Mr. Grant Freeman reports

ENVIROGOLD ADVANCES NVRO PROCESS, BROADENS ADDRESSABLE MARKET

Envirogold Global Ltd. has made a technical advancement that is expected to significantly expand the addressable market for its proprietary NVRO process, following a significantly improved understanding of sulphide preconcentration dynamics within the process flow sheet.

This advancement is expected to improve project economics of the NVRO process across a broader range of tailings deposits, including lower-grade tailings previously excluded under earlier screening criteria. Management believes this represents an important step in the company's commercial strategy, increasing the number of potentially viable commercial opportunities and strengthening Envirogold's exposure to precious and critical metals at a time of elevated global demand and heightened supply chain focus.

Redefining the NVRO market opportunity

Historically, Envirogold applied two principal criteria when assessing whether a tailings deposit was a suitable candidate for the NVRO process:

1. Metallurgy amenable to the NVRO process, specifically metal-bearing sulphides containing refractory precious and critical metals;
2. Sufficient metal value per tonne, historically in the range of approximately $350 (U.S.) per tonne, to support economic processing.

These criteria currently support a robust commercial pipeline, but they also exclude a large number of tailings deposits where bulk metal concentration was too low, even though meaningful silver, gold and other metal value remained locked within the sulphide fraction.

Tailings are considered waste precisely because the overall metal concentration is too low for direct smelting or the tailings are too difficult to process. At its core, the NVRO process can be viewed as a metal concentration technology, designed to process and upgrade complex or low-grade material into a saleable, high-value product.

Proven metal upgrading

Using the company's previously disclosed customer base case (Q3 press release), the NVRO process demonstrated:

• 125 tonnes per hour of solids feed;
• Upgraded to approximately 16.8 tonnes per hour of residue sold to smelters;
• Representing an approximately 7.4 times concentration upgrade.

This outcome validated the core NVRO value proposition for precious and critical metal recovery and demonstrated the ability to produce a smelter-grade concentrate from tailings that were previously considered unviable.

Envirogold intentionally avoided deposits below the above selection criteria, as material upgraded by NVRO alone would not be saleable without cyanidation, which is increasingly difficult to permit and inconsistent with the company's environmental strategy.

Lower-grade tailings now become viable

Envirogold's sulphide preconcentration dynamics significantly expand the company's commercial opportunities.

What ultimately matters is the total amount of recoverable metal within a deposit, not just the value per tonne of bulk tailings material. If tailings contain a sufficiently large volume of metal, lower-grade tailings can be just as attractive, or more attractive, than higher-grade deposits.

By selectively concentrating the metal-bearing sulphides before leaching, the NVRO process can be applied more efficiently to select tailings deposits previously considered uneconomic. This approach upgrades the metal into a smaller, higher-value stream and reduces the overall volume of material to be processed. As a result, preconcentration has the potential to reduce capital intensity, improving project economics and expanding the NVRO process target market.

A larger market for NVRO

Based on this work, Envirogold has updated its site-selection framework to focus on:

1. Metallurgy amenable to the NVRO process (metal-bearing sulphides);
2. Sufficient total recoverable sulphides containing precious and critical metals.

This shift significantly expands the company's addressable market by including lower-grade tailings deposits that contain significant precious and critical metal value within recoverable sulphides, particularly silver, whose strategic importance has been reinforced by strong industrial demand and elevated prices.

Given that NVRO's primary products are precious and critical metals, particularly gold and silver, whose values continue to be supported by macroeconomic and geopolitical factors, management believes this development strengthens Envirogold's long-term growth opportunity.

Grant Freeman, chief executive officer, commented: "The work undertaken during the 2025 optimization program has meaningfully changed how we assess NVRO project opportunities. By effectively separating value from waste through preconcentration, we can consider a broader range of tailings deposits that were previously screened out. This is an important milestone for Envirogold as it expands its addressable market, has the potential to improve project economics, and increases our exposure to precious and critical metal prices. In testing conducted to date, the NVRO process has achieved gold recovery of up to 99.55 per cent and silver recovery of up to 98.96 per cent."

By broadening the range of tailings deposits considered for evaluation, Envirogold expects to increase the number of potential licensing opportunities over time and reinforces its strategy to build a global, capital-light "metals without mining" technology business.

About Envirogold Global Ltd.

Envirogold Global is a clean-technology company enabling the recovery of high-value precious, base and critical metals from mine waste and tailings using its proprietary NVRO process. By unlocking metals from existing, above-ground assets, Envirogold delivers scalable, lower-impact metal recovery solutions that complement traditional mining operations and align with global ESG (environmental, social and governance) frameworks and critical minerals strategies.

We seek Safe Harbor.