The Ulu property consists of a renewable 21-year mining lease and covers an area of approximately 947 ha. The lease hosts an advanced gold project (Flood Zone) that between 1989 and 2012 saw significant exploration and development by BHP Minerals and Echo Bay Mines, among others.

The past work includes approximately 1.7 km of underground development and approximately 405 diamond drill holes that produced 88,330m of core on the Flood Zone. The Flood Zone contains the bulk of the Ulu gold resource and is open on-strike and at depth. Overall resources of 2.535 million tonnes grading 7.02 g/t Au for 572,000 gold ounces (Measured & Indicated category) and 1.283 million tonnes grading 7.34 g/t Au for 303,000 gold ounces (Inferred category) have been estimated for the Ulu Gold Project (refer to “Technical Report on the Ulu Gold Project, Nunavut, Canada” dated February 2023). The deepest intersection of potentially mineable width at the Flood Zone is 14.9 g/t Au over 7.7 m in BHP’s drill hole 90VD-75 at 610 m below surface. Metallurgical testing on the Flood Zone gold mineralization has shown that gold is recoverable in amounts greater than 90% by gravity, flotation and cyanidation.