The TSX Venture Exchange has accepted for filing documentation the assignment agreement dated Oct. 23, 2025, between the company and a non-arm's length party. Pursuant to the terms of assignment agreement, the assignor has assigned to the company the rights, titles, benefits and interest in the option agreement dated Sept. 25, 2025, between the assignor and an arm's-length party, for nominal consideration. Pursuant to the assignment of the option agreement, the company will have the exclusive right to acquire up to an 80-per-cent undivided interest in the NIV property and West NIV property, located in north-central British Columbia. In order for the company to exercise the option under the option agreement, it must make the following payments to the optionor and incur exploration expenditures according to the following schedule:

1. An aggregate of $300,000 in cash within the first 60 days of exchange acceptance (paid);
2. Issuance of $300,000 in common shares of the company by no later than Dec. 31, 2025. The company has paid 862,708 shares at a deemed price of 34.8 cents per share;
3. At the optionor's sole option, cash payment of $300,000 or the issuance of $400,000 in shares by Dec. 31, 2027. The deemed price per share will be the greater of the 10-day VWAP (volume weighted average price) and 25.875 cents per share;
4. At the optionor's sole option, cash payment of $900,000 or the issuance of $1.1-million in shares by Dec. 31, 2030. The deemed price per share will be the greater of the 10-day VWAP and 25.875 cents per share;
5. The company to incur an aggregate of at least $20-million in expenditures, as follows:
   • $2.5-million in expenditures on or before Dec. 31, 2026;
   • $2.5-million in expenditures on or before Dec. 31, 2027;
   • $2.5-million in expenditures on or before Dec. 31, 2028;
   • $2.5-million in expenditures on or before Dec. . 31, 2029;
   • $10-million in expenditures on or before Dec. . 31, 2030.

Once the option is exercised, the company shall grant the optionor a 3-per-cent net smelter return (NSR) royalty on the properties. The company will have the option to repurchase up to a 2-per-cent NSR of the 3-per-cent NSR through cash payments by Dec. 31, 2030:

• 0.50 per cent for $1-million;
• 0.25 per cent for $1.5-million;
• 0.25 per cent for $2-million;
• 0.25 per cent for $4-million;
• 0.75 per cent for $15-million.

For further information, please refer to the company's news releases dated Oct. 23, 2025, Oct. 28, 2025, and Nov. 26, 2025.