Location and Infrastructure
Tonopah is accessed by State Highway 376, and Nye County Belmont Road. Both commercial water and grid power are available in close proximity to the site. Water may be purchased commercially from Tonopah Public Utility, whose pipeline crosses the Company’s mining claims, or water rights can be leased or acquired. The Ralston Valley is one of the only remaining under-allocated hydrographic basins remaining in the State of Nevada so additional water rights are a matter of application and demonstration of beneficial use. A 15 KV Nevada Energy powerline, which can be upgraded to 25KV, also crosses the property. Tonopah is located within four hours’ drive of either Las Vegas or Reno in Nevada and is in close proximity to Round Mountain, Nevada, where equipment supplies depots, machine shops and skilled labor can be found.
Viva has 508 unpatented lode claims (including 184 royalty claims) that are 100% controlled by Viva and filed with both the Bureau of Land Management (BLM) and Nye County. A maintenance fee on unpatented claims of United States (US) $200 per claim must be paid to the BLM annually. Surface rights are managed by the BLM except for those within Section 32, which are under private ownership through the Stock Raising Homestead Act (SRHA). Within Section 32, Viva controls a 16.2-hectare (40-acre) parcel of the private surface land with 929 square metre (m2) (10,000 square feet [ft2]) allocated to a long-term lease arrangement for telecommunications infrastructure.
The Project is subject to a royalty agreement following various historical transactions, bankruptcy proceedings, and modifications. The current arrangement grants the Optionors a 2% Net Smelter Return (NSR) royalty on 184 claims upon commercial production, with an option for Viva to buy down half of the royalty. Viva has also issued cash payments and company shares to the royalty holders. Viva has the right at any time to acquire 1% of the 2% royalty for US$1.0 million (M).
Environmental management is overseen through a series of permits and reclamation bonds held with the BLM and Nevada agencies, covering surface disturbance, groundwater monitoring, and access to both public and private lands. Surface disturbance up to 30.4 hectares is authorized for mineral exploration and support activities. To date, environmental liabilities are minimal, with only a small area requiring reclamation and no significant regulatory issues identified. Agency field inspections confirm compliance, and ongoing monitoring addresses water quality, wildlife, and cultural resource preservation.
Viva holds the permits and authorizations required to carry out mineral exploration, environmental monitoring, and testing activities on both public and private land, as well as to access privately-owned property via public land.
Access, title, and operational risks are primarily associated with water resource management, compliance with environmental standards, and potential infrastructure adjustments, such as road relocations.
History
The Tonopah property has a complex history of ownership and exploration stretching back to the early 1900s. Originally consisting of 245 private claims, the property has changed ownership numerous times, with significant activities beginning in the 1970s. Notably, Midway Gold Corp. (Midway Gold) acquired full ownership in 2004 and conducted extensive exploration until 2015, when bankruptcy proceedings led to the property's sale to Viva. This transition included the assumption and restructuring of royalty and environmental obligations by Viva.
Exploration at Tonopah and the surrounding mining districts has been ongoing for over a century, though there is no record of significant gold (Au) or silver (Ag) production directly from the Tonopah Project site. Early mining activity left behind a shaft and several prospect pits, but detailed records are lacking. The area has seen a succession of companies conduct various drilling and geophysical surveys, including Houston Oil and Minerals, Coeur d'Alene Mines Corporation, Rio Algom Ltd., Kennecott Exploration Company (Kennecott), Newmont Mining Corporation (Newmont), Midway Gold, and others. These efforts focused on both the property itself and adjacent areas, resulting in the identification of mineralized zones such as the Discovery Zone.
From the late 1990s onward, a series of joint ventures and agreements furthered exploration, culminating in detailed drilling campaigns and geochemical studies by Midway Gold and its partners. Between 2002 and 2012, hundreds of drill holes and comprehensive surveys provided a substantial dataset for resource estimation and geological understanding. Over time, the claim area was reduced to its current size, and focus narrowed to the most promising zones.
Note: Information summarized from Preliminary Economic Assessment NI 43-101 Technical Report, Tonopah Gold Project, Nevada, USA dated August 20, 2025, and filed on SEDAR August 21, 2025.
