Exhibit 96.1

Kitsault Valley Project Technical Report Summary and updated Mineral Resource Estimate 2026

S-K 1300 Report

Qualified Person:

Qualified Person Statement and Signature

Kitsault Valley Project

Report title: Kitsault Valley Project Technical Report Summary, and Updated Mineral Resource Estimate 2026

TRS issue date: September 21, 2026

Mineral resource effective date: September 11, 2026

I, Dave Larimer, CPG, am Vice President Exploration of Contango Silver & Gold Inc. (the Company). I am an employee of the Company and am not independent of the registrant.

I am a Certified Professional Geologist with the American Institute of Professional Geologists, certificate number CPG-11862, and a Certified Professional Geologist in the State of Alaska, certificate number 115316. Both certifications were awarded in 2016, and currently in good standing with both. I hold a bachelor’s degree in geology from the University of Colorado Boulder, awarded in 2000. My relevant professional experience comprises 20 years of geological work, including exploration, advanced exploration, and development-stage project evaluation for underground and surface mining; metallurgical, geometallurgical, and infrastructure risk integration; and mineral resource and reserve governance. My areas of specialization include geological modeling, geostatistics, variography, geochemistry, ore control, resource drilling, exploration targeting, structural interpretation, and database management. On this basis, I meet the definition of a Qualified Person under 17 CFR 229.1300 for the responsibilities undertaken in this report.

I am the sole Qualified Person responsible for all sections of this Technical Report Summary (TRS). I prepared or supervised its preparation, reviewed the technical information and conclusions adopted in it, and accept responsibility for the report, subject to the specific reliance on information provided by the registrant identified in Chapter 25 pursuant to 17 CFR 229.1302(f).

I personally inspected the Project on September 14, 2025, and July 21–24, 2026. The nature and scope of those inspections, my data-verification procedures and any limitations are described in Chapter 9.

The Company supplied the project database and supporting records. Technical contributions, including Sims Resources’ modeling assistance, metallurgical specialist review by Jeff Austin of International Metallurgy and Environmental, and market study input for Chapter 16 from Jim Cowley, are described in Chapter 25 and identified in the report. I retain responsibility for the technical work and conclusions I adopted from these contributions.

Based on my review and knowledge, the TRS fairly presents the technical information and conclusions for which I am responsible, together with the material assumptions, limitations and uncertainties described in the report. My signature below applies to the final TRS identified above.

Table of Contents

List of Figures

List of Tables

This Technical Report Summary (TRS), dated September 21, 2026, presents the updated mineral resource estimate and supporting technical information for the Kitsault Valley Project located in northwestern British Columbia, Canada. The report has been prepared for Contango Silver & Gold Inc. (the Company) under Subpart 1300 of Regulation S-K. The mineral resource effective date is September 11, 2026[RV1.1][DL1.2]. Dave Larimer, CPG, Vice President Exploration, is the sole Qualified Person (QP) responsible for all sections of the report. He is an employee of the Company and is not independent.

Mr. Larimer holds American Institute of Professional Geologists certification CPG-11862 and State of Alaska Certified Professional Geologist certification 115316, both in good standing. His 20 years of relevant professional experience and qualifications are described on the QP statement and signature page.

The Project contains Indicated mineral resources of 7.660 million metric tons (Mt), containing 58.698 million ounces (Moz) of silver, 394.700 thousand ounces (koz) of gold or 89.545 Moz of silver equivalent (AgEq), and Inferred mineral resources of 6.305 Mt, containing 22.804 Moz of silver, 620.817 koz of gold or 64.920 Moz AgEq. Indicated and Inferred resources are reported separately. No Measured mineral resources or mineral reserves are reported. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

The update establishes a larger Indicated inventory and incorporates a substantially revised geological interpretation at Homestake Main and Homestake Silver. Additional drilling has improved the definition of mineralized domains and the understanding of geometry and continuity relative to the framework underlying the preceding resource statement reported in 2023. The larger Indicated inventory provides a stronger basis for subsequent technical evaluation; it does not imply that all additional Indicated material represents conversion from the previous Inferred estimate.

The Kitsault Valley Project lies approximately 39 km southeast of Stewart and 27 km northeast of Alice Arm, in the Skeena Mining District of British Columbia. The resource estimate covers two areas: the Homestake area, comprising Homestake Main, Homestake Silver and South Reef; and the Dolly Varden area, comprising Wolf, Kitsol, Torbrit, Dolly Varden and North Star. Figure 1-1 shows the relative locations of the eight deposits for which resources have been estimated.

The Company holds its interest through its subsidiaries following completion of the merger with Dolly Varden Silver Corporation on March 26, 2026. Project mineral rights are held through mineral claims, mineral leases and Crown-granted mineral claims. Company-owned surface parcels at Alice Arm support exploration facilities, offices and core storage. Mineral tenure and surface rights are distinct, and maintaining rights requires the applicable rents, taxes, assessment work or payments. Certain property portions are subject to net smelter return royalties and other contractual obligations, as detailed in Chapter 3. The scope of the resource estimate is the eight deposits identified above; broader regional exploration holdings are not additional mineral resources.

The Project lies within the Stikine Terrane and Stewart Complex of the Canadian Cordillera. The principal host rocks are Jurassic Hazelton Group volcanic, volcaniclastic, sedimentary and subvolcanic units. Mineralization reflects both stratigraphic and structural controls, including synvolcanic faults, hydrothermal brecciation, veining, replacement and later deformation. A single deposit model does not adequately describe all of the different styles of mineralization.

The Dolly Varden area is predominantly silver-rich, with variable lead, zinc, gold and copper. Torbrit and North Star include stratabound silica–barite–sulfide mineralization and locally reworked or structurally overprinted material. Wolf and Kitsol are principally structurally controlled epithermal-style vein and breccia systems. Homestake Main contains gold–silver–copper mineralization in silicified lenses and hydrothermal breccias; Homestake Silver comprises silver–gold-bearing breccia and vein zones with lead and zinc; and South Reef consists of relatively narrow gold-bearing zones associated with quartz–chlorite alteration and sulfides.

Figure 1-1 Location of the Kitsault Valley resource deposits. Red outlines show the resource
deposits. Coordinates are NAD83 / UTM Zone 9N, in meters.

Exploration has included geological and structural mapping, surface geochemistry, airborne and ground geophysics, terrain surveys, historical-core review and diamond drilling. Modern drilling has tested extensions of known mineralization, improved geological interpretation and increased local drill support. Historical workings at Dolly Varden, Torbrit and North Star provide additional geological context and require appropriate treatment of mined-out volumes.

The estimate uses the accepted historical and modern drilling and assay database, incorporating all drilling through the completed 2025 program. The assay dataset was locked at the start of January 2026. Geological-solid updates and database review continued through March 2026, and the QP finalized, checked and certified the databases and supporting information on April 13, 2026. The final resource statement, classifications and supporting assumptions were accepted as complete and current on September 11, 2026, the mineral resource effective date.

All drilling completed in 2026 falls outside the accepted estimation dataset is to be incorporated in the next resource update described in Section 1.10

The eight-deposit header inventory contains 1,454 holes totaling 328,638.18 meters. The seven updated deposits have merged Leapfrog exports covering 34 geological domains, with 24,120 intervals totaling 29,842.13 meters. Of these, 23,264 intervals totaling 27,176.00 meters from 947 distinct hole identifiers contain at least one populated metal result. These merged intervals are distinct from original assay samples and final composites. South Reef is excluded from the seven-export inventory and retains its preceding estimation basis. Chapter 11, Section 11.2 documents these data populations; Figure 1-2 shows the drilling coverage.

The QP’s verification included review of drilling, logging, sampling, survey and analytical procedures; selected comparisons of original drill logs and assay certificates against digital records; review of analytical quality control; and checks for overlapping intervals, records extending beyond hole depth, missing fields, inconsistent codes and unit-conversion errors. The QP personally inspected the Project on September 14, 2025, and July 21–24, 2026, including review of core handling, logging, sampling and geological observations. The inspection scope and verification work are described in Chapter 9. Some historical assay certificates remain unavailable; those records were assessed using prior verification, internal consistency and comparison with surrounding drilling. The QP considers the accepted data adequate for the geological interpretation and mineral resource estimation purposes described in this TRS.

Table 1-1 summarizes the mineral resources by area and category. Tables 1-2 and 1-3 present the deposit grades and contained silver, gold, copper, lead and zinc, together with silver-equivalent totals. The complete resource statement, classification criteria and reporting assumptions are presented in Chapter 11.

Table 1-1. Mineral resource summary by area and classification.

The resources are reported in situ within the accepted resource domains, after exclusion of modeled historical mined-out material where applicable, and before mining dilution or mining recovery. Contained metals are not recovered or payable metal. Totals may differ due to rounding. South Reef is carried forward from the previous estimate and retains its separate reporting basis. All reported quantities in this summary follow the final statement in Chapter 11, Section 11.7. Mlb = million pounds. ¹ Zinc totals exclude South Reef, where zinc is not reported.

Figure 1-2. Drilling coverage supporting the mineral resource estimate. A: Homestake area. B: Dolly Varden area. Gray traces show historical drilling; red traces identify drilling incorporated in the estimate. South Reef is labeled “Silver Reef” in the source image.

Indicated mineral resources

Table 1-2. Indicated mineral resource grades and contained metals.

Inferred mineral resources

Table 1-3. Inferred mineral resource grades and contained metals.

The seven updated deposits are reported at a cut-off grade of 132 g/t AgEq. South Reef retains a cut-off of 2.0 g/t AuEq. The underground extraction concept considers mechanized mining, including longhole stoping where deposit geometry and ground conditions permit. The reporting constraints and reasonable-prospects assessment are summarized in Section 1.8 and described in Chapter 11, Section 11.4. Mlb = million pounds; NR = not reported.

Comparison with the previous estimate

Relative to the preceding statement presented in the 2023 combined report, Indicated tonnage increases from 4.153 to 7.660 Mt, an increase of 84.4%, and Indicated AgEq increases from 46.368 to 89.545 Moz, an increase of 93.1%. Inferred tonnage decreases from 6.831 to 6.305 Mt, a decrease of 7.7%, and Inferred AgEq decreases from 86.725 to 64.920 Moz, a decrease of 25.1%. These are net comparisons on their respective reporting bases and do not measure block-by-block category conversion. The changes combine drilling, geological domains, capping, interpolation, density, classification, depletion and reporting assumptions. Kitsol is combined with Torbrit for comparison with the earlier reporting unit, and gold was not reported for the southern deposits in the earlier baseline.

AgEq values retain the adopted reporting basis of each deposit. Tables 1-2 and 1-3 include copper, lead and zinc grades and contained metals; Table 1-4 summarizes the base-metal grades by category. These metals contribute to equivalent grades for the seven updated deposits. NR = not reported. South Reef retains 0.445 Mt at 8.68 g/t Au and 4.90 g/t Ag, containing 124.200 koz Au and 0.100 Moz Ag. Its 8.600 Moz AgEq is a retained comparative metric; the historical resource has not been re-estimated using the 2026 Homestake Silver equation or a 132 g/t AgEq filter. Displayed tonnages, grades and contents are rounded independently.

The seven updated estimates were prepared in Leapfrog Geo version 2026.1.2 with the Edge extension, using hard geological domains, prepared assay datasets, compositing and grade capping by domain and element. Each metal was estimated independently using inverse-distance-cubed weighting. Leapfrog declustering was applied by domain and element in every estimator. Grade-search orientations, ranges and sample-selection controls were configured by domain, with variable orientation where appropriate. The models use 5 × 5 × 5 meter parent blocks and minimum sub-blocks of 0.5 × 0.5 × 0.5 meters in NAD83 / UTM Zone 9N coordinates.

Target composite lengths are 2.0 meters for Homestake Main, Homestake Silver, Wolf and Torbrit; 1.25 meters for Dolly Varden Main; and 1.5 meters for Kitsol and North Star. Compositing used the within-boundary setting and hard domain boundaries, with residual end lengths below 1.0 meter distributed equally and no additional compositing weight. Density assignments are 2.77 t/m³ for Homestake Main and Homestake Silver, 2.90 t/m³ for Wolf, 3.10 t/m³ for Torbrit, and 3.00 t/m³ for Dolly Varden, North Star and Kitsol. South Reef retains its historical estimation and density basis (Table 1-4).

Classification reflects the QP’s assessment of geological and grade continuity, data reliability and independent drill-hole support. Grade-estimation searches and classification searches serve separate purposes. The selected nominal Indicated/Inferred limits include 38/100 meters for Homestake Main and Homestake Silver, 45/100 meters for Wolf, 35/100 meters for Torbrit, 35/70 meters for Kitsol and 30/70 meters for Dolly Varden and North Star. These limits use classification AvgD divided by 0.707, an approximate nominal-spacing indicator rather than measured drill-hole spacing. Dolly Varden has a separate remnant-resource classification review. Detailed criteria and sensitivity results are presented in Chapter 11.

The 2026 equivalent-metal assumptions use prices of US$53/oz Ag, US$3,500/oz Au, US$5.00/lb Cu, US$1.25/lb Zn and US$0.90/lb Pb. These prices were selected for resource evaluation, with management concurrence in May 2026. The selection rationale and applicable time frame are described in Chapter 11.

Table 1-4. Adopted recovery assumptions for the seven updated deposits. South Reef retains its historical reporting basis and is not included in this recovery matrix.

Dolly Varden area: AgEq = Ag + 58.27Au + 53.27Cu + 15.22Zn + 11.64Pb.

Homestake Main: AgEq = Ag + 70.17Au + 52.56Cu + 14.15Zn + 10.92Pb.

Homestake Silver: AgEq = Ag + 62.15Au + 49.47Cu + 14.27Zn + 10.96Pb.

In these equations, Ag and Au grades are in g/t and Cu, Zn and Pb grades are in percent. AgEq is expressed in g/t. The coefficients reflect relative prices and assumed metallurgical recoveries and do not represent net payable revenue after commercial deductions.

The metallurgical database includes the 2016 Base Metallurgical Laboratories work on Homestake composites, the 2019 Blue Coast Research program on Dolly Varden and Torbrit, and the 2025 sample-selection and testwork program extending modern coverage to Wolf and Kitsol. The work evaluated mineralogy, flotation, gravity concentration where applicable, whole-ore cyanidation and cyanidation of selected flotation products or tails. The tested material responds to conventional processing methods, but the results do not establish a single finalized flowsheet for all deposits.

The adopted recovery assumptions reflect differing mineralogy and allowance for downstream processing losses. Some values are preliminary proxies rather than measured integrated whole-feed recoveries. Arsenic, antimony and mercury in some tested concentrates may affect product specifications, penalties or treatment requirements. These factors remain material to subsequent economic evaluation. The planned 2026–2027 program will evaluate five representative composites using characterization, comminution, sequential lead–zinc flotation, locked-cycle testing, leaching and detailed product analysis. Chapter 24 defines the recommended program and budget. This future work has not been used to claim completed testing or improved recoveries in the current estimate.

The estimate is intended to support continued evaluation of potential underground extraction. Longhole stoping is a conceptual option for appropriately shaped and sufficiently continuous portions of the mineralization; it is not a demonstrated mining solution for every domain. Mining widths, dilution, recovery, geotechnical conditions, access development and the treatment of isolated mineralized volumes must be considered together with grade.

The updated resources are constrained within underground mineralized shapes developed in Leapfrog and reported at 132 g/t AgEq. These shapes delineate spatially continuous mineralization considered potentially amenable to future mechanized underground mining. Historical workings at Torbrit, Dolly Varden and North Star and unclassified material are excluded. The grade threshold and spatial constraints form part of the QP’s assessment of reasonable prospects for economic extraction. That assessment also considers access, processing and marketability, infrastructure, environmental and permitting requirements. The QP considers the identified technical issues capable of resolution through further work, as discussed in Chapter 11, Sections 11.4 and 11.11.

The resource-stage work summarized in this TRS does not establish a project-level construction capital estimate, a definitive operating-cost estimate or a development cash-flow valuation. No mineral reserves, mine production schedule, project net present value or internal rate of return are declared in this summary.

Alice Arm provides the current exploration base, with seasonal camp, geology and core-handling facilities. Regional supplies and personnel are mobilized through northwestern British Columbia service centers. Roads reach Kitsault, while marine transport and helicopter support provide access to Alice Arm and field locations. A historical road or trail corridor extends northward into the lower Kitsault Valley; the upper valley and Homestake deposits are accessed principally by helicopter. Rugged terrain, glaciers, heavy precipitation, snow and avalanche exposure affect field operations and future infrastructure design.

Existing facilities support exploration. Future mining would require evaluation of road upgrades, bridges, power supply, water management, processing and waste facilities, accommodation and product transport. Regional grid infrastructure and third-party ports provide options for study, but project capacity, access rights and commercial arrangements are not established by their proximity.

The core exploration areas are administered under the Dolly Varden and Homestake exploration permits, MX-1-860 and MX-1-603, respectively. Exploration activities remain subject to permit-specific disturbance limits, reporting, reclamation, security and operating conditions. Exploration authorizations do not constitute approval to construct or operate a mine. A future development proposal would require a project-specific permitting and assessment process, including applicable provincial and federal requirements and engagement with affected Indigenous Nations and communities.

Environmental work includes historical and renewed water-quality observations, meteorological monitoring, wildlife-management planning and archaeological screening. The Kitsault River watershed, fish habitat, steep terrain and seasonal runoff are important considerations. Historical workings, the former plant site and waste-rock accumulations require continued management and characterization. Existing baseline work is not a complete development-stage environmental assessment. Further hydrology, hydrogeology, geochemistry, aquatic and terrestrial studies are required to support facility selection, effects assessment and closure planning.

Engagement with Nisga’a Lisims Government and other Indigenous Nations and regional communities is an integral part of exploration planning and future project evaluation. Consultation associated with exploration permits should not be interpreted as consent to a future mine. Engagement commitments and the effective-date status of permits and agreements are described in Chapter 17.

The QP considers the accepted geological, drilling, sampling, analytical and density information adequate to support the estimates at the confidence levels assigned. The geological domains, high-grade controls, estimation parameters and classification framework described in Chapter 11 appropriately reflect the mineralized systems and available data. The revised Homestake framework and larger Indicated inventory support continued technical evaluation. Based on the geological setting and available drilling, the QP reasonably expects that the majority of Inferred resources should be upgraded through continued exploration; actual upgrading depends on the results and is not assured.

Material uncertainties include local geological and grade continuity, high-grade sample influence, historical data and mined-out geometry, density variability, metallurgical response and product quality, mining dimensions and ground conditions, access and infrastructure requirements, water and waste management, permitting, and commodity-price and operating-cost assumptions. The magnitude of the resource does not remove these uncertainties. Inferred material remains less certain than Indicated material and cannot be assumed to convert to a higher resource category or mineral reserves.

The QP recommends the staged program summarized in Chapter 23. Stage 1 should complete the current 2026 drilling program, receive and validate the remaining assays, update the current MRE in 2027 with accepted 2026 drilling, and complete the planned 2026-2027 metallurgical program described technically in Chapter 10. After the 2027 MRE update is complete, the Company should proceed to an S-K 1300 Initial Assessment with preliminary capital and operating costs, cash-flow analysis and sensitivities. If assay receipt, MRE updating and metallurgical inputs progress as expected, the Initial Assessment could target completion near the end of Q2 2027; that target remains conditional on the timing and quality of the required inputs.

Stage 2 should advance the Project toward a pre-feasibility study over approximately the next three years. The work should focus on the PFS rollout rather than duplicating the current drilling program, and should include staged geotechnical and hydrogeological drilling, geotechnical testing and instrumentation, hydrology, hydrogeology, environmental baseline, geochemistry, permitting, access, infrastructure and closure-related field and engineering studies. These activities should be released through decision points tied to the Initial Assessment results, the updated geological model, metallurgical results, permitting priorities and field-season access.

Table 1-5 summarizes the staged planning allowances. Stage 1 includes metallurgy, the 2027 MRE update and the Initial Assessment; it excludes the cost of the already-authorized 2026 drilling program. Stage 2 includes the additional technical, environmental, permitting and engineering work required to support the PFS path.

Table 1-5. Proposed program budget in U.S. dollars.

Budget basis. Amounts are conceptual planning allowances in U.S. dollars and remain subject to Company approval, final scopes, contractor pricing, laboratory schedules and exchange-rate assumptions. The estimates reflect +/-20% planning sensitivity and are not presented as a formal estimate-class accuracy range. The retained Stage 2 drilling allowance is limited to geotechnical and hydrogeological drilling at US$712.50 per meter, including normal field logistics; specialist testing and instrumentation are separate.

The QP recommends staged expenditure against confirmed scopes and results. This work supports further evaluation; it does not establish additional mineral resources, mineral reserves or economic returns, or commit the Project to development.

This Technical Report Summary (TRS) has been prepared for Contango Silver & Gold Inc. (Contango or the Company) to support disclosure of the updated mineral resource estimate for the Kitsault Valley Project (the Project), British Columbia, Canada, under Subpart 1300 of Regulation S-K. The report summarizes the scientific and technical information, interpretations and conclusions supporting the estimate and the associated resource-stage assessment. The mineral resource effective date is September 11, 2026. The TRS issue date is identified on the report title page.

The purpose of the work is to estimate and classify mineral resources, document the geological and estimation basis, assess the technical and economic assumptions relevant to reasonable prospects of economic extraction, and identify further work required to advance the Project. The scope includes review of exploration and drilling data, sampling and analytical quality, data verification, geological modeling, metallurgical information, resource estimation and classification, and relevant property, infrastructure and environmental information. This TRS does not declare mineral reserves or present a preliminary or final feasibility study.

The Project is situated in northwestern British Columbia, approximately 39 km southeast of Stewart and 27 km northeast of Alice Arm. The Company holds its interests through subsidiaries following completion of the merger with Dolly Varden Silver Corporation on March 26, 2026 (Contango, 2026a). The mineral resource estimate covers eight deposits grouped into two areas (Table 2-1). Property boundaries, tenure, royalties and access rights are described in the Property Description chapter.

Table 2-1. Deposits included in the mineral resource statement for the Kitsault Project, northwestern British Columbia.

The current work updates seven deposit models. South Reef is carried forward as an Inferred resource at its preceding 2.0 g/t AuEq cut-off; no additional drilling is incorporated into that retained estimate. The seven updated deposits use a 132 g/t AgEq cut-off and the underground reporting constraints described in Chapter 11. Regional targets outside these eight deposits are excluded from reported resources.

The final statement in Chapter 11 reports 7.660 Mt Indicated containing 58.698 Moz Ag, 394.700 koz Au and 89.545 Moz AgEq, and 6.305 Mt Inferred containing 22.804 Moz Ag, 620.817 koz Au and 64.920 Moz AgEq. The categories are reported separately. South Reef is included in the Inferred totals on its retained reporting basis.

Dave Larimer, CPG, Vice President Exploration of Contango, is the Qualified Person (QP) responsible for the mineral resource estimate and the technical conclusions presented in this TRS. Mr. Larimer is an employee of the Company and is not independent. The Company identifies him as a QP under Regulation S-K 1300 (Contango, 2026b). His qualifications and responsibilities are set out in the report’s QP identification and signature information.

Company geological personnel supplied the exploration database, geological records and supporting project information. Sims Resources assisted with geological modeling, statistical evaluation and implementation in Leapfrog Geo version 2026.1.2 with Edge under the QP’s supervision. The QP reviewed and accepted the model inputs, estimation parameters, validation and classification and takes responsibility for the adopted estimates. Technical assistance does not replace that responsibility.

This TRS is based on Company records, prior technical reports, laboratory and specialist reports, geological and block models, and the QP’s review and personal observations. The principal source groups are summarized in Table 2-2 below. Detailed references and source-specific limitations are provided in the relevant technical chapters and the References chapter.

Table 2-2. Sources of information used in this report.

The QP’s data review included selected comparisons with original records and checks of the digital data and model inputs. Some historical assay certificates were unavailable. The treatment of those records, the verification performed and the resulting limitations are discussed in the Data Verification chapter. The QP considers the accepted database adequate for the geological interpretation and mineral resource estimation purposes described in this TRS.

The previous combined-project report is titled Technical Report on the Combined Kitsault Valley Project, British Columbia, Canada, dated March 23, 2023, with an effective date of September 28, 2022. Those dates are confirmed in Andrew Turner’s consent filed by Contango on June 22, 2026 (Turner, 2026). References in this TRS to the “2023 baseline” mean the resource disclosure presented in that report; the publication year should not be interpreted as the effective date of all underlying estimates.

Mr. Larimer personally inspected the Project on September 14^th 2025, and July 21–24, 2026. The inspections included review of core handling, geological logging and sampling practices, and geological observations relevant to the interpretation of the mineralized systems. These observations informed his assessment of the exploration procedures and the suitability of the information used in the resource estimate. The scope of the inspection and the supporting verification work are described in the Data Verification chapter.

The QP’s conclusions on data adequacy consider these field observations together with the verification procedures and limitations documented in this TRS.

The effective date of the resource estimate is distinct from the dates on which the database, geological models and reporting files were prepared or approved. The following dates define the preparation sequence used for this update (Table 2-3).

Table 2-3. Reporting milestones.

Exploration information obtained after the estimation database cut-off is excluded from the estimate unless specifically identified as incorporated into the accepted model inputs. Material information relevant to the report’s conclusions is addressed through the effective-date review. The dates of the data lock, model preparation and personal inspection therefore serve different purposes.

Unless otherwise stated, distances are reported in meters, areas in metric units and tonnages in metric tons (t), with one metric ton equal to 1,000 kilograms. Precious-metal grades are expressed in grams per metric ton (g/t), and base-metal grades in percent (%), except where source fields are explicitly in parts per million (ppm). For gold and silver, 1 ppm is numerically equal to 1 g/t; base-metal ppm values are divided by 10,000 to obtain percent. Precious-metal contents use 31.1034768 grams per troy ounce, and base-metal conversions use 2,204.62262 pounds per metric ton. Mt denotes million metric tons, koz thousand troy ounces and Moz million troy ounces.

US$ denotes United States dollars and C$ denotes Canadian dollars. Commodity-price and cost assumptions identify their currency, and any exchange rate used is disclosed with the relevant assumptions. The resource database and models use NAD83 / UTM Zone 9N coordinates, with eastings, northings and elevations expressed in meters. The QP verified the coordinate-reference information used for the estimate.

AgEq and AuEq denote silver-equivalent and gold-equivalent grades or contents. For the seven updated deposits, AgEq is calculated for each block using the adopted metal prices and relative metallurgical recoveries before applying the reporting cut-off. South Reef retains its historical AuEq cut-off and its separately disclosed comparative AgEq content. Equivalent values are not additional metal to be added to individual commodity contents. Resources are reported in situ within accepted domains, after modeled historical depletion where applicable and before mining dilution and mining recovery. Contained metal is not recovered or payable metal. No Measured resources or mineral reserves are reported; Indicated and Inferred resources remain separate and totals may differ due to rounding. Mineral resources do not have demonstrated economic viability.

The Kitsault Valley Project is located near the central west coast of British Columbia (BC), approximately 39 km southeast of Stewart and 27 km northeast of Alice Arm, BC. The Project sits within National Topographic System Sheets 103P05, 103P06, 103P11, 103P12, 103P13, and 103P14 in the Skeena Mining District and Cassiar Land District. The Property encompasses 7 mineral leases, 253 mineral claims and 57 Crown granted mineral claims (Crown grants) listed in Tables 3-1, 3-2 and 3-3, respectively. The Property area totals 163 square km, with non-owned land removed. The Dolly Varden mineral leases, Crown grants and mineral claims are shown in Figures 3-1 and 3-2.

Table 3-1. Kitsault Valley Project mineral leases.

Mineral Leases have a 30-year term and are maintained through yearly rent payments. The seven mineral leases on the project were renewed with the Chief Gold Commissioner in 2024 for another 30-year term.

Table 3-2. Kitsault Valley Project mineral claims.