Dundee Precious Metals

Key Program Objectives:

• Expansion Drill Program: The 2026 drilling program at Iska Iska, as part of the Preliminary Economic Assessment (PEA) process, follows the successful completion of the Updated Mineral Resource Estimate (MRE) in late April 2026. Its main objectives are to strategically expand and upgrade the 85.17 million tonnes of Indicated Resources grading 78.38 Ag g/t Eq. and 945.43 million tonnes of Inferred Resources grading 22.04 Ag g/t Eq. in the Updated MRE.
• Indicated Resource Definition: Targeted step-out drilling with 50m spacing within the higher-grade core area of the Potential Starter Pit, aiming to further expand the Initial Indicated Resource.
• Strike and Depth Extensions: Testing the potential down-dip and strike length of known higher-grade Silver-Tin (Ag-Sn)-polymetallic shoots which remain open laterally and vertically.
• Trend Expansion: Follow up on successful 2024-2025 step-out drilling that extended the mineralized envelope down-dip and along a strike length of approximately 1.4 kilometres to the east and west.
• Contractor – Major Drilling Group: Major Drilling Group International Inc. is the process of mobilizing two diamond drill rigs to the Iska Iska project, with a third drill expected to be added in the next three months.
• Eloro Resources Ltd. (TSX: ELO) (OTCQX: ELRRF) (FSE: P2QM) (“Eloro” or the “Company”) is pleased to announce the commencement of its expansion drilling program, which is focused on upgrading and expanding higher grade Silver-Tin (Ag-Sn)-Polymetallic mineralization at its 100% owned Iska Iska Project in Southern Bolivia. Major Drilling Group International Inc. is in the process of mobilizing two diamond drill rigs to the Iska Iska Project, with a third drill expected to be added in the next three months.

  The drilling campaign comprises 40,000m of diamond drilling in approximately 75 holes, following the Company’s recent definition drilling program that intersected mineralization over a strike length of approximately 1.4 kilometres. Initially, 40 holes totalling 18,250m will be drilled and then it will be followed up by approximately 45 holes totalling 21,750m.

  Tom Larsen, CEO of Eloro, commented: “We are excited to be commencing our expansion drilling program, a major milestone in advancing the Iska Iska Project, after the release of the successful Updated MRE in late April. The next phase of drilling is an opportunity to add additional Indicated Resources to, and further support, our planned PEA.”

  Mr. Larsen continued: “This program is the continuation of exploration efforts leading to the highly prospective target areas developed by the exploration work between 2020-2025. In addition, our exploration team has identified compelling targets at other prospective areas such as Central, Porco, Huayra Kasa East, San Juan and Mina 2.”

  Dr. Osvaldo Arce, P.Geo., Eloro’s Executive Vice President, Exploration and Latin America Operations added: “It’s been nearly six years since we started exploring and drilling the Iska Iska mineralized system, which is a true grass-root discovery that has now developed into one of the largest silver-tin polymetallic deposits discovered in the prolific Bolivian Tin Belt. We are optimistic about the planned drilling program since we believe that we can continue to expand and upgrade this very large mineralized system which has become a significant discovery for Bolivia.”

  EXPANSION DRILLING PROGRAM

  The latest Iska Iska Mineral Resource Estimate (“MRE”), the findings of which were reported by Eloro on April 22, 2026, confirms a large-scale polymetallic system with an Indicated Mineral Resource of 85.17 million tonnes grading 40 g/t Ag, containing 109.53 million ounces of silver, 1.03 million tonnes of zinc grading 1.21% Zn, 0.60 million tonnes of lead grading 0.71% Pb (78.38 Ag g/t Eq.) and an Inferred Mineral Resource of 945.43 million tonnes grading 8.5 g/t Ag, containing 248.60 million ounces of silver, 4.72 million tonnes of zinc grading 0.47% Zn, 1.50 million tonnes of lead grading 0.16% Pb, 290,000 tonnes of tin grading 0.03% Sn and 1.21 million ounces of gold grading 0.04 g/t Au (22.04 Ag g/t Eq.).

  The expansion drilling program is particularly important to define the full extent of the higher-grade Silver-Tin (Ag-Sn)-Polymetallic Indicated Resource, which has a major influence on overall grade and resources for the Preliminary Economic Assessment (“PEA”).

  Detailed geological and engineering work will be carried out to further assess the ground-water quality, contamination risks, predicting geologic hazards, characterizing mineral resources and their extraction costs, producing geotechnical information and waste repository siting for the planned PEA.

  While the system contains multiple minerals of silver-tin-zinc-lead (Ag-Sn-Zn-Pb), silver (Ag) represents a key metal in terms of its distribution and economic value. As a result, one of the key objectives of the expansion drilling program is to potentially expand the Indicated Resource in the central part of the Santa Bárbara feeder zone. The actual Indicated Mineral Resource occurs in the central part of the Santa Bárbara feeder zone, and it will continue as the primary target for the 2026 expansion drilling.

  The mineralized system at Iska Iska is zoned from west to east into four principal domains (Figure 1):

  1. Predominant Tin (Sn) domain is mainly developed in the western portion of the system and comprises both shallow and deeper mineralization.
  2. The Polymetallic (Ag, Sn, Zn, Pb) domain is located mostly upwards within the central and western sectors of the deposit, with localized extensions of the mineralization toward the east, southeast, and northwest.
  3. The Epithermal (Zn, Ag, Pb) domain is located between the Polymetallic and Predominant zinc (Zn) domains, and
  4. The Predominant Zinc (Zn) domain is primarily distributed within the eastern to southeastern sectors of the deposit.

  

  Figure 1: Panoramic view of the Iska Iska project caldera, showing the four main metal domains over a strike length of about 1.4 km

  To view an enhanced version of this graphic, please visit:
  https://images.newsfilecorp.com/files/1539/296412_elorofig1.jpg

  DRILLING STRATEGY

  Step-out Drilling (Systematic Controlled Expansion)

  The 50m-spacing step-out drilling is focused on enlarging the Indicated Resource and to confirm the continuity of mineralization beyond its current boundaries. The targets are Ag-Sn-Polymetallic mineralization but especially mainly Ag-bearing intervals that were intercepted in previous wider spaced drilling.

  Another objective of the 2026 step-out drilling program is to advance towards a planned PEA, which will allow future pit designs to include most of the current Mineral Resources outside the current pit shells.

  The 2026 drilling program comprises 40,000m, from which about 85% will be assigned to the Santa Barbara mineralized area with the remaining meterage to other outside potential areas. Drilling will be conducted using a combination of 100m and 50m spacings for Inferred and Indicated Resource categories, respectively, in selected locations of the deposit.

  The initial drilling phase comprising a total of 40 planned drill holes, including step-out, infill, and exploratory holes, reaching 18,250m is listed in Table 1 with collar locations shown in Figure 2. Of the planned drill holes, 22 totalling 10,500m are step-outs, primarily targeting silver-dominant mineralization strategically distributed to expand the Indicated Resource. In addition, 4 exploratory drill holes (2,250m) are planned to test for extensions in the underexplored areas surrounding the Santa Barbara mineralized zone.

  Table 1 and Figure 2 detail the First phase Expansion Drill Program that includes 40 drill holes totalling 18,250m. The following Phase II drilling will comprise approximately 21,750m, which will be drilled following evaluation of the results from the Expansion Drilling – Phase I.

  Table 1: Expansion Drill Program – Phase I

  Hole ID	Easting	Northing	Elevation m.a.s.l.	Planned metres	Target
  DSB-94	205157	7656097	4322	350	Polymetallic
  DSB-95	205393	7656476	4186	350	Epithermal
  DSB-96	205269	7656070	4285	350	Polymetallic
  DSB-97	205605	7656123	4109	500	Polymetallic
  DSB-98	205303	7656039	4261	350	Polymetallic
  DSB-99	205747	7656193	4088	550	Polymetallic
  DSB-100	205677	7656157	4091	550	Polymetallic
  DSB-101	205359	7655980	4214	550	Polymetallic
  DSB-102	205676	7656051	4071	600	Polymetallic
  DSB-103	205149	7656161	4344	500	Predominant Sn
  DSB-104	205782	7656017	4045	550	Epithermal
  DSB-105	205216	7656193	4319	500	Polymetallic
  DSB-106	205748	7655945	4048	550	Polymetallic
  DSB-107	205251	7656268	4293	400	Polymetallic
  DSB-108	205676	7655981	4057	500	Polymetallic
  DSB-109	205291	7656233	4274	450	Polymetallic
  DSB-110	205623	7656033	4084	200	Polymetallic
  DSB-111	205305	7656351	4254	450	Polymetallic
  DHK-32	205987	7656434	4120	500	Epithermal
  DSB-112	205305	7656422	4229	350	Epithermal
  DSB-113	205569	7656229	4138	600	Epithermal
  DSB-114	205416	7656210	4205	550	Polymetallic
  DSB-115	205428	7656016	4185	350	Polymetallic
  DSB-116	205517	7656316	4171	450	Epithermal
  DSB-117	205553	7656136	4133	550	Polymetallic
  DSB-118	205535	7656087	4136	500	Polymetallic
  DSB-119	205341	7656458	4206	350	Epithermal
  DSB-120	205217	7655909	4250	450	Epithermal
  DSB-121	205393	7656406	4207	500	Polymetallic
  DSB-122	205218	7656264	4310	650	Predominant Sn
  DSB-123	205146	7656263	4336	600	Predominant Sn
  DSB-124	205262	7656133	4292	500	Polymetallic
  DSB-125	205042	7655945	4333	400	Polymetallic
  DSB-126	204933	7656228	4329	650	Predominant Sn
  DSB-127	205296	7656100	4266	450	Polymetallic
  DSB-128	205340	7656069	4242	150	Polymetallic
  DSB-129	205570	7656016	4112	500	Polymetallic
  DSB-130	205606	7656086	4102	500	Polymetallic
  DSB-131	205288	7656122	4272	100	Polymetallic
  DSB-132	205323	7656016	4243	350	Polymetallic
  			TOTAL	18,250

   

  Note. All holes azimuths are 225 degrees and their inclinations vary from 50 to 85 degrees.

  

  Figure 2: Location of the main planned drill holes at Iska Iska compared to the Ag-dominant domain.

  To view an enhanced version of this graphic, please visit:
  https://images.newsfilecorp.com/files/1539/296412_elorofig2.jpg

  Table 2: Summary of Indicated and Inferred Mineral Resources in Optimized Pit (April 2026)

  Classification	Tonnes	Ag	Ag	Ag	Zn	Zn	Pb	Pb	Sn	Sn	Au	Au
  	Millions	g/t Eq.	g/t	Moz	%	Mt	%	Mt	%	Mt	g/t	Moz
  Indicated	85.17	78.38	40	109.53	1.21	1.03	0.71	0.60	N/A	N/A	N/A	N/A
  Inferred	945.43	22.04	8.5	248.60	0.47	4.72	0.16	1.50	0.03	0.29	0.04	1.21

   

  Source: Eloro Press Release dated April 22, 2026.

  INDICATED RESOURCES – A CLEAR PATH TO A PLANNED PEA

  A compelling feature of the Iska Iska Updated MRE is the distribution of the resources relative to the optimized pit shell. 284 million tonnes are spatially contained within the current pit limits, including 85.2 million tonnes of Indicated Resources, grading 78.4 g/t silver equivalent. 181 million tonnes of Inferred Resources are sitting alongside and beneath the existing Indicated resource in the same geological envelope. This is not peripheral or marginal mineralization, but it sits in the economic boundary already defined by independent pit optimization, located with the higher-grade Indicated blocks within the Santa Barbara zone (Figure 3).

  

  Figure 3: Isometric 3D view of the Iska Iska Ultimate Pit and 83.2 Mt of Indicated Resources.

  To view an enhanced version of this graphic, please visit:
  https://images.newsfilecorp.com/files/1539/296412_elorofig3.jpg

  The proximity of this Inferred tonnage to the existing Indicated Resource blocks, within the same optimized pit shell and sharing the same structural controls, signifies it is uniquely amenable to conversion with targeted drilling. The 2026 expansion drilling program is precisely designed to close the drill spacing required to reclassify these tonnes. Successful drilling could potentially lift the total Indicated Resource, a step-change that would materially transform the project’s PEA economics.

  

  Figure 4: Iska Iska Section view looking North showing Oxides, Transitional and Sulphides zones.

  To view an enhanced version of this graphic, please visit:
  https://images.newsfilecorp.com/files/1539/296412_elorofig4.jpg

  Table 3 sets out the resource tonnage and grade contained within the optimized pit limits, separated by resource classification and by Weathering Zones: Oxides, Transitional and Sulphides, reflecting the vertical zonation of the Santa Barbara mineralized system.

  Table 3: Mineral Resources Within the Optimized Pit Limits, and by Classification and Weathering Zones (Lithology), at the Iska Iska Project (April 2026 MRE)

  

  To view an enhanced version of this graphic, please visit:
  https://images.newsfilecorp.com/files/1539/296412_elorofig5.jpg

  Qualified Person

  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 conducted 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 except for 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 Eloro Resources Ltd. 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 collapsed/resurgent caldera, emplaced on Ordovician age rocks with major breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6 km by 1.8 km 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.

  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 was 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, expanding 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, 2024, the Company has completed 27 drill holes totalling 14,085.80 metres of definition drilling in 2 distinct 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, through its Bolivian subsidiary, Minera Tupiza SRL, has a 99% joint venture interest and a 100% economic participation 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.

  Source: Eloro Resources Ltd.

Vancouver, British Columbia–(Newsfile Corp. – May 5, 2026) – NexGen Energy Ltd. (TSX: NXE) (NYSE: NXE) (ASX: NXG) (“NexGen” or the “Company”) will host its 2026 first quarter conference call on Thursday, May 7, 2026, at 8:00 am Eastern Time.

During the call, NexGen’s Founder and Chief Executive Officer, Leigh Curyer, Chief Commercial Officer, Travis McPherson, Chief Financial Officer, Benjamin Salter, and Chris Copley, Project Director will provide an update on the site activities at NexGen’s 100% owned Rook I Project (the “Project“). Including the Company’s 2025 site infrastructure program, construction preparation, pending major contract announcements, timelines and procurement readiness, financing, the continued drilling success at Patterson Corridor East (“PCE”), and strengthening uranium market dynamics, alongside NexGen’s strategy to optimize value through maximizing leverage to future uranium prices.

Call-in Details:

Date: Thursday, May 7, 2026
Time: 8:00 am Eastern Time

Participants should advise the operator that they are joining the “NexGen Energy Ltd. Conference Call” to gain admission to the event:

North America Toll Free Number: 1-833-752-3734
Australia Local Toll Number: +61-7-3911-1378

Participants accessing the call via either of the provided links will be automatically connected to the NexGen Energy Ltd. Conference Call:

International HD Web Phone Access: Access Link
Call me^TM : Call Me Link

Prior to the call, the Company will file its 2026 first quarter Financial Statements and Management Discussion & Analysis on Tuesday, May 5, 2026, after the North American markets close. These fillings will be available for review on the NexGen website under Reports and Filings and on the Company’s SEDAR+ profile at www.sedarplus.ca. In addition, a replay of the call will be available on the NexGen website under Events & Webcasts.

Further Information is available at www.nexgenenergy.ca.

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 standards in environmental and social governance. The Rook I Project is supported by a NI 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.

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 materially 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.

Eloro Resources (ELO.T) put out a press release outlining its updated 43-101 Compliant Mineral Resource Estimate for its Iska Iska project in Bolivia. For the first time it was able to report “indicated” resources as well as significantly increased “inferred” resources.

ELO shares traded down.

I spoke to CEO Tom Larsen who was, as you might expect, disappointed with the market’s reception of what, objectively, is excellent news. Now part of the share price story is secular, the war in Iran, the price of silver falling; but part of it is the very nature of the 43-101 Mineral Resource process.

“So the actual Estimate is done by a third party,” said Larsen. “The independent  mining consultant firm who have been hired for the inaugural 2023 MRE and the recent upgrade study is Micon International, an Independent Mining Consulting firm. They have to be conservative. Hundred meter by hundred meter drill spacings will always be classified as “inferred”. Fifty by fifty meter spacings are required for indicated.”

What Micon cannot comment on nor can Larsen, is the fact that the mineralization at Iska Iska has been remarkably consistent. Eloro has drilled to date 146 drill holes totalling 119,930 metres, every one of which has hit mineralization. It has developed a robust geological model of the drilled sections of the overall Iska Iska ground and is able to accurately discern well defined tin, lead/zinc and primary silver domains.

“The inferred silver resource in the upper part of the system in the 2023  MRE report reported 24 gram silver within 132 million tonnes,” said Larsen. “With our infill drilling in the last couple years we have moved to 85 million tons of indicated 40 gpt ton silver. The silver grade is up 66%.”

“We will be drilling up to 40,000 meters in the upcoming months,” said Larsen. “Primarily focused on the silver primary domain. We know that as we infill drill the grade goes up. By doing a focused infill drilling program we are confident we can take the indicated silver tons to 140 million at 40 grams per ton.”

40 grams is a tiny bit less than an ounce and a half. Here’s another thing which the 43-101 rules prohibit Eloro from including in the press release on the revised MRE: the value of 140 million tons of ounce and a half silver. Simple math with today’s silver price gives a gross value of  US$ 10.5 billion. Ballpark cost of mining and processing at $20-25/ton leaves a profit of $50/ton or 7 billion US dollars. And that is just for the silver.

As I write, ELO’s market cap is 229 million Canadian or 167 million US. Little wonder that Larsen is disappointed with the market’s reaction to the revised MRE.

“We are going to focus on upgrading the silver primary,” said Larsen. “Iska Iska is the third largest in situ silver deposit in the world with in excess of 360 million ounces. We can increase the grade and the value of that deposit with minimal, but well targeted, drilling.”

At the same time Eloro will also be drilling in the tin domain to the West. “Right now, we have an inferred 31 million tons of tin at .2 percent,” said Larsen. “While our primary target is the silver, we will also drill the newly discovered tin corridor to the west of Santa Barbara to enhance the tin inferred resource as a potential standalone open pit mining operation.  We would like to have drilled enough to include the tin resource as a sidebar in the upcoming Preliminary Economic Assessment.”

Eloro has faced obstacles in its drilling program in the last couple of years. Drill rigs not available and the diesel to run them being in short supply. However, the new Bolivian government has improved the diesel situation and ELO has retained a new drilling contractor. “We’ll have rigs running in early May,” said Larsen. “We plan on having three or four drills running as we progress.”

Polymetallic deposits are complicated and one as large as Iska Iska is difficult to explain to retail investors. Institutional investors, on the other hand, can digest and analyze the gist of the MRE. Here’s what Red Cloud had to say,

“We view this as a positive update that has resulted in a 54% increase in total mineralized tonnage. The higher confidence indicated resource exhibits a 65% higher grade compared to the high-grade portion of the 2023 MRE. As we had anticipated, the high-grade indicated portion (40 g/t Ag and 75.2 g/t AgEq) lies in the middle of the resource pit shell. We believe the high-grade core should dispel concerns about the potential quality of the deposit while its size, geometry and continuity remain key defining attributes that place Iska Iska among the premier Ag dominant development projects globally.”

As investment bankers are wont to do, Red Cloud compared Eloro’s $0.18 US per in situ ounce valuation with ten peers which had an average in situ silver ounce valuation of $1.93 US. Unsurprisingly, Red Cloud is looking for a $5.50 target price.

Along with capital markets people, Eloro is also attracting the attention of large balance sheet companies. “We have four NDAs in place,” said Larsen while declining to actually name the entities involved.

Taking a strategic stake in Eloro or buying some or all of the Iska Iska deposit or joint venturing are all potential outcomes for ELO’s suitors. At the moment there has to be a serious temptation to put in a stink bid at, say, $4.00 (less than $500 million) Canadian to get an asset the silver value of which, net, is on the order of 7 billion dollars. Such a bid would kick off a competition and it is a good bet the final offer would leave Red Cloud’s $5.50 target in the dust.

The next major event for Eloro will be its PEA expected Q4 2026. Chances are pretty good that PEA will include a further revised MRE based on the drilling at Iska Iska starting in the next couple of weeks. In the PEA Eloro will be allowed to attach some actual economics to the geology. Mining and processing costs, recoveries and sensitivity tables reflecting the effect of the price of silver and the other metals. Plus, if the drilling goes well, the tin domain’s value will be reflected as well.

Cartier Resources Inc. (″ Cartier ″ or the ″ Company ″) (TSXV: ECR; FSE: 6CA) is pleased to announce the eleventh batch of results from the 100,000-m drilling program (2 drill rigs), within the underexplored Pontiac sedimentary Group in Hope Sector, on the 100%-owned Cadillac Project, located in Val-d’Or (Abitibi, Quebec).

Strategic Highlights from Hope Sector

Drill Hole Results (Figures 1 to 3)
New Zones

• CA26-591 reported 7.9 g/t Au over 4.0 m included in 2.3 g/t Au over 19.0 m, with visible gold grains.
• CA26-334 graded 7.8 g/t Au over 1.0 m included in 2.3 g/t Au over 4.0 m.
• CA26-335 intersected 3.1 g/t Au over 3.0 m included in 1.1 g/t Au over 11.0 m.

Porphyry #1 Zone

• CA26-334 reported 6.2 g/t Au over 1.0 m included in 2.7 g/t Au over 3.0 m.

Significance for Investors

• Hole CA26-591 introduces a new high-grade gold zone near surface in the unexplored Pontiac sediments. The intersection is located south of the Cadillac Fault and 50 m south of the Porphyry #2 intrusion, which opens an entirely new exploration target.
• This new discovery closely resembles the gold mineralization in the Cadillac sediments, consisting of a stockwork of quartz-carbonate veins and veinlets accompanied by sulfides and visible gold grains. To date, only two holes have tested this discovery, demonstrating the mineralized zone is open in all directions and at depth, and signaling significant exploration potential.
• Drill holes CA26-334 and 335 intersected the Porphyry #1 intrusion, extending its westward dimension to at least 1 km in length, remains open at depth and suggests a sizeable intrusive system in play.
• The two mineralization styles (sediment-hosted gold and porphyry-related gold systems) elevate the Hope Sector as a highly strategic area for the Cadillac project, despite its early-stage exploration status, highlighting its strong potential for new gold discoveries.