Munro-Croesus Gold

Overview

• The Project is associated with the Porcupine-Destor Fault Zone, a significant regional gold-bearing structural break, which traverses northern Ontario and Quebec and has collectively produced over 110 million ounces of gold.
  
• The historic Croesus Mine, located on the project property, is famous for its bonanza grade gold production and five Croesus mine gold specimens currently held by the Royal Ontario Museum in Toronto, Canada which, collectively, weigh 85 pounds and contain 480.7 ounces of gold or 11,310 ounces gold per short ton (387,771 grams per t tonne).
  
• Multi-million ounce (under 1g/t gold) bulk tonnage gold deposits are also located in the immediate region of the project and include the Fenn-Gib gold project being developed by Mayfair Gold Corp. and the Tower Gold Project (Golden Highway and Garrison deposits) being developed by Moneta Gold Inc. The Black Fox underground gold mine operated by McEwen Mining is located 1.5 kilometers southwest of the project.

History

• The Munro-Croesus property was part of the property spinout of the gold assets of Constantine Metals to HighGold Mining in July 2019. Subsequently, HighGold spun out these assets into Onyx Gold. In 2007, Constantine Metal Resources acquired a 100% interest, subject to a net smelter interest, in the 13 patented mining claims, two Crown mineral leases and two unpatented mining claims of the high-grade gold property, including the past-producing Croesus Mine. Prior to the acquisition of this property by Constantine, the Croesus Mine property had been in private hands since its discovery in 1914, except for brief periods when they were optioned by publicly traded companies.
  
• Historic production from the Croesus Mine between 1915 and 1936 was 14,859 ounces of gold mined from 5,333 short tons with an average grade of 2.78 ounces per ton gold (95.3 g/t gold). This production number did not include the ore that was mined and shipped in packing crates directly to the Royal Canadian Mint.

Geology

• The Munro-Croesus property is underlain by sedimentary rocks of the Porcupine assemblage to the south, and by mafic/ultramafic volcanic rocks of the Upper Kidd-Munro assemblage to the northeast.
  
• Gold mineralization across the property can be broadly characterized as structurally-controlled orogenic gold mineralization within an Archean greenstone belt setting. These types of deposits are typically hosted by quartz-carbonate veins and are located along crustal-scale fault zones in deformed greenstone terranes.
  
• Most of the known gold occurances on the project are associated with an eight kilometer (five mile) northwest trending segment of the Pipestone Fault, which is a splay of the Porcupine-Destor Fault Zone, a major regional structure that extends for approximately 200 kilometers (124 miles) westward from Destor (Quebec) to Timmins (Ontario). In the region of the Project, the Porcupine-Destor Fault Zone exhibits a large-scale flexure or bend associated with two major splays, the aforementioned Pipestone Fault and Munro Fault.
  

Exploration

Current exploration programs represent the first significant work on the property in over 90 years, following a major land consolidation effort by Onyx Gold and its immediate predecessors. Between 2020 and 2025, more than 30 separate land acquisitions were completed, expanding the land position by over 200%.

The 2025 program is significantly expanded, with 25,000 meters of drilling planned to follow up on multiple emerging zones. This includes step-out drilling at Argus North, where discovery hole MC25-163 intersected 69.6 meters of 3.4 g/t gold, including 34.5 meters of 5.4 g/t gold—highlighting the potential for broad, near-surface mineralization. The program also includes mechanical stripping, mapping, and sampling to refine additional targets across the broader Munro-Croesus property.

Argus North Zone

The Argus North Zone is a new discovery located on the western half of the Munro-Croesus project:

• Hole MC24-163, the discovery drill hole at Argus North (see April 10, 2025 news release) returned 69.6 m grading 3.4 g/t Au, including 34.5 m grading 5.4 g/t Au, including 9.5 m grading 13.9 g/t Au.
• Results from initial follow-up drilling include 208.0 m grading 2.3 g/t Au including 54.4 m grading 3.3 g/t Au and 24.9 m grading 5.2 g/t Au in drill hole MC25-232 (see November 17, 2025 news release), 52.2 m grading 2.2 g/t Au including 5.2 m of 5.1 g/t Au in drill hole MC25-178 (see July 23, 2025 news release), and 91.0 m grading 1.8 g/t Au including 32.0 m grading 4.0 g/t Au in drill hole MC25-168 (see Jun 26, 2025 news release).
• A new fully-funded 50,000 m program is underway, utilizing three drill rigs (see November 13, 2025 news release). The Company has completed a 25,000 m campaign, (81 holes—36 reported to date) marking the largest drill program in the property’s history, and one of the most significant ongoing exploration programs in the Timmins Gold Camp

Munro-Croesus Cross-Section Looking Northeast – Argus North Zone

Munro-Croesus 2025 Drilling Plan Map – Argus Zone

Argus Zone – Long Section

Argus Zone

• 2024 drill results included 0.99 g/t gold over 63 meters in hole MC24-166. This intersection included 17.4 meters at 2.18 g/t gold (see press release dated June 17, 2024).
  
• Five of six holes drilled at the Argus Zone intersected significant intervals of gold mineralization, which are open to expansion in multiple directions, including to the west toward the intersection of the Argus Zone trend with the regional Pipestone Fault.
  
• The Argus Zone is characterized by silicified mafic variolitic volcanics cut by northeast-trending pyritic veinlets within a broader halo of carbonate alteration and local development of specular hematite.

GM Vein Discovery

• A total of 25 holes (MC24-143 to 167) totaling 3,311 m were drilled on the Munro-Croesus Project in the spring of 2024, including 20 holes totaling 1,731 m on the GM Vein and five (5) holes totaling 1,580 m on the Argus Zone. Approximately 84% of drill holes at the GM Vein intersected mineralization greater than 0.5 g/t Au. Ten drill holes intersected mineralization over 10 g/t Au.
  
• 2023 drilling resulted in a new high-grade vein discovery. Hole MC23-132 intersects 363.0 g/t (10.59 opt) Au over 0.3m within a broader interval of 121.8 g/t (3.55 opt) Au over 0.9m
  
• The drill hole intersected a 30-centimeter-wide quartz vein containing abundant visible gold

Munro-Croesus GM Vein Map

7. Technical Report

TECHNICAL REPORT ON THE MUNRO-CROESUS GOLD PROJECT, ONTARIO, CANADADownload