Exploration

The Cimarron Gold Project, located in Sinaloa, Mexico, sits within a well-established Porphyry Copper-Gold Belt and has already benefited from significant historical exploration. Early drilling and geological investigations have revealed a robust porphyry gold-copper system with multiple high-grade zones and untapped exploration upside. Our current exploration strategy builds on this solid foundation to unlock the project’s full value.

Historical Exploration Work

Exploration on the Cimarron property has been ongoing for over a decade, focused primarily on the Calerita Zone—a porphyry gold-copper system.

Highlights of Previous Work:

• Drilling Campaigns (Pre-2013):
  • 106 drill holes completed (82 RC and 24 diamond core)
  • 13,246 meters of total drilling
  • Defined an inferred mineral resource of 3.7 million tonnes @ 0.65 g/t Au for ~77,000 oz Au (Snowden, 2012)
  • Confirmed porphyry-style mineralization and associated alteration patterns
• Geochemical and Geophysical Surveys:
  • Surface sampling identified high-sulfidation epithermal mineralization at multiple zones
  • Spectral analysis (Terraspec) confirmed widespread advanced argillic and potassic alteration
  • Magnetic surveys outlined porphyry-style halos and lithocap signatures
• 3D Geological Modeling:
  • Integrated drone-based DEM surveying and historical drill data
  • Developed a 3D grade shell model identifying distinct higher-grade gold trends within Calerita
• Target Areas Identified:
  • Calerita (porphyry system)
  • Los Evanos, Monumentos, Huanacaxtle, Veteranos, Lobo (epithermal gold systems)

These efforts laid the groundwork for expanding the known resource and exploring the broader property potential.

Current Exploration Strategy

With a well-understood geological framework and a clear roadmap, our exploration efforts are focused on four strategic pillars:

1. Resource Expansion at Calerita
   • Step-out and infill drilling to extend and upgrade the existing resource
   • Integration of unmodeled data from the 2013 campaign to refine mineralized zones
2. High-Grade Epithermal Gold Targets
   • Testing satellite zones with historical assays up to 128 g/t Au and 314 g/t Ag
   • Targeting vuggy silica textures, specularite breccias, and residual quartz zones typical of high-sulfidation systems
3. Target Generation Through Geophysics
   • Using magnetics, spectral scanning, and geochemistry to define new porphyry and epithermal targets
   • Strong contrasts in mag signature suggest multiple untested mineralized centers
4. District-Scale Reconnaissance
   • Evaluating underexplored zones across the property with similar geological and alteration features
   • Mapping, sampling, and geophysical surveys to delineate next-generation drill targets

Exploration Tools

• Drone based digital elevation modeling (DEM)
• Terraspec spectral analysis and LiBS scanning for alteration mapping
• High-resolution magnetic surveys
• Ongoing surface geochemical sampling and trenching
• 3D geological modeling to prioritize drill targets

Geological Context

The Cimarron property shares key geological traits with major porphyry and epithermal gold deposits, including:

• El Gallo Mine (Sinaloa, Mexico) – ~893,000 oz Au
• Cadia Mine (Australia) – multi-Moz alkaline porphyry gold deposit
• Caspiche & Refugio (Chile) – world-class Maricunga Belt deposits

These analogues support Cimarron’s potential to host a +Moz gold resource.

What’s Next

We are actively designing our next-phase exploration program, which includes:

• Follow-up drilling to grow and upgrade the Calerita resource
• Initial drilling on high-grade epithermal zones
• Updated NI 43-101 compliant resource estimate
• Advancing new discovery targets across the broader property