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NORTH ISLAND PROJECT MINERAL RESOURCES

Combined North Island Project Resource Estimate

Notes to the Resource Table:

  1. Resources are reported using the 2014 CIM Definition Standards and were estimated using the 2019 CIM Best Practices Guidelines.
  2. The effective date of the Resource Estimate is September 23, 2024.
  3. The Mineral Resources have been confined by open pits with “reasonable prospects of eventual economic extraction” using the 125% pit case and the assumptions outlined in the Design Basis in Table 4 and the metallurgical recoveries in Table 5 below.
  4. The NSR is calculated as follows:
    • Hushamu chlorite-magnetite-silica altered mineralization (“CMG”): NSR($/t)=(Cu(%)*77.8%*$4.72*2204.62)+(Au(gpt)*59%*$70.35/g)+(Mo(%)*49%*$25.32*2204.62)+(Re(%)*39.3%*$530.29*2204.6)
    • Hushamu non-CMG (based on silica-clay-pyrite (“SCP”) and applied to all other domains): NSR(C$/t)=(Cu(%)*75.4%*$4.70*2204.62)+(Au(gpt)*54%*$70.01/g)+(Mo(%)*45%*$25.32*2204.62)+(Re(%)*35.7%*$530.29*2204.6)
    • Northwest Expo CMG: NSR($/t)=(Cu(%)*73%*$4.89*2204.62)+(Au(gpt)*91%*$76.85/g)
    • Northwest Expo non-CMG: NSR($/t)=(Cu(%)*88%*$4.91*2204.62)+(Au(gpt)*91%*$77.06/g)
    • Red Dog: NSR($/t)=(Cu(%)*89.7%*$4.72*2204.62)+(Au(gpt)*85%*$74.08/g)
  5. Copper Equivalents are calculated as follows, which reflect the differences in recoveries, payables and metal prices between the deposits:
    • Northwest Expo CMG: Cu Eq. = Cu + Au*0.888; Non-CMG: Cu Eq. = Cu + Au*0.737
    • Red Dog: Cu Eq. = Cu + Au*0.675
    • Hushamu CMG: Cu Eq. = Cu + Au*0.512 + Mo*0.00034 + Re*0.00567; Non-CMG: Cu Eq. = Cu + Au*0.484 + Mo*0.00032 + Re*0.00534
  6. Gold Equivalent for Northwest Expo is calculated as follows: CMG: Au Eq. = Au + 1.126*Cu%; Non-CMG Au Eq. = Au + 1.358*Cu%
  7. The specific gravity for each deposit and domain ranges from 2.62-2.86 depending on alteration and is assumed to be 1.5 in overburden
  8. The combined Resource Estimate incorporates a strip ratio of approximately 0.7:1 waste to above cut-off mineralization
  9. Amounts may not add due to rounding

All scientific information contained on this website has been reviewed and approved by Robin Tolbert, P.Geo., Vice President, Exploration of NorthIsle Copper and Gold Inc. who is a “qualified person” as defined by National Instrument 43 – 101 of the Canadian Securities Administration.

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