Partner: Earn-in option agreement with Vanstar Mining Resources Inc.

The Project: The Nelligan Gold project is located approximately 45 kilometres south of the Chapais - Chibougamau area in Québec and is operating as a 75:25 earn-in option to joint venture with Vanstar Mining Resources Inc ("Vanstar"). The Company holds an option to earn an additional 5% interest, for an 80% total interest, by completing a feasibility study on the project.

During the first quarter 2023, the Company reported and filed an updated Mineral Resource Estimate (on a 100% basis) of 73.5 million tonnes of Indicated Mineral Resources averaging 0.84 g/t Au for 1.99 million ounces of gold, and 129.5 million tonnes of Inferred Mineral Resources averaging 0.87 g/t Au for 3.60 million ounces of gold (see news releases dated February 23, 2023). Approximately 10,000 metres of step-out and delineation diamond drilling is planned in 2023, of which approximately 1,700 metres were completed in the first quarter 2023.

Subsequent to the quarter, Vanstar reported assay result from the 2023 drill program with highlights including: 4.5 metres grading 10.53 g/t Au, 5.2 metres grading 6.97 g/t Au and 9.0 metres grading 3.76 g/t Au, (see Vanstar news release dated July 5, 2023).