FOX COMPLEX

About the Fox Complex

Located in Timmins

The Fox Complex is a district-scale gold mining operation located in Timmins, Ontario—one of Canada’s most prolific gold camps.

It combines current underground production with a growing pipeline of development and exploration assets, supported by centralized infrastructure at the Stock Mill.

The complex is transitioning from a single-mine operation into a multi-deposit, long-life mining platform.

Fox
Complex
KEY HIGHLIGHTS

District-scale gold mining operation in Timmins, Ontario
Gold Resources & Reserves: 1.5 M oz Measured & Indicated + 1 M oz Inferred + 1 M oz Proven & Probable (June 2026)
Multiple deposits feeding a centralized mill
Grey Fox Pre-Feasibility Study (PFS) extends mine life to 2041
Clear pathway to scalable, long-life production

OVERVIEW
OF THE FOX COMPLEX

The Fox Complex benefits from its location in an established mining district with excellent infrastructure, access to skilled labor, and a long history of gold production. Since 1915, the properties have produced approximately 3.5 million ounces of gold, underscoring the scale and endowment of the district.

The operation currently produces from the Froome Mine while advancing additional deposits toward production. The properties span approximately 30 kilometers of structural controls along the Destor-Porcupine Fault—known as the “Golden Highway”—a prolific regional structure hosting many of the richest gold mines in Ontario and Quebec. This setting provides significant exploration and development potential.

With several deposits at different stages of development, the Fox Complex provides operational flexibility and the ability to sequence mining activities over time. This integrated approach supports production growth, cost optimization, and extended mine life, positioning the Fox Complex as a scalable platform for long-term growth in the Timmins district.

In 2025, the Fox Complex produced approximately 23,000 gold equivalent ounces (GEOs). In 2026, production is expected to be 16,000 to 19,000 GEOs as development advances at Froome West and the Stock Mine moves toward initial production.

The Grey Fox Pre-Feasibility Study (PFS), announced in June 2026, transforms the Fox Complex from a collection of development-stage assets into a long-life, multi-deposit production platform extending to 2041. With Grey Fox entering production, the Fox Complex is projected to reach approximately 100,000 gold ounces production in 2029 and average approximately 87,000 gold ounces per year from 2028 through 2041.

This production growth will also contribute to the Company's near-term objective of increasing consolidated annual production to 250,000–300,000 GEOs by 2030.

FOX COMPLEX INFRASTRUCTURE

The Fox Complex is supported by the Stock Mill, a centralized processing hub that enables multiple deposits to be developed and integrated efficiently. The Stock Mill is a conventional processing facility supporting ore from underground and future open pit sources. Additional infrastructure, including underground development, haulage routes and site services, supports the processing of material and the advancement of new mining areas.

The Grey Fox development benefits significantly from existing infrastructure, including the Stock Mill, permitted tailings facilities, and an established operating workforce, reducing development capital requirements and supporting attractive project economics.

Fox Complex Production

1915 to 2025:

3,472,408

GEOs

PRODUCTION & DEVELOPMENT

Production at the Fox Complex is currently sourced from the Froome Mine through underground mining, which continues to provide a reliable and consistent feed to the Stock Mill. Recent drilling at Froome West has extended mineralization both along strike and at depth, supporting continued production and potential mine life extensions.

The Stock Mine represents the next step of production growth and is advancing toward initial production in mid-2026, with commercial production expected in 2027. As Froome matures and Grey Fox advances, Stock is expected to enhance operational flexibility and support the phased ramp-up of production across the complex. Its proximity to the mill, lower royalties, and favorable processing characteristics are expected to position Stock Mine as a source of lower-cost production.

Grey Fox is the primary long-term growth driver and largest gold deposit within the Fox Complex. The 2026 Pre-Feasibility Study outlines an underground mining operation accessed from two independent portals that is expected to become the foundation of future production at the Fox Complex. Grey Fox ore will be crushed on site and hauled to the Stock Mill for processing. At the Stock Mill, the ore will undergo grinding and processing through a Carbon-In-Leach (CIL) circuit before being refined into doré. Mining at Grey Fox will support a significant increase in annual gold output starting in 2028, extending the mine life of the complex into 2041.

Grey Fox
PFS
KEY
OPERATING
METRICS

Mineral Reserve: 980,000 ounces Probable at 3.24 g/t Au
Avg annual gold production: 43,000 ounces during first 8 yrs, 91,000 ounces during last 6 yrs.
Base case ($3,000/ oz gold): Cash costs $1,833/ oz Au, All-in sustaining cost (AISC) $2,212/ oz Au
Enhanced case ($4,500/ oz gold): Cash costs $2,042/ oz Au, AISC $2,421/ oz Au

Grey Fox
PFS
Economic Highlights

Initial Development Capital: $181 million

Base Case ($3,000/oz gold price assumption):

After-tax NPV (5%): $282 million
After-tax IRR: 24.8%
After-tax Payback: 4.6 years

Enhanced Case ($4,500/oz gold price assumption):

After-tax NPV (5%): $841 million
After-tax IRR: 55.1%
After-tax Payback: 2.3 years

FOX COMPLEX
EXPLORATION

Fox Complex in Timmins-Matheson area map

Exploration is a key component of the Fox Complex, which is located within the Abitibi Greenstone Belt—one of the world’s most prolific gold districts. Gold mineralization across the property occurs in multiple styles, including quartz veins, stockworks, and sulphide-hosted systems associated with strong alteration zones, reflecting the geological complexity and potential of the district.

Despite a long history of exploration and production, the Fox Complex remains relatively underexplored, with multiple prospective structural trends and targets identified across the property.

Recent results at Froome West have extended high-grade mineralization along strike and at depth, supporting potential mine life extensions and additional resource growth.

Exploration is closely integrated with development activities, including planned parallel drilling at Stock and other deposits to support future resource growth and production as mining advances.

At Grey Fox, active drilling has demonstrated strong continuity and expansion potential across multiple zones, reinforcing its role as the primary long-term growth driver. The 2026 exploration program at Grey Fox is continuing with five drills operating and a $5.0 million budget.

Continued exploration investment supports resource growth and conversion, and the potential to further expand the production profile and mine life of the Fox Complex.

FOX COMPLEX
RESOURCES & RESERVES

PROVEN & PROBABLE

980,000 OZ AU

MEASURED & INDICATED

1,473,000 OZ AU

INFERRED

1,027,000 OZ AU

(2025 10-K report & June 8, 2026 press release)

RESOURCES & DEPOSITS

The strength of the Fox Complex lies in its multi-deposit resource base, which provides both scale and flexibility. Gold resources are distributed across several deposits, including Grey Fox, Froome, Stock West & Main, Stock East, Black Fox, Fuller, and Davidson-Tisdale. These deposits are located within trucking distance of the central mill, allowing for efficient development and integration into a unified mine plan.

Grey Fox is the cornerstone of future growth, with gold resources and reserves comprising 701,000 ounces Measured & Indicated (avg grade 2.25 g/t Au), 388,000 ounces Inferred (avg grade 2.57 g/t Au) and 980,000 ounces Proven & Probable (avg grade 3.24 g/t Au). The project continues to demonstrate strong exploration potential, with multiple zones and opportunities for expansion.

Froome and Froome West support near-term production and have shown encouraging drilling results, reinforcing the potential to extend mine life. Additional deposits across the property provide longer-term optionality and contribute to the overall scale of the complex.

This distributed resource base allows for flexible mine planning and supports a long-term, multi-phase development strategy.

FOX
COMPLEX
GROWTH STRATEGY

The Company is advancing the Fox Complex through a phased development strategy designed to balance near-term production with long-term value creation by:

Maintaining and optimizing production from Froome
Bringing Stock Mine into production to enhance flexibility and reduce costs
Advancing Grey Fox as the primary long-term production source
Continuing exploration to expand resources and support future mining areas

Through this approach, the Fox Complex is expected to play a key role in the Company’s broader objective of increasing production and extending mine life over the long term.

FOX COMPLEX

About the Fox Complex

Located in Timmins

Fox Complex KEY HIGHLIGHTS

OVERVIEW OF THE FOX COMPLEX