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Sales of Products

9 Months Ended

Sep. 30, 2025

4. Sales of Products

The Company’s products consist of both gold flotation concentrates which are sold to a single broker (H&H Metals Corp. (“H&H”)), and an unrefined gold-silver product known as doré which is sold to various precious metals refineries. At September 30, 2025, gold concentrate that had been sold but not finally settled included 9,533 ounces of gold of which 8,384 ounces were sold at a predetermined price with the remaining 1,149 exposed to future price changes until prices are locked in based on the month of settlement. The Company has received provisional payments on the sale of these ounces with the remaining amount due reflected in gold sales receivable. Sales of products by metal type for the three and nine-month periods ended September 30, 2025 and 2024 were as follows:

	September 30, 2025						September 30, 2024
	Three Months			Nine Months			Three Months			Nine Months
Gold	$	11,190,677		$	28,188,995		$	6,286,219		$	18,694,113
Silver		60,775			131,597			28,028			87,621
Less: Smelter and refining charges		(170,180	)		(484,045	)		(160,960	)		(604,127	)
Total	$	11,081,272		$	27,836,547		$	6,153,287		$	18,177,607

Sales by significant product type for the three and nine-month periods ended September 30, 2025, and 2024 were as follows:

	September 30, 2025				September 30, 2024
	Three Months		Nine Months		Three Months		Nine Months
Concentrate sales to H&H	$	10,108,184	$	26,863,459	$	6,153,287	$	17,904,614
Doré sales to refinery		973,088		973,088		-		272,993
Total	$	11,081,272	$	27,836,547	$	6,153,287	$	18,177,607

At September 30, 2025 the gold sales receivable balance of $4,681,053 consisted of $3,707,965 due from H&H for concentrates and $973,088 due from Northern Metals Processing for doré. At December 31, 2024 the gold sales receivable balance of $1,578,694 consisted only of amounts due from H&H for concentrates. There is no allowance for doubtful accounts.