Mineral Resource Estimate

MCZ Mineral Resource Estimate

Notes:

1. The Mineral Resource estimate has an effective date of 1 May 2023 and the estimate was prepared using the definitions in CIM Definition Standards (10 May 2014).
2. The CCPS used to calculate the Mineral Resource estimate uses a copper price of $3.75/lb, a copper recovery of 75%, an open pit mining unit cost of $2.35/t, processing costs of $4.66/t and G&A cost of $1.37/t.  The breakeven cut-off grade using these parameters is 0.14% copper.
3. Mineral Resources are reported in relation to a CCPS in order to demonstrate reasonable prospects for eventual economic extraction, as required by the definition of Mineral Resource in NI 43-101; mineralization lying outside of the pit shell is excluded from the Mineral Resource.  Potential revenue from gold was not considered for the development of the constraining pit shell; the Mineral Resource estimate is not dependent on recovering gold.
4. The quantity and grade of reported Inferred Mineral Resources in this estimate are uncertain in nature and there has been insufficient exploration to define these Inferred Mineral Resources as Indicated or Measured Mineral Resources.
5. All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.
6. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
7. The Mineral Resource estimate is prepared by IMC of Tucson, AZ, under the direction of Michael G. Hester, FAusIMM, a Qualified Person.

The Measured, Indicated and Inferred Mineral Resources reported herein are contained within a floating cone pit shell to demonstrate “reasonable prospects for eventual economic extraction” to meet the definition of Mineral Resource in NI 43-101.  A NI 43-101 technical report will be filed within 45 days.