Three Months Ended March 31, 2026

Exploration

Peak Gold JV

Corporate and other reconciling items

Consolidated

EXPENSES:

Claim rental

$

(128,261

)

$

—

$

—

$

(128,261

)

Exploration

Johnson Tract

$

(866,359

)

$

—

$

—

$

(866,359

)

Lucky Shot

$

(2,933,315

)

$

—

$

—

$

(2,933,315

)

General exploration

$

(35,142

)

$

—

$

—

$

(35,142

)

Total exploration

$

(3,834,816

)

$

—

$

—

$

(3,834,816

)

Depreciation

$

(36,943

)

$

—

$

(2,647

)

$

(39,590

)

Accretion

$

(82,332

)

$

—

$

—

$

(82,332

)

General and administrative

$

(178,919

)

$

—

$

(3,684,920

)

$

(3,863,839

)

Total expenses

$

(4,261,271

)

$

—

$

(3,687,567

)

$

(7,948,838

)

Income from equity investment in Peak Gold, LLC

$

—

$

12,758,228

$

—

$

12,758,228

Total income/(loss) from operations

$

(4,261,271

)

$

12,758,228

$

(3,687,567

)

$

4,809,390

OTHER INCOME/(EXPENSE):

Interest and other income

$

—

$

—

$

870,018

$

870,018

Interest expense

$

—

$

—

$

(919,708

)

$

(919,708

)

Loss on derivative contracts

$

—

$

(19,026,382

)

$

—

$

(19,026,382

)

Gain on metal sales

$

—

$

672,313

$

—

$

672,313

Gain on marketable securities

$

—

$

—

$

(734,229

)

$

(734,229

)

Total other income/(expense)

$

—

$

(18,354,069

)

$

(783,919

)

$

(19,137,988

)

LOSS BEFORE INCOME TAXES

$

(4,261,271

)

$

(5,595,841

)

$

(4,471,486

)

$

(14,328,598

)

As of March 31, 2026

Total Assets

$

375,974,311

$

51,427,328

$

68,844,785

$

496,246,424

Total Liabilities

$

(3,949,376

)

$

(72,197,883

)

$

(98,571,182

)

$

(174,718,441

)

Net Assets/(Deficit)

$

372,024,935

$

(20,770,555

)

$

(29,726,397

)

$

321,527,983