26 February 2026
BWA Group PLC
("BWA", or the "Company") (AQUIS: BWAP)
Field Mapping and Sampling Programme at the Isoukustouc Licence, and Update on
Winterhouse Project Claims Group, Kings of the North Project, Quebec, Canada
BWA Group plc [AQSE: BWAP], which has mineral exploration permits in Cameroon,
mining claims in Canada, and is quoted on London's Aquis Growth Market, provides
an update on its recently completed mapping and sampling visit to the Kings of
the North ("KOTN") Isoukustouc licence, Quebec, Canada ("Isoukustouc" or
"Isoukustouc Project").
The Isoukustouc licence group is in the North-Shore region of the St-Lawrence
River, in proximity to the communities of Baie Comeau (80 km south) and Sept
-Îles (150 km east) (Figure 1). The Isoukustouc licence is located less than ten
kilometres to the northeast of the Manic-3 hydro generating station within the
Manicouagan Reservoir. The Isoukustouc licence consists of 30 claims totalling
16.5 km2.
The licence area is prospective for intrusion-related Ni-Cu (+/-PGE) sulphide
mineralisation, with additional potential of magmatic lithium. Several Ni-Cu-PGE
occurrences have been uncovered recently in the Grenville Province, including
the Cu-Ni mineralisation associated with mafic intrusions of the Lac Volant
Occurrence in the Matamec Complex.
Summary
KOTN through use of geological consultants, Addison Mining Services Ltd ("AMS")
and Minéralis Consulting Services ("Minéralis") completed a four-day follow up
site visit to the KOTN Isoukustouc licence. The visit was completed between the
29 October to 1 November 2025, during which 36 primary surface samples were
taken from accessible areas near high priority geophysical anomalies (Figures 2
to 5). Mapping covered >6.5 km2.
The visit was conducted in follow up to the 2023 field visit for the assessment
of existing known targets to gain a better understanding of the project's
geology, target characteristics and accessibility for possible future work
programmes.
Three known prospects and their strike extents were targeted from previous
exploration works and interpretations (Manic-3, B-40 and Mathilda). Thirty eight
surface grab samples were collected and sent to ALS Canada for analysis.
Sample Results
The team visited three known mineral prospects; B-40, Manic-3, and Mathilda and
confirmed the presence of disseminated and massive sulphides that are associated
with magmatic rocks of Gabbroic composition, generally consisting of pyrite,
pyrrhotite, chalcopyrite and pentlandite, as shown in Figure 2 of sample
G350067. A total of 36 rock samples were collected, representing a variety of
lithologies, mineralised intervals, and structural features.
The main anomalous samples include G350067, G350069, G350080, and G350081,
showing elevated Cu, Co, Ni, and Ag with a small amount of Au detected in
G350067. These results are notable, as elevated levels of these metals are often
indicative of an intrusion-related sulphide system, consistent with the
geological model for the area.
The identification of low-level gold within one of the samples further enhances
the prospectivity, suggesting the possibility of polymetallic mineralisation in
addition to the base metals.
Samples G350067 (0.81% Cu, 0.28% Ni, 0.14 % Co, 0.16 ppm Au and 4.71 ppm Ag -
Figure 2) and G350069 (0.20% Cu, 0.19% Ni, 0.02 ppm Au and 1.12 ppm Ag) are
situated within the Manic-3 prospect, an area known for its sulphide
mineralisation. Meanwhile, samples G350080 (0.10% Cu, 0.16% Ni and 1.05 ppm Ag)
and G350081 (0.11% Cu, 0.14% Ni and 1.10 ppm Ag) are located within the Mathilda
prospect, which has previously been identified as a high-priority target due to
the presence of disseminated sulphides within gabbroic intrusions.
Geological observations from the 2025 programme support the interpretation of an
intrusion-related Ni-Cu sulphide system, consistent with historical work in the
region. Mapping at B-40 validated the structural corridor hosting mineralisation
and confirmed the continuity of gabbro to gabbronorite units along strike. Both
intrusive-hosted and metasedimentary-hosted sulphides were observed in the
southwest claim block, highlighting diverse favourable environments for
mineralisation.
Mapping west of Manic-3 delineated new mineralised intervals over a strike
length of approximately 90 metres, and Mathilda exhibited high proportions of
disseminated sulphides (20-25%) within gabbroic intrusions, reinforcing its
status as a high-priority exploration target.
In summary, the 2025 field programme have enhanced the geological understanding
of the Isoukustouc property, confirmed multiple mineralised targets, and
identified key logistical requirements for future exploration phases.
The 2025 results, coupled with the 2023 results provide a strong foundation and
insight into the mineral potential of the Isoukustouc property, highlighting the
spatial distribution of mineralisation within the claims. Although the total
number of samples is relatively low, their anomalous nature suggests the
presence of potentially economic mineralised systems, warranting further
investigation and follow-up systematic sampling in future field programmes
across the Isoukustouc licence.
The sample locations with Ni, Cu and Ti results are displayed as Figures 3, 4
and 5 respectively. Results of key target and anomalous elements are presented
below.
Jonathan Wearing, Non-Executive Chairman of BWA Group Plc, commented:
"We are pleased to report additional mapping and sampling activities at
Isoukustouc. The detection of anomalous Cu, Co, Ni, and Ag mineralisation,
alongside potential Au credits, is particularly encouraging. These findings
continue to confirm the area's prospectivity, and BWA intends to develop a
comprehensive study plan and pursue a more systematic evaluation of the licence
in the near future".
Geology and Geological Interpretation
The licence is located within the Grenville Geological Province of the North
Shore region of Quebec. The Grenville Province extends for more than 2,000 km in
length and skirts the North Shore of the St-Lawrence River and varies in width
between 300 km to 600 km.
The Grenville Province consists of high-grade metamorphic terrains exposed along
the southeastern margin of the Canadian Shield, which were deformed by the
Grenvillian Orogenic Cycle between 1,160 Ma and 950 Ma. The tectonic fabric of
Grenville is predominantly northeast-southwest trending. The present-day aspect
of Grenville is the result of a complex polycyclic structural evolution.
Host lithologies from the licence belong to the allochthonous polycyclic belt,
composed of paragneisses, orthogneisses, granites, gabbros and anorthosites. In
the licence, metamorphism is a higher grade from amphibolite to granulite
facies. The area is covered by granite and migmatites of higher metamorphic
grade in the upper amphibolite to granulite facies showing evidence of partial
melting. These rocks have been locally intruded by mafic and ultramafic rocks
such as gabbros, diorites, pyroxenites and monzonites. The intrusive rocks
appear as small plutons and stocks.
The mineralisation model type is understood to be an intrusion-related Ni-Cu (
-PGE) disseminated, semi- and massive sulphide, with a recent potential addition
of magmatic intrusion-related lithium.
Several nickel-copper-PGE occurrences have been uncovered during the last few
years in the Grenville Province, including the copper-nickel mineralisation
associated with mafic sills or dykes of the Lac Volant Occurrence in the Matamec
Complex located 35 kilometres north of Lac Méchant. The known copper-nickel
mineralisation (Renzy, Edouard and McNickel occurrences) are largely lower grade
(<1% nickel and <1% copper). The most significant PGE mineralisation known is
associated with several 2.49 to 2.44 Ga mafic intrusions that extend from
southern Quebec into Ontario).
Outcropping mineralisation observed at the Isoukustouc licence occurs as semi
-massive sulphides of pyrrhotite, pyrite (Fe) and potentially gold (Au) hosting,
chalcopyrite (Cu), pentlandite (Ni) and disseminated sulphides and millimetric
stringers observed locally as a stockwork which is hosted within the gabbros.
These intrusive gabbroic rocks appear from the limited mapping as small plutons
or stocks. Furthermore, these small gabbroic intrusions appear to coincide with
the geophysical anomalies.
Rock types and alteration/mineralisation observed are largely in line with
expectations from previous studies and reports, indicating most likely
exploration target deposit model type being intrusion-related sulphides.
However, the occurrence of other deposit types in old basements and long-lived
terrains such as orogenic base and precious metal vein/shear type cannot be
discounted.
Further work on compilation and interpretation of recent and historic results
towards updated target definitions is ongoing.
Update on Winterhouse Claims
BWA Group reports that 32 claims at the Winterhouse Project have been
relinquished and 58 claims remain for approximately 30.2 km2 (Figure 6).
Competent Person's Statement
The information in this report which relates to the BWA Isoukustouc Project is
based upon and fairly represents information reviewed and compiled by Mr Lewis
Harvey, MSc., Principal Geologist for Addison Mining Services, who is a Member
of the Australian Institute of Geoscientists.
The results were reviewed by Mr J. N. Hogg, MSc. MAIG, Principal Geologist and
Managing Director for Addison Mining Services.
Mr Harvey and Mr Hogg have sufficient experience relevant to the style of
mineralisation, the type of deposit under consideration and to the activity
undertaken to qualify as a Competent Person as defined in the JORC Code 2012
edition of the Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves.
Mr Harvey and Mr Hogg has reviewed and verified the technical information that
forms the basis of and has been used in the preparation of this announcement,
including all sampling and analytical data, and analytical techniques. Mr Harvey
and Mr Hogg consent to the inclusion in this announcement of the matters based
on the information, in the form and context in which it appears.
Forward Looking Statement
This announcement contains forward-looking statements which involve a number of
risks and uncertainties. These forward-looking statements are expressed in good
faith and believed to have a reasonable basis. These statements reflect current
expectations, intentions or strategies regarding the future and assumptions
based on currently available information. Should one or more of the risks or
uncertainties materialise, or should underlying assumptions prove incorrect,
actual results may vary from the expectations, intentions and strategies
described in this announcement.
No obligation is assumed to update forward-looking statements if these beliefs,
opinions and estimates should change or to reflect other future developments.
For further information on the Company, please visit
www.bwagroupplc.com/index.html or:
BWA Group PLC +44 (0) 7770 225 253
James Butterfield [email protected]
Managing Director
Allenby Capital Limited +44 (0) 20 3328 5656
Corporate Adviser Nick Harriss/Nick Naylor
Oberon Capital +44 (0) 20 3179 5300
Oberon Capital Broker Nick Lovering/Adam Pollock
Glossary of Technical Terms:
+---------+--------------------------------------------------------------------+
|"%" |percent |
+---------+--------------------------------------------------------------------+
|"AA" |Atomic Absorption |
+---------+--------------------------------------------------------------------+
|"ALS" |Australian Laboratory Services; |
+---------+--------------------------------------------------------------------+
|"AMS" |Addison Mining Services; |
+---------+--------------------------------------------------------------------+
|"AQSE" |Aquis Stock Exchange; a stock market providing primary and secondary|
| |markets for equity and debt products. |
+---------+--------------------------------------------------------------------+
|"BWA" |BWA Group PLC; |
+---------+--------------------------------------------------------------------+
|"CEO" |Chief Executive Officer; |
+---------+--------------------------------------------------------------------+
|"CP" |Competent Person; |
+---------+--------------------------------------------------------------------+
|"Ga" |Billion years; |
+---------+--------------------------------------------------------------------+
|"ICP |Inductively Coupled Plasma Atomic Emission Spectroscopy; |
|-AES" | |
+---------+--------------------------------------------------------------------+
|"km" |Kilometre; |
+---------+--------------------------------------------------------------------+
|"KOTN" |Kings of the North; |
+---------+--------------------------------------------------------------------+
|"JORC |2012 edition of the JORC code; |
|(2012)" | |
+---------+--------------------------------------------------------------------+
|"JORC" |Australasian Code for Reporting of Exploration Results, Mineral |
| |Resources and Ore Reserves, as published by the Joint Ore Reserves |
| |Committee of The Australasian Institute of Mining and Metallurgy, |
| |Australian Institute of Geoscientists and Minerals Council of |
| |Australia; |
+---------+--------------------------------------------------------------------+
|"m" |metre; |
+---------+--------------------------------------------------------------------+
|"Ma" |Million years; |
+---------+--------------------------------------------------------------------+
|"MAIG" |Member of the Australian Institute of Geoscientists ; |
+---------+--------------------------------------------------------------------+
|"MSc" |Master of Science; |
+---------+--------------------------------------------------------------------+
|"ME |Analysis by Fusion/XRF; |
|-XRF11bE"| |
| | |
+---------+--------------------------------------------------------------------+
|"ME |Analysis by 4 Acid digest and ICP-AES; |
|-MS61" | |
+---------+--------------------------------------------------------------------+
|"PGE" |Platinum Group Elements; |
+---------+--------------------------------------------------------------------+
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The samples were submitted to ALS on the 4th of November 2025, and results were
received on the 7th of January 2026. The core elements are presented below.
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|DESCRIPTION|lithology|Ag_ppm|Cd_ppm|Co_ppm|Cr_ppm|Cu_ppm|Li_ppm|Ni_ppm|Pb_ppm|Sr
_ppm|Ti_%|Zn_ppm|Zr_ppm|Au_ppm|Pt_ppm|
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350051 |Diorite |0.04 |0.08 |44.4 |82 |15.4 |9.5 |80.3 |5.1
|380 |1.7 |89 |52.4 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350052 |Diorite |0.04 |0.15 |33.3 |103 |9.1 |21.5 |77.7 |20
|1645 |1.4 |144 |42.2 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350053 |Granite |0.02 |-0.02 |1.7 |17 |0.7 |7.6 |3.9 |3.1
|55.8 |0.1 |9 |94.5 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350054 |Diorite |0.03 |0.18 |48.9 |90 |18.6 |11.5 |63.3 |5.3
|411 |1.7 |138 |39.3 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350055 |Granite |0.03 |0.08 |30.3 |30 |90.9 |41.6 |35.1 |10.2
|1250 |1.9 |184 |33.1 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350056 |Diorite |0.26 |0.16 |84.5 |74 |185.5 |9.3 |211 |9.1
|529 |1.7 |115 |126.5 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350057 |Diorite |0.04 |0.16 |45.4 |74 |22.7 |10.7 |82.4 |6.4
|447 |1.5 |131 |89.3 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350058 |Syenite |-0.01 |0.02 |4.7 |5 |9.1 |8.8 |3.7 |25
|613 |0.3 |45 |136 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350059 |Quartzite|0.39 |0.73 |9.4 |42 |44.2 |8 |12.6 |187.5
|146 |0.2 |385 |182 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350060 |Diorite |0.06 |0.13 |38.4 |70 |42.6 |19.5 |90.3 |11.8
|1170 |2.2 |127 |46.4 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350061 |Granite |0.06 |0.04 |10.9 |31 |28.4 |9.7 |14.4 |11.2
|527 |0.7 |47 |109.5 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350062 |Pegmatite|0.02 |0.03 |8.1 |11 |0.8 |17.2 |10.8 |17.6
|509 |0.6 |65 |58.6 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350063 |Gabbro |0.14 |0.2 |56.7 |353 |284 |10.3 |291 |5.4
|358 |0.4 |106 |31.5 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350064 |Gabbro |0.2 |0.25 |87.7 |407 |528 |9.1 |998 |6.3
|663 |0.6 |114 |23 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350065 |Gabbro |0.42 |0.42 |85.1 |444 |719 |12.2 |496 |8.7
|378 |0.4 |99 |36.4 |0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350066 |Gabbro |0.18 |0.22 |78.7 |162 |471 |7.5 |785 |3.8
|264 |0.4 |85 |21.3 |0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350067 |Gabbro |4.71 |0.56 |1430 |299 |8110 |8.5 |2820 |6.3
|120.5 |0.1 |79 |13.6 |0.16 |0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350068 |Pegmatite|0.02 |-0.02 |2.6 |7 |18.9 |5.1 |6.7 |17.2
|148.5 |0.1 |20 |87.6 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350069 |Gabbro |1.12 |0.48 |324 |242 |1960 |8 |1900 |7.3
|242 |0.2 |113 |26.2 |0.02 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350070 |Gabbro |0.07 |0.23 |42 |223 |19.5 |14.8 |53.8 |6.3
|272 |0.5 |108 |53.3 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350071 |Gabbro |0.08 |0.11 |59.1 |168 |95.6 |7.4 |284 |4.4
|375 |0.5 |87 |22.6 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350072 |Gabbro |0.13 |0.08 |43.1 |13 |378 |9.4 |111.5 |10.5
|2570 |1.9 |70 |8.1 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350073 |Granite |0.05 |0.06 |6.4 |6 |3.4 |8.7 |5.1 |15.8
|702 |0.3 |54 |76.5 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350074 |Pegmatite|0.04 |0.63 |4.6 |4 |6.9 |7.2 |1.9 |27.4
|224 |0.6 |217 |267 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350076 |Granite |0.04 |0.1 |25.2 |202 |1.5 |9.7 |65.6 |5.3
|454 |0.4 |87 |52.3 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350077 |Granite |0.03 |0.04 |3.8 |13 |11.6 |18.2 |4.8 |4.3
|145.5 |0.2 |16 |50.6 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350078 |Granite |0.42 |0.68 |84.3 |165 |282 |12.6 |435 |12.8
|914 |0.9 |154 |14.6 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350079 |Quartzite|0.01 |-0.02 |0.6 |17 |2.1 |4.5 |2.6 |0.9
|7.4 |0.1 |2 |40.2 |0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350080 |Gabbro |1.05 |0.93 |247 |105 |998 |10.6 |1620 |9.5
|980 |1.1 |114 |24.2 |0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350081 |Gabbro |1.1 |0.79 |349 |70 |1110 |9.1 |1380 |6.8
|611 |1.0 |102 |28.9 |0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350082 |Diorite |1.49 |0.92 |150 |64 |688 |24.7 |824 |16.7
|558 |1.6 |150 |34 |0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350083 |Diorite |0.42 |0.2 |24.9 |48 |150 |10.8 |59 |30.4
|277 |0.8 |54 |122 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350084 |Quartzite|0.01 |-0.02 |0.5 |20 |2.5 |3.9 |2.3 |1.2
|11.2 |0.0 |2 |30 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350085 |Diorite |0.06 |0.24 |19.6 |16 |24.2 |14 |14.9 |12.9
|655 |0.6 |91 |57.9 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350086 |Quartzite|-0.01 |-0.02 |0.5 |12 |1 |1.7 |0.9 |0.6 |3
|0.0 |-2 |29.2 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
|G350087 |Quartzite|0.02 |-0.02 |0.5 |17 |3.4 |3.4 |2.4 |2.7
|13.2 |0.0 |4 |17 |-0.01 |-0.01 |
+-----------+---------+------+------+------+------+------+------+------+------+-
-----+----+------+------+------+------+
APPENDIX: Table 1 (JORC 2012)
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code AMS Commentary
explanation
Sampling
techniques · Nature and · Samples were rock chips only, taken from
quality of outcrops.
sampling (e.g. · The sampling methods are sufficient for
cut channels, early-stage exploration.
random chips, · No handheld XRF instruments were used.
or specific
specialised
industry
standard
measurement
tools
appropriate to
the minerals
under
investigation,
such as down
hole gamma
sondes, or
handheld XRF
instruments,
etc). These
examples should
not be taken as
limiting the
broad meaning
of sampling.
· Include · Samples
reference to were taken by
measures taken an independent
to ensure consulting
sample geologist.
representivity · Samples
and the were rock chips
appropriate only, taken
calibration of from outcrops
any measurement and represent
tools or the outcrop
systems used. only, and may
not represent
the
mineralisation
as a whole.
· No
measurement
tools were
used, apart
from a compass
and GPS
· Aspects of · ALS
the laboratories
determination are either UKAS
of (1282)
mineralisation accredited, or
that are INAB accredited
Material to the to ISO 17025
Public Report. with other
relevant
accreditations
in place where
necessary.
· In cases · Samples
where `industry were rock chips
standard' work only, taken
has been done from outcrops,
this would be using a
relatively geological
simple (e.g. hammer.
`reverse · Samples
circulation were around 2
drilling was -3kg in weight.
used to obtain · Samples
1 m samples will be oven
from which 3 kg -dried for 24
was pulverised hours and
to produce a 30 split, crushed
g charge for and pulverised
fire assay'). to -75μm to
In other cases produce a pulp
more of 250 g for
explanation may multi-element
be required, ICP analysis by
such as where method ME-MS61.
there is coarse Gold and PGEs
gold that has by PGM-ICP27.
inherent · The samples
sampling will be used as
problems. a guide for
Unusual further
commodities or systematic
mineralisation exploration and
types (e.g. to identify
submarine priority areas.
nodules) may · The
warrant sampling
disclosure of methods are
detailed sufficient for
information. early-stage
exploration and
the style of
mineralisation.
Drilling
techniques · Drill type · Rock chip samples only.
(e.g. core,
reverse
circulation,
open-hole
hammer, rotary
air blast,
auger, Bangka,
sonic, etc) and
details (e.g.
core diameter,
triple or
standard tube,
depth of
diamond tails,
face-sampling
bit or other
type, whether
core is
oriented and if
so, by what
method, etc).
Drill sample
recovery · Method of · N/A.
recording and
assessing core
and chip sample
recoveries and
results
assessed.
· Measures · N/A.
taken to
maximise sample
recovery and
ensure
representative
nature of the
samples.
· Whether a · No
relationship relationship
exists between appears between
sample recovery sample weight
and grade and and grade.
whether sample · However,
bias may have more
occurred due to statistical
preferential work is
loss/gain of required to
fine/coarse check against
material. potential
biases.
Logging
· Whether · Roch chip samples were geologically
core and chip logged, covering lithology, grain size,
samples have alteration and colour amongst others.
been · No geotechnical logging is possible.
geologically · Samples are not sufficient to support
and any estimation studies.
geotechnically
logged to a
level of detail
to support
appropriate
Mineral
Resource
estimation,
mining studies
and
metallurgical
studies.
· Whether · Geological
logging is logging is
qualitative or qualitative.
quantitative in · Photography
nature. Core was completed
(or costean, on all samples.
channel, etc)
photography.
· The total · N/A.
length and
percentage of
the relevant
intersections
logged.
Sub-sampling
techniques and · If core, · N/A.
sample whether cut or
preparation sawn and
whether
quarter, half
or all core
taken.
· If non · Samples
-core, whether sent as rocks
riffled, tube only.
sampled, rotary
split, etc and
whether sampled
wet or dry.
· For all · Sample
sample types, collection
the nature, procedures,
quality and sample size,
appropriateness preparation and
of the sample analysis are
preparation considered
technique. appropriate for
the mineralogy,
deposit type
and the early
-stage nature
of the
exploration.
· Quality · QC
control procedures were
procedures employed, to
adopted for all ensure samples
sub-sampling were as
stages to representative
maximise of outcrop as
representivity possible and
of samples. were of
sufficient
weight to avoid
any analytical
issues.
· Measures · Ensure
taken to ensure samples were as
that the representative
sampling is of outcrop as
representative possible.
of the in situ · No
material duplicate
collected, samples were
including for taken.
instance
results for
field
duplicate/second
-half sampling.
· Whether · More
sample sizes statistical
are appropriate work is
to the grain required in
size of the this area.
material being
sampled.
Quality of
assay data and · The nature, · Samples were around 2-3kg in weight.
laboratory quality and · Samples will be oven-dried for 24 hours
tests appropriateness and split, crushed and pulverised to -75μm
of the assaying to produce a pulp of 250 g for multi-element
and laboratory ICP analysis by method ME-MS61. Gold and
procedures used PGEs by PGM-ICP27.
and whether the · Samples were analysed at ALS, Canada,
technique is Vancouver.
considered · Overlimit samples were re-analysed using
partial or ore grade methods of determination.
total. · Sample analytical techniques are
considered in line with industry standards
for this style of mineralisation.
· Given the expected grades, lithology and
deposit type, the laboratory procedures are
considered appropriate for this level of
work.
· For · No
geophysical geophysical
tools, tools,
spectrometers, spectrometers
handheld XRF or handheld XRF
instruments, instruments
etc, the were used in
parameters used the exploration
in determining work.
the analysis
including
instrument make
and model,
reading times,
calibrations
factors applied
and their
derivation,
etc.
· Nature of · Two QC
quality control samples were
procedures inserted into
adopted (e.g. the sample
standards, stream.
blanks, · QC samples
duplicates, were accepted.
external
laboratory
checks) and
whether
acceptable
levels of
accuracy (i.e.
lack of bias)
and precision
have been
established.
Verification of
sampling and · The · Samples and analysis were collected by
assaying verification of an independent consulting group.
significant
intersections
by either
independent or
alternative
company
personnel.
· The use of · N/A.
twinned holes.
· · GPS sample
Documentation coordinates in
of primary Excel data and
data, data lab analytical
entry data were
procedures, delivered in
data .csv, and
verification, imported to
data storage Micromine 3D
(physical and geological
electronic) modelling
protocols. software.
· Samples and
analysis were
verified by
cross reference
against
original
laboratory
assay
certificates by
AMS and the CP.
· Discuss any · No
adjustments to adjustment to
assay data. the analytical
data was
necessary.
· Raw
analytical data
will likely
remain
unchanged.
· ppm changed
to % where
applicable.
Location of
data points · Accuracy · Samples were surveyed using a handheld
and quality of GPS.
surveys used to · Accuracy is sufficient for the stage of
locate drill exploration.
holes (collar
and down-hole
surveys),
trenches, mine
workings and
other locations
used in Mineral
Resource
estimation.
· · Data was
Specification captured and
of the grid located using a
system used. Universal
Transverse
Mercator (UTM).
· The
geographic
coordinate
reference
system is WGS84
Zone 19N
(UTM19N).
· Elevations
are reported in
metres above
sea level.
· Quality and · There is no
adequacy of accurate
topographic topographic DTM
control. at present.
Data spacing
and · Data · Rock chip locations varied throughout
distribution spacing for the licence area.
reporting of · Data spacing is sufficient for the early
Exploration stage of exploration.
Results.
· Whether the · N/A.
data spacing
and
distribution is
sufficient to
establish the
degree of
geological and
grade
continuity
appropriate for
the Mineral
Resource and
Ore Reserve
estimation
procedure(s)
and
classifications
applied.
· Whether · N/A.
sample
compositing has
been applied.
Orientation of
data in · Whether the · Samples are rock chips only.
relation to orientation of · The level of potential bias is not known
geological sampling at this time.
structure achieves
unbiased
sampling of
possible
structures and
the extent to
which this is
known,
considering the
deposit type.
· If the · N/A.
relationship
between the
drilling
orientation and
the orientation
of key
mineralised
structures is
considered to
have introduced
a sampling
bias, this
should be
assessed and
reported if
material.
Sample security
· The · Samples were transported from the site
measures taken to the lab in secure polyweave bags by the
to ensure independent consultant.
sample · Samples are delivered to the laboratory
security. by independent consultant.
· The independent consultant were
responsible for the chain of custody.
· The samples arrived in good condition at
ALS.
Audits or
reviews · The results · Desk study review and audit by Principal
of any audits Consultants Mr James Hogg and Mr Lewis
or reviews of Harvey (AMS) determined sampling methods are
sampling suitable for early-stage geochemical
techniques and survey.
data. · Mr Lewis Harvey (AMS) conducted a site
visit in September 2023.
· Mr Lewis Harvey (AMS) is a CP as defined
by JORC.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code AMS Comments
explanation
Mineral
tenement and · Type, · The Isoukustouc licence consists of 30
land tenure reference claims totalling 16.5 km2.
status name/number, · Licences are held under KOTN.
location and · Claims were first registered on 13th
ownership April 2011.
including · Next expiry date is 12th April 2027.
agreements or · (22F16 and 23C10)
material issues · Côte-Nord
with third · Manicouagan
parties such as · Rivière-aux-Outardes
joint ventures, · There are no sites of special
partnerships, scientific interest, native title, national
overriding parks or historical importance that BWAR
royalties, are aware of.
native title · There are no Joint ventures.
interests,
historical
sites,
wilderness or
national park
and
environmental
settings.
· The · All
security of the tenements are in
tenure held at good standing.
the time of · AMS are
reporting along unaware of any
with any known impediments that
impediments to may affect the
obtaining a licences.
licence to
operate in the
area.
Exploration
done by other · · There has been limited historical
parties Acknowledgment exploration carried out.
and appraisal of · Data has been used to guide
exploration by exploration.
other parties.
Geology
· Deposit · The licence is located within the
type, geological Grenville Geological Province of the North
setting and Shore region of Quebec. The Grenville
style of Province extends for more than 2,000 km in
mineralisation length and skirts the North Shore of the St
-Lawrence River and varies in width between
300 km to 600 km.
· The Grenville Province consists of high
-grade metamorphic terrains exposed along
the southeastern margin of the Canadian
Shield, which were deformed by the
Grenvillian Orogenic Cycle between 1,160 Ma
and 950 Ma. The tectonic fabric of
Grenville is predominantly northeast
-southwest trending. The present-day aspect
of Grenville is the result of a complex
polycyclic structural evolution.
· Host lithologies from the licence
belong to the allochthonous polycyclic
belt, composed of paragneisses,
orthogneisses, granites, gabbros and
anorthosites. In the licence, metamorphism
is a higher grade from amphibolite to
granulite facies. The area is covered by
granite and migmatites of higher
metamorphic grade in the upper amphibolite
to granulite facies showing evidence of
partial melting. These rocks have been
locally intruded by mafic and ultramafic
rocks such as gabbros, diorites,
pyroxenites and monzonites. The intrusive
rocks appear as small plutons and stocks.
· The mineralisation model type is
understood to be an intrusion-related Ni
-Cu(-PGE) disseminated, semi- and massive
sulphide, with a recent potential addition
of magmatic intrusion-related lithium.
Drill hole
Information · A summary of · Sample details are presented in the
all information table below.
material to the · Samples East Min and Max 537381 -
understanding of 542079.
the exploration · Samples North Min and Max 5524754 -
results 5531152.
including a
tabulation of
the following
information for
all Material
drill holes:
· easting
and northing of
the drill hole
collar
· elevation
or RL (Reduced
Level -
elevation above
sea level in
metres) of the
drill hole
collar
· dip and
azimuth of the
hole
· down hole
length and
interception
depth
· hole
length.
· If the · No
exclusion of information has
this been omitted.
information is · All material
justified on information has
the basis that been described
the information in Table 1.
is not Material
and this
exclusion does
not detract
from the
understanding
of the report,
the Competent
Person should
clearly explain
why this is the
case.
Data
aggregation · In reporting · N/A.
methods Exploration
Results,
weighting
averaging
techniques,
maximum and/or
minimum grade
truncations
(e.g. cutting of
high grades) and
cut-off grades
are usually
Material and
should be
stated.
· Where · N/A.
aggregate
intercepts
incorporate
short lengths
of high grade
results and
longer lengths
of low grade
results, the
procedure used
for such
aggregation
should be
stated and some
typical
examples of
such
aggregations
should be shown
in detail.
· The · N/A.
assumptions
used for any
reporting of
metal
equivalent
values should
be clearly
stated.
Relationship
between · These · Mineralisation extent and geometry are
mineralisation relationships unknown at this time.
widths and are particularly · Surface sampling is early stage and
intercept important in the designed to confirm the presence and
lengths reporting of indication of mineralisation for targeting
Exploration further exploration.
Results.
· If the · N/A.
geometry of the
mineralisation
with respect to
the drill hole
angle is known,
its nature
should be
reported.
· If it is · N/A.
not known and
only the down
hole lengths
are reported,
there should be
a clear
statement to
this effect
(e.g. `down
hole length,
true width not
known').
Diagrams
· Appropriate · Appropriate scaled diagrams are
maps and attached to the RNS.
sections (with
scales) and
tabulations of
intercepts
should be
included for any
significant
discovery being
reported. These
should include,
but not be
limited to a
plan view of
drill hole
collar locations
and appropriate
sectional views.
Balanced
reporting · Where · All available exploration data for the
comprehensive Isoukustouc Project has been collected and
reporting of all reported at this time.
Exploration · The full implications for the data are
Results is not unknown at this time.
practicable,
representative
reporting of
both low and
high grades
and/or widths
should be
practiced to
avoid misleading
reporting of
Exploration
Results.
Other
substantive · Other · No geophysical works have been
exploration exploration completed by KOTN.
data data, if · Limited mapping works have been
meaningful and completed.
material, should · No additional significant surface
be reported sampling works have been completed.
including (but · No metallurgical testing or bulk
not limited to): density work has been completed.
geological
observations;
geophysical
survey results;
geochemical
survey results;
bulk samples -
size and method
of treatment;
metallurgical
test results;
bulk density,
groundwater,
geotechnical and
rock
characteristics;
potential
deleterious or
contaminating
substances.
Further work
· The nature · Further work includes additional
and scale of mapping and sampling in prospective areas
planned further to delineate lateral extents.
work (e.g. tests
for lateral
extensions or
depth extensions
or large-scale
step-out
drilling).
· Diagrams · Further work
clearly programmes are
highlighting being developed
the areas of and as such, no
possible diagrams are
extensions, available at
including the this time.
main geological · However,
interpretations exploration is
and future planned over the
drilling areas, whole licence
provided this area.
information is
not
commercially
sensitive
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