EXPLORATION

• A high tonnage, low grade gold deposit located in the Thunder Bay Mining District of Northwestern Ontario, with potential for development into an open pit operation with conventional milling.
• At December 31, 2025, open pit probable mineral reserves were estimated to be 3.3 million oz. of gold (123.5 million tonnes grading 0.84 g/t gold), measured mineral resources were estimated to be 819,000 oz. of gold (47.1 million tonnes grading 0.54 g/t gold) and indicated mineral resources were estimated to be 1.5 million oz. of gold (86.3 million tonnes grading 0.53 g/t gold).
• The project has received environmental approval from both federal and provincial governments. Additional federal and provincial permits would be required to begin construction activities.
• While the Company has not approved the project for development, studies continue to optimize the project and further advance the final permits required for construction and operation.

• The Upper Beaver gold-copper project is part of the Company’s exploration portfolio in the Kirkland Lake camp of northeastern Ontario, which includes the Upper Canada and Anoki-McBean deposits.
• Upper Beaver hosts probable mineral reserves of 2.8 million oz. of gold and 54,930 tonnes of copper (23.2 million tonnes grading 3.71 g/t gold and 0.24% copper), indicated mineral resources of 0.5 million oz. of gold and 12,118 tonnes of copper (7.6 million tonnes grading 2.03 g/t gold and 0.16% copper) and inferred mineral resources of 0.4 million oz. of gold and 10,649 tonnes of copper (3.0 million tonnes grading 4.12 g/t gold and 0.36% copper) as at December 31, 2025.
• This project has the potential to produce an annual average of approximately 210,000 oz. gold and 3,600 tonnes of copper over a 13-year mine life beginning as early as 2030.
• In July 2024, the Company approved a $200 million investment over approximately three years to further de-risk the project, with work that includes ongoing development of an exploration ramp and an exploration shaft to depths of 160 metres and 760 metres, respectively, to establish underground drilling platforms and to collect bulk samples.

The Underground Project is located on the west side of the open pit, within the Detour Lake mining permit, and it will benefit from the existing infrastructure at the Detour Lake site, including tailing storage facilities area, processing plant and maintenance facilities. The Underground Project will share the same operating philosophy as the Detour Lake mine as a low-grade, high-volume operation, with a focus on cost control and continuous improvement. The preliminary mine concept adopts many of the design criteria and parameters of the Company’s existing high-volume underground mines in the Abitibi region. Also, as a brownfield project, the Company believes the Underground Project inherently has lower execution risk given the reduced permitting timeline, existing relationships with Indigenous communities and an experienced workforce in place.