Economic Sensitivities

Gabbs Project 2024 PEA – Robust Economics in a Rising 2025 Gold Market

The Gabbs Project 2024 preliminary economic assessment (see Technical Report dated May 17, 2024) outlines a robust gold-copper project.  With the significant increase in the spot gold price since the time of the report, the project economics are increasingly compelling.  Table 1 below presents the Gabbs Project 2024 PEA Economics, and Table 2 presents the Gabbs Project economics presented with gold, copper and silver prices as at February 21, 2025 for comparison.

Table 1:  Gabbs Project 2024 PEA Economics⁽⁴⁾

	Low Case	Base Case	High Case	Spot Case(1)
Gold Price (US$/oz)	$1,800	$1,950	$2,100	$2,414
Silver Price (US$/oz)	$22.50	$25.00	$27.50	$31.48
Copper Price (US$/lb)	$4.00	$4.50	$5.00	$4.71
Net Revenue (US$)	$4.2 billion	$4.6 billion	$5.0 billion	$5.4 billion
After tax NCF(2) (US$)	$769.3 million	$1.1 billion	$1.5 billion	$1.7 billion
After tax NPV(2) 5% (US$)	$326.8 million	$550.0 million	$768.7 million	$949.2 million
After tax NPV(2) 10% (US$)	$104.7 million	$257.0 million	$405.3 million	$530.0 million
After tax IRR(2) (%)	14.4%	21.0%	27.4%	33.5
Payback(3)/Mine Life (years)	4/14.2	3/14.2	2/14.2	1.7/14.2

(1) As of May 17, 2024
(2 NCF means net cash flow; NPV means net present value; IRR means internal rate of return.
(3) Preproduction capital, excluding mill and heap leach sustaining capital
(4) The Updated PEA for the Gabbs Project was prepared by Kappes, Cassiday & Associates (“KCA”) of Reno, Nevada with Mineral Resource and mining contributions from P&E Mining Consultants Inc. of Brampton, Ontario in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects (“NI 43-101”). (See news release dated May 22, 2024.)

Table 2: Gabbs Project 2024 PEA – Economics using February 21, 2025 Metal Prices⁽¹⁾

Pre-Tax NPV	Discount Rate, %	After-Tax NPV
$2,670,020,220	0%	$2,214,111,369
$1,538,674,613	5%	$1,260,873,473
$1,128,914,736	8%	$916,067,240
$925,318,134	10%	$744,935,569
$575,329,798	15%	$451,331,331
52.4%	IRR	44.6%

(1) February 21, 2025 Metal Prices: Gold, US$2938/oz;
Silver, US$32.62/oz; and Copper US$4.30/lb