Slide 1: Converse – Preliminary Economic Assessment
Converse – Preliminary Economic Assessment TSX: RM OTCQX: GARLF F: 1WJ0 roxmoreresources.com
Slide 2: Disclaimer
DISCLAIMER FORWARD-LOOKING INFORMATION. This presentation contains “forward-looking information” within the meaning of applicable Canadian securities legislation, including statements regarding the results and assumptions of the Preliminary Economic Assessment (“PEA”) for the Converse Gold Project,
Slide 3: Six reasons Converse stands apart
T H E I N V E S T M E N T C AS E 03 / 17 Six reasons Converse stands apart 01 02 03 Scale that is genuinely scarce Economics that stand on their own Production few peers can match 5.2 Moz Indicated + Inferred at Converse — US$2.75bn after-tax NPV₅%, 42.8% IRR and a 246 koz/yr life-of-mine, 267 koz/y
Slide 4: One of Nevada's largest undeveloped gold projects
S C AL E One of Nevada's largest undeveloped gold projects A single-pit, bulk-tonnage heap leach system on the Battle Mountain–Eureka trend — 100% owned, no joint venture, no royalty overhang beyond a 6% NSR. 299.8 Mt 246 koz Pit inventory at 0.51 g/t Per year, life-of-mine 5,365 ha 14 yrs Land pack
Slide 5: Why now
WHY NOW An advancing Nevada development asset priced as an explorer — with the de-risking catalysts already underway 0.11x US$26/oz C$14.50–15.40 P/NAV — consensus EV per resource ounce Published analyst targets Developer peers 0.26x · M&A precedents 0.50x Peer average US$132/oz M&I&I ATB Cormark ·
Slide 6: Well serviced, easy access
WELL SERVICED, EASY ACCESS The Converse Project has significant infrastructure to support an open pit operation nearby • I-80 Inter-State proximal to property • Close to towns of Battle Mountain (~20 miles) and Winnemucca (~40 miles) Water rights • Acquired in 2018 and converted from Ranching to Min
Slide 7: Large scale, bulk tonnage resource
LARGE SCALE, BULK TONNAGE RESOURCE Roxmore believes that the updated MRE provides a sound foundation to move the Project forward with a more robust estimate and greater understanding of geological controls upon which to base the assessment. SLR Mineral Resource Estimation – March 31st 2026 Contained
Slide 8: The Converse Project – PEA Highlights
The Converse Project – PEA Highlights Large-Scale, long life production profile in one of the World’s top jurisdictions After Tax NPV5% $2.75bn | IRR 42.8% Average Annual Production 246koz Cash Costs $1,592/oz All In Sustaining Cost $1,769/oz 8 TSX: RM OTCQX: GARLF F: 1WJ0 | ROXMORE RESOURCES
Slide 9: PEA Summary - Operation
PEA SUMMARY - OPERATION LOM Production Material Mined Mt 299.8 Gold Grade (g/t) 0.51 Contained Gold Moz 4.9 Material Stacking Rate Mtpa 22.5 Average Recovery Rate % 70.9 Recovered Gold Mozs 3.5 Strip Ratio Waste: Material Stacked 2.7 Mine Life Years 14 Annual Production Annual Production – First 8 F
Slide 10: PEA Summary - Financial
PEA SUMMARY - FINANCIAL Operating Costs Average LOM Operating Costs US$/t processed 16.01 Total Cash Costs US$/oz 1,592 All-in-Sustaining Costs US$/oz 1,769 Capital Costs Direct Capital Costs US$M 530.7 Indirect Costs US$M 132.5 Contingency US$M 165.8 Total Pre-Production Capital US$M 829.0 Sustaini
Slide 11: PEA Summary - Sensitivity
PEA SUMMARY - SENSITIVITY Gold Price Sensitivities Consensus Spot Gold Price US$/oz $2,500 $3,000 $5,000 $5,500 $3,600 $4,700 Pre-tax NPV5% US$M 1,003 2,056 3,391 5,636 6,268 7,321 After-tax NPV5% US$M 845 1,693 2,749 4,531 5,031 5,861 Pre-tax IRR % 20.9 33.9 50.3 70.3 76.2 85.8 After-tax IRR % 18.6
Slide 12: Geology — A large, simple intrusion-related gold system
GEOLOGY — A LARGE, SIMPLE INTRUSION-RELATED GOLD SYSTEM Gold skarn developed where the Redline Stock intruded the calcareous Havallah sequence — low sulphide, well oxidised, and open along strike and at depth • Host rocks. Interbedded siliciclastic and calcareous sediments of the Havallah sequence,
Slide 13: A new geological model — being drill-tested now
A NEW GEOLOGICAL MODEL — BEING DRILL-TESTED NOW Breccia pipes and near-vertical high-grade structures overprint the skarn — zones that decades of vertical drilling were poorly designed to find • A long-lived system. Late-stage, vein-controlled sulphide mineralisation and multi-phase breccia bodies c
Slide 14: Infill Execution
Infill Execution 30,000m Infill Drilling Program Funded and Ongoing Infill Drilling Highlighting Substantial Opportunities at Converse • Inferred Conversion Full Sections as illustrated here are completely inferred and the results are compelling. Target optimization for mineralized structures and th
Slide 15: Valuation — A clear pathway for uplift
VALUATION — A CLEAR PATHWAY FOR UPLIFT Roxmore screens well against relevant benchmarks — its listed peer group, the broader developer universe, and what acquirers have actually paid Price / Net Asset Value (x) 0.65 0.55x 0.55 0.50x US$24/oz 0.45 Roxmore EV / M&I&I resource ounce 0.40x Developer pee
Slide 16: Heap leach recoveries, zone by zone
M E T AL L U R G Y 08 / 17 Heap leach recoveries, zone by zone Life-of-mine recovery is projected above 70%, with the higher-recovery South Oxide and Transition zones making up more than half of the resource — modelled by deposit and redox class, not as a single blanket factor. Modelled recovery by
Slide 17: Recovery is a crush-size question
M E T AL L U R G Y 09 / 17 Recovery is a crush-size question Sulphide content is under 0.5% throughout, so gold liberation — not leach chemistry — governs recovery. The column programme resolves four variables: particle size, fines, head grade and cyanide-soluble copper. Crush size — the PEA decisio
Slide 18: Catalysts — Continuous news flow through to the PFS
CATALYSTS — CONTINUOUS NEWS FLOW THROUGH TO THE PFS Five discrete de-risking events between today and a 2H27 Pre-Feasibility Study ONGOING 3Q26 4Q26 1Q27 2H27 CY26 30,000 m drill program Silver re-assay program Technical studies Updated MRE Pre-Feasibility Study Historic 2011 estimate carried Infill
Slide 19: Four fronts advancing at once
D E V E L O P M E N T R O AD M AP 12 / 17 Four fronts advancing at once Resource growth, metallurgy, engineering studies and permitting advance simultaneously — targeting a construction-ready Feasibility Study by the end of 2028 and key federal approvals by late 2029. WORKSTREAM 2026 2027 2028 2029
Slide 20: Corporate Overview
CORPORATE OVERVIEW Shareholder Composition 72.9M 21.4M Shares Issued & Outstanding Warrants Retail 44% 5.0M @ $2.00 | 16.0M @ $3.00 | 0.4M @ $4.80 Warrants Total Insider 12% Total HNW 8% $3.97 CAD $290M CAD Total Institutional 36% Share Price (August 31 2026) Market Capitalization ~$38M CAD $252M CA
Slide 21: Management
MANAGEMENT John Dorward brings over 25 years of experience in Zeenat brings deep financial leadership and mining, capital markets, and company building across governance experience across the precious metals North America and West Africa. He has a proven track sector. She currently serves as CFO of
Slide 22: Board of Directors
BOARD OF DIRECTORS Former Chairman of Managing Partner of Executive at Capricorn Fronteer Gold and Glencoban Capital Metals and previously Roxgold with combined since 2002 over 30 COO of Roxgold. Built +$3B in exits. years in mining as an and managed multiple investment banker. gold mines across Aus
Slide 23: Summary
SUMMARY An advanced, permittable, tier-one-jurisdiction development with significant near-term catalysts SCALE ECONOMICS JURISDICTION PEA Mine Plan incorpotares 4.9Moz US$2.75bn NPV₅% · 42.8% IRR · 2.2-yr Nevada · grid power on site · water rights Recovered LOM gold of 3.5Moz payback at US$3,600/oz
Slide 24: Contact us
Contact us Contact @roxmoreresources.com 24 TSX: RM OTCQX: GARLF F: 1WJ0 | ROXMORE RESOURCES
Slide 25: Appendix
APPENDIX Benchmarking, metallurgical test work, flow sheet and geotechnical detail 25 TSX: RM OTCQX: GARLF F: 1WJ0 | ROXMORE RESOURCES
Slide 26: Benchmarking - Costs
BENCHMARKING - COSTS Unit Mining Cost ($/t Mined) Unit Mining Cost ($/t Processed) Unit Processing Cost inc G&A ($/t Processed) Unit Cost Total ($/t Processed) 26 TSX: RM OTCQX: GARLF F: 1WJ0 | ROXMORE RESOURCES
Slide 27: Benchmarking – Production Parameters
BENCHMARKING – PRODUCTION PARAMETERS Mine Life – No. of Years for Operating Mined Ore Tonnage (MTonnes) Mined Waste Tonnage (MTonnes) Strip Ratio (W:O) Mines (from 2023 onwards) ROM Leach Capacity (Mtpa) Processing Ore Tonnage (MTonnes) Processing Au Head Grade (g/t) Processing Life (inc Residual Le
Slide 28: Projected to be one of the top 10 mines in the US
AVERAGE ANNUAL PRODUCTION COMPARISON Projected to be one of the top 10 mines in the US based on production Source: SP Global Database 28 TSX: RM OTCQX: GARLF F: 1WJ0 | ROXMORE RESOURCES NI43-101 Reports
Slide 29: Strip Ratio
STRIP RATIO Competitive strip ratio in relation to peers reducing overall mining risk for the project Waste Stripping Ratio = Waste (tons) Ore (tons) Source: SP Global Database NI43-101 Reports 29 TSX: RM OTCQX: GARLF F: 1WJ0 | ROXMORE RESOURCES
Slide 30: Column Particle size vs Recovery
Column Particle size vs Recovery 100% 50% 90% 45% 80% 40% 35% 70% North Oxide North Oxide 30% North Transition Ag Recovery % 60% Au Recovery % North Transition North Sulfide North Sulfide 25% 50% South Oxide South Oxide 20% South Transition 40% South Transition South Sulfide South Sulfide 15% All Da
Slide 31: Impact of Fines / Grade vs Recovery
Impact of Fines / Grade vs Recovery 100% 100% 90% 90% 80% 80% 70% 70% North Oxide 60% 60% Au Recovery % Au Recovery % North Transition North Oxide North Sulfide North Transition 50% 50% South Oxide North Sulfide 40% South Transition 40% South Oxide South Sulfide South Transition 30% y = 1.1487x + 0.
Slide 32: Copper Relationships to Recovery
Copper Relationships to Recovery 100% 90% 90% 80% 80% 70% 70% 60% North Oxide 60% Au Recovery % Au Recovery % North Oxide North Transition 50% North Transition North Sulfide 50% North Sulfide South Oxide 40% 40% South Oxide South Transition South Transition South Sulfide 30% 30% South Sulfide All Da
Slide 33: Base Case Heap Only Flow Sheet
BASE CASE HEAP ONLY FLOW SHEET 33 TSX: RM OTCQX: GARLF F: 1WJ0 | ROXMORE RESOURCES
Slide 34: Geotechnical Analysis
GEOTECHNICAL ANALYSIS Alluvium Slopes • Recommended interramp angle: 38° • Oriented core holes show: • Steep joint set: 58–66° dip, 4.7–7.2 ft spacing. • Flat joint set: 30–34° dip, 7.9–15.6 ft spacing. Bedrock Slopes • Recommended interramp angle: 45° • Controlled primarily by structural fabric rat