Geology & Mineralization

The Tonopah property is located on the northeastern margin of Nevada’s Walker Lane structural zone, an area defined by right-lateral strike-slip faults separating the Sierra Nevada from the Basin and Range Province. The geology is complex, comprising ancient Ordovician Palmetto Formation (Op) rocks overlain by a sequence of younger Miocene volcanic and volcaniclastic units, as well as extensive Quaternary valley fill deposits that obscure much of the bedrock. The structural framework is dominated by the Rye Patch fault system and associated relay zones, which are critical controls on mineralization.

Au mineralization at Tonopah is hosted in a low-sulphidation epithermal system, characterized by nearly vertical quartz-adularia veins and brecchias developed predominantly within the Op argillite. These veins extend into overlying Tertiary volcanic and volcaniclastic rocks, where broader zones of lower-grade, disseminated Au can be found. The nonconformity between the Op and Tertiary volcanics marks a significant mineralized horizon, with high permeability and porosity that allows for the widespread distribution of mineralized fluids.

The local geology reveals that mineralization is structurally controlled, with Au concentrated along north-to- northwest trending extension fractures and veins, primarily within the Discovery and Dauntless zones (Figure 7.5). Visible Au is frequently observed in drill core, particularly in quartz veins and hydrothermal breccias. These mineralized trends are often asuggestwith alteration zones marked by argillic and quartz-adularia assemblages, and the highest grades are linked to distinctive siliceous vein textures suggesting boiling within the hydrothermal system.

Overall, the complex interplay of structure, lithology, and alteration at Tonopah has produced multiple, overlapping mineralized zones that remain open along strike. Drill data indicates continuity of veins and Au mineralization over significant strike lengths and vertical extents, although the distribution of higher grades becomes less predictable at stricter cut-off levels. The area’s geology and mineralization style are typical of productive epithermal gold systems found elsewhere in Nevada.

Two overlapping mineralized trends have been identified in drilling. The primary trend runs parallel to the west- northwest Rye Patch Fault System, bearing 290-300 degrees over at least 3,000 m, and 500 m width, and open along strike.

Significant alteration and mineralization are localized within a low-angle zone near the TVL/Op nonconformity, which includes and often parallels the erosion surface of the Op, as well as several facies in the Tertiary volcanics, particularly where veins and mineralized structures intersect this contact zone. It is interpreted that ascending fluids entering the contact zone, depositing precious metals in a favourable horizon in the base of the Tertiary volcanics.

Five main mineralization zones are shown on the following Figure. The highest-grade mineralization occurs in the Discovery and Dauntless zones. In the western part of the deposit in the Discovery and Dauntless zones, and the down-drop side of the Discovery Fault (121 zone), mineralization occurs above and below the TVL/Op nonconformity. In the Rye Patch area in the eastern portion of the deposit, mineralization primarily occurs in the TVL unit. Further to the west is a minor mineralization zone with limited drilling, named Midway Hills. 

Au mineralization is concentrated in secondary extensional fractures that range from 345 to 360 degrees strike, are near-vertical in dip, and host veins and hydrothermal breccias with higher grade mineralization, ranging from 1.0 to over 30 PPM Au. These extensional fracture zones are best represented in drilling in the Discovery and Dauntless zones, primarily in zones of massive quartz-adularia alteration in volcanic and volcaniclastic rocks and in veins, breccias, and silicified faults. Higher Au grades are associated with a variety of siliceous veins, and veinlets, including chalcedonic, bladed or drusy quartz, and quartz +/- iron oxide cemented breccias; these textures all suggest boiling was occurring.

A total of 626 drill holes totaling 90,716 m has been drilled at the Tonopah Project to date, including 458 (73%) reverse circulation and 168 (27%) diamond core holes. A total of 477 (81%) of these drill holes were completed prior to the acquisition by Viva. Tghese number do not included 148 drill holes which are outside the current claim boundaries in the Thunder Mountain area for which Viva owns the historical drilling data. Drill hole data for the Project is summarized in the following Table, and drill hole locations are shown on the next Figure. Figure 10.2 through Figure 10.5 illustrate representative cross-sections through the 121, Discovery, Dauntless and Rye Patch zones.

Given the presence of coarse and visible Au at Tonopah, care must be taken with regard to sample collection during both DD and RC drilling. Water used during RC drilling may contribute to sample bias, and core samples need to be large in order to provide a representative analytical sample.

Due to the complex relationship between subvertical high-grade mineralization and low-angle, lower-grade mineralization, it is difficult to estimate true thicknesses for the various drill hole intersections. In general, it is expected that true thicknesses for these intersections are 70-80% of the lengths indicated.

Tonopah Project Drill Hole Summary

Drill Hole Location Map

Representative Cross Section of the Discovery Zone

Representative Cross Section of the Dauntless Zone

Representative Cross Section of the 121 Zone

Representative Long-Section Rye Patch Zone

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.