Tonopah

The Queen of the Silver Camps

Highlights

One of the largest historic silver districts in North America, producing 174 Mozs Ag & 1.8 Mozs Au from 7.5m tonnes
Mined from underground from 1900 to 1930, with peak years producing up to year AgEq; Victor vein was 24m thick where production ceased
Newly consolidated land package consists of 100 patented & 279 unpatented mining claims covering 25.5sq km (6,300 acres); largest claim package in Tonopah silver district
First group to conduct exploration targeting historic workings; multiple historic mines on property

Tonopah North: Emerging New Lithium Discovery

  • Option earn-in established with Tearlach Resources that upon incurring cumulative exploration expenditures of IJS$1 5,000,000 and the completion of a Feasibility study within 5 years will form 70/30 JV****

  • Lithium values up to 1217 ppm lithium have been intercepted in drilling, in addition to continuity of broad zones of mineralization up to 56.4 metres in thickness;

Tonopah West: 100% Controlled District Leading Package

  • Situated on patented claims, project represents the western extension of the famed Tonopah silver district with control over more than half of the second largest silver district (behind only the Comstock Lode) in Nevada

  • Stope optimized mineral resource estimate of 2.975M tonnes grading 446 g/t AgEq for 42.65M ounces AgEq**

  • One of the highest grade undeveloped silver projects of size in the world***

  • 150,000 metres of drilling completed since 2020, with a 25,000 metre resource expansion drill program underway

Tonopah North: Emerging New Lithium Discovery

  • Option earn-in established with Tearlach Resources that upon incurring cumulative exploration expenditures of IJS$1 5,000,000 and the completion of a Feasibility study within 5 years will form 70/30 JV****

  • Lithium values up to 1217 ppm lithium have been intercepted in drilling, in addition to continuity of broad zones of mineralization up to 56.4 metres in thickness;

Tonopah West: 100% Controlled District Leading Package

  • Situated on patented claims, project represents the western extension of the famed Tonopah silver district with control over more than half of the second largest silver district (behind only the Comstock Lode) in Nevada

  • Stope optimized mineral resource estimate of 2.975M tonnes grading 446 g/t AgEq for 42.65M ounces AgEq**

  • One of the highest grade undeveloped silver projects of size in the world***

  • 150,000 metres of drilling completed since 2020, with a 25,000 metre resource expansion drill program underway
The Comstock put Nevada on the map, and Tonopah kept it there.

Tonopah Silver District

  • One of the largest historic silver districts in North America, producing 174 Mozs Ag & 1.8 Mozs Au from 7.5m tonnes
  • First group to conduct exploration targeting historic
    workings; multiple historic mines on property
  • Mined from underground from 1900 to 1930, with peak years producing up to year AgEq; Victor vein was 24m thick where production ceased
  • Newly consolidated land package consists of 100 patented & 279 unpatented mining claims covering
    25.5sq km (6,300 acres); largest claim package in Tonopah silver district

Why Tonopah?

Tonopah
A high-grade low sulfidation epithermal district
Production
-1.86 Moz Au, 174 Moz Ag from 7.45m tonnes
Silver Primary District
100 to 1 Silver/GoId ratio
Tonopa West
First ever consolidated ownership
High Grade
50 years of historic production averaged 1,384 g/t silver and 16 g/t gold
Tailings
Tonopah Extension Mill Tailings and mine dumps
Ranch hand and part time prospector Jim Butler and his trusty mule stumble on silver rich veins near Tonopah Springs in the spring of 1900

Picking Up Where Historic Miners Left Off

Amalgamation of West End Mining Company and Tonopah Extension Mining Company. This property represents the 3rd largest producer in the district.

Brown- Staked unpatented mining claims

Beige- Tonopah Extension Mining Company land (in purple) has never been worked since 1928. Held by private individual until 2017. One hole drilled by Chevron in 1985.

Dark Brown- Acquired from Lambertucci Roma of Nevada

Light Brown- West End Mining Company explored by Howard Hughes, Houston Oil and Minerals, Eastfields. Discovery of the Three Hills deposit in 1996.

With over 150,000m of drilling completed since June 2020, Tonopah West is the most active silver exploration project in North America

Significant intercepts range from 1 to 29 metres in thickness, with grades up to 6,526 g/t AgEq (up to 37 g/t gold, 2,740 g/t silver)

10 veins now established ranging from 425m up to 3km in drill-defined strike; remains open to northwest, south, and at depth

Big ROI via drill-bit: All-in discovery costs (exploration, project holding/option costs, G&A) of $0.62/ounce AgEq

25,000 metre resource expansion and step-out program underway

*All historic production information from Nevada Bureau of Mines & Geology, Bulletin 51 Bulletin 92. US short tons have been converted to metric tonnes by multiplying short tons by 0.9072 AuEq = (historic silver production times historic silver price) divided by historic gold price) plus historic gold production AgEq = (historic gold production times historic gold price) divided by historic silver price) plus historic silver production
**Technical information relating to the Tonopah West Project is based on and derived from the NI 43 101 report prepared for Blackrock entitled “Technical Report and Estimate of Mineral Resources for the Tonopah West Silver Gold Project, Nye and Esmeralda Counties, Nevada, USA” effective April 28, 2022 (the “Technical Report”). AgEq equivalent grade is based on silver and gold prices of US$20/ounce and US$1750/ounce, respectively, and recoveries for silver and gold of 87% and 95%, respectively.
***Source: S&P Global; Company reports as of December 28, 2022. AgEq resources and grade reflect only silver and gold (M&I and I) resources (excludes base metals) for deposits larger than 40 million ounces AgEq
*****See news release dated January 10,2023
***** See news release dated December 7, 2022