National Instrument 43-101

Technical Report on the Loveland Polymetallic Project

Loveland Township Timmins, Ontario Canada

Report Prepared for:

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Loyalist Exploration Ltd.

110 Yonge Street, Suite 1601 Toronto, Ontario, Canada, M5C 1T4

Report Prepared by:

==> picture [106 x 19] intentionally omitted <==

Caracle Creek International Consulting Inc. 1721 Bancroft Drive

Sudbury, Ontario, Canada, P3B 1R9

Effective: 1 November 2025 Issued: 6 April 2026

Qualified Persons:

Scott Jobin-Bevans (P.Geo., Ph.D., PMP) Principal Geoscientist Caracle Creek International Consulting Inc.

Curtis Ferron (P.Geo., M.Sc.)

Associate Geoscientist Caracle Creek International Consulting Inc.

Project: 748.25.00

Loyalist Exploration: Loveland Polymetallic Project, Ontario NI 43-101 Technical Report

6 April 2026

DATE AND SIGNATURE

The Report, “National Instrument 43-101 Technical Report on the Loveland Polymetallic Property, Loveland Township, Ontario, Canada”, report effective date of 1 November 2025, was prepared for Loyalist Exploration Ltd., and authored by the following:

/s/ Scott Jobin-Bevans

_________ Scott Jobin-Bevans (P.Geo. Ontario #0183, Ph.D., PMP) Principal Author and Principal Geoscientist Caracle Creek International Consulting Inc.

/s/ Curtis Ferron

_______ Curtis Ferron (P.Geo. Ontario #3736, M.Sc.) Co-Author and Associate Geoscientist Caracle Creek International Consulting Inc.

Dated: 6 April 2026

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Caracle Creek International Consulting Inc.

Loyalist Exploration: Loveland Polymetallic Project, Ontario NI 43-101 Technical Report

6 April 2026

CERTIFICATE OF QUALIFIED PERSON

Scott Jobin-Bevans (P.Geo., Ph.D.)

I, Scott Jobin-Bevans, P.Geo., do hereby certify that:

1.0 I am an independent consultant and Principal Geoscientist with Caracle Creek International Consulting Inc., with an office at Benjamin 2935, Office 302, Las Condes, Santiago, Chile.
2.0 I graduated from the University of Manitoba (Winnipeg, Manitoba), BSc. Geosciences (Hons) in 1995 and from the University of Western Ontario (London, Ontario), Ph.D.. (Geology) in 2004.
3.0 I am a registered member, in good standing, of the Professional Geoscientists of Ontario (PGO), License Number 0183 (since June 2002).
4.0 I have practiced my profession continuously for more than 28 years, having worked mainly in mineral exploration but also having experience in mine site geology, mineral resource and reserve estimations, preliminary economic assessments, pre-feasibility studies, due diligence, valuation and evaluation reporting. I have authored, co-authored or contributed to numerous NI 43-101 and JORC Code reports on a multitude of commodities including nickel-copper-platinum group elements, base metals, gold, silver, vanadium, and lithium projects in Canada, the United States, China, Central and South America, Europe, Africa, and Australia.
5.0 I have read the definition of “Qualified Person” set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a “Qualified Person” for the purposes of NI 43-101.
6.0 I am responsible for sections 3.0 to 27.0 and 1.1.1 to 1.1.4; 1.2 to 1.15; 2.1 to 2.4; and 2.6, 2.7, in the technical report titled, “National Instrument 43-101 Technical Report on the Loveland Polymetallic Project, Loveland Township, Ontario, Canada” (the “Technical Report”), issued 6 April 2026, with a Report effective date of 1 November 2025.
7.0 I have not visited the Loveland Polymetallic Project, the subject of the Report.
8.0 I am independent of Loyalist Exploration Ltd. applying all of the tests in Section 1.5 of NI 43-101 and Companion Policy 43-101CP.
9.0 I have had no prior involvement with the Loveland Polymetallic Project that is the subject of this Technical Report.
10.0 I have read NI 43-101, Form 43-101F1 and confirm the Technical Report has been prepared in compliance with that instrument and form.
11.0 As of the Effective Date of the Technical Report, to the best of my knowledge, information and belief, the Sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Signed at Santiago, Chile this 6[th] day of April 2026

/s/ Scott Jobin-Bevans

_______ Scott Jobin-Bevans (P.Geo., Ph.D., PMP)

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Loyalist Exploration: Loveland Polymetallic Project, Ontario NI 43-101 Technical Report

6 April 2026

CERTIFICATE OF QUALIFIED PERSON

Curtis Ferron (P.Geo., M.Sc.)

I, Curtis Ferron, P.Geo., do hereby certify that:

1.0 I am an Associate Geoscientist with Caracle Creek International Consulting Inc. (Caracle) and have an address at 2157 Muriel Crescent, Sudbury, Ontario, Canada, P3E 4W3.
2.0 I graduated from McMaster University (Hamilton, Ontario) with a BSc. (Earth Science) in 2017 and from McMaster University (Hamilton, Ontario) with an M.Sc. (Earth Science) in 2019.
3.0 I have been a member, in good standing, of the Professional Geoscientists of Ontario (PGO) since December, 2022 (Licence Number 3736).
4.0 I have practiced my profession continuously for 8 years and have been involved in mineral exploration, mineral resource and reserve estimations, preliminary economic assessments, prefeasibility studies, due diligence, valuation and evaluation reporting, and have authored or coauthored numerous reports on a multitude of commodities including nickel-copper-platinum group element, base metals, and precious metals in North America.
5.0 I have read the definition of “Qualified Person” set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a “Qualified Person” for the purposes of NI 43-101.
6.0 I am responsible for sections 3.0, 11.0 to 13.0, 14.0, 23.0 and 24.0; 1.1.4, 1.15, 1.2, 1.10, 1.11; and 2.4 to 2.6, in the technical report titled, “National Instrument 43-101 Technical Report on the Loveland Polymetallic Project, Loveland Township, Ontario, Canada” (the “Technical Report”), issued 6 April 2026, with a Report effective date of 1 November 2025.
7.0 I last visited the Loveland Polymetallic Project, the subject of this Report, for 1 day on 22 July 2025 and 1 day on 9 October 2025.
8.0 I own 500,000 RSU’s in Loyalist Exploration Ltd. but for the purpose of this report I consider myself independent of Loyalist Exploration Ltd. applying all of the tests in Section 1.5 of NI 43-101 and Companion Policy 43-101CP.
9.0 I have had no prior involvement with the Loveland Polymetallic Project that is the subject of this Technical Report.
10.0 I have read NI 43-101, Form 43-101F1 and confirm the Technical Report has been prepared in compliance with that instrument and form.
11.0 As of the Effective Date of the Technical Report, to the best of my knowledge, information and belief, the Sections of the Technical Report for which I am responsible contain all scientific and technical information that is required to be disclosed to make the Technical Report not misleading.

Signed at Sudbury, Ontario this 6[th] day of April 2026

/s/ Curtis Ferron

_______ Curtis Ferron (P.Geo., M.Sc.)

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Loyalist Exploration: Loveland Polymetallic Project, Ontario NI 43-101 Technical Report

6 April 2026

Table of	Contents ............................................................................................................................................. iv
List of Tables .................................................................................................................................................... vi
List of Figures .................................................................................................................................................. vii
1.0	Summary ......................................................................................................................................... 1
1.1	Introduction .................................................................................................................................... 1
	1.1.1 Purpose of the Technical Report ............................................................................................ 1
	1.1.2 Previous Technical Reports .................................................................................................... 1
	1.1.3 Effective Date ......................................................................................................................... 1
	1.1.4 Qualifications of Consultants ................................................................................................. 1
	1.1.5 Personal Inspection (Site Visit) ............................................................................................... 2
1.2	Reliance on Other Experts .............................................................................................................. 2
1.3	Property Description and Location ................................................................................................. 3
	1.3.1 Claim Status and Holding Cost ................................................................................................ 3
	1.3.2 Transaction Terms and Agreements....................................................................................... 3
	1.3.3 Surface Rights and Legal Access ............................................................................................. 3
	1.3.4 Community Consultation ........................................................................................................ 3
	1.3.5 Environmental Liabilities and Studies .................................................................................... 4
	1.3.6 Royalties, Agreements and Encumbrances ............................................................................ 4
	1.3.7 Other Significant Factors and Risks ........................................................................................ 4
1.4	Access to Property, Climate and Operating Season ....................................................................... 4
	1.4.1 Climate and Operating Season ............................................................................................... 4
1.5	History (Exploration) ....................................................................................................................... 4
	1.5.1 Prior Ownership and Ownership Changes .............................................................................. 4
	1.5.2 Historical Exploration Work .................................................................................................... 5
1.6	Geological Setting and Mineralization ............................................................................................ 6
	1.6.1 Economic Geology .................................................................................................................. 6
	1.6.2 Local and Property Geology ................................................................................................... 6
	1.6.3 Mineralization......................................................................................................................... 6
1.7	Deposit Type ................................................................................................................................... 9
1.8	Exploration .................................................................................................................................... 10
1.9	Drilling ........................................................................................................................................... 10
1.10	Sample Preparation, Analysis and Security .................................................................................. 10
1.11	Data Verification ........................................................................................................................... 10
1.12	Mineral Processing and Metallurgical Testing .............................................................................. 11
1.13	Mineral Resource Estimate ........................................................................................................... 11
1.14	Interpretation and Conclusions .................................................................................................... 11
1.15	Recommendations ........................................................................................................................ 11
2.0	Introduction .................................................................................................................................. 13
2.1	Purpose of the Technical Report .................................................................................................. 14
2.2	Previous Technical Reports ........................................................................................................... 14
2.3	Effective Date ............................................................................................................................... 14
2.4	Qualifications of Consultants ........................................................................................................ 14
	2.4.1 Author Independence ........................................................................................................... 15
2.5	Personal Inspection ...................................................................................................................... 15
	2.5.1 Site Visit (9 October 2025) .................................................................................................... 15
	2.5.2 Site Visit (22 July 2025) ......................................................................................................... 17

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	2.6	Sources of Information and Data.................................................................................................. 18
	2.7	Commonly Used Terms and Units of Measure ............................................................................. 18
3.0		Reliance on Other Experts ............................................................................................................ 21
4.0		Property Description and Location ............................................................................................... 22
	4.1	Property Location ......................................................................................................................... 23
	4.2	Mineral Disposition ....................................................................................................................... 23
		4.2.1 Property Holding Costs ......................................................................................................... 28
	4.3	Transaction Terms and Agreements ............................................................................................. 30
	4.4	Mining Lands Tenure System in Ontario ...................................................................................... 30
		4.4.1 Provincial Grid System (Online Staking) ............................................................................... 30
		4.4.2 Unpatented Mining Claims ................................................................................................... 30
		4.4.3 Limits on Distribution of Assessment Credits ....................................................................... 31
		4.4.4 Mining Lease ......................................................................................................................... 31
		4.4.5 Freehold Mining Lands ......................................................................................................... 32
		4.4.6 Licence of Occupation .......................................................................................................... 32
		4.4.7 Land Use Permit ................................................................................................................... 32
	4.5	Mining Law - Province of Ontario ................................................................................................. 32
		4.5.1 Required Plans and Permits.................................................................................................. 32
	4.6	Surface Rights and Legal Access ................................................................................................... 34
	4.7	Current Permits and Work Status ................................................................................................. 34
	4.8	Community Consultation .............................................................................................................. 34
	4.9	Environmental Liabilities and Studies ........................................................................................... 34
	4.10	Royalties, Agreements and Encumbrances .................................................................................. 34
	4.11	Other Significant Factors and Risks .............................................................................................. 35
5.0		Accessibility, Climate, Local Resources, Infrastructure and Physiography ................................... 36
	5.1	Access to Property ........................................................................................................................ 36
	5.2	Access and Surface Rights ............................................................................................................ 36
	5.3	Climate and Operating Season ..................................................................................................... 36
	5.4	Local Resources and Infrastructure .............................................................................................. 37
		5.4.1 Sufficiency of Potential Surface Rights ................................................................................. 37
	5.5	Physiography ................................................................................................................................ 37
		5.5.1 Topography ........................................................................................................................... 37
		5.5.2 Water Availability ................................................................................................................. 37
		5.5.3 Flora and Fauna .................................................................................................................... 37
6.0		History........................................................................................................................................... 39
	6.1	Prior Ownership and Ownership Changes .................................................................................... 40
	6.2	Historical Exploration Work .......................................................................................................... 40
		6.2.1 Historical Exploration (1940s) .............................................................................................. 43
		6.2.2 Historical Exploration (1950s and 1960s) ............................................................................. 43
		6.2.3 Historical Exploration (1970s) .............................................................................................. 43
		6.2.4 Historical Exploration (1990s) .............................................................................................. 44
		6.2.5 Historical Exploration (Early 2000s)...................................................................................... 44
		6.2.6 Historical Exploration (Late 2000s) ....................................................................................... 44
		6.2.7 Historical Exploration (Post 2012) ........................................................................................ 45
	6.3	Historical Drilling ........................................................................................................................... 45
7.0		Geological Setting and Mineralization .......................................................................................... 51
	7.1	Regional Geology .......................................................................................................................... 51

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	7.1.1 Economic Geology ................................................................................................................ 52
7.2	Local and Property Geology .......................................................................................................... 52
7.3	Mineralization ............................................................................................................................... 54
	7.3.1 Magmatic Ni-Cu-(PGE-Co) Mineralization ............................................................................ 54
	7.3.2 Orogenic Lode Gold Mineralization ...................................................................................... 55
	7.3.3 Volcanogenic Massive Sulphide Mineralization ................................................................... 56
8.0	Deposit Types ............................................................................................................................... 58
8.1	Magmatic Ni-Cu-(PGE-Co) Deposits .............................................................................................. 58
	8.1.1 Geological Features .............................................................................................................. 58
	8.1.2 Genesis ................................................................................................................................. 60
8.2	Orogenic Lode Gold Deposits ....................................................................................................... 60
8.3	Volcanogenic Massive Sulphide Deposits ..................................................................................... 61
9.0	Exploration .................................................................................................................................... 63
10.0	Drilling ........................................................................................................................................... 64
11.0	Sample Preparation, Analysis and Security .................................................................................. 65
11.1	Amador Gold Corp. (2007-2009) .................................................................................................. 65
12.0	Data Verification ........................................................................................................................... 66
12.1	Data and Information Verification ................................................................................................ 66
12.2	Verification Performed by the QPs ............................................................................................... 66
12.3	Comments on Data Verification ................................................................................................... 66
13.0	Mineral Processing and Metallurgical Testing .............................................................................. 67
14.0	Mineral Resource Estimate ........................................................................................................... 68
15.0	Mineral Reserve Estimates ........................................................................................................... 69
16.0	Mining Methods ........................................................................................................................... 69
17.0	Recovery Methods ........................................................................................................................ 69
18.0	Project Infrastructure ................................................................................................................... 69
19.0	Market Studies and Contracts ...................................................................................................... 69
20.0	Environmental Studies, Permitting and Social or Community Impact ......................................... 69
21.0	Capital and Operating Costs ......................................................................................................... 69
22.0	Economic Analysis ........................................................................................................................ 69
23.0	Adjacent Properties ...................................................................................................................... 70
24.0	Other Relevant Data and Information .......................................................................................... 71
25.0	Interpretation and Conclusions .................................................................................................... 72
25.1	Magmatic Ni-Cu-(PGE-Co) Mineralization .................................................................................... 72
25.2	Orogenic Lode Gold Mineralization .............................................................................................. 72
25.3	Volcanogenic Massive Sulphide Mineralization ........................................................................... 73
25.4	Risks and Opportunities ................................................................................................................ 74
26.0	Recommendations ........................................................................................................................ 75
27.0	References .................................................................................................................................... 77

LIST OF TABLES

Table 1-1. Responsibility matrix showing assignment of sections and sub-sections in the Report. ..................... 1 Table 1-2. Budget estimate recommended two-phase exploration program, Loveland Polymetallic Project. .. 12 Table 2-1. Responsibility matrix showing assignment of sections and sub-sections in the Report. ................... 14 Table 2-2. Diamond drill hole collars measured by QP Curtis Ferron, 9 October 2025 site visit (WGS84 / UTM Zone 17N). ..................................................................................................................................... 15

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Table 2-3. Outcrop rock grab samples collected by QP Curtis Ferron, 9 October 2025 site visit (WGS84 / UTM Zone 17N). ..................................................................................................................................... 16 Table 2-4. Outcrop samples collected by QP Curtis Ferron, 22 July 2025 site visit (WGS84 / UTM Zone 17N). . 17 Table 2-5. Diamond drill hole collar measured by QP Curtis Ferron, 22 July 2025 (WGS84 / UTM Zone 17N). . 18 Table 2-6. Commonly used units of measure, abbreviations, initialisms and technical terms. .......................... 18 Table 2-7. Elements and mineral abbreviations.................................................................................................. 20 Table 2-8. Conversions for common units. ......................................................................................................... 20 Table 4-1. Details of the 292 unpatented mining claims that comprise part of the Loveland Polymetallic Project. ....................................................................................................................................................... 23 Table 4-2. Details of the 1 Mining Lease that comprises part of the Loveland Polymetallic Project. ................. 28 Table 4-3. Summary of Exploration Permit issued for the Loveland Polymetallic Project. ................................. 34 Table 6-1. Summary of historical exploration work within the Property boundary of the Loveland Polymetallic Project. .......................................................................................................................................... 40 Table 6-2. Historical drill holes completed within the Loveland Polymetallic Project boundary (WGS84 / UTM Zone 17N). ..................................................................................................................................... 45 Table 7-1. Pre-mining (plus mined ore) geological resources, magmatic Ni-Cu-(PGE) mines/deposits, Timmins Mining Camp, Ontario (after Atkinson et al. , 2010). ..................................................................... 52 Table 26-1. Budget estimate recommended two-phase exploration program, Loveland Polymetallic Project. 75

LIST OF FIGURES

Figure 2-1. Province-scale location of the Loveland Polymetallic Project (red star) in the Timmins Mining District, Timmins-Cochrane Mining Camp, northeastern Ontario, Canada (Caracle Creek, 2025). ............ 13
Figure 2-2. Selection of photos taken during the 9 October 2025 site visit by QP Curtis Ferron. A) Turn off from Abitibi Rod on to Winter Lake Road, towards Loveland Polymetallic Project; B) Unnamed logging road on western half of Property; C) Historical drill collar LL10-18; D) Historical drill collar LL10-17; E) Outcrop along side of unnamed logging road on the Property; F) Unnamed logging road on eastern portion of the Property (Caracle Creek, 2025). ................................................................ 16
Figure 2-3. Selection of photos taken from 22 July 2025 site visit to Property. A) Errol Farr, Ibrahim Chandna, Micheal White, and Jean-Philippe Desrochers standing in area of the historical Cominco Zone; B) Collar for historical drill hole LL08-18 (Caracle Creek, 2025). ........................................................ 17
Figure 4-1. Township-scale location of the Loveland Polymetallic Project (red boundary), Timmins Mining District (Timmins-Cochrane Mining Camp), Ontario, Canada (Caracle Creek, 2025). ................... 22
Figure 4-2. Land tenure of the Loveland Polymetallic Project showing the 292 unpatented Single Cell Mining Claims, Multi-cell Mining Claims, Boundary Cell Mining Claims, and 1 Mining Lease (Caracle Creek, 2025). ............................................................................................................................................. 29
Figure 5-1. Average annual temperature, precipitation and daylight hours, Timmins, Ontario (climate.top website, 2024). .............................................................................................................................. 36
Figure 6-1. Historical diamond drillholes on the Property. The detail for drill hole locations (blue rectangle) is shown in Figure 6-2 (Caracle Creek, 2025). ................................................................................... 49
Figure 6-2. Locations of historical diamond drilling in the east-central Cominco and Hollinger zones (Caracle Creek, 2025). .................................................................................................................................. 50
Figure 7-1. Generalized geology of the Abitibi Greenstone Belt showing the location of the Loveland Polymetallic Project (after Thurston et al. , 2008). ............................................................................................. 51
Figure 7-2. Generalized bedrock geological map of the Loveland Polymetallic Project (OGS, 2011) showing the locations of the Cominco Zone, Hollinger Zone and the Loveland Float (Caracle Creek, 2025). ... 53
Figure 8-1. Schematic diagram showing two stages in the development of an intrusion hosted Ni-Cu-PGE sulphide deposit (after Barnes et al. , 2016). ................................................................................. 59
Figure 8-2. Schematic diagram illustrating the formation of greenstone orogenic gold deposits (Dube and Gosselin, 2007). ............................................................................................................................. 61

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Loyalist Exploration: Loveland Polymetallic Project, Ontario NI 43-101 Technical Report

6 April 2026

1.0 SUMMARY

1.1 Introduction

At the request of Loyalist Exploration Ltd. (“Loyalist”, the “Company”, or the “Issuer”), Caracle Creek International Consulting Inc. (“Caracle” or the “Consultant”), has prepared a National Instrument 43-101 (“NI 43-101”) Technical Report (the “Report”) on the Loveland Polymetallic Project (the “Project”, the “Loveland Project” or the “Property”). The Report is addressed to Loyalist who is the owner of the Property.

The Project is located in the prolific Timmins Gold District, Timmins-Cochrane Mining Camp, approximately 35 km northwest of the City of Timmins, Ontario, Canada.

This Report, has been prepared in accordance with the disclosure and reporting requirements set forth in the Canadian Securities Administrators’ National Instrument 43-101, Companion Policy 43-101CP, and Form 43101F1 (June 30, 2011).

1.1.1 Purpose of the Technical Report

The Report was prepared for the purpose of reviewing and validating all historical and current information related to the Loveland Polymetallic Project, within an NI 43-101 Technical Report to support the public disclosure by Loyalist Exploration Ltd. Loyalist is listed on the Canadian Securities Exchange (“CSE”), trading under the symbol “PNGC” and with its head office at 110 Yonge Street, Suite 1601, Toronto, Ontario, Canada, M5C 1T4.

This Report verifies the data and information related to historical and current mineral exploration on the Project and presents a report on data and information available from the Company and in the public domain.

1.1.2 Previous Technical Reports

There are no previous NI 43-101 technical reports prepared for the Issuer. There is a previous NI 43-101 technical report for the Property, dated 18 March 2024, which was prepared for STLLR Gold Inc. and authored by InnovExplo Inc. (Langton et al. , 2024). The Report replaces this previous report and is the current NI 43101 Technical Report for the Loveland Polymetallic Project.

1.1.3 Effective Date

The effective date of the Technical Report is 1 November 2025 (the “Effective Date”).

1.1.4 Qualifications of Consultants

This Report has been completed by Dr. Scott Jobin-Bevans and Mr. Curtis Ferron of Caracle Creek International Consulting Inc., based in Sudbury, Ontario, Canada, (together the “Consultants” or the “Authors”). A responsibility matrix showing the report sections and sub-sections assigned to each of the QPs is provided in Table 1-1.

Table 1-1. Responsibility matrix showing assignment of sections and sub-sections in the Report.

Author	Complete Section Responsibility	Sub-Section Responsibility
Scott Jobin-Bevans P.Geo.,Caracle Creek	3.0 to 27.0	1.1.1 to 1.1.4, 1.2 to 1.15; 2.1 to 2.4; 2.6, 2.7
Curtis Ferron P.Geo.,Caracle Creek	3.0, 11.0 to 13.0, 14.0, 23.0, 24.0	1.1.4, 1.1.5, 1.2, 1.10, 1.11; 2.4 to 2.6

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Loyalist Exploration: Loveland Polymetallic Project, Ontario NI 43-101 Technical Report

6 April 2026

Dr. Jobin-Bevans is a Professional Geoscientist (P.Geo. PGO #0183) with experience in geology, mineral exploration, Mineral Resource and Mineral Reserve estimation and classification, land tenure management, metallurgical testing, QA/QC, mineral processing, capital and operating cost estimation, and mineral economics.

Mr. Ferron is a Professional Geoscientist (P.Geo. PGO #3736) with experience in geology, geochemistry, mineral exploration, Mineral Resource and Mineral Reserve estimation and classification, QA/QC, land tenure management, and mineral economics.

Dr. Scott Jobin-Bevans (Principal Author), and Mr. Curtis Ferron (Co-Author), by virtue of their education, experience, and professional association, are each considered to be a Qualified Person (“QP”), as that term is defined in NI 43-101, for the Report. Author Independence

The Principal Author (QP Scott Jobin-Bevans) has no beneficial interest in Loyalist Exploration Ltd., and is not an insider, associate, or affiliate of Loyalist.

Co-Author and QP Curtis Ferron holds 500,000 Restricted Stock Units (“RSU”s) in Loyalist Exploration Ltd. which convert to common shares of the Company (1:1) on 30 October 2026. Mr. Ferron (QP) considers himself to be independent of the Issuer as the holding of the RSUs does not interfere with his professional judgement regarding the preparation of the Report.

The results of the Report are not dependent upon any prior agreements concerning the conclusions to be reached, nor are there any undisclosed understandings concerning any future business dealings between Loyalist and the Authors (QPs). The Consultants are being paid a fee for their work in accordance with normal professional consulting practices.

1.1.5 Personal Inspection (Site Visit)

QP Curtis Ferron visited the Property on two occasions, July 2025 and October 2025, with the most recent site visit being specifically for the purposes of a Personal Inspection for the Report.

Mr. Curtis Ferron (P.Geo., M.Sc.) visited the Project on 9 October 2025, accompanied by Mr. John Der Weduwen, a local independent prospector. Mr. Curtis Ferron also visited the Project on 22 July 2025, accompanied by Mr. Errol Farr, CEO of Loyalist Exploration Ltd.; Mr. Michael White and Mr. Ibrahim Chandna of IBK Capital; and Mr. Jean-Philippe Desrochers an independent consulting geologist.

The Personal Inspections were made to observe the general Property conditions and access, and to verify the locations of some of the historical drill hole collars from the work carried out by Amador Gold Corp., which included diamond drilling of the historical Cominco and Hollinger zones.

1.2 Reliance on Other Experts

The Report has been prepared by Caracle Creek International Consulting Inc. for the Issuer, Loyalist Exploration Ltd. The Authors (QPs) have not relied on any other report, opinion or statement of another expert who is not a qualified person, or on information provided by the Issuer concerning legal, political, environmental or tax matters relevant to the Report.

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Loyalist Exploration: Loveland Polymetallic Project, Ontario NI 43-101 Technical Report

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1.3 Property Description and Location

The Loveland Polymetallic Project is located in the Timmins Mining Division, about 35 km northwest of the City of Timmins, and on 1:50 000 NTS map sheet 042A12. The Project is located within Loveland, Thorburn, Moberly, and Byers townships. The approximate centre of the Property is at UTM coordinates 445175 mE, 5391710 mN (WGS84, UTM Zone 17 North; EPSG:32617) and elevation within the Property ranges from about 280 to 380 m above mean sea level (“AMSL”).

The Property comprises 6,244.28 ha, consisting of 283 contiguous unpatented Single Cell Mining Claims (“SCMC”), 3 unpatented Multi-cell Mining Claims (“MCMC”), and 6 Boundary Cell Mining Claims (“BCMC”) (the “Mining Claims”), and 1 Mining Lease (the “Mining Lease”) as listed in Table 4-1 and Table 4-2, and shown in Figure 4-2. The 292 Mining Claims, which all show “Active” status, and the 1 Mining Lease are held 100% by Loyalist Exploration Ltd.

1.3.1 Claim Status and Holding Cost

The 283 SCMCs each require $400 per year in approved assessment work to keep current, amounting to about $113,200 per year, the three MCMCs require a total of $3,600 of approved assessment credits per year, and the BCMCs require a total of $1,200 per year adding up to a total of $118,000 per year. There is currently $622,779 in approved assessment work credits (Exploration Reserve) on the Property which can be used against future annual assessment requirements.

1.3.2 Transaction Terms and Agreements

In a Purchase and Sale Agreement dated 30 June 2025 (the “Agreement”), Loyalist Exploration Ltd. acquired the 292 unpatented mining claims and 1 Mining Lease that comprise the Property from STLLR Gold Inc. (“STLLR”). The Agreement consisted of a cash payment of $250,000, the issuance of 10,000,000 Loyalist common shares, and STLLR retaining a 2.0% Net Smelter Return Royalty (“NSR”), providing Loyalist with an option to buy-back 1.0% of the NSR for $1 million.

1.3.3 Surface Rights and Legal Access

The surface rights associated with the unpatented mining claims that comprise the Property are owned by the Government of Ontario (Crown Land) and access to these areas of the Property is unrestricted.

For the lands that are not Crown Land and that the Company does not hold the surface right to, the Company is required to provide official notification to the surface rights holder which is done through the Ontario Government’s MLAS online portal. If the exploration work requires an Exploration Plan or Permit then the notification is to include complete Notice of Intent to Submit an Exploration Plan or Exploration Permit Application (Notice of Intent), a copy of a proposed Exploration Plan or Exploration Permit Application, and a map that shows the location of the proposed exploration activities. The surface rights owner has 30 days to review the information and the ministry has 50 days after the circulation date to decide on the permit.

1.3.4 Community Consultation

The Company will maintain an open dialogue with all stakeholders associated with the Property, including private landowners, government officials and representatives of the First Nations and Metis Nation of Ontario. Based on historical documents provided by Loyalist, the previous owners of the Property, STLLR Gold Inc. (formerly Moneta Gold Inc.) had conducted some initial consultation with the below listed First Nations:

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Wabun Tribal Council
Taykwa Tagamou Nation
Metis Nation of Ontario

1.3.5 Environmental Liabilities and Studies

The QP Scott Jobin-Bevans is not aware of any environmental liabilities on the Property.

1.3.6 Royalties, Agreements and Encumbrances

In a Purchase and Sale Agreement dated 30 June 2025, Loyalist Exploration Ltd. acquired the 292 unpatented mining claims and 1 Mining Lease that comprise the Property from STLLR. The Agreement consisted of a cash payment of $250,000, the issuance of 10,000,000 Loyalist common shares, and STLLR retaining a 2.0% NSR and providing Loyalist with an option to buy-back 1.0% of the NSR for $1 million.

The QP Scott Jobin-Bevans is not aware of any other royalties, agreements or encumbrances with respect to the Property.

1.3.7 Other Significant Factors and Risks

The QP Scott Jobin-Bevans is not aware of any significant factors that may affect access, title, or the right or ability to perform the proposed exploration work program.

1.4 Access to Property, Climate and Operating Season

Year-round access to the Property is gained by travel from the City of Timmins, Ontario, which takes approximately 45 minutes via Highway 101 West, Kamiskotia Road, and a series of well-maintained logging roads. From downtown Timmins, proceed west on Highway 101 for ~8 km before turning right onto Kamiskotia Road. Continue along Kamiskotia Road for 22 km, then turn left onto the Abitibi logging road, which is a well-maintained gravel road. Follow this road north for 9 km and turn left onto Winter Lake Road, proceeding for an additional 4 kilometres. This route leads to the southeast corner of the Property, where a series of unnamed logging roads provide truck access to the eastern half. To reach the western half, continue on Winter Lake Road for another 4 km and turn right onto unnamed logging roads.

1.4.1 Climate and Operating Season

The local climate is typical of northeastern Ontario, categorized as a continental climate with cold winters and relatively short hot summers. The Project is easily accessible, and exploration work can continue year-round.

1.5 History (Exploration)

1.5.1 Prior Ownership and Ownership Changes

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1.5.2 Historical Exploration Work

Exploration in Loveland Township kicked off in the early 1940s with the discovery of a boulder field dubbed the “Loveland Float”. These boulders, some up to 25 feet (7.6 metres) wide, were packed tightly into a limited area. Tests on the peridotite boulders returned assays of 2-3% Ni and 1-3% Cu, but deep layers of overburden made it tough to track down where they came from initially (Langton et al. , 2024).

Exploration activities in the 1950s and 1960s emphasized reconnaissance geophysics to delineate conductive anomalies. Broulan Reef Mines Ltd.'s 1955 EM survey in Byers Township identified baseline targets. Mespi Mines Ltd. dominated the 1960s, conducting AEM/AMAG surveys across multiple townships and ground EM with follow-up drilling. In Loveland and Byers, programs involved diamond drilling to test EM conductors. Texas Gulf Sulphur drilled two holes totaling 197 metres in 1961, intersecting massive sulphides (up to 50% pyrrhotite) in felsic tuff with 0.03% Cu and 0.0% Ni in one hole, alongside shear zones in andesites. Mespi Mines drilled one hole of 183 metres in 1964, with logs noting no significant mineralization. Payrock Mines Ltd.'s 1964 work drilled and surveyed EM/MAG grids, targeting potential sulphide zones in metavolcanics, with 11 holes totaling 1,477 metres encountering 5-30% pyrrhotite-pyrite in felsic volcanics and up to 45-50% pyrrhotite-pyrite over 33 feet at rhyolite-andesite contacts (visual estimates only, no assays). Mespi Mines drilled one hole of 86 metres in 1965, noting no significant mineralization in andesite, tuff, and diabase sequences.

The 1970s integrated geophysics and drilling by majors. Cominco Ltd. executed MAG, EM, IP, and geochemical programs in Byers and Loveland, with drilling intersecting minor sulphides. From 1971-1975, Cominco drilled a series of shallow holes totaling 1,871 metres targeting MAG/EM/IP anomalies northwest of mineralized boulder float, intersecting Ni-Cu mineralization in andesite, felsic volcanics, and gabbro at the Cominco Zone. A historical resource of 130,000 tons at 0.73% Ni and 0.68% Cu was estimated. This mineral resource estimate is historical and should not be relied upon. It is mentioned in this item for illustrative purposes only. The QPs have not completed sufficient work to classify it as current. Neither the author nor the issuer considers this estimate as current mineral resources. Best intervals included 0.65% Cu and 0.66% Ni over 107 feet in mineralized gabbro with 15% combined pyrrhotite and chalcopyrite, and 0.52% Cu and 1.52% Ni over 12.5 feet. Amax Exploration Inc. drilled three holes totaling 487 metres in 1974, intersecting minor to 80% sulphides (mainly pyrite, pyrrhotite, chalcopyrite) in altered andesite and tuff. Hollinger Mines Ltd. drilled in Loveland and Moberly, following VLF-EM and geochemical work, evaluating VMS-style mineralization in volcanic sequences. Between 1967 and 1975, Hollinger drilled 29 holes totaling 5,517 metres near the Hollinger Zone, intersecting Ni-Cu in gabbro and granophyric andesites. A historical resource of 422,350 short tons at 0.71% Ni and 0.42% Cu was estimated. This mineral resource estimate is historical and should not be relied upon. It is mentioned in this item for illustrative purposes only. The QPs have not completed sufficient work to classify it as current. Neither the author nor the issuer considers this estimate as current mineral resources. Best intervals included 1.0% Cu and 0.82% Ni over 25 feet, and 0.435% Cu and 1.145% Ni over 12 feet. Noranda Exploration Co. Ltd. conducted EM/MAG surveys. Gulf Minerals Canada Ltd.'s airborne surveys covered regional areas. In 1979, Gulf drilled 27 reverse circulation holes totaling 726 metres for overburden sampling, analyzing for Cu, Pb, Zn, Ni, with no noteworthy results. Noranda's late 1980s work included mapping and EM/MAG in Thorburn, with drilling probing structural extensions. Noranda drilled two holes totaling 268 metres in 1990, intersecting fine-grained disseminated and layered sulphides (pyrrhotite-pyrite) in tuffs, granodiorite, and rhyolite (no assays). Minor sulphide occurrences ( e.g. , pyrrhotite-pyrite) were common.

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Post-2012 efforts were lighter. D. Fudge's 2022 prospecting in Loveland found no outcrops but noted granite float barren of sulphides, recommending summer follow-up for VMS targets. Glencore's 2023 Moberly Project involved 10.5 km of MAG/VLF surveys, identifying northeast-southwest magnetic highs and VLF conductors suggestive of a synclinal structure, with recommendations for IP follow-up.

1.6 Geological Setting and Mineralization

The Project lies within the western portion of the Abitibi Subprovince of the Archean Superior Province (Figure 7-1). The Abitibi Subprovince or Abitibi Greenstone Belt (“AGB”) is the world's largest and best-preserved example of an Archean supracrustal sequence. The AGB is an assemblage of volcanic, sedimentary, and intrusive rocks deformed into a roughly east-trending, 200 km wide belt exposed from the Kapuskasing Structure in Ontario to the Grenville Orogen in Quebec, a distance of 400 kilometres (Ayer et al. , 2005).

1.6.1 Economic Geology

The Timmins Mining camp has a history of nickel production from magmatic Ni-Cu-(PGE) deposits. Several of these deposit types have been identified within the Kidd-Munro Assemblage ( e.g. , Alexo, Dundonald, Mickel, and Marbridge) and the Tisdale Assemblage ( e.g. , Hart, Langmuir, Redstone, Loveland, and Sothman).

In addition to nickel, the Timmins-Porcupine Gold Camp of northeastern Ontario represents the largest Archean orogenic greenstone-hosted gold camp in the world in terms of total gold production ( e.g. , Monecke et al. , 2017; Monecke et al. , 2019).

1.6.2 Local and Property Geology

The Property is mainly underlain by mafic, intermediate, and felsic metavolcanic rocks comprising porphyritic and pillowed flows, tuffs and agglomerates, with minor metagreywacke, argillite and sulphide and oxide iron formations of the Kidd-Munro Assemblage. These formations are locally intruded by mafic to ultramafic dikes and sills. Quartz monzonites and hornblende granodiorites intrude the metavolcanics. Proterozoic diabase dikes (Matachewan Dyke Swarm) transect all rock types along north-northwest trends. Outcrops are sparse on the Property, and property-scale geological interpretations have mainly relied on geophysical surveys and drill hole interpretation.

Massive stratabound sulphides are associated mainly with intercalated mafic volcanic and rhyolitic pyroclastic rocks, mafic intrusions, and volcanic flows. Mineralization in the felsic dacite to rhyolitic rocks is primarily limited to traces of disseminated and fracture-controlled pyrrhotite and pyrite associated with quartz stringers. Minor carbonate as local calcite stringers are noted within the mafic volcanic rocks but rarely within the felsic volcanics.

Alteration, other than the regional greenschist to upper greenschist metamorphism, consists of local intense albite alteration of the gabbroic rocks. Silicification and silica flooding of the felsic volcanic and granodiorites manifests as quartz stringers with local alteration haloes.

1.6.3 Mineralization

Several styles of mineralization are known to exist within the boundary of the Loveland Polymetallic Property. These include magmatic sulphide Ni-Cu-(PGE) and lode gold.

1.6.3.1. Magmatic Sulphide Ni-Cu Mineralization

The Property is host to two historical Ni-Cu mineral deposits:

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Hollinger Zone deposit: hosts a historical resource of about 422,350 short tons of copper-nickel with drill-core assays 0.71% Ni and 0.42% Cu (Langton et al. , 2024).
Cominco Zone deposit: hosts a historical resource of 130,000 short tons of copper-nickel grading of 0.73% Ni and 0.68% Cu (Langton et al. , 2024).

A QP has not completed sufficient work to classify the above resources as current and neither the Principal Author nor the Issuer considers these estimates to be current mineral resources. These mineral resources are historical and should not be relied upon. They are included herein for illustrative purposes only.

The mineralization in the Loveland Polymetallic Property is interpreted as magmatic Ni-Cu sulphide, associated with gabbroic intrusions in contact with metavolcanic rocks. This style of mineralization bears similarities to that observed in the nearby Montcalm Gabbroic Complex (MGC), which is a tholeiitic layered intrusion hosting Ni-Cu-(PGE) sulphides in its lower cumulate zone (Barrie & Naldrett, 1990). The MGC, dated to ~2702 Ma and spanning ~100 km², hosted the Montcalm Mine (2004–2009), producing ~3.93 Mt at 1.25% Ni, 0.67% Cu, and 0.051% Co from disseminated to massive sulphides in pyroxenite and gabbro-anorthosite zones. This deposit exemplifies the potential for gabbro-hosted magmatic Ni-Cu deposits in the Timmins region, where sulphide immiscibility in tholeiitic magmas, often with minor contamination, leads to segregation in basal cumulates.

Hollinger Zone Deposit

Interest in the Loveland area was generated by what is referred to as the ‘Loveland Float’, a small boulder field discovered in the early 1940s. The boulders were concentrated within an area of 30 m by 90 m and aligned along a rough north-south trend. The peridotitic boulders were recorded as ranging from 0.5 m to 6.0 m across and yielded assays of 2-3% Ni and 1-3% Cu. The search for the source of these mineralized boulders eventually led to Hollinger Mines discovering the so-called Hollinger Zone deposit some distance up-ice ( i.e. , to the NNW) of the boulders during a drilling program to test geophysical Mag/EM anomalies. Interestingly, the Hollinger Zone deposit mineralization is not hosted in peridotitic rock, so it is likely not the source of the Loveland Float.

Mineralized zones of massive sulphide are present along the contact of mafic (gabbroic) intrusions (dikes) and intermediate volcanic rocks further to the west. Along the contact, the metavolcanic andesitic rocks are intensely altered (feldspathization), whereas the gabbro is only minimally altered within a narrow zone of schistose carbonate alteration. The massive sulphide zones consist primarily of pyrrhotite-pyrite-chalcopyritepentlandite, presenting as intergranular mineralization increasing to massive sulphides approaching the andesite contact. The main zone is interpreted as occupying a shear zone dipping steeply towards N075° and plunging southward at 60°.

Drill intersections have delineated the deposit over 125 m of strike and show a maximum interpreted width of 16 m to a maximum depth of 240 metres. The deposit coincides with airborne and ground geophysical Mag and EM anomalies. An isopach map for the drill intercepts suggests that the deposit is open down-plunge southward and becomes thicker with depth. The Hollinger Zone deposit is not exposed at surface. Overburden depths recorded for the Hollinger Mines’ drill holes range from 12 m (39 ft) on the flank of the deposit to 41 m (136 ft) directly over it.

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Cominco Zone Deposit

The Cominco Zone deposit was discovered during a diamond drilling campaign by Cominco Ltd in 1972. It is located in Byers Township just west of the Loveland Township boundary and about 1.5 km north-northwest of the Hollinger Zone deposit. In the early 1970s, Cominco tested a geophysical Mag/EM anomaly with a series of tightly spaced drill holes that traced mineralization to 150 m below surface and outlined a historical resource of 130,000 short tons of copper-nickel grading of 0.73% Ni and 0.68% Cu. Mineralization was described as occurring within a gabbroic intrusion in contact with mafic metavolcanic rocks. Amador Gold Corp. (“Amador”) drilled 37 holes from 2007-2009 to further define the deposit but did not update the resource estimate.

Like the Hollinger Zone deposit, economic mineralization consists of chalcopyrite and pentlandite associated with pyrrhotite, occurring as inter-granular mineralization within the relatively unaltered gabbro increasing to massive sulphide approaching the andesitic country rock. The gabbro has been intruded by hornblende granodiorite dikes varying in thickness from 1 to 5 metres. Mineralization consists of trace to semi-massive ±75% pyrrhotite with minor pyrite and local concentrations (6-8%) of chalcopyrite and pentlandite. Chalcopyrite and pyrite are observed in strongly chloritized mafic intrusive rocks as disseminated and fracturecontrolled mineralization in concentrations of 8-10% sulphides. Chlorite, carbonate, and silica alterations are common along the mineralized contact zone. The main mineralized zone strikes NNW and dips 70°-80° towards the east.

Drill intersections have delineated the deposit over approximately 150 m on strike and to a depth of 492 m, according to drilling completed by Amador during their 2007-2009 campaigns. The width of the mineralized zones has not been accurately determined; however, Amador’s core intervals range from 5-25 metres. The deposit coincides with airborne and ground geophysical Mag and EM anomalies. The Cominco Zone deposit is not exposed at surface. Overburden depths recorded from drill holes range from 6 m to 39 metres.

1.6.3.2. Orogenic Lode Gold Mineralization

Gold mineralization was intersected in holes drilled by Amador to a depth of 300 m below the historical Cominco Zone deposit in 2007-2009. Anomalous gold values were noted in at least nine (9) diamond drill holes during the 2007-2009 diamond drilling campaigns. Gold-bearing arsenopyrite and pyrite mineralization was encountered in sections of silicified granodiorite. Amador’s ‘best’ drill hole (LL08-13) intersected a mineralized interval that assayed 6.37 g/t Au over 8.55m (383.25 m to 391.8 m down-hole). Additional intervals from the hole included 6.17 g/t over 3.0 m from 403.0 m to 406.0 m and 10.39 g/t over 3.1 m from 410.30 m to 413.4 metres.

Anomalous gold values ranging from 100 ppb to 3800 ppb were recorded from several other drill holes (including AMDG07-01, LL08-04, LL08-09, LL09-13W, LL08-14, LL08-21, LL08-22, and LL08-23) over a strike more than 500 m within the granodiorite. The anomalous gold values occur over various widths from less than a metre to several metres of core. True widths are unknown. Prospecting in 2008 led to the discovery of a surface gold showing about 400 m southeast of the Cominco Zone deposit. The showing returned grab samples containing 8.98 g/t Au and 11.48 g/t Au collected from granodiorite containing quartz-stringers mineralized with disseminated sulphides.

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and possibly trace galena and chalcopyrite. Silicification with trace to 2% sulphides was observed marginal to joints and local quartz stringers in all holes where anomalous gold was recorded.

The results from Amador’s drilling suggest the presence of a system of gold enrichment within the granodiorite. Additional exploration will be required to determine the orientation and extent of the goldenriched zone.

1.6.3.3. Volcanogenic Massive Sulphide Mineralization

Volcanogenic massive sulphide (VMS) mineralization on the Loveland Polymetallic Property is interpreted as stratabound sulphide accumulations associated with felsic to intermediate metavolcanic sequences, including rhyolitic pyroclastic rocks, tuffs, and intercalated mafic volcanics. These features are characteristic of bimodal mafic-felsic volcanic environments typical of the Kidd-Munro Assemblage in the Abitibi Greenstone Belt. Historical exploration has identified sulphide and oxide iron formations, disseminated to massive pyrrhotitepyrite mineralization, and conductive anomalies suggestive of VMS-style deposits. For instance, massive stratabound sulphides are noted in association with rhyolitic and mafic volcanic contacts, often accompanied by traces of chalcopyrite, sphalerite, and galena, though economic base metal concentrations ( e.g. , Cu-Zn-Pb) have not been delineated to date.

Mineralization primarily consists of pyrite-pyrrhotite dominant sulphides, with subordinate chalcopyrite, sphalerite, and rare galena. Disseminated and fracture-controlled sulphides occur in felsic dacite-rhyolite units, often linked to quartz stringers and minor carbonate alteration. Historical drilling ( e.g. , by Mespi Mines in the 1960s and Cominco in the 1970s) intersected up to 50% pyrrhotite in felsic tuffs and shear zones, with low-grade Cu (0.03%) and negligible Zn-Pb, but these are interpreted as distal or feeder-style mineralization.

1.7 Deposit Type

The geological setting of the Timmins region is conducive to the formation of magmatic nickel-copper sulphide deposits, which are characterized by disseminated to massive sulphide accumulations within mafic-ultramafic intrusions (Eckstrand & Hulbert, 2007). These deposits originate from the segregation of immiscible sulphide liquids derived from tholeiitic to komatiitic magmas, frequently facilitated by crustal contamination that introduces sulphur into the system (Barnes & Lightfoot, 2005). Notable regional examples include the Montcalm Gabbroic Complex (MGC) and the Kamiskotia Gabbroic Complex (KGC), both of which exhibit lowgrade nickel-copper-platinum group element (Ni-Cu-PGE) mineralization within their lower cumulate zones (Barrie & Naldrett, 1990; Barrie, 1992). The mineralization observed at the Loveland Polymetallic Property is interpreted to align with this deposit model, as evidenced by the presence of chalcopyrite and pentlandite associated with pyrrhotite in gabbroic intrusions proximal to metavolcanic contacts.

In addition to magmatic sulphide Ni-Cu deposits, the Timmins region hosts significant orogenic lode gold mineralization. Archean orogenic gold deposits are generally defined as structurally controlled vein or shearmargin deposits emplaced epigenetically in all lithologies occurring in Archean volcano-plutonic belts (Groves et al. , 1998). These gold concentrations result from relatively homogeneous hydrothermal fluid flows (Hagemann & Cassidy, 2000). Evidence of mineralization related to orogenic lode gold deposits has also been documented on the Property.

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for hosting bimodal VMS systems, and the Loveland area's sparse outcrop and thick overburden (up to 41 m) suggest underexplored opportunities, particularly in the western and northern sectors where felsic volcanics predominate.

1.8 Exploration

The Issuer has not conducted any exploration work on the Property.

1.9 Drilling

There has been no drilling completed on the Property by the Issuer.

1.10 Sample Preparation, Analysis and Security

Loyalist has not collected, prepared or analyzed any geological samples from the Property. The only sampling on the Property was those from QP Curtis Ferron who collected rock grab samples during his July and October 2025 site visits ( see Section 2.5 – Personal Inspection).

The Authors and the Issuer are independent of ALS Global and Actlabs laboratories which were used in the July and October outcrop sampling, respectively, in preparation of the Personal Inspection sample assays.

Very little information exists regarding the sample preparation, security and analytical procedures employed by exploration companies operating on the Property before the implementation of NI 43-101 (1 February 2001).

To the extent to which it is known, there is no evidence of bias in historically reported results that would be considered to have a material effect on the analytical results. The resultant assay data obtained from the historical sampling programs is considered reliable for the purpose of this Technical Report.

Some information, however, is available regarding Amador’s protocols for sample preparation analysis and security during their 2007-2009 exploration campaigns around the Cominco Zone deposit. Amador implemented a rigorous quality assurance program (QA/QC) that included the insertion of standards and blanks for each batch of core samples. Samples of the NQ-size drill core were sawn in half, with one half sent to Expert Laboratory in Rouyn-Noranda, Quebec, and the other half retained for future reference.

The Principal Author is of the opinion that the samples from Amador’s work were collected, prepared, and analyzed in a secure manner following generally accepted industry best practice guidelines.

1.11 Data Verification

The Authors have reviewed historical data and information regarding historical exploration work on the Property, and as provided by the Issuer, Loyalist Exploration Ltd. The Authors have no reason to doubt the adequacy of historical sample preparation, security and analytical procedures, and have a high level of confidence in the historical information and data and its use for the purposes of the Report.

The QP Scott Jobin-Bevans has independently reviewed the status of the mining claims held by the Issuer through the Government of Ontario’s Mining Lands Administration System (“MLAS”), an online portal which hosts information regarding mining claims in the province.

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used in the collection of data and information are consistent with good exploration and operational practices such that the data and information is reliable for the purpose of mineral exploration and the purpose of the Report.

1.12 Mineral Processing and Metallurgical Testing

There has been no mineral processing or metallurgical testing on material from the Property.

1.13 Mineral Resource Estimate

There are no mineral resource estimates for the Property.

1.14 Interpretation and Conclusions

The objectives of the Report were to prepare a NI 43-101 Technical Report for the Loveland Polymetallic Project, capturing historical information available from the Project area, evaluating this information with respect to the prospectivity of the Property, and presenting recommendations for future exploration and development on the Project.

1.15 Recommendations

It is the opinion of QP Scott Jobin-Bevans that the geological setting and character of nickel-copper-palladiumplatinum sulphide mineralization and additionally, gold mineralization discovered to date on the Loveland Polymetallic Project is of sufficient merit to justify additional exploration and development expenditures. A recommended work program, arising through the preparation of the Report and consultation with Loyalist Exploration Ltd, is provided below.

The QP Scott Jobin-Bevans recommends a two-phase exploration program consisting of an airborne Mag-EM geophysical survey with a follow-up ground truthing and prospecting program (Phase 1) and exploration diamond drilling program (Phase 2), designed to follow up on the Phase 1 geophysical and prospecting programs (Table 1-2). The estimated cost for the recommended two-phase program is approximately C$1.1M.

This two-phase work program is designed to test three main concepts:

Delineate similar geophysical anomalies to the Cominco and Hollinger zones and follow up with prospecting and subsequent diamond drilling.
Follow up on orogenic gold mineralization potential across the Property including previously identified surface gold showings and deep orogenic gold potential below the Cominco Zone through drilling.
Twin historical Cominco and Hollinger zone drill holes and extend along-strike of historical drilling for the purpose of defining a NI 43-101 compliant Mineral Resource Estimate for these two zones.

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Table 1-2. Budget estimate recommended two-phase exploration program, Loveland Polymetallic Project.

==> picture [479 x 291] intentionally omitted <==

----- Start of picture text -----

Phase 1A: Geophysical Survey
Item Description Unit No. Units C$/Unit Amount (C$)
Modern airborne survey to identify
Airborne 3D Mag/EM ea. 1 $300,000 $300,000
additional targets on Property
Geophysicist review data and identify
Geophysical Interpretation day 5 $1,000 $5,000
targets
Sub-total (C$): $305,000
Phase 1B: Ground Truthing and Prospecting
Item Description Unit No. Units C$/Unit Amount (C$)
Personnel 1 geologist and 1 geotechnician day 10 $1,250 $12,500
Field Gear Argo rental and sample supplies ea. 10 $300 $3,000
Assays Multi-element assays ea. 50 $90 $4,500
Sub-total (C$): $20,000
Phase 2: Diamond Drilling
Item Description Unit No. Units C$/Unit Amount (C$)
Test potential targets identified from
Diamond Drilling Mag/EM survey and twin key historical ea. 2,500 $225 $562,500
Cominco/Hollinger zone holes
Assays Multi-element assays every 1.5m ea. 1,650 $90 $148,500
QA/QC CRM's and duplicates ea. 250 $90 $22,500
Personnel 1 geologist and 1 geotechnician day 30 $1,250 $37,500
Sub-total (C$): $771,000
Grand Total (C$): $1,096,000
----- End of picture text -----

QP Scott Jobin-Bevans is of the opinion that the character of the Project and results to date are of sufficient merit to justify the recommended program and to move the Project, in time, through the mineral resource estimate stage. Furthermore, the proposed budget reflects the type and amount of work required for the activities being contemplated.

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2.0 INTRODUCTION

The Project is located in the prolific Timmins Gold District, Timmins-Cochrane Mining Camp, approximately 35 km northwest of the City of Timmins, Ontario, Canada (Figure 2-1).

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==> picture [447 x 229] intentionally omitted <==

Figure 2-1. Province-scale location of the Loveland Polymetallic Project (red star) in the Timmins Mining District, Timmins-Cochrane Mining Camp, northeastern Ontario, Canada (Caracle Creek, 2025).

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2.1 Purpose of the Technical Report

The quality of information, conclusions, and recommendations contained herein have been determined using information available at the time of Report preparation and data supplied by outside sources as outlined in Section 2.6 - Sources of Information and Section 27.0 - References.

2.2 Previous Technical Reports

There are no previous NI 43-101 technical reports prepared for the Issuer and this Report is the current NI 43101 Technical Report for the Loveland Polymetallic Project. There is a previous NI 43-101 technical report for the Property, dated 18 March 2024, which was prepared for STLLR Gold Inc. (“STLLR”) and authored by InnovExplo Inc. (Langton et al. , 2024).

2.3 Effective Date

The effective date of the Technical Report is 1 November 2025 (the “Effective Date”).

2.4 Qualifications of Consultants

This Report has been completed by Dr. Scott Jobin-Bevans (Principal Author) and Mr. Curtis Ferron (CoAuthor) of Caracle Creek International Consulting Inc., based in Sudbury, Ontario, Canada, (together the “Consultants” or the “Authors”). A responsibility matrix showing the report sections and sub-sections assigned to each of the QPs is provided in Table 2-1.

Table 2-1. Responsibility matrix showing assignment of sections and sub-sections in the Report.

Author	Complete Section Responsibility	Sub-Section Responsibility
Scott Jobin-Bevans P.Geo.,Caracle Creek	3.0 to 27.0	1.1.1 to 1.1.4, 1.2 to 1.15; 2.1 to 2.4; 2.6, 2.7
Curtis Ferron P.Geo.,Caracle Creek	3.0, 11.0 to 13.0, 14.0, 23.0, 24.0	1.1.4, 1.1.5, 1.2, 1.10, 1.11; 2.4 to 2.6

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Dr. Scott Jobin-Bevans and Mr. Curtis Ferron, by virtue of their education, experience, and professional association, are each considered to be a Qualified Person (“QP”), as that term is defined in NI 43-101, for the Report.

2.4.1 Author Independence

The Principal Author and QP Scott Jobin-Bevans has no beneficial interest in Loyalist Exploration Ltd., and is not an insider, associate, or affiliate of Loyalist.

Co-Author and QP Curtis Ferron holds 500,000 Restricted Stock Units (“RSU”s) in Loyalist Exploration Ltd. which convert to common shares of the Company (1:1) on 30 October 2026. Mr. Ferron considers himself to be independent of the Issuer as the holding of the RSUs does not interfere with his professional judgement regarding the preparation of the Report.

2.5 Personal Inspection

QP Curtis Ferron visited the Property on two occasions, July 2025 and October 2025, with the most recent site visit being specifically for the purposes of a Personal Inspection for the Report.

2.5.1 Site Visit (9 October 2025)

Mr. Curtis Ferron (P.Geo., M.Sc.) visited the Project on 9 October 2025, accompanied by Mr. John Der Weduwen, a local independent prospector.

Collars for drill holes LL09-04, LL10-18, and LL10-17 drilled in 2009 and 2010 by Amador over the historical Cominco Zone, were located in the field. The locations of the drill collars were verified using a handheld GPS device (Garmin 66ST) with an approximate horizontal (X, Y) accuracy of about ± 5 metres (Table 2-2). It was found that the observed collar locations were all located very close to their reported/surveyed locations (within about 4 m).

Outcrop samples were collected during the October 2025 site visit when the QP observed sheared sulphidic quartz carbonate veining in a mafic volcanic host rock in the western portion of the Property. The results of the rock grab sampling are shown in Table 2-3.

Table 2-2. Diamond drill hole collars measured by QP Curtis Ferron, 9 October 2025 site visit (WGS84 / UTM Zone 17N).

Hole ID	Historical Surveyed Coordinates	Historical Surveyed Coordinates	Field Checked Coordinates	Field Checked Coordinates	Δ (m)
	UTMX(mE)	UTMY(mN)	UTMX(mE)	UTMY(mN)
LL10-18	446265	5391932	446260	5391929	6.1
LL10-17	446227	5391965	446226	5391967	1.9
LL09-04	446382	5391943	446383	5391946	3.6

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Table 2-3. Outcrop rock grab samples collected by QP Curtis Ferron, 9 October 2025 site visit (WGS84 / UTM Zone 17N).

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Au Ag Co Cu Fe Mn Ni S
Sample ID UTMX (mE) UTMY (mN)
(ppb) (ppm) (ppm) (ppm) (%) (ppm) (ppm) (%)
W1026432 443993 5389286 2 < 0.3 38 211 8.44 1450 31 0.22
W1026433 443948 5389278 3 0.4 46 286 11.6 1720 35 0.66
W1026434 443946 5389253 3 < 0.3 28 152 5.1 920 24 0.19
W1026435 443925 5389258 3 0.7 16 178 6.03 506 16 0.41
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==> picture [342 x 164] intentionally omitted <==

Figure 2-2. Selection of photos taken during the 9 October 2025 site visit by QP Curtis Ferron. A) Turn off from Abitibi Rod on to Winter Lake Road, towards Loveland Polymetallic Project; B) Unnamed logging road on western half of Property; C) Historical drill collar LL10-18; D) Historical drill collar LL10-17; E) Outcrop along side of unnamed logging road on the Property; F) Unnamed logging road on eastern portion of the Property (Caracle Creek, 2025).

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2.5.2 Site Visit (22 July 2025)

Mr. Curtis Ferron (P.Geo., M.Sc.) visited the Project on 22 July 2025, accompanied by Mr. Errol Farr, CEO of Loyalist Exploration; Mr. Micheal White and Mr. Ibrahim Chandna of IBK Capital; and Mr. Jean-Philippe Desrochers an independent consulting geologist (Figure 2-3).

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Figure 2-3. Selection of photos taken from 22 July 2025 site visit to Property. A) Errol Farr, Ibrahim Chandna, Micheal White, and Jean-Philippe Desrochers standing in area of the historical Cominco Zone; B) Collar for historical drill hole LL08-18 (Caracle Creek, 2025).

The personal inspection was made to observe the general Property conditions and access, and to verify the locations of some of the historical drill hole collars from the work carried out by Amador, which included diamond drilling of the historical Cominco and Hollinger zones. Outcrop samples were also collected during this site visit 150 m east of the historical Cominco Zone (Table 2-4).

Travel from the City of Timmins, Ontario, takes approximately 45 minutes via Highway 101 West, Kamiskotia Road, and a series of well-maintained logging roads. From downtown Timmins, proceed west on Highway 101 for ~8 km before turning right onto Kamiskotia Road. Continue along Kamiskotia Road for 22 km, then turn left onto the Abitibi logging road, which is a well-maintained gravel road. Follow this road north for 9 km and turn left onto Winter Lake Road, proceeding for an additional 4 km. This route leads to the southeast corner of the Property, where a series of unnamed logging roads provide truck access to the eastern half. To reach the western half, continue on Winter Lake Road for another 4 km and turn right onto unnamed logging roads.

Table 2-4. Outcrop samples collected by QP Curtis Ferron, 22 July 2025 site visit (WGS84 / UTM Zone 17N).

Sample ID	UTMX (mE)	UTMY (mN)	Ag (ppm)	Co (ppm)	Cu (ppm)	Fe (%)	Mn (ppm)	Ni (ppm)	S (%)
W1026422	446464.9	5391890.17	0.05	57.8	126.5	11.6	1635	74.6	0.14
W1026423	446462.36	5391901.65	0.06	54.5	151.5	11.4	1595	76.7	0.13

During this site visit, the collar for drill hole LL08-18, drilled in 2008 by Amador over the historical Cominco Zone, was located in the field ( see Figure 2-3 and Table 2-5). The location of the drill hole collar was verified

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using a handheld GPS device (Garmin 66ST); horizontal (X, Y) accuracy was typically ± 5 metres. It was found that the observed collar location was within 6.5 m of the historical surveyed location (Table 2-5).

Table 2-5. Diamond drill hole collar measured by QP Curtis Ferron, 22 July 2025 (WGS84 / UTM Zone 17N).

Hl ID	Historical Surveyed Coordinates	Historical Surveyed Coordinates	Field Checked Coordinates	Field Checked Coordinates	Δ
oe	UTMX(mE)	UTMY(mN)	UTMX(mE)	UTMY(mN)	(m)
LL08-18	446179	5391881	446180	5391887	6.5

2.6 Sources of Information and Data

Standard professional review procedures were used by the Authors (QPs) in the preparation of the Report. The Consultants reviewed data and information provided by Loyalist and its associates and conducted a Personal Inspection (site visit) to confirm some of the data and information, as presented.

Company personnel were actively consulted post and during report preparation, as well as during the Property site visit, Company personnel include Errol Farr (CEO).

The QPs have relied on information and data supplied by the Company, including that from geological, geochemical, assay, diamond drilling, and geophysical work programs. The Report is based on internal Company technical reports, previous studies, maps, published government reports, Company letters and memoranda, and public information as cited throughout the Report and listed in Section 27.0 - References.

The mining lands system for Ontario was accessed online through the Mining Lands Administration System (“MLAS”) online platform. Digital data and historical work reports (assessment reports) were accessed online through the Ontario Ministry of Energy and Mines (“MEM”), which is under the umbrella of the megaministry, Ministry of Northern Development and Mines Natural Resources and Forests (“MNDMNRF”), previously referred to separately as the MNDM and MENDM.

The QP Scott Jobin-Bevans has not researched legal Property title or mineral rights for the Loveland Polymetallic Project and expresses no opinion as to the ownership status of the Property.

Additional information was reviewed and acquired through public online sources including SEDAR+ (www.sedarplus.ca) and at various corporate websites.

2.7 Commonly Used Terms and Units of Measure

All units in the Report are based on the International System of Units ("SI"), except for units that are industry standards, such as troy ounces for the mass of precious metals. Table 2-6 provides a list of commonly used terms and abbreviations, Table 2-7 element and mineral abbreviations, and Table 2-8 conversions for common units. Unless specified otherwise, the currency used is Canadian Dollars ("C$" or “CAD”) and coordinates are given in World Geodetic System 1984 (“WGS84”), UTM Zone 17 North (EPSG:32617; suitable between 84°W and 78°W).

Table 2-6. Commonly used units of measure, abbreviations, initialisms and technical terms.

Units of Measure/ Abbreviations			Initialisms/ Abbreviations
above mean sea level	AMSL	AA	Atomic Absorption
annum(year)	a	AGB	Abitibi Greenstone Belt
billionyears ago	Ga	APGO	Association Professional Geoscientists of Ontario

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Units of Measure/ Initialisms/
Abbreviations Abbreviations
centimetre cm ATV All-Terrain Vehicle
degree ° BCMC Boundary Cell Mining Claim
degrees Celsius °C CRM Certified Reference Material
dollar (Canadian) C$
foot ft DDH Diamond Drill Hole
gram g DFO Department of Fisheries and Oceans Canada
grams per tonne g/t EM Electromagnetic
greater than > EOH End of Hole
hectares ha EPSG European Petroleum Survey Group
hour hr FA Fire Assay
inch in GSC Geological Survey of Canada
kilo (thousand) K ICP Inductively Coupled Plasma
kilogram kg Int. Interval
kilometre km LDL Lower Detection Limit
less tan < LLD Lower Limit of Detection
litre L LOI Letter of Intent
megawatt Mw LUP Land Use Permit
metre m MAG Magnetics or Magnetometer
millimetre mm MINES Ministry of Energy Northern Development and Mines (MENDM)
million M MLO Mining Licences of Occupation
million years ago Ma MEM Ministry of Energy and Mines
nanotesla nT MNDM Ministry of Northern Development and Mines
Ministry of Northern Development and Mines Natural Resources
not analyzed na MNDMNRF
and Forests
ounce oz MNR Ministry of Natural Resources
parts per million ppm MRO Mining Rights Only
parts per billion ppb MSR Mining and Surface Rights
percent / per cent % NAD83 North American Datum 83
pound(s) lb NI 43-101 National Instrument 43-101
short ton (2,000 lb) st NSR Net Smelter Return (Royalty)
specific gravity SG OGS Ontario Geological Survey
square kilometre km2 PEO Professional Engineers Ontario
square metre m2 P.Geo. Professional Geoscientist or Professional Geologist
three-dimensional 3D QA/QC Quality Assurance / Quality Control
tonne (1,000 kg) (metric tonne) t QP Qualified Person
RC Reverse Circulation
RL Reduced Level (elevation)
ROFR Right of First Refusal
SCMC Single Cell Mining Claim
SEM Scanning Electron Microscope
SG Specific Gravity
SI International System of Units
SRM Standard Reference Material
SRO Surface Rights Only
Twp Township
UTM Universal Transverse Mercator
VMS Volcanogenic Massive Sulphide
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Table 2-7. Elements and mineral abbreviations.

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Elements Minerals
calcium Ca Act actinolite
cobalt Co Azu azurite
copper Cu Bn bornite
chromium Cr Brc brucite
gold Au Cc chalcocite
iron Fe Ccp chalcopyrite
magnesium Mg Chl chlorite
nickel Ni Ccl chrysocolla
palladium Pd Cv covellite
platinum Pt Cpr cuprite
platinum group elements PGE Dg digenite
potassium K Lim limonite
silver Ag Mag magnetite
sodium Na Mlc malachite
sulphur S Kfs potassium feldspar
Py pyrite
Qz quartz
Srp/Serp serpentine
Tlc talc
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*IMA-CNMNC approved mineral abbreviations (Warr, 2021)

Table 2-8. Conversions for common units.

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Metric Unit Imperial Measure
1 hectare 2.47 acres
1 metre 3.28 feet
1 kilometre 0.62 miles
1 gram 0.032 ounces (troy)
1 tonne 1.102 tons (short)
1 gram/tonne 0.029 ounces (troy)/ton (short)
1 tonne 2,204.62 pounds
Imperial Unit Metric Measure
1 acre 0.4047 hectares
1 foot 0.3048 metres
1 mile 1.609 kilometres
1 ounce (troy) 31.1 grams
1 ton (short) 0.907 tonnes
1 ounce (troy)/ton (short) 34.28 grams/tonne
1 pound 0.00045 tonnes
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3.0 RELIANCE ON OTHER EXPERTS

The Report has been prepared by Authors Scott Jobin-Bevans and Curtis Ferron (Caracle Creek International Consulting Inc.) for Loyalist Exploration Ltd. The Authors (QPs) have not relied on any other report, opinion or statement of another expert who is not a qualified person, or on information provided by the Issuer concerning legal, political, environmental or tax matters relevant to the Report.

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4.0 PROPERTY DESCRIPTION AND LOCATION

The Loveland Polymetallic Project is situated within the Timmins-Cochrane Mining Camp in northeastern, Ontario, Canada ( see Figure 2-1; Figure 4-1), a region with a strong mining history (gold, nickel, zinc, lead etc.), and a pro-mining Canadian province (Ontario) with regulations that reflect that history.

All known mineralization that is the focus of the Report, is located within the boundary of the mining lands that comprise the Property (Figure 4-1).

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Figure 4-1. Township-scale location of the Loveland Polymetallic Project (red boundary), Timmins Mining District (Timmins-Cochrane Mining Camp), Ontario, Canada (Caracle Creek, 2025).

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4.1 Property Location

The Property is located in the Timmins Mining Division, about 35 km northwest of the City of Timmins, and on 1:50 000 NTS map sheet 042A12 ( see Figure 4-1). The Project is situated within Loveland, Thorburn, Moberly, and Byers townships. The approximate centre of the Property is at UTM coordinate 445175 mE, 5391710 mN (WGS84, UTM Zone 17 North; EPSG:32617) and elevation within the Property ranges from about 280 to 380 m above mean sea level (“AMSL”).

4.2 Mineral Disposition

The Property comprises 6,244.28 ha, consisting of 283 contiguous unpatented Single Cell Mining Claims (“SCMC”), 3 unpatented Multi-cell Mining Claims (“MCMC”), 6 Boundary Cell Mining Claims (“BCMC”) (the “Mining Claims”), and 1 Mining Lease (the “Mining Lease”), as listed in Table 4-1 and Table 4-2, and shown in Figure 4-2. The 292 Mining Claims, which all show “Active” status, and the 1 Mining Lease, are held 100% by Loyalist Exploration Ltd. In this area of Ontario, each unpatented mining claim (SCMC) is about 21 hectares. The SCMCs and MCMCs have expiry dates ranging from 21 December 2025 to 1 June 2029.

Based on the information provided by the Company and from what is available in the public domain, the QP Scott Jobin-Bevans confirms that the Mining Claims and Mining Lease that comprise the Loveland Polymetallic Project are in good standing.

Table 4-1. Details of the 292 unpatented mining claims that comprise part of the Loveland Polymetallic Project.

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----- Start of picture text -----

Tenure ID Anniversary Tenure Type Cells Township / Area Total Available Reserve (C$)
217383 01-Jun-2029 Boundary Cell Mining Claim 1 BYERS $319,400.00
167814 02-Jul-2028 Boundary Cell Mining Claim 1 BYERS $0.00
164745 03-Feb-2027 Boundary Cell Mining Claim 1 LOVELAND $0.00
248628 03-Feb-2027 Boundary Cell Mining Claim 1 LOVELAND $0.00
188174 01-Jun-2029 Boundary Cell Mining Claim 1 LOVELAND, BYERS $303,379.00
178099 02-Jul-2028 Boundary Cell Mining Claim 1 LOVELAND, BYERS $0.00
705135 07-Feb-2026 Multi-cell Mining Claim 2 LOVELAND $0.00
587809 09-May-2027 Multi-cell Mining Claim 4 LOVELAND $0.00
704392 03-Feb-2027 Multi-cell Mining Claim 3 LOVELAND, BYERS $0.00
342746 02-Jul-2028 Single Cell Mining Claim 1 BYERS $0.00
123319 02-Jul-2028 Single Cell Mining Claim 1 BYERS $0.00
270485 02-Jul-2028 Single Cell Mining Claim 1 BYERS $0.00
256457 02-Jul-2028 Single Cell Mining Claim 1 BYERS $0.00
305062 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
143077 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
343851 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
143076 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
209175 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
305063 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
137031 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
110762 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
256991 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
282001 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
198417 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
106131 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
122687 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
340954 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
301636 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
108669 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
245517 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
137032 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
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Tenure ID Anniversary Tenure Type Cells Township / Area Total Available Reserve (C$)
312374 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
137033 08-Oct-2026 Single Cell Mining Claim 1 BYERS $0.00
135739 07-Apr-2026 Single Cell Mining Claim 1 BYERS $0.00
108758 07-Apr-2026 Single Cell Mining Claim 1 BYERS $0.00
253085 07-Apr-2026 Single Cell Mining Claim 1 BYERS $0.00
148837 08-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
302240 07-Apr-2026 Single Cell Mining Claim 1 BYERS $0.00
276437 21-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
109989 21-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
276436 21-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
282002 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
134196 21-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
306997 21-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
276435 21-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
345254 21-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
298727 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
280141 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
221375 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
113385 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
113384 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
201320 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
311937 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
209340 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
156685 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
209341 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
311938 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
256483 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
238450 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
311936 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
253492 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
302223 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
215411 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
280143 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
317671 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
280142 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
243800 29-Apr-2026 Single Cell Mining Claim 1 BYERS $0.00
251825 29-Apr-2026 Single Cell Mining Claim 1 BYERS $0.00
338252 06-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
279294 06-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
243426 06-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
223259 06-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
223260 06-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
316680 06-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
131433 06-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
231284 06-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
338251 06-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
105940 06-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
250760 20-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
316679 20-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
204455 06-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
204456 06-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
198883 21-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
335868 20-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
198882 21-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
150140 21-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
335927 21-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
192353 21-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
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Tenure ID Anniversary Tenure Type Cells Township / Area Total Available Reserve (C$)
327190 21-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
192355 21-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
159800 21-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
192354 21-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
213713 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
243592 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
122882 18-Apr-2026 Single Cell Mining Claim 1 BYERS $0.00
289571 18-Apr-2026 Single Cell Mining Claim 1 BYERS $0.00
108670 18-Apr-2026 Single Cell Mining Claim 1 BYERS $0.00
299679 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
251632 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
251631 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
339048 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
251633 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
317670 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
213714 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
184339 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
184340 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
263652 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
298728 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
243591 15-Aug-2026 Single Cell Mining Claim 1 BYERS $0.00
316504 20-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
309783 20-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
175738 20-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
185068 20-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
175739 20-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
317828 20-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
316505 20-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
131887 20-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
151981 20-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
175740 20-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
270574 20-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
262481 20-Dec-2026 Single Cell Mining Claim 1 BYERS $0.00
834192 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834176 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834175 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
804535 07-Mar-2026 Single Cell Mining Claim 1 BYERS $0.00
834206 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
804532 07-Mar-2026 Single Cell Mining Claim 1 BYERS $0.00
834184 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
804533 07-Mar-2026 Single Cell Mining Claim 1 BYERS $0.00
834182 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834174 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834186 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834181 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834197 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834203 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
705119 07-Feb-2026 Single Cell Mining Claim 1 BYERS $0.00
834190 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834178 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
804534 07-Mar-2026 Single Cell Mining Claim 1 BYERS $0.00
834173 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834191 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834179 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834189 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834185 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834200 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
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Tenure ID Anniversary Tenure Type Cells Township / Area Total Available Reserve (C$)
834204 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834207 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834205 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834201 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
705121 07-Feb-2026 Single Cell Mining Claim 1 BYERS $0.00
804536 07-Mar-2026 Single Cell Mining Claim 1 BYERS $0.00
834195 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834198 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
804531 07-Mar-2026 Single Cell Mining Claim 1 BYERS $0.00
834196 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834199 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834194 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
804530 07-Mar-2026 Single Cell Mining Claim 1 BYERS $0.00
834193 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834177 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834202 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834180 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834188 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834187 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834183 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
834172 02-Jun-2026 Single Cell Mining Claim 1 BYERS $0.00
705123 07-Feb-2026 Single Cell Mining Claim 1 BYERS $0.00
212078 03-Feb-2027 Single Cell Mining Claim 1 LOVELAND $0.00
260080 03-Feb-2027 Single Cell Mining Claim 1 LOVELAND $0.00
230787 03-Feb-2027 Single Cell Mining Claim 1 LOVELAND $0.00
113488 03-Feb-2027 Single Cell Mining Claim 1 LOVELAND $0.00
192157 02-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
287439 02-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
140145 02-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
308169 02-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
283219 02-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
105034 02-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
331001 29-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
229437 29-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
287441 29-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
342846 25-Aug-2026 Single Cell Mining Claim 1 LOVELAND $0.00
272439 25-Aug-2026 Single Cell Mining Claim 1 LOVELAND $0.00
254068 25-Aug-2026 Single Cell Mining Claim 1 LOVELAND $0.00
331000 25-Aug-2026 Single Cell Mining Claim 1 LOVELAND $0.00
187923 25-Aug-2026 Single Cell Mining Claim 1 LOVELAND $0.00
342847 25-Aug-2026 Single Cell Mining Claim 1 LOVELAND $0.00
217243 25-Aug-2026 Single Cell Mining Claim 1 LOVELAND $0.00
105033 25-Aug-2026 Single Cell Mining Claim 1 LOVELAND $0.00
235760 25-Aug-2026 Single Cell Mining Claim 1 LOVELAND $0.00
291274 25-Aug-2026 Single Cell Mining Claim 1 LOVELAND $0.00
105032 25-Aug-2026 Single Cell Mining Claim 1 LOVELAND $0.00
254069 25-Aug-2026 Single Cell Mining Claim 1 LOVELAND $0.00
344502 29-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
110899 29-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
202490 29-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
238938 29-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
144484 29-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
209795 29-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
238939 29-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
275172 29-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
335193 29-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
238940 29-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
----- End of picture text -----

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----- Start of picture text -----

Tenure ID Anniversary Tenure Type Cells Township / Area Total Available Reserve (C$)
258515 29-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
312999 29-Sep-2026 Single Cell Mining Claim 1 LOVELAND $0.00
252331 08-Jun-2026 Single Cell Mining Claim 1 LOVELAND $0.00
659153 01-Jun-2029 Single Cell Mining Claim 1 LOVELAND $0.00
705751 09-Feb-2026 Single Cell Mining Claim 1 LOVELAND $0.00
705750 09-Feb-2026 Single Cell Mining Claim 1 LOVELAND $0.00
705755 09-Feb-2026 Single Cell Mining Claim 1 LOVELAND $0.00
705996 10-Feb-2026 Single Cell Mining Claim 1 LOVELAND $0.00
705754 09-Feb-2026 Single Cell Mining Claim 1 LOVELAND $0.00
705998 10-Feb-2026 Single Cell Mining Claim 1 LOVELAND $0.00
705752 09-Feb-2026 Single Cell Mining Claim 1 LOVELAND $0.00
705753 09-Feb-2026 Single Cell Mining Claim 1 LOVELAND $0.00
659188 01-Jun-2029 Single Cell Mining Claim 1 LOVELAND $0.00
705997 10-Feb-2026 Single Cell Mining Claim 1 LOVELAND $0.00
705749 09-Feb-2026 Single Cell Mining Claim 1 LOVELAND $0.00
659187 01-Jun-2029 Single Cell Mining Claim 1 LOVELAND $0.00
705999 10-Feb-2026 Single Cell Mining Claim 1 LOVELAND $0.00
209737 02-Jul-2028 Single Cell Mining Claim 1 LOVELAND, BYERS $0.00
110900 02-Jul-2028 Single Cell Mining Claim 1 LOVELAND, BYERS $0.00
335731 02-Sep-2026 Single Cell Mining Claim 1 LOVELAND, BYERS $0.00
287440 02-Sep-2026 Single Cell Mining Claim 1 LOVELAND, BYERS $0.00
174184 29-Sep-2026 Single Cell Mining Claim 1 LOVELAND, BYERS $0.00
344503 29-Sep-2026 Single Cell Mining Claim 1 LOVELAND, BYERS $0.00
157818 29-Sep-2026 Single Cell Mining Claim 1 LOVELAND, BYERS $0.00
185399 08-Jun-2026 Single Cell Mining Claim 1 LOVELAND, BYERS $0.00
705120 07-Feb-2026 Single Cell Mining Claim 1 LOVELAND, BYERS $0.00
705122 07-Feb-2026 Single Cell Mining Claim 1 LOVELAND, BYERS $0.00
724152 11-May-2029 Single Cell Mining Claim 1 LOVELAND, BYERS $0.00
834242 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834248 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834259 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834265 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834240 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834249 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834260 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834208 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834247 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834241 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834258 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834246 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834250 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834263 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834262 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834252 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834214 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834255 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834264 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834256 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834261 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834254 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834245 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834257 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834243 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834251 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834210 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834244 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834212 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
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----- Start of picture text -----

Tenure ID Anniversary Tenure Type Cells Township / Area Total Available Reserve (C$)
834253 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY $0.00
834215 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY, BYERS $0.00
834211 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY, BYERS $0.00
834213 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY, BYERS $0.00
834209 02-Jun-2026 Single Cell Mining Claim 1 MOBERLY, BYERS $0.00
139599 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
128052 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
287392 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
295404 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
107443 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
107442 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
335686 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
191593 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
229391 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
210360 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
287393 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
335685 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
145558 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
145557 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
174144 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
308129 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
107444 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
128051 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
229390 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
308130 19-Dec-2026 Single Cell Mining Claim 1 THORBURN $0.00
107488 02-Sep-2026 Single Cell Mining Claim 1 THORBURN, LOVELAND $0.00
140144 02-Sep-2026 Single Cell Mining Claim 1 THORBURN, LOVELAND $0.00
330999 02-Sep-2026 Single Cell Mining Claim 1 THORBURN, LOVELAND $0.00
135406 25-Aug-2026 Single Cell Mining Claim 1 THORBURN, LOVELAND $0.00
181873 25-Aug-2026 Single Cell Mining Claim 1 THORBURN, LOVELAND $0.00
330998 25-Aug-2026 Single Cell Mining Claim 1 THORBURN, LOVELAND $0.00
135405 25-Aug-2026 Single Cell Mining Claim 1 THORBURN, LOVELAND $0.00
THORBURN, MOBERLY,
107489 02-Sep-2026 Single Cell Mining Claim 1 $0.00
LOVELAND, BYERS
292 Total Available Reserve (C$): $622,779.00
----- End of picture text -----

Table 4-2. Details of the 1 Mining Lease that comprises part of the Loveland Polymetallic Project.

Tenure Number	Title Type	Disposition	Area (ha)
LEA-107503	Lease	Mining and Surface Rights	164.132

4.2.1 Property Holding Costs

The 283 SCMCs each require $400 per year in approved assessment work to keep current, amounting to $113,200 per year, the three MCMCs require a total of $3,600 of approved assessment credits per year, and the BCMCs require a total of $1,200 per year, adding up to a grand total of $118,000 per year. There is currently $622,779 in approved assessment work credits (Exploration Reserve) on the Property which can be used against future annual assessment requirements.

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Loyalist Exploration: Loveland Polymetallic Project, Ontario NI 43-101 Technical Report

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Figure 4-2. Land tenure of the Loveland Polymetallic Project showing the 292 unpatented Single Cell Mining Claims, Multi-cell Mining Claims, Boundary Cell Mining Claims, and 1 Mining Lease (Caracle Creek, 2025).

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4.3 Transaction Terms and Agreements

In a Purchase and Sale Agreement dated 30 June 2025 (the “Agreement”), Loyalist Exploration Ltd. acquired the 292 Mining Claims and 1 Mining Lease that comprise the Property from STLLR Gold Inc. The Agreement consisted of a cash payment of $250,000, the issuance of 10,000,000 Loyalist common shares, and STLLR retaining a 2.0% Net Smelter Return Royalty (“NSR”), providing Loyalist with an option to buy-back 1.0% of the NSR for C$1 million. The cash payment and share issuance have been made to STLLR.

4.4 Mining Lands Tenure System in Ontario

Traditional claim staking (physical staking) in Ontario came to an end on 8 January 2018 and on 10 April 10 2018, the Ontario Government converted all existing claims (referred to as Legacy Claims) into one or more “cell” claims (SCMC), “boundary” claims (BCMC), or “multi-cell” claims (MCMC), as part of their new provincial grid system to be used in the online staking process. Mining claims are registered and administrated through the Ontario MLAS, the online electronic system established by the Ontario Government for this purpose.

4.4.1 Provincial Grid System (Online Staking)

The provincial grid system is latitude- and longitude-based and is made up of more than 5.2 million cells ranging in size from 17.7 ha in the north to 24.0 ha in the south. A BCMC means that the mining claim cell is a partial cell and that the cell is shared with another claim holder. If, at any time, the other claim holder was to abandon or forfeit their portion of any of the BCMC, it would be converted to a SCMC and the balance of the map cell would become part of the property. Dispositions such as leases, patents, and licences of occupation were not affected by the new system.

4.4.2 Unpatented Mining Claims

Mining claims can only be obtained by an entity (person or company) that holds a Prospector’s Licence granted by the MEM (“prospector”). Once the mining claim has been recorded using the online MLAS, the prospector is permitted to conduct exploratory and assessment work on the subject lands. To maintain the mining claim and keep it in good standing, the prospector must adhere to relevant staking regulations and conduct all prescribed work thereon. The prescribed work is currently set at $400 per annum per 16-hectare mining claim unit (SCMC). The first year of approved assessment work for a mining claim must be completed within two years from the recording of the mining claim (Anniversary Date).

In Ontario, you can pay money instead of doing physical assessment work on mining claims, known as a Payment in Lieu of Work (“PILW”), under specific regulations, allowing claim holders to maintain their claims by contributing funds to the MEM which are then applied to assessment credits, rather than physically working the ground. PILW can only be made after the first year of approved assessment work has been completed and applied to the mining claim.

A mining claim can be transferred, charged or mortgaged by the prospector without obtaining any consents. Notice of the change of owner of the mining claim is recorded in the mining registry maintained by the MEM.

No minerals may be extracted from lands that are the subject of a mining claim – the prospector must possess either a mining lease or a freehold interest to mine the land, subject to all provisions of the Ontario Mining Act.

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4.4.3 Limits on Distribution of Assessment Credits

The amount of assessment work credits that may be distributed from a reserve for a mining claim or for other mining lands to a mining claim at any given time is subject to the following limitations:

The amount of assessment work credits distributed to a mining claim shall not exceed the amount required to satisfy the annual units of assessment work required for the assessment year in which the distribution is made and the five subsequent assessment years.
The maximum amount of assessment work credits that may be allocated from the reserve for a mining claim to one or more contiguous mining claims in any assessment year is:
i. $50,000.00, in the case of an allocation from the reserve for a boundary claim or a cell claim comprised of one or two cells;
ii. $100,000.00, in the case of an allocation from the reserve for a multi-cell claim comprised on three to five cells; or
iii. $150,000.00, in the case of an allocation from the reserve for a multi-cell claim comprised of six to 25 cells.

The maximum amount of assessment work credits that may be allocated from the reserve for mining lands other than a mining claim to one or more contiguous mining claims in any calendar year is:

i. $50,000.00, in the case of mining lands that are no larger than 25 hectares;
ii. $100,000.00, in the case of mining lands that are larger than 25 hectares but no larger than 100 hectares; or
iii. $150,000.00, in the case of mining lands that are larger than 100 hectares.

4.4.4 Mining Lease

If a prospector wants to extract minerals, the prospector may apply to the MEM for a mining lease. A mining lease, which is usually granted for a term of 21 years, grants an exclusive right to the lessee to enter upon and search for, and extract, minerals from the land, subject to the prospector obtaining other required permits and adhering to applicable regulations.

Pursuant to the provisions of the Ontario Mining Act (the “Act”), the holder of a mining claim is entitled to a lease if it has complied with the provisions of the Act in respect of those lands. An application for a mining lease may be submitted to the MEM at any time after the first prescribed unit of work in respect of the mining claim is performed and approved. The application for a mining lease must specify whether it requests a lease of mining and surface rights or mining rights only and requires the payment of fees.

A mining lease can be renewed by the lessee upon submission of an application to the MEM within 90 days before the expiry date of the lease, provided that the lessee provides the documentation and satisfies the criteria set forth in the Act in respect of a lease renewal.

A mining lease cannot be transferred or mortgaged by the lessee without the prior written consent of the MEM. The consent process generally takes between two and six weeks and requires the lessee to submit various documentations and pay a fee.

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4.4.5 Freehold Mining Lands

A prospector interested in removing minerals from the ground may, instead of obtaining a mining lease, make an application to the MNDMNRF (previously the Ministry of Natural Resources or MNR) to acquire the freehold interest in the subject lands. If the application is approved, the freehold interest is conveyed to the applicant by way of the issuance of a mining patent. A mining patent can include surface and mining rights (SMR) or mining rights only (MRO).

The issuance of mining patents is much less common today than in the past, and most prospectors will obtain a mining lease in order to extract minerals. If a prospector is issued a mining patent, the mining patent vests in the patentee all of the provincial Crown’s title to the subject lands and to all MEM and minerals relating to such lands, unless something to the contrary is stated in the patent.

As the holder of a mining patent enjoys the freehold interest in the lands that are the subject of such patent, no consents are required for the patentee to transfer or mortgage those lands.

4.4.6 Licence of Occupation

Prior to 1964, Mining Licences of Occupation (“MLO”) were issued, in perpetuity, by the MEM to permit the mining of minerals under the beds of bodies of water. MLOs were associated with portions of mining claims overlying adjacent land. As an MLO is held separate and apart from the related mining claim, it must be transferred separately from the transfer of the related mining claim. The transfer of an MLO requires the prior written consent of the MEM. As an MLO is a licence, it does not create an interest in the land.

4.4.7 Land Use Permit

Prospectors may also apply for and obtain a Land Use Permit (“LUP”) from the MNR. An LUP is considered to be the weakest form of mining tenure. It is issued for a period of 10 years or less and is generally used where there is no intention to erect extensive or valuable improvements on the subject lands. LUPs are often obtained when the land is to be used for the purposes of an exploration camp. When an LUP is issued, the MNR retains future options for the subject lands and controls its use. LUPs are personal to the holder and cannot be transferred or used as security.

4.5 Mining Law - Province of Ontario

In the Province of Ontario, The Mining Act (the “Act”) is the provincial legislation that governs and regulates prospecting, mineral exploration, mine development and rehabilitation. The purpose of the Act is to encourage prospecting, online mining claim registration and exploration for the development of mineral resources, in a manner consistent with the recognition and affirmation of existing Aboriginal and treaty rights in Section 35 of the Constitution Act, 1982, including the duty for the Crown to consult, and to minimize the impact of these activities on public health and safety and the environment. The most significant recent update to the Act came through the Building More Mines Act, 2023 (BMMA), with its associated regulations taking effect on 1 April 2024, streamlining permitting and modifying rehabilitation rules.

4.5.1 Required Plans and Permits

In Ontario, there are two types of applications that must considered prior to a prospector starting an exploration program. An Exploration Plan is a document provided to the MEM by an Early Exploration Proponent indicating the location and dates for prescribed early exploration activities. An Exploration Permit

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is an instrument which allows an Early Exploration Proponent to carry out prescribed early exploration activities at specific times and in specific locations. An Exploration Plan or Exploration Permit must be submitted prior to undertaking any of the prescribed work listed by the Ministry but neither of these permits are necessary on Crown Patents (patented lands).

4.5.1.1. Exploration Plans

Exploration Plans are used to inform Aboriginal Communities, Government, Surface Rights Owners and other stakeholders about these activities. In order to undertake certain prescribed exploration activities, an Exploration Plan application must be submitted, and any surface rights owners must be notified. Aboriginal communities potentially affected by the Exploration Plan activities will be notified by the MEM and have an opportunity to provide feedback before the proposed activities can be carried out.

Early Exploration Proponents who wish to undertake prescribed exploration activities on claims, leases or licences of occupation must submit an Exploration Plan. The early exploration activities that require an Exploration Plan are:

Line cutting that is a width of 1.5 m or less;
Geophysical surveys on the ground requiring the use of a generator;
Mechanized stripping a total surface area of less than 100 square metres within a 200metre radius;
Excavation of bedrock that removes one cubic metre and up to three cubic metres of material within a 200-metre radius; and
Use of a drill that weighs less than 150 kilograms.

Exploration Plan applications should be submitted directly to the MEM at least 35 days prior to the expected commencement of activities. Submission of an Exploration Plan is mandatory.

4.5.1.2. Exploration Permits

Exploration Permits include terms and conditions that may be used to mitigate potential impacts identified through the consultation process. Some prescribed early exploration activities will require an Exploration Permit. Those activities will only be allowed to take place once the permit has been approved by the MEM.

Surface rights owners must be notified when applying for an Exploration Permit. Aboriginal communities potentially affected by the Exploration Permit activities will be consulted by the MEM and have an opportunity to provide comments and feedback before a decision is made on the Exploration Permit. Permit proposals will be posted for comment on the Ontario Ministry of the Environment Environmental Registry for 30 days.

Early Exploration Proponents who wish to undertake prescribed exploration activities on claims, leases or licences of occupation should submit an Exploration Permit application. The early exploration activities that require an Exploration Permit are:

Line cutting that is a width greater than 1.5 metres;
Mechanized stripping of a total surface area of greater than 100 square metres within a 200-metre radius (and below advanced exploration thresholds);
Excavation of bedrock that removes more than three cubic metres of material within a 200-metre radius; and
Use of a drill that weighs more than 150 kilograms.

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Exploration Permit applications should be submitted directly to the MEM at least 55 days prior to the expected commencement of activities. Submission of an Exploration Permit is mandatory.

4.6 Surface Rights and Legal Access

4.7 Current Permits and Work Status

The Company has 1 active Exploration Permit on the Property (Table 4-3). As of the Effective Date of the Report, no exploration work programs were being conducted on the Property.

Table 4-3. Summary of Exploration Permit issued for the Loveland Polymetallic Project.

Permit	Issued	Expiry	Type	Proponent	Township	District	Description of Work
PR-23-000279	26-Oct-24	25-Oct-27	Exploration	Loyalist	Loveland, Byers	Cochrane	line cutting, geophysical work,mechanized drilling

4.8 Community Consultation

Based on historical documents provided by Loyalist, the previous owners of the Property, STLLR Gold Inc. (formerly Moneta Gold Inc.) had conducted some initial consultation with the below listed First Nations:

Wabun Tribal Council
Taykwa Tagamou Nation
Metis Nation of Ontario

4.9 Environmental Liabilities and Studies

The QP Scott Jobin-Bevans is not aware of any environmental liabilities on the Property.

4.10 Royalties, Agreements and Encumbrances

In a Purchase and Sale Agreement dated 30 June 2025, Loyalist Exploration Ltd. acquired the Mining Claims and the Mining Lease from STLLR. In addition to cash and share payments, the Agreement assigned to STLLR a 2.0% NSR, providing Loyalist with an option to buy-back 1.0% of the NSR for C$1 million.

The QP Scott Jobin-Bevans is not aware of any other royalties, agreements or encumbrances with respect to the Property.

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4.11 Other Significant Factors and Risks

The QP Scott Jobin-Bevans is not aware of any significant factors that may affect access, title, or the right or ability to perform the proposed exploration work program ( see Section 26.0 – Recommendations).

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5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

5.1 Access to Property

From downtown Timmins, proceed west on Highway 101 for ~8 km before turning right onto Kamiskotia Road. Continue along Kamiskotia Road for 22 km, then turn left onto the Abitibi logging road, which is a wellmaintained gravel road. Follow this road north for 9 km and turn left onto Winter Lake Road, proceeding for an additional 4 kilometres. This route leads to the southeast corner of the Property, where a series of unnamed logging roads provide truck access to the eastern half. To reach the western half, continue on Winter Lake Road for another 4 km and turn right onto unnamed logging roads.

5.2 Access and Surface Rights

The surface rights associated with the Mining Claims are owned by the Government of Ontario (Crown Land) and access to these areas of the Property is unrestricted. The Mining Lease contains both mining and surface rights so no notification to the surface rights holder is required.

5.3 Climate and Operating Season

The local climate is typical of northeastern Ontario, categorized as a continental climate with cold winters and relatively short hot summers (Figure 5-1).

==> picture [335 x 284] intentionally omitted <==

Figure 5-1. Average annual temperature, precipitation and daylight hours, Timmins, Ontario (climate.top website, 2024).

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The Property is easily accessible, and exploration work can continue year-round. Occasionally, fieldwork is not permitted between May and August due to forest fire danger at which time the ministry may prohibit access.

5.4 Local Resources and Infrastructure

Supplies, food, fuel, lodging and the full range of equipment, supplies and services that are required for exploration and mining work are available in Timmins (35 km southeast), the fourth-largest city in northeastern Ontario (pop. 41,145 in 2021).

5.4.1 Sufficiency of Potential Surface Rights

Although a relatively early-stage project in terms of a mining decision, there is sufficient suitable land area available within the current Property boundary and within the region in general, for any future tailings disposal, mine waste disposal, and potential processing plant sites.

5.5 Physiography

The Property lies within the Abitibi upland physiographic region and has a typical “Laurentian Shield” landscape, composed of forest covered ridges, relatively few rock outcrops (generally <10% exposure) boulder and gravel tills, as well as swampy tracts, ephemeral spring-runoff stream beds and swales, beaver ponds, and small lakes.

Thick fine-grained, glaciolacustrine deposits subdue local landscape and form terrain characterized by broad, poorly drained, swampy conditions. Overburden, predominantly glacial till consisting of sand, clay, loose gravel and boulders, averages about 10-30 metres.

5.5.1 Topography

In general, the area is well drained with moderate topographic relief and minor, steep depressions along river and stream routes. It is largely a low relief, bedrock-dominated peneplain with isolated, lithology controlled topographic highs. Locally, glacial landforms add to relief which is generally less than 15 metres. Elevations on the Property range from 280 to 380 m AMSL with sand and outcrop ridges generally trending north-south.

5.5.2 Water Availability

Water accessibility is excellent throughout the year, with several small ponds and numerous swampy areas associated with small lakes and creeks, and a shallow water table.

5.5.3 Flora and Fauna

The Property lies within the Boreal Shield Ecozone (“BSE”), as defined by the Commission for Environmental Cooperation (“CEC”) and is the largest ecozone in Canada.

Tree species in the BSE include white and black spruce, balsam fir, tamarack, trembling aspen (poplar), white and red pine, jack pine, maple, eastern red cedar, eastern hemlock, paper birch, speckled alder, pin cherry, and mountain ash. Many of the forests in the area have been designated for cutting or have already been cut by forestry companies, leaving a majority of secondary growth forests. Other plants include ericaceous shrubs, sphagnum moss, willow, Labrador tea, blueberries, feathermoss, cotton grass, sedges, kalmia heath, shield fern, goldenrod, water lilies, horsetails and cattails.

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Mammals include moose, black bear, wolf, chipmunk, beaver, muskrat, snowshoe hare, vole, red squirrel, mice, marten, short-tailed weasel, fisher, ermine, mink, river otter, coyote, and red fox. Garter snakes and frogs are also present. Waterfowl are seen on lakes during the ice-free season, and fish can be abundant in some lakes and the larger perennial streams.

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6.0 HISTORY

The Timmins-Porcupine Mining District of Ontario was founded in 1908 after the discovery of gold in the Ontario portion of the Abitibi Greenstone Belt (“AGB”) near Timmins. Since then, gold production in the region has been substantial and the Timmins region is one of the richest goldfields in the world, producing more gold than any other mining camp in Canada (about 230 tonnes).

In the early years, prospectors followed rivers and lakeshores hunting for gold and base metals, but the extensive drift-covered ridges and valleys left by the Pleistocene Laurentide Ice Sheet meant that they could not explore the area in detail. Because of immature surficial covers of the glacial landscape, there were no alluvial gold trains in creek bottoms extending from hard-rock mineralization. Without outcropping mineralization, ore deposits of all kinds remained undetected.

The advent of airborne geophysics post World War Two, allowed for new and renewed exploration campaigns in the AGB. Starting in the early 1960s, subsidiaries of the International Nickel Company of Canada Ltd. (“INCO”), private and public companies and the Ontario and Canadian governments flew airborne magnetic and electromagnetic surveys across the AGB looking for nickel sulphide deposits. The targets were magnetic anomalies reflected by a magnetic response from pyrrhotite-dominated nickel sulphide mineralization. Since many, but not all, nickel sulphide ores are dominated by semi-massive to massive pyrrhotite with associated pentlandite and chalcopyrite, they generate coincident magnetic-electromagnetic strongly conductive anomalies which are high priority targets in nickel sulphide exploration. This geophysical signature (coincident MAG-EM targets) led to the discovery of the “Type IV hydrothermal-metamorphic” nickel sulphide deposits (Layton-Matthews et al. , 2010) at and near Thompson, Manitoba in the 1950s and in subsequent decades.

Not all coincident magnetic-electromagnetic anomalies are due to pyrrhotite dominated sulphides as magnetite will naturally generate a very strong magnetic response and if present, graphite will generate a very strong conductive response. Ultramafic rocks, including extrusive komatiite flows, komatiitic channelized sheet sills, and intrusive mafic-ultramafic bodies, the host lithologies to many of the nickel sulphide ores discovered to date in the Timmins Mining Camp and the AGB, are commonly serpentinized by dynamic metamorphism which results in the generation of magnetite from oxidized iron from olivine, which in turn results in a very strong magnetic response, overwhelming weaker magnetic signatures. Serpentinization also causes a reduction in ultramafic rock density leading to coincident high mag, low gravity anomalies. Most importantly, serpentinization results in the liberation of nickel from olivine which combined with strongly reducing conditions generated from the serpentinization process, forms iron-nickel alloy (awaruite) and/or the upgrading of primary nickel sulphides (pentlandite and pyrrhotite) to higher nickel tenor sulphides (heazlewoodite & millerite). This in comparison to “fresh” non-serpentinized ultramafic rocks which have relatively high specific gravity, a relatively low magnetic signature, and nickel that is trapped in silicate minerals (olivine).

The enormous number of magnetic and conductive anomalies generated by airborne and ground geophysical surveys and the masking of a “clean” response from potential nickel sulphide deposits, by both magnetic and electromagnetic effects, means that not all targets may have been tested and/or delineated (Jobin-Bevans et al. , 2020). In the Timmins region of the AGB, and specifically within the area covered by the Project, outcrop exposure is very poor, and as such, work programs of geophysical surveys and drilling are the best options for exploration.

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6.1 Prior Ownership and Ownership Changes

In a Purchase and Sale Agreement dated 30 June 2025 (the “Agreement”), Loyalist Exploration Ltd. acquired the 292 Mining Claims and the 1 Mining Lease that comprise the Property, from STLLR ( see Section 4.3 – Transaction Terms and Agreements).

6.2 Historical Exploration Work

A summary of the most significant historical exploration within the current Property boundary is provided in Table 6-1. This list is not exhaustive as some of the assessment work filed and available through the Ontario Assessment File Database (OAFD) covers only part of the area within the Property boundary. This section provides a summary of relevant exploration within the Property boundary.

Historical results from exploration work on or proximal to the Project have not been verified by the QP Scott Jobin-Bevans or a Qualified Person associated with the Company, and as such are not necessarily indicative of the results to be found within the Project.

Table 6-1. Summary of historical exploration work within the Property boundary of the Loveland Polymetallic Project.

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File ID Period Company/Prospector Township Work Description
Electromagnetic Very Low Frequency,
20000021406 2023 - 2023 Glencore Canada Corp. Moberly
Magnetic / Magnetometer Survey
20000020278 2022 - 2022 D Fudge Loveland Prospecting By Licence Holder
20000007446 2012 - 2012 Crown Gold Corp. Thorburn Diamond Drilling
Amador Gold Corp., Bruce Francis Pigeon,
20000006780 2009 - 2010 Loveland Assaying and Analyses, Diamond Drilling
Lance H Eden, Larry Noel Gervais
Induced Polarization, Linecutting,
20000005914 2009 - 2010 Crown Minerals Inc Moberly
Magnetic / Magnetometer Survey
20000006718 2009 - 2010 Melkior Resources Inc Loveland Assaying and Analyses, Diamond Drilling
20000000167 2007 - 2009 Amador Gold Corp. Thorburn Assaying and Analyses, Diamond Drilling
Airborne Electromagnetic, Airborne
20000004279 2008 - 2009 Melkior Resources Inc Loveland
Magnetometer
20000004020 2009 - 2009 Rykala Resources Inc Byers Assaying and Analyses, Diamond Drilling
Electromagnetic Very Low Frequency,
20000003717 2009 - 2009 Rykala Resources Inc Loveland Linecutting, Magnetic / Magnetometer
Survey
20000004376 2009 - 2009 Crown Minerals Inc, Rykala Resources Ltd Byers Induced Polarization, Linecutting
Electromagnetic Very Low Frequency,
20000002937 2008 - 2008 Amador Gold Corp. Byers Linecutting, Magnetic / Magnetometer
Survey
20000002626 2007 - 2008 Exsics Exploration Ltd Byers Induced Polarization, Linecutting
Electromagnetic Very Low Frequency,
20000002759 2008 - 2008 Amador Gold Corp. Byers Linecutting, Magnetic / Magnetometer
Survey
Electromagnetic Very Low Frequency,
20000003325 2008 - 2008 Rykala Resources Inc Byers Linecutting, Magnetic / Magnetometer
Survey
Gradiometric, Induced Polarization,
20000005849 2007 - 2008 Western Kidd Resources Inc Loveland
Linecutting
20000004115 2008 - 2008 Amador Gold Corp. Byers Downhole Geophysics
Electromagnetic Very Low Frequency,
20000003287 2008 - 2008 Amador Gold Corp. Byers Induced Polarization, Linecutting,
Magnetic / Magnetometer Survey
20000002048 2007 - 2007 Amador Gold Corp. Byers Induced Polarization, Linecutting
20000002870 2007 - 2007 Amador Gold Corp. Byers Assaying and Analyses, Diamond Drilling
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File ID Period Company/Prospector Township Work Description
Electromagnetic Very Low Frequency,
20000001964 2007 - 2007 Larry Noel Gervais Byers Linecutting, Magnetic / Magnetometer
Survey
20000002577 2007 - 2007 Moneta Porcupine Mines Inc Byers Electromagnetic, Linecutting
Electromagnetic, Linecutting, Magnetic /
20000000818 2005 - 2005 Falconbridge Ltd Byers
Magnetometer Survey
Induced Polarization, Linecutting,
20000001097 2005 - 2005 Larry Gervais Byers
Magnetic / Magnetometer Survey
Electromagnetic, Linecutting, Magnetic /
42A12NE2064 2004 - 2005 Douglas Lalonde, R Robitaille Loveland
Magnetometer Survey
Electromagnetic, Linecutting, Recutting
20000000421 2005 - 2005 Larry Gervais Byers
Claim Lines Once Every 5 Years
Consolidated Big Valley Resources Inc, Airborne Electromagnetic, Airborne
20000000860 2005 - 2005 Douglas Joseph Lalonde, Robert Rocky Byers Magnetometer, Assaying and Analyses,
Robitaille, Sheldon Leslie Davis Diamond Drilling
20000002835 2004 - 2005 Falconbridge Ltd Byers Assaying and Analyses, Diamond Drilling
Electromagnetic, Linecutting, Magnetic /
20000000902 2004 - 2005 Inco Ltd Byers Magnetometer Survey, Prospecting By
Licence Holder
Electromagnetic, Linecutting, Magnetic /
20000000821 2005 - 2005 Falconbridge Ltd Byers
Magnetometer Survey
Electromagnetic, Induced Polarization,
42A12NE2060 2004 - 2004 Moneta Porcupine Mines Inc Loveland Linecutting, Magnetic / Magnetometer
Survey
Electromagnetic, Linecutting, Magnetic /
20000000965 2004 - 2004 Falconbridge Ltd Timmins
Magnetometer Survey
42A12NE2059 2004 - 2004 Douglas Joseph Lalonde Byers Electromagnetic, Linecutting
20000002790 2004 - 2004 Falconbridge Ltd Byers Assaying and Analyses, Diamond Drilling
Linecutting, Magnetic / Magnetometer
42A12NE2058 2003 - 2004 Douglas Joseph Lalonde Byers
Survey
Linecutting, Magnetic / Magnetometer
42A12NE2045 2003 - 2003 Moneta Porcupine Mines Inc Loveland
Survey
Linecutting, Magnetic / Magnetometer
42A12NE2047 2003 - 2003 Larry Noel Gervais Loveland
Survey
42A13SE2009 2001 - 2001 Inco Exploration & Technical Services Inc Thorburn Electromagnetic, Open Cutting
Douglas Joseph Lalonde, Frank Renaudat, Assaying and Analyses, Diamond Drilling,
42A13SE2010 2001 - 2001 Thorburn
Ronald Gregory Godin Electromagnetic
42A13SE2007 2000 - 2000 Douglas Joseph Lalonde Thorburn [Geochemical, Manual Labour, Prospecting ]
By Licence Holder
Charles R Morgan, Paul Emile Plamondon, Geological Survey / Mapping, Overburden
42A12NE2030 2000 - 2000 Loveland
Reginald T J Barnes Stripping
Induced Polarization, Magnetic /
42A13SE2002 1999 - 1999 Douglas Joseph Lalonde Thorburn
Magnetometer Survey, Open Cutting
42A12NE0076 1997 - 1997 Reginald T J Barnes Loveland [Bedrock Trenching, Prospecting By Licence ]
Holder
Geological Survey / Mapping, Mechanical,
42A12NE0064 1996 - 1996 C Morgan, R Barnes Loveland
Overburden Stripping
Assaying and Analyses, Diamond Drilling,
42A12NE0073 1995 - 1996 Driver Resources Ltd Loveland Induced Polarization, Magnetic /
Magnetometer Survey, Open Cutting
42A12NE0788 1990 - 1990 Noranda Exploration Co Ltd Loveland Diamond Drilling
42A12NE0009 1990 - 1990 Noranda Exploration Co Ltd Thorburn Diamond Drilling
Electromagnetic Very Low Frequency,
42A12NW0101 1989 - 1989 Pamorex Minerals Inc Byers
Magnetic / Magnetometer Survey
42A12NE0014 1988 - 1988 Noranda Exploration Co Ltd Thorburn Geological Survey / Mapping
Electromagnetic, Magnetic /
42A12NE0017 1988 - 1988 Noranda Exploration Co Ltd Thorburn
Magnetometer Survey
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File ID Period Company/Prospector Township Work Description
Electromagnetic, Magnetic /
42A12NE0601 1988 - 1988 Noranda Exploration Co Ltd Moberly
Magnetometer Survey
20000005036 1982 - 1982 Gulf Minerals Canada Ltd Loveland Airborne Electromagnetic
42A14SW0561 1981 - 1981 Gulf Minerals Canada Ltd Reid Airborne Magnetometer
42A12NW0602 1979 - 1979 Hollinger Mines Ltd Moberly Diamond Drilling
Electromagnetic, Electromagnetic Very
42A12NE0803 1978 - 1978 Hollinger Mines Ltd Moberly Low Frequency, Magnetic / Magnetometer
Survey
Assaying and Analyses, Diamond Drilling,
42A13SE0604 1977 - 1977 Hollinger Mines Ltd Moberly
Geochemical
42A12NE0805 1977 - 1977 Hollinger Mines Ltd Moberly Electromagnetic
42A12NE0654 1977 - 1977 Cominco Ltd Loveland Electromagnetic
42A12NE0782 1975 - 1975 Hollinger Mines Ltd Loveland Diamond Drilling
42A12NE0581 1975 - 1975 Hollinger Mines Ltd Loveland Diamond Drilling
42A12NE0605 1975 - 1975 Cominco Ltd Loveland Magnetic / Magnetometer Survey
42A12NE0659 1975 - 1975 Cominco Ltd Byers Diamond Drilling, Geochemical
42A12NW0102 1974 - 1974 Cominco Ltd Byers Geological Survey / Mapping
42A12NE0999 1974 - 1974 Cominco Ltd Byers Electromagnetic
42A12NE0785 1974 - 1974 Hollinger Consolidated Gold Mines Loveland Assaying and Analyses, Diamond Drilling
Electromagnetic, Magnetic /
42A12NE0606 1974 - 1974 Noranda Exploration Co Ltd Loveland
Magnetometer Survey
42A12NE0580 1974 - 1974 Hollinger Mines Ltd Loveland Diamond Drilling
Electromagnetic, Magnetic /
42A12NE0610 1973 - 1973 Amax Exploration Inc Loveland
Magnetometer Survey
42A12NE0607 1973 - 1973 Noranda Exploration Co Ltd Loveland Geochemical, Geological Survey / Mapping
42A12NE0594 1973 - 1973 Cominco Ltd Byers Diamond Drilling
42A12NE0855 1973 - 1973 Cominco Ltd Byers Induced Polarization
42A12NW0103 1973 - 1973 Cominco Ltd Byers Magnetic / Magnetometer Survey
42A12NE8909 1972 - 1972 Cominco Ltd Loveland Magnetic / Magnetometer Survey
42A12NE0661 1972 - 1972 Cominco Ltd Byers Diamond Drilling
42A12NE0660 1972 - 1972 Cominco Ltd Byers Diamond Drilling
Electromagnetic, Magnetic /
42A12NE0998 1971 - 1971 Noranda Exploration Co Ltd Byers
Magnetometer Survey
42A12NE0619 1971 - 1971 Cominco Ltd Loveland Electromagnetic
Electromagnetic Very Low Frequency,
42A12NE8907 1970 - 1970 Noranda Exploration Co Ltd Byers
Magnetic / Magnetometer Survey
Airborne Electromagnetic, Airborne
42A13SE0382 1970 - 1970 Hollinger Mines Ltd Mahaffy
Magnetometer
20000005033 1970 - 1970 Hollinger Mines Ltd Carnegie Airborne Electromagnetic
Electromagnetic Very Low Frequency,
42A12NE0626 1967 - 1967 Hollinger Consolidated Gold Mines Loveland
Geological Survey / Mapping
42A12NE0127 1966 - 1966 Mespi Mines Ltd Thorburn Electromagnetic
Airborne Electromagnetic, Airborne
42A13SE0096 1964 - 1966 Mespi Mines Ltd Reid
Magnetometer, Electromagnetic
42A12NW0109 1965 - 1965 Mespi Mines Ltd Byers Diamond Drilling
42A12NE0593 1965 - 1965 Mespi Mines Ltd Loveland Diamond Drilling
42A12NE0029 1965 - 1965 Mespi Mines Ltd Thorburn Electromagnetic
42A12NE0656 1965 - 1965 Mespi Mines Ltd Byers Electromagnetic
42A12NW0105 1965 - 1965 Mespi Mines Ltd Byers Electromagnetic
Electromagnetic, Magnetic /
42A12NE0658 1965 - 1965 Globe Expl & Mining Co Ltd Byers
Magnetometer Survey
42A12NE0647 1965 - 1965 Mespi Mines Ltd Loveland Electromagnetic
42A12NE0790 1964 - 1964 Payrock Mines Ltd Loveland Diamond Drilling
Electromagnetic, Magnetic /
42A12NE0630 1964 - 1964 Payrock Mines Ltd Loveland
Magnetometer Survey
42A12NE0597 1964 - 1964 Mespi Mines Ltd Loveland Diamond Drilling
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File ID Period Company/Prospector Township Work Description
Electromagnetic, Magnetic /
42A12NE0652 1964 - 1964 Camdeck Mines Ltd Loveland
Magnetometer Survey
Airborne Electromagnetic, Airborne
42A12NE0653 1964 - 1964 Mespi Mines Ltd Moberly
Magnetometer
42A12NE0657 1964 - 1964 Intl Helium Co Ltd Byers Electromagnetic
Airborne Electromagnetic, Airborne
42A13SE0869 1964 - 1964 Jelex Mines Ltd Moberly
Magnetometer
Airborne Electromagnetic, Airborne
20000004928 1964 - 1964 Mespi Mines Ltd MacDiarmid
Magnetometer
Electromagnetic, Geological Survey /
42A12NE0646 1963 - 1963 Mespi Mines Ltd Loveland Mapping, Magnetic / Magnetometer
Survey
Electromagnetic, Magnetic /
42A12NE0632 1963 - 1963 Mespi Mines Ltd Loveland
Magnetometer Survey
Airborne Electromagnetic, Airborne
42A12NE0634 1961 - 1961 Conwest Exploration Company Ltd Byers Magnetometer, Compilation and
Interpretation - Geology
42A12NE0694 1961 - 1961 Texas Gulf Sulphur Co Loveland Diamond Drilling
42A12NW0108 1955 - 1955 Broulan Reef Mines Ltd Byers Electromagnetic
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6.2.1 Historical Exploration (1940s)

Exploration in Loveland Township kicked off in the early 1940s with the discovery of a boulder field dubbed the “Loveland Float” ( see Figure 7-2). These boulders, some up to 25 feet (7.6 metres) wide, were packed tightly into a limited area. Tests on the peridotite boulders returned assays of 2-3% Ni and 1-3% Cu, but deep layers of overburden made it tough to track down where they came from initially (Langton et al. , 2024).

6.2.2 Historical Exploration (1950s and 1960s)

Exploration activities in the 1950s and 1960s emphasized reconnaissance geophysics to delineate conductive anomalies. Broulan Reef Mines Ltd.'s 1955 EM survey in Byers Township identified baseline targets. Mespi Mines Ltd. dominated the 1960s, conducting AEM/AMAG surveys across multiple townships and ground EM with follow-up drilling. In Loveland and Byers, programs involved diamond drilling to test EM conductors. Texas Gulf Sulphur drilled two holes totaling 197 metres in 1961, intersecting massive sulphides (up to 50% pyrrhotite) in felsic tuff with 0.03% Cu in one hole, alongside shear zones in andesites. Mespi Mines drilled one hole of 183 metres in 1964, with logs noting no significant mineralization. Payrock Mines Ltd.'s 1964 work drilled and surveyed EM/MAG grids, targeting potential sulphide zones in metavolcanics, with 11 holes totaling 1,477 metres encountering 5-30% pyrrhotite-pyrite in felsic volcanics and up to 45-50% pyrrhotitepyrite over 33 feet at rhyolite-andesite contacts (visual estimates only, no assays). Mespi Mines drilled one hole of 86 metres in 1965, noting no significant mineralization in andesite, tuff, and diabase sequences.

6.2.3 Historical Exploration (1970s)

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estimate as current mineral resources. Best intervals included 0.65% Cu and 0.66% Ni over 107 feet in mineralized gabbro with 15% combined pyrrhotite and chalcopyrite, and 0.52% Cu and 1.52% Ni over 12.5 feet. Amax Exploration Inc. drilled three holes totaling 487 metres in 1974, intersecting minor to 80% sulphides (mainly pyrite, pyrrhotite, chalcopyrite) in altered andesite and tuff. Hollinger Mines Ltd. drilled in Loveland and Moberly, following VLF-EM and geochemical work, evaluating VMS-style mineralization in volcanic sequences. Between 1967 and 1975, Hollinger drilled 29 holes totaling 5,517 metres near the Hollinger Zone, intersecting Ni-Cu in gabbro and granophyric andesites. A historical resource of 422,350 short tons at 0.71% Ni and 0.42% Cu was estimated. This mineral resource estimate is historical and should not be relied upon. It is mentioned in this item for illustrative purposes only. The QPs have not completed sufficient work to classify it as current. Neither the author nor the issuer considers this estimate as current mineral resources. Best intervals included 1.0% Cu and 0.82% Ni over 25 feet, and 0.435% Cu and 1.145% Ni over 12 feet. Noranda Exploration Co. Ltd. conducted EM/MAG surveys. Gulf Minerals Canada Ltd.'s airborne surveys covered regional areas. In 1979, Gulf drilled 27 reverse circulation holes totaling 726 metres for overburden sampling, analyzing for Cu, Pb, Zn, Ni, with no noteworthy results. Noranda's late 1980s work included mapping and EM/MAG in Thorburn, with drilling probing structural extensions. Noranda drilled two holes totaling 268 metres in 1990, intersecting fine-grained disseminated and layered sulphides (pyrrhotite-pyrite) in tuffs, granodiorite, and rhyolite (no assays). Minor sulphide occurrences ( e.g. , pyrrhotite-pyrite) were common.

6.2.4 Historical Exploration (1990s)

The 1990s saw targeted, smaller-scale efforts. Driver Resources Ltd.'s 1995–1996 program in Loveland combined IP, MAG, linecutting, drilling, and assays to test gold-base metal targets, with four holes totaling 662 metres encountering mafic volcanic, ultramafic, granite, and gabbro rocks, with mineralized intervals of 60-405 ppm Cu and up to 1,050 ppm Cu. Prospecting and stripping by individuals like Reginald T.J. Barnes exposed bedrock for mapping. Douglas Joseph Lalonde's 1999–2001 work in Thorburn involved IP, MAG, geochemical sampling, EM, and drilling with assays, identifying potential deposit extensions.

6.2.5 Historical Exploration (Early 2000s)

Early 2000s activity ramped up with integrated programs. Moneta Porcupine Mines Inc. conducted EM/IP/MAG in Loveland. Falconbridge Ltd. (later Glencore) executed Magnetic and EM, geophysical surveys and drilling in Byers township, testing airborne anomalies for Ni-Cu-PGE in ultramafic rocks, with five holes totaling 1,144 metres in 2005 intersecting mafic volcanics, sediments, and intrusions; conductors were sourced by sulphidic interflow sediments and iron formations with minor stringer pyrrhotite and weakly anomalous assays. Consolidated Big Valley Resources Inc.'s 2005 drilling program in Byers township included five holes totaling 1,055 metres testing MegaTEM anomalies, encountering minor pyrrhotite and pyrite (no significant assays). Inco Ltd.'s 2004–2005 work in Byers township combined ground magnetic and EM surveys, linecutting, and prospecting.

6.2.6 Historical Exploration (Late 2000s)

The late 2000s peaked with intensive drilling. Amador’s programs were significant, particularly the 2007–2009 Loveland Polymetallic Project in Thorburn, which drilled 30 holes totaling 9,353 metres. A total of 2,864 core samples were assayed, revealing notable mineralization including gold assays of 6.37 g/t Au over 8.55m (383.25 m to 391.8 m down-hole). The campaign extended down dip and along strike of the Cominco Zone

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Cu-Ni deposit, with the best intervals of 0.4% Ni and 0.55% Cu over 35.5 metres, 0.7% Ni and 0.75% Cu over 45 metres, and 0.53% Ni and 0.88% Cu over 22.8 metres in gabbroic and andesitic rocks. Extensions and wedge holes refined targets from IP anomalies. The 2007 Byers-Loveland Polymetallic Project drilled 2 holes (717 metres) with 128 samples assayed for copper-nickel. Supporting geophysics included IP and linecutting in Byers township.

Melkior Resources Inc.'s 2008–2010 Loveland programs targeted gold in volcanics with airborne magnetic and electromagnetic surveys and drilling, including one 266-meter hole in 2009 testing an EM anomaly, intersecting silicified mafic volcanics with disseminated pyrrhotite and pyrite (no significant gold assays). Rykala Resources Inc. drilled in Byers following MAG/VLF grids, with five holes totaling 1,019 metres in 2009 testing IP/EM targets, intersecting pyrrhotite-pyrite and chalcopyrite zones; best interval was 5.3 metres at 0.51% combined Cu-Ni. Western Kidd Resources' 2007–2008 Loveland exploration program employed gradiometric IP. Crown Gold Corp.'s 2012 drilling in Thorburn tested northern extensions, with one 299-meter hole intersecting mafic volcanics and diabase, explaining an IP anomaly with 30% pyrrhotite-pyrite in iron formation.

6.2.7 Historical Exploration (Post 2012)

Post-2012 efforts saw much less exploration work. In 2022, prospecting arranged by claim holder D. Fudge (Gaudreau, 2022) in Loveland Township found no outcrops but noted granite float barren of sulphides, recommending summer follow-up for VMS targets. Glencore's 2023 Moberly Project involved 10.5 km of MAG/VLF-EM surveys, identifying northeast-southwest magnetic highs and VLF-EM conductors interpreted to be a synclinal structure, with recommendations for IP survey follow-up.

6.3 Historical Drilling

A summary of historical diamond drilling completed within the boundary of the Loveland Polymetallic Project is provided in Table 6-2 and is shown in Figures 6-1 and 6-2.

Table 6-2. Historical drill holes completed within the Loveland Polymetallic Project boundary (WGS84 / UTM Zone 17N).

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UTMX UTMY Az Dip Length Overburden
Hole ID Company Year
(mE) (mN) (collar) (collar) (m) (m)
BY-12-01 Crown Gold Corp. 446891 5395722 270 -48 299 39 2012
LL10-20 Amador Gold Corp. 446364 5392061 225 -62 646 12 2010
LL10-19 Amador Gold Corp. 446237 5391897 225 -50 201 12 2010
LL10-18 Amador Gold Corp. 446265 5391932 226 -50 201 12 2010
LL10-17 Amador Gold Corp. 446227 5391965 220 -52 249 15 2010
LL10-16 Amador Gold Corp. 446232 5391936 225 -55 252 15 2010
LL10-15 Amador Gold Corp. 446195 5391929 225 -50 201 12 2010
LL09-14 Amador Gold Corp. 446756 5392762 245 -45 300 21 2009
LL09-13 Amador Gold Corp. 446881 5392495 65 -46 247 15 2009
LL09-12 Amador Gold Corp. 446734 5391977 70 -54 193 15 2009
LL09-11 Amador Gold Corp. 446703 5392076 245 -50 239 11 2009
LL09-10 Amador Gold Corp. 446162 5392326 225 -55 172 16 2009
LL09-09 Amador Gold Corp. 446070 5392620 90 -55 261 16 2009
LL09-08 Amador Gold Corp. 446070 5392365 225 -50 201 12 2009
LOV-01-2009 Melkior Resources Inc 447955 5389613 65 -60 266 34 2009
BY-09-05 Rykala Resc Inc 445893 5392688 89 -50 167 49 2009
BY-09-04 Rykala Resc Inc 445968 5392688 88 -50 242 48.5 2009
BY-09-03 Rykala Resc Inc 446050 5393112 90 -50 200 36.5 2009
BY-09-02 Rykala Resc Inc 446002 5393213 90 -50 198 43.3 2009
BY-09-01 Rykala Resc Inc 446079 5393210 90 -50 212 37.2 2009
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UTMX UTMY Az Dip Length Overburden
Hole ID Company Year
(mE) (mN) (collar) (collar) (m) (m)
LL09-07 Amador Gold Corp. 446020 5392365 225 -50 150 27 2009
LL09-06 Amador Gold Corp. 446120 5392610 90 -50 135 39 2009
LL09-05 Amador Gold Corp. 446210 5392220 225 -50 141 15 2009
LL09-04 Amador Gold Corp. 446382 5391943 225 -57 525 11 2009
LL09-02 Amador Gold Corp. 446505 5391516 270 -50 102 3 2009
LL09-01 Amador Gold Corp. 446533 5391481 270 -50 117 4 2009
LL08-15 Amador Gold Corp. 446281 5391845 229 -48 249 12 2008
LL08-16 Amador Gold Corp. 446245 5391805 224 -48 150 9 2008
LL08-23 Amador Gold Corp. 446529 5391705 225 -52 390 12 2008
LL08-22 Amador Gold Corp. 446349 5392052 225 -55 522 15 2008
LL08-21 Amador Gold Corp. 446380 5391866 225 -50 300 8 2008
LL08-20 Amador Gold Corp. 446097 5392018 225 -50 351 23 2008
LL08-19 Amador Gold Corp. 446145 5391915 230 -48 165 11 2008
LL08-18 Amador Gold Corp. 446179 5391881 225 -45 150 12 2008
LL08-17 Amador Gold Corp. 446219 5391848 225 -47 181 14 2008
LL08-14 Amador Gold Corp. 446418 5391908 223 -51 465 8 2008
LL08-13W Amador Gold Corp. 446382 5391944 223 -52 452 10 2008
LL08-13 Amador Gold Corp. 446382 5391944 223 -52 480 10 2008
LL08-12 Amador Gold Corp. 446183 5391954 220 -46 245 9 2008
LL08-11 Amador Gold Corp. 446215 5391915 223 -48 268 14 2008
LL08-10 Amador Gold Corp. 446255 5391885 226 -46 201 11 2008
LL08-09 Amador Gold Corp. 446350 5391985 221 -51 483 8 2008
LL08-08 Amador Gold Corp. 446317 5392018 228 -52 380 11.5 2008
LL08-07 Amador Gold Corp. 446170 5392018 211 -49 399 23.3 2008
LL08-06 Amador Gold Corp. 446245 5392020 227 -52 345 13 2008
LL08-05 Amador Gold Corp. 446280 5391985 223 -47 328 15.8 2008
LL08-04 Amador Gold Corp. 446348 5391907 229 -52 405 8 2008
LL08-03 Amador Gold Corp. 446316 5391950 225 -51 308 11 2008
LL08-02 Amador Gold Corp. 446345 5391834 222 -49 300 7.5 2008
LL08-01 Amador Gold Corp. 446310 5391872 221 -52 249 7.5 2008
AMDG-07-01 Amador Gold Corp. 446310 5391890 225 -55 369 14 2007
AMDG-07-02 Amador Gold Corp. 446230 5391970 225 -55 351 17 2007
AMDG7-03 Amador Gold Corp. 446285 5391916 237 -53 351 8 2007
BY54-01 Falconbridge Ltd 442527 5393295 340 -50 214 30 2005
BY36-01 Falconbridge Ltd 445742 5390584 180 -50 183 29 2005
BY55-02 Falconbridge Ltd 443950 5392716 145 -50 249 49 2005
BY55-01 Falconbridge Ltd 444035 5392575 360 -50 297 22 2005
BY45-01 Falconbridge Ltd 443900 5391925 45 -50 201 29 2005
CBV-04 Robert Rocky Robitaille 445898 5394417 90 -60 155 30 2005
CBV-03 Robert Rocky Robitaille 446418 5394422 270 -60 143 26 2005
CVB-02 Robert Rocky Robitaille 446448 5394420 270 -60 193 31 2005
CBV-01 Robert Rocky Robitaille 446423 5394421 270 -50 145 50.3 2005
CBV-B5 Robert Rocky Robitaille 446093 5395065 90 -55 419 12 2005
LV-95-3 Driver Resc Inc 447352 5389559 45 -50 155 34 1995
FE-90-01 Noranda Exploration Co Ltd 448178 5394973 270 -45 158 7 1990
FE-90-2 Noranda Exploration Co Ltd 448376 5395927 90 -45 110 49 1990
R-132 Gulf Minerals Canada Ltd 446992 5394882 0 -90 40.24 38.72 1979
R-133 Gulf Minerals Canada Ltd 446687 5394008 0 -90 32.62 31.1 1979
R-129 Gulf Minerals Canada Ltd 449125 5395503 0 -90 25 23.78 1979
R-130 Gulf Minerals Canada Ltd 448213 5395636 0 -90 40.85 40.24 1979
R-123 Gulf Minerals Canada Ltd 449707 5394531 0 -90 41.77 40.24 1979
R-110 Gulf Minerals Canada Ltd 446555 5390336 0 -90 16.46 14.94 1979
R-111 Gulf Minerals Canada Ltd 445664 5390470 0 -90 2.44 0.91 1979
R-112 Gulf Minerals Canada Ltd 447412 5390219 0 -90 27.13 26.22 1979
R-114 Gulf Minerals Canada Ltd 448303 5390097 0 -90 37.65 36.28 1979
R-115 Gulf Minerals Canada Ltd 448799 5390033 0 -90 26.22 24.7 1979
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UTMX UTMY Az Dip Length Overburden
Hole ID Company Year
(mE) (mN) (collar) (collar) (m) (m)
R-113 Gulf Minerals Canada Ltd 447917 5390147 0 -90 23.17 22.26 1979
R-104 Gulf Minerals Canada Ltd 448249 5391056 0 -90 32.32 31.1 1979
R-105 Gulf Minerals Canada Ltd 447098 5391224 0 -90 31.4 30.49 1979
R-109 Gulf Minerals Canada Ltd 446995 5390280 0 -90 31.4 30.18 1979
R-107 Gulf Minerals Canada Ltd 445456 5390540 0 -90 13.11 12.5 1979
R-108 Gulf Minerals Canada Ltd 446116 5390396 0 -90 35.67 34.45 1979
R-106 Gulf Minerals Canada Ltd 446405 5391305 0 -90 20.43 17.99 1979
R-82 Gulf Minerals Canada Ltd 447547 5389311 0 -90 21.34 19.51 1979
R-55 Gulf Minerals Canada Ltd 448189 5391963 0 -90 15.55 14.02 1979
R-53 Gulf Minerals Canada Ltd 447804 5391119 0 -90 13.72 12.2 1979
R-23 Gulf Minerals Canada Ltd 445865 5388604 0 -90 19.21 18.14 1979
R-10 Gulf Minerals Canada Ltd 448778 5394620 0 -90 42.68 40.85 1979
R-8 Gulf Minerals Canada Ltd 447910 5394765 0 -90 48.48 46.95 1979
R-9 Gulf Minerals Canada Ltd 447509 5393876 0 -90 25 23.48 1979
R-5 Gulf Minerals Canada Ltd 447209 5393027 0 -90 29.27 28.51 1979
R-3 Gulf Minerals Canada Ltd 447725 5392053 0 -90 12.96 11.74 1979
R-4 Gulf Minerals Canada Ltd 446822 5392147 0 -90 20.12 18.14 1979
MOB1-1-77 Hollinger Mines 444467 5396829 154 -55 203.05 20.27 1977
LV-24-75 Hollinger Mines Ltd 447431 5389856 255 -60 492.07 53.05 1975
LV-2-29-75 Hollinger Mines Ltd 447053 5390286 75 -55 301.52 36.59 1975
B4-75 Cominco Ltd 446244 5391921 22 -45 100 17.68 1975
B3-75 Cominco Ltd 446244 5391921 45 -45 114.63 18.29 1975
B2-75 Cominco Ltd 446385 5390460 270 -45 88.72 9.15 1975
LV-17-74 Hollinger(Cons)Gold Mines Ltd 447038 5390191 75 -55 417.07 33.54 1974
LV-18-74 Hollinger(Cons)Gold Mines Ltd 446941 5390359 75 -55 336.89 34.15 1974
LV-1 Hollinger(Cons)Gold Mines Ltd 446833 5389865 73 -50 119.82 15.24 1974
LV-7-74 Hollinger(Cons)Gold Mines Ltd 447011 5390289 75 -55 242.07 48.78 1974
LV-2 Hollinger(Cons)Gold Mines Ltd 446881 5389877 70 -50 221.04 24.39 1974
LV-20 Hollinger Mines Ltd 447056 5390381 255 -45 114.33 46.95 1974
LV-22 Hollinger Mines Ltd 447156 5390494 255 -65 457.93 0 1974
LV-16-74 Hollinger Mines Ltd 447002 5390695 75 -55 272.56 37.2 1974
LV-15-74 Hollinger Mines Ltd 447000 5390578 75 -55 217.38 39.63 1974
LV-19 Hollinger Mines Ltd 447072 5390462 255 -65 297.87 0 1974
LV-13-74 Hollinger Mines Ltd 447040 5390511 75 -55 179.88 36.59 1974
LV-14-74 Hollinger Mines Ltd 447005 5390539 75 -55 185.98 41.46 1974
LV-12-74 Hollinger Mines Ltd 446973 5390494 75 -55 239.02 38.41 1974
LV-11-74 Hollinger Mines Ltd 447014 5390498 75 -55 296.65 42.38 1974
LV-10-74 Hollinger Mines Ltd 447174 5390477 255 -55 171.04 30.49 1974
LV-9-74 Hollinger Mines Ltd 447018 5390454 75 -55 195.43 42.07 1974
LV-8-74 Hollinger Mines Ltd 446965 5390412 75 -55 204.57 39.02 1974
BL4-3-74 Amax Expl Inc 446973 5393882 90 -50 190.55 9.15 1974
BL4-2-74 Amax Expl Inc 446811 5394219 276 -50 121.65 18.29 1974
BL4-1-74 Amax Expl Inc 446869 5394317 270 -55 175 18.29 1974
LV2-4-73 Hollinger(Cons)Gold Mines Ltd 446856 5389799 216 -45 187.2 6.65 1973
LV2-6-73 Hollinger Mines Ltd 447036 5390344 75 -55 153.05 32.32 1973
LV2-5-73 Hollinger Mines Ltd 447031 5390378 75 -57 213.41 33.84 1973
B18-72 Cominco Ltd 446024 5392435 270 -60 67.38 15.85 1972
B14-72 Cominco Ltd 446184 5391907 225 -59 117.99 11.28 1972
B15-72 Cominco Ltd 446148 5391964 225 -45 105.18 10.37 1972
B4-72 Cominco Ltd 446110 5391870 43 -60 121.95 8.23 1972
B13-72 Cominco Ltd 446065 5391788 223 -60 45.73 8.54 1972
B10-72 Cominco Ltd 446186 5391966 225 -60 180.18 9.76 1972
B11-72 Cominco Ltd 446042 5391814 225 -60 60.67 7.93 1972
B12-72 Cominco Ltd 446131 5391761 225 -60 60.98 7.01 1972
B8-72 Cominco Ltd 446164 5391942 225 -60 131.1 8.84 1972
B2-72 Cominco Ltd 446342 5390863 50 -50 21.34 0 1972
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UTMX UTMY Az Dip Length Overburden
Hole ID Company Year
(mE) (mN) (collar) (collar) (m) (m)
B7-72 Cominco Ltd 446158 5391919 225 -60 106.71 7.8 1972
B3-72 Cominco Ltd 446138 5391921 227 -60 80.18 6.71 1972
B9-72 Cominco Ltd 446093 5391829 225 -60 45.73 13.41 1972
B16-72 Cominco Ltd 446098 5391778 225 -60 45.73 7.93 1972
B19-72 Cominco Ltd 446199 5391953 273 -46 76.4 16.04 1972
B1-75 Cominco Ltd 446379 5390841 90 -45 101.22 1.83 1972
B17-72 Cominco Ltd 446378 5391118 265 -60 45.12 15.61 1972
B6-72 Cominco Ltd 446121 5391919 222 -60 98.48 7.62 1972
B5-72 Cominco Ltd 446121 5391919 227 -60 55.67 9.15 1972
110-281/20-2 Cromarty Expl 446747 5395724 270 0 0 0 1968
110-281/20-1 Cromarty Expl 446779 5395492 270 -50 162.2 7.93 1968
B-6 Mespi Mines Ltd 442053 5392429 270 -45 85.98 6.1 1965
L-1 Mespi Mines 446964 5392605 90 -45 115.24 1.52 1965
P-11 Payrock Mines Ltd 448426 5394671 360 -76 243.9 2.44 1964
P-10 Payrock Mines Ltd 448426 5394673 360 -50 157.62 2.44 1964
P-9 Payrock Mines Ltd 448474 5394758 324 -50 139.18 1.52 1964
P-8 Payrock Mines Ltd 448396 5394608 270 -50 76.22 2.74 1964
P-7 Payrock Mines Ltd 448647 5394968 270 -50 136.59 4.88 1964
P-6 Payrock Mines Ltd 448464 5395059 265 -50 91.95 0.91 1964
P-2 Payrock Mines Ltd 448378 5394377 270 -50 107.01 2.74 1964
P-5 Payrock Mines Ltd 448427 5394731 360 -50 138.41 0.91 1964
P-4 Payrock Mines Ltd 448641 5394502 270 -50 154.57 27.44 1964
P-3 Payrock Mines Ltd 448379 5394435 270 -50 123.63 2.13 1964
P-1 Payrock Mines Ltd 448392 5394315 270 -50 108.02 2.44 1964
L-3 Mespi Mines Ltd 446834 5390158 90 -45 182.93 14.02 1964
L-41-2 Texas Gulf Sulphur 446843 5392301 206 -60 109.76 14.33 1961
L-41-1 Texas Gulf Sulphur 446932 5392291 206 -60 87.2 15.24 1961
----- End of picture text -----

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Figure 6-1. Historical diamond drillholes on the Property. The detail for drill hole locations (blue rectangle) is shown in Figure 6-2 (Caracle Creek, 2025).

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Figure 6-2. Locations of historical diamond drilling in the east-central Cominco and Hollinger zones (Caracle Creek, 2025).

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7.0 GEOLOGICAL SETTING AND MINERALIZATION

7.1 Regional Geology

The Project lies within the western portion of the Abitibi Subprovince of the Archean Superior Province (Figure 7-1). The Abitibi Subprovince or Abitibi Greenstone Belt (“AGB” or “Abitibi Belt”) is the world's largest and best-preserved example of an Archean supracrustal sequence. The AGB is an assemblage of volcanic, sedimentary, and intrusive rocks deformed into a roughly east-trending, 200 km wide belt exposed from the Kapuskasing Structure in Ontario to the Grenville Orogen in Quebec, a distance of 400 kilometres (Ayer et al. , 2005).

==> picture [480 x 322] intentionally omitted <==

Figure 7-1. Generalized geology of the Abitibi Greenstone Belt showing the location of the Loveland Polymetallic Project (after Thurston et al. , 2008).

The AGB developed between 2.8 and 2.6 Ga (Jackson and Fyon, 1991) and compared to all other Archean Subprovinces of the Superior Province, is uniquely well endowed with metallic mineral deposits including the mining areas of Timmins (base metals and gold), Kirkland Lake (gold), Val d'Or (gold and base metals), and Noranda (base metals and gold). These mining areas are situated along major east and northeast trending deformation zones (Destor Porcupine Deformation Zone, Cadillac-Larder Lake Deformation Zone). These were active throughout the main periods of Archean volcanism and became the focus of a late period of alkaline volcanism and sedimentation between 2680 and 2677 Ma.

Several cycles of volcanism and sedimentation are known in the southern Abitibi Subprovince ( see Figure 7- 1). These sequences usually begin with the deposition of ultramafic flows and intrusions and tholeiitic basalts which have interflow argillaceous sediments. The cycles then typically evolve into calc-alkaline flows,

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pyroclastic rocks and epiclastic sedimentary rocks deposited in marine to fluvial basins. The layered volcanosedimentary stratigraphy is intruded by syn and post-tectonic granitic plutons. Metamorphic grade across the belt varies from greenschist to lower amphibolite facies.

Proterozoic dikes of the Matachewan Dyke Swarm and the Abitibi Dyke Swarm intrude all of the rock in the region. Matachewan dikes generally trend north-northwest while the younger Abitibi Dyke Swarm trends northeast.

7.1.1 Economic Geology

The Timmins Mining camp has a history of nickel production from magmatic Ni-Cu-(PGE-Co) sulphide deposits (Table 7-2). Several of these deposit types have been identified within the Kidd-Munro Assemblage ( e.g. , Alexo, Dundonald, Mickel, and Marbridge) and the Tisdale Assemblage ( e.g. , Hart, Langmuir, Redstone, Loveland, and Sothman).

Table 7-1. Pre-mining (plus mined ore) geological resources, magmatic Ni-Cu-(PGE) mines/deposits, Timmins Mining Camp, Ontario (after Atkinson et al. , 2010).

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Mine Years of Production Ore milled % Ni % Cu
Alexo 1912-1919 51,857 tons 4.5 0.55
1943-1944 4,923 tons
Alexo / Kelex 2004-2005 17 398 tonnes 2.3 0.23
Langmuir No. 1 1990-1991 111,502 tons 1.74
Langmuir No. 2 1972-1978 1.1 M tons 1.47
2008 15 361 tonnes 0.55
McWatters
2009 7 664 tonnes 0.41
Montcalm 2004-2008 3 722 929 tonnes 1.26 0.67
1989-1992 294,895 tons 2.4
Redstone 1995-1996 10,228 tons 1.7
2006-2008 133 295 tonnes 1.92
2009 36,668 tonnes 1.16
Texmont 1971-1972 ~100,000 tonnes 0.9
----- End of picture text -----

The QP Scott Jobin-Bevans has been unable to verify this information and as such this information is not necessarily indicative of the mineralization on the Property that is the subject of the Report.

7.2 Local and Property Geology

The Property is mainly underlain by mafic, intermediate, and felsic metavolcanic rocks comprising porphyritic and pillowed flows, tuffs and agglomerates, with minor metagreywacke, argillite and sulphide and oxide iron formations of the Kidd-Munro Assemblage (Figure 7-2). These formations are locally intruded by mafic to ultramafic dikes and sills. Quartz monzonites and hornblende granodiorites intrude the metavolcanics. Proterozoic diabase dikes (Matachewan Dyke Swarm) transect all rock types along north-northwest trends.

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Outcrops are sparse on the Property, and property-scale geological interpretations have mainly relied on geophysical surveys and drill hole interpretation.

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Figure 7-2. Generalized bedrock geological map of the Loveland Polymetallic Project (OGS, 2011) showing the locations of the Cominco Zone, Hollinger Zone and the Loveland Float (Caracle Creek, 2025).

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7.3 Mineralization

Several styles of mineralization are known to exist within the boundary of the Loveland Polymetallic Property. These include magmatic Ni-Cu-(PGE) sulphide, Archean lode gold (orogenic), and volcanogenic massive sulphide (VMS).

7.3.1 Magmatic Ni-Cu-(PGE-Co) Mineralization

The Property is host to two historical Ni-Cu mineral deposits:

Hollinger Zone deposit: hosts a historical resource of about 422,350 short tons of copper-nickel with drill-core assays 0.71% Ni and 0.42% Cu (Langton et al. , 2024).
Cominco Zone deposit: hosts a historical resource of 130,000 short tons of copper-nickel grading of 0.73% Ni and 0.68% Cu (Langton et al. , 2024).

This mineralization in the Property is interpreted as magmatic Ni-Cu-(PGE-Co) sulphide, associated with gabbroic intrusions in contact with metavolcanic rocks. This style of mineralization bears similarities to that observed in the nearby Montcalm Gabbroic Complex (MGC), which is a tholeiitic layered intrusion hosting NiCu-(PGE) sulphides in its lower cumulate zone (Barrie & Naldrett, 1990). The MGC, dated to ~2702 Ma and spanning ~100 km², hosted the Montcalm Mine (2004–2009), producing ~3.93 Mt at 1.25% Ni, 0.67% Cu, and 0.051% Co from disseminated to massive sulphides in pyroxenite and gabbro-anorthosite zones. This deposit exemplifies the potential for gabbro-hosted magmatic Ni-Cu-(PGE-Co) sulphide deposits in the Timmins region, where sulphide immiscibility in tholeiitic magmas, often with minor contamination, leads to segregation in basal cumulates.

Hollinger Zone Deposit

Interest in the Loveland area was generated by what is referred to as the ‘Loveland Float’, a small boulder field discovered in the early 1940s. The boulders were concentrated within an area of 30 m by 90 m and aligned along a rough north-south trend. The peridotitic boulders were recorded as ranging from 0.5 m to 6.0 m across and yielded assays of 2-3% Ni and 1-3% Cu. The search for the source of these mineralized boulders eventually led to Hollinger Mines discovering the so-called Hollinger Zone deposit some distance up-ice ( i.e. , to the north-northwest) of the boulders during a drilling program to test geophysical Mag/EM anomalies. Interestingly, the Hollinger Zone deposit mineralization is not hosted in peridotitic rock, so it is likely not the source of the Loveland Float.

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Cominco Zone Deposit

The Cominco Zone deposit was discovered during a diamond drilling campaign by Cominco Ltd in 1972. It is located in Byers Township just west of the Loveland Township boundary and about 1.5 km north-northwest of the Hollinger Zone deposit. In the early 1970s, Cominco tested a geophysical Mag/EM anomaly with a series of tightly spaced drill holes that traced mineralization to 150 m below surface and outlined a historical resource of 130,000 short tons of copper-nickel grading of 0.73% Ni and 0.68% Cu. Mineralization was described as occurring within a gabbroic intrusion in contact with mafic metavolcanic rocks. Amador Gold Corp. completed 37 holes from 2007-2009 to further define the deposit but did not update the resource estimate.

7.3.2 Orogenic Lode Gold Mineralization

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encountered in sections of silicified granodiorite. Amador’s ‘best’ drill hole (LL08-13) intersected a mineralized interval that assayed 6.37 g/t Au over 8.55m (383.25 m to 391.8 m down-hole). Additional intervals from the hole included 6.17 g/t over 3.0 m from 403.0 m to 406.0 m and 10.39 g/t over 3.1 m from 410.30 m to 413.4 metres.

The gold-bearing sulphide mineralization occurs with silicification that presents as silica flooding and quartz veining. The better values, such as those from hole LL08-13, occur in intervals with blue-grey quartz veining and strong silicification with 3-10% sulphides comprising arsenopyrite, pyrite and trace amounts of sphalerite, and possibly trace galena and chalcopyrite. Silicification with trace to 2% sulphides was observed marginal to joints and local quartz stringers in all holes where anomalous gold was recorded.

7.3.3 Volcanogenic Massive Sulphide Mineralization

Volcanogenic Massive Sulphide (VMS) mineralization on the Loveland Polymetallic Property is interpreted as stratabound sulphide accumulations associated with felsic to intermediate metavolcanic sequences, including rhyolitic pyroclastic rocks, tuffs, and intercalated mafic volcanics. These features are characteristic of bimodal mafic-felsic volcanic environments typical of the Kidd-Munro Assemblage in the Abitibi Greenstone Belt. Historical exploration has identified sulphide and oxide iron formations, disseminated to massive pyrrhotitepyrite mineralization, and conductive anomalies suggestive of VMS-style deposits. For instance, massive stratabound sulphides are noted in association with rhyolitic and mafic volcanic contacts, often accompanied by traces of chalcopyrite, sphalerite, and galena, though economic base metal concentrations ( e.g. , Cu-Zn-Pb) have not been delineated to date.

The Property's geological features pillowed mafic flows, felsic tuffs, agglomerates, and minor sedimentary units ( e.g. , metagreywacke and argillite), which align with submarine volcanic settings conducive to VMS formation. Sulphide iron formations and oxide facies ( e.g. , chert-magnetite) are reported in drill logs, indicating exhalative processes in a hydrothermal seafloor environment.

Airborne and ground EM/MAG/IP surveys have delineated conductive anomalies coincident with felsic-mafic contacts, often extending over hundreds of meters. For example, Broulan Reef Mines (1955) and Mespi Mines

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(1960s) identified EM targets in Byers and Loveland townships, some of which were drilled and revealed sulphide zones in metavolcanics without significant base metals.

Although no economic VMS deposits have been defined, the Property's location in the prolific Abitibi Greenstone Belt - home to major VMS camps like Kidd Creek (Timmins) with over 150 Mt of Zn-Cu-Pb-Ag ore produced (Mining Life Online, 2025)—supports exploration potential. The Kidd-Munro Assemblage is known for hosting bimodal VMS systems, and the Loveland area's sparse outcrop and thick overburden (up to 41 m) suggest underexplored opportunities, particularly in the western and northern sectors where felsic volcanics predominate.

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8.0 DEPOSIT TYPES

The geological setting of the Timmins region is conducive to the formation of magmatic Ni-Cu-(PGE-Co) sulphide, Archean lode gold (orogenic), and volcanogenic massive sulphide mineralization. All three of these deposit types are considered exploration targets within the Loveland Polymetallic Property.

8.1 Magmatic Ni-Cu-(PGE-Co) Deposits

Magmatic Ni-Cu-(PGE-Co) sulphide deposit types are characterized by disseminated to massive sulphide accumulations within mafic-ultramafic intrusions (Eckstrand & Hulbert, 2007). Although these host bodies are found in varied geological environments, they are predominantly associated with Archean and Paleoproterozoic terranes (Eckstrand, 1996). In such deposits, where Ni and Cu are primary commodities, the mineralization occurs as sulphide-rich accumulations associated with differentiated mafic-ultramafic intrusions. Mineralization in these deposits originate from the segregation of immiscible sulphide liquids derived from tholeiitic to komatiitic magmas, frequently facilitated by crustal contamination that introduces sulphur into the system (Barnes & Lightfoot, 2005).

Nickel grades typically range from 0.5% to 1.5% Ni, with copper serving as a co-product or by-product. Platinum group elements (PGE) are generally minor by-products, while cobalt may also be recoverable (Barnes & Lightfoot, 2005).

Notable regional examples include the Montcalm Gabbroic Complex (MGC) and the Kamiskotia Gabbroic Complex (KGC), both of which exhibit low-grade nickel-copper-platinum group element (Ni-Cu-PGE) mineralization within their lower cumulate zones (Barrie & Naldrett, 1990; Barrie, 1992). Some of the mineralization observed at the Loveland Polymetallic Property is interpreted to align with this deposit model, as evidenced by the presence of chalcopyrite and pentlandite associated with pyrrhotite in gabbroic intrusions proximal to metavolcanic contacts.

8.1.1 Geological Features

Magmatic Ni-Cu-(PGE-Co) sulphide deposits in gabbroic complexes, such as those exemplified by the MGC and KGC, are hosted within layered tholeiitic intrusions emplaced in intracratonic or craton-margin environments (Barrie & Naldrett, 1990; Barrie, 1992). These intrusions display systematic zoning, progressing from basal ultramafic cumulates ( e.g. , peridotite and pyroxenite) to overlying gabbroic and anorthositic layers, with mineralization preferentially concentrated in the lower zones (Barrie, 2000).

The KGC, encompassing approximately 170 km² and dated to circa 2707 Ma, is subdivided into a Lower Zone (olivine peridotite to gabbronorite), Middle Zone (gabbronorite), and Upper Zone (ferroan gabbro), capped by granophyric units (Barrie, 1992). Mineralization manifests as disseminated pyrrhotite, chalcopyrite, and pentlandite within the Lower Zone, attributable to restricted crustal contamination (Barrie, 2000).

Analogously, the MGC, spanning about 100 km² and dated to approximately 2702 Ma, comprises a Pyroxenite Zone (basal), Gabbro-Anorthosite Zone, and Ferroan Gabbro Zone, with Ni-Cu-Co sulphides occurring in the basal Pyroxenite Zone as disseminated to massive ores (Barrie & Naldrett, 1990).

These deposits are situated within greenstone belts, often in proximity to major structural features such as the Destor-Porcupine Fault Zone and are detectable through magnetic and electromagnetic anomalies (Barrie, 1992; Barrie & Naldrett, 1990).

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Subject to the degree of metamorphism and structural deformation, mineralization may manifest as massive sulphides, matrix breccias, disseminated sulphides, or combinations thereof (Barnes et al. , 2018). Massive ores often comprise sulphide-matrix breccias or veins resulting from the deformation of primary massive sulphide accumulations, while less sulphide-rich variants form lenticular zones of disseminated blebs and stringers (Barnes et al. , 2017).

Sulphide assemblages are typically dominated by pyrrhotite-pentlandite-chalcopyrite (with accessory pyrite and magnetite), with pyrrhotite being predominant (Eckstrand & Hulbert, 2007).

Gabbroic deposits are hosted in medium- to large-scale intrusions encompassing mafic rocks and their differentiates. These host bodies exhibit pronounced magnetic signatures, rendering geophysical surveys essential for exploration, particularly in areas of limited outcrop exposure (Barrie, 2000).

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Figure 8-1. Schematic diagram showing two stages in the development of an intrusion hosted Ni-Cu-PGE sulphide deposit (after Barnes et al. , 2016).

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8.1.2 Genesis

The fundamental mechanism for nickel-copper dominated magmatic sulphide ore formation is wellestablished and encompasses: (1) magma transit through trans-crustal conduits, assimilating sulphur (typically as sulphide) from country rocks; (2) reaction of the resultant sulphide melt with the carrier magma to concentrate chalcophile elements; (3) physical segregation and accumulation of the sulphide liquid; and (4) subsequent processes such as re-entrainment, gravity flow, country rock infiltration, and potential tectonic mobilization, determining the final ore configuration (Figure 8-1) (Barnes et al. , 2016; Barnes et al. , 2017; Barnes et al. , 2018).

Syngenetic mineralization, including intrusion-related Cu-Ni variants, is governed by stratigraphic and lithologic controls (Eckstrand & Hulbert, 2007). In these systems, relatively primitive, sulphur-undersaturated melts produce metal-enriched sulphides upon achieving sulphur saturation near the surface (Naldrett, 2011). In gabbroic complexes, minimal crustal contamination induces sulphide immiscibility in tholeiitic magmas, with segregation occurring in basal cumulates (Barrie & Naldrett, 1990; Barrie, 1992). Postcumulus processes further enrich sulphides in the lower zones (Barrie, 2000). Ore deposition transpires within segments of extensive sill-dike networks involving multi-stage assimilation, transport, deposition, re-entrainment, and backflow of sulphide liquids and pools, culminating in deposition during magmatic waning stages (Barnes et al. , 2016). Geochemical anomalies indicative of ore genesis may manifest across system components.

The prevailing genetic model posits voluminous emplacement of sulphide-undersaturated tholeiitic magmas into rift-phase greenstone belts, forming feeder sills that variably incorporate sulphur from host rocks (Lesher & Keays, 2002). Factors influencing mineralization abundance and distribution include: (1) volcanic setting and emplacement mode of the host unit; (2) contaminant composition and extent of sulphur incorporation; (3) magma volume and sulphur dissolution capacity; and (4) timing of sulphide saturation and segregation opportunities (Lesher et al. , 2001). Subsequent fractionation, metamorphism, deformation, and/or hydrothermal alteration yield diverse mineralization styles (Groves et al. , 1979).

Prospective intrusions for magmatic sulphide deposits feature cumulate rocks arising from fractional crystallization (Barnes, 2023). Cumulates may form in: (1) closed-system differentiated bodies, where magma emplaces in a single event and crystallizes in situ; (2) dynamic open systems such as feeder conduits with continuous flux and replenishment; or (3) mechanical accumulations of crystals and sulphide liquids from flowing slurries into terminal intrusions. Open-system scenarios are particularly favorable for Ni-Cu sulphides (Barnes et al. , 2016).

8.2 Orogenic Lode Gold Deposits

In addition to magmatic sulphide deposits, the Timmins region hosts significant orogenic lode gold mineralization. Archean orogenic gold deposits are generally defined as structurally controlled vein or shearmargin deposits emplaced epigenetically in all lithologies occurring in Archean volcano-plutonic belts (Groves et al. , 1998). These gold concentrations result from relatively homogeneous hydrothermal fluid flows (Hagemann & Cassidy, 2000). Evidence of mineralization related to orogenic lode gold deposits has also been documented on the Property.

Orogenic gold deposits are emplaced along active convergent margins during compressive tectonic regimes (Groves et al. , 1998). This setting promotes the flow of hydrothermal fluids along major dislocation zones, which serve as structural traps for gold that precipitates out of solution (Figure 8-2). The importance of these

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structures is evident in the Abitibi Subprovince, where the vast majority of mines are located within a few kilometres of major structural discontinuities. Relatively few deposits, however, are situated at the heart of the main conduits (Eisenlohr et al. , 1989; Groves et al. , 1989; Robert, 1990) but rather along second- and third-order structures of the regional fracture/shear network in close proximity to the large-scale structures.

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Figure 8-2. Schematic diagram illustrating the formation of greenstone orogenic gold deposits (Dube and Gosselin, 2007).

8.3 Volcanogenic Massive Sulphide Deposits

Volcanogenic Massive Sulphide (VMS) deposits are syngenetic, stratabound accumulations of polymetallic sulphides formed by hydrothermal venting on or near the seafloor in submarine volcanic settings ( e.g. , Franklin et al. , 2005).

In the Abitibi Greenstone Belt, VMS deposits are typically associated with Archean bimodal mafic-felsic volcanic sequences, where felsic domes and rhyolitic pyroclastics provide heat sources for convective hydrothermal systems, leading to metal precipitation in exhalative mounds or sub-seafloor replacements (Gibson et al. , 1999). These deposits are often Zn-Cu-Pb-Ag-Au rich, with pyrite-pyrrhotite-chalcopyritesphalerite-galena assemblages, and are classified as mafic-felsic bimodal types in the Kidd-Munro Assemblage.

The Property lies in the western Abitibi Subprovince, within the Kidd-Munro Assemblage, characterized by tholeiitic basalts, calc-alkaline felsic volcanics, and iron formations—analogous to VMS-hosting stratigraphy at nearby deposits like Kidd Creek (Hannington et al. , 1999). Local intercalations of rhyolitic tuffs and mafic flows, intruded by gabbro, suggest syn-volcanic faulting that could channel hydrothermal fluids. Regional greenschist metamorphism overprints hydrothermal alteration, including silicification, chloritization, and minor sericitization in felsic units. Sulphide zones manifest as massive to semi-massive lenses ( e.g. , up to 33 ft of 45-50% pyrrhotite-pyrite at rhyolite-andesite contacts in Payrock Mines' 1964 drilling) or

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stringer/disseminated feeder systems. These align with proximal-distal VMS facies models, where base metals concentrate in mound cores and iron sulphides dominate peripheries.

Geophysical anomalies (EM conductors, magnetic highs) and historical drilling ( e.g. , Texas Gulf Sulphur's 1961 holes intersecting massive sulphides in felsic tuffs) point to untested VMS targets. The Property's overburden challenges have limited surface mapping, but IP surveys ( e.g. , Driver Resources 1995–1996) and geochemical anomalies ( e.g. , elevated Cu-Zn in overburden from Gulf Minerals' 1979 RC drilling) warrant further investigation.

Exploration for VMS should prioritize EM/IP surveys over felsic-mafic contacts, followed by drilling to test conductors, as the Property's geological framework supports moderate to high potential for discovery, particularly given the under-explored nature post-2012.

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9.0 EXPLORATION

As of the Effective Date of the report, other than several site visits, the Issuer has not conducted any exploration work programs on the Property. Historical exploration work programs completed by previous owners and operators, insofar as they are known, are summarized in Section 6.0 - History.

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10.0 DRILLING

As of the Effective Date of the Report, the Issuer has not done any drilling on the Property. Historical drilling on the Property by previous owners and operators, insofar as it is known, is summarized in Section 6.0 - History.

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11.0 SAMPLE PREPARATION, ANALYSIS AND SECURITY

Loyalist has not collected, prepared or analyzed any geological samples (rock, soils, core, etc.) from the Property. The only sampling on the Property was that done by QP Curtis Ferron who collected rock grab samples during his July and October 2025 site visits ( see Section 2.5 – Personal Inspection).

The Authors and the Issuer are independent of ALS Global and Actlabs laboratories which were used in the analysis of samples from the July 2025 and October 2025 site visits, respectively.

Insofar as it is known, there is no evidence of bias in historically reported results that would be considered to have a material effect on the analytical results. The resultant assay data and information obtained from the historical sampling programs is considered reliable for the purpose of this Report ( see Section 2.1 – Purpose of the Technical Report).

11.1 Amador Gold Corp. (2007-2009)

Some information is available for sample preparation analysis and security during Amador’s 2007-2009 exploration campaigns around the Cominco Zone deposit (Amador news release 4 September 2008).

Amador implemented a rigorous quality assurance program (QA/QC) that included the insertion of standards and blanks for each batch of core samples. Samples of the NQ-size drill core were sawn in half, with one half sent to Expert Laboratory in Rouyn-Noranda, Quebec, and the other half retained for future reference.

The half core samples were analyzed for nickel, copper and cobalt by aqua regia digestion with atomic absorption techniques. Assay results greater than 5,000 ppm were re-analyzed using total acid digestion and atomic absorption techniques (Amador news release 4 September 2008).

The Principal Author is of the opinion that the samples from Amador’s work were collected, prepared, and analyzed in a secure manner following generally accepted industry best practice guidelines.

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12.0 DATA VERIFICATION

12.1 Data and Information Verification

The Authors have reviewed historical data and information regarding historical exploration work on the Property, and as provided by the Issuer, Loyalist Exploration Ltd. The Authors have no reason to doubt the adequacy of historical sample preparation, security and analytical procedures, and have confidence in the historical information and data and its use for the purposes of the Report ( see Section 2.1 - Purpose of the Technical Report).

The QP Scott Jobin-Bevans has independently reviewed the status of the mining claims held by the Issuer through the Government of Ontario’s Mining Lands Administration System (MLAS).

12.2 Verification Performed by the QPs

Mr. Curtis Ferron (P.Geo., M.Sc.) visited the Project on 22 July 2025, accompanied by Mr. Errol Farr, CEO of Loyalist Exploration, Mr. Micheal White and Mr. Ibrahim Chandna of IBK Capital, and Mr. Jean-Philippe Desrochers an independent consulting geologist.

The Personal Inspection was made to observe the general Property conditions and access, and to verify the locations of some of the historical drill hole collars from the work carried out by Amador Gold Corp. which included diamond drilling of the historical Cominco and Hollinger Zones During this site visit the collar for drill hole LL08-18, drilled in 2008 by Amador over the historical Cominco Zone, was located in the field ( see Figure 2-1 and Table 2-3). The location of the drill collar was verified using a handheld GPS device, in this case a Garmin 66ST handheld GPS; horizontal (X, Y) accuracy was typically ± 5 metres. It was found that the observed collar location was within 6.5 m of the historical surveyed location.

Mr. Ferron also visited the Project on 9 October 2025, accompanied by Mr. John Der Weduwen a local independent prospector. The site visit was made to observe the general Property conditions and access, and to verify the locations of some of the historical drill hole collars from the work carried out by Amador, which included diamond drilling of the historical Cominco and Hollinger zones. Collars for drill holes LL09-04, LL1018, and LL10-17 drilled in 2009 and 2010 by Amador over the historical Cominco Zone, were located in the field. The locations of the drill collars were verified using a handheld GPS device, in this case a Garmin 66ST handheld GPS; horizontal (X, Y) accuracy was typically ± 5 metres. It was found that the observed collar locations were all located very close to their reported/surveyed locations (within about 4 m), ( see Table 2-4).

The Principal Author and QP Scott Jobin-Bevans (Ph.D., P.Geo.), reviewed historical exploration work reports and data related to the Property as well as information available in the public domain.

12.3 Comments on Data Verification

It is the Authors’ opinion that the procedures, policies and protocols used during the historical Amador drilling campaign are sufficient and appropriate and that the core sampling, core handling and core assaying methods used in the collection of data and information are consistent with good exploration and operational practices such that the data and information is reliable for the purpose of mineral exploration and the purpose of the Report (see Section 2.1 – Purpose of the Technical Report).

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13.0 MINERAL PROCESSING AND METALLURGICAL TESTING

Insofar as it is known by the Authors, there has been no mineral processing or metallurgical testing on material from the Property.

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14.0 MINERAL RESOURCE ESTIMATE

Insofar as it is known by the Authors, there are no mineral resources on the Property.

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15.0 MINERAL RESERVE ESTIMATES

This section is not relevant at this stage of the Property.

16.0 MINING METHODS

This section is not relevant at this stage of the Property.

17.0 RECOVERY METHODS

This section is not relevant at this stage of the Property.

18.0 PROJECT INFRASTRUCTURE

This section is not relevant at this stage of the Property.

19.0 MARKET STUDIES AND CONTRACTS

This section is not relevant at this stage of the Property.

20.0 ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT

This section is not relevant at this stage of the Property.

21.0 CAPITAL AND OPERATING COSTS

This section is not relevant at this stage of the Property.

22.0 ECONOMIC ANALYSIS

This section is not relevant at this stage of the Property.

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23.0 ADJACENT PROPERTIES

There are no adjacent properties that are actively being explored that would materially affect the Authors’ understanding of the Project or the interpretations and conclusions presented in the Report.

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24.0 OTHER RELEVANT DATA AND INFORMATION

The Authors are not aware of any additional information or explanations necessary to make the Report understandable and not misleading.

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25.0 INTERPRETATION AND CONCLUSIONS

The objectives of the Report were to prepare a NI 43-101 Technical Report for the Loveland Polymetallic Project, capturing historical information available from the Project area, evaluating this information with respect to the prospectivity of the Project, and presenting recommendations for future exploration and development on the Project.

The Project, within the Timmins Mining District, Timmins-Cochrane Mining Camp, is located about 35 km northwest of the City of Timmins.

The Property comprises 6,244.28 ha, consisting of 283 contiguous unpatented SCMCs, 3 unpatented MCMCs, 6 BCMC, and 1 Mining Lease. The Property is easily accessible and exploration work can continue year-round.

The Project is at early-stage (greenfield) exploration and shows excellent potential for polymetallic discoveries. A review of all available historical data on the Property shows that it hosts magmatic Ni-Cu-(PGECo) sulphides, Archean shear zone related lode gold (orogenic), and has the potential for VMS-style mineralization, in a region well known for a long history of base and precious metal production.

25.1 Magmatic Ni-Cu-(PGE-Co) Mineralization

Interest in the Property area began in the early 1940s with the discovery of the ‘Loveland Float’, a small field of sulphide-rich peridotite boulders yielding assays ranging from 2-3% Ni and 1-3% Cu. The ensuing search for Ni-Cu bedrock occurrences on the Property has consisted mainly of geophysical surveys and drilling programs, the results of which were used to refine the historical geological interpretation and target geophysical conductor anomalies. To date, the source of the boulders remains unknown but given the rock type and condition of the boulders there is no doubt that their location is proximal to their source.

The drill-testing of two strong geophysical anomalies in the early 1970s led to the discovery of the Hollinger Zone and Cominco Zone deposits. Historical resource estimates for these deposits were reported as follows:

Hollinger Zone deposit, 422,350 short tons grading 0.71% Ni and 0.42% Cu; and
Cominco Zone deposit, 130,000 short tons grading 0.73% Ni and 0.68% Cu.

These mineral resource estimates are historical and should not be relied upon. They are presented herein for illustrative purposes only. A QP has not completed sufficient work to classify them as current and neither the QP Scott Jobin-Bevans or the Issuer consider these estimates as current mineral resources.

25.2 Orogenic Lode Gold Mineralization

Gold mineralization was intersected in holes drilled by Amador to a depth of 300 m below the historical Cominco Zone deposit in 2007-2009. Anomalous gold values were noted in at least nine (9) diamond drill holes during the 2007-2009 diamond drilling campaigns. Gold-bearing arsenopyrite and pyrite mineralization was encountered in sections of silicified granodiorite. Amador’s ‘best’ drill hole (LL08-13) intersected a mineralized interval that assayed 6.37 g/t Au over 8.55 m (383.25 m to 391.8 m down-hole). Additional intervals from the hole included 6.17 g/t over 3.0 m from 403.0 m to 406.0 m and 10.39 g/t over 3.1 m from 410.30 m to 413.4 metres.

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more than 500 m within the granodiorite. The anomalous gold values occur over various widths from less than a metre to several metres of core. True widths are unknown. Prospecting in 2008 led to the discovery of a surface gold showing about 400 m southeast of the Cominco Zone deposit. The showing returned grab samples containing 8.98 g/t Au and 11.48 g/t Au collected from granodiorite containing quartz-stringers mineralized with disseminated sulphides.

Given the contact relationship between the volcanic and intrusive rocks, and the numerous local and regional structures across the Property, there is potential for further gold discoveries.

25.3 Volcanogenic Massive Sulphide Mineralization

Historical exploration has identified sulphide and oxide iron formations, disseminated to massive pyrrhotitepyrite mineralization, and conductive anomalies suggestive of VMS-style deposits. For instance, massive stratabound sulphides are noted in association with rhyolitic and mafic volcanic contacts, often accompanied by traces of chalcopyrite, sphalerite, and galena, though economic base metal concentrations ( e.g. , Cu-Zn-Pb) have not been delineated to date.

Although no economic VMS deposits have been defined, the Property's location in the prolific Abitibi Belt— home to major VMS camps like Kidd Creek (Timmins) with over 150 Mt of Zn-Cu-Pb-Ag ore produced (Mining Life Online, 2025)—supports exploration potential. The Kidd-Munro Assemblage is known for hosting bimodal VMS systems, and the Loveland area's sparse outcrop and thick overburden (up to 41 m) suggest underexplored opportunities, particularly in the western and northern sectors where felsic volcanic rocks predominate.

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25.4 Risks and Opportunities

The QP Scott Jobin-Bevans is not aware of any known environmental, permitting, legal, title, taxation, socioeconomic, marketing, political or relevant issues could be expected to materially affect the reliability or confidence in the exploration information discussed herein or the right or ability to perform future work on the Loveland Polymetallic Project.

External risks are, to a certain extent, beyond the control of the Project proponents and are much more difficult to anticipate and mitigate, although, in many instances, some risk reduction can be achieved. External risks are things such as the political situation in the Project’s region, metal prices, exchange rates and government legislation. These external risks are generally applicable to all mining projects.

As with all mineral exploration projects, there is an inherent risk associated with mineral exploration. Many of these risks are based on a lack of detailed knowledge and can be managed as more sampling, testing, design, and engineering are conducted at each of the next study stages.

It is the opinion of the QP Scott Jobin-Bevans that at this stage of the Project, there are no reasonably foreseen contributions from risks and uncertainties identified in the Report that could affect the Project’s continuance at its current stage of exploration and specifically to complete the exploration program proposed in Section 26.0 – Recommendations.

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26.0 RECOMMENDATIONS

The QP Scott Jobin-Bevans recommends a two-phase exploration program consisting of an airborne Mag-EM geophysical survey with a follow-up ground truthing and prospecting program (Phase 1) and exploration diamond drilling program (Phase 2), designed to follow up on the Phase 1 geophysical and prospecting programs (Table 26-1). The estimated cost for the recommended two-phase program is approximately C$1.1M.

This two-phase work program is designed to test three main concepts:

Delineate similar geophysical anomalies to the Cominco and Hollinger zones and follow up with prospecting and subsequent diamond drilling.
Follow up on orogenic gold mineralization potential across the Property including previously identified surface gold showings and deep orogenic gold potential below the Cominco Zone through drilling.
Twin historical Cominco and Hollinger zone drill holes and extend along-strike of historical drilling for the purpose of defining a NI 43-101 compliant Mineral Resource Estimate for these two zones.

Table 26-1. Budget estimate recommended two-phase exploration program, Loveland Polymetallic Project.

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27.0 REFERENCES

Atkinson, B.T., Pace, A., Beauchamp, S.A., Bousquet, P., Butorac, S., Draper, D.M. and Wilson, A.C., 2010. Report of Activities 2009, Resident Geologist Program, Timmins Regional Resident Geologist Report: Timmins and Sault Ste. Marie Districts; Ontario Geological Survey, Open File Report 6247, 99p.

Ayer, J.A., Amelin, Y., Corfu, F., Kamo, S.L., Ketchum, J.W.F., Kwok, K. and Trowell, N.F. (2002): Evolution of the southern Abitibi greenstone belt based on U-Pb geochronology: autochthonous volcanic construction followed by plutonism, regional deformation and sedimentation; Precambrian Research, v115, pp. 63-95.

Ayer, J.A., Thurston, P.C., Bateman, R., Dubé, B., Gibson, H.L., Hamilton, M.A., Hathway, B., Hocker, S.M., Houlé, M.G., Hudak, G., Ispolatov, V.O., Lafrance, B., Lesher, C.M., MacDonald, P.J., Péloquin, A.S., Piercey, S.J., Reed, L.E. and Thompson, P.H. (2005): Overview of results from the Greenstone Architecture Project: Discover Abitibi Initiative; Ontario Geological Survey, Open File Report 6154, 175p.

Barnes, S.-J., & Lightfoot, P. C. (2005). Formation of magmatic nickel sulfide deposits and processes affecting their copper and platinum group element contents. In J. W. Hedenquist, J. F. H. Thompson, R. J. Goldfarb, & J. P. Richards (Eds.), Economic Geology 100th Anniversary Volume: 1905–2005 (pp. 179–213). Society of Economic Geologists.

Barnes, S. J., Cruden, A. R., Arndt, N. T., & Saumur, B. M. (2016). The mineral system approach applied to magmatic Ni-Cu-PGE sulphide deposits. Ore Geology Reviews, 76, 296–316.

Barnes, S. J., Mungall, J. E., Le Vaillant, M., Godel, B., Lesher, C. M., Holwell, D., Lightfoot, P. C., Keays, R. R., Maier, W. D., Mansur, E. T., Brough, C. P., Maciag, O., & Mungall, J. E. (2017). Sulfide-silicate textures in magmatic Ni-Cu-PGE sulfide ore deposits: Disseminated and net-textured ores. American Mineralogist, 102(3), 473–506.

Barnes, S. J., Staude, S., Le Vaillant, M., Pina, R., & Lightfoot, P. C. (2018). Sulfide-silicate textures in magmatic Ni-Cu-PGE sulfide ore deposits: Massive, semi-massive and sulfide-matrix breccia ores. Ore Geology Reviews, 101, 629–651.

Barnes, S. J. (2023). Lithogeochemistry in exploration for intrusion-hosted magmatic Ni-Cu-Co deposits. Geochemistry: Exploration, Environment, Analysis, 23(2), Article 2022-025.
Barrie, C.T. (1992). Geochemical constraints on the petrogenesis of the Kamiskotia gabbroic complex and related basalts, Western Abitibi Subprovince, Ontario, Canada. Precambrian Research, 57(3-4), 233-254.

Barrie, C.T. (2000). Geology of the Kamiskotia area; Ontario Geological Survey, Study 59, 79p.

Barrie, C. T., & Naldrett, A. J. (1990). The geology of the Montcalm gabbro-anorthosite complex and its relationship to other gabbro-anorthosite suites in the western Abitibi greenstone belt, Superior Province. In Current Research, Part C (Geological Survey of Canada, Paper 90-1C, pp. 299–309).

Dubé, B., & Gosselin, P. (2007). Greenstone-hosted quartz-carbonate vein deposits. In W. D. Goodfellow (Ed.), Mineral deposits of Canada: A synthesis of major deposit-types, district metallogeny, the evolution of geological provinces, and exploration methods (Geological Association of Canada, Mineral Deposits Division, Special Publication No. 5, pp. 49–73).

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Eckstrand, O. R., Grinenko, L. N., Krouse, H. R., Paktunc, A. D., Paktunc, U. N. C., & Scoates, R. F. J. (1989). Preliminary data on sulphur isotopes and Se/S ratios, and the source of sulphur in magmatic sulphides from the Fox River Sill, Molson Dykes, and Thompson nickel deposits, northern Manitoba. In Current Research, Part C (Geological Survey of Canada, Paper 89-1C, pp. 235–242).

Eckstrand, O. R. (1996). Nickel-copper sulphide. In O. R. Eckstrand, W. D. Sinclair, & R. I. Thorpe (Eds.), Geology of Canadian mineral deposit types (Geological Survey of Canada, Geology of Canada, No. 8, pp. 584–605).
Eckstrand, O. R., & Hulbert, L. J. (2007). Magmatic nickel-copper-platinum group element deposits. In W. D. Goodfellow (Ed.), Mineral deposits of Canada: A synthesis of major deposit-types, district metallogeny, the evolution of geological provinces, and exploration methods (Geological Association of Canada, Mineral Deposits Division, Special Publication No. 5, pp. 205–222).
Eisenlohr, B. N., Groves, D. I., & Partington, G. A. (1989). Crustal-scale shear zones and their significance to Archaean gold mineralization in Western Australia. Mineralium Deposita, 24(1), 1-8.

Franklin, J. M., Gibson, H. L., Jonasson, I. R., & Galley, A. G. (2005). Volcanogenic massive sulfide deposits. In J. W. Hedenquist, J. F. H. Thompson, R. J. Goldfarb, & J. P. Richards (Eds.), Economic Geology 100th Anniversary Volume: 1905–2005 (pp. 523–560). Society of Economic Geologists.

Gaudreau, M. (2022): Loveland Property March 2022 Prospecting Report: Claim 587809, Loveland Township, Porcupine Mining Division, Ontario, Canada. Assessment File 20000020278, pp. 1-22.

Gibson, H. L., Allen, R. L., Riverin, G., & Lane, T. E. (1999). The volcanic-hosted massive sulfide model: Building an exploration strategy. In Volcanic-Associated Massive Sulfide Deposits: Processes and Examples in Modern and Ancient Settings (pp. 21–54). Society of Economic Geologists, Reviews in Economic Geology, Vol. 8.

Gordon, J.B., Lovell, H.L., de Grijs, J.W. and Davie, R.F. (1979): MDC018 - Gold deposits of Ontario, part 2, part of District of Cochrane, districts of Muskoka, Nipissing, Parry Sound, Sudbury, Timiskaming, and counties of southern Ontario.

Groves, D. I., Barrett, F. M., & McQueen, K. G. (1979). The relative roles of magmatic segregation, volcanic exhalation and regional metamorphism in the generation of volcanic-associated nickel ores in Western Australia. Canadian Mineralogist, 17(2), 319–336.

Groves, D. I., Barley, M. E., Barnicoat, A. C., Cassidy, K. F., Fare, R. J., Hagemann, S. G., Ho, S. E., Hronsky, J. M. A., Mikucki, E. J., Mueller, A. G., McNaughton, N. J., Perring, C. S., Ridley, J. R., & Vearncombe, J. R. (1992). Sub-greenschist- to granulite-hosted Archaean lode-gold deposits of the Yilgarn Craton: A depositional continuum. Mineralium Deposita, 27(3), 165-173.

Groves, D. I., Goldfarb, R. J., Gebre-Mariam, M., Hagemann, S. G., & Robert, F. (1998). Orogenic gold deposits: A proposed classification in the context of their crustal distribution and relationship to other gold deposit types. Ore Geology Reviews, 13(1–5), 7–27.

Hagemann, S. G., & Cassidy, K. F. (2000). Archean orogenic lode gold deposits. Reviews in Economic Geology, 13, 9-68.

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Hannington, M. D., Barrie, C. T., & Bleeker, W. (1999). The giant Kidd Creek volcanogenic massive sulfide deposit, western Abitibi Subprovince, Canada: Preface and introduction. Economic Geology, 94(8), 1217– 1222.

Houlé, M.G., Lesher, C.M., Préfontaine, S., Ayer, J.A., Berger, B.R., Taranovic, V., Davis, P.C. and Atkinson, B. (2010): Stratigraphy and physical volcanology of komatiites and associated Ni-Cu-(PGE) mineralization in the western Abitibi greenstone belt, Timmins area, Ontario: a field trip for the 11th International Platinum Symposium; Ontario Geological Survey, Open File Report 6255, 99p.

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6 April 2026

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AI assistant

Red Metal Resources Ltd. — Regulatory Filings 2026

46419_rns_2026-04-08_9ff93917-8333-46e2-86a0-a5690f399b64.pdf

National Instrument 43-101

Technical Report on the Loveland Polymetallic Project

Loyalist Exploration Ltd.

Report Prepared by:

Qualified Persons:

DATE AND SIGNATURE

/s/ Scott Jobin-Bevans

/s/ Curtis Ferron

CERTIFICATE OF QUALIFIED PERSON

Scott Jobin-Bevans (P.Geo., Ph.D.)

I, Scott Jobin-Bevans, P.Geo., do hereby certify that:

/s/ Scott Jobin-Bevans

CERTIFICATE OF QUALIFIED PERSON

I, Curtis Ferron, P.Geo., do hereby certify that:

/s/ Curtis Ferron

TABLE OF CONTENTS

LIST OF TABLES

LIST OF FIGURES

1.0 SUMMARY

1.1 Introduction

1.1.1 Purpose of the Technical Report

1.1.2 Previous Technical Reports

1.1.3 Effective Date

1.1.4 Qualifications of Consultants

1.1.5 Personal Inspection (Site Visit)

1.2 Reliance on Other Experts

1.3 Property Description and Location

1.3.1 Claim Status and Holding Cost

1.3.2 Transaction Terms and Agreements

1.3.3 Surface Rights and Legal Access

1.3.4 Community Consultation

1.3.5 Environmental Liabilities and Studies

1.3.6 Royalties, Agreements and Encumbrances

1.3.7 Other Significant Factors and Risks

1.4 Access to Property, Climate and Operating Season

1.4.1 Climate and Operating Season

1.5 History (Exploration)

1.5.1 Prior Ownership and Ownership Changes

1.5.2 Historical Exploration Work

1.6 Geological Setting and Mineralization

1.6.1 Economic Geology

1.6.2 Local and Property Geology

1.6.3 Mineralization

1.6.3.1. Magmatic Sulphide Ni-Cu Mineralization

Hollinger Zone Deposit

Cominco Zone Deposit

1.6.3.2. Orogenic Lode Gold Mineralization

1.6.3.3. Volcanogenic Massive Sulphide Mineralization

1.7 Deposit Type

1.8 Exploration

1.9 Drilling

1.10 Sample Preparation, Analysis and Security

1.11 Data Verification

1.12 Mineral Processing and Metallurgical Testing

1.13 Mineral Resource Estimate

1.14 Interpretation and Conclusions

1.15 Recommendations

2.0 INTRODUCTION

2.1 Purpose of the Technical Report

2.2 Previous Technical Reports

2.3 Effective Date

2.4 Qualifications of Consultants

2.4.1 Author Independence

2.5 Personal Inspection

2.5.1 Site Visit (9 October 2025)

2.5.2 Site Visit (22 July 2025)

2.6 Sources of Information and Data

2.7 Commonly Used Terms and Units of Measure

3.0 RELIANCE ON OTHER EXPERTS

4.0 PROPERTY DESCRIPTION AND LOCATION

4.1 Property Location

4.2 Mineral Disposition

4.2.1 Property Holding Costs

4.3 Transaction Terms and Agreements

4.4 Mining Lands Tenure System in Ontario

4.4.1 Provincial Grid System (Online Staking)

4.4.2 Unpatented Mining Claims

Red Metal Resources Ltd. Regulatory Filings 2026