Technical Report

on the

Princeton Copper Property

Located in south central, British Columbia, Canada

Latitude: 49°25' 4" Longitude North, 120° 27' 46" West UTM (NAD83 Zone 10) 684,000E 5,477,000N 1:20,000 TRIM Map-sheets 092H.028, 092H.038, 092H.039, 092H.048 and 092H.049

1:50,000 NTS Map-sheets

092H/07 and 092H/08

For:

Quetzal Copper Limited

700 - 1090 West Georgia Street Vancouver, BC, Canada V6E 3V7

and

Ankh Capital Inc.

1040 West Georgia St. Suite 1500 Vancouver, British Columbia, Canada V6E 4H1

by:

Sean Butler, P.Geo.

3252 Ganymede Dr. Burnaby, BC, Canada V3K IA4

Effective and Revised Date: August 25th, 2023

Cover Photo 0-I Photo looking south from Knob Hill with the Copper Mountain Mine in the centre left

Certificate of the Qualified Person

I Sean Butler, P.Geo., do hereby certify that:

I am a consulting geologist with a residence at 3252 Ganymede Dr., Burnaby, BC, Canada, V3J1A4;
I graduated with a Bachelor of Science degree, in Geological Sciences from the University of British Columbia in 1982;
I am a Professional Geoscientist registered with the Association of Professional Engineers and Geoscientists of British Columbia (Member # 19,233) operating with the "Permit to Practice" number 1001597;
My examination of the Princeton Copper Property on May 31, 2023 constitutes a Current Inspection of the Property as defined by Part 6.2 of National Instrument 43-101 - Standards of Disclosure for Mineral Properties ("NI 43-101").
I am independent of the Property vendor Princeton Copper Corp., the Princeton Copper Property, Ankh Capital Inc. and Quetzal Copper Limited. as defined in Part 1.5 of NI 43-101 and I have no previous experience with the Princeton Copper Property;
I have practised the geological profession for more than 40 years since graduation from university. I have worked extensively exploring for both base and precious metals from early-stage programs up to advanced underground exploration and mining;
I have read the definition of "Qualified Person" as set out in Part 1.1 of National Instrument 43-101 and certify that by reason of my education, affiliation with a professional association and previous relevant work experience, I fulfill the requirements to be a "Qualified Person" for the purposes of Nl 43-101;
I am responsible for all of the report titled "Technical Report on the Princeton Copper Property" dated and effective August 25, 2023 (the "Technical Report");
That as of the effective date of the Technical Report, to the best of my knowledge, information and belief, this Technical Report contains all scientific and technical information that is required to be disclosed to make the Technical Report not misleading;
I have read NI 43-101 and Form NI 43-101F1, and the Technical Report has been prepared in compliance with that instrument and form;
I consent to the filing of the Technical Report with any stock exchange and other regulatory authority and any publication by them for regulatory purposes, including electronic publication in the public company files on their websites accessible by the public, of the Technical Report.

Dated this 25th day of August, 2023

"signed and sealed"

Signature of Qualified Person Sean Butler, P.Geo.

EXECUTIVE SUMMARY

This report is prepared by Sean Butler, P.Geo., ("Author") for Quetzal Copper Limited ("Quetzal" or the "Company") and Ankh Capital Inc. ("Ankh") to document the Princeton Copper Property ("Property") as a "Property of Merit". The Princeton Copper Property is under option to Quetzal. The purpose of the report is to document the Princeton Copper Property as the qualifying property for a merger by Quetzal into the existing TSX Venture stock exchange listed Capital Pool company named Ankh Capital Inc.

The Author visited the Property on May 31, 2023. Several roads were driven on the Property and the Knob Hill and Aura anomaly areas were visited on foot.

The Property is located in the Province of British Columbia, Canada near the Town of Princeton. The centre of the Property is close to Latitude: 49°25' 4" North, Longitude 120° 27' 46" West.

The Property consists of 71 claims totalling 11,583 hectares. Table 4-1 summarizes the claims included in the Property, including ownership and expiry dates. Several of the claims overlie in part previous claims held by other owners. Therefore, the total area is smaller than summarized in Table 4-1, but the Assessment Work requirements are on the larger value. Expiry dates of the claims are March 31, 2026 for most of the claims in the Property and September 11 and 20, 2023 respectively for the claims numbered 1088508 and 1097725.

There are two major agreements to the Property:

The first agreement is the acquisition of the Property by Quetzal from Princton Copper Corp. with several related underlying agreements for the claims with third-party companies, detailed further in Section 4.3.1of this report.

Princeton Copper Corp. has granted to Quetzal the exclusive irrevocable right and option to acquire the Property, free and clear of all Encumbrances other than the Underlying Royalty. In order for the Acquiror to exercise the Option, the Acquiror shall complete the following requirements:

making a cash payment equal to \$120,000 to Princeton Copper Corp. within 45 Business Days of the Effective Date;
issuing or causing to be issued an aggregate of 3,850,000 Shares to Princeton Copper Corp., as follows:
500,000 Shares within thirty Business Days of the Effective Date;
1,100,000 Shares within two years of the Effective Date; and
2,250,000 Shares within four years of the Effective Date;
incurring Expenditures on the Property of not less than the Minimum Annual Commitment in each Annual Period;
incurring aggregate Expenditures on the Property of not less than \$15,000,000 during the Option Period; and
subject to Section 2.8 (Extended Option Period), completing a Feasibility Study on the Property.
Payments of \$10,000 per month are due to Wild West Gold Corp. as per the underlying agreement of Princeton Copper Corp.

There is an underlying Royalty of two percent (2 %) Net Smelter Returns ("NSR") on future production from the Property. One percent (1.0 %), of the NSR can be acquired upon the payment to Princeton Copper Corp. of a \$1,000,000 lump sum.

The second agreement related to the Princeton Copper Property is the Amalgamation agreement.

The terms of the Amalgamation Agreement between Quetzal and Ankh, to allow the listing of the amalgamated company on the TSX Venture Exchange ("TSXV"), as noted in a News Release of May 16, 2023 are:

Ankh will consolidate (the "Consolidation") all of the then issued and outstanding Ankh Common Shares on the basis of one post-Consolidation Ankh Common Share for each previously outstanding two Ankh Common Shares and each Ankh Option and Ankh Warrant will be adjusted in accordance with their respective terms to account for the Consolidation;
Quetzal will subdivide (the "Subdivision") all of the then issued and outstanding Quetzal Common Shares on the basis of three post-Subdivision Quetzal Common Shares for each previously outstanding Quetzal Shares and each Quetzal Option will be adjusted in accordance with its terms to account for the Subdivision;
the holders of Quetzal Common Shares, as adjusted for by the Subdivision, will receive one common share of the Resulting Issuer (on a post-Consolidation basis) in exchange for their Quetzal Common Shares, at a ratio to be determined based on a valuation of Quetzal determined in connection with the Private Placement (as defined below) in the context of the market (the "Exchange Ratio");
all outstanding Quetzal Options, as adjusted for by the Subdivision, will be replaced with equivalent convertible or exchangeable securities of the Resulting Issuer entitling the holders thereof to acquire common shares of the Resulting Issuer in lieu of Quetzal Common Shares adjusted to reflect the Exchange Ratio, and otherwise bearing the same terms of the securities they replace;
the management and board of directors of the Resulting Issuer will be determined by Quetzal and announced in further press releases; and
Ankh will change its name to such name as determined by Quetzal in its sole discretion, in compliance with applicable law and as may be acceptable to the TSXV.

No other back-in rights or encumbrances are known to the Author.

The Province of British Columbia has a process of claim title maintenance based on the value of reported exploration work called Assessment Work and recorded on the basis of an Assessment Report. The cost to maintain the claim title will be \$526 to \$1053 a year in exploration work until the year 2026 for the two small claims in the south. In 2026 the annual cost will be about \$228,000 in exploration work. In 2027 and years beyond the annual cost be about \$232,000 of exploration expenditures, which will be applied to the existing Property.

Exploration work that includes surface disturbance requires a Notice of Work permit. Permits, that include diamond drilling, were applied for in September of 2022. They are being processed by the Province of British Columbia and await approval (Pers. Comm., Matthew Badiali, May, 2023).

The Property is located near Princeton, BC, which is at the intersection of Provincial Highways 3 and 5A. The Property area is accessed from Princeton by B.C. Highway 3 east to the paved Copper Mountain Road or to the lower section paved and the upper maintained gravel Willies Ranch Road or further east to the gravel topped Darcy Mountain Road. The Property area north of the Similkameen River is accessible from various gravel roads off of Old Hedley Road.

Exploration work can be performed on a year-round basis. Winter work will likely require snow plowing and water line heating.

There is adequate Crown land area for a potential future mining operation. Some of the land overlying the Property is privately held and may need to be purchased if significant metal mineralization is confirmed under the private land. Another option is custom milling at the nearby existing mine to the west at Copper Mountain. This adjoining operating mine confirms the adequacy of electrical power, water and trained staff available locally to operate a mine.

Topography is gentle to moderate over most of the plateaus in the Copper Mountain area, where elevations range from 1,050 m to 1,300 m. The landforms on the claims range from rolling hill country with open valleys to steep areas found on the flanks of the Similkameen River valley and along deeply incised glacial drainage routes. The lowest elevation on the Similkameen River in the east is approximately 600 metres. The highest point on the Property is on a ridge just over 1,850 metres in the south end of the Property. Outcrop is limited to steeper slopes and higher ridges. The Similkameen River Valley and upper Willis Creek feature more rugged terrain with common outcrop and talus slopes.

Exploration activity in the Princeton area started with the discovery of placer gold and platinum in the Tulameen and Similkameen Rivers in the 1870's. As the local placer deposits were exhausted hard rock mining became the principal local source for metals. The Copper Mountain mine area, adjoining to the west has operated for much of the past century and continues to operate now. The Miner Mountain advanced prospect is located to the north of the Property. The Hedley Gold and Nickel Plate mines, located about 30 kilometres to the east, were the major producers of lode gold in the region.

The Property consists of all the mineral tenures between the Copper Mountain Mine and Sego's Miner Mountain property, plus a narrow extension to the south. This includes two historical minor "producers" active in the early 19th century, the Copper Farm mine, and the Mt. Holmes property. Various operators have conducted geological, geophysical (magnetics and Induced Polarization) surveys, geochemical surveys, stripping, and trenching during the past 60 years over parts of the Property.

development occurred by the Princeton Mining and Development Co., from 1918 to 1929. The work consisted of about one kilometre of underground development on three levels. This is located about six kilometres east of Princeton just south of the highway. Shipments to the smelter did not pay well (Starr, 1955). Several of the reports noted below are partially on the Property, but the details of how much is off the Property is obscured by historical landmarks of old grid and past claims that are not accurately located at this time.

There is a long history of exploration noted from about a century ago including several adits and other workings with a history in the last 70 years of more advanced exploration. Table 6-1 summarizes much of the historical exploration work, mostly reported in the Assessment Reports ("ARIS") recorded by the Province of British Columbia. These programs have included multiple different geophysical methods on different areas, rock, soil and silt geochemistry, including several advanced methods, geological mapping and limited diamond drilling.

The Princeton district is within the Quesnel Terrane (aka Quesnellia). This is a northerly trending Mesozoic tectonostratigraphic terrane composed of a volcanic arc with overlying sedimentary sequences, which were built on top of a deformed, oceanic sedimentary-volcanic complex (Harper Ranch and Okanagan sub-terranes). The Quesnel Terrane was formed offshore to the southwest of continental North America and accreted with other terranes onto North America in late Mesozoic times.

The major unit underlying the Property is the Nicola Group of generally volcanic rocks. It was subdivided into three subparallel belts separated by northerly trending faults. The Princeton Copper Property area is underlain by two of these belts.

The first belt is a sedimentary assemblage (Ladinian to middle Norian age) consisting mainly of greywacke, siltstone, argillite, alkalic intermediate tuff and reefal limestone, possibly recording a back-arc basin. The sedimentary assemblage is overlapped by the Eastern volcanic facies. These sedimentary sequences are the oldest rocks on the Property and are reported to occur north and east of the Shamrock showing. The assemblage was deposited between 223.4 and 218 million years ago.

The second belt, the Eastern volcanic facies, is a younger, westerly dipping belt (Late Norian age), which underlies most of the Property, composed of subaqueous and subaerial, alkali, intermediate and mafic flows, volcanic breccias, and epiclastic rocks that were deposited on or between emergent volcanic edifices from about 215 to 209.5 Ma.

The Nicola Group hosts several Late Triassic, alkalic intrusions. Locally the Copper Mountain intrusions are very significant and closely linked to the mineralized structures of the Copper Mountain deposit. The age of mineralization at Copper Mountain is Lower Jurassic (193 ± 7 Ma) from K/Ar dates of biotite in mineralized veins in Pit 1, Preto, 1972. This age agrees very closely to the age of the Smelter Lake and Voigt stocks of the Lost Horse Intrusions. Dykes, dyke swarms, and intrusive breccias are common, suggesting sub-volcanic intrusion of these units.

Locally on the Property are several other units, including the Bromley Batholith, that are related to skarn mineralization or are younger than the Copper Mountain and Miner Mountain mineralization. These units have not historically hosted significant metal mineralization and are therefore not the focus of the proposed exploration program of this report.

The primary commodity targeted at the Princeton Copper Property is copper, locally accompanied by silver and gold, as chalcopyrite in alkalic porphyry style mineralization. The showings and prospects commonly contain chalcopyrite, pyrite, pyrrhotite, magnetite, malachite, and azurite.

The target deposit type at the Princeton Copper Property is a copper-gold alkalic type porphyry deposit of the style at the nearby Copper Mountain / Ingerbelle deposits to the west. There is a history of about a century of mining at the Copper Mountain / Ingerbelle deposits. The major products are copper with gold and silver credits at the Copper Mountain mine operations. The target deposit type at the Miner Mountain property is for the same deposit type.

Quetzal has completed no exploration work, including no drilling, sampling on the Property.

The Author is not aware of any mineral processing or metallurgical testing on the Property. The Author is also not aware of any Mineral Resource Estimates on the Property.

Nicola Group volcanic rocks and the local intrusive rocks on the Property are important targets for porphyry copper exploration. Porphyry copper target areas include the six historic exploration areas and the newly identified geochemical and geophysical anomalies, including the Aura anomaly, outlined by the 2020 and 2021 exploration programs. Rocks of the Lost Creek Intrusive Complex, the origin of the Copper Mountain mine mineralization, are known to occur locally on the Property. The area of the core of the Property northeast of the Copper Mountain mine has a number of areas with alkalic style porphyry mineralization.

An extensive area of Nicola Volcanic rocks is covered by likely shallow Eocene volcanic rock of the Princeton Group east of the Boundary Fault, on the western side of the Property. These younger volcanics likely blanket the volcanic strata of Late Triassic – Early Jurassic age and coeval intrusive rocks. The deep-seated regional rift, the Boundary Fault zone, along the western edge of the Property remains highly prospective due to the proximity of many of the Copper Mountain deposits to this fault. Systematic exploration at Sego Resources' s Miner Mountain has outlined mineralized zones proximal to the Boundary Fault also.

Some of the issues that make this Property potentially challenging:

A large area of private land underlying the Property could increase the cost of exploration and development as well as make exploration more difficult. If a mineral deposit is discovered under private land, the land will have to be purchased before mining can begin.
The large claim landholding will increase land holding costs.
Potential future Aboriginal land title issues and concerns.
Permit issuing timing and the permitting terms.

The positives of the Property include:

The geophysical and soil geochemistry surveys in 2020 to 2021 show multiple targets, by multiple survey types, that are consistent with porphyry copper deposits. See Figure 6 3 to Figure 6-4.
There is a long history of exploration and much of this historical data is recorded and is available to review and incorporate into defining exploration targets.
The Property is next to an existing and historically large mine (Copper Mountain) and also adjoins another significant prospective property (Miner Mountain).
Princeton is a mining town.

• Possible future synergies of custom mining/milling or the Property take over by the existing nearby mine operator.

The recommended future exploration program is a two-phase program.

The Phase One recommendation is a ground-based program to further refine and define the drill targets and explore outside the areas of the 2020 to 2021 surveys. The edges of and the unsurveyed areas between these recent surveys have potential targets that need to be defined before the final drill targeting and prioritization is completed. The goal is to quickly and relatively inexpensively find and define the best group of drill targets possible.

The first activity is a combined survey using an UAV magnetometer and an Induced Polarization program, to infill and extend the existing 2020-2021 surveys areas. Following the results of the geophysical surveys a program of field geological mapping and rock sampling is combined with Mobile Metal Ion (MMI™) soil sampling. MMI™ is a technique that uses complex ligands to extract metals attached loosely to soil particles. It has proven often to better define metal mineralization below surficial glacial and alluvial deposits than conventional high acid extraction. The detailed geological mapping program is focused on lithology and alteration with a view of trying to explain the local topography and geology especially in areas with little or no outcrop, against the results of the IP and magnetics. The goal is to interpret the probable geology under the glacial till.When these results are combined with the results of the 2019 to 2021 surveys drill targeting for Phase Two and Phase One reporting can be finalized.

The total metreage of Phase Two is predicated on the results of Phase One. Some targets are definable now from the existing 2020 to 2021 data, but Phase One results should provide more and/or higher priority drill targets. Therefore, contingent on the Phase One exploration results, up to 3,000 metres of diamond drilling should be enough to evaluate several target zones and areas and allow for the results that will allow a decision on future exploration.

EXECUTIVE SUMMARY
INTRODUCTION $\mathbf{2}$ Terms of Reference 2.1 Sources of Information 2.2 QP Personal Inspection of the Property 2.3 Abbreviations and Units of Measure 2.4
RELIANCE ON OTHER EXPERTS $\overline{\mathbf{3}}$
$\overline{\mathbf{4}}$ PROPERTY DESCRIPTION AND LOCATION 4.1 Location 4.2 Property Description 4.3 Agreements Property Agreement 4.3.1 4.3.2 Underlying Property Agreement 4.3.3 Amalgamation Agreement 4.4 Mineral Title Maintenance Requirements Permits Required for Work 4.5 4.6 Environmental Liabilities Other Possible Liabilities to Exploration and Development 4.7
ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND 5. PHYSIOGRAPHY ……………………………………………………………………………………………… 5.1 Accessibility Climate 5.2 5.3 Local Resources 5.4 Infrastructure 5.5 Physiography
HISTORY 6 Exploration on the Princeton Copper Property 6.1 6.1.1 Mapping and Prospecting Rock Sampling and Trenching 6.1.2 6.1.3 Soil Geochemistry Geophysical Surveys 6.1.4 6.1.5 Geophysical Surveys 6.1.6 Drilling 6.1.7 Other Details
GEOLOGICAL SETTING AND MINERALISATION 7 Regional Geology 7.1 7.2 Local Geology

		7.3 Local Mineralization 7.3.1 MINFILE MINERAL OCCURENCES
8		DEPOSIT TYPES
9		EXPLORATION
		10 DRILLING
		11 SAMPLE PREPARATION, ANALYSES AND SECURITY
		12 DATA VERIFICATION
		13 MINERAL PROCESSING AND METALLURGICAL TESTING
		14 MINERAL RESOURCE ESTIMATES
		23 ADJACENT PROPERTIES 23.1 Copper Mountain Mine 23.2 Miner Mountain property
		24 OTHER RELEVANT DATA AND INFORMATION
		25 INTERPRETATION AND CONCLUSIONS
	26.1 26.2	26 RECOMMENDATIONS Phase One Phase Two
		27 REFERENCES

FIGURES & TABLES & PHOTOS

Table of Figures
Figure 4-1 Location in British Columbia, Canada 16
Figure 4-2 Mineral Claim Tenure Map 19
Figure 5-1 Access to the Princeton Copper Property 24
Figure 5-2 Climate summary by Months of the Year for Princeton, BC (1981-2010) 25
Figure 6-1 Centres of Historical Assessment Report Work or the properties at time of Work 28
Figure 6-2 2021 MMI™ Copper in soil geochemical survey 37
Figure 6-3 2020-2021 Magnetics (TMI) ground and drone magnetics stitched together 38
Figure 6-4 2020 Induced Polarization Survey plans at 90 m depth 39
Figure 6-5 Historical Drill Hole Locations (approximated) 43
Figure 7-1 Cartoon cross section of the Regional Geology 45
Figure 7-2 Geological Terranes in the Property area 47
Figure 7-3 Local Geology 48
Figure 7-4 Local Geology and the Location of Regional Geological Cross Section Lines 51
Figure 7-5 Regional Geological Cross Sections 52
Figure 7-6 Cross Section of the Princeton Basin with the Property on the right of the Boundary Fault 53
Figure 7-7 BCGS MINFILE locations 55
Figure 8-1 Idealized Cross Section of a Porphyry Copper Model 60
Figure 23-1 Schematic SW-NE Cross Section of the Copper Mountain Mine Geology 63

Table of Tables

List of Frequently Used Abbreviations 14 Table 2-1
Table 4-1 List of Claims 17
Table 6-1 Reported Exploration History at Princeton Copper 29
Table 6-2 List of Historical Drill Holes and approximate collar locations 42
Table 26-1 Recommended Budget 66

Table of Photos

Cover Photo 0-1 Photo looking south from Knob Hill with the Copper Mountain Mine in the centre left 1
Photo 2-1 Road in the Aura anomaly area 13
Photo 2-2 View of Knob Hill from Copper Mountain Road 13
Photo 2-3 Trench on Knob Hill with malachite (green) in Nicola volcanics 14

2 INTRODUCTION

The chapter numbers in this report are designated after the major item headings of the NI 43-101-F1 report format. The Section headings (15 to 22) for advanced programs have been intentionally omitted.

2.1 Terms of Reference

2.2 Sources of Information

The sources of information are generally public documents found on the internet. Most are government related documents including Assessment Reports and Property Files, prepared by professionals that document past exploration work on mining claims in British Columbia. There are multiple government geological reports of the regional geological bedrock in the area as well as topographic maps found on provincial and federal government websites. Several technical documents were found on the website of Sego Resources. A number of general reports of deposit types and similar subjects are summarized and then noted in the Reference section of this report. Quetzal provided maps from various historical reports along with GIS data sets prepared by professionals with previous experience on the Property. The Reference section of this report summarizes the documents used in the preparation of this report. Copies of the property agreements noted in Section 4.3 of this report were provided by Quetzal.

2.3 QP Personal Inspection of the Property

The Author visited the Property alone on May 31, 2023. Several roads were driven on the Property including;

Copper Mountain Road,
Highway 3,
Willies Ranch Road,
August Lake Road and
Darcy Mountain Road.
A couple of field traverses were also done to Knob Hill and the Aura anomaly areas.
The Property was observed from multiple different directions including across the Similkameen River.

The Knob Hill area includes several low outcrops of the Nicola volcanic rocks with a number of trenches on a gentle hill top with small patches of trees in a generally a grass area (Photo 2-2). The Author visited multiple trenches and noted the presence of malachite (copper carbonate) in one location (Photo 2-3). This area has been the target of multiple historical exploration projects so the generation(s) of work that completed the trenches visited is unknown.

Quetzal Copper Limited and Ankh Capital Inc.

The Aura anomaly area was visited along a one-lane road and near this road. The area visited had no outcrops found by the Author. The forest is open and generally easily traversed in. The Aura anomaly is defined by 2020-2021 ground magnetics, Induced Polarization and confirmed to have copper by "Mobile Metal Ion" soil geochemistry. There is limited historical exploration on this target area.

No rock samples were collected by the Author, due to the limited outcrop. The Author saw malachite that confirmed the presence of copper on Knob Hill. Historically, there is limited work in the south end of the Property, with more difficult access. The south half of the Property was not visited by the Author due to the limited historical work and no target areas identified for the next phases of work recommended.

The Author drove up to the Copper Mountain Mine site entrance to confirm how close it is to the Property.

It is the Author's opinion that this visit constitutes a QP Personal Inspection of the Property.

Photo 2-I Road in the Aura anomaly area

Photo 2-2 View of Knob Hill from Copper Mountain Road

Photo 2-3 Trench on Knob Hill with malachite (green) in Nicola volcanics

2.4 Abbreviations and Units of Measure

All dollars are reported in Canadian Dollars unless noted otherwise. Units are metric unless noted. The following table is a list of abbreviations frequently used by the Author.

Abbreviation	Description	Abbreviation	Description
AA	atomic absorption	Kspar	potassium rich feldspar
Ag	silver	m	metre
aka	also known as	m ²	square metre
AMSL	above mean sea level	m ³	cubic metre
Au	gold	Ma	Millions of years ago
AuEq	gold equivalent grade	MINFILE	British Columbia Geological Survey
			Mineral Inventory Files
BC.	British Columbia	MMI™	Mobile Metal Ion geochemistry
BCGS	British Columbia Geological Survey	mm ²	square millimetre

Table 2-1 List of Frequently Used Abbreviations

Abbreviation	Description	Abbreviation	Description
BC MMAR	British Columbia Minster of Mine	mm3	cubic millimetre
	Annual Report
CAD\$	Canadian dollar	Mo	Molybdenum
cm	centimetre	Mt	million tonnes
cm2	square centimetre	m.y.	million years
cm3	cubic centimetre	NAD	North American Datum
cp	chalcopyrite	NI 43-101	National Instrument 43-101
CSE	Canadian Securities Exchange	opt	ounces per short ton
Cu	copper	oz	troy ounce (31.1035 grams)
°C	degree Celsius	Pb	lead
°F	degree Fahrenheit	ppb	parts per billion
DDH	diamond drill hole	ppm	parts per million
ft	feet	py	pyrite
ft2	square feet	QA	Quality Assurance
ft3	cubic feet	QC	Quality Control
FSR	Forest Service Road	qz	quartz
g	gram	RC	reverse circulation drilling
GPS	Global Positioning System	RQD	rock quality description
GSC	Geological Survey of Canada	Sb	antimony
g/t	grams per tonne	SEDAR	System for Electronic Document Analysis and Retrieval
ha	hectare	SG	specific gravity
ICP	inductively coupled plasma	t	tonne (1,000 kg or 2,204.6 lbs)
kg	kilogram	US\$	United States dollar
km	kilometre	Zn	zinc

3 RELIANCE ON OTHER EXPERTS

The Author has not relied on other experts in the preparation of this report.

4 PROPERTY DESCRIPTION AND LOCATION

4.1 Location

The Property is located in the Province of British Columbia, Canada near the Town of Princeton.

The centre of the Property is close to Latitude: 49°25' 4" North, Longitude 120° 27' 46" West. The UTM (NAD83 Zone 10) coordinates of 684,000E 5,477,000N are also estimated to be close to the centre. The BC Government 1:20,000 TRIM Map-sheets 092H.028, 092H.038, 092H.039, 092H.048 and 092H.049 and the Canadian Government 1:50,000 NTS Map-sheets 092H/07 and 092H/08 cover the Property.

Figure 4-1 Location in British Columbia, Canada

4.2 Property Description

The Property consists of 71 claims totalling 11,583 hectares. Table 4-1 summarizes the claims included in the Property, including ownership and expiry dates. Several of the claims overlie in part previous claims held by other owners. Therefore, the total area is smaller than summarized in Table 4-1, but the Assessment Work requirements are on the larger value. Figure 4-2 shows where these overlaps are located outside the bold property boundary. Expiry dates of the claims are March 31, 2026 for most of the claims in the Property and September 11 and 20, 2023 respectively for the claims numbered 1088508 and 1097725. Work will be required soon to be completed to maintain the title of the two claims expiring in September 2023.

Record Number	Claim Name	Registered Owner	Record Date	Expiry Date	Area (hectares)
538662	COPPER LOAD IN PRINCETON	WILD WEST GOLD CORP	2006/AUG/04	2026/MAR/31	125.99
561391	LITTLE BUD PROSPECT	WILD WEST GOLD CORP	2007/JUN/27	2026/MAR/31	21.01
570114	CHALCO	WILD WEST GOLD CORP	2007/NOV/15	2026/MAR/31	125.96
589307	BUFFALO	WILD WEST GOLD CORP	2008/JUL/31	2026/MAR/31	21.02
606248		WILD WEST GOLD CORP	2009/JUN/18	2026/MAR/31	63.04
620063	PLUS12	WILD WEST GOLD CORP	2009/AUG/17	2026/MAR/31	252.18
620523	COPPER1	WILD WEST GOLD CORP	2009/AUG/17	2026/MAR/31	252.42
621123	COPPER2	WILD WEST GOLD CORP	2009/AUG/18	2026/MAR/31	252.36
621124	IFORGOT	WILD WEST GOLD CORP	2009/AUG/18	2033/MAR/31	42.03
635743	PLUS8	WILD WEST GOLD CORP	2009/SEP/16	2026/MAR/31	168.07
636023	PLUS10	WILD WEST GOLD CORP	2009/SEP/17	2026/MAR/31	210.05
636184	GREEN1	WILD WEST GOLD CORP	2009/SEP/17	2026/MAR/31	63.01
636203	GREEN2	WILD WEST GOLD CORP	2009/SEP/17	2026/MAR/31	21.00
641024	PLUS8A	WILD WEST GOLD CORP	2009/SEP/25	2026/MAR/31	168.10
643785	COPPER22	WILD WEST GOLD CORP	2009/SEP/30	2026/MAR/31	441.43
643804	COPPER23	WILD WEST GOLD CORP	2009/SEP/30	2026/MAR/31	399.42
643806	COPPER24	WILD WEST GOLD CORP	2009/SEP/30	2026/MAR/31	315.34
643808	COPPER25	WILD WEST GOLD CORP	2009/SEP/30	2026/MAR/31	252.24
643810	COPPER26	WILD WEST GOLD CORP	2009/SEP/30	2026/MAR/31	378.21
644823	PLUS24	WILD WEST GOLD CORP	2009/SEP/30	2026/MAR/01	504.17
645183	COPPER27	WILD WEST GOLD CORP	2009/OCT/01	2026/MAR/31	504.17
653623	COPPER29	WILD WEST GOLD CORP	2009/OCT/16	2026/MAR/31	42.06
662903	COPPER FARM EXT	WILD WEST GOLD CORP	2009/OCT/31	2026/MAR/31	104.98
707403	AGHK7	WILD WEST GOLD CORP	2010/FEB/25	2026/MAR/31	84.05
726742	CM8	WILD WEST GOLD CORP	2010/MAR/13	2026/MAR/31	63.08
726762	CM9	WILD WEST GOLD CORP	2010/MAR/13	2026/MAR/31	42.05
789642		WILD WEST GOLD CORP	2010/JUN/10	2026/MAR/31	42.03
789702	AUGUST	WILD WEST GOLD CORP	2010/JUN/10	2026/MAR/31	84.04
789742		WILD WEST GOLD CORP	2010/JUN/10	2026/MAR/31	294.17
793082		WILD WEST GOLD CORP	2010/JUN/15	2026/MAR/31	315.07
793122		WILD WEST GOLD CORP	2010/JUN/15	2026/MAR/31	189.05
797982		WILD WEST GOLD CORP	2010/JUN/25	2026/MAR/31	189.05
798062		WILD WEST GOLD CORP	2010/JUN/25	2026/MAR/31	42.03
798102		WILD WEST GOLD CORP	2010/JUN/25	2026/MAR/31	42.03
798142		WILD WEST GOLD CORP	2010/JUN/25	2026/MAR/31	42.03
808802	THIS BUDS FOR YOU	WILD WEST GOLD CORP	2010/JUL/04	2026/MAR/31	21.00

Table 4-1 List of Claims

Record Number	Claim Name	Registered Owner	Record Date	Expiry Date	Area (hectares)
814382	CEE W	WILD WEST GOLD CORP	2010/JUL/11	2026/MAR/31	21.00
826442		WILD WEST GOLD CORP	2010/JUL/25	2026/MAR/31	21.00
831123		WILD WEST GOLD CORP	2010/AUG/05	2026/MAR/31	294.28
833566		WILD WEST GOLD CORP	2010/SEP/15	2026/MAR/31	104.99
833713		WILD WEST GOLD CORP	2010/SEP/16	2026/MAR/31	104.97
838557		WILD WEST GOLD CORP	2010/NOV/18	2026/MAR/31	42.08
838558		WILD WEST GOLD CORP	2010/NOV/18	2026/MAR/31	21.04
838649		WILD WEST GOLD CORP	2010/NOV/19	2026/MAR/31	21.04
845616	BORNITE MOUNTAIN	WILD WEST GOLD CORP	2011/FEB/06	2026/MAR/31	83.96
847755		WILD WEST GOLD CORP	2011/MAR/01	2026/MAR/31	189.00
849953		WILD WEST GOLD CORP	2011/MAR/28	2026/MAR/31	41.98
853663	CEEE	WILD WEST GOLD CORP	2011/MAY/06	2026/MAR/31	21.00
853664	CEE	WILD WEST GOLD CORP	2011/MAY/06	2026/MAR/31	21.00
853671	F-1	WILD WEST GOLD CORP	2011/MAY/06	2026/MAR/31	84.00
881431		WILD WEST GOLD CORP	2011/AUG/04	2026/MAR/31	125.98
1013485		WILD WEST GOLD CORP	2012/OCT/03	2026/MAR/31	62.97
1064623	VOLCANICS GOLD	WILD WEST GOLD CORP	2018/NOV/22	2026/MAR/31	609.86
1067148	LORNE LAKE	PRINCETON COPPER CORP.	2019/MAR/10	2026/MAR/31	147.12
1068163		WILD WEST GOLD CORP	2019/APR/27	2026/MAR/31	252.48
1068164		WILD WEST GOLD CORP	2019/APR/27	2026/MAR/31	757.82
1068165		WILD WEST GOLD CORP	2019/APR/27	2026/MAR/31	399.67
1068166		PRINCETON COPPER CORP.	2019/APR/27	2026/MAR/31	84.31
1068172		PRINCETON COPPER CORP.	2019/APR/27	2026/MAR/31	315.93
1068176		PRINCETON COPPER CORP.	2019/APR/27	2026/MAR/31	21.07
1068177		PRINCETON COPPER CORP.	2019/APR/27	2026/MAR/31	63.21
1068178		WILD WEST GOLD CORP	2019/APR/27	2026/MAR/31	316.12
1068182		PRINCETON COPPER CORP.	2019/APR/27	2026/MAR/31	42.12
1068184	COPPER MTN EAST	PRINCETON COPPER CORP.	2019/APR/27	2026/MAR/31	105.33
1068797	CONNECTOR CM	PRINCETON COPPER CORP.	2019/MAY/30	2026/MAR/31	42.14
1071304	CAPPER	WILD WEST GOLD CORP	2019/SEP/25	2026/MAR/31	251.86
1073115		WILD WEST GOLD CORP	2019/DEC/04	2026/MAR/31	21.03
1075146	LORNE LAKE 2	PRINCETON COPPER CORP.	2020/MAR/11	2026/MAR/31	84.08
1076185	AGATE BLUFFS	PRINCETON COPPER CORP.	2020/MAY/13	2026/MAR/31	525.69
1088508		PRINCETON COPPER CORP.	2022/JAN/11	2023/SEP/11	84.20
1097725	CM FRACTION	PRINCETON COPPER CORP.	2022/SEP/20	2023/SEP/20	21.06
		Total Area (Ha)			11,583.35

Figure 4-2 Mineral Claim Tenure Map

The Author is unable to verify the mineral title information beyond what is provided by the MTOnline website as a download.

Mineral claims in BC give the holder the right to the sub-surface metal minerals contained. They give no surface land rights, but do provide access to Provincial Crown Lands for exploration. Mining leases can be negotiated with the Province, for surface rights, during the mine permitting phase of mine development if enough metal can be found to justify an operating mine.

The local First Nations have made statements of rights to the land under the Princeton Copper Property. These rights are managed by the province, but will have an effect on the rights of the claim holders.

There are no parks or Indian Reserves overlying the Property.

4.3 Agreements

There are two major agreements; the first is the acquisition of the Property with several related underlying agreements with a third-party company for the claims.

4.3.1 Property Agreement

A copy of an agreement between Quetzal and Princeton Copper Corp. dated April 29, 2023 was provided by Quetzal. This agreement notes other underlying previous agreements including one between Princeton Copper Corp. and Wild West Gold Corp. ("Wild West") for the Wild West owned claims that were optioned to Princeton Copper Corp. Some of the Wild West claims were acquired under another previous agreement with Granby Copper Cop., which later changed its name to Princeton Copper Corp. The claims owned by the two different companies can be noted in Table 4-1 and found on Figure 4-2.

The terms of the Property agreement include:

Princeton Copper Corp. hereby grants to Quetzal the exclusive irrevocable right and option to acquire the Interest free and clear of all Encumbrances other than the Underlying Royalty. In order for the Acquiror to exercise the Option, the Acquiror shall complete the following requirements:

making a cash payment equal to \$120,000 to Princeton Copper Corp. within 45 Business Days of the Effective Date;
issuing or causing to be issued an aggregate of 3,850,000 Shares to Princeton Copper Corp, as follows:
500,000 Shares within thirty Business Days of the Effective Date;
1,100,000 Shares within two years of the Effective Date; and
2,250,000 Shares within four years of the Effective Date;
incurring Expenditures on the Property of not less than the Minimum Annual Commitment in each Annual Period;
incurring aggregate Expenditures on the Property of not less than \$15,000,000 during the Option Period; and
subject to Section 2.8 (Extended Option Period), completing a Feasibility Study on the Property.
Payments of \$10,000 per month are due 9to Wild West as per the underlying agreement of Princeton Copper Corp.

4.3.2 Underlying Property Agreement

The terms of the underlying property agreement between Wild West and Princeton Copper Corp. (under its previous name of Granby Copper Corp.) dated July, 27, 2018 on the claims noted in Figure 4-2 and Table 4-1 include:

Payment of \$1.5 million as follows:

\$5,000 on execution of the agreement;
\$45,000 on or before July 31, 2018;
\$10,000 by the first day of each month commencing on August 1, 2018 and continuing up to and including June 1, 2028;
\$260,000 on July 1, 2028.

Incurring and filing on an annual basis of the minimum exploration expenditures on the property (Assessment Work) to maintain the claims in good standing.

Granting of a 2% net smelter royalty on the claims of Wild West once the option has been exercised.

Quetzal has been making the \$10,000 monthly payments to Wild West since May 1, 2023. The previous payments and obligations were due to Princeton Copper Corp. The Author has not been able to confirm how many of Princeton Copper Corp. obligations it completed, but it is assumed all up to the date of the Quetzal agreement.

4.3.3 Amalgamation Agreement

The terms of the Amalgamation Agreement between Quetzal and Ankh, to allow the listing of the amalgamated company on the TSX Venture Exchange ("TSXV"), as noted in a News Release of May 16, 2023 are:

Ankh will consolidate (the "Consolidation") all of the then issued and outstanding Ankh Common Shares on the basis of one post-Consolidation Ankh Common Share for each previously outstanding two Ankh Common Shares and each Ankh Option and Ankh Warrant will be adjusted in accordance with their respective terms to account for the Consolidation;
Quetzal will subdivide (the "Subdivision") all of the then issued and outstanding Quetzal Common Shares on the basis of three post-Subdivision Quetzal Common Shares for each previously outstanding Quetzal Shares and each Quetzal Option will be adjusted in accordance with its terms to account for the Subdivision;
the holders of Quetzal Common Shares, as adjusted for by the Subdivision, will receive one common share of the Resulting Issuer (on a post-Consolidation basis) in exchange for their Quetzal Common Shares, at a ratio to be determined based on a valuation of Quetzal determined in connection with the Private Placement (as defined below) in the context of the market (the "Exchange Ratio");
all outstanding Quetzal Options, as adjusted for by the Subdivision, will be replaced with equivalent convertible or exchangeable securities of the Resulting Issuer entitling the holders thereof to acquire

common shares of the Resulting Issuer in lieu of Quetzal Common Shares adjusted to reflect the Exchange Ratio, and otherwise bearing the same terms of the securities they replace;

the management and board of directors of the Resulting Issuer will be determined by Quetzal and announced in further press releases; and
Ankh will change its name to such name as determined by Quetzal in its sole discretion, in compliance with applicable law and as may be acceptable to the TSXV.

A payment of \$120,000 was made on July 5, 2022 and 500,000 shares were released on June 13, 2022 to Princeton Copper Corp. Payments of \$10,000 per month have been made to Wild West since May, 2023.

No other back-in rights or encumbrances are known to the Author.

4.4 Mineral Title Maintenance Requirements

The current Assessment Work requirements in British Columbia are reflected below. Assessment Work is documented mineral exploration expenditures.

\$5.00 per hectare for anniversary years 1 and 2;
\$10.00 per hectare for anniversary years 3 and 4;
\$15.00 per hectare for anniversary years 5 and 6; and
\$20.00 per hectare for subsequent anniversary years

Any work completed in excess of the annual requirements can be applied to future years assessment values at rates as reflected in this list above up to ten years into the future. The Payment Instead of Exploration and Development work ("PIED") rate has been set by government statute at double the value of the corresponding Assessment Work requirement as an alternative title maintenance option. PIED is a direct cash payment to the Provincial Government for title maintenance in lieu of Assessment Work. An Assessment Report detailing the results of the exploration work is required to confirm any work applied.

The cost to maintain title will be \$526 to \$1053 a year in exploration work until the year 2026 for the two small claims in the south. In 2026 the annual cost will be about \$228,000 in exploration work. In 2027 and years beyond the annual cost be about \$232,000 of exploration expenditures, which will be applied to the existing Property.

There are provisions for optionally decreasing the number and/or size of the claims in the future as highlyprospective and barren zones are better defined and assessment maintenance will change proportionally with these provisions.

The local First Nations will be required to be Consulted before Exploration Permits are issued. The provincial regulatory programs will determine with which First Nation(s) and to what extent Consultation is required before an advanced exploration project is permitted. The Author is aware that the Upper Similkameen First Nation has been consulted and discussions continue (Pers. Comm., Matthew Badiali, May, 2023).

4.5 Permits Required for Work

In BC there are no government permits required for work with little or no surface disturbance such as geological mapping, soil and rock sampling, airborne studies, hand-dug trenching and similar. If further work with a surface disturbance such as mechanically dug trenching, drilling, road construction, cutting of merchantable timber or line cutting is to be performed a Notice of Work ("NOW") needs to be filed online with the government at FrontCounter BC. The government will assess the proposed disturbance, distribute the Notice to all impacted parties and prescribe a reclamation program for the end of the work as well as a bond to ensure reclamation. Time for approval varies by region, season and the extent of disturbance.

Permits, that include diamond drilling, were applied for in September of 2022. They are being processed by the Province of British Columbia and await approval (Pers. Comm., Matthew Badiali, May, 2023).

4.6 Environmental Liabilities

The Author is not aware of any environmental liabilities, but there may be some areas of historical exploration that have not been fully reclaimed and will be requested to correct. There is the large area of tailings from the historic operation of the Copper Mountain mine from the 1920s to 1950s on the property and waste dumps from small underground exploration and mining operations in the 10920s and 1930s.

4.7 Other Possible Liabilities to Exploration and Development

There is a significant area of third-party privately owned land, with surface rights, within the Property that could possibly make local access difficult. Permission of the land owner is required before accessing private land, including a waiting period for confirmation. Access can be refused or limited by the property owner. The land owners also could request a reclamation bond be posted as well if disturbance is planned.

5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

5.1 Accessibility

The Property is located near Princeton, BC, which is at the intersection of Provincial Highways 3 and 5A. The core of the Property area is accessed from Princeton by B.C. Highway 3 east to the paved Copper Mountain Road or to the lower section paved and the upper maintained gravel Willies Ranch Road or further east to the gravel topped Darcy Mountain Road. Local existing gravel mining, farm and logging roads branch off the main roads providing good access to much of the claim area. Several of the older logging trails are no longer passable to full-size vehicles but can often be used by ATV's. The closest railway access is at Hope, about 120 km west of the site. See Figure 5-1 for the major roads on the Property. The Property area north of the Similkameen River is accessible from various gravel roads off of Old Hedley Road.

Figure 5-1 Access to the Princeton Copper Property

5.2 Climate

The Princeton region features a central interior climate of hot dry summers and mild winters with low to moderate precipitation modified by the proximity to higher mountains to the west that create a rain shadow. Overall, the climate is typical of the southern interior of British Columbia, light winter snows are common from mid-November through March. Temperatures range from an annual high of about 35°C to a minimum of $-30^{\circ}$ C, with the annual mean temperature near 6 $^{\circ}$ C. Total annual snowfall of approximately 200cm, results in accumulated (compacted) snow depths of approximately 60cm to 70cm on higher ground.

Figure 5-2 Climate summary by Months of the Year for Princeton, BC (1981-2010)

The bio-geoclimatic (BGC) zones for the area are Ponderosa Pine-Bunchgrass at the lower elevations, transitioning into lodge pole pine and spruce forests at the higher elevations.

5.3 Local Resources

The town of Princeton has a population of approximately 3,000 and a diversified economy supported by mining, ranching, forestry and tourism. The town has services typical of its size including food, fuel, accommodation and experienced exploration field personnel. The proximity of Vancouver and the Lower Mainland to the west, and Kamloops to the north provide good access to support services and supplies. The adjoining open-pit mine at Copper Mountain supports the local mining services infrastructure and personnel. A local airfield is available for small aircraft access. Penticton, about 100 kilometres away, is the nearest airport with daily scheduled air service.

Exploration work can be performed on a year-round basis. Winter work will likely require snow plowing and water line heating. Water may have to be trucked to some locations for drilling purposes.

5.4 Infrastructure

Electricity to the region is supplied from the BC Hydro Nicola (NIC) Substation near Merritt along a 138 kV transmission line, owned and maintained by BC Hydro, to the Princeton substation (PRI) operated by Fortis BC. The Provincial Highway 3 crosses the north side of the Property along the Similkameen River. Various lakes, creeks and the Similkameen River are the local sources of water.

There is adequate Crown land area for a potential future mining operation. Some of the land overlying the Property is privately held and may need to be purchased if significant metal mineralization is confirmed under the private land. Another option for operation is custom milling at the nearby existing mine to the west at Copper Mountain. This adjoining operating mine confirms the regional adequacy of electrical power, water and trained staff available locally to operate a mine.

5.5 Physiography

The Property lies at the southern end of the Thompson Plateau and is part of a transitional belt between the Interior Plateau to the north and the Cascade Mountains to the west and south. Topography is gentle to moderate over most of the plateaus in the Copper Mountain area, where elevations range from 1,050 m to 1,300 m. The landforms on the claims range from rolling hill country with open valleys to steep areas found on the flanks of the Similkameen River valley and along deeply incised glacial drainage routes. The lowest elevation on the Similkameen River in the east is approximately 600 metres. The highest point on the Property is on a ridge just over 1,850 metres in the south end of the Property.

Outcrop is limited to steeper slopes and higher ridges. The Similkameen River Valley and upper Willis Creek feature more rugged terrain with common outcrop and talus slopes.

6 HISTORY

The Property is large and located close to a long operating mine at Copper Mountain. The history and past historical ownership are complicated and many of the historical details are lost or obscured by conflicting historical records. The following data is the best available and was generally sourced from the information in Davidson, et. al., 2021 plus a review of multiple other technical and MINFILE reports.

Detailed information and geochemical results from previous exploration, trenching, and drilling programs are limited and often non-compliant with NI43-101. It does however provide useful guidance for future exploration.

Exploration activity in the Princeton area started with the discovery of placer gold and platinum in the Tulameen and Similkameen Rivers in the 1870's. As the local placer deposits were exhausted hard rock mining became the principal local source for metals. The adjoining Copper Mountain property was discovered on the early 1900s and was put into production in 1923. It has operated as first an underground and later an open pit operation which continues today. The Hedley Gold and Nickel Plate mines, located about 30 kilometres to the east, were the major producers of lode gold in the region.

6.1 Exploration on the Princeton Copper Property

There are a number of adits and other exploration and mine development in localized areas of the Property. In the area of the CEE prospect (MINFILE 092HSE140) an extended period of exploration and mine development occurred by the Princeton Mining and Development Co., from 1918 to 1929. The work consisted of about one kilometre of underground development on three levels. This is located about six kilometres east of Princeton just south of the highway. Shipments to the smelter did not pay well (Starr, 1955). Several of the reports noted below are partially on the Property, but the details of how much is off the Property is obscured by historical landmarks of old grid and past claims that are not accurately located at this time.

Table 6-1 summarizes much of the historical exploration work, mostly reported in the Assessment Reports ("ARIS") recorded by the Province of British Columbia.

More detailed summaries of some of the historical exploration work as sourced in Davidson et. al., 2021 plus the addition of recent work is further summarized below.

Figure 6-1shows the general location of the centre of historical exploration work or the historical property on which the work was completed on the Princeton Copper Property.

6.1.1 Mapping and Prospecting

1973 (L. Sookochoff): Copper Farm / Barb Adit

In June of 1973 a preliminary geological investigation of the Barb property owned by G. Siemens and located just south of the Similkameen River roughly 6.5 km east of Princeton, was conducted by L. Sookochoff, P. Eng. Workers described finding a porphyry containing visual copper and a high-grade copper vein in a shear zone striking north-south (Sookochoff, 1973). Workers concluded that the presence of significant structural breaks with incipient mineralization and the possibility of locating similar adjacent zones was encouraging enough to warrant further exploration and recommended follow-up geochemical and geophysical work and drilling.

2007 (J. Nebocat): Chalco / Mt. Holmes

Work was conducted on the Chalco claims located on the north side of the Similkameen River in November of 2007. Work consisted of a brief geological investigation of the property; workers observed that skarn mineralization appeared to be concentrated along the flanks of the Bromley batholith near contacts with overlying Nicola Group lithology's while the central part of the intrusion appeared to be generally unmineralized. Skarn alteration and mineralization was interpreted to possibly represent a distal phase to porphyry-style mineralization (Nebocat, 2008). Follow-up mapping and prospecting was recommended.

Source: Davidson et. al., 2021

Figure 6-1 Centres of Historical Assessment Report Work or the properties at time of Work

ARIS Report	Year	Owner / Operator	Work Done	Comments	Location NAD 83
920	1966	Federated Mining Corp	Soil Geochem Ni, Cu, Zn, Mo	3 Cu anomalies	Lat: 49 24 30 Long: 120 28 28 UTM 10N 683202 E 5475917 N
943	1966	Silver Arrow Exploration Ltd.	Geophysical Induced Polarization approx. 33,000 ft	Four anomalous zones with follow up recommended	Lat: 49 28 54 Long: 120 24 28 UTM 10N 687757 E 5484232 N
1224	1967	A.G.N. Syndicate	Geophysical Induced Polarization 44.8 km		Lat: 49 25 18 Long: 120 28 28 UTM 10N 683152 E 5477399 N
1867	1969	Thor Exploration Ltd.	Geophysical Magnetic, ground 12 km	Mag anomalies that warrant follow-up	Lat: 49 26 12 Long: 120 25 16 UTM 10N 686962 E 5479197 N
2850	1970	Knob Hill Exploration Ltd.	Geochemical Soil 838 samples	Due to the low magnitude of the Cu-Pb-Zn anomalies indicated, it is thought that further investigations of the claims at this time are not warranted.	Lat: 49 24 30 Long: 120 28 28 UTM 10N 683202 E 5475917 N
3395	1971	Abella Resources Ltd.	Geological Geochemical Soil	This report was on three properties with only the Elaine being relevant to the present Property. 389 soil samples on Elaine and geological mapping.	Lat: 49 27 34 Long: 120 22 49 UTM 10N 689700 E 5482100 N
3676	1972	Dynasty Explorations Ltd.	Physical line/grid 20 km		Lat: 49 26 54 Long: 120 23 34 UTM 10N 688971 E 5480565 N
4727	1973	Geo-Dyne Resources Ltd.	Geological Ground Geophysical Geochemical	A project in the Lorne Lake area. Ground EM and magnetometer. Soil samples for copper.	Lat: 49 23 30 Long: 120 25 16 UTM 10N 687133 E 5474195N

Table 6-1 Reported Exploration History at Princeton Copper

ARIS Report	Year	Owner / Operator	Work Done	Comments	Location NAD 83
5014	1974	G. Siemens	Prospecting	The presence of significant structural breaks with incipient mineralization and the possibility of locating similar adjacent zones on the property warrants an active exploration program.	Lat: 49 27 12 Long: 120 24 28 UTM 10N 687865 E 5481083 N
5536	1975	V. L. Paulger	Geophysical Magnetic, ground	3 km survey line total 2 strong responses	Lat: 49 27 12 Long: 120 24 28 UTM 10N 687865 E 5481083 N
6309	1977	Mt. Darcy Explorations Ltd.	Drilling Diamond Surface	2 drill holes, total depth 186.5 m.	Lat: 49 27 12 Long: 120 24 28 UTM 10N 688971 E 5480565 N
6601	1977	Exel Explorations Ltd. / Northern Lights Resources Ltd.	Drilling Diamond surface 1 hole; AQ;78.0 m	So far, the evidence points to only weak and scattered mineralization in the rocks immediately west of and below the old workings.	Lat: 49 26 54 Long: 120 23 34 UTM 10N 688475 E 5480919 N
12736	1983- 1984	Seadrift International Exploration Ltd.	Geochemical 742 soil samples 17 rock samples		Lat: 49 26 00 Long: 120 27 04 UTM 10N 684800 E 5478753 N
15022	1986	Seadrift International Exploration Ltd.	Geochemical two grids each measuring 300x 500 m with 50 m spacing	Further work is not recommended at this time.	Lat: 49 26 36 Long: 120 25 34 UTM 10N 686575 E 5479926 N
16256	1987	G & V Exploration	Drilling Geophysical 3 drill holes 213 m total Electromagnetic, ground 400 X 250 m	Writer recommends extensive further exploration program.	Lat: 49 25 30 Long: 120 26 52 UTM 10N 685073 E 5477835 N

ARIS Report	Year	Owner / Operator	Work Done	Comments	Location NAD 83
17889	1988	Gold Brick Resources Inc.	Geochemical Soil 705 samples Physical Line/grid 48.1 km	It is concluded that the focus of exploration interest on the Bud Claim Group should be directed to the August Valley area in a search for porphyry type copper-gold mineralization below the overburden filled valley.	Lat: 49 25 30 Long: 120 26 52 UTM 10N 685073 E 5477835 N
18972	1989	Gold Brick Resources Inc.	Geophysical Electromagnetic, ground 16.7 km; VLF Physical Line	The results of this survey indicate the survey area is under lain entirely by rocks of the Princeton Series which are uninterrupted by any structures or mineralized areas of current economic interest.	Lat: 49 25 30 Long: 120 29 59 UTM 10N 681307 E 5477708 N
19234	1989	Gold Brick Resources Corp.	Geophysical Induced Polarization	Two chargeability anomalies, several additional weaker	Late: 49 27 00 Long: 120 27 04 UTM 10N 684737 E 5480605 N
22868	1992	Becker, Eric	Geochemical Sampling/assaying 39 samples	The diamond drilling was completed in the summer of 1987 by Grizzly Diamond Drilling of Princeton, British Columbia. Three A.Q. wireline holes were drilled at the time. DDH 87- DDH 87-2 76 ' DDH 87-3 522' Hole 87-3 was relogged by D. Hopper and sampled by Guy Delorme. The original hole sampling was done by sampling the sludge from the drillhole while being drilled (1987).	Lat: 49 25 00 Long: 120 25 04 UTM 10N 687280 E 5476982 N

ARIS Report	Year	Owner / Operator	Work Done	Comments	Location NAD 83
24438	1996	Eric Becker Guy Delorme J.P. Loiselle	Prospecting 200.0 ha Geochemical Rock 17 Samples	The geology mineralization and alteration processes, metamorphism, fracturation and deformation are similar to the Copper Mountain ore deposits located approximately 10-12 km southwest of the claim block.	Lat: 49 26 00 Long: 120 25 04 UTM 10N 687217 E 5478835 N
25075	1997	Eric Becker Guy Delorme J.P. Loiselle	Prospecting 200.0 ha Geochemical Rock 17 Samples	Recommend detailed geological mapping of the area with geophysical I.P. survey mainly around the sample JP-3-97-07 and JP-3- 97-06.	Lat: 49 26 00 Long: 120 24 04 UTM 10N 688425 E 5478877 N
27721	2004	Gerry Diakow	Prospecting 875.0 ha Geochemical 8 rock samples 73 soil samples	The rock grab samples collected from the Rain claims by Gerry Diakow in 2004 indicate anomalous gold and copper values are present on the Rain mineral claims.	Lat: 49 25 30 Long: 120 28 40 UTM 10N 682898 E 5477761 N
29200	2006	John R. Kerr	Geochemical Prospecting	Silt, soil, and rock-chip samples have indicated three anomalous areas within the claim area that are worthy of further follow up.	Lat: 49 27 00 Long: 120 26 04 UTM 10N 685945 E 5480646 N
30393	2008	Stephen Lawes	Mapping and prospecting	Mineralization appears to be concentrated along the flanks of the batholith near the contacts with the overlying Nicola Group lithologies; the central part of the intrusion seems to be generally unmineralized.	Lat: 49 28 00 Long: 120 23 58 UTM 10N 688418 E 5482586 N
31449	2009	Solitaire Minerals Inc.	Geology Geochemistry	Mapping and soil geochemistry in the area south of Knob Hill	Lat: 49 20 34 Long: 120 27 04 UTM 10N 685140 E 5468687 N
31757	2010	Blue Horizon	Geophysical Magnetic, ground 23 km	Exploration for copper skarn deposits	Lat: 49 27 00 Long: 120 25 04 UTM 10N 687153 E 5480688 N

ARIS Report	Year	Owner / Operator	Work Done	Comments	Location NAD 83
32617	2011	Blue Horizon	Geochemical 175 Rock samples Geophysical Magnetic, ground 29.0 km Resistivity (alone) 48.0 km	The magnetic survey showed that the three-part sandwich of the Nicola Group with the sedimentary middle section being represented by a magnetic low. Extended South to the southern boundary of the 2011 survey. The magnetic low representing the sedimentary section appears to split as it trends to the south and encounters a finger of magnetically high volcanics. This feature may be important to a further extension of the discovery copper skarn zone. On the southwest corner of the 2011 grid there appears to be an additional 030 trending magnetic high zone.	Lat: 49 25 59 Long: 120 26 10 UTM 10N 685889 E 5478759 N
33215	2011	Blue Horizon	Geochemical Trenching Drilling	The trenching program consisted of 20 trenches for a total length of 706 m. Eight diamond drill holes totaling 1,508 m were drilled from five different locations.	Lat: 49 26 55 Long: 120 25 18 UTM 10N 686875 E 5480520 N
35102	2014	Blue Horizon	Geological, Geochemical	The Knob Hill area does not warrant further exploration for a potential syenodiorite intrusive. The CEE represents a valid exploration target for a large open pit copper mine in a district with infrastructure in a mining town.	Lat: 49 27 59 Long: 120 24 02 UTM 10N 688338 E 5482552 N
38011	2018	Granby Copper Corp.	Geological	A geological mapping program covered both north and south of the Similkameen River.	Lat: 49 27 59 Long: 120 24 02 UTM 10N 688338 E 5482552 N

ARIS Report	Year	Owner / Operator	Work Done	Comments	Location NAD 83
38904	2019	Granby Copper Corp.	Geological	general review and update visits	Lat: 49 27 59 Long: 120 24 02 UTM 10N 688338 E 5482552 N
39482	2020	Princeton Copper Corp.	Geophysical	soil geochemical hydrocarbon (SGH) and ground geophysical magnetic survey	Lat: 49 24 46 Long: 120 28 44 UTM 10N 682800 E 5476400 N
39641	2020	Princeton Copper Corp.	Geophysical	dipole-dipole induced polarization (IP)	Lat: 49 25 57 Long: 120 26 57 UTM 10N 684944 E 547865 N
40333	2021	Princeton Copper Corp	Geochemical, Geological and Geophysical	Report summary notes geochemical, geological and geophysical work. Includes ground and drone magnetics surveys, soil and rock sampling plus mapping on various zones.	Lat: 49 24 46 Long: 120 28 47 UTM 10N 682800 E 5476400 N

2010 (Solitaire Minerals): Knob Hill south

A program of geological mapping, soil and stream silt sampling was completed on a block of claims south of Knob Hill. Two soil geochemistry anomalies were identified.

2014 (Blue Horizon): Knob Hill & CEE

In November of 2014, a geological investigation of the Knob Hill and CEE areas was conducted by Burton Consulting Inc. at the behest of Blue Horizon. Workers investigated historical mapping and reports of syenodiorite occurrences at Knob Hill and determined there were no exposures of syenodiorite and that Knob Hill is composed of Nicola volcanics consisting mainly of basaltic flows with local magnetite. The CEE area was determined to have potential for a large area of copper mineralization hosted within the Bromley Batholith (Burton, 2015).

2018 (Granby Copper Corp.) Volcanic Neck, CEE, Chalco, Bornite

Warwick, 2018 completed a geological review of the northern parts of the Property including visits to many of the showings in the north. The maps and cross sections better define the surface geology on the north end of the Property.

2019 (Granby Copper Corp.): Allenby Area

Warwick, 2019 was a three-day prospecting and mapping program in the Allenby area of the Property.

6.1.2 Rock Sampling and Trenching

1983 – 84 (Pacific Seadrift): Bud & Hop Claims

Seadrift International Exploration Ltd. conducted work on the Bud and Hop claims from November 1983 to May 1984 and collected 17 rock samples and 206 soil samples. Rock samples collected from a pit sunk into a massive pyrite zone with patches of chalcopyrite. Mineralization in the pit did not appear to have visual continuation, however geochemistry was noted to extend copper values for 200 metres north and 300 metres south. Another large rusty area of gossan with some malachite was sampled (Hopper, 1984). Trenching was conducted in an area of high copper soil values and found some chalcopyrite-chalcocite mineralization. All samples were collected in the North Zone roughly one to two kilometres northeast of August Lake and one to three kilometres south of the Similkameen River on Darcy Mountain.

2006 (John R. Kerr): Geoff Claims

In June of 2006 John R. Kerr visited the Geoff claims to conduct geochemical silt, soil, and rock sampling.

2011 (Blue Horizon): Darcy Mountain & Basely Creek Area

In 2011 a large-scale exploration program was carried out by Blue Horizon consisting of 706 metres of trenching in 20 trenches and eight diamond drill holes at five locations totaling 1,508 metres. Trenches were excavated on the north slope of Darcy Mountain, the east side of Basely Creek, and the west side of Basely Creek. Trenching returned anomalous copper and gold values and exposed zones of massive fine-grained magnetite with disseminated chalcopyrite (T11-5), chalcopyrite quartz diorite (T11-18) and copper skarn (T11- 19). Workers concluded that the highest copper and gold values were found in the Nicola volcanics with localized massive magnetite-pyrrhotite and disseminated chalcopyrite, while some quartz diorite was found to host significant chalcopyrite mineralization (Burton and Simmons, 2012).

2014 (Blue Horizon): CEE Area

Blue Horizon returned in 2014 to conduct rock sampling and prospecting. Samples of monzonite-monzodiorite from the CEE area returned copper results from the Bromley intrusive rocks mineralized with discrete grains of chalcopyrite (Burton, 2015). Copper-bearing outcrops were traced for 300 metres east-west and 200 metres north-south and were reported to remain open in all directions.

2021 (Princeton Copper Corp.): Various areas

The 2021 survey included visiting multiple historical mineralized prospects on the Property and collecting 94 rock samples, Davidson and Fraser, 2022.

6.1.3 Soil Geochemistry

There have been multiple historical small to intermediate scale soil geochemical surveys completed on the Property. Some of the more significant surveys include:

1986 (Seadrift International Exploration Ltd.): Bud & Hop Claims / Darcy Mountain

Seadrift International Exploration Ltd. returned in 1986 to follow up on geochemical anomalies identified in the 1983-84 program. A total of 166 samples were collected for analysis on two grids each measuring 300 m by 500 m with 50 m spacing placed over previously identified anomalous zones. Anomalies were determined

to be present in intermediate to mafic rock containing relatively high background metal concentrations and it was suggested that copper incursions resulted from the events which formed the nearby Copper Mountain porphyry deposit (Hopper, 1986); no further work was recommended. The 1987 report by Seadrift International Exploration Ltd. did not address the presence of chalcopyrite-chalcocite-malachite mineralization in outcrops, trenches, and test pits previously identified on the property.

2020 (Princeton Copper Corp.): Knob Hill

A Spatiotemporal Geochemical Hydrocarbon (SGH) survey of the Knob Hill area was completed. The method examines the composition and distribution of hydrocarbons found in the soil. The targeted hydrocarbons are assumed to be produced by bacteria over areas of buried sulphide mineralization. The results were considered good and the south end of the survey area was interpreted to be higher in copper and gold pathfinder hydrocarbons.

2021 (Princeton Copper Corp.): Knob Hill

A Mobile Metal Ion ("MMI™") soil geochemistry survey was completed on the Knob Hill, Knob Hill North, Bud South and Aura Anomaly areas. The southern one-third of the survey grid shows an anomalous area of copper/gold/silver in soil. There are also a group of XRF values in soil samples. The XRF values are not as consistent in showing the anomalies just south of the MMI™ survey. See Figure 6-2 for MMI™ value ranges.

MMI™ is a laboratory method, proprietary to SGS Laboratories, that uses careful soil sampling strategies, sophisticated chemical ligands and ultra-sensitive detection instrumentation. It is especially well suited for deeply buried mineral deposits. MMI™ measures metal ions that travel upward from mineralization to unconsolidated surface materials such soil, till, sand and so on. These mobile metal ions are released from mineralized material and travel upward toward the surface. Because these mobile, loosely bound ionic complexes are in very low concentrations, measurement is by conventional ICP-MS and the latest evolution of this technology.

6.1.4 Geophysical Surveys

1966 – Induced Polarization (Silver Arrow Exploration Ltd.): Budd, Lorna, Spruce Claims

An Induced Polarization ("IP") study was carried out by Silver Arrow Exploration Ltd. in May of 1966 consisting of five lines totaling roughly ten line-kilometres on the Budd, Lorna, and Spruce claims. The survey consisted of 2-second time-domain IP and DC resistivity using a three-electrode array with an electrode spacing of 200 feet and a reduced spacing of 100 feet over zones of anomalous readings. Workers concluded that an anomaly on line 1, reported to be just west of an old adit in which some copper mineralization is known (Falconer, 1966). An anomaly on line 10 identified a zone interpreted to be 2-4 % sulphides lying at a depth of no more than 35 feet (10 m).

1967 –Induced Polarization (A.G.N. Syndicate): Bob & Bon Claims

In 1967 the Bob and Bon groups of claims were optioned from Federated Mining Corp. and transferred to Glenn Clark of A.G.N. Syndicate. A time-domain induced polarization survey was conducted on the claims in the fall of the same year. IP results indicated almost 50 % of the surveyed area yielded higher than normal apparent chargeability's indicating between 1-3 % sulphides average by volume of chargeable material with depths ranging from less than 50 feet (<15 m) to over 250 feet (>75 m) (Clark, 1967).

Figure 6-2 2021 MMI™ Copper in soil geochemical survey

6.1.5 Geophysical Surveys

Figure 6-3 2020-2021 Magnetics (TMI) ground and drone magnetics stitched together

Figure 6-4 2020 Induced Polarization Survey plans at 90 m depth

1969 – Magnetometer (Thor Exploration Ltd.): Darcy Mountain

In April of 1969, a magnetometer survey was conducted on the CY group of mineral claims on the western flank of Darcy Mountain, roughly 6.5 kilometres southeast of Princeton. The work was conducted by Thor Exploration Ltd. to follow up on a previously identified magnetic anomaly reported in a December 15th, 1968, report by J. Sullivan, P.Eng. The magnetic survey was run along a baseline and crosslines at 500-foot intervals with readings taken at 100-foot intervals. The previously reported magnetic high was outlined in crosslines and along the baseline, in addition to two smaller anomalies. Further geochemical and geological assessment was recommended to follow-up on the anomalies and ascertain their significance (Bullis, 1969). Thor Exploration Ltd. conducted geochemical sampling over the magnetic anomalies the same year.

1975 – Magnetometer (V.L. Paulger): Barb Claims / Copper Farm

In 1975 a magnetometer survey was conducted over the Barb claims on the northern flank of Darcy Mountain, just south of the Similkameen River, at the time held by V.L. Paulger. Two magnetic anomalies were identified in the Barb #3 and southern portion of Barb #1 claims. More detailed magnetic surveying along with mapping, trenching, and sampling were recommended (Timmins, 1975).

1989 – Induced Polarization (Gold Brick Resources Corp.): August Lake Area

An IP survey was completed on the Bud-Dee claim group in the vicinity of August Lake in June to July of 1989 by Gold Brick Resources Corp. The IP survey was conducted with the intent of extending the IP anomaly identified in 1967 and locate new anomalous areas. The results of the IP survey indicated two distinct rock types in the survey area: higher resistivity rocks interpreted to be possibly intrusive on the south and east portion of the grid, and low resistivity rocks interpreted to be possibly volcanic in the central and northwestern portion of the survey area. Two chargeability anomalies located on the southeastern and southwestern portion of the grid appeared to confirm the results of the 1967 survey by A.G.N. Syndicate (Visser, 1989).

2010 – Magnetometer (Blue Horizon Mining Inc.): Princeton Area

Blue Horizon conducted a magnetic survey on the Vermillion Forks claim group in 2010 to explore for magnetite-rich skarn copper mineralization observed in trenches and pits. The main grid (Vermillion grid) was conducted around the Craigmont type skarn discovery and included many of the old known showings. A smaller grid (Bus Zone grid) was run to the southwest near a magnetite-rich dyke or intrusive. Mineralization was determined to generally be associated with smaller amplitude magnetic anomalies or on the flanks where there is a steep change in magnetic amplitude. The eastern part of the western portion of the Vermillion grid were determined to be the most prospective for Craigmont type deposits – roughly along the contact between eastern volcanic facies and the sedimentary facies of the Nicola Group (Burton, 2010).

2011 – Magnetometer, radiometric (Blue Horizon): Princeton Area

Blue Horizon returned to the Vermillion Forks claim group in 2011 to follow up on and extend the 2010 findings with additional ground magnetometer and a radiometric survey. The 2011 magnetic survey showed that the magnetic low caused by the sedimentary facies of the Nicola Group extends south beyond the 2010 survey and to the extent of the 2011 survey. The magnetic low split as it trended south and encountered a widening finger of magnetically high volcanics. This feature was identified to be potentially important to a further extension of the discovery copper skarn zone (Burton and Simmons, 2011). Radiometric surveying highlighted some discernible structural lineations which can be found on the magnetic data.

2020 - Ground Magnetics (Princeton Copper Corp.) Knob Hill

A ground magnetometer survey of the Knob Hill area was completed. The 2.5 wide by 2.4-kilometre-long grid showed some very interesting results. There are several near circular magnetic lows surrounded by highs. These are noted to be consistent with copper porphyry alteration patterns, such as the target marked Aura Core in Figure 6-3. There are also more regional data of magnetic lows interpreted to trend northeastsouthwest among others. Fraser, 2021. See Figure 6-3.

2020 - Induced Polarization (Princeton Copper Corp.): Knob Hill

Warwick, 2022 reports on the 2020 Induced Polarization program done over the Knob Hill area. The report reference's locations on the ground magnetics survey to the IP survey. See Figure 6-4 with the Aura Core label as reference to the location in Figure 6-3.Figure 6-4 2020 Induced Polarization Survey plans at 90 m

2021 - Drone Magnetics (Princeton Copper Corp.): Knob Hill, BUD South and Copper Farm

UAV (drone) magnetic survey extending the area to the north of the 2020 Knob Hill ground survey grid. Other small grids were also flown over the Cooper Farm and BUD South prospects. See Figure 6-3.

6.1.6 Drilling

There are number of holes in the CEE area that are included on Figure 6-5 that are not fully documented and location is approximate to many historical holes due to the original locations record in long lost claim and/or grid locations.

1971 (Knob Hill Explorations): Knob Hill

One vertical hole (K.H.E. 2) completed and returned disappointing results with no sulphides seen (MacCormack, 1971).

1976 (Mt. Darcy Explorations Ltd.): CEE

Two drill holes, DDH 76-1 and 76-2, were completed with a combined depth of 1865.5 metres (Trenholme, 1977).

1977 (Exel Exploration Ltd.): CEE / Darcy Mountain

Exel Exploration Ltd. completed a single drill hole on the G.O.D. claims in 1977 collared on the north slope of Darcy Mountain adjacent to Highway 3. The hole was bored at AQ diameter to 250 feet with azimuth 030 and a dip of -44 (DDH 1977-3). The hole intersected gray, red, and white granodiorite ascribed by operators to the "Similkameen Body". Lithologies were described as grey quartz diorite through to pink granodiorite to granite. Weak scattered sulphide mineralization was noted mostly as pyrite with some chalcopyrite usually found in fractured sections of pink granodiorite (Kelly, 1978). Assay results from this hole are not reported.

1978 (Northern Lights Resources Ltd.): G.O.D.

DDH 78-1 was drilled to 90.9 metres and returned low grade silver values (Phendler, 1979).

1987 (G & V Explorations Ltd.): BUD

Three holes (DDH 87-1 to 87-3) were drilled on the BUD claims with disappointing results (McLeod, 1987).

2011 (Blue Horizon): CEE / Darcy Mountain

In 2011 Blue Horizon completed eight HQ diamond drill holes totaling 1,508 metres from five locations on the north flank of Darcy Mountain. Drilling was conducted with the intent of testing mineralization below the trenches from the same year.

Hole V11-1 intersected fragmental rock for 15.09 metres from 16.92 meters to 32.01 metres containing magnetite and chalcopyrite. Four core samples were split in this mineralized zone and assayed. Hole V11-3 intersected pyrite and magnetite in Nicola volcanics; two core samples assayed 813 ppm Cu and 824 ppm Cu, respectively. Diamond drilling showed that copper mineralization observed in surface trenching extends with depth. Highest copper and gold values were found in fragmental rocks containing mineralized Nicola volcanics (Burton and Simmons, 2012).

Hole ID	Northing	Easting	Azimuth (°)	Dip (°)	Length (m)	Comment
		UTM Zone 10
K.H.E.-2	5476342	682330	0	-90	149.4	1971 Knob Hill Exploraions Ltd
DDH 76-1	5481233	688612	300	-45		150.0 On the CEE showings (G.O.D. claims)
DDH 76-2	5481253	688440	325	-45	36.6
DDH 76-3	5481440	687707	210	-44		78.1 1977 drilling G.O.D. claim (CEE area)
DDH 77-1	5481459	687680	300	-45	150.0
DDH 78-1	5480833	687962	133	-45	90.9
DDH 87-1	5477639	684382	80	-55		29.9 1987 drilling on BUD claims
DDH 87-2	5477774	684356	60	-45	23.2
DDH 87-3	5477775	684359	60	-60		159.2 relogged/resampled in 1992
DDH-2901	5462538	682444	160	-60		299.3 2009 drilling on TAS
DDH-2902	5462538	682444	70	-60	250.2
DDH-2903	5465330	682730	160	-60	251.5
V11-1	5480424	686978	297	-50.5		101.5 3568 ppm Cu/2.13 m at 22.26 m
V11-2	5480424	686978	297	-76.6	217.6
V11-3	5480424	686978	330	-59.4	190.5
V11-4	5480487	686977	304	-49.2	244.1
V11-5	5480436	686831	74	-53.9	153.9
V11-6	5480595	687000	140	-50	136.2
V11-7	5480595	687000	308	-51.7	213.7
V11-8	5480620	687055	232	-48.3	251.2
		Total Length Drilled (metres)	3,027.58
						Locations are approximate for many older holes due to original location referecnces to old grids and claims

Table 6-2 List of Historical Drill Holes and approximate collar locations

Figure 6-5 Historical Drill Hole Locations (approximated)

6.1.7 Other Details

There have been no Mineral Resource Estimates, Mineral Reserves and very little-known mineral production. What limited production, about a rail car load and another of about eight tons that is recorded to have occurred apparently did not pay for the smelting and shipping in the early 1900s according to Starr, 1955 among others.

7 GEOLOGICAL SETTING AND MINERALISATION

7.1 Regional Geology

Geological exploration of the Princeton area began in the late 19th century with the discovery of placer gold and lode copper deposits. The Princeton area was regionally mapped by the Geological Survey of Canada ("GSC") by Rice, 1947. The GSC did further work and published another regional geology map covering the Princeton area by Monger et.al., 1989. A map by Massey, et. al., 2010 mapped an area that overlaps parts of the centre-southern portion of the Property. The most recent map of the area, which overlaps the very northern end of the Property, was released as Open File 2020-1 by the British Columbia Geological Survey ("BCGS") by Mihalynuk and Diakow, 2020.

The Nicola Group was divided into six lithological facies by Monger, 1989, which was further subdivided into three subparallel belts separated by northerly trending faults in 1992, according to Mihalynuk and Diakow, 2020. The Princeton Copper Property area is underlain by two of these belts.

Source: Mihalynuk and Diakow, 2020, the CM marked in the centre is the Copper Mountain deposit location Figure 7-1 Cartoon cross section of the Regional Geology

The second belt, the Eastern volcanic facies, is a younger, westerly dipping belt (Late Norian age), which underlies most of the Princeton Copper Project area, composed of subaqueous and subaerial, alkali, intermediate and mafic flows, volcanic breccias, and epiclastic rocks that were deposited on or between emergent volcanic edifices from about 215 to 209.5 Ma.

Much of the southern Quesnel Terrane is underlain by the Nicola Group, a thick (7,000 metre) Late Triassic succession of volcanic, sedimentary, and coeval intrusive rocks. Monger, et. al., 1986 had a sequence of sixunit names in the Nicola Group, in three fault bounded belts. This sequence of units was relabelled and redivided by Mihalynuk and Diakow, 2020 into five formations. The Copper Mountain deposit is located in what is now called the Elkhart formation. Just the extreme northerly part of the Property was mapped by Mihalynuk and Diakow, 2020, so the main body of the Property has not yet been formally relabelled, but it is implied to be the volcanic sequence from the map fields covered by text. There are generally two sequences of the Elkhart formation represented in the Property. There is locally a feldspathic sandstone, siltstone with rare argillite sedimentary unit (unit abbreviation: uTrNEss). The other Elkhart sequence is predominantly volcanic with basalt and andesite flows, volcanic breccia and miner conglomerate (uTrNEvmi.xhb).

A sedimentary sequence of the Middle to Upper Triassic Slocan Group, including the sub-unit the Aberdeen Ridge (uTrSAAss) formation, is implied to occur just to the east of the Property from the part of the map that is covered by text, but discoverable. The other Slocan Group sub-unit abbreviated uTrSsf.pt, consists of argillite siltstone, sandstone and minor polymictic conglomerate.

The centre of the Property is primarily underlain by Upper Triassic volcanic and sedimentary rocks of the Nicola Group. Along the western edge of the Property, west of the deep-seated Boundary fault, are a thick succession of the Eocene volcanic and sedimentary rocks belonging to the Princeton Group. On the western side of the Property, east of the Boundary fault, is a thin section of the same Eocene Princeton Group volcanic rocks, overlying the Nicola Group rocks. See Figure 7-3 to Figure 7-5.

Diorite, granodiorite, monzodiorite, and monzonite rocks belonging to the Early Jurassic Bromley Batholith intrude the Nicola Group rocks on the eastern side of the Property with a contact that runs roughly northsouth.

Skarn alteration, and locally copper-magnetite mineralization, is present within the Nicola Group rocks peripheral to the contacts with the Bromley Batholith. This alteration is noted most in the Volcanic Neck/CEE, Chalco (Holmes Mountain), Bud South, and Lorne Lake areas. Skarn alteration in these areas is typified by massive magnetite-chalcopyrite +/-calcite +/-pyrite +/-pyrrhotite +/-garnet mineralization, moderate to strong silicification, and local weak to strong malachite-azurite-chrysocolla staining. Weak potassic alteration and minor disseminated chalcopyrite is present in Bromley quartz monzonite-monzodiorite in the CEE area. See Figure 7-7 for the general location of most of these areas.

Early Jurassic intrusive bodies related to the Lost Horse Intrusions are mapped in the southernmost portion of the Property intruding the Nicola Group rocks. Late felsic quartz phyric pink-tan dykes are observed cutting through all units throughout the Property. The Property rock units are described below and are shown in Figure 7-3. This map is largely based on the work of Monger, et. al., 1989 and Preto, 1972. The work of Mihalynuk and Diakow, 2020 and others are being incorporated into a new province wide update due soon (Pers. Comm.; Cui, Y. of BCGS, January, 2023).

Figure 7-2 Geological Terranes in the Property area

7.2 Local Geology

Figure 7-3 Local Geology

Common throughout the region are white-orange weathering quartz-feldspar phyric rhyolite dykes characterized by tan-white-orange chalky felsic groundmass with coarse K-feldspar and lesser quartz phenocrysts and local altered mafic minerals. The dykes typically form swarms with individual tabular bodies 5-15 metres thick. Felsic dykes are easily identified forming resistant ridges and cliffs which shed distinct whiteorange angular blocks. Patchy hematite staining is common in weathered portions of the dykes and magnetite occurs locally. The felsic porphyry dykes are termed "mine dykes" by workers where they occur in the open pits at the Copper Mountain Mine. At the Copper Mountain Mine property, the dykes generally trend NNW-SSE between 140 and 170 degrees. Preto, 1972 dates these mine dykes as sometime in Late Cretaceous or Early Tertiary time.

A summary of the major units as noted in Davidson, et. al., 2021on the Property is below and noted in the Legend of Figure 7-3:

EPr – Eocene Princeton Group Volcanics

The Eocene Princeton Group volcanics are mapped flanking the Nicola Group on the western portion of the claims blocks and described as mafic and felsic volcaniclastic rocks and volcanic flows. Generally, the Princeton Group occurs as siliceous tuffaceous volcaniclastic rocks with coarse angular fragments and a green-grey hue, containing 2 % disseminated pyrite-pyrrhotite and local minor chalcopyrite disseminations. The thickness of the Princeton Group on the Property has not been determined.

LTrJgd –Late Triassic - Early Jurassic granodiorite (Bromley Batholith)

The Bromley Batholith intrudes the Nicola Group rocks forming an overall north-south trending contact running from Haynes Creek south to Lorne Lake. Bromley Batholith rocks on the Property are composed of medium to coarse grained inequigranular hornblende quartz diorite-monzonite with lesser fine to medium grained equigranular diorite. Quartz diorite-monzonite are characterized by creamy subhedral plagioclase, translucent quartz, green-black acicular hornblende with local accessory magnetite+/-chalcopyrite, sericite alteration of plagioclase, and chlorite alteration of hornblende. Finer grained diorites are more equigranular and composed of creamy-white plagioclase and black-green felty hornblende with local pyrite-pyrrhotite+/ chalcopyrite disseminations.

On the north facing slope of Darcy Mountain the Bromley quartz monzonites exhibit local potassic alteration characterized by secondary coarse biotite and pink Kspar alteration of plagioclase forming a creamy pink rock. Potassic alteration is not pervasive and usually forms 0.10 - 3 metre selvages peripheral to fractures and shears. Potassic altered quartz monzonites have been observed to contain medium grained disseminated and fracturecontrolled chalcopyrite with malachite staining. Uranium-lead dating of zircons within the Bromley Batholith give an age of 193+/-1 Ma (Parrish and Monger, 1992).

uTrNvu, uTrNs – Late Triassic Nicola Group

Nicola Group rocks are widespread on the Property and are generally massive aphanitic mafic to intermediate volcanic rocks. Local calcite veining, silicification and pyrrhotite +/- pyrite +/- chalcopyrite occur sporadically within the unit and concentrated peripheral to the Bromley intrusive contact.

Skarn alteration within Nicola volcanics make up most of the mineral showings on the Property and have been the target of previous exploration trenches, adits, and drilling. Skarn alteration and mineralization in Nicola

volcanics is characterized by massive magnetite-chalcopyrite veins, disseminated to patchy chalcopyrite, silicification, pyrrhotite-pyrite disseminations, and calcite+/-chalcopyrite veining.

Geological Cross Sections of the Princeton Copper Corp. Property

The following map (Figure 7-4) and cross sections (Figure 7-5) were first noted in Warwick, 2018. Traces of the four E-W cross sections that cross the Property are shown on the map.

The northern cross-section A-A' (Figure 7-5) cuts across both the historical Shamrock showing and Miner Mountain deposit.

The cross-section B-B' cuts across just north of August and Basely Lake. Just over half of the cross-section is underlain by the Bromley Batholith (light pink). A thin layer of Eocene volcanic (light green) lava flood plain covers the Nicola group rocks.

The cross-section C-C' cuts across the eastern end of Lorne Lake. Lorne Lake would appear to occupy a regional fault. About 1/4 of the cross-section is underlain by the Bromley Batholith (light pink). The central section of Nicola Group rocks would be highly prospective for Copper Mountain intrusives. The thin cap of Eocene lavas was drill tested by Newmont to be less than 100 m.

The cross-section D-D' cuts across the only known Copper Mountain Diorite intrusive that outcrops on the Property. Numerous N-S trending Eocene 'Mine Dykes' that are common on the Copper Mountain Mine Site are believed to be the feeder system to the prominent Eocene volcanic stack located just east of the Boundary Fault. The Copper Mountain Mine is located just south of the map on Figure 7-4.

The mineralization at Copper Mountain deposit consists of structurally controlled, multi-directional veins and vein stockworks. In part the mineralization occurs as disseminated and stockwork chalcopyrite, bornite, chalcocite and pyrite in altered Nicola Volcanic (dark green) and Copper Mountain intrusive (red) rocks.

Mihalynuk and Diakow, 2020 was focused to the north of the Princeton Copper Property (Figure 7-3) ending near the Miner Mountain property. The greater detail and separation of units in the top of this map reflects this mapping study. The geology over much of the property is the same as the 2019 BCGS provincial database as seen in Figure 7-3.

Modified from Davidson, et. al., 2021 Figure 7-4 Local Geology and the Location of Regional Geological Cross Section Lines

Princeton Copper Property

From Davidson, et. al., 2021

Sean Butler, P.Geo.

Figure 7-5 Regional Geological Cross Sections

Figure 7-6 Cross Section of the Princeton Basin with the Property on the right of the Boundary Fault

$\Omega$

7.3 Local Mineralization

7.3.1 MINFILE MINERAL OCCURENCES

On the east side of the Property, mineralization appears to be skarn style alteration related to the Late Triassic - Early Jurassic Bromley Batholith intrusive body which intrudes the Nicola Group volcanics and sediments and has formed skarn alteration and mineralization peripheral to its contact. The skarn mineralization occurs near the contacts of the Bromley Batholith in the west-central portion of the claim block, possibly due to the extensive Quaternary cover elsewhere. Minerology of the skarns generally consists of magnetite-pyrrhotite and lesser garnet and carbonate. Epidote is observed locally, and minor fine disseminated pyrite. Chalcopyrite is most abundant in magnetite rich skarns which have limited extent at surface.

Porphyry style copper mineralization within the Bromley Batholith occurs at the CEE and Bud North/South showings on the Property as disseminated chalcopyrite in granodiorite and quartz diorite.

Mineralization on the Property is typically not visible at the surface, largely due to a scarcity of outcrops and glacio-fluvial overburden of variable thickness (0-40 m). The overburden often limits direct surface mapping from being an effective exploration tool for the discovery of additional mineralization. Outcrops were located and recorded during the 2020 geophysical field crew and follow up is possible.

The BCGS maintains a province wide database of mines, showings and prospects called MINFILE. The general location of the local MINFILES is noted on Figure 7-7.

Knob Hill, Bud, Bob, Bon – MINFILE 092HSE011 – Showing

The Knob Hill showing is located 2 km south of August Lake and consists of syenodiorite outcropping over an area of 1,000 m by 600 m and is reported to be related to the Early Jurassic Lost Horse Intrusion. Quartzcarbonate veins are reported to contain chalcopyrite (Hopper, 1984).

Bornite, Shamrock – MINFILE 092HSE198 – Prospect

The Bornite prospect is located on the east slope of Holmes Mountain which forms the west bank of the Haynes Creek valley. Copper mineralization is reportedly hosted in quartz porphyry dykes 23 m wide striking north for roughly 900 m. Disseminated chalcopyrite-pyrite mineralization was explored by trenches and one adit between 1908 and 1915. The Bornite showing location as reported by the MINFILE.

Elaine, Shamrock – MINFILE 092HSE199 – Showing

The Elaine showing is located on the eastern slope of Holmes Mountain roughly 1.2 km northeast of the Similkameen River. Sulphide mineralization is reported over 5 m in a cliff face at the contact between andesites and basalts of the Nicola Group and intrusives of the Bromley batholith. Mineralization is reported to consist of chalcopyrite and pyrite with abundant malachite staining.

Figure 7-7 BCGS MINFILE locations

Shamrock, Blue Ridge - MINFILE 092HSE079 - Past Producer

The Shamrock Property is located on the north bank of the Similkameen River on Holmes Mountain. Chalcopyrite, bornite, and pyrite mineralization are reported to occur along fractures and shears in a gangue

of quartz and brecciated country rock and is strongest near contacts between Bromley intrusive rocks and Nicola Group volcanics. Mineralized zones trend north and exhibit extensive malachite staining with small inclusions of skarn-altered sediments containing epidote, chalcopyrite, garnet, and pyrite. Samples from various old workings were assayed (Minister of Mines Annual Report 1919). Nine tonnes of ore were mined from this location in 1913 and shipped to the Granby smelter at Grand Forks and averaged 35 g/t Ag and 15 % Cu (Minister of Mines Annual Report 1919).

Bud North – MINFILE 092H040 – Prospect

The Bud (North Zone) prospect is located 1.5 km northeast of August Lake and is described as a zone of copper mineralization trending north-northwest for 400 m in altered andesite tuff. Pink porphyritic dykes are reported to intrude the tuffs near the prospect (MINFILE reports these dykes are related to the Bromley Batholith, although this has not been substantiated and pink dykes have been observed within the Bromley Batholith itself). Chalcopyrite and pyrite are exposed in trenches and pits at the north end of the zone. The trenches and pits were excavated in the early 1980's with some ongoing soil sampling, prospecting, and mapping carried out in the mid to late 80's.

Copper Farm, G.O.D., Barb, Bonnie – MINFILE 092HSE091 – Past Producer

The Copper Farm prospect is located on the south side of the Similkameen River valley, 500 m east of Basely Creek on the north flank of Darcy Mountain some 200 m south of the Similkameen River. A shear zone trending south into the steep south bank of the Similkameen river has been followed by two adits (No. 2 and 3 tunnels) over a strike length of 200 m and vertical distance of 85 m. The zone strikes south and dips steeply to the west and is cut by a pink felsic quartz porphyry dyke. Sulphide mineralization consists of disseminations, blebs, lenses, and stringers of chalcopyrite-pyrite-tetrahedrite-bornite in a gangue of quartz-calcite-sideritechlorite and sheared country rock. Malachite and azurite staining are common.

Twenty-seven chip samples over widths of 0.30 to 2.6 m in the No. 2 and 3 tunnels were assayed (Minister of Mines Annual Report 1927). The prospect was explored as early as 1908, and Princeton Mining and Development Company Ltd. completed 550 m of drifting, crosscutting, and raising in the No. 2 and 3 tunnels between 1920 and 1927 after initially mining 15 tonnes of ore in 1919. The ore graded 15.2 % Cu and 64.5 g/t Ag (National Mineral Inventory Card). The high grades are probably a reflection of the common practice of the time to 'hand cob' ore prior to shipment.

CEE, A, B – MINFILE 092HSE140 – Prospect

The CEE prospect lies on the south side of the Similkameen valley roughly 2 km east of Basely Creek and 100- 500 m south of Highway 3, on the north flank of Darcy Mountain. Veinlets and disseminations of chalcopyrite are reported in medium to coarse grained granite and biotite granodiorite near the contact with andesite and andesite porphyry. The CEE prospect has been drilled and trenched, with the majority of recent work focusing on nearby skarn mineralization in the Nicola Group rocks near the Bromley contact.

The mineralized Bromley is cut by a series of north trending vertical "Pink" dykes which are younger than all rocks they are in contact with and are considered post mineralization, however at the "Copper Farm" adit, chalcopyrite mineralization occurs in the fault gouge at the contact between felsic dykes and Nicola volcanics.

The resistant "Pink" dykes can be strikingly seen a few kilometres east of Princeton in the cliffs on each side of the highway along the Similkameen River valley where they cut both Nicola and Bromley lithologies.

Agate Bluffs, Agate Mountain, Wilbert Hills – MINFILE 092HSE147 – Showing

An agate gemstone showing is reported on the Agate bluffs containing poor to moderated quality agate. The presence of agate gemstone is not pertinent to the scope of this report and will not be investigated.

Bud 524, Bud (North Zone) – MINFILE 092HSE118 – Showing

The Bud 524 showing is reported to be a pit exposing a zone of massive pyrite with patches of chalcopyrite in granodiorite of the Bromley batholith 2.5 kilometres northeast of August Lake.

August Lake – MINFILE 092HSE002 – Showing

The August Lake showing is reported to consist of agate gemstone in outcrop. Agate gemstones are not pertinent to the scope of this report.

Bud 522, Bud (North Zone) – MINFILE 092HSE043 – Prospect

The BUD 522 prospect is a rusty gossan zone 100 m wide trending north for 200 m in Bromley granodiorite roughly 2.5 km northeast of August Lake. The zone is roughly 300 m southeast of the Nicola volcanics and exhibits malachite staining and quart-carbonate stringers.

Bud (South Zone), Bud 527, Evergreen – MINFILE 092HSE123 – Prospect

Patchy chalcopyrite mineralization occurs in volcanics, porphyry dykes, and intrusive rocks in the vicinity of the contact between Nicola Group volcanics and the Bromley Batholith. All rocks are highly fractured in places and are cut by dykes of fresh porphyry and gabbro. Areas of fracturing are the most affected by alteration, exhibiting calcite-chlorite-quartz-sericite-epidote-biotite-magnetite.

An angled drill hole collared 100 metres west-northwest of the area of surface mineralization intersected 11.6 metres of intercalated fine-grained light green volcanic (tuff?) and unaltered fine to medium grained intrusive, containing quartz stringers and calcite, hematite, and pyrite along fractures. This section graded 0.184 % Cu, 0.33 g/t Au, and 8.7 g/t Ag over 10.7 m (McLeod, 1987, Hole 87-3, 85.3-96.0 m). A lower section of fine to medium grained tonalite/granodiorite exhibiting chlorite, epidote, and orthoclase alteration graded 0.149 % Cu, 0.121 g/t Au, and 3.2 g/t Ag over 4.6 m (106.7-111.3 m). Mineralization in this zone consisted of quartz stringers with minor chalcopyrite and pyrrhotite. A few molybdenite blebs are also reported.

Other Recent Target Areas

In addition to the MINFILES, which are historical areas of exploration and discovery documented by the BCGS, there are newer areas of positive exploration results discovered in 2019 to 2021. The Aura anomaly is an area defined from soil geochemistry, Induced Polarization and geomagnetics that outline a target with similarities to the cores of porphyry copper deposits with a peripheral mineralized zone. These surveys also outline possible structural zones buried under the overburden. See Figure 6-2 to Figure 6-4. There are other potential areas in the 2019 to 2021 results that will require follow up and infilling of data to confirm their prospectivity.

8 DEPOSIT TYPES

credits at the Copper Mountain mine operations. The target deposit type at the Miner Mountain property is for the same deposit type.

The following summary is a description of alkalic deposit types as described in the BC Geological Survey Deposit Type descriptions as sourced from Panteleyev, 1995. The nearby Copper Mt. / Ingerbelle deposits are bold/italics below:

"SYNONYMS: Porphyry copper, porphyry Cu-Au, diorite porphyry copper.

COMMODITIES (BYPRODUCTS): Cu, Au (Ag).

EXAMPLES: (British Columbian - Canada/International): Iron Mask batholith deposits - Afton (092INE023), Ajax (092INE012, 013), Mt. Polley (Cariboo Bell, 093A008), Mt. Milligan (093N196, 194), Copper Mt. / Ingerbelle (092HSE001, 004), Galore Creek (104G 090), Lorraine (093N 002); Ok Tedi (Papua New Guinea); Tai Parit and Marian? (Philippines).

GEOLOGICAL CHARACTERISTICS

CAPSULE DESCRIPTION: Stockworks, veinlets and disseminations of pyrite, chalcopyrite, bornite and magnetite occur in large zones of economically bulk-mineable mineralization in or adjoining porphyritic intrusions of diorite to syenite composition. The mineralization is spatially, temporally and genetically associated with hydrothermal alteration of the intrusive bodies and hostrocks.

TECTONIC SETTING(S): In orogenic belts at convergent plate boundaries, commonly oceanic volcanic island arcs overlying oceanic crust. Chemically distinct magmatism with alkalic intrusions varying in composition from gabbro, diorite and monzonite to nepheline syenite intrusions and coeval shoshonitic volcanic rocks, takes place at certain times in segments of some island arcs.

The magmas are introduced along the axis of the arc or in cross-arc structures that coincide with deepseated faults. The alkalic magmas appear to form where there is slow subduction in steeply dipping, tectonically thickened lithospheric slabs, possibly when polarity reversals (or `flips') take place in the subduction zones. In British Columbia all known deposits are found in Quesnellia and Stikinia terranes.

DEPOSITIONAL ENVIRONMENT / GEOLOGICAL SETTING: High level (epizonal) stock emplacement levels in magmatic arcs, commonly oceanic volcanic island arcs with alkalic (shoshonitic) basic flows to intermediate and felsic pyroclastic rocks. Commonly the high-level stocks and related dikes intrude their coeval and cogenetic volcanic piles.

AGE OF MINERALIZATION: Deposits in the Canadian Cordillera are restricted to the Late Triassic/Early Jurassic (215-180 Ma) with seemingly two clusters around 205-200 and ~ 185 Ma. In southwest Pacific island arcs, deposits are Tertiary to Quaternary in age.

HOST/ASSOCIATED ROCK TYPES: Intrusions range from fine through coarse-grained, equigranular to coarsely porphyritic and, locally, pegmatitic high-level stocks and dike complexes. Commonly there is multiple emplacement of successive intrusive phases and a wide variety of breccias. Compositions range from (alkalic) gabbro to syenite. The syenitic rocks vary from silica undersaturated to saturated compositions. The most undersaturated nepheline normative rocks contain modal nepheline and, more commonly, pseudoleucite. The silica-undersaturated suites are referred to as nepheline alkalic whereas

rocks with silica near-saturation, or slight silica over saturation, are termed quartz alkalic (Lang et al., 1993). Coeval volcanic rocks are basic to intermediate alkalic varieties of the high-K basalt and shoshonite series and rarely phonolites.

DEPOSIT FORM: Stockworks and veinlets, minor disseminations and replacements throughout large areas of hydrothermally altered rock, commonly coincident wholly or in part with hydrothermal or intrusion breccias. Deposit boundaries are determined by economic factors that outline ore zones within larger areas of low-grade, laterally zoned mineralization.

TEXTURE/STRUCTURE: Veinlets and stockworks; breccia, sulphide and magnetite grains in fractures and along fracture selvages; disseminated sulphides as interstitial or grain and lithic clast replacements. Hydrothermally altered rocks can contain coarse-grained assemblages including feldspathic and calcsilicate replacements ('porphyroid' textures) and open space filling with fine to coarse, granular and rarely pegmatitic textures. ORE MINERALOGY [Principal and subordinate]: Chalcopyrite, pyrite and magnetite; bornite, chalcocite and rare galena, sphalerite, tellurides, tetrahderite, gold and silver. Pyrite is less abundant than chalcopyrite in ore zones.

GANGUE MINERALOGY: Biotite, K-feldspar and sericite; garnet, clinopyroxene (diopsidic) and anhydrite. Quartz veins are absent but hydrothermal magnetite veinlets are abundant.

ALTERATION MINERALOGY: Biotite, K-feldspar, sericite, anhydrite/gypsum, magnetite, hematite, actinolite, chlorite, epidote and carbonate. Some alkalic systems contain abundant garnet including the Ti rich andradite variety - melanite, diopside, plagioclase, scapolite, prehnite, pseudoleucite and apatite; rare barite, fluorite, sodalite, rutile and late-stage quartz. Central and early formed potassic zones, with Kfeldspar and generally abundant secondary biotite and anhydrite, commonly coincide with ore. These rocks can contain zones with relatively high-temperature calcsilicate minerals diopside and garnet. Outward there can be flanking zones in basic volcanic rocks with abundant biotite that grades into extensive, marginal propylitic zones. The older alteration assemblages can be overprinted by phyllic sericite-pyrite and, less commonly, sericite-clay-carbonate-pyrite alteration. In some deposits, generally at depth in silica-saturated types, there can be either extensive or local central zones of sodic alteration containing characteristic albite with epidote, pyrite, diopside, actinolite and rarer scapolite and prehnite.

ORE CONTROLS: Igneous contacts, both internal between intrusive phases and external with wallrocks; cupolas and the uppermost, bifurcating parts of stocks, dike swarms and volcanic vents. Breccias, mainly early formed intrusive and hydrothermal types. Zones of most intensely developed fracturing give rise to ore-grade vein stockworks.

ASSOCIATED DEPOSIT TYPES: Skarn copper (K01); Au-Ag and base metal bearing mantos (M01, M04), replacements and breccias in carbonate and non-carbonate rocks; magnetite-apatite breccias (D07); epithermal Au-Ag: both high and low sulphidation types (H04, H05) and alkalic, Te and F-rich epithermal deposits (H08); auriferous and polymetallic base metal quartz and quartz-carbonate veins (I01, I05); placer Au (C01, C02).

COMMENTS: Subdivision of porphyry deposits is made on the basis of metal content, mainly ratios between Cu, Au and Mo. This is a purely arbitrary, economically based criterion; there are few differences in the style of mineralization between the deposits. Differences in composition between the hostrock alkalic and calcalkalic intrusions and subtle, but significant, differences in alteration mineralogy and zoning patterns

provide fundamental geologically based contrasts between deposit model types. Porphyry copper deposits associated with calcalkaline hostrocks are described in mineral deposit profile L04. ...

Source: Kirkham and Sinclair, 1996

ECONOMIC FACTORS

GRADE AND TONNAGE:

Worldwide according to Cox and Singer (U.S. Geological Survey Open File Report 88-46, 1988) 20 typical porphyry Cu-Au deposits, including both calcalkaline and some alkalic types, contain on average: 160 Mt with 0.55 % Cu, 0.003 % Mo, 0.38 g/t Au and 1.7 g/t Ag.
British Columbia alkalic porphyry deposits range from <10 to >300 Mt and contain from 0.2 to 1.5 % Cu, 0.2 to 0.6 g/t Au and >2 g/t Ag; Mo contents are negligible. Median values for 22 British Columbia deposits with reported reserves (with a heavy weighting from a number of small deposits in the Iron Mask batholith) are: 15.5 Mt with 0.58 % Cu, 0.3 g/t Au and >2 g/t Ag.

END USES: Production of chalcopyrite or chalcopyrite-bornite concentrates with significant Au credits.

IMPORTANCE: Porphyry deposits contain the largest reserves of Cu and close to 50 % of Au reserves in British Columbia; alkalic porphyry systems contain elevated Au values."

Some of the copper mineralization on the margin of the Bromley Intrusives on the east-side of the Property are in skarn type deposit They have not historically proven any significant tonnage or continuity and therefore are not the priority target type for this Property at this time.

9 EXPLORATION

Quetzal and Ankh have completed no exploration work on the Property.

10 DRILLING

No drilling has been completed by the current operator of the Property, Quetzal or Ankh.

There is very limited historical diamond drilling, which is summarized in Section 6.1.6.

11 SAMPLE PREPARATION, ANALYSES AND SECURITY

Quetzal or Ankh have not done any sampling, sample preparation or analysis.

The Author has not collected any samples during the QP Personal Inspection.

Future exploration work, especially systematic sampling such as drilling and chip line sampling requires a strong Quality Assurance / Quality Control program including insertion of blank and standardized samples into the analysis stream and sample confirmation.

The Author's opinion is that since no sampling has been completed recently, this review is adequate for a project at this stage of development.

12 DATA VERIFICATION

Due to the limited quantitative data historically collected to date no data verification was completed by the Author. The Author did a review and documenting of the multiple historical reports and other data available for this Property and regional area as summarized in the Reference section of this report as well as data provided by Quetzal. A GIS model of the historical data was compiled to allow for the figures in this report and to better understand the relationships between historical surveys and regional geological and historical data.

The Author visited the Princeton Copper Property on May 31, 2023 and located and traversed the Knob Hill and Aura anomaly areas. The Author visited trenches and outcrops in the Knob Hill area. The Author observed malachite, a mineral containing copper, in the Knob Hill trenches. As well a general observation of much of the northern part of the Property was completed by driving multiple roads and the Highway. The Author also visited the publicly accessible road area that adjoins the Copper Mountain Mine to better understand the location and relationships to the Property.

The Author's opinion is the data verification completed is adequate for a project at this stage development.

13 MINERAL PROCESSING AND METALLURGICAL TESTING

The Author is not aware of any mineral processing or metallurgical testing on the Property.

14 MINERAL RESOURCE ESTIMATES

The Author is not aware of any Mineral Resource Estimates on the Property.

As noted in Section 2, the report headings for Items 15 to 22, for properties in Advanced Development Programs, of the NI 43-101 F1 format have been omitted.

23 ADJACENT PROPERTIES

The Princeton area has been a producer of base and precious metals for over a century. There was also coal produced within the Princeton Basin area. The general location of the focus areas of the following properties is seen in Figure 7-3.

23.1Copper Mountain Mine

The Copper Mountain Mine, an operating mine at the time of this report, is classified as an alkalic porphyry deposit. It adjoins to the west of the southern claims and south of the central claims of the Princeton Copper Project. This summary of the Copper Mountain Mine is generally sourced from information in the reports by Collins, et. al. 2018, 2019 and 2020. The mine has been in production, on and off, since 1923. It was an underground operation until 1957. It reopened as an open pit operation in 1972, developing multiple pits over the years and has operated more often than it has been shut down since then. There have been three significant processing plants developed over the years. Hudbay Minerals Inc. has acquired the Copper Mountain Mining Corporation, the owner of the mine, in exchange for shares in June 2023 (HudBay news release of June 20, 2023).

Although there are several areas that have been mined separately over time, both alteration and lower-grade mineralization and mineralization is thought to be part of a single large system. The age of mineralization at Copper Mountain is Lower Jurassic (193 ± 7 Ma) from K/Ar dates of biotite in mineralized veins in Pit 1, Preto, 1972. This age agrees very closely to the age of the Smelter Lake and Voigt stocks of the Lost Horse Intrusions.

Generally, mineralization at Copper Mountain consists of structurally controlled, multi-directional veins and vein stockworks, with peripheral disseminations. Mineralization is subdivided into four major sub-types:

disseminated and stockwork chalcopyrite, bornite, chalcocite, and pyrite in altered Nicola and Lost Horse Intrusive Complex ("LHIC") rocks,
hematite-magnetite-chalcopyrite replacements and/or veins,
bornite-chalcopyrite associated with pegmatite-like veins (coarse masses of orthoclase, calcite, and biotite), and

Princeton Copper Property

chalcopyrite-bearing magnetite breccias.

Each mineralization type can be found in all pit areas, but each pit is unique with respect to the relative quantities and character of mineralization type.

Both mineralization and alteration demonstrate a zonation through the camp, though not in a manner typically associated with calc-alkaline porphyry deposits.

Three main types of alteration have been defined - hornfels, sodic, and potassic; each has its own spatial and temporal distribution.

The Author has been unable to verify the information on the Copper Mountain property and that the information on this property is not necessarily indicative of the mineralization on the Property that is the subject of this technical report.

Colins, et. al., 2018

Figure 23-1 Schematic SW-NE Cross Section of the Copper Mountain Mine Geology

23.2 Miner Mountain property

The Miner Mountain property is located on the northwest slope of Mount Miner (Baldy Mountain, Alison Mountain), five kilometres northeast of Princeton. Portions of the Miner Mountain property are contiguous with the Princeton Copper Property near the northwest corner of the Property.

Miner Mountain is a large-scale copper-gold alkalic porphyry target owned and operated by Sego Resources Inc. ("Sego"). Sego's claims cover an extensive well-altered porphyry system containing excellent copper-gold grades and located along the same regional fault (Boundary Fault) system as the Copper Mountain mine. The area in the vicinity of Mount Miner is underlain by the eastern facies of the Upper Triassic Nicola Group consisting of mafic augite and hornblende porphyritic pyroclastics and flows. These rocks are intruded by small dioritic bodies that may be coeval with the volcanics. The Boundary Fault, striking N/NE, juxtaposes the volcanics against coal-bearing sandstones and shales of the Eocene Princeton Group to the west-northwest.

The four main zones of mineralization on the Miner Mountain property that have received most of the exploration development are Regal, Southwest, Granby, and Cuba. Mineralization of the Regal zone consists of a blanket of chaotic, mineralized intrusive blocks. Southwest zone mineralization consists of stringers, veins, and coarse blebs of chalcopyrite in rusty diorite. Chalcopyrite is also disseminated in the matrix and as a replacement of mafic minerals. Mineralization at the Cuba Zone does not crop out. It is a discovery made mainly through testing a geophysical anomaly using percussion drilling (Christopher, 2012). "Mineralization at the Granby zone is also covered by glacial till. A westward continuation of the Granby Zone is the shallow, high grade, "crush zone" that does crop out in a trench west of the main Granby Zone. At this locality, intensely fractured siliceous, and clay-altered rocks with veinlets of cryptocrystalline quartz contain substantial disseminated and veinlet chalcopyrite and malachite staining" (Mihalynuk and Logan, 2013).

Further work including a significant amount of diamond drilling and other surveys including geological mapping, geophysics, trenching and metallurgy have been completed to date (Sego Minerals website on May 27 2023). Sego had completed 65 diamond drill holes up to 2022 (Sego Resources News Release of November 22, 2022). Christopher, 2014 also notes numerous percussion holes, both by Sego and previous operators.

The Author has been unable to verify the information on the Miner Mountain property and that the information on this property is not necessarily indicative of the mineralization on the Property that is the subject of this technical report.

24 OTHER RELEVANT DATA AND INFORMATION

There is no relevant data or information known to the Author not disclosed elsewhere in this report.

25 INTERPRETATION AND CONCLUSIONS

In the CEE area south of the Similkameen River, disseminated and veinlets of copper mineralization occur in the Bromley intrusive rocks and skarn copper mineralization is present in the surrounding Nicola volcanic rocks near the contact. This skarn type mineralization may extend well to the southwest incorporating the historic Bud and Bon locations found along the periphery of the Bromley Batholith. This area is a secondary target from the on-going porphyry copper exploration on this Property.

In the northern portion of the Property the historic workings on Holmes Mountain occur in the Late Triassic – Early Jurassic Nicola Group volcanic rocks, west of the Early Jurassic Bromley Batholith. The mineralization in the Holmes Mountain area is similar to skarn occurrences explored to the southwest of the Similkameen River around Basely Creek in the 2011-2014 exploration programs. Further exploration in this area is a lower priority at this time.

Some of the issues that make this Property potentially challenging:

A large area of private land underlying the Property could increase the cost of exploration and development as well as make exploration more difficult. If a mineral deposit is discovered under private land, the land will have to be purchased before mining can begin.
The large claim landholding will increase land holding costs.
Potential future Aboriginal land title issues and concerns.
Permit issuing timing and the permitting terms.

The positives of the Property include:

The geophysical and soil geochemistry surveys in 2020 to 2021 show multiple targets, by multiple survey types, that are consistent with porphyry copper deposits. See Figure 6 3 to Figure 6-4.
There is a long history of exploration and much of this historical data is recorded and is available to review and incorporate into defining exploration targets.
The Property is next to an existing and historically large mine (Copper Mountain) and also adjoins another significant prospective property (Miner Mountain).
Princeton is a mining town.
Possible future synergies of custom mining/milling or the Property take over by the existing nearby mine operator.

26 RECOMMENDATIONS

The recommended future exploration program is a two-phase program.

26.1Phase One

When these results are combined with the results of the 2019 to 2021 surveys drill targeting for Phase Two and Phase One reporting can be finalized.

26.2Phase Two

Some drill targets are definable now from the existing 2020 to 2021 exploration data, but the results of Phase One exploration should provide more and/or higher priority drill targets. Therefore, contingent on the Phase One exploration results, up to 3,000 metres of diamond drilling should be enough to evaluate several target zones and areas and allow for the results that will allow a decision on future exploration.

Phase One
Activity	Description		Cost
Geophysics	Magnetometer (UAV 400 km at	\$	190,000
	\$30/km)
	Induced Polarization ( 50 line-km
	at \$3,500/km)
Geological Mapping	2 geologist crew for 30 days	\$	95,000
	including rock sampling and
	analysis - 500-600 rocks
Soil Geochemistry	MMI sample collection and	\$	80,000
	analysis - 1,000 samples
Data Interpretation, Drill Target		\$	45,000
Confirmation and Reporting
Total Cost Phase One		\$	410,000
Phase Two
Activity	Description		Cost
Diamond Drilling	3,000 metres at \$325/m all in cost	\$	975,000
Data Interpretation and Reporting		\$	25,000
Total Cost Phase Two		\$	1,000,000

Table 26-1 Recommended Budget

27 REFERENCES

ARIS ##### below refers to BC Assessment Reports

PF###### below refers to BCGS Property Files

Anderson, J.D., and Gower, J. (1959). Report on the geological, geochemical, and geophysical surveys on the F.H. Group. ARIS 00318.
Ashton, A.S. (1969). Geochemical Survey of Claims CY 1-8. ARIS 02329.
B.C. Minister of Mines, B.C., Annual Report, 1908, pp. 130.
B.C. Minister of Mines, B.C., Annual Report, 1919, pp. 171-172
B.C. Minister of Mines, B.C., Annual Report, 1927, pp. 251-253.
Benitez, J. (1967). Geochemical Report on the Bob and Bon Groups. ARIS 00920.
Brown, J. (2020). A Spatiotemporal Geochemical Hydrocarbon Interpretation on Granby Copper Corp.'s Knob Hill Project. Internal Report. August 6, 2020.
Buckle, J. (2020). Granby Copper IP-Princeton, B.C. Summary document and maps on 2020 IP program on the PCC property.
Bullis, A.R. (1969). Report on a Magnetometer Survey CY Group of Claims. ARIS 01867.
Burton, A. (2010). Technical Assessment Report on the Vermillion Forks Property. ARIS 31757.

(2015). Technical Assessment Report on the Vermillion Forks Property. ARIS 35102.

Burton, A. and Simmons, B. (2011). 2011 Assessment Report on the Vermillion Forks Property. ARIS 32617.

(2012). Technical Assessment Report on the Vermillion Forks Project. ARIS 33215.

Christopher, P.A., (1981). Geological and prospecting report on the G.E. 1 and G.E. 3 claims. ARIS 10565.

(2012). Technical report on the Miner Mountain copper-gold property, British Columbia, Public NI43- 101 Report for Sego Resources Inc.

(2014). Technical report on the Miner Mountain copper-gold property, British Columbia, Public NI43- 101 Report for Sego Resources Inc.

Clark, G.R. (1967). Progress Report on the Bob and Bon Group of Claims. ARIS 01224.

Collins, S.E., Holbek, P., and Strickland, D. (2018). NI 43-101 Report for the Copper Mountain Mine, November 10, 2018.
Collins, S.E., Holbek, P., Strickland, D., and Westendorf, M. (2019). Integrated Life-Of-Mine NI43-101 Technical Report for the Copper Mountain Mine including New Ingerbelle prepared for Copper Mountain Mining Corporation, February 25, 2019.
Collins, S.E., Holbek, P., Klue, R., Westendorf, M. (2020). Copper Mountain Mine 65 kt/d Expansion Study and Life-Of-Mine Plan, NI-43101 Technical Report prepared for Copper Mountain Mining Corporation, November 2020.
Davidson, G.S., Buckle, J., and Wasylyshn, L. (2021). National Instrument 43-101 Technical Report on the Princeton Copper Property, June 16, 2021.
Davidson G.S. and Fraser, M. (2022). 2021 Exploration report on the Princeton Copper Claims. Assumed to be ARIS 40333.
Fahrni, K. (1958). Geophysical Investigation of 22 claims of the Regal Group of Mineral Claims. ARIS 00251.
Falconer, R. (1966). Report on Induced Polarization Survey in the Princeton, British Columbia Area. ARIS 00943.
Fraser, M. (2021). 2020 Geochemical & Geophysical Report on the Princeton Copper Corp. Property ARIS 39482.
Gregory, P. W. (1926). Map Section A-A Copper Farm. Princeton Mining and Development Co., Ltd. PF 008905.

Holbek, P. and Joyes, R. (2009). Copper Mountain Project Dot Fraction Mineral Claim. ARIS 30945.

Hopper, D. (1984). Geochemical Prospecting Report on the Bud Claims. ARIS 12736.

(1986). Assessment Report of the Bud Claims. ARIS 15022.

(1996). Geochemical report on the Concha claim group. ARIS 24070.

Jones, K. (2011). "Copper Mountain Mining Corp: The Perfect Mine" Energy & Mining International, Fall 2011, pp. 22-38.
Kelly, S.F. (1978). Report on Diamond Drilling on a G.O.D. Mineral Claim Unit. ARIS 06601.
Kerr, J. (2007). Geochemical Report on the Geoff Claims. ARIS 29200.
Kirkham, R.V. and Sinclair, W.D., 1996 Porphyry copper, gold, molybdenum, tungsten, tin, silver in Geology of Canadian Mineral Deposit Types, GSC Geology of Canada, No. 8, pp. 421-446
MacCormack, L.V. (1971). Report on the Diamond Drill Program 1971 Bob Claim Group, BCGS Coalfile Report 018.
McLeod, J.W. (1987). Geological and Drilling Report on the Bud Claim Group. ARIS 16256.
Massey, N.W.D., Vineham, J.M.S. and Oliver, S.L., 2010 Geology of the area South and West of Princeton, British Columbia, BCGS Geoscience Map 2010-4.
Mihalynuk, M. G. and Diakow L.J., (2020). Southern Nicola Arc Geology (NTS 92H/7NE, 8NW, 9W, 10E, 15E). British Columbia Ministry of Energy, Mines and Natural Gas, British Columbia Geological Survey Geoscience Map 2020-1, scale 1:50,000, 2 sheets.
Mihalynuk, M. G. and Logan, J.M. (2013). Geological setting of Late Triassic porphyry Cu-Au mineralization at Miner Mountain, Princeton, southern British Columbia. In: Geological Fieldwork 2012, British Columbia Ministry of Energy, Mines and Natural Gas, British Columbia Geological Survey Paper 2013- 1, pp. 81-96.
Monger, J. W. H., Lear, S., McMillan, W.J. (1989). Geology of the Hope Map Sheet, British Columbia (Map 41- 1989). Geological Survey of Canada.
Nebocat, J. (2008). Geological Report on the Chalco Claim. ARIS 30393.
Ostler, J. (1992a). Summary Report of Geological, Geochemical, and Geophysical Exploration on the Star Trek Property from 1967 to 1991. PF 895243.

(1992b). Report of Geological Examination of the Chalco Star Property, PF 895244.

Panteleyev, A. (1995). Porphyry Cu±Mo±Au; in Selected British Columbia Mineral Deposit Profiles, D.V. Lefebure and G.E. Ray (ed.), BC Ministry of Energy and Mines, BC Geological Survey, Open File 1995- 20, pp. 83-86.
Parrish, R.R. and Monger, J.W.H. (1992). New U-Pb dates from southwestern British Columbia. In Radiogenic age and isotope studies: Report 5. Geological Survey of Canada, Paper 91-2, pp. 87 – 188.
Phendler, R.W. (1979). Diamond Drilling on the G.O.D. Claims, ARIS 07551.
Preto, V.A.G. (1972). Geology of Copper Mountain. Bulletin 59. British Columbia Department of Energy Mines and Petroleum Resources.

(1975). GE, VI property summaries. In: British Columbia Department of Mines and Petroleum Resources, Geology, Exploration and Mining in British Columbia 1974, pp. 117-118.

(1979). Geology of the Nicola Group between Merritt and Princeton. Bulletin 69. British Columbia Department of Energy Mines and Petroleum Resources.

Preto, V.A.G., Nixon, G.T. and Macdonald, E.A.M. (2004). Alkaline Cu-Au porphyry Systems in British Columbia: Copper Mountain, BC Ministry of Energy and Mines, Geoscience Map 2004-3.

Rice, H.M.A. (1947). Geology and mineral deposits of the Princeton map area. Geological Survey of Canada, Memoir no. 243.

Schulze, C. (2010) Assessment Report on Geological and Geochemical Surveys on "Block 6" Copper Mountain Project for Solitaire Minerals Inc. ARIS 31449.

Sookochoff, L. (1973). Preliminary Geological Report on the Barb Claim Group. ARIS 05014.

Starr, C.C., (1955), Abstract of The Mining Claims of the Princeton Mining and Development Co. Ltd, PF008902.

Timmins, W.G. (1975). Geophysical Report on the Barb Claims Property. ARIS 05536.

Trenholme, L.S. (1977). Mt. Darcy Explorations Ltd., Report of Assessment Work, ARIS 06309.

Tully, D. W. (1971). Report on the KAT 527-540, Elaine 513-526, and Joyce 501-510 Mineral Claims. ARIS 03395.
Visser, S. (1989). Geophysical Report on an Induced Polarization for Gold Brick Resources Inc. on the Bud-Dee Claim Group. ARIS 19234.
Warwick, M.J. (2018). Technical Assessment Report on the Princeton Copper Property for Granby Copper Corp. ARIS 38011.
Warwick, M.J. (2022). Technical Assessment Report covering November 2020 IP Survey on the Princeton Copper Property, ARIS 39641.
Watson, A. and Daley, S. (2020). Miner Mountain Property, Summary Report on the 2018 Diamond Drilling, Trenching and Mapping Programs, ARIS 38799.
Weymark, W.J. (1973). Assessment Report on Ground Geological-Geochemical-Geophysical Surveys of the Denise 1-21 Mineral Claims. ARIS 4727.

Government of Canada Data Sources:

Weather:

https://climate.weather.gc.ca/climate_normals/results_1981_2010_e.html?searchType=stnProv&lstProvince= BC&txtCentralLatMin=0&txtCentralLatSec=0&txtCentralLongMin=0&txtCentralLongSec=0&stnID=1056&di spBack=0

Government of British Columbia sources:

BC Geological Survey Publications: https://www2.gov.bc.ca/gov/content/industry/mineralexploration-mining/british-columbia-geological-survey

Minfile: https://minfile.gov.bc.ca/searchbasic.aspx/

Assessment Reports: https://aris.empr.gov.bc.ca/

British Columbia GIS Data website: https://catalogue.data.gov.bc.ca/dataset?download_audience=Public

AI assistant

Silverco Mining — Regulatory Filings 2024

48054_rns_2024-02-28_4b60268f-9596-477b-9110-f7c2c8bd8b56.pdf

Technical Report

Princeton Copper Property

Quetzal Copper Limited

Ankh Capital Inc.

Effective and Revised Date: August 25th, 2023

Certificate of the Qualified Person

I Sean Butler, P.Geo., do hereby certify that:

Dated this 25th day of August, 2023

EXECUTIVE SUMMARY

CONTENTS

FIGURES & TABLES & PHOTOS

Table of Tables

Table of Photos

2 INTRODUCTION

2.1 Terms of Reference

2.2 Sources of Information

2.3 QP Personal Inspection of the Property

Quetzal Copper Limited and Ankh Capital Inc.

2.4 Abbreviations and Units of Measure

Table 2-1 List of Frequently Used Abbreviations

3 RELIANCE ON OTHER EXPERTS

4 PROPERTY DESCRIPTION AND LOCATION

4.1 Location

4.2 Property Description

Table 4-1 List of Claims

4.3 Agreements

4.3.1 Property Agreement

4.3.2 Underlying Property Agreement

4.3.3 Amalgamation Agreement

4.4 Mineral Title Maintenance Requirements

4.5 Permits Required for Work

4.6 Environmental Liabilities

4.7 Other Possible Liabilities to Exploration and Development

5 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

5.1 Accessibility

5.2 Climate

5.3 Local Resources

5.4 Infrastructure

5.5 Physiography

6 HISTORY

6.1 Exploration on the Princeton Copper Property

6.1.1 Mapping and Prospecting

1973 (L. Sookochoff): Copper Farm / Barb Adit

2007 (J. Nebocat): Chalco / Mt. Holmes

2010 (Solitaire Minerals): Knob Hill south

2014 (Blue Horizon): Knob Hill & CEE

2018 (Granby Copper Corp.) Volcanic Neck, CEE, Chalco, Bornite

2019 (Granby Copper Corp.): Allenby Area

6.1.2 Rock Sampling and Trenching

1983 – 84 (Pacific Seadrift): Bud & Hop Claims

2006 (John R. Kerr): Geoff Claims

2011 (Blue Horizon): Darcy Mountain & Basely Creek Area

2014 (Blue Horizon): CEE Area

2021 (Princeton Copper Corp.): Various areas

6.1.3 Soil Geochemistry

1986 (Seadrift International Exploration Ltd.): Bud & Hop Claims / Darcy Mountain

2020 (Princeton Copper Corp.): Knob Hill

2021 (Princeton Copper Corp.): Knob Hill

6.1.4 Geophysical Surveys

1966 – Induced Polarization (Silver Arrow Exploration Ltd.): Budd, Lorna, Spruce Claims

1967 –Induced Polarization (A.G.N. Syndicate): Bob & Bon Claims

6.1.5 Geophysical Surveys

1969 – Magnetometer (Thor Exploration Ltd.): Darcy Mountain

1975 – Magnetometer (V.L. Paulger): Barb Claims / Copper Farm

1989 – Induced Polarization (Gold Brick Resources Corp.): August Lake Area

2010 – Magnetometer (Blue Horizon Mining Inc.): Princeton Area

2011 – Magnetometer, radiometric (Blue Horizon): Princeton Area

2020 - Ground Magnetics (Princeton Copper Corp.) Knob Hill

2020 - Induced Polarization (Princeton Copper Corp.): Knob Hill

2021 - Drone Magnetics (Princeton Copper Corp.): Knob Hill, BUD South and Copper Farm

6.1.6 Drilling

1971 (Knob Hill Explorations): Knob Hill

1976 (Mt. Darcy Explorations Ltd.): CEE

1977 (Exel Exploration Ltd.): CEE / Darcy Mountain

1978 (Northern Lights Resources Ltd.): G.O.D.

1987 (G & V Explorations Ltd.): BUD

2011 (Blue Horizon): CEE / Darcy Mountain

Silverco Mining Regulatory Filings 2024