The following Table summarizes the Mineral Resource estimate for the Tonopah Gold Project. Mineral Resources were evaluated for reasonable prospects of eventual economic extraction by reporting open pit mineable resources within a constrained pit shell at an Au COG of 0.15 g/t.
Mineral Resource Estimate
|
Resource Classification |
Tonnes (kt) |
Grade |
Contained Metal |
||
|---|---|---|---|---|---|
|
Au (g/t) |
Ag (g/t) |
Au (oz) |
Ag (oz) |
||
|
Measured |
1,690 |
1.41 |
3.11 |
77,000 |
169,000 |
|
Indicated |
25,000 |
0.53 |
1.98 |
427,000 |
1,593,000 |
|
Measured + Indicated |
26,690 |
0.59 |
2.05 |
504,000 |
1,762,000 |
|
Inferred |
6,905 |
0.37 |
1.81 |
83,000 |
402,000 |
Notes:
- The Mineral Resource estimate for the potentially surface mineable resource were constrained by a conceptual pit shell for the purpose of establishing reasonable prospects of eventual economic extraction based on potential mining, metallurgical and processing grade parameters identified by studies performed to date on the Project.
- Key constraint inputs included reasonable assumptions for operating costs, geotechnical slope parameters, forecast Au prices, and a minimum Cut-off Grade of 0.15 g/t Au.
- The Cut-off Grade assumes an Au price of US$2,200 and a revenue factor of 1.2 (equivalent to US$2,640 Au price), and includes all material that can be economically processed
- Heap leach recovery of 75% was assumed.
- Tonnage and contained metal estimates are rounded to the nearest 1,000.
- kt = kilotonnes; g/t = grams per tonne; oz/t = troy ounces per tonne.
- Mineral Resource categorization of Measured, Indicated and Inferred Mineral Resources presented in the summary table is in accordance with the CIM definition standards (CIMDS, 2014).
- No mining recovery, dilution or other similar mining parameters have been applied.
- Although the Mineral Resources presented in this Table are believed to have a reasonable expectation of being extracted economically, they are not Mineral Reserves. Estimation of Mineral Reserves requires the application of modifying factors and a minimum of a Pre-Feasibility Study (PFS).
- The reported Inferred Mineral Resources are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves.
- There is no certainty that all or any part of this Mineral Resource will be converted into Mineral Reserve.
- Mineral Resource estimates are not precise calculations, being dependent on the interpretation of limited information on the location, shape and continuity of the occurrence and on the available sampling results. All figures are rounded to reflect the relative accuracy of the estimates.
The following figure shows the Oblique View of Resource Pit Shell with Au Block Grades Above 0.15 g/t.
The next Table shows the sensitivity of the Mineral Resource estimate to changes in COG.
Cut-off Grade Sensitivity
|
Au Cut-off |
Measured Category |
Indicated Category |
Inferred Category |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Tonnes (kt) |
Grade |
Contained Metal |
Tonnes (kt) |
Grade |
Contained Metal |
Tonnes (kt) |
Grade |
Contained Metal |
|||||||
|
Au (g/t) |
Ag (g/t) |
Au (oz) |
Ag (oz) |
Au (g/t) |
Ag (g/t) |
Au (oz) |
Ag (oz) |
Au (g/t) |
Ag (g/t) |
Au (oz) |
Ag (oz) |
||||
|
0.10 |
1,920 |
1.26 |
2.89 |
78,000 |
179,000 |
32,215 |
0.44 |
1.81 |
455,000 |
1,871,000 |
10,050 |
0.30 |
1.59 |
95,000 |
515,000 |
|
0.15 |
1,690 |
1.41 |
3.11 |
77,000 |
169,000 |
25,000 |
0.53 |
1.98 |
427,000 |
1,593,000 |
6,905 |
0.37 |
1.81 |
83,000 |
402,000 |
|
0.20 |
1,500 |
1.57 |
3.32 |
76,000 |
160,000 |
20,245 |
0.62 |
2.13 |
400,000 |
1,383,000 |
5,090 |
0.45 |
1.96 |
73,000 |
320,000 |
|
0.25 |
1,360 |
1.71 |
3.51 |
75,000 |
153,000 |
16,875 |
0.69 |
2.25 |
376,000 |
1,222,000 |
4,055 |
0.50 |
2.07 |
65,000 |
269,000 |
|
0.30 |
1,245 |
1.84 |
3.66 |
74,000 |
147,000 |
14,220 |
0.77 |
2.37 |
353,000 |
1,081,000 |
3,245 |
0.56 |
2.16 |
58,000 |
225,000 |
Notes:
- Numbers shown are to demonstrate sensitivity of the mineral resource estimate to changes in cutoff grade only above 0.15 g/t.
- The official Mineral Resource COG of 0.15 g/t is highlighted.
- kt = kilotonnes; g/t = grams per tonne; oz/t = troy ounces per tonne.
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.
