Slide 1: Fredonia: From Explorer to Operator
FREDONIA: FROM EXPLORER TO OPERATOR El Dorado–Monserrat PEA investor update
Slide 2: PEA positions Fredonia for development
INVESTMENT CASE PEA positions Fredonia for development 2.8 + 1.1 Moz* 146 koz/a 17+ years M&I + Inferred AuEq* resource Average annual AuEq* production Long-life operating profile US$346M US$1.5B 65% Revised initial CAPEX Updated post-tax NPV10 Updated post-tax IRR Substantial Increase in Resources
Slide 3: Fredonia: Large Footprint, a Fertile Gold District
REGIONAL POSITION Fredonia : Large Footprint, a Fertile Gold District San José N Hochschild >700 koz W E S CERRO NEGRO Newmont AuEq produced annually by five established regional operators Cose 30k + 30k ha Pan American Silver Don Nicolás Hornía CIMINAS Joaquín El Aguila Pan American Silver Cerro Mo
Slide 4: District Scale, Next to AGA Cerro Vanguardia
DISTRICT SCALE District Scale, Next to AGA Cerro Vanguardia 15km from CVG EDM next to AngloGold Cerro Vanguardia (AGA-CVG) 250koz/year operation – mine life <5 years Over 11 000 ha in early exploration stage were acquired THE OPPORTUNITY by FRED Advance the PFS/FS as a stand-alone case while continu
Slide 5: Mineral Resource anchors 17+ years mine-life
TONNAGE INVENTORY Mineral Resource anchors 17+ years mine-life 126 Mt (M&I) + 74 Mt (Inf) At 0.35 g/t + low grade 0.10 g/t Au cut-off Inferred | 74 Mt @ 0.47 g/t AuEq* M&I | 126 Mt @ 0.69 g/t AuEq* (0.5g/t Au + 13g/t Ag) (0.3g/t Au + 9g/t Ag) 2.80 Moz + 1.12 Moz M&I AuEq* Inferred AuEq* * See “Notes
Slide 6: Northern Sector: Scale and Depth upside
NORTHERN SECTOR Northern Sector : Scale and Depth upside 3.5km+ Main Vein and parallel systems 3.5km incl 6m @ 14g/t Au, 50g/t Ag* HIGH-GRADE SHOOTS Intersections above 30 g/t Au strengthen the depth target * Information with respect to data verification of exploration results, quality assurance and
Slide 7: Southern Sector: km of Open Mineralised Trend
SOUTHERN SECTOR Southern Sector : 6 km of Open Mineralised Trend 6km+ Herradura–Pamela–Beethoven corridor Drill sections up to 80m @ 1g/t Au, 15g/t Ag, incl 5.5m @ 18g/t Au, 70g/t Ag* Open along strike & to depth - Pamela being tested + Beethoven only partly drilled Samples submitted – additional as
Slide 8: Higher Grade persists below Current Resource
OREBODY KNOWLEDGE Higher Grade persists below Current Resource 3-26 g/t Au* Intercepts at depth NEXT DRILL TARGET Continue testing along strike and deeper feeder zones * See “Notes with Respect to Mineral Resources, Metal Equivalents and Exploration Information”.
Slide 9: Bulk tonnage supports scalable open-pit mining
DEVELOPMENT CONCEPT Bulk tonnage supports scalable open-pit mining 01 Mine + grade bulking 02 Dual leach routes 03 Recovery to doré Main Veins and La Herradura open 20,000 t/d crushed and Carbon strip, electrowinning pits >0.35 g/t AuEq to plant; agglomerated heap leach; assumed >0.10g/t AuEq to ROM
Slide 10: Pitshells based on $3800/oz Au + $45/oz Ag
MINING DESIGN Pitshells based on $3800/oz Au + $45/oz Ag 80Mt M&I, 44Mt Inf @ 0.73g/t AuEq + 27Mt M&I, 19Mt Inf @ 0.21g/t AuEq ----------------------------------------------- 100Mt M&I + 73Mt Inf 80% tonnage from Main Vein 20% from Herradura 10
Slide 11: 10Mtpa Ore Processing by Heap Leaching
ORE PROCESSING 10Mtpa Ore Processing by Heap Leaching 7.3Mt + 2.7Mt = 10Mt/year • Metal recoveries for crushed ore based on regional benchmark • Metal recoveries for uncrushed material assumed – column heap leaching testworks underway 11
Slide 12: Early production averages koz AuEq/year
PRODUCTION PROFILE Early production averages 180 koz AuEq/year 193 koz 200 180 peak annual AuEq 160 koz AuEq 140 120 146 koz Schedule average AuEq/year 100 2.5 Moz 80 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 Operating period Payable AuEq over LOM Rounded average production to ~140 koz AuEq/year ove
Slide 13: Base Case delivers strong returns
UPDATED ECONOMICS Base Case delivers strong returns Initial CAPEX → US$346M NPV10 : US$1.5B +US$112M pre- Core mine + plant US$234M production scope OPEX : mine $2.5/t moved, $16.5/t Plant, $2/t G&A 65% UNIT COSTS → C1 US$1630/oz Au AISC US$1720/oz Au
Slide 14: Robust Economics: NPV sensitivity relatively flat
VALUATION RESILIENCE Robust Economics : NPV sensitivity relatively flat Updated base case RIGI scenario 2400 +US$314M potential NPV10 uplift 2000 under full RIGI scenario NPV (US$M) 1600 RIGI allows for lower income Discount rate of 10% is the updated and withholding taxes + 1200 base-case reference
Slide 15: Corporate Snapshot 2026
Corporate Snapshot 2026 SECURITIES & CAPITALIZATION TABLE SHARE PRICE GRAPH (SINCE JULY 2021) Basic Shares Outstanding (MM) 64.9 Traded Volume (M; TSXV:FRED) (1) Options (MM) 5.9 Share Price (C$; TSXV:FRED) Warrants(2) (MM) 20.3 $2,00 1,00 Fully Diluted Shares Outstanding (MM) 91.1 $1,80 0,90 Share
Slide 16: Corporate Snapshot: Select Trading Comparables
Corporate Snapshot 2026 SELECT TRADING COMPARABLES Equity Value (Basic, US$M) Enterprise Value (US$M) EV / Total Resource (US$/oz AuEq) Roxmore Resources $216 Patagonia Gold $267 Scottie Resources $180 Revival Gold $215 Revival Gold $206 Patagonia Gold $103 Mayfair Gold $212 Mayfair Gold $195 Galleo
Slide 17: The 2027 program creates a clear route to FID
PATH TO DEVELOPMENT The 2027 program creates a clear route to FID 01 02 03 04 Infill drilling Metallurgy Geotech + water PFS / FS + permits Further connect mineralised Testworks on crush size, Pit slopes, facility foundations Engineered estimates, zones and expand resource agglomeration and leach- a
Slide 18: Leadership
LEADERSHIP Founder and Managing Director of Spinnaker Capital Markets Inc., charting long term success for private and Ali Mahdavi public companies specializing in finding growth capital, mergers and acquisitions, and advisory services. Prior: Director of Corporate Finance at Minacs Worldwide. Also
Slide 19: A team built to advance EDM into development
TECHNICAL + OPERATIONAL LEADERSHIP A team built to advance EDM into development 01 Martin Auriemma 02 Gustavo (Gus) Gomes 03 Mario Alfaro Principal Geologist Senior Consultant International Consultant 24+ years in Argentina 40+ years in global mining 59 years in exploration Epithermal and porphyry s
Slide 20: Auriemma Group 2026
Auriemma Group 2026 Cofounded: Northern Orion FRED foundation Agua Rica / MARA Copper) 2000 Hualilán (Gold) 2005 2011-2015 & management 2026 1994 Foundation San Jorge (Copper) EDM SAMCO 2019 Grupo Minero Aconcagua AURIEMMA GROUP: A PROVEN TEAM POSITIONED TO MEET MARKET DEMAND. The Auriemma Group bri
Slide 21: Fredonia: From Explorer to Operator
FREDONIA : FROM EXPLORER TO OPERATOR 2.8 (M&I) + 1.1 (Inferred) Moz AuEq* | ~140 koz/year | US$1.5B NPV10 | 65% IRR Sources: Fredonia and Geoinvest PEA materials, 2026 * See “Notes with Respect to Mineral Resources, Metal Equivalents and Exploration Information”.
Slide 22: Cautionary Note Regarding Forward-Looking Information
Cautionary Note Regarding Forward-Looking Information This presentation contains “forward-looking information” within the meaning of applicable Canadian securities legislation that is based on expectations, estimates, projections and interpretations as at the date of this presentation. Statements he
Slide 23: Important Notes with Respect to Mineral Resources, Metal Equivalents and Exploration Information
Important Notes with Respect to Mineral Resources, Metal Equivalents and Exploration Information Updated Mineral Resource Estimate Including Individual Metal Grades Sector Category Tonnage (Mt) Au (g/t) Ag (g/t) AuEq (g/t) Contained Au (koz) Contained Ag (Moz) Contained AuEq (koz) La Herradura Measu
Slide 24: Important Notes with Respect to Mineral Resources (cont.)
Important Notes with Respect to Mineral Resources, Metal Equivalents and Exploration Information (cont.) 1. For PEA mine planning and the reporting of in-pit and process-feed grades, AuEq was calculated using the formula AuEq (g/t) = Au (g/t) + Ag (g/t) × 0.01184, based on the adopted PEA metal-pric