Trekor Metals | Reserves & Resources

Gibraltar
Florence Copper
Yellowhead
Aley
New Prosperity

Category	US Short Tons (millions)	Copper Grade (%)	Molybdenum Grade (%)
Sulphide Mineral Reserves as of December 31, 2025 at a 0.15% copper cut-off
Proven	414	0.26	0.007
Probable	167	0.22	0.008
Ore Stockpiles	6	0.20	0.009
Total Proven and Probable Sulphide Reserves	587	0.25	0.008
Oxide Mineral Reserves as of December 31, 2025 at a 0.10% acid soluable copper cut-off
Proven	0	0.15	--
Probable	1	0.18	--
Ore Stockpiles	21	0.17	--
Total Proven and Probable Oxide Reserves	22	0.17	--
Mineral Resources as of December 31, 2025 at a 0.15% copper cut-off
Measured	743	0.25	0.007
Indicated	332	0.23	0.007
Total Measured and Indicated Resources	1,076	0.25	0.007
Inferred	75	0.22	0.004

The resource and reserve estimation was completed under the supervision of Richard Weymark, P. Eng., MBA, Vice President, Engineering for Trekor and a Qualified Person under NI 43-101.
The Gibraltar Mine mineral resources and reserves as of December 31, 2021 are documented in the Gibraltar Technical Report and have been depleted and adjusted to reflect mining from 2022 through 2025 as documented in the Company’s Annual Information Form for the Year Ended December 31, 2025 which is available on SEDAR+ at www.sedarplus.ca.
Gibraltar Mineral Reserves and Mineral Resources follow CIM Definition Standards for Mineral Resources and Mineral Reserves (2014).
Sulphide Mineral Reserves are exclusive of Oxide Mineral Reserves and are contained within Mineral Resources.
Oxide Mineral Reserve grades are reported in-terms of acid soluable copper.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Mineral Reserves are assumed to be extracted using open pit mining methods and are based on US$3.05/lb Cu price, $12.00/lb Mo price, exchange rate of US$0.80=C$1.00, metallurgical recoveries of 85% TCu and 40% Mo for sulphide ore and 50% ASCu for oxide ore.
The Mineral Resource has been confined by a “reasonable prospects of eventual economic extraction” pit using the following assumptions: Cu price of US$3.50/lb, Mo price of US$14.00/lb, exchange rate of US$0.80=C$1.00, metallurgical recoveries of 85% for TCu and 40% for Mo.
A tonnage factor of 12ft³/ton has been applied for rock and 15ft3/ton for overburden and fill.
Additional information regarding data verification, exploration information, known legal, political, environmental or other risks can be found in the report entitled “Technical Report on the Mineral Reserve Update at the Gibraltar Mine, British Columbia, Canada” issued March 30, 2022 with an effective date of Match 15, 2022 which is available on SEDAR+ at www.sedarplus.ca. The Gibraltar Technical Report was prepared under the supervision of Richard Weymark, P. Eng., MBA. Vice President, Engineering of Trekor and a Qualified Person as defined by NI 43-101.
Numbers may not add due to rounding.

Category	US Short Tons (millions)	Copper Grade (%)
Mineral Reserves as of December 31, 2025
Proven	258	0.35
Probable	63	0.40
Total Proven and Probable Reserves	320	0.36
Mineral Resources as of December 31, 2025
Measured	292	0.34
Indicated	71	0.39
Total Measured and Indicated Resources	363	0.35
Inferred	42	0.32

The resource and reserve estimation was completed under the supervision of Richard Weymark, P. Eng., MBA, Vice President, Engineering for Trekor and a Qualified Person under NI 43-101.
The Florence Copper mineral reserves and resources effective December 31, 2022 are documented in the Florence Copper Technical Report and have been depleted to reflect PTF rinsing and commercial wellfield operations from 2023 through 2025 as documented in the Company’s Annual Information Form for the Year Ended December 31, 2025 which is available on SEDAR+ at www.sedarplus.ca.
Florence Mineral Reserves and Mineral Resources follow CIM Definition Standards for Mineral Resources and Mineral Reserves (2014).
Mineral Reserves are contained within Mineral Resources.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Mineral Reserves are assumed to be extracted using ISCR extraction methods using the following assumptions: $3.05 Cu price, $31,600/acre for core hole abandonment, $240,400/acre for cultural mitigations in identified Cultural Sites, $149,600 + $263/foot well drilling costs, $160/ton acid cost, $45.30/ton acid applied for well field operating costs, 1.2% surface losses, $0.10/lb Cu for electrowinning cost, $0.12/lb Cu G&A cost, $0.69/ton reclamation cost, $0.02/lb Cu shipping cost, 7% NSR royalties on ALSD land, 3% NSR royalties on freehold land, and 2.5% royalties on net profit.
Mineral Resources are confined to the Oxide and Transition zones inside a “reasonable prospects of eventual economic extraction” boundary assuming ISCR extraction methods using the following assumptions: $3.50 Cu price, $31,600/acre for core hole abandonment, $240,400/acre for cultural mitigations in identified Cultural Sites, $149,600 + $263/foot well drilling costs, $160/ton acid cost, $45.30/ton acid applied for well field operating costs, 1.2% surface losses, $0.10/lb Cu for electrowinning cost, $0.12/lb Cu G&A cost, $0.69/ton reclamation cost, $0.02/lb Cu shipping cost, 7% NSR royalties on ALSD land, 3% NSR royalties on freehold land, and 2.5% royalties on net profit.
Mineral Reserves and Mineral Resources are reported without a cut-off grade to reflect the nature of the ISCR extraction method proposed.
Tonnage factors of 13.5 ft³/ton and 13.13 ft³/ton have been applied corresponding to 8% porosity in the upper oxide zone and 5% porosity in the lower oxide and transition zones.
Additional information regarding data verification, exploration information, known legal, political, environmental or other risks can be found in the report entitled “NI 43-101 Technical Report – Florence Copper Project, Pinal County, Arizona” issued March 30, 2023 with an effective date of March 15, 2023 which is available on SEDAR+ at www.sedarplus.ca. The Florence Copper Project Technical Report was prepared under the supervision of Richard Tremblay, P.Eng., MBA, Richard Weymark, P.Eng., MBA, and Robert Rotzinger, P.Eng. Mr. Tremblay is employed by the Company as Chief Operating Officer, Mr. Weymark is Vice President Engineering and Robert Rotzinger is Vice President Capital Projects. All three are Qualified Persons as defined by NI 43–101.
Numbers may not add due to rounding.

Category	Metric Tonnes (millions)	Copper Grade (%)	Gold Grade (g/t)	Silver Grade (g/t)
Mineral Reserves Effective June 1, 2025 at a 0.17% copper cut-off
Proven	458	0.29	0.031	1.3
Probable	359	0.26	0.028	1.2
Total Proven and Probable Reserves	817	0.28	0.030	1.3
Mineral Resources Effective June 1, 2025 at a 0.15% copper cut-off
Measured	561	0.27	0.029	1.2
Indicated	735	0.24	0.027	1.2
Total Measured and Indicated Resources	1,296	0.25	0.028	1.2
Inferred	111	0.24	0.026	1.2

The resource and reserve estimation was completed under the supervision of Jeremy Guichon, P. Eng., Director, Mine Engineering for Trekor and a Qualified Person under NI 43-101.
Yellowhead Mineral Reserves and Mineral Resources follow CIM Definition Standards for Mineral Resources and Mineral Reserves (2014).
Mineral Reserves are contained within Mineral Resources.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Mineral Reserves are assumed to be extracted using open pit mining methods and are based on the following assumption: Metal prices of US$2.85/lb Cu, US$1,610/oz Au and US$18.75/oz Ag; a foreign exchange rate of C$1.30 : US$1.00; average metal recoveries of 90% for copper, 36% for gold and 59% for silver; combined processing, G&A and water treatment costs of C$7.40/t milled; pit-rim mining costs of C$2.33/t of overburden, C$2.28/t of non-PAG waste, C$2.79/t of PAG waste and C$2.07/t of ore with a bench increment of C$0.035/t mined per bench and sustaining capital allowance of C$0.20/t mined; average offsite costs of C$0.48/lb of copper; payable metal terms of 96.1% for copper, 90% for gold and 90% for silver; and overall pit slopes of 30 to 40 degrees.
The Mineral Resource has been confined by a Lerchs-Grossman pit optimization to meet “reasonable prospects of eventual economic extraction” using the following assumptions: Metal prices of US$4.25/lb Cu, US$2,400/oz Au and US$28.00/oz Ag; a foreign exchange rate of C$1.30 : US$1.00; average metal recoveries of 89% for copper, 35% for gold and 59% for silver; combined processing and G&A costs of C$7.40/t milled; and pit-rim mining cost of C$2.31/t mined with a bench increment of C$0.035/t mined.
Bulk density is estimated by lithology and ranges between 2.71 t/m3 and 2.85 t/m3 in rock and 2.2 t/m3 in overburden.
Additional information regarding data verification, exploration information, known legal, political, environmental or other risks can be found in the report entitled “Technical Report Update on the Yellowhead Copper Project, British Columbia, Canada” issued July 10, 2025 with an effective date of June 15, 2025 which is available on SEDAR+ at www.sedarplus.ca. The Technical Report was prepared for Trekor Metals Limited, a producing issuer, under the supervision of Richard Weymark, P.Eng., MBA, Jeremy Guichon, P.Eng. and Adil Cheema, P.Eng. Mr. Weymark is employed by the company as Vice President, Engineering, Mr. Guichon as Director, Mine Engineering and Mr. Cheema as Director, Process Engineering. All three are Qualified Persons as defined by NI 43-101.
Numbers may not add due to rounding.

Category	Metric Tonnes (millions)	Nb₂O₅ Grade (%)
Mineral Reserves Effective September 15, 2014 at a 0.30% Nb₂O₅ cut-off
Proven	44	0.52
Probable	40	0.48
Total Proven and Probable Reserves	84	0.50
Mineral Resources Effective September 15, 2014 at a 0.20% Nb₂O₅ cut-off
Measured	113	0.41
Indicated	173	0.35
Total Measured and Indicated Resources	286	0.37
Inferred	144	0.32

The resource and reserve estimation was completed under the supervision of Scott Jones, P. Eng., former Vice President, Engineering for Trekor and a Qualified Person as defined by NI 43-101.
Aley Mineral Reserves and Mineral Resources follow CIM Definition Standards for Mineral Resources and Mineral Reserves (2014).
Mineral Reserves are contained within Mineral Resources.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Mineral Reserves are assumed to be extracted using open pit mining methods and are based on US$45.00/kg Nb price, exchange rate of US$0.90=C$1.00, metallurgical recoveries of 65.4%, total operating costs of $55.79 per tonne milled.
The Mineral Resource has been confined by a “reasonable prospects of eventual economic extraction” pit using the following assumptions: US$50.00/kg Nb price, exchange rate of US$0.80=C$1.00, metallurgical recovery of 67% Nb, operating cost of $57.00 per tonne milled and pit slopes of 45 degrees.
Densities were modeled based on modeled lithologies and range from 2.88 t/m3 to 2.90 t/m3 except for overburden which uses a density of 2.0 t/m3.
Additional information regarding data verification, exploration information, known legal, political, environmental or other risks can be found in the report entitled “Technical Report on Mineral Reserves at the Aley Project, British Columbia, Canada” issued October 30, 2014 with an effective date of September 15, 2014, as amended and restated December 4, 2017 which is available on SEDAR+ at www.sedarplus.ca. The Aley Project Technical Report was prepared under the supervision of Scott Jones, P.Eng., Keith Merriam, P.Eng., Greg Yelland, P.Eng., Robert Rotzinger, P.Eng., and Ronald G. Simpson, P.Geo. Mr. Jones, Mr. Merriam and Mr. Yelland were formerly employed by the company as Vice President, Engineering; Manager, Process Engineering; and Chief Engineer respectively. Mr. Rotzinger is employed by the company as Vice President, Capital Projects and Mr. Simpson is independently employed by GeoSim Services Inc. All five were Qualified Persons as defined by NI 43–101.
Numbers may not add due to rounding.

Category	Metric Tonnes (millions)	Copper Grade (%)	Gold Grade (g/t)
Mineral Reserves Effective November 2, 2009 at a C$5.50 NSR/t Pit-Rim cut-off
Proven	481	0.26	0.46
Probable	350	0.18	0.35
Total Proven and Probable Reserves	831	0.23	0.41
Mineral Resources Effective November 2, 2009 at 0.14% copper cut-off
Measured	547	0.27	0.46
Indicated	463	0.21	0.34
Total Measured and Indicated Resources	1,010	0.24	0.41

The resource and reserve estimation was completed under the supervision of Scott Jones, P. Eng., former Vice President, Engineering for Trekor and Qualified Person as defined by NI 43-101.
Mineral Reserves are contained within Mineral Resources.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
Mineral Reserves are assumed to be extracted using open pit mining methods and are based on US$1.25/lb Cu price, US$500/oz Au price, exchange rate of US$0.74=C$1.00, mining cost of C$1.20/t plus a bench increment of $0.03/t mined, Milling and G&A cost of $4.20/t milled and metallurgical recoveries of 90% Cu and 70% Au.
Additional information regarding data verification, exploration information, known legal, political, environmental or other risks can be found in the report entitled “Technical Report on the 344 Million Tonne Increase in Mineral Reserves at the Prosperity Gold-Copper Project, British Columbia, Canada” issued December 17, 2009 with an effective date of November 2, 2009. The New Prosperity Technical Report was prepared under the supervision of Scott Jones, P.Eng., former Vice President, Engineering for Trekor and a Qualified Person as defined by NI 43-101.
Numbers may not add due to rounding.
Readers are cautioned that the Prosperity Technical Report has not been updated since 2009 and accordingly, caution needs to be advised when assessing its conclusions in light of current operating and capital costs, appropriate technologies, metals price outlooks, and like matters.