Mr. Grant Freeman reports

ENVIROGOLD DELIVERS STRONG 2025 EXECUTION AND ESTABLISHES A CLEAR PATH TO COMMERCIAL GROWTH IN 2026

Envirogold Global Ltd. had a year of disciplined execution in 2025, advancing its proprietary NVRO Process from optimization into engineering readiness, while materially strengthening its balance sheet and positioning the business for commercial licensing and recurring revenue growth.

During 2025, Envirogold focused on converting technology development into commercial capability by validating performance at industrial scale, materially improving project economics, strengthening intellectual property, retiring legacy debt, and aligning leadership and strategic partnerships to support global deployment. As a result, the company enters 2026 positioned to transition toward long-term commercial licensing and value accretion.

2025 highlights

Industrial-scale capability established

The company acquired and commissioned a fully owned, industrial-scale demonstration plant in Perth, Australia, which became operational in early 2025. The facility supports customer test campaigns, process validation and optimization work, providing a critical bridge between laboratory results and commercial deployment.

Rapid deployment pathway launched

The company's rapid deployment pathway is a structured, stage-gated framework designed to shorten timelines, reduce upfront capital requirements and lower commercial risk for customers progressing from initial engagement to commercial licensing and commissioning.

Under this framework, feasibility timelines are targeted to be reduced to under 12 months, enabling customers to evaluate NVRO Process deployment with greater speed and capital efficiency.

In May, 2025, the company signed a services agreement with a leading North American mining company, marking its second commercial client under the rapid deployment pathway and validating demand for an accelerated route to commercialization.

Optimization program delivered step-change economics

The company completed its 2025 optimization program, delivering validated improvements to the NVRO Process.

Laboratory testwork demonstrated:

• Materially improved recovery performance;
• Stronger scalability and process robustness;
• A greater than twofold increase in NPV (net present value) and IRR (internal rate of return) in a representative United States client scenario, based on internal modelling assumptions.

These improvements significantly strengthened the commercial case for NVRO Process deployment and are further enhanced under prevailing metal price conditions.

Engineering and technology partnerships secured

To support commercialization, the company appointed Andritz Group to deliver advanced, AI-driven simulation and modelling services aimed at optimizing metal recovery, process yield and financial outcomes.

The company also appointed Hatch Pty. Ltd. to support engineering readiness and commercialization planning.

Intellectual property strengthened

Envirogold filed a new patent application covering an enhanced method for extracting metals from refractory and complex sulphide materials, strengthening protection of the NVRO Process and further developing the company's intellectual-property moat.

Strategic alliances and capital markets capability enhanced

The company executed a strategic alliance MOU with Fraser Alexander to pursue global mine-waste reprocessing opportunities. The alliance is developing well with two active customer engagements being advanced.

Envirogold also retained Cantor Fitzgerald Canada Corp. as financial adviser to support capital markets strategy, strategic partnerships and licensing initiatives.

Balance sheet strengthened and financial risk reduced

During 2025, Envirogold made significant progress in strengthening its balance sheet, retiring a substantial portion of legacy debt incurred during the early technology development phase of the company.

This deliberate focus on debt reduction materially improved Envirogold's financial flexibility and reduced execution and financing risk as the company transitions into a commercial growth phase.

As a result, Envirogold enters 2026 with:

• A materially strengthened balance sheet;
• Reduced financing risk;
• Improved alignment with institutional investment criteria;
• Greater capacity to finance engineering, customer programs and commercialization initiatives.

Management believes this balance sheet discipline is a critical enabler of long-term shareholder value, allowing capital to be directed toward high-return activities rather than servicing legacy obligations.

"Strengthening the balance sheet was a deliberate priority in 2025," said Grant Freeman, chief executive officer. "By retiring legacy debt and improving financial flexibility, we have materially reduced risk and positioned Envirogold to execute from a position of strength. As we move into 2026, our focus is on converting a growing commercial pipeline into licensing agreements and recurring revenue, supported by disciplined capital allocation and a much stronger financial foundation."

This financial discipline complements Envirogold's capital-light business model, under which future growth is expected to be driven primarily through licensing, royalties and partner-financed deployment, rather than balance-sheet-intensive project ownership.

Value-creating technical outcomes

The 2025 optimization program delivered meaningful technical and environmental improvements, including:

• Consistently high precious-metal recoveries;
• Significant reduction in pyrite content, improving environmental remediation outcomes;
• Expanded applicability across a wider range of sulphide-hosted tailings;
• Enhanced recovery potential for copper, nickel, and other strategic and critical minerals.

These outcomes are now embedded in the company's engineered basis of design, improving confidence in scale-up, operating costs and capital requirements.

Leadership structure aligned for commercial growth

As Envirogold enters its commercialization phase, the company implemented a leadership structure designed to support execution, governance and global scale:

• Grant Freeman was appointed chief executive officer, responsible for day-to-day execution, customer delivery, engineering and commercialization of the NVRO Process, government and industry partnerships, and long-term value creation.
• David Cam transitioned to executive chair, focusing on strategy and capital markets.

This structure provides clear operational accountability while maintaining strong strategic oversight as the company scales.

2026 commercial milestones and outlook

Following integration of optimization outcomes into the engineered flowsheet, Envirogold deliberately resequenced certain activities to maximize value and reduce commercial risk. Key milestones include:

• Completion of the Hatch engineering study targeted for H1 2026, incorporating validated process optimization results;
• Targeting the company's first commercial licence agreement following completion of engineering studies and detailed capital and operating cost analysis;
• Continued demonstration plant enhancements and customer campaigns, with microplant readiness targeted for Q1 2026 and multiple customer engagements expected throughout the year.

Management believes this disciplined rebaselining strengthens the durability and quality of future long term recurring revenue.

Positioned for value accretion

Envirogold enters 2026 with:

• Industrial-scale validation;
• A growing commercial pipeline;
• Strengthened intellectual property and engineering foundations;
• A clear pathway to recurring, high-margin licensing revenue.

The company is focused on converting its 2025 execution into measurable shareholder value through disciplined commercialization and selective growth.

About Envirogold Global Ltd.

Envirogold Global is a clean-technology company enabling the mining industry to recover high-value precious, base and critical metals from mine waste and tailings using its proprietary NVRO Process. By converting environmental liabilities into economic assets, Envirogold delivers scalable, lower-impact metal recovery solutions aligned with global ESG (environmental, social and governance) frameworks and critical minerals strategies.

We seek Safe Harbor.