Skaergaard Project

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• Skaergaard Work Program Synopsis 2020-2023
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  Skaergaard Exploration Licences

  • 3 Mineral Exploration Licences (MEL) 877 km² - 450 km west of Iceland
    • MEL 2007-01: 107 km²
      • hosts Skaergaard Intrusion
      • 2021 summer drilling campaign
    • MEL 2012-25: 16 km²,Sødalen camp, airstrip
      • access via helicopter
      • Miki & Watkins Fjords
    • MEL 2021-10: 754 km²,“new area” north & west of Skaergaard deposit
  • 100% owned – No royalties, encumbrances
    • Greenland government NSR
    • 2.5% from production revenue

  Skaergaard Intrusion and Geology

  • Skaergaard is a classic example of a layered mafic complex similar in many ways to the Bushveld Complex in South Africa, although much younger in geological age
  • The Skaergaard intrusion was discovered in 1930 but potential for economic mineralisation was only recognised in the 1980's
  • Now, retreat of coastal ice has exposed a 45m thick zone of mineralisation containing specific layers, 1-3m in average thickness which are rich in Palladium and Gold. Spanning these precious metal layers is a zone of lower grade Palladium and Gold and Iron-Titanium-Vanadium oxide mineralisation which may contribute to the rock value
  • Mineralisation can now be traced in outcrop and underground over 2/3 of this 70sq metre igneous intrusion which now has almost 100% surface exposure due to ongoing ice retreat
  • NI 43-101 complient Technical Report was filed on SEDAR on 25 May 2021 detailing exploration history and Mineral Resource Estimates 
  • An Updated Report has been filed on SEDAR and is available on the Company Website
  • The Updated Report Contains an Updated MRE as follows:

  Skaergaard Mineral Resource Estimate

  Skaergaard Mineral Resources Estimate – NI 43-101 - November 22, 2022
  Category	Mineralized Horizon	Area	Tonnage (Mt)	PdEq (g/t)	Pd (g/t)	Au (g/t)	Pt (g/t)	PdEq (Moz)	Pd (Moz)	Au (Moz)	P (Moz)
  Indicated	H5	N of Glacier	0.13	3.00	0.29	2.47	0.04	0.01	0.00	0.01	0.00
  		Main	12.12	2.85	0.60	2.03	0.06	1.11	0.23	0.79	0.02
  	H3	N of Glacier	3.36	2.05	0.48	1.40	0.05	0.22	0.05	0.15	0.01
  		Main	40.76	1.91	0.84	0.95	0.06	2.51	1.10	1.24	0.08
  	H0	N of Glacier	19.41	2.37	2.08	0.18	0.15	1.48	1.30	0.11	0.09
  		Main	83.17	2.27	2.00	0.15	0.16	6.08	5.36	0.39	0.43
  Total Indicated			158.95	2.23	1.57	0.53	0.12	11.41	8.04	2.70	0.63
  Inferred	H5	N of Glacier	13.86	2.34	1.21	0.97	0.11	1.04	0.54	0.43	0.05
  		Main	38.40	2.49	0.62	1.68	0.07	3.08	0.76	2.08	0.08
  	H3	Main	40.42	1.74	0.92	0.72	0.06	2.27	1.19	0.94	0.07
  	H3_L1	N of Glacier	0.04	2.40	0.53	1.70	0.04	0.00	0.00	0.00	0.00
  		Main	7.78	1.97	0.96	0.87	0.08	0.49	0.24	0.22	0.02
  	H0	N of Glacier	15.38	2.20	1.91	0.18	0.14	1.09	0.95	0.09	0.07
  		Main	89.54	2.13	1.88	0.13	0.16	6.14	5.43	0.38	0.45
  Total Inferred			205.42	2.14	1.38	0.63	0.11	14.11	9.11	4.13	0.74

  Notes:

  1. CIM (2014) definitions were followed for Mineral Resources.
  2. PdEq grades were calculated using the formula PdEq (g/t) = g/t Pd + (1.09 * g/t Au) + (0.672 * g/t Pt), which assumes metal prices of US$1,725/oz Pd, US$1,800/oz Au, and US$1,250/oz Pt, metallurgical recoveries of 86% Pd, 89% Au, and 80% for Pt, and standard commercial terms for a precious metals concentrate.
  3. Mineral Resources are estimated at a cut-off grade of 1.43 g/t PdEq, which assumes underground mining costs of US$35/t, processing costs of US$20/t, and general and administration (G&A) costs of US$5/t.
  4. Reasonable prospects for eventual economic extraction were satisfied by constructing polygons using blocks above a grade-thickness field expressed as minimum mining thickness of two metres multiplied by the cut-off grade (1.43 g/t PdEq), including a visual check on the geometry and spatial continuity of the mineralization.
  5. Bulk density is 3.12 t/m³.
  6. Numbers may not add due to rounding.
  7. The Main area includes material south of the northern edge of the Forbindelses Glacier and under the glacier, and the N of Glacier area includes material to the north of the Forbindelses Glacier.
  • Relative to the historical (2013) resource estimate, updated mineralization modelling as well as significant further and more detailed examination of the deposit and today’s higher metal prices, have resulted in significant positive increases to Indicated and Inferred Mineral Resource tonnages and contained metal, at higher overall grades.  For the new Mineral Resource model, the cut-off grade is approximately 30% higher than in 2013 and SLR increased the minimum mining thickness from one metre in 2013 to two metres
  • The re-modelling of the Skaergaard deposit has shown the substantial potential for the size and extent of the PGM and Au mineralization contained within the Skaergaard intrusion

  2021 Skaergaard Drilling Program and 2022 Results

  • Completed 8,435 m of diamond drilling (32 holes) and channel sampling between July to Sept 2021

  • Approx. 11,600 core and channel samples were collected for Au, Pd & Pt, and secondary element assay testing. Sent to ALS Global lab in Loughrea, Ireland

  • This new drilling focused on:

  • Expansion of mineral resource in 4 main mineralized horizons at Skaergaard (H5, H3L1, H3, and H0)

  • Verifying the potential for V, Ti, Fe, Ga, and other secondary elements

  • Testing the bulk tonnage and open-cut potential in the northern part of Skaergaard, where mineralization is laterally exposed by erosion

  • Results from this 2021 programme were annouced on 9 June and not only confirmed the geometry, grades and widths of the layered stratiform Pd-Pt-Au mineralisation in the main precious metal rich horizons but also demontrated the extension of mineralisation and potential resource expansion

  • An Updated MRE based on the 9 June 2022 announcement of assay results was announced in a Press Release dated 7 December 2022

• Skaergaard Work Program Synopsis 2020-2023

  2020

  November 2020

  • Skaergaard Aquisition finalised 

  2021

  May 2021

  • The Company filed a NI 43-101 compliant Technical Report ( the “Report”) Prepared by SLR Consulting (“SLR”) and based on independent re sampling and remodelling of historical information as outlined in the Report ,which is available on the Company website.
  • The Report outlined a substantial MRE reported as Palladium Equivalent (PdEq) ounces of close to 20 million(m) PdEq ounces of which some 5.5m PdEq ounces were in the Indicated MRE category. 

  June 2021

  • Based on the recommendations in the Report , during June and July 2021 the Company initiated mobilisation to support a diamond drilling and sampling campaign onsite at Skaergaard.

  August 2021

  • Drilling commenced in early August 2021 and concluded with demobilisation in mid October 2021.
  • During this period approximately 11,600 samples were collected from some 8,435metres of drill core and channel sample lines.

  October - December 2021

  • Samples were transported under secure chain of custody and sent for assay at the independent Omac Laboratories Limited in Loughrea,County Galway,Ireland.
  • Omac is part of ALS Global which provides laboratory testing, inspection, certification and verification solutions and has ISO17025 certification.

  2022

  April 2022

  • Initial results from first 11 Drill holes from the 2021 program confirmed the grades and mineralised lenghts for Palladium (Pd) ,Platinum (Pt) and Gold (Au) compared to historical results in these areas.

  June 2022

  • Final assay results for the 2021 drilling program as well as giving further confirmation of the consistency and continuity of the Pd-Pt-Au grades and mineralised lenghts in the four main mineralised horizons (HO, H3L1, H3 and H5) also showed near surface  mineralisation in 4 drill holes in the previously untested northern plateau area of the licence. (Refer to Fig1)
  • Precious metal mineralisation was also confirmed in 14 drill holes in previously untested areas beneath and to the north of the glacier.
  • The assay results also showed a consistent broader halo of anomalous but lower grade Pd-Pt-Au associated with iron oxide -titanium  and secondary elements such as vanadium and gallium spanning the precious metal rich mineralised horizons.
  • Based on this updated sample analysis the Company engaged SLR to prepare an Updated MRE and Updated Report.

  December 2022

  • On 7 December 2022 the Company announced the results outlined in the Updated Report. Details can be found on this website and on Sedar but in summary and when compared to the May 2021 Report at the same 1.43g/t PdEq cut of grade and the same metal prices.

                - 95% increase in Indicated MRE

                - 28% increase in overall PdEq metal content

                - 22% increase in overall resource tonnage

  2023

  • The Company will focus on completing a metallurgical testing program and advancing the Skaergaard Project to a Preliminary Economic Analysis (“PEA”) and then to a Pre Freasibility Mining Study.
  • The aim is to quickly produce a conceptual PGE-Au flow sheet and determine potential extraction of secondary elements such as iron-magnetite ,vanadium and titanium.
  • Section 13 of the Updated Report outlines previous mineral processing and metallurgical testwork.
  • Results were encouraging in terms of PGE-Au recovery to a high grade flotation concentrate and also for recovery of a vanadium-titanium-magnetite concentrate (VTM).
  • Of course additional testwork is required as part of ongoing feasibility studies to confirm metallurgical recoveries and the potential for production of valuable by products as detailed in the Updated Report.

  Figure 1: Plan view showing main target areas being tested during the Phase 1 diamond drilling program by Major Precious Metals at Skaergaard

  

  • 8,195m DD (32 holes) in northern section completed Sept 2021
  • 8,435 m DD (includes channel sampling)
  • Est. 11,600core and channel samples collected for Au, Pd & Pt secondary element assay testing
  • The new drilling targeting
    • expansion of mineral resource in 4 main mineralized horizons at Skaergaard (H5, H3L1, H3, and H0)
    • verify potential for Vd, Ti, Fe, Gm, other secondary elements
    • testing bulk tonnage, open-cut potential in northern part of Skaergaard, where mineralization is laterally exposed by erosion
  • Positive assay results annouced 9 June 2022

  

  Mineralization open in almost all directions along strike, at depth:

  • Northern extension less developed, now priority target with open-pit potential
  • Channel sampling, DD campaign drilling completed

  

  • Open mineralisation. Potential lateral – strike extension
  • Open mineralisation. Potential down-dip extension
• December 6, 2022

  NI 43-101 Technical Report

  PDF

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• Core Logging and Sampling Facility - Skaergaard

  

  

  

  

  

  

  

  

  Drilling Operations

  

  

  

  Geology Team

  

  

  

  

  Helicopter Operations

  

  

  

  

  Landscape Photos

  

  

  

  

  

  

  MV Quest Ship

  

  

  

  

  

  

  Skaergaard Intrusion Geology

  

  

  

  Sodalen Airstrip and Temp Camp

  

  

  
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• Time Lapse Skaergaard and MV Quest High Elevation

  Time Lapse Skaergaard Ground Level

  Helicopter slinging Skaergaard drill site