ORELENS

Newmont $NEM diluted 45% to buy Newcrest in 2023. Everyone hated it. Then they spent two years cleaning up: sold six mines for $4.3B+, paid off $3.4B of debt, bought back 9% of the company. Now: $10B/yr of free cash at $4,650 gold. Net cash. Record quarters three in a row. The lesson for every mining investor: dilution isn't fatal when it's the entry, not the exit. The catch? Stock's +83% and 2% off its all-time high. Full breakdown on the channel — both sides, every number checked 🧵👇 $B $AU $RGLD $CDE

Pad for the open: Overnight $SCOT.V — Blueberry 6.0 g/t over 21.20 m and 14.4 g/t over 8.00 m Emperor / gmx:native — Duquesne West 7.0 g/t over 24.8 m near-surface; 83% of holes reported Graycliff (GRAY) — Shakespeare 115.25 g/t over 6.0 m incl. 551 g/t over 1.0 m $BRW.V — Anatacau 302 m @ 1.73% Li2O $AYA — Boumadine high-grade continuity; 181,685 m done; new permits Still working $RDS.V — nine more wedges under O’Brien. Residual grades printed. $KLDC.V — Mirado West dual high-grade + bulk. Strike >1,100 m. $CCM — New Polaris Au-Sb outside the model $RPX.V — Wawa near-surface open-pit extension $AUMB.V — True North UG infill on modelled veins Which name is a model change and which is still a one-hole grade sample?

Worksheet: $SCOT.V 6.0 g/t Au over 21.20 m at Blueberry. A 21 m interval at 6 g/t can mean three things: 1. True width is close to core length and the zone is continuous to the next hole Then it is a stopeable width. That is the bull case for underground conversion. 2. The hole cut the structure at a low angle True width could be half or less. Dilution changes the economics. 3. The grade is carried by a few higher samples inside a lower-grade envelope Cut vs uncut matters. The residual grade after removing the top samples is the number that enters a model. Questions before you treat it as expansion: • True width on both the 21.2 m and the 8.0 m intervals • Are these inside the current Blueberry resource wireframes or outside them • How many holes in this batch are still pending • Distance to existing development or the nearest resource block Same filter on Emperor’s 7.0 g/t over 24.8 m at Duquesne West (near-surface conversion) and on Graycliff’s 115 g/t over 6 m (grade sample that needs the next hole). One broad high-grade interval is encouragement. Three that line up on section is a system.

Other files that landed. $BRW.V Brunswick Exploration — Anatacau Main (James Bay) AN-26-17: 302.05 m @ 1.73% Li2O including 142 m @ 1.97% Li2O (from 295 m). Long lithium intervals are only useful once you know the true width, the pegmatite geometry, and whether this is inside or outside the current resource domain. 302 m of core at 1.73% is a large number. The model cut will decide what survives. $AYA Aya Gold & Silver — Boumadine (Morocco) High-grade continuity on the Main Trend: • 269 g/t AgEq over 11.9 m (incl. 635 g/t AgEq over 2.6 m) • 239 g/t AgEq over 17.0 m (incl. 953 g/t AgEq over 1.7 m) • 331 g/t AgEq over 9.1 m 181,685 m drilled year-to-date (ahead of the 180,000 m target). 51% of the two-year 360,000 m infill program done. Three new permits fill gaps around the mining license. Project area now 357 km². This is conversion and extension on a producing asset, not a junior discovery. AgEq formula and metal mix still matter. Still open from the last 48 hours $KLDC.V — Mirado West 10.53 g/t over 9.2 m + 0.64 g/t over 68 m in the same hole. Strike >1,100 m. $CCM — New Polaris 4.62 m @ 37.7 g/t Au + 4.57% Sb (outside model). True widths still TBD. $RPX.V — Wawa 6.24 g/t over 19.68 m near-surface. $AUMB.V — True North UG 14.86 g/t over 7.20 m on modelled veins. Also noted Perpetua (PPTA) — Fiddle prospect 109.7 m @ 3.2 g/t Au + 1.1% Sb south of the permitted Yellow Pine pit. New discovery on a larger development asset. Clark Tunnel also returning high grades.

Thursday DD — three high-grade continuity tests that landed overnight, plus the O’Brien depth batch that is still the Abitibi file. 1) BROAD HIGH-GRADE IN THE GOLDEN TRIANGLE $SCOT.V Scottie Resources — Blueberry Contact Zone • SR26-539: 6.0 g/t Au over 21.20 m (Lemoffe 4) • SR26-513: 14.4 g/t Au over 8.00 m (Lemoffe 1) Company line: high-grade continuity and expansion potential at Blueberry. This is the profile that matters in the Stewart camp: widths that can be mined underground without extreme dilution, in a system that is already showing strike and dip continuity. Checklist: • True width vs the 21.2 m and 8.0 m core lengths • Position relative to existing Blueberry resource / model domains • How many more holes in this batch are still outstanding • Path to the next resource update 21 m at 6 g/t is a different document than 8 m at 14 g/t. Both can be useful; they do different jobs. 2) NEAR-SURFACE HIGH-GRADE AT DUQUESNE WEST Emperor Metals (CSE: AUOZ) / gmx:native Globex option — Duquesne West (Quebec) Near-surface: • DQ26-61: 7.0 g/t Au over 24.8 m (~85 m vertical) • DQ26-57: 8.7 g/t over 8.4 m (~41 m vertical) • DQ26-63: 4.0 g/t over 18.9 m (~100 m vertical) • DQ26-59: 6.1 g/t over 8.6 m 83% of the 2026 holes now reported. Emperor has resumed drilling (another 3,000–5,000 m planned). Goal is an updated NI 43-101 MRE and PEA. Near-surface + widths in the 8–25 m range is the open-pit or shallow UG conversion file. Grade is real. Continuity into the next resource is the question. Globex retains the underlying interest — read the option terms if you are on gmx:native. 3) ULTRA-HIGH-GRADE BELOW HISTORIC WORKINGS Graycliff (CSE: GRAY) — Shakespeare (near Sudbury) All five new holes hit. Standout: • J-62-26: 115.25 g/t Au over 6.0 m including 551 g/t over 1.0 m (from 118 m) • D-26: 26.48 g/t over 4.0 m including 75.25 g/t over 1.0 m • J-65-26: 8.09 g/t over 10.0 m including 19.00 g/t over 4.0 m Close to but largely below historic mine workings. Metallurgical hole also returned high-grade. This is a grade sample, not yet a system. 551 g/t over 1 m is a bonanza interval. The 6 m and 10 m widths around it are the intervals that can enter a model. True width and continuity to the next hole are the only questions that matter. Still the depth file $RDS.V — nine more wedges under O’Brien yesterday. Residual grades after cutting the 44 g/t spike are printed. Agnico position unchanged. Three different tools: $SCOT.V = broad high-grade continuity in an existing Triangle system Emperor / gmx:native = near-surface widths into an MRE/PEA Graycliff = high-grade under old workings that still needs density Not advice. Read the sections.

Worksheet: $KLDC.V KLM26-048. 10.53 g/t over 9.2 m sitting above 0.64 g/t over 68 m in the same hole is the most common dual-profile claim in junior gold. It can mean three things: 1. A high-grade shoot with a lower-grade halo that is continuous Then both can enter a model. The shoot carries grade; the halo carries tonnes. 2. The high-grade is a narrow vein cut at a favorable angle, and the 68 m is a lower-grade shear that does not connect to the next hole Then you have one good sample and a separate low-grade zone. 3. The 68 m is real but the grade is carried by a few higher samples Cut or uncut changes the economics of the bulk interval. Questions before you treat it as a system: • True width on both intervals • Does the 9.2 m high-grade appear in the neighboring step-outs, or only the wide lower-grade zones? • From <10 m below surface to 480 m — is the near-surface material oxidized / leachable or the same fresh rock as the deep intercepts? • Strike continuity of the wide zones vs the high-grade shoots Same discipline on $RDS.V’s residual grades after cutting the 44 g/t spike, and on $CCM’s Au-Sb intervals where true width is still unknown. One hole that shows both profiles is encouragement. Three holes that show the same stack is a system.

Pad for the open: Overnight $KLDC.V — Mirado West 10.53 g/t over 9.2 m + 0.64 g/t over 68 m in the same hole. Strike >1,100 m. $RDS.V — nine more wedges under O’Brien. 44.18 g/t over 1.3 m; residual grades printed. $CCM — New Polaris 4.62 m @ 37.7 g/t Au + 4.57% Sb (outside model). True widths TBD. $RPX.V — Wawa 6.24 g/t over 19.68 m near-surface open-pit extension. $AUMB.V — True North UG 14.86 g/t over 7.20 m. All holes hit modelled veins. $OM — Gaspé 314 m @ 0.44% Cu; southern expansion still mineralized. Still on the board $FFOX.V — Lammas step-outs $NICN.V — Horseshoe near-surface system $AUXX.V — Moss positive reconciliation Which name is a model change this week and which is still a one-hole dual-profile story?

Other files that landed. $RPX.V RPX Gold — Wawa (Ontario) Near-surface open-pit potential extension: • 6.24 g/t Au over 19.68 m including 50.70 g/t over 0.90 m • 18.49 g/t over 5.67 m including 109 g/t over 0.90 m • Other intervals in the 4–6 g/t range over 5–6 m 20,000 m program supporting PFS work. This is conversion and expansion of the near-surface domains already flagged in the PEA, not a greenfield discovery. $AUMB.V 1911 Gold — True North (Manitoba) UG infill from Level 16 on L10: • UG16-26-102: 14.86 g/t Au over 7.20 m including 19.52 g/t over 4.60 m (V-1010) • Other holes 13–14 g/t over 1.2–1.7 m on the modelled veins All holes hit the modelled V-1020 / V-1010 structures. This is derisking ounces already scheduled for early production in the PEA, ahead of a potential 2027 restart decision. Updated global resource targeted Q4 2026. $OM Osisko Metals — Gaspé 30-1272: 314 m @ 0.44% Cu. Other long intervals (240 m @ 0.44%, 552 m @ 0.30%, etc.). Mix of infill inside the 2026 MRE and expansion outside it, including a southern hole 400 m past the current pit boundary returning 121 m @ 0.42% Cu. Long copper intervals are only useful once you know which are in-pit conversion vs out-of-pit expansion. The southern step is the one that can change the pit. Also noted $IGO.V Independence Gold — 3Ts Ian vein 8.35 m @ 2.39 g/t Au + 28.98 g/t Ag. Gap-filling on known veins. $FURY — Three Bluffs 3.88 g/t over 17.8 m including 18.78 g/t over 3.30 m. All five holes mineralized. $TGOL Thunder Gold — 0.456 g/t over 451.5 m at Tower Mountain. Bulk continuity, not grade.

Wednesday DD — three files that do different jobs, plus the O’Brien depth story that just added another batch. 1) HIGH-GRADE SHOOT SITTING ON BULK TONNAGE $KLDC.V Kirkland Lake Discoveries — Mirado West (KL South, Ontario) Step-out KLM26-048: • 10.53 g/t Au over 9.20 m including 31.93 g/t over 3.00 m • Same hole, deeper: 0.64 g/t Au over 68.00 m including 1.25 g/t over 26.50 m • Gold continues to nearly 480 m downhole Strike of the Mirado West corridor now >1,100 m. Open in every direction. Hits from <10 m below surface. Neighboring step-outs also cutting wide lower-grade zones (16–26 m range). This is the dual-profile that matters: a high-grade shoot that can carry grade, sitting inside continuous lower-grade mineralization that builds tonnes. Checklist: • True width on both intervals • How the 10.53 g/t shoot sits relative to the 68 m bulk interval (stacked or offset) • Continuity of the wide zones across the other step-outs • How much of this sits outside the current model vs inside it 2) DEPTH UNDER A PAST PRODUCER $RDS.V Radisson — O’Brien (Abitibi) Nine new wedge holes from three pilot holes testing deep extensions beneath the western and central portions of the old mine. Selected: • OB-25-377W6: 44.18 g/t Au over 1.3 m and 5.22 g/t over 2.1 m (Pontiac); also 3.19 g/t over 6.40 m (Piché) • OB-26-394W2: 3.47 g/t over 7.6 m including 7.23 g/t over 1.2 m; 3.40 g/t over 10.4 m Still the 140,000 m step-out program. Agnico’s strategic position remains the key non-geological file. Same rules as the September batches: hit rate and vein density over 1,000+ vertical metres matter more than any single 44 g/t metre. Residual grades after cutting the high-grade spike are printed — use them. 3) Au-Sb OUTSIDE THE CURRENT MODEL $CCM Canagold — New Polaris (NW BC) NP26-10A: 4.62 m @ 37.7 g/t Au + 4.57% Sb including 1.96 m @ 79.3 g/t Au + 8.76% Sb and 0.66 m @ 145.7 g/t Au + 18.57% Sb. NP26-11: 9.44 m @ 21.1 g/t Au + 0.66% Sb including 4.88 m @ 37.2 g/t Au + 1.29% Sb. Most intercepts fall outside the current mineral resource model and mine plan. True widths still undetermined (company noted insufficient drilling to fix orientation). Antimony is the differentiator. Gold-only numbers ignore half the file. Recovery and concentrate terms for Sb are the next document, not the grade table. Three different tools: $KLDC.V = dual high-grade + bulk system expanding on strike $RDS.V = deep vein continuity under existing workings + producer capital $CCM = high-grade Au-Sb expansion outside the current model Do not rank them on a single highlight interval. Not advice. Read the sections and the residual grades.

Worksheet: $FFOX.V 16.6 m @ 5.83 g/t Au, 200 m from the Lammas discovery. A step-out is only valuable if you know what it tested. Questions: 1. Same structure or a parallel? 200 m can be along-strike continuity or a new vein. The long section decides. 2. Orientation and true width A 16.6 m intercept that is 40% true width is a different story than 80%. 3. Grade vs the discovery hole Discovery was ~21 m @ 4.13 g/t. This is shorter and higher. Is it the core of the same zone or a narrower, higher-grade shoot? 4. Density One successful step-out is encouragement. Three is a system. Where are the next planned holes? 5. Path to resource Company has flagged an early-2027 maiden resource. This hole only helps if it is in the model domain. Same filter on $NICN.V’s >400 m of strike: strike length without consistent grade and thickness is still a target, not a resource. Do not average the Finland high-grade step-out with the Ontario bulk infill or the Manitoba near-surface discovery.

Pad for the open: Overnight $FFOX.V — Lammas 16.6 m @ 5.83 g/t Au, 200 m step-out $AUXX.V — Moss 172 m @ 0.96 g/t Au, positive reconciliation, MRE Q1 2027 $NICN.V — Horseshoe >400 m strike, broad near-surface 0.65–1.26 g/t intervals $AURO.V — Santa Barbara 572 m @ 0.60 g/t Au + 0.1% Cu $CGM.V — Michelle re-assay 35 m @ 3.26 g/t Au (incl. 3 m @ 15.11 g/t) CNL — shallow 5.50 m @ 1,283 g/t Ag + 0.83% WO₃, 600 m north of Apollo $GAL.V — Indiana high-grade outside MRE; PEA deferred Still working from the last two weeks $RDS.V — O’Brien depth and hit rate $CGNT.V — Mocoa infill above the model $KTN.V — Lupe true-width silver $SIG.V — Blackjack pit intervals Which name is a model change and which is still a one-hole story?

Other files that landed. $AURO.V Auro Metals — Santa Barbara (Ecuador) Final five holes from Phase I: 572 m @ 0.60 g/t Au + 0.1% Cu. Long, low-grade porphyry-style. The useful question is continuity of the gold-copper system and where the higher-grade domains sit, not the 572 m headline by itself. $CGM.V Canadian Goldfields — Michelle Zone, Swayze Central (Ontario) Historic hole RPX-10-02 re-assayed: 35.00 m @ 3.26 g/t Au including 3.00 m @ 15.11 g/t and 5.00 m @ 6.08 g/t. Independent confirmation of the recalculated historic numbers. New 2026 holes also cut mineralization; CGM26-003 tested the western end. Re-assay confirmation is useful. True widths still unknown. Next step is geometry. Collective Mining ( $CNL) — Apollo APC-186, 600 m north of the tungsten-rich subdomain: 5.50 m @ 1,283 g/t Ag, 0.83% WO₃, 0.57% Cu, 0.17 g/t Au (from 89.15 m) Inside a broader 87.60 m @ 158 g/t AgEq from 17.70 m. Shallow high-grade silver-tungsten outside the current envelope. Same discipline as the earlier schist hit: one hole until the follow-up. $GAL.V Galantas — Indiana (Chile) High-grade Au-Cu in new structures outside the current MRE (examples: 1.48 m @ 11.84 g/t AuEq; 1.7 m @ 7.74 g/t AuEq). PEA deferred so the expanded 12,500 m program can feed an updated resource first. Correct sequencing. Grade samples outside the model are exploration, not a study input yet. Also noted $SPA.V Spanish Mountain — FS program still delivering near-surface bulk intervals (295.5 m @ 0.54 g/t including 107 m @ 0.93 g/t in earlier October batch). Feasibility drill, not discovery.

Wednesday DD — three different jobs in the overnight tape, plus one new near-surface discovery that still needs the next holes. 1) STEP-OUT ON A NEW ZONE $FFOX.V FireFox Gold — Mustajärvi / Lammas (Lapland) 16.6 m @ 5.83 g/t Au in a 200 m step-out at the Lammas Zone. Lammas was the September discovery (~21 m @ 4.13 g/t, 650 m from previous drilling). This is the first real test of continuity off the discovery hole. Checklist before you treat it as a shoot: • True width vs 16.6 m core • Distance and orientation relative to the discovery intercept • Whether the 5.83 g/t sits in the same structure or a parallel • Remaining holes in the current program and the path to the early-2027 resource Step-out success is rare. One good hole is still one hole. 2) INFILL THAT RECONCILES POSITIVE $AUXX.V Gold X2 — Moss (Northwest Ontario) 172.0 m @ 0.96 g/t Au (MMD-26-430) including 39.0 m @ 1.31 g/t and 18.5 m @ 2.44 g/t. Other Main Zone holes also reconciling above the model. Southwest Zone infill continuing. Company line: positive reconciliation supports potential ounce growth and better strip in the Q1 2027 updated MRE. This is open-pit conversion work, not a discovery print. The question is how much of the positive variance survives the next resource cutoff. 3) NEW NEAR-SURFACE SYSTEM $NICN.V NiCAN — Pipy South / Horseshoe (Thompson, Manitoba) Spring program extended the new gold zone >400 m of strike. Broad, near-surface intervals: • PG26-06: 75.00 m @ 0.65 g/t Au (incl. 28.30 m @ 1.05 g/t) • PG26-05: 29.00 m @ 0.77 g/t Au (incl. 12.00 m @ 1.17 g/t) • Others in the 0.7–1.3 g/t range over 10–30 m Remains open in all directions. Geological work points to larger analogous structures across the expanded land package. Near-surface + open is the right profile for a new discovery. Grade is modest. Continuity and the next step-outs decide whether it is a system or a cluster of hits. Three tools: $FFOX.V = continuity on a high-grade discovery $AUXX.V = model reconciliation into an updated resource $NICN.V = new near-surface system that still needs density Not advice. Read the sections.

Week that closed. Take this into Monday. Thursday $LIO.V — 4.6 m @ 82.28 g/t Au next to Tuvatu development $MGG.V — Alamos step-outs. San Jose 0.90 m @ 1,469 g/t AgEq (read the Cu/Pb/Zn) CNL — 8.15 m @ 14.82 g/t AuEq + 0.40% WO₃ outside Apollo $IGO.V — Tommy 8.03 m @ 3.11 g/t Au + 48.7 g/t Ag. Balrog at depth $NINE — WD-26-14 peaks 4.57% Cu / 11.30% Zn at Wedge Still the week’s main tickets $RDS.V — 384 g/t metre, 83% hit rate, Agnico ramp $CGNT.V — 103 m @ 1.07% CuEq inside 804 m $KTN.V — Lupe true-width silver $SIG.V — Blackjack pit conversion $KFR.V — HWY 37 38.5 g/t AuEq $ANDC.V — Cobrasco 200 m @ 0.65% Cu Which name actually changes a model this weekend — and which one is just a good section? Not advice.

$MGG.V AL26-249: 0.90 m @ 1,469 g/t AgEq. Break it: • 1,103 g/t Ag • 2.42% Cu • 2.80% Pb • 3.35% Zn • 0.26 g/t Au True width ~0.85 m. That is a polymetallic vein sample, not a silver discovery metre. Weekend checklist on Alamos: 1. Which veins are actually in the current resource vs step-out 2. AgEq price deck (they published it — old long-term CIBC deck) 3. Can San Jose-style Cu-Pb-Zn be milled with Europa / Quintera 4. H2 resource update: ounces added vs classification upgraded 5. Promontorio rehab — access is a separate file from the 50,000 m program $KTN.V Lupe (15.36 m etw @ 232 g/t Ag) and $SSV.V Puro Corazon (35 m etw @ 399 g/t AgEq) are the width stories this week. $MGG.V San Jose is the grade sample. Do not mash them.

Friday DD — three files from Thursday that do different jobs, plus the week that actually moved models. 1) GRADE NEXT TO STEEL $LIO.V Lion One — Tuvatu (Fiji) UG infill / grade-control: 4.6 m @ 82.28 g/t Au near existing development. 4,370 m in this batch. This is not a discovery headline. It is whether the next stope on a producing alkaline vein system is as high-grade as the last one. Checklist: true width, distance to current heading, dilution at that width, how much of the 82 g/t sits inside the current reserve vs conversion. 2) STEP-OUT SILVER, FOUR VEINS $MGG.V Minaurum — Alamos (Sonora) Phase II 50,000 m resource-expansion: • Europa Sur — 3.40 m @ 397 g/t AgEq • Quintera — 1.90 m @ 323 g/t AgEq • San Jose — 0.90 m @ 1,469 g/t AgEq (1,103 g/t Ag, 2.42% Cu, 2.80% Pb, 3.35% Zn in that 0.90 m) Updated resource still targeted H2 2026. Promontorio rehab continues in parallel. AgEq here is loaded with base metals on San Jose. Read Cu/Pb/Zn before you treat 1,469 as a silver vein. 3) NEW LITHOLOGY OUTSIDE THE BLOCK MODEL Collective Mining (CNL) — Apollo APC150-D4: 8.15 m @ 14.82 g/t AuEq (0.40% WO₃, 8.47 g/t Au, 4 g/t Ag) in schist, south of and outside the Apollo breccia body. First tungsten-gold hit of that style outside the resource envelope. Different question than infill: is there a second mineralized host, or a one-hole halo? WEEK THAT CLOSED — keep the books separate Producer-backed depth $RDS.V — 68.24 g/t Au over 6.2 m incl. 384 g/t over 1.0 m. 8 of 8. 83% on 128 holes. Agnico ramp. PEA-path copper $CGNT.V — 804 m @ 0.56% CuEq incl. 103 m @ 1.07% at Mocoa. Infill above the model. $ANDC.V Andina — Cobrasco step-out 322 m @ 0.51% Cu incl. 200 m @ 0.65%. Resource-expansion silver $KTN.V — Lupe 232 g/t Ag over 15.36 m etw; 759 g/t over 3.01 m etw. $SSV.V — Puro Corazon 35.0 m @ 399 g/t AgEq etw. Pit / oxide $SIG.V — Blackjack 141.5 m @ 1.93 g/t inside the proposed pit. $KTO.V — Dragonfly 53.34 m @ 2.00 g/t, oxide core 15.24 m @ 5.33. Triangle / Yukon grade $KFR.V — 8.8 m @ 38.50 g/t AuEq inside 27 m @ 13.61. $IGO.V Independence — Tommy 3.11 g/t Au + 48.69 g/t Ag over 8.03 m; Balrog confirmed at depth. $DRY.V Dryden — 7.88 g/t over 12.70 m at Gold Rock. Steel $AMX.V — Perron decline past 75 m. Rosé still 165 m below it. $EXN.V — Mallay below 4090, flanks outside the MRE. Weekend rule: Do not average $LIO.V’s 82 g/t / 4.6 m with $CGNT.V’s 804 m bulk or $SIG.V’s pit interval. Each name is a different document. Not advice. Read true widths and the metal mix.

Worksheet: $LIO.V 4.6 m @ 82.28 g/t “near underground development.” Three things that phrase can mean: 1. The next planned stope just got a better face sample Useful. Changes short-term grade control. 2. You hit a splay 15 m off the heading Useful only if you can turn the heading. 3. You confirmed what the model already had Then the market already owned it. Questions before Monday: • Metres from the current face / decline • True width vs 4.6 m • Is this inside the reserve wireframe or a conversion candidate • Alkaline vein systems pinch. One 82 g/t interval is not a level. Same filter on $WRLG.V’s Austin 176 g/t / 5.3 m from Tuesday and $EXN.V’s Mallay 5.0 m @ 398 g/t AgEq. Producing or restart-path names live or die on metres of developed ore, not the highlight row.

Worksheet: $CGNT.V 103 m @ 1.07% CuEq vs a ~0.5% CuEq inferred bulk. That sentence can mean three things: 1. The model under-called the core Then PEA feed grade moves. That is the bull case. 2. You threaded the one high-grade domain the model already had Then you confirmed a shoot, not the average. 3. CuEq is being carried by Mo 0.095% Mo inside 0.57% Cu is a different concentrate story than 1.07% all-copper. Before you re-rate the billion tonnes: • Ask for the un-normalized Cu and Mo columns (they printed them — use them) • Put the 103 m on the section vs the current MRE blocks • Check if daughter holes are biased into the core on purpose (they often are) • PEA cutoff and mill recoveries for Mo Same discipline on $KTN.V: 759 g/t over 3.01 m etw does not lift a 284 g/t inferred resource by itself. 15.36 m etw at 232 g/t might.

Three other Tuesday files. Different tools. $KTO.V K2 Gold — Mojave / Dragonfly (California) 53.34 m @ 2.00 g/t Au including 15.24 m @ 5.33 g/t oxide core. Prior cyanide-solubility work on this zone ran ~97% AuCN/AuFA. Oxidation spoken to ~180 m in K2 holes, historically deeper. This is heap-leach geometry, not a vein camp. Pending: 16 more holes. Newmont Zone turning. 14,000 m permitted program. $WRLG.V West Red Lake — Austin 955 / 904 • 176.04 g/t Au over 5.3 m • 128.32 g/t over 4.5 m • 35.72 g/t over 13.35 m Underground definition on a restart-path mill. Grade is expected. Continuity and stope width are the questions. Do not treat 176 g/t as a junior discovery print. $GOT.V Goliath — Surebet Season done: 48,443 m / 97 holes / 94 days. Company says 100% hit rate. Footprint now 2.01 km², still open. Metres-complete + hit-rate release. The last batch of assays is still the rock file. 100% “hit” is only useful once you know the cut. Also out $KRY.V — Haib PFS drill program complete. Infill hanging into the study. $RVG.V — Mercur infill 64% done. 0.92 g/t over 33.5 m in the PEA heap-leach shape, plus ~9 Mt of legacy ROM pads to test. $TSK.V — Bralorne PEA yesterday: C$1.05B after-tax NPV5% / 31.3% IRR at US$3,500 Au.

Pad for the open: Overnight $CGNT.V — 804 m @ 0.56% CuEq incl. 103 m @ 1.07% at Mocoa. Infill above the model. $KTN.V — Lupe 232 g/t Ag over 15.36 m etw; 759 g/t over 3.01 m etw. 30,000 m into 60,000. $KTO.V — Dragonfly 53.34 m @ 2.00 g/t incl. 15.24 m @ 5.33 oxide. $WRLG.V — Austin 176 g/t over 5.3 m. Restart-path UG. $GOT.V — Surebet season done. 48,443 m, 97 holes. Still working $RDS.V — 68.24 g/t / 6.2 m, 384 g/t / 1.0 m, Agnico ramp $SIG.V — Blackjack 141.5 m @ 1.93 g/t inside the pit $SSV.V — Puro Corazon 35 m @ 399 g/t AgEq etw $EXN.V — Mallay below 4090 $VCU.V — Palmer + Deerhorn + Agnico vend PEA-path copper vs resource-expansion silver vs yesterday’s Abitibi vein. Keep the books separate. Which name is actually on your model this morning?

Tuesday DD — a 800 m copper hole, a silver vein with true widths, and yesterday’s 384 g/t metre that is still the Abitibi tape. 1) INFILL ABOVE THE MODEL $CGNT.V Copper Giant — Mocoa (Putumayo) Daughter hole MD-073: • 804 m @ 0.56% CuEq (0.31% Cu, 0.048% Mo) • including 103 m @ 1.07% CuEq (0.57% Cu, 0.095% Mo) • including 54 m @ 1.20% CuEq (0.64% Cu, 0.106% Mo) Company line: more than twice the average grade of the current MRE. Also: MD-067 — 165 m @ 0.67% CuEq including 13 m @ 1.31% MD-071 (daughter) — 184 m @ 0.62% CuEq including 14 m @ 1.15% Both still in mineralization at the bottom. This is not a discovery print. It is whether the high-grade core inside a billion-tonne inferred envelope is real enough to survive a PEA. DD: • CuEq formula (Mo credit is doing work at 0.095–0.106%) • True width vs 804 m / 103 m • Where the 1.07% sits vs the current pit/block model • PEA timing vs remaining infill • Colombia jurisdiction is part of the file, not a footnote C$31M strategic already closed in August. PEA is the document this hole is supposed to feed. 2) TRUE-WIDTH SILVER $KTN.V Kootenay — Columba / Lupe Vein (Chihuahua) Expansion holes, estimated true widths published: • CDH-26-258 — 232 g/t Ag over 24.00 m (15.36 m etw) • CDH-26-257 — 250 g/t Ag over 11.00 m (5.94 m etw) • CDH-26-256 — 759 g/t Ag over 6.02 m (3.01 m etw) • CDH-26-254 — 94 g/t Ag over 84.45 m (57.43 m etw), plus D Vein at depth • G Vein in 256: 168 g/t Ag over 14.61 m (7.31 m etw) >30,000 m of a 60,000 m program done. 51 holes reported. Maiden inferred MRE still 54.1 Moz @ 284 g/t Ag. Lupe is open. 100 m step-outs off the current resource. Use the etw column, not the 759 g/t headline. 3.01 m true at 759 g/t is a vein. 15.36 m true at 232 g/t is the interval that changes a model. 3) STILL YESTERDAY’S MAIN TICKET $RDS.V — 68.24 g/t Au over 6.2 m including 384.01 g/t over 1.0 m. 8 of 8. 83% on 128 holes. 1.9 km down. Agnico in. Ramp funded. One copper PEA path, one silver resource-expansion path, one gold ramp path. Do not rank them on a single highlight row. Not advice. Read the tables. Check true widths and CuEq/AgEq formulas.