Ridgeline Minerals : Q2 MD&A 2025 (Ridgeline MDA Q2 2025 FINAL Revised)

About this update from Ridgeline Minerals Corp

Management's Discussion and Analysis Second Quarter Ended June 30, 2025 (Expressed in United States dollars, except per share amounts and where otherwise noted) August 26, 2025 This Management's Discussion and Analysis ("MD&A") should be read in conjunction with the condensed consolidated interim financial statements for the period ended June 30, 2025 and related notes thereto which have been prepared in accordance with IFRS 34, Interim Financial Reporting of the International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board, as well as the annual audited consolidated financial statements for the year ended December 31, 2024, which are in accordance with IFRS, and the related MD&A. References to "Ridgeline" and the "Company" are to Ridgeline Minerals Corp. and/or one or more of its wholly-owned subsidiaries. Further information on the Company is available on SEDAR+ at https://www.sedar.com . Information is also available on the Company's website at https://www.ridgelineminerals.com . Information on risks associated with investing in the Company's securities is contained in this MD&A. Technical and scientific information under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") concerning the Company's material properties are located in their respective technical reports: technical and scientific information regarding the Black Ridge project (previously Carlin-East) (the "Black Ridge Project") is contained in the technical report titled "43-101 Technical Report Carlin-East Project Eureka and Elko Counties, Nevada" with an effective date of December 30, 2019, prepared for the Company by John Langton (M.Sc., P.Geo.) of JPL GeoServices (the "Black Ridge Technical Report"), the technical and scientific information regarding the Selena project (the "Selena Project") is contained in the technical report titled "43-101 Technical Report 43-101 Technical Report: Selena Property, White Pine County, Nevada" with an effective date of September 4, 2020 (the "Selena Technical Report"), prepared for the Company by John Langton (M.Sc., P.Geo.) of JPL GeoServices and technical and scientific information regarding the Swift project (the "Swift Project") is contained in the technical report titled "43-101 Technical Report: Swift Project, Lander County, Nevada" with an effective date of May 30, 2020, prepared for the Company by John Langton (M.Sc., P.Geo.) of JPL GeoServices (the "Swift Technical Report") . The disclosure in this MD&A of scientific and technical information regarding the Company's other mineral projects has been reviewed and approved by Mike Harp (M.Sc., P.Geo.), the VP, Exploration of the Company. Each of Mr. Langton and Mr. Harp is a "qualified person" for the purposes of NI 43-101. Q2 2025 HIGHLIGHTS AND RECENT DEVELOPMENTS Selena Project On June 23, 2025, the Company announced the commencement of its 2025 drill program at the Selena Carbonate Replacement ("CRD") project ("Selena"). The Selena project is currently being operated by Ridgeline under Phase 1 of an earn-in agreement with a wholly owned subsidiary of South32 Limited ("South32"). South32 has approved a Year-2 exploration budget of $3,450,000 to drill up to three deep core holes (4,500 metres total) targeting the highly conductive Magnetotellurics ("MT") anomaly that was identified at the Chinchilla Sulfide CRD target in early 2025. All three core holes will target specific stratigraphic and structural horizons across the known strike of the MT anomaly, with the first of three holes targeting the shallowest expression of the Chinchilla Sulfide target. The anomaly plunges roughly 45 degrees north to south and is bound on both sides by a series of east verging thrust faults, interpreted as key fluid conduits to the CRD system. Swift Project On July 30, 2025, the Company announced the commencement of a 6,000-meter program at the Company's Swift gold project ("Swift"), currently being operated under an exploration earn-in agreement with Nevada Gold Mines ("NGM"). NGM has approved a 2025 exploration budget of up to $5,000,000. Big Blue Project On July 3, 2025, the Company announced the assay results for the maiden drill program at the Big Blue ("Big Blue") project. The Company completed three core holes totaling 2,072 meters ("m") to test induced polarization ("IP") geophysical targets that suggested the potential for both high-grade copper- gold skarn and porphyry Cu-Au targets beneath and adjacent to the historical Delker Mine. Atlas Project On August 8, 2025, the Company announced the completion of the maiden drill program at Atlas. The maiden program completed two core holes totaling 551m in the northern section of the Atlas land package. Drilling targeted favourable Pennsylvanian to Permian ("Penn-Perm") age debris-flow conglomerates, limestones, and siltstone host rocks along a roughly 1-kilometer ("km") trend of elevated gold-in-soils and rock chips grading up to 7.7 g/t Au. Corporate On July 31, 2025, the Company announced the sale of the Eagle Property to Spartan Metals Corp. ("Spartan") (previously known as Midasco Capital Corp.). In accordance with the terms of the Agreement on closing, Spartan issued to the Company 5,830,466 of its common shares (the "Spartan Shares") representing 19.9% of Spartan's total issued and outstanding shares. In addition, on the one-year anniversary of the closing date, Spartan will issue Ridgeline additional Spartan Shares equal to the lesser of: (i) 5,000,000; and (ii) such number of Spartan Shares as would result in Ridgeline's holding 19.9% of Spartan's total issued and outstanding shares. Ridgeline has also been granted a 1% net smelter return royalty on the Property as well as on any additional ground staked within a 2-mile area of interest around the Property. The Company's financial highlights for the six months ended June 30, 2025 included: operating loss was $616,982 compared to an operating loss of $473,932 in 2024; operating cash outflow before working capital was $431,152 compared to an operating cash outflow before working capital of $406,042 in 2024; and As at June 30, 2025, cash, including restricted cash, was $1,272,839 and the working capital balance was $1,035,016. On February 13, 2025, the Company closed a non-brokered private placement consisting of 27,562,983 units at a price of C$0.15 per unit which raised gross proceeds of C$4,134,447. On March 21, 2025, the Company closed a non-brokered private placement consisting of 2,174,000 common shares at a price of C$0.23 per share which raised gross proceeds of C$500,020. 2025 EXPLORATION OUTLOOK For the 2025 year, Ridgeline Minerals Corp. ("Ridgeline" or the "Company") anticipates a company-wide exploration budget of $11.5 million, which includes self-funded drill programs at its 100% owned Big Blue and Atlas projects as well as an additional three partner funded drill programs at Swift, Black Ridge and Selena. The Company's estimate expenditure plans are summarized as follows: Big Blue (the " Big Blue Project ") and Atlas Project (the " Atlas Project ") - The Company completed the initial drill programs at these two projects during the first half of the year. Swift (the " Swift Project ") - NGM has spent a total of $10.0 million in qualifying work expenditures through December 31, 2024, and has approved a 2025 exploration budget of $5.0 million for a 6,000m drill hole program that commenced in August 2025. Black Ridge (the " Black Ridge Project ") - NGM has proposed a 2025 exploration budget of up to $1.0 million to fund a maiden drill program (1-2 deep core holes) in 2025. Selena (the " Selena Project ") - South32 has approved a $3.5 million exploration budget for 2025 with a drill campaign that commenced in July targeting deep CRD mineralization at the Chinchilla Sulfide Target. OVERVIEW OF BUSINESS Ridgeline is a Canadian resource company engaged in the exploration of precious and base metal deposits in the western United States. The Company's 100% owned projects are: Big Blue Project is a high-grade porphyry copper - gold - silver exploration prospect in Elko County, Nevada. The Big Blue Project includes the past producing Delker Mine, which produced 94,434 pounds of copper at an average grade of 6.2% Cu between 1916-1917 and shares its southern boundary with Reyna Silver's Medicine Springs Ag-Pb-Zn CRD project. The Company acquired Big Blue via low-cost staking of 502 lode claims totaling 10,168 acres (41 square kilometers). The Big Blue Project is 100% owned by the Company and retains no underlying lease payments, work commitments or royalty obligations. Atlas Project is a classic Carlin-Type gold prospect that outcrops at surface and is hosted by the same Pennsylvanian to Permian age host rocks as Orla Mining's multi-million-ounce, Dark Star Deposit, located on the southern Carlin Trend. The Project encompasses an approximately 3-kilometer ("km") long by 0.5 km wide, gold in soils footprint that is supported by an extensive historical rock chip database of 346 samples, with highlight grades of up to 7.7 grams per tonne ("g/t") Au and 3.2 g/t Au. The target area has never been drilled and represents an opportunity to make a bulk tonnage, oxide gold discovery in the Carlin Trend. The Company acquired Atlas via low-cost staking of 72 lode claims totaling 1,487 acres (6.0 square kilometers). Atlas is 100% owned by the Company and retains no underlying lease payments, work commitments or royalty obligations. Selena Project is a CRD silver-gold-lead-zinc exploration project located within the southern extension of the Carlin-Trend in White Pine County, Nevada. Ridgeline drilling in 2022 highlighted the high-grade potential at the Chinchilla zone with follow-up drilling in 2023 to focus on expanding the high-grade Ag-Au-Pb-Zn footprint. The claim block is comprised of 467 BLM administered contiguous federal lode claims covering an area of approximately 9,626 acres (39 km²). Historic and currently producing mines in the area include Kinross Gold Corp.'s Bald Mountain, Alligator Ridge, Yankee and Illipah deposits, with exploration over the past 30 years restricted to surface geochemistry and shallow drilling. The Selena Project is subject to the South32 Earn-In-Agreement, which was entered into on August 21, 2024, Ridgeline is the operator of the project, which has seen $0.5 million in South32 funded exploration expenditures to-date. Swift Project is a Carlin-type gold exploration project within the prolific Cortez district of the Battle Mountain - Eureka Trend in Lander County, Nevada. The project covers an area of approximately 18,348 contiguous acres (75 km²) and is a mix of 785 unpatented BLM administered lode claims (14,651 acres) and private "fee" lands (3,697 acres). The project has seen limited historic exploration and is located approximately 7 km to the northwest and directly on-strike of NGM's Gold Acres, Pipeline, Cortez Hills and Goldrush deposits. The Swift Project is subject to the NGM Swift Earn-In-Agreement, which has seen $10 million in NGM directed exploration expenditures to-date. Black Ridge Project (previously Carlin-East) is a Carlin-type gold exploration project located within the prolific Carlin Trend, a 200 km (125 mile) long, north-northwest alignment of predominantly carbonate hosted gold deposits located in northeastern Nevada. The 35 km² property straddles the Eureka and Elko County lines and is comprised of 427 contiguous BLM lode claims totaling 8,628 acres of surface and mineral rights on-trend of the currently producing Leeville-Turf deposit, which is owned by NGM, a joint venture between Barrick Gold Corp and Newmont Corp. The Black Ridge Project is subject to the NGM Black Ridge Earn-In-Agreement, which has seen $0.5 million in NGM directed exploration expenditures to-date. Bell Creek (the " Bell Creek Project ") is a Carlin-Type exploration project located directly west of the original Black Ridge claims and adjacent to NGM's Goldstrike, Meikle-Rodeo and Ren deposits on the prolific north Carlin Trend. The property has seen limited historic exploration and is comprised of 1,300 acres of semi-contiguous private mineral rights totaling 5 km². NGM recently announced a 1.2Moz maiden resource grading 7.3 g/t gold at the Ren deposit which sits only 500m west of the Bell Creek property boundary. The Company's corporate headquarters is located in Vancouver, British Columbia, Canada. Field operations are conducted out of a local office in Nevada, United States. The Company consolidates it's wholly-owned subsidiaries, Ridgeline Minerals Corporation ("Ridgeline NV"), Ridgeline Silver Corporation, Ridgeline Nevada Silver Corporation, Ridgeline Carlin-East Corporation, Ridgeline Swift Corporation, Big Blue Nevada Corporation and Ridgeline Exploration Corporation. PROJECT LOCATIONS The Company's seven projects (three of which are under earn-in agreements with NGM and South32) are located in Nevada, United States (Figure 1). Figure 1 : Map showing location Ridgeline properties in Nevada EXPLORATION STRATEGY The Company's exploration strategy is focused on identifying underexplored precious and base metal exploration projects in the western US with potential to yield a significant discovery. The Company's employs a hybrid exploration business model consisting of a large portfolio of 100% owned exploration projects, exploration partnerships and strategic land holdings. In 2025, the Company will complete self-funded drill programs at its 100% owned Big Blue and Atlas projects as well as see an additional three partner funded drill programs at Swift, Black Ridge and Selena (Figure 2). Exploration projects are acquired with district-scale consolidation of mineral rights being an early focus, evidenced by Ridgeline's 200 km² portfolio. Each project receives systematic, science-driven exploration which begins with evaluation of historical data followed by comprehensive surface geochemistry, field mapping and geophysical surveys. This baseline data collection is crucial to the exploration process and creates a geologic framework that allows the team to identify high-priority drill targets which are then ranked at both the project and portfolio level. The technical team's proven track record of multiple discoveries in Canada and the US supports their belief that economic discoveries are typically a result of sustained exploration efforts across multiple phases of drilling. As a result, drill programs are completed in phases with each drill program having clearly defined technical goals and budget expectations to be met before additional phases of drilling are authorized. The company's 2025 exploration budget totals $11,000,000 USD with $9,500,000 USD fully funded by Ridgeline's partnerships with South32 (S32) and Nevada Gold Mines (NGM) (Figure 2). The Company will also fully fund two maiden drill programs at the Company's 100% owned Big Blue and Atlas projects with a combined budget of $1,500,000 USD. Ridgeline will continue to assess potential partnership opportunities with mid-tier and major mining companies for its other exploration assets. Figure 2 : Ridgeline's 2025 exploration strategy with five projects being drilled, three of which are fully funded by partners SELENA PROJECT Project Description The Selena Project is a CRD silver-gold-lead-zinc exploration project located within the southern extension of the Carlin-Trend in White Pine County, Nevada (Figure 3). The project is currently under an earn-in option agreement with South32, with Ridgeline remaining the operator for the initial 5-year term of the agreement. The claim block is comprised of 467 BLM administered contiguous federal lode claims covering an area of approximately 9,626 acres (39 km²). Historic and currently producing mines in the area include the Yankee, Illipah, Bald Mountain and Alligator Ridge deposits (Kinross Gold), as well as the undeveloped Butte Valley Cu-Au porphyry, a US$33M exploration and earn-in agreement operated by Freeport-McMoRan, which shares a property boundary with Selena. The Company's Q4, 2022 program was designed to test multiple target areas across the know mineralized footprint with the highest priority holes located at the Chinchilla target, which were designed to follow up on high-grade CRD mineralization previously drilled by Ridgeline using RC drilling methods (Figure 5). The 2022-2023 programs utilized diamond drill core methods to collect higher quality samples for assay and not only confirmed historic RC intercepts but materially upgraded Ag-Au-Pb-Zn grades in the main Chinchilla mineralized horizon. Highlight results include: Chinchilla Oxide Target SE23-050: 0.4 m grading 570.2 g/t Ag, 20.8% Pb, 1.5% Zn, 0.3 g/t Au, (or 1,299.1 g/t AgEq) within 24.4m grading 134.1 g/t Ag, 2.5% Pb, 2.4% Zn, 0.1 g/t Au (or 321.9 g/t AgEq) starting at 248m downhole SE23-047: 60.7 m grading 69.8g/t Ag, 0.6% Pb, 1.3% Zn, 0.4 g/t Au (or 175.2 g/t AgEq) SE22-045: 32.5 m grading 153.42 g/t Ag, 2.51% Pb, 1.60% Zn, 0.09 g/t Au including 6.1 m grading 480.52 g/t Ag, 12.0% Pb, and 6.39% Zn, 0.14 g/t Au (Figure 6) and 2.7m grading 452.96 g/t Ag, 1.42% Pb, 0.54% Zn and 0.15 g/t Au SE22-039: 15.9 m grading 83.5 g/t Ag, 0.10% Pb, 0.14% Zn, 0.02 g/t Au, (No significant values of W) including 0.5 m grading 1,793 g/t Ag, 2.2% W, and 0.5% Cu SE22-039A: 1.5 m grading 580.1 g/t Ag, 1.95% W, and 0.5% Cu (failed wedge drilled off SE22-039) Chinchilla Sulfide Target Results - A single RC hole (SE22-037) in 2022 intersected a thick interval of CRD alteration and mineralization including 3.0m grading 35.4 g/t Ag, 0.9 g/t Au, 1.0% Pb, 2.3% Zn (266.0 g/t AgEq) within 16.8m grading 22.2 g/t Ag, 0.3 g/t Au, 0.4% Pb, 1.0% Zn, starting at 666.0m downhole and another 3.0m grading 40.2 g/t Ag, 3.0 g/t Au, 0.2% Pb, 6.8% Zn (605.3 g/t AgEq) within 15.2m grading 12.8 g/t Ag, 0.8 g/t Au, 0.1% Pb, 1.7% Zn, starting at 734.5m downhole (Figure 6) 2022 RC hole only tested the upper 100m of the Guilmette Limestone host horizon while the Company's 2023 core program tested the full extents of the Guilmette Limestone beneath the Chinchilla Oxide zone in the fall of 2023 and proved that mineralization continues to depth with the Guilmette representing at least 400m of potential host. MT Survey - The MT survey identified a strong, kilometer-scale conductive anomaly that suggests the potential for the Chinchilla Sulfide target to host a robust silver ("Ag") - gold ("Au") - lead ("Pb") - zinc ("Zn") CRD system at depth (Figure 6). Given these results, South 32 has approved a US $3.5 million exploration program in the summer of 2025 to test these high priority targets (see February 25, 2025 press release HERE ) 2025 Exploration Strategy The Company completed a detailed Magnetotelluric Survey (MT) over the Chinchilla Sulfide target in 2024 which highlighted a kilometer-scale conductive anomaly interpreted as the potential extension of the outcropping Chinchilla Oxide CRD system at depth. South32 has approved a US $3.5 million exploration budget for 2025 with a drill campaign initiated in June targeting deep CRD mineralization at the Chinchilla Sulfide Target (Figure 5 & Figure 6). The drill campaign will complete three deep holes totaling up to 4,700m to test the entire strike length of the MT anomaly as well as at depth with the goal of hitting a sulfide CRD system. Figure 3 : Plan view map showing the Selena property location within the historic Limousine Butte district with past and currently producing mines in the area including Bald Mountain (Kinross Gold) and Golden Butte (NevGold). Freeport-McMoRan holds a US$33M earn-in exploration agreement on the Butte Valley project (black outline), which shares a western property boundary with Selena. Figure 4 : Selena Earn-In Agreement Highlights. Figure 5 : Plan view map of the Selena project showing MT contours across the Chinchilla Sulfide target. The contours highlight a 2+ kilometer long anomaly ranging from 25 Ω.m (highly conductive) to 250 Ω.m (moderately conductive). The anomaly is interpreted as a broad zone of potential CRD alteration and mineralization, which is supported by high-grade CRD intercepts from 2022 drilling that flank the anomaly Figure 6 : Simplified long section A-A' showing the 3D MT inversion overlying the geologic model. Note the subtle MT response between known oxide CRD mineralization (250 -1,000 Ω.m in yellow - blue contours) at Chinchilla Oxide vs. a strong MT anomaly (25-100 Ω.m in purple -orange contours) at Chinchilla Sulfide On September 5, 2020, the Company's Selena Technical Report was issued with an effective date of September 4, 2020. Please refer to the Selena Technical Report filed on the Company's profile on SEDAR ( https://www.sedar.com ) for more details concerning the Selena Project. South32 Earn-In-Agreement Terms The summary of terms of the South32 Earn-In-Agreement are as follows: Reimbursement of Prior Expenditures : South32 will pay Ridgeline a $100,000 execution payment within ten business days following execution of the Agreement. Initial Phase 1 Earn-In Option : South32 may earn an initial 60% interest in the Selena Project by incurring a minimum of $10.0 million in qualifying work expenditures and $500,000 in cash payments over the initial five-year period (the "First Option"), including: funding $500,000 and $1.5 million (total of $2.0 million) in exploration expenditures on or before each of the first and second anniversaries, respectively, of the South 32 Earn-In-Agreement as a firm commitment; funding an additional $8.0 million in qualifying exploration expenditures on or before the fifth anniversary of the agreement (total of $10.0 million); and making a one-time cash payment of $500,000 to Ridgeline on or before the fifth anniversary of the South32 Earn-In-Agreement. During the First Option earn-in period, Ridgeline will remain the operator of the Selena Project and will collect a 10% project management fee on all qualifying exploration expenditures. In addition, South32 and Ridgeline will each elect two representatives to a technical steering committee, which will meet quarterly to review budgets and exploration progress. If the First Option is exercised, South32 will obtain its interest in the Selena Project by way of the issue to it of 60% of the equity in the entity holding the Selena Project. Phase 2 Earn-In Option: Subject to South32 having exercised the First Option, South32 shall retain the sole right and option to earn an additional 20% ownership interest in the Selena Project, for an aggregate 80% ownership interest (the "Second Option"), by providing written notice within six (6) months following the First Option exercise date and sole-funding an additional $10.0 million in qualifying work expenditures over an additional 3-year period. During the Second Option earn-in period, South32 has the option to take over operatorship of the Project. Before exercise of the Second Option, South32 will arrange for and provide draft definitive documentation for Ridgeline financing (the "Ridgeline Debt Facility") of it's share of costs of any future development. If South32 does not exercise the Second Option and earn an additional 20% Selena Project interest, the interests of the parties in the entity holding the Selena Project will remain 60:40 and South32 shall have no obligation to provide the Ridgeline Debt Facility. Ridgeline Debt Facility : If South32 wishes to exercise the Second Option, it must within 42 months of the Second Option commencement date, arrange for and provide draft definitive documentation in respect of a debt facility from which (if executed) Ridgeline may draw on to sufficiently fund Ridgeline's share of costs associated with the development of a mine at Selena through to commercial production, whereby, among other things: The principal amount drawn on under the Ridgeline Debt Facility will bear interest at a rate equal to the three-month Chicago Mercantile Exchange Term Secured Overnight Financing Rate plus a margin of 3%; and upon the commencement of commercial production at Selena, Ridgeline will be required to repay the Ridgeline Debt Facility by paying South32, 80% of the future free cash flows attributable to Ridgeline from production on the Selena Project until the outstanding drawn principal under the Ridgeline Debt Facility plus applicable interest is repaid. SWIFT PROJECT Project description The Swift Project is a 75km², district-scale land package located within the prolific Cortez district of the Battle Mountain - Eureka Trend, which is currently under option with Nevada Gold Mines (NGM). The property is approximately 7 km northwest of and on strike to NGM's Gold Acres, Pipeline and Cortez Hills deposits (Figure 7). In 1999, Phelps Dodge drilled a single historic drill intercept at the Mill Creek target which intersected 18.3m grading 0.65 g/t Au and 0.30 g/t Ag in MCK-99-5A. The mineralized intercept was originally logged as Roberts Mountain Formation host rocks but has since been re-interpreted as the overlying Wenban formation after the Ridgeline team identified distinctive fossils and sedimentary "marker" beds that only exist in the Wenban. This was a significant development for the Company as the Wenban formation had never been identified at the Swift project by historic operators and is the primary host rock for high-grade gold deposits in the Cortez District. The Company completed two deep drill holes in Q4, 2020 (the third was lost above target) which further confirmed the Company's Wenban formation interpretation with SW20-002 returning multiple narrow intercepts of low-grade gold and high-grade silver highlighted by 0.2m of 0.22 g/t Au and 860 g/t Ag starting at 872.5m in SW20-002. The Company executed an Exploration Earn-In Agreement (the "Swift Earn-In Agreement") with Nevada Gold Mines in September 2021 with highlights of the agreement listed below. On May 30, 2020, the Company's Swift Technical Report was issued with an effective date of May 4, 2020. Please see the Swift Technical Report filed on the Company's profile on SEDAR ( https://www.sedar.com ) for more details concerning the Swift Project. Figure 7: Modified Google Earth image showing location of Swift Project in relation to Cortez District gold mines along the Battle Mountain-Eureka Trend. Note the high-grade gold intercept in hole SW24-006 and wide low-grade intercepts in SW24-007 that were drilled by NGM in Q3 2024. This is the first instance of high-grade Au (>10.0 g/t) being drilled at the Swift project. NGM Swift Earn-In Agreement On September 22, 2021, the Company announced that it had entered into a transaction, the NGM Swift Earn-In Agreement, with Nevada Gold Mines pursuant to which NGM can acquire an interest in the Swift Project. NGM can incur a minimum of $20 million (of which $4 million is guaranteed) in qualifying work expenditures over an initial five-year term to earn an initial 60% interest in Swift and will have further options to increase its interest to a total 75% interest (Figure 8). NGM assumed operatorship of the project in September 2021. Figure 8: Swift Earn-In Agreement Highlights 2025 Exploration Strategy The Company recently announced the commencement of the 2025 drill campaign (see July 30 th press release HERE ) where NGM has approved a 2025 exploration budget of up to US $5,000,000 . The drill program will build off the success of the 2024 framework drilling campaign where both holes delivered significant gold intercepts in the SW Swift target area including 1.1 meters ("m") grading 10.4 grams per tonne ("g/t") gold ("Au") within 2.7m grading 7.0 g/t Au in SW24-006 and 24.7m grading 0.5 g/t Au in SW24-007 (see November 7, 2024 PR HERE ). (Figure 9) Figure 9 : Zoomed in plan view map of the Swift property showing prospective mineralized corridors to be drill-tested in 2025 at the SW Swift and Mill Creek target areas 2024 Exploration Results NGM has spent a total of US $10,078,008 in qualifying work expenditures through December 31, 2024, and has approved a 2025 exploration budget of US $5,000,000 . Drilling commenced in August 2024 two deep core holes completed in Q3-Q4. Results from the first hole of the program (SW24-006) returning a highlight intercept of 1.1m grading 10.4 grams per tonne ("g/t") gold ("Au") within 2.7m grading 7.0 g/t Au starting at 676.3m downhole. Hole SW24-007 intersected several thick, continuous intercepts of low-grade gold including a highlight intercept of 2.9m grading 1.9 g/t Au within 24.7m grading 0.5 g/t Au starting at 963.0m downhole (Figure 10) Ridgeline Minerals and Nevada Gold Mines Drill High-Grade "Carlin-Type" Gold Mineralization at the Swift Project, Nevada Figure 10 : Long Section showing the widespread "framework" drillholes completed by NGM between Q4 2021 and Q4 2024 with a highlight intercept in SW24-006 (red star) returning the first high-grade intercept in the projects history 2023 Exploration Results The single drillhole in 2023 did not reach its intended target depth with plans to drill a larger program in 2024 to fully test the deep exploration targets at Swift. NGM has spent a total of $7.23 million on the project through Q4 2023 and has satisfied the guaranteed work commitments of $4 million ahead of the scheduled deadline of December 31, 2023. 2022 Exploration Results Nevada Gold Mines commenced the next phase of its framework drill campaign in August 2022. Three wide-spaced (approximately 1 kilometer) "framework" core holes were completed by NGM between September 2022 and January 2023 for a total of 3,278m. Drill hole SW22-002 and SW22-003 intersected Lower-Plate carbonate host rocks between 570-830 m depth with widespread intervals of Carlin-Type alteration and anomalous gold mineralization intersected in both holes with individual samples grading up to 2.72 g/t Au. Highlight intercepts include 37.2m grading 0.29 g/t Au, 2.6 g/t Ag in SW22-002 and 48.8m grading 0.45 g/t Au, 0.98 g/t Ag in SW22-003. Core hole SW22-004 intersected Lower Plate host rocks at 1,065m and was drilled to a depth of 1,104m before being halted in January 2023 due to severe winter weather conditions. The hole was left cased and ready for potential re-entry at a later date in 2023. Drilling to-date has confirmed the presence of widespread gold mineralization in Lower Plate host rocks at Swift (Figure 9). Ridgeline Minerals Announces Widespread Carlin-Type Alteration and Gold Mineralization from Drill Results at the Swift Project, Nevada - Ridgeline Minerals BLACK RIDGE PROJECT (Previously Carlin-East) Project description The Black Ridge Project is a semi-contiguous land package located on the prolific Carlin Trend, a 200 km (125 mile) long, north-northwest alignment of predominantly carbonate hosted gold deposits in northeastern Nevada (Figure 11). The Black Ridge claim block is directly on-trend of the NGM owned Leeville-Turf mine and North Leeville high-grade resource and is comprised of 427 contiguous BLM lode claims totaling 8,628 acres of mineral and surface rights. Ridgeline acquired the Black Ridge claims with the belief that the same carbonate host rocks (Lower Plate) that host multiple mines on the trend including the high-grade Leeville-Turf and North Leeville deposits to the south were significantly shallower than previous operators projected. The North Leeville discovery returned significant drill intercepts throughout 2021 including a highlight drill intercept in drillhole NLX-00010 of 56.7m grading 28.39 g/t Au (Figure 11). NGM announced a maiden resource at North Leeville of 1.0 Moz Au grading 11.3 g/t Au in Q2 2022 with mineralization currently open in multiple directions (Figure 11). The Company completed a single 1,254m deep drillhole in Q4, 2021 at the Crash Zone target with details listed below. On January 30, 2020, the Company's Black Ridge Technical Report was issued with an effective date of December 30, 2019. Please see the Black Ridge Technical Report filed on the Company's profile on SEDAR ( https://www.sedar.com ) for more details concerning the Black Ridge Project. 2025 Exploration Strategy NGM has proposed a 2025 exploration budget of up to $1,000,000 to fund a maiden drill program (1-2 deep core holes) in 2025. Figure 11: Plan view map of the North Carlin Trend showing location of Black Ridge Project located directly on-trend of NGM's Fallon (previously North Leeville) maiden resource of 1.0 Moz grading 11.3 g/t gold. The Company's 2021 drill program was initiated in September 2021 with the goal of testing the highly prospective Crash Zone target area, located approximately 4km north of the Fallon discovery (Figure 11). Drill hole CE21-003 targeted mineralized Lower Plate host rocks along the NE trending Four Corners fault zone with a proposed depth to target of approximately 900-1,100m (Figure 12). Drilling intersected the top of the Rodeo Creek formation (Lower Plate) prior to termination of the hole at 1,254m but did not intersect any significant gold values. Figure 12: Conceptual long-section A-A' showing location of Carlin, Leeville-Turf and Fallon deposits (NGM) on-trend of the Black Ridge project and drillhole CE21-003 completed by Ridgeline in 2021. NGM Black Ridge Earn-In Agreement On July 17, 2023, the Company announced that it had entered into a transaction, the NGM Black Ridge Earn-In-Agreement, with Nevada Gold Mines pursuant to which NGM can acquire an interest in the Black Ridge Project. NGM can incur a minimum of $4.5 million (of which $1.5 million is guaranteed) in qualifying work expenditures over an initial five-year term to earn an initial 60% interest in Black Ridge and will have further options to increase its interest to a total 75% interest as outlined below (Figure 13). NGM will assume operatorship of the project immediately. Earn-In Agreement Highlights Reimbursement of Prior Expenditures: Within 15 days of signing the definitive agreement, NGM will reimburse a total of $100,000 to Ridgeline in consideration for recent overhead and work expenditures at Black Ridge. This amount was received in July 2023. Initial Earn-In Option: NGM will assume operatorship of the project and can earn-in to a 60% interest in the project by incurring a minimum of $4.5 million in qualifying work expenditures over five years, including: $1.5 million in guaranteed work expenditures before December 31, 2025. $3.0 million in work expenditures before July 14, 2028. NGM and Ridgeline will each elect two representatives to a Black Ridge technical steering committee, which will meet quarterly to review budgets and exploration progress. Second Earn-In Option: NGM will retain a one-time option to earn an additional 10% interest in the project by sole-funding an additional $5.0 million in work expenditures before July 14, 2030. Development Funding Option: Within 90 days of a joint venture decision to proceed with development and construction of a mine and/or related processing facilities on Black Ridge, NGM will have a one-time option to elect to provide, or arrange for third-party, financing of Ridgeline's portion of debt financing required for the development in consideration, in either case, for an additional 5% interest in the project for a total of 75% (or 65% if the second option was not exercised). Figure 13: Black Ridge earn-in agreement highlights BIG BLUE PROJECT Project description Big Blue is an early-stage porphyry Cu-Au-Ag exploration prospect located in Elko County, Nevada, approximately 75 km southeast of the city of Elko, NV. The project area includes the past producing Delker Mine, which produced 94,434 pounds of copper at an average grade of 6.2% Cu between 1916-1917 1 and shares its southern boundary with Reyna Silver's Medicine Springs Ag-Pb-Zn CRD project (Figure 14). Outcropping garnet skarn with high-grade Cu ± Au-Ag rock chip samples collected by Ridgeline occurs on the Project on two outcropping buttes surrounded by post-mineral gravels covering a roughly five (5) km target area zoning towards Medicine Springs (See September 19, 2023 Press Release HERE ). The primary target at Big Blue is porphyry-skarn Cu ± Au-Ag mineralization, which may be the source of CRD mineralization at Medicine Springs - analogous to the Butte Valley porphyry Cu-Au system inferred to be a source of CRD mineralization at the Company's Selena project. The 100% owned Project is comprised of a total of 41 square kilometers of highly prospective exploration ground that has seen limited exploration since the early 1900's and will benefit from the Ridgeline teams' systematic approach to discovery. 2025 Exploration Strategy The Company completed three core holes totaling 2,072 meters ("m") to test induced polarization ("IP") geophysical targets that suggested the potential for both high-grade copper ("Cu") - gold ("Au") skarn and porphyry Cu-Au targets beneath and adjacent to the historical Delker Mine (Figure 14). Delker Skarn Target The Company drilled one hole from each side of the Delker Mine trend, which crosscuts an IP chargeability high down-dip and to the west of the Delker Mine in hole BB25-001 and a resistivity high down-dip and to the east of the Delker Mine in hole BB25-003 (Figure 15) BB25-003 returned a high-grade copper ("Cu") - silver ("Ag") - tungsten ("W") intercept over 0.6 meters ("m") grading 0.7% Cu, 3,194 g/t Ag and 2.6% W (or 35.3% copper equivalent) starting at 675.7m downhole (Figure 15) True thickness of the drilled intercept is unknown Mineralization was hosted at the strongly altered fault contact between the Ely formation carbonates and the Delker granodiorite (a barren, pre-mineral intrusion) Compared to BB25-001, hole BB25-003 exhibits increased skarn alteration and widespread zones of anomalous copper (and narrow high-grade) within porphyry dikes and the surrounding carbonate host rocks Suggests the northeast trending fault zone underpinning the Delker Mine is dipping steeply east vs the originally interpreted west dip Results from these two holes indicate a potential vector to the south towards the Skarn Hill mine The granodiorite is interpreted as a potential "cap rock" to fluid flow, which may help to concentrate high-grade mineralization along the granodiorite contact ***Copper Equivalent ("CuEq") is calculated using a copper price of US$4.50/lb, a silver price of US$32/Oz. and a tungsten price of US $450/Metric Ton Units ("MTU") with 80% metallurgical recoveries assumed for all metals Delker Porphyry Target Core hole BB25-002 was drilled into the Delker porphyry target to test a kilometer-scale IP chargeability high ranging from 20-25 Mv/V (Figure 15) BB25-002 intersected what is interpreted as the continuation of the Delker granodiorite at a depth of 544m downhole, which is consistent with the start of the modeled chargeability high (Figure 16) The granodiorite did not exhibit any elevated copper values or porphyry style alteration and is interpreted as a pre-mineral intrusion of Jurassic age. The granodiorite exhibited elevated pyrite and magnetite, which is interpreted as the likely source to the strong chargeability response in the Company's IP survey No further exploration will be conducted by Ridgeline on the Delker porphyry target Figure 14: Plan View map showing hole locations of BB25-001 to BB25-003 Figure 15: X-Section A-A' showing high-grade Ag-Cu-W results in BB25-003, which hit the interpreted feeder structure beneath the historical Delker Mine Figure 16: X-Section A-A' showing high-grade Ag-Cu-W results in BB25-003, which hit the interpreted feeder structure beneath the historical Delker Mine ATLAS PROJECT Project description Atlas is a classic Carlin-Type gold prospect that outcrops at surface and is hosted by the same Pennsylvanian to Permian age host rocks as Orla Mining's multi-million-ounce, Dark Star Deposit, located on the southern Carlin Trend. The Project encompasses an approximately 3-kilometer ("km") long by 0.5 km wide, gold in soils footprint that is supported by an extensive historical rock chip database of 346 samples, with highlight grades of up to 7.7 grams per tonne ("g/t") Au and 3.2 g/t Au (Figure 17). The target area has never been drilled and represents an opportunity to make a bulk tonnage, oxide gold discovery in the Carlin Trend. The Company acquired Atlas via low-cost staking of 72 lode claims totaling 1,487 acres (6.0 square kilometers). Atlas is 100% owned by the Company and retains no underlying lease payments, work commitments or royalty obligations. 2025 Exploration Strategy The maiden program completed two core holes totaling 551 meters ("m") in the northern section of the Atlas land package. Drilling targeted favourable Pennsylvanian to Permian ("Penn-Perm") age debris-flow conglomerates, limestones, and siltstone host rocks along a roughly 1-kilometer ("km") trend of elevated gold-in-soils and rock chips grading up to 7.7 g/t Au (Figure 17) AT25-001 drilled to the east and down-dip of gold bearing and partially eroded Penn-Perm host rocks and intersected a highlight intercept of: 0.2 m grading 1.80 grams per tonne ("g/t") gold ("Au") and 2.10 g/t silver ("Ag") within 8.5 m grading 0.20 g/t Au and 0.52 g/t Ag starting at a true vertical depth ("TVD") of 80 meters (Figure 18) Additional results include multiple 1.0 to 5.0-meter intercepts throughout the hole ranging from 0.1 to 0.5 g/t Au and 0.1- to 5.0 g/t Ag starting at 30m TVD Drilling also intersected high-grade silver intercepts within clay altered fault zones that returned 1.5m grading 75.1 g/t Ag and 0.5m grading 52.5 g/t Ag (Figure 18) The hole returned 297.9m grading 0.01 g/t Au, 0.41 g/t Ag and bottomed in anomalous Au mineralization AT25-002 was collared approximately 700m north of AT25-001 and drilled to the west towards the same gold bearing and partially eroded Penn-Perm host rocks and intersected a highlight intercept of: 5.9m grading 0.20 g/t Au and 2.43 g/t Ag starting at 124m TVD and; 2.6m grading 0.25 g/t Au and 2.59 g/t Ag within 9.8m grading 0.15 g/t Au and 2.20 g/t Ag starting at 182 m TVD (Figure 17) and; 1.4m grading 31.6 g/t Ag within a clay altered fault zone The top of AT25-001 intersected 106m of andesite (volcanic rocks) with the remainder of the hole drilling a partial section of Penn-Perm rocks that returned 147.6 m grading 0.01 g/t Au and 0.41 g/t Ag Figure 17: Plan view map of the Atlas project, which exhibits a 4+ kilometer long gold in soils anomaly that's supported by historical rock chip samples grading up to 7.7 g/t Au. 2025 Ridgeline drilling returned narrow high-grade oxide Au as well as widespread anomalous Au grade from surface Figure 18: X-section A-A' showing 0.2m @ 1.8 g/t Au within 297m of anomalous Au and Carlin-Type pathfinders from surface in AT25-001 BELL CREEK PROJECT Project description The Bell Creek Project, acquired in February 2020 from Marvel-Jenkins LLC is situated west of the Black Ridge Project and consists of 1,300 acres of private mineral rights directly adjacent to NGM's Ren deposit (1.6 Moz grading 6.6 g/t Au) as well as directly on trend of the multi-million-ounce Goldstrike and Rodeo-Meikle deposits (Figure 19). The Company executed a surface access agreement for its Bell Creek property with NGM in January 2021. The agreement is in effect through December 31, 2024 and will allow the Company to utilize NGM's Carlin Complex Road infrastructure to access the Bell Creek property, which is located directly adjacent to NGM's development-stage Ren and Banshee underground gold deposits on the Carlin Trend. Figure 19: Plan view map of the North Carlin Trend showing location of the Bell Creek project in relation to Ridgeline's Black Ridge earn-in agreement with NGM and the NGM owned Ren deposit, which released a maiden resource of 1.6 Moz grading 6.6 g/t Au in Q2 2022. Exploration Program Objective The Company will maintain all mineral rights in good standing in 2024 but will not complete any further exploration activities due to the high costs of drill testing targets at Bell Creek at projected depths of 1,000+ vertical meters. The Company's technical team project's multiple fault structures known to control mineralization at Ren onto the Bell Creek property (Figure 20). The Company will continue to assess options for advancing this strategic exploration asset. Figure 20: Zoomed in map of the Ren Deposit resource and Bell Creek project with multiple fault structures interpreted as projecting onto the Bell Creek property. EXPLORATION AND EVALUATION ASSET EXPENDITURE Title to exploration and evaluation assets involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing history characteristics of many exploration and evaluation assets. The Company has investigated titles to its exploration and evaluation assets and, to the best of its knowledge, titles to the exploration and evaluation assets remain in good standing. The Company's exploration and evaluation expenditures for the six months ended June 30, 2025 were as follows: Swift / Black Ridge Selena Big Blue Bell Creek / Other Total Additions: Geophysics Geochemistry Drilling Assays Land fees and permitting Geology salaries and fees Property Administration Less: Recovery payments received $ - - - - - - - - $ 148,882 -202,221 - 101,030 92,734 - (544,867) $ 162,917 31,025 1,020,505 59,390 150,661 312,720 7,570 - $ - -265,808 2,053 135,474 81,452 12,110 - $ 311,799 31,025 1,488,534 61,443 387,165 486,906 19,680 (544,867) Total additions for the period Balance at December 31, 2024 - - 1,744,788 496,897 2,241,685 4,034,316 5,245,632 983,525 421,145 10,684,618 Movement in foreign exchange 4,034,316 205,016 5,245,632 266,572 2,728,313 138,647 918,042 46,652 12,926,303 656,887 Balance at June 30, 2025 $ 4,239,332 $ 5,512,204 $ 2,866,960 $ 964,694 $ 13,583,190 The Company's exploration and evaluation expenditures for the year ended December 31, 2024 were as follows: Swift / Black Ridge Selena Big Blue Bell Creek / Other Total Additions: Geophysics Geochemistry Assays Land fees and permitting Geology salaries and fees Less: Recovery payments received $ - - - - - - $ 193,190 -57,557 170,609 37,635 (458,991) $ 112,384 -2,625 14,898 408,019 - $ - 3,507 6,951 96,261 135,914 - $ 305,574 3,507 67,133 281,768 548,568 (458,991) Total additions for the year Balance at December 31, 2023 - - 537,926 242,633 780,559 4,334,366 5,635,682 518,748 325,242 10,814,03 Sale of Robber Gulch 4,334,366 - 5,635,682 - 1,056,674 - 567,875 (115,408) 11,594,597 (115,408) Movement in foreign exchange (300,050) (390,050) (73,149) (31,322) (794,571) Balance at December 31, 2024 $ 4,034,316 $ 5,245,632 $ 983,525 $ 421,145 $10,684,618 SUMMARY OF CONSOLIDATED FINANCIAL OPERATING RESULTS The Company's operating results for the three and six months ended June 30 were as follows: Three months ended June 30 Six months ended June 30 2025 2024 2025 2024 General and administrative expenses Administration and office $ 15,977 $ 32,601 $ 57,545 $ 54,569 Investor relations 83,000 70,205 161,127 95,150 Personnel costs 89,760 88,214 197,977 168,431 Professional fees 58,109 24,480 83,210 51,205 Filing fees 14,184 10,440 21,613 18,512 Insurance 16,354 5,940 25,803 11,827 Depreciation 22,597 21,134 44,922 37,604 Other 4,830 30,816 9,875 33,831 Share-based compensation 7,691 1,394 14,910 2,803 Operating loss 312,502 285,224 616,982 473,932 Foreign exchange (gain) loss 39,949 (22,605) 30,532 (81,378) Interest income (9,836) (6,241) (18,310) (7,668) Management fee (25,693) - (42,164) Gain on sale of exploration and evaluation assets - - - (34,592) Loss on sale of fixed assets - 9,845 - 9,845 Loss for the period 316,922 266,223 587,040 360,139 Other comprehensive loss (income) Foreign currency translation (774,193) 126,044 (749,415) 419,806 Comprehensive loss for the period $ (457,271) $ 392,267 $ (162,375) $ 779,945 Loss per common share Basic and fully diluted $ (0.00) $ (0.00) $ (0.00) $ (0.00) Total assets $ 15,323,932 $ 12,515,059 $ 15,323,932 $ 12,515,059 Administration and office expenses in 2025 were similar to 2024 for the six month period. Investor relations costs in 2025 were higher compared to 2024 due to increased marketing initiatives to increase the Company's exposure in the capital markets. Personnel costs in 2025 were higher compared to 2024 due to variances between amounts capitalized to mineral properties and inflationary increases. Professional fees in 2025 were higher compared to 2024 due to an increase in audit fees and income tax filing costs. Insurance in 2025 increased compared to 2024 due to higher insurance premiums in the US office. Depreciation expenses in 2025 were higher compared to 2024 due to increased equipment assets. Stock-based compensation was higher in 2025 compared to 2024 due to the timing of when previously granted stock-based equity will vest. The foreign exchange loss / gain was related to the movement in the foreign exchange rate between the Canadian dollar and the US dollar during the period. The total assets as at June 30, 2025 were higher than at June 30, 2024 due to increased capitalization of exploration and evaluation expenditures. Quarterly Financial Data Q2 25 Q1 25 Q4 24 Q3 24 Q2 24 Q1 24 Q4 23 Q3 23 Administration and office $ 15,977 $41,568 $ 27,898 $ 33,480 $ 32,601 $ 21,969 $ 18,850 $ 24,022 Investor relations 83,000 78,127 58,913 32,049 70,205 24,945 39,060 69,832 Personnel costs 89,760 108,217 9,901 82,977 88,214 80,217 69,897 78,365 Professional fees 58,109 25,101 47,172 28,295 24,480 26,725 (37,360) 83,609 Filing fees 14,184 7,429 15,801 9,598 10,440 8,072 10,669 8,637 Insurance 16,354 9,449 27,739 5,310 5,940 5,887 6,116 6,183 Depreciation 22,597 22,325 21,779 21,779 21,134 16,470 16,342 16,341 Other administration 4,830 5,045 4,758 31,561 30,816 3,015 4,256 3,805 Share-based compensation 7,691 7,219 7,907 327,674 1,394 1,408 3,195 4,619 Operating loss 312,502 304,480 221,868 572,723 285,224 188,708 131,025 295,413 Foreign exchange loss (gain) 39,949 (9,417) (117,060) 40,632 (22,605) (58,773) 58,036 (52,846) Interest income (9,836) (8,474) (1,534) (5,190) (6,241) (1,427) (7,221) (15,190) Loss (gain) on sale of - - - - 9,845 (34,592) - - assets Management fee (25,693) (16,471) (21,702) - - - - - Net loss for the period $ 316,922 $ 270,118 $ 81,572 $ 608,165 $ 266,223 $ 93,916 $ 181,840 $ 227,377 The Company's administration and office expense in Q2 2025 was lower than previous quarters due to cost recovery related to the South32 Earn-In Agreement. Investor relations costs are due to marketing activities and fluctuate based on the Company's targeted marketing initiatives within the respective quarter. Personnel costs fluctuate between quarters with exploration activities. Certain personnel costs are capitalized to mineral properties when those employees are working directly on exploration programs. Professional fees fluctuate due mainly to timing of invoices and corporate development activities. Depreciation is related to the acquisition of property and equipment, including vehicles, for exploration activities. Foreign exchange gains and losses are related to the movement in the USD:CAD rates during each quarter. Share-based compensation in Q3 2024 was due to grants of stock-based equity instruments. LIQUIDITY AND CAPITAL RESOURCES The Company's statement of cashflows for the six months ended June 30 is as follows: 2025 2024 Cash flow used in operating activities before non-cash working capital adjustments $ (431,152) $ (406,042) Changes in non-cash operating working capital: Increase in receivables and prepaids 51,519 (33,905) Increase in accounts payable and accrued liabilities 25,391 57,777 Restricted cash (1,093) - Advances from joint venture partners (135,776) - Deferred management fees (1,255) - (492,366) (382,170) Cash flows used in investing activities (1,975,832) (453,967) Cash flows from (used in) financing activities 3,158,454 1,526,976 Increase (decrease) in cash 690,256 690,659 Effect of exchange rate changes on cash (41,397) (19,136) Cash - beginning of period 602,907 505,053 Cash - end of period $ 1,251,766 $ 1,176,576 For the period ended June 30, 2025: Cash flows used in operating activities in 2025 was higher compared to 2024 due to increased corporate support related to the exploration activities. Cash flows used in investing activities increased in 2025 compared to 2024 due mainly to drilling and other exploration activities at the Big Blue project. Cash flows from financing activities in 2025 was due to private placements. The operations of the Company have primarily been funded by the issuance of common shares. The Company will require additional funding to maintain its operations for the upcoming fiscal year. The condensed consolidated interim financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. Contractual Obligations As of June 30, 2025, the Company had the following contractual obligations outstanding: Total Less than 1 year 1 - 3 years 3-5 years More than 5 years Loans payable $ 121,851 $ 34,098 $ 68,196 $ 19,557 $ - SHAREHOLDERS' EQUITY The Company's authorized share capital consists of unlimited common shares without par value. On June 30, 2025, the Company had 139,714,899 common shares issued and outstanding. At the date of this MD&A, the Company had 139,714,899 common shares issued and outstanding. On June 6, 2025, the Company issued 250,000 common shares at a price of C$0.195 per common share with a value of C$48,750 to Bronco Creek Exploration in relation to an exploration earn-in agreement to acquire a 100% interest in the Trench oxide gold project. On March 21, 2025, the Company closed a non-brokered private placement consisting of 2,174,000 common shares at a price of C$0.23 per share which raised gross proceeds of C$500,020. No finder's fee was paid in connection with the private placement. On February 13, 2025, the Company closed a non-brokered private placement consisting of 27,562,983 units at a price of C$0.15 per unit which raised gross proceeds of C$4,134,447. Each unit consists of one common share of the Company and one-half of one non-transferable common share purchase warrant. Each warrant is exercisable to acquire one common share at a price of C$0.25 for a period of two years from the closing date. The Company paid an aggregate finder's fee of C$67,200. Share Purchase Warrants On February 13, 2025, the Company completed a unit private placement which included 13,781,491share purchase warrants exercisable at $0.25 per share for a period of two years. On April 27, 2025, 11,267,500 share purchase warrants with an exercise price of C$0.30 expired unexercised. At the date of this MD&A, the following share purchase warrants were outstanding: Number of share purchase warrants Exercise price C$ Expiry date 9,240,901 0.18 May 2026 13,781,491 0.25 February 2027 23,022,392 Share Options The Company provides share-based compensation to its directors, officers, employees, and consultants through grants of share options. The Company has adopted a stock option plan (the "Plan") to grant share options to directors, officers, employees and consultants to acquire up to 10% of the issued and outstanding shares of the Company. Vesting is determined at the discretion of the Board of Directors. The Company uses the Black-Scholes option pricing model to determine the fair value of share options granted. For employees, the compensation expense is amortized on a graded vesting basis over the requisite service period which approximates the vesting period. Compensation expense for share options granted to non-employees is recognized over the contract services period or, if none exists, from the date of grant until the options vest. The Company uses historical data to estimate option exercise, forfeiture and employee termination within the valuation model. The risk-free interest rate is based on a treasury instrument whose term is consistent with the expected term of the share options. The Company has not paid and does not anticipate paying dividends on its common stock and, therefore, the expected dividend yield is assumed to be zero. Companies are required to utilize an estimated forfeiture rate when calculating the compensation expense for the reporting period. Based on the best estimate, management applied the estimated forfeiture rate of Nil in determining the compensation expense recorded in the consolidated financial statements for the period ended December 31, 2024. The following is a summary of share options outstanding and exercisable as at the date of this MD&A: Number of share options Exercise price per share C$ Expiry Date 270,000 0.36 Nov 2025 60,000 0.50 Apr 2026 680,000 0.37 Dec 2026 450,000 0.22 Oct 2027 250,000 0.25 Dec 2027 2,870,000 0.155 Sept 2029 4,580,000 Deferred Share Units ("DSU") DSUs are granted to the Company's directors and officers as a part of compensation under the terms of the Company's deferred share units plan (the "DSU Plan"). Each DSU entitles the participant to receive the value of one common share of the Company (a "Common Share"). The maximum number of awards of DSU's and all other security based compensation arrangements shall not exceed 10% of the Company's outstanding shares. Participants are entitled to the value of the Common Share upon termination of their service. In accordance to the DSU Plan, upon each vesting date the Company shall decide at, at its sole discretion whether, participants receive (a) the issuance of Common Shares equal to the number of DSUs vesting, or (b) a cash payment equal to the number of vested DSUs multiplied by the fair market value of a Common Share, calculated as the closing price of the Common Shares on the TSX-V for the trading day immediately preceding such payment date; or (c) a combination of (a) and (b). On the grant date of DSUs, the Company determines whether it has a present obligation to settle in cash. If the Company has a present obligation to settle in cash, the DSUs are accounted for as liabilities, with the fair value remeasured at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period. The Company has a present obligation to settle in cash if the Company has a past practice or a stated policy of settling in cash, or generally settles in cash whenever the counterparty asks for cash settlement. If no such obligation exists, DSUs are accounted for as equity settled share-based payments and are valued using the share price of the Common Share on grant date. Since the Company controls the settlement, the DSU's are considered equity settled. At the date of this MD&A, the following DSUs were outstanding: Number of DSUs Weighted average grant date fair value per DSU (C$) 570,000 0.36 300,000 0.37 300,000 0.22 1,000,000 0.155 2,170,000 Restricted Share Units ("RSU") RSUs are granted to the Company's directors, officers, and employees as a part of compensation under the terms of the Company's restricted share units plan (the "RSU Plan"). Each RSU entitles the participant to receive the value of one Common Share. The maximum number of awards of RSU's and all other security based compensation arrangements shall not exceed 10% of the Company's outstanding shares. The number of RSUs awarded and underlying vesting conditions are determined by the Board of Directors in its discretion. In accordance with the RSU Plan, upon each vesting date the Company shall decide, at its sole discretion, whether participants receive (a) the issuance of Common Shares equal to the number of RSUs vesting, or (b) a cash payment equal to the number of vested RSUs multiplied by the fair market value of a Common Share, calculated as the closing price of the Common Shares on the TSX-V for the trading day immediately preceding such payment date; or (c) a combination of (a) and (b). On the grant date of RSUs, the Company determines whether it has a present obligation to settle in cash. If the Company has a present obligation to settle in cash, the RSUs are accounted for as liabilities, with the fair value remeasured at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period. The Company has a present obligation to settle in cash if the Company has a past practice or a stated policy of settling in cash, or generally settles in cash whenever the counterparty asks for cash settlement. If no such obligation exists, RSUs are accounted for as equity settled share-based payments and are valued using the share price of the Common Share on grant date. Since the Company controls the settlement, the RSU's are considered equity settled. At the date of this MD&A, the following RSUs were outstanding: Number of RSUs Number of RSUs vested Weighted average grant date fair value per RSU C$ 25,001 - 0.22 425,000 - 0.155 450,001 - PROPERTY TERMS AND COMMITMENTS Black Ridge Project, Nevada, United States The Black Ridge Project is subject to a 3.25% production royalty and annual advance minimum royalty ("AMR") payments until commercial production is announced. The Company can purchase up to 1% of the production royalty (leaving 2.25%) for $3,000,000 in the first eight years of the Black Ridge Option Agreement. All AMR payments will be offset against 70% of the production royalty payments as they become due. The Black Ridge Option Agreement has an underlying term of 99 years unless sooner terminated or the option is exercised, with AMR payments as follows: $10,000 on or before August 8, 2018 (paid); $10,000 on or before August 8, 2019 (paid); $20,000 on or before August 8, 2020 (paid); $30,000 on or before August 8, 2021 (paid); $40,000 on or before August 8, 2022 (paid); $60,000 on or before August 8, 2023 (paid); $80,000 on or before August 8, 2024 (paid) and $100,000 per year on the eighth anniversary and thereafter. These AMR's will cease upon commencement of commercial production. The underlying option to acquire a 100% interest in the Black Ridge Project pursuant to the Lease and Option Agreement can be exercised prior to commercial production for $1,000,000 (the "Purchase Price"). Bell Creek Property, Nevada, United States The primary term of the Bell Creek Mining Lease will be 10 years from the effective date (the "Bell Creek Primary Term"), during which Ridgeline NV has an option and right to: (a) purchase all of the Lessor's right, title and interest in the Bell Creek Property for a purchase price of $10,000,000, subject to the Lessor's reservation of a production royalty of 1.5% of the NSR from the production of valuable minerals (the "Bell Creek Option to Purchase"); or (b) extend the Bell Creek Mining Lease for an additional 15 years (the "Bell Creek Option to Extend Lease") for a payment of $100,000. The Bell Creek Option to Purchase and the Bell Creek Option to Extend Lease are exercisable up to 90 days prior to the expiration of the Bell Creek Primary Term. Thereafter Ridgeline has the option to further extend the Bell Creek Mining Lease for additional one-year periods for certain cash payments. The Company must incur $250,000 of exploration costs during the first five years of the Bell Creek Mining Lease. The Lessor will retain a 3% NSR production royalty on the Bell Creek Property during the term of the Bell Creek Mining Lease from the sale of any valuable minerals extracted, produced and sold from the Bell Creek Property. Ridgeline NV can reduce the 3% NSR production royalty by: (a) exercising the Bell Creek Option to Purchase the Bell Creek Property and reducing the NSR production royalty to 1.5%, or (b) buy down up to 1% of the NSR production royalty at any time during the Bell Creek Primary Term for $6,000,000 (or $3,000,000 per each 0.5%). Ridgeline NV will also pay the Lessor a 1% production royalty for valuable minerals extracted, produced and sold from properties in the area of interest of one mile from any boundary of the Bell Creek Property (the "Bell Creek AOI Royalty"). During the term of the Bell Creek Mining Lease, regardless of whether production is occurring on the Bell Creek Property, unless Ridgeline NV exercises the Bell Creek Option to Purchase or terminates the Bell Creek Mining Lease, Ridgeline must pay the Lessor the following AMR payments on or before each anniversary of the effective date over the term of the Bell Creek Mining Lease: $20,000 on the first anniversary (paid); $25,000 on the second anniversary (paid); $30,000 on the third anniversary (paid); $35,000 on the fourth anniversary (paid); $40,000 on the fifth anniversary; $45,000 on the sixth anniversary; $50,000 on the seventh anniversary; and $75,000 on the eighth anniversary and each subsequent anniversary date. All AMR payments will be offset against the NSR production royalty and the Bell Creek AOI Royalty. Swift and Selena Projects, Nevada, United States The Swift and Selena projects are subject to a 3.25% production royalty. The Company can purchase up to 1% of the production royalty (leaving 2.25%) for $3,000,000 in the first 8 years of the Swift and Selena Option Agreement. All AMR payments will be offset against 70% of the production royalty payments as they become due.

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