Mr. David Kratochvil reports

BQE WATER AND ITS NA-CHO NYAK DUN PARTNERS TO RESUME WATER TREATMENT OPERATIONS AT EAGLE GOLD MINE

BQE Water Inc. has signed a contract with PricewaterhouseCoopers Inc. in its capacity as court appointed receiver of Victoria Gold Corp., to operate water treatment at Eagle gold mine in the first half of 2026.

The scope of services is identical to those performed in 2025. The objective is to manage the volume of contaminated water on site during and immediately following the 2026 spring freshet using the treatment system installed in 2024 and operated in 2025. Effluent water quality will be continuously monitored using key performance indicators (KPIs) that had been developed and successfully implemented by BQE in 2025. The BQE Water team will deliver the services in partnership with Na-Cho Nyak Dun Development Corp. (NNDDC) and Big River Operations (BRO), a first-nation-owned business operating on the traditional territory of the First Nation of Na-Cho Nyak Dun (FNNND). BRO provided site-based operational personnel during the 2025 season, contributing directly to successful treatment performance and regulatory compliance. The 2026 contract creates opportunities for deeper technical collaboration between the two companies.

Franklin Patterson, owner of Big River Operations, commented: "The 2024 heap leach failure directly impacted our land, waters and community. It is important that FNNND citizen-owned businesses play a meaningful role in restoring and protecting water quality on our traditional territory. BRO remains committed to advancing mine water treatment expertise and long-term environmental stewardship within our nation. We value our collaboration with BQE Water and look forward to contributing to a successful 2026 treatment season."

David Kratochvil, the president and chief executive officer of BQE Water, stated: "The successful restart and operations of the treatment system that BQE winterized at the end of 2025 is only an intermediate step, but an important one, to enable the site to transition to a long-term solution in an orderly fashion. Importantly, it will allow BQE to advance the training of BRO personnel and deepen the collaboration between BQE, BRO and NNDDC aimed at building the expertise and capacity within the FNNND to manage and treat water from Eagle and other mining projects on the FNNND's territory."

About BQE Water's Work at Eagle gold mine since September, 2024

BQE Water was contracted by the receiver as water treatment consultants and operations specialists to assist with the emergency response at the Eagle gold mine situated on the traditional territory of the First Nation Na-Cho Nyak Dun (FNNND) in central Yukon, which experienced a failure in its cyanide heap leach facility. As a result of the failure and the pre-existing water treatment plant unable to treat cyanide leach solution to produce non-toxic effluent, an emergency solution had to be developed and implemented quickly. Working collaboratively with the technical advisers to the Yukon government, the FNNND, the receiver and past Victoria Gold employees, the BQE Water team developed and implemented a treatment process combining existing plant equipment with off-the-shelf rental equipment and newly constructed ponds. Engineering design, lab testing, procurement, operations and toxicological data analysis had to be carried out simultaneously to ensure safe and timely discharge of treated water into the environment. The subsequent operation of the system resulted in a successful discharge of more than one million cubic metres of water into the environment, allowing the heap to be drained and the inventory of contaminated water to be reduced to safe levels before freeze-up. Following a tender process managed by the receiver and its technical advisers, BQE Water was selected in November, 2025, to complete the first phase of engineering for a new long-term water treatment system at Eagle mine that would allow ongoing efficient management of water on site under a wide range of scenarios while meeting all regulatory requirements. BQE Water is expected to deliver the design in Q1 2026.

About BQE Water Inc.

BQE Water is a service provider specializing in water treatment and management for metals mining, smelting and refining. The company is helping to transform the way the industry thinks about water in the context of natural resource projects by offering services and expertise which enables more sustainable water management practices and improved overall project performance at reduced risks. BQE Water invests in innovation and has developed unique intellectual property through the commercialization of several new technologies at mine sites around the world for organizations including Glencore, Jiangxi Copper, Freeport-McMoRan and the U.S. EPA. BQE Water is headquartered in Vancouver, Canada, and trades on the TSX Venture Exchange under the symbol BQE.

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