EVEREST GOLD (01815) Updates on the Main Exploration Results of the Shannan and Shigatse Mines

EVEREST GOLD (01815) has announced its acquisition of a 51% stake in a company that holds 100% equity of Tibet Longtian Yong Mining Co., Ltd., which possesses an exploration permit for a specific area in Shannan, Tibet (Shannan Mine). The announcement also includes the company's acquisition of a 35% stake in a company that holds 100% equity of Tibet Rikaze Huaye Mining Development Co., Ltd., which has an exploration permit for a specific area in Rikaze City, Tibet (Rikaze Mine). Geological exploration activities in the Gudai area have been ongoing, including geological mapping, drilling, core drilling, and sample testing. As of the date of this announcement, approximately 24 drilling rigs have been deployed in the Gudai area. The main exploration results of the Shannan Mine to date are summarized as follows: 1. As of now, completed drilling and related exploration work have preliminarily defined a mineralization belt in the Gudai area: the mineralization belt runs approximately east-west and has a traced length of about 1,000 meters with a dip range of about 500 meters. The mineralization body remains open along the strike and at depth. Reports from individual drill holes show varying thicknesses of mineralized sections ranging from approximately 6 meters to 100 meters. Preliminary assay results from selected samples indicate the presence of gold mineralization, with some locations also showing associated antimony and cobalt mineralization. The mineralization is primarily located within carbonaceous slate and appears to be controlled by structural fractures. Several drill holes have exposed the mineralization body along the inferred mineralization belt, providing a basis for further exploration along strike and dip. 2. Current geological observations indicate the presence of a hydrothermal polymetallic mineralization system in the area, accompanied by hydrothermal alteration combinations such as silicification and chloritization. The geological exploration team for the Shannan Mine has also observed signs suggesting that the mineralization may extend along deeper hydrothermal channels. Any relationship with deep porphyry-related mineral systems remains an unverified geological hypothesis that requires further drilling and assay work. Geological exploration activities in the Xiaqiu area continue, including geological mapping, low-altitude aeromagnetic surveying, drilling, core drilling, and sample testing. As of the date of this announcement, approximately 6 drilling rigs have been deployed in the Xiaqiu area. The main exploration results of the Rikaze Mine to date are summarized as follows: 1. Preliminary findings from completed drilling include the intersection of narrow copper-bearing veins within quartzite and garnet-bearing skarn host rocks at shallow depths, indicating the presence of local copper mineralization. Preliminary surface trenching has identified skarn-type polymetallic mineralization, including copper, lead, zinc, and silver mineralization, as well as rich magnetite segments. Core logging from several deeper drill holes has identified altered granodiorite containing disseminated and veinlet molybdenite mineralization, as well as vein and networked lead-zinc mineralization. 2. An anomaly in alluvial sediments from a river system was previously discovered in the central area of Xiaqiu and subsequently verified geologically, leading to the identification of an outcrop showing molybdenum mineralization. This outcrop is roughly horizontally disposed, located at the contact zone of metamorphosed feldspathic quartz sandstone, metamorphosed quartz sandstone, and granodiorite. The outcrop has a traced length of about 1 kilometer along an east-west direction with reported visible vertical thicknesses ranging from about 1 meter to 20 meters. Preliminary assay analysis of selected samples from this outcrop indicates the presence of molybdenum mineralization. Considering the integrated results of aeromagnetic measurements, structural and alteration mapping data, the observed signs suggest the possibility of a composite porphyry-skarn-hydrothermal vein polymetallic mineralization system containing molybdenum, copper, lead, zinc, and silver, which requires further exploration to confirm the existence, extent, and continuity of this mineralization system. Regarding the Shannan Mine, additional deep drilling will continue to further delineate the boundaries of the mineralization body along strike and dip. Furthermore, geophysical surveys, geological interpretations, and geochemical data analysis will be conducted, along with systematic sampling and assay testing to assess the extent, morphology, and continuity of the mineralization. For the Rikaze Mine, further deep drilling is anticipated to test the potential existence of a porphyry-style mineralization center and its location and the extent of copper and molybdenum mineralization. Additionally, a comprehensive interpretation of the aeromagnetic survey data will be combined with surface molybdenum mineralization and associated alteration distribution to identify priority target areas for systematic verification through deep drilling. Systematic sampling will also continue for lithofacies detection and chemical analysis to refine the geological model of the Rikaze Mine.