Mr. Ian Rozier reports

NI43-101 REPORT FOR POWDER PROPERTY

Grosvenor Resource Corp. has released the summary results of an initial National Instrument 43-101 technical report on its 100-per-cent interest in the Powder property. The report was prepared by Apex Geoscience Ltd. of Vancouver, B.C.

The report has been prepared for Grosvenor for the purpose of supporting its listing on the TSX Venture Exchange and determine potential future work programs on Powder to discover the property's potential.

NI 43-101 technical report

During 2025, Apex was retained by Grosvenor to complete an NI 43-101 report and validate historic exploration work. The author of the report, Kristopher Raffle, BSc, PGeo, of Apex, is an independent qualified person as defined by the Canadian Securities Administration (CSA) National Instrument 43-101.

The report has been written in accordance with the requirements of the NI 43-101 -- Standards of Disclosure for Mineral Projects, and is a technical summary of the available geological, geophysical and geochemical data relevant to the project. Mr. Raffle, PGeo, of Apex Geoscience, is the qualified person who has reviewed and verified the technical information contained in this new release. The report will be filed on SEDAR+.

The Powder property

Powder consists of two contiguous mineral claims totalling 121.22 hectares, located 75 kilometres north of Kamloops, in south-central British Columbia, approximately two km west of the North Thompson River and the Yellowhead Highway 5.

In 1994, an exploration program collected 66 rock samples targeting altered and mineralized zones, revealing anomalous concentrations of gold (up to 4.96 parts per million), silver, molybdenum, arsenic and antimony, indicative of a high-level epithermal vein system. Additionally, a 11.7 km very low frequency electromagnetic (VLF-EM) survey was carried out. The results from both geochemical and geophysical work support the property potential for epithermal-style precious metal mineralization and justify further exploration.

In May, 2025, Grosvenor conducted a follow-up surface exploration program, building on historical work. The program included 30 rock samples and 19.8 line kilometres of ground magnetic and VLF-EM surveys. Rock sampling targeted altered and mineralized zones confirming the presence of limonitic sheared granodiorite and quartz veins with brecciation and sulphide mineralization. Gold values reached up to 0.61 gram per tonne, with six samples exceeding 0.1 g/t Au. Silver values peaked at four g/t, with 15 samples over one ppm Ag, and were associated with elevated As (arsenic), Mo (molybdenum), Pb (lead) and Zn (zinc). The VLF-EM data, collected at 24.8 kHz (kilohertz), showed strong continuity and improved resolution over historical data. Negative in-phase slopes were interpreted as potential buried conductive structures, supporting the presence of mineralized zones.

The 2025 program has reinforced the exploration potential of Powder and provides a solid foundation for follow-up work, including systematic geochemical sampling, IP/resistivity surveys and eventual drill testing of identified targets.

Further exploration work

A two-phase exploration program is recommended to better define the extent and character of gold-silver quartz vein systems on Powder. A results-driven program is proposed with a total estimated budget of $650,000. Phase one ($200,000) includes surface rock and soil geochemical sampling along east-west lines and six pole-dipole induced polarization/resistivity survey lines. Contingent on phase one, phase two ($450,000) involves 1,000 metres of diamond drilling targeting anomalies identified from geochemical and geophysical surveys, with potential for expansion based on results.

We seek Safe Harbor.