Mr. Aidan Bishop of Norrland Gold reports

PURCHASE OF CRITICAL MINERALS PROJECT IN AUSTRALIA ("EVERTON PROJECT")

Norrland Gold Corp. has executed a binding purchase agreement with Currawong Resources Pty. Ltd., a wholly owned subsidiary of Great Pacific Gold Corp., for the purchase of 100-per-cent interest in exploration licence 008334 (EL008334), the Everton project, in Victoria, Australia.

Transaction terms: The company will acquire EL008334 for:

• Two million shares in Norrland Gold, to be issued five business days after the satisfaction of all conditions;
• The consideration shares will be subject to a restricted period of six months.

The Everton project

The Everton project, a historical molybdenum mine, was subjected to limited intermittent surface open-cut and shallow underground mining between 1917 and 1944, and produced approximately 306 tonnes of molybdenum concentrate averaging around 85 per cent molybdenum disulphide (MoS2) from two steeply plunging, circular, pipe-like orebodies.

Production was limited to a maximum depth of 45 metres. The No. 1 pipe reportedly produced 295 tonnes of flotation concentrate from 17,214 tonnes of treated ore between 1917 and 1941 while the later-mined No. 2 pipe produced 11 tonnes of concentrate from 2,700 tonnes of treated ore between 1942 and 1943, making the Everton mining operation the largest in the province of Victoria (D. Jeffriess, 2009).

The most productive pipe reportedly had a mineralized ore shell approximately two to three metres in width surrounding a core of barren granodiorite while the other had a less well-defined ore zone. J.P.L Kenny (1919) noted that molybdenite was found in the granodioritic intrusive, where it is intersected by quartz vein development, and also along joint planes and within the intersecting veins themselves. Historically reported accessory minerals included finely disseminated pyrite and copper in the form of azurite and malachite from a pegmatite dike reportedly present north of the historic mine.

Recent detailed geological mapping of the old workings indicates that mineralization is hosted in the uppermost part of an unrecognized porphyry molybdenum-plus-or-minus-copper system.

After mine closure in 1943, exploration in the Everton district has been sporadic due to depressed molybdenum prices.

Today, there are clear market drivers that demonstrate a rising demand for molybdenum as well as steadily higher prices over the past decade.

Molybdenum

Molybdenum is considered a critical mineral by several countries, including the United States and Canada. In December, 2023, Australia added molybdenum to its list of critical minerals.

Molybdenum is essential for modern technologies, economies and national security. It is used in steel alloys to improve strength and resistance to corrosion and heat as well as to reduce brittleness.

The molybdenum market size was estimated at $18.86-billion (U.S.) in 2024. The molybdenum industry is expected to grow from $19.62-billion (U.S.) in 2025 to $27.98-billion (U.S.) by 2034 with a compound annual growth rate (CAGR) forecasted at around 4 per cent between 2025 and 2034.

The key market drivers are the demand from the steel industry, growing adoption of chemical and electrical industries, and expansion of aerospace and defence applications. Molybdenum is also an essential component of radiation shielding materials used in space travel, including by Space Exploration Technologies Corp. (SpaceX).

Aidan Bishop, director, commented: "The Everton project in Victoria is a strategic addition to our portfolio in Australia and builds upon our stake in Eversley Resources Pty. Ltd., a large land package in South Australia with highly prospective geology for iron oxide copper and gold (IOCG) that sits within a great geological address.

"Historical mining at Everton produced high-grade molybdenum and we intend to formulate a work program that seeks to establish if grade continues both below the old mined areas and across the geological structures of the tenement. I look forward to updating shareholders further with our plans in the near future."

Qualified person

The scientific and technical data contained in this news release, have been reviewed and approved by Douglas J. Kirwin, who served as the qualified person under the definition of National Instrument 43-101.

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