New Polaris hosts ultra-high-grade reserves of 9.94 g/t Au, supporting ~100Koz per year of production and strong margins. Few development projects globally offer this combination of grade, scale and jurisdiction in BC.

The 2025 FS outlines strong economics with just C$250M of initial capex and LOM AISC of $1,247/oz. At $3,300/oz gold, the project generates a C$793M NPV5% and 47% IRR.

Antimony production of over 5Kt is included in the mine plan but not in the FS economics, providing embedded upside.

Sun Valley’s ~48% ownership meaningfully reduced financing risk. Combined with low capital intensity, this strengthens the path to a 2028 construction decision.