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Table of Contents

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APPENDICES

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List of Figures

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Mako Mining Corp.

1.0 SUMMARY

1.1 General Information

Micon International Limited (Micon) has been retained by Mako Mining Corp. (Mako) to prepare a an NI 43-101 Technical Report for the Moss Mine Project (Moss Mine Project or the Project) located in the Oatman Mining District, Mohave County, Arizona, in order to disclose the 2025 Mineral Resource Estimate (MRE) in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

This report may disclose technical information, the presentation of which requires the Qualified Persons (QPs) to derive sub-totals, totals and weighted averages that inherently involve a degree of rounding and, consequently, introduce a margin of error. Where these occur, the QPs do not consider them to be material.

The conclusions and recommendations of this report reflect the QPs' best independent judgment in light of the information available to them at the time of writing. Micon and the QPs reserve the right, but will not be obliged, to revise this report and conclusions if additional information becomes known to them subsequent to the date of this report. Use of this report acknowledges acceptance of the foregoing conditions.

This report is intended to be used by Mako subject to the terms and conditions of its agreement with Micon. That agreement permits Mako to file this report publicly as a Technical Report pursuant to applicable securities legislation.

Micon and the QPs are independent of Mako as defined under Section 1.5 of NI 43-101. Neither Micon nor the individual QPs have, nor have they previously had, any material interest in Mako and its related entities. The relationship with Mako is solely a professional association between the client and the independent consultants. This report is prepared in return for fees based upon agreed commercial rates and the payment of these fees is in no way contingent on the results of this report.

Micon and the QPs are pleased to acknowledge the helpful cooperation of Mako management, personnel and consulting field staff, all of whom made any and all data requested available and responded openly and helpfully to all questions, queries and requests for material.

1.2 Property Location, Description and Ownership

The Moss Mine Project is located at latitude 35°5'49" N and longitude 114°26'43" W, which is about 10 miles east from Bullhead City, Arizona, along Silver Creek Road. Bullhead City, Arizona is about 90 miles southeast from Las Vegas, Nevada.

The initial ownership in the Moss Mine Project was acquired by Golden Vertex Corp. (Golden Vertex), a subsidiary of Northern Vertex Mining Corporation (Norther Vertex Mining or NVMC) through an option agreement with Patriot Gold Corp. ( Patriot Gold) to acquire a 70% interest in 2011 and a subsequent purchase agreement with Patriot in 2016 to acquire a full 100% interest in the Moss Mine Project subject to a royalty agreement.

Mako Mining Corp.

In 2021, Golden Vertex purchased ten patented claims (McCullough Patents) in northern T19N R20W covering 109.4 ac. These patented claims are owned as fee simple property by Golden Vertex. The claim boundaries were surveyed at the time of patenting and recorded as Mineral Survey 3349. They were recorded with Mohave County as Parcels 221-04-002 and 221-05-001.

On Sept 24, 2021, Northern Vertex Mining changed its name to Elevation Gold Mining Corp. (Elevation Gold or EGMC). They also consolidated shares 6:1 at the same time.

1.2.1 Bankruptcy and Change of Ownership

On August 1, 2024, Elevation Gold obtained an order (the "Initial Order") of the Supreme Court of British Columbia (the "Canadian Court") granting it creditor protection under the Companies' Creditors Arrangement Act (the "CCAA"). Under the Initial Order, KSV Restructuring Inc. (the "Monitor") was appointed as the monitor of Elevation Gold. In order to obtain similar protection in the United States, a petition under chapter 15 of the US Bankruptcy Code was filed with the US Bankruptcy Court for the District of Arizona.

Additionally on the same date, Golden Vertex announced that it was ceasing active mining but intended to continue the operation of the beneficiation facilities.

On December 31, 2024, Elevation Gold announced the completion of the sale of Moss Mine with an arm's length purchaser, EG Acquisition LLC. ("EGA"), in respect of the purchase and sale of certain of Elevation's assets, including the outstanding common shares of Golden Vertex, which held the Moss Mine located in Arizona. The Canadian Approval Order was subject to recognition by the U.S. Court in the Chapter 15 Proceedings. The US Recognition Hearing was heard on December 23, 2024, and the US Approval Order was entered on December 30, 2024. The Transaction was also approved by the TSX Venture Exchange subject to approval by the U.S. Court.

On March 27, 2025, Mako Mining Corp. (Mako) announced the completion of the purchase of the Moss Mine.

The acquisition was completed pursuant to the terms of an interest purchase agreement dated March 26, 2025, between Mako US Corp. as buyer, Wexford EG Acquisition LLC as vendor, EGA as target and Mako as buyer guarantor, pursuant to which Mako US acquired 100% of the ownership interests in EGA, a private company controlled by Mako's controlling shareholder, Wexford Capital LP (collectively with its managed funds, "Wexford") that acquired 100% of the shares of Golden Vertex, the operating subsidiary of the Moss mine, under a CCAA proceeding and related Chapter 15 proceeding in the United States (the "Bankruptcy Process") on December 31, 2024.

1.3 Accessibility, Climate, Physiography, Local Resources and Infrastructure

1.3.1 Accessibility

The nearest cities to the Moss Mine Project are Bullhead City, Arizona (10 miles west) and Laughlin, Nevada (14 miles northwest) which are separated north-south by the Colorado River.

Las Vegas, Nevada is the nearest major city to the Moss Mine Project, which is approximately 90 miles (1.5 hours) northwest of Bullhead City, Arizona. From McCarran International Airport in Las Vegas, Interstate Highways 215, 11 and US Highway 95 lead to State Highway 163 into the Laughlin-Bullhead City area and are good quality paved roads. Moss Mine can be reached by traveling about 10 miles via Bullhead Parkway east on the Silver Creek Road (an improved dirt road).

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Approximately seven miles east of the Moss Mine Project area is the small town of Oatman, Arizona. Oatman is a historical gold mining town that hosted three underground gold mines in the late 1800s and early 1900s.

1.3.2 Climate

The climate in the general Moss Mine Project area is classified as desert. The Project lies within the Holdridge Life Classification zone it is in a warm temperate latitudinal region, pre-montane to lower montane altitudinal zone and a desert humidity province. There are no climatic constraints on the operating season, although daytime temperatures can exceed 110ºF during June, July and August. Heatwaves with temperatures in excess of 120ºF are not uncommon. Lows average about 44ºF in the winter months, with recorded lows of 24ºF. The average annual rainfall in Bullhead City is six inches (data from www.usclimatedata.com). No rain may fall for months, heavy rainfalls may occur during the monsoon season, which is between July and September.

1.3.3 Physiography

The Moss Mine Project area is located in the Black Mountain Range in the southern part of the Basin-and-Range topographic province, 10 miles east of Bullhead City, Arizona.

Elevations across the Moss Project area vary from approximately 2,160 ft to 2,690 ft above sea level. The Moss vein forms a prominent east-west ridge across the northern portion of the block of 15 patented lode claims.

The local project area is drained by erosional features that drain to Silver Creek Wash located one mile south of the block of 15 patented lode claims, which is dry for most of the year, and drains southwest and then west into the Colorado River. Vegetation is generally sparse; comprised of bunch grass, sagebrush and various species of cacti. The Fort Mojave Indian Tribe and other private companies have created an agricultural community that covers several square miles in the fertile fields of Mohave Valley and Fort Mohave, to the immediate south of Bullhead City and west of the project area. The main crops are cotton and alfalfa.

1.3.4 Local Resources and Infrastructure

The Moss Mine Project was an active mine which was fully permitted and maintained the surface rights necessary to operate. Although the mine began production using diesel- powered generators, the mine has installed line power from Mohave Electric Co-Operative (the local power utility) which became operational as of mid-September, 2020.

The principal water source for mine operations is from wells drilled on the Moss Mine property. Additional water sources occur from water seepage into the open pits. Make up water is trucked to site, when necessary.

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There are sufficient services within the Bullhead City-Laughlin area to provide supplies, services and manpower to the mine. Technical and management roles can be filled by suitable professionals from mining groups throughout the Western US.

1.4 History and Exploration/Drilling Programs

1.4.1 Discovery and Early Mining History (1863 to 1935)

The Moss Mine Project was discovered in 1863 by John Moss (1839-1880). At the time, it was reported to be the first major gold discovery in Mohave County. The larger San Francisco Mining District of Mohave County was established in 1864 (Malach, 1977).

The available records show that John Moss was made aware of the Moss Mine area by stories about soldiers from nearby Fort Mojave prospecting for and finding gold. A popular, alternative account of the Moss vein discovery is that Chief Irataba of the Mojave Tribe led Moss to what became known as the Moss vein outcrop. Whatever the case, John Moss' name appeared on the first recorded mining claim called the Moss Lode, under the ownership of the San Francisco Gold and Silver Company. The initial gold discovery at Moss was extremely high grade. Lausen (1931) reported that, "From a hole only ten ft in diameter, $240,000 is said to have been taken out.", from a site immediately to the east of the later site of Allen Shaft. The extremely high-grade ore was likely the result of near- surface enrichment, creating coarse free gold. Later mining near the high-grade pocket found coarse gold flakes and wire gold along with iron and manganese oxides in vugs (Lausen, 1931).

The available records show that Moss sold the Moss Lode to Dahrean Black and that it was later sold to the Gold Giant Mining and Milling Company of Los Angeles. The area around the glory hole was explored by numerous holes and tunnels, but no other substantial quantities of gold are reported to have been found. Ransome (USGS Bulletin 743 - Preliminary Report 1923) stated that $240,000 worth of gold (approximately 12,000 ounces) was recovered by Moss.

Following its abandonment in 1866, there was little mining activity in the district until the discovery of the regionally famous Gold Road Vein in 1901. The town of Vivian was founded in that year; its name was changed to Oatman in 1908. In 1906, the Tip Top and Ben Harrison mineralized shoots were discovered. In 1915 and 1916 the Big Jim, Aztec and United Eastern mineralized bodies were discovered on the Tom Reed Vein. Mining activity increased and the population of Oatman grew to a reported 10,000 (today referred to as the Oatman gold mining boom, 1915 to 1917). By the mid-1920s the population of Oatman had fallen to a few hundred. In 1933, an increase in the gold price from US$20 to US$35 per ounce resulted in a brief flurry of activity, but all the local mines were closed by 1942 (Ransome, 1923; Sherman & Sherman, 1969; Varney, 1994).

Historical underground mine plans of the Moss Mine in GVC's database are dated May 10, 1915 by Gold Road Mines Co. of Gold Road, Arizona, and September 25, 1920 by the Moss Mines Co. of Gold Road, Arizona. These show the Allen Shaft and levels at 60 ft, 75 ft, 125 ft and 220 ft. The plans show that Moss Mine was operating between 1915 and 1920.

The available records show that the Ruth Mine was accessed by a 60º degree incline shaft to drifts on the 100-ft, 200-ft and 300-ft Levels. Activity appears to have continued through to mid-1935, by which time approximately 600 ft of drifting is reported to have been completed.

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1.4.2 Previous Exploration and Development (1982 to 2009)

Table 1.1 summarizes the work carried out on the Moss Mine Project by previous owners and operators, up to and including Patriot Gold's last exploration program in 2009.

Table 1.1
Summary of Exploration and Development Work Carried Out by Previous Owners and Operators on the Moss Mine Project (the 15 patented lode claims) to 2009

1.4.3 Operating Phases of the Moss Mine under Northern Vertex Mining Corporation (2013 to 2021)

1.4.3.1 Phase I

The Phase I pilot heap operations were carried out in 2013 and 2014 to test the metallurgical parameters for commercial operations. The Phase I facilities included an open pit, heap leach pad, barren and pregnant solution ponds, a carbon recovery plant, and ancillary facilities such as an onsite laboratory, onsite diesel power, a medical/safety office and a general office trailer.

Mako Mining Corp.

The heap leach stage of the operation was carried out from August 2013 to September 2014. During this period, a weak cyanide solution was applied to the top of the heap using drip irrigation. Solutions were recovered to a pregnant solution pond and then circulated through conventional carbon columns. The loaded pregnant carbon was then shipped offsite to a stripping facility to recover the precious metals. The stripped carbon was then returned to the Moss project site for re-use.

1.4.3.2 Phase II

Phase II of the Project was based on the 2015 Feasibility Study (and NI 43-101 Technical Report dated June 2015) that involved mining and processing material wholly contained within the patented claim boundaries, which could be accessed without trespass onto adjacent public lands administered by the BLM. The necessary permits and capital were obtained and Phase II commenced construction in late 2017 with eventual operation during 2018 that consisted of mining, crushing, agglomeration and stacking of ore onto a conventional heap leach pad. Commercial production was declared as of September, 2018. Gold and silver recovery were achieved by a Merrill Crowe process to produce doré bars at the Project site.

The operation was designed for a five-year mine life based on a throughput of 5,000 tons per day.

1.4.3.3 Phase III

Phase III of the Project, which was based on the November, 2017 Technical Report, extended operations onto the adjacent federal lands administered by the Bureau of Land Management (BLM). This third phase allowed Northern Vertex Mining to take full advantage of the estimated Measured and Indicated mineral resources. The third phase necessitated an expanded waste rock facility to accommodate the additional waste rock as well as an expanded heap leach pad to treat the additional mineralized material.

BLM issued a Decision Record and Finding of No Significant Impact (FONSI) regarding GoldenVertex's Mine Plan of Operation on March 18, 2020 based on analysis provided in the Phase III Moss Mine Expansion and Exploration Project Environmental Assessment (EA).

1.4.4 Exploration and Operation of Moss Mine under Elevation Gold Mining Corp July, 2021 to 2024

During the period 2021 to 2022, drilling at the Moss Mine focused on infill and expansion drilling within or near the planned pits. The table below shows the areas, objectives and highlights of significant drill intersects. This drilling extended the known mineralization at depth and along strike to the west in 4 areas.  In addition, 7 condemnation holes were drilled in the Rattan area for the 3B leach pad. Several of these holes had intervals above the cut-off grade, however, not enough to justify applying for new permits to move the proposed leach pad.

On March 16, 2023, Elevation Gold announced an intersection of a 100.6 m thick zone with an average grade of 0.5 g/t Au at the Reynolds area. Subsequent drilling of 50 RC drill holes accounting for 23,990m were drilled in the Reynolds area and continued to identify a wide mineralized zone. The geology in the Reynolds area is distinct from the main Moss vein area as it is the only mineralization identified to date that is hosted in volcanic rocks as opposed to intrusive rocks. In addition, no coherent quartz veins were identified in the RC drilling.

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1.5 Geological Setting and Mineralization

1.5.1 Regional Geology

In a regional structural context, the Oatman district lies in the transition zone between the stable Colorado Plateau on the north and disrupted terrane of the highly extended Basin and Range on the south. Although the area is broken into north-south trending ranges and valleys typical of the Basin and Range, extension is minor.

The Oatman mining district lies within a large Tertiary volcanic field, developed on a basement of Precambrian granitic and metasedimentary rocks. A batholitic body of trachytic magma invaded the volcanic field to the northwest of Oatman, culminating in massive pyroclastic eruptions of the Peach Springs tuff, resulting in collapse of the roof of the batholith and formation of the huge Silver Creek caldera at ~18.8 Ma (Ferguson et al., 2013). The Peach Springs tuff fills the caldera; its outflow ash-flow sheet extends for more than 100 miles from the caldera, covering more than 15,440 square miles across northwest Arizona and California (Pamukcu, et al, 1986). The main Oatman district lies just outside of the caldera rim, where mineralization is hosted in pre-caldera intermediate composition lava flows; whereas Moss lies inside the caldera and is hosted in intra-caldera tuffs and intrusions.

1.5.2 Host Rocks

The dominant host rock of the Moss deposit is the Moss porphyry, a polyphase monzonite to quartz monzonite porphyry, which intrudes the Peach Springs tuff. Typical Moss porphyry contains coarse grained (4 mm to 10 mm) plagioclase and biotite phenocrysts with lesser hornblende in a very fine-grained groundmass of quartz and feldspar. The Moss stock contains several phases, including equigranular quartz monzonite to monzodiorite, and more felsic phases. Within the project area, the porphyry has undergone weak early propylitic and potassic alteration, characterized by potassic feldspar partially replacing plagioclase feldspar. Sparsely porphyritic feldspar porphyry and rhyolite porphyry to aplite dikes with quartz eyes crosscut the porphyry and the volcanic wall rocks and constitute minor host rocks. Late (post-mineral) micro-gabbro to basalt dikes cut all units along north-trending faults.

The easternmost portion of the Project area and the western portions of the claims, west of the West Pit, are underlain by the Peach Springs tuff, (formerly the Alcyone Formation), consisting of volcanic tuffs, flows, and minor volcaniclastic sediments filling the caldera. In the project area, the Peach Springs tuff is a thick, highly variable unit composed dominantly of several welded trachytic ash-flow tuff sheets separated by coarse volcaniclastic sediments, debris flows, and volcanic breccias. Lithic-rich welded tuff is common.

Locally, large-foundered blocks of Precambrian granite, representing landslide deposits from the caldera walls, occur within the tuff. Welded tuffs within the Peach Springs tuff are competent units capable of hosting both persistent veins and stockworks.

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The Times granite, a fine-to medium grained leucogranite, forms an irregular intrusion centred to the south of Silver Creek. Age relations between the Moss porphyry and the Times granite are uncertain; the two intrusions appear to intermingle in several places. The granite is a host rock at the West Oatman prospect.

1.5.3 Mineralization

Gold-silver mineralization in the West Oatman district occurs as high-level low-sulfidation epithermal veins and stockworks. The mineralization is very similar to that of the main Oatman mining district. The Moss Vein may represent the western extension of the Gold Road vein on the north end of the Oatman district.

Three main veins and their associated stockworks host the bulk of mineralization defined to date at Moss:

1) The Moss Vein and its extensions to the west and east of the resource area.

2) The Ruth Vein to the immediate south of the Moss Vein.

3) The West Oatman Vein, lying about one mile to the south of the Moss Vein.

1.6 Metallurgical Testing and Mineral processing

The Moss Mine utilizes conventional crushing to approximately P₉₀ 6.3 mm (¼ inch), followed by valley-fill heap leaching. Gold and silver are recovered from pregnant leach solution using a Merrill-Crowe zinc cementation process, with doré bars produced on site. The nominal processing rate is 5,500 short tons per day.

Metallurgical testwork has been conducted on an ongoing basis and includes bottle roll tests (weekly) and column leach tests (monthly) using representative crushed ore composites. Historical column testwork reported average gold recoveries of approximately 80% at laboratory scale, with recommended scale-up adjustments resulting in estimated operational recoveries of 75-77% gold and 40-43% silver. Testing demonstrated that gold recovery was relatively consistent and characterized by rapid early leaching followed by slower diffusion-controlled recovery. Silver recoveries were more variable and exhibit slower leach kinetics.

Column test results from 2022-2023 showed average gold recoveries of approximately 74% over average leach periods of about 107 days, with results generally consistent with commercial heap leach performance. Silver recoveries during the same period averaged approximately 25%, with greater variability observed. Operational reconciliation data from 2018 through 2024 indicate cumulative recovery factors of approximately 75% for gold and 40% for silver, which are consistent with testwork results and production history.

The mine has generated substantial operating data since commencing production in 2018, providing a strong empirical basis for recovery forecasting. No deleterious elements affecting metallurgical performance have been identified to date.

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Based on historical testwork, ongoing metallurgical programs, and production reconciliation, the recommended metallurgical recovery assumptions for use in this Technical Report are 75% for gold and 33% for silver.

Continued metallurgical monitoring, statistical correlation between bottle roll and column results, extended column testing to determine ultimate recoveries, and additional investigation into silver recovery variability are recommended to maintain confidence in long-term recovery projections.

1.7 Mineral Resource Estimate

1.7.1 Introduction

The mineral resource estimate was carried out by Chris Keech, P.Geo., Principal Geologist of CGK Consulting Services Inc (CGK) using MineSight® version 15.4 software for the development of the block model gold and silver block grade estimates and Geostokos Toolkit® for variography analysis of the composited gold and silver grades. Mr. Keech is a Qualified Person and is independent of Mako as defined by NI 43-101.

The mineral resources estimate for the Moss Mine Project has been carried out in accordance with the CIM's "Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines" (November 2019). The mineral resources have been generated from drill hole data the interpretation of a geological model that identifies the spatial distribution of the gold and silver grades. The interpolation parameters have been defined based on the drill hole data and the geological interpretation and geostatistical analysis of that data.

The mineral resources have been classified by proximity to data locations and the quality of the data and have been reported in accordance with CIM's "Standards on Mineral Resources and Reserves" (May 2014) as required by NI 43-101.

1.7.2 Drill Hole Database

The drill hole data inside the block model area consists of 1,169 drill holes totalling 452,086 ft of drilling with 87,471 sample intervals. RC drilling has contributed more than 55% of the drill holes and more than 81% of the sample intervals to the drill hole database inside the block model limits. Next are the core drill holes, which have contributed 11% of the holes and 12% of the sample intervals. The remaining 33% of the drill holes are short rotary holes which account for 6% of the sample intervals.

1.7.3 Geological Model

The Geological Block Model was constructed based on four wireframe solids that represent the Stockwork mineralization, the Moss Vein, the Ruth Vein and a higher-grade Reynolds Stockwork mineralization. This interpretation was developed by Mr. Gary Wong, P.Eng of PDM Technical Services Ltd. on Northwest facing cross-section. In addition to these wireframe solids, two surfaces were also considered, one representing the Canyon fault and the other representing the geological contact between the Intrusive rocks in the east with the Volcanic rocks in the west.

This geological interpretation was used to code the block model and develop 10 geological domains.

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The Stockwork mineralization has been divided into three domains, East Stockwork Intrusive, West Stockwork Intrusive and Volcanic Stockwork Intrusive. Inside the East Stockwork, lies the Ruth and Moss Veins. The Moss Vein dips steeply to the south, while the Ruth Vein dips moderately to the north.  Both veins are enveloped by the Stockwork style mineralization.

The drill hole assays were coded using the block model to assign the geological codes that were used to carry out the Exploratory Data Analysis and Variography.

1.7.4 Exploratory Data Analysis

Statistical and graphical summaries of the gold and silver grades were produced to understand the distribution of the grades in the deposit. The statistical and graphical summaries include histograms, log-probability plots, side-by-side boxplots, scatterplots, decile analysis plots and contact plots. The assays were separated by mineralised zone to examine the distribution of the gold and silver assay grades. The results of this analysis were used to develop the estimation parameters.

1.7.5 Composites

Analysis of the sample lengths shows that 87% of the assays inside the block model area are 5 ft in length.  Compositing the drill hole assay intervals provides a common sample support for the estimation algorithm. The selected bench height for the block model is 20 ft and often a half bench height (10 ft) is a good choice for a composite length, as there is some variance reduction, but not too much, and there is a reduction in the number of data to be used by the estimation algorithm. Therefore, a 10 ft composite length was chosen for the estimation of gold and silver grades. The compositing started at the collar of the hole and proceeded at 10 ft regular intervals down the drill holes.

1.7.6 Density

A total of 506 specific gravity determinations were performed on drill core samples collected from material within the mineralized zones. These determinations were performed by ALS Chemex laboratory using unsealed immersion technique to measure the weight of each sample in air and in water (ALS Chemex standard OA-GRA08).

Previous work with the 506 SG determinations has shown that material within 40 ft of the surface has a lower dry bulk density of 2.51 g/cm and that material below 40 ft depth has a higher dry bulk density of 2.58 g/cm.

However, a tonnage factor of 12.35 cu-ft/short ton has been used by Moss Mine since the mine opened, and this factor has proven to be sufficiently accurate to be considered reliable in estimating the mined tonnage.  This is equivalent to a dry density of 2.59 g/cm.

Consequently, for this mineral resource estimate, the QP for this section of the report recommends continuing the use of 12.35 cu-ft/short ton as the tonnage factor for estimating all in-situ tonnage estimated in the block model.

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1.7.7 Block Model

A 3D block model was constructed using MineSight® 15.4 software with the dimensions shown in Table 14.10. The block size was chosen to reflect a potential selective mining unit (SMU) of 20 ft x 20 ft x 20 ft, given the anticipated open-pit mining scenario. The block model covers an area of approximately 10,000 ft by 4,000 ft in plan view, and approximately 2,200 ft vertically. The block model coordinates are in local coordinates, which are based on Arizona State Plane West Zone, 0203; UTM 12.

The estimation of gold and silver grades was carried out using ordinary kriging in MineSight® 15.4 software using a three-pass search strategy to use the most local 10ft composite data to a block location being estimated

1.7.8 Gold Grade Estimation Parameters

The following is a summary of the parameters used to estimate the block gold grades by domain in the block model.

• Capped gold grade 10 ft composites were used for ordinary kriging into the blocks in the model for domains 1, 2, 3, 4, 5, 6, 7, 8, 9, 10.

• In addition to capping the 10 ft gold composite grades, an outlier restriction of 40 ft was used for domains 1, 2, 3, and 10; and an outlier restriction of 60 ft was used for domains 4, 5 and 9 (Stockwork). The grade thresholds for the outlier restriction were taken from the Decile Analysis results. No outlier restrictions were used for domains 6, 7 and 8 (Ruth and Moss Veins).

• Geological boundaries are based on the domain wireframes, and the domain codes were assigned to the block model and used to control the selection of the 10 ft composites and the blocks to be estimated. There was no sharing of composites across the domain boundaries.

• Spatial 3D mathematical models were fitted to the experimental semi-variograms for each of the domains and used for ordinary kriging of the blocks in the model.

• A three-pass search strategy was used with the ranges based on the drill hole spacing and semi-variogram models. The search ellipsoids were expanded to ensure a reasonable amount of the blocks in each domain were estimated.

• A minimum of four and maximum of 16 composites were required to make a block estimate, with a maximum of four from a single drill hole for pass 1.

• A minimum of eight and maximum of 16 composites were required to make a block estimate, with a maximum of four from a single drill hole for pass 2.

• A minimum of 12 and maximum of 16 composites were required to make a block estimate, with a maximum of four from a single drill hole for pass 3.

1.7.9 Silver Grade Estimation Parameters

The following is a summary of the parameters used to estimate the block silver grades by domain in the block model.

• Capped silver grade 10ft composites were used for ordinary kriging into the blocks in the model for domains 1, 2, 3, 4, 5, 6, 7, 8, 9, 10.

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• In addition to capping the 10ft silver composite grades, an outlier restriction of 40ft was used for domains 1, 2, 3, and 10; and an outlier restriction of 60ft was used for domains 4, 5 and 9 (Stockwork).  The grade thresholds for the outlier restriction were taken from the Decile Analysis results.  No outlier restrictions were used for domains 6, 7 and 8 (Ruth and Moss Veins).

• Geological boundaries are based on the domain wireframes, and the domain codes were assigned to the block model and used to control the selection of the 10ft composites and the blocks to be estimated.  There was no sharing of composites across the domain boundaries.

• Spatial 3D mathematical models were fitted to the experimental semi-variograms for each of the domains and used for ordinary kriging of the blocks in the model.

• A three-pass search strategy was used with the ranges based on the drill hole spacing and semi-variogram models. The search ellipsoids were expanded to ensure a reasonable amount of the blocks in each domain were estimated.

• A minimum of four and maximum of 16 composites were required to make a block estimate, with a maximum of four from a single drill hole for pass 1.

• A minimum of eight and maximum of 16 composites were required to make a block estimate, with a maximum of four from a single drill hole for pass 2.

• A minimum of 12 and maximum of 16 composites were required to make a block estimate, with a maximum of four from a single drill hole for pass 3.

1.7.10 Classification of Mineral Resources

To classify the block model grade estimates for the Moss Mine Project into the mineral resource categories of measured, indicated, and inferred, a statistical approach is employed to develop a classification scheme that complies with the CIM Best Practice Guidelines and NI 43-101 Regulations for the reporting of Mineral Resources and Mineral Reserves.

The underlying philosophy of this approach is to quantify the uncertainty of estimated contained metal in quarterly and yearly production.  The uncertainty (or reliability) of estimation is a function of the spatial variability of the mineralization and the sample spacing.

Once the spatial variability of the mineralization is quantified through some type of spatial correlation function (semi-variogram, correlogram, etc.), it is possible to estimate the uncertainty of estimation for different sampling spacing and patterns over the two time periods.

A drill hole spacing study is carried out to determine the sample spacing and pattern that allows yearly production to be predicted to within 15% with a 90% confidence.  This forms the basis for classifying indicated resources.

In a similar way the pattern and spacing are developed to form the basis for classifying measured resources. (The exact procedure for determining the confidence limits and grid spacing is given in Davis, B. M., Some Methods of Producing Interval Estimates for Global and Local Resources, SME preprint 97-5, 4 p.)

For the Moss Mine Project, measured material is considered known within ±15% with a 90% confidence a quarterly production period, and indicated material is considered known within ±15% with a 90% confidence for an annual production period. The methodology considers an idealised block representing a one-month production period. Then a series of grids of different drill hole spacings are used to krige the idealized block to calculate the kriging variance. The idealized block for a one-month production period is approximately a panel of 430 ft by 430 ft by 20 ft. The kriging variance needs to be adjusted by the square of the CV to obtain a relative variance as normalized semi-vairogram models were used to krige the panel. The kriging variance is then divided by 3 to get the quarterly production variance and by 12 to get the annual production variance. This gives the sample spacing for the measured and indicated categories.

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The sample spacing information is then translated into a set of proximity of drill hole sampling-based classification rules. A 75 ft by 75 ft drill hole spacing would be sufficient to predict the block grade estimates within ±15% 90% of the time on a quarterly basis. This material would be considered as measured.  A 200 ft by 200 ft drill hole spacing would be sufficient to predict the block grade estimates within ±15% 90% of the time on an annual basis. This material would be considered as indicated.

The rules used to delineate the mineral resources are defined as follows:

• Measured - minimum of 3 holes inside a 60 ft radius

• Indicated - minimum of 3 holes inside a 160 ft radius or a minimum of 2 holes inside a radius of 80ft or a minimum of one hole inside a radius of 50 ft.

• Inferred - are the remaining estimates up to 600 ft search radius.

The resulting codification of the block in the model was then smoothed looking for continuous clusters of blocks that are measured or indicated to remove any possible "spotted dog" effect.  The "spotted dog" effect is the term used to describe isolated areas of measured or indicated material that is caused by the classification rules and isolated drill holes. Figure 14.19 displays a plan view of the classification as coded based on the rules listed above. Figure 14.20 displays a plan view after removing the isolated patches of measured and indicated material.

Summary statistics of the amount of data and distance to that data were generated to confirm the reliability of block gold grade estimates. Table 14.18 display summary statistics for the comparative confidence in the block model estimates including: the number of informed octants (NOCT), the number of drill holes used for a block estimate (NHOL), the number of composites used for a block estimate (NCMP), the distance to the nearest composite (NDIST), the average distances to the composites (ADIST), the distance to the farthest composite (FDIST), the kriging variance (OKVAR), the slope of regression (OKSLP) and the kriging efficiency (OKEFF).

A typical measured block gold grade estimate is informed by 16 composites from 5 drill holes in 5 octants with an average distance of 79.5 ft, kriging variance of 0.2176, a slope of regression of 0.9345, and a kriging efficiency of 68.4%.

A typical indicated block gold grade estimate is informed by 15 composites from 5 drill holes in 5 octants with an average distance of 140.3 ft, kriging variance of 0.3192, a slope of regression of 0.8791, and a kriging efficiency of 53.2%.

Mako Mining Corp.

A typical inferred block gold grade estimate is informed by 9 composites from 3 drill holes in 3 octants with an average distance of 342.3 ft, kriging variance of 0.6835, a slope of regression of 0.4645, and a kriging efficiency of -8.4%.

1.7.11 Reasonable Prospects of Eventual Economic Extraction

To meet the CIM requirements of reasonable prospects of eventual economic extraction, an optimized pit shell was used to limit the mineral resources estimate at depth. A mineral resource pit shell limit was built by GVC using MineSight software by means of a Lerchs-Grossmann pit design method using the parameters listed in Table 1.2. The pit ("solid PIT19 $2500 MII") was optimized using material classified as measured indicated and inferred.

Table 1.2
Summary of Parameters for Mineral Resources Pit Resource Shell

1.7.12 Mineral Resource Estimation Tabulation

The mineral resource estimate was completed by Mr. Chris Keech, P.Geo., a Qualified Person as defined in NI 43-101 and who is independent of Golden Vertex Corp., the limiting pit shell for the mineral resources estimate was developed by Mr. G. Vejar, Senior Mine Engineer of Mako. The open pit mineral resources are stated within the mineral resource pit shell and below the previously mined surface.

The measured and indicated mineral resources are inclusive of those mineral resources modified to produce mineral reserves. The mineral resource figures have been rounded to reflect that they are estimates. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. The Qualified Person for this section of the report is not aware of any issues that would materially affect the estimate of the mineral resources as of the date of this report.

There has been insufficient exploration to define the inferred resources as an indicated or measured mineral resources. It is uncertain if further exploration will result in upgrading them to an indicated or measured mineral resources category

Mako Mining Corp.

The mineral resource pit shell was developed using the parameters listed in Table 1.2.

Table 1.3 presents a summary of the open pit mineral resources inside the mineral resource pit shell at a series of cut-off grades. The breakeven gold cut-off grade is calculated by Golden Vertex to be 0.005 oz/ton Au. Table 1.4 presents a summary of the mineral resources inside the mineral resource pit shell at the 0.005 oz/ton Au cut-off by the mineral resource categories.

The open pit mineral resources for the Moss Mine Project are estimated to be 62.9 Mtons of measured and indicated material grading 0.0103 oz/ton Au and 0.1081 oz/ton Ag for a total of 646 koz of gold and 6.8 Moz silver. There are additional inferred open pit mineral resources, which are estimated to be 13.6 Mtons grading 0.0090 oz/ton Au and 0.0427 oz/ton Ag for a total of 122 koz of gold and 0.58 Moz silver.

Table 1.3
2025 Mineral Resource Estimate Sensitivity Analysis for a Series of Cut-Off Grades*

*Notes: Mineral resources are estimated in conformance with the CIM mineral resource definitions referred to in NI 43-101 Standards of Disclosure for Mineral Projects. This mineral resource estimate covers the Moss Mine Project. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The quantity and grade of the reported inferred mineral resources in this estimation are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. For these reasons, an inferred mineral resource has a lower level of confidence than an indicated mineral resource, however it is reasonably expected that most of the inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Mineral resources are reported within an optimized constraining shell using a gold price of US$2,500/oz and a silver price of US$29.2/oz with a gold recovery of 75% and a silver recovery of 33%. Gold grades were estimated using 10ft capped composites within 10 geological domains using ordinary kriging.  Summation errors may occur in the tabulated results due to rounding.

Mako Mining Corp.

Table 1.4
Summary of 2025 Mineral Resource Estimate by Classification Category*

*Notes: Mineral resources are estimated in conformance with the CIM mineral resource definitions referred to in NI 43-101 Standards of Disclosure for Mineral Projects. This mineral resource estimate covers the Moss Mine Project. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The quantity and grade of the reported inferred mineral resources in this estimation are conceptual in nature and are estimated based on limited geological evidence and sampling. Geological evidence is sufficient to imply but not verify geological and grade or quality continuity. For these reasons, an inferred mineral resource has a lower level of confidence than an indicated mineral resource, however it is reasonably expected that most of the inferred mineral resources could be upgraded to indicated mineral resources with continued exploration. Mineral resources are reported within an optimized constraining shell using a gold price of US$2,500/oz and a silver price of US$29.2/oz with a gold recovery of 75% and a silver recovery of 33%. Gold grades were estimated using 10ft capped composites within 10 geological domains using ordinary kriging.  Summation errors may occur in the tabulated results due to rounding.

1.8 Conclusions

Mako has acquired the Moss Mine Project out of bankruptcy and the updated resource estimate indicates that there are sufficient resources at the mine site for the operation along with good exploration potential in the immediate district from which to pursue secondary mining areas should further exploration prove the existence of economic mineralization.

The QP notes that since the Oatman Mining District is well known for its production history, there should be further zones of economic mineralization waiting to be fully defined by well-run exploration programs given the recent sustained rise in metal prices.

Mako is also in the process of bringing the Moss Mine Project back into full production as it has been refining the geological database and the geological model along with test mining various areas since acquiring the Project. The current mineral resources will most likely be used as the basis upon which Mako revises the production mine plan as it looks to revive full production at the Moss Mine Project.

This report may disclose technical information, the presentation of which requires the Qualified Persons (QPs) to derive sub-totals, totals and weighted averages that inherently involve a degree of rounding and, consequently, introduce a margin of error. Where these occur, the QPs do not consider them to be material.

1.8.1 Risks and Opportunities

All mineral resource projects have a degree of uncertainty or risk associated with them which can be due to technical, environmental, permitting, legal, title, taxation, socio-economic, marketing and political factors, among others. All mineral resource projects also present their own opportunities. Table 1.5 outlines some of the Moss Mine Project risks, their potential impact and possible means of mitigation. Table 1.5 also outlines some of the Moss Mine Project opportunities and potential benefits.

Mako Mining Corp.

Table 1.5
Risks and Opportunities at the Moss Mine Project

Mako Mining Corp.

1.9 Budgets and Recommendations

1.9.1 Mine Geology/Exploration Budget

The current pits will require laybacks to access the additional resources that have been identified. It is recommended to complete a diamond drilling campaign and collect geotechnical information from several key areas and complete a geotechnical assessment of the pits. In addition, detailed mapping of the core is recommended, especially in the Reynolds pit area to determine the geologic controls at Reynolds. This logging should be augmented with a core scanning method to collect hyperspectral information which can be used in the regional exploration program. The recommended budget for the mine geology and exploration program is summarized in Table 1.6.

Table 1.6
Budget Summary for the Moss Mine Geology and Exploration Program

1.9.2 Regional Exploration Budget

The regional geology at the Moss Mine Project is very permissive of the potential to make multiple, additional discoveries. Systematic exploration of the large land package at the Moss Mine Project will require multiple years of phased exploration programs. The initial program should consist of detailed geological mapping and sampling of outcropping vein/ breccia zones using multi-element geochemistry. During this program, samples should be taken for hyperspectral analysis. Target areas should be prioritized by sample results and proximity to the mine. Data should be entered into an Access database.

Mako Mining Corp.

Once several targets have been identified they should be drilled in a Phase 1 drilling program (Table 1.7), then depending on results, advance to a more detailed drilling program in Phase 2 (Table 1.8).

Table 1.7
Regional Exploration Recommended Budget - Phase 1

Table 1.8 
Regional Exploration Recommended Budget - Phase 2

Mako Mining Corp.

The budget presented in Table 1.6, Table 1.7 and Table 1.8 summarizes Mako's estimated costs for completing the work at the Moss Mine Project as well as potentially two phases of regional exploration program.

It is the opinion of the QPs that all of the recommended work is warranted and that only the location of the actual drilling needs to be re-evaluated, as assay results are obtained from the drilling as the program progresses. The QPs appreciate that the nature of the programs and expenditures may change as further studies are undertaken, and that the final expenditures and results may not be the same as originally proposed. The QPs believe that the second phase of the regional exploration may change depending on the results obtained during the first phase of drilling and that Mako revisits the estimated budget for the second phase prior to execution of the second phase.

The QPs are of the opinion that the recommended work program and proposed expenditures are appropriate and well thought out. The QPs believe that the proposed budget reasonably reflects the type and amount of the contemplated activities, at this time.

1.9.3 Further Recommendations

In addition to the above exploration and drilling programs at the Moss Mine Project and regionally the QPs make the following recommendations:

1) Continue to conduct infill and exploration drilling at the Moss Mine Project and update the resource estimates as drill campaigns are completed.

2) Conduct periodical Acid-Base testing to ensure there is no acid drainage issues at the Moss Mine Project and any secondary mineralized zones that are subject to exploration.

3) Conduct further metallurgical testwork on any secondary mineralized zones that are subject to exploration as various zones may have different recoveries based upon the mineralization found within each zone.

Mako Mining Corp.

2.0 INTRODUCTION

2.1 Terms of Reference

Micon International Limited (Micon) has been retained by Mako Mining Corp. (Mako) to prepare a an NI 43-101 Technical Report for the Moss Mine Project (Moss Mine Project or the Project) located in the Oatman Mining District, Mohave County, Arizona, in order to disclose the 2025 Mineral Resource Estimate (MRE) in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).

This report may disclose technical information, the presentation of which requires the Qualified Persons (QPs) to derive sub-totals, totals and weighted averages that inherently involve a degree of rounding and, consequently, introduce a margin of error. Where these occur, the QPs do not consider them to be material.

The conclusions and recommendations of this report reflect the QPs' best independent judgment in light of the information available to them at the time of writing. Micon and the QPs reserve the right, but will not be obliged, to revise this report and conclusions if additional information becomes known to them subsequent to the date of this report. Use of this report acknowledges acceptance of the foregoing conditions.

This report is intended to be used by Mako subject to the terms and conditions of its agreement with Micon. That agreement permits Mako to file this report as a Technical Report on SEDAR+ (www.sedarplus.ca) pursuant to applicable Canadian securities legislation.

Micon and the QPs are independent of Mako as defined under Section 1.5 of NI 43-101. Neither Micon nor the individual QPs have, nor have they previously had, any material interest in Mako and its related entities. The relationship with Mako is solely a professional association between the client and the independent consultants. This report is prepared in return for fees based upon agreed commercial rates and the payment of these fees is in no way contingent on the results of this report.

Micon and the QPs are pleased to acknowledge the helpful cooperation of Mako management, personnel and consulting field staff, all of whom made any and all data requested available and responded openly and helpfully to all questions, queries and requests for material.

2.2 Discussions, meetings, Site Visit and Qualified Persons

In order to undertake the Technical Report for the Moss Mine Project, the QPs of this Technical Report held a number of discussions and meetings with Makos' personnel and contractors, to discuss details relevant to any historical exploration programs and production from the mineral concessions as well as the general geology and mineralization types. The discussions were held via email and phone calls, as well as Microsoft Teams meetings. The discussions were open, frank and at no time was information withheld or not available to the QPs.

A site visit by Micon personnel was conducted from May 27, 2025 to May 29, 2025 with May 28, 2025 a full day on site. Mr. Gary Wong, P.Eng., visited the site between July 14, 2025 to July 16, 2025.

Mako Mining Corp.

Prior to the 2025 site visit, the objectives of that visit were discussed between Mako's personnel and the QPs.

Mr. Gary Wong, P.Eng., visited the site between July 14 to July 16. Mr. Wong is the principal consulting geologist for PDM Technical Services Ltd. He is independent of Mako and its subsidiary Golden Vertex. During this visit, the open pit areas, the leach pad, the mine office, the core logging facilities, and the core and sample storage areas were toured. A number of holes representative of the different zones were also visited, as well as core photographs of other zones which were not readily accessible. Finally, the three-dimensional models of the mineralized zones were reviewed with the Golden Vertex staff.

The QPs responsible for the preparation of this report and their areas of responsibility and site visits are summarized in Table 2.1.

Table 2.1
Qualified Persons, Areas of Responsibility and Site Visits

2.3 Sources of Information

The review of the Moss Mine Project has been based on published material researched by the QPs, as well as data, professional opinions and unpublished material submitted by the professional staff of Mako or its subsidiaries and consultants. Much of these data came from reports prepared for Golden Vertex or prior holders of the Project and provided by Mako. The reference sources for this report are identified in Section 27.0.

The descriptions of geology, mineralization and exploration used in this report are taken from reports prepared by various organizations and companies or their contracted consultants, as well as from various government and academic publications. The conclusions of this report use, in part, data available in published and unpublished reports supplied by the companies which have conducted exploration on the property, and information supplied by Mako. The information provided to Mako was supplied by reputable companies and the QPs have no reason to doubt its validity. The QPs have used the information where it has been verified through their own review and discussions.

Mako Mining Corp.

Some of the figures and tables for this report were reproduced or derived from reports on the Project written by various individuals and/or supplied to the QPs by Mako. Several of the photographs were taken during the May and June, 2025 site visits. In cases where photographs, figures or tables were supplied by other individuals, or Mako, the source is referenced below that item. Figures or tables generated by the QPs are generally unreferenced.

The principal sources of information for this report are:

• Data and transcripts supplied by Mako.

• Published reports and production data from other issuers.

• Observations made during the site visits by the QPs.

• Review of various reports and maps produced by Mako personnel and/or consultants, and review of technical papers produced in various journals.

• Discussions with Mako management and staff familiar with the property.

• Personal knowledge about gold deposits in similar geological environments.

In the preparation of this report, the QPs used a variety of unpublished company data, as well as corporate news releases, geological reports, geological maps and mineral claim maps, sourced from various government agencies. The principal sources of technical information have been the reports provided by Mako. Valuable site-specific information was provided by the employees and consulting geologists of Mako.

It should be noted that historical documents use the term "ore" and "reserves" as the Project has seen past production. Where appropriate, these are retained in this report in quotation marks. However, these terms should be understood within the historical context and do not denote economic mineralization or mineral reserves as set out in NI 43-101 or the Definition Standards of the Canadian Institute of Mining, Metallurgy and Petroleum.

2.4 Units of Measurement and Abbreviations

In this report, currency amounts are stated in Canadian (CAD) or US (US$) dollars. Quantities are generally stated in the American measurement system of feet, miles etc. However, for mineral resource reporting the Système International d'Unités (SI) metric units, the standard Canadian and international practice, including metric tons (tonnes, t) and kilograms (kg) for weight, kilometres (km) or metres (m) for distance, hectares (ha) for area, grams (g) and grams per tonne (g/t) for precious metal grades. Precious metal grades may also be reported in parts per million (ppm) or parts per billion (ppb), and quantities may be reported in troy ounces (oz).

Historical data may be reported in American measurement units, including short tons (tons) for weight, feet (ft) for distance and ounces per short ton (oz/ton) for precious metal grades.

Abbreviations used in this report are identified in Table 2.2. Appendix I contains a glossary of mining and other related terms that are potentially used in this report.

Mako Mining Corp.

Table 2.2
Units and Abbreviations

Mako Mining Corp.

Mako Mining Corp.

3.0 RELIANCE ON OTHER EXPERTS

In this Technical Report, discussions regarding royalties, permitting, taxation and environmental matters in Sections 4.2 to 4.5 are based on material originally provided by Mako.

Micon's QPs are not qualified to comment on matters regarding royalties, permitting, taxation and environmental matters in Sections 4.2 to 4.5 of this Technical Report and have relied on the representations and documentation provided by Mako for such discussions.

The QPs offer no legal opinion as to the validity of the title to the mineral concessions claimed by Mako and therefore, have relied on information provided by Mako.

Mako Mining Corp.

4.0 PROPERTY DESCRIPTION AND LOCATION

4.1 Moss Project Location

The Moss Mine Project is located at latitude 35°5'49" N and longitude 114°26'43" W, which is about 10 miles east from Bullhead City, Arizona, along Silver Creek Road. Bullhead City, Arizona is about 90 miles southeast from Las Vegas, Nevada. The location of the Moss Mine Project is shown in Figure 4.1.

Figure 4.1
Location of the Moss Mone

Figure extracted from the July, 2021 Technical Report.

Mako Mining Corp.

4.2 Mineral Tenure and Ownership

4.2.1 Golden Vertex Corp. (Golden Vertex)

The initial ownership in the Moss Mine Project was acquired by Golden Vertex Corp., a subsidiary of Northern Vertex Mining Corporation (Northern Vertex Mining), through an option agreement with Patriot Gold Corp. (Patriot Gold) to acquire a 70% interest in 2011 and a subsequent purchase agreement with Patriot Gold in 2016 to acquire a full 100% interest in the Moss Mine Project subject to a royalty agreement.

The Moss Mine Project area comprises approximately 41,760 acres(ac) consisting of:

• 254.1 ac in 15 contiguous patented claims (Moss) in T20N R20W owned by Golden Vertex.

• 117.4 ac in 7 contiguous patented claims (Ivanhoe) in T19N R20W owned by Golden Vertex.

• 109.4 ac in 10 contiguous patented claims (McCullough) in T19N R20W owned by Golden Vertex.

• Approximately 40,212 ac in 2,087 unpatented lode claims.

• Two Arizona State exploration leases; 08-119642 covering an area of 529.7 ac in T20N R20W section 32 and 8-119834, covering an area of 537.8 ac in T19N R20W section 16.

The maximum lode claim size is 1,500 feet by 600 feet = 20.66 acres. Irregularities in boundaries, overlaps and fractions decrease this maximum size. The net total area of the unpatented lode claims is based on estimates only. The estimate should not be considered definitive or an absolute value; and is stated for information purposes only. This is emphasized because only the patented lode claim boundaries have been surveyed by a registered land surveyor. The net areas of the unpatented claims are estimates only, supplied by Golden Vertex.

A list of the 15 Moss patented claims in T20N R20W is provided in Table 4.1. The claim boundaries have been surveyed and a certified record of the survey was recorded by Eric L. Stephan (Registered Land Surveyor #29274) of Cornerstone Land Surveying, Inc., (Cornerstone) located at Bullhead City, Arizona 86439, which is dated February 29, 2012. A map of the Moss patented claims is shown in Figure 4.2.

Mako Mining Corp.

Table 4.1
List of Moss Mine Area Patented Claim Parcels (located in T20N R20W)

Mako Mining Corp.

Figure 4.2
Location Plan for the 15 Moss Patented Claims (Reserve Pit Outline in Red) (Source: IMC, 2021)

  Source: Independent Mining Consultants Inc., 2021.

Mako Mining Corp.

The initial involvement of Golden Vertex in the Oatman Mining District was entering into an option agreement with Patriot Gold to acquire a 70% interest in the 15 patented Moss Mine claims that included the former producing Moss mine and Ruth mine. The 15 claims are included in 5 parcels recorded with the County.

• Parcel # 213-05-004 - T20N R20W Section 19 & 30, PM, San Francisco Mining District- Patented Claims Divide; Key #1; Key #2; Keystone Wedge; Moss Millsite; & Omega; MS 4484 containing 88.62 ac.

• Parcel # 213-05-005 - T20N R20W Section 19 & 30, PM, San Francisco Mining District- Patented Claim California Moss Lot 37 Greenwood MS 182 containing 20.26 acres.

• Parcel # 213-05-005 - T20N R20W Section 19, 20, 29, & 30, PM, San Francisco Mining District- Patented Claim California Moss Lot 38 Gintoff MS 796 containing 20.38 acres.

• Parcel # 213-09-001 - T20N R20W Section 8, PM San Francisco Mining District- Patented Claims Rattan; Ruth containing 38.651 acres MS 3262.

• Parcel # 213-09-002 - T20N R20W Section 29 & 30, PM San Francisco Mining District- Patented Claims Empire; Partnership; Rattan Ext.; Mascot; Ruth Ext.; containing 85.9 acres MS 3262.

Golden Vertex also holds seven patented claims (Ivanhoe Patents) in central T19N R20W covering 117.4 acres. The patented claims are owned as fee-simple property by Golden Vertex. They are labeled in Figure 4.3. The claim boundaries have not been recently surveyed, however they were surveyed at the time of patenting and recorded as Mineral Survey 3262. They were recorded with Mohave County as Parcels 221-07-005 and 221-08-001.

Parcel # 221-07-005 - T19N R20W Section 8, PM San Francisco Mining District Ivanhoe #1, Ivanhoe Fraction, Nancy Lee Fraction, Nancy Lee #2 - MS 3262 containing 57.44 ac.

Parcel # 221-08-001 - T19N R20W Section 9, PM San Francisco Mining District: Ivanhoe #2, Ivanhoe #3, Nancy Lee #1, MS 3262 containing 60 ac.

In 2021, Golden Vertex purchased ten patented claims (McCullough Patents) in northern T19N R20W covering 109.4 ac. The patented claims are owned as fee-simple property by Golden Vertex. They are labeled in Figure 4.3. The claim boundaries have not been recently surveyed, however they were surveyed at the time of patenting and recorded as Mineral Survey 3349. They were recorded with Mohave County as Parcels 221-04-002 and 221-05-001.

• Parcel #221-04-002 - T19N R20W Section 4 PM San Francisco Mining District, Buckeye, Grace Jr., Keynote, Keynote Fraction MS 3349.

• Parcel #221-05-001-T19N R20W Section 5 PM, San Francisco Mining District, Little Horse, McCullough Fraction, Hardy, John McCullough, McKenzie, Mascot MS 3349.

Figure 4.3 provides a map of Golden Vertex's land position.

Mako Mining Corp.

Figure 4.3
Land Position of Golden Vertex

Figure extracted from the July, 2021 Technical Report.

Mako Mining Corp.

Applications for three additional Arizona State Land Department exploration permits were made and were accepted on August 25, 2021. These three state Exploration Leases that were accepted in August, 2021 are the most northern one and the two most southern ones on the figure. The locations of the three additional state Exploration Leases are provided in Table 4.2.

Table 4.2
Location of Three Additional State Exploration Leases

There are patented claims owned by third parties within the Townships where the GVC mineral properties are located in T21N R20W, T20N R20W, T20N R21W, T19N R20W, T19N R21W, T18N R20W and T18N R21W, and are shown in dark grey on Figure 4.3. These patented claims are considered fee simple property, and title to the surface and mineral rights are held by the respective patented claim owners. No part of an unpatented claim that overlaps patented property is valid.

In 2021, Golden Vertex initiated an extensive claim staking project that nearly tripled the Golden Vertex land position in the Oatman Mining District. An additional 1,549 claims were staked and filed with the BLM, bringing the total mineral rights area up to approximately 41,760 acres.

On Sept 24, 2021, Northern Vertex Mining changed its name to Elevation Gold Mining Corp. (Elevation Gold or EGMC). They also consolidated shares 6:1 at the same time.

4.2.2 Bankruptcy and Change of Ownership

On August 1, 2024, Elevation Gold obtained an order (the "Initial Order") of the Supreme Court of British Columbia (the "Canadian Court") granting it creditor protection under the Companies' Creditors Arrangement Act (the "CCAA"). Under the Initial Order, KSV Restructuring Inc. (the "Monitor") was appointed as the monitor of the Company. In order to obtain similar protection in the United States, a petition under chapter 15 of the US Bankruptcy Code was filed with the US Bankruptcy Court for the District of Arizona.

Additionally on the same date, Golden Vertex announced that it was ceasing active mining but intended to continue the operation of the beneficiation facilities.

On December 31, 2024, Elevation Gold announced the completion of the sale of Moss Mine with an arm's length purchaser, EG Acquisition LLC, ("EGA"), in respect of the purchase and sale of certain of Elevation Gold's assets, including the outstanding common shares of Golden Vertex, which held the Moss Mine located in Arizona. The Canadian Approval Order was subject to recognition by the U.S. Court in the Chapter 15 Proceedings. The US Recognition Hearing was heard on December 23, 2024, and the US Approval Order was entered on December 30, 2024. The Transaction was also approved by the TSX Venture Exchange subject to approval by the U.S. Court.

Mako Mining Corp.

On March 27, 2025, Mako Mining Corp announced the completion of the purchase of the Moss Mine.

The acquisition was completed pursuant to the terms of an interest purchase agreement dated March 26, 2025, between Mako US Corp. as buyer, Wexford EG Acquisition LLC as vendor, EGA as target and Mako as buyer guarantor, pursuant to which Mako US acquired 100% of the ownership interests in EGA, a private company controlled by Mako's controlling shareholder, Wexford Capital LP (collectively with its managed funds, "Wexford"), that acquired 100% of the shares of Golden Vertex, the operating subsidiary of the Moss mine, under a CCAA proceeding and related Chapter 15 proceeding in the United States (the "Bankruptcy Process") on December 31, 2024.

4.3 Royalties

Prior to bankruptcy, the Moss Mine Project had six agreements with landowners that were subject to royalties. As a result of the bankruptcy proceedings, two agreements were eliminated, and four survived, however two of the surviving agreements are still being litigated in the bankruptcy court.

Both the BHL Finders agreement and the Maverix Silver Stream have been eliminated, while the Minquest and Patriot Gold agreements are still in litigation.  The Greenwood and La Cuesta agreements remain in good standing.

The legacy claims and royalty boundaries for Golden Vertex are shown in Figure 4.4 for reference in the following discussion on royalties.

4.3.1 MinQuest Inc.

MinQuest Inc. (MinQuest) assembled the patented Moss Mine claims and staked an additional 63 unpatented claims. In 2018, this land package was transferred to Patriot Gold for payments and a royalty. In March, 2018, Golden Vertex was notified by MinQuest that this royalty was transferred to Great Basin Royalty LLC. In mid-September, 2020, GVC was notified that Great Basin Royalty LLC. had transferred the royalty to Valkyrie Royalty Inc. (Valkyrie). On September 28, 2020, Nomad Royalty Company (Nomad) announced that it had purchased all the outstanding shares of Valkyrie, then on August 15, 2022 Sandstorm Gold Royalties announced it purchased all of the Nomad outstanding shares.  On October 20, Royal Gold purchased all of the outstanding shares of Sandstorm.

Pursuant to the MinQuest Agreement, Royal Gold will receive:

• a 3% net smelter return (NSR) royalty in respect of any and all production from the 63 unpatented lode claims listed in the MinQuest Agreement and on public lands within one mile of the outer perimeter of the then present (2010) claim boundary.

• a 1% NSR royalty on any and all production from the seven patented lode claims to which no other royalties apply: and

• an over-riding 0.5% NSR royalty on any and all production from those patented lode claims with other royalty interests (limited to the California Moss Lot 37 [Greenwood] lode claim, under the terms of the Greenwood Agreement [Sub-Section 4.3.2]).

This boundary line is shown in Figure 4.4 above as the smaller blue envelope line.

Mako Mining Corp.

Figure 4.4
Moss Project Legacy Claims

Figure extracted from the July, 2021 Technical Report.

Mako Mining Corp.

This agreement is still in litigation in the bankruptcy court.

4.3.2 Greenwood Agreement

The California Moss Lot 37 (Greenwood) claim is subject to a Purchase Agreement between Patriot Gold and various parties referred to as the Greenwood Agreement that is dated March 2004. The purchase price of US$150,000 was paid by Patriot Gold, in addition to which a 3% NSR royalty is payable to the original owners, on gold and silver produced from the claim. In addition, and as defined above, a royalty of 0.5% is payable to MinQuest (now Nomad) in respect of the California Moss Lot 37 (Greenwood) claim and all other patented claims in which the original vendors have a royalty interest.

The Greenwood Agreement remains valid following the bankruptcy.

4.3.3 La Cuesta International Inc. (La Cuesta or LCI)

Pursuant to the terms of the La Cuesta Agreement, EGMC will pay La Cuesta a 1.5% NSR royalty on any gold or silver production from the area covered by the Silver Creek claims, plus an additional 0.5% NSR royalty on any third-party claims within the Area of Influence. The Area of Influence includes the State Exploration Permit covering T20N R20W Section 32, and the patented claims within the boundaries of the Silver Creek claims. Quarterly Advance Royalty payments have been made to LCI and are deductible from future royalty payments. The Silver creek claims are shown in blue on the easterly side of the land package shown in Figure 4.4.

The La Cuesta Agreement remains valid following the bankruptcy.

4.3.4 Patriot Gold.

In accordance with the terms of the 2016 purchase agreement with Patriot Gold, EGMC will pay a 3.0% NSR royalty on all gold and silver production from the patented and unpatented claims covered by the 2011 Patriot Gold Agreement. The extent of the royalty properties boundary line is the larger blue envelope shown in Figure 4.4.

The Patriot Gold Agreement is still in litigation in the bankruptcy court.

4.4 Property Access

Access to the properties is provided by State and County roads:

• On the north side by State Highway 68 from Bullhead City and Kingman, which crosses the claim package.

• In the central portion from Bullhead City by Silver Creek Road (County Route 10)

• In the south-central portion by Boundary Cone Road from Fort Mohave (County Route 153)

• In the south via historic Route 66 from Golden Shores, Oatman and Kingman.

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• Through-out the property there are numerous ATV trails used by recreationists and hunters which also provide access for exploration purposes.

Access from Silver Creek Road to the actual Moss Mine operations is via the County recognized Moss Mine Access Road, aka BLM Route 7717. The Bureau of Land Management (BLM) has granted Right-of-Way (ROW) permits and leases expiring on December 31, 2047, allowing GVC to re- construct the road onto adjacent BLM land to meet AASHTO Tier IV standards and to construct and operate the 24.9/14.4 KV powerline to the Moss Mine Project.

4.5 Historic Liabilities

The Moss Mine Project site has been disturbed by previous historical mining activities dating back to the late 1800's. These activities are separate from the Phase I activities carried out by NVMC in 2013 and 2014.

There are no known environmental liabilities at the site from the historical activities. The Moss ores do not contain measurable quantities of sulfides and hence, there are no acid drainage issues. The previous activities have not resulted in the stockpiling or disposal of any hazardous substances.

There was a gold stamp mill erected on site in 1909 and the ruins of the mill can be seen today. The historical milling included the use of mercury amalgam, and a small stockpile of tailings is thought to contain measurable quantities of mercury. Golden Vertex was able to encapsulate these tailings in place under provisions of the 1980 Bevill Amendment to Public Law 96-482 in advance of the Phase II site grading which later buried the material.

4.5.1 Phase I Liabilities

The Phase I heap and associated facilities, such as the barren and pregnant ponds, have been dismantled and re-purposed as part of the Phase II development.

The spent ore from the Phase I heap was first detoxified, and subsequent testing proved the material was inert and met Arizona drinking water standards. In accordance with Arizona Department of Environmental Quality permit requirements, this material was used as leach pad liner bedding under the Phase II leach pad. The Phase I leach pad and pond liners were then removed and buried in the Phase II waste dump.

The remainder of the Phase I facilities (the carbon columns, tanks, and solution piping) were sold and shipped to a buyer in Mexico and the former Phase I laboratory structures were retrofitted for use in Phase II.

4.5.2 Permits

Current operating permits are discussed in Section 20. There are no identified issues that would prevent EGMC from achieving all permits and authorizations required to commence construction and operations of the project based on the data that has been collected to date.

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4.6 QP Comments

The QPs are unaware of any other outstanding environmental liabilities at the Moss Mine Project, other than those normally associated with possessing a formerly operating mine in the USA. The existing environmental conditions, liabilities and remediation have been described where required by NI 43-101 regulations. These statements are provided for information purposes only and the QPs offer no opinion in this regard.

QPs are unaware of any other significant factors or risks that may affect access, title or the right or ability of Mako to perform work on the Moss Mine Project.

Other than those discussed previously, the QPs are not aware of any royalties, back-in rights, payments or other agreements and encumbrances which apply to the Moss Mine Project that are not discussed in this section or other sections of this Technical Report.

Mako Mining Corp.

5.0 ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY

5.1 Accessibility

The nearest cities to the Moss Mine Project are Bullhead City, Arizona (10 miles west) and Laughlin, Nevada (14 miles northwest) which are separated north-south by the Colorado River. According to the 2020 census, Bullhead City has a population of approximately 41,300 people with approximately 100,000 people living in the Laughlin-Bullhead City area.

Las Vegas, Nevada is the nearest major city to the Moss Mine Project, which is approximately 90 miles (1.5 hours) northwest of Bullhead City, Arizona (Figure 4.1). According to the 2020 census, Las Vegas has a population of about 662,000 people. From McCarran International Airport in Las Vegas, Interstate Highways 215, 11 and US Highway 95 lead to State Highway 163 into the Laughlin-Bullhead City area and are good quality paved roads. Moss Mine can be reached by traveling about 10 miles via Bullhead Parkway east on the Silver Creek Road (an improved dirt road).

Chartered flights can be arranged from McCarran International Airport at Las Vegas to the Laughlin-Bullhead City Airport. The nearest railway station is at Needles, California, which is approximately 25 miles to the southwest of Moss Mine.

Kingman, Arizona, approximately 37 miles due east of Bullhead City, is the Mohave County seat. Kingman and the surrounding area have a population of approximately 31,000.

Kingman is about 200 miles northwest from Phoenix, Arizona, the state capital Phoenix has a population of about 1.7 million people based on the 2020 census estimate.

Approximately seven miles east of the Moss Mine Project area is the small town of Oatman, Arizona. According to the 2020 census Oatman had a population of 43 people. Oatman is a historical gold mining town that hosted three underground gold mines in the late 1800s and early 1900s, producing over two million ounces of gold. During the gold mining boom, Oatman had a population estimated at 10,000. The Gold Road Mine underground mine is currently in production in Oatman.

5.2 Climate

The climate in the general Moss Mine Project area is classified as desert. In the Holdridge Life Classification zone it is in a warm temperate latitudinal region, pre-montane to lower montane altitudinal zone and a desert humidity province. There are no climatic constraints on the operating season, although daytime temperatures can exceed 110 ºF during June, July and August. Heatwaves with temperatures in excess of 120 ºF are not uncommon. Lows average about 44 ºF in the winter months, with recorded lows of 24 ºF. The average annual rainfall in Bullhead City is six inches (data from www.usclimatedata.com). No rain may fall for months, heavy rainfalls may occur during the monsoon season, which is between July and September.

5.3 Local Resources and Infrastructure

5.3.1 Surface Rights, Power, Water and Personnel

The Moss Mine Project was an active mine which was fully permitted and maintained the surface rights necessary to operate. Although the mine began production using diesel- powered generators, the mine has installed line power from Mohave Electric Co-Operative (the local power utility) which became operational as of mid-September 2020.

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The principal water source for mine operations is from wells drilled on the Moss Mine property. Additional water sources occur from water seepage into the open pits. Make up water is trucked to site, when necessary.

There are sufficient services within the Bullhead City-Laughlin area to provide supplies, services and manpower to the mine. Technical and management roles can be filled by suitable professionals from mining groups throughout the Western US.

5.4 Physiography

5.4.1 Topography, Elevation and Vegetation

The Moss Mine Project area is located in the Black Mountain Range in the southern part of the Basin-and-Range topographic province, 10 miles east of Bullhead City, Arizona.

Elevations across the Moss Project area vary from approximately 2,160 ft to 2,690 ft above sea level. The Moss vein forms a prominent east-west ridge across the northern portion of the block of 15 patented lode claims.

The local project area is drained by erosional features that drain to Silver Creek Wash located one mile south of the block of 15 patented lode claims, which is dry for most of the year, and drains southwest and then west into the Colorado River. Vegetation is generally sparse; comprised of bunch grass, sagebrush and various species of cacti. The Fort Mojave Indian Tribe and other private companies have created an agricultural community that covers several square miles in the fertile fields of Mohave Valley and Fort Mohave, to the immediate south of Bullhead City and west of the project area. The main crops are cotton and alfalfa.

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6.0 HISTORY

Parts of this section were extracted from the previous 2017 and 2021 Technical Reports and updated where applicable.

6.1 Property History

6.1.1 Discovery and Early Mining History (1863 to 1935)

The Moss Mine Project was discovered in 1863 by John Moss (1839-1880). At the time, it was reported to be the first major gold discovery in Mohave County. The larger San Francisco Mining District of Mohave County was established in 1864 (Malach, 1977).

The available records show that John Moss was made aware of the Moss Mine area by stories about soldiers from nearby Fort Mojave prospecting for and finding gold. A popular, alternative account of the Moss vein discovery is that Chief Irataba of the Mojave Tribe led Moss to what became known as the Moss vein outcrop. Whatever the case, John Moss' name appeared on the first recorded mining claim called the Moss Lode, under the ownership of the San Francisco Gold and Silver Company. The initial gold discovery at Moss was extremely high grade. Lausen (1931) reported that, "From a hole only ten ft in diameter, $240,000 is said to have been taken out.", from a site immediately to the east of the later site of Allen Shaft (Figure 6.1). The extremely high-grade ore was likely the result of near- surface enrichment, creating coarse free gold. Later mining near the high-grade pocket found coarse gold flakes and wire gold along with iron and manganese oxides in vugs (Lausen, 1931).

The available records show that Moss sold the Moss Lode to Dahrean Black and that it was later sold to the Gold Giant Mining and Milling Company of Los Angeles. The area around the glory hole was explored by numerous holes and tunnels, but no other substantial quantities of gold are reported to have been found. Ransome (USGS Bulletin 743 - Preliminary Report 1923) stated that $240,000 worth of gold (approximately 12,000 ounces) was recovered by Moss.

Following its abandonment in 1866, there was little mining activity in the district until the discovery of the regionally famous Gold Road Vein in 1901. The town of Vivian was founded in that year; its name was changed to Oatman in 1908. In 1906, the Tip Top and Ben Harrison mineralized shoots were discovered. In 1915 and 1916 the Big Jim, Aztec and United Eastern mineralized bodies were discovered on the Tom Reed Vein. Mining activity increased and the population of Oatman grew to a reported 10,000 (today referred to as the Oatman gold mining boom, 1915 to 1917). By the mid-1920s the population of Oatman had fallen to a few hundred. In 1933, an increase in the gold price from US$20 to US$35 per ounce resulted in a brief flurry of activity, but all the local mines were closed by 1942 (Ransome, 1923; Sherman & Sherman, 1969; Varney, 1994).

Historical underground mine plans of the Moss Mine in GVC's database are dated May 10, 1915 by Gold Road Mines Co. of Gold Road, Arizona, and September 25, 1920 by the Moss Mines Co. of Gold Road, Arizona. These show the Allen Shaft (Figure 6.1) and levels at 60 ft, 75 ft, 125 ft and 220 ft. The plans show that Moss Mine was operating between 1915 and 1920.

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The available records show that the Ruth Mine was accessed by a 60º degree incline shaft to drifts on the 100-ft, 200-ft and 300-ft Levels. Activity appears to have continued through to mid-1935, by which time approximately 600 ft of drifting is reported to have been completed.

Figure 6.1
Historical Photograph of the Allen Shaft at Moss Mine, 1920-1921

Source: Copied from Ransome, 1923, Plate IX-B

6.1.2 Previous Exploration and Development (1982 to 2009)

Table 6.1 summarizes the work carried out on the Moss Mine Project by previous owners and operators, up to and including Patriot Gold's last exploration program in 2009.

Table 6.1
Summary of Exploration and Development Work Carried Out by Previous Owners and Operators on the Moss Mine Project (the 15 patented lode claims) to 2009

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6.1.3 Historical Production

Production details for the historical Moss mine are limited. A total of some 12,000 oz of gold is estimated to have been produced prior to 1920, and in 1988 a total of between 3,000 and 5,000 tons were extracted and hauled to Tyro Mill in Mohave County.

The available records for Ruth mine suggest that prior to 1907, 'several hundred tons' of mineralized material had been extracted, for processing at Hardyville. During the Oatman boom the mine was extended and, according to Ross Barkley, mine superintendent in the 1930s, approximately 25,000 tons were mined on the 100 Level. Mining ceased when a geological fault was encountered.

When the mine changed hands in 1935 shipments totalling 500 short tons at US$9.45/ton were made in February, along with 900 tons at US$13.00/ton in March and 1,200 tons at US$14.00/ton in April. For the gold price prevailing at the time (US$35/oz), the production records outlined suggest gold grades of between approximately 0.262 oz/ton and 0.408 oz/ton for the extracted material, hence selective high grading along what were known as pay shoots (i.e. high-grade zones of mineralized material).

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6.2 Operating Phases of the Moss Mine under Northern Vertex Mining Corporation (2013 to 2021)

6.2.1 Phase 1 Project Description

The Phase I pilot heap operations were carried out in 2013 and 2014 to test the metallurgical parameters for commercial operations. The Phase I facilities included an open pit, heap leach pad, barren and pregnant solution ponds, a carbon recovery plant, and ancillary facilities such as an onsite laboratory, onsite diesel power, a medical/safety office and a general office trailer.

During Phase I, some 193,000 tons of material was mined from the Phase I open pit using conventional drill and blast mining methods. Roughly 124,000 tons was crushed to minus ¼ inch (6 mm), agglomerated with cement, and placed on the heap leach pad with a radial stacker. The material was placed in one 33 ft lift.

The mining, crushing, agglomeration and stacking was carried out by a Contractor using mobile equipment. The operation was overseen and managed by Golden Vertex personnel.

The heap leach stage of the operation was carried out from August 2013 to September 2014. During this period, a weak cyanide solution was applied to the top of the heap using drip irrigation. Solutions were recovered to a pregnant solution pond and then circulated through conventional carbon columns. The loaded pregnant carbon was then shipped offsite to a stripping facility to recover the precious metals. The stripped carbon was then returned to the Moss project site for re-use.

Approximately 4,150 ounces of gold were recovered during the pilot heap operations representing 82% recovery to doré bar.

6.2.2 Phase II Project Description

Phase II of the Project was based on the 2015 Feasibility Study (and NI 43-101 Technical Report dated June 2015) that involved mining and processing material wholly contained within the patented claim boundaries, which could be accessed without trespass onto adjacent public lands administered by the BLM. The necessary permits and capital were obtained and Phase II commenced construction in late 2017 with eventual operation during 2018 that consisted of mining, crushing, agglomeration and stacking of ore onto a conventional heap leach pad. Commercial production was declared as of September, 2018. Gold and silver recovery were achieved by a Merrill Crowe process to produce doré bars at the project site.

The operation was designed for a five-year mine life based on a throughput of 5,000 tons per day.

6.2.3 Phase III 

Phase III of the project, which was based on the November, 2017 Technical Report, extended operations onto the adjacent federal lands administered by the BLM. This third phase allowed NVMC to take full advantage of the estimated Measured and Indicated mineral resources. The third phase necessitated an expanded waste rock facility to accommodate the additional waste rock as well as an expanded heap leach pad to treat the additional mineralized material.

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BLM issued a Decision Record and Finding of No Significant Impact (FONSI) regarding GVC's Mine Plan of Operation on March 18, 2020 based on analysis provided in the Phase III Moss Mine Expansion and Exploration Project Environmental Assessment (EA).

Since the start of Phase II, Moss mine has produced about 7,918,000 tons of ore and recovered 101,400 oz of gold and 753,700 oz of silver as of June 30, 2021.

On Sept 24, 2021, Northern Vertex Mining Corporation (NVMC) changed its name to Elevation Gold Mining Corp (EGMC). They also consolidated shares 6:1 at the same time.

6.3 Exploration and Operation of Moss Mine under Elevation Gold Mining Corp July, 2021 to 2024

During the period 2021 to 2022, drilling at the Moss Mine focused on infill and expansion drilling within or near the planned pits. The table below shows the areas, objectives and highlights of significant drill intersects. This drilling extended the known mineralization at depth and along strike to the west in 4 areas.  In addition, 7 condemnation holes were drilled in the Rattan area for the 3B leach pad. Several of these holes had intervals above the cut-off grade, however, not enough to justify applying for new permits to move the proposed leach pad.

On March 16, 2023, Elevation Gold announced an intersect of a 100.6 m thick zone with an average grade of 0.5 g/t Au at Reynolds. Subsequent drilling of 50 RC drill holes accounting for 23,990m were drilled in the Reynolds area and continued to identify a wide mineralized zone. The geology in the Reynolds area is distinct from the main Moss vein area as it is the only mineralization identified to date that is hosted in volcanic rocks as opposed to intrusive rocks. In addition, no coherent quartz veins were identified in the RC drilling. (Discussed further in Section 7.7)

Table 6.2
Summary of Drilling at Moss Mine July, 2021 to 2024

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In the Early 1990's Reynolds Metals drilled several holes in this area. The holes were drilled vertically and only reached depths of approximately 122 m. Most of these holes intersected low-grade gold mineralization interpreted to be associated with stockwork veining. 

6.3.1 Operations and Production by Elevation Gold Mining Corp. During the Period July 1, 2021 to 2024

Elevation's Mine Plan of Operation that was approved March 2020 included a permitted mine pit and stockpile in the Reynolds area. In February, 2024, the Reynolds area was incorporated into the Elevation Gold's mining plans following the approval of an amendment to the mine plan of operations which allowed for a reallocation of 38 acres to the Reynolds pit area and relocation of the barren rock stockpile, and leach pad to accommodate the development of the Reynolds pit.

During the Second Quarter of 2024, all production at Moss mine came from the Reynolds Pit which consisted of 696,373 tonnes grading 0.35 g/t Au resulting in the production of 6,380 ounces of gold.

Production reported by Elevation Gold in press releases during the period July 1, 2021- June 30, 2024 is shown in Table 6.3.

Table 6.3
Elevation Gold Production at Moss Mine during the Period July 1, 2021 to June 30, 2024

6.4 Corporate Ownership of the Moss Mine Project 2011 to Present

The initial ownership in the Moss Mine Project was acquired by Golden Vertex, a subsidiary of Northern Vertex Mining, through an option agreement with Patriot Gold Corp. to acquire a 70% interest in 2011 and a subsequent purchase agreement with Patriot in 2016 to acquire a full 100% interest in the Moss Mine Project subject to a royalty agreement.

In 2021, Golden Vertex purchased ten patented claims (McCullough Patents) in northern T19N R20W covering 109.4 ac. These patented claims are owned as fee simple property by Golden Vertex. The claim boundaries were surveyed at the time of patenting and recorded as Mineral Survey 3349. They were recorded with Mohave County as Parcels 221-04-002 and 221-05-001.

On Sept 24, 2021, Northern Vertex Mining changed its name to Elevation Gold Mining Corp. (Elevation Gold or EGMC). They also consolidated shares 6:1 at the same time.

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On August 1, 2024, Elevation Gold Mining Corp obtained an order (the "Initial Order") of the Supreme Court of British Columbia (the "Canadian Court") granting it creditor protection under the Companies' Creditors Arrangement Act (the "CCAA"). Under the Initial Order, KSV Restructuring Inc. (the "Monitor") was appointed as the monitor of the Company. In order to obtain similar protection in the United States, a petition under chapter 15 of the US Bankruptcy Code was filed with the US Bankruptcy Court for the District of Arizona.

Additionally on the same date, the Golden Vertex announced that it was ceasing active mining but intended to continue the operation of the beneficiation facilities.

On December 31, 2024, Elevation Gold announced the completion of the sale of Moss Mine with an arm's length purchaser, EG Acquisition LLC. ("EGA"), in respect of the purchase and sale of certain of Elevation's assets, including the outstanding common shares of Golden Vertex Corp., which held the Moss Mine located in Arizona. The Canadian Approval Order was subject to recognition by the U.S. Court in the Chapter 15 Proceedings. The US Recognition Hearing was heard on December 23, 2024, and the US Approval Order was entered on December 30, 2024. The Transaction was also approved by the TSX Venture Exchange subject to approval by the U.S. Court.

On March 27, 2025, Mako Mining Corp announced the completion of the purchase of the Moss Mine.

The acquisition was completed pursuant to the terms of an interest purchase agreement dated March 26, 2025, between Mako US Corp. as buyer, Wexford EG Acquisition LLC as vendor, EGA as target and Mako as buyer guarantor, pursuant to which Mako US acquired 100% of the ownership interests in EGA, a private company controlled by Mako's controlling shareholder, Wexford Capital LP (collectively with its managed funds, "Wexford"), that acquired 100% of the shares of Golden Vertex Corp. (Golden Vertex or GVC), the operating subsidiary of the Moss mine, under a CCAA proceeding and related Chapter 15 proceeding in the United States (the "Bankruptcy Process") on December 31, 2024.

6.5 Mineral Resource Estimates

A number of previous mineral resource estimates have been conducted on the Moss Mine Property. However, the previous resources estimates will not be discussed here as they have all been superseded by the current mineral resource estimate disclosed in Section 14 of this Technical Report.

6.6 Exploration by Elevation Gold outside of the Moss Mine

6.6.1 West Oatman

West Oatman is a bulk tonnage exploration target located 2.3 km south of the Moss Mine see Figure 6.2. Mineralization has been observed along a 4.5 km strike of the West Oatman fault/vein system. The West Oatman vein system is interpreted to be an extension of the Gold Road structure to the southeast. The West Oatman vein system is similar to the Moss vein system that is currently being mined.

Results from mapping, sampling and drilling indicate that the West Oatman vein system is potentially mineralized over a strike length of at least one kilometre, with the host structure striking 290 degrees and dipping approximately 65 degrees to the northeast.  Vein, stockwork and breccia widths vary from less than a meter to approximately 30-50 meters in width in breccia-filled dilation zones.

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Figure 6.2
West Oatman Location Map

    Figure supplied by Mako Mining Corp. and dated February, 2026.

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Approximately 3,400 m of drilling have been completed in 40 holes at West Oatman. The drilling was accomplished in 5 drilling campaigns by 3 different companies. Of the 3,400 m of total drilling, 1,946 m in 26 holes were diamond drillholes and 5,030 m in 14 holes were reverse circulation holes. Table 6.4 below shows the meterage for each of the different companies and highlights of the drilling. Additional details and assay results of the drilling are available from Northern Vertex's press releases dated May 11, 2021 and September 8, 2021. The press releases are available Makos's website under "Archives - Moss Mine"

The drilling completed to date indicates that the West Oatman system is analogous to the Moss Mine and is considered to be a high priority for additional drilling to define potential resources.

Table 6.4
West Oatman Drilling History and Highlights

Note: 1 True thickness ranges between approximately 42% (for vertical drillholes) and approximately 91% (for -50 degrees inclined drillholes) of the reported interval thickness.

6.6.2 Florence Hill

Geologic description in this section is taken from two press releases by Elevation Gold: May 31, 2022, "Elevation Gold Announces Inaugural Drilling at the Florence Hill Exploration Target" and November 11, 2022, "Elevation Gold Provides Update on Florence Hill Exploration Project". Assays for this program are from the Elevation Gold master database on site. Results were not released in a press release.

In 2022, 3,141 m in 5 diamond holes were drilled in the Florence Hill/Grapevine area. Three of the holes were in the Florence Hill area, two holes in the Grapevine and South Grapevine areas and one hole tested the Hardy Vein (Figure 6.3).

The Florence Hill exploration target is located approximately 4.5 km to the southeast of the Moss Mine. The target consists of an approximately 1.75 km long by 1.0 km-wide zone of intensely advanced argillic altered lava dome dacite and rhyolite intrusive and volcaniclastic rocks along the margin of the Silver Creek caldera. WNW- and NW-trending structures, including those hosting the West Oatman and Silver Creek Springs exploration targets (within a kilometre to the west), and the Gold Road Mine (approximately 2.5 km to the southeast) appear to intersect the caldera margin structure in the Florence Hill area.

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These structures are steeply (>80 degrees) southwest dipping in the Florence Hill exploration target area. The intense advanced argillic alteration includes kaolinite and alunite with minor dickite and pyrophyllite and is associated with geophysical magnetic lows and anomalous mercury along the WNW and NW-trending structures. Intense and locally vuggy silica alteration occurs in gently northeast-dipping ignimbrite horizons in the uppermost part of Florence Hill, with localized development of gold-absent incipient quartz stockwork veining. The various geological features noted in the Florence Hill exploration target are interpreted as being indicative of the uppermost parts of a fully preserved large-scale structurally controlled hydrothermal, possibly low- to intermediate sulphidation epithermal system.

The 3 drill holes at Florence Hill intersected fault-hosted epithermal veining in the upper +300 m, including several intermittent vein stockwork zones in the first 30 meters, followed by variably altered volcanic and intrusive host rock to depth of drilling. Assay results from the three holes did not have any significant gold or silver intersects.

Deeper in the holes, hydrothermal alteration displays an apparent transition to higher temperature porphyry-style alteration (propylitic to phyllic), accompanied by an increase in alteration intensity, with depth, however no significant base metal intervals were identified in the assay results.

Two holes were drilled in the Grapevine area, located approximately 2,300 m from the main Florence Hill exploration target. The Grapevine targets are characterized by steep quartz veining cutting stockwork associated with jarosite, quartz, kaolinite, and sericite. Assay results did not identify any significant gold, silver or base metal intervals in the Grapevine area.

The Hardy vein is located about 700 m southwest of the West Oatman area on a patented claim owned by the Company.  Several epithermal quartz-calcite vein systems outcrop in the area. The single hole drilled in this area intersected 4.7 m at 0.45 g/t Au and 2.5 g/t Ag at 184.6 m downhole.

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Figure 6.3
Florence Hill/Grapevine Location Map

    Figure supplied by Mako Mining Corp. and dated February, 2026.

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7.0 GEOLOGICAL SETTING AND MINERALIZATION

7.1 Sources of Information

This section of the report updates the information from the 2021 Technical Report, which was based on the 2014 Technical Report. For background on the geology of the Moss Mine Project and Oatman mining district, the reader is referred to the 2021 Technical Report. Sections 7.2 through 7.6 are completely drawn from the 2021 Technical Report while Section 7.7 discusses recent observations and current thinking on the deposit.

The geology and mineralization of the Oatman district and the Moss mine and vicinity were initially studied by Schrader (1909), Ransome (1923) and Lausen 1931). More recent studies are found in published reports by Dewitt, et al (1986) and Clifton, et al (1980). Consultants for GVC and previous explorers have studied the deposit and its geology. Results are found in unpublished reports by Baum and Lherbier (1990), Hudson (2011), Brownlee (2014), Cuffney (2016), Cuffney and Eastwood (2013), and Larson (2013, 2015).

The Moss Mine Project lies within the western part of the Oatman mining district. The regional geology of the mining district was mapped by Ransome (1923), Lausen (1931), and Thorson (1971). Ferguson and Pearthree et al (2017) mapped the Oatman 7 ½' quadrangle, including the area surrounding the Moss Mine Project, at 1:24,000 scale, providing a modern framework for the geological setting of the project area. The Moss claim block was mapped by Eastwood (2011) for MinQuest, and the Moss patented claims were mapped in detail (1:1500 scale) by Cuffney (2013). Portions of the unpatented Moss and Silver Creek claim blocks were mapped by Cuffney (2018, 2020).

7.2 Regional Setting

In a regional structural context, the Oatman district lies in the transition zone between the stable Colorado Plateau on the north and disrupted terrane of the highly extended Basin and Range on the south. Although the area is broken into north-south trending ranges and valleys typical of the Basin and Range, extension is minor.

The Oatman mining district lies within a large Tertiary volcanic field, developed on a basement of Precambrian granitic and metasedimentary rocks. A batholitic body of trachytic magma invaded the volcanic field to the northwest of Oatman, culminating in massive pyroclastic eruptions of the Peach Springs tuff, resulting in collapse of the roof of the batholith and formation of the huge Silver Creek caldera at ~18.8 Ma (Ferguson et al., 2013). The Peach Springs tuff fills the caldera; its outflow ash-flow sheet extends for more than 100 miles from the caldera, covering more than 15,440 square miles across northwest Arizona and California (Pamukcu, et al, 1986). The main Oatman district lies just outside of the caldera rim, where mineralization is hosted in pre-caldera intermediate composition lava flows; whereas Moss lies inside the caldera and is hosted in intra-caldera tuffs and intrusions.

Calderas are often excellent loci of epithermal precious metals deposits due to the combination of deep-seated structures (concentric and radial fractures), permeable volcanic and volcaniclastic host rocks, intrusive activity, and abundant water for development of hydrothermal fluids. Examples include Round Mountain, NV, Silverton, CO, Goldfield, NV, and Creede, CO. The main Oatman mining district, lying immediately to the east-southeast of the Moss Mine, produced more than two million ounces of gold from northwest to west- northwest-trending epithermal quartz-calcite veins. Several mines contained bonanza grade ores shoots averaging more than 1 oz/t gold.

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7.3 Host Rocks

The dominant host rock of the Moss deposit is the Moss porphyry, a polyphase monzonite to quartz monzonite porphyry, which intrudes the Peach Springs tuff. Typical Moss porphyry contains coarse grained (4 mm to 10 mm) plagioclase and biotite phenocrysts with lesser hornblende in a very fine-grained groundmass of quartz and feldspar. The Moss stock contains several phases, including equigranular quartz monzonite to monzodiorite, and more felsic phases. Within the project area, the porphyry has undergone weak early propylitic and potassic alteration, characterized by potassic feldspar partially replacing plagioclase feldspar. Sparsely porphyritic feldspar porphyry and rhyolite porphyry to aplite dikes with quartz eyes crosscut the porphyry and the volcanic wall rocks and constitute minor host rocks. Late (post-mineral) micro-gabbro to basalt dikes cut all units along north-trending faults.

The easternmost portion of the Project area and the western portions of the claims, west of the West Pit, are underlain by the Peach Springs tuff, (formerly the Alcyone Formation), consisting of volcanic tuffs, flows, and minor volcaniclastic sediments filling the caldera. In the project area, the Peach Springs tuff is a thick, highly variable unit composed dominantly of several welded trachytic ash-flow tuff sheets separated by coarse volcaniclastic sediments, debris flows, and volcanic breccias. Lithic-rich welded tuff is common.

Locally, large-foundered blocks of Precambrian granite, representing landslide deposits from the caldera walls, occur within the tuff. Welded tuffs within the Peach Springs tuff are competent units capable of hosting both persistent veins and stockworks.

The Times granite, a fine-to medium grained leucogranite, forms an irregular intrusion centred to the south of Silver Creek. Age relations between the Moss porphyry and the Times granite are uncertain; the two intrusions appear to intermingle in several places. The granite is a host rock at the West Oatman prospect.

7.4 Mineralization

Gold-silver mineralization in the West Oatman district occurs as high-level low-sulfidation epithermal veins and stockworks. The mineralization is very similar to that of the main Oatman mining district. The Moss Vein may represent the western extension of the Gold Road vein on the north end of the Oatman district (Figure 7.1 and Figure 7.2).

Three main veins and their associated stockworks host the bulk of mineralization defined to date at Moss:

1) the Moss Vein and its extensions to the west and east of the resource area.

2) the Ruth Vein to the immediate south of the Moss Vein.

3) the West Oatman Vein, lying about one mile to the south of the Moss Vein.

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Figure 7.1
Geology and Exploration Areas around the Moss Mine

Figure supplied by Mako Mining Corp. and dated February, 2026.

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Figure 7.2
Geology and Exploration Areas along the Moss Vein

  Figure supplied by Mako Mining Corp. and dated February, 2026.

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7.4.1 Moss Vein System

The Moss Vein system extends for 3.90 miles in a roughly east-west direction across the Moss/Silver Creek claim block. The vein has been divided into three sections for exploration and mining purposes:

• the Main Moss Vein/resource area (Moss Open Pit, West Pit), comprising 1.2 miles of the Moss vein on the patented mining claims.

• the Eastern Extension, extending for. 1.5 miles eastward from the east end of the open pit to the east end of the Silver Creek claims where the vein intersects the NNW- trending Mossback Vein.

• the Western Extension of the Moss Vein, extending for 1.20 miles from the west end of the West Pit to the Far West prospect., including the Cliffs of Mordor/Mordor Vein and the Mid-West target.

In the central part of the resource area, within the Moss Open Pit, the Moss Vein strikes east- southeast (~96° azimuth) and dips steeply (~70°) to the south. The Ruth Vein and other small veins in the hanging wall of the Moss vein are antithetic veins dipping to the north.

Geological mapping combined with review of the Moss Mine Project drill hole logs and assay database indicate the potential for exploitation of other mineralized veins and stockwork zones between the Moss and Ruth Veins.

7.4.2 West Extension of the Moss Vein

The Moss vein can be followed for 1.20 miles west of the West Pit and is expressed on surface as quartz+/-calcite veining, stockwork veining, or silicification along trend of the vein.

Four mineralized areas within the West Extension are discussed separately: West Pit, Mordor, Mid-West Extension, and Far West

7.4.2.1 West Pit

The West Pit mineralization is part of the main Moss Vein/resource area.

Strong gold-silver mineralization follows the Moss Vein to the west across the Canyon fault, a major north-northwest linear. The structure of the Moss vein crosses the Canyon fault apparently without change in orientation, and although it appears as if there is little displacement across the fault, potential movement along the fault is being tested with additional drilling. Movement along the Canyon fault may pre-date the Moss vein; drill testing will confirm whether post-mineral movement is minor.

The West Pit, an expansion of the original Moss open pit for about 1,200 feet to the west, and the associated Gold Bridge and Gold Tower targets lie immediately west of the Canyon fault. The nature of the Moss vein changes across the fault. Massive quartz-calcite veining typical of the Moss vein is only locally developed. Replacement silicification cut by quartz-calcite veining is more common. Widespread strong silicification marks the footwall of the structure. Several thin north-dipping antithetic quartz veins, silicified zones, and zones of stockwork veining occur in the hanging wall of the Moss structure. The West Extension has been interpreted as being a zone of horse-tailing of the Moss vein.

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The stockwork associated with the West Pit/Gold Bridge/Gold Tower is wider and more extensive than that on the hanging wall of the main Moss Vein - up to 400 feet wide.

Accordingly, gold-silver grade is lower than in the Moss Vein and associated stockworks in the Moss Open Pit.

7.4.2.2 Cliffs of Mordor/Mordor Vein

The rugged cliff terrain west of the topographic crest of the West Pit is informally named the Cliffs of Mordor. Stockwork and vein mineralization continues west of the pit but has until recently been difficult to access and drill due to the rugged topography. Pioneering in the West Pit has created the opportunity for drilling from various flat benches within the pit as it develops. The host rock changes from the Moss porphyry to welded tuffs of the Peach Springs tuff west of the West Pit boundary. The tuffs are competent host rocks capable of propagating both veins and stockwork mineralization, as manifest in the presence of numerous veins in outcrop to the west of the current mine.

A well-defined quartz-calcite vein, the Mordor vein, crops out along the base of the cliffs, just west of the leach pads. The vein strikes 260° and dips 50° to the north in outcrop and can be followed for about 400 feet along strike. Continuous-chip samples collected across the 5 foot-width of the vein ranged from 0.079 oz/ton Au to 0.286 oz/ton Au.

7.4.2.3 Mid-West Extension

To the west of the Cliffs of Mordor, about 1,800 feet to 2,300 feet west of the West Pit, the Moss Vein crops out as a rib of replacement silicification with minor white quartz veining for about 1,000 feet of strike length. Several prospect pits and one short adit are remnants of historic exploration of the vein.

Fairly low gold values have been obtained from rock-chip samples of the vein structure. Only five of 48 samples assaying >0.02 oz/ton Au, with a maximum of 0.0575 oz/ton Au. Despite the weak expression of the Moss vein and the relatively low surface gold values. Drilling by Reynolds Metals in 1991 defined a broad area of thick low-grade gold, including a section of 370 feet assaying 0.0127 oz/t Au in hole WO 91-07. This drillhole intersected hanging wall stockwork veining above the Moss Vein but does not appear to have been drilled deep enough to intersect the Moss Vein. The Mid-West Extension is considered a primary target for future resource expansion

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Figure 7.3
Mid-West Extension Geology and Rock-Chip Gold (in ppb)

        Figure supplied by Mako Mining Corp. and dated February, 2026.

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7.4.2.4 Far West

The Far West extension of the Moss Vein comprises the westernmost exposures of the vein system. Following a gap of about 1,500 feet lacking surface expression of the Moss Vein, the structure reappears as a broad zone of stockwork veining with quartz-calcite+/-fluorite veins

extending for about 2,000 feet along the steep south flank of a large hill (the Black Fin). Additional subvertical veining is present on the back side of this hill. Several small prospect pits and a long adit have been driven into the vein/stockwork. Lac Minerals drilled seven reverse-circulation holes in 1989, which intersected multiple thin zones of gold mineralization. It is possible that the Black Fin area is similar to the Cliffs of Mordor area (see Section 7.4.2.2), with extensive stockwork veining and silicification in the hanging wall to the Moss Vein; the silicification resulting in the development of significant topographic highs.

The Far West prospect is considered a good exploration target for long-term resource expansion. However, rugged topography and distance from current operations render it a somewhat lower priority target at this stage.

7.4.3 Morphology of the Moss Vein

The Moss vein strikes S84E and dips an average of 70º to the south (096/70 using the right- hand rule). The pre-mining expression of the vein was a series of low west-northwest- trending hogbacks, with the vein footwall defining the north side of the ridges.

The Moss Vein is a fissure-filling vein, best described as a "breccia vein". The vein is a primary hydrothermal breccia, as opposed to a brecciated vein produced by post-mineral faulting, although some post-vein brecciation does occur. The Moss Vein occupies a major fault zone that was periodically opened during episodic boiling events, which deposited quartz together with and/or alternating with calcite. Explosive breccias and boiling textures are common. Some of the pulses also deposited gold and silver. The main vein varies with decreasing quartz-calcite matrix from nearly solid white vuggy quartz and/or calcite (usually quartz-calcite mixtures) with occasional colloform banding, through quartz-calcite vein with abundant floating clasts of wall rock (breccia vein), to brecciated wall rock veined and cemented by quartz-calcite stockworks. In places, the Moss Vein consists only of stockwork veining.

The hanging wall of the vein contains scattered thin quartz-calcite veins and breccia veins over a zone measuring several tens of feet up to 100 feet wide, creating thick zones of low- grade mineralization. Quartz-calcite veining in the hanging wall may occur either as thin planar veins (often quartz veins with calcite cores), irregular veins with sinuous borders, or highly irregular breccia infillings. Significant gold mineralization can occur in stockwork zones with only a few percent of visible quartz-calcite veinlets.

The vein and hanging wall stockwork zone pinch and swell both along strike and down dip, probably reflecting dilatant zones developed along subtle bends in the vein structure.

The footwall contact is normally a fairly sharp well-defined contact between vein and porphyry wall rock with few or no veinlets. The contact varies in nature from a sharp contact between intact fissure-filling vein and wall rock to a fault contact with brecciated vein juxtaposed against footwall Moss porphyry host rock. Locally, quartz-calcite stringers carrying low-grade precious metal values extend for 10 to 15 feet into the footwall wall rock. Mineralized footwall zones may be associated with dilational flexure zones. In contrast, the position of the upper contact of the hanging wall stockwork is a less well-defined contact, picked predominantly on the basis of gold assays as vein density in the hanging wall gradually decreases.

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Locally, the Moss Vein has been subjected to later movement within and across the fault along which the vein developed. This movement has created locally brecciated portions of the vein, both at the footwall contact and internal to the vein. Late post-mineral calcite often cements these tectonic breccias. The Moss Vein displays a variety of styles, ranging from massive quartz-calcite veining with bladed calcite and small vugs, colloform banded quartz and quartz-calcite veining, breccia veining with wall rock clasts floating in quartz-calcite matrix, to stockworks veining cementing brecciated wallrock.

7.4.4 Ruth Vein

The Ruth Vein is an epithermal quartz-calcite vein, similar and subparallel to the Moss Vein, lying about 650 feet to the south of Moss in the central area and dipping about 60 degrees north toward the Moss vein. The Ruth Vein was a former producer and is credited with about 25,000 tons of ore mined between 1900 and 1935 (see section 6.1.3).

The vein crops out as a four to six-foot-wide solid quartz+/-calcite vein, extending from the shaft at the old mill site near the present mine office to two shafts lying about 600 feet to the east. The shafts serviced workings developed in a high-grade (~0.35 oz/ton Au, 2.0 oz/ton Ag) ore shoot that raked about 45 degrees to the east.

East of the shafts, there is no surface expression of the Ruth vein for about 500 feet along strike. On the east side of the wide north-trending felsic dike, the Ruth structure reappears and can be followed for another 350 feet to the east as a series of scattered ENE-aligned small prospect pits exposing 2-inch to 10-inch-thick north-dipping quartz veins (~ 254/67; right-hand rule strike and dip).

West of the mill site - across the Canyon fault - the Ruth Vein can be followed for about 800 feet to the west-southwest as weak veining or stockworks exposed in a few prospect pits and roadcuts. The Ruth Vein has about 2,250 feet of exposed strike length.

The main productive area of the Ruth Vein strikes nearly east-west and dips north at 50-70 degrees (267/50-70). The east and west extensions have more northeasterly trends with an orientation of approximately 255/65. The change in orientation causes the Ruth Vein to diverge from the Moss Vein west of the Canyon fault and to converge towards the Moss Vein east of the eastern shafts.

There is no surface expression of the Ruth Vein beyond the last prospect pit 850 feet east of the eastern shafts. However, in the Eastern Extension area, off the patented claims, a similar north-dipping quartz/-calcite +/-fluorite vein, which is subparallel to the Moss Vein, crops out about 600 feet south of the Moss vein. Informally named the Generator vein, this vein may represent the eastern extension of the Ruth vein.

Although no petrographic studies have been conducted on Ruth Vein material, macroscopic study of outcrops, drill core, and drill chips suggest similarity to the Moss Vein. The Ruth Vein varies from a single four-to-six-foot-wide vein, through zones of one-to-six-inch-wide quartz+/-calcite veins intermixed with wall rock to stockworks of thin quartz+/-calcite veinlets. Overall, the Ruth Vein is smaller and less well developed than the Moss Vein. The Ruth Vein also exhibits less vugginess with finer vugs than are typical of the Moss Vein. No bladed calcite or colloform veining has been noted in drill core from the Ruth Vein, but only a small amount of core has been inspected to date. Silver: gold ratios are similar to the Moss Vein, suggesting similar ore mineralogy.

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Locally along the vein, mineralized stockwork zones with white quartz-calcite veinlets comprising 10% to 30% of the rock occur both above and below the main Ruth Vein.

7.4.5 Gold-Silver Mineralization

7.4.5.1 Vein Minerology

The mineralogy of the Moss Vein system as currently explored is simple and the ore is nearly void of all deleterious elements. Key elements of the ore are:

• Gangue consists of quartz and calcite with minor fluorite locally occurring as late- stage veins and vug fillings.

• Gold mineralization is predominantly in the form of very fine-grained native gold and silver-rich native gold grading to electrum (an alloy of gold and silver with Ag:Au >1:5).

• Silver occurs as electrum and within the silver-rich gold. Minor native silver has also been identified. In addition, minor amounts of very fine grained, grey to black sulfides (dominantly acanthite, Ag2S) are present as disseminations and occasionally in very thin grey bands in unoxidized or weakly oxidized parts of the veins. The silver minerals bring the overall Ag:Au ratio of the deposit to approximately 8:1.

• Base metals (Cu, Pb, Zn) are very low, especially in the upper parts of the system, but show a slight increase with depth, consistent with low-sulfidation epithermal veins.

• No arsenic or antimony minerals occur.

• Mercury is negligible.

7.4.5.2 Mode of Gold/Silver Occurrence

Petrographic study by Hudson (2011) identified native gold and electrum and tentatively identified acanthite (Ag2S). Larson (2013, 2015) positively identified acanthite as well as minor native silver and found that gold and electrum occur in the following modes, in order of abundance:

• Grains interstitial to quartz grains or in small vugs in quartz (most common).

• Grains on or within goethite, after oxidized pyrite (common).

• Grains encapsulated in pyrite (rare).

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• Grains encapsulated in quartz or calcite (rare).

Larson (2015) reports, "Overall, quartz is the host for all of the metallics…. with this generalization that quartz is the dominant host, the most common site(s) for precipitation of gold or acanthite are in open spaces such as vugs and intergranular between quartz grains." Such occurrence lends to good leach recoveries following secondary crushing, since the rock tends to break along quartz grain boundaries, rather than across them.

The Moss Vein contains a very small amount of sulphide minerals, principally pyrite (<1% by volume). Although pyrite is only a very small component of the rock, pyrite was found to co- precipitate with quartz and electrum, and Larson (2015) writes, "Pyrite is present in small amounts in most of the samples, goethite formed by the oxidation of pyrite and usually retaining the shape of the original pyrite is in half of the sections. Of these, pyrite or goethite actually host (encapsulate) some of the electrum in five of the samples." Nearly all the pyrite has been oxidized to goethite within the current limits of mining.

The mode of occurrence of gold within the Moss Vein appears to be variable (Figure 7.4). Hudson (2011) determined that all the gold grains identified in the three core samples he studied were encapsulated in calcite. In contrast, Larson (2013, 2015), who studied a broader group of 18 sections of core spanning 3,500 ft of strike length and 860 ft of vertical extent of the Moss Vein, found only one occurrence of gold encapsulated in calcite, although several electrum grains were located adjacent to calcite grains. Baum & Lherbier (1990) estimated that 64% of electrum grains in sample 444-1-2 were associated with hydrous iron oxides (goethite), 26% were associated with quartz-calcite gangue, and 10% of gold grains were encapsulated in pyrite grains.

7.4.5.3 Gold Grain Size

Gold/electrum is dominantly very fine grained, but some exceptions occur. Larson (2013) found that most gold/electrum grains were very small with a range of 3 microns to 70 microns in diameter. Measurements made by the author of 48 grains of electrum from Larson's (2015) photomicrographs indicate a range in maximum grain dimension from 2 to 98 microns, with an average of 23 microns. Hudson found only very fine grains of gold/electrum with all grains measuring <10 microns in one polished section and all grains measuring <20 microns in another.

Baum & Lherbier (1990) studied two composite chip samples from Billiton's reverse- circulation drill holes. They found a large variation in grain size between the two composites, with one sample containing mostly very fine-grained particles (81% <20 microns) and only 2% of grains measuring >100 microns. The second sample had significantly more coarse grains with 46% of grains being >20 microns and 18% measuring >100 microns to a maximum of 300 microns. Table 7.1 shows that between 60% and 90% of the gold grains studied by Baum & Lherbier are less than 50 microns (or 0.05 mm) in diameter. 

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Figure 7.4
Occurrence of Gold/Electrum Grains*

*Notes: a) gold filling interstices between quartz grains, (AR 141c at 21.5' downhole), gold grain is 98 microns across - the largest grain found by Larson (2015); b) gold encapsulated within quartz (AR 169c at 139.5' downhole), gold grain measures ~16 microns across; c) gold within goethite after oxidized pyrite (AR 204c at 443.5' downhole) in fractured quartz, gold grain measures 19x12 microns; d) gold encapsulated in fresh pyrite (AR 201c at 749' downhole), gold grain measures ~28 microns across (note great depth of sample).

Table 7.1
A Summary of Microscopic Gold Particle Size Analysis, Moss Vein Material (Baum & Lherbier, 1990)

Table Compiled from information contained in Baum & Lherbier, 1990

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7.4.5.4 Paragenetic Sequence

Petrographic work by Larson (2013, 2015) shed additional light on the alteration and mineralogical/paragenetic associations of gold-silver mineralization at Moss. Important observations include:

• Widespread early propylitic (chlorite, epidote, calcite) and potassic (K-feldspar replacing plagioclase, magnetite veinlets and disseminations) affected the Moss porphyry and its wall rocks throughout the project area.

• Ore stage alteration is limited to several phases of quartz and calcite precipitation in open spaces.

• Small amounts of pyrite were deposited with quartz, both before and during ore-stage gold-silver mineralization.

• Acanthite postdates most pyrite, occurring as rims on pyrite or infilling fractures in pyrite.

• Very minor base metals mineralization (chalcopyrite, galena, sphalerite) narrowly predates precious metals deposition (evidenced by acanthite rimming and replacing sphalerite).

• Acanthite is more resistant to oxidation than pyrite (which is earlier and often fractured), often surviving as unaltered acanthite within goethite after oxidized pyrite.

• Late calcite occurs as post-mineral breccia infillings.

Figure 7.5 presents a revised paragenetic sequence of alteration and mineralization, based on logging of drill core and Larson's petrographic observations and interpretations.

Figure 7.5
Paragenesis of the Moss Deposit

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7.5 Oxidation

Partial oxidation appears to be relatively deep along the Moss Vein. Oxidation in and around the Moss Mine tends to be deeper along the Moss Vein than outside of it. This is largely due to structural permeability created by brecciation within the vein due to post-mineral movement during reactivation along the vein structure and at intersections with northerly- trending cross-faults. The vuggy nature of much of the vein also contributes to local porosity and permeability. The Moss Vein forms a local aquifer along which oxygenated waters have moved as the water table fluctuated over time.

Except for the Moss Vein and a few other major structures, the REDOX zone corresponds roughly to the present water table. However, oxidation tends to extend deeper into the Moss Vein and its hanging wall stockworks (e.g., Figure 7.6). Cuffney and Eastwood (2013) state, "The REDOX zone at Moss is not a simple boundary and is not related to the present static water table" and "It is not uncommon for the vein to be oxidized to depths in excess of 500 ft (152 m), with unoxidized and thin, partially oxidized zones in the hanging wall." The authors further state, "The drill holes show that the water level is between 40 to 150 ft (12.2 m and 45.7 m) below surface. There is ample evidence of oxidized rock below the water level in several of the core holes. The fact that oxidation is deeper than the present water table is interpreted to indicate that oxidation is related to a lower water table in the past, and that the water table has risen to its present level after oxidation took place".

Figure 7.6
Cut Core from Drill Hole AR204C at 385 ft Downhole (272 ft vertical depth), Showing Partial Oxidation
(brown limonite) in the Moss Vein

Hudson (2011) states that 'the depth of oxidation can be in excess of 300 to 500 ft (91 m to 152 m)'. A similar finding is detailed in a mining report by geologist M. C. Godbe III to BF Minerals (April 26, 1982) who states, "The Moss Mine was developed over a vertical range from surface to the 300 level. All (of the mined mineralized material was) within the oxidized zone". Drilling by GVC shows oxidation well below the present water table (~140 ft below the shaft collar), and partial oxidation (limonite on fractures) occurs locally to more than 800 ft below the present surface.

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7.6 Structural Geology

7.6.1 Faults

The Moss Vein follows a major west-northwest structure, which crosses the mine property and extends for at least another mile to the west beyond the Project area and 1.5 miles to the east as shown in Figure 7.2.

The northwest-trending Canyon fault forms the boundary between the main Moss Vein and the West Extension. Despite being a large through-going structure, the Canyon fault appears to displace the Moss Vein from the West Extension by a very small amount. This is being tested with additional drilling from the West Pit.

Within the project area, a series of small north-to-north-northwest trending faults offset the Moss Vein. A total of 27 faults cutting across the Moss Vein have been mapped. A relative chronology was compiled based on surface topology and the interactions of the faults with adjoining intersecting faults. Fewer cross-faults have been identified in the West Extension area.

Field measurements show that 24 of the mapped faults off-setting the Moss vein have dips that are equal to or greater than 80º (the exceptions are Fault 3 that dips at 50º, Fault 12 that dips at 65º and Fault 24 that dips at 40º). All the faults, except the Canyon fault and the four faults that trend a few degrees east of north, displace the Moss vein by small amounts in the left-lateral direction. This offset may be due to true left-lateral offset, or to vertical offset down to the east, producing the apparent left-lateral offset of the south dipping Moss vein.

7.6.2 Dikes

Four different types of dikes have been identified through geological mapping:

• Feldspar porphyry dykes with minor quartz (medium grained feldspar phenocrysts with occasional quartz in a fine grained, sugary/aplitic to aphanitic groundmass);

• Aplite dykes (thin aphyric to sparsely porphyritic dikes with a sugary/aplitic groundmass - may be a chilled version of the feldspar dikes);

• Feldspar-biotite dykes (large feldspar and fine- to medium-grained biotite phenocrysts in an aphanitic groundmass); and

• Mafic dikes (dark brown, aphanitic to finely crystalline basalt to micro-gabbro dikes, which are weakly chloritized).

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With the exception of the mafic dikes, which are late post-mineral feeders to basalt flows, the dikes predate the Moss vein, as evidenced by the development of Moss Vein-related stockworks within each type of dike. The post-mineral mafic dikes tend to invade the small north-trending faults, which offset the Moss Vein.

7.7 Current Geological Concepts

The current model is based on concepts diverging somewhat from the previous thinking on this deposit.  The following observation are based on a site visit conducted by Gray (2025) of Resource Geosciences Incorporated, Mako staff observations, and the modelling exercise completed by Gary Wong, P.Eng. There are some very distinct characteristics to this deposit, which were not modelled previously.  The following are the main salient points:

1. The main feature dividing the deposit is the NW trending Canyon fault. West of this fault, there is no evidence of a Ruth vein/structure, nor is there evidence of a coherent Moss Vein.

2. The Moss Vein has two different expressions: high grade quartz carbonate lode veins and low-grade quartz stockwork. The west side of the Canyon Fault only contains a very small portion of the Ruth structure.  This is suspected because of point 3.

3. The higher-grade material and the veins have only been observed in the intrusive Moss Porphyry. To the west of the Canyon Fault are mainly volcanic rocks (Peach Spring Tuff). There is a fundamental change from the intrusive to the volcanic rocks which is not well understood but all evidence points to an absence of major veining and lower grade in the volcanics, however the mineralized intervals are typically wider and more continuous than those observed to the east of the Canyon Fault.

4. The Moss vein does not continue west to the Reynolds area. The previously modelled steeply dipping features have not been observed in Reynolds. Instead, the mineralization controls appear to be much flatter lying (approximately dipping 30 degrees to the southwest), possibly associated with bedding features in the tuff. This is very apparent in the grade model and as such, potential for shallow mineralization is very high. Unfortunately, there is currently no diamond drilling to gain an understanding of the controls in that area, only reverse circulation drilling. Future diamond drilling programs should shed light on this feature.

Figures 7.7. to 7.8 show the relative positions of the features described. Figure 7.9 shows a cross-section of the Reynolds zone illustrating the flatter attitude of the zone looking west (azimuth 280°).

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Figure 7.7
Moss and Ruth Veins relative to Canyon Fault

Source: Mako, January, 2026.

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Figure 7.8
Moss Stockwork and Reynolds Zone

Source: Mako, January, 2026.

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Figure 7.9
Cross-Section for the Reynolds Zone showing the Flatter Attitude Looking West (Azimuth 280°)

Source: Mako, January, 2026.

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8.0 DEPOSIT TYPES

This section is taken from the 2021 Technical Report as no significant studies have been done since that time.

The Moss deposit is a steeply dipping (average 70˚) quartz-calcite vein and stockwork system, which extends over a strike length of approximately one mile in the resource area (Moss Open Pit and West Pit), but can be traced for 3.9 miles in total length.

The Moss Vein system is considered a high level, low-sulfidation (adularia-sericite) epithermal gold-silver deposit in the classification of Heald et al (1987) and White and Hedenquist (1995). Low sulfidation epithermal deposits form from hydrothermal waters in the relatively near-surface environment, typically within 1.5 km of the earth's surface (Taylor, 2007). They are commonly found associated with magmatism and volcanism, but are somewhat distal (vertically or laterally) from the actual centre of magmatism, in environments where meteoric waters have mixed with and diluted magmatic waters.

Epithermal deposits comprise one of three sub-types: high sulfidation; intermediate sulfidation; and low sulfidation. Each sub-type is identified by characteristic alteration and ore-stage mineral assemblages, occurrences, textures and suites of associated geochemical elements. The designation of high sulfidation vs low sulfidation is based on the sulfidation state of the ore-stage sulfide suite, not the abundance of sulfides in the ore. However, precious metals mineralization at Moss is characterized by a low sulfidation suite of minerals and a very low sulfide content (<1%) as well.

The quartz-calcite vein textures at Moss (massive, breccia, vuggy, colloform), are typical of low sulfidation epithermal veins. Gold occurs as very fine native gold and electrum, and silver typically occurs as electrum and very fine grained acanthite, similar to other low- sulfidation precious metals deposits.

The very low (usually trace) levels of base metals in the Moss ores are also consistent with high-level low-sulfidation gold deposits. Alteration related to main-stage precious metals mineralization is confined to silicification and minor sericitization of wall rock adjacent to the veins.

The Moss mineralization differs from typical low-sulfidation precious metals deposits in its lack of adularia (possibly present, but not yet positively identified) and lack of deleterious elements such as arsenic, antimony, and mercury.

Table 8-1 summarizes the characteristics of the Moss Vein system and compares them to characteristics of typical high-level low-sulfidation precious metals deposits.

The high level of emplacement of the Moss mineralization is evidenced by the very fine grain size of ore-stage minerals (gold, silver, electrum, acanthite) and the highly vuggy nature of much of the vein. No paleosurface or near surface features, such as silica sinters, chalcedony or a steam-heated acid leach cap, are preserved in the Moss project area. This indicates that the top of the hydrothermal system has been eroded, thereby exposing the gold depositional zone. Larson (2015) notes that much of the quartz in the Moss Vein was likely deposited as chalcedony or opal, which later converted to fine-grained quartz. This would place the upper part of the Moss Vein system only slightly below the surficial hot-spring zone.

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Table 8.1
Comparison of Moss Deposit Characteristics with Typical Low Sulfidation Epithermal Gold Deposits

Bladed calcite, which is common in the Moss deposit, is indicative of the boiling zone of the hydrothermal fluid, where calcite and quartz co-precipitate, after which calcite is partially replaced by quartz. The boiling zone is the main locus of gold deposition, since boiling destabilizes gold-bearing hydrothermal solutions, causing precipitation of gold. The boiling zone within the Moss Vein, as defined by the occurrence of bladed calcite and quartz replacing bladed calcite as shown in Figure 8.1, extends over a vertical extent of more than 500 ft (150 m) and likely continues much deeper (Cuffney, 2015).

Figure 8.1
Examples of bladed calcite partially replacing quartz (evidence of boiling) in HQ- diameter (2.5") diamond
core drill holes: Right a) AR-165C at 213 ft; Left b) AR21-410C at 781 ft (with purple fluorite)

Figure supplied by Gary Wong and dated February, 2026.

Bladed calcite replaced by quartz is common on the east side of the Canyon fault (central pit), extending from surface to a depth of 500 feet below surface. On the west side of the Canyon fault (West Pit/West Extension) bladed calcite is less common and is first seen in core at a depth of 600 feet (Cuffney, 2015). This relationship suggests that the Canyon fault may be a reverse fault with the west side down dropped. More search for boiling textures in outcrop and drill samples will be needed to test this theory. Larson (2015) also noted that some quartz in the Moss vein in the central pit area showed textures indicative of replacement of chalcedony by higher temperature quartz. This also argues for a high-level setting on the east side of the fault.

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In many epithermal deposits, precious metals grades above the boiling zone can be low, but bonanza grades often occur at the boiling zone. Although the overall grade of the Moss deposit is low, several pods of high-grade mineralization have been found in modern exploration and during mining of the Phase I bulk sample. A small shoot of very high-grade gold was reportedly mined in the early days of the mine, yielding nearly 10,000 ounces of gold valued at $200,000 at $20.67/oz, from a small (10 ft diameter x 10 ft deep) shaft (Malach, 1977). In addition to the Moss Vein, a number of high-level veins throughout the Moss property present good opportunity for discovery of bonanza-grade ore shoots beneath outcrops that yield only low gold and silver values.

The spectacular bonanza ore shoots of the Tom Reed, United Eastern, and Ben Harrison mines at Oatman were blind ore bodies, whose surface expression was narrow argillic (illitic) alteration halos along structures. The argillic alteration blooms were barren but rapidly changed to high-grade (>0.25 opt Au) ore. An exception is the Tip Top orebody, which lies about 100 feet below a surface outcrop of silicified latite laced with quartz and calcite veins, very similar to portions of the Moss Vein. The ore shoots at Oatman were characterized by abrupt tops and bottoms corresponding to the boiling zone, extending over a vertical interval of about 1,200 feet - from about 2,600 feet down to 1,400 feet elevation. The Gold Road vein, north of the main district, cropped out on surface and has a vertical extent of at least 2,000 feet (3.300 feet down to ~1,200 feet elevation) with current exploration testing the bottom of mineralization. The Moss vein mineralization, although overall much lower grade than the Oatman ore shoots, fits the elevation range of the Oatman mineralization and boiling zone well - extending from about 2,300 feet down to at least 900 feet elevation.

The Silver Creek claims contain both a low-sulfidation epithermal precious metals vein system and a high-sulfidation mineralization system. The latter is characterized by widespread strong argillic to advanced argillic alteration and silica caps. High-sulfidation systems are developed in close proximity to magmatic centres, often porphyry copper-gold systems; and are characterized by magmatic hydrothermal waters. Ore morphology varies from veins to breccias and breccia pipes. Very high-grade bonanza gold deposits can form within the boiling zone. Important examples include Goldfield, NV; El Indio, Chile; and Yanacocha, Peru.

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9.0 EXPLORATION

9.1 Introduction

The exploration program summary in this section has been extracted from the 2021 Technical Report, which updates the synopsis from the 2014 Technical Report. A map showing the key exploration target areas is shown in Figure 9.1.

9.2 Previous Owners and Operators (1982 to 2009)

Exploration by previous owners and operators on the Moss Mine property is summarized in Section 6.1.

9.3 NVMC/GVC (2011 through 2015)

9.3.1 2011 Exploration Program

The main focus of the NVMC's 2011 (Now EGMC) exploration program was an infill and confirmation drilling program described in Section 10.2. In addition, a surface rock-chip sampling program was carried out to test for extensions to the Moss Vein. The results are presented in the NVMC's news release dated May 10, 2011.

9.3.2 2012 Exploration Program

In 2012, NVMC's exploration effort on the Moss Mine Property was again focused on drilling the western Moss Vein extension, west of the Canyon fault, and on infill drilling in the main Moss vein area (described in Section 10.2). NVMC also carried out a channel sampling program at five-foot intervals across the backs/inverts/crowns of the accessible drifts and crosscuts of the historical underground workings in the vicinity of the Allen Shaft (see Section 6.1).

The channel sample data supplement those compiled by previous owners and operators of the Moss Mine Property. The reader is referred to the 2014 Technical Report for details and results of the sampling program.

9.3.3 2013/2014 Exploration Program 

In addition to the 2013-2014 drilling program described in Section 10.2, NVMC contracted an airborne magnetic survey conducted by Precision GeoSurveys, Inc. of Vancouver, B.C. Figure 9.2 provides a summary of the results of the airborne magnetic survey and its interpretation.

The results show that magnetics surveys are an effective method of identifying potential mineralized structures on the Moss Mine Project area - both magnetic highs and lows correspond with known mineralized structures, including the Moss vein and at least nine sub- parallel structural zones.

To follow-up the magnetic survey results, NVMC initiated a geological mapping and sampling program on both the Moss claims and the Silver Creek claim block in September 2014 to 'identify and prioritize areas for future drilling where new resources may be discovered'.

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Figure 9.1
Key Exploration Target Areas on the Moss Property

Source: Mako, January, 2026.

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Figure 9.2
Total Magnetic Intensity and Structural Interpretation

Source: Mako, January, 2026.

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Mapping and rock-chip sampling focused on identification of epithermal veins and stockwork zones. Several vein exposures on the property are auriferous at surface with others showing alteration and trace elements that indicate their surface expression is above the boiling zone where gold might be found lower in the system. Samples were collected by professional prospectors under the direction of the Qualified Person. The key target areas defined by the 2015 exploration program consisted of:

• The West Oatman Vein System - This vein system is defined by a fault striking N70W mapped for a distance of three miles. The system is similar to the Moss vein system with both well-developed veins and quartz-calcite breccias and stockwork zones. Rock-chip samples from a systematic program of 143 samples (both grab and 1-meter chips) averaged 0.018 oz/ton Au with several samples assaying between 0.115 and 0.239 oz/ton Au.

• The Silver Creek Spring Vein System - This vein system trends N80W for 0.75 miles and contains several historic shafts and surface diggings exposing quartz-calcite- fluorite veining. Surface vein exposures are up to 16 ft wide.

• The Old Timer Vein System - This historic vein system has a strike length of 3,300 ft, trending S80E. It is a series of en-echelon quartz-calcite +/- fluorite veins that appear to splay off the NNW-trending Canyon Fault similar to the setting of the Moss deposit. Forty-three of 95 rock-chip samples from the system were highly mineralized, containing 0.032 opt Au to 0.592 opt Au.

• The Grapevine and Florence Hill System - A series of silica-capped hills underlain by strongly clay altered volcanic rocks were mapped on the Silver Creek claims. The silica caps are replacements of host volcanic rocks. Quartz veins are rare, but some narrow veins have highly anomalous gold values in the 0.015 to 0.030 oz/ton Au range with two very high samples (0.342 oz/ton and 0.531 oz/ton Au) collected at West Grapevine. Preliminary mapping shows that NNE to NNW-trending silicified ribs cut the strongly clay altered volcanic rocks. Anomalous gold, molybdenum and fluorine were detected in the silica ribs in previous work. Preliminary indications are that surface alteration and mineralization are at a high level in the epithermal depositional system. The boiling or gold zone could be at some depth below the surface rock exposures.

Results of the exploration program, including significant assays, can be found in the NVMC's press release of March 24, 2015.

9.3.4 2016 Mapping and Sampling

Follow-up geological mapping and rock-chip sampling was conducted at the Grapevine West, Florence Hill, and Old Timer prospects in June-July, 2016. The Arrastre and Far West areas were also evaluated. Further follow-up was conducted in October. The results from the 2015 and 2016 exploration program were used to develop drilling targets for the 2017 Exploration Program.

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9.3.5 2017 Mapping and Sampling

Additional mapping and rock-chip sampling was conducted in 2017 in conjunction with the Phase IV drilling program. New high-grade zones were defined at Old Timer West, Rattan Extension, and the Mordor (West Extension) veins. All these areas are outside of the resource area.

9.3.6 2020 Mapping and Sampling

The area west of the leach pads and south of the western extension of the Moss vein - the 3A/3B leach pad area - was mapped and sampled by the author prior to condemnation for the leach pad expansion. Several small quartz-calcite veins, some with good boiling textures (bladed calcite) and fluorite filling vugs, were mapped and sampled. A condemnation drilling program was designed to test structural and geochemical targets generated from the fieldwork.

Scattered weak gold mineralization in surface outcrops and thin intercepts in the shallow drill holes confirmed vein-type mineralization in the area, but the potential to develop a resource was deemed insufficient to prevent use of the area for leach pads.

9.3.7 2021 Mapping and Sampling

Rock chip sampling targeted apparent structure-hosted veins (as seen from Google Earth Pro) to the north of the Moss vein system, along the northwestern extension of the Mossback area, as well as follow-up sampling on hyperspectral (see Section 9.2.8) buddingtonite and kaolinite anomalies in the West Grapevine and Florence Hill areas. A total of 86 samples were collected as part of this program. The sampling confirmed the presence of a mercury and arsenic anomaly over the West Grapevine and Florence Hill areas and indicated the presence of gold mineralization in previously untested veins along the Mossback and northern structures (up to 0.028 oz/ton gold). Additional exploration is being planned for these areas.

9.3.8 2021 Multi-Spectral Survey

Northern Vertex contracted PhotoSat Information Ltd of Vancouver, B.C., to conduct a hyperspectral satellite imaging survey of the Moss/Silver Creek claims using the WorldView-3 satellite (Figure 9.3). In mineral exploration, hyperspectral imaging is used to identify structure and areas of potential mineralization, based on alteration introducing clay, iron oxide, and silica minerals.

PhotoSat's technology uses Short Wave Infrared bands to identify silicification, both in narrow zones of silicification related to Moss-style vein/stockwork mineralization, and as broader zones of silica replacement associated with high-sulfidation precious-metals systems such as occur on the Silver Creek claims. The survey identifies clay minerals and differentiates between low-temperature clays and high-temperature clays (alunite, dickite, etc.) associated with high-sulfidation systems.

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Figure 9.3
Map of Moss Project Area showing the Property Boundary, Gold/Silver Occurrences, Veins, Structures, and Alteration Mapping from the PhotoSat Hyperspectral Survey.

Source: Mako, January, 2026.

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The hyperspectral survey at Moss identified numerous areas of alteration that are worthy of follow-up exploration. Of particular note is the Florence Hill area on the Silver Creek claims. At Florence Hill, the survey shows a large cap of silicification lying on high-temperature clay alteration, a scenario typical of intrusion-related high-sulfidation gold-silver systems such as Goldfield, NV and Yanacocha, Peru. High mercury assays argue for a high level of exposure above a potentially large, high-grade gold-silver deposit.

9.3.9 Land Expansion

During the first half of 2021, Northern Vertex Mining (now EGMC) expanded the land holdings at Moss Mine Project from 19 square miles to 68.4 square miles through claim staking and land acquisition (Figure 9.3 and Section 4). The expanded land position covers numerous old mine workings, prospects, veins, extensions of mineralized structures, and gold/silver occurrences within the Oatman District and its extensions.

Systematic exploration of the expanded land position is planned following data compilation and review of hyperspectral data.

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10.0 DRILLING

Drilling at the Moss Mine Project has been conducted since 1982, as described in previous Technical Reports, issued from 2011 to 2015, 2017 and 2021. The following section is a summary of the information presented in these reports which also includes a summary of the 2022 to 2024 drilling results.

10.1 Legacy Drilling

A total of 69,648 ft in 261 drill holes has been carried out on the project by previous companies. Different drilling methods have been utilized, including Air Track (AT), Long-hole (LH), Reverse Circulation (RC) and Diamond Core (Core).

The collar coordinates for this drilling have been taken from old reports and plans. In 2011, Northern Vertex Mining, surveyed the collars that could be located in the field using a differential GPS. These drill holes do not have any down-the-hole directional surveys. This is not considered a significant issue as most of these holes are short and drill hole deviations would be minor for these holes.

In 1982, BF Minerals carried out the drilling of 54 Air Track holes and 4 RC holes totalling 6,190 ft of drilling in the Central Pit and West Pit areas targeting the Moss Vein. In 1989, Lac Minerals (USA) drilled 7 RC holes totalling 3,125 ft in the Far West area. In 1990, Billiton carried out the drilling of 21 RC holes totalling 6,925 ft in the Centre Pit, East Pit and West Pit areas, targeting the Moss Vein. In 1991, Reynolds Metals drilled 11 holes totalling 4,865 ft in the Reynolds Pit area. In 1991, Magna Copper carried out the drilling of 21 RC holes totalling 9,890 ft in the Centre Pit and East Pit areas, again targeting the Moss Vein. In 1992, Golconda Resources carried out the drilling of 17 RC holes totalling 2,698 ft of drilling in the Centre Pit and East Pit areas, again targeting the Moss Vein.

In 1996, Addwest Minerals International Ltd. (Addwest) carried out the drilling of 30 RC holes totalling 8,217 ft again targeting the Moss Vein in the Centre Pit area. This was followed up in 1998 by the drilling of 15 Long-holes totalling 434 ft in the Centre Pit area. The LH98-1 to LH98-15 holes completed by Addwest in 1998 were drilled as up-holes in the historical underground workings. In each case, the holes were drilled to explore the Moss Vein, based on knowledge of its attitude and extent from field mapping and related geological fieldwork.

Patriot Gold carried out drilling campaigns in 2004, 2005, 2007 and in 2009 on the Project. In 2004, they drilled 35 RC holes totalling 7,542 ft in the East Pit area. In 2005, they drilled 7 RC holes totalling 3,675 ft also in the East Pit area. In 2007, they drilled 6 Core holes totalling 3,916 ft in the Centre Pit area and in 2009 they drilled 6 Core holes totalling 2,929 ft in the East Pit area.

Table 10.1 presents a summary of the drilling conducted on the Project.

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Table 10.1
Summary of Drilling Statistics for Moss Mine Project

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10.2 Northern Vertex Drilling 2019 to 2021

Northern Vertex has carried out a series of drilling Phases since February, 2011, across the Moss Mine Project. The Phase 1 2011 drilling program was supervised by MinQuest with Northern Vertex Corp. (Northern Vertex) personnel supervising all subsequent drilling phases.

In 2011, during Phase 1, Northern Vertex drilled 54 RC holes totalling 20,555 ft of drilling and 10 core holes totalling 2,601 ft targeting the Centre and East Pit areas.

Later in 2011 and to 2013, during Phase 2, Northern Vertex drilled 21 RC holes totalling 8,537ft of drilling and 74 core holes totalling 26,738 ft of drilling in the West, Centre and East Pit areas.

The collars of all the Phase One to Phase Three drillholes were surveyed by Northern Vertex personnel, using a differential GPS. The locations of individual collars are marked by a plastic pipe set in and concreted into the top of the drillhole, with an adjacent metal rod or wooden stake set in concrete and marked with flagging tape. Each collar monument is marked with the drillhole number, azimuth and inclination. The collar co-ordinates were verified as part of a larger due diligence program that included the holes drilled by previous owners and operators of the Moss Mine Project.

Downhole directional surveys were carried out by Northern Vertex personnel using a Reflex EZ-Trac tool. Downhole surveys were carried out for 21 RC and diamond Core holes during the Phase 1 program, 17 RC and Core holes in the Phase 2 program and 42 Core holes for the Phase 3 program.

Percussion drilling was carried out between October and December, 2012, using a tracked, Atlas Copco ECM 590 drill rig with a 3" hole diameter. All holes were vertical and were generally drilled to a maximum of 96 ft, as holes deeper than 100 ft are considered water wells in Arizona and require a well permit from the state. Holes were stopped short if they hit old workings, water or heavily fractured ground.  A total of 187 holes were drilled for resource infill on the Moss Vein. A total of 28 holes were drilled to investigate mineralization on the west side of the Canyon Fault / Dike where the low-grade metallurgical sample was taken, and possible extensions of the Moss vein across the Canyon Fault. A total of 50 condemnation holes were drilled in the area proposed for waste rock storage in the Ruth and Ruth Dump areas. As well, 7 condemnation holes were drilled in the Rattan area. Five other percussion holes were drilled by a truck-mounted rig supplied by Drilltech, two for water monitoring (MW2012-1 to MW2012-3) and two water wells (WaterWell-1 and 2).

In 2016, two water wells totalling 2,336 ft were drilled and sampled, one in the Centre pit area and the other in East Pit area. The sampling of these holes is not considered reliable, and they have been excluded from the Mineral Resource Estimation.

In 2017, 20 Core holes were drilled totalling 4,716 ft in the West Extension, West Oatman, and Old Timer areas.  The West Oatman and Old Timer drilling is not situated on the Moss Vein mineralized trend, and these holes are not considered for the Mineral Resource Estimate.

The 2018 program consisted of thirty-one 94-ft-deep percussion holes drilled into the hanging wall of the Mordor vein in the West Extension area. Twenty-four of the holes encountered strong vein and stockwork gold-silver mineralization. The drilling results were used to guide deeper reverse-circulation drilling in 2020. The percussion drilling and sampling from this program is not considered to meet CIM best practice guidelines and none of this exploration drilling was used for Mineral Resource Estimation.

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The 2019 drilling program, an infill drilling program in the West Pit area, commenced on September 3, 2019, and concluded on November 13, 2019. Longyear Drilling Company completed 29 reverse-circulation drill holes totalling 14,025 feet using a track-mounted MPD-1500 drill rig. The objectives of the program were to confirm continuity of mineralization, to upgrade Inferred resources to Indicated or Measured resources, and to potentially extend the open pit design at depth and to the south.

Twenty-five of the 29 drill holes encountered significant stockwork gold-silver mineralization, with most holes having multiple intercepts. In addition to confirming continuity of mineralization and upgrading resource categories, the program was successful in proving mineralization beneath the planned pit bottom. For example, hole AR-226R intersected 140 ft grading 0.024 oz/ton Au, 0.41 oz/ton Ag, starting 120 ft below the planned pit bottom, indicating potential to expand the resource at depth.

The 2020-2021 drilling program was designed to accomplish several goals:

1) To add resource ounces in the current pit area and expand the mineral resource to the west (Gold Bridge, Gold Tower, West Pit targets).

2) To discover higher-grade gold mineralization within and adjacent to the current open pit in order to increase average mining grade (Ruth Vein, Moss-Ruth intersection).

3) To extend mineralization below the current pit bottom and expand the mineral resources at depth.

4) To make new discoveries along strike of the Moss Vein and at new targets separate from the Moss Vein (West Extension, Mid-West Extension, East Extension and West Oatman).

In 2020, a total of 146 RC holes totalling 69,960 ft and 6 Core holes totalling 4,659 ft were drilled to test the goals listed above. Then in 2021, a total of 149 RC holes totalling 116,645 ft and 30 Core holes totalling 22,756 ft were completed to test the goals listed above. The results of this drilling were encouraging.

The West Pit, Gold Bridge and Gold Tower drill holes intersected multiple zones of stockwork mineralization throughout the length of the holes.

Drilling along the projection of the Ruth Vein discovered a second high-grade zone about 500 ft to the east of the shafts, where hole AR20-313R intersected 20 ft grading 0.285 oz/ton Au, 1.06 oz/ton Ag, including five feet grading 0.735 oz/ton Au and 2.49 oz/ton Ag.

The encouraging results of the early drilling at Ruth spurred a program of systematic drilling of the vein. However, drilling was hampered by the logistical challenges of establishing drilling platforms in a narrow open pit mine with active mining and blasting. It was necessary to drill multiple holes at varying angles from a limited number of pads. Several holes were drilled through waste dumps. Many holes were drilled at oblique angles to both the dip and strike of the vein, creating exaggerated apparent mineralized intercepts.

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In drill holes, the Ruth Vein ranges from a narrow (five feet) vein with no adjacent mineralization to a vein with thick zones of adjacent stockwork mineralization. Stockwork vein zones also occur both above and below the Ruth Vein. Most holes intersected multiple mineralized zones.

Higher grades occur both within the core of the Ruth Vein and locally as thin intervals within stockwork zones in both the footwall and hanging wall. Rare pockets of high- grade gold have been drilled, but drilling density is insufficient to define coherent "mineralized shoots".

Defining mineralization beneath the limit of previous drilling and expanding the resource to depth below the planned open pit bottom were goals of the 2020-2021 drilling programs. Twenty-one angled drill holes: 11 reverse-circulation, and 10 core, were drilled from south to north to test the deep Moss vein and the intersection of the Ruth and Moss veins. One deep reverse-circulation hole (AR20-315R) was drilled at -85° to the south to test the Moss-Ruth intersection. Drill lengths ranged from 660 ft to 1,355 ft, reaching vertical depths of up to 1,170 ft below the surface. Significant precious-metals mineralization was encountered to depths of up to 950 ft beneath the surface (AR20-315R).

Due to the oblique orientation of drill holes to the Moss vein, several drill holes have exaggerated mineralized intervals, for example AR20-315R intersected 360 ft grading 0.023 opt Au from 605 ft to 965 ft, but corrected for obliquity to the vein, the true thickness of the mineralized zone is about 165 ft. That is thicker than normal for the Moss vein and hanging wall stockwork, suggesting thickening with depth as the intersection with the Ruth vein is approached.

Drilling to date shows no indication of bonanza grades at the vein intersection, but sections of moderate grade mineralization in the Moss vein have been drilled to depths in excess of 900 ft. For example, hole AR21-441R drilled a true thickness of 17 ft grading 0.058 oz/ton Au at a vertical depth of 738 ft to 810 ft, and hole AR20-315R drilled 13 feet grading 0.054 oz/ton Au at a vertical depth of 897 ft to 946 ft.

Drilling in the East Extension area focused on following the Moss vein and its hanging wall stockworks eastward from the open pit/patented claim boundary. Twenty-one reverse- circulation holes were drilled over a strike length of 700 ft. Five shallow (150 ft to 350 ft long) drill holes angled into the projection of the Moss vein immediately east of the open pit did not encounter significant mineralization. However, two holes just east of the shallow drilling intersected thick moderate-grade gold-silver. AR21-425R intersected 75 ft grading 0.0309 oz/ton Au, 0.58 oz/ton Ag and AR21- 425R intersected 75 ft grading 0.058 oz/ton Au, 0.069 oz/ton Ag. The apparent gap in mineralization may be due to insufficient drilling or the shallow depth of drill holes, or it could be due to a fault offset of the vein to the north, steepening or overturning of the vein, or a barren compressional zone between mineralized extensional zones along the vein. Infill drilling is needed to evaluate this area.

The West Extension follows the Moss vein structure west of the West Pit to the eastern limit of the Moss claim block. Mineralized areas include the Mordor cliffs, the Mordor vein, Mid-West Extension, and Far West Extension. Two RC holes, AR20-251R and AR 20-252R were drilled along the base of the Mordor cliffs. AR20-252R, about 1,500 ft west of the West Pit, was located too far to the south and did not reach the Moss stockwork zone. AR20-251R, about 1,300 ft west of the West Pit, intersected two mineralized zones; 20 ft grading.0.027 oz/ton Au, 0.011 oz/ton Ag between 40 ft to 60 ft downhole and 80 ft grading 0.010 oz/ton Au, 0.04 oz/ton Ag between 175 to 255 ft downhole.

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At the Midwest Extension, centred about 2,300 ft west of the west end of the West Pit, one reverse circulation hole was drilled to test for bulk tonnage gold mineralization and to verify results from Reynolds Metals' drilling in 1991. Drill Hole AR21-253R, a 400-ft vertical reverse circulation hole, drilled in the northwest part of the target area, intersected four zones of mineralization between the surface and a depth of 390 ft:

• 150 ft grading 0.009 oz/ton Au, 0.04 oz/ton Ag from 50 ft to 200 ft downhole.

• 15 ft grading 0.013 oz/ton Au, 0.04 oz/ton Ag from 225 ft to 240 ft downhole.

• 10 ft grading 0.034 oz/ton Au, 0.02 oz/ton Ag from 310 to 320 ft downhole.

• 15 ft grading 0.016 oz/ton Au, 0.02 oz/ton Ag from 375 ft to 390 ft downhole.

Results of AR21-253R confirm the existence of thick sections of low-grade gold at Midwest Extension, verify results from Reynold's Metals' 1991 drilling, and suggest good potential for a bulk-tonnage gold deposit at shallow depth.

One reverse-circulation hole was drilled at the West Oatman target, a vein/breccia system lying about one mile south of the Moss mine on the south side of Silver Creek Wash. Drill hole AR21-259R was a vertical hole drilled as an offset to Reynolds Metals' hole BW 92-10, which encountered 145 feet grading 0.016 oz/ton gold. AR20-259R intersected 175 feet grading 0.024 oz/ton gold and 0.431 oz/ton silver including 60 feet grading 0.0452 oz/ton gold and 1.03 oz/ton silver, about 50 feet downdip of BW 92-10. The drill results suggest significant thickening and increase in grade with depth in the West Oatman system.

A drilling program to follow up the results of hole AR20-259R is planned. The drilling will expand upon previous drilling by Reynolds Metals and 13 core holes drilled by Northern Vertex in 2017.

10.3 Elevation Gold Mining Corp. Drilling from 2022 to 2024

The 2022 to 2024 drilling was carried out over various targets on the Moss Mine Project.  A total of 125 RC holes totalling 84,955ft of drilling targeted the Centre Pit, East Extension, Rattan, Reynolds Pit, West Extension and West Pit areas.  Four Core holes totalling 8,777.5ft were drilled at Florence Hill, with one Core hole totalling 1,526ft drilled at Grapevine.

There were 50 drill holes totalling 23,990 ft drilled at the Reynolds Pit, with 26 totalling 22,880 ft at the West Extension and 20 holes totalling 15,520 ft at the West Pit area.  Additional drilling was carried out at Centre Pit, with 13 holes totalling 11,515 ft. There were 9 RC holes totalling 5,900 ft drilled at the East Extension and 7 drill holes totalling 5,150 ft drilled at Rattan.

Figure 10.1 displays the locations of the 2022 to 2024 drill holes as red drill hole traces and the older drilling as black drill hole traces. Table 10.2 lists the drill hole collar locations for the 2022 to 2024 drilling at the Moss Mine Project.

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Figure 10.1
Plan Map of Drilling at the Moss Mine Project

C.Keech, CGK Consulting Services Inc, 2025.

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Table 10.2
Drill Hole Collars for 2022 to 2024 Drilling at Moss Mine Project