Nevada Sunrise originally acquired its former Gemini Lithium Project by claim staking in 2015, which grew in size by additional staking 280 unpatented claims by 2024 totaling approximately 5,600 acres (2,2,266 hectares).

The Lida Valley is a flat, desert basin with a similar geological setting to the Clayton Valley basin which hosts the Silver Peak mine 40 kilometres (26 miles) to the northwest.  Previous ground gravity surveys in the Lida Valley area were widely-spaced and limited in scope, however in 2012 and 2013 a geological research team led by Dr. John Oldow of the University of Texas, Dallas collected approximately 500 gravity measurements along 7 transects crossing the Lida Valley.  The detailed gravity survey results indicated significant gravity lows within two, faulted sub-basins approximately 7 kilometres (4.5 miles) apart, each interpreted to be hundreds of metres deep. Nevada Sunrise made the decision to acquire claims covering the available land after reviewing the geophysical results in conjunction with favourable local geology, namely late Miocene felsic volcanic tuffs adjacent to Gemini. These rocks could provide the source of lithium for clay deposits and in trapped, lithium-rich carbonate ground-waters (brines) within the sub-basins.

TDEM Survey in Progress at Gemini
 

Three separate follow-up time-domain electromagnetic (“TDEM”) surveys over Gemini carried out in 2016 and 2022 by Nevada Sunrise each detected conductive zones within the sub-basins interpreted to represent conductive zones at depth located well below the non-conductive alluvium at and near surface. 

Gemini Lithium Project: 2016 & 2022 TDEM Survey Results with 2022-2023 Drill Holes

Lithium-in-sediments mineralization was discovered by Nevada Sunrise in its maiden drilling program in 2022 and in 2023.

Note: Sediment samples are a composite of material collected from the rotary splitter in the RC drilling rig, which produces a continuous, representative 3 to 5 kilogram sample for each sample interval. All depth measurements reported, including sample and interval widths are down-hole.  As holes at Gemini are oriented vertical and geologic stratigraphy is primarily horizontal to sub-horizontal, downhole measurements are assumed to be close to true thickness.

Drilling operations at the site of borehole GEM23-04, February 2023
 

Sale of Gemini Claims in 2024-2025

On January 16, 2025, Nevada Sunrise Metals announced the completion of a purchase and sale agreement with Dome Rock Resources, LLC (“Dome Rock”), an arm’s-length private South Dakota company, whereby Dome Rock purchased fifty-seven (57) non-core claims (the “Claims”) from the Company. The Claims are located along the eastern boundary of Gemini. 

The western boundary of the Claims initially sold to Dome Rock is approximately 2 kilometres (1.33 miles) to the east of the Company’s National Instrument 43-101-compliant lithium resource area calculated in 2024, which represented approximately 20% of the total Project area.

The agreed purchase price for the acquisition of the Claims by Dome Rock was US$300,000 in cash. In November 2024, Dome Rock paid a non-refundable cash deposit of US$25,000 and entered into a 30-day period in which it carried out customary due diligence for a transaction of this nature. Following completion of due diligence by Dome Rock, the balance of the purchase price was received in full by Nevada Sunrise and the transaction closed in late December 2024. The Company retained a 2.0% NSR on the 57 claims sold to Dome Rock.

A finder’s fee of 5.0% cash totaling US$15,000 was paid to an arm’s-length party for making the introduction to Dome Rock that led to a successful closing of the Transaction.

On August 19, 2025, the Company announced the execution of a second option agreement with Dome Rock whereby Dome Rock  agreed to purchase an additional two hundred and twenty-three (223) unpatented lode claims from the Company, which represent the core claims of Gemini (the “Core Claims”). Following the closing of the transaction, Nevada Sunrise retained twenty-six (26) unpatented lode claims located immediately to the west of the Core Claims, known as Gemini West, and retained its Nevada Water Right Permit 86863 of 80.09 acre/feet/year. On September 16, 2025, the Company announced the successful closing of the purchase and sale transaction for the Core Claims.

Nevada Sunrise retains a 2.0% NSR for metals and minerals produced from the Core Claims, of which one-half (1.0%) can be purchased by Dome Rock for US$1.0 million.

Gemini West:  26 claims (520 acres) located on the western boundary of the Gemini Project
 

Details of the Gemini Option Agreement

The purchase price for a 100% acquisition of the Core Claims by Dome Rock was US$800,000 (approximately CAD$1.1 million) in cash, paid to the Company in accordance with the following schedule:

• An initial non-refundable US$100,000 deposit was paid within five business days of the execution of the Agreement (the “Effective Date);
• A second and final payment of US$700,000 was paid within 120 days of the Effective Date, the timing of which was accelerated by the Purchaser.

Gemini Resource Estimate Calculation (2023 - 2024)

On July 10, 2023, Nevada Sunrise announced the engagement of ABH Engineering Inc. (“ABH”) of Surrey, BC, Canada for engineering studies on Gemini. ABH initiated the process of data verification and desktop analysis of the drill data in order to produce a NI 43-101-compliant resource estimate for Gemini, with the further goal of generating a preliminary economic assessment. 

On January 23, 2024, Nevada Sunrise announced the completion by ABH of a maiden resource estimate on Gemini within the regulations of National Instrument 43-101 (the “Technical Report”). The Technical Report comprises a detailed review of the completed exploration programs, an Inferred resource estimate, interpretations and conclusions and recommendations for the next phase(s) of work.  

The Gemini Inferred resource estimate was based on geochemical analyses for lithium from composite samples of material collected from the rotary splitter in the RC drilling rigs contracted by the Company, which produced a continuous, representative 3 to 5 kilogram sample for each sample interval (see Nevada Sunrise news releases dated April 21, 2022, April 28, 2022, May 18, 2022, and May 24, 2023). Results of the drilling proved the existence of clays mineralized with lithium, exhibiting very good geological continuity; the Inferred resource was calculated for lithium carbonate hosted in the clays. 

3-D view of Lithium Mineralization in Phase 1 & Phase 2 boreholes
 

Highlights of the 2024 Gemini Inferred Resource Estimate

• 2022-2023 drilling at Gemini was based on targets selected from geological mapping and geophysical surveys that included a detailed gravity survey and three TDEM surveys.
• Two phases of drilling were completed in five (5) RC holes totaling 7,330 feet (2,234.18 metres):
  • Phase 1 drill holes GEM22-01 and GEM22-02 totaled 2,020 feet (615.85 metres);
  • Phase 2 drill holes GEM22-03, GEM23-04 and GEM23-05 totaled 5,310 ft (1,618.49 metres)
• Drilling by Nevada Sunrise tested only a small portion of the Gemini area within 844 acres, (342 hectares), which represents approximately 20% of the area covered by the Bureau of Land Management unpatented lode claims.

The Gemini deposit remains open in all directions and at depth. The Inferred resource estimate comprises, in an open pit-constrained resource:

• Approximately 1.3 million tonnes Lithium, or 7.1 million tonnes lithium carbonate equivalent (“LCE”) contained within 1,200 million tonnes of lithium-mineralized clay at an average grade of approximately 1,130 parts per million (“ppm”) Lithium;
• Lithium cut-off values of 400 ppm Lithium and density of 1.7 grams per cubic centimetre (“gm/cm^3”) were used.
• Model constraints: Faults 3 and 4; a conceptualized 24 degree pit-slope, modelled from property boundaries, using a benchmark 24 degree pit-slope from several other Nevada lithium clay deposits (Figure 13).

Gemini Lithium Project – Block Model Cross Sections with Conceptualized Open Pit 
(Source: ABH Engineering Inc.)
 

Nevada Sunrise retains a 2.0% NSR on the sale of valuable minerals from the Gemini Lithium Project.

The technical information herein regarding the Gemini Inferred resource estimate has been reviewed and approved by Damir Cukor, P. Geo., who is a Qualified Person with respect to Nevada Sunrise’s Gemini Lithium Project, as defined under NI 43-101.

Robert M. Allender, Jr., CPG, RG, SME, a Qualified Person within the meaning of NI 43-101, has reviewed and approved the technical information contained herein on behalf of the Company for its Gemini, Gemini West, Jackson Wash and Badlands lithium properties.

Sediment Sample Collection and Analysis

Lithium-in-sediment samples described in this document are a composite of material collected from the rotary splitter in the RC drilling rig, which produces a continuous, representative 3 to 5 kilogram sample for each sample interval. Samples were submitted to American Assay and ALS in Reno, NV and were analyzed utilizing a multi-element ICP-AES method. Specifically, the analytical method involves aqua regia digestion of the sample followed by the inductively coupled plasma (ICP) technique to ionize the sample, and atomic emission spectrometry (AES) to determine elemental concentrations. Duplicates, field blanks, and certified reference standards were inserted at regular intervals in the sample stream to ensure accuracy of the analytical method.