The TSX Venture Exchange has accepted for filing documentation the joint venture earn-in agreement dated March 26, 2025, between the issuer and an arm's-length party to the issuer. Pursuant to the terms of agreement, the issuer has granted the optionee the option to acquire 80 per cent of its interest in the Urgakh Naran project, located in Mongolia. The issuer will continue to hold a 20-per-cent free-carried interest in the project through to commercial production. The optionee may exercise the option through the following payment schedule:

1. Incurring no less than $8-million (U.S.) of aggregate exploration expenditures:
   • $500,000 (U.S.) before the first anniversary;
   • $1.5-million (U.S.) before the second anniversary;
   • $6-million (U.S.) before the 54th-month anniversary (4.5 years);
2. Cash payment to the issuer of an aggregate $5.5-million (U.S.):
   • $500,000 (U.S.) before the first anniversary;
   • $1-million (U.S.) before the second anniversary;
   • $1-million (U.S.) before the third anniversary;
   • $1-million (U.S.) before the fourth anniversary;
   • $1-million (U.S.) before the fifth anniversary.

In addition to the above, the issuer will maintain a 2.5-per-cent net smelter return royalty in the project.

For further information, please reference the issuer's news releases dated March 27, 2025, July 3, 2025, and Aug. 28, 2025.