Northern Shield Summer Results & Ongoing Field Work

0:03 Hello everyone and thank you for joining us today for another live Northern Shield event with President and CEO Ian Bliss. As a reminder, this event is being recorded and will be available for viewing shortly after we conclude. And if you have any questions, please submit them in the chat, which can be found in the bottom right corner of your screen. Ian, why don't you walk us through your thoughts on the latest news release, and then we can get into some of the questions. Yeah, thank you very much, Kyle, for the introduction. And I had a few slides ready to show you, but we're having a little bit of technical difficulties with the internet connection at the Hotel Lomat in Vancouver. So I'm just trying to walk you through the presentation from memory. So the results we published were from the drone program, completed in July of 2025, this summer. It was quite the home run. We were hoping for drilling a number of deep targets, many of the deeper targets, particularly on the fringe of the conquest zone. We hit intense

0:54 alteration, representative of epithermal systems, but not a lot of minimization. There were a few holes underneath the conquest zones that did hit epithermal Gold minimization down at depths of even 300m. That was new findings for the drill program. The 2 significant intersections were hole number 33, which had about 24, 25m of 0.6g per tonne Gold. This was the same sort of target that hole 16 intersected in 2023. So wide grade, wide intersections of moderate grade, but it is consistent going to depth and we'll continue to follow that to depth in the follow-up program. But the interesting hole was hole 34, which intersects about 4.5m of pyruvate quartz breccias as well as these quite distinctly coliform-crustiform banded quartz veins, some of them with Gingero banding.

1:50 There is a Tellurium associated with this and we did at the time see what looks like a Gold Tellurized Pickley Trenrite in the drill core sample. That was an interval average of about 3.4g Gold over 4.5m. Again, it's a little bit lower than we're hoping for, but we're clearly in the boiling zone now with those sort of textures, the crust from the banded veins. This is the first time we've seen that plus ganguero banding in the conquest zone and it is Gold mineralized. Follow-up programs will continue to trace this one down to depth. It may not be as deeply dipping structure, believe it either plunges or dips to the southwest and perhaps even to the east-northeast along these structures. The interesting thing about the drilling tube is we use a different analytical package that had a lower detection limit for Tellurium and some of the other elements, but Tellurium was the one that we're really interested in because in the past, for most of these analytical packages, the threshold for Tellurium is around 10ppm, which is just too high. You pick up the high grade, but it's not very useful as a pathfinder.

2:54 But what we clearly see is Tellurium in most of these structures is associated with load and you can track that in with Tellurium being built up as you enter that structure. It seems to be more Tellurium rich on one side of these structures to the footwall side. And so again, that's a helpful guide as to what we start intersecting searches. We know which way we're coming into these features. So Tellurium was very, very useful as a pathfinder, as well as obviously having a potential economic addition to any such deposit. That was the aspect of the drill program. The main hit was hole 34, Custiform, Coliform batted quartz veins, and we'll be following up on this in the next drill program in the Conquest Zone.

3:39 Also moving North-East because we now know there's Tellurium directly related with these structures. Those high-grade boulders that we found in, I think it's 2021, up to 111g per tonne Gold. Those are about 100m east of this intersection. They are also very high in Tellurium, so probably come from that same structure. Now we can begin to narrow down where those high-grade boulders come from. Any future drilling in that area will also target in the area of hole number 6, where these high-grade boulders came from. Of course, the developing story the last few months has also been on the Copper front. As many of you know, Copper porphyry and epithermal Gold systems are basically, they're end members of the same system. They're all hydrothermal. Typically, the Copper porphyry is much deeper and the Gold is on the paleo surface.

4:26 Normally, when you see the epithermal Gold, and we know we actually at the top of the Gold system, your porphyry are too deep. You can't get to them. But for various reasons, either the copper porphyry has been faulted up or telescoped up, or maybe there are 2 different ages of systems, but we do have indications of a copper-bearing system, copper porphyry. More than copper, it's actually polymetallic. These are very encouraging to see both aspects of the Copper porphyry and the epithermal gold. It was always our intention to start building up our knowledge on the Copper porphyry side of it. We said back in the end of last year. We wanted to get that up to speed, same speed as Conquest. In the last few months, that's taken quite, we've got there much more rapidly based on what we're seeing in these quarries where a lot of the Copper mineralization and what we call these diatom breccias are exposed.

5:19 We've had several groups on the property in the past few months, you know, originally sort of looking at the goal, but it was some of these guys that also reinforced us that no, we should be focusing or looking a lot more strongly on these diatreme breccias. At the same time, the operators of these quarries were expanding those pits. They started exposing some mineralization and some other rock types that were very, very positive to the potential of a Copper Porphyry system. The prospector originally started finding fairly high-grade Copper mineralization in these pits as Calcopyrite veins, Boronite veins within the diatreme breccia. We at first thought that these may have been remobilized from somewhere, but now we think it's actually primary, not copper porphyry type, but primary breccia-hosted mineralization. The copper porphyry may be either at depth right below or perhaps off to the side, but this is diatreme breccia-hosted copper.

6:16 We also found these hydrothermal breccias. For those of you who have seen the presentation, these are the sort of black, very blackish rocks with little white quartz fragments. These are hydrothermal breccias. And again, we see the remnants of what would have been a crater lake or a geyser sediment at the top of the system. We're at the very top of the system. That's anomalous. The first few samples were anomalous in arsenic, moly, Gold and moly. So again, these are the elements that you would expect to find at the very top, the Copper perverse hotter fluid. So as we track that down, you expect to see Copper mineralization picking up. The reason why we see the Copper mineralization in the breccias elsewhere is that Copper mineralization is probably exploiting the contact of these diatreme pipes. So these things are very fractured. And of course the contacts of these pipes are the most fractured. So they're more permeable. So fluids get to surface more easily.

7:08 And so perhaps that's why we see the copper at surface, the contact of these pipes, but not in the middle. In the middle, we see these hydrothermal breccias with the pathfinder elements. But we've been back in there several times as it sort of expanded and cleaned up the pit and exposing more of this hydrothermal breadshear. It changes rapidly. The first few pieces we had were clearly at the top of it. Now we're seeing more angular fragments and even a visible molybdenum mineralization within these breadshears. So rapid transitions, clearly an indication of polymetallic mineralization. The third aspect of the porphyry indications is actually finding fragments within the styotrene breadsheet pipe. These fragments would have been blasted up from somewhere deeper in the system. Some of these fragments are carrying what looks like primary porphyry copper style mineralization, ornate chalcopyrite in these tiny little quartz veins, including what they call A and D veins, perhaps even B veins. These are very diagnostic of porphyry Copper systems.

8:08 We're seeing multiple porphyry intrusions. These copper porphyries have of rock types at depth, these sort of intrusive stocks, and usually have a whole range of mythologies, not just 1. We're seeing that now in the pit. And again, the prospect of just the other day, we put the photographs in the press lease, finding now even quartz bubbles or quartz fragments within the diatrium breccia hosting native Copper mineralization. And again, more of quartz, Calpapyrite, Boronite. This is very typical of a porphyry Copper system. That's why we're very, very encouraged and we think we're onto something. Literally every time we walk back into those pits, we're finding more information, either direct Copper minimalization or other alteration in lithologies that are supportive of a Porphyry Copper system.

8:55 So at the end of the day, we have an intact, a complete intact, what we think is a Porphyry Copper system plus the Epithermal Gold. We don't know whether the Gold is the biggest story, the Copper is the biggest story, or whether they're both there. There are examples around the world. Lepanto in the Philippines is 1 where they have both the Copper pore-free within reach plus the Osafolvation Gold. It became a point where we were dropping by this pit every day. And it just came too hard to ignore the evidence that we were seeing that the Copper that the prospector found years ago, there was more to it. And with every blast of those pits are exposing more mineralization. The evidence became overwhelming that we couldn't ignore it anymore. That's why very quickly we're starting to try to focus on this Copper, Porphyry or Diathium Redshear pipe with the Copper, Moly, this Tillerium and the Rizgold.

9:48 It's a very much of a polymetallic porphyry Copper deposit. It has all the ingredients on a regional scale. Things like the extension, the fluorite, the tellurium, all these indications are very large.

10:06 Now we're seeing that on the ground. We'll start to drill this thing off in 2 directions, continuing on the Gold as well as trying to understand the Copper porphyry. Maybe we hit more of what's called the high-saltivation Gold Copper, which sits above the Copper porphyry. It's still a Gold target, but by attacking it from both ends, we start to build up a better knowledge of the overall structure and geometry of this, whether we hit the Copper before the Gold. It's a pretty exciting time. You often find these things on the Pacific Rim, whether Chile or Indonesia, and in those jurisdictions. This was a little bit of a frustrating thing. People still look at Newfoundland as a little bit of a backwater for exploration, in particular Copper-Porphyry, but it's not. What we're finding is very real. We don't know whether there's a Porphyry Copper down there, but the indication is certainly suggesting that right now.

11:01 It's beginning to get some interest amongst majors and others that we seem to be on to a very real, pull-free Copper and an epithermal coal system. So the idea is, as I say, we've moved very rapidly now to try to advance and try to get a drill target. We have, I think, 14 drill pads that are being permitted right now with the idea of trying to get a drill program in before the end of the year or if not very early in the new year. The good thing about the copper target is It's extremely accessible. It's on a gravel road. Most of the drilling will be on the edge of these pits or in it, so it's solid ground. We don't have to worry about muddy trails or anything like that, or snow. It's very accessible, so we can drill this really at any time. Ideally, we're going to try to do some geophysics on that before. We don't really want to drill this thing blind.

11:50 We could sneak up to these hydrothermal breccias, drill them shallowly, then stop stepping back. But ideally, you want to see if anything lights up. The only problem with that, there is equipment in some of these pits which may cause electrical interference with the geophysics. So we're going to run some test lines on that if we can. And then with the objective of trying to get a drill problem where I'm going as soon as possible, hopefully by the end of the year, not a big program, but maybe 12 to 1500 meters. Excellent. Thank you for that thorough update. Let's get into some questions here. One thing that I really wanted to ask you that stands out is the tellurium showing up consistently across multiple zones. You've upgraded your analytical package to detect at lower levels. But beyond being a pathfinder element, have you started modeling what Tellurium could contribute economically, especially given the critical metal status and current market dynamics?

12:43 No, we're not really at that stage right now, partly because I think the price of Tullium fluctuates very rapidly. It's really controlled by China right now. Until we start intersecting it consistently in drill core, we're not going to model the value of it. It's 2 early days, but it is a very important element. It is a critical metal and one of the rarest of the critical metals. And as a pathfinder, that's really why we lowered the detection limit this time, to see how well it would be used as a pathfinder. And the Gold aspect, our Early indications were still playing around with the data, but it seems to be very helpful as a pathfinder, not only in the rocks, but now we're going back and looking at the soils. There are some diagrams on the website. I think we had them on the press release too that shows enrichment of Tulare mint soils right above the big Copper-bearing target as well.

13:37 It's a little bit too early to model its economic value on this right now, but it is very valuable as a pathfinder tool. I recently came back from a mining conference in Germany too. They sat up and took notice of Tellurium. They're a little bit more critical metal savvy than we are. They're aware that it's controlled by China, the Tellurium market. I had 1 engineer come by the booth at Munich and he was very interested. He said, there's a lot of people having Copper projects, a lot of people have Gold projects, but I don't see

14:08 anybody else selling Tellurium. It caught the attention of this German engineer in particular. It's the Tellurium and even the Copper. This is again on the Atlantic seaboard. Nearly all porphyry Copper systems are on the Pacific rim. That's again why we think this is of strategic importance because it is on the Atlantic seaboard with easier access to Europe and that kind of opens up the market to Brutal Seller, not just to North Americans but to Europeans. I just want to take an opportunity to remind people to feel free to submit questions if you have any. There is 1 in the chat so I'm going to ask you what isbrig1090 is asking. What is the status of the funding program?

14:55 We're, as indicated in the press release last night, which is a matter of formality, that press release, It's essentially full right now. It was 91% full last night and it's filled up since then.

15:13 We haven't got all the subjects we signed for, but we've got orders and It's essentially full. You mentioned the 14 drill pads being permitted right now. What results would you constitute success in the first holes into the porphyry target? We'd really like to get down and hit the porphyry itself, but without geophysics, that's maybe hard. What we're trying to do now is follow that hydrothermal breccia vein or structure down. Now in the same area, we do have the Copper that the prospector originally found. We have the porphyry fragments and we have the other porphyry intrusions that we see there. There's definitely something happening there. The main thing is we can trace this hydrothermal system down and hopefully start seeing transition from the Mali, picking up either more Gold or specifically more Copper.

16:07 We have, just based on the magnetics, an idea where perhaps one of the pore-free centres is, so we'll drill in that direction. But The main thing is to start proving that that system we see on surface is continuing down. Then we can ultimately continue tracking down at depth and it should translate into a pore free. We know we're in the diatrium breccia pipe and We're pretty sure we can delineate those even on the geophysics. They come up with very strong magnetic lows and we've mapped them to a large degree on surface. But those diatreme pipes may not always be sitting directly above the porphyry. Sometimes the porphyry is on one side. So simply drilling down into the pipe, you may hit more breccia host of mineralization, but you might not get into the porphyry itself.

16:55 But you'll see, we're going to run a few test lines of geophysics. Hopefully something lights up that gives us some indication of a better direction to go at it at depth. But the main thing is to hit some of that vein type copper mineralization and hit this breadshare and see a transition from the pathfinders that we're seeing on surface and start picking up a little bit more copper mineralization. Thank you. Now, You made a memorable comment about how this would be treated if it were in Chile, that there be a race to drill it. What's your case to investors that the geological fundamentals here are comparable to proven porphyry districts, even though Newfoundland isn't really known for this type of mineralization? Well, I mean, it is known. We know there's epithermal Gold occurrences in Newfoundland. I just haven't been heavily explored. We know without a doubt that, you know, conquest, We see the crust from the Colifor bandit quartz phase.

17:50 If you're getting epithermal Gold, somewhere there is a Copper porphyry system. Now, how fertile it is, how rich, how big, we don't know. But if you're having epithermal Gold, at depth somewhere there should be a porphyry system. And

18:03 I say most of the time they're too deep. If you're seeing the Gold, you're not going to get to the Copper. We clearly have indications of Copper porphyry at root and cellar. Maybe that Copper porphyry got aborted at some stage and you're only going to get a little bit of mineralization, but the bottom line is we're seeing a 2km diameter footprint of anomalous Copper in soils and rocks on surface. We have a very large halo of propolitic alteration on the property. It was so big that some people originally thought that it's just a regional alteration that we're seeing. But no, this is related to the porphyry and or the epithermal role. These things are related to Gold and Copper Porphyry. We're seeing vein-type Copper, which is not porphyry-style Copper, but you often get these above it in these breadship pipes. But now we're actually seeing fragments of what look like what we call ABC and D veins, which are indicative of copper porphyry systems.

19:06 That's just based on visuals. We got to have some thin sections cut and have experts look at it. But based on the visuals, it's veins that are consistent with a Copper porphyry and same with the style of minimization. If you get epithermal Gold, probably somewhere you have a porphyry Copper system as well at depth. The rather known occurrences around the Bearing Peninsula, including owned by the prospector that found Root & Cellar that are also very strongly indicative of Copper porphyries. And it's just that they haven't been persistently drilled. Because when you're not in elephant countries, it's hard to attract the bigger people or anybody in to invest, but there's certainly every indication that they exist here in Newfoundland.

19:53 It's not just the porphyry and the epithermal Gold. I mean, even go back to the Gold occurrences in central Newfoundland. I mean, what Newfound Gold is sitting on right now, those occurrences have been on the maps for 10, 15 years before they came along and actually started drilling it and getting some sort of success. Look how long Valentine Lake's taken to get up to where it is, and now Firefly on the Copper. It's just a matter that it hasn't been explored. The Avalon, and particularly the Buren Peninsula, has been a lot less explored than the rest of Newfoundland. Newfoundland itself hasn't been explored as well as places like Ontario, Quebec and BC. As many people know, it takes several iterations of a project to get to fruition.

20:34 It's probably there. The experts often say, yes, there's a system there somewhere, but it's just, can you reach it? And it's just a matter of having the perseverance to push through. And Northern Shale is now one of the groups that have been focusing on these probably for the longest in the Buren Peninsula, so we're building up a better idea of what may be controlling these and trying to understand the alteration history, which is complex because you have the Gold and the Copper and maybe several different Copper events. It's just a matter of having the persistence to keep driving through. So far, it's paying off. Every day we keep going back into these pits, we're getting more and more indications. The prospector was in there the other night pulling out more samples, taking them to the shops, slabbing them, getting them ready for the geologist to have a look at, photographing them, sending them to me.

21:24 He's working on sending me these photographs at 1 o'clock in the morning. He's excited, we're excited. That's why we raised the money. We didn't really want to take the dilution right now. We were hoping to get some interest from some of these other institutions that are interested in the project. It's exciting so we need to drive forward. Definitely. David, in the chat, has a couple of questions here. How large of a survey are you thinking of? Widespread or to be determined?

21:55 Typically, porphyries are deep. How are these shallow holes further, since the good stuff is usually deep? Well, yeah, you're right. The good stuff is usually deep, but the fact that we're seeing fragments with what looks like primary copper porphyry mineralization, even though it's at the top of the system where some of these appear to have what's called UST textures, formed at the very top of a porphyry Copper. Could they have been blasted up 1,000 or 2,000m? Probably not. There's some indication that some of the porphyry Copper, the true porphyry Copper mineralization is a lot shallower than normally expected. It's a little bit of a risk to go in there without any geophysics, but at the same time, I think we're going to build up knowledge as we try to intersect these near-surface structures of these veins and the hydrothermal system.

22:47 Originally, what we plan to do is just a couple of IP lines, IP chargeability.

22:53 In fact, there's a road that kind of traverses a portion of these pits or just next to the pits. So we'll run a survey in that direction up the road and a few others on along another road that's sort of parallel to the pit. But again, it's difficult to do in the pit because we have these pit walls, if we can't go in there, we can't do the survey over them. You can stop the survey and jump off, but it's a little bit problematic. Later on, we'll do some more airborne surveys, try to get some of the equipment out of the pit so it doesn't create interference. At this time of year, I understand they're winding up their operations. They don't usually operate all fall and all winter. That's why we're just about to be in discussions with these guys of when we can get in there and do the drilling without interfering with their operations. But we will try a few test lines initially of IP and then go from there.

23:47 Thank you. You've got now encouraging results across multiple zones. What needs to happen in the next 6-12 months of drilling to get you to a point where you could start talking about made-in-resource estimates, either at Conquest or potentially at Creston? Made-in-resource is still a little bit away, but once you can really sink your teeth into a zone, whether it's the Copper or back in the Gold, I think that will move quite quickly. But in the next 6 to 12-months, it's a matter of continuing to find that Copper bearing zone and a more continuous zone on the Gold side too. I think next year on the Conquest side, we're going to start doing a lot more shallow drilling in that area because there's a lot of mineralization within 50m of surface.

24:35 Then slowly start following that down to depth. It may not be a vertical structure as we initially thought. It may be a more shallowly dipping feature, but we will start doing a little bit more intense or more dense drilling pattern within the concrete hole, but much shallow holes. And then in the Copper at Creston, it's hard to say, but I think we're going to, with this program, as long as you start hitting some sort of Copper minimalization that we begin to follow with some sort of consistency. That's the first win for us is to follow these structures, these Copper structures to depth and start picking up on that Copper-Moly minimalization. Ian, appreciate the update as usual. And thank you people for submitting questions here.

25:20 We look forward to the following updates. Is there any closing remarks before we sign off here, Ian? Well, just it's very exciting. It's a dynamic situation. The last few months were, every time we go into these pits, we're getting more and more indications of a porphyry Copper system. It's intact. Even the master thesis student, he gave a presentation the other day through Memorial University, as a sort of exit master's thesis presentation. He was remarking too that it's quite remarkable that we have essentially intact, complete intact and upright epithermal gold and porphyry Copper system. It's a little bit surprising to see in these age of rocks, but it's there. We seem to have a legitimate Copper-Porphy target and that's very exciting considering how accessible it is and its location on the Atlantic seaboard.

26:11 These aren't easy things to find, but we seem to have a lot of indications pointing in the right direction right now Thank you for your time Ian until next time. Thank you