Q1 Financial Statements and MD&A for September 30, 2025

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

September 30, 2025

(Unaudited - Expressed in Canadian Dollars)

NOTICE OF NO AUDITOR REVIEW OF

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

In accordance with National Instrument 51-102 Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of these condensed consolidated interim financial statements they must be accompanied by a notice indicating that the condensed consolidated interim financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.

The Company's auditors have not performed a review of these condensed consolidated interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

Nature of business and going concern (Note 1)

Commitment (Note 13)

Subsequent events (Note 14)

On Behalf of the Board:

" Timothy Heenan " , Director

" Nick DeMare " , Director

The accompanying notes are an integral part of these condensed consolidated interim financial statements Page 3

The accompanying notes are an integral part of these condensed consolidated interim financial statements Page 4

As at September 30

(Expressed in Canadian Funds, except where indicated)

Share Capital

The accompanying notes are an integral part of these condensed consolidated interim financial statements Page 5

1. Nature of Business and Going Concern

   Mirasol Resources Ltd. ("Mirasol" or the "Company") is incorporated under the laws of the Province of British Columbia, Canada. The Company's corporate registered and records office is located at 700 - 1199 Hastings Street, Vancouver, British Columbia and the head office is located at 1150-355 Burrard Street, Vancouver, British Columbia.

   Mirasol engages in the acquisition and exploration of mineral properties, principally located in Chile and Argentina, with the objective of identifying mineralized deposits economically worthy of subsequent development, mining or sale.

   These condensed consolidated interim financial statements have been prepared assuming the Company will continue on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. As of September 30, 2025, the Company had working capital deficiency of $2,717,952 (June 30, 2025 - $ 1,755,890) and has incurred losses since its inception and expects to incur further losses in the development of its business. The ability of the Company to continue as a going concern depends upon its ability to raise additional equity and to seek joint venture partners. Additional capital may be sought from existing shareholders loans, and from the sale of additional common shares, assets, other equity or debt instruments

   As the Company is in the exploration and evaluation stage, the Company has not identified a known body of commercial grade mineral on any of its properties. The business of mining and exploration involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The Company has no source of revenue and has significant cash requirements to meet its administrative overhead and maintain its exploration and evaluation assets. The recovery of the Company's exploration and evaluation assets is dependent on the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development of these properties, and future profitable production or proceeds from disposition of exploration and evaluation assets. These material uncertainties may cast significant doubt about the Company's ability to continue as a going concern. While the Company has been successful in the past with its financing efforts, there can be no assurance that it will be able to do so in the future.

2. Basis of Presentation Statement of compliance

The condensed consolidated interim financial statements of the Company have been prepared in accordance with IFRS accounting as issued by the International Accounting Standards Board ("IASB"). These condensed consolidated interim financial statements were prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting. They do not include all of the information required for full annual financial statements. These condensed consolidated interim financial statements should be read in conjunction with the Company's annual consolidated financial statements for the years ended June 30, 2025 and 2024.

The Board of Directors approved the condensed consolidated interim financial statements on November 26th, 2025.

Basis of measurement

These condensed consolidated interim financial statements have been prepared on a historical cost basis. Financial instruments classified as financial instruments at fair value through profit or loss are stated at their fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for the cash flow information.

1. Basis of Presentation (Cont'd…)

   Significant Accounting Estimates and Judgments

   The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, profit and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

   In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the years ended June 30, 2025 and 2024.

   Recent Accounting Pronouncements and Adoptions

   Classification of liabilities as current or non-current (Amendments to IAS 1)

   The IASB has published Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) which clarified the guidance on whether a liability should be classified as either current or non-current. The amendments:

   1. Clarify that the classification of liabilities as current or non-current should only be based on rights that are in place "at the end of the reporting period";

   2. Clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability; and

   3. Make clear that settlement includes transfers to the counterparty of cash, equity instruments, other assets or services that result in extinguishment of the liability.

The amendment was applied effective July 1, 2024, and did not have a material impact on the Company's financial statements.

The IASB issued certain new accounting standards or amendments that are mandatory for accounting periods beginning on or after January 1, 2024, including amendments to IFRS 16 "Leases", amendments to IAS 7 "Statement of Cash Flow" and IFRS 7 "Financial Instruments Disclosures".

The new accounting standards or amendments were applied effective July 1, 2024, and did not have a material impact on the Company's financial statements.

IAS 21 - Lack of Exchangeability

Effective for annual reporting periods beginning on or after January 1, 2025. These amendments clarify the accounting for transactions when the exchange rate is not observable, including the determination of the exchange rate to apply and related disclosures. Although the Company has subsidiaries in Argentina and Chile, where foreign exchange restrictions may exist, the adoption of this amendment did not have a material impact on its condensed consolidated interim financial statements.

Amendments to the SASB Standards to Enhance Their International Applicability

Effective for annual reporting periods beginning on or after January 1, 2025. These amendments are designed to improve the global consistency and comparability of sustainability-related disclosures. The adoption of these amendments did not have a material impact on the Company's condensed consolidated interim financial statements.

1. Basis of Presentation (Cont'd…)

   New accounting standards issued but not yet effective

   IFRS 18 - Presentation and Disclosure in Financial Statements

   IFRS 18 is effective for reporting periods beginning on or after January 1, 2027. It introduces several new requirements that are expected to impact the presentation and disclosure of most, if not all, entities, including new requirements for income statement structure, defined subtotals, enhanced aggregation and disaggregation, and disclosure of management-defined performance measures. The Company is in the process of assessing the impact on the financial statements of the new standard.

2. Cash and Cash Equivalents

Cash and cash equivalents comprise of cash and short-term redeemable Guaranteed Investment Certificates ("GIC") placed with major Canadian financial institutions. Maturity dates of these GIC's are within one year.

1. Marketable Securities (Cont'd…)

   The Company holds 1,037,794 common shares (June 30, 2025 - 1,037,794) of Silver Sands Resources Corp. ("Silver Sands") that were received as partial consideration on an option agreement, now terminated.

   As of September 30, 2025, the market price of the shares was $0.065 per share (June 30, 2025 - $0.045). Accordingly, the Company recorded an unrealized fair value gain of $20,756 (September 30, 2024 - loss of $36,323) in the condensed consolidated interim statement of loss and comprehensive loss.

2. Equipment

Exploration Equipment

Computer

Hardware Total

Depreciation of right-of-use assets is calculated using the straight-line method over the remaining lease term.

8. Lease Liability and Lease Receivable

Lease Liability

The Company's lease agreement has a remaining terms of less than twelve months; therefore, no non-current portion has been presented.

The following are the remaining minimum lease payments:

1. Lease Liability and Lease Receivable (Cont'd…)

   Lease Receivable

   	September 30, 2025	June 30, 2025
   Beginning balance	$ 26,674	$ 31,720
   Additions	-	31,624
   Lease payments made	(8,563)	(39,500)
   Interest income	905	2,836
   	$ 19,016	$ 26,674
   Less: current portion	(19,016)	(26,674)
   Non-current portion	$ -	$ -

   The Company's sub-lease agreement has a remaining terms of less than twelve months; therefore, no non-current portion has been presented.

   The following are the remaining minimum lease receivable:

   Period	Amount Receivable
   In 1 year	$19,979

2. Exploration and Evaluation Assets

The Company owns 100% of the mineral exploration rights to a large portfolio of properties focused in two mining regions, namely the Atacama region in northern Chile and the Santa Cruz Province in southern Argentina. As well, the Company holds several other properties in the San Juan and Catamarca provinces of northern Argentina. The Company also focuses on generative exploration to identify and acquire new prospects.

A reconciliation of capitalized acquisition costs is as follows:

Acquisition Costs

Balance at

June 30, 2025 Cost

Write-offs and Recoveries

Balance at September 30,

2025

1. Exploration and Evaluation Assets (Cont'd…)

   During the year ended June 30, 2025, the Company recognized an impairment charge of $171,777 related to its Gorbea Belt exploration project in Chile. The impairment was recorded after management determined that certain exploration costs were not expected to be recovered based on current exploration results and future plans for the property.

   1. Sasha - Marcelina option to sell

      On August 13, 2025, the Company entered into a binding heads of agreement ("Agreement") under which the Company grants Andara Mining Pty Ltd ("Andara Mining") an exclusive right to acquire the mineral rights within the Company`s 100% owned Sascha Project located in Santa Cruz province, Argentina ("Sascha"). The Company has also agreed to assign to Andara Mining its Option to Purchase Agreement on the Marcelina Project ("Marcelina"). Sascha and Marcelina are together referred to as the Sascha-Marcelina Projects ("Sascha-Marcelina"). Under the Option to Purchase Agreement, Andara Mining has the right to acquire an undivided 100% interest in three mineral concessions comprising the Marcelina Project for total consideration of US$1.5 million.

      The Company will retain a 1.5% Net Smelter Return ("NSR") royalty. The counterparty has a right of first refusal in relation to any potential sale of the royalty and may repurchase up to 1.5% of the NSR in stages: 0.75% within two years and the remaining 0.75% within three years following commencement of commercial production, at agreed amounts.

2. Related Party Transactions

   Details of the transactions between the Company's related parties are disclosed below.

   1. Compensation of key management personnel

      Key management personnel include persons having the authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. Key management personnel consist of the Company's Directors and Officers.

      The remuneration of management and independent directors was as follows:

      Three Months Ended September 30,

      2025		2024
      Management compensation (i)	$ 126,683	$ 154,562
      Share-based payments (ii)	17,807	41,539
      Director's fees (iii)	6,300	18,900
      	$ 150,790	$ 215,001

      1. Management compensation is included in management fees (2025 - $77,931; 2024 - $124,888), in business development & IR (2025 - 9,416; 2024 - $nil), and in exploration expenditures (2025 - $39,336; 2024 -

         $29,674) in the Company's condensed consolidated interim statements of loss and comprehensive loss.

      2. Share-based payments are included in the share-based payments expense in the Company's condensed consolidated interim statements of loss for the period ended September 30, 2025, and 2024.

         1. Related Party Transactions (Cont'd…)

            1. Compensation of key management personnel (Cont'd…)

      3. The independent directors of the Company were paid $2,100 per month (2024 - $2,100 per month). The independent directors waive their fees for the months of July and August 2025.

1. 1. Transactions with other related parties

      Certain of the Company's officers and directors render services to the Company as sole proprietors or through companies in which they are an officer, director, or partner.

      The following companies are related parties through association of the Company's directors and officers:

      Nature of transactions

      Max Pinsky Personal Law Corporation Legal fees

      Chase Management Ltd. Professional fees

      The Company incurred the following fees and expenses with related parties as follows:

      Three Months Ended September 30,

      2025	2024
      Legal fees (i) $ 34,790	$ 18,514
      $ 34,790	$ 18,514

      1. Legal fees are included in professional fees (2025 - $34,790; 2024 - $18,514).

         Included in accounts payable and accrued liabilities at September 30, 2025, is an amount of $39,317 (June 30, 2025

         - $37,160) owing to directors and officers of the Company and to companies where the directors and officers are principals.

   2. Shareholder loan

      On March 14, 2025, the Company received regulatory approval for a loan of up to $2,000,000 from a director of the Company (the "Lender"). In June 25, 2025, the Company received regulatory approval to increase the loan up to

      $3,000,000. The Loan bears interest at 10% per annum, payable at the end of one year, may be repaid at any time without penalty, and is secured by a General Security Agreement. In connection with the Loan, the Company issued to the Lender a total of 750,000 common shares as a loan bonus with a fair market value of $305,000.

      During the year ended June 30, 2025, the Company drew down the full amount of the loan. The total amount outstanding at September 30, 2025 and June 30, 2025 are as follows:

      	September 30, 2025	June 30, 2025
      Opening balance	$ 2,741,301	$ -
      Loan advances	-	3,000,000
      Transaction costs	-	(305,000)
      Interest expense	76,667	46,301
      Amortization of transaction costs	76,250	-
      	$ 2,894,218	$ 2,741,301

2. Share Capital

   1. Authorized Share Capital

      The Company's authorized share capital consists of an unlimited number of common shares without par value. All issued common shares are fully paid. As at September 30, 2025 the Company had 81,851,494 common shares outstanding.

      1. Financing

         On September 30, 2025, the Company announced a non-brokered private placement financing of up to 6,666,667 units at a price of $0.45 per unit for aggregate gross proceeds of $3.0 million. Each unit will be comprised of one common share and one-half of one non-transferable share purchase warrant, with each whole warrant entitling the holder to purchase one additional common share at a price of $0.60 for a period of twelve months from closing of the offering.

         Financing during the year ended June 30, 2025, was as follows:

         In November 2024, the Company completed a non-brokered private placement issuing 11,335,132 units at a price of $0.45 for aggregate gross proceeds of $5,100,809. Each unit comprised of one common share and one-half of a non-transferable common share purchase warrant. Each full warrant is exercisable into one common share at a price $0.60 for one year from closing date. The Company incurred $29,937 in cash finder's fees, and $97,542 for regulatory and other related fees.

   2. Share Purchase Options ("Options")

      The Company has established a share purchase option plan (the "Plan") whereby the Board of Directors may, from time to time, grant Options to directors, officers, employees, and consultants under the long-term incentive plan. Options granted must be exercised no later than five years from the date of grant or such lesser period as determined by the Company's Board of Directors.

      The exercise price of an Option is equal to or greater than the closing market price on the TSX Venture Exchange ("TSXV") on the day preceding the date of grant. The vesting terms for each grant are set by the Board of Directors. The Plan provides that the aggregate number of shares reserved for issuance shall not exceed 10% of the total number of issued and outstanding shares. At September 30, 2025, a total of 8,185,149 Options were reserved under the Plan with 6,872,500 Options outstanding.

      1. Movements in share purchase options during the year

         A summary of the Company's share purchase options and the changes for the period ended at September 30, 2025 and June 30, 2025 are as follows:

         	Number of Options	Weighted Average Exercise Price
         Options outstanding as at June 30, 2024	5,761,250	$0.56
         Granted	1,586,250	$0.55
         Expired / Forfeited	(575,000)	$0.56
         Options outstanding as at June 30, 2025	6,772,500	$0.55
         Granted	100,000	$0.35
         Options outstanding as at September 30, 2025	6,872,500	$0.55
         Options exercisable as at September 30, 2025	6,389,438	$0.55

         1. Share Capital (Cont'd…)

            1. Share Purchase Options ("Options") (Cont'd…)

      2. Fair value of share purchase options granted

         During the period ended September 30, 2025, the Company recognized share-based compensation expense of

         $59,826 (2024 - $63,149).

         The weighted-average fair values of stock options granted, and the assumptions used to calculate the related compensation expense for the periods ended September 30, 2025, and 2024, were estimated using the Black-Scholes Option Pricing Model with the following assumptions:

      3. Share purchase options outstanding at the end of the period

During the period ended September 30, 2025, the Company granted 100,000 shares purchase options to directors, management, employees and consultants (2024 - Nil). The weighted-average fair values of stock options granted, and the assumptions used to calculate the related compensation expense for the period ended September 30, 2025 and 2024, were as follows:

iii. Share purchase options outstanding at the end of the period

A summary of the Company's options outstanding as at September 30, 2025 is as follows:

1. Share Capital (Cont'd…)

   1. RSU Plan

      On June 17, 2025, the shareholders approved an RSU Plan (the "RSU Plan"). The RSU Plan was also approved by the Board of Directors on June 17, 2025, and by the TSXV on July 31, 2025. The RSU Plan provides for the issuance of up to 1,000,000 restricted share units (the "RSUs"). Under the RSU Plan, RSUs may be granted to directors, officers, employees and consultants of the Company (excluding investor relations consultants) as partial compensation for the services they provide to the Company. The RSU Plan is a fixed number Plan, and independent of the number of Options available under the Company's stock option plan.

      During the period ended September 30, 2025, the Company issued nil RSUs (2024 - nil). The associated compensation cost, which is based on the underlying share price on the date of grant, is recorded as share based payments expense against share-based payment reserve. During the period ended September 30, 2025, the Company recognized $nil (2024 - $nil) respectively, as share-based payments. As of September 30, 2025, nil RSUs were outstanding (June 30, 2025 - nil).

   2. Warrants

   The Company has 5,667,563 warrants outstanding as of September 30, 2025 (June 30, 2025 - 5,667,563). The share purchase warrants were issued in connection with the Company's private placement from November 2024 (Note 11 a (i)).

   	Number of Warrants	Weighted Average Exercise Price
   Warrants outstanding as at June 30, 2024	1,943,776	$0.80
   Expired	(1,943,776)	$0.80
   Granted	5,667,563	$0.60
   Warrants outstanding as at June 30,	5,667,563	$0.60

   and September 30, 2025

   Warrants exercisable as at June 30, 5,667,563 $0.60 and September 30, 2025

2. Segmented Information

   The Company's business consists of a single reportable segment being mineral property acquisition and exploration. Details on a geographical basis are as follows:

   Total Non-Current Assets	September 30, 2025	June 30, 2025
   Canada	$ 32,491	$ 43,672
   Argentina	1,360,463	1,363,187
   Chile	126,802	128,516
   	$ 1,519,756	$ 1,535,375

3. Commitment

   On January 25, 2025, the Company renewed the lease for its head office located at 1150 - 355 Burrard Street, Vancouver, British Columbia, for the period from May 1, 2025, to April 30, 2026. In addition, on March 17, 2025, the Company signed a license agreement covering the period May 1, 2025, to April 30, 2026, to share the office space with a Company related by virtue of certain directors in common. The Company has made a security deposit of

   $20,000 under the lease agreement.

4. Subsequent events

   1. On November 14, 2025, the Company extended the closing date of its previously announced non-brokered private placement of up to C$3.0 million to December 16, 2025 (Note 11 (a) i).

   2. On November 24, 2025, the Company entered into a definitive agreement with Ampere Metals Pty. Ltd. ("Ampere") for the sale of the Virginia Silver Project and associated land package in Santa Cruz Province, Argentina, whereby Ampere may acquire a 100% interest through two sequential option stages for total consideration of US$8 million over up to seven years. Under the first option, Ampere may earn a 51% interest by making cash payments totaling US$4 million over approximately three and a half years, and may thereafter elect to earn the remaining 49% interest under the second option by making additional payments totaling US$4 million over a further three and a half years. Upon completion of the full earn-in, the Company will retain a 2% NSR royalty, with the right to sell this royalty to Ampere for a minimum of US$2 million; if retained, Ampere may, at its discretion, purchase 1.5% of the NSR for US$3 million or the entire 2% NSR for US$4 million. If Ampere completes the first option but does not pursue or complete the second option, the 51% interest must be returned to the Company and Ampere will retain a 1% NSR, which the Company may repurchase for US$2.5 million within two years of the commencement of commercial production.

("Mirasol" or the "Company")

The Management Discussion and Analysis ("MD&A") is prepared as of November 26, 2025, and is intended to supplement the Company's condensed consolidated interim financial statements for the period ended September 30, 2025. All financial information, unless otherwise indicated, has been prepared in accordance IFRS accounting as issued by the International Accounting Standards Board ("IASB"). All dollar amounts referenced, unless otherwise indicated, are expressed in Canadian funds.

The following discussion of the Company's financial condition and results of operations should be read in conjunction with its audited consolidated financial statements and related notes for the year ended June 30, 2025, which are publicly available on SEDAR at https://www.sedar.com, and its condensed consolidated interim financial statements for the period ended September 30, 2025, and related notes.

This MD&A contains certain forward-looking statements and information relating to Mirasol that are based on the beliefs of its management as well as assumptions made by and information currently available to the Company. When used in this document, the words "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to Mirasol or its management, are intended to identify forward-looking statements.

This MD&A may use the terms "Inferred Resource", "Indicated Resource", "Measured Resource" and "Mineral Resource". The Company advises that these terms are recognized by and defined in Canadian securities regulations (under National Instrument 43-101 "Standards of Disclosure for Mineral Projects"). Investors are cautioned not to assume that any part of or all, of the mineral occurrences in these categories will ever be converted into reserves.

This MD&A contains forward-looking statements relating to, among other things, the Company's goals and plans going forward, regulatory compliance, the sufficiency of current working capital, and the estimated cost and availability of funding for the continued exploration and development of the Company's exploration properties. Such statements reflect the current views of Mirasol with respect to future events and are subject to certain risks, uncertainties and assumptions. The material factors and assumptions used to develop forward-looking information include, but are not limited to, the future prices of gold, silver and copper, success of exploration activities, permitting time lines, currency exchange rate fluctuations, government regulation affecting mining operations and policies linked to pandemics, social and environmental risks, the estimation of mineral resources, capital expenditures, costs and timing of the development of new discoveries, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage, continued availability of capital and financing, and general economic, market or business conditions.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as may be required by applicable law.

Tim Heenan (MAIG), President and CEO for the Company, and a "Qualified Person" under National Instrument 43-101 ("NI 43-101"), has reviewed and approved the scientific and technical information in this MD&A. This technical information was prepared by the Qualified Person for the Company at the time of disclosure.

Mirasol (TSXV: MRZ) (OTCPK: MRZLF) is a mineral exploration company targeting gold, silver and copper ("Au", "Ag" and "Cu", respectively) deposits, mainly in the Atacama-Puna region of northern Chile and Argentina, and in the Santa Cruz Province of southern Argentina. Both regions are highly prospective and host many large-scale precious and base metal mines, operated by some of the world's largest mining companies.

Mirasol's business strategy combines self-funded exploration of quality projects with the joint venture funding model. This hybrid strategy was developed to accelerate the drill testing of key projects that potentially host economic discoveries. This year, Mirasol has been focused on advancing the self-funded Sobek Copper-Gold project in Chile while strategically targeting business development opportunities to monetize undervalued assets in the Company's project portfolio. In addition, Mirasol has an active option agreement in Argentina on the Claudia project. Under the Claudia option agreement, Mirasol's partner is funding all exploration and land holding costs, which allows the

Company to focus its available resources on self-funded exploration and business development opportunities, while retaining exposure to potentially significant discoveries.

Mirasol's Exploration Focus

Mirasol's main geographic focus is in the Atacama-Puna region of northern Chile and Argentina and in Santa Cruz province, southern Argentina, where the Company maintains a high-quality portfolio of exploration properties with the potential for economic discoveries. This portfolio was assembled from Mirasol's project generation activities, which applies innovative, concept-driven geological techniques combined with follow-up fieldwork.

The Company's portfolio of properties in the Atacama-Puna region is located on a 1,700 km-long segment of three north-south oriented prolific mineral belts that run through Chile and Argentina. These belts host many world-class Cu-Au mines and occurrences of differing ages, spanning millions of years ("Ma").

The majority of the Company's project portfolio in Argentina is located in Santa Cruz Province within the Deseado Massif, a 60,000 km2region of upper-middle Jurassic age volcanics that is recognized as having a high potential to host low- and intermediate-sulfidation epithermal Au-Ag deposits.

The Company is monitoring the potential impact of the rapid currency devaluation and changing public policies in Argentina. To date, these issues have not impacted Mirasol's capacity to operate and Mirasol continues to receive third-party interest for its projects in both countries.

Flagship Projects Operated and Funded by Mirasol

Sobek Copper Project, Northern Chile

The Sobek Cu project ("Sobek") was staked by Mirasol in 2016 based on prospective local structural architecture hosted within a highly prospective and productive geological terrain. An important north-northeast trending mineralized structural corridor encapsulates a large part of the Sobek package, that is crosscut by a series of north-northwest trending deep seated trans-cordilleran lineaments evident through the entire property. In addition, the tenure is host to prospective Miocene/Pliocene aged geological units and intriguing satellite image ASTER alteration responses.

The Sobek land position was expanded in 2021 and 2022 following significant results reported by Filo Mining Corp. from its Filo del Sol project located 7 km to the east of Sobek, which included a remarkable intercept of 858m at 1.80% CuEq (including 163m at 5.43% CuEq)( Filo Mining Corp. -05/13/2021 Press Release). The high-profile Vicuña Copper-Gold-Silver District is developing in the Sobek area with multiple deposits located in close proximity, including the Josemaria and Los Helados porphyry Cu-Au deposits located 10 km east-northeast and 20 km north of Sobek, respectively. The recent NGEx Cu-Au-Ag discovery at Lunahuasi (formerly Potro Cliffs) is just 3 km directly east of the southeast corner of Sobek North Block. Mirasol controls 14,240 ha of exploration claims in this district in four strategic blocks, the North, Central and South blocks and the Rosita Property, that are all on the Chilean side of the border with Argentina.

Strategic Expansion of the Sobek Property with the Addition of the SQM Rosita Property

Mirasol signed a landmark option agreement with Sociedad Química y Minera de Chile SA ("SQM") doubling the size of the flagship Sobek Project in the Vicuña Copper-Gold-Silver District of northeast Chile (news release February 14, 2024). The SQM Property ("Rosita") covers 4,600 ha extending the Sobek Project to the west and to the east and importantly unifying the Sobek Central block with the Sobek North block. The combined property has increased Mirasol's land holding in the district for a total of 14,240 ha. The eastern portion of the Rosita property positions Mirasol within 3 km of the giant Filo Del Sol Project. SQM has granted Mirasol the exclusive option to earn 80% of the Rosita Project, subject to a 2.0% NSR royalty, by Incurring US$4 million in exploration expenditures and making annual option fee payments for a total of US$3 million scheduled over 6 years.

Launching the 2025/2026 Exploration and Drill Program

The 2025/26 exploration season is underway at the Sobek Project. With permits and community agreements in place, a Deep Vectoring IP and MT geophysical survey is currently in progress to refine the final drill positioning at the 46 South target and improve the chances of intersecting mineralization. Based on the results of the geophysical survey, the first-pass drill hole will be designed to test the near surface resistive and chargeable responses interpreted as an epithermal target, while also penetrating the deeper MT and Magnetic responses interpreted as the possible roof zone of a porphyry system.

The 2024/2025 Exploration and Drill Program

The 46 South target located at the southern end of Sobek Central is interpreted as an extensive hydrothermal system hosting multiple porphyry targets that stretches for more than 3km (news release dated May 13, 2024). The North-South trend of porphyry targets is located along a structural corridor that trends parallel to Filo Mining's Filo del Sol Project located 7km directly east.

Mirasol has completed 2,700-line kilometers of airborne magnetics and over 500-line kilometers of airborne MT across Sobek, which has provided a robust dataset when integrated with surface geological mapping and rock chip and soil grid geochemical sampling. These airborne geophysical surveys outlined a district-scale magnetic high and revealed an MT anomaly at depth at 46 South. These datasets have been critical in vectoring exploration towards 46 South, confirming that the target is not an isolated feature but part of a preserved, district-scale magmatic-hydrothermal system (news release September 16, 2025).

The regional airborne magnetic data delineates a broad circular ~6 x 6 km magnetic high, interpreted as an underlying intrusive center (news release February 28, 2021). The 46 South target is positioned on the southern margin of this intrusive complex, where the magnetic gradient coincides with mapped hydrothermal breccias and alteration. At surface, both tourmaline-bearing breccias and typical High Sulphidation (HSE) type breccias containing porphyry fragments showing pervasive sericite alteration with a quartz-alunite overprint have been identified. These breccia exposures, located precisely on the southern edge of the highly magnetic body, highlight the structural and geological significance of this margin for focusing hydrothermal activity (news release September 16, 2025).

The Airborne MT data defined an underlying sharp resistivity contrast coincident with a strong cylindrical magnetic susceptibility anomaly directly below 46 South, starting at an elevation of

~4,600-4,500 masl and extending to depth (news release May 13, 2024). This anomaly aligns with the strongest part of the soil geochemical footprint. Comparable MT conductors in the Vicuña District have been reported at NGEX`s Lunahuasi discovery, where porphyry-related mineralization begins at ~4,600 masl and strengthens between ~3,800-3,900 masl and also at Mogotes Filo Sur project (at ~4,500 masl, interpreted as a porphyry target). The alignment in elevation and style suggests that the MT anomaly at 46 South may represent the upper levels of a porphyry system (news release September 16, 2025).

Mapping shows NS and NE-trending structures are crosscut by NW-trending faults, with these intersections localizing breccias and alteration. The strongest soil anomalies coincide spatially with these intersections, reinforcing the interpretation that structural controls are critical in the localization of mineralization at 46 South.

Systematic soil sampling has defined a strong, widespread and very coherent copper-gold-molybdenum footprint with dimensions of ~1.0 × 0.7 km. This is clearly the largest and strongest geochemical anomaly yet identified on the Sobek property. Although outcrop is scarce within the colluvial cover, select rock chip samples from sheeted quartz ± sulfide veinlets, local stockworks and breccias, confirming the presence of mineralization where structures and alteration coincide (news release September 16, 2025).

An Induced Polarization (IP), Pole-Di-Pole (PDP) geophysical survey defined a robust anomaly underlying and coincident with the soil grid anomaly. Chargeability increases markedly from ~150m down to >600m, while resistivity values highlight a well-defined core exceeding 5,000 ohm-m. These coincident anomalies reinforce the interpretation of a vertically extensive mineralized system (news release September 16, 2025).

The integration of airborne magnetics and MT, ground IP resistivity and chargeability, structural mapping and geochemistry establishes 46 South as a very compelling undrilled target within the Vicuña District. A first-pass drill hole is being designed to test the overlapping soil anomaly with the underlying resistive and chargeable bodies while also penetrating the deeper MT response interpreted as the possible roof zone of a porphyry system. Drill positioning is planned to be slightly offset from the chargeability center to maximize the chances of intersecting mineralization in both the near surface and deeper targets (news release September 16, 2025).

The 2024/25 exploration season at Sobek included two drill holes to test the high priority Cu-Au porphyry Sobek North Potro SE target , located 3 km from NGEx's Cu-Au Lunahuasi discovery (news releases dated Nov 28, 2024 and Mar 2, 2025).

The first drill hole to test the Sobek North Potro SE target successfully intersected a new polymetallic mineralized hydrothermal breccia system, potentially linked to a larger porphyry-related environment. Results from the first hole highlight the presence of a strongly mineralized system, with elevated Au, Ag, zinc ("Zn") and lead ("Pb") values and background Cu in the range of 10-280ppm with one spike of 0.10% Cu. The highest AuEq grade of 2.39 g/t over 3.00m, hosted within the overall intersection of 17.4m (784.60 - 802.00m) with 0.68 g/t AuEq corresponds to the highly siliceous polymictic core of the breccia, reinforcing the potential for metal enrichment within the hydrothermal system. The hole abruptly ended at 838.40m due to difficult drilling conditions, leaving the hydrothermal system open at depth (news release dated Mar 2, 2025).

The Potro SE target is associated with a cylindrical 3D magnetic high anomaly which continues to depth and was previously identified from an airborne-magnetics (RTP) survey. An Induced Polarization (IP), Pole-Di-Pole (PDP) geophysical chargeability response is also spatially associated and underlies the Potro SE cylindrical magnetic high anomaly. Both the chargeability response and magnetic anomaly are located at the intersection of two major structures, the Maranceles Fault and the Ventana Fault (which continues 3km north-northeast passing by Lunahuasi). Coincident Cu-molybdenum ("Mo") geochemical anomalies sourced from both soil grid and rock chip sampling overly the geophysical anomalies (news release dated May 13, 2024). These coincident geological, geophysical, geochemical and alteration attributes reinforce Potro SE as an attractive concealed porphyry target.

To test the extension of the Potro SE mineralization a second drill hole has been completed 200m to the east to test the strongest response of the cylindrical 3D magnetic anomaly and penetrate deeper into the IP PDP chargeability responses (>20VmV). Assay results from the second hole are pending.

The Sobek 46 South target located at the southern end of Sobek Central is interpreted as an extensive hydrothermal system hosting multiple porphyry targets that continues for more than 3km (news release dated May 13, 2024). The North-South trend of porphyry targets is located along a structural corridor that trends parallel to Filo Mining's Filo del Sol Project located 7km directly east.

During the season work at Sobek Central concentrated on advancing the Sobek 46 South target to the drill ready stage. Work included the construction of a 2.5km- access road is now complete to facilitate continued exploration and future drill mobilization.

Concurrently, a systematic grid-based geochemical soil survey has outlined an approximate 1.1 by

0.7 km wide geochemical anomaly which coincides with both an airborne magnetic and MT (conductive) porphyry targets (news release Mar 2, 2025).

Tourmaline breccias have been identified on surface that are spatially associated with both the geochemical and geophysical anomalies. These breccias are commonly seen above Andean porphyry systems and can form pipe-like bodies related to buried porphyry systems at depth which can contribute to the contained metal in porphyry hosted Cu deposits.

The new access road facilitated detailed geological mapping and sampling of these breccias. A ground-based electrical IP geophysical survey was also completed in order to further delineate targets for drill testing.

2023/2024 Exploration Program

The completion of the new access road into the priority prospect at the VN-Zone substantially improved the Mirasol exploration crews' access into this area to continue field evaluation at a much more detailed scale. The improved access enabled an IP-PDP geophysical surveys to be conducted and geological evaluation which included reconnaissance exploration, systematic grid-based soil sampling, detailed geological mapping and collection of stream sediment samples (see news release May 13, 2024).

Exploration activities at the El Potro prospect also accelerated with the construction of a new access road mid-season. Several robust anomalies were generated from a detailed IP Gradient Array geophysical campaign, followed up by 14.5-line km of detailed IP survey lines. Detailed geological and structural mapping and geochemical grid soil sampling were also conducted. Prospecting directly over the magnetic anomaly at Potro SE has returned results ranging from 500 ppm to 18,000 ppm Cu with accompanying highly anomalous Mo from select grab surface samples. A systematic soil sampling grid across the target also returned a coincident 300 by 500m Cu soil anomaly (see news release May 13, 2024).

2022/23 Exploration Program

The 2022/23 exploration program included property-wide follow-up geochemical sampling and geological mapping, a 500 line-km airborne mobile MT geophysical survey and construction of a 7 km access road to support drilling. Targets generated from the airborne Mobile MT survey and the coincident polymetallic soil anomalies derived from the soil sampling grid results, along with the high-grade Cu samples collected on surface, strengthen the geological model and reinforce the potential discovery of mineralization (news release May 15, 2023).

The maiden drill program at Sobek Central started late in the season when road construction was completed and allowed for access. The results from the first drill holes were inconclusive and will require follow-up as the drilling did not reach the intended targets and drilling was suspended with the onset of winter weather (news release August 21, 2023).

Airborne Mobile MT Geophysical Survey Outlines Several High-Priority Targets: Mirasol completed a 500-line km Airborne Mobile MT survey (75 sq.km) covering the entire Sobek Central area and a small area of Sobek North (13 sq.km) prior to demobilization of the MT system. The Airborne Mobile

MT has high-definition depth penetration to greater than 800m depth below surface and has been proven effective in defining targets in HSE and porphyry systems elsewhere in Chile. The survey has outlined a very striking cluster of MT anomalies and the interpretation suggests they may represent intrusive centers at depth. The Central Breccia, and both the VN-Zone and VN-Zone North targets lie on the peripheral rims of these oval shaped MT responses (news release June 27, 2023).

Projects Under Agreements

Virginia Silver Deposit, Santa Cruz

In November 2025, Mirasol signed a definitive agreement ("Definitive Agreement") with Ampere Metals Pty. Ltd. ("Ampere Metals") for the sale of the mineral rights and landholdings within Mirasol's Virginia Project for a total cash consideration of US$ 8.0 million over 7 years of scheduled payments (see news release November 24, 2025). Under the terms of the Definitive Agreement, Mirasol has granted Ampere Metals an initial option to acquire 51% of the Virginia Project for total consideration of US$4 million over 3.5 years, and a further option to acquire the remaining 49% for total consideration of US$4 million over 3.5 years. Upon completion, Ampere Metals will have earned 100% interest in Virginia and Mirasol will retain a 2% NSR (Net Smelter Return) royalty.

Discovered by Mirasol in 2009 in the Santa Cruz Province of Argentina, the Virginia Silver Deposit hosts a high-grade, intermediate sulfidation epithermal style mineralization in a series of prominent outcropping vein-breccias. In November 2023, the Company announced an increase to the previous NI 43-101 Resource Estimate, dated February 29, 2016. The recently updated Resource Estimate is contained within a series of nine outcropping veins hosting high-grade Ag mineralization, constrained1 within conceptual pits, with an indicated mineral resource of 11.7 million ounces of Ag at 357 g/t Ag and a further inferred mineral resource of 7.9 million ounces of Ag at 184 g/t Ag (see updated NI 43 -101 technical report titled "NI 43-101 Technical Report and Updated Mineral Resource Estimate for the Virginia Silver Project in Santa Cruz Province, Argentina" dated 30 October 2023, prepared by J. Novillo and J. Bassan and filed on SEDAR+).

Claudia Gold-Silver Project, Santa Cruz (operated and funded by Cerro Vanguardia SA)

On May 23, 2023, Mirasol announced the signing of an option agreement with Cerro Vanguardia SA Gold-Silver Mine ("CVSA") owned by AngloGold Ashanti (92.5%) and FOMICRUZ S.E. (7.5%) for the exploration of Mirasol`s Claudia Gold-Silver Project ("Claudia"), located in the Deseado Massif of Argentina's Santa Cruz province, directly adjacent to the southern border of the producing CVSA Gold-Silver Mine.

Terms of the Claudia Option Agreement:

1. Within the first two years of the Agreement CVSA may complete such mapping and sampling, trenching and geophysics as required in its absolute discretion to develop drill targets, and fulfill

   ‌1 The Qualified Persons responsible for this updated mineral resource estimate are both Independent Qualified Persons' as defined by National Instrument 43-101 Standard Disclosure for Mineral Projects who reviewed and validated the resource model previously prepared (original Virginia Mineral Resource Report dated January 23, 2015 and the Amended Resource Report dated February 29, 2016). The resource estimates were prepared following with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (CIM, 2019) and reported in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM Definition Standards, 2014). Mineral Resources are estimated at a cut-off grade of 65 g/t Ag for Vein/Breccia and 250 g/t Ag for Halo/Undefined. Mineral Resources are estimated using a silver price of US$25 per ounce. Mineral Resources are estimated using an average recovery of 80% for silver hosted in Vein/Breccia and 22% for silver hosted in Halo/Undefined from preliminary metallurgical studies. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.

   a minimum drilling commitment of 2,500m of diamond drilling; and then CVSA will have the option, subject to the terms of the agreement, to:

   1. Within three years, complete not less than an aggregate of 6,000m of diamond drilling;

   2. Within four years, complete not less than an aggregate of 12,500m of diamond drilling;

2. Upon completion of the above commitments, CVSA shall have the right to exercise the Option under the Agreement and, subject to the terms of the Royalty Agreement, CVSA shall grant Mirasol a 2% Net Smelter Royalty on future production from the Claudia Project.

Drill Program Launched: CVSA initiated a drill program at the extensive, 65,192 ha, Claudia project, located directly south of their Cerro Vanguardia Gold-Silver Mine. In this first phase of drilling, over 3,300 m of drilling was completed in 13 holes ranging from 100 to >400m in depth to test the prospective vein trends which are potentially southern extensions and/or parallel trends of the CVSA Mine vein field (news release October 3, 2023). A second phase of drilling consisting of 17 holes (3,000 m) has recently been completed.

History at Mirasol`s Claudia Property

The Claudia Project was originally staked in 2004 as part of Mirasol's Santa Cruz exploration program. Mirasol, in conjunction with various JV partners, has completed over 19,000 m of combined RC and DDH drilling, more than 4,000 line-km of ground magnetometry, 249-line km (43 km2) of gradient array IP geophysics covering six separate blocks, almost 100-line km`s electrical IP- Pole-di-Pole geophysical lines, collected over 3,500 rock chip samples, 4,500 rock trench channel samples from 200 trenches, close to 1000 MMI geochemical soil samples and 1,500 km2in detailed geological mapping.

Between 2006 and 2010 two phases of drilling were completed with a JV partner, including 3,794m of drilling in 26 holes and 3,168m of RC drilling in 25 holes. Drilling results from these campaigns included multiple intercepts with greater than 100 g/t Ag, including five intercepts from 118 g/t Ag to 217 g/t Ag and up to 1.3 g/t Au.

During 2012, Mirasol`s inhouse exploration team expanded and defined the impressive 15 km long Curahue vein trend, which is largely concealed by shallow gravel cover (<5m) and is seen to host six large individual vein trends, namely the Europa, IO, Ganymede, Callisto, Themisto and Sinope segments. Large extensions of these trends have been traced under cover by electrical IP (Gradient Array) geophysical campaigns.

At the Rio Seco prospect, located on the easternmost part of Claudia, Mirasol's early prospecting discovered the first outcropping veins at Claudia where select surface samples returned up to 20.1 g/t Au and 1,175 g/t Ag from the "J Vein". Saw-cut channel and trench intersections returned 0.7m at 13.9 g/t Au and 229 g/t Ag and 10.5m of 1.9 g/t Au and 22 g/t Ag from mineralized zones along the expansive Rio Seco vein field (news release June 14, 2012).

During Q2 2012, Mirasol drilled a total of 2,599m in 25-holes. The best results included individual assays of up to 0.83m at 6.59 g/t Au and 139.3 g/t Ag and broad intersections of anomalous Au and Ag up to 15.3m of 0.29 g/t Au and 50.9 g/t Ag (news release March 4, 2013).

During 2016/17, under a previous JV with CVSA, a combined 7,525m of RC and DDH drilling was completed at Claudia. The majority of the drilling was focused along a 2.2-km section of the "IO vein", one of the six prospects identified to-date along the 15 km long Curahue trend (news release December 16, 2016 and February 17, 2017).

A major "milestone" of the CVSA drilling at the "IO" vein was the discovery of a 600m long, open-ended mineralized body hosting silver/gold mineralization which starts a few meters below surface

and has been drill tested to a vertical depth of 135m. This strongly mineralized trend requires followup work both downdip and along the strike of the structure. Highlight results included:

From October 2017 through March 2019, Mirasol with a JV partner drilled 2,529m in 12 holes at Claudia. Drilling completed to July 2018 focused mostly at the Curahue prospect, with 10 DDH holes totaling 2,270m completed, to test targets on the Europa, IO, Themisto and Callisto segments, along the extension of the Curahue trend.

Drill results from the Curahue prospect, Europa and IO vein trends include 0.6m at 0.08 g/t Au and

610.0 g/t Ag, 0.55m at 1.15 g/t Au and 22.9 g/t Ag; and 0.9m at 1.95 g/t Au and 5.7 g/t Ag from the Cilene prospect (news release September 17, 2018).

Following termination of that JV, Mirasol completed additional surface exploration work resulting in the definition of new drill targets that remain to be tested. A total of 249 new rock chip samples were collected from the Curahue trend, with results up to 7.99 g/t Au and 69 g/t Ag. In addition, two new IP geophysical surveys, focused on the Curahue and Themisto prospects, were completed extending existing survey coverage at Claudia (news release May 8, 2019).

Sascha - Marcelina Gold-Silver (Lead/Zinc) Project, Santa Cruz

on September 30, 2025, Mirasol signed a binding head of agreement under which Mirasol grants Andara Mining Pty Ltd (Andara Mining) an exclusive right to acquire the mineral rights within Mirasol`s 100% owned Sascha Project located in Santa Cruz province, Argentina ("Sascha"). Mirasol has also agreed to assign to Andara Mining its Option to Purchase Agreement on the Marcelina Project ("Marcelina"). Sascha and Marcelina are together referred to as the Sascha-Marcelina Projects ("Sascha-Marcelina"). Under the Option to Purchase Agreement, Mirasol has the right to acquire an undivided 100% interest in three mineral concessions comprising the Marcelina Project (news release September 30, 2025).

Pursuit Minerals Ltd ("Pursuit Minerals") has announced that it has entered into a binding agreement to acquire 100% of the issued share capital of Andara Mining Pty Ltd (ACN 689 558 932).

Under the terms of the Agreement, Mirasol shall grant Andara Mining the rights to acquire Sascha and assign the option to purchase Marcelina for total consideration of US$1.5 million subject to conditions on or before November 30, 2025.

Upon completion of payments, Andara Mining will have earned 100% interest in the Sascha Project and will assume all the rights and obligations related to the option to purchase agreement for Marcelina with Minera Piuquenes S.A. (news release January 25, 2019). Mirasol will retain a 1.5% NSR (Net Smelter Return) royalty and Andara Mining will have a right of first refusal in relation to any potential sale and a right to buy back the first 0.75% of the 1.5% NSR royalty for two years following the commencement of commercial production for US$1.5 million and the right to buy back the remaining 0.75% NSR royalty for a further US$4.0 million for three years following commencement of commercial production.

Mirasol staked the Sascha Project in 2003 to secure the 5 km-long Sascha Vein Zone, which was partially drill-tested while under an exploration agreement with Coeur Mining ("Coeur") from 2006 to 2009. Coeur terminated the agreement in 2009 and returned 100% of the project to Mirasol. The project is an important part of the "critical mineral" portfolio in the province of Santa Cruz.

Mirasol staked the Sascha Project in 2003 to secure the 5 km-long Sascha Vein Zone, which was partially drill-tested from 2006 to 2009.

On January 23, 2019, Mirasol signed an option-to-purchase agreement with Minera Piuquenes S.A. for the 4,000 ha Marcelina exploration claims adjacent to Sascha, consolidating the two properties. The agreement was later amended to extend the option period.

Under the amended agreement, Mirasol can acquire 100% of the Marcelina claims by making staged option payments totaling US$3.75 million (of which $250,000 has been paid) over six years and granting a 1.5% NSR royalty. Cash payments for US$106,250, US$156,250 and US$ 3.45M are due December 1st, 2025, 2026 and 2027, respectively.

Following the consolidation of Sascha-Marcelina, Mirasol completed an integrated interpretation of Mirasol's district-scale exploration data sets collected prior to 2009. Anomalous rock chip Au-Ag assays and Aster satellite alteration anomalies define a 16.5 x 4.0 km (65 km2) hydrothermal "footprint" to the district, showing a large-scale, zoned alteration system characteristic of a sizable gold-silver LSE system (news release January 25, 2019). The geologic and geomorphic setting of the Pellegrini Silica Cap at Marcelina and the related silica structures and veins is analogous to the setting of the Cerro Negro mine operated by Newmont, which is a high-grade, low-cost, gold-silver underground mine located approximately 100 km to the north of Sascha-Marcelina.

Mirasol completed additional surface exploration activities on the Sascha-Marcelina project, which included geological mapping, and detailed rock chip and geochemical sampling. This work has defined a large alteration footprint located in the immediate vicinity of the Marcelina claims, hosting an epithermal silica cap, and a associated vein system with multiple mineralized trends.

Mirasol followed up with a total of 40 line-km of IP geophysics surveys completed over the three principal areas. Significant chargeability and resistivity anomalies were defined, indicating the possible presence of sulphides and silica bodies, which could represent zones of hydrothermal alteration and mineralization at shallow depths (news release April 15, 2021).

A 2,814m drilling program completed in 2021, focused on three prioritized target areas, returned encouraging results. The Pellegrini Trend drilling defined a broad zone of gold and silver mineralization overprinting a younger lead and zinc rich base metal pulse, that is interpreted to represent the high-level expression in this large and well-developed epithermal system. Drilling on the Igloo and Estancia Trends also returned a number of anomalous gold and silver intercepts and improved the understanding of the local geological settings, so assisting in vectoring towards higher-grade zones at depth and within a more permissive stratigraphic horizon in potential follow-up drill programs (news release August 9, 2021).

Nord Polymetallic Project, Northern Chile

In July 2025, Mirasol signed an Option to Purchase Agreements under which Mirasol grants Pampa Camarones SpA, through its affiliate Eco Earth Elements SpA, ("Eco Earth") an exclusive right to acquire the mineral rights within Mirasol`s 100% owned Nord East and Nord West Projects ("Nord Project") located in Region II of Chile (news release July 15, 2025). The Nord project is directly adjacent to Pampa Camarones´ Ciclón-Exploradora development project, which is advancing to production, and will serve as key properties for the development of essential infrastructure, while also increasing potential resources and adding exploration upside.

Under the terms of the Agreement, Mirasol shall grant Eco Earth the rights to acquire the Nord East and Nord West for total consideration of US$2.5 million by making scheduled payments over 4 years. Upon completion of payments, Eco Earth will have earned 100% interest in the Nord project and Mirasol will retain a 2% NSR (Net Smelter Return) royalty on Nord East and a 1% NSR royalty on Nord West. Eco Earth will have the right to purchase the first 1% of the 2% NSR royalty on Nord East for US$3 million and the remaining 1% for an additional US$6.0 million.

The Nord project is comprised of 1,900-ha project is located in Region III of Chile within the Exploradora District, which lies on the western side of the north-south trending regional scale Domeyko fault zone and within the world class Eocene-Oligocene porphyry Cu belt.

Exploration Results

Based on Mirasol's initial surface exploration, the project has the potential to host two main styles of mineralization. The first style is characterized by large vein-type mineralization injected into fault structures hosting polymetallic (Cu, Zn, Pb, Ag, Au) mineralization, as seen in the active small-scale mines located near the northeast corner of the claim boundary and at Mineria's Ciclon-Exploradora polymetallic development project, which is located adjacent to the eastern blocks of the project. While surface geochemistry has returned only low to anomalous precious and base metal results, Mineria's understanding will be valuable to define drill targets for potential extensions or parallel structures to the known mineralization (news release October 31, 2019).

In addition, the project also hosts the potential for porphyry Cu-Au style mineralization. In the central part of the property a large alteration zone displays patterns of quartz-sericite and advanced argillic alteration with thin tourmaline veinlets, which are characteristic of some porphyry-style alteration assemblages.

In the first half of 2021, Encantada completed an initial fieldwork program, which included geological mapping, geochemistry and geophysical surveys to define targets. A scout diamond drill program was completed largely on a property controlled by Encantada (Target 1) and adjacent to Nord, with one initial drill hole completed within the Nord tenure to test a Au-Cu mineralized corridor.

Follow up drilling took place at Nord in October and November 2021 to test the multiple north-northeast trending mineralized corridors identified on the property. Encantada completed five drill holes totaling 1,192m on Target 3 in the center of the Nord project. Narrow zones of Zn mineralization (sphalerite - pyrrhotite) were encountered in the northern holes with higher temperature (garnet-pyroxene-magnetite) skarn carrying narrow zones of Cu-Au mineralization intercepted in the south. The skarn and increasing Cu-Au+Mo values may indicate a vector towards a porphyry target to the southeast.

At Target 2, geological mapping at 1:2,000 and 1:5,000 scale has been completed on a porphyry prospect interpreted to be of similar Mid Eocene-Oligocene (33-36 Ma) age to the Exploradora complex, which is located 4 km to the northeast. Three porphyry intrusives with potassic (secondary biotite) alteration, overprinted by strong sericite-clay alteration with local alunite, limonite and Cu oxides, occur in two elongated 200 x 500m and 150 x 300m zones. Porphyry-type veining includes early biotite-magnetite ("EB") veins and scarce A veins along a north-northwest trend near the contacts of the porphyry with the monzodiorite intrusive host rock. An IP geophysical survey completed over the area has defined a strong and broad chargeability anomaly from 100-500m depth associated with the altered porphyry intrusions.

New attractive porphyry drill targets have been defined and following evaluation Mirasol will consider advancing exploration, including drill testing, potentially with the participation of a new partner.

Inca Copper-Gold Project, Northern Chile

The option agreement on the Inca Copper-Gold Project in Chile ("Inca") with affiliates of Newmont Corporation ("Newmont") has been terminated by Mirasol (news release June 16, 2025). Mirasol had the option to earn-in 100% of Inca Gold, subject to a 1.5% NSR royalty (news release January 13, 2020). Mirasol has complied with all of the stipulated exploration and expenditure obligations to terminate the agreement without penalty.

Priority Pipeline Projects Available for Partnership

Altazor Gold (Copper) Project, Northern Chile

In 2017 Mirasol signed an option and farm-in agreement with Newcrest Mining ("NCM") for the Altazor project, which was later terminated on August 18, 2021. During the term of this agreement, NCM spent more than US$3M on the project defining four highly prospective drill-ready targets, which remain untested by drilling. Due to the prospective nature of these targets and the intention to aggressively progress the project, Mirasol is actively working to bring in a partner to fund an initial 2,000m drill program. Engagement with the local community in respect to exploration plans is progressing. An environmental re-evaluation of the project area was recently completed to update the environmental base line study to revert the environmental reports and permits back to Mirasol in preparation for drilling.

Exploration Results

Altazor is a HSE Au project covering 33,000 ha located in an underexplored section of the Mio-Pliocene age mineral belt. Mirasol completed a first-pass of reconnaissance sampling over approximately 50% of the project area in 2017. These results showed comparable geology, alteration patterns and Au ppb-level anomalous assays in soil and rock chip samples to those reported from surface sampling at Gold Fields' Au-Ag HSE Salares Norte development stage project. Salares Norte has a geological setting analogous to Altazor and is also located in the Mio-Pliocene mineral belt of Chile (news release October 11, 2017).

Altazor has favorable infrastructure situated just 20 km south of 345 kV powerlines that follow International Highway Route 23, a paved road connecting northern Chile and Argentina. In common with other Mio-Pliocene mines and projects, Altazor is located at high altitude of between 4,000 and 5,200m; however, Altazor has good "drive-up access" via an open valley and a network of easily passable gravel tracks.

During Mirasol's initial reconnaissance sampling, a total of 216 stream sediment, 395 soil and 933 rock chip samples were collected and returned significantly anomalous Au, Ag, Cu, Pb, Zn and epithermal path finder elements, from sampling in the vicinity of mapped breccia bodies (news release October 11, 2017).

In late 2018, Mirasol reported the results from the 2017/18 exploration program completed under the exploration agreement with NCM to define targets for drill testing (news release November 12, 2018). The program included alteration analysis of soils, radiometric age dating,1,035 line-km ground magnetic geophysical survey, geological mapping, geochemical rock chip sampling over an area of 128 km2, a 2,030-sample low detection limit soil grid covering 85.6 km2and a 66.9 line-km Controlled-source Audio-frequency Magnetotellurics ("CSAMT") resistivity geophysical survey. Integrated analysis of the combined data sets indicated Altazor to be a district-scale, zoned alteration system preserved at a level that could conceal HSE Au deposits beneath "barren" steam-heated cap rocks and post mineral cover. This program successfully identified multiple compelling large-scale drill targets in three principal prospects that have alteration, geochemical and geophysical characteristics in common with the predrill target signatures of the Salares Norte and Alturas Au HSE discoveries.

During the first half of 2019 fieldwork of the large Altazor alteration system was reinitiated to explore extensions of the prospects identified in the previous season's program; to undertake first pass exploration of new claims staked at the end of last season; and to cover interpreted extensions of the alteration system. Fieldwork consisted of rock chip and alteration sampling as well as detailed geologic mapping. The defined, highly prospective drill-ready targets remain to be drill tested.