High-grade, straightforward open pit deposit

The Vickers Deposit is the cornerstone of the Whale Cove Project. The 2026 Preliminary Economic Assessment delivered an after-tax NPV₅_% of US$2.0 billion and IRR of 53%, with payback of approximately 1.6 years at a US$3,500/oz gold price base case. Initial capital of ~US$605 million produces an NPV-to-capex ratio of 3.4x, reflecting robust economics.

The PEA contemplates an ~11-year open-pit operation producing ~200,000 ounces of gold per year, underpinned by a 1.53 Moz M&I Resource at 2.01 g/t Au and 0.91 Moz Inferred at 1.77 g/t. Limited overburden (averaging 7 metres), near-surface high-grade zones, and favourable orebody geometry support a conventional truck-and-shovel mining approach. Free-milling ore delivers recoveries of 93%+. Coastal access, existing infrastructure, and a straightforward mining operation combine to deliver a forecast AISC of US$1,051/oz – first-quartile on the global cost curve — and a relatively short payback period of 1.6 years.