Dundee Precious Metals

It is very unusual to interview a company executive twice in a month, but Farhad Abasov’s Millennial Potash (MLP.V) has put out a revised Mineral Resource Estimate for it Banio Potash project in Gabon which has completely changed the scope of the project. Headline numbers,

“Measured + Indicated Resource is up by 275% and Inferred Resource is increased by 210% at its Flagship Banio Potash Project: Measured + Indicated Mineral Resources of 2.45 Billion Tonnes at 15.6% KCl and Inferred Mineral Resources of 3.56 Billion Tonnes at 15.6% KCl”

I reached Abasov in London, where he was at the 121 conference. He’d had 24 meetings with buy-side investors in two days.

“The MRE came out in time for us, just in time to be able to speak freely with these investors,” said Abasov. “When we got the numbers, we were surprised, shocked really. We were expecting around 3 to 3.5 billion tons; we got 6 billion tons in total Measured, Indicated and Inferred.”

At 15-16% KCl, 6 billion tons of total M+I+I works out to roughly a billion tons of contained potash. Which is a lot.

“The resource expanded based on the results from two new drill holes,” said Abasov. “Our first two holes from the 2024 drill program were constrained because about 40% of the resource drilled was under the lagoon and inaccessible. The two new holes discovered resources which are entirely on land. The other thing about the new holes is that the potash layers are 50% thicker than the layers we drilled last year.”

“The grade has been consistent, basically the same 15-16%,” said Abasov. “We are seeing grade continuity; it is the thickness which is increasing.”

The majority of the mineralization (95%) is carnallitite, which grades 15.4% KCI, the rest is higher-grade sylvinite grading 24.3% KCI. I asked Abasov how this compared with, say, Saskatchewan potash. “It’s lower grade but we have much thicker horizons,” said Abasov. “In Saskatchewan, you see 20-meter-thick horizons. At Banio, we are seeing 100 plus meter horizons. Which makes our prospective operations significantly cheaper.”

“Compared to other potash operations, we’ll have a lot less CAPEX,” said Abasov. “And our OPEX will be significantly lower because we’ll only need 10-15 caverns to hit our planned 800,000 tons per year. Our 100-meter-plus horizons mean we will have fewer, thicker, caverns than other potash mines and those caverns will be productive for ten to fifteen years.”

Perhaps as importantly, Millennial has really just begun exploring Banio. “We’ve drilled no more than 5% of the property,” said Abasov. “You can get a sense of the scale from our new presentation.”

That scale is important because, from a larger perspective, Banio is profoundly underexplored, and the extraordinary results reported in the revised MRE are based on drilling in what may not be the most prospective part of the licence. The fact is that the grades are consistent, but the horizons are wider as drilling goes further south on the property.

“We have historic data from drill holes all the way down to the border with Congo,” said Abasov. “The drilling was for oil and gas exploration back in the 1970s. They were not looking for potash, but the drill records show they found potash horizons 200 meters thick.”

We turned to next steps and I mentioned I thought I had seen that the US Government’s initial grant of 3 million dollars towards a bankable feasibility study included a right of first refusal to fully fund the CAPEX of the Banio project. But I could not find the reference.

“The initial agreement does include a right of first refusal to lead project financing for our  500 million CAPEX,” said Abasov. “There are a lot of details to be worked out and in the next few weeks we’ll be sitting down with the US Development Finance Corporation to discuss those details.”

“Compared to other potash mines, Banio has a fairly small CAPEX. With the possibility of the US Government funding part or all of the CAPEX and a low OPEX we are looking at the option of funding and building the mine ourselves,” said Abasov. “We have shareholders who don’t want to sell.”

“It is all about value maximization,” said Abasov. “If we were offered a huge premium? Well, we will obviously bring that to our shareholders to consider.”

“It’s too soon,” said Abasov. “We still need to build value in the project by derisking it further”

Abasov had 24 meetings in London with buy-side investors, funds, large operators, and they were all impressed with the revised MRE. Millennial has 17 million dollars in the bank, its warrants representing several more million, are all in the money. The company is in the middle of preparing its bankable feasibility study largely funded by what is effectively a grant of 3 million dollars from the US government. It has a drilling program planned for next year which will take the drills further to the rich layers of potash to the south of the property.

Millennial can afford to complete its programs and maximize the value of the Banio project before either exiting or funding and building the mine itself.

The market loved the new MRE. The day before the MRE press release, Millennial traded at $2.40, today it traded at $3.15, up $0.75 in three trading sessions. Volume is strong. Investors seem to be confident that, whichever direction Millennial takes, management is committed to maximizing shareholder value.

Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce further assay results from two (2) additional drillholes (DSB-91 and DSB-92) of the second phase definition diamond drilling program at the Company’s Iska Iska Project, Potosi Department, Southern Bolivia. Both holes are in the Silver-Zinc-Polymetallic Domain in the potential Santa Barbara starter pit area. These results further expand the footprint of this domain and indicate that the deposit continues to be open to the east (see Figure 1). The current phase of the definition drilling phase has concluded with a total of 8,286.40m of diamond drilling in sixteen (16) holes completed. A total of 7,346.90m was completed in the fourteen (14) reported holes, with assay results pending for two remaining holes totaling 939.50m in length.

Figure 1 shows the location of the reported drill holes, Table 1 lists significant assay results, and Table 2 lists drill hole coordinates.

Tom Larsen, Eloro’s CEO, commented: “We are excited to report these results with long and higher-grade intercepts on the eastern and far-eastern boundary of the Potential Starter Pit Zone and are looking forward to the additional results from the two pending holes. The polymetallic style of mineralization associated with these higher-grade results indicates a further extension of the known mineralization to the east, at least 50-100m beyond the potential starter pit shell. It will allow us to expand the infill and step-out drill program in 2026 to expand the MRE for the planned PEA.” Larsen continued: “With the overall results obtained so far, Iska Iska is well-positioned to become a premier silver-tin-polymetallic resource supporting the global shift toward the world´s critical minerals supply chain.”

Dr. Osvaldo Arce, P.Geo., Eloro’s Executive Vice President Operations, Latin America, added: “The intercepts from drill holes DSB-91 and DSB-92 are confirming the extent of the mineralization beyond the existing limit of the potential starter pit. The presence of continuous higher-grade mineralization in both the Sn-Ag domain to the west and in the Ag-Zn-Polymetallic domain to the east in the Santa Barbara zone, indicates that there is a potential for a feeder system within this part of the deposit. Metals were likely precipitated within permeable lithologies and were trapped in fractures and faults resulting in high grade concentrations.”

Dr. Arce continued: “These higher-grade mineral zones are still open in all directions and at depth; hence, further definition drilling has the potential to significantly expand the higher-grade zones in these metal domains in the Santa Barbara zone.”

Definition Drill Program, Santa Barbara Potential Starter Pit Area

Drillholes DSB-91 and DSB-92 were drilled in the eastern part of the potential starter pit area (Figure 1).

DSB-91, an infill hole collared 100.00m northwest of hole DSB-89, intersected the following silver, lead, zinc and tin intervals:

• 37.33 g/t Ag and 0.21% Pb over 64.50m beginning at 19.50m, including:
  • 26.00 g/t Ag and 0.15% Sn over 19.50m beginning at 19.50m.
• 50.00 g/t Ag and 0.17% Sn over 3.00m beginning at 100.50m
• 1.41% Zn, 13.35 g/t Ag and 0.63% Pb over 151.50m beginning at 109.50m, including:
  • 34.90 g/t Ag and 1.49% Zn over 31.50m beginning at 147.00m,
  • 2.35% Zn, 0.16% Sn, 13.14 g/t Ag and 0.74% Pb over 10.50m beginning at 180.00m,
  • 1.02% Pb, 1.48% Zn, and 0.11% Sn over 70.50m beginning at 190.50m.

• 18.64 g/t Ag and 0.21% Sn over 41.25m beginning at 279.00m, including:
  • 26.49 g/t Ag, 0.23% Sn and 1.30% Pb over 26.25m beginning at 294.00m.

• Further downhole, DSB-91 intersected 0.23% Sn, 0.92% Zn and 0.84% Pb over 136.50m beginning at 328.50m, including:
  • 1.16% Zn and 0.47% Pb over 58.50m beginning at 328.50m,
  • 23.55 g/t Ag, 3.17% Pb and 1.02% Sn over 16.50m beginning at 393.00m,
  • 0.91% Zn, 0.18% Sn and 0.62% Pb over 55.50m beginning at 409.50m.

• 0.40% Sn and 11.80 g/t Ag over 7.50m beginning at 469.50m,
• 28.00 g/t Ag, 2.81% Zn, 1.39% Pb and 0.13% Sn over 1.50m beginning at 510m.

DSB-92, a step-out hole collared 50m southeast of discovery hole DSB-88, intersected the following silver, gold, zinc, lead, and tin intervals:

• 61.05 g/t Ag and 0.20% Sn over 90.00m beginning at 492.30m, including:
  • 173.30 g/t Ag and 0.15% Sn over 15.00m beginning at 517.80m,
  • 50.14 g/t Ag and 0.26% Sn over 49.50m beginning at 532.80m.
• 1.77% Zn, 10.04 g/t Ag and 0.57% Pb over 238.50m beginning at 33.30m, including:
  • 31.70 g/t Ag over 34.50m beginning at 33.30m,
  • 2.06% Zn and 0.62% Pb over 204.00m beginning at 67.80m.
• 1.71% Zn, 18.20 g/t Ag and 1.05% Pb over 1.50m beginning at 349.80m.

Figure 1: Location Map of Definition Diamond Drill Holes, Santa Barbara zone, Iska Iska. The yellow circles highlight the location of holes DSB-91 and DSB-92 referred to in this release.

Table 1: Definition Diamond Drill Results as of November 12, 2025, Santa Barbara, Iska, Iska.

Note: True width is approximately 80% of core length. Silver equivalent (Ag eq) grades are calculated using 3-year average metal prices of Ag = US$24.14/oz, Zn = US$1.36/lb, Pb = 0.98/lb, and Sn = US$13.74/lb, and preliminary metallurgical recoveries of Ag = 88%, Zn = 87%, Pb = 80% and Sn = 50%. In selecting intervals, a cutoff grade of 30 g Ag eq/t has been used. Lower grade material may be included in intersections where geological continuity is warranted.
*Interval also assayed 1.59 g/t Au.

Table 2: Summary of Diamond Drill Hole Coordinates for Drill Holes Completed at Iska Iska as of November 12, 2025

Qualified Person (“QP”)

Dr. Osvaldo Arce, P.Geo. Executive Vice President, Latin America for Eloro and General Manager of Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L, and a Qualified Person (“QP”) as defined by National Instrument (“NI”) 43-101 has reviewed and approved the technical content of this news release. Dr. Arce who has more than 35 years of mineral exploration and extensive mining expertise across several countries in North and South America manages the overall technical program and supervises all field work carried out at Iska Iska.

Eloro utilized both ALS and AHK for drill core analyses, both of whom are major international accredited laboratories. Drill samples sent to ALS were prepared in both ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps sent to the main ALS Global laboratory in Lima for analysis. Drill core samples sent to AHK Laboratories are also prepared by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru.

Silver (Ag), zinc (Zn) and lead (Pb) are analyzed by Inductively Coupled Plasma Atomic Emission Spectroscopy (ICP-AES) using a four-acid digestion; Sn is analyzed by X-Ray Fluorescence (XRF) and Au is analyzed by fire assay on 50g pulps with an Atomic Absorption Spectroscopy (AAS) finish. AAS measures absorbed light to quantify elements, while ICP, such as ICP-OES or ICP-MS, measure emitted light or ions to determine elements. XRF uses fluorescent X-rays to excite atoms and to emit X-rays that reveal the presence and concentration of tin. Sample size in ICP typically ranges from 100 mg (0.1 g) to 1 g, for AAS, is usually less than 100 mg (0.1 g) and for XRF is ideally below 75 µm.

Check samples between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical protocols used as with ALS and with the same QA/QC protocols with the exception of Sn for which a sodium peroxide fusion is used at AHK following by ICP. Check comparisons of Sn results from ALS and ALS indicate no statistically significant difference between results using the two different analytical techniques.

Eloro employs an industry standard QA/QC program with standards, blanks and duplicates inserted into each batch of samples analyzed at both laboratories with selected check samples sent to a separate accredited laboratory. Check results are regularly monitored.

About Iska Iska

The Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro has an option to earn a 100% interest in Iska Iska.

Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi, all located along the same overall geological trend.

Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska Iska on September 13, 2020. On January 26, 2021, Eloro announced significant results from the first drilling at the Santa Barbara Breccia Pipe (SBBP) including the discovery hole DHK-15 which returned 29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu and 0.056%Sn over 257.5m, from surface. Subsequent drilling has confirmed the presence of significant values of Ag-Sn polymetallic mineralization in the SBBP and the adjacent Central Breccia Pipe (CBP). A substantive mineralized envelope which is open along strike and down-dip extends around both major breccia pipes. Continuous channel sampling along the walls of the Santa Barbara Adit located to the east of SBBP returned average grades of 164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu over 166m including 446 g Ag/t, 9.03% Pb and 1.16% Sn over 56.19m. The west end of the adit intersects the end of the SBBP.

Since the initial discovery hole Eloro has released a number of significant drill results in the SBBP and the surrounding mineralized envelope which, along with geophysical data, has defined an extensive target zone. On October 17, 2023, Eloro filed the NI 43-101 Technical Report outlining the initial inferred MRE for Iska Iska, prepared by independent consultants Micon International Limited. The MRE was reported in two domains, the Polymetallic (Ag-Zn-Pb) Domain which is primarily in the east and south of the Santa Barbara deposit and the Tin (Sn-Ag-Pb) Domain which is primarily in the west and north.

The Polymetallic Domain is estimated to contain 560Mt of inferred mineral resources at 13.8 g Ag/t, 0.73% Zn & 0.28% Pb at an NSR cutoff of US$9.20 for potential open pit and an NSR cutoff of US$34.40 for potential underground. The majority of the mineral resource is contained in the constraining pit which has a stripping ratio of 1:1. The Polymetallic Domain contains a higher-grade inferred mineral resource at a NSR cutoff of $US25/t of 132 million tonnes at 1.11% Zn, 0.50% Pb and 24.3 g Ag/t which has a net NSR value of US$34.40/t which is 3.75 the estimated operating cost of US$9.20/t. The Tin Domain which is adjacent to the Polymetallic Domain and does not overlap, is estimated to contain an inferred mineral resource of 110Mt at 0.12% Sn, 14.2 g Ag/t and 0.14% Pb but is very under drilled.

Metallurgical tests reported on January 23, 2024 from a 6.3 tonne PQ drill core bulk sample representative of the higher grade Polymetallic (Ag-Zn-Pb) Domain returned a significantly higher average silver value of 91 g Ag/t compared to the weighted average grade of the original twinned holes at 31 g Ag/t strongly suggesting that the average silver grade is likely significantly underreported in the original twinned holes due to the much smaller sample size.

The Company reported on July 30, 2024, that updated modelling of the potential starter pit area at Santa Barbara zone highlights the importance of completing additional drilling to better define the grade and extent of the mineral resource in this area. Areas with higher-grade resource typically have much better drilling density but holes outside the core potential pit area are too widely spaced to give an accurate estimate of grade.

On September 4, 2024, the Company announced the restart of definition drilling in the potential starter pit area at Santa Barbara. It was highly focused on infill and step-out drill program in order to better define the full vertical and lateral extent of high-grade Sn and Ag mineralization, expand higher-grade Sn mineralization to the west and the silver to the central and west parts. Also, to fill-in gaps that were formerly categorized as low-grade or internal waste in the mineral resource model and to drill in a closer-spacing 50m x 50m grid. Previous drilling has shown that areas with high-grade mineralization typically have much better drilling density, whereas holes outside the core area are too widely spaced to give an accurate grade estimate. This increased drilling density is particularly important for defining the extent of the high-grade Ag-bearing and Sn-bearing structures, and for categorizing the mineral resources from inferred to indicated, which have a major influence on overall grade and resources that will contribute to the PEA.

Since September 4, 2004 the Company has completed 27 drill holes totalling 14,085.80 metres of definition drilling in 2 different phases of diamond drilling in the potential starter pit area of the Santa Barbara Zone. This drilling has continued to intersect strong, broad zones and high-grade mineralization with good continuity in both the predominant Sn-Ag domain to the west (15 drill holes) and in the predominant Ag-Zn-Polymetallic domain to the east (12 drill holes). Both zones remain open along and across strike as well as downdip.

The intercepts of 151.47 g Ag/t over 135m found in hole DSB-75; 66.90g Ag/t over 289.13m in hole DSB-68; 126.10g Ag/t over 122.03m, 127.49g Ag/t over 41.25m and 49.71g Ag/t over 142.50m found in hole DSB-69; and 45.71g Ag/t over 81.00m and 30.08g Ag/t over 255.75m found in hole DSB-70 confirm the presence of continued silver pockets grading over 50 g Ag/t. Moreover, tin enriched pockets such as 1.39% Sn over 33m, 0.74% Sn over 87m found in hole DSB-72 and 0.55% Sn over 49.5m, 0.34% Sn over 91.5m, 0.31% Sn over 103.5m in hole DSB-74 demonstrate the existence of consistent high grade tin pockets at the Santa Barbara zone. And finally, the presence of intercepts such as 1.41% Zn over 151.50m in hole DSB-91, 1.77% Zn over 238.50m and 1.72% Zn over 456m found in hole DSB-88 reveal continuous Zn (and Pb) ore shoots in the property. These results have further expanded, at least 200m laterally, the higher-grade tin and silver and polymetallic (Ag-Sn-Zn-Pb) mineralization and the footprint of this large multi-phase hydrothermal system at Iska Iska.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR+. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La Arena Gold Mine.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Cartier Resources Inc. (″Cartier″ or the ″Company″) (TSXV: ECR; FSE: 6CA) is pleased to announce that metallurgical testwork program is underway on samples of the Main Sector from its Cadillac Project, located in Val-d’Or (Abitibi, Quebec). This work will be supervised by Soutex, a firm specializing in mineral processing and metallurgy, located in Quebec City (Quebec).

Methodology of the Metallurgical Testwork Program

A total of 388.7 kg of representative NZ-size half-drill core samples, which 92% of the samples come from holes drilled by Cartier between 2017 and 2023, has been collected from three gold deposits (Chimo, East Chimo and West Nordeau) of the Main Sector (Figure 1) and shipped to ALS Canada Ltd – Metallurgy Services in Kamloops, British Columbia; the details and process of which are provided below:

• Chimo Deposit: 126.1 kg (composites 1 & 2).
• East Chimo Deposit: 132.6 kg (composites 3 & 4).
• West Nordeau Deposit: 130.0 kg (composites 5 & 6).

Figure 1: Geographic Location of the Composites

The preparation and testing process of the composites of the three deposits will be subject to cyanidation tests at three different grind sizes. After these tests, gravimetric concentration separation followed by a cyanide destruction tests of the gravity tails will be done at the grind size showing the best results. In addition to the metallurgical program, comminution test, as well as chemical and mineralogical characterization, will also be performed to define the grindability of the mineralized material and predict his behaviour in the process (Figure 2).

Figure 2: Material Preparation and Testing Flowchart of the Composites

Key Objectives of the Program

• Defining expected gold recovery rates and improving upon historical results from the Chimo deposit.
• Establishing first-time metallurgical recovery data for the East Chimo and West Nordeau satellite deposits, where no previous data exists.
• Supporting the development of an integrated process flowsheet.
• Providing critical data for future trade-off studies to guide project development.

Results from the metallurgical testwork program are expected in Q1 2026 (Figure 3).

Figure 3: Planned Test Schedule

Milestones of 2025-2027 Exploration Program

100,000 m Drilling Program (Q3 2025 to Q2 2027)

The ambitious 600-hole drilling program will both expand known gold zones and test new shallow surface high-potential targets. The objective is to unlock the camp-scale, high-grade gold potential along the 15 km Cadillac Fault Zone. It is important to note that Cartier’s recent consolidation of this large land holding offers the unique opportunity in over 90 years for unrestricted exploration.

Environmental Baseline Studies & Economic Evaluation of Chimo mine tailings (Q3 2025 to Q3 2026)

The baseline studies will be divided into two distinct parts which include 1) environmental baseline desktop study and 2) preliminary environmental geochemical characterization. The initial baseline studies will provide a comprehensive understanding of the current environmental conditions and implement operations that minimize environmental impact while optimizing the economic potential of the project. These studies will be supplemented by an initial assessment of the economic potential of the past-producing Chimo mine tailings to determine whether a quantity of gold can be extracted economically.

Qualified Person

The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Ronan Déroff, P.Geo., M.Sc., Vice President Exploration, who is a ″Qualified Person″ as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (″NI 43-101″).

About Soutex

Soutex is a consulting firm in mineral processing and metallurgy that offers specialized services, from the initial stages of development on paper to the daily operations of the processing plant. Their designs stem from their solid experience in providing plant operations support. This support is based on their knowledge of fundamental ore processing principles and their in-plant experience. Founded in 2000 and having offices in Canada (Quebec and Longueuil) and Germany (Munich), Soutex comprises more than 40 metallurgists, process engineers, and technicians, making it one of the largest groupings of specialists in the field in Canada. Services have been offered to clients located across Canada and abroad (West Africa, United States, Finland, New Caledonia, Suriname, and Madagascar).

About Cadillac Project

The Cadillac Project, covering 14,000 hectares along a 15-kilometre stretch of the Cadillac Fault, is one of the largest consolidated land packages in the Val-d’Or mining camp. Cartier’s flagship asset integrates the historic Chimo Mine and East Cadillac projects, creating a dominant position in a world class gold mining district. With excellent road access, year-round infrastructure and nearby milling capacity, the project is ideally positioned for rapid advancement and value creation.

Using a gold price of US$1,750/oz, a Preliminary Economic Assessment demonstrated the economic viability of a 2-km segment, compared to the 15 km that will be the subject of the 100,000 m drilling program, with an average annual gold production of 116,900 oz over a 9.7-year mine life. Indicated resources are estimated at 720,000 ounces (7.1 million tonnes at 3.1 g/t Au) and inferred resources at 1,633,000 ounces (18.5 million tonnes at 2.8 g/t Au). Please see the NI 43-101 ″Technical Report and Preliminary Economic Assessment for Chimo Mine and West Nordeau Gold Deposits, Chimo Mine and East Cadillac Properties, Quebec, Canada, Marc R. Beauvais, P.Eng., of InnovExplo Inc., Mr. Florent Baril of Bumigeme and Mr. Eric Sellars, P.Eng. of Responsible Mining Solutions″ effective May 29, 2023.

About Cartier Resources Inc.

Cartier Resources Inc., founded in 2006 and headquartered in Val-d’Or (Quebec) is a gold exploration company focused on building shareholder value through discovery and development in one of Canada’s most prolific mining camps. The Company combines strong technical expertise, a track record of successful exploration, and a fully funded program to advance its flagship Cadillac Project. Cartier’s strategy is clear: unlock the full potential of one of the largest undeveloped gold landholdings in Quebec.

For further information, contact:
Philippe Cloutier, P. Geo.
President and CEO
Telephone: 819-856-0512
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com

Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) (“MLP”, “Millennial” or the “Company”) is pleased to announce the results of an updated Mineral Resource Estimate (“MRE”) for the northern part of its Banio Potash Project in Gabon. The MRE has an Effective Date of Nov. 11, 2025 and was completed by ERCOSPLAN Ingenieurgesellschaft Geotechnik und Bergbau mbH (“ERCOSPLAN”), one of the oldest and best-known potash specialist consulting companies in the world with significant experience in the West African Potash Basin.

Table 1 Measured, Indicated and Inferred Mineral Resources, Banio Potash Project

Farhad Abasov, Millennial’s Chair, commented, “Millennial Potash is delighted to report that its updated Mineral Resource Estimates (MRE) for the northern part of its Banio Potash Project has exceeded all our expectations marking a major milestone in our development. Last year we had no Measured Resource, whereas now we have 648M tonnes of maiden Measured Resource. The total Measured and Indicated Resource increased by 275% while the Inferred Resource went up by 210%. The increase in resources since our maiden resource in 2024 has been massive with Carnallitite Measured + Indicated resources of 2.42B tonnes at 15.5-% KCl and additional Inferred Carnallitite resources of 3.6B tonnes also grading 15.4% KCl.

This vast increase in the resources calculated may also allow us to consider substantially expanding any planned production scale in the future. The newly calculated resources underscore the project’s immense potential, as it covers only about 5% of the entire project area. The presence of sylvinite seams constitute a higher-grade resource that adds further promise to the Project.

It is important to note that the resources cover only a fraction of the northern part of the entire Project area and based on historical drill results and seismic work we believe the Project deposit continues both to the south and to the north. With significant thicknesses of potash mineralization encountered in all drillholes to date, locally in excess of 100m, we see support for our interpretation that these potash seams have thickness, grade and continuity making them potentially highly suitable to solution mining.

Moving forward this MRE is expected to provide a solid base for a Feasibility Study (“FS”) which is being supported by the U.S. International Development Finance Corp. (“DFC”) by a non-dilutive USD $3M in funding. The FS will investigate various possible production scenarios via solution mining.”

The MRE includes Measured Carnallitite Mineral Resources of approximately 648 million tonnes grading 15.7% KCl, Indicated Carnallitite Mineral Resources of approximately 1.769 billion tonnes grading 15.4% KCl, Indicated Sylvinite Mineral Resources of 35 million tonnes grading 24.3% KCl, Inferred Carnallitite Mineral Resources of 3.463 billion tonnes grading 15.4% KCl, and Inferred Sylvinite Mineral Resources of 96.2 million tonnes grading 24.2% KCl (see Tables 1,3,4,5). The MRE includes analytical results from the 2024 MRE for holes BA-002 and BA-003, plus 2025 drilling results from the extension of BA-001 (BA-001-EXT), and new hole BA-004. (see MLP Press releases dated Sept. 16, 2025 and Oct. 14, 2025).

The 2025 MRE values equate to approximately 102 million tonnes of contained KCl in the Measured category, about 281 million tonnes of contained KCl in the Indicated category and approximately 555 million tonnes of contained KCl in the Inferred category (see Tables 3, 4 and 5) In addition, compared to 2024 MRE, MLP has added a large maiden Measured Mineral Resource of 648 million tonnes at 15.7% KCl (see MLP Press release dated Jan. 16, 2024).

The Banio Potash Project is located at the north end of the West-African Evaporite Basin. This is a well-established potash basin. The Mineral Resource Estimate for MLP’s Banio Potash Project is comprised of Measured, Indicated and Inferred resources based on the definition of potash-bearing seams or beds in numerous sedimentary evaporite cycles or stages that were identified from drill core collected from potash specific exploration drillholes. The Mineral Resources are comprised of carnallitite and sylvinite resources as detailed in Tables 3, 4 and 5.

Geological Model

The geological model of Banio Potash mineralization identifies 7 potash-bearing Evaporite Cycles (CII to CVIII) with up to 20 seams of carnallitite and 3 seams of sylvinite in individual Cycles. For the potash seams to be considered as potentially suitable for solution mining, which is deemed to be the optimal mining method to sustain a low-cost economic operation at Banio, they must meet certain thickness and grade criteria. In order to be considered as potentially mineable via solution mining the following cut-off parameters were applied to on the carnallitite and sylvinite seams:

• Carnallitite: seam thickness has to be > 2.5 m when single, and > 1.25 m when other seams are present within 5 m vertical distance, and Carnallite content > 47 % (~ 12.5% KCl).
• Sylvinite: seam thickness has to be > 2 m and the Sylvite content > 16 %. Combined Sylvite/Carnallite seams (e.g., Cycle VIII seam 4 in Ba-003, Cycle VII seam 14 in Ba-002) have been considered as separate seams.

The seams which meet these criteria are outlined in Table 2 below.

The flat-lying nature of the West African Evaporite Basin, confirmed in the project area by results from extensive seismic studies coupled with drillhole geological information, allows for extrapolation of the various cycles and seams over significant distances. The evaporite basin geology outlined in the stratigraphic columns in Figure 1 confirms continuity of potash seams over approximately 8,000m of strike length based on drill holes BA-001, BA-002, BA-003, and BA-004

Resource Estimate

In calculating the mineral resource tonnages, the following procedures were completed (Mineral Resources are given as in-situ mineralization):

• Around each drill hole, a Radius of Influence (ROI) was defined and by intersection of these ROIs, polygons around drill holes where constructed.
• Each polygon was clipped by the coast of Banio Lagoon and restricted to only onshore areas within the Mayumba Permit. The volume for each potash seam was calculated by multiplying the clipped polygon area with the thickness of the potash seam.
• The carnallitite tonnage was calculated by multiplying the volume assigned to each seam with a carnallitite tonnage factor (density). The density for each seam was determined individually from the relative abundance of the salt minerals in the carnallitite seam and varies from between 1.77 g/cm³ for high grade carnallitite and 1.80 g/cm³ for low grade carnallitite seams. For Sylvinite seams, a sylvinite tonnage factor was similarly determined. Based on Sylvite grade, density varied between 2.07 g/cm³ and 2.13 g/cm³.
• The KCl grade of each seam was calculated from a weighted average grade of drillholes sample results collected from the individual seams.

The MRE classifies the carnallitite mineralization as Measured, Indicated and Inferred Mineral Resources, and the and sylvinite mineralization as Indicated and Inferred, as defined by NI 43-101. This reflects the level of confidence in the extent and grade of both the carnallitite and sylvinite bodies.

The criteria used in the MRE to define the extension of mineralization from each drillhole for the Measured, Indicated and Inferred carnallitite resources is as follows:

• Measured Mineral Resources occur within a radius of 700m of a drill hole, as long as the seismic survey results show no significant change in thickness of the overall salt section. The ROI for Indicated Mineral Resources is not extended beyond the position of faults interpreted from the seismic survey sections.
• Indicated Mineral Resources occur within a radius of 1,400m of a drill hole, minus the Measured Resources as long as the seismic survey results show no significant change.

Table 2 Composite carnallitite and sylvinite seam data from drillholes utilized in the MRE.

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ND no data, as the cycle has not been preserved in this drill hole (BA-001 Cycle VIII) or has not been drilled Cycle II to Cycle IV in Ba-003

LT/LG thickness or grade do just not meet the criteria

X = mineralization may be present, but thickness and grade far off from meeting criteria

Sg = slightly different grouping of seams between drill holes

Blank-empty in Cycle VI and Cycle VII due to seams being either Ct or Sy in different drill holes

Fig. 1 Correlation of potash cycles displaying good continuity from BA-002, BA-003, BA-001 and BA-004 drillholes.

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• in thickness of the overall salt section. The ROI for Indicated Mineral Resources is not extended beyond the position of faults interpreted from the seismic survey sections.
• Inferred Mineral Resources occur within a radius of 2,800m of a drillhole, minus the Measured and Indicated resources within this area. Considering that for Inferred Mineral Resources the continuity of grade and thickness only have to be implied, the ROI for this category is predicted to extend into the fault bounded downthrown block that has been interpreted from the seismic sections.

Similarly, the MRE utilizes the following criteria to estimate the extension of the Indicated and Inferred sylvinite resources from a drillhole:

• Measured Mineral Resources for sylvinite have not been assigned due to the uncertainly in the extent of the sylvinite deposition as it is primarily a secondary form of mineralization and structurally controlled.
• Indicated Mineral Resources occur within a radius of 500m of a drill hole, as long as the seismic survey results show no significant change in thickness of the overall salt section.
• Inferred Mineral Resources occur within a radius of 1,000m of a drill hole, minus the Indicated resources within this area.

Since the extent of the Sylvite mineralization is secondary and mainly structurally controlled, the ROIs for the sylvinite mineralization are not extended beyond faults interpreted from the seismic survey sections.

The ROI distribution for carnallitite seams in Cycles VI to VII showing the Indicated resource ROI clipped at interpreted faults and the Inferred ROI extending beyond these same faults is shown in Figure 2.

Cycles VI and VII in BA-001 display anomalous thickness which may be a local feature related to proximity to a NE-SW trending fault and localized folding. ERCOSPLAN has interpreted the substantial thicknesses of Cycles VI and VII to be local features and in order to be conservative in the resource estimate, have calculated True Thicknesses for all the seams in these two cycles through structural analysis and comparisons to adjacent, unaffected drillhole stratigraphy. Minor uncertainty remains regarding the exact position of this fault and consequently a 200 m wide barrier with no Mineral Resources is defined along the interpreted fault. Uncertainty around additional faults interpreted from the seismic sections are accommodated by a non-resource zone 100m wide associated with each potential fault.

The resulting Measured, Indicated and Inferred mineral resources for the Banio Project are presented in Tables 3, 4 and 5. The robust carnallitite Measured Mineral Resource Estimate of 648M tonnes grading 15.7% KCl, and carnallitite Indicated Mineral Resource Estimate of 1.77 billion tonnes grading 15.4% KCl provide a solid base for continuing exploration and development at the project and for the initiation of a Feasibility Study. The FS the Company plans to complete will focus only on the North Target although significant potential for potash mineralization is interpreted from downhole geophysical studies completed in several oil and gas wells at the South Target of the permit area.

Figure 2 Measured, Indicated and Inferred ROI Polygons for Carnallitite Seams in Cycles VI to VII with interpreted faults zones

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https://images.newsfilecorp.com/files/4674/274691_66dc182ab4e6286e_004full.jpg

In addition to carnallitite resources, the sylvinite mineralization, with Indicated Mineral Resources of approximately 35.2M tonnes grading 24.3% KCl and Inferred Mineral Resources of approximately 96.2M tonnes at 24.3% KCl, represent attractive exploration targets with higher grades that may enhance the overall grade of the project.

Table 3: Measured Mineral Resources*

Table 4: Indicated Mineral Resources*

Table 5: Inferred Mineral Resources*

*Cautionary Notes:

1. MT=Million Tonnes, tonnage is for in-situ resource with no discount for recovery as mining and processing methods are to be finalized. Potash deposits have been mined by underground, open pit and solution mining methods.
2. The numbers for tonnage, average KCl per cent are rounded figures
3. Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimates of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
4. The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.
5. Densities used in resource calculations are 2.07-2.13 g/cm3 for Sylvinite and 1.77-1.80 g/cm³ for Carnallitite

The Company is required to file an NI 43-101 compliant technical report on SEDAR within 45 days of the initial disclosure of the MRE made herein.

The information in this news release has been reviewed and approved by Sebastiaan van der Klauw, EurGeol, of ERCOSPLAN and Peter J. MacLean, Ph.D., P. Geo, Director of the Company, and both are Qualified Persons as that term is defined in National Instrument 43-101.

Keep up-to-date on Millennial Potash developments and join our online communities on: Twitter, Facebook, LinkedIn, Instagram and YouTube.

MILLENNIAL POTASH CORP.

“Farhad Abasov”
Chair of the Board of Directors

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This document may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan” or “planned”, “forecast”, “intend”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental (including land or water use), local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$ or CFA or other currencies, fluctuations in the market for potash or potash related products, changes in exploration costs and government royalties, export policies or taxes in Gabon or any other jurisdiction and other factors or information. The Company’s current plans, expectations and intentions with respect to development of its business and of the Banio Potash Project may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Banio Potash Project. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

Since September 23^rd, Cartier Resources (ECR.V) has put out a news release every two weeks with good to excellent gold results from its 100,000-meter drill program at its Cadillac project in the Abitibi. I asked CEO Philippe Cloutier if the company can keep up this cadence.

“That’s the plan,” said Cloutier. “We have a whole bunch of holes to drill on different targets across 15 kilometres. Plus, we are doing the metallurgical test work, environmental baselines and no doubt updating the resources and economic assessment. A loaded pipeline for plenty of news.”

“This is not an overnight process,” said Cloutier. “It took us nearly fifteen years to finally get the ground we are drilling. We’ve engineered our luck and now we can see the finish line.”

The finish line is nothing less than a district-scale gold camp in the rich gold fields of the Abitibi. Beginning with drilling out nearly three million 43-101 compliant inferred and indicated gold ounces at the Chimo Mine and then developing a district-scale geological model.

Cartier’s Cadillac project is right next door to one of Probe Resources’ projects. Which is interesting because Probe was just acquired by Fresnillo in an all cash deal worth $780 million Canadian.

“Probe boasts ten million ounces of gold,” said Cloutier. “But it’s spread out. It was in the stretch of development where juniors don’t like to be, looking at a large CAPEX to develop. They’d need to build a mill, which would be good for Cartier..”

“If you look at this deal and the Northern Superior deal a couple of weeks ago, we’ve seen over 1 billion dollars in M&A activity in the Abitibi,” said Cloutier, “So who’s next?”.

(I could not help but notice that the purchase price of Probe values its 10 million ounces in situ at $78 Canadian or $55.5 US. Apply the same numbers to Cartier’s approximately 3 million ounces and you come up with a price of 234 million Canadian. As I write, ECR’s market cap is just touching 95 million Canadian. And there are more ounces to come.)

“Senior mining companies like to be able to say to juniors, “You have significantly derisked this project”,” said Cloutier. “Which is exactly what we are doing. We’ve just started our 100,000-meter drill program.”

“It’s an ambitious program that includes approximately 600 drill holes and targets both expanding known gold zones and testing new high-priority grassroots targets.”

Looking at Cartier’s most recent press release, the North Contact Zone continues to provide good to excellent gold intervals,

“Recent drilling results continue to clearly demonstrate the presence of a shallow and extensive mineralized system (400 m in strike length by 300 m in depth), hosting multiple stacked high-grade gold zones with significant grades, widths and continuity.

Cloutier is very pleased with these results. He is even more pleased with how cost effective the drilling has been: “Our all in costs are $110 per meter,” said Cloutier. “Including planning, preparation, drilling, preparing the core and the lab work: we were able to negotiate excellent contracts early in the season when there was not much work around because we planned a large program and already had the money to fund it.”

“We’ll drill right through the winter,” said Cloutier. “In fact, some of our most exciting targets are in swampy, muddy areas which are much easier to drill when they are frozen. Less environmental impact.”

With a steady stream of news, a pending MRE, Cloutier is ready to up his marketing game. “We have a new website,” said Cloutier. “Tomorrow I am off to Frankfurt to a large German investment conference where I will be speaking. I’ll also be at the Vancouver Resource Investment Conference at the end of January.”

“The program at Cadillac will be producing results through 2026,” said Cloutier. “We have the great advantage that we are very close to infrastructure. There’s a trained workforce in and around Val D’Or. Right now, we are comfortable managing a 100,000-meter program but if we could work out the funding I would be happy to extend that program to 200,000, even 250,000 meters and increase to 6 rigs turning.”

″ This is a transformational phase for Cartier and the Cadillac Project ″, commented Philippe Cloutier, President and CEO. ″ And we’re committed to making it positive transformative for our shareholders. ″

For investors, ECR at $0.21 with gold closing in on $4200 is a compelling case. Once the Abitibi M&A train got on the rails, projects with proven gold ounces and a program to add to those ounces become more and more attractive.

Cloutier is committed to adding as much value as possible before that train arrives at the Cadillac station.

NexGen Energy Ltd. (TSX: NXE) (NYSE: NXE) (ASX: NXG) (“NexGen” or the “Company”) is excited to announce significant geochemical assay results from NexGen’s 100%-owned Patterson Corridor East (“PCE”) discovery.

• Drillhole RK-25-254 returned 10.5 meters (“m”) at 11.3% U₃O₈ including 4.0m at 29.4% U₃O₈ and 0.5m at 56.2% U₃O₈ (Figures 1 and 2, Table 1). Notably, mineralization in RK-25-254 is 55m up dip from hole RK-25-232 which intersected 15.0m at 15.9% U₃O₈ including 3.0m at 47.8% U₃O₈, 1.5m at 29.4% U₃O₈ and an intercept of 0.5m at 68.8% U₃O₈ (see May 27, 2025 news release).

• Drillhole RK-25-244, 19m down dip of RK-25-232, returned equally strong results, 17.0m at 7.6% U₃O₈ including 6.0m at 21.1% U₃O₈ and 0.5m at 58.1% U₃O₈ (Figures 1 and 3, Table 1).

Additional assay results contained in this release, confirm strong continuity of the high-grade subdomain (Figure 1, Table 1) over 330m in vertical extent from RK-25-246 to RK-25-231. Further, RK-25-231 (8.0m at 1.4% U₃O₈) and -241 (8.5m at 1.3% U₃O₈) demonstrate the continuity of the subdomain and add breadth while indicating extended high-grade potential. A secondary high-grade subdomain is currently interpreted from results in RK-25-234, with 0.5m at 8.3% U₃O₈ that lies along a potential new high-grade shoot.

Note, additional assay results from drillhole RK-25-256, which intersected intense high-grade mineralization 128m down dip of RK-25-232 and 179m from RK-25-254, are pending and will be released with further assays as they are received back from the independent lab.

PCE drilling has delivered significant advancements of a discovery that is characteristic of the southwest Athabasca Basin district, of which NexGen holds a 190,000 hectare land package. This setting has an identical technical advantage as the nearby Arrow deposit, 3.5 kilometers (“km”) west of PCE, as mineralization is fully hosted in competent basement rock with dimensions that are expanding rapidly since initial discovery in February 2024. The overall mineralized footprint is currently defined as 600m along strike and 600m of vertical extent, with a high-grade subdomain of 210m in strike and 335m in vertical extent.

Leigh Curyer, Chief Executive Officer, commented: “Today’s assay results from PCE represent further validation of this new discovery. The PCE discovery and drilling program is the same bold, wide spaced, safe and cost effective approach that defined the world class Arrow deposit and is delivering results of the same calibre. It’s so exciting to be in the midst of another significant discovery.

From our world-class Arrow deposit in its final stages of Federal approvals, to PCE growing into an additional project on its own merits 3.5km east of Arrow, the NexGen team continues to deliver unparalleled and increasing leverage to the world uranium market for the coming decades. NexGen is ideally positioned for North America’s critical mineral and energy security strategy, while exemplifying elite standards in environmental performance and social engagement.”

Jason Craven, Vice President, Exploration, commented: “NexGen has executed with a systematic and impactful approach to advance PCE since discovery in February 2024. Importantly, not only are we seeing world-class uranium grades over significant widths, but also the continuity of that mineralization is incredibly strong. The repeatability of consistent high-grade results at PCE, with so much untested area remaining highlights the significant potential for continued expansion.

After more than 20 years exploring for uranium in the Basin, I never imagined I’d get the chance to work on a project like Arrow – something that was thought to be impossible prior to NexGen. To now find ourselves at the early stages of another discovery with similar characteristics and growing potential is both remarkable and deeply humbling.”

Figure 1: Interpreted PCE long section (as of last release on August 28, 2025) with notable assays collected since discovery and new results outlined in red; view is a long section that looks perpendicular to the primary mineralized plane; total mineralized footprint in orange and the high-grade subdomains in red

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Figure 2: Core photo with assays from RK-25-254, grades are shown as % U₃O₈

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Figure 3: Core photo with assays from RK-25-244, grades are shown as % U₃O₈

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Table 1: Assays received since July 29, 2025 news release

• All depths and intervals are meters downhole, true thicknesses are yet to be determined.
• Unconformity of ‘N/A’ denotes a lack of visible contact between Athabasca sandstone and basement rock.
• Maximum internal dilution 2.0 m downhole.
• Minimum thickness of 0.5 m downhole.
• Cutoff grade 0.01% U₃O₈.
• All depths and intervals are metres downhole, true thicknesses are yet to be determined. Resource modelling in conjunction with an updated mineral resource estimate is required before true thicknesses can be determined.
• * Denotes results that correlate to high-grade levels of radioactivity (>10,000 cps)

About NexGen
NexGen Energy is a Canadian company focused on delivering clean energy fuel for the future. The Company’s flagship Rook I Project is being optimally developed into the largest low-cost producing uranium mine globally, incorporating the most elite environmental and social governance standards. The Rook I Project is supported by an N.I. 43-101 compliant Feasibility Study, which outlines the elite environmental performance and industry-leading economics. NexGen is led by a team of experienced uranium and mining industry professionals with expertise across the entire mining life cycle, including exploration, financing, project engineering and construction, operations and closure. NexGen is leveraging its proven experience to deliver a Project that leads the entire mining industry socially, technically and environmentally. The Project and prospective portfolio in northern Saskatchewan will provide generational, long-term economic, environmental, and social benefits for Saskatchewan, Canada, and the world.

NexGen is listed on the Toronto Stock Exchange, the New York Stock Exchange under the ticker symbol “NXE,” and on the Australian Securities Exchange under the ticker symbol “NXG,” providing access to global investors to participate in NexGen’s mission of solving three major global challenges in decarbonization, energy security and access to power. The Company is headquartered in Vancouver, British Columbia, with its primary operations office in Saskatoon, Saskatchewan.

Technical Disclosure*

All technical information in this news release has been reviewed and approved by Jason Craven, NexGen’s Vice President, Exploration, a qualified person under National Instrument 43-101.

Natural gamma radiation in drill core reported in this news release was measured in counts per second (cps) using a Radiation Solutions Inc. RS-125 gamma spectrometer. The reader is cautioned that total count gamma readings may not be directly or uniformly related to uranium grades of the rock sample measured; they should be used only as a preliminary indication of the presence of radioactive minerals.

A technical report in respect of the FS is filed on SEDAR (www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml) and is available for review on NexGen Energy’s website (www.nexgenenergy.ca).

Cautionary Note to U.S. Investors

This news release includes Mineral Reserves and Mineral Resources classification terms that comply with reporting standards in Canada and the Mineral Reserves and the Mineral Resources estimates are made in accordance with NI 43-101. NI 43-101 is a rule developed by the Canadian Securities Administrators that establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. These standards differ from the requirements of the Securities and Exchange Commission (“SEC”) set by the SEC’s rules that are applicable to domestic United States reporting companies. Consequently, Mineral Reserves and Mineral Resources information included in this news release is not comparable to similar information that would generally be disclosed by domestic U.S. reporting companies subject to the reporting and disclosure requirements of the SEC Accordingly, information concerning mineral deposits set forth herein may not be comparable with information made public by companies that report in accordance with U.S. standards.

Forward-Looking Information

The information contained herein contains “forward-looking statements” within the meaning of applicable United States securities laws and regulations and “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to mineral reserve and mineral resource estimates, the 2021 Arrow Deposit, Rook I Project and estimates of uranium production, grade and long-term average uranium prices, anticipated effects of completed drill results on the Rook I Project, planned work programs, completion of further site investigations and engineering work to support basic engineering of the project and expected outcomes. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof. Statements relating to “mineral resources” are deemed to be forward-looking information, as they involve the implied assessment that, based on certain estimates and assumptions, the mineral resources described can be profitably produced in the future.

Forward-looking information and statements are based on the then current expectations, beliefs, assumptions, estimates and forecasts about NexGen’s business and the industry and markets in which it operates. Forward-looking information and statements are made based upon numerous assumptions, including among others, that the mineral reserve and resources estimates and the key assumptions and parameters on which such estimates are based are as set out in this news release and the technical report for the property , the results of planned exploration activities are as anticipated, the price and market supply of uranium, the cost of planned exploration activities, that financing will be available if and when needed and on reasonable terms, that third party contractors, equipment, supplies and governmental and other approvals required to conduct NexGen’s planned exploration activities will be available on reasonable terms and in a timely manner and that general business and economic conditions will not change in a material adverse manner. Although the assumptions made by the Company in providing forward looking information or making forward looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate in the future.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual results, performances and achievements of NexGen to differ materially from any projections of results, performances and achievements of NexGen expressed or implied by such forward-looking information or statements, including, among others, the existence of negative operating cash flow and dependence on third party financing, uncertainty of the availability of additional financing, the risk that pending assay results will not confirm previously announced preliminary results, conclusions of economic valuations, the risk that actual results of exploration activities will be different than anticipated, the cost of labour, equipment or materials will increase more than expected, that the future price of uranium will decline or otherwise not rise to an economic level, the appeal of alternate sources of energy to uranium-produced energy, that the Canadian dollar will strengthen against the U.S. dollar, that mineral resources and reserves are not as estimated, that actual costs or actual results of reclamation activities are greater than expected, that changes in project parameters and plans continue to be refined and may result in increased costs, of unexpected variations in mineral resources and reserves, grade or recovery rates or other risks generally associated with mining, unanticipated delays in obtaining governmental, regulatory or First Nations approvals, risks related to First Nations title and consultation, reliance upon key management and other personnel, deficiencies in the Company’s title to its properties, uninsurable risks, failure to manage conflicts of interest, failure to obtain or maintain required permits and licences, risks related to changes in laws, regulations, policy and public perception, as well as those factors or other risks as more fully described in NexGen’s Annual Information Form dated March 6, 2024 filed with the securities commissions of all of the provinces of Canada except Quebec and in NexGen’s 40-F filed with the United States Securities and Exchange Commission, which are available on SEDAR at www.sedar.com and Edgar at www.sec.gov.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or statements or implied by forward-looking information or statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned not to place undue reliance on forward-looking information or statements due to the inherent uncertainty thereof.

There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

Millennial Potash Corp. (TSXV: MLP) (OTCQB: MLPNF) (FSE: X0D) (“MLP”, “Millennial” or the “Company”) commends the recent announcement that potash has officially been added to 2025 List of Critical Minerals, released on Nov. 6^th 2025 by the U.S. Geological Survey. This inclusion in the Official List comes as the U.S. International Development Finance Corporation (“DFC”) commits US$3 million in project development funding for Millennial’s Banio Potash Project in Gabon, recognizing its strategic role in potentially strengthening U.S. and West Africa food security and supply chain resilience.

Farhad Abasov, Chair of Millennial, commented: “The official recognition of potash as a critical mineral by the U.S. government is a major milestone for our industry. For Millennial, it highlights Banio’s unique position as a potential new, low-cost supply source of potash for the U.S. agricultural sector and beyond. With the US DFC funding in place, strong support from the Government of Gabon, and our project’s direct shipping route to U.S. ports, Banio is strategically aligned with America’s food security and supply chain priorities. In addition, Banio can potentially become the first African potash mine to supply potash to the African continent which currently imports all its potash. It is great to see the Financial Times (Nov.7, 2025) talking about the DFC’s role in mining projects in Africa including its project development funding for Millennial Potash. The timing of the decision to add potash to the critical minerals list is important as we are gearing up to complete our revised Mineral Resource Estimate in coming weeks.”

U.S. DFC Backing De-Risks Banio Potash Project

The DFC’s strategic investment in Banio is designed to de-risk the Project and prepare it for potential future U.S. project financing. DFC is the U.S. Government’s development finance institution that partners with the private sector to mobilize capital for strategic investments around the world. The strategic investment in Millennial, done under the DFC’s Project Development Program, will support a Feasibility Study (“FS”) on the Company’s Banio Potash Project (see MLP news release dated July 9, 2025). DFC is very active in Sub-Saharan Africa with approximately US $13 billion invested across 300 projects in 26 countries. Recently DFC has approved a US $465M loan to Serra Verde to help fund expansion of the Pela Ema rare earth’s mine in Brazil in an effort to develop alternative supply chains for critical minerals. The DFC’s role in mining projects including their investment in Millennial Potash was recently mentioned in the Financial Times.

Potash: Now a U.S. Strategic Priority

Potash is essential for global agriculture but is overwhelmingly supplied by just a few countries – Canada, Russia, and Belarus. By adding potash to the Official Critical Minerals List, the U.S. government has acknowledged its vulnerability to supply shocks and trade restrictions. This proposed recognition is intended to guide federal strategy and investment toward securing diverse, stable, and geopolitically reliable sources of supply.

Banio Potash Project: A Direct Atlantic Supply Route to the U.S.

Millennial’s Banio Potash Project sits on Gabon’s Atlantic coast, offering a short, cost-efficient shipping route directly to the United States as well as Brazil, the world’s largest potash importer, and of course, Africa. Unlike inland projects, Banio benefits from proximity to infrastructure, ongoing construction of a port at Mayumba, and a new regional power plant all of which reduce delivery risk and strengthen its position as a potential future cornerstone supplier to the U.S. agricultural market and beyond.

The Project has already demonstrated potentially strong economics, with a Preliminary Economic Assessment (PEA) showing an after-tax NPV10% of US$1.07 billion, a 32.6% IRR, and operating costs of only US$61 per tonne of granular potash (see MLP news release dated April 23, 2024) Recent drilling results confirmed up to 200 meters of potash-rich horizons at the North Target, with further resource expansion potential and a revised mineral resource estimate calculation underway (see MLP news releases dated September 16, 2025 and October 14, 2025).

Keep up-to-date on Millennial Potash developments and join our online communities on: Twitter, Facebook, LinkedIn, Instagram and YouTube.

MILLENNIAL POTASH CORP.

“Farhad Abasov”
Chair of the Board of Directors

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This document may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan” or “planned”, “forecast”, “intend”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals including approvals of title and mining rights or licenses and environmental (including land or water use), local community or indigenous community approvals, the reliability of third party information, continued access to mineral properties or infrastructure, changes in laws, rules and regulations in Gabon or any other jurisdiction which may impact upon the Company or its properties or the commercial exploitation of those properties, currency risks including the exchange rate of USD$ for Cdn$ or CFA or other currencies, fluctuations in the market for potash or potash related products, changes in exploration costs and government royalties, export policies or taxes in Gabon or any other jurisdiction and other factors or information. The Company’s current plans, expectations and intentions with respect to development of its business and of the Banio Potash Project may be impacted by economic uncertainties arising out of any pandemic or by the impact of current financial and other market conditions on its ability to secure further financing or funding of the Banio Potash Project. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political, environmental and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

I’ve been talking to Farhad Abasov since he was running Allana Potash, which was sold in 2015. Abasov and his team have a solid record discovering, exploring and developing large mineral assets. Abasov’s Millennial Lithium was sold in 2022. His latest company, Millennial Potash (MLP.V), is defining a very large potash deposit, Banio, on the southern coast of Gabon.

I interviewed Abasov and wrote about Millennial in February 2023. Abasov was committed to fast-tracking the Gabon project through a Mineral Resource Estimate and a Preliminary Economic Assessment over the course of that year. Millennial came close with a maiden Mineral Resource Estimate out in January 2024, and a PEA filed in June 2024. In the junior resource world, this is outstanding performance.

In a phone interview, Abasov was very positive. “We started in the north of the property and have been moving south,” said Abasov. “The deposit extends for miles. We move the drills a kilometer or two, and we’re seeing that the deposit continues to the south. And the potash horizons get thicker as we move south.”

Abasov’s earlier potash venture, Allana Potash, was in Ethiopia. “In Ethiopia, we were seeing potash seams three meters thick, in Gabon we see 70 meter thick  seams,” said Abasov. “Which matters when it comes to mining the deposit. In order to maintain a similar production scale, in Ethiopia we were looking at 120 caverns that needed to be replenished every year. In Gabon, it will be more like 10 to 15, much larger, caverns producing for a decade without any need for new caverns. This will significantly reduce sustaining capex and operating costs.”

The plan for mining Banio is solution mining. “Solution mining has minimal environmental impact,” said Abasov. “With solution mining, all that goes underground is water. A potash brine is pumped to the surface, and the potash is extracted in a processing plant. It is a very low CAPEX and OPEX process.”

“Right now we have 1.7 billion tons of indicated and inferred resource,” said Abasov. “But this will change this month. We’ve really just scratched the surface of this deposit.”

This has attracted the interest and, more to the point, investment of the United States government. “The US DFC is supporting our feasibility study,” said Abasov. “U.S. International Development Finance Corporation is providing 3 million dollars in non-dilutive funding. Potash is now on the US critical minerals list. We have seen tremendous support coming from the US DFC and other parts of the US government, including the US Embassy in Gabon.”

The US government funding is designed to de-risk the project and prepare it for potential future U.S. project financing. DFC is the U.S. Government’s development finance institution that partners with the private sector to mobilize capital for strategic investments around the world. It is also designed to give the US assured access to the potash at Banio. The US DFC has secured the right of first refusal to fund the Banio CAPEX.

For example, the US Development Finance Corporation approved a 465 million dollar loan to a Brazilian rare earth miner, Serra Verde, to develop a rare earths mine in Goias, Brazil. The financing is designed to help create an alternative to the Chinese stranglehold on rare earths. A strategic investment in potash produced in an African country would make a lot of sense as the US seeks to broaden the sources of its critical minerals.

The world’s potash demand is growing 3-5% a year. As nations become wealthier, their diets include more protein and that requires more potash. At the same time, as food production increases, soils become depleted, and the solution is more potash. Canada, Russia and Belarus account for the production of roughly 65% of the world’s potash.

The US has no potash of its own, and imports about 10 million tons mainly from Canada. China is a huge potash consumer, using 15 million tons a year while only producing 5 million domestically. Brazil, a short voyage across the narrowest part of the Atlantic, is using more and more potash and Africa itself is using 2 million tons a year. Gabon is perfectly located to supply the Brazilian and American markets in addition to meeting the growing African demand.

“Going forward, we’ll have a revised MRE before the end of the year,” said Abasov. “We’re planning to release a bankable feasibility study in the next six to eight months. And, early next year, we’ll continue drilling in the south.”

The end game for Abasov’s prior successful projects was the sale of the project. “M&A is certainly an option for Millennial,” said Abasov. “Right now, we have 17 million dollars in the bank, all of our warrants are in the money. We have a solid plan to advance our project. We want to unlock the value further before any potential exit.”

Cartier Resources Inc. (″ Cartier ″ or the ″ Company ″) (TSXV: ECR; FSE: 6CA) is pleased to announce the fourth batch of results from the fully funded 100,000-m drilling program (2 drill rigs) for the Contact Sector and more precisely, the North Contact Zone (NCZ), on its 100%-owned Cadillac Project, located in Val-d’Or (Abitibi, Quebec). The NCZ consists of three parallel high-grade gold zones: NCZ1, NCZ2 and NCZ3, spaced approximately 50 m apart.

Strategic Highlights from Contact Sector

Drill Hole Results of NCZ (Figures 1 & 2)

• CA25-536 intersected 339.6 g/t Au over 0.5 m included in 111.5 g/t Au over 2.0 m (NCZ1).
• CA25-532 graded 22.0 g/t Au over 1.0 m included in 11.4 g/t Au over 2.0 m (NCZ1).
• CA25-535 reported 17.1 g/t Au over 1.0 m included in 9.6 g/t Au over 2.0 m (NCZ1).
• CA25-531 intersected 7.0 g/t Au over 3.0 m included in 3.2 g/t Au over 12.5 m (NCZ3).
• CA25-533 graded 11.0 g/t Au over 0.7 m included in 3.9 g/t Au over 4.7 m (NCZ3).

Significance for Investors

• Recent drilling results continue to clearly demonstrate the presence of a shallow and extensive mineralized system (400 m in strike length by 300 m in depth), hosting multiple stacked high-grade gold zones with significant grades, widths and continuity.
• Holes CA25-531 and CA25-536 represent the deepest holes completed by Cartier and confirm the gold system remains robust and open in all directions, suggesting significant expansion potential.
• All the drilling objectives were successfully achieved, namely, enhance understanding of the mineralization style associated with the newly identified Héva Fault Zone and define a gold enrichment vector to guide future drilling campaigns.
• The combination of exposed bedrock, minimal overburden (5 m) and proximity to year-round road access (250 m) positions NCZ as a highly strategic asset for potential shallow operation scenarios.

Next Steps

• Upcoming drilling is required on NCZ to extend gold mineralization closer to surface (0-150 m) to support a future gold inventory for this new highly strategic sector.
• Further exploration drilling is already planned to test several new high-priority regional targets at Contact Sector, backed by detailed structural and geological modelling and VRIFY’s artificial intelligence (AI) driven targeting, reinforcing the potential for additional gold discoveries.

” Encouraged by these results, Cartier is now evaluating an expansion of its drilling program toward the eastern extensions of NCZ, where multiple geophysical anomalies identified, outlining a highly prospective 5 km-long target zone with strong potential for new gold discoveries. ” – Philippe Cloutier, President and CEO of Cartier.

” Cartier has now released its third round of results from NCZ, each time delivering outcomes that have exceeded the company’s expectations. These consistent successes highlight the robustness and continuity of this high-grade gold system, reinforcing the strategic importance of focusing exploration efforts in this sector. ” – Ronan Deroff, Vice President Exploration of Cartier.

Figure 1: Plan view, cross and long sections of the Contact Sector

Figure 2: Photos of the drill core from hole CA25-536

Table 1: Drill hole best assay results from Contact Sector

* Occurrences of visible gold (VG) have been noted in the drill core at various intervals. ** Based on the observed intercept angles within the drill core, true thicknesses are estimated to represent approximately 55-70% of the reported core length intervals.

Contact Sector

The Contact Sector is a highly prospective area featuring the North Contact Zone (” NCZ “) and several newly defined high-priority drill targets.

The NCZ lies along an east-west trending, strongly sheared corridor (Héva Fault Zone), situated approximately 900 m north of the Cadillac Fault Zone, and occurs at the contact between the hanging wall mafic to intermediate volcanics (basalt to andesite) of Louvicourt Group and the footwall turbiditic sedimentary rocks (wacke-mudrock) of Cadillac Group. This lithological contact is a favorable horizon for hydrothermal fluid flow, likely related to synvolcanic gold deposition.

The NCZ, defined by at least three parallel gold-rich zones, are typically and primarily associated with a fine-grained and disseminated arsenopyrite-pyrrhotite mineralization, with a pervasive biotite-chlorite-carbonate alteration, all crosscut by late-stage smoky quartz vein and veinlet stockworks containing visible gold. Locally, accessory minerals such as sphalerite, galena and tourmaline are observed.

Milestones of 2025-2027 Exploration Program

100,000 m Drilling Program (Q3 2025 to Q2 2027)

The ambitious 600-hole drilling program will both expand known gold zones and test new shallow surface high-potential targets. The objective is to unlock the camp-scale, high-grade gold potential along the 15 km Cadillac Fault Zone. It is important to note that Cartier’s recent consolidation of this large land holding offers the unique opportunity in over 90 years for unrestricted exploration.

Environmental Baseline Studies & Economic Evaluation of Chimo mine tailings (Q3 2025 to Q3 2026)

The baseline studies will be divided into two distinct parts which include 1) environmental baseline desktop study and 2) preliminary environmental geochemical characterization. The initial baseline studies will provide a comprehensive understanding of the current environmental conditions and implement operations that minimize environmental impact while optimizing the economic potential of the project. These studies will be supplemented by an initial assessment of the economic potential of the past-producing Chimo mine tailings to determine whether a quantity of gold can be extracted economically.

Metallurgical Sampling and Testwork Program (Q4 2025 to Q1 2026)

The metallurgical testwork program includes defining of expected gold recovery rates and improving historical results from the Chimo deposit, as well as establishing metallurgical recovery data for the first-time for the East Chimo and West Nordeau satellite deposits, where no previous data exists. This comprehensive program will characterize the mineralized material, gold recovery potential and validate optimal grind size defining the most efficient and cost-effective flowsheet. The data generated will directly support optimized project development and have the potential to significantly reduce both capital and operating costs, while also improving the environmental footprint.

Table 2: Drill hole collar coordinates from Contact Sector

Table 3: Drill hole detailed assay results from Contact Sector

* Occurrences of visible gold (VG) have been noted in the drill core at various intervals. ** Based on the observed intercept angles within the drill core, true thicknesses are estimated to represent approximately 55-70% of the reported core length intervals.

Quality Assurance and Quality Control (QA/QC) Program

The drill core from the Cadillac Project is NQ-size and, upon receipt from the drill rig, is described and sampled by Cartier geologists. Core is sawn in half, with one half labelled, bagged and submitted for analysis and the other half retained and stored at Cartier’s coreshack facilities located in Val-d’Or, Quebec, for future reference and verification. As part of Quality Assurance and Quality Control (QA/QC) program, Cartier inserts blank samples and certified reference materials (standards) at regular intervals into the sample stream prior to shipment to monitor laboratory performance and analytical accuracy.

Drill core samples are sent to MSALABS’s analytical laboratory located in Val-d’Or, Quebec, for preparation and gold analysis. The entire sample is dried and crushed (70% passing a 2-millimeter sieve). The analysis for gold is performed on an approximately 500 g aliquot using Chrysos Photon Assay™ technology, which uses high-energy X-ray excitation with gamma detection to quickly and non-destructively measure gold content.

Alternatively, samples are submitted to Activation Laboratories Ltd. (“Actlabs”), located in either Val-d’Or or Ste-Germaine-Boulé, both in Quebec, for preparation and gold analysis. The entire sample is dried, crushed (90% passing a 2-millimetre sieve) and 250 g is pulverized (90% passing a 0.07-millimetre sieve). The analysis for gold is conducted using a 50 g fire assay fusion with atomic absorption spectroscopy (AAS) finish, with a detection limit up to 10,000 ppb. Samples exceeding this threshold are reanalyzed by fire assay with a gravimetric finish to determine high-grade values accurately.

Both MSALABS and Actlabs are ISO/IEC 17025 accredited for gold assays and implement industry-standard QA/QC protocols. Their internal quality control programs include the use of blanks, duplicates, and certified reference materials at set intervals, with established acceptance criteria to ensure data integrity and analytical precision.

Qualified Person

The scientific and technical content of this press release has been prepared, reviewed and approved by Mr. Ronan Déroff, P.Geo., M.Sc., Vice President Exploration, who is a ″Qualified Person″ as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (″NI 43-101″).

About Cadillac Project

The Cadillac Project, covering 14,000 hectares along a 15-kilometre stretch of the Cadillac Fault, is one of the largest consolidated land packages in the Val-d’Or mining camp. Cartier’s flagship asset integrates the historic Chimo Mine and East Cadillac projects, creating a dominant position in a world class gold mining district. With excellent road access, year-round infrastructure and nearby milling capacity, the project is ideally positioned for rapid advancement and value creation.

Using a gold price of US$1,750/oz, a Preliminary Economic Assessment demonstrated the economic viability of a 2-km segment, compared to the 15 km that will be the subject of the 100,000 m drilling program, with an average annual gold production of 116,900 oz over a 9.7-year mine life. Indicated resources are estimated at 720,000 ounces (7.1 million tonnes at 3.1 g/t Au) and inferred resources at 1,633,000 ounces (18.5 million tonnes at 2.8 g/t Au). Please see the NI 43-101 ″Technical Report and Preliminary Economic Assessment for Chimo Mine and West Nordeau Gold Deposits, Chimo Mine and East Cadillac Properties, Quebec, Canada, Marc R. Beauvais, P.Eng., of InnovExplo Inc., Mr. Florent Baril of Bumigeme and Mr. Eric Sellars, P.Eng. of Responsible Mining Solutions″ effective May 29, 2023.

About Cartier Resources Inc.

Cartier Resources Inc., founded in 2006 and headquartered in Val-d’Or (Quebec) is a gold exploration company focused on building shareholder value through discovery and development in one of Canada’s most prolific mining camps. The Company combines strong technical expertise, a track record of successful exploration, and a fully funded program to advance its flagship Cadillac Project. Cartier’s strategy is clear: unlock the full potential of one of the largest undeveloped gold landholdings in Quebec.

For further information, contact:
Philippe Cloutier, P. Geo.
President and CEO
Telephone: 819-856-0512
philippe.cloutier@ressourcescartier.com
www.ressourcescartier.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The opportunity to interview Bayhorse (BHS.V) CEO, Graeme O’Neill popped up. Yes, I just wrote about BHS, but chatting with the man himself was irresistible.

O’Neill has travelled to the Bayhorse Mine to oversee the mobilization of an IP survey of Bayhorse’s Idaho property (and a section of the BHS property in Oregon). But there is far more going on than that.

“I very much wanted to check on the state of the mine and the mill,” said O’Neill. “Which created the opportunity to have our new director, Christos Doulis, get up to speed on the mine and the mill. Great guy with a lot of smart questions and some great ideas. He looked at everything and, for a finance guy, had a real understanding of what we’ve accomplished.”

A recent press release stated that Bayhorse was shipping samples of its flotation concentrate to Allihies Engineering for Antimony Leach Testing, something I know is a very deep interest of O’Neill’s. “The mineralization at the Bayhorse mine is primarily tetrahedrite (silver, copper, antimony zinc),” explained O’Neill. “It is what is known as “refractory” material because it has a lot of sulphur binding the metals. To liberate the metals conventionally, the sulphur has to be roasted off. It’s expensive and environmentally nasty. Not making our Mine have the low environmental impact we set out to achieve.”

“Our original plan was to ship the flotation concentrate to an overseas smelter,” explained O’Neill. “We are getting a high-value concentrate from our mill, which makes a journey across the Pacific worthwhile. Especially with $50 plus silver. But I wanted to look at alternatives. Particularly as roasting means you not only lose the sulphur, but you also lose the antimony. Which is currently selling for $8.24 a pound.”

“I was aware of the Sunshine process which, in simple terms, breaks the tetrahedrite down chemically. As I investigated that process, I came across Allihies Engineering up in Montana,” said O’Neill. “Allihies has worked with Americas Gold and Silver using its proprietary, selective industrial Alkaline Selective Leaching hydrometallurgical technology to pull the antimony from tetrahedrite from its Galena Complex in Idaho. That rock is very similar to the material from the Bayhorse Mine so I got in touch with Allihies and we’ve sent off samples.”

O’Neill is optimistic that the Allihies leaching process will work as well with the Bayhorse concentrate as it did with Americas Gold and Silver material, which is to say an extraction rate for antimony of up to 99%. The sulphur also drops out and, after leaching, you are left with easily recoverable silver, copper and zinc.

“Of course, before we sent the samples to Allihies we needed to XRF the material to get a baseline,” said O’Neill. “We hadn’t used our XRF on the flotation concentrate from the mill because we had been using what’s known as development material, which is not really representative of the material we will be mining.”

“Quite honestly, I was astounded at the XRF results (press release),” said O’Neill. “Average in the samples of 135 ounces of silver per ton. But the other metals were a surprise: 20.6% copper, 19.5% antimony, 40% zinc and 1.6% lead. Trace, but possibly recoverable, amounts of gold. Our floatation concentrate, even from development material, is packed with metal. Now we want to see what sort of recoveries are possible with the Allihies leaching. If those recoveries are solid, we’ll be looking at putting a leaching circuit into our mill in Payette.”

O’Neill has always been looking for ways to maximize the economics of the Bayhorse Mine. “The Steinert ore sorter was a critical first step,” said O’Neill. “Leaving at least 80% of the barren rock at the mine makes trucking the sorted material much less expensive. Having our own 60-70 ton per day mill means we are able to produce high value concentrate, which, when we were looking at shipping the material across the Pacific, reduced the costs and increased the value of the shipped material. But if we are able to leach the antimony, get rid of the sulphur and other deleterious materials, we should be able to recover the silver, copper and zinc directly and have direct ship material. Why throw $8.50 a pound antimony away? With our current XRF scans, that is 400 pounds a ton. You do the math.”

O’Neill is very aware of the market for Bayhorse shares. “We are going to have news right through to the Vancouver Resource Investment Conference, which Christos wants me to attend this year. Probably not a booth, but a suite or some investor events. We’ll have the preliminary results of the IP survey in the next four to six weeks. We should also have the results of the leaching trial. Then, the detailed IP results will give us a good idea of what the VTEM blobs over at the Pegasus project in Idaho are indicating. Our senior geologists, who have done the mapping and sampling over at Pegasus, are pretty sure  the mineralization at the Bayhorse Mine extends across the Snake at the north end of Pegasus. More silver pearls for our string? I don’t know. Our geos think it is a very good possibility.”

I asked O’Neill about his own plans. “Immediately, up to Vancouver to meet with investors, talk to Rick Low, our Chief Financial Officer, and plan a marketing push. Then, Director Mark Abrams and I are going to the Idaho Mining Association’s Annual conference. Meet the neighbours,” said O’Neill. “And speaking of neighbours, we just found out that the land to the south east of our ground in Idaho has been staked by Kennecott Copper. A good neighbour to have.”

“More generally,” said O’Neill. “Bringing Christos onto the Board of Directors gives us depth in the Toronto financial markets which we’ve never had before. I am very much looking forward to stepping back a little from a few of my multiple roles and bringing on the “new blood” we need to get the Bayhorse mine across the finish line.”

“I’ve seen silver trade at $12 an ounce and our model at that time suggested the Bayhorse mine would be profitable. $50 silver, even with significantly higher costs,  will very likely make the mine very profitable indeed,” said O’Neill. “The ore sorter, the mill and now the prospect of using leaching to produce direct ship material have all added to that bottom line. It’s been a longer journey than I had expected. Along the way we’ve expanded the potential resource at the Bayhorse mine and opened up very prospective ground in Idaho. I believe the Bayhorse is getting ready to gallop, and Pegasus is testing it’s wings.”