Project Economics

CAPITAL COST ESTIMATE (CAPEX)

The following presents separate summaries of the Initial CAPEX, and Sustaining CAPEX as estimated in the PEA ⁽¹⁾ distributed over the life-of- mine (LoM) with the two indicated categories of capital then totaled. Owner’s costs, contingencies and risk amounts are included in this CAPEX.

Capital Cost Summary

Notes:

1. *Mine Contingency reflective of 10% applied to budgetary priced CAT equipment and 30% applied to non-quoted equipment and infrastructure.
2. **Mill contingency applied to total capital including initial and Sustaining Capital
3. Numbers may not sum precisely due to rounding.
4. M = Million

The capital is representative of a mine mobile equipment lease for the loaders, haul trucks, production drills, and auxiliary equipment.

The CAPEX is based on the following key assumptions:

• All relevant permits in a timely manner to meet the Project schedule.
• Quotes from Vendors for leasing equipment to be valid for budget purposes.
• Suitable backfill material is available locally. Soil conditions are adequate for foundation bearing pressures.
• Engineering and Construction activities will be carried out in a continuous program with full funding available, including contingency.
• Bulk materials such as cement, rebar, structural steel and plate, cable, cable tray, and piping are all readily available in the scheduled timeframe.
• Capital equipment is available in the timeframe shown.
• The construction and commissioning period begins upon receipt of construction permit, including Open Pit stripping, process plant, and infrastructure development.
• The production plan assumes the mill is immediately constructed and available at full capacity 2000 tpd for 365 days per year throughout the Life-of-Mine Plan (LoMP).

OPERATING COST ESTIMATE (OPEX)

A summary of the overall life-of-mine project OPEX is follows. The OPEX costs presented in the table exclude pre-production OPEX allowances for mining, process and G&A. The unit costs shown are based on 23.6 million tonnes (Mt) of mineralized material mined and processed (Table 1.4).

Table 1.3: OPEX by Major Area

Notes: Numbers may not sum precisely due to rounding.

ECONOMIC ANALYSIS

The results of the economic analysis contain forward-looking information under Canadian securities law. The results rely on inputs that are subject to known and unknown risks, uncertainties, and other factors, which may cause actual results to differ materially from those presented here.

At assumed long-term prices for Au of US$2,400/oz and for Ag of US$27.70/oz, the financial results indicate a positive post-tax NPV at 5% of US$111.6M, an after-tax Internal Rate of Return (IRR) of 17.6% and a payback period of 3.6 years

The economic analysis is based on the discounted cash flow (DCF) method on a pre-tax and after-tax basis. The key metrics determined in the analysis are the NPV at a discount rate of 5%, the IRR, and the Payback Period. For the purposes of the evaluation, it is assumed that the operations are established within a single corporate entity. The Project has been evaluated on an unlevered, all-equity basis.

The cash flow model uses inputs from all elements of the Project to provide a comprehensive financial projection for the entire Project, on an annual basis, supporting an 8-year life of the Project with 7-year mining and milling period. Heap leach extends into year 8 to recover the residual leachate material. Years 8 to 10 use on-hand mining equipment to facilitate closure. All prices and costs are in US dollars and accurate as of Q2 2025. No provisions have been made for the effects of inflation.

Economic Analysis Parameters

Notes:

1. All-in sustaining costs are a non-GAAP (Generally Accepted Accounting Principles) financial measure or ratio that have no standardized meaning under International Financial Reporting Standards Accounting Standards (IFRS) and may not be comparable to similar measures used by other issuers. As the Project is not in production, Viva does not have historical non-GAAP financial measures nor historical comparable measures under IFRS, and therefore the foregoing prospective non-GAAP financial measures or ratios may not be reconciled to the nearest comparable measures under IFRS.
2. oz = troy ounce, koz = kilotroy ounce (1000 ounces), M = million, Mt = million tonnes, tpa = tonnes per annum
3. Numbers may not sum precisely due to rounding

The cashflow analysis results in the following pre-tax and after-tax metrics in Table 1.5.

Project Cash Flow Analysis Summary

Notes: M = million

Sensitivity analyses were conducted, using the cashflow analysis as the base case, to assess the impact of changes in metal prices, CAPEX, and OPEX on the Project’s NPV (5% discount rate) and IRR. The impact of each variable is examined individually with an interval of 40% and increments of 10% applied. It is to be noted that margin of error for cost estimates at the PEA study is typically -50% +50% while KCA states their estimate is +/-35% level of accuracy.

The post-tax results of the sensitivity analysis are shown in the following Figures. The NPV of the project is most sensitive to changes in the metal prices and OPEX, while the IRR is most sensitive to changes in the metal prices and CAPEX.

Post-Tax NPV (5%): Sensitivity to OPEX, CAPEX and Metal Prices

Post-Tax IRR (%): Sensitivity to OPEX, CAPEX, and Metal Prices

Economic Metrics Sensitivity to Variations in Au Price

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.