TSX.V: DBG
OTC: DBLVF
GER: A1WO38
Drill Results and Updates
Pre Economic Assessment
The Mineral Resource estimate presented in this PEA represents an update to the 2024 Micon estimate and incorporates all drilling completed at the Hat Project up to September 2025. The estimate was prepared byTomasz Wawruch, acting as the Qualified Person for the Mineral Resource, in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) CIM Definition Standards for Mineral Resources & Mineral Reserves (CIM Definition Standards) (CIM, 2014), as required under NI 43‑101.
The MRE is supported by a validated drill‑hole database comprising 97 sampled diamond drill holes totaling 49,548 m, containing 23,526 primary samples for copper–gold–silver–cobalt and 23,131 samples for scandium. All analytical intervals were regularized into 10 m composites (4,882 composites for Cu–Au–Ag–Co and 4,797 for Sc) to provide consistent support for geostatistical analysis and Mineral Resources modelling.
Five variables-copper, gold, silver, cobalt, and scandium-were estimated independently. No geological sub‑domains were applied, as lithology and alteration did not demonstrate sufficiently consistent quantitative control on grade. This approach is consistent with CIM guidance for deposits where geological controls are gradational and grade continuity is best captured statistically.
Copper equivalent percent (CuEq %) values were calculated to integrate metal prices and metallurgical recoveries into a single reporting metric. The CuEq formula used in this estimate incorporates recoveries of Cu 85%, Au 89%, Co 78%, and Ag 68%, and is fully disclosed in Section 14. The formulation complies with NI 43‑101 requirements for transparency and does not include scandium, which follows a separate metallurgical pathway.
Mineral Resources are reported within an optimized open-pit shell of 120 kt/d at a 0.20% CuEq cut-off grade, reflecting reasonable prospects for eventual economic extraction. Classification into Measured, Indicated, and Inferred categories follows CIM (2014) standards and is based on the volume–variance relationship, estimation variance, and the assumed production scale, providing a practical and quantitative framework for assessing the uncertainty associated with the estimates. This classification approach offers a transparent and defensible representation of estimation confidence. The resulting MRE (Table 1-1) defines:
• Measured Resources: 272 Mt at 0.44% CuEq
• Indicated Resources: 337 Mt at 0.43% CuEq
• Total Measured + Indicated: 609 Mt at 0.43% CuEq
• Inferred Resources: 503 Mt at 0.41% CuEq.
All resources are reported within the optimized pit shell and reflect the geological interpretation, drill-hole spacing, and estimation parameters available as of the effective date, February 4, 2026 (Table 1-1 and Table 1-2).
| Mineral Resource Classification |
Tonnage (Mt) |
Average Grade | Metal Content | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| CuEq (%) |
Cu (%) |
Au (g/t) |
Co (g/t) |
Ag (g/t) |
CuEq (Blb) |
Cu (Blb) |
Au (Moz) |
Co (Mlb) |
Ag (Moz) |
||
| Measured | 272 | 0.44 | 0.22 | 0.18 | 76.26 | 0.37 | 2.61 | 1.11 | 1.41 | 35.6 | 2.17 |
| Indicated | 337 | 0.43 | 0.21 | 0.19 | 76.81 | 0.39 | 3.21 | 1.31 | 1.81 | 44.5 | 2.88 |
| Total M+I | 609 | 0.43 | 0.21 | 0.18 | 76.57 | 0.38 | 5.82 | 2.42 | 3.22 | 80.1 | 5.05 |
| Inferred | 503 | 0.41 | 0.18 | 0.19 | 76.62 | 0.38 | 4.57 | 1.72 | 2.77 | 66.2 | 4.19 |
Table 1-2: Hat MRE at a 0.2% CuEq Cut-Off as of February 4, 2026, Scandium Oxide Resources
| Mineral Resource Classification |
Tonnage (Mt) |
Sc Tonnage (Mt) |
Average Grade Sc (g/t) |
Metal Content² Sc2O3 (t) |
|---|---|---|---|---|
| Measured | 272 | 34 | 28.79 | 1,081 |
| Indicated | 337 | 42 | 28.76 | 1,334 |
| Total M+I | 609 | 76 | 28.77 | 2,415 |
| Inferred | 503 | 63 | 28.69 | 1,996 |
Notes:
1 Scandium tonnages represent 12.5% of the mineralized material by category, reflecting the proportion of tailings expected to be processed through a dedicated scandium leach circuit under current metallurgical design constraints.
2 Scandium oxide metal content has been calculated using the metallurgical recovery of 72% and conversion factor from Sc to Sc2O3 of 1.534.
- Mineit’s Qualified Person, Tomasz Wawruch, FAusIMM, completed the MRE, and has reviewed and approved the technical disclosure related to the MRE contained in this news release. Mr. Wawruch is a senior geology and mineral resource consultant independent of Doubleview. Mr. Gilles Arseneau, PhD., P.Geo., of ARSENEAU Consulting Services Inc., provided an independent review of this MRE.
- Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.
- Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves.
- The Mineral Resource Estimate was prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards (CIM, 2014), and CIM Best Practice Guidelines (CIM 2019).
- The effective date of the MRE is February 4, 2026.
- Metal contents have been calculated using the following metallurgical recovery factors: Cu = 85%, Au = 89%, Co = 78%, and Ag = 68%.
- Economic assumptions used include US$4.80/lb Cu, US$20.00/lb Co, US$3,200/oz Au, US$46/oz Ag, and a 2% NSR royalty.
- Mineral Resources are reported within optimized open pit constraints and 0.2% CuEq cut-off grade, based on a C$7.93/t milled processing cost and C$2.90/t milled general and administrative cost, with a mining cost of C$3.01/t plus incremental mining cost increasing by C$0.015/t for every bench below the reference level of 1,125 mRL.
- CuEq calculations do not include scandium. The formula used to calculate CuEq is:
CuEq = [(((Ag × 46.0 × 0.68)/31.1035) + ((Au × 3200 × 0.89)/31.1035) + 0.0001 × (Co × 20.0 × 0.78 × 22.0462) + 0.0001 × (Cu × 4.8 × 22.0462 × 0.85))/(4.8 × 22.0462 × 0.85)]
where all input variables are expressed in (ppm) and CuEq is expressed in percent (%). - Rounding may result in minor variations between individual values and totals; such differences are not considered material to the MRE.
- Mineral Resource classification reflects the level of geological confidence and satisfies the uncertainty criteria appropriate for exploration and resource development. Additional drilling will be required to reduce uncertainty to the level expected for production planning.
- The MRE reflects the geological interpretation, drill-hole spacing, and estimation parameters available at the time of modelling. Any additional drilling is expected to influence the current outcome by improving confidence in the estimates and refining the geometry of the mineralized domains.
- The Mineral Resource results are presented in situ within the optimized pit. Mineralized material outside the pit has not been considered as a part of the current MRE tabulation. Calculations used metric units (metres, tonnes, g/t).
- A total of 97 diamond drill holes, comprising 49,548 m of core, were incorporated into the Mineral Resource Estimate. All drilling data used in the MRE were subject to standard QA/QC validation prior to inclusion.