Haib Cu Project

Mineral Resource Estimate

2026 Updated Mineral Resource Estimate

The mineral resource was estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Best Practice Guidelines and is reported in accordance with the 2014 CIM Definition Standards, which have been incorporated by reference into National Instrument 43-101 – Standards of Disclosure for Mineral Projects (NI 43-101).

The mineral resource was reported from within an optimised pit shell. The project envisages an open-pit mining operation with flotation of sulphide mineralisation and heap leach with solvent extraction, electrowinning (SX-EW) of oxide and transitional mineralisation.

The optimised pit shell was informed by mineralisation contained within the modelled 0.20% Cu grade shell. Blocks that occur within the pit shell with estimated grade above 0.15% Cu satisfy marginal cut-off grade criteria and, together with the optimised pit shell, reasonable prospects for eventual economic extraction (RPEEE) for the Mineral Resource has been demonstrated.

The assessment to satisfy the criteria of RPEEE is a high-level estimate and is not an attempt to estimate mineral reserves.

Summary of the Mineral Resource Estimate

Mineral Resource Estimate for Haib as at 16 March 2026 at a 0.15% Cu cut-off

Notes:

All tabulated data have been rounded and as a result minor computational errors may occur.
Mineral resources, which are not mineral reserves, have no demonstrated economic viability. There is no guarantee that that all or any part of the mineral resource will be converted into a mineral reserve. The estimate of mineral resources may be materially affected by geology, environment, permitting, legal title, taxation, socio-political, marketing, or other relevant issues.
Mt = million tonnes, kt = thousand tonnes, Mlbs = million pounds.
The Mineral Resource Statement for Haib as of 16 March 2026 is reported at a cut-off grade of 0.15% Cu within a conceptual pit shell using the following assumed parameters:

copper price 9,300 USD/t, molybdenum price 43,860 USD/t, gold price 2,800 USD/oz
royalty and export levy: 4%, copper payability: 97.5%, molybdenum payability 90.0%, gold payability 95%
overall slope angle: 45° for fresh, 42° for oxide and transitional
sulphide recovery flotation: 89% Cu, 55% Mo, 40% Au. Heap leach recovery 85%.
mining cost at pit rim USD/tonne: 2.07 (additional 0.008 USD/tonne per metre depth from pit rim).
processing cost USD/tonne ore processed: 6.57 flotation, 5.21 heap leach, solvent extraction and electro winning (SX-EW).
SG&A overheads 0.47 USD/tonne ore processed

The copper equivalent calculation uses the following formula for price contribution of each metal in one tonne relative to copper.

(Cu grade * Cu Price * Cu Recovery * Cu payability + Au grade * Au Price * Au Recovery * Au payability + Mo grade * Mo Price * Mo Recovery * Mo payability) / (Cu grade * Cu Price * Cu Recovery * Cu payability) * Cu grade,

Cu Price = USD 10,000/t, Mo Price + USD 50,000/t, Au Price = USD 4000/oz,

Cu Recovery = 87.5% Mo Recovery = 55% Au Recovery = 50%,

Cu Payability = 97.5%, Mo Payability = 90% Au Payability = 95%,

Recoveries are assumed from preliminary metallurgical testwork for bulk concentrate production.

This updated MRE reflects:

a significant increase in copper equivalent grade (CuEq%) mainly due to the inclusion of molybdenum (“Mo”) and gold (“Au”) by-products
a significant increase in mineralised low-grade tonnage
a significant increase in total contained Cu, Mo and Au
a significant reduction in stripping ratio

Specifically:

grade increases of 18% and 23% CuEq% grade increase to 0.40% and 0.39% CuEq% in the high grade Indicated and high grade Inferred category, respectively (>0.25% Cu).
416% and 636% increase in total mineralised material in the low grade Indicated and Inferred category of 744Mt and 579Mt, respectively (>0.15% Cu).
stripping ratio reduced to 0.92x from 1.74x

This table summarises the most recent mineral resource estimate (“MRE”) (dated 25 March 2026, shaded green) and compares it to the prior published MRE (dated 01 September 2025, shaded blue) for the Haib Copper Project.

Haib Resource Modelling

A three-dimensional geological model of the copper mineralisation was constructed using all the drillhole sample data, creating multiple mineralised zones using a grade shell approach at various copper grade thresholds (>0.25%, 0.20-0.25%, 0.15-0.20%, 0.10-0.15% and <0.10%). This produced a nested grade shell model that accounts for all mineralisation currently defined in the resource area.

The model incorporated interpreted structural trends and geological domains that influence the mineralisation (Figure 1). The copper grade was estimated using the accepted historical and all Koryx data. Estimation of the grade of a three-dimensional block model was performed by ordinary kriging of five metre composite sample copper grades using Leapfrog Edge software. An average in-situ dry bulk density value of 2.78 t/m3 was assigned to all blocks.

Qualified person

The MRE was undertaken by Mr. J.C. Witley (BSc Hons, MSc (Eng.)), Head of Mineral Resources for The MSA Group (an independent consulting company), registered with the South African Council for Natural Scientific Professions (SACNASP) and a Fellow of the Geological Society of South Africa (GSSA). Mr. Witley has the appropriate relevant qualifications and experience to be considered a “Qualified person” for the style and type of mineralisation and activity being undertaken as defined in NI 43-101 and is considered independent pursuant to NI 43-101.