Update on 2024 Summer-Fall Exploration and Development Activities at Shaakichiuwaanaan, Quebec, Canada

Drilling Programs

Winter 2023-2024 Drilling Program

In the winter of 2023-2024, O3 Mining drilled 11,634 meters in 32 diamond drill holes on the Shaakichiuwaanaan property. The drill program had three main components: infill drilling to upgrade and expand the current mineral resource estimate; step-out drilling to test the strike and depth extensions of known mineralized zones; and drilling of new exploration targets, including the West Zone, which is located approximately two kilometers to the west of deposit 1.

Summer 2024 Exploration and Infill Drilling Program

Planning for the summer of 2024 is underway. Additional infill drilling is planned to upgrade and expand the current mineral resource estimate and to test the down-dip extensions of known mineralized zones. Step-out drilling will focus on testing the strike extensions of known mineralized zones, and on further exploring the potential of the West Zone.

Geological Mapping and Prospecting

In the summer of 2023, additional geological mapping and prospecting was carried out on the Shaakichiuwaanaan property. This work was focused on areas with known mineral occurrences and on areas with potential for new discoveries.

Geophysical Surveys

Additional geophysical surveys are planned for the summer of 2024. These surveys will be used to identify new exploration targets and to provide additional information on the geology of the property.

Metallurgical Testing

Metallurgical testing is ongoing on samples from the Shaakichiuwaanaan property. The results of this testing will be used to optimize the process flowsheet for the future development of the deposit.

Environmental Studies

Environmental studies are ongoing on the Shaakichiuwaanaan property. These studies are being conducted to assess the potential environmental impacts of the proposed mining project and to develop mitigation measures to minimize these impacts.

Community Engagement

O3 Mining is committed to working with the local community and Indigenous groups in a spirit of partnership and respect. The company is actively engaged in ongoing discussions with these groups to ensure that their concerns are addressed and that the project benefits the community.