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E&E ASSETS | 6 Months Ended
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Jun. 30, 2026
E&E ASSETS |
E&E ASSETS | 6. E&E ASSETS The E&E assets of the Company, by property and nature of expenditure, as of June 30, 2026 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Stockade | ​ ​ ​ | Lone | ​ ​ ​ | Kelly | ​ ​ ​ | Fourmile | ​ ​ ​ | ​ | ​
​ | ​ | Mountain | ​ | Mountain | ​ | Creek | ​ | Basin | ​ | Total
Balance - December 31, 2025 | ​ | $ | 2,433,951 | ​ | $ | 1,941,225 | ​ | $ | 769,936 | ​ | $ | — | ​ | $ | 5,145,112
E&E expenditures: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Acquisition costs | ​ |  | 25,000 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 25,000
Assays | ​ | ​ | 293 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 293
Consulting | ​ |  | 37,965 | ​ |  | 84,104 | ​ |  | — | ​ |  | 750 | ​ |  | 122,819
Field supplies and rentals | ​ | ​ | 43 | ​ | ​ | 790 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 833
Field work | ​ |  | 6,701 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 6,701
Geophysics | ​ | ​ | 5,650 | ​ | ​ | 4,163 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 9,813
Government payments | ​ |  | 3,364 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 3,364
Technical and assessment reports | ​ | ​ | 22,431 | ​ | ​ | 525 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 22,956
Travel | ​ |  | 473 | ​ |  | 1,806 | ​ |  | — | ​ |  | 88 | ​ |  | 2,367
Write-off of E&E assets | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (769,936) | ​ | ​ | (838) | ​ | ​ | (770,774)
Total E&E expenditures | ​ |  | 101,920 | ​ |  | 91,388 | ​ |  | (769,936) | ​ |  | — | ​ |  | (576,628)
Balance - June 30, 2026 | ​ | $ | 2,535,871 | ​ | $ | 2,032,613 | ​ | $ | — | ​ | $ | — | ​ | $ | 4,568,484
​ 6. E&E ASSETS (Continued) (a) Stockade Mountain Project (Oregon, USA) The Company entered into a mineral lease and option agreement with Bull Mountain Resources, LLC (“BMR”) to lease a 100% interest in the Stockade Mountain Project. Under the terms of the agreement, the Company is subject to the following pre – production payments: ​
​ | ​ | ​ | ​ | ​ | ​
May 16, 2022 | ​ ​ ​ | $ | 15,000 | ​ ​ ​​ | Paid
November 16, 2022 |  | $ | 10,000 |  | Paid
May 16, 2023 | ​ | $ | 10,000 | ​ | Paid
November 16, 2023 | ​ | $ | 15,000 | ​ | Paid
May 16, 2024 | ​ | $ | 15,000 | ​ | Paid
November 16, 2024 | ​ | $ | 25,000 | ​ | Paid
May 16, 2025 | ​ | $ | 25,000 | ​ | Paid
November 16, 2025 | ​ | $ | 25,000 | ​ | Paid
May 16, 2026 |  | $ | 25,000 |  | Paid
November 16, 2026 and every six months thereafter |  | $ | 25,000 |  | ​
​ BMR will retain a 2.0% net smelter return royalty on claims owned by BMR and 0.25% net smelter return royalty on third - party claims acquired within the area of influence around the property. Payments to BMR totaling $10,000,000 in any combination of pre - production payments, production or minimum royalties will reduce the production royalties on wholly owned claims from 2.0% to 1.0%. (b) Lone Mountain Project (Nevada, USA) The Company entered into a mineral lease agreement with an option to purchase the Lone Mountain Project with NAMMCO. Under the terms of the agreement, the Company is subject to the following pre-production payments: ​
​ | ​ | ​ | ​ | ​ | ​
Signing of the lease | ​ ​ ​ | $ | 80,000 | ​ ​ ​ | Paid
November 1, 2021 | ​ | $ | 30,000 |  | Paid
November 1, 2022 | ​ | $ | 20,000 |  | Paid
November 1, 2023 | ​ | $ | 20,000 |  | Paid
November 1, 2024 | ​ | $ | 30,000 |  | Paid
November 1, 2025 | ​ | $ | 30,000 | ​ | Paid
November 1, 2026 and every year thereafter(1) | ​ | $ | 40,000 |  | ​
(1) | Pre-production payments increase by $10,000 every year after November 1, 2025 to a maximum of $200,000.
The Company is required to incur the following minimum E&E expenditures on the property: ​
​ | ​ | ​ | ​ | ​ | ​
September 1, 2024 | ​ ​ ​ | $ | 150,000 | ​ ​ ​ | Completed
September 1, 2025 | ​ | $ | 250,000 |  | Completed
September 1, 2026 | ​ | $ | 300,000 |  | Completed
September 1, 2027 | ​ | $ | 300,000 |  | In progress
September 1, 2028 | ​ | $ | 400,000 |  | In progress
September 1, 2029(1) | ​ | $ | 400,000 |  | In progress
(1) | The work commitment terminates when $1,800,000 has been spent on the property.
Any mineral production on the claims is subject to a 3.0% net smelter return royalty. The net smelter return royalty can be reduced from 3.0% to 2.5% for $2,000,000. The Company has the option to purchase the entire interest in the project, except for the royalty, once there is a discovery of at least 500,000 ounces of gold (or equivalent in other metals) or a pre-feasibility study has been completed. The Company may exercise this option by payment of $2,000,000, reduced by the pre-production payments paid to the date of purchase. ​ 6. E&E ASSETS (Continued) (c) Kelly Creek Project (Nevada, USA) The Company entered into an Exploration and Option to Enter Joint Venture Agreement (the “Agreement”) with Pediment Gold LLC (“Pediment”), a subsidiary of URZ3 Energy Corp. (“URZ”) (formerly Nevada Exploration Inc. (“NGE”)), for an option to earn up to a 70% interest in a joint venture on the Kelly Creek Project. ​ On June 1, 2026, the Company terminated the Agreement for the Kelly Creek Project. As a result of the termination of the Agreement, for the six months ended June 30, 2026, the Company incurred a write - off of E&E assets of $769,936 (2025 - $nil) which was expensed in the unaudited condensed interim consolidated statement of loss and comprehensive loss. ​ (d) Project reclamation requirements As at June 30, 2026, the Company holds total surety bonds of $38,863 in favour of the United Statement Department of the Interior Bureau of Land Management and $43,252 in favour of the Oregon Department of Geology and Mineral Industries in support of the reclamation requirements for its projects.

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