The Equipment Supply Agreement includes engineering and supply of major process plant equipment spanning the entirety of the proposed process flowsheet outlined in the Company's 2025 Feasibility Study, with engineering work commencing immediately and formal Notice to Proceed anticipated in the coming months to initiate equipment manufacturing.

The Equipment Supply Agreement covers eight major equipment packages across crushing, grinding, thickening and counter current decantation, Merrill Crowe, and refining circuits of the proposed process plant at Panuco. The equipment has been specified to support both the initial 3,300 tonnes per day ("tpd") Phase 1 operation and the planned expansion to 4,000 tpd outlined in the 2025 Feasibility Study. The contract structure and equipment configuration are designed to facilitate future process plant modifications associated with the planned integration of the Napoleon mine in Year 4, with minimal operational downtime.

The parties have initially entered into a limited notice to proceed agreement ("LNTP") to authorize commencement of early engineering and procurement activities while the definitive terms of the Equipment Supply Agreement continue to be finalized.