Independence Gold Project - Nevada

Project Overview

The Independence Project consists of 80unpatented mining claims and 84 unpatented mill sites, situated in LanderCounty, Nevada, and spans approximately 1,861 acres of Bureau of LandManagement (BLM) administered lands. The Project is situated at the intersectionof the prolific Eureka Trend and the Rabbit Creek Trend.

Nevada is widely regarded as one of thepremier mining jurisdictions in the world, known for its rich mineral resources and supportive regulatory environment. Nevada is a leading producer of gold and consistently ranks within the top Fraser Institute best mining jurisdictionsdue to its stable regulatory framework, skilled workforce, pro-mining policies,proximity to markets and well-developed infrastructure.

Map of Nevada showing major gold trends, mines, and deposits including Independence Project and mines like Marigold, Phoenix, Cortez, Ruby Hill, and Bald Mountain, with production grades and locations.

Figure 1: Independence Gold Project in relation to major infrastructure, mining operations and significant Gold Trends in Nevada.

The Independence Project is owned byIndependence Mining LLC (“IML”), an incorporated joint venture between BattleMountain Resources Pty Ltd (“BMR”) (51.54%, the “BMR Interest”) and AmericasGold Exploration Inc (“AGEI”) (48.46%, the “AGEI Interest”).

The Project is directly adjacent to the 240koz per annum Phoenix Mine Complex, operated by Nevada Gold Mines, and about 16km south of Battle Mountain. In addition, the Project encompasses 470 acres of private fee surface land (Section 17) where the Company holds exclusive water rights for future production water wells.

Map of Phoenix Mine Complex Plan of Operation Area showing NGM open pits, Independence, Modoc North and South, Section 17 lands, project access routes, and Highway 305 leading 16 km to Battle Mountain.

Figure 2: The IndependenceProject is situated within the active Phoenix Mine Complex (Nevada Gold Mines -Newmont-Barrick JV) Plan of Operations.

Geology & Mineralisation

The regional geology of north centralNevada is defined by episodic rifting, sedimentary deposition and erosion, followed by widespread thrusting. The Project encompasses a portion of theAntler orogenic zone that is host to the Golconda Allochthon that was emplaced during the Sonoma orogeny and contains the Mississippian-Permian Havallah Sequence, including the Pumpernickel Formation. The Pumpernickel Formation is host to epithermal near surface mineralisation at the Independence Project. Underlying the Golconda Allochton, the rocks of the Roberts Mountain Allochthon are the principal host of the Independence Skarn Mineralisation, as well as the neighbouring Phoenix Mine Complex mineralisation. To the west, the Modoc Claims encompass the upper chert, sandstone and siltstones of the Golconda Allochthon that are host to the Buffalo Valley Mine.

A series of Tertiary porphyritic granitoidshave intruded along northeast-trending structures with a series of related dykes and stockworks present in the immediate vicinity surrounding the intrusions. These intrusions play an important role in the skarn and intrusion-related mineralisation across the Independence Project and Phoenix Mine Complex.

Map showing Modoc North and South claims and Independence claims with geological features, fault lines, intrusion zones, and access tracks for Black Bear Minerals Independence Project.

Figure 3: Independence andModoc Claims in relation to key structures, intrusives and the Phoenix MineComplex.

Mineralisation at the Independence Project comprises a near-surface high-level epithermal system formed as a leakage halo above a skarn system. The shallow oxide chert-hosted gold-silver epithermal mineralisation consists of iron oxides and clays derived from primary sulphide stockworks and replacements, deeply weathered and oxidised. The skarn mineralisation is a high-grade, gold-rich system primarily developed in the carbonate units of theBattle Formation in the lower portion of the Roberts Mountain Allochthon. Combined, the Independence Project comprises a 1.4Moz AuEq Mineral Resource Estimate split between the 419.6koz AuEq near surface epithermal resource and the 984.4koz Au skarn resource.

Geological cross-section map of Black Bear Minerals Independence Project showing mineral resource estimates, pit optimization, diamond hole locations, formation layers, and extension areas with open mineralisation zones.

Figure 4: Near surface pit-constrained mineral resource estimate with unclassified mineralisation below the pit. Skarn mineral resource wireframes displayed in relation to drillhole intercepts 580m along strike.

Table 1: JORC Resource Estimates

Skarn Mineral Resource

The 984.4koz at 6.67g/t gold-only skarn resource is hosted in the calcareous conglomerate and carbonate sequences of the Battle Formation. The Battle Formation is the same stratigraphic unit that is host to Nevada Gold Mines’ Phoenix Mine Operation that produces 240koz Au per annum.

Recent testwork by the Company has shown metallurgical recovery of skarn gold mineralisation to be up to 95.9% and has confirmed that gold is non-refractory and can be processed by conventional methods including gravity recovery followed by carbon-in-leach (CIL) circuit with low reagent consumption.

Cross section geological map of the Independence Project showing skarn mineral resources, faults, drill holes, and near-surface gold equivalent estimates up to 419.6koz and 984.4koz Au.

Figure 5: Near surface pit-constrained mineral resource estimate with unclassified mineralisation below the pit. Skarn mineral resource wireframes displayed in relation to Phoenix Mine Complex.

The skarn mineral resource estimate covers less than a third of the Independence Property and is open in all directions. Future drilling will focus on expansion of the skarn resource to the north.

Topographic map of Black Bear Minerals' Independence Project showing skarn resource areas, geology, mineral resource estimates, fault lines, and chip sample results with a priority target area outlined in red.

Figure 6: High-grade skarn mineral resource estimate in relation to Phoenix Mine Complex. The northern half of the Project is largely not drill tested.

Near Surface Mineral Resource

The 419.6koz at 0.4g/t gold-equivalent near-surface resource comprises epithermal gold-silver mineralisation hosted within the Pumpernickel Formation. The epithermal mineralisation is additionally dissected by porphyritic dykes and related breccias that represent targets for high-grade polymetallic mineralisation.

Historic drilling at the Project primarily focused on defining near-surface oxide mineralisation within the chert, with most drilling being undertaken to a predefined total depth. As such, a number of historic drill holes end in mineralisation, creating opportunities to extend and infill prospective areas beyond the current mineralisation model.

Recent drilling has targeted extensions outside the near-surface mineral resource, proving exceptional growth potential remains across the entire strike length of the Project.

A key focus of resource growth is the Rebel Trend, where rock chip sampling returned assay results up to 16.6g/t Au outside of the mineral resource, where the Rebel Fault and intrusions crosscut the main epithermal gold mineralisation trends.

Thick intercepts of gold mineralisation within the chert are amendable to heap-leach extraction. Heap-leach is a widely utilised method across Nevada’s epithermal deposits, including at Nevada Gold Mine’s Phoenix Mine Complex located directly adjacent to the Independence Project, and the nearby SSR-operated Marigold Complex that was operating between 0.13 – 0.36 g/t Au in 2024 (Figure 1).

Geological cross section of Independence Project showing gold mineralization extents, drill holes with gold grades, and multiple new lodes outside the MRE area, marked open in various directions.

Figure 7: Cross Section through the Near-Surface Mineral Resource Estimate showing drill intercepts outside the pit-constrained Mineral Resource Estimate.

Map of Independence Project by Black Bear Minerals showing Rebel Trend rock chip gold levels, maximum in-hole gold, mineralisation trends, brittle faults, and project claim outline with assay results at various locations.

Figure 8: Drill hole intercepts outside the Near-Surface Mineral Resource Estimate. Rebel Trend surface rock chip samples and maximum in-hole gold displayed.

Next Steps

The Company plans to continue upgrading the Mineral Resource Estimates across both the near-surface epithermal and skarn resources through expansional drilling for resource growth, as well as resource definition drilling for increasing confidence.

Both the near-surface and skarn resources remain open in all directions, providing exceptional upside at the Project for resource growth beyond the combined 2025 Mineral Resource Estimate of 1.4Moz AuEq.

Initial metallurgical testwork of skarn mineralisation provided excellent gold recoveries up to 95.9%, with future testwork underway to optimise the grind size and flowsheet.

The Company aims to complete a Scoping Study on the near-surface mineral resource in the near term and define a pathway to becoming Nevada’s next gold producer in the renowned Battle Mountain region.

Generative fieldwork is planned at Modoc North, including mapping and surface geochemical sampling, to delineate additional gold-silver mineralisation in an area yet to be explored.

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Forward-looking statements

This announcement may contain certain forward-looking statements, guidance, forecasts, estimates or projections in relation to future matters (Forward Statements) that involve risks and uncertainties, and which are provided as a general guide only. Forward Statements can generally be identified by the use of forward-looking words such as “anticipate”, “estimate”, “will”, “should”, “could”, “may”, “expects”, “plans”, “forecast”, “target” or similar expressions and include, but are not limited to, indications of, or guidance or outlook on, future earnings or financial position or performance of the Company. The Company can give no assurance that these expectations will prove to be correct. You are cautioned not to place undue reliance on any forward-looking statements. None of the Company, its directors, employees, agents or advisers represent or warrant that such Forward Statements will be achieved or prove to be correct or gives any warranty, express or implied, as to the accuracy, completeness, likelihood of achievement or reasonableness of any Forward Statement contained in this announcement. Actual results may differ materially from those anticipated in these forward-looking statements due to many important factors, risks and uncertainties. The Company does not undertake any obligation to release publicly any revisions to any “forward- looking statement” to reflect events or circumstances after the date of this announcement, except as may be required under applicable laws.