Mangueiros Project - Brazil

• Brazil is a Tier-1 mining jurisdiction with an established regulatory framework and is a top-five global mineral producer

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• Bahia State is recognized as one of the most mining-supportive jurisdictions in Brazil

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• Permitting processes are transparent and comparatively efficient

• Commodity: Sulphide nickel with copper and cobalt credits

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• Investment to date: Approximately $7.5 million invested through recent exploration and technical work

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• Project: Mangueiros Project, Bahia State, Brazil

The Mangueiros Project consists of four  targets:

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• Mangueiros Main – drilled priority target with demonstrated mineralized continuity

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• Mangueiros West – step-out/extension target; one drillhole to date and coincident magnetic–gravity anomaly comparable in scale to Mangueiros Main

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• Lagoa da Onça – drilled priority target; mineralized envelope defined to date and open along strike

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• Lagoa da Onça North – additional target; one drillhole to date and significant coincident magnetic–gravity anomaly supporting follow-up work

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(All exploration targets are conceptual in nature and subject to further work.)

• Port access:
  ~845 km by road to Aracaju Port
   ~372 km by road plus ~508 km by rail to Salvador Port

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• Green mine objective:
  Targeting 100% green mine operation, supported by proximity to renewable energy infrastructure

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• Technical reporting:
  NI 43-101 Technical Report completed January 6, 2026

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• Next steps:
  Advancement toward a NI 43-101 Mineral Resource and Preliminary Economic Assessment (PEA)