FREMONT PROJECT
// CALIFORNIA, UNITED STATES //

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2023 PEA Highlights for Fremont Gold Project:
11 Year Mine Life with average annual production of 118,000 Gold Ounces
AISC of US$1,162/oz
After-Tax NPV5% of US$217M

Excellent access to key infrastructure

Highway 49 transects property
Electric substation on property (connected to grid)
Good access to water with private well on site (access to two others) and nearby the Merced River
Covers 4 km of the 200 km long Mother Lode Gold Belt
Over 50M oz of lode gold production across this prolific belt

Brownfield project that hosts the historic Pine Tree-Josephine mines

Intermittent mining (1850s to 1944) produced 126K oz of gold (~540K tonnes mined at ~8.0 g/t Au)
Includes two former, connected producing mines with two shafts, multiple adits and extensive underground workings that extend for 800m

Gold is primarily hosted in oxide-heap leach, high-grade quartz veins low-grade sulphide replacement styles.

Extends over 950 m strike and 350 m depth
Remains open along strike and at depth
Based on 162 drill holes (25,970 m) completed by California Gold from 2013 to 2016
49 diamond drill holes (9,630 m)
113 reverse circulation drill holes (16,340 m)
Envisioned as a combined open pit and bulk underground mining operations
PEA-level metallurgical testing completed by California Gold
94% gravity + flotation concentrate recoveries for quartz-hosted sulphide zone (40% of tonnage)
86% gravity + flotation recoveries for sulphide replacement zone (~50% of tonnage)
Up to 93% leach recoveries over 10 days for oxide cap zone (10% of tonnage)

“Path to Production”
PEA to follow the resource update
Accelerating development of Fremont into a producing gold mine
Envisioning the development of a low-cost, high-grade “starter” pit that could be producing within two years
Development of a bulk extraction underground mine in the later years of the open pit mine