2.814 Million Ounces of Indicated Silver, Already at Surface

REGIONAL CONTEXT

The Cobalt-Gowganda Silver District

The broader Cobalt-Gowganda district has produced over half a billion ounces of silver since 1903. The Cobalt Camp proper accounts for approximately 460 million ounces. The Gowganda satellite camp, 50 km to the west, contributed over 60 million ounces, principally from the Miller Lake O'Brien and Siscoe operations between 1910 and 1972.

The Gowganda tailings sit adjacent to Nord's Castle Mine property, approximately 100 km west of TTL Laboratories in the town of Cobalt. The surrounding region hosts Agnico Eagle's Macassa and Upper Beaver projects, Alamos Gold's Young-Davidson mine, and IAMGOLD's Côté Gold, placing Nord's silver assets within one of northeastern Ontario's most actively mined corridors.

TECHNICAL WORK

Four Decades of Drilling, Sampling, and Engineering

The Gowganda tailings have been sampled and studied since 1981 by a succession of operators and consultants. The 2026 estimate draws on 2,898 metres of auger, drive-pipe and sonic drill-hole samples from campaigns in 1981, 1986, 2000, 2011 and 2018, verified by GeoVector's July 2026 site visit and independent check sampling at ALS Geochemistry in North Vancouver. Historical data cannot be fully verified, but the consistency of assay grades across multiple sampling campaigns serves as a reasonable control on accuracy.

MINERAL RESOURCE ESTIMATE, AUGUST 2026

Indicated Mineral Resource of 2.814 Million Ounces of Silver at 47.4 g/t

GeoVector integrated historical drilling and subsequent drilling by previous operators with updated surface information and a three-dimensional model of the tailings base. The estimate covers the Main Tailings, South Tailings and two outflow domains.

Table 1. Gowganda Tailings Mineral Resource Estimate. Effective August 1, 2026. Base case cut-off 10 g/t Ag.

Source: GeoVector Management Inc., September 2026.

Notes to the mineral resource estimate

1. The effective date of the Gowganda Tailings MRE is August 1, 2026.
2. Duncan Studd, M.Sc., P.Geo. of GeoVector is responsible for the Gowganda Tailings Mineral Resource Estimate and is an independent Qualified Person as defined by NI 43-101.
3. The classification of the current MRE into Indicated mineral resources is consistent with the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves.
4. All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
5. The mineral resource is presented undiluted and in situ, constrained by a 3D grade control resource model, and is considered to have reasonable prospects for eventual economic extraction. The mineral resource is exclusive of mined out material.
6. Mineral resources which are not mineral reserves do not have demonstrated economic viability.
7. The Mineral Resource Estimate for the Gowganda Tailings is based on a validated database of sonic, auger, direct push drill holes, and 3D resource models constructed in Leapfrog Geo 2026.1.2. Grades for Ag are estimated for each mineral resource domain using 1.5 m capped composites assigned to that domain. To generate grade within the blocks, the inverse distance squared (ID2) interpolation method was used for all domains.
8. Based on the manner of deposition, location, size, shape, and orientation, it is envisioned that the Gowganda Tailings may be recovered using surface mining methods. Mineral resources are reported at a base case cut-off grade of 10 g/t Ag. The in-pit resource grade blocks are quantified above the base case cut-off grade, above the constraining tailing base, below topography and overburden and within the constraining mineralized domains (the constraining volumes).
9. The base case cut-off grade considers a silver price of US$65/oz and an overall operating-cost assumption of C$17/t, drawn from a published Ontario tailings benchmark. These assumptions were used to establish the resource reporting cut-off; they do not constitute an economic study. Gowganda-specific capital and operating costs remain to be established through further engineering and economic work.
10. The base case cut-off grade considers a silver recovery of 81.6%, based on the 2007 Met-Solve report.
11. The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
12. As of the effective date of the MRE, the QP is not aware of any known environmental, permitting, legal, title-related, taxation, sociopolitical, or marketing issues or any other relevant issue that could materially affect the Gowganda Tailings MRE.

Modelling and assumptions

GeoVector used inverse distance squared interpolation of 1.5-metre composites, with silver grades capped at 250 g/t, in a block model with blocks measuring 3 metres by 3 metres by 1 metre. A density of 2.12 tonnes per cubic metre was applied, calculated for the 2011 estimate from historical specific-gravity measurements and the logged proportions of sandy and slimy material. GeoVector considers that calculation reasonable and recommends new specific-gravity measurements to verify the density assumption. The Lower Bonsall area was excluded from the reported resource because of a flowing stream and revegetation.

Further testwork and engineering will determine the processing route and project economics; the resource cut-off assumptions are not a forecast of recoverable ounces.

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