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Item 2. Properties

2025-04-22 compared with 2024-05-15 · 38 added, 36 removed, 44 unchanged (63% of the section changed)

determine material mining operations in accordance with subpart 1300 of SEC Regulation S-K, management considered both quantitative and

qualitative factors, assessed in the context of the Company’s overall business and financial condition.

The Company concluded that,

as of the date of the filing of this Report, its sole material mining operation is the CuMo Project.

The Company will update its assessment

of individually material mines on an annual basis.

determine material mining operations in accordance with subpart 1300 of Commission Regulation S-K, management considered both quantitative

and qualitative factors, assessed in the context of the Company’s overall business and financial condition.

The Company concluded

that, as of the date of the filing of this prospectus, its sole material mining operation is the CuMo Project.

The Company will update

its assessment of individually material mines on an annual basis.

information relating to such sole material mining operation is contained in the technical report summary (“TRS”) relating

to the CuMo Project prepared in compliance with the Item 601(b)(96) and subpart 1300 of Regulation S-K.

Reference should be made to the

full text of the TRS, a copy of which is filed as Exhibit 96.1 and incorporated herein by reference.

A glossary of terms used herein

can be found in the TRS.

to the CuMo Project prepared in compliance with Item 601(b)(96) and subpart 1300 of Regulation S-K.

Reference should be made to the full

text of the TRS, a copy of which is filed as Exhibit 96.1 to this registration statement and is incorporated herein by reference.

of terms used herein can be found in the TRS.

to Item 1302(b)(5) of Regulation S-K (17 C.F.R.

§229.1302(b)(5)), the Company states that the TRS was prepared by Shaun M.

(Eng), P.Geo of Geologic Systems, Ltd.

Dykes meets the qualifications specified under the definition of “qualified person”

under Item 1300 of Regulation S-K.

The CuMo Project currently consists of one hundred and twenty-six (126)

federal unpatented lode mining claims, and six (6) patented mining claims.

Geo of Geologic Systems, Ltd.

Dykes served as a director of the Company and Vice President, Exploration.

met the qualifications specified under the definition of “Qualified Person” under Item 1300 of Regulation S-K.

resigned from his position as an officer of the Company and a member of the Board on March 27, 2023.

CuMo Project currently consists of one hundred and twenty-six (126) federal unpatented lode mining claims, and six (6) patented mining

In total, the project comprises approximately 2,640 acres.

The unpatented lode mining claims and patented claims are situated in an unorganized mining district, in Boise County, Idaho, spanning

Sections in Township 7N and 8N, Range 5E and 6E, Boise Meridian.

The names of the unpatented claims, and the place of record of the location

notices thereof in the official records of the Boise County recorder, and the authorized office of the Bureau of Land Management are as

The unpatented lode mining claims and patented claims are situated

in an unorganized mining district, in Boise County, Idaho, spanning Sections in Township 7N and 8N, Range 5E and 6E, Boise Meridian.

names of the unpatented claims, and the place of record of the location notices, thereof in the official records of the Boise County recorder,

and the authorized office of the Bureau of Land Management are as follows:

following table lists the unpatented mining claims currently a part of the CuMo Project:

18 unchanged sentences

Access, Climate, Infrastructure and Topography

CuMo Project is situated in the mountains of south-central Idaho, in the Boise National Forest, in Boise County, Idaho, approximately

15 miles northeast of the town of Idaho City, near the unincorporated community of Centerville, roughly 37 miles on a straight line,

and 60 miles by road, from the city of Boise.

Good all-weather highways, and USFS logging roads provide access to the project from Idaho

CuMo Project is situated in the mountains of south-west Idaho, in the Boise National Forest, in Boise County, Idaho, approximately 15

miles northeast of the town of Idaho City, near the unincorporated community of Centerville, roughly 37 miles on a straight line, and

60 miles by road, from the city of Boise.

Good all-weather highways, and US Forest Service roads provide access to the project from Idaho

City and Centerville.

The trip from Boise takes approximately 1.5 hours.

Access is limited during some winter months when significant

Access can be limited during some winter months when significant

snow cover can impede passage via the Forest Service roads.

property is accessed by road from Boise by taking US State Highway 55 northerly for approximately 40 miles (65 km) to the town of Banks,

property can be accessed by road from Boise by taking State Highway 55 northerly for approximately 40 miles (65 km) to the town of Banks,

Idaho, and then east on the Banks Lowman Road towards the town of Garden Valley for approximately 10 miles (16 km).

3 unchanged sentences

CuMo claim block is approximately 10 miles (16 km) from Garden Valley.

Alternatively, access can be gained by traveling northeast from

Boise along Highway 21 past the towns of Idaho City and Centerville, along Grimes Creek, and then over the Grimes Pass.

Alternatively, access can be gained (1) by traveling northeast

from Boise along Highway 21 past the towns of Idaho City and Centerville, along Grimes Creek, and then over the Grimes Pass, or (2) from

State Highway 55 north to Horseshoe Bend, then east on Harris Creek Road past New Centerville, Centerville, Pioneerville to Forest Service

roads which give access to the western portion of the claim block.

elevation of the CuMo project ranges between 5,100 feet and 7,200 feet.

5 unchanged sentences

Vegetation in the project area consists of cedar, lodgepole pine, mountain mahogany, and juniper.

area is serviced by the Idaho Power Company which supplies electricity to residents of Garden Valley, Lowman and Pioneerville.

general area is serviced by the Idaho Power Company which supplies electricity to residents of Garden Valley, Lowman and Pioneerville,

and electricity from the existing power grid would be available by constructing a line and substations to the project site.

rail line is the Idaho Northern & Pacific line formerly operated by Union Pacific that runs through the town of Banks, approximately

20 road miles (32 km) to the west of the property.

Equipment, supplies, and services for exploration and mining development projects

are available at Boise.

There is also a rail loadout, on the same rail line as above, at the town of Horseshoe

Bend roughly 25 miles southwest of the property.

Equipment, supplies, and services for exploration and mining development projects are

available at Boise, and housing for a construction and operational workforce is available in Boise and the smaller communities in the

general area.

Water is available from holders of Boise Basin certificated water allocation, or from the adjacent Payette River Basin.

There is also a trained mining-industrial workforce available in Boise.

(subject to seasonal limitations provided under the Exploration Plan of Operations (Exploration PoO) issued by the US Forest Service)

and mining activities at the property can be conducted year-round, due to the established road system and its proximity to other infrastructure.

The property is large enough to accommodate exploration within the current CuMo deposit property footprint.

LEGAL PROCEEDINGS.

have no knowledge of any material, active, pending or threatened proceeding against us or our subsidiaries, nor are we, or any subsidiary,

involved as a plaintiff or defendant in any material proceeding or pending litigation.

MINE SAFETY DISCLOSURES.

Not applicable.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties