Directory

Kinskuch is part of the larger Kitsault Valley Project, which is a significant exploration and development focus for Contango Silver & Gold Inc. The company is actively exploring the district-scale potential of the Kitsault Valley, which includes the Kinskuch property. An upcoming mineral resource estimate for the Kitsault Valley Project is expected to be completed by the end of the second quarter of 2026, which will incorporate results from approximately 200,000 metres of drilling since the last estimate. This will be the first mineral resource estimate to include the Kinskuch property under the new ownership.

Kinskuch is part of the larger Kitsault Valley Project, which is a significant exploration and development focus for Contango Silver & Gold Inc. The company is actively exploring the district-scale potential of the Kitsault Valley, which includes the Kinskuch property. An upcoming mineral resource estimate for the Kitsault Valley Project is expected to be completed by the end of the second quarter of 2026, which will incorporate results from approximately 200,000 metres of drilling since the last estimate. This will be the first mineral resource estimate to include the Kinskuch property under the new ownership.

30-35

The Libby Exploration Project, operated by the United States-based Hecla Mining Company, is an underground silver and copper exploration project located in Lincoln County, Montana. The project is currently in the exploration and evaluation phase, which is expected to last for approximately 16 years, including post-reclamation monitoring. The U.S. Forest Service has issued a final Environmental Assessment and signed a Decision Notice, authorising the new Plan of Operations for the project to proceed with exploration and data collection. The project was formerly known as the Montanore Project.

Production overview - 2024: silver 5188.4627388750005 t, copper 680388.555 t.

dewatering and rehabilitation of an existing 7,000-foot tunnel (adit), which will be extended by an additional 4,200 feet. Further tunnels will also be constructed to allow for drilling to assess the mineral deposit.

The Rock Creek project is an underground silver and copper deposit located in Sanders County, Montana, United States. Hecla Mining Company has withdrawn the Plan of Operations and is not currently pursuing permits for the mine's construction, focusing instead on the Libby Exploration Project.

Production overview - 2025: silver 148291000 oz, copper 656060 t.

over 160 employees

The Nova Operation, wholly owned by IGO Limited, is located in the Fraser Range, approximately 160km east-northeast of Norseman in Western Australia. The underground mine consists of two orebodies, Nova and Bollinger, and produces nickel, copper, and cobalt concentrates. The operation is expected to reach its end of life by late 2026. IGO is preparing for this transition and anticipates submitting a final Mine Closure Plan to the regulator in mid-2026.

Production overview - 2025: nickel 16371 t, copper 7324 t, cobalt 581 t; 2024: nickel 7085 t.

Ore is treated at a 1.8 million tonne per annum concentrator plant. The process involves single-stage crushing followed by a two-stage grinding circuit with a SAG and ball mill. A differential flotation process is then used to create separate nickel and copper concentrates, which also contain cobalt. Tailings are either pumped to a cemented paste back-fill plant for use underground or to a surface tailings storage facility.

The operation is powered by a hybrid system consisting of a 19MW diesel-fired power station and a 5.5MW solar farm. An additional 10.2MW of solar capacity is being installed to enable periods of 100% renewable power generation, allowing the diesel engines to be turned off during daylight hours. In October 2024, IGO signed a 29-month contract extension with Barminco, worth $157 million, to continue providing underground mining services.

The Rock Creek project is an underground silver and copper mine in Montana, United States, currently under development. Hecla Mining Company is not actively pursuing permits, and legal challenges have impacted the project, with a federal court invalidating approval for the first phase in April 2021. Hecla's focus has shifted to the nearby Libby Exploration Project.

Production overview - 2025: silver 148291000 oz, copper 595167.9 t.

conventional froth flotation to produce a copper-silver concentrate

The Libby Exploration Project, formerly known as the Montanore Mine, is an underground silver and copper exploration project located approximately 23 miles south of Libby in Lincoln County, Montana. Hecla Mining Company acquired the project in September 2016 through its acquisition of Mines Management Inc. The project is currently in the exploration and evaluation phase.

The deposit potentially contains 1.5 billion pounds of copper and 183 million ounces of silver.

In October 2025, the U.S. Forest Service (USFS) approved Hecla's Plan of Operations for the Libby Exploration Project. This allows the company to conduct underground exploration and evaluation to gather data on the project's engineering and environmental requirements, and overall feasibility. The approved plan includes dewatering and rehabilitating an existing 7,000-foot tunnel (adit), extending it by 4,200 feet, and constructing additional tunnels for exploration.

over 2,000 people

The first sale of concentrate was completed to Northam Platinum in the fourth quarter of 2025. Lower-grade development ore was used for the initial ramp-up. Higher-grade production ore from long-hole stoping blocks will be hoisted and processed starting in the second quarter of 2026, following the commissioning of Shaft #3. The Phase 2 expansion is designed to increase average annual production to approximately 450,000 ounces of platinum, palladium, rhodium and gold (3PE+Au), plus over 30 million pounds of nickel and copper.

The Phase 1 concentrator has a milling capacity of 770,000 tonnes per annum. Construction was completed in the third quarter of 2024, and following hot commissioning, the first concentrate was produced on 18 November 2025. The concentrator is ramping up, with a target to reach 80% of its nameplate capacity by mid-2026. A Phase 2 expansion is underway to increase the total processing capacity to 4.1 million tonnes per annum (Mtpa). A future Phase 3 expansion is being assessed, which would increase total processing capacity to 10.7 Mtpa. A 5 MW solar power facility to support operations was completed in the first quarter of 2025.

The mine is being developed in phases. Phase 1 is in operation. Development for the Phase 2 expansion is underway, with completion targeted for the fourth quarter of 2027. A $700 million senior project finance facility was signed to fund the Phase 2 expansion. Shaft #3 is on track to be operational by April 2026, which will increase the mine's total hoisting capacity five-fold to 5 million tonnes per annum, supporting both Phase 1 and Phase 2 operations. Widening of Shaft #2, which will support the future Phase 3 expansion, is expected to commence in April 2026. The Phase 3 expansion aims to increase production to over 1 million ounces of 3PE+Au annually.

approximately 6,000 full-time employees

Production overview - 2023: copper 393551 t; 2022: copper 333497 t.

The complex uses flotation to produce copper concentrate. A 500,000-tonne-per-annum direct-to-blister copper smelter was commissioned to produce copper anodes. The Phase 1 and 2 concentrators have a combined processing capacity of approximately 9.2 million tonnes per annum following a debottlenecking program. The Phase 3 concentrator was commissioned in 2024, increasing total processing capacity to over 14 million tonnes per annum.

The Phase 3 expansion, which includes a new 5 million-tonne-per-annum concentrator, commenced production in 2024. This is expected to increase annual copper production to over 600,000 tonnes. A preliminary economic assessment includes a nine-year mine life extension and the addition of four new underground mines (Kamoa 3, 4, 5 and 6) to maintain a production rate of up to 19.2 Mtpa.

Approximately 400 people were employed on site in 2017.

Production overview - 2025: nickel 16371 t, copper 7324 t, cobalt 581 t; 2024: nickel 20806 t, copper 9922 t, cobalt 735 t.

processing plant that produces nickel, copper, and cobalt concentrates. Mining methods include room-and-pillar and sub-level open stoping.

solar farm expansion project was completed in fiscal year 2024

The Kinskuch property is located in the Golden Triangle of British Columbia, a region known for its significant mineral deposits. It is contiguous to the east and south of Dolly Varden's existing Kitsault Valley Project, and its inclusion has increased the total project size to approximately 77,000 hectares. The property is situated on both Nisga'a and Gitanyow Traditional Lands and has a renewed five-year exploration permit.

30-35

The Libby Exploration Project, formerly known as the Montanore Project, is located approximately 20 aerial miles south of Libby in Lincoln County, Montana. Hecla Mining Company acquired the project in 2016. The project is focused on exploring a stratabound sediment-hosted silver-copper deposit. In October 2025, the U.S. Forest Service issued a final approval for Hecla to proceed with its Plan of Operations for exploration activities. This allows the company to dewater and rehabilitate an existing underground adit, extend the tunnel by approximately 4,200 feet, and conduct further underground exploration to collect data. The purpose of this work is to determine the economic viability of the mineralisation and to gather geological and metallurgical data. As of 31 December 2024, the project has an Inferred Resource of 112.2 million tons grading 0.7% copper and 1.6 ounces per ton of silver. This equates to contained metal of over 1.5 billion pounds of copper and 183 million ounces of silver.

Production overview - 2024: copper 1500000000 lbs, silver 183000000 oz.

The project is currently in an exploration phase to collect data that will inform project engineering and feasibility. This includes analysing samples to obtain geologic and metallurgical data on the characteristics of the copper and silver mineralisation.

Approximately 512 people as of 2024. The mine provides about 510 direct jobs and over 450 indirect jobs statewide.

Production overview - 2025: silver 8700000 oz, gold 59349 oz, lead 18200 t, zinc 51300 t; 2024: silver 8500000 oz, gold 55275 oz.

The mine has an ore concentrating mill that processes approximately 2,300 tons of ore per day using flotation and gravity processes. The facility also includes a dry stacked tailings facility, a ship-loading facility, and a wastewater treatment plant. In 2024, 46% of tailings were reused as backfill.

The primary mining methods are cut and fill and longhole stoping.

In November 2024, the U.S. Forest Service approved a tailings disposal expansion which is expected to extend the mine life by 12 to 18 years. The expansion will be implemented in phases, with the first phase beginning immediately to provide additional tailings capacity for the first three years. In January 2025, a five-year plan for a surface exploration project was also approved.

The Gryphon Summit Project is an exploration property located in Nevada, USA, covering over 12,000 hectares. It is at the Target Definition stage of exploration, showing potential for silver, lead, zinc, gold, copper, and critical metals mineralisation within carbonate replacement and epithermal gold systems.

The Kinskuch property is now part of Dolly Varden Silver Corporation's larger Kitsault Valley Project, located in the Golden Triangle of British Columbia. The acquisition in May 2025 increased the Kitsault Valley Project size to approximately 77,000 hectares. The property is considered prospective for silver, gold, and copper mineralization. A renewed five-year exploration permit is in place for the Kinskuch property, covering both Nisga'a and Gitanyow Traditional Lands.

The acquisition in May 2025 increased the Kitsault Valley Project size to approximately 77,000 hectares. Dolly Varden commenced a significant exploration program in 2025 for the broader Kitsault Valley Project, with a minimum of 35,000 metres of diamond drilling planned.

The project is at the exploration stage, described as "Initial Drill Testing".

In March 2026, Torex Gold Resources Inc. exercised its option to acquire a 100% interest in the project. The project was acquired by Torex Gold through its acquisition of Reyna Silver in August 2025. Historical exploration, including drilling, has been conducted by previous operators.

The Media Luna Project was approved by the Torex Gold Resources Inc. board of directors in March 2022. Construction is complete, with the first copper concentrate produced in the first quarter of 2025 and commercial production achieved in May 2025. The project is part of the Morelos Complex and is located seven kilometres from the El Limón Guajes (ELG) mine, on the south side of the Balsas River. The mine is ramping up to a steady-state production of 7,500 tonnes per day, which is expected to be achieved by mid-2026. The life of the mine is expected to run until at least 2033.

Production overview - 2024: gold 1946000 oz, silver 19788000 oz, copper 467 Mlbs.

Ore from the Media Luna mine is processed at the upgraded ELG processing plant. The plant has copper and iron sulfide flotation circuits to improve copper and silver recoveries.

Torex Gold is actively exploring near-mine opportunities within the "Media Luna Cluster". Drilling at Media Luna West, located near the main Media Luna deposit, has defined a mineralised footprint of 400 by 300 metres. An inaugural Inferred Resource for Media Luna West was expected with the annual mineral reserves and resources update in March 2026. The company plans to continue drilling at Media Luna West in 2026 to expand the resource and upgrade it from the Inferred to the Indicated category. First production at Media Luna North (formerly EPO) is on track for late 2026.

As of early 2026, 99% of the workforce is from Mexico, with approximately 65% from Guerrero State and 40% from the local communities surrounding the Morelos Complex. In 2022, the permanent workforce increased by almost 10% and the contractor workforce by nearly 40% due to the increased activity related to the Media Luna project.

The El Limón Guajes (ELG) Mine Complex, wholly owned by Torex Gold Resources Inc., is an operating open-pit and underground mine in Guerrero, Mexico, part of the larger 29,000-hectare Morelos Complex. Commercial production began April 1, 2016. Open-pit operations are phasing out, with future focus on underground mining, including the ELG Underground and Media Luna mines. Mine life is expected through at least 2035. The complex produces gold, silver, and copper.

Production overview - 2025: gold 319149 oz, silver 1400000 oz, copper 36000000 lbs; 2024: gold 452523 oz.

The processing plant has a nameplate capacity of 10,600 tonnes per day. It was recently upgraded with copper and iron-sulphide flotation circuits to process ore from the Media Luna and Media Luna North projects. The primary products are a precious metal-rich copper concentrate and gold-silver doré. Ore from the Media Luna deposit is transported to the processing plant through a seven-kilometre-long tunnel equipped with a conveyor system.

The Morelos Complex utilizes a mix of battery-electric and conventional diesel equipment. The BEV fleet includes 11 Toro™ LH518iB loaders and four Sandvik DD422iE jumbos. The conventional fleet includes loaders, trucks, bolters, production drills, and a raiseborer.

approximately 2,500 employees and contractors (as of June 2019)

Production overview - 2023: copper 393551 t; 2022: copper 333497 t.

In 2023, the Phase 1 and 2 concentrators milled approximately 8.5 million tonnes of ore. A debottlenecking program increased the combined processing capacity of the Phase 1 and 2 concentrators to approximately 9.2 million tonnes per annum. The construction of the Phase 3 concentrator, with a design throughput of 5 million tonnes per annum, was completed in May 2024, increasing the total processing capacity of the complex to 14.2 million tonnes per annum. First concentrate from the Phase 3 concentrator was achieved on 10 June 2024. The complex also includes a direct-to-blister flash smelter with a nameplate capacity of 500,000 tonnes per year of approximately 99% pure blister copper. The smelter began operations on 21 November 2025 and produced its first anode on 29 December 2025.

The Phase 3 expansion is expected to increase annualised copper production to more than 600,000 tonnes. A Phase 4 expansion is planned for later in the decade, which would add another 5 million tonne-per-annum concentrator, bringing the total annual processing capacity to 19.2 million tonnes. An updated independent technical report released on 31 March 2026, revised production guidance for 2026 to between 290,000 and 330,000 tonnes of copper anode, and for 2027 to between 380,000 and 420,000 tonnes of copper anode. This revision is due to a greater focus on underground development and rehabilitation. The company targets annual production to return to over 500,000 tonnes of copper from 2028 onwards. The pre-production capital expenditure for the Phase 3 expansion was US$3.04 billion, with the Phase 4 expansion estimated to cost US$1.55 billion.