Fivemile Gold Project |Nevada Sunrise Metals Corp.

Fivemile Gold Project

On May 26, 2026, Nevada Sunrise announced an earn-in option agreement whereby the Company can earn up to a 79% working interest in the Fivemile Gold Project (“ Fivemile ”, or the “ Property ”), located within the Battle Mountain-Eureka-Cortez gold trend in Lander County, Nevada.

Fivemile consists of 292 unpatented mineral claims on Bureau of Land Management land totaling approximately 6,033 acres (2,442 ha). The Property is located approximately 4 miles (6.4 km) south-southwest of the Cortez Hills mine and 5 miles (8 km) southwest of the Goldrush mine, both operated by Nevada Gold Mines LLC (“ NGM ”), a joint venture between Barrick Mining Corporation (“ Barrick ”) (61.5%) and Newmont Mining Corporation (38.5%). Fivemile lies 6 miles (10 km) southwest of the Fourmile gold deposit owned 100% by Barrick, which is planned to be contributed by Barrick into NGM (see Figure 1). ¹

Figure 1: Location of Fivemile Gold Project in the Cortez Trend

“Fivemile is an excellent greenfields exploration opportunity for Nevada Sunrise in one of the world’s richest gold districts,” said Warren Stanyer, President and CEO of the Company. “The lessons learned from the 2015 discovery of the high-grade Fourmile deposit, as it steadily developed to its current status as the premiere Nevada gold deposit, has galvanized a new exploration model for deeper and higher grade Carlin-type gold deposits. The hunt by several major and junior companies for another Fourmile-type deposit is on. Nevada Sunrise is eager to begin exploration at Fivemile, which contains favourable interpreted geological, geophysical and structural features similar to those observed at the Fourmile deposit - the greatest gold discovery made in Nevada in generations.”

About Fivemile

The majority of the Fivemile claims, staked in 2025 and 2026, cover an area of alluvium-covered shallow pediment, referred to by the Company as “Fivemile Flats” (see Figure 2), which has no outcrop, inhibiting previous surface exploration. The Fivemile gold exploration target was generated by reprocessing publicly-available data collected by the United State Geological Survey (the “ USGS ”) and integrating that data with a proprietary geological interpretation of structural features that are visible in the geophysical, geological and satellite imagery data. The geophysical signature of Fivemile is observed as the conjunction of a gravity high anomaly and a magnetic low anomaly (Figure 3). The gravity high mirrors a gravity high associated with the Fourmile and Goldrush deposits located approximately 5 miles to the northeast.

Figure 2: Fivemile Flats at the Fivemile Gold Project

2026 Exploration at Fivemile

On September 23, 2026, Nevada Sunrise announced the results of an Ionic Leach ^TM soil survey program (the “ Survey ”) at Fivemile.

Three hundred (300) soil samples were collected property-wide at 150-metre intervals on northeast trending lines spaced 600 metres apart, and were delivered to ALS Global Laboratories (“ ALS ”) in Reno, NV, for analysis by their proprietary Ionic Leach ^TM method, which can detect minute traces of deeply-buried mineral deposits in surface soils (Figure 3).

Figure 3: Fivemile 2026 Soil Survey - Gold-in-Soil Results

The results of the Survey show areas at Fivemile anomalous in gold, arsenic, copper, and selenium. In the northern part of the Property, a classic geochemical halo anomaly is present with an aureole of higher values surrounding a core of lower values. This well-developed “doughnut-hole” negative anomaly, or depletion halo, lies over the coincident geophysical anomalies that were previously identified from re-processing USGS public-domain data (see Figure 3). Depletion haloes are recognized by geoscientists as an important indication of a mineralizing process that may have caused both the depletion halo and a ring of higher values away from the presumed source. Further, groundwater transport of metals ions is interpreted to have weakened the high value anomalies in the vicinity of the doughnut hole and caused a strong “apron” soil anomaly down-gradient in the playa lake bed in the southern area of the Property (see Figures 3 and 4).

This groundwater flow at the Property is evidenced by the presence of ephemeral springs, i.e., an intermittent expression of surface water (the “ Fivemile Springs ”), which breach the surface approximately one mile (1.6 kilometres) south of the geophysical anomalies in the northern part of the Property (Figure 3). The lateral transport of metals ions by groundwater from their presumed source is described in geoscientific literature over the last three decades since the implementation of partial leach soil geochemical surveys in the modern era of mineral exploration (Figure 4). ^2,3

Figure 4: Conceptual Cross-Section Showing Potential Groundwater Transport of Metal Ions and Gold-in-Soil Anomalies

As the next step in developing drill targets at Fivemile, the Company is soliciting bids from geophysical contractors for a high-resolution ground gravity survey to better define the conjunction of the gravity high with the magnetic low identified from the regional USGS geophysical surveys. The gravity survey is expected to commence in the 4 ^th Quarter 2026.

Fivemile Exploration Targets

The exploration targets at Fivemile are two-fold: epithermal gold/silver mineralization related to the Caetano Caldera, possibly superimposed on an earlier Carlin-type gold deposit(s), similar to the Fourmile, Goldrush and Cortez Hills deposits.

The Fivemile primary gold exploration targets were generated by reprocessing publicly-available data collected by the USGS and integrating that data with a proprietary geological interpretation of structural features that are visible in the geophysical, geological and satellite imagery data. The geophysical signature of Fivemile is observed as the conjunction of a gravity high anomaly and a magnetic low anomaly (Figure 3). The gravity high at Fivemile mirrors a gravity high associated with the Fourmile and Goldrush deposits located to the northeast of the Property.

Fivemile also lies in the same relative position as the Fourmile and Goldrush deposits, which are located along the western border of a larger Eocene-Miocene apical graben in the core of a larger NNW-SSE trending regional anticline (Figure 3). The center of this apical graben localized the Northern Nevada Rift zone in mid-Miocene time. Miocene lake sediments were deposited in this graben.

From the available geophysical and geological data, the Company has inferred regional NE-SW trending faults that pass through the Fourmile-Goldrush and the historical Toiyabe Mine areas, and the Fivemile property area. These faults, herein referred to as the “Fourmile Faults”, are believed to have been active in Eocene through Miocene time and controlled gold mineralization at interpreted intersections with N-S trending graben normal faults. In the Fivemile area, the Fourmile faults probably localized part of the Caetano Caldera ring-fracture system and also intersected and offset N-S Cortez graben faults in the vicinity of the geophysical anomalies.

About the Ionic Leach ^TM Survey Method

Ionic Leach ^TM soil surveys are known to be effective to detect areas anomalous for gold and other Carlin-type gold deposit pathfinder elements. Case studies of the Ionic Leach ^TM soil sampling method have been successful in detecting buried mineralization, particularly in challenging environments with cover, as seen at the Pebble copper-gold-molybdenum deposit in Alaska, ⁴ and the Sams Creek Project in New Zealand. ⁵ These case studies demonstrate that the Ionic Leach ^TM method is effective for identifying “blind” mineralization, even through thick cover, by extracting the mobile, loosely-bound metal ions present in soil and sediment.

About the Fourmile and the Cortez Complex Gold Deposits

The current mineral resource estimates at Fourmile are reported as:

Indicated mineral resource estimated at 2.6 million ounces of gold at an average grade of 17.59 grams per tonne (“ g/t ”) gold contained within 4.6 million tonnes, and
Inferred mineral resource estimated at 13.0 million ounces of gold at an average grade of 16.9 g/t gold contained within 25.0 million tonnes. ⁶

The Cortez Complex includes significant gold deposits such as Pipeline, Crossroads, Cortez Pits, Gold Acres, Robertson, Goldrush, and Cortez Hills, which collectively contain mineral resource estimates reported in both underground and surface deposits as:

Measured mineral resources estimated at 0.67 million ounces of gold at an average grade of 4.88 g/t gold contained within 4.3 million tonnes;
Indicated mineral resources estimated at 18.0 million ounces of gold at an average grade of 2.71 g/t gold contained within 200 million tonnes, and
Inferred mineral resources estimated at 6.4 million ounces of gold at an average grade of 1.6 g/t gold contained within 120.0 million tonnes. ⁷

References:

¹News Release, Barrick Mining Corporation, August 10, 2026;

² “Major Advances in Soil Geochemical Exploration Methods for Areas of Thick Glacial Drift Cover”, Ontario Geological Survey, Paper 13, Hamilton, S.M., 2007;

^{3 “}Anomalous Gold, Antimony, Arsenic, and Tungsten in Ground Water Alluvium Around Disseminated Gold Deposits Along the Getchell Trend, Humboldt County, Nevada”, Journal of Geochemical Exploration, No. 52, by Grimes, David. J., et al., 1995;

⁴U.S. Geological Survey Open-File Report 2010–1225: USGS Exploration Geochemistry Studies at the Pebble porphyry Cu-Au-Mo deposit, Alaska”, by Eppinger, R.G., et al., 2010;

⁵News Release, Siren Gold Limited, June 22, 2023;

⁶Barrick-Nevada Gold Mines Investor Visit Presentation, dated February 26, 2026;

⁷Technical Report on the Cortez Complex, Lander and Eureka Counties, Nevada, USA, Prepared for Barrick Gold Corporation, by Fiddes, C., et al, with an effective date of December 31, 2021.

Qualified Person and National Instrument 43-101 Disclosure

The scientific and technical information contained in this disclosure has been reviewed and approved by Robert Allender Jr., CPG, SME and a Qualified Person for Nevada Sunrise as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects . Mr. Allender has examined information regarding historical, current and proposed exploration at Fivemile, which includes his review of the current sampling, analytical procedures and results underlying the information and opinions contained herein.

The ALS Ionic Leach™ process provides a package of 61 elements analyzed by an inductively coupled plasma mass spectrometry (“ ICP-MS ”) instrument. The Ionic Leach™ analytical method achieves extremely low sub-ppb (below pars per billion) detection limits, allowing for the detection of “natural background” levels of elements, which is crucial for identifying subtle anomalies.

To minimize contamination risk, the samples undergo minimal prep, using 50 grams of the sample material as it was collected, analysed by the following process:

Leaching Agent: A static sodium cyanide leach is used, enhanced with chelating agents such as amino-carboxylic acids or polyethylenediamines;
Buffered Solution: The leaching solution is buffered to a strictly maintained alkaline pH of 8.5 to ensure stability of the cyanide complexes;
1:1 Ratio: The sample is mixed in a 1:1 ratio with the reagent to maximize the sensitivity of the extraction;
The resulting solution (leachate) is introduced directly into an ICP-MS spectrometer.

Management cautions that published any historical results were collected and reported by operators unrelated to Nevada Sunrise and have not been verified nor confirmed by its Qualified Person; however, the historical results create a scientific basis for ongoing work at the Fivemile. Management further cautions that historical results, discoveries and published resource estimates on adjacent or nearby mineral properties, whether in stated current resource estimates or historical resource estimates, are not necessarily indicative of the results that may be achieved on the Property.

Details of the Fivemile Option Acquisition

Nevada Sunrise can earn a 79% interest in Fivemile from American Metals Exploration Corp. (“Ammetex”), a private Nevada company at arm’s-length to Nevada Sunrise, in three stages over 4 years as follows:

First Option

Nevada Sunrise can acquire a 51% interest in the Property by incurring an aggregate of US$1,000,000 of expenditures (the “First Option Expenditure Requirement”) on the Property by May 31, 2028 (the “First Option Period”), of which a minimum of $300,000 of Expenditures must be completed by May 31, 2027 (the “2027 Expenditure Requirement”). The First Option Expenditure includes a cash payment to Ammetex of US$55,500 payable within three (3) business days following execution of this Agreement, an additional cash payment of US$30,000 to Ammetex on or before August 15, 2026 and an additional cash payment of US$60,000 to Ammetex on or before August 15, 2027.

Upon the Company meeting the First Option Expenditure Requirement, a joint venture will be negotiated between Nevada Sunrise and Ammetex and a joint venture company will be formed as soon as reasonably practicable.

Second Option

Upon its exercise of the First Option, the Company will have the option to acquire an additional 14% interest for a 65% interest in the joint venture (the “Second Option”). To exercise the Second Option, the Company shall incur an additional US$850,000 of Expenditures (the “Second Option Expenditure Requirement”) no later than May 31, 2029 (the “Second Option Period”). The Second Option Expenditure Requirement shall include a cash payment to the Ammetex of US$80,000 on or before August 15, 2029.

The Second Option Expenditure Requirement will be incurred at the Company’s sole discretion and if the Nevada Sunrise does not complete the Second Option Expenditure Requirement or provides notice that it does not intend to proceed with the Second Option, then the Second Option will terminate, with the Company holding a 51% interest in the Joint Venture.

Third Option

Upon the exercise of the Second Option, the Company will have the option to acquire an additional undivided 14% interest for a 79% interest in the Property (the “Third Option”). To exercise the Third Option, the Company shall incur an additional US$850,000 of Expenditures (the “Third Option Expenditure Requirement”) no later than May 31, 2030 (the “Third Option Period”). The Third Option Expenditure Requirement shall include a cash payment to Ammetex of US$120,000 payable by August 15, 2030.

If Nevada Sunrise does not complete the Third Option Expenditure Requirement or provides notice that it does not intend to proceed with the Third Option, then the Third Option will terminate, with the Company holding a 65% interest in the joint venture.

If the Company incurs expenditures in excess of either the First Option Expenditure Requirement, then the excess will be credited to (i) the Second Option Expenditure Requirement; (ii) if also in excess of the Second Option Expenditure Requirement, to the Third Option Expenditure Requirement; and (iii) if also in excess of the Third Option Expenditure Requirement, to the Company’s proportionate share of joint venture expenditures.

Joint Venture

Ammetex will be the operator for all work conducted on the joint venture and may designate contractors or consultants to perform work at its sole discretion until Nevada Sunrise has satisfied its obligations under the terms of the First, Second and Third Options, after which operatorship will be assumed by the majority shareholder in the joint venture.

At the time of the formation of the joint venture and until the Company completes an aggregate of US$2.7 million in expenditures made during the Option Periods, Ammetex shall not be required to contribute to exploration expenditures. If the Company does not meet its expenditure obligations for the Second and Third Option Periods, and Ammetex wishes to make expenditures on the Property, the Company’s 51% earned interest in the joint venture will be adjusted in accordance with a standard dilution formula.

Upon completion of its Expenditure requirements during the First, Second and Third Option Periods, the Company shall hold a 79% interest in the Joint Venture, and Ammetex will be deemed to hold a 21% interest in the Joint Venture, and thereafter each party will be required to contribute to future expenditures in accordance with their pro rata interest or be diluted in accordance with a standard dilution formula.

Each party’s interest in the joint venture is subject to a mutual right of first refusal.

Contingent Performance Payment

Nevada Sunrise has agreed to file a technical report prepared in accordance with National Instrument 43-101 (“NI 43-101”) within five (5) years of the Effective Date on www.sedarplus.ca. If that technical report discloses a mineral resource estimate for the Property of at least five hundred thousand (500,000) ounces of gold equivalent, calculated by way of the industry-standard formula for combined gold and silver resources, in all categories of mineral resources (the “Qualifying MRE”), the Company or its assigns will pay a US$1.0 million cash payment to Ammetex within 90 days of such filing. This payment will only be payable in connection with the first time the Company files a technical report within five (5) years of the Effective Date that includes a Qualifying MRE, and not for any subsequent update of such resource estimate.

Net Smelter Returns Royalty

The Company acknowledges that a 3.0% NSR Royalty (the “NSR”) is reserved in favour of Ammetex and its lawful assigns (the “Royalty Holder”) on production of valuable minerals from the Property. The Company has the right, exercisable at any time up until commencement of production, to purchase one-third of the NSR (equal to 1.0% of the NSR) by payment to the Royalty Holder of US$2,000,000 in cash, under certain other conditions.