interest in or to, after the date hereof.

"**Monthly Operating Report**" means a written report in respect of the Nussir<u>each</u> Project prepared by or on behalf of the Borrower<u>Borrowers</u> in relation to the immediately preceding month, which report shall include certain material information pertaining to the development or operations of the Nussir<u>such</u> Project, with sufficient detail and information as reasonably required by the Required Lenders.

"**Net Proceeds**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the net proceeds of: any incurrence of Indebtedness, issuance of a stream interest,
issuance of a royalty, or any prepay agreement, in each case by a Borrower Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the net proceeds of any property or casualty insurance received by any Borrower Group
Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) net condemnation or expropriation proceeds received by any Borrower Group Member;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the net proceeds of any Disposition by any Borrower Group Member (excluding for greater
certainty any proceeds received from a sale of equity interests in Honey Badger Silver Inc.).

"**North American Collateral Agency Agreement**" means that certain North American collateral agency agreement to be entered into among, *inter alios*, the Borrower Group Members, the Collateral Agent, the Administrative Agent and the Lenders in respect of the North American Security Documents and the Blue Moon Security Documents.

"**North American Security Documents**" means the security to be granted in favour of the Collateral Agent from time to time including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an Ontario law governed guarantee granted by the Parent, Keystone and each Norwegian
Guarantor in favour the Collateral Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a British Columbia law governed security agreement granted by the Parent in favour
of the Collateral Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a British Columbia law governed assignment of insurance granted by the Parent in favour of the Collateral
Agent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a US pledge agreement granted by the Parent in favour of the Collateral Agent which
shall provide for a pledge of all of the issued and outstanding equity interests of Keystone.

"**Norwegian Guarantors**" has the meaning given to such term in the preamble.

"**Norwegian Intercreditor Agreement**" means that certain security agent agreement (governed by Norwegian law) to be entered into among, inter alios, the Collateral Agent, the Lenders and the Offtaker in respect of the Nussir Security Documents.

"**Nussir Project**" means the Borrower's<u>Nussir's</u> advanced stage sediment hosted development copper-gold-silver project located in northern Norway.

"**Nussir Security Documents**" means the Norwegian law security to be granted in favour of the Collateral Agent from time to time including in connection with this Agreement, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a first ranking security over all issued shares in Blue Moon Norway held by the Parent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a first ranking security over all issued shares in the Borrower <u>Nussir</u> held by Blue Moon Norway;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a first ranking security over all issued shares in the Repparfjord held by Blue Moon
Norway;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a first ranking floating charge over the Borrower's <u>Nussir's</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) inventory (Nw. varelager);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) operating assets (Nw. driftstilbehør); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trade receivables (Nw. factoring);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a first ranking floating charge over each Norwegian Guarantor's:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) inventory (Nw. varelager);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) operating assets (Nw. driftstilbehør); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trade receivables (Nw. factoring);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) a first ranking security over all extraction rights held by the
Borrower <u>Nussir</u> on property with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) land no. 107, title no. 1 in Hammerfest municipality, Norway;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) land no. 107 title no. 1 and lease no. 15 in Hammerfest municipality, Norway; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) a second ranking security over the new leasehold agreement held by Repparfjord on the property with land
no. 107 title no. 1 and lease no. 15 in Hammerfest municipality, Norway.

"**Oaktree**" means Opps XII BL MN Holdings LP and its successors and permitted assigns.

"**Obligation Currency**" has the meaning set forth in Section 9.13(1).

"**Obligations**" means all of the obligations of the Borrower<u>Borrowers</u> under the Loan Documents, whether direct or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, including all interest that accrues after the commencement of any case or proceeding by or against the Borrower<u>Borrowers</u> under the Bankruptcy Code, whether or not allowed in such case or proceeding.

"**Offtake Agreement**" the sale purchase agreement dated as of March 7, 2025, and entered into between the Offtaker, as buyer, and the Borrower<u>Nussir</u>, as seller, relating to the sale and purchase of copper concentrates from the Nussir Project mine, as may be amended, restated, supplemented or otherwise modified from time to time.

"**Offtaker**" means Hartree Metals SARL and its successors and permitted assigns.

"**Order**" means any order, directive, decree, judgment, ruling, award, injunction, direction or request of any Governmental Body, arbitrator or other decision-making authority of competent jurisdiction.

"**Organizational Documents**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in relation to any corporation, the articles or certificate of incorporation, amendment, amalgamation,
continuance or association and the memorandum of association, bylaws and any unanimous shareholder agreement, as appropriate, or equivalent
documents of a corporation governing the incorporation, capacity, powers and Business Affairs of that body corporate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in relation to any limited or general partnership, limited liability company, or other
Person, the partnership agreement, operating agreement, articles or certificate of organization, or equivalent document governing the
formation, capacity, powers and Business Affairs of that partnership, limited liability company or other Person and, if a partner (other
than a limited partner) of that limited or general partnership is a Person referred to in clause (a), (b) or (c) of this definition, the
documents referred to in clause (a), (b) or (c), as applicable, of this definition in relation to that partner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in relation to any business, charitable or other trust, the declaration of trust,
trust agreement or equivalent document governing the formation, capacity, powers and Business Affairs of that business, charitable or
other trust and, if a trustee of that business, charitable or other trust is a Person referred to in clause (a), (b) or (c) of this definition,
the documents referred to in clause (a), (b) or (c), as applicable, of this definition in relation to that trustee, together, in each
case, with the bylaws or other equivalent documents regulating the organization, Control or internal management of the relevant Person.

"**Other Connection Taxes**" means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising solely from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

"**Other Lease**" means any lease that is not a Capital Lease, including synthetic leases, tax retention operating leases, or any lease having substantially the same economic effect as a conditional sale, title retention agreement or similar arrangement.

"**Other Taxes**" means all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment.

"**Parent**" has the meaning set forth in the Preamble.

"**Payment Date**" means March 31, June 30, September 30 and December 31 in each year.

"**Permitted Liens**" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Liens arising by operation of law for Taxes, assessments or governmental charges not
yet due or being contested in good faith by appropriate proceedings and which are adequately reserved for in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) statutory Liens of mechanics, materialmen, shippers, warehousemen, carriers, and other
similar persons for services or materials arising in the ordinary course of business for which payment is not past due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) non-consensual Liens incurred, or deposits made in the ordinary course of business
in connection with workers' compensation, surety unemployment insurance, surety or appeal bonds, letters of credit, costs of litigation
when required by law, public and statutory obligations and other types of social security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Liens for taxes or statutory Liens of mechanics, materialmen, shippers, warehousemen, carriers and other
similar persons for services or materials that are due but are being contested in good faith and by appropriate and lawful proceedings
promptly initiated and diligently conducted and for which reserves satisfactory to Lenders have been established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) zoning restrictions, easements, rights of way, survey exceptions, encroachments, covenants,
licenses, reservations, leasehold interests, restrictions on the use of real property or minor irregularities incident thereto which do
not in the aggregate materially detract from the value or use of the property or assets of the Borrower Group Members or impair, in any
material manner, the use of such property for the purposes for which such property is held by the Borrower Group Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) judgment Liens to the extent the existence of such Liens is not an Event of Default under Section 7.1;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any Lien created or assumed by such Person in favor of a public utility or Governmental
Body when required by the utility or Governmental Body in connection with the operations of such Person pursuant to a contractual requirement
or in the ordinary course;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) undetermined or inchoate liens, privileges or charges incidental to current operations
which have not been filed (or are not required to be filed) pursuant to law against property or assets or which relate to obligations
not due or delinquent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) good faith deposits made in the ordinary course of business to secure the performance
of bids, tenders, contracts (other than for the repayment of borrowed money), leases, surety, customs, letters of credit, performance
bonds and other similar obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Liens granted as credit support for hedging agreements entered into in compliance
with Section 5.3(13), subject to the execution of an intercreditor agreement by such hedge provider in form and substance satisfactory
to the Required Lenders, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any Lien required to be granted to Finnmarkseiendommen (FEFO) as security for lease
payments, decommission costs and similar obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any Lien required to be granted pursuant to the Norwegian Mineral Act of June 19,
2009 no. 101 (Nw: mineralloven), as amended or recodified from time to time, including in relation to security measures and decommissioning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) such minor defects as may be revealed by an up to date plan of survey of any property
and any minor registered or unregistered encumbrances, including, without limitation, easements, rights of way, encroachments, restrictive
covenants, servitudes or other similar rights in land granted to or reserved by other Persons, rights of way for sewers, electric lines,
telephone lines and other similar purposes, or zoning by-laws or other restrictions as to the use of real property which defects, encumbrances,
easements, servitudes, rights of way and other similar rights and restrictions do not in the aggregate materially detract from the value
of the said properties or materially impair their use in the operation of the business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) in respect of any unpatented mining claim the paramount title of the United States
of America;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Liens on cash and cash-equivalent collateral securing corporate credit cards in the
ordinary course of business up to $100,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Liens securing the Offtake Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) the Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) Liens securing Purchase Money Liens in accordance with paragraph Section 5.3(11)(c);
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) any reservations, limitations, provisos and conditions expressed in original grants from any Governmental
Body.

"**Person**" means an individual, corporation, estate, partnership, limited liability company, joint venture, trust, other legal entity, unincorporated organization or Governmental Body or any other entity of whatever nature or authority.

"**PIK**" in respect of any amount of interest or fees payable hereunder, means such amount being satisfied by being added to the principal amount of the Loan outstanding.

"**PIK Payment Amount**" means, in respect of a Payment Date, the amount of interest requested to be paid by way of PIK on such Payment Date, as specified in the applicable PIK Payment Request, or if an amount other than such amount is agreed between the Borrower Group Members and the Lenders, then such agreed upon amount.

"**PIK Payment Request**" means a written request in the form of Schedule C attached hereto.

"**Principal Amount**" at any time means the principal amount of the Loans outstanding at such time and all other amounts that have been added to the principal balance in accordance with this Agreement from time to time.

"**Project Finance Facility**" means a senior secured term loan and redeemable precious metals stream to be made available to the Borrower<u>Nussir</u> by Hartree Partners, LP and Oaktree Capital Management to fund construction of the Nussir Project.

"**Projects**" means the Nussir Project and the Blue Moon Project.

"**Purchase Money Lien**" means a Lien created or incurred by a Person securing Indebtedness incurred to finance the acquisition of property (including the costs of installation thereof), provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) such Lien is created substantially simultaneously with the acquisition of such property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Lien does not at any time encumber any property other than the property financed by such Indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the amount of Indebtedness secured thereby is not increased subsequent to such acquisition;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the principal amount of Indebtedness secured by such Lien at no time exceeds 100%
of the original purchase price of such property and the cost of installation thereof; and, for the purposes of this definition,
the term "acquisition" includes a Capital Lease or Other Lease.

"**Records**" means all of Parent's and the Borrower's<u>Borrowers'</u> present and future records and books of account of every kind or nature, purchase and sale agreements, invoices, ledger cards, bills of lading and other shipping evidence, statements, correspondence, memoranda, credit files, electronically stored data and other data, together with the tapes, disks, diskettes, drives and other data and software storage media and devices, file cabinets or containers in or on which the foregoing are stored (including any rights of the Borrower<u>Borrowers</u> with respect to the foregoing maintained with or by any other Person).

"**Register**" has the meaning set forth in Section 9.8(4).

"**Repparfjord**" as the meaning set forth in the Preamble.

"**Required Lenders**" means (i) Hartree and Oaktree (including any of their Affiliates) provided that such Lender has not sold part or all of the loan originated, or (ii) if Hartree or Oaktree, or both, sell or assign any of their interest, then one or more Lenders holding greater than 66.67% of the Commitments or, if all Advances under the Loan have been made or the Commitments have otherwise been terminated or expired, of the Principal Amount of the Loans plus either Hartree or Oaktree to the extent still a Required Lender under provision (i) above.

"**Sanctioned Entity**" means any person, being an individual, corporation, company, vessel, association, government or other entity that is identified on (or owned, operated or controlled by any person identified on) any applicable restricted parties list maintained by a Sanctions Authority (including, but not limited to, the Specially Designated Nationals and Blocked Persons Lists of the United States of America; the consolidated list of persons, groups and entities subject to financial sanctions maintained by the European Commission; the Consolidated List of Financial Sanctions Targets in the United Kingdom maintained by His Majesty's Treasury of the United Kingdom; and any Governmental Body of Canada including but not limited to Global Affairs Canada and Public Safety Canada).

"**Sanctions**" means any sanctions, laws, regulations, statutes, prohibitions, official embargo measures and restrictive measures that relate to the enforcement of economic, trade or financial sanctions or export controls which are administered, maintained, amended, enforced or imposed by any Sanctions Authority from time to time (including lists of Sanctioned Entities and other country-specific financial and trade sanctions).

"**Sanctions Authority**" means any of the United Nations, the United Nations Security Council, the European Union (or any present or future member state thereof), the United States of America (including the United States Department of Treasury's Office of Foreign Assets Control, the United States of America Department of State or Commerce or any other Governmental Body of the United States of America), His Majesty's Treasury in the United Kingdom and any Governmental Body of Canada, or any other relevant sanction authority or Governmental Body (including any replacement or other regulatory body enforcing economic, financial and trade sanctions legislation in such countries or by any state, supranational or international government organization).

"**Secured Parties**" means the Administrative Agent and the Lenders.

"**Security Documents**" means collectively the North American Security Documents, the Blue Moon Security Documents and the Nussir Security Documents.

"**SOFR**" means a rate equal to the secured overnight financing rate as administered by the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"**Solvency**" shall have a correlative meaning.

"**Solvent**" means, when used with respect to a Person, that, on a consolidated basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the fair saleable value of the Business Assets of such Person is in excess of the total amount of the
current value of its liabilities (including for purposes of this definition all liabilities (including loss reserves), whether or not
reflected on a balance sheet prepared in accordance with GAAP and whether direct or indirect, fixed or contingent, secured or unsecured,
disputed or undisputed);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) such Person is able to pay its debts or obligations in the ordinary course as they mature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of any Borrower Group Member, it will not be rendered insolvent by the
execution and delivery of the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such Person does not intend to, nor does it believe that it will, incur debts beyond
its ability to pay them as they mature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) such Person has capital sufficient to carry on its Business Affairs and all business and transactions
in which it is about to engage; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) such Person is not otherwise insolvent as defined by any Applicable Law.

"**Structuring Premium**" has the meaning set forth in Section 2.3

"**Subsidiary**" of any Person means any Person: (a) which is Controlled by such first Person; or (b) a majority of whose Voting Capital Stock, on a fully diluted basis, is owned beneficially or Controlled by such first Person. For greater certainty, a Person shall be deemed to be a Subsidiary of another Person if it is a Subsidiary of a Person that is that other's Subsidiary.

"**Taxes**" means all taxes of any kind or nature whatsoever including corporation taxes, capital taxes, realty taxes (including utility charges which are collectible like realty taxes), business taxes, property transfer taxes, income taxes, sales taxes, custom duties, payroll taxes, levies, stamp taxes, royalties, duties, and all fees, deductions, compulsory loans and withholdings imposed, levied, collected, withheld or assessed as of the date hereof or at any time in the future, by any Governmental Body of any jurisdiction whatsoever having power to tax, together with penalties, fines, additions to tax and interest thereon.

"**Term SOFR**" means, for any Interest Period, the Term SOFR Reference Rate for a tenor of three months as of the day (such day, the "Term SOFR Determination Day") that is two (2) U.S. Government Securities Business Days prior to the first day of such applicable Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator.

"**Term SOFR Administrator**" means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference Rate selected by Administrative Agent in its reasonable discretion).

"**Term SOFR Reference Rate**" means the per annum forward-looking term rate based on SOFR.

"**Threshold Amount**" means $1,000,000.

"**Total Commitment**" means $25,000,000.

"**TSXV**" means the TSX Venture Exchange.

"**U.S. Government Securities Business Day**" means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"**U.S. Person**" has the meaning set forth in Section 9.5(7)(a).

"**United States**," "**U.S.**" and "**U.S.A.**" each means the United States of America.

"**Use of Proceeds Certificate**" has the meaning set forth in Section 3.3(3)(b).

"**Voting Capital Stock**" means Capital Stock of a Person which carries voting rights or the right to Control such Person under any circumstances, provided that Capital Stock which carries the right to vote or Control conditionally upon the happening of an event shall not be considered Voting Capital Stock until the occurrence of such event and then only during the continuance of such right to vote or Control.

**Section 1.2 Accounting Principles.**

Wherever in this Agreement reference is made to generally accepted accounting principles ("**GAAP**"), such reference means generally accepted accounting principles in Canada consistent with IFRS. Where the character or amount of any asset or liability or item of revenue or expense is required to be determined, or any consolidation or other accounting computation is required to be made, for the purposes of this Agreement and any other Loan Document, including the contents of any certificate to be delivered hereunder, such determination, consolidation or computation shall, unless the parties otherwise agree or the context otherwise require, be made in accordance with GAAP applied on a consistent basis.

**Section 1.3 Interpretation.**

In the Loan Documents, except to the extent the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any reference to an Article, a Section, a Schedule or an Exhibit is a reference to an article or section
thereof, or a schedule or an exhibit thereto, respectively, and to a Subsection or a clause is, unless otherwise stated, a reference to
a Subsection or a clause of the Section or Subsection in which the reference appears;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the words "hereof," "herein," "hereto," "hereunder"
and the like mean and refer to this Agreement or any other Loan Document as a whole and not merely to the specific Article, Section, Subsection,
paragraph or clause in which the respective word appears;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the meaning of defined terms shall be equally applicable to both the singular and
plural forms of the terms defined;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the words "including," "includes" and "include"
shall be deemed to be followed by the words "without limitation";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) references to agreements and other contractual instruments shall be deemed to include all subsequent amendments,
supplements, restatements and other modifications thereto, but only to the extent such amendments, supplements, restatements and other
modifications are not prohibited by the terms of the Loan Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) references to any Person shall include such Person's successors and, to the
extent that such person assigns an interest in any Loan Document, such Person's permitted assigns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) references to statutes or regulations are to be construed as including all statutory
and regulatory provisions consolidating, amending, supplementing, interpreting or replacing the statute or regulation referred to;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any table of contents, captions and headings are for convenience of reference only
and shall not affect the construction of this Agreement or any other Loan Document; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in the computation of periods of time from a specified date to a later specified date,
the word "from" means "from and including"; the words "to" and "until" each mean "to
but excluding"; and the word "through" means "to and including."

**ARTICLE 2** 

**THE LOANS**

**Section 2.1 The Loan.**

Subject to the terms and conditions of this Agreement, including without limitation the conditions precedent set forth in Article 3, the Lenders agree to make two advances of the Loan (each, an " Advance") during the Availability Period to the Borrower<u>Borrowers</u> in the aggregate amount of the Total Commitment.

**Section 2.2 Advances.**

Each Advance shall be in a minimum amount of $12,500,000. No Advance shall be made within 30 days of the most recent Advance.

**Section 2.3 Structuring Premium.**

In consideration for the Lenders' structuring of the Loan, the Borrowers agree to pay to the Lenders a structuring premium ("Structuring Premium") in an amount equal to 2.0% of the amount of the Total Commitment. The Structuring Premium shall be earned on the date of the initial Advance and shall be paid to the Lenders in cash on the date of such initial Advance made hereunder.

**Section 2.4 Purposes of the Loan.**

Each Advance of the Loan shall be used by the Borrower<u>Borrowers</u> and the other Borrower Group Members substantially as set forth in each Use of Proceeds Certificate which for greater certainty will be used for the purpose of bridging the Borrower's<u>Borrowers'</u> working capital needs pending documentation of the Project Finance Facility. For greater certainty, the proceeds of the Loan may be used in respect of either Project.

**Section 2.5 Interest.**

The outstanding Principal Amount shall bear interest at the Interest Rate both before and after maturity, demand, default, and judgment and until actual payment in full. Interest shall be payable in arrears on each Payment Date. All accrued and unpaid interest shall be paid to the Lenders on the Maturity Date. All interest shall accrue from day to day based on a year of 360 days and for the actual number of days elapsed for the period and shall be calculated on the Principal Amount.

**Section 2.6 Payment of Interest.**

(1) For each Payment Date occurring prior to (but not on) the Maturity Date,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Borrower <u>Borrowers</u> may request to pay any portion of the interest payable on such Payment Date by way of PIK. Such requesting Borrower shall make such request
by delivering a PIK Payment Request to the Administrative Agent no later than 15 Business Days prior to such Payment Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Lenders may in their sole and absolute discretion elect to accept or reject such request by written
notice to the <u>applicable</u> Borrower no later than 10 Business Days prior to the Payment Date. If
the Lenders fail to provide its election to the <u>such</u> Borrower by such date then the Lenders will be deemed to have rejected such request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) if the Lenders accept such request, or if the Lenders and the Borrower <u>Borrowers</u> otherwise agree on an amount of interest to be paid by PIK, then the PIK Payment Amount shall be added to the Principal Amount on the
Payment Date and shall for all purposes hereunder be treated as part of the Principal Amount of the Loan from such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if the Lender rejects (or is deemed to reject) such request or if the Lender and the Borrower <u>Borrowers</u> cannot agree upon an amount of interest to be paid PIK, then the Borrower <u>Borrowers</u> shall pay the interest payable on such Payment Date in cash.

(2) For certainty, any portion of the interest due on a Payment Date that is not paid
by PIK shall be payable in cash on such Payment Date.

**Section 2.7 Default Interest.**

Notwithstanding Section 2.5 and Section 2.6, the Borrower<u>Borrowers</u> shall pay to the Lenders interest on overdue amounts both before and after demand, default and judgment, and on the Principal Amount upon the occurrence and during the continuance of an Event of Default, at a rate equal to the Base Rate plus 12.0%, until such Event of Default is cured.

**Section 2.8 Interest Act.**

For purposes of the *Interest Act* (Canada), where a rate of interest is to be calculated on the basis of a year of 360 days, the yearly rate of interest to which the 360 day rate is equivalent is such rate multiplied by the number of days in the year for which such calculation is made and divided by 360.

**Section 2.9 Maximum Interest Rate.**

In the event that any provision of any Loan Document would oblige the Borrower<u>Borrowers</u> to make any payment of interest or any other payment which is construed by a court of competent jurisdiction to be interest in an amount or calculated at a rate which would be prohibited by Applicable Law or would result in a receipt by the Lenders of interest at a criminal rate (as such terms are construed under the *Criminal Code* (Canada) or other Applicable Law), then notwithstanding such provision, such amount or rate shall be deemed to have been adjusted *nunc pro tunc* to the maximum amount or rate of interest, as the case may be, as would not be so prohibited by Applicable Law or so result in a receipt by the Lenders of interest at a criminal rate, such adjustment to be effected, to the extent necessary as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) firstly, by reducing the amount or rate of interest required to be paid under
this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) thereafter by reducing
 any fees, commissions, premiums and other amounts which would constitute interest for the
 purposes of *Section 347 of the Criminal Code* (Canada) or other Applicable Law in such
 order as the Lenders may decide.

If, notwithstanding the provisions of clause (a) of this Section and after giving effect to all adjustments contemplated thereby, the Lenders shall have received an amount in excess of the maximum permitted by such clause, then such excess shall be applied by the Lenders to the reduction of the principal balance outstanding and not to the payment of interest, or if such excessive interest exceeds such principal balance, such excess shall be refunded to the Borrower<u>Borrowers</u>.

**Section 2.10 Repayments of the Loan.**

**(1)** **Maturity Date.** On the Maturity Date, the Borrower <u>Borrowers</u> shall pay the outstanding Principal Amount and all accrued and unpaid interest.

**(2)** **Voluntary Prepayments.** The Borrower <u>Borrowers</u> shall be entitled, upon five Business Days' written notice, to repay or prepay, at any time and
 from time to time, without premium or penalty, all or any portion of the Principal Amount of the Loan,
 provided that such repayment or prepayment is accompanied by payment of all accrued, uncapitalized and
 unpaid interest.

**(3)** **Mandatory Repayments.** Within ten (10) Business Days of
 the date the <u>any</u> Borrower receiving any Net Proceeds in excess of $1,000,000, unless: (i) reinvested into one
 or more of the Nussir Project <u>Projects</u> (provided that such reinvestment is in furtherance of the construction, development or operation
 of the Nussir Project <u>Projects</u>),
 or (ii) otherwise waived by the Lenders in writing, the <u>such</u> Borrower shall apply an amount equal to such
 Net Proceeds as a corresponding repayment of the Principal Amount, together with accrued and
 unpaid interest on such repaid amount.

**(4)** **Change of Control.** The Lenders may elect in their sole
 discretion to require that the Obligations be repaid in full and the Total Commitment cancelled
 immediately upon the occurrence of a Change of Control, provided that if the Parent or any other
 Borrower Group Member has entered into a definitive agreement the consummation of which would
 result in a Change of Control (a "**Change of Control Agreement** "), the Lenders
 may elect to require that the Obligations be repaid in full and the Total Commitment cancelled
 prior to such Change of Control occurring.

**(5)** **Application of Prepayments.** All prepayments of the Principal
 Amount shall be applied first, to any unpaid expenses or fees owing to the Lender, second to any accrued
 and unpaid interest, and third to the Principal Amount of the Loans.

**(6)** **No Reborrowing.** Any amounts prepaid pursuant to this Section
 2.10 may not be reborrowed, and the Total Commitment in respect thereof shall be cancelled.

**Section 2.11 Payments.**

**(1)** **Payments.** The Borrower <u>Borrowers</u> shall make each payment under the Loan Documents, unconditionally in full without set off, counterclaim
 or, to the extent permitted by applicable law, other defense. Each payment shall be made not later than
 2:00pm (New York City time) on the day when due to the Lenders in Dollars and in same day funds, or
 such other funds as shall be separately agreed upon by the Borrower <u>Borrowers</u> and the Lenders, in accordance with the Lenders' payment instructions.

**(2)** **Extension.** Whenever any amount is payable
 hereunder or under any other Loan Document on a day other than a Business Day, such payment shall be
 made on the next succeeding Business Day.

**Section 2.12 Obligations with Respect to the Loan.**

The Borrower<u>Borrowers</u> shall indemnify and hold the Secured Parties harmless from and against any claim made by any materialmen, contractors, subcontractors, workers or other Persons for work, services or materials done on or furnished to or placed on the Projects, or employed in the construction, improvement, operation or equipping of the Projects, or for any debts or claims accruing to any such Persons of or against the<u>such</u> Borrower or any other Person, in each case excluding any debt or claims arising out of Secured Parties' gross negligence or willful misconduct.

Section 2.13 Amendment to Loan Agreement.

Following the Closing Date and, in any event, prior to the funding of the initial Advance hereunder , the parties hereto agree to amend this Agreement to incorporate a co-borrower structure whereby the Borrower and Keystone will be co-borrowers hereunder. As part of such amendment to this Agreement and without limiting the foregoing, the parties hereto agree that the tax provisions included herein shall be negotiated between the Lenders and the Borrower Group Members to accommodate a US co-borrower structure.

**ARTICLE 3** 

**CONDITIONS PRECEDENT; CLOSING DELIVERABLES**

**Section 3.1 Conditions Precedent to the Closing Date.**

The effectiveness of this Agreement and the occurrence of the Closing Date shall be subject to the satisfaction by the Borrower Group Members of each of the following conditions precedent, in form and substance satisfactory to the Lenders:

(1) the management committee of the Lenders shall have provided their final approvals;

(2) the Lenders shall be satisfied with their legal, tax, technical and environmental/social diligence;

(3) the representations and warranties set forth in Section 4.1 shall be true and correct
in all material respects;

(4) no Default or Event of Default shall have occurred and be continuing or will arise
as a result of the Closing Date;

(5) no Material Adverse Change since December 31, 2024 shall have occurred;

(6) the <u>each</u> Borrower shall have duly observed and performed all of its covenants and other agreements and shall have satisfied every condition contained
in the Loan Documents to be observed, performed or satisfied by it;

(7) the Administrative Agent shall have received each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a duly executed copy of this Agreement and the Loan Bonus Letter Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a certificate of an authorized person, the corporate secretary or other senior officer
of each of the Borrower Group Members dated as of the Closing Date, as to and attaching: (A) resolutions of its board of directors, then in full force and effect authorizing the
execution, delivery and performance of this Agreement and the other Loan Documents; (B) its articles, bylaws (if relevant), and other constating documents; and (C) the incumbency
(if relevant) and signatures of those of its officers authorized to act with respect to the Loan Documents to be executed by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate of an authorized person or senior officer of each of the Borrower Group
Members dated as of the Closing Date, confirming the conditions precedent set forth in paragraphs (3), (4), (5) and (6) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) if relevant, a good standing certificate or equivalent for each of the Borrower Group
Members from its jurisdiction of incorporation dated within five (5) Business Days of the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Parent shall have received the conditional approval of the TSXV with respect to
the issuance of the Bonus Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an opinion of Canadian counsel to the Borrower Group Members, as to such customary
matters as Secured Parties shall reasonably require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) an opinion of Norwegian counsel to the Administrative Agent, the Lenders and the Collateral
Agent, as to such customary matters as Lender shall reasonably require; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) confirmation of receipt by the Parent of all necessary approvals from the TSXV with respect to this Agreement.

**Section 3.2 Conditions Precedent to the First Advance.**

The obligation of the Lenders to make the first Advance of the Loan to the Borrower<u>Borrowers</u> hereunder shall be subject to the satisfaction by the Borrower Group Members of each of the following conditions precedent, in form and substance satisfactory to the Lenders:

(1) the Closing Date shall have occurred;

(2) the Administrative Agent and the Collateral Agent, as applicable, shall have received
each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the North American Security Documents and the Nussir Security Documents (other than
item (g) in the definition of the Nussir Security Documents);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the North American Collateral Agency Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Norwegian Intercreditor Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a certificate of an authorized person, the corporate secretary or other senior officer of each of the
Borrower Group Members dated as of the date of the first Advance, as to and attaching: (A) resolutions of its board of directors, then
in full force and effect authorizing the execution, delivery and performance of the Loan Documents to which it is a party; (B) its articles,
bylaws (if relevant), and other constating documents; and (C) the incumbency (if relevant) and signatures of those of its officers authorized
to act with respect to the Loan Documents to be executed by it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a good standing certificate or equivalent for each of the Borrower Group Members from
its jurisdiction of incorporation dated within five (5) Business Days of the date of the Advance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an opinion of Norwegian counsel to the
 Administrative Agent, Collateral Agent and the Lenders, in form and substance satisfactory
 to the Lenders, with respect to, *inter alia*, due authorization, execution, delivery
 and enforceability of the Nussir Security Documents and the creation, validity and perfection
 of the Collateral Agent's Liens constituted by the Nussir Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) opinions of Canadian and US counsel to
 the Borrower Group Members, in form and substance satisfactory to the Lenders, with respect
 to, *inter alia*, corporate, due authorization, execution, delivery and enforceability
 of the North American Security Documents, the creation, validity and perfection of the Collateral
 Agent's Liens constituted by the North American Security Documents and, in the case
 of Keystone, due authorization, execution and delivery of this Agreement;

of the definition of Nussir Security Documents shall have been duly perfected and registered in all jurisdictions, offices and registries
where such perfection and/or registration is necessary or desirable, and the registration documents related to items (c), (d), (e) and
(f) of the definition of Nussir Security Documents have been delivered in original to the Collateral Agent's local counsel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) evidence of the receipt of all material consents, authorizations, approvals, rulings or orders of, or
registrations with, and the timely submission of any notices, filings, petitions, statements, registrations, submissions of information,
application or submission of other documents under all Applicable Laws, from or to any Governmental Body or other Person required to be
obtained or made by the Borrower <u>Borrowers</u> in
connection with the execution, delivery and performance of this Agreement and each other Loan Document, the consummation of the transactions
contemplated hereby and thereby;

(3) the out-of-pocket fees and expenses of the Secured Parties and the Collateral Agent shall have been paid
or provision for payment of same shall have been made to the satisfaction of the Lenders; and

(4) the Structuring Premium shall have been paid, or arrangements satisfactory to the Lenders for it to be
paid from the proceeds of the first Advance shall have been made.

**Section 3.3 Conditions Precedent to all Advances.**

The availability of each Advance of the Loan (including the first Advance) shall be subject to the satisfaction by the Borrower Group Members of each of the following conditions precedent, in form and substance satisfactory to the Lenders:

(1) the <u>applicable</u> Borrower shall have delivered
an Advance Request to the Administrative Agent no later than 3 Business Days prior to the requested date of Advance;

(2) the requested date of the Advance shall be within the Availability Period;

(3) the <u>applicable</u> Borrower shall have provided the Lenders with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evidence satisfactory to the Lenders that the proceeds of any prior Advance have been
used as provided for in the applicable Use of Proceeds Certificate or otherwise satisfactory to the Lenders in their sole and absolute
discretion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a certificate (a "Use of Proceeds Certificate") of the <u>applicable</u> Borrower detailing item by item the proposed use of proceeds of the Advance, which Use of Proceeds Certificate shall be satisfactory to
the Lenders, in their sole and absolute discretion, and in compliance with the permitted use of proceeds set forth in this Agreement;

(4) the representations and warranties of the Borrower <u>Borrowers</u> made in or pursuant to this Agreement shall be true and correct in all material respects on the date of the Advance (except to the extent
such representations and warranties expressly relate to an earlier date, and in such case, shall be true and correct on and as of such
earlier date), as if made on and as of the date of the Advance;

(5) no Default or Event of Default shall have occurred and be continuing or would reasonably
be expected to result from the making of the Advance; and

(6) there shall have occurred, in the sole opinion of the Lenders, no material adverse
event (or development that would reasonably be expected to result in a material adverse event) in or affecting loan, investment, mining
or metals markets generally from those in effect on the date hereof.

**ARTICLE 4** 

**REPRESENTATIONS AND WARRANTIES**

**Section 4.1 Representations and Warranties of the Borrower Group Members.**

The<u>Each</u> Borrower Group Member hereby make the representations and warranties to the Administrative Agent and the Lenders that are set forth in this Section 4.1. No specific representation or warranty shall limit the generality or applicability of a more general representation or warranty.

**(1)** **Organization and Powers**. The <u>Each</u> Borrower Group Member is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) duly incorporated, organized or formed, as the case may be, validly existing and in
good standing under the laws of the jurisdiction of its incorporation, organization or formation, and has all requisite power and authority
to execute and deliver, and perform its obligations under, the Loan Documents to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) qualified to do business and is in good standing in each jurisdiction in which the
nature of its business or the nature and location of its assets requires such qualification except where such failure to qualify could
not reasonably be expected to have a Material Adverse Effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) has all requisite power and authority to own its assets and carry on its business.

**(2)** **Authorization; No Conflict.** 

The execution and delivery by each Borrower Group Member of, the performance of its obligations under, and the consummation of the transactions contemplated in the Loan Documents to which it is a party have been duly authorized by all necessary corporate action of such Borrower Group Member and do not and will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) violate the terms of the Organizational Documents of such Borrower Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) conflict with, result in a breach of, or constitute a default or an event creating
rights of acceleration, termination, modification or cancellation or a loss of rights under, any unsatisfied written or oral contract,
agreement, license, concession, indenture, mortgage, debenture, note or other instrument to which any Borrower Group Member is a party,
subject or otherwise bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) violate in any material respect any Applicable Law to which any Borrower Group Member
is subject or otherwise bound; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) result in, or require, the creation or imposition of any Lien upon or with respect to any of the Business
Assets or Business Affairs of any Borrower Group Member, except Permitted Liens.

**(3)** **Execution; Binding Obligation.** Each Loan
 Document has been duly and validly executed and delivered by each Borrower Group Member party thereto.
 The Loan Documents constitute, or when delivered under this Agreement will constitute, legal, valid
 and binding obligations of each Borrower Group Member party thereto, enforceable against the <u>applicable</u> Borrower <u>Group Member</u> in accordance with their respective terms, except to the extent enforcement may be
 affected by Applicable Laws relating to bankruptcy, reorganization, insolvency and creditors'
 rights and by the availability of injunctive relief, specific performance and other equitable remedies.

**(4)** **Locations.** The principal place of business
 and chief executive office of each Borrower Group Member as of the Closing Date is set out in Schedule Section 4.1(4). <u>4.1(4).</u> The minute books and material corporate Records of each Borrower Group Member are located at its registered
 office, and the only other offices and/or locations where it keeps tangible assets (except for inventory
 which is in transit) or conducts any of its business as of the Closing Date are set forth in Schedule Section 4.1(4) <u>4.1(4)</u>.

**(5)** **Residence for Tax Purposes.** Each Borrower
 Group Member is resident of the country set forth next to its name in Schedule Section
 4.1(5) <u>4.1(5)</u> (and no other jurisdiction) for tax purposes.

**(6)** **Consents.** No Borrower Group Member is required
 to give any notice to, make any filing with or obtain any authorization, consent, Order or approval
 of any Person in connection with the execution and delivery of any Loan Document to which it is a party
 or the consummation of the transactions contemplated herein and therein, other than as have been received.

**(7)** **No Defaults.** No event has occurred or circumstance
 exists that (with or without notice or lapse of time) has contravened, conflicted with or resulted
 in, or may contravene, conflict with or result in, a violation or breach of, or give any Borrower
 Group Member or any other Person the right to declare a default or exercise any remedy under, or to
 accelerate the maturity or performance of, or to cancel, terminate or modify, any material written
 contract, lease, license, concession, Authorization, agreement, indenture, mortgage, debenture, note,
 instrument, or Order material to the Business Affairs of any Borrower Group Member to which it is
 a party or by which it or its Business Assets may be bound, and, to the knowledge of Borrower <u>Borrowers</u>, each other Person that is party thereto
is in compliance in all material respects with the terms and requirements thereof, in each case, except as could not reasonably be expected
to have a material impact on the Business Affairs of any Borrower Group Member.

**(8)** **Litigation.** There are no material actions,
 suits, investigations, claims or proceedings pending or, to the best of Borrower's <u>Borrowers'</u> knowledge, threatened in writing against or directly affecting any Borrower Group Member before any
 Governmental Body or arbitrator.

**(9)** **Financial Statements;** Projections. All consolidated
 financial statements of the Parent delivered to the Administrative Agent are complete and correct and
 fairly present, in all material respects, the financial condition and results of operations of the Parent
 as at the times and for the periods covered by such statements, in each case in accordance with GAAP,
 subject, in the case of any unaudited financial statements, to normal year end adjustments and any absence
 of notes. Since the most recent date of such financial statements, there has been no Material Adverse
 Effect. All financial projections and forecasts delivered to Administrative Agent represent the Borrower's <u>Borrowers'</u> reasonable estimates and assumptions as to future performance, which the Borrower <u>Borrowers</u> believe to be fair and reasonable as of the time made in the light of current and reasonably foreseeable
 business conditions.

**(10)** **Pari Passu.** The Obligations rank at least
 pari passu in right of payment with all of Borrower's <u>Borrowers'</u> and each Borrower Group Member's other unsecured and unsubordinated Indebtedness, other than
 any such Indebtedness which is preferred by mandatory provisions of Applicable Law.

**(11)** **Liabilities.** No Borrower Group Member has
 any material liabilities, of any nature whatsoever, whether direct or indirect, matured or unmatured,
 known or unknown, fixed, absolute, accrued, contingent or otherwise, that are not reflected in the
 consolidated financial statements referred to above, in the notes thereto other than liabilities arising
 in the ordinary course of business since the date of such financial statements.

**(12)** **Taxes.** (i) Each Borrower Group Member has
 filed or caused to be filed on a timely basis (taking into account all applicable extensions thereto)
 all federal (United States, Canada or Norway), state, provincial, territorial and material local tax
 returns that were required to be filed by or with respect to it pursuant to Applicable Law, (ii) all
 tax returns filed by such Borrower Group Member are complete and correct and comply with Applicable
 Law in all material respects, (iii) each Borrower Group Member has paid, or made provisions for the
 payment of, all material Taxes that have been or could have become due for all periods covered by any
 tax return or otherwise, (iv) each Borrower Group Member has withheld or collected and paid to the
 proper Governmental Body or other Person all material Taxes required to be withheld, collected or paid
 by it, (v) to the knowledge of the Borrower Group Members no claim has been made by any Governmental
 Body in a jurisdiction where any Borrower Group Member does not file tax returns that such Borrower
 Group Member is or could be subject to taxation by that jurisdiction, (vi) to the knowledge of the
 Borrower Group Members, no tax return of any Borrower Group Member is under audit by any Governmental
 Body, and (vii) to the knowledge of the Borrower Group Members, no proceedings are pending before any
 Governmental Body with respect to material Taxes of any Borrower Group Member, except for proceedings
 that are being contested in good faith and by appropriate and lawful proceedings promptly initiated
 and diligently conducted and for which reserves satisfactory to Lenders have been established.

**(13)** **Insurance.** The Business Assets and Business
 Affairs of each Borrower Group Member are insured, with financially sound and reputable insurance
 companies (not Affiliates of any Borrower Group Member), in such
amounts, with such deductibles and covering such risks as is customarily carried by companies engaged in similar businesses and owning
similar properties in the localities where such Borrower Group Member operates.

**(14)** **Material Project Agreements.** Schedule 4.1(14)
 sets forth a complete list as at the Closing Date (as updated from time to time in accordance with
 this Agreement) of all Material Project Agreements and Material Permits of the Borrower Group Members.
 Each Borrower Group Member and each of its respective Subsidiaries is in compliance in all material
 respects with all Material Project Agreements and Material Permits. All Material Project Agreements
 and Material Permits are in full force and effect and constitute valid undertakings and binding rights
 and obligations of the Borrower Group Members and to the knowledge of the Borrower Group Members, valid
 and binding rights and obligations of the other parties thereto in accordance with their terms and
 conditions. Except as set forth in Schedule 4.1(14), none of the Borrower Group Members has received
 any notice of (i) a dispute between a Borrower Group Member, and any other Person in respect of any
 Material Project Agreement or Material Permit, or (ii) termination or intent not to renew by any counterparty
 in respect of any Material Project Agreement or Material Permit. Except as set forth in Schedule 4.1(14),
 none of the Borrower Group Members, or to the knowledge of the Borrower Group Members any other party
 thereto, is in breach or default of any provision of any Material Project Agreement or Material Permit
 in any material respect and, to the knowledge of the Borrower Group Members, there exists no state
 of facts which, after notice or lapse of time or both, would constitute a material default or breach
 of any Material Project Agreement or Material Permit or give rise to a notice of termination for breach
 or cause.

**(15)** **Title to Assets;** Liens. Subject to Permitted Liens, the Borrower
 Group Members (i) have valid and subsisting leasehold title to any leases of real property included
 within the Mining Properties, (ii) have valid possessory and record title to all unpatented mining
 claims and millsite claims included within the Mining Properties, except for such claims that are leased
 to a Borrower Group Member and are covered under part (i) of this paragraph, (iii) have good and marketable
 title to such other real property interests included within the Mining Properties and not otherwise
 included under parts (i) and (ii) of this paragraph, and (iv) have good and valid title to or hold
 a valid leasehold interest in such properties and assets, which are not real property interests. There
 are no Liens upon or with respect to any of the properties and assets included in the Mining Properties,
 except for Permitted Liens. Without limiting the foregoing and subject to Permitted Liens:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) no Person other than the Borrower Group Members has any rights to participate in or
operate the Mining Properties or the Projects except as consented to in writing by the Required Lenders or permitted by Section 5.3(8)(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Mining Properties comprise all of the mineral or surface interests held by the
Borrower Group Members in respect of the Projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) other than the Mining Properties, there are no mineral or surface interests necessary
to the Projects or their development and/or re-start, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) other than pursuant to the Offtake Agreement, the Existing ROFRs and Existing Royalties, none of the
 Mining Properties are subject to an option, right of first refusal or right, title, interest, reservation, claim, rent, royalty, or
 payment in the nature of rent or royalty, or right capable of becoming an agreement, option, right of first refusal or right, title, interest, reservation, claim, rent, royalty, or
payment in the nature of rent or royalty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) none of the Permitted Liens could reasonably be expected to have a Material Adverse
Effect.

**(16)** **Maintenance of Mining Properties.** All claim
 maintenance fees, mining patents, taxes, fees and other amounts have been paid when due and payable
 and all other actions have been taken and all other obligations as are required to maintain the Projects
 have been complied with.

**(17)** **Authorizations.** The Borrower Group
 Members have obtained or been issued all Authorizations (including environmental Authorizations
 and secondary permits to permit the commencement of construction), rights (including surface
 and access rights), privileges, concessions or franchises necessary for (i) the Development
 of the Projects and (ii) the commencement and ongoing operation of commercial production
 of concentrates, other than, in each case, such Authorizations, rights, privileges, concessions
 or franchises (A) that are not necessary on the date this representation and warranty is
 given for the conduct of Development activities as such activities are currently being conducted,
 but that are expected to be obtained, in the ordinary course of business, by the time they
 are necessary for the conduct of Development activities and the eventual commencement and
 ongoing commercial production of concentrates, as applicable or (B) the failure to have or
 obtain which are not material to the Development of the Projects or the commencement and
 ongoing operation of commercial production of concentrates, and all such Authorizations continue
 to be valid and in good standing. There are no facts or circumstances that might reasonably
 be expected to adversely affect the issuance of any such material Authorizations (including
 environmental Authorizations), rights (including surface and access rights), privileges,
 concessions or franchises.

**(18)** **Compliance with Applicable Laws.** Each Borrower
 Group Member and each Project is in compliance in all material respects with all other material Applicable
 Laws. Without limiting the generality of the foregoing, each Borrower Group Member and each Project
 is in material compliance with all applicable Environmental Laws, and there are no actions, suits,
 claims, notices of violation, hearings, investigations or proceedings pending or, to the best of Borrower's <u>Borrowers'</u> knowledge, threatened against or affecting any Borrower Group Member with respect to the ownership,
 use, maintenance and operation of the Projects or the Business Assets of any Borrower Group Member,
 relating to any applicable Environmental Laws, where any adverse determination with respect thereto
 or liability imposed therein could reasonably be expected to have a Material Adverse Effect or result
 in liability above the Threshold Amount.

**(19)** **AML Legislation.** Without limiting the
 generality of Section 4.1(18), the Borrower Group Members are in compliance with, and have not been
 charged under, applicable AML Legislation.

**(20)** **Anti-Corruption and Sanctions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither the Parent, any of its officers and directors, nor any Borrower Group Member
or any of its officers and directors, nor any Subsidiary, or to the knowledge of the Parent and Borrower Group Members, the employees
or agents of the Parent or the Borrower Group Members or the employees, officers and directors of each of their respective Subsidiaries
is in breach of or, to the best of the Parent's and the Borrower Group Members' knowledge, is the subject of any proceeding
or investigation under any Anti-Terrorism Law and Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No Subsidiary of the Parent or any Borrower Group Member and no United States person
(within the meaning of the Anti-Terrorism Laws) that is a director or officer of the Parent or any Borrower Group Member (acting in such
capacity), or to the knowledge of the Parent or any Borrower Group Member, any employee, agent or representatives acting on behalf of
any of the foregoing, has directly or indirectly in the last five (5) years received funds or other property from, or otherwise transacted
or had dealings with, a Sanctioned Entity in violation (at the time of receipt, transaction or dealing) with then applicable Sanctions,
except to the extent expressly authorized by OFAC or another Governmental Body with jurisdiction over the activities of such person, or
otherwise in compliance with Applicable Law (including without limitation, applicable Anti-Terrorism Laws and Anti-Corruption Laws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) None of the Parent or any Borrower Group Member, has in the last five (5) years directly or knowingly
indirectly received funds or other property from, or otherwise transacted or had dealings with, a person who was a Sanctioned Entity at
the time of such receipt, transaction or dealings, except to the extent expressly authorized by OFAC or another Governmental Body with
jurisdiction over the activities of such person, or otherwise in compliance with applicable Anti-Terrorism Laws. None of the Parent or
any Borrower Group Member and no person acting on behalf hereof has in the last five (5) years or will export, reexport, or transfer,
directly or indirectly, any commodities, hardware, software, technology, or services without first obtaining any licenses, authorizations,
or other approvals as may be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parent and the Borrower Group Members have taken risk-based measures reasonably
designed to comply with applicable Anti-Terrorism Laws and Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Parent and each Borrower Group Member has implemented and maintains in effect risk-based policies
and procedures reasonably designed to comply with Anti-Terrorism Laws and Anti-Corruption Laws by the Parent and the Borrower Group Members
and their respective directors, officers, employees and, agents under the control and acting on behalf of the Parent and the Borrower
Group Members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Parent, the Borrower Group Members, their respective Subsidiaries and their directors
and officers, and, to the knowledge of the Parent and Borrower Group Members, the respective directors and officers of their respective
Subsidiaries, and its and their respective employees, agents or representatives acting on behalf of any of the foregoing, to the extent
such persons are acting under the control and on behalf of the Parent or any Borrower Group Member, are in compliance with applicable
Anti-Terrorism Laws and Anti-Corruption Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding anything
 to the contrary, this Section 4.1(20) shall not be construed as an agreement or undertaking
 by the <u>any</u> Borrower or any guarantor <u>Group Member</u> to take (or omit to take) any action in violation of applicable law, and
 this Section 4.1(20) shall not be deemed to be a boycott, or otherwise obligate, or have
 the effect of obligating the <u>such</u> Borrower or any guarantor <u>Group Member</u> to boycott any person, entity or government (or sub-division thereof) in
 violation of Applicable Law.

**(21)** **Subsidiaries; Other Ventures.** Each Borrower Group Member (other
 than Parent) is a direct, wholly owned subsidiary of Parent, other than the
 Borrower <u>Nussir</u> which is at least 93% owned.

None of the Borrower Group Members has any other Subsidiaries or any other equity interest in any Person. No Borrower Group Member is engaged in any joint purchasing arrangement, joint venture, partnership or other joint enterprise with any other Person. The Borrower's<u>Borrowers'</u> Subsidiaries are not subject to any contractual restrictions on paying dividends or making distributions to the Borrower<u>Borrowers</u>, other than those restrictions provided for in the Loan Documents.

**(22)** **Indebtedness.** The consolidated financial statements of the Parent
 most recently publicly filed on SEDAR discloses, as of the date of such financial statements, all Indebtedness
 of each Borrower Group Member.

**(23)** **Solvency.** The Parent and each other Borrower Group Member is
 Solvent.

**(24)** **Employee and Labour Matters.** The Borrower Group Members are
 in material compliance with all Applicable Laws respecting employment and employment practices, terms
 and conditions of employment, pay equity and wages; there is not currently any material labour disruption
 or conflict involving any Borrower Group Member or directly affecting the
 Nussir <u>any</u> Project and, to the knowledge of the Borrower Group Members, no such labour disruption or conflict
 is imminent. None of the Borrower Group Members are a party to a collective bargaining agreement and,
 to the knowledge of the Borrower Group Members, no action has been taken to organize any employees
 of the Borrower Group Members.

**(25)** **Security.** The Borrower Group Members have implemented security
 practices and procedures at the Projects consistent with Good Industry Practice.

**(26)** **Employee Benefit Plans.** Each Employee Benefit Plan mandated
 by a Governmental Body that is intended to qualify for special tax treatment meets all of the
 requirements for such treatment and has obtained all necessary approvals of all relevant Governmental
 Bodies. No Employee Benefit Plan has any unfunded liabilities, determined in accordance with
 GAAP, that have not been fully accrued on the consolidated financial statements of the Parent
 or that will not be fully offset by insurance. All Employee Benefit Plans are registered where
 required by, and are in good standing under, all Applicable Laws. For purposes of this Section
 4.1(26), "**Employee Benefit Plan**" means any employee benefit plan, pension
 plan, program, policy or arrangement sponsored, maintained or contributed to by the <u>a</u> Borrower outside Canada or the Borrower's <u>any Borrowers'</u> Subsidiaries outside Canada or with respect to which the <u>a</u> Borrower outside Canada or any of the Borrower's <u>Borrowers'</u> Subsidiaries outside Canada has any liability or obligation. No event has occurred and no condition
 exists that could subject the <u>a</u> Borrower outside Canada or any of the Borrower's <u>Borrowers'</u> Subsidiaries outside Canada, either directly or by reason of its affiliation with any member
 of their Controlled Group, to any liability imposed by Title IV of The Employee Retirement Income
 Security Act of 1974 of the United States of America and the rules and regulations promulgated
 thereunder, together with any successors ()"**ERISA** "), or to any lien imposed
 by Section 430 of the Code or Section 303 or Title IV of ERISA. "**Controlled Group** "
 means any trade or business (whether or not incorporated) (i) which is or has at any relevant
 time been under common control within the meaning of Section 4001(b)(1) of ERISA with the <u>a</u> Borrower or its Subsidiaries or (ii) which together with the <u>a</u> Borrower or its Subsidiaries is or was at any relevant time treated as a single employer under
 Section 414(b), (c), (m) or (o) of the Code.

**(27)** **Intellectual Property.** Each Borrower Group Member owns, licenses
 or otherwise has the right to use all material licenses, Authorizations, patents, patent applications,
 trademarks, trademark applications, service marks, trade names, copyrights, copyright applications,
 franchises, authorizations and other intellectual property rights that are necessary for the operation
 of its business, without infringement upon or conflict with the rights of any other Person with respect
 thereto. No slogan or other advertising device, product, process, method, substance, part or other
 material now employed, or now contemplated to be employed, by any Borrower Group Member infringes upon
 or conflicts with any rights owned by any other Person. No claim or litigation regarding any of the
 foregoing is pending or, to its knowledge, threatened.

**(28)** **Disclosure.** All information which has been prepared by or on
 behalf of the Borrower <u>Borrowers</u> relating to the Borrower Group Members and their respective businesses, properties and assets and disclosed
 in writing to the Administrative Agent and the Lenders is, as of the date of such information, true
 and correct in all material respects, and no material fact or facts have been omitted therefrom which
 would make such information materially misleading. All forecasts, projections and budgets which have
 been prepared by or on behalf of the Borrower <u>Borrowers</u> relating to the Borrower Group Members and their respective businesses, properties and assets and delivered
 to the Administrative Agent represent, in all material respects, the Borrower's <u>Borrowers'</u> reasonable estimates and assumptions as to future performance, which the Borrower <u>Borrowers</u> believe to be fair and reasonable as of the time made in the light of the then current and reasonably
 foreseeable business conditions. To the knowledge of the Borrower <u>Borrowers</u>,
 there is no matter, thing, information, fact, data or interpretation thereof relative to the Borrower
 Group Members or their respective businesses, properties and assets which would reasonably be expected
 to have a Material Adverse Effect that has not been disclosed to the Administrative Agent and the Lenders.

**(29)** **No Default.** No Default or Event of Default has occurred and
 is continuing.

**(30)** **Immunity.** No Borrower Group Member has immunity
 from the jurisdiction of the courts of competent jurisdiction in its jurisdiction of existence with
 respect to any of its obligations (including the Obligations) under the Loan Documents.

**(31)** **Interest Calculation.** The <u>Each</u> Borrower fully understands and is able to calculate the rate of interest applicable to the Loan based
 on the methodology for calculating per annum rates provided for in this Agreement.

**(32)** **Stamp Taxes.** There are no Canadian stamp
 Taxes, fee or duties (other than de minimis filing fees) payable in connection with the execution,
 delivery, performance or enforcement of any of the Loan Documents.

**Section 4.2 Survival of Representations and Warranties.**

The representations and warranties made in this Agreement shall survive the execution and delivery of this Agreement and shall continue until payment in full of the Obligations notwithstanding any investigation made at any time by or on behalf of the Administrative Agent and the Lenders.

**Section 4.3 Repetition of Representations and Warranties.**

The representations and warranties made in this Agreement shall be deemed to be repeated upon the date of each Advance made hereunder.

**ARTICLE 5** 

**COVENANTS**

**Section 5.1 Reporting Covenants.**

From and after the date of the first Advance, so long as any of the Obligations shall remain unpaid, the<u>each</u> Borrower agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Quarterly Financials**. As soon as
 available and in any event within 60 days after the end of each Fiscal Quarter, the Borrower <u>Borrowers</u> shall deliver to the Administrative Agent a copy of the Parent's quarterly unaudited
 consolidated financial statements for such Fiscal Quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Annual Financials**.
 As soon as available and in any event within 120 days after the end of each Fiscal Year,
 the Borrower <u>Borrowers</u> shall deliver to the Administrative Agent a copy of the Parent's annual audited consolidated
 financial statements for such Fiscal Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Board of Directors and Shareholder Reports**. The Borrower <u>Borrowers</u> shall provide to the Administrative Agent copies of all materials sent to the Board (subject
 to customary exclusions of certain information for fiduciary reasons) and to the shareholders
 of the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **Monthly Report**. The <u>applicable</u> Borrower shall provide, by the 30<sup>th</sup> day following
 the end of each calendar month following commencement of commercial operations of the
 Nussir <u>a</u> Project, a Monthly Operating Report in respect of such Nussir Project in such month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) **Material Events**.
 The <u>applicable</u> Borrower shall provide prompt notice in writing to the Administrative Agent of the occurrence
 of any Default, Event of Default or Material Adverse Effect, or the occurrence of any event
 or circumstance which would reasonably be likely to result in a Material Adverse Effect.
 Each such notice shall be accompanied by a written statement by an Authorized Officer of the <u>such</u> Borrower setting forth details of the occurrence referred to therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) **Change of Control**.
 Provide prompt notice in writing to the Administrative Agent upon entry by the <u>a</u> Borrower or any other Borrower Group Member into any agreement or arrangement that is reasonably
 expected to result in a Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) **Material Litigation**.
 Provide prompt notice in writing to the Administrative Agent of all material actions, suits
 and proceedings before any Governmental Body or arbitrator pending, or to the best of Borrower's <u>Borrowers'</u> knowledge, threatened in writing against or directly affecting any Borrower Group Member
 or the Nussir <u>any</u> Project, including any actions, suits, claims, notices of violation, hearings, investigations
 or proceedings pending, or to the best of Borrower's <u>Borrowers'</u> knowledge, threatened against or affective any Borrower Group Member, or with respect to
 the ownership, use, maintenance and operation of its properties, relating to Environmental
 Laws, or any judgment, court or arbitral order or order of any agency, in each case to the
 extent that such judgment or order could reasonably be expected to result in a Material Adverse
 Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) **Use of Proceeds**.
 Upon request by the Administrative Agent, provide evidence reasonably satisfactory to the
 Lenders of the use of proceeds of Advances, which shall include a complete list of accounts
 with their balances and monthly / quarterly inflows / outflows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) **Project Updates**. Deliver to the Administrative
 Agent copies of updates to the mine plans, construction plans, construction and operating
 budgets, and financial model for the Nussir <u>each</u> Project, (i) on an annual basis within 60 days of the end of each Fiscal Year, and (ii) promptly,
 and in any event within 30 days, upon any material changes being made to any such item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) **Additional Information**.
 The Borrower <u>Borrowers</u> shall furnish to the Administrative Agent such statements, lists of property and accounts,
 budgets, forecasts, projections, reports, or other information respecting the operations,
 properties, business or condition (financial or otherwise) of any Borrower Group Member as
 any Lender may from time to time reasonably request; in each case, in form reasonably acceptable
 to such Lender.

**Section 5.2 Affirmative Covenants.**

From and after the date of the first Advance, so long as any of the Obligations shall remain unpaid or unsatisfied, each Borrower Group Member shall duly perform and comply with each of the following affirmative covenants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Preservation of Existence, Etc**. The Borrower Group Members shall maintain, and cause each of the Borrower's <u>Borrowers'</u> Subsidiaries to maintain, in good standing and full force and effect its legal existence
 in its present jurisdiction of incorporation, continuance or formation and obtain, maintain
 and preserve the Authorizations, registrations, legal capacity, rights and qualifications
 necessary to carry on its Business Affairs and own its Business Assets in each jurisdiction
 in which it carries on its Business Affairs or any of its Business Assets are located, except
 where such failure to obtain, maintain or preserve could not reasonably be expected to have
 a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Payment of Taxes and Claims**. Except
 in respect of any amounts which any Borrower Group Member may have disputed in good faith
 by appropriate proceedings diligently conducted, and for which such Borrower Group Member
 has made adequate reserves in accordance with GAAP, and which could not reasonably be expected
 to have a Material Adverse Effect, the Borrower <u>Borrowers</u> shall, and shall cause each of the Borrower's <u>Borrowers'</u> Subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) pay and discharge all lawful claims for
 labor, material, supplies and services when due;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) deliver or cause
 to be delivered all returns in respect of income or other Taxes, when they are due to the
 appropriate Governmental Body;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) punctually pay and
 discharge all Taxes payable by it when due (taking into account all applicable extensions
 thereto);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) make adequate reserves in respect of
 all Taxes in accordance with GAAP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) withhold and collect
 all Taxes required to be withheld and collected by it and remit such Taxes to the appropriate
 Governmental Body when due in the manner required by Applicable Law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) pay and discharge
 all Indebtedness, as and when due and payable, but subject to any subordination provisions
 contained in any instrument or agreement evidencing such Indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Maintenance of Insurance**.
 Maintain insurance covering all of the Collateral, including the Nussir
 Project <u>Projects</u>,
 with reputable insurance companies in amounts and against losses or damages, including property
 damage and public liability, on a basis consistent with industry practice in the relevant
 jurisdictions and on or prior to the date of the initial Advance, cause the policies of insurance
 referred to above to (i) not be amended in any manner which is prejudicial to the Lenders
 and (ii) contain customary endorsements for the benefit of the Collateral Agent, all in a
 form acceptable to the Required Lenders acting reasonably, and include a provision that such
 policies will not be cancelled without such insurance company endeavoring to provide 30 days'
 prior written notice being given to the Collateral Agent by the issuers thereof, and cause
 the Collateral Agent to be named as an additional insured and first loss payee with respect
 to public liability insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **Keeping of Records and Books of Account**. The Borrower Group Members shall keep, and cause each of the Borrower's <u>Borrowers'</u> Subsidiaries to keep, accurate Records of its financial affairs reflecting all material financial
 transactions of the <u>each</u> Borrower Group Member sufficient to permit the preparation of financial statements therefrom
 in accordance with GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) **Inspection Rights**. The Borrower Group
 Members shall, and shall cause the Borrower Subsidiary <u>each of the Borrowers' Subsidiaries</u> to, permit the Administrative Agent or any
 of its agents or representatives, at any reasonable time, during normal business hours and
 on not less than five (5) Business Days' notice (except if an Event of Default has
 occurred and is continuing, in which case, no prior notice is required), and from time to
 time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to visit and inspect the Projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to examine and make
 copies of and abstracts from the material Records of any Borrower Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to discuss the business
 affairs, finances and accounts of the Borrower Group Members with any of the senior officers
 of any of them; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) communicate directly
 with the <u>each</u> Borrower Group Members' <u>Member's</u> independent certified public accountants;

provided that: (i) up to once per Fiscal Year (or unlimited if an Event of Default has occurred and is continuing), the Borrower<u>Borrowers</u> will pay for the Administrative Agent's reasonable costs and expenses to visit, inspect or audit the Projects; and (ii) if no Event of Default has occurred and is continuing, all other inspections shall be at Lenders' sole cost and expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) **Compliance with Laws, Etc**. The Borrower Group Members shall, and shall cause each of the Borrower's <u>Borrowers'</u> Subsidiaries to, comply in all material respects with the requirements of all material Applicable
 Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) **Maintenance of Business Assets, Etc**. The Borrower Group Members shall, and shall cause each of the Borrower's <u>Borrowers'</u> Subsidiaries to, maintain and preserve all of its Business Assets, including the Mining Properties,
 necessary or useful in the proper conduct of its Business Affairs in full force and effect,
 and, as applicable, in good working order, repair and condition, ordinary wear and tear excepted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) **Licenses**. The
 Borrower Group Members shall, and shall cause each of the Borrower's <u>Borrowers'</u> Subsidiaries to, obtain and maintain all material Authorizations necessary in connection
 with the execution, delivery and performance of the Loan Documents, the consummation of the
 transactions therein contemplated or the operation and conduct of its business and ownership
 of its properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) **Use of Proceeds**.
 The Borrower Group Members shall use the proceeds of the Loans solely in accordance with
 Section 2.4 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) **Contracts**. The
 Borrower Group Members shall, and shall cause each of the Borrower's <u>Borrowers'</u> Subsidiaries to, perform and observe in all material respects all the terms, covenants and
 conditions required to be performed and observed by it under its contractual obligations,
 and do all things necessary to preserve and to keep unimpaired its rights under such contractual
 obligations; except where such failure could not reasonably be expected to have a material
 adverse impact on the Business Affairs of any Borrower Group Member, provided, however, that
 nothing in this Section 5.2(10) shall limit or prevent any Borrower Group Member from contesting
 any of its contractual obligations in good faith and by appropriate and lawful proceedings
 diligently conducted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) **Material Project Agreements**. The Borrower Group Members shall, and shall cause each of the Borrower's <u>Borrowers'</u> Subsidiaries to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) at all times be in compliance in all
 material respects with all of its covenants, agreements and obligations in, and diligently
 enforce all its material rights under, all Material Project Agreements to which it is a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) provide the Administrative
 Agent with copies of any Material Project Agreement entered into prior to the Closing Date
 upon request by the Administrative Agent, and promptly provide the Administrative Agent with
 copies of any Material Project Agreement entered into after the Closing Date and all material
 correspondence received in relation to any of the Material Project Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) **Default under Material Project Agreements**. The Borrower Group Members shall promptly provide a copy to Administrative
 Agent of any and all notices of claim of any material default or material breach under any
 Material Project Agreement or of the occurrence of any condition entitling any party to terminate
 its obligations thereunder and of any material amendments made to any of the Material Project
 Agreement or any additions thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) **Conduct of Business**.
 The Borrower Group Members shall, and shall cause each of the Borrower's <u>Borrowers'</u> Subsidiaries to (i) conduct its Business Affairs in the ordinary course and (ii) use its
 reasonable efforts in the ordinary course and consistent with past practice (A) to preserve
 its Business Affairs and the goodwill and business of the customers, advertisers, suppliers
 and others with whom it has business relations and (B) keep available the services and goodwill
 of its employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) **Fiscal Year; Accounting Practices**. The Borrower Group Members shall notify the Administrative Agent at least
 30 days in advance of any action any Borrower Group Member intends (i) to change its Fiscal
 Year or (ii) to do any of the following in a manner in any material respect inconsistent
 with the financial statements previously delivered by it to the Administrative Agent: alter
 its method of accounting; alter any accounting practice used by it; or alter the application
 of GAAP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) **Anti-Corruption**.
 The Borrower Group Members shall, and the Borrower <u>Borrowers</u> shall cause all of the Borrower's <u>Borrowers'</u> Subsidiaries to, at all times comply with the Anti-Corruption Policy, and shall immediately
 notify the Administrative Agent upon becoming aware of any breach or suspected breach of
 the Anti-Corruption Policy. The Borrower Group Members shall not, without prior written consent
 of the Lenders, acting reasonably, amend, terminate, replace or otherwise vary the Anti-Corruption
 Policy except as required to comply with Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) **Sanctions**. Each
 Borrower Group Member represents and covenants that it and each of its Subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall comply with applicable Sanctions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is/are not a Sanctioned Entity and is/are
 not owned or controlled by a Sanctioned Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shall not engage
 in any activity that could reasonably be expected to result in it becoming a Sanctioned Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) shall not deal directly
 or knowingly (including where it should have reasonably known) deal indirectly with any Sanctioned
 Entity, including making any funds or economic resources available directly or indirectly
 to or for the benefit of any Sanctioned Entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) shall not do anything
 which would reasonably be expected to cause the Secured Parties or the Collateral Agent to
 be in breach of any Sanctions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) **Board Observer**.
 The Parent shall permit the Lenders to have an observer attend all meetings of the Board.
 For greater certainty, the Lenders shall be permitted to share information disclosed at the
 meetings of the Board with other Lenders and their Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) **Notices**. The Borrower <u>Borrowers</u> shall promptly give written notice to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) promptly, and in
 any event within three Business Days, of Parent or any Borrower Group Member entering into
 a Change of Control Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of any dispute pertaining
 to the Projects <u>a Project</u> which may exist between any Borrower Group Member and any Governmental
 Body or of any requirement of any Governmental Body which, in each case has resulted in or
 could have a Material Adverse Effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) of any labor controversy
 which has resulted in or could have a Material Adverse Effect on the construction or operation
 of the Projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) of any other matter which has resulted
 in or could result in a Material Adverse Change to the construction or operation of the Projects
 or which materially and adversely affects the Business Affairs or Business Assets of any
 Borrower Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) except for ordinary
 course wear and tear, of any damage to or destruction of any property, real or personal,
 which forms part of the Projects, which might give rise to an insurance claim, if the cost
 of any repairs to or replacement of such assets exceeds the Threshold Amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if any notice of expropriation with respect
 to the Projects <u>a Project</u> or any part thereof, such notice to be delivered forthwith upon the <u>a</u> Borrower's receipt of notice of such proceedings and the <u>each</u> Borrower hereby covenants and agrees that no claim in respect of any such expropriation shall
 be compromised or settled by any Borrower Group Member or any of their respective Affiliates
 without the prior written consent of Lenders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) of any sanctions
 applied by any Governmental Body against any Borrower Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the occurrence of any Default or Event
 of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any termination or cancellation of any
 insurance policy which any Borrower Group Member is required by the Loan Documents to maintain,
 unless such policy is replaced without any break in coverage with an equivalent or better
 policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) such other information respecting the
 Business Affairs or Business Assets of any Borrower Group Member as Lenders may from time
 to time reasonably request in order to determine compliance with or otherwise in connection
 with the administration or enforcement of this Agreement or any Loan Document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) **Bonus Shares**. On or as soon as practicable
 after the Closing Date, the Parent shall cause the Bonus Shares to be issued to the Lead
 Arranger in accordance with the Loan Bonus Letter Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) **Post-Closing Norwegian Security**.
 No later than ninety (90) days following the date of the initial Advance hereunder the Borrower <u>Borrowers</u> shall have delivered item (g) in the definition of the Nussir Security Documents in form
 and substances satisfactory to the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) **Post-Closing California Security**.
 No later than forty <u>forty-five</u> (45) days following the date of the initial Advance and, in any event, before the second
 Advance hereunder, Keystone shall have delivered each of the following to the Collateral
 Agent, each in form and substance satisfactory to the Lenders:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(a)</u> <u>the Blue Moon Security Documents;</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(b)</u> (a) a certificate of an authorized person, the corporate secretary or other senior
 officer of Keystone, as to and attaching: (A) resolutions of its board of directors, then
 in full force and effect authorizing the execution, delivery and performance of the Blue
 Moon Security Documents; (B) its articles, bylaws (if relevant), and other constating documents;
 and (C) the incumbency (if relevant) and signatures of those of its officers authorized to
 act with respect to the Blue Moon Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(c)</u> (b) a good standing certificate or equivalent for Keystone from its jurisdiction
 of incorporation dated within five (5) Business Days of the date of the Blue Moon Security
 Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(d)</u> (c) <u>a</u> ny title insurance opinions or policies in respect of the Blue Moon
 Project required by the Required Lenders, acting reasonably;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(e)</u> (d) <u>a</u> n opinion of US counsel to Keystone with respect to, inter alia,
 due authorization, execution, delivery and enforceability of the Blue Moon Security Documents
 and the creation, validity and perfection of the Collateral Agent's Liens constituted
 by the Blue Moon Security Documents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(f)</u> (e) <u>e</u> vidence that the Liens in favour of the Collateral Agent created
 by the Blue Moon Security Documents shall have been duly perfected and registered in all
 jurisdictions, offices and registries where such perfection and/or registration is necessary
 or desirable.

**Section 5.3 Negative Covenants.**

From and after the date of the first Advance, so long as any of the Obligations shall remain unpaid or unsatisfied, the Borrower Group Members shall duly perform and comply with each of the following negative covenants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Liens; Negative Pledges**. The Borrower <u>Borrowers</u> shall, and shall cause each of the Borrower's <u>Borrowers'</u> Subsidiaries to, not create, incur, assume or suffer to exist
 any Lien upon or with respect to any of its Business Assets, whether now owned or hereafter
 acquired, other than Permitted Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Change in Nature of Business; Relocation of Assets**. The Borrower <u>Borrowers</u> shall not, and shall cause each of the Borrower's <u>Borrowers'</u> Subsidiaries to not, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) change the nature of the Borrower Group
 Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) cease to carry on the Borrower Group
 Business, or any substantial part thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) engage in any new business that is not
 the Borrower Group Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Restrictions on Fundamental Changes**.
 The Borrower <u>Borrowers</u> shall not (whether in one transaction or a series of transactions) to the extent that any
 such transaction would in the reasonable opinion of Lenders materially adversely affect the
 ability of the <u>either</u> Borrower to meet its obligations under this Agreement, amalgamate, merge or consolidate with,
 or permit any of the Borrower's <u>Borrowers'</u> Subsidiaries to amalgamate, merge or consolidate with, any Person; provided, however, that
 any Borrower Group Member may liquidate or dissolve voluntarily into, and may amalgamate,
 merge with and into, or have its stock otherwise acquired by any other Borrower Group Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **Publicly Traded**. The Borrower <u>Borrowers</u> shall not permit the Parent to take any action, or fail to take any action, which would,
 or would reasonably be expected to, result in the Capital Stock of the Parent ceasing to
 be traded on the TSXV or the Parent ceasing to be reporting issuer within the meaning of
 Canadian securities law ; <u>.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) **Acquisitions**. The Borrower Group
 Members shall not acquire all or substantially all, or permit any of the Borrower's <u>Borrowers'</u> Subsidiaries to acquire all or substantially all of (1) the Capital Stock or assets of any
 Person or (2) the assets constituting the business of a division, branch or other unit operation
 of any Person, provided, however, that any Borrower Group Member may acquire: (i) all or
 substantially all of the assets of (or the assets constituting the business of a division,
 branch or other unit operation of) any other Borrower Group Member; or (ii) the Capital Stock
 or assets of any Person or the assets constituting the business of a division, branch or
 other unit operation of any Person, in each case if the business is engaged in the exploration
 or mining of base or precious metals or such other line of business as is substantially similar,
 ancillary or related thereto or a reasonable extension thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) **Dispositions**. The Borrower Group
 Members shall not sell, convey, transfer, lease or otherwise dispose of, or permit any of
 the Borrower's <u>Borrowers'</u> Subsidiaries to sell, convey, transfer, lease or otherwise dispose of, any of its assets
 or any interest therein, in whole or in part, to any Person, or any interest in the Projects
 or any Project assets, or permit or suffer any other Person to acquire any interest in any
 of its assets, except (A) Permitted Liens, (B) as otherwise permitted under item (4) above,
 (C) the sale or disposition of inventory in the ordinary course of business and/or assets
 which have become obsolete, unneeded or are replaced in the ordinary course of business,
 or (D) the sale or other disposition of equipment that the <u>a</u> Borrower determines is no longer useful in its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) **Joint Ventures, etc**. The Borrower
 Group Members shall not and shall not permit any of the Borrower's <u>Borrowers'</u> Subsidiaries to, enter into any joint venture or minority interest development arrangement
 with any other Person or Persons with respect to the Projects or the <u>any</u> Borrower's Business Assets, provided however, that Borrower Group Members may enter
 into joint venture or minority interest development arrangements that would not materially
 adversely affect the Lenders or the Offtaker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) **Loans and Investments**.
 The Borrower Group Members shall not, and shall not permit any of the Borrower's <u>Borrowers'</u> Subsidiaries to, directly or indirectly, make or maintain any loan or advance to any other
 Person, or own, purchase or otherwise acquire any Capital Stock, obligations or other securities
 of, or otherwise invest in, any other Person (an "Investment"), except to the
 extent permitted under Section 5.3(5). Notwithstanding the above, the <u>a</u> Borrower may make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) loans and advances among the Borrower
 Group Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) incidental advances
 to employees of any Borrower Group Member in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investments in direct
 obligations to the United States of America or Canada or any agency thereof, banker's
 acceptances and certificates of deposit issued by any commercial bank in the United States
 of America or Canada and commercial paper with the highest rating obtainable from at least
 two of the major rating agencies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Letters of credit,
 guarantees or other forms of financial assurance provided in relation to obtaining or maintaining
 any permits of any Borrower Group Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) **Transactions with Related Parties**. The Borrower Group Members shall not, and shall not permit any of the Borrower's <u>Borrowers'</u> Subsidiaries to, directly or indirectly, enter into any transaction with any Person that
 is an Affiliate of any Borrower Group Member (other than the <u>a</u> Borrower or any of the Borrower's <u>Borrowers'</u> Subsidiaries), or any Authorized Officer or director of any Affiliate of any Borrower Group
 Member, which is on terms less favorable to any Borrower Group Member than would be obtained
 in an arm's length transaction with a non affiliated Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) **Amendments of Organizational Documents; Name Change; Jurisdiction Change**. <u>The</u> Borrower Group Members shall not, and shall not permit any of the Borrower's <u>Borrowers'</u> Subsidiaries to, agree to or permit any amendment, modification or waiver of any Organizational
 Documents that would be inconsistent in any material respect with the terms of any of the
 Loan Documents or that would impair the Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) **Limitation on Indebtedness**.
 The Borrower Group Members shall not create, assume, incur, guarantee, or otherwise become
 liable upon or suffer to exist., any Indebtedness except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indebtedness among the Borrower Group
 Members;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) current liabilities in respect of Taxes
 incurred, or liabilities for labor, materials, inventory, services, supplies and rentals
 incurred, or for goods or services purchased, in the ordinary course of business consistent
 with past practice and industry practice in respect of arm's length transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Indebtedness secured by Purchase Money
 Liens;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Indebtedness (directly or indirectly)
 in respect of performance, surety, lien, judgment or completion bonds, standby letters of
 credit or letters of guarantee in respect of, among other things, mine closure, reclamation,
 asset retirement, environmental compliance, regulatory or other governmental processes, equipment
 or real property leasing arrangements and labor related obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Indebtedness under
 corporate credit cards in the ordinary course of business up to $100,000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) deposits received from customers in the
 ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) unsecured trade payables incurred in
 the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Indebtedness under hedging agreements
 entered into in compliance with <u>Section 5.3</u> (13);

(collectively, "**Permitted Indebtedness**")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) **Cancellation of Indebtedness**. The
 Borrower Group Members shall not cancel, or permit any of the Borrower's <u>Borrowers'</u> Subsidiaries to cancel, any claim or Indebtedness owed to it, except in the ordinary course
 of business for legitimate business purposes in the reasonable judgment of the Borrower <u>Borrowers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) **No Speculative Transactions**. The
 Borrower Group Members shall not engage in, or permit any of the Borrower's <u>Borrowers'</u> Subsidiaries to engage in, any Commodity Contract, Interest Rate Contract or foreign exchange
 agreement, except for Commodity Contracts, Interest Rate Contracts and foreign exchange agreements
 (i) entered into for hedging or other bona fide risk management purposes in the ordinary
 course of business, (ii) where such agreement is not for speculative purposes; (iii) such
 Borrower Group Member promptly notifies Administrative Agent of entry into such agreement,
 including reasonable details of the nature and value of the Interest Rate Contracts or foreign
 exchange agreements, and (iv) such transaction is in accordance with, and within the limits
 of, a hedging policy agreed in advance with the Secured Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) **Corruption of Foreign Officials**.
 No Borrower Group Member shall (i) use, or authorize the use of, any corporate funds for
 any unlawful contribution, gift, entertainment or other unlawful expenses relating to political
 activity; (ii) make, or authorize the making of, any direct or indirect unlawful bribe, rebate,
 payoff, influence payment, kickback or other unlawful payment to any domestic or foreign
 government official or employee from corporate funds; or (iii) violate any provision of the *Corruption of Foreign Public Officials Act (Canada), the U.S. Foreign Corrupt Practices Act of 1977*, as amended, or any similar act under any Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) **Entering into Certain Transactions**.
 Without the prior written consent of the Lenders, not to be unreasonably withheld, the Borrower
 Group Members shall not enter into any new royalty, stream financing, mineral prepay, offtake
 agreement or similar agreement or arrangement (other than the proposed royalty arrangements
 with Deterra Royalties Limited, or a financing substantially similar and acceptable to the
 Lenders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) **Distributions**.
 Parent shall not, and shall cause the other Borrower Group Members to not, make or declare
 any Distribution, except for (i) payments to another Borrower Group Member, and (ii) payments
 in respect of Permitted Indebtedness entered into in compliance with the terms of this Agreement
 and subject to any subordination or intercreditor agreement in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) **Pensions, etc**. Parent shall not,
 and shall not permit any of the Borrower's <u>Borrowers'</u> Subsidiaries
 incorporated in Canada or a province or territory thereof to, sponsor a "registered
 pension plan" that contains a "defined benefit provision" as such terms
 are defined in the *Income Tax Act* (Canada) or any similar pension plan or arrangement
 in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) **AML, Sanctions**.
 The Borrower Group Members shall not and shall not permit any of the Borrower's <u>Borrowers'</u> Subsidiaries to, (i) use, or authorize the use of, any corporate funds for any unlawful contribution,
 gift, entertainment or other unlawful expenses relating to political activity; (ii) make,
 or authorize the making of, any direct or indirect unlawful bribe, rebate, payoff, influence
 payment, kickback or other unlawful payment to any domestic or foreign government official
 or employee from corporate funds; or (iii) allow a Borrower Group Member to violate any provision
 of AML Legislation, Anti-Corruption Laws or any applicable Sanctions applicable to such Borrower
 Group Member.

**ARTICLE 6** 

**SECURITY**

**Section 6.1 Security.**

As security for the due and punctual payment of all of the Obligations, the Borrower Group Members shall grant a continuing security interest and a first-ranking Lien in favour of the Collateral Agent (for the benefit of the Secured Parties) over all of the Collateral (subject only to Permitted Liens), and in furtherance thereof shall deliver or cause to be delivered to the Collateral Agent, for the benefit of the Secured Parties, in form and substance satisfactory to the Lenders, acting reasonably.

**Section 6.2 Additional Security Upon Event of Default.**

Upon the occurrence of an Event of Default the Borrower<u>Borrowers</u> shall, upon request by the Administrative Agent, deliver to the Collateral Agent such additional security documents as may be necessary or desirable, in the Lenders' sole and absolute opinion, to provide the Collateral Agent with first ranking priority over all bank accounts and all amounts on deposit therein, including without limitation deposit account control agreements and blocked account agreements (or their equivalent) and view access to such accounts.

**Section 6.3 Further Assurances.**

The Borrower Group Members and the Borrower's<u>Borrowers'</u> Subsidiaries shall take or cause to be taken such action and execute and deliver or cause to be executed and delivered to the Collateral Agent or the Secured Parties, as applicable, such agreements, documents and instruments as the Lenders shall reasonably request, and register, file or record the same (or a notice or financing statement in respect thereof) in all offices where such registration, filing or recording is, in the reasonable opinion of the Lenders, necessary or advisable to constitute, perfect and maintain the Security as first-ranking Liens of the Person granting such Liens, subject only to the Permitted Liens, in all jurisdictions reasonably required by the Lenders within a reasonable time after the request therefor by the Collateral Agent, and in each case, in form and substance satisfactory to Lenders, acting reasonably.

The Lenders may at their option elect to appoint a third party or replacement collateral agent for all or any of the Security and Collateral, at the Borrower's<u>Borrowers'</u> expense, and the Borrower Group Members shall cooperate in entering into or amending or supplementing such documents, and taking such actions, as may be necessary or desirable to give effect to such appointment.

**Section 6.4 Security Effective.**

The Security shall be effective and the undertakings in this Agreement and the other Loan Documents with respect thereto shall be continuing, whether the monies hereby or thereby secured or any part thereof shall be advanced before or after or at the same time as the creation of any such Security or before or after or upon the date of execution of this Agreement. The Security shall not be affected by any payments under this Agreement or any of the other Loan Documents but shall constitute continuing security to and in favour of the Collateral Agent, for the benefit of the Secured Parties, for the Obligations from time to time.

**Section 6.5 No Merger.**

The Security shall not merge in any other security. No judgment obtained by or on behalf of the Secured Parties shall in any way affect any of the provisions of this Agreement, the other Loan Documents or the Security. For greater certainty, no judgment obtained by or on behalf of the Secured Parties shall in any way affect the obligation of the Borrower<u>Borrowers</u> to pay interest or other amounts at the rates, times and in the manner provided in this Agreement.

**ARTICLE 7** 

**EVENTS OF DEFAULT**

**Section 7.1 Events of Default.**

The occurrence of any of the following events shall constitute an "Event of Default":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Payments.** The Borrower <u>Borrowers</u> shall fail to pay when due any amount of principal payable under any of the Loan Documents
 on the due date therefor, or any interest or fees within five Business Days of the due date
 therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Representations and Warranties; Financial Statements; Certificates**. Any representation or warranty made,
 or any financial statement or certificate furnished to Secured Parties and the Collateral
 Agent, by the Borrower <u>Borrowers</u> or any <u>other</u> Borrower Group Member under or in connection with the Loan Documents shall prove to have
 been incorrect or misleading in any material respect when made or deemed made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Failure to Perform Certain Covenants**. The Borrower Group Members or any of the Borrower's <u>Borrowers'</u> Subsidiaries shall fail to perform, comply with or observe any term, covenant or agreement
 contained in Section 5.1(1), Section 5.1(2), Section 5.1(4), Section 5.2(9) or Section 5.3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **Failure to Perform Other Covenants**. The Borrower Group Members or any of the Borrower's <u>Borrowers'</u> Subsidiaries shall fail to perform, comply with or observe or any term, covenant or agreement
 contained in any Loan Document (other than those referred to above in Section 7.1(1) through
 (3) above) and any such failure shall remain unremedied or unresolved for a period of 30
 days from the date (i) such Person obtained knowledge of the occurrence thereof, (ii) such
 Person should have reasonably obtained knowledge of the occurrence thereof, or (iii) such
 Person received written notice from the Administrative Agent of the occurrence thereof, unless
 such failure is not capable of remedy in which event the default shall occur immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) **Insolvency.** (i)
 any Borrower Group Member becomes insolvent, or suffers or consents to or applies for the
 appointment of a receiver, trustee, custodian or liquidator of itself or any of its property,
 or is generally unable to or fails to pay its debts as they become due, or makes a general
 assignment for the benefit of creditors; (ii) any Borrower Group Member files a voluntary
 petition in bankruptcy, or seeks to effect a plan or other arrangement with creditors or
 any other relief under any Bankruptcy Code, or under any Applicable Law granting relief to
 debtors, whether now or hereafter in effect; (iii) any involuntary petition or proceeding
 pursuant to any Bankruptcy Code or any other Applicable Law relating to bankruptcy, reorganization
 or other relief for debtors is filed or commenced against any Borrower Group Member and is
 not dismissed, stayed or vacated within 60 days thereafter; (iv) any Borrower Group Member
 files an answer admitting the jurisdiction of the court and the material allegations of any
 involuntary petition; (v) any Borrower Group Member is adjudicated bankrupt, or an order
 for relief is entered by any court of competent jurisdiction under any Bankruptcy Code or
 any other Applicable Law relating to bankruptcy, reorganization or other relief for debtors;
 (vi) any Borrower Group Member voluntarily ceases to conduct its business in the ordinary
 course; or (vii) any Borrower Group Member takes any corporate action authorizing or in furtherance
 of any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) **Dissolution, Etc**.
 Any Borrower Group Member liquidates, winds up or dissolves (or suffer any liquidation, wind
 up or dissolution), suspends its operations other than in the ordinary course of business,
 or takes any action to authorize any of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) **Wholly Owned Subsidiary**. Any Borrower
 Group Member (other than Parent or the Borrower <u>Nussir</u>)
 ceases to be a wholly-owned Subsidiary of the Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) **Repudiation.** any of the Security or any other Loan Document, is repudiated or contested by any Borrower
 Group Member in whole or in part, ceases to be in full force and effect, or is invalidated
 or rendered unenforceable by any act, regulation or governmental action or is determined
 to be invalid by a court or other judicial entity or, in the case of the Security after the
 Advance, to not constitute a perfected first ranking priority Lien in the Collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) **Disposition**.
 All or any material portion of the Collateral is sold, transferred, encumbered or assigned
 without the consent of the Lenders (other than pursuant to a transaction specifically permitted
 hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) **Judgments.** Either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a final Order for
 the payment of money in excess of the Threshold Amount (or its equivalent in another currency)
 which is not fully covered by third party insurance shall be rendered against any Borrower
 Group Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any non monetary
 judgment or order shall be rendered against any Borrower Group Member which has or would
 reasonably be expected to have a Material Adverse Effect;

and in each case there shall be any period of 45 consecutive days during which such judgment continues unsatisfied or during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) **Material Adverse Effect.** A Material
 Adverse Change shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) **Audit.** The audit
 report to the financial statements of the Parent contains any qualification or exception
 which relates to any limited scope of examination of material matters relevant to such financial
 statements, if such limitation results from the refusal or failure of the Borrower <u>Borrowers</u> or any other Borrower Group Member to grant access to necessary information therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) **Cross-Default.** The Borrower <u>Borrowers</u> or any of the Borrower's <u>Borrowers'</u> Subsidiaries (i) fails to make any payment when such payment is due and payable to any Person
 in relation to any Indebtedness having a principal amount in excess of $2,000,000, and any
 applicable grace period in relation thereto has expired (taking into account any waivers
 or extensions), or (ii) defaults in the observance or performance of any other agreement
 or condition in relation to any such Indebtedness or contained in any instrument or agreement
 evidencing, securing or relating thereto, or any other event occurs or condition exists,
 the effect of which default or other condition, is for the holder of such Indebtedness to
 have the option to declare such Indebtedness to become due prior to its stated maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) **Offtake.** An
 event of default (however designated) shall occur under the Offtake Agreement, after giving
 effect to any cure periods, extensions and waivers in respect thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) **Abandonment.** Abandonment of the
 Nussir <u>any</u> Project shall have occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) **Damage/Destruction.** Any material damage or destruction occurs in respect of the
 Nussir <u>any</u> Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) **Expropriation.** Any Governmental
 Body condemns, expropriates, seizes or appropriates any property which relates to or forms
 part of the Nussir <u>a</u> Project and would have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) **Agreements Unenforceable; Illegality.** This Agreement or any other Loan Document is (i) expressly repudiated by
 any party thereto or having an interest therein (other than a repudiation by the Lenders)
 or (ii) declared illegal or unenforceable against any party other than the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) **Project Contracts.** (i) A material
 default by a Borrower Group Member occurs and is continuing under any Material Project Agreement
 or material Authorization after giving effect to any cure period thereunder, (ii) except
 in the circumstances of clause (iii) below, any Material Project Agreement or material Authorization
 is terminated other than at scheduled maturity or with the prior written consent of the Lenders,
 acting reasonably, or (iii) any Material Project Agreement or material Authorization is terminated
 or not renewed as a result of a material default and the relevant Borrower Group Member fails
 to obtain a replacement Material Project Agreement or Authorization on similar terms within
 ninety (90) days from such termination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) **AML.** (i) Any
 Borrower Group Member, or any director or officer of any Borrower Group Member, has breached,
 or is charged with breaching, any AML Legislation, any Anti-Corruption Laws as each are applicable
 to such Borrower Group Member or any Sanctions, or (ii) any employee or agent of any Borrower
 Group Member has breached, or is charged with breaching, any AML Legislation, any Anti-Corruption
 Laws or any Sanctions, unless (I) either (A) such Borrower Group Member's relationship
 with such employee or agent is terminated within ten (10) Business Days of acquiring actual
 knowledge of such breach or charge, or (B) such Borrower Group Member takes such other action
 to remedy such breach or charge as may be acceptable to the Lenders within ten (10) Business
 Days of acquiring actual knowledge of such breach or charge and thereafter continues to take
 such action as may be acceptable to the Lenders, and (II) as a result of such action, no
 further sanction is imposed upon any Borrower Group Member.

**Section 7.2 Effect of Event of Default.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) During the continuance
 of any Event of Default (other than an Event of Default referred to in Section 7.1(5)), the
 Administrative Agent may, by notice to Borrower <u>Borrowers</u>,
 (i) terminate the obligation of the Lenders, if any, to extend any further credit under any
 of the Loan Documents, and (ii) declare all or any part of the Obligations to be immediately
 due and payable without presentment, demand, protest or any other notice of any kind, all
 of which are hereby expressly waived by Borrower <u>Borrowers</u>,
 and/or (iii) take such enforcement action as is permitted under any Loan Document. Upon the
 occurrence or existence of any Event of Default described in Section 7.1(5), immediately
 and without notice, (A) any obligation of the Lenders to extend any further credit under
 any of the Loan Documents shall automatically cease and terminate, and (B) all indebtedness
 of Borrower <u>Borrowers</u> under the Loan Documents shall automatically become immediately due and payable, without
 presentment, demand, protest or any other notice of any kind, all of which are hereby expressly
 waived by the Borrower <u>Borrowers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Borrower <u>Borrowers</u> shall pay to Lenders, on demand and as part of the Obligations, all reasonable costs and
 expenses, including court costs and costs of sale, incurred by Secured Parties or Collateral
 Agent in exercising any of their rights or remedies hereunder or under the other Loan Documents.

**Section 7.3 Set-Off.**

Upon the occurrence and during the continuance of an Event of Default, the Lenders may, without notice to the Borrower<u>Borrowers</u> or to any other Person, combine, consolidate and merge all or any of the Borrower Group Members' accounts with, and liabilities to, the Lenders and set off, any indebtedness and liability of the Lenders to any Borrower Group Member, matured or unmatured, against and on account of the Obligations when due.

**Section 7.4 Application of Proceeds.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The proceeds received
 by the Administrative Agent, the Collateral Agent and/or the Lenders in respect of any sale
 of, collection from or other realization upon all or any part of the Collateral pursuant
 to the exercise by the Administrative Agent, Collateral Agent and/or the Lenders of their
 remedies, and any other funds realized by Administrative Agent, the Collateral Agent and/or
 the Lenders during the continuance of an Event of Default, shall be applied, subject to Applicable
 Law, in full or in part, together with any other sums then held by the Administrative Agent,
 the Collateral Agent and/or the Lenders pursuant to this Agreement, promptly by the Administrative
 Agent and/or the Collateral Agent, as applicable, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *first*, to the payment of all reasonable
 costs and expenses, fees, commissions and Taxes of such sale, collection or other realization
 including compensation to the Administrative Agent, the Collateral Agent and the Lenders,
 and their agents and counsel, and all expenses, liabilities and advances made or incurred
 by the Administrative Agent, the Collateral Agent and the Lenders in connection therewith
 and all amounts for which the Administrative Agent, the Collateral Agent and the Lenders
 is entitled to indemnification pursuant to the provisions of any Loan Document, together
 with interest on each such amount at the applicable rate at the highest rate then in effect
 under this Agreement from and after the date such amount is due, owing or unpaid until paid
 in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *second*, to
 the payment in full in cash of all amounts owing in respect of interest and fees under this
 Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *third*, to
 the payment in full in cash, pro rata, of the principal and other remaining obligations hereunder
 and all other Obligations, in each case equally and rateably in accordance with the respective
 amounts thereof then due and owing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *fourth*, the
 balance, if any, to the Person lawfully entitled thereto (including the applicable Borrower
 Group Member) or as a final and non-appealable judgment of a court of competent jurisdiction
 may direct.

**ARTICLE 8** 

**ADMINISTRATIVE AGENT**

**Section 8.1 Appointment and Authority.**

Each Lender hereby appoints Hartree Partners, LP as Administrative Agent to act on its behalf as Administrative Agent under this Agreement and under the other Loan Documents and authorizes the Administrative Agent in such capacity to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article 8 are solely for the benefit of the Lenders and no Borrower Group Member shall have rights as a third party beneficiary of any of such provisions.

**Section 8.2 Exculpatory Provisions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Administrative Agent
 shall not have any duties or obligations except those expressly set forth herein and in the
 other Loan Documents. Without limiting the generality of the foregoing, the Administrative
 Agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) shall not be subject
 to any fiduciary or other implied duties, regardless of whether a Default or Event of Default
 has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) shall not, except as expressly set forth
 herein and in the other Loan Documents, have any duty to disclose, and shall not be liable
 for the failure to disclose, any information relating to the Borrower <u>Borrowers</u> or any of its <u>their</u> Affiliates that is communicated to or obtained by it or any of its Affiliates in any capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Administrative Agent
 shall not be liable for any action taken or not taken by it in such capacity in the absence
 of its own gross negligence or willful misconduct.

**Section 8.3 Indemnification of the Administrative Agent.**

Each Lender agrees to indemnify the Administrative Agent and hold it harmless (to the extent not reimbursed by the Borrower<u>Borrowers</u>), rateably according to its Applicable Percentage (and not jointly or jointly and severally) from and against any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements of any counsel, which may be incurred by or asserted against the Administrative Agent in its capacity as such in any way relating to or arising out of the Loan Documents or the transactions therein contemplated. However, no Lender shall be liable for any portion of such losses, claims, damages, liabilities and related expenses resulting from the Administrative Agent's gross negligence or willful misconduct.

**Section 8.4 Non-Reliance on Administrative Agent.**

Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any of its Affiliates and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any of its Affiliates and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder.

**Section 8.5 Collective Action of the Lenders.**

Each of the Lenders hereby acknowledges that to the extent permitted by Applicable Law, any collateral security and the remedies provided under the Loan Documents to the Administrative Agent are for the benefit of the Lenders collectively and acting together and not severally and further acknowledges that its rights hereunder and under any collateral security are to be exercised not severally, but by the Administrative Agent upon the decision of the Required Lenders (or such number or percentage of the Lenders as shall be expressly provided for in Section 9.1 of this Agreement). Accordingly, notwithstanding any of the provisions contained herein or in any collateral security, each of the Lenders hereby covenants and agrees that it shall not be entitled to take any action thereunder including, without limitation, any declaration of default, but that any such action shall be taken only by the Administrative Agent on the instruction of the Required Lenders (or such number or percentage of the Lenders as shall be expressly provided for in Section 9.1 of this Agreement). Each of the Lenders hereby further covenants and agrees that upon any such written agreement being given, it shall co operate fully with the Administrative Agent to the extent requested by the Administrative Agent.

**Section 8.6 Replacement of Administrative Agent.**

In the event that the Administrative Agent together with its Affiliates cease to hold at least 50% of the Principal Amount of the Loans, the Required Lenders may (and, if requested by the outgoing Administrative Agent, shall within thirty (30) days of such request) appoint a new administrative agent to be the Administrative Agent for the Lenders, on prior written notice to and in consultation with the Borrower<u>Borrowers</u>, and this Agreement shall be amended or supplemented to provide for such appointment.

**Section 8.7 Payments.**

While no Event of Default is continuing, the Borrower<u>Borrowers</u> shall make all payments required to be made under this Agreement directly to the Lenders pursuant to any payment instructions provided by the Lenders to the Borrower<u>Borrowers</u>. Following an Event of Default that is continuing, provided the Administrative Agent has declared all Obligations immediately due and payable, all payments shall be made to the Administrative Agent for distribution to the Lenders according to the Applicable Percentage. If any Lender, by exercising any right of setoff or counterclaim or otherwise (including without limitation pursuant to Section 7.3 of this Agreement), obtains any payment or other reduction that might result in such Lender receiving payment or other reduction of a proportion of the aggregate amount of its Loan and accrued interest thereon or other Obligations greater than its Applicable Percentage thereof, then the Lender receiving such payment or other reduction shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and such other Obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders rateably in accordance with the Applicable Percentage owing them, provided that the provisions of this Section shall not be construed to apply to (x) any payment made in respect of an obligation that is secured by a Permitted Lien or that is otherwise entitled to priority over the Borrower's<u>Borrowers'</u> obligations under or in connection with the Loan Documents, or (y) any payment to which such Lender is entitled as a result of any form of credit protection obtained by such Lender.

**Section 8.8 Administrative Agent Resignation.**

The Administrative Agent (a) may at any time resign upon thirty (30) days' notice to the Lenders and the Borrower<u>Borrowers</u> or (b) if so directed by the Lenders shall resign, upon thirty (30) days' prior written notice (or such shorter period as agreed to by the Lenders and Borrower<u>Borrowers</u>) by the Lenders to the Borrower<u>Borrowers</u>. If the Administrative Agent resigns under this Agreement and the other Loan Documents, then the Lenders shall appoint a successor agent for the Lenders which successor agent shall (unless an Event of Default shall have occurred and be continuing) be subject to the approval by the Borrower<u>Borrowers</u> (which approval shall not be unreasonably withheld, conditioned or delayed) and following such approval the Borrower<u>Borrowers</u> shall use commercially reasonable efforts to cause such successor agent to accept such appointment (including by paying customary agency fees to such successor agent), whereupon such successor agent shall succeed to the rights, powers and of the resigning Administrative Agent, and the reference to the resigning Administrative Agent means such successor agent effective upon such appointment and approval, and the former Administrative Agent's rights, powers and duties as Administrative Agent hereunder and under other Loan Documents shall be terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans or Loan Documents. If no successor shall have been so appointed by the Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent. If no successor agent has accepted appointment as Administrative Agent by the date that is thirty (30) days following a retiring Administrative Agent's notice of resignation, the retiring Administrative Agent's resignation will nevertheless thereupon become effective, and the Lenders will thereafter perform all the duties of such Administrative Agent hereunder and/or under any other Loan Document until such time, if any, as the Lenders appoint a successor Administrative Agent. After any retiring or removed Administrative Agent's resignation as Administrative Agent hereunder and under the other Loan Documents, the provisions of this ARTICLE 8 and Section 8.8 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and the other Loan Documents.

**ARTICLE 9** 

**MISCELLANEOUS**

**Section 9.1 Amendments and Waivers.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) No amendment or waiver
 of any provision of this Agreement or any other Loan Document or consent to any departure
 by the Borrower <u>Borrowers</u> or any other Borrower Group Member from any provision hereof or thereof is effective unless
 it is in writing and signed by the Required Lenders or the Administrative Agent upon the
 instructions of the Required Lenders, and the relevant counterparty to such document, provided
 no such amendment, waiver or consent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) increase the amount of the Lenders'
 Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) extend the Maturity Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) reduce the principal
 or amount of, or rate of interest on, directly or indirectly, any Loan outstanding or any
 fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) postpone any date
 fixed for any payment of principal of, or interest on, the Loans or any fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) change the percentage of the Commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) alter the manner in which payments are
 shared under the terms of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) permit any termination
 of all or any substantial part of the guarantees or the Security Documents or release all
 or any substantial part of the guarantees or the Collateral subject to the Security Documents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) release the Borrower <u>Borrowers</u> or any <u>other</u> Borrower Group Member from any material obligations under the Security Documents and other
 instruments contemplated by this Agreement or any other Loan Documents (except as otherwise
 permitted under this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reduce the priority of the Security (except
 as otherwise permitted under this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) reduce the priority
 of any payment obligation of the Borrower <u>Borrowers</u> under this Agreement or any other Loan Document; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) amend the terms of
 this Section 9.1 or the definition of Required Lenders or any other provision hereof specifying
 the number or percentage of Lenders required to waive, amend or modify any rights hereunder
 or make any determination or grant any consent hereunder,

in each case without the prior written consent of each Lender. Such amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose for which it is given. The Administrative Agent shall provide the other Lenders with copies of all amendments, waivers and consents provided by the Administrative Agent with respect to any provisions of this Agreement or any other Loan Document promptly upon the execution thereof.

**Section 9.2 Norwegian Financial Assistance Limitation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Notwithstanding anything to the contrary
 in this Agreement or in any other Loan Document, the obligations and liabilities of the <u>Nussir, any other</u> Borrower , guarantor or Borrower <u>Group Member or any Borrowers'</u> Subsidiary incorporated in Norway (each a "**Norwegian Obligor**") arising under this Agreement or any other Loan Document (including the
 scope of secured obligations under any Security Document entered into by a Norwegian Obligor)
 shall be limited to the extent required by the mandatory provisions of the *Norwegian Private Limited Liabilities Act* (Nw. aksjeloven) (the "**Norwegian Companies Act** ")
 including sections 8-7 and 8-10, cf. section 1-3, regulating unlawful financial assistance
 and other restrictions on a Norwegian limited liability company's ability to grant guarantees,
 loans or security interests, provided that any such limitation shall always be interpreted
 so as to make the Norwegian Obligor liable to the fullest extent permitted by the provisions
 of the Norwegian Companies Act.

**Section 9.3 Notices.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) All
 notices and other communications provided for hereunder and under the other Loan Documents
 shall, unless otherwise stated herein or therein, be in writing (including by email transmission)
 and sent or delivered to the respective parties hereto or thereto at or to their respective
 addresses or email addresses set forth below their names on the signature pages hereof, or
 at or to such other address or email address as shall be designated by any party in a written
 notice to the other party hereto. All such notices and communications shall be effective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if delivered by hand or sent by an overnight
 courier service, when received; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if sent by email
 transmission, subject to evidence of a successful transmission, when sent; provided, if sent
 after 5:00 p.m. local time of the recipient shall be deemed to be received on the next Business
 Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notices and communications
 to the Administrative Agent and the Lenders pursuant to Article 2 shall not be effective
 until received.

**Section 9.4 No Waiver; Cumulative Remedies.**

No failure on the part of any Secured Party or the Collateral Agent to exercise, and no delay in exercising, any right, remedy, power or privilege under any Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, remedy, power or privilege preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights and remedies under the Loan Documents are cumulative and not exclusive of any rights, remedies, powers and privileges that may otherwise be available to the Secured Parties.

**Section 9.5 Costs and Expenses; Indemnity.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Costs and Expenses.** The Borrower
 agrees <u>Borrowers agree</u> to pay on demand all reasonable and documented expenses and costs of the
 Secured Parties and the Collateral Agent, including the fees and disbursements of legal counsel
 to the Secured Parties and the Collateral Agent and third party consultants and other service
 providers, in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the negotiation and settlement of the
 Loan Documents and due diligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the administration of the Loan Documents
 or any amendments, modifications or waivers of the provisions thereof (whether or not the
 transactions contemplated thereby shall be consummated);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Default or Event of Default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the enforcement or
 attempted enforcement of, and preservation of any rights or interests under, the Loan Documents;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) any out of court
 workout or other refinancing or restructuring or any bankruptcy or insolvency case or proceeding.

The Borrower<u>Borrowers</u> hereby authorizes<u>authorize</u> the Administrative Agent to deduct the amount of such costs and expenses from the proceeds of the initial Advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Other Charges**. The <u>Each</u> Borrower also agrees to timely pay to the relevant Governmental Body in accordance with Applicable
 Law, or at the option of the Secured Parties or the Collateral Agent timely reimburse the
 Secured Parties or the Collateral Agent (as applicable) for the payment of, any Other Taxes
 and other charges made by any jurisdiction by reason of the execution, delivery, performance
 and enforcement of the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Indemnification**. The <u>Each</u> Borrower hereby agrees to indemnify the Secured Parties and their directors, officers and
 employees (each an "**Indemnified Person**") against, and hold each of them
 harmless from, any and all liabilities, obligations, losses, claims, damages, penalties,
 actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever,
 including the reasonable fees and disbursements of counsel to an Indemnified Person, which
 may be imposed on or incurred by any Indemnified Person, or asserted against any Indemnified
 Person by any third party or by the Borrower <u>Borrowers</u>,
 in any way relating to or arising out of, in connection with, or as a result of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the execution or delivery of this Agreement,
 any other Loan Document or any agreement or instrument contemplated hereby or thereby, the
 performance by the parties hereto of their respective obligations hereunder or thereunder
 or the consummation of the transactions contemplated hereby or thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Loans or the use or intended use
 of the proceeds thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Projects; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any actual or prospective claim, litigation,
 investigation or proceeding relating to any of the foregoing, whether based on contract,
 tort or any other theory, whether brought by a third party or by the Borrower <u>Borrowers</u> or any of the Borrower's <u>Borrowers'</u> Subsidiaries (the "**Indemnified Liabilities** ");

provided that Borrower Group Members shall not be liable to any Indemnified Person for any portion of such Indemnified Liabilities to the extent they are found by a final decision of a court of competent jurisdiction to have resulted from such Indemnified Person's gross negligence or willful misconduct or a material breach by the Secured Parties or the Collateral Agent of their obligations under a Loan Document. If and to the extent that the foregoing indemnification is for any reason held unenforceable, each Borrower Group Member agrees to make the maximum contribution to the payment and satisfaction of each of the Indemnified Liabilities which is permissible under Applicable Law. For the avoidance of doubt, this Section 9.5(3) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) **Change in Law**.
 In the event of any change after the date hereof in any Applicable Law or in the interpretation
 or application thereof by any court or by any Governmental Body which now or hereafter:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subjects any Lender
 to any Taxes (other than (i) Indemnified Taxes, (ii) Taxes described in clauses (b) through
 (d <u>e</u>)
 of the definition of Excluded Taxes and (iii) Connection Income Taxes) on its loans, loan
 principal, letters of credit, commitments, or other obligations, or its deposits, reserves,
 other liabilities or capital attributable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) imposes, modifies
 or deems applicable any reserve, special deposit or similar requirements against assets held
 by, or deposits in or for the account of or loans by or any other acquisition of funds by,
 the office of any Lender through which the Loans are being provided and at which the Obligations
 are being maintained; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) imposes on any Lender
 or requires there to be maintained by any Lender any capital adequacy or additional capital
 requirements in respect of the Loan hereunder or any other condition with respect to any
 Loan Document;

with the result of an increase in the cost to, or a reduction in the amount of principal, interest or other amount received or receivable by, or the effective return of, any Lender under this Agreement in respect of making, maintaining or funding such Loan, such Lender shall determine that amount of money which shall compensate such Lender for such increase in cost or reduction in income (in this Agreement referred to as "**Additional Compensation**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) **Payment of Additional Compensation.** Upon any Lender having determined that it is entitled to Additional Compensation, such Lender
 shall promptly notify the Borrower <u>Borrowers</u>.
 Such Lender shall provide to the Borrower <u>Borrowers</u> a copy of the relevant Applicable Law, and a certificate of a duly authorized officer of
 such Lender setting forth the Additional Compensation and the basis of calculation therefor,
 which shall be prima facie evidence of such Additional Compensation in the absence of manifest
 error. The Borrower <u>Borrowers</u> shall pay or shall cause the applicable Borrower Group Member to pay to such Lender within
 20 Business Days of the giving of such notice such Lender's Additional Compensation
 calculated to the date of such notification. Failure or delay on the part of any Lender to
 demand Additional Compensation pursuant to this Section 9.5(5) shall not constitute a waiver
 of any Lender's right to demand such Additional Compensation; provided, that if any
 Lender fails to issue such notice within 60 days after it obtains actual knowledge of the
 event giving rise to the Additional Compensation, any Lender shall be entitled to payment
 of such Additional Compensation only for the period from and after 60 days prior to the date
 of such notice (except that, if the change in Applicable Law giving rise to such Additional
 Compensation is retroactive, then the 60-day period referred to above shall be extended to
 include the period of retroactive effect thereof). Any Lender shall be entitled to be paid
 such Additional Compensation from time to time to the extent that the provisions of this
 Section are then applicable, notwithstanding that any Lender has previously been paid Additional
 Compensation. The Lenders shall endeavour to limit the incidence of any Additional Compensation,
 including by seeking recovery for the account of the applicable Borrower Group Member and
 appealing any assessment, in each case, at the expense of the applicable Borrower Group Member
 upon the request of the Borrower <u>Borrowers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) **Taxes.** All payments required
 to be made to the Secured Parties <u>by or on account of any obligation of the Borrower Group Members</u> pursuant
 to the Loan Documents shall be made free and clear of, and without deduction or withholding
 for, or on account of, any present or future Taxes unless such deduction or withholding is
 required by Applicable Law. If any Indemnified Taxes are
 required to be <u>Applicable Law requires the deduction or withholding of any Tax from any such payment by a Borrower Group Member or other applicable withholding agent (as determined in the good faith discretion of such withholding agent), then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount</u> deducted or
 withheld by <u>to the relevant Governmental Body in accordance with</u> Applicable Law from
 any amounts payable under the Loan Documents to the Secured Parties , <u>, and if any such Tax is an Indemnified Tax, then</u> the sum payable by the applicable
 Borrower Group Member shall be increased by such additional amount ()"**Additional Amount**") as may be necessary so that after making all required Tax deductions or
 withholdings (including deductions or withholdings applicable to Additional Amounts payable
 under this Section), the Secured Parties receive an amount equal to the amount that it would
 have received had no such deductions or withholdings been made. The applicable Borrower Group Member <u>withholding agent</u> shall pay the full amount of all Taxes deducted or withheld under this Section
 to the relevant Governmental Body on a timely basis all in accordance with Applicable Law.
 The Borrower Group Members shall jointly and severally indemnify the Secured Parties, within
 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified
 Taxes imposed or asserted on or attributable to amounts payable under this Section 9.5(6))
 payable or paid by the Secured Parties or required to be withheld or deducted from a payment
 to a Secured Party and any reasonable expenses arising therefrom or with respect thereto,
 whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the
 relevant Governmental Body. A certificate as to the amount of such payment or liability delivered
 to the Borrower <u>Group Members</u> by the Secured Parties shall be conclusive absent manifest error. Whenever
 any Taxes are required to be paid by a Borrower Group Member to a Governmental Body under
 this Section 9.5(5), the Borrower Group Member shall send or cause to be sent to the Secured
 Parties, as promptly as possible thereafter, a certified copy of an original official receipt
 showing payment of such Taxes or other satisfactory evidence of the payment of such Taxes.
 If a Borrower Group Member fails to pay any Taxes deducted or withheld as required under
 this Section when due or if a Borrower Group Member fails to remit to the applicable Lender
 the required documentary evidence of such payment, the Borrower <u>Borrowers</u> shall indemnify and save harmless the Secured Parties from any Taxes or other liabilities
 that may become payable by the Secured Parties or to which the Secured Parties may be subjected
 as a result of any such failure. A certificate of a Secured Party as to the amount of any
 such Taxes and containing reasonable details of the calculation of such Taxes shall be, absent
 manifest error, prima facie evidence of the amount of such Taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) **Tax Exemption.** If any Lender is entitled
 to an exemption from or reduction of withholding tax under the laws of a jurisdiction in
 which a Borrower Group Member is resident or carries on business, or under any applicable
 tax treaty with such jurisdiction, such Secured Party shall, at the request of the Borrower
 Group Member, deliver to the Borrower Group Member <u>and the Administrative Agent</u>, at the time or times reasonably requested by the Borrower
 Group Member <u>and the Administrative Agent</u>, such properly completed and executed documentation as
 will permit payments under the Loan Documents to be made without withholding or at a reduced
 rate of withholding. In addition, any Lender, at the reasonable request of a Borrower Group
 Member <u>or the Administrative Agent</u>, shall deliver such other documentation prescribed by
 Applicable Law or reasonably requested by the Borrower Group Member as will enable the Borrower
 Group Member <u>or the Administrative Agent</u> to determine whether or not such Lender is subject to
 backup withholding or information reporting requirements. Notwithstanding anything to the
 contrary in the preceding two sentences, the completion, execution and submission of such
 documentation (other than such documentation set forth in paragraphs (i), (ii), and (iv)
 of Section 9 .5(7)(a)) shall not be required if in such Lender's reasonable judgment
 such completion, execution or submission would subject such Lender to any material unreimbursed
 cost or expense or would materially prejudice the legal or commercial position of such Secured
 Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting
 the generality of the foregoing, in the event that a Borrower Group Member is a "United
 States Person" as defined in Section 7701(a)(30) of the Code (a " U.S. Person"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any Lender that
 is a U.S. Person shall deliver to the Borrower Group Members <u>and the Administrative Agent</u> on or about the date on which such Lender becomes a Lender
 under this Agreement (and from time to time thereafter upon the reasonable request of the
 Borrower Group Member <u>or the Administrative Agent</u>), executed copies of IRS Form W-9 certifying that such
 Lender is exempt from U.S. federal backup withholding Tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any Lender that
 is not a U.S. Person (a "**Foreign Lender**") shall, to the extent it is legally
 entitled to do so, deliver to the Borrower Group Members (in such number of copies as shall
 be requested) on or about the date on which such Foreign Lender becomes a Lender under this
 Agreement (and from time to time thereafter upon the reasonable request of the Borrower Group
 Members), whichever of the following is applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) in the case of a
 Foreign Lender claiming the benefits of an income tax treaty to which the United States is
 a party (x) with respect to payments of interest under any Loan Document, executed copies
 of IRS Form W-8BEN or IRS Form W-8BEN-E establishing an exemption from, or reduction of,
 U.S. federal withholding Tax pursuant to the "interest" article of such tax treaty
 and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN
 or IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. federal withholding
 Tax pursuant to the "business profits" or "other income" article
 of such tax treaty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) executed copies of IRS Form W-8ECI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(C)</u> <u>in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit A-1 to the effect that such Foreign Lender is not a "bank" within the meaning of Section 881(c)(3)(A) of the Code, a "10 percent shareholder" of the Borrower Group Members within the meaning of Section 871(h)(3)(B) of the Code, or a "controlled foreign corporation" related to the Borrower Group Members as described in Section 881(c)(3)(C) of the Code (a "**U.S. Tax Compliance Certificate**") and (y) executed copies of IRS Form W-8BEN or IRS Form W 8BEN-E; or</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(D)</u> (C) to
 the extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY,
 accompanied by IRS Form W-8ECI, IRS Form W-8BEN, IRS Form W 8BEN-E, IRS Form W-9, or other
 certification documents from each beneficial owner, as applicable; <u>provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit A-2 on behalf of each such direct and indirect partner.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any Foreign Lender
 shall, to the extent it is legally entitled to do so, deliver to the Borrower Group Member <u>and the Administrative Agent</u> (in such number of copies as shall be requested) on or
 about the date on which such Foreign Lender becomes a Lender under this Agreement (and from
 time to time thereafter upon the reasonable request of the Borrower Group Members <u>or the Administrative Agent</u>), executed copies of any other form prescribed by Applicable
 Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax,
 duly completed, together with such supplementary documentation as may be prescribed by Applicable
 Law to permit the Borrower Group Members <u>or the Administrative Agent</u> to determine the withholding or deduction required to
 be made; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if a payment made
 to any Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed
 by FATCA if such Lender were to fail to comply with the applicable reporting requirements
 of FATCA (including those contained in Sections 1471(b) or 1472(b) of the Code, as applicable),
 such Lender shall deliver to the Borrower Group Member <u>Members and the Administrative Agent</u> at the time or times prescribed by law and at such
 time or times reasonably requested by the Borrower Group Member <u>Members or the Administrative Agent</u> such documentation prescribed by Applicable Law (including
 as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
 reasonably requested by the Borrower Group Member <u>Members or the Administrative Agent</u> as may be necessary for the Borrower Group Members <u>or the Administrative Agent</u> to comply with their obligations under FATCA and to determine
 that such Lender has complied with such Lender's obligations under FATCA or to determine
 the amount, if any, to deduct and withhold from such payment. Solely for purposes of this
 clause (iv),

"FATCA" shall include any amendments made to FATCA after the date of this Agreement.

The Lenders agree that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the applicable Borrower Group Member <u>and the Administrative Agent</u> in writing of its legal inability to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) **Tax Refund.** If
 any Lender receives a refund of any Taxes as to which it has been indemnified by a Borrower
 Group Member or with respect to which a Borrower Group Member has paid Additional Amounts,
 it shall pay to the Borrower Group Member, an amount equal to such refund (but only to the
 extent of indemnity payments made under this Section with respect to the Taxes giving rise
 to such refund), net of all reasonable documented out of pocket expenses (including Taxes)
 of such Lender and without interest (other than any interest paid by the relevant Governmental
 Body with respect to such refund). Such Borrower Group Member, upon the request of any Lender,
 shall repay to such Lender the amount paid over pursuant to this Section 9.5(8) (plus any
 penalties, interest or other charges imposed by the relevant Governmental Body) in the event
 that such Lender is required to repay such refund to such Governmental Body. Notwithstanding
 anything to the contrary in this Section 9.5(8), in no event will any Lender be required
 to pay any amount to a Borrower Group Member pursuant to this Section 9.5(8) the payment
 of which would place such Lender in a less favorable net after-Tax position than such Lender
 would have been in if the Tax subject to indemnification and giving rise to such refund had
 not been deducted, withheld or otherwise imposed and the indemnification payments or Additional
 Amounts with respect to such Tax had never been paid. This paragraph shall not be construed
 to require any Lender or any of its respective Affiliates to make available its Tax returns
 (or any other information relating to its Taxes that it deems confidential) to the Borrower
 Group Member or any other Person.

**Section 9.6 Survival.**

All covenants, agreements, representations and warranties made in any Loan Documents shall, except to the extent otherwise provided therein, survive the execution and delivery of this Agreement, the making of the Loans, and shall continue in full force and effect so long as any portion of the Principal Amount remains outstanding or any other Obligations remain unpaid or any obligation to perform any other act hereunder or under any other Loan Document remains unsatisfied. Without limiting the generality of the foregoing, the obligations of the Borrower<u>Borrowers</u> under Section 9.5, and all similar obligations under the other Loan Documents (including all obligations to pay costs and expenses and all indemnity obligations), shall survive the repayment of the Principal Amount.

**Section 9.7 Benefits of Agreement.**

This Agreement is entered into for the sole protection and benefit of the parties hereto and their permitted successors and assigns, and no other Person (other than the Indemnified Persons referred to in Section 9.5(2)) shall be a direct or indirect beneficiary of, or shall have any direct or indirect cause of action or claim in connection with, this Agreement.

**Section 9.8 Binding Effect; Assignment; Transfer.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) This
 Agreement shall become effective when it shall have been executed by each of the Borrower
 Group Members, the Administrative Agent and the Lenders and thereafter shall be binding upon,
 inure to the benefit of and be enforceable by the parties hereto and their respective successors
 and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Borrower <u>Borrowers</u> shall not have the right to assign its <u>their</u> rights and obligations hereunder or under the other Loan Documents
 or any interest herein or therein without the prior written consent of the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Any Lender may, at any time and from time
 to time, assign and transfer all or any of its rights and obligations under this Agreement
 without the prior written consent of the Borrower <u>Borrowers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Borrower <u>Borrowers</u> shall, from time to time upon request of the Lenders, enter into such amendments to the Loan
 Documents and execute and deliver such other documents as shall be necessary to effect any
 such transfer. The Borrower agrees <u>Borrowers agree</u> that in connection with any such transfer, the Lenders may deliver to the
 prospective transferee financial statements, the Loan Documents, and other relevant information
 relating to Borrower <u>Borrowers</u>.
 The Lenders shall obtain from any such prospective transferee an undertaking to protect the
 confidential nature of such information at least to the same extent as the parties are obligated
 under Section 9.14. The Administrative Agent <u>, acting solely for this purpose as a non-fiduciary agent of the Borrowers,</u> shall
 maintain <u>at one of its offices in the United States</u> a copy of each assignment and such other
 documents effecting such transfer delivered to it and a register for the recordation of the
 names and addresses of the Lenders (including any successors and assigns), and the Obligations
 of, and principal amounts (and stated interest) of the Loans owing to, the Lenders pursuant
 to the terms hereof from time to time (the "**Register** "). The entries in
 the Register shall be conclusive absent manifest error, and the Borrower <u>Borrowers</u>,
 the Collateral Agent, and the Secured Parties shall treat each Person whose name is recorded
 in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
 Agreement. The Register shall be available for inspection by the Borrower <u>Borrowers</u> and the Lenders at any reasonable time and from time to time upon reasonable prior notice.

**Section 9.9 Governing Law.**

This Agreement and all disputes and controversies arising hereunder shall be construed in accordance with and governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein without regard to conflicts of laws principles.

**Section 9.10 Submission to Jurisdiction.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Submission to Jurisdiction.** EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF
 AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE PROVINCE OF ONTARIO
 AND ANY APPELLATE COURT THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO
 ANY LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES
 HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION
 OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH COURT. EACH OF THE PARTIES HERETO AGREES
 THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED
 IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING
 IN ANY LOAN DOCUMENT SHALL AFFECT ANY RIGHT THAT THE SECURED PARTIES MAY OTHERWISE HAVE TO
 BRING ANY ACTION OR PROCEEDING RELATING TO ANY LOAN DOCUMENT AGAINST THE BORROWER <u>BORROWERS</u> OR THEIR PROPERTIES IN THE COURTS OF ANY JURISDICTION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **No Limitation.** EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY
 AND EFFECTIVELY DO SO, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF
 VENUE OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT IN ANY
 COURT REFERRED TO IN SECTION 9.10(1). EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES,
 TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY FORUM NON CONVENIENS DEFENSE TO THE
 MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

**Section 9.11 Entire Agreement.**

The Loan Documents reflect the entire agreement between the Borrower Group Members, the Administrative Agent and the Lenders with respect to the matters set forth herein and therein and supersede any prior agreements, commitments, drafts, communication, discussions and understandings, oral or written, with respect thereto.

**Section 9.12 Severability.**

Whenever possible, each provision of the Loan Documents shall be interpreted in such manner as to be effective and valid under all Applicable Laws and regulations. If, however, any provision of any of the Loan Documents shall be prohibited by or invalid under any Applicable Law in any jurisdiction, it shall, as to such jurisdiction, be deemed modified to conform to the minimum requirements of such Applicable Law, or, if for any reason it is not deemed so modified, it shall be ineffective and invalid only to the extent of such prohibition or invalidity without affecting the remaining provisions of such Loan Document, or the validity or effectiveness of such provision in any other jurisdiction.

**Section 9.13 Judgment Currency.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) **Conversion**. If, for the purpose of
 obtaining or enforcing judgment against any party in any court in any jurisdiction, it becomes
 necessary to convert into any other currency (such other currency being hereinafter in this
 Section referred to as the "**Judgment Currency**") an amount due under this
 Agreement or any other Loan Document in any currency (the "**Obligation Currency** ")
 other than the Judgment Currency, then the conversion shall be made at the rate of exchange
 prevailing on the Business Day immediately preceding the date of actual payment of the amount
 due, in the case of any proceeding in the courts of any jurisdiction that will give effect
 to such conversion being made on such date, or, if the courts of the applicable jurisdiction
 will not give effect to such conversion being made on such date, then on the date on which
 the judgment is given (the applicable date as of which such conversion is made pursuant to
 this Section being hereinafter referred to as the "**Judgment Conversion Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) **Judgment Rate Additional Amounts.** If, in the case of any proceeding in the court of any jurisdiction referred
 to in paragraph (1) above, there is a change in the rate of exchange prevailing between the
 Judgment Conversion Date and the date of actual receipt for value of the amount due, then
 the party shall pay such additional amount (if any, but in any event not a lesser amount)
 as may be necessary to ensure that the amount actually received in the Judgment Currency,
 when converted at the rate of exchange prevailing on the date of payment, will produce the
 amount of the Obligation Currency which could have been purchased with the amount of the
 Judgment Currency stipulated in the judgment or judicial order at the rate of exchange prevailing
 on the Judgment Conversion Date. Any amount due from any party under this paragraph (2) shall
 be due as a separate debt and shall not be affected by judgment being obtained for any other
 amounts due under or in respect of any of the Loan Documents, and any such amount shall be
 part of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) **Rate of Exchange.** The term "rate of exchange" in this Section means the rate of exchange for such
 conversion as quoted by the Bank of Canada at the close of business on the Business Day that
 such conversion is to be made from the Obligation Currency against the Judgment Currency,
 and if no such rate is quoted, the spot rate of exchange quoted for wholesale transactions
 by the Royal Bank of Canada in Toronto, Ontario on the Business Day such conversion is to
 be made in accordance with its normal practice.

**Section 9.14 Confidentiality and Public Statements.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Except
 as otherwise provided in this Section 9.14 or by Applicable Law, the terms and conditions
 of this Agreement, the other Loan Documents and all data, reports, Records, and other information
 of any kind whatsoever acquired by any party hereto in connection with the Loan Documents
 shall be treated by the parties as confidential (hereinafter called "**Confidential Information**") and no party shall reveal or otherwise disclose such Confidential
 Information to third parties without the prior written consent of the other party hereto.
 Confidential Information that is available or that becomes available in the public domain,
 other than through a breach of this provision by a party hereto, shall no longer be treated
 as Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The foregoing restrictions
 shall not apply to the disclosure of Confidential Information to any Affiliate of the Borrower <u>Borrowers</u>,
 the Administrative Agent or the Lenders, to any assignee or potential assignee of the Administrative
 Agent's or any Lender's rights hereunder, or to any public or private financing
 agency or institution or any other potential investor or lender in or to any Borrower Group
 Member or Lender; provided, however, that in any such case only such Confidential Information
 as such third party shall have a legitimate business need to know shall be disclosed and
 the person or company to whom disclosure is made shall first undertake in writing to protect
 the confidential nature of such information at least to the same extent as the parties are
 obligated under this Section 9.14.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) In the event that a
 party hereto is required to disclose Confidential Information to any government, any court,
 agency or department thereof, or any stock exchange, to the extent required by Applicable
 Law, or in response to a legitimate request for such Confidential Information, the party
 so required shall as promptly prior to such disclosure as reasonably feasible, notify the
 other party hereto to which such Confidential Information relates of such requirement and
 the terms thereof, and the proposed form and content of the disclosure and, to the extent
 feasible, prior to such submission. The other party hereto to which such Confidential Information
 relates shall, have the right for a period of one (1) Business Day to review and comment
 upon the form and content of the disclosure and to object to such disclosure to the court,
 agency, exchange or department concerned, and to seek confidential treatment of any Confidential
 Information to be disclosed on such terms as such party shall, in its sole discretion, determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) No party hereto shall
 issue any press release relating to this Agreement or the other Loan Documents except upon
 giving the other party two days advance written notice of the contents thereof, and the party
 proposing such press release shall make any reasonable changes to such proposed press release
 as such changes may be timely requested by the non issuing party, provided, however, the
 party proposing such press release may include in any press release without notice any information
 previously reported by the party proposing such press release. No party shall, without the
 consent of the other party hereto, issue any press release that implies or infers that the
 non issuing party endorses or joins the issuing party in statements or representations contained
 in any press release.

**Section 9.15 Eligible Financial Contract.**

The parties hereto agree that this Agreement is an "eligible financial contract" for purposes of the *Bankruptcy and Insolvency Act* (Canada) and all other bankruptcy and insolvency legislation.

**Section 9.16 No Partnership or Joint Venture.**

Nothing in this Agreement shall be deemed to constitute a partnership or joint venture between the parties hereto nor constitute any party the agent of any other party for any purpose.

**Section 9.17 Counterparts.**

This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement. Counterparts to this Agreement may be delivered by facsimile, PDF or any other form of electronic transmission, and signatures provided on counterparts so delivered shall be considered originals for all purposes.

**Section 9.18 OFAC.**

The<u>Each</u> Borrower covenants and represents that none of the funds or assets that are used to repay the indebtedness secured hereby shall constitute property of, or shall be beneficially owned directly or, to the Borrower's<u>Borrowers'</u> best knowledge, indirectly, by any Person subject to sanctions or trade restrictions under United States law ("**Embargoed Person**" or "**Embargoed Persons**") that are identified on (a) the "**List of Specially Designated Nationals and Blocked Persons**" maintained by the Office of Foreign Assets Control ("**OFAC**"), U.S. Department of the Treasury, and/or to the Borrower's<u>Borrowers'</u> best knowledge, as of the date thereof, based upon reasonable inquiry by the Borrower<u>Borrowers</u>, on any other similar list pursuant to any authorizing statute including, but not limited to, the *International Emergency Economic Powers Act*, 50 U.S.C §§ 1701 et seq., the Trading with the *Enemy Act*, 50 U.S.C. App. 1 et seq., and any Executive Order or regulation promulgated thereunder, with the result that the investment in the Borrower<u>Borrowers</u> (whether directly or indirectly), is prohibited by law, or the loan made by the Lenders would be in violation of law, or (b) Executive Order 13224 (September 23, 2001) issued by the President of the United States ("**Executive Order Blocking Mortgaged Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism**") any related enabling legislation or any other similar Executive Orders. The<u>Each</u> Borrower covenants and represents that no Embargoed Person shall have any direct interest, and to the Borrower's<u>Borrowers'</u> best knowledge, based upon reasonable inquiry by the Borrower<u>Borrowers</u>, indirect interest, of any nature whatsoever in the Borrower<u>Borrowers</u>, with the result that the investment in the Borrower<u>Borrowers</u> (whether directly or indirectly) is prohibited by law or the loan is in violation of law.

**Section 9.19 USA Patriot Act.**

Each Lender hereby notifies the Borrower<u>Borrowers</u> that pursuant to the requirements of the US Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 and the regulations and rules promulgated thereunder, as amended from time to time ("**USA Patriot Act**"), the Lenders may be required to obtain, verify and record information that identifies the Borrower<u>Borrowers</u> and their Subsidiaries, which information includes the name and address of such Person and other information that will allow the Lenders to identify such Person in accordance with the *USA Patriot Act*, and the Borrower<u>Borrowers</u> and each Subsidiary agrees to provide such information from time to time to the Lenders.

**Section 9.20 Further Assurances.**

Whether before or after the happening of an Event of Default, the Borrower<u>Borrowers</u> shall at their own expense do, make, execute or deliver, or cause to be done, made, executed or delivered, all such further acts, things, agreements, documents and instruments in connection with this Agreement and the other Loan Documents as the Lenders may reasonably request from time to time for the purpose of giving effect to the terms of this Agreement and the other Loan Documents immediately upon the request of the Lenders.

*\*\*\*Remainder of page intentionally left blank \*\*\**

IN WITNESS WHEREOF the undersigned have executed this Agreement as of the date first written above.

---

| | | |
|:---|:---|:---|
| **Borrower:** | **Borrower:** | **Parent:** |
| **NUSSIR ASA** | **NUSSIR ASA** | **BLUE MOON METALS INC.** |
| By: |  |  |
|  | [*Redacted - Personal Information*] | [*Redacted - Personal Information*] |
|  | Address: [*Redacted - Personal Information*] | Address: [*Redacted - Personal Information*] |
|  | Attention: [*Redacted - Personal Information*] | Attention: [*Redacted - Personal Information*] |
|  | Email:[*Redacted - Personal Information*] | Email: [*Redacted - Personal Information*] |

---

---

| | | |
|:---|:---|:---|
| **Guarantors:** | **Guarantors:** |  |
| **BLUE MOON NORWAY AS** | **BLUE MOON NORWAY AS** | **REPPARFJORD EIENDOM AS** |
| By: |  |  |
|  | [ *Redacted - Personal Information*] | [*Redacted - Personal Information*] |
|  | Address: [*Redacted - Personal Information*] | Address: [*Redacted - Personal Information*] |
|  | Attention: [*Redacted - Personal Information*] | Attention: [*Redacted - Personal Information*] |
|  | Email: [*Redacted - Personal Information*] | Email: [*Redacted - Personal Information*] |

---

**<u>Borrower:</u>**

---

| | |
|:---|:---|
| **KEYSTONE MINES INC.** | **KEYSTONE MINES INC.** |
| By: |  |
|  | [ *Redacted - Personal Information*] |
|  | Address: [*Redacted - Personal Information*] |
|  | Attention: [*Redacted - Personal Information*] |
|  | Email: [*Redacted - Personal Information*] |

---

---

| | |
|:---|:---|
| **Lead Arranger:** | **Lead Arranger:** |
| **HARTREE PARTNERS, LP, by its general partner Hartree Partners GP, LLC** | **HARTREE PARTNERS, LP, by its general partner Hartree Partners GP, LLC** |
| By: |  |
| **Administrative Agent:** | **Administrative Agent:** |
| **HARTREE PARTNERS, LP, by its general partner Hartree Partners GP, LLC** | **HARTREE PARTNERS, LP, by its general partner Hartree Partners GP, LLC** |
| By: |  |
|  | [ *Redacted - Personal Information*] |

---

---

| |
|:---|
| Address: [*Redacted - Personal Information*] |
| Attention: [*Redacted - Personal Information*] |
| Email: [*Redacted - Personal Information*] |
| with a copy to: |
| Attention: Legal Department |
| Email: [*Redacted - Personal Information*] |
| Name: [*Redacted - Personal Information*] |

---

---

| |
|:---|
| Address: [*Redacted - Personal Information*] |
| Attention: [*Redacted - Personal Information*] |
| Email: [*Redacted - Personal Information*] |
| with a copy to: |
| Attention: Legal Department |
| Email: [*Redacted - Personal Information*] |

---

---

| | |
|:---|:---|
| **Lenders:** | **Lenders:** |
| **HARTREE PARTNERS, LP, by its general partner Hartree Partners GP, LLC** | **HARTREE PARTNERS, LP, by its general partner Hartree Partners GP, LLC** |
| By: |  |
|  | [*Redacted - Personal Information*] |
|  | Address: [*Redacted - Personal Information*] |
|  | Attention: [*Redacted - Personal Information*] |
|  | Email: [*Redacted - Personal Information*] |
|  | with a copy to: |
|  | Attention: [*Redacted - Personal Information*] |
|  | Email: [*Redacted - Personal Information*] |

---

---

| | |
|:---|:---|
| **Opps XII BL MN Holdings, L.P** | **Opps XII BL MN Holdings, L.P** |
| By: | Oaktree Fund GP IIA, LLC |
| Its: | General Partner |
| By: | Oaktree Fund GP II, L.P. |
| Its: | Managing Member |
| By: |  |
|  | [*Redacted - Personal Information*] |
| By: |  |
|  | [*Redacted - Personal Information*] |

---

Address: [*Redacted -Personal Information*] <br> Attention: Oaktree Capital Management, L.P. <br> Emails: [*Redacted -Personal Information*]

**SCHEDULE A**

**Commitments**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Lender** | &nbsp;&nbsp;**Commitment** |
| &nbsp;&nbsp;Hartree Partners, LP | &nbsp;&nbsp;US$16,666,666.67 |
| &nbsp;&nbsp;Opps XII BL MN Holdings LP | &nbsp;&nbsp;US$8,333,333.33 |
| &nbsp;&nbsp;**Total Commitments** | &nbsp;&nbsp;**US$25,000,000** |

---

**SCHEDULE B** 

**Advance Request<sup>1</sup>**

---

| | |
|:---|:---|
| TO: | **HARTREE PARTNERS, LP**, as administrative agent (the "**Administrative Agent**") |
| AND TO: | The Lenders (as hereinafter defined) |
| RE: | **<u>[</u>** **NUSSIR ASA<u>/KEYSTONE MINES INC.]<sup>2</sup></u>**, as Borrower (the "**Borrower**") |
| DATE: | ■ |

---

Reference is made to that certain loan agreement dated as of August 19, 2025 among, inter alios, the Borrower, as borrower<u>Nussir ASA and Keystone Mines Inc., as borrowers</u>, Blue Moon Metals Inc., as parent, Repparfjord Eiendom AS, as guarantor, Blue Moon Norway AS, as guarantor, Keystone Mines Inc., as guarantor, Hartree Partners, LP and Opps XII BL MN Holdings LP, as lenders (the "**Lenders**"), and the Administrative Agent, as administrative agent<u>, as amended by a first amendment dated as of September 2, 2025</u> (as may be <u>further</u> amended, restated, supplemented, replaced or otherwise modified from time to time, the "**Loan Agreement**").

Capitalized terms used in this Advance Request which are defined in the Loan Agreement have the meanings attributed thereto in the Loan Agreement.

The Borrower hereby requests an Advance as follows:

1. Amount
 of Advance: <sup>2</sup> <sup><u>3</u></sup>

2. Borrowing
 Date: <sup>3</sup> <sup><u>4</u></sup>

3. Payment
 instructions (if any):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The representations and warranties in
 Article 4 of the Loan Agreement, except those representations expressly stated to be made
 as of an earlier date, in which case, such representation and warranties shall be true and
 correct in all material respects as of such earlier date, are true and correct in all material
 respects (or, in the case of any representation or warranty that is qualified as to materiality,
 Material Adverse Effect or similar language, in all respects) on the date hereof as if made
 on and as of the date hereof.

---

| | |
|:---|:---|
| <sup>1</sup> | **NTD:** Each Advance Request shall be delivered to the Lender no later than 3 Business Days prior to the requested Advance. |
| <sup><u>2</u></sup> | **<u>NTD:</u>** <u>Insert name of applicable Borrower.</u> |
| <sup>2</sup><sup><u>3</u></sup> | **NTD:** Each Advance shall be in a minimum amount of $12,500,000. |
| <sup>3</sup><sup><u>4</u></sup> | **NTD:** No Advance shall be made within 30 days of the most recent Advance. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No Default or Event of Default has occurred and is continuing nor will any Default or Event of Default
occur after giving effect to the aforementioned Advance.

**DATED** as of the date first written above.

---

| | |
|:---|:---|
| **<u>[</u>** **NUSSIR ASA<u>/KEYSTONE MINES INC.]</u>** | **<u>[</u>** **NUSSIR ASA<u>/KEYSTONE MINES INC.]</u>** |
| By: |  |
|  | Name: |
|  | Title: |

---

**SCHEDULE C**

**PIK Payment Request**

---

| | |
|:---|:---|
| TO: | **HARTREE PARTNERS, LP**, as administrative agent (the "**Administrative Agent**") |
| AND TO: | The Lenders (as hereinafter defined) |
| RE: | **NUSSIR ASA <u>and KEYSTONE MINES INC.</u>**, as Borrower<u>Borrowers</u> (the "**Borrower** **<u>Borrowers</u>**") |
| DATE: | ■ |

---

Reference is made to that certain loan agreement dated as of August 19, 2025 among, inter alios, the Borrower<u>Borrowers</u>, as borrower<u>borrowers</u>, Blue Moon Metals Inc., as parent, Repparfjord Eiendom AS, as guarantor, Blue Moon Norway AS, as guarantor, Keystone Mines Inc., as guarantor, Hartree Partners, LP and Opps XII BL MN Holdings LP, as lenders (the "**Lenders**"), and the Administrative Agent, as administrative agent<u>, as amended by a first amendment dated as of September 2, 2025</u> (as may be <u>further</u> amended, restated, supplemented, replaced or otherwise modified from time to time, the "**Loan Agreement**").

Capitalized terms used in this PIK Payment Request which are defined in the Loan Agreement have the meanings attributed thereto in the Loan Agreement.

The Borrower hereby requests a PIK Payment as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. PIK Payment Amount:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Payment
 Date: <sup>4</sup> <sup><u>5</u></sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The representations and warranties in Article 4 of the Loan Agreement, except those representations expressly stated to be made as
of an earlier date, in which case, such representation and warranties shall be true and correct in all material respects as of such earlier
date, are true and correct in all material respects (or, in the case of any representation or warranty that is qualified as to materiality,
Material Adverse Effect or similar language, in all respects) on the date hereof as if made on and as of the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No Default or Event of Default has occurred and is continuing nor will any Default
or Event of Default occur after giving effect to the aforementioned PIK Payment.

<sup>4</sup><sup><u>5</u></sup> **NTD:** The PIK Payment Request must be delivered to the Lender no later than 15 Business Days prior to the applicable Payment Date.

**DATED** as of the date first written above.

---

| | |
|:---|:---|
| **NUSSIR ASA** | **NUSSIR ASA** |
| By: |  |
|  | Name: |
|  | Title: |

---

---

| | |
|:---|:---|
| **<u>KEYSTONE MINES INC.</u>** | **<u>KEYSTONE MINES INC.</u>** |
| <u>By:</u> |  |
|  | <u>Name:</u> |
|  | <u>Title:</u> |

---

**SCHEDULE 4.1(4)**

**<u>LOCATIONS</u>**

[*Redacted – Commercially Sensitive Information – Locations*]

**SCHEDULE 4.1(5)**

**<u>RESIDENCE FOR TAX PURPOSES</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Borrower Group Member** | &nbsp;&nbsp;**Residence for Tax Purposes** |
| &nbsp;&nbsp;Nussir ASA | &nbsp;&nbsp;Norway |
| &nbsp;&nbsp;Repparfjord Eiendom AS | &nbsp;&nbsp;Norway |
| &nbsp;&nbsp;Blue Moon Norway AS | &nbsp;&nbsp;Norway |
| &nbsp;&nbsp;Blue Moon Metals Inc. | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;United States of America |

---

**SCHEDULE 4.1(14)**

**<u>MATERIAL PROJECT AGREEMENTS AND MATERIAL PERMITS</u>**

[*Redacted – Commercially Sensitive Information – Material Project Agreements and Material Permits*]

**SCHEDULE 4.1(15)**

**<u>TITLE TO ASSETS</u>**

[*Redacted – Commercially Sensitive Information – Existing ROFRs and Existing Royalties.*]

**<u>Mining Properties</u>**

**NUSSIR PROJECT**

**List of Claims:**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**License Code** | &nbsp;&nbsp;**NAME** | &nbsp;&nbsp;**AREA** |
| &nbsp;&nbsp;Extraction Permits |  | &nbsp;&nbsp;m<sup>2</sup> |
| &nbsp;&nbsp;G.UTV 0001/2006-FB | &nbsp;&nbsp;Nussir 1 | &nbsp;&nbsp;291172 |
| &nbsp;&nbsp;G.UTV 0002/2006-FB | &nbsp;&nbsp;Nussir 2 | &nbsp;&nbsp;292251 |
| &nbsp;&nbsp;G.UTV 0003/2006-FB | &nbsp;&nbsp;Nussir 3 | &nbsp;&nbsp;299109 |
| &nbsp;&nbsp;G.UTV 0004/2006-FB | &nbsp;&nbsp;Nussir 4 | &nbsp;&nbsp;298875 |
| &nbsp;&nbsp;G.UTV 0005/2006-FB | &nbsp;&nbsp;Nussir 5 | &nbsp;&nbsp;296036 |
| &nbsp;&nbsp;G.UTV 0006/2006-FB | &nbsp;&nbsp;Nussir 6 | &nbsp;&nbsp;174865 |
| &nbsp;&nbsp;G.UTV 0007/2006-FB | &nbsp;&nbsp;Nussir 7 | &nbsp;&nbsp;287282 |
| &nbsp;&nbsp;G.UTV 0008/2006-FB | &nbsp;&nbsp;Nussir 8 | &nbsp;&nbsp;205676 |
| &nbsp;&nbsp;G.UTV 0009/2006-FB | &nbsp;&nbsp;Nussir 9 | &nbsp;&nbsp;242878 |
| &nbsp;&nbsp;G.UTV 0010/2006-FB | &nbsp;&nbsp;Nussir 10 | &nbsp;&nbsp;255072 |
| &nbsp;&nbsp;G.UTV 0011/2006-FB | &nbsp;&nbsp;Nussir 11 | &nbsp;&nbsp;199900 |
| &nbsp;&nbsp;G.UTV 0012/2006-FB | &nbsp;&nbsp;Nussir 12 | &nbsp;&nbsp;215893 |
| &nbsp;&nbsp;G.UTV 0001-1/2015 | &nbsp;&nbsp;Nussir Deep 1 | &nbsp;&nbsp;644623 |
| &nbsp;&nbsp;G.UTV 0002-1/2015 | &nbsp;&nbsp;Nussir Deep 2 | &nbsp;&nbsp;288715 |
| &nbsp;&nbsp;G.UTV 0003-1/2015 | &nbsp;&nbsp;Nussir Deep 3 | &nbsp;&nbsp;433512 |
| &nbsp;&nbsp;G.UTV 0004-1/2015 | &nbsp;&nbsp;Nussir Deep 4 | &nbsp;&nbsp;269706 |
| &nbsp;&nbsp;G.UTV 0005-1/2015 | &nbsp;&nbsp;Nussir Deep 5 | &nbsp;&nbsp;283553 |
| &nbsp;&nbsp;G.UTV 0006-1/2015 | &nbsp;&nbsp;Nussir Deep 6 | &nbsp;&nbsp;399766 |
| &nbsp;&nbsp;G.UTV 0007-1/2015 | &nbsp;&nbsp;Nussir Deep 7 | &nbsp;&nbsp;806227 |
| &nbsp;&nbsp;G.UTV 0008-1/2015 | &nbsp;&nbsp;Nussir Deep 8 | &nbsp;&nbsp;233762 |
| &nbsp;&nbsp;G.UTV 0009-1/2015 | &nbsp;&nbsp;Nussir Deep 9 | &nbsp;&nbsp;207267 |
| &nbsp;&nbsp;G.UTV 0010-1/2015 | &nbsp;&nbsp;Nussir Deep 10 | &nbsp;&nbsp;184362 |
| &nbsp;&nbsp;G.UTV 0011-1/2015 | &nbsp;&nbsp;Nussir Deep 11 | &nbsp;&nbsp;369850 |
| &nbsp;&nbsp;G.UTV 001-1/2013 | &nbsp;&nbsp;Ulveryggen 1 | &nbsp;&nbsp;991269 |
| &nbsp;&nbsp;G.UTV 002-1/2013 | &nbsp;&nbsp;Ulveryggen 2 | &nbsp;&nbsp;988113 |
| &nbsp;&nbsp;Exploration Permits |  |  |
| &nbsp;&nbsp;1640/2024 | &nbsp;&nbsp;Nussir Vest 1 |  |
| &nbsp;&nbsp;1641/2024 | &nbsp;&nbsp;Ulveryggen A |  |
| &nbsp;&nbsp;1642/2024 | &nbsp;&nbsp;Ulveryggen B |  |
| &nbsp;&nbsp;1643/2024 | &nbsp;&nbsp;Ulveryggen C |  |
| &nbsp;&nbsp;0705/2025 | &nbsp;&nbsp;Asavaggi |  |

---

**Location Map:**

![](tm2533647d1_ex99-48sp4img001.jpg)

**BLUE MOON PROJECT**

**List of claims:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**#** | &nbsp;&nbsp;**Claim<br> Type** | &nbsp;&nbsp;**Status** | &nbsp;&nbsp;**Claim<br> Reference**<br> **#** | &nbsp;&nbsp;**Claim<br> Name** | &nbsp;&nbsp;**Claim<br> Size (Acres)** | &nbsp;&nbsp;**Parcel<br> Number (APN)** | &nbsp;&nbsp;**Claim<br> Owner** | &nbsp;&nbsp;**Notes** |
| &nbsp;&nbsp;**Patented Claims** | &nbsp;&nbsp;**Patented Claims** | &nbsp;&nbsp;**Patented Claims** | &nbsp;&nbsp;**Patented Claims** | &nbsp;&nbsp;**Patented Claims** | &nbsp;&nbsp;**Patented Claims** | &nbsp;&nbsp;**Patented Claims** | &nbsp;&nbsp;**Patented Claims** |  |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;Patented Mineral Claim | &nbsp;&nbsp;Active | &nbsp;&nbsp;MS 5719 | &nbsp;&nbsp;American Eagle | &nbsp;&nbsp;20.67 | &nbsp;&nbsp;007-120-005-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Patent No. 973403 dated January 28, 1926, covering Mineral Survey No. 5719, for the American Eagle lode mining claim, covering portions of Section 30, Township 4 South, Range16 East, MDM. |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;Patented Mineral Claim | &nbsp;&nbsp;Active | &nbsp;&nbsp;M5718 | &nbsp;&nbsp;Blue Bell and Bonanza | &nbsp;&nbsp;22.40 | &nbsp;&nbsp;007- 120- 002-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Patent No. 959494, dated May 18, 1925, covering Mineral Survey No. 5718, forthe Blue Bell and Bonanza lode mining claims, covering portions of Section 30, Township 4 South, Range 16 East, MDM. |
| &nbsp;&nbsp;**BLM Land** | &nbsp;&nbsp;**BLM Land** | &nbsp;&nbsp;**BLM Land** | &nbsp;&nbsp;**BLM Land** | &nbsp;&nbsp;**BLM Land** | &nbsp;&nbsp;**BLM Land** | &nbsp;&nbsp;**BLM Land** | &nbsp;&nbsp;**BLM Land** |  |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;Unpatented Mining Claim (Federal Lode Claim) | &nbsp;&nbsp;Active | &nbsp;&nbsp;CA101349794 | &nbsp;&nbsp;Red Cloud #1 | &nbsp;&nbsp;20.32 | &nbsp;&nbsp;007-100-010-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Land administered by Bureau of Land Management (Federal Land) |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;Unpatented Mining Claim (Federal Lode Claim) | &nbsp;&nbsp;Active | &nbsp;&nbsp;CA101303528 | &nbsp;&nbsp;Red Cloud #2 | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;007-100-010-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Land administered by Bureau of Land Management (Federal Land) |
| &nbsp;&nbsp;5 | &nbsp;&nbsp;Unpatented Mining Claim (Federal Lode Claim) | &nbsp;&nbsp;Active | &nbsp;&nbsp;CA101300462 | &nbsp;&nbsp;Red Cloud #3 | &nbsp;&nbsp;6.89 | &nbsp;&nbsp;007-100-010-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Land administered by Bureau of Land Management (Federal Land) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**#** | &nbsp;&nbsp;**Claim<br> Type** | &nbsp;&nbsp;**Status** | &nbsp;&nbsp;**Claim<br> Reference**<br> # | &nbsp;&nbsp;**Claim<br> Name** | &nbsp;&nbsp;**Claim<br> Size (Acres)** | &nbsp;&nbsp;**Parcel<br> Number (APN)** | &nbsp;&nbsp;**Claim<br> Owner** | &nbsp;&nbsp;**Notes** |
| &nbsp;&nbsp;6 | &nbsp;&nbsp;Unpatented Mining Claim (Federal Lode Claim) | &nbsp;&nbsp;Active | &nbsp;&nbsp;CA101301850 | &nbsp;&nbsp;Red Cloud #4 | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;007-120- 003-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Land administered by Bureau of Land Management (Federal Land) |
| &nbsp;&nbsp;7 | &nbsp;&nbsp;Unpatented Mining Claim (Federal Lode Claim) | &nbsp;&nbsp;Active | &nbsp;&nbsp;CA101452189 | &nbsp;&nbsp;Red Cloud #5 | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;007-120- 003-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Land administered by Bureau of Land Management (Federal Land) |
| &nbsp;&nbsp;8 | &nbsp;&nbsp;Unpatented Mining Claim (Federal Lode Claim) | &nbsp;&nbsp;Active | &nbsp;&nbsp;CA101379487 | &nbsp;&nbsp;Red Cloud #6 | &nbsp;&nbsp;20.66 | &nbsp;&nbsp;007-120- 003-0 | &nbsp;&nbsp; Keystone Mines Inc. | &nbsp;&nbsp;Land administered by Bureau of Land Management (Federal Land) |
| &nbsp;&nbsp;9 | &nbsp;&nbsp;Unpatented Mining Claim (Federal Lode Claim) | &nbsp;&nbsp;Active | &nbsp;&nbsp;CA101347731 | &nbsp;&nbsp;Red Cloud #7 | &nbsp;&nbsp;3.16 | &nbsp;&nbsp;007-120- 004-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Land administered by Bureau of Land Management (Federal Land) |
| &nbsp;&nbsp;10 | &nbsp;&nbsp;Unpatented Mining Claim (Federal Claim Lode Claim) | &nbsp;&nbsp;Active | &nbsp;&nbsp;CA101378594 | &nbsp;&nbsp;Red Cloud #8 | &nbsp;&nbsp;6.89 | &nbsp;&nbsp;007-100-010-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Land administered by Bureau of Land Management (Federal Land) |
| &nbsp;&nbsp;**GANN Land** | &nbsp;&nbsp;**GANN Land** | &nbsp;&nbsp;**GANN Land** | &nbsp;&nbsp;**GANN Land** | &nbsp;&nbsp;**GANN Land** | &nbsp;&nbsp;**GANN Land** | &nbsp;&nbsp;**GANN Land** | &nbsp;&nbsp;**GANN Land** |  |
| &nbsp;&nbsp;11 | &nbsp;&nbsp;Private Lands | &nbsp;&nbsp;Active | &nbsp;&nbsp;Letter dated September 1, 2001 | &nbsp;&nbsp;Spanish Land Grant (J.GANN) | &nbsp;&nbsp;331.28 | &nbsp;&nbsp;007-120-007-0 | &nbsp;&nbsp;Keystone Mines Inc. | &nbsp;&nbsp;Includes 40 acres surface rights, flexible location within total 331.3 acre area |

---

**Location Map:**

![](tm2533647d1_ex99-48sp4img002.jpg)

## Exhibit 99.49

**Exhibit 99.49**

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2533647d1_ex49img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 45-106F1 Report of Exempt Distribution ITEM 1 - REPORT TYPE New report Amended report If amended, provide filing date of report that is being amended. (YYYY-MM-DD) ITEM 2 - PARTY CERTIFYING THE REPORT Indicate the party certifying the report (select only one). For guidance regarding whether an issuer is an investment fund, refer to section 1.1 of National Instrument 81-106 Investment Fund Continuous Disclosure and the companion policy to NI 81-106 (in Québec, Regulation 81-106 respecting Investment Fund Continuous Disclosure and Policy Statement to Regulation 81-106 respecting Investment Fund Continuous Disclosure). Investment fund issuer Issuer (other than an investment fund) Underwriter ITEM 3 - ISSUER NAME AND OTHER IDENTIFIERS Provide the following information about the issuer, or if the issuer is an investment fund, about the fund. Full legal name Blue Moon Metals Inc / Blue Moon Metals Inc Previous full legal name BLUE MOON METALS INC. (FORMERLY BLUE MOON ZINC CORP.) If the issuer's name changed in the last 12 months, provide most recent previous legal name. Website www.bluemoonmining.com (if applicable) If the issuer has a legal entity identifier, provide below. Refer to Part B of the Instructions for the definition of "legal entity identifier". Legal entity identifier 254900CUYCO1Z90SIR42 If two or more issuers distributed a single security, provide the full legal name(s) of the co-issuer(s) other than the issuer named above. Full legal name(s) of co-issuer(s) (if applicable) ITEM 4 - UNDERWRITER INFORMATION If an underwriter is completing the report, provide the underwriter's full legal name, firm NRD number, and SEDAR+ profile number. Full legal name Firm NRD number (if applicable) SEDAR+ profile number |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2533647d1_ex49img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITEM 5 - ISSUER INFORMATION If the issuer is an investment fund, do not complete Item 5. Proceed to Item 6. a) Primary industry Provide the issuer's North American Industry Classification Standard (NAICS) code (6 digits only) that in your reasonable judgment most closely corresponds to the issuer's primary business activity. NAICS industry code 212233 If the issuer is in the mining industry, indicate the stage of operations. This does not apply to issuers that provide services to issuers operating in the mining industry. Select the category that best describes the issuer's stage of operations. Exploration Development Production Is the issuer's primary business to invest all or substantially all of its assets in any of the following? If yes, select all that apply. Mortgages Real estate Commercial/business debt Consumer debt 500 or more Private companies Cryptoassets b) Number of employees Number of employees: 0 - 49 50 - 99 100 - 499 c) SEDAR+ profile number Provide the issuer's SEDAR+ profile number 000025425 ITEM 6 - INVESTMENT FUND ISSUER INFORMATION If the issuer is an investment fund, provide the following information. a) Investment fund manager information Full legal name Firm NRD number (if applicable) SEDAR+ profile number b) Type of investment fund Type of investment fund that most accurately identifies the issuer (select only one). Money market Equity Fixed income Balanced Alternative strategies Cryptoasset Other (describe) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2533647d1_ex49img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate whether one or both of the following apply to the investment fund. Invest primarily in other investment fund issuers Is a UCITs Fund 1 1 Undertaking for the Collective Investment of Transferable Securities funds (UCITs Funds) are investment funds regulated by the European Union (EU) directives that allow collective investment schemes to operate throughout the EU on a passport basis on authorization from one member state. c) Net asset value (NAV) of the investment fund Select the NAV range of the investment fund as of the date of the most recent NAV calculation (Canadian $). Date of NAV calculation: Under $5M $5M to under $25M $500M to under $1B $25M to under $100M $100M to under $500M $1B or over YYYY MM DD ITEM 7 - INFORMATION ABOUT THE DISTRIBUTION If an issuer located outside of Canada completes a distribution in a jurisdiction of Canada, include in Item 7 and Schedule 1 information about purchasers resident in that jurisdiction of Canada only. Do not include in Item 7 securities issued as payment of commissions or finder's fees, in connection with the distribution, which must be disclosed in Item 8. The information provided in Item 7 must reconcile with the information provided in Schedule 1 of the report. a) Currency Select the currency or currencies in which the distribution was made. All dollar amounts provided in the report must be in Canadian dollars. Canadian dollar US dollar Euro Other (describe) b) Distribution dates State the distribution start and end dates. If the report is being filed for securities distributed on only one distribution date, provide the distribution date as both the start and end dates. If the report is being filed for securities distribued on a continuous basis, include the start and end dates for the distribution period covered by the report. Start date 2025 09 04 End date 2025 09 04 YYYY MM DD YYYY MM DD c) Detailed purchaser information Complete Schedule 1 of this form for each purchaser and attach the schedule to the completed report. d) Types of securities distributed Provide the following information for all distributions reported on a per security basis. Refer to Part A(12) of the Instructions for how to indicate the security code. If providing the CUSIP number, indicate the full 9-digit CUSIP number assigned to the security being distributed. Canadian $ CUSIP number (if applicable) Security code Number of securities Single or lowest price Highest price Total amount Description of security CMS 1,045,000.0000 0.0000 0.0000 0.0000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2533647d1_ex49img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Details of rights and convertible/exchangeable securities If any rights (e.g. warrants, options) were distributed, provide the exercise price and expiry date for each right. If any convertible/exchangeable securities were distributed, provide the conversion ratio and describe any other terms for each convertible/exchangeable security. Exercise price (Canadian $) Convertible / exchangeable security code Underlying security code Expiry date (YYYY-MM-DD) Describe other terms (if applicable) Conversion ratio Lowest Highest f) Summary of the distribution by jurisdiction and exemption State the total dollar amount of securities distributed and the number of purchasers for each jurisdiction of Canada and foreign jurisdiction where a purchaser resides and for each exemption relied on in Canada for that distribution. However, if an issuer located outside of Canada completes a distribution in a jurisdiction of Canada, include distributions to purchasers resident in that jurisdiction of Canada only. This table requires a separate line item for: (i) each jurisdiction where a purchaser resides, (ii) each exemption relied on in the jurisdiction where a purchaser resides, if a purchaser resides in a jurisdiction of Canada, and (iii) each exemption relied on in Canada, if a purchaser resides in a foreign jurisdiction. For jurisdictions within Canada, state the province or territory, otherwise state the country. Number of unique purchasers2a Total amount (Canadian $) Province or country Exemption relied on United States of America NI 45-106 2.3 [Accredited investor] 1 0.0000 Total dollar amount of securities distributed $0.0000 Total number of unique purchasers2b 1 2a In calculating the number of unique purchasers per row, count each purchaser only once. Joint purchasers may be counted as one purchaser. 2bIn calculating the total number of unique purchasers to which the issuer distributed securities, count each purchaser only once, regardless of whether the issuer distributed multiple types of securities to, and relied on multiple exemptions for, that purchaser. g) Net proceeds to the investment fund by jurisdiction If the issuer is an investment fund, provide the net proceeds to the investment fund for each jurisdiction of Canada and foreign jurisdiction where a purchaser resides.3If an issuer located outside of Canada completes a distribution in a jurisdiction of Canada, include net proceeds for that jurisdiction of Canada only. For jurisdictions within Canada, state the province or territory, otherwise state the country. Province or country Net proceeds (Canadian $) Total net proceeds to the investment fund 3"Net proceeds" means the gross proceeds realized in the jurisdiction from the distributions for which the report is being filed, less the gross redemptions that occurred during the distribution period covered by the report. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2533647d1_ex49img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITEM 8 - COMPENSATION INFORMATION Provide information for each person (as defined in NI 45-106 (in Québec, Regulation 45-106 respecting Prospectus Exemptions)) to whom the issuer directly provides, or will provide, any compensation in connection with the distribution. Complete additional copies of this page if more than one person was, or will be, compensated. Indicate whether any compensation was paid, or will be paid, in connection with the distribution. No Yes If yes, indicate number of persons compensated. a) Name of person compensated and registration status Indicate whether the person compensated is a registrant. No Yes If the person compensated is an individual, provide the name of the individual. Full legal name of individual Family name First given name Secondary given names If the person compensated is not an individual, provide the following information. Full legal name of non-individual Firm NRD number (if applicable) Indicate whether the person compensated facilitated the distribution through a funding portal or an internet-based portal No Yes b) Business contact information If a firm NRD number is not provided in Item 8(a), provide the business contact information of the person being compensated. Street address Municipality Country Province/State Postal code/Zip code Email address Telephone number c) Relationship to issuer or investment fund manager Indicate the person's relationship with the issuer or investment fund manager (select all that apply). Refer to the meaning of 'connected' in Part B(2) of the Instructions and the meaning of 'control' in section 1.4 of NI 45-106 (in Québec, Regulation 45-106 respecting Prospectus Exemptions) for the purposes of completing this section. Connected with the issuer or investment fund manager Insider of the issuer (other than an investment fund) Director or officer of the investment fund or investment fund manager Employee of the issuer or investment fund manager None of the above d) Compensation details |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2533647d1_ex49img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provide details of all compensation paid, or to be paid, to the person identified in Item 8(a) in connection with the distribution. Provide all amounts in Canadian dollars. Include cash commissions, securities-based compensation, gifts, discounts or other compensation. Do not report payments for services incidental to the distribution, such as clerical, printing, legal or accounting services. An issuer is not required to ask for details about, or report on, internal allocation arrangements with the directors, officers or employees of a non-individual compensated by the issuer. Cash commissions paid Value of all securities distributed as compensation 4 Security code 1 Security code 2 Security code 3 Security codes Describe terms of warrants, options or other rights Other compensation 5 Describe Total compensation paid Check box if the person will or may receive any deferred compensation (describe the terms below) 4 acquire additional securities of the issuer. Indicate the Provide the aggregate value of all securities distributed as compensation, security codes for all securities distributed as compensation, excluding options, warrants or other rights exercisable to including options, warrants or other rights exercisable to acquire additional securities of the issuer. 5 Do not include deferred compensation. ITEM 9 – DIRECTORS, EXECUTIVE OFFICERS AND PROMOTERS OF THE ISSUER If the issuer is an investment fund, do not complete Item 9. Proceed to Item 10. Indicate whether the issuer is any of the following (select the one that applies – if more than one applies, select only one). Reporting issuer in a jurisdiction of Canada Foreign public issuer Wholly owned subsidiary of a reporting issuer in any jurisdiction of Canada 6 Provide name of reporting issuer Wholly owned subsidiary of a foreign public issuer 6 Provide name of foreign public issuer Issuer distributing only eligible foreign securities and the distribution is to permitted clients only 7 . If the issuer is at least one of the above, do not complete Item 9(a) – (c). Proceed to Item 10. 6 An issuer is a wholly owned subsidiary of a reporting issuer or a foreign public issuer if all of the issuer's outstanding voting securities, other than securities that are required by law to be owned by its directors, are beneficially owned by the reporting issuer or the foreign public issuer, respectively. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2533647d1_ex49img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Check this box if it applies to the current distribution even if the issuer made previous distributions of other types of securities to non-permitted clients. Refer to the definitions of "eligible foreign security" and "permitted client" in Part B(1) of the Instructions. If the issuer is none of the above, check this box and complete Item 9(a) – (c). a) Directors, executive officers and promoters of the issuer Provide the following information for each director, executive officer and promoter of the issuer. For locations within Canada, state the province or territory, otherwise state the country. For "Relationship to issuer", "D" – Director, "O" – Executive Officer, "P" – Promoter. Business location of non-individual Relationship to issuer (select all that apply) First given name or residential jurisdiction of individual Organization or company name Family name Secondary given names Province or country D O P b) Promoter information If the promoter listed above is not an individual, provide the following information for each director and executive officer of the promoter. For locations within Canada, state the province or territory, otherwise state the country. For "Relationship to promoter", "D" – Director, "O" – Executive Officer. Residential jurisdiction Relationship to promoter (select Organization or company name Family name First given Secondary given name names of individual one or both if applicable) Province or country D O c) Residential address of each individual Complete Schedule 2 of this form providing the full residential address for each individual listed in Item 9(a) and (b) and attach to the completed report. Schedule 2 also requires information to be provided about control persons. ITEM 10 - CERTIFICATION Provide the following certification and business contact information of an officer, director or agent of the issuer or underwriter. If the issuer or underwriter is not a company, an individual who performs functions similar to that of a director or officer may certify the report. For example, if the issuer is a trust, the report may be certified by the issuer's trustee. If the issuer is an investment fund, a director or officer of the investment fund manager (or, if the investment fund manager is not a company, an individual who performs similar functions) may certify the report if the director or officer has been authorized to do so by the investment fund. The certification may be delegated, but only to an agent that has been authorized by an officer or director of the issuer or underwriter to prepare and certify the report on behalf of the issuer or underwriter. If the report is being certified by an agent on behalf of the issuer or underwriter, provide the applicable information for the agent in the boxes below. If the individual completing and filing the report is different from the individual certifying the report, provide the name and contact details for the individual completing and filing the report in Item 11. The signature on the report must be in typed form rather than handwritten form. The report may include an electronic signature provided the name of the signatory is also in typed form. Securities legislation requires an issuer or underwriter that makes a distribution of securities under certain prospectus exemptions |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2533647d1_ex49img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to file a completed report of exempt distribution. By completing the information below, I certify, on behalf of the issuer/underwriter/investment fund manager, to the securities regulatory authority or regulator, as applicable, that I have reviewed this report and to my knowledge, having exercised reasonable diligence, the information provided in this report is true and, to the extent required, complete. Name of Issuer/ investment fund manager/agent Blue Moon Metals Inc. Full legal name KARGL-SIMARD Christian Family name First given name Secondary given names Title Chief Executive Officer Telephone number +1 (416) 230-3440 Email address christian@bluemoonmetals.com Signature /s/ Christian Kargl-Simard Date 2025 09 12 YYYY MM DD ITEM 11 - CONTACT PERSON Provide the following business contact information for the individual that the securities regulatory authority or regulator may contact with any questions regarding the contents of this report, if different than the individual certifying the report in Item 10. Same as individual certifying the report Full legal name BROWN Sylvia Family name First given name Secondary given names Title Securities Law Clerk Name of company Bennett Jones LLP Telephone number +1 (416) 777-6154 Email address browns@bennettjones.com NOTICE – COLLECTION AND USE OF PERSONAL INFORMATION The personal information required under this form is collected on behalf of and used by the securities regulatory authority or regulator under the authority granted in securities legislation for the purposes of the administration and enforcement of the securities legislation. If you have any questions about the collection and use of this information, contact the securities regulatory authority or regulator in the local jurisdiction(s) where the report is filed, at the address(es) listed at the end of this form. Schedules 1 and 2 may contain personal information of individuals and details of the distribution(s). The information in Schedules 1 and 2 will not be placed on the public file of any securities regulatory authority or regulator. However, freedom of information legislation may require the securities regulatory authority or regulator to make this information available if requested. By signing this report, the issuer/underwriter confirms that each individual listed in Schedule 1 or 2 of the report who is resident in a jurisdiction of Canada: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2533647d1_ex49img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) b) has been notified by the issuer/underwriter of the delivery to the securities regulatory authority or regulator of the information pertaining to the individual as set out in Schedule 1 or 2, that this information is being collected by the securities regulatory authority or regulator under the authority granted in securities legislation, that this information is being collected for the purposes of the administration and enforcement of the securities legislation of the local jurisdiction, and of the title, business address and business telephone number of the public official in the local jurisdiction, as set out in this form, who can answer questions about the security regulatory authority's or regulator's indirect collection of the information, and has authorized the indirect collection of the information by the securities regulatory authority or regulator. |

---

## Exhibit 99.50

**Exhibit 99.50**

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2533647d1_ex50img001.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 45-106F1 Report of Exempt Distribution ITEM 1 - REPORT TYPE New report Amended report If amended, provide filing date of report that is being amended. (YYYY-MM-DD) ITEM 2 - PARTY CERTIFYING THE REPORT Indicate the party certifying the report (select only one). For guidance regarding whether an issuer is an investment fund, refer to section 1.1 of National Instrument 81-106 Investment Fund Continuous Disclosure and the companion policy to NI 81-106 (in Québec, Regulation 81-106 respecting Investment Fund Continuous Disclosure and Policy Statement to Regulation 81-106 respecting Investment Fund Continuous Disclosure). Investment fund issuer Issuer (other than an investment fund) Underwriter ITEM 3 - ISSUER NAME AND OTHER IDENTIFIERS Provide the following information about the issuer, or if the issuer is an investment fund, about the fund. Full legal name Blue Moon Metals Inc / Blue Moon Metals Inc Previous full legal name BLUE MOON METALS INC. (FORMERLY BLUE MOON ZINC CORP.) If the issuer's name changed in the last 12 months, provide most recent previous legal name. Website www.bluemoonmining.com (if applicable) If the issuer has a legal entity identifier, provide below. Refer to Part B of the Instructions for the definition of "legal entity identifier". Legal entity identifier 254900CUYCO1Z90SIR42 If two or more issuers distributed a single security, provide the full legal name(s) of the co-issuer(s) other than the issuer named above. Full legal name(s) of co-issuer(s) (if applicable) ITEM 4 - UNDERWRITER INFORMATION If an underwriter is completing the report, provide the underwriter's full legal name, firm NRD number, and SEDAR+ profile number. Full legal name Firm NRD number (if applicable) SEDAR+ profile number |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2533647d1_ex50img002.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITEM 5 - ISSUER INFORMATION If the issuer is an investment fund, do not complete Item 5. Proceed to Item 6. a) Primary industry Provide the issuer's North American Industry Classification Standard (NAICS) code (6 digits only) that in your reasonable judgment most closely corresponds to the issuer's primary business activity. NAICS industry code 212233 If the issuer is in the mining industry, indicate the stage of operations. This does not apply to issuers that provide services to issuers operating in the mining industry. Select the category that best describes the issuer's stage of operations. Exploration Development Production Is the issuer's primary business to invest all or substantially all of its assets in any of the following? If yes, select all that apply. Mortgages Real estate Commercial/business debt Consumer debt 500 or more Private companies Cryptoassets b) Number of employees Number of employees: 0 - 49 50 - 99 100 - 499 c) SEDAR+ profile number Provide the issuer's SEDAR+ profile number 000025425 ITEM 6 - INVESTMENT FUND ISSUER INFORMATION If the issuer is an investment fund, provide the following information. a) Investment fund manager information Full legal name Firm NRD number (if applicable) SEDAR+ profile number b) Type of investment fund Type of investment fund that most accurately identifies the issuer (select only one). Money market Equity Fixed income Balanced Alternative strategies Cryptoasset Other (describe) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2533647d1_ex50img003.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate whether one or both of the following apply to the investment fund. Invest primarily in other investment fund issuers Is a UCITs Fund 1 1 Undertaking for the Collective Investment of Transferable Securities funds (UCITs Funds) are investment funds regulated by the European Union (EU) directives that allow collective investment schemes to operate throughout the EU on a passport basis on authorization from one member state. c) Net asset value (NAV) of the investment fund Select the NAV range of the investment fund as of the date of the most recent NAV calculation (Canadian $). Date of NAV calculation: Under $5M $5M to under $25M $500M to under $1B $25M to under $100M $100M to under $500M $1B or over YYYY MM DD ITEM 7 - INFORMATION ABOUT THE DISTRIBUTION If an issuer located outside of Canada completes a distribution in a jurisdiction of Canada, include in Item 7 and Schedule 1 information about purchasers resident in that jurisdiction of Canada only. Do not include in Item 7 securities issued as payment of commissions or finder's fees, in connection with the distribution, which must be disclosed in Item 8. The information provided in Item 7 must reconcile with the information provided in Schedule 1 of the report. a) Currency Select the currency or currencies in which the distribution was made. All dollar amounts provided in the report must be in Canadian dollars. Canadian dollar US dollar Euro Other (describe) b) Distribution dates State the distribution start and end dates. If the report is being filed for securities distributed on only one distribution date, provide the distribution date as both the start and end dates. If the report is being filed for securities distribued on a continuous basis, include the start and end dates for the distribution period covered by the report. Start date 2025 09 04 End date 2025 09 04 YYYY MM DD YYYY MM DD c) Detailed purchaser information Complete Schedule 1 of this form for each purchaser and attach the schedule to the completed report. d) Types of securities distributed Provide the following information for all distributions reported on a per security basis. Refer to Part A(12) of the Instructions for how to indicate the security code. If providing the CUSIP number, indicate the full 9-digit CUSIP number assigned to the security being distributed. Canadian $ CUSIP number (if applicable) Security code Number of securities Single or lowest price Highest price Description of security Total amount CMS common shares 2,092,173.0000 3.3000 3.3000 6,904,170.9000 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2533647d1_ex50img004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Details of rights and convertible/exchangeable securities If any rights (e.g. warrants, options) were distributed, provide the exercise price and expiry date for each right. If any convertible/exchangeable securities were distributed, provide the conversion ratio and describe any other terms for each convertible/exchangeable security. Exercise price (Canadian $) Convertible / exchangeable security code Underlying security code Expiry date (YYYY-MM-DD) Describe other terms (if applicable) Conversion ratio Lowest Highest f) Summary of the distribution by jurisdiction and exemption State the total dollar amount of securities distributed and the number of purchasers for each jurisdiction of Canada and foreign jurisdiction where a purchaser resides and for each exemption relied on in Canada for that distribution. However, if an issuer located outside of Canada completes a distribution in a jurisdiction of Canada, include distributions to purchasers resident in that jurisdiction of Canada only. This table requires a separate line item for: (i) each jurisdiction where a purchaser resides, (ii) each exemption relied on in the jurisdiction where a purchaser resides, if a purchaser resides in a jurisdiction of Canada, and (iii) each exemption relied on in Canada, if a purchaser resides in a foreign jurisdiction. For jurisdictions within Canada, state the province or territory, otherwise state the country. Number of unique purchasers2a Total amount (Canadian $) Province or country Exemption relied on United States of America NI 45-106 2.10 [Minimum amount investment] 1 6,904,179.9000 Total dollar amount of securities distributed $6,904,179.9000 Total number of unique purchasers2b 1 2a In calculating the number of unique purchasers per row, count each purchaser only once. Joint purchasers may be counted as one purchaser. 2bIn calculating the total number of unique purchasers to which the issuer distributed securities, count each purchaser only once, regardless of whether the issuer distributed multiple types of securities to, and relied on multiple exemptions for, that purchaser. g) Net proceeds to the investment fund by jurisdiction If the issuer is an investment fund, provide the net proceeds to the investment fund for each jurisdiction of Canada and foreign jurisdiction where a purchaser resides.3If an issuer located outside of Canada completes a distribution in a jurisdiction of Canada, include net proceeds for that jurisdiction of Canada only. For jurisdictions within Canada, state the province or territory, otherwise state the country. Province or country Net proceeds (Canadian $) Total net proceeds to the investment fund 3"Net proceeds" means the gross proceeds realized in the jurisdiction from the distributions for which the report is being filed, less the gross redemptions that occurred during the distribution period covered by the report. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2533647d1_ex50img005.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITEM 8 - COMPENSATION INFORMATION Provide information for each person (as defined in NI 45-106 (in Québec, Regulation 45-106 respecting Prospectus Exemptions)) to whom the issuer directly provides, or will provide, any compensation in connection with the distribution. Complete additional copies of this page if more than one person was, or will be, compensated. Indicate whether any compensation was paid, or will be paid, in connection with the distribution. No Yes If yes, indicate number of persons compensated. a) Name of person compensated and registration status Indicate whether the person compensated is a registrant. No Yes If the person compensated is an individual, provide the name of the individual. Full legal name of individual Family name First given name Secondary given names If the person compensated is not an individual, provide the following information. Full legal name of non-individual Firm NRD number (if applicable) Indicate whether the person compensated facilitated the distribution through a funding portal or an internet-based portal No Yes b) Business contact information If a firm NRD number is not provided in Item 8(a), provide the business contact information of the person being compensated. Street address Municipality Country Province/State Postal code/Zip code Email address Telephone number c) Relationship to issuer or investment fund manager Indicate the person's relationship with the issuer or investment fund manager (select all that apply). Refer to the meaning of 'connected' in Part B(2) of the Instructions and the meaning of 'control' in section 1.4 of NI 45-106 (in Québec, Regulation 45-106 respecting Prospectus Exemptions) for the purposes of completing this section. Connected with the issuer or investment fund manager Insider of the issuer (other than an investment fund) Director or officer of the investment fund or investment fund manager Employee of the issuer or investment fund manager None of the above d) Compensation details |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2533647d1_ex50img006.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provide details of all compensation paid, or to be paid, to the person identified in Item 8(a) in connection with the distribution. Provide all amounts in Canadian dollars. Include cash commissions, securities-based compensation, gifts, discounts or other compensation. Do not report payments for services incidental to the distribution, such as clerical, printing, legal or accounting services. An issuer is not required to ask for details about, or report on, internal allocation arrangements with the directors, officers or employees of a non-individual compensated by the issuer. Cash commissions paid Value of all securities distributed as compensation 4 Security code 1 Security code 2 Security code 3 Security codes Describe terms of warrants, options or other rights Other compensation 5 Describe Total compensation paid Check box if the person will or may receive any deferred compensation (describe the terms below) 4 acquire additional Provide the aggregate value of all securities distributed as compensation, securities of the issuer. Indicate the security codes for all securities distributed as compensation, excluding options, warrants or other rights exercisable to including options, warrants or other rights exercisable to acquire additional securities of the issuer. 5 Do not include deferred compensation. ITEM 9 – DIRECTORS, EXECUTIVE OFFICERS AND PROMOTERS OF THE ISSUER If the issuer is an investment fund, do not complete Item 9. Proceed to Item 10. Indicate whether the issuer is any of the following (select the one that applies – if more than one applies, select only one). Reporting issuer in a jurisdiction of Canada Foreign public issuer Wholly owned subsidiary of a reporting issuer in any jurisdiction of Canada 6 Provide name of reporting issuer Wholly owned subsidiary of a foreign public issuer 6 Provide name of foreign public issuer Issuer distributing only eligible foreign securities and the distribution is to permitted clients only 7 . If the issuer is at least one of the above, do not complete Item 9(a) – (c). Proceed to Item 10. 6 An issuer is a wholly owned subsidiary of a reporting issuer or a foreign public issuer if all of the issuer's outstanding voting securities, other than securities that are required by law to be owned by its directors, are beneficially owned by the reporting issuer or the foreign public issuer, respectively. |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2533647d1_ex50img007.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 Check this box if it applies to the current distribution even if the issuer made previous distributions of other types of securities to non-permitted clients. Refer to the definitions of "eligible foreign security" and "permitted client" in Part B(1) of the Instructions. If the issuer is none of the above, check this box and complete Item 9(a) – (c). a) Directors, executive officers and promoters of the issuer Provide the following information for each director, executive officer and promoter of the issuer. For locations within Canada, state the province or territory, otherwise state the country. For "Relationship to issuer", "D" – Director, "O" – Executive Officer, "P" – Promoter. Business location of non-individual Relationship to issuer (select all that apply) First given name or residential jurisdiction of individual Organization or company name Family name Secondary given names Province or country D O P b) Promoter information If the promoter listed above is not an individual, provide the following information for each director and executive officer of the promoter. For locations within Canada, state the province or territory, otherwise state the country. For "Relationship to promoter", "D" – Director, "O" – Executive Officer. Residential jurisdiction Relationship to promoter (select Organization or company name Family name First given Secondary given name names of individual one or both if applicable) Province or country D O c) Residential address of each individual Complete Schedule 2 of this form providing the full residential address for each individual listed in Item 9(a) and (b) and attach to the completed report. Schedule 2 also requires information to be provided about control persons. ITEM 10 - CERTIFICATION Provide the following certification and business contact information of an officer, director or agent of the issuer or underwriter. If the issuer or underwriter is not a company, an individual who performs functions similar to that of a director or officer may certify the report. For example, if the issuer is a trust, the report may be certified by the issuer's trustee. If the issuer is an investment fund, a director or officer of the investment fund manager (or, if the investment fund manager is not a company, an individual who performs similar functions) may certify the report if the director or officer has been authorized to do so by the investment fund. The certification may be delegated, but only to an agent that has been authorized by an officer or director of the issuer or underwriter to prepare and certify the report on behalf of the issuer or underwriter. If the report is being certified by an agent on behalf of the issuer or underwriter, provide the applicable information for the agent in the boxes below. If the individual completing and filing the report is different from the individual certifying the report, provide the name and contact details for the individual completing and filing the report in Item 11. The signature on the report must be in typed form rather than handwritten form. The report may include an electronic signature provided the name of the signatory is also in typed form. Securities legislation requires an issuer or underwriter that makes a distribution of securities under certain prospectus exemptions |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2533647d1_ex50img008.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;to file a completed report of exempt distribution. By completing the information below, I certify, on behalf of the issuer/underwriter/investment fund manager, to the securities regulatory authority or regulator, as applicable, that I have reviewed this report and to my knowledge, having exercised reasonable diligence, the information provided in this report is true and, to the extent required, complete. Name of Issuer/ investment fund manager/agent Blue Moon Metals Inc. Full legal name KARGL-SIMARD Christian Family name First given name Secondary given names Title Chief Executive Officer Telephone number +1 (416) 230-3440 Email address christian@bluemoonmetals.com (signed) "Christian Kargl-Signature Simard" Date 2025 09 12 YYYY MM DD ITEM 11 - CONTACT PERSON Provide the following business contact information for the individual that the securities regulatory authority or regulator may contact with any questions regarding the contents of this report, if different than the individual certifying the report in Item 10. Same as individual certifying the report Full legal name BROWN Sylvia Family name First given name Secondary given names Title Law Clerk Name of company BENNETT JONES LLP Telephone number Email address browns@bennettjones.com NOTICE – COLLECTION AND USE OF PERSONAL INFORMATION The personal information required under this form is collected on behalf of and used by the securities regulatory authority or regulator under the authority granted in securities legislation for the purposes of the administration and enforcement of the securities legislation. If you have any questions about the collection and use of this information, contact the securities regulatory authority or regulator in the local jurisdiction(s) where the report is filed, at the address(es) listed at the end of this form. Schedules 1 and 2 may contain personal information of individuals and details of the distribution(s). The information in Schedules 1 and 2 will not be placed on the public file of any securities regulatory authority or regulator. However, freedom of information legislation may require the securities regulatory authority or regulator to make this information available if requested. By signing this report, the issuer/underwriter confirms that each individual listed in Schedule 1 or 2 of the report who is resident in a jurisdiction of Canada: |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;![GRAPHIC](tm2533647d1_ex50img009.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) b) has been notified by the issuer/underwriter of the delivery to the securities regulatory authority or regulator of the information pertaining to the individual as set out in Schedule 1 or 2, that this information is being collected by the securities regulatory authority or regulator under the authority granted in securities legislation, that this information is being collected for the purposes of the administration and enforcement of the securities legislation of the local jurisdiction, and of the title, business address and business telephone number of the public official in the local jurisdiction, as set out in this form, who can answer questions about the security regulatory authority's or regulator's indirect collection of the information, and has authorized the indirect collection of the information by the securities regulatory authority or regulator. |

---

## Exhibit 99.51

**Exhibit 99.51**

**Peter Szkilnyk**

P. Eng.

Micon International Limited

601 – 90 Eglinton Ave East, Toronto, Ontario, Canada M4P 2Y3

**CONSENT OF QUALIFIED PERSON**

Filed on SEDAR+

---

| | |
|:---|:---|
| To: | Blue Moon Metals Inc. (the **"Company"**) |
| And to: | British Columbia Securities Commission |
|  | Alberta Securities Commission |
|  | Autorité des Marchés Financiers |

---

And to: TSX Venture Exchange

I, Peter Szkilnyk, consent to the public filing of the technical report titled "*NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California*", with an effective date of March 3, 2025 and dated April 14, 2025, as amended and restated on September 12, 2025 (the "**Technical Report**") prepared for the Company, and filed with the securities regulatory authorities referred to above.

I also consent to any extracts from, or a summary of, the Technical Report in the annual information form dated September 12, 2025 of the Company (the "**AIF**").

I certify that I have read the AIF being filed by the Company and that it fairly and accurately represents the information in the Technical Report for which I am responsible.

Dated this 12<sup>th</sup> day of September, 2025

<u>*(signed) "Peter Szkilnyk"*</u> <br> Peter Szkilnyk, P.Eng.

## Exhibit 99.52

**Exhibit 99.52**

**Alan J. San Martin**

P. Eng.

Micon International Limited

601 – 90 Eglinton Ave East, Toronto, Ontario, Canada M4P 2Y3

**CONSENT OF QUALIFIED PERSON**

Filed on SEDAR+

---

| | |
|:---|:---|
| To: | Blue Moon Metals Inc. (the "**Company**") |
| And to: | British Columbia Securities Commission |
|  | Alberta Securities Commission |
|  | Autorité des Marchés Financiers |

---

And to: TSX Venture Exchange

I, Alan J. San Martin, consent to the public filing of the technical report titled "*NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California*", with an effective date of March 3, 2025 and dated April 14, 2025, as amended and restated on September 12, 2025 (the "**Technical Report**") prepared for the Company, and filed with the securities regulatory authorities referred to above.

I also consent to any extracts from, or a summary of, the Technical Report in the annual information form dated September 12, 2025 of the Company (the "**AIF**").

I certify that I have read the AIF being filed by the Company and that it fairly and accurately represents the information in the Technical Report for which I am responsible.

Dated this 12<sup>th</sup> day of September, 2025

<u>*(signed) "Alan J. San Martin"*</u> <br> Alan J. San Martin, P.Eng.

## Exhibit 99.53

**Exhibit 99.53**

**Christopher Jacobs**

C. Eng., MIMMM

Micon International Limited

601 – 90 Eglinton Ave East, Toronto, Ontario, Canada M4P 2Y3

**CONSENT OF QUALIFIED PERSON**

Filed on SEDAR+

---

| | |
|:---|:---|
| To: | Blue Moon Metals Inc. (the **"Company"**) |
| And to: | British Columbia Securities Commission |
|  | Alberta Securities Commission |
|  | Autorité des Marchés Financiers |
| And to: | TSX Venture Exchange |

---

I, Christopher Jacobs, consent to the public filing of the technical report titled *"NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California"*, with an effective date of March 3, 2025 and dated April 14, 2025, as amended and restated on September 12, 2025 (the **"Technical Report"**) prepared for the Company, and filed with the securities regulatory authorities referred to above.

I also consent to any extracts from, or a summary of, the Technical Report in the annual information form dated September 12, 2025 of the Company (the **"AIF"**).

I certify that I have read the AIF being filed by the Company and that it fairly and accurately represents the information in the Technical Report for which I am responsible.

Dated this 12<sup>th</sup> day of September, 2025

<u>*(signed) "Christopher Jacobs"*</u> <br> Christopher Jacobs, C.Eng., MIMMM

## Exhibit 99.54

**Exhibit 99.54**

**Richard Gowans**

P. Eng.

Micon International Limited

601 – 90 Eglinton Ave East, Toronto, Ontario, Canada M4P 2Y3

**CONSENT OF QUALIFIED PERSON**

Filed on SEDAR+

---

| | |
|:---|:---|
| To: | Blue Moon Metals Inc. (the "**Company**") |
| And to: | British Columbia Securities Commission |
|  | Alberta Securities Commission |
|  | Autorité des Marchés Financiers |

---

And to: TSX Venture Exchange

I, Richard Gowans, consent to the public filing of the technical report titled "*NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California*", with an effective date of March 3, 2025 and dated April 14, 2025, as amended and restated on September 12, 2025 (the "**Technical Report**") prepared for the Company, and filed with the securities regulatory authorities referred to above.

I also consent to any extracts from, or a summary of, the Technical Report in the annual information form dated September 12, 2025 of the Company (the "**AIF**").

I certify that I have read the AIF being filed by the Company and that it fairly and accurately represents the information in the Technical Report for which I am responsible.

Dated this 12<sup>th</sup> day of September, 2025

<u>(signed) "Richard Gowans"</u> <br> Richard Gowans, P.Eng.

## Exhibit 99.55

**Exhibit 99.55**

**Justin Taylor**

P. Eng.

Micon International Limited

601 – 90 Eglinton Ave East, Toronto, Ontario, Canada M4P 2Y3

**CONSENT OF QUALIFIED PERSON**

Filed on SEDAR+

---

| | |
|:---|:---|
| To: | Blue Moon Metals Inc. (the **"Company"**) |
| And to: | British Columbia Securities Commission |
|  | Alberta Securities Commission |
|  | Autorité des Marchés Financiers |

---

And to: TSX Venture Exchange

I, Justin Taylor, consent to the public filing of the technical report titled *"NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California",* with an effective date of March 3, 2025 and dated April 14, 2025, as amended and restated on September 12, 2025 (the **"Technical Report"**) prepared for the Company, and filed with the securities regulatory authorities referred to above.

I also consent to any extracts from, or a summary of, the Technical Report in the annual information form dated September 12, 2025 of the Company (the **"AIF"**).

I certify that I have read the AIF being filed by the Company and that it fairly and accurately represents the information in the Technical Report for which I am responsible.

Dated this 12<sup>th</sup> day of September, 2025

<u>*(signed) "Justin Taylor"*</u> <br> Justin Taylor, P.Eng.

## Exhibit 99.56

**Exhibit 99.56**

**Scott Wilson**

Resource Development Associates

Highlands Ranch, Colorado

**CONSENT OF QUALIFIED PERSON**

Filed on SEDAR+

---

| | |
|:---|:---|
| To: | Blue Moon Metals Inc. (the **"Company"**) |
| And to: | British Columbia Securities Commission |
|  | Alberta Securities Commission |
|  | Autorité des Marchés Financiers |

---

And to: TSX Venture Exchange

I, Scott Wilson, consent to the public filing of the technical report titled *"NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California"*, with an effective date of March 3, 2025 and dated April 14, 2025, as amended and restated on September 12, 2025 (the **"Technical Report"**) prepared for the Company, and filed with the securities regulatory authorities referred to above.

I also consent to any extracts from, or a summary of, the Technical Report in the annual information form dated September 12, 2025 of the Company (the **"AIF"**).

I certify that I have read the AIF being filed by the Company and that it fairly and accurately represents the information in the Technical Report for which I am responsible.

Dated this 12<sup>th</sup> day of September, 2025

<u>*(signed) "Scott Wilson"*</u> <br> Scott Wilson, C.P.G. SME-RM

## Exhibit 99.57

**Exhibit 99.57**

![](tm2533647d1_ex99-57img001.jpg)

**RECEIPT**

**Blue Moon Metals Inc**

This is the receipt of the **British Columbia Securities Commission** for the **Preliminary Short Form Base Shelf Prospectus** of the above Issuer dated **September 12, 2025** (the preliminary prospectus).

This receipt also evidences that the **Ontario Securities Commission** has issued a receipt for the preliminary prospectus.

The preliminary prospectus has been filed under Multilateral Instrument 11-102 *Passport System* in **Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Yukon, Nunavut** and **Northwest Territories**. A receipt for the preliminary prospectus is deemed to be issued by the regulator in each of those jurisdictions, if the conditions of the Instrument have been satisfied.

**September 12, 2025**

*Larissa M. Streu*

Larissa M. Streu

Manager, Corporate Disclosure

Corporate Finance

SEDAR+ Filing Number 6337786

## Exhibit 99.58

**Exhibit 99.58**

**BLUE MOON METALS INC.**

**<u>QUALIFICATION CERTIFICATE</u>**

---

| | |
|:---|:---|
| **TO:** | **British Columbia Securities Commission, as Principal Regulator** |
| **AND TO:** | **The Securities Commission or Similar Regulatory Authority in the Provinces and Territories of Ontario, Alberta, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador, Yukon, Nunavut, and Northwest Territories (together with British Columbia, the "Offering Jurisdictions")** |

---

The undersigned hereby certifies, in their capacity as an officer of Blue Moon Metals Inc. (the "**Corporation**"), and not in their personal capacity, that, relying on the qualification criteria set forth in Section 2.2 of National Instrument 44-101 *Short Form Prospectus Distributions* ("**NI 44-101**") and Section 2.2 of National Instrument 44-102 *Shelf Distributions* of the Canadian Securities Administrators, the Corporation is eligible to file a prospectus in the form of a short form base shelf prospectus for the distribution of its securities in each of the Offering Jurisdictions, as it has satisfied each of the criteria set forth in Sections 2.2 (a), (b), (c), (d) and (e) of NI 44-101 and all of the material incorporated by reference in the preliminary short form base shelf prospectus of the Corporation has been filed in each of the Offering Jurisdictions. This Certificate is being delivered pursuant to Section 4.1(a)(ii) of NI 44-101.

***[Remainder of the page intentionally left blank. Signature page follows.]***

Dated this 12<sup>th</sup> day of September, 2025.

---

| | | |
|:---|:---|:---|
| **BLUE MOON METALS INC.** | **BLUE MOON METALS INC.** | **BLUE MOON METALS INC.** |
| Per: | *(signed) "Frances Kwong"* | *(signed) "Frances Kwong"* |
|  | Name: | Frances Kwong |
|  | Title: | Chief Financial Officer |

---

## Exhibit 99.59

**Exhibit 99.59**

*A copy of this preliminary short form base shelf prospectus has been filed with the securities regulatory authorities in each of the provinces and territories of Canada (except Québec), but has not yet become final for the purpose of the sale of securities. Information contained in this preliminary short form base shelf prospectus may not be complete and may have to be amended. The securities may not be sold until a receipt for the preliminary short form base shelf prospectus is obtained from the securities regulatory authorities.*

*This prospectus is a base shelf prospectus. This short form base shelf prospectus has been filed under the legislation in each of the provinces and territories of Canada (except Québec), each of which permits certain information about these securities to be determined after this prospectus has become final and that permits the omission from this base shelf prospectus of that information. The legislation requires the delivery to purchasers of a prospectus supplement containing the omitted information within a specified period of time after agreeing to purchase any of these securities. Notwithstanding the foregoing, the delivery to purchasers of a prospectus supplement containing the omitted information is not required where an exemption from the delivery requirements under applicable securities legislation in each of the provinces and territories of Canada (except Québec), is available.*

***No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise. This preliminary short form base shelf prospectus constitutes an offering of these securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such securities.*** *These securities have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "**U.S. Securities Act**"), or any state securities laws. Accordingly, the securities may not be offered or sold in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws. This short form base shelf prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered hereby within the United States or its territories or possessions. See "Plan of Distribution".*

 

***Information has been incorporated by reference in this preliminary short form base shelf prospectus from documents filed with securities commissions or similar authorities in Canada.*** *Copies of the documents incorporated herein by reference may be obtained on request without charge from the Chief Executive Officer of Blue Moon Metals Inc., 220 Bay Street, Suite 550, Toronto, Ontario, M5J 2W4, 647-409-9150, and are also available electronically on SEDAR+ (<u>www.sedarplus.ca</u>) under Blue Moon Metals Inc.'s issuer profile.*

**PRELIMINARY SHORT FORM BASE SHELF PROSPECTUS**

*<u>New Issue and/or Secondary Offering</u>* September 12, 2025

![](tm2533647d1_ex99-59img001.jpg)

**BLUE MOON METALS INC.**

**$200,000,000**

**Common Shares**

**Debt Securities**

**Warrants**

**Subscription Receipts**

**Convertible Securities**

**Units**

Blue Moon Metals Inc. ("**Blue Moon**" or the "**Corporation**") may offer and sell from time to time the following securities: common shares in the capital of the Corporation ("**Common Shares**"), debt securities of the Corporation ("**Debt Securities**"), warrants to purchase Common Shares and/or other Securities (as defined herein) ("**Warrants**"), subscription receipts exchangeable for Common Shares and/or other Securities ("**Subscription Receipts**"), securities convertible into or exchangeable for Common Shares and/or other Securities ("**Convertible Securities**"), and units comprised of one or more of any of the other Securities, or any combination of such Securities ("**Units**"), or any combination thereof (all of the foregoing collectively, the "**Securities**" and individually, a "**Security**") for up to an aggregate offering price of $200,000,000 (or the equivalent thereof, at the date of issue, in any other currency or currencies, as the case may be), in one or more transactions during the 25-month period that this preliminary short form base shelf prospectus (the "**Prospectus**"), including any amendments hereto, remains effective. One or more securityholders of the Corporation (each, a "**Selling Securityholder**") may also offer and sell Securities under this Prospectus. See "*Secondary Offering by Selling Securityholders*".

The specific terms of any offering of Securities, including the specific terms of the Securities with respect to a particular offering and the terms of such offering, will be set forth in one or more prospectus supplements (each a "**Prospectus Supplement**") to this Prospectus. The Securities may be offered separately or together or in any combination, and as separate series.

In addition, Securities may be offered and issued in consideration for the acquisition of other businesses, assets, or securities by the Corporation or subsidiary of the Corporation. The consideration of any such acquisition may consist of any of the Securities separately, a combination of Securities or any combination of, among other things, Securities, cash and assumption of liabilities.

All shelf information permitted under applicable securities legislation to be omitted from this Prospectus will be contained in one or more Prospectus Supplements that will be delivered to purchasers together with this Prospectus, except in cases where an exemption from such delivery requirements has been obtained. Each Prospectus Supplement will be incorporated by reference into this Prospectus for the purposes of applicable securities legislation as of the date of such Prospectus Supplement and only for the purposes of the distribution of the Securities to which such Prospectus Supplement pertains. Unless specified otherwise in a Prospectus Supplement, the offerings are subject to approval of certain legal matters on behalf of the Corporation by Bennett Jones LLP.

This Prospectus constitutes a public offering of Securities only in those jurisdictions where they may be lawfully offered for sale, and therein only by persons permitted to sell the Securities. The Securities may be sold through underwriters or dealers, directly by the Corporation and/or Selling Securityholders, pursuant to applicable statutory exemptions, or through agents designated from time to time. The Prospectus Supplement relating to a particular offering of Securities will identify each underwriter, dealer or agent engaged in connection with the offering and sale of such Securities, as well as the method of distribution and the terms of the offering of such Securities, including the initial offering price (in the event the offering is a fixed price distribution), the manner of determining the offering price(s) (in the event the offering is not a fixed price distribution), the net proceeds to the Corporation or to any Selling Securityholder and, to the extent applicable, any fees, discounts or any other compensation payable to underwriters, dealers or agents and any other material terms. A purchaser who acquires any Securities forming part of any underwriters' over-allotment position acquires those securities under such respective Prospectus Supplement, regardless of whether the over-allotment position is ultimately filled through the exercise of the over-allotment option or secondary market purchases. See "*Plan of Distribution*".

Mr. Francis Johnstone and Dr. Karin Thorburn, directors of the Corporation, and Mr. Adam Wheeler and Mr. Scott Wilson, the qualified persons responsible for the Nussir Technical Report and the Blue Moon Technical Report, respectively, reside outside of Canada and have appointed Bennett Jones LLP as agent for service of process at One First Canadian Place, 100 King Street West, Suite 3400, Toronto, Ontario, Canada, M5X 1A4. Prospective investors are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person who resides outside of Canada, even if the party has appointed an agent for service of process. See "*Enforcement of Judgments Against Foreign Persons*".

The Common Shares are listed and posted for trading on the TSX Venture Exchange (the "**TSXV**") under the symbol "MOON" and are also quoted on the OTCQX® Best Market ("**OTCQX**") under the symbol "BMOOF" and the Frankfurt Stock Exchange ("**FRA**") under the symbol "8SX0". On September 11, 2025, the last trading day prior to the date of this Prospectus, the closing price of the Common Shares on the TSXV was $3.34, the closing price of the Common Shares on the OTCQX was $2.41 and the closing price of the Common Shares on the FRA was $2.02.

- ii -

**Unless otherwise specified in the applicable Prospectus Supplement, the Debt Securities, Warrants, Subscription Receipts, Convertible Securities and Units will not be listed on any securities exchange. There is currently no market through which Securities other than Common Shares may be sold, and purchasers may not be able to resell such Securities purchased under this Prospectus. This may affect the pricing of the Securities in the secondary market, the transparency and availability of trading prices, the liquidity of the Securities, and the extent of issuer regulation. See "*Risk Factors*".**

**Prospective investors should be aware that the acquisition of the Securities may have tax consequences. Such consequences may not be described fully herein or in any applicable Prospectus Supplement. Prospective investors should read the discussion contained in this Prospectus under the heading "*Certain Canadian Federal Income Tax Considerations*" as well as the tax discussion, if any, contained in the applicable Prospectus Supplement with respect to a particular offering of Securities.**

**An investment in the Securities is highly speculative and involves significant risks that should be carefully considered by prospective investors before purchasing such Securities. The risks outlined in this Prospectus and in the documents incorporated by reference herein should be carefully reviewed and considered by prospective investors in connection with an investment in such Securities. See "*Cautionary Statement Regarding Forward-Looking Information*" and "*Risk Factors*".**

**No underwriter has been involved in the preparation of this Prospectus or performed any review of the contents hereof.**

**No person is authorized by the Corporation to provide any information or to make any representation other than as contained in this Prospectus in connection with the issue and sale of the Securities offered hereunder. Prospective investors should assume that the information appearing in this Prospectus or any Prospectus Supplement is accurate only as of the date of such document unless otherwise specified. The Corporation's business, financial condition, results of operations and prospects may have changed since such date.**

The Corporation's registered office is located at 113 Melville Street, Suite 2700, Vancouver, British Columbia, Canada, V6E 4E5 and its head office is located at 220 Bay Street, Suite 550, Toronto, Ontario, Canada, M5J 2W4.

- iii -

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| GENERAL MATTERS | 1 |
| CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION | 1 |
| CAUTIONARY NOTE REGARDING NON-IFRS FINANCIAL MEASURES | 2 |
| CURRENCY PRESENTATION | 3 |
| DOCUMENTS INCORPORATED BY REFERENCE | 3 |
| TECHNICAL INFORMATION | 5 |
| THE CORPORATION | 6 |
| THE BUSINESS OF THE CORPORATION | 6 |
| RECENT DEVELOPMENTS | 7 |
| CONSOLIDATED CAPITALIZATION | 7 |
| USE OF PROCEEDS | 7 |
| PLAN OF DISTRIBUTION | 8 |
| SECONDARY OFFERING BY SELLING SECURITYHOLDERS | 10 |
| DESCRIPTION OF THE SECURITIES BEING DISTRIBUTED | 10 |
| EARNINGS COVERAGE RATIOS | 16 |
| PRIOR SALES | 16 |
| TRADING PRICE AND VOLUME | 16 |
| CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS | 16 |
| RISK FACTORS | 16 |
| INTEREST OF EXPERTS | 17 |
| ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS | 18 |
| LEGAL MATTERS | 18 |
| AUDITORS, TRANSFER AGENT AND REGISTRAR | 18 |
| STATUTORY AND CONTRACTUAL RIGHTS OF WITHDRAWAL AND RESCISSION | 19 |
| CERTIFICATE OF THE CORPORATION | C-1 |

---

**GENERAL MATTERS**

Unless otherwise noted or the context indicates otherwise, the "**Corporation**" or "**Blue Moon**" refers to Blue Moon Metals Inc. and its wholly-owned subsidiaries. The Corporation has not authorized anyone to provide readers with information different from that contained in this Prospectus. The Corporation takes no responsibility for, and can provide no assurance as to the reliability of any other information that others may give readers of this Prospectus. The Corporation is not making an offer of Securities in any jurisdiction where the offer is not permitted.

Readers should not assume that the information contained or incorporated by reference in this Prospectus is accurate as of any date other than the date of this Prospectus or the respective dates of the documents incorporated by reference herein, unless otherwise noted herein or as required by law. It should be assumed that the information appearing in this Prospectus, any Prospectus Supplement and the documents incorporated by reference herein and therein are accurate only as of their respective dates. The business, financial condition, results of operations and prospects of the Corporation may have changed since those dates.

This Prospectus shall not be used by anyone for any purpose other than in connection with an offering of Securities as described in one or more Prospectus Supplements. The Corporation does not undertake to update the information contained or incorporated by reference herein, including any Prospectus Supplement, except as required by applicable securities laws. Information contained on, or otherwise accessed through, the website of the Corporation (<u>www.bluemoonmetals.com</u>) shall not be deemed to be a part of this Prospectus and such information is not incorporated by reference herein.

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION**

This Prospectus and the documents incorporated by reference herein contain or incorporate by reference "forward-looking information" within the meaning of applicable Canadian securities laws concerning the business, operations, plans and financial performance and condition of the Corporation. In addition to the following cautionary statement, with respect to forward-looking information contained in the documents incorporated by reference herein, prospective purchasers should refer to "*Cautionary Statement Regarding Forward-Looking Information*" in the AIF (as defined herein) or any subsequently filed annual information form of the Corporation, as well as the advisories section of any documents incorporated or deemed to be by reference herein, including those that are filed after the date hereof.

Except for statements of historical fact relating to Blue Moon, information contained herein constitutes forward-looking information, including any information related to an offering and Blue Moon's strategy, plans or future financial or operating performance. Forward-looking information is characterized by words such as "plan", "expect", "budget", "target", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "will", "could" or "should" occur, or by discussions of strategy and includes any guidance and forecasts appearing in this Prospectus, any Prospectus Supplement, or in the documents incorporated by reference in this Prospectus (including, but not limited to, any production guidance of the Corporation). In order to give such forward-looking information, the Corporation has made certain assumptions about its business, operations, the economy and the mineral exploration industry in general. No assurance can be given that the expectations in any forward-looking statement will prove to be correct and, as such, the forward-looking information included in this Prospectus or any Prospectus Supplement should not be unduly relied upon. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance, or other statements that are not statements of fact.

Forward-looking information is based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those described in, or implied by, the forward-looking information. These factors, including, but not limited to: inherent risks associated with the business of exploring, development and mining; errors in management's geological modelling; the inability of the Corporation to capitalize on mineralization on its properties in a manner that is economic; the timing and ability (if at all) to complete further exploration activities, including drilling; development, infrastructure, operating or technical difficulties on any of the Corporation's properties; risks relating to costs, timing and ability (if at all) to advance the properties of the Corporation differing materially from estimates; the inability to obtain all authorizations and permits needed to continue advancing the Corporation's properties in a timely manner (or at all); failure of the Corporation to complete any further studies for the Blue Moon Property (as defined herein) and the Nussir Property (as defined herein) in the timing contemplated (or at all); risks relating to the key assumptions, parameters, limitations and methods used in the Blue Moon Technical Report (as defined herein) and the Nussir Technical Report (as defined herein), including the mineral resources estimates contained therein; the prospects, if any, of the Blue Moon Property and the Nussir Property mineral deposits; the potential to extend mineralization down-plunge and at depth; the ability of exploration work (including drilling) to accurately predict mineralization; upgrading an inferred mineral resource to a measured mineral resource or indicated mineral resource category; the results of exploration activities; the global economic climate; dilution; environmental risks; community and non-governmental actions; fluctuations in currency markets; social acceptability or the Corporation's projects; fluctuations in commodity prices; risks relating to capital market conditions and the ability of the Corporation to access sufficient capital on favourable terms or at all; changes in law, rules and regulations applicable to the Corporation and its operations; taxation, controls and regulations; risks relating to outbreaks of diseases and public health crises; risks relating to international conflict, geopolitical instability of war; risks relating to any imposition of tariffs or other trade restrictions; political or economic developments in Canada, the United States, Norway or in other countries in which the Corporation does business or may carry on business in the future; risks relating to foreign operations and enforcement of judgments; operating or technical difficulties in connection with exploration or development activities; employee relations; information systems security threats; the speculative nature of mineral exploration and development; obtaining necessary licenses and permits; contests over title to properties, especially title to undeveloped properties; the inherent risks involved in the exploration and development of mineral properties; the uncertainties involved in interpreting drill results and other geological data; environmental hazards; industrial accidents; unusual or unexpected formations, pressures, cave-ins and flooding; limitations of insurance coverage and the possibility of cost overruns or unanticipated costs and expenses, as well as those risk factors discussed or referred to in this Prospectus, the documents incorporated by reference into this Prospectus and those described in a Prospectus Supplement relating to a specific offering of Securities.

Although Blue Moon has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in, or implied by, the forward-looking information, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking information. The forward-looking information contained herein is presented for the purpose of assisting investors in understanding Blue Moon's expected financial and operational performance and Blue Moon's plans and objectives and may not be appropriate for other purposes.

All forward-looking information contained in this Prospectus, any Prospectus Supplement, and the documents incorporated by reference in this Prospectus is given as of the date hereof or thereof, as the case may be, and is based upon the opinions and estimates of management and information available to management of the Corporation as at the date hereof or thereof. The Corporation undertakes no obligation to update or revise the forward-looking information contained in this Prospectus, any Prospectus Supplement and the documents incorporated by reference herein, whether as a result of new information, future events or otherwise, except as required by applicable laws. Investors should read this entire Prospectus, and each applicable Prospectus Supplement and consult their own professional advisors to ascertain and assess the income tax and legal risks and other aspects of their investment in the Securities.

**CAUTIONARY NOTE REGARDING NON-IFRS FINANCIAL MEASURES**

The Corporation uses certain non-IFRS (as defined herein) performance measures in this Prospectus or in documents incorporated by reference herein, such as "working capital", "cash costs", "all-in sustaining cost" and "all in costs". These are common performance measure but may not be comparable to similar measures presented by other issuers as it has no meaning under the International Financial Reporting Standards ("**IFRS**"). Working capital is calculated as the value of total current assets less the value of total current liabilities. Cash costs include mining, processing, refining, general and administration cots and royalties but exclude depreciation, reclamation, income taxes, capital and exploration costs for the life of the mine. All-in sustaining costs is defined as direct production costs plus general and administrative, exploration and evaluation, other expenses and sustaining capital expenditures. All-in costs includes all-in sustaining costs as well as initial capital. These terms do not have any standardized meaning according to IFRS and therefore many not be comparable to similar measures presented by other companies. The Corporation believes that these non-IFRS measures provides information useful to its shareholders in the understanding the Corporation's performance and may assist in the evaluation of the Corporation's business relative to that of its peers. The Corporation believes that, in addition to conventional measures prepared in accordance with IFRS, certain investors use this information to evaluate the Corporation's performance, profitability and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

**CURRENCY PRESENTATION**

Unless otherwise indicated, all monetary amounts in this Prospectus are expressed in Canadian dollars. The financial statements of the Corporation incorporated herein by reference are reported in Canadian dollars and are prepared in accordance with IFRS. Unless otherwise indicated, all references to "$","C$" and "dollars" in this Prospectus refer to Canadian dollars. References to "US$" in this Prospectus refer to United States dollars. On September 11, 2025, the daily exchange rate for one United States dollar expressed in Canadian dollars, as quoted by the Bank of Canada, was US$1.00 = C$1.3844 (or C$1.00 = US$0.72) and the daily exchange rate for one Norwegian Krone expressed in Canadian dollars, as quoted by the Bank of Canada, was NOK1.00 = C$0.1401 (or C$1.00 = NOK7.14).

**DOCUMENTS INCORPORATED BY REFERENCE**

**Information has been incorporated by reference in this Prospectus from documents filed with securities commissions or similar authorities in Canada.** Copies of the documents incorporated herein by reference may be obtained on request without charge from the Chief Executive Officer of Blue Moon, 220 Bay Street, Suite 550, Toronto, Ontario, M5J 2W4, 647-409-9150, and are also available electronically on the System for Electronic Data Analysis and Retrieval + ("**SEDAR+**") (<u>www.sedarplus.ca</u>) under the Corporation's issuer profile. The filings of the Corporation on SEDAR+ (<u>www.sedarplus.ca</u>) are not incorporated by reference in this Prospectus except as specifically set out herein.

The information incorporated by reference is considered part of this Prospectus, and information filed with the securities commission or similar authorities in Canada subsequent to this Prospectus and prior to the termination of a particular offering of Securities referred to in any Prospectus Supplement will be deemed to update and, if applicable, supersede this information. Except as may be set forth in a Prospectus Supplement, the following documents of the Corporation, filed with securities commissions or similar authorities in Canada, are specifically incorporated by reference into, and form an integral part of, this Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the annual information form of the Corporation
 dated September 12, 2025 in respect of the financial year ended December 31, 2024
 (the "**AIF** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the audited annual consolidated financial
 statements of the Corporation as at and for financial years ended December 31, 2024
 and 2023, together with the notes thereto and the auditor's report thereon ()"**Annual Financial Statements** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the management's discussion and
 analysis of financial position and results of operations of the Corporation in respect of
 the financial years ended December 31, 2024 and 2023 (the "**Annual MD&A** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the unaudited condensed interim consolidated
 financial statements for the three and six months ended June 30, 2025 and 2024, together
 with the notes thereto (the "**Interim Financial Statements** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the management's discussion and analysis on the operations and financial position of the
 Corporation for the three and six months ended June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the material change report of the Corporation dated March 7, 2025 in respect of, among other things,
the acquisition of Nussir ASA and Nye Sulitjelma Gruver AS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the material change report of the Corporation dated March 17, 2025 in respect of, among other things,
the acquisition of Repparfjord Eiendom AS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the material change report of the Corporation dated September 12, 2025 in respect of, among other
things, the private placement with Oaktree Capital Management, L.P. and the bridge loan agreement entered into with Hartree Partners,
L.P;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the business acquisition report of the Corporation dated May 10, 2025 in respect of the acquisition
of Nussir ASA and Nye Sulitjelma Gruver AS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the statement of executive compensation of the Corporation for the year ended December 31, 2024;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the management information circular of the Corporation dated as of September 17, 2024 in respect
of the annual meeting of shareholders of the Corporation held on October 17, 2024.

Any document of the type referred to in section 11.1 of Form 44-101F1 – *Short Form Prospectus* filed by the Corporation after the date of this Prospectus and all Prospectus Supplements (only in respect to the offering of Securities to which that particular Prospectus Supplement relates) disclosing additional or updated information including the documents incorporated by reference therein, filed pursuant to the requirements of applicable securities legislation in Canada and during the period that this Prospectus is effective, shall be deemed to be incorporated by reference in, and form an integral part of, this Prospectus.

Upon a new annual information form and new audited annual consolidated financial statements (and accompanying management's discussion and analysis) being filed by the Corporation with the applicable Canadian securities commissions or similar regulatory authorities in Canada during the period that this Prospectus is effective, the previous annual information form, the previous audited annual consolidated financial statements and all interim consolidated financial statements (and in each case the accompanying management's discussion and analysis), and material change reports, filed prior to the commencement of the financial year of the Corporation in which the new annual information form is filed shall be deemed to no longer be incorporated into this Prospectus for purpose of future offers and sales of Securities under this Prospectus. Upon interim consolidated financial statements and the accompanying management's discussion and analysis being filed by the Corporation with the applicable Canadian securities commissions or similar regulatory authorities in Canada during the period that this Prospectus is effective, all interim consolidated financial statements and the accompanying management's discussion and analysis of financial condition and results of operations filed prior to such new interim consolidated financial statements and management's discussion and analysis shall be deemed to no longer be incorporated into this Prospectus for purposes of future offers and sales of Securities under this Prospectus. In addition, upon a new management information circular for an annual meeting of shareholders being filed by the Corporation with the applicable Canadian securities commissions or similar regulatory authorities in Canada during the period that this Prospectus is effective, the previous management information circular filed in respect of the prior annual meeting of shareholders shall no longer be deemed to be incorporated into this Prospectus for purposes of future offers and sales of Securities under this Prospectus.

A Prospectus Supplement containing the specific terms of an offering of Securities and other information relating to the Securities will be delivered to prospective purchasers of such Securities, together with this Prospectus, and will be deemed to be incorporated into this Prospectus as of the date of such Prospectus Supplement but only for the purpose of the offering of the Securities covered by that Prospectus Supplement.

In addition, certain marketing materials (as the term is defined in applicable Canadian securities legislation) may be used in connection with a distribution of Securities under this Prospectus and applicable Prospectus Supplement(s).

Any "template version" of "marketing materials" (as those terms are defined in applicable Canadian securities legislation) pertaining to a distribution of Securities, and filed by the Corporation after the date of the Prospectus Supplement for the distribution and before the termination of the distribution of such Securities, will be deemed to be incorporated by reference in that Prospectus Supplement for the purposes of the distribution of Securities to which the Prospectus Supplement pertains.

Documents referenced in any of the documents incorporated by reference in this Prospectus but not expressly incorporated by reference therein or herein and not otherwise required to be incorporated by reference therein or in this Prospectus are not incorporated by reference in this Prospectus.

**Notwithstanding anything herein to the contrary, any statement contained in this Prospectus or in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Prospectus to the extent that a statement contained herein, in any Prospectus Supplement hereto or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not constitute a part of this Prospectus, except as so modified or superseded. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document which it modifies or supersedes. The making of such a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that is required to be stated or that is necessary to make a statement not misleading in light of the circumstances in which it was made.**

**TECHNICAL INFORMATION**

The Corporation's material properties, as determined by National Instrument 43-101 – *Standards for Disclosure for Mineral Projects* ("**NI 43-101**"), are the Blue Moon zinc-copper-gold-silver property in California, USA (the "**Blue Moon Property**") and the Nussir copper-gold-silver property in Norway (the "**Nussir Property**").

Except as otherwise indicated, all scientific and technical information relating to the Blue Moon Property and the Nussir Property, including disclosure of mineral reserves and mineral resources, contained in this Prospectus or in any of the documents incorporated by reference in this Prospectus is supported by, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Blue Moon Property</u>: the technical report entitled "*NI 43-101 Technical Report for the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California* "
 dated April 14, 2025 (as amended and restated on September 12, 2025) with an effective
 date of March 3, 2025 (the "**Blue Moon Technical Report** "), prepared
 by Scott Wilson, C.P.G. SME-RM; Peter Szkilnyk, P.Eng.; Alan J. San Martin, P.Eng.; Richard
 Gowans, P.Eng.; Justin Taylor, P.Eng.; and Christopher Jacobs, C.Eng., MIMMM.

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Nussir Property</u>: the technical report entitled "*Report NI 43-101 Technical Report On The Mineral Resources Of The Nussir And Ulveryggen Projects, Norway*" dated January 24,
 2025 (as amended and restated on September 12, 2025) with an effective date of January 20,
 2025 (the "**Nussir Technical Report** ", together with the Blue Moon Technical
 Report, the "**Technical Reports** "), prepared by Adam Wheeler, B.Sc., M.Sc.,
 C. Eng., Eur Ing., FIMMM.

The Technical Reports are subject to certain assumptions, qualifications and procedures described therein. Reference should be made to the full text of the Blue Moon Technical Report and the Nussir Technical Report, which have been filed and can be reviewed on SEDAR+ (<u>www.sedarplus.ca</u>) under the Corporation's issuer profile. The Technical Reports are not, and shall not be deemed to be, incorporated by reference in this Prospectus or any of the documents incorporated by reference herein. Scientific and technical information relating to the Blue Moon Property and the Nussir Property is supported by technical information contained in the Corporation's AIF, as incorporated by reference herein. See "*Documents Incorporated by Reference*".

All scientific and technical information relating to the Blue Moon Property and the Nussir Property, including disclosure of mineral reserves and mineral resources, contained in this Prospectus or in any of the documents incorporated by reference in this Prospectus, is based on (i) information contained in the technical reports referred to above, which have been prepared in accordance with the requirements of NI 43-101, and (ii) other information that has been prepared by or under the supervision of "qualified persons" (as such term is defined in NI 43-101) and included in this Prospectus with the consent of such persons.

Actual recoveries of mineral products may differ from reported mineral reserves and resources due to inherent uncertainties in acceptable estimating techniques. In particular, "indicated" and "inferred" mineral resources have a greater amount of uncertainty as to their existence, economic and legal feasibility. It cannot be assumed that all or any part of an "indicated" or "inferred" mineral resource will ever be upgraded to a higher category of resource or, ultimately, a reserve. Mineral resources that are not mineral reserves do not have demonstrated economic viability and are exclusive of mineral reserves. Investors are cautioned not to assume that all or any part of a mineral deposit with resources in these categories will ever be converted into proven or probable reserves.

**THE CORPORATION**

The Corporation was registered and incorporated under the Business Corporations Act (British Columbia) ("**BCBCA**") on January 15, 2007 under the name "Savant Explorations Ltd." as a spin-out entity in connection with a spin-out transaction by the Corporation's then parent company, Pacifica Resources Ltd. (now, EDM Resources Inc.) ("**Pacifica**") of certain assets including, among other things, Pacifica's interest in the Yava polymetallic sulphide property in Nunavut, the Blue Moon Property, the Tillex copper prospect in Ontario and various copper projects in Chile (the "**Spin Out Transaction**"). The Spin Out Transaction, which was effected by way of a plan of arrangement under section 288 of the BCBCA, was completed on June 6, 2007. On June 7, 2007, common shares of the Corporation (the "**Common Shares**") commenced trading on the TSXV under the symbol "SVT". On July 4, 2017, the Corporation changed its name to "Blue Moon Zinc Corp." and in connection with the name change, the Common Shares commenced trading under a new symbol "MOON" on July 5, 2017.

As of the date of this Prospectus, the Corporation is a reporting issuer in Alberta, British Columbia and Québec.

The Common Shares are listed for trading on the TSXV under the symbol "MOON", the Frankfurt Stock Exchange under the symbol "8SX0", and the OTCQX Best Market under the symbol "BMOOF". See "*Market for Securities*".

The Corporation's registered office is located at 2700-1133 Melville Street, Vancouver, British Columbia, Canada, V6E 4E5 and its head office is located at 220 Bay Street, Suite 550, Toronto, Ontario, Canada, M5J 2W4.

**THE BUSINESS OF THE CORPORATION**

Blue Moon is a Canadian mineral exploration and development company focused on advancing its three polymetallic brownfield projects, being the Nussir copper-gold-silver property in Norway (the "**Nussir Property**"), the Blue Moon zinc-copper-gold-silver property in California, USA (the "**Blue Moon Property**"), and the NSG copper-zinc-gold-silver property in Norway.

The Corporation considers the Blue Moon Property and the Nussir Property to be its only material mineral properties for the purposes of NI 43-101. The Corporation holds a 100% interest in Keystone Mines Inc. which holds the mineral rights to the unpatented mining claims and patented lands associated with the Blue Moon Property, located in Mariposa County, California. The Corporation also holds a 93.55% interest in Nussir ASA which holds the extraction licences and exploration licences associated with the Nussir Property, located in Finmark county, Norway.

For additional information regarding the Corporation and its business, please consult the AIF incorporated by reference herein, which has been filed on SEDAR+ and can be reviewed at <u>www.sedarplus.ca</u> under the Corporation's issuer profile.

**RECENT DEVELOPMENTS**

There have been no further material developments in the business of the Corporation since the date of the AIF that have not otherwise been disclosed in this Prospectus or the documents incorporated by reference herein. A summary of developments over the past three fiscal years can be found in the section entitled "*General Development of the Business*" in the AIF, which is available on SEDAR+ (<u>www.sedarplus.ca</u>) under Blue Moon's issuer profile.

**CONSOLIDATED CAPITALIZATION**

The applicable Prospectus Supplement will describe any material change in, and the effect of such material change on, the share and loan capitalization of the Corporation since the date of the Corporation's financial statements for its most recently completed financial period included in such Prospectus Supplement, including any material change that will result from the issuance of Securities pursuant to such Prospectus Supplement.

**USE OF PROCEEDS**

The net proceeds to the Corporation from any offering of Securities, the proposed use of those proceeds, and the specific business objectives which the Corporation expects to accomplish with such proceeds will be set forth in the applicable Prospectus Supplement relating to that offering of Securities.

As outlined in the Annual Financial Statements and Interim Financial Statements, the Corporation has negative cash flow from operating activities. See "*Risk Factors*". The Corporation anticipates that negative operating cash flows will continue until such time as profitable commercial production can be achieved on the Corporation's properties. Each applicable Prospectus Supplement will contain specific information concerning whether, and if so, to what extent, the Corporation will use the proceeds of the distribution to fund any anticipated negative cash flow from operating activities in future periods.

There may be circumstances where, on the basis of results obtained or for other sound business reasons, a re-allocation of funds may be necessary or prudent. Accordingly, management of the Corporation will have broad discretion in the application of the proceeds of an offering of Securities. The actual amount that the Corporation spends in connection with each intended use of proceeds may vary significantly from the amounts specified in the applicable Prospectus Supplement and will depend on a number of factors, including the risk factors set forth in the applicable Prospectus Supplement and the documents incorporated by reference herein and therein.

Unless otherwise set forth in the applicable Prospectus Supplement, the Corporation will not receive any proceeds from the sale of Securities by any Selling Securityholder. See "*Secondary Offering by Selling Securityholders*".

**Milestones and Objectives**

The table below outlines the key milestones, estimated timing and costs in respect of the Corporation's material properties (the Blue Moon Property and the Nussir Property) for the next 12 months from the date of this Prospectus and also includes milestones and costs of the work program from the Blue Moon Technical Report and the Nussir Technical Report required to advance the Blue Moon Property and the Nussir Property, respectively, to the next phase. These milestones and estimates are based on the Corporation's reasonable expectations and reasonable courses of action and current assumptions and judgment.

---

| | | | |
|:---|:---|:---|:---|
| **Area** | **Estimated Total Costs**<br>**Required<sup>(1)</sup>** | **Anticipated**<br>**Remaining Costs** | **Estimated Timing of Completion** |
| **Nussir Property** | **Nussir Property** | **Nussir Property** | **Nussir Property** |
| Underground access (decline) preparation, exploration logistics and support | $4000000 | Nil | Completed |
| Exploration – drilling 25,000 to 30,000 m | $6000000 | $6000000 | Q2 2026 |
| Sampling / QA/QC | $3000000 | $2250000 | Q2 2026 |
| **Total** | **$13000000** | **$8250000** |  |
| **Blue Moon Property** | **Blue Moon Property** | **Blue Moon Property** | **Blue Moon Property** |
| Permitting of Exploration Decline | US$500,000 | Nil | Completed |
| Digitization of Exploration Decline | US$25,000 | US$25,000 | End of Q4 2025 / Early Q1 2026 |
| Relogging and preservation of historical core | US$45,000 | US$45,000 | End of Q4 2025 / Early Q1 2026 |
| Hiring of California-based project development team | US$230,000 | US$100,000 | Q4 2025 |
| Exploration decline design, tender & award | US$200,000 | US$80,000 | Q3 2025 |
| **Total** | **US$1,000,000** | **US$250,000**<sup>(2)</sup> |  |

---

Note:

(1) Based on the Blue Moon Technical Report and the Nussir Technical Report.

(2) Approximately $344,000, based on the Bank of Canada exchange rate as at August 29, 2025 (US$1.00 = C$1.3742).

As of August 29, 2025, the Corporation anticipates spending a total of approximately $8,594,000 over the next 12 months in order to meet its objectives and milestones. To fund its necessary activities related to the Blue Moon Property and the Nussir Property, the Corporation anticipates using (i) its working capital, which as of August 29, 2025, was approximately $11,085,000 (including $10,250,000 in cash), as supplemented by (ii) approximately US$17,500,000 (approximately $24 million based on the Bank of Canada exchange rate as at August 29, 2025 (US$1.00 = C$1.3742) received by the Corporation on September 4, 2025, comprising of US$12,500,000 from the initial draw under the bridge loan extended by Hartree Partners, LP and funds managed by Oaktree Capital Management, LP ("**Oaktree**") and US$5,000,000 gross proceeds from a private placement with Oaktree. The Corporation will also use its working capital and available funds in order to meet its general and administrative expenses, which, as of August 29, 2025, is expected to be approximately $3,600,000 over the next 12 months.

The continuing operations of the Corporation are dependent on the ability of the Corporation to obtain additional financing to fund its anticipated costs and expenditures. There is no guarantee such financing will be secured, or available on a timely basis or on acceptable terms.

Prospective investors are cautioned that the above represents the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those described above. See "*Cautionary Statement Regarding Forward-Looking Information*".

**PLAN OF DISTRIBUTION**

The Corporation and the Selling Securityholders may from time to time during the 25-month period that this Prospectus, including any amendments hereto, remains valid, offer for sale and issue, as applicable, up to an aggregate of $200,000,000 (or the equivalent in other currencies based on the applicable exchange rate at the time of the offering) in Securities hereunder.

The Corporation and/or the Selling Securityholders may offer and sell the Securities to or through underwriters or dealers purchasing as principals, and may also sell directly to one or more purchasers or through agents or pursuant to applicable statutory exemptions. The Prospectus Supplement relating to a particular offering of Securities will identify each underwriter, dealer or agent, as the case may be, engaged by the Corporation or any Selling Securityholder in connection with the offering and sale of the Securities, and will set forth the terms of the offering of such Securities, including, to the extent applicable, any fees, discounts, or any other compensation payable to underwriters, dealers or agents in connection with the offering, the method of distribution of the Securities, the initial issue price, the proceeds that the Corporation or any Selling Securityholder will receive and any other material terms of the plan of distribution. Any initial offering price and discounts, concessions or commissions allowed or re-allowed or paid to dealers may be changed from time to time.

In addition, the Securities may be offered and issued in consideration for the acquisition of other businesses, assets, or securities by the Corporation or one of its subsidiaries. The consideration for any such acquisition may consist of the Securities separately, a combination of Securities or any combination of, among other things, Securities, cash and assumption of liabilities.

In connection with the sale of the Securities, underwriters, dealers, or agents may receive compensation from the Corporation, any Selling Securityholder or from other parties, including in the form of underwriters', dealers', or agents' fees, commissions or concessions. Underwriters, dealers, and agents that participate in the distribution of the Securities may be deemed to be underwriters for the purposes of applicable securities legislation and any such compensation received by them from the Corporation or Selling Securityholder and any profit on the resale of the Securities by them may be deemed to be underwriting commissions. In connection with any offering of Securities, except as otherwise set out in a Prospectus Supplement relating to a particular offering of Securities the underwriters, dealers or agents, as the case may be, may over-allot or effect transactions intended to fix, stabilize, maintain or otherwise affect the market price of the Securities at a level other than those which otherwise might prevail on the open market. Such transactions may be commenced, interrupted or discontinued at any time. A purchaser who acquires any Securities forming part of any underwriters' over allotment position acquires those securities under such respective Prospectus Supplement, regardless of whether the over allotment position is ultimately filled through the exercise of the over allotment position or secondary market purchase.

Underwriters, dealers or agents who participate in the distribution of the Securities may be entitled, under agreements to be entered into with the Corporation and/or any Selling Securityholder, to indemnification by the Corporation and/or the Selling Securityholder against certain liabilities, including liabilities under applicable securities legislation, or to contribution with respect to payments which such underwriters, dealers or agents may be required to make in respect thereof. Such underwriters, dealers and agents may be customers of, engage in transactions with, or perform services for, the Corporation in the ordinary course of business.

Unless otherwise specified in the applicable Prospectus Supplement, each series or issue of Securities (other than Common Shares) will be a new issue of Securities with no established trading market. **Accordingly, there is currently no market through which the Securities (other than Common Shares) may be sold and purchasers may not be able to resell such Securities purchased under this Prospectus. This may affect the pricing of such Securities in the secondary market, the transparency and availability of trading prices, the liquidity of such Securities, and the extent of issuer regulation.**

The Securities will not be registered under the U.S. Securities Act or the securities laws of any states in the United States and, subject to certain exceptions, may not be offered or sold or otherwise transferred or disposed of in the United States or to or for the account of U.S. persons absent registration or pursuant to an applicable exemption from the U.S. Securities Act and applicable state securities laws. In addition, until 40 days after closing of an offering of Securities, an offer or sale of the Securities within the United States by any dealer (whether or not participating in such offering) may violate the registration requirement of the U.S. Securities Act if such offer or sale is made other than in accordance with Rule 144A or another exemption under the U.S. Securities Act.

**SECONDARY OFFERING BY SELLING SECURITYHOLDERS**

This Prospectus may also, from time to time, relate to the secondary offering of the Securities by one or more Selling Securityholders. The terms under which the Securities may be offered by Selling Securityholders will be described in the applicable Prospectus Supplement. The Prospectus Supplement for or including any secondary offering of Securities by a Selling Securityholder will include, without limitation, the following information, to the extent required by applicable securities laws:

&nbsp;&nbsp;&nbsp;&nbsp;· the names of the Selling Securityholders;

&nbsp;&nbsp;&nbsp;&nbsp;· the number or amount of securities of the Corporation owned, controlled or directed by each Selling Securityholder;

&nbsp;&nbsp;&nbsp;&nbsp;· the number or amount of Securities being distributed for the account of each Selling Securityholder;

&nbsp;&nbsp;&nbsp;&nbsp;· the number or amount of securities of the Corporation to be owned, controlled or directed by the
 Selling Securityholders after the distribution
and the percentage that number or amount represents of the total number of the Corporation's outstanding securities;

&nbsp;&nbsp;&nbsp;&nbsp;· whether securities of the Corporation are owned by the Selling Securityholders both of record and beneficially,
of record only, or beneficially only;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Selling Securityholder purchased any of the Securities in the 24 months preceding the date of the
applicable Prospectus Supplement, the date or dates the Selling Securityholder acquired the Securities;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Selling Securityholder acquired any of the Securities in the 12 months preceding the date of the
applicable Prospectus Supplement, the cost thereof to the Selling Securityholder in aggregate and on an average-cost-per-security basis;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Selling Securityholder is incorporated, continued or otherwise organized under the laws of a foreign
jurisdiction or resides outside Canada, the name and address of the person or company the Selling Securityholder has appointed as agent
for service of process, and, in such case, the Selling Securityholder will file a non-issuer's submission to jurisdiction form with the
applicable Prospectus Supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;· all other information that is required to be included in the applicable Prospectus Supplement.

**DESCRIPTION OF THE SECURITIES BEING DISTRIBUTED**

**Common Shares**

Blue Moon is authorized to issue an unlimited number of Common Shares without par value, an unlimited number of Class "A" preferred shares (the "**Class A Preferred Shares**") with par value of $10 per share and an unlimited Class "B" preferred shares (the "**Class B Preferred Shares**", and together with the Class A Preferred Shares the "**Preferred Shares**") without par value. As at the date of this Prospectus, Blue Moon had 54,623,262 Common Shares issued and outstanding and no Preferred Shares are issued and outstanding. As at the date of this Prospectus, there were (i) 774,500 options to acquire Common Shares ("**Options**"), (ii) 224,506deferred share units ("**DSUs**", or each a "**DSU**") held by non-executive directors, and (iii) 62,500 restricted share units ("**RSUs**", or each a "**RSU**") held by officers and key employees of the Corporation.

All of the Common Shares are of the same class and, once issued, rank equally as to entitlement to dividends, voting powers (one vote per share) and participation in assets upon dissolution or winding-up, in each case subject to the rights, privileges, restrictions and conditions attaching to any other series or class of shares ranking senior in priority to or on a pro rata basis with the holders of Common Shares with respect to dividends or liquidation. No Common Shares have been issued subject to call or assessment. The directors may from time to time declare and authorize the payment of dividends in respect of the Common Shares. The Common Shares contain no pre-emptive conversion or exchange rights and have no provisions for redemption or purchase for cancellation, surrender, sinking or purchase funds. Provisions as to the modification, amendment or variation of such rights or provisions are contained in Blue Moon's articles and by-laws, and the BCBCA.

**Debt Securities**

The Corporation may issue Debt Securities, separately or together with other Securities in any combination thereof, as the case may be. The Debt Securities will be issued under one or more indentures, in each case between the Corporation and a trustee to be determined by the Corporation and named in a Prospectus Supplement. A copy of the form of indenture in connection with offerings of Debt Securities will be filed by the Corporation with securities regulatory authorities in Canada after it has been entered into by the Corporation. The following describes the general terms that will apply to any Debt Securities that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Debt Securities offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Debt Securities, and the extent to which the general terms of the Debt Securities described in this Prospectus apply to those Debt Securities, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· aggregate principal amount and authorized denominations of such Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the manner of determining the offering price(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the currency in which the Debt Securities may be purchased and the currency in which the principal and
any interest is payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the percentage of the principal amount at which such Debt Securities will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date or dates on which such Debt Securities will mature;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any mandatory or optional redemption provisions applicable to the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any sinking fund or analogous redemption provisions applicable to the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the rate or rates per annum at which such Debt Securities will bear interest (if any), or the method of
determination of such rates (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the dates on which any such interest will be payable and the record dates for such payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the form of consideration for payment of any interest and/or principal payments (whether by cash, Common Shares or other Securities, or
a combination thereof);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the trustee under the indenture pursuant to which the Debt Securities are to be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the designation and terms of any Debt Securities which will be offered, if any, and the number of Debt Securities that will be offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any exchange or conversion terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any provisions relating to any security provided for the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· event of default provisions contained in the indenture pursuant to which the Debt Securities are to be
issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Debt Securities will be senior or subordinated to other liabilities of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, the identity of the Debt Security agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Debt Securities will be listed on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Debt Securities will be issued with any other Securities and, if so, the amount and terms
of these Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any minimum or maximum subscription amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Debt Securities are to be issued in registered form, "book-entry only" form, non-certificated
inventory system form, bearer form or in the form of temporary or permanent global securities and the basis of exchange, transfer and
ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any material risk factors relating to such Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· material Canadian federal income tax consequences of owning the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other rights, privileges, restrictions and conditions attaching to the Debt Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other material terms or conditions of the Debt Securities.

Each series of Debt Securities may be issued at various times with different maturity dates, may bear interest at different rates and may otherwise vary. The Corporation will not issue any guaranteed Debt Securities.

The terms on which a series of Debt Securities may be convertible into or exchangeable for Common Shares or other Securities of the Corporation will be described in the applicable Prospectus Supplement. These terms may include provisions as to whether conversion or exchange is mandatory, at the option of the holder or at the option of the Corporation, and may include provisions pursuant to which the number of Common Shares or other Securities to be received by the holders of such series of Debt Securities would be subject to adjustment.

To the extent any Debt Securities are convertible into other Securities of the Corporation, prior to such conversion the holders of such Debt Securities will not have any of the rights of holders of the Securities into which the Debt Securities are convertible, including the right to receive payments of dividends or the right to vote such underlying Securities.

**Warrants**

The Corporation may issue Warrants, separately or together with other Securities in any combination thereof, as the case may be. The Warrants will be issued under a separate Warrant agreement or indenture. A copy of the Warrant agreement or indenture relating to an offering of Warrants will be filed by the Corporation with securities regulatory authorities in Canada after it has been entered into by the Corporation. The following describes the general terms that will apply to any Warrants that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Warrants offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Warrants, and the extent to which the general terms of the Warrants described in this Prospectus apply to those Warrants, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of Warrants offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the price or prices, if any, at which the Warrants will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the currency in which the Warrants will be offered and in which the exercise price under the Warrants may be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon exercise of the Warrant, the events or conditions under which the amount of Securities may be subject
to adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date on which the right to exercise such Warrants shall commence and the date on which such right
shall expire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, the identity of the Warrant agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Warrants will be listed on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Warrants will be issued with any other Securities and, if so, the amount and terms of these
Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any minimum or maximum subscription amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Warrants are to be issued in registered form, "book-entry only" form, non-certificated
inventory system form, bearer form or in the form of temporary or permanent global securities and the basis of exchange, transfer and
ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any material risk factors relating to such Warrants and the Securities to be issued upon exercise of the
Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other rights, privileges, restrictions and conditions attaching to the Warrants and the Securities
to be issued upon exercise of the Warrants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other material terms or conditions of the Warrants and the Securities to be issued upon exercise of
the Warrants.

Prior to the exercise of any Warrants, holders of such Warrants will not have any of the rights of holders of the Securities purchasable upon such exercise, including the right to receive payments of dividends or the right to vote such underlying Securities.

**Subscription Receipts**

The Corporation may issue Subscription Receipts, separately or together with other Securities in any combination thereof, as the case may be. The Subscription Receipts will be issued under an agreement or indenture. The applicable Prospectus Supplement will include details of the subscription receipt agreement or indenture governing the Subscription Receipts being offered. The following describes the general terms that will apply to any Subscription Receipts that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Subscription Receipts offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Subscription Receipts, and the extent to which the general terms of the Subscription Receipts described in this Prospectus apply to those Subscription Receipts, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of Subscription Receipts offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the price or prices, if any, at which the Subscription Receipts will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the manner of determining the offering price(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the currency in which the Subscription Receipts will be offered and whether the price is payable in installments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Securities for which the Subscription Receipts may be exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· conditions to the exchange of Subscription Receipts into Securities and the consequences of such conditions
not being satisfied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of Securities that may be issued upon the exchange of each Subscription Receipt and the price
per security or the aggregate principal amount, denominations and terms of the series of Debt Securities that may be issued upon exchange
of the Subscription Receipts, and the events or conditions under which the amount of Securities may be subject to adjustment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the dates or periods during which the Subscription Receipts may be exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the circumstances, if any, which will cause the Subscription Receipts to be deemed to be automatically
exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· provisions applicable to any escrow of the gross or net proceeds from the sale of the Subscription Receipts plus any interest or income earned
thereon, and for the release of such proceeds from such escrow;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if applicable, the identity of the Subscription Receipt agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Subscription Receipts will be listed on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Subscription Receipts will be issued with any other Securities and, if so, the amount and
terms of these Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any minimum or maximum subscription amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Subscription Receipts are to be issued in registered form, "book-entry only" form,
non-certificated inventory system form, bearer form or in the form of temporary or permanent global securities and the basis of exchange,
transfer and ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any material risk factors relating to such Subscription Receipts and the Securities to be issued upon
exchange of the Subscription Receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· material Canadian federal income tax consequences of owning the Subscription Receipts and the Securities to be issued upon exchange
of the Subscription Receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other rights, privileges, restrictions and conditions attaching to the Subscription Receipts and the
Securities to be issued upon exchange of the Subscription Receipts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other material terms or conditions of the Subscription Receipts and the Securities to be issued upon
exchange of the Subscription Receipts.

Prior to the exchange of any Subscription Receipts, holders of such Subscription Receipts will not have any of the rights of holders of the Securities for which the Subscription Receipts may be exchanged, including the right to receive payments of dividends or the right to vote such underlying Securities.

**Convertible Securities**

The Corporation may issue Convertible Securities, separately or together with other Securities in any combination thereof, as the case may be. The Convertible Securities will be convertible or exchangeable into Common Shares and/or other Securities. The applicable Prospectus Supplement will include details of the agreement, indenture or other instrument to which such Convertible Securities will be created and issued. The following describes the general terms that will apply to any Convertible Securities that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Convertible Securities offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Convertible Securities, and the extent to which the general terms of the Convertible Securities described in this Prospectus apply to those Convertible Securities, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of such Convertible Securities offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the price at which such Convertible Securities will be offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the procedures for the conversion or exchange of such Convertible Securities into or for Common Shares and/or other Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of Common Shares and/or other Securities that may be issued upon the conversion or exchange
of such Convertible Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the period or periods during which any conversion or exchange may or must occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the designation and terms of any other Securities with which such Convertible Securities will be offered,
if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the gross proceeds from the sale of such Convertible Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Convertible Securities will be listed on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Convertible Securities are to be issued in registered form, "book-entry only" form,
bearer form or in the form of temporary or permanent global securities and the basis of exchange, transfer and ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· certain material Canadian federal income tax consequences of owning the Convertible Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other material terms and conditions of the Convertible Securities.

**Units**

The Corporation may issue Units, separately or together with other Securities or any combination thereof, as the case may be. Each Unit will be issued so that the holder of the Unit is also the holder of each Security comprising the Unit. Thus, the holder of a Unit will have the rights and obligations of a holder of each Security. The following describes the general terms that will apply to any Units that may be offered by the Corporation pursuant to this Prospectus. The terms and provisions of any Units offered under a Prospectus Supplement may differ from the terms described below, and may not be subject to or contain any or all of the terms described below.

The specific terms and provisions of the Units, and the extent to which the general terms of the Units described in this Prospectus apply to those Units, will be set forth in the applicable Prospectus Supplement. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the number of Units offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the price or prices, if any, at which the Units will be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the manner of determining the offering price(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the currency in which the Units will be offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the Securities comprising the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Units will be issued with any other Securities and, if so, the amount and terms of these Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any minimum or maximum subscription amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the Units and the Securities comprising the Units are to be issued in registered form, "book-entry
only" form, non-certificated inventory system form, bearer form or in the form of temporary or permanent global securities and the
basis of exchange, transfer and ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any material risk factors relating to such Units or the Securities comprising the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· material Canadian federal income tax consequences of owning the Securities comprising the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other rights, privileges, restrictions and conditions attaching to the Units or the Securities comprising
the Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other material terms or conditions of the Units or the Securities comprising the Units, including
whether and under what circumstances the Securities comprising the Units may be held or transferred separately.

The Securities will not include any novel derivatives or asset-backed securities as described under Part 4 of NI 44-102 – *Shelf Distributions*.

**EARNINGS COVERAGE RATIOS**

The applicable Prospectus Supplement will provide, as required, the earnings coverage ratios with respect to issuance of Debt Securities pursuant to such Prospectus Supplement.

**PRIOR SALES**

Prior sales of Securities will be provided, as required, in a Prospectus Supplement with respect to the issuance of Securities pursuant to such Prospectus Supplement.

**TRADING PRICE AND VOLUME**

Trading price and volume of Securities will be provided, as required, in each Prospectus Supplement to this Prospectus.

**CERTAIN CANADIAN FEDERAL INCOME TAX CONSIDERATIONS**

The applicable Prospectus Supplement may describe certain Canadian federal income tax considerations generally applicable to investors described therein of purchasing, holding and disposing of the applicable Securities, including, in the case of an investor who is not a resident of Canada, Canadian non-resident withholding tax considerations.

**RISK FACTORS**

There are various risks set out in the documents incorporated by reference herein, including the applicable Prospectus Supplement, that could have a material adverse effect upon, among other things, the exploration results, properties, business, business prospects and condition (financial or otherwise) of the Corporation. Before making an investment decision, prospective purchasers of Securities should carefully consider the information described in this Prospectus and the documents incorporated by reference herein, including the applicable Prospectus Supplement.

The Corporation has negative cash flow from operating activities and does not currently generate any revenue. Lack of cash flow from the Corporation's operating activities could impede its ability to raise capital through debt or equity financing to the extent required to fund its business operations. In addition, working capital deficiencies could negatively impact the Corporation's ability to satisfy its obligations promptly as they become due. If the Corporation does not generate sufficient cash flow from operating activities, it will remain dependent upon external financing sources. There can be no assurance that such sources of financing will be available on acceptable terms or at all.

In addition, sales of a substantial number of Common Shares by existing shareholders could occur. These sales, or the market perception that the holders of a large number of Common Shares intend to sell Common Shares, could reduce the market price of the Common Shares. If this occurs, it could impair the Corporation's ability to raise additional capital through the sale of securities.

Additional risk factors relating to a specific offering of Securities will be described in the applicable Prospectus Supplement. Some of the risk factors described in the documents incorporated by reference herein and/or the applicable Prospectus Supplement are interrelated and, consequently, investors should treat such risk factors as a whole. If any event arising from these risks occurs, the Corporation's business, prospects, financial condition, results of operations or cash flows, or your investment in the Securities could be materially adversely affected. Additional risks and uncertainties of which the Corporation currently is unaware or that are unknown or that it currently deems to be immaterial could have a material adverse effect on the Corporation's business, financial condition and results of operation. The Corporation can provide no assurance that it will successfully address any or all of these risks. For a list of risk factors, prospective purchasers should refer to risk factors outlined in the AIF under the heading "*Risk Factors*", the risk factors outlined in the Annual MD&A under the heading "*Financial Instrument Risk*" and elsewhere in the documents incorporated by reference herein.

Prospective investors should carefully consider the risks described herein, in a document incorporated by reference herein or in the applicable Prospectus Supplement and consult with their professional advisors to assess any investment in the Corporation.

**An investment in the Securities, as well as the Corporation's prospects, are speculative due to the risky nature of its business and the present stage of its development. Investors may lose their entire investment.**

**INTEREST OF EXPERTS**

The following persons, firms and companies are named as having prepared or certified a statement, report, valuation or opinion described or included herein directly or in a document incorporated by reference herein and whose profession or business gives authority to the statement, report, valuation or opinion, in each case with respect to the Corporation:

&nbsp;&nbsp;&nbsp;&nbsp;· Scott Wilson, C.P.G. SME-RM

&nbsp;&nbsp;&nbsp;&nbsp;· Peter Szkilnyk, P.Eng.

&nbsp;&nbsp;&nbsp;&nbsp;· Alan J. San Martin, P.Eng.

&nbsp;&nbsp;&nbsp;&nbsp;· Richard Gowans, P.Eng.

&nbsp;&nbsp;&nbsp;&nbsp;· Justin Taylor, P.Eng.

&nbsp;&nbsp;&nbsp;&nbsp;· Christopher Jacobs, C.Eng., MIMMM

&nbsp;&nbsp;&nbsp;&nbsp;· Adam Wheeler, B.Sc.,
M.Sc., C. Eng., Eur Ing., FIMMM

Certain information of a scientific or technical nature contained in this Prospectus and in the documents incorporated by reference herein, was reviewed and approved by the persons listed above, who are "qualified persons" within the meaning of NI 43-101.

To the knowledge of the Corporation, as of the date hereof, each of the persons referenced above holds less than 1.0% of the outstanding securities of the Corporation or any associate or affiliate of the Corporation.

**ENFORCEMENT OF JUDGMENTS AGAINST FOREIGN PERSONS**

Mr. Francis Johnstone and Dr. Karin Thorburn, directors of the Corporation, and Mr. Adam Wheeler and Mr. Scott Wilson, the qualified persons responsible for the Nussir Technical Report and the Blue Moon Technical Report, respectively, reside outside of Canada. Mr. Johnstone, Dr. Thorburn, Mr. Wheeler and Mr. Wilson have appointed Bennett Jones LLP, 3400 One First Canadian Place, P.O. Box 130, Toronto, Ontario, M5X 1A4 as agent for service of process.

Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction or resides outside of Canada, even if the party has appointed an agent for service of process.

**LEGAL MATTERS**

Unless otherwise specified in the Prospectus Supplement relating to an offering of Securities, certain legal matters relating to the offering of Securities will be passed upon by Bennett Jones LLP on behalf of the Corporation. As of the date hereof, Bennett Jones LLP and its partners, counsel and associates, as a group, beneficially own, directly or indirectly, less than 1.0% of the outstanding securities of the Corporation. In addition, certain legal matters in connection with any offering of Securities will be passed upon for any underwriters, dealers or agents by counsel to be designated at the time of the offering by such underwriters, dealers or agents with respect to matters of Canadian and, if applicable, United States or other foreign law.

**AUDITORS, TRANSFER AGENT AND REGISTRAR**

The registrar and transfer agent for the Corporation is Odyssey Trust Company, located at 300 5<sup>th</sup> Avenue SW, Suite 1 230, Calgary, Alberta, T2P 3C4.

Davidson & Company LLP, having an address of 609 Granville Street, Suite 1200, Vancouver, British Columbia, V7Y 1H4, is the former auditor of the Corporation (until April 21, 2025) and has confirmed that they are independent within the meaning of the Chartered Professional Accountants of Ontario CPA Code of Professional Conduct (registered name of The Institute of Chartered Accountants of Ontario). Davidson & Company LLP resigned effective on April 21, 2025, and succeeded by MNP LLP, as the current auditors of the Corporation.

**STATUTORY AND CONTRACTUAL RIGHTS OF WITHDRAWAL AND RESCISSION**

Securities legislation in certain of the provinces and territories of Canada provides purchasers with the right to withdraw from an agreement to purchase Securities. This right may be exercised within two business days after receipt or deemed receipt of the Prospectus, the accompanying Prospectus Supplement relating to the Securities purchased by a purchaser and any amendment thereto. In several of the provinces and territories, the securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the Prospectus, the accompanying Prospectus Supplement relating to the Securities purchased by a purchaser and any amendment thereto contains a misrepresentation or is not sent and delivered to the purchaser, provided that the remedies for rescission, revision of the price or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province or territory. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for the particulars of these rights or consult with a legal advisor.

In addition to statutory rights of withdrawal and rescission, original purchasers of Securities under this Prospectus (as supplemented or amended) that are convertible, exchangeable or exercisable securities, will be granted a contractual right of rescission against the Company in respect of the conversion, exchange or exercise of such Securities. The contractual right of rescission will be further described in any applicable Prospectus Supplement, but will, in general, entitle such original purchasers to receive, in addition to the amount paid on original purchase of any Securities, the amount paid upon conversion, exchange or exercise of such Securities, upon surrender of the underlying securities gained thereby, in the event that this Prospectus, the applicable Prospectus Supplement or any amendment thereto contains a misrepresentation, provided that both the conversion, exchange or exercise occurs, and the right of rescission is exercised, within 180 days of the date of the purchase of such Securities under this Prospectus and the applicable Prospectus Supplement. This contractual right of rescission will be consistent with the statutory right of rescission described under Section 130 of the *Securities Act* (Ontario) and is in addition to any other right or remedy available to original purchasers under Section 130 of the *Securities Act* (Ontario) or otherwise at law.

In an offering of Securities, to the extent such securities are convertible, exchangeable or exercisable securities, investors are cautioned that the statutory right of action for damages for a misrepresentation contained in this Prospectus (as supplemented or amended) is limited, in certain provincial and territorial securities legislation, to the price at which the Securities are offered to the public under the prospectus offering. This means that, under the securities legislation of certain provinces and territories of Canada, if the purchaser pays additional amounts upon conversion, exchange or exercise, as applicable, of the Security, those amounts may not be recoverable under the statutory right of action for damages that applies in those provinces and territories of Canada. The purchaser should refer to any applicable provisions of the securities legislation of the purchaser's province or territory for the particulars of this right of action for damages or consult with a legal adviser.

**CERTIFICATE OF THE CORPORATION**

Dated: September 12, 2025

This preliminary short form base shelf prospectus, together with the documents incorporated in this prospectus by reference, will, as of the date of the last supplement to this prospectus relating to the securities offered by this short form base shelf prospectus and the supplement(s), constitute full, true and plain disclosure of all material facts relating to the securities offered by this prospectus and the supplement(s) as required by the securities legislation of each of each of the provinces and territories of Canada (except Québec).

<u>*(signed) "Christian Kargl-Simard*</u> <u>*(signed) "Frances Kwong"*</u> <br> Christian Kargl-Simard Frances Kwong <br> Chief Executive Officer Chief Financial Officer

On behalf of the Board of Directors:

<u>*(signed) "Maryse Bélanger"*</u> <u>*(signed) "Karin Thorburn"*</u> <br> Maryse Bélanger Karin Thorburn <br> Director Director