Rosebud Project

Location & Infrastructure

The Rosebud gold project is in the perfect location, in the heart America’s and one of the world’s great gold mining regions – Nevada.

Located a 2.5-hour drive east of Reno, the project covers 1,809 acres and is easily accessible year-round along all-weather roads from Winnemucca, 48 miles (77 km) to the east.Located in Pershing County, the two main access roads are maintained by the local counties.

Geology

Rosebud is a volcanic-hosted low sulphidation gold-silver deposit located along the eastern flanks of the Kamma Mountains which form part of the Basin and Range physiography of northwestern Nevada.

Gold mineralization is hosted within Tertiary volcanic and volcaniclastic rocks of the Kamma Formation and range from rhyolitic to latitic in composition, with mineralization found in silicified breccias, along stockwork fractures and disseminations within wide zones of shearing.

Gold mineralization is strongly associated with and controlled by three primary structures on the property and steeply dipping shears within the Rosebud Shear Zone {RBSZ), the South Ridge Fault Zone (SRFZ) and the North Ridge Fault Zone (NRFZ).

The footwall of the SRFZ is exposed on surface as a sheeted zone of limonitic veining and strongly silicified volcanic breccias within a fault zone up to 200 ft (60 m), or more in thickness. Three mineralized breccia deposits were defined by previous operators and mined via decline ramps in the late 1990s. These include the North, East and South zones, which are all associated with and proximal to the three cross cutting fault zones on the property.

Two additional zones, the Far East and RBS zone were also defined but were not mined. Both offer significant upside exploration potential to add additional gold resources.

A significant bulk tonnage mining opportunity exists along with potential to mine and process high grade resources which remain on the property. In the late 1990s, during a period of extremely low gold prices, Hecla and Newmont used a cutoff grade of 0.2 oz per ton (6.85 g/t) to develop the high-grade resources at Rosebud as an underground mining operation.

Large and extensive low grade gold halos, which are typical of epithermal gold deposits in Nevada, have been identified at Rosebud and provide a new opportunity to develop both a bulk tonnage open pit operation along with high grade underground extraction in this new era of record high gold prices.

A technical study completed in January 2020 by SRK Consulting (US) Inc. for the project owner at the time, modeled both high grade and low grade domains at Rosebud using the large Newmont-Hecla drill hole database.

Mineral Resources

Northern Lights Mining LLC, (“NLM”) completed a Mineral Resource Estimate (“MRE”) in December 2025, including classification of resources prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum Standards on Mineral Resources and Reserves: Definitions and Guidelines, May 10, 2014 (CIM, 2014). Reasonable prospects of eventual economic extraction (“RPEEE”) of the MRE have been satisfied by applying appropriate, pricing, costs, recoveries, and pit slope angles to construct a Mineral Resource conceptual pit shell.

Importantly, the open pit constrained MRE has been estimated using long term gold and silver prices of US$2,500 and US$35 per ounce respectively.

The MRE is in the Inferred category totaling 1.28 million ounces of gold and 13.4 million ounces of silver and characterized as oxide mineralization which displays the potential to be processed via conventional heap leaching technology.

The MRE results are presented below.

Exploration Potential

The property hosts a number of exploration targets outside of the main zone of mineralization as illustrated below.

• Far East: Hosts South Ridge Fault Zone up-dip target 600,000 oz target potential.
• Northwest Corridor: High grade stockwork mineralization.
• Southern Extension: Near surface, 7 holes, all gold mineralized in veins and stockwork.
• East Zone: Adjacent to Rosebud pit. 15-30 m thick near surface zones.
• Northeast Zone: Hydrothermal breccias with multi-element soil anomalies. Never drilled.
• Valley: 11 holes define potential for southwest extension of Rosebud mineralization, 12.1 m at 2.01 g Au.
• Dreamland: Bulk tonnage potential tested by 8 drill holes. Large target striking for almost 1,000 m near former producing Dreamland gold mine.
• Motherlode: Drilling intersected high grading Ag values in steep dipping structure. 36.58 m at 0.34 g Au and 41.14 g Ag.