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Item 2. Properties

2023-10-30 compared with 2022-10-31 · 36 added, 36 removed, 503 unchanged (13% of the section changed)

89 unchanged sentences

Property Location

The I-M Mine Property comprises approximately 175 acres (71 hectares) surface land and approximately 2,800 acres (1,133 hectares) of mineral rights located near Grass Valley of Nevada County in northern California, USA.

The I-M Mine Property comprises approximately 175 acres (71 hectares) surface land and 2,560 acres (1,036 hectares) of mineral rights located near Grass Valley in the County in northern California, USA.

The I-M Mine Property is situated in the Grass Valley-Nevada City Mining District along the western slope of the Sierra Nevada, as shown on the overview map and regional map in Figure 1 and Figure 2, respectively and is located approximately 60 miles northeast of Sacramento, CA and 90 miles west of Reno, NV.

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Property Description

The recorded owner of the surface land and mineral rights associated with the I-M Mine Property is Rise Grass Valley Inc., a Nevada Corporation and subsidiary of Rise Gold Corp.

Rise Grass Valley Inc.

purchased the I-M Mine Property, inclusive of its mineral rights from the Grantors of the BET Group Estate, as described in the Quitclaim Deed (Document #:

The recorded owner of the surface land and mineral rights associated with the I-M Mine Property is Rise Grass Valley, a Nevada Corporation and subsidiary of Rise Gold Corp.

Rise Grass Valley purchased the I-M Mine Property, inclusive of its mineral rights from the Grantors of the BET Group Estate, as described in the Quitclaim Deed (Document #:

20170001985), on the 25 th of January 2017 and additional surface land described as the Mill Site in 2018.

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Idaho-Maryland Mine Property - Surface Land Legal Description

Parcel Number

SEC 26, TWN 16N, RNG 8E, MDM, PTN N 1/2 26-16-8

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Fee simple owners retain possession of their property permanently, assuming all obligations to the land are met.

The surface land is subject to a tax lien imposed by and payable to Nevada County.

The parcels comprising the surface land are currently assessed by Nevada County at a total of approximately US$4.2 million and have a combined annual property tax of US$45,702 for the 2022 tax year.

The surface land is subject to a tax lien imposed by and payable to the County.

The parcels comprising the surface land are currently assessed by the County at a total of approximately US$4.2 million and have a combined annual property tax of US$47,912 for the 2023 tax year.

The total amount includes County taxes and Agency taxes.

The I-M Mine Property remains in good standing with property taxes for the 2022 tax year paid in full.

Property taxes for the 2022 tax year of $22,851 is due on Nov 1, 2022, and $22,851 is due on February 1, 2023.

Property taxes for the 2023 tax year of $23,956 is due on December 11, 2023, and $23,956 is due on April 10, 2024.

The Nevada Irrigation District supplies treated water to the I-M Mine Property.

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Land Designation

The Brunswick land and Mill Site is located approximately 1 to 2 miles southeast of the city limits of the City of Grass Valley in Nevada County.

The Idaho land is located on Idaho-Maryland Rd adjacent to the city limits of the City of Grass Valley in Nevada County.

The Brunswick land and Mill Site is located approximately 1 to 2 miles southeast of the city limits of the City of Grass Valley in the County.

The Idaho land is located on Idaho-Maryland Rd adjacent to the city limits of the City of Grass Valley in the County.

The I-M Mine Property in relation to city limits is shown on Figure 3.

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Each of the parcels of Brunswick land and Idaho land are positioned within the County's "M1" Light Industrial Zone.

Within the "M1" District, surface access to subsurface mining (e.g., vent and escape shafts) is allowed with a Use Permit (Nevada County Code § L-II 3.21.).

Within the "M1" District, surface access to subsurface mining (e.g., vent and escape shafts) is allowed with a Use Permit (County Code § L-II 3.21.).

Mineral exploration, however, is distinct from the definitions of "subsurface mining" and "surface mining." Exploration involves the search for economic minerals through the use of geological surveys, geophysical or geochemical prospecting, bore holes and trial pits, and surface or underground headings, drifts, or tunnels (NCC § L-II 3.22(B)(5).).

Exploration diamond drilling on M1-Industrial Land is an allowed use and does not require a discretionary permit provided that no water is discharged offsite and disturbance per site is less than 1 acre and 1,000 yd 3 material (NCC, 2017).

The Project area is private land and no permits or consultations with the US Bureau of Land Management (BLM) or the US Forest Service (USFS) are required.

The Idaho-Maryland Mine Project area is private land and no permits or consultations with the US Bureau of Land Management (BLM) or the US Forest Service (USFS) are required.

Mineral Rights

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The Quitclaim deed is located at vol.

175-196 in the official records of Nevada County, as recorded on June 12, 1963 .

175-196 in the official records of the County, as recorded on June 12, 1963 .

Mineral rights pertain to all minerals, gas, oil and mineral deposits of every kind and nature beneath the surface of all such real property, together with all necessary and convenient rights to explore for, develop, produce, extract and take the same, subject to the express limitation that the fore-going exception and reservation shall not include any right of entry upon the surface of said land without the consent of the owner of such surface of said land, as excepted in the Quitclaim Deed recorded the 26 th of January 2017 (Document #:

1 unchanged sentence

Mineral rights are severed from surface rights at a depth of 200 ft (61 m) below surface, with all mineral rights being contiguous below 200 ft (61 m) of surface.

The secured loan from Eridanus Capital LLC is registered against the property by a Deed of Trust filed with the Nevada County Recorder.

The secured loan from Eridanus Capital LLC is registered against the property by a Deed of Trust filed with the County Recorder.

There are no other interests registered against or obligations required of the mineral rights of the I-M Mine Property.

1 unchanged sentence

Property Access

The I-M Mine Property is situated east of the City of Grass Valley and south of Nevada City, in western Nevada County.

The I-M Mine Property is situated east of the City of Grass Valley and south of Nevada City, in the western part of the County.

State Route 49, State Route 20, and State Route 174 (state highways) connect the Grass Valley area regionally.

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Rise owns a 100% interest in the I-M Mine Property and there are no known royalties on future gold production.

The secured loan from Eridanus Capital LLC is registered against the property by a Deed of Trust filed with the Nevada County Recorder.

The secured loan from Eridanus Capital LLC is registered against the property by a Deed of Trust filed with the County Recorder.

There are no other known agreements or encumbrances to which the I-M Mine Property is subject.

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Exploration Permits

All parcels included in the I-M Mine Property are within the "M1" Light Industrial Zoning District of Nevada County.

All parcels included in the I-M Mine Property are within the “M1” Light Industrial Zoning District of the County.

Mineral exploration is allowed in M1 Districts subject to zoning compliance and building permit issuance, if required.

A Use Permit is only required for mineral exploration if one of the following conditions are triggered, as per NCC § L-II 3.22(D)(2):

Under a Use Permit process, a Use Permit is only required for mineral exploration if one of the following conditions are triggered, as per NCC § L-II 3.22(D)(2):

(a) Overburden or mineral deposits in excess of 1,000 cubic yards are disturbed, or

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(b) The size of the operation in any one location is one acre or less.

In those instances where a reclamation plan is not required, an erosion control plan as per NCC § L-V 13.14., approved by the Nevada County Planning Department, and a grading permit shall be required for those operations in which 50 cubic yards or more of overburden are disturbed as per NCC § L-II 3.22(D)(2) (NCC, 2017).

In those instances where a reclamation plan is not required, an erosion control plan as per NCC § L-V 13.14., approved by the County Planning Department, and a grading permit shall be required for those operations in which 50 cubic yards or more of overburden are disturbed as per NCC § L-II 3.22(D)(2) (NCC, 2017).

A building permit, issued by the County, may be required for construction or installation of drilling facilities.

1 unchanged sentence

Ministerial approval is a non-discretionary approval.

Surface exploration drilling will be subject to Nevada County Noise Regulations.

The Noise Element of the Nevada County General Plan (2014) establishes maximum allowable exterior noise levels for various land use categories (NC-BOS, 2014).

Surface exploration drilling will be subject to County Noise Regulations.

The Noise Element of the County General Plan (2014) establishes maximum allowable exterior noise levels for various land use categories (NC-BOS, 2014).

Subsurface and Surface Mining Permits

Subsurface mining is allowed in the M1 District with approval of a Use Permit.

(NCC § L-II 3.21.) Approval of a Use Permit for mining operations requires a noticed public hearing before the County Planning Commission, which decision may be appealed to the County Board of Supervisors.

(NCC § L-II 3.21.) Under a Use Permit process, approval of a Use Permit for mining operations requires a noticed public hearing before the Planning Commission, which decision may be appealed to the Board of Supervisors.

(NCC § L-II 5.6.) Use Permit approvals include conditions of approval, which are designed to minimize the impact of conditional uses on neighboring properties.

Subsurface mining, including ancillary surface uses, would require the following permits and approvals:

Subsurface mining, including ancillary surface uses, would require the following permits and approvals under a Use Permit process:

County Approvals

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Spill Prevention Control and Countermeasures Plan for underground storage of more than 42,000 gallons of petroleum or above ground storage of more than 10,000 gallons of petroleum

The following permits and approvals may also be required depending on the configuration of the Project and the characteristics of the natural resources found in the Project-vicinity:

The following permits and approvals may also be required depending on the configuration of the Idaho-Maryland Mine Project and the characteristics of the natural resources found in the Project-vicinity:

California Department of Fish and Wildlife ("CDFW") Approvals

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Authority to Construct and Permit to Operate for any regulated air pollutant emitting sources such as diesel generators

The Idaho-Maryland Mine Property located in the Grass Valley mining district of northern California was one of the most productive and best-known gold mines in the Unites States, with gold production from the I-M Mine Property dating back to 1863.

The I-M Mine, as it now exists, represents a consolidation of a number of important early day producing mines including Eureka, Idaho, Maryland, Brunswick, and Union Hill Mines.

Based on historic production records, the I-M Mine produced a total of 2.4 Moz of gold at an average mill head grade of approximately 0.5 oz/ton (17.1 gpt).

The I-M Mine was reportedly the second largest gold mine in the United States in 1941 (Clark, 2005), producing up to 129,000 oz gold per year before being forced to shut down by the US government in 1942 (Shore, 1943).

The I-M Mine Property located in the Grass Valley mining district of northern California was one of the most productive and best-known gold mines in the Unites States, with gold production from the I-M Mine Property dating back to 1863.

The I-M Mine Property, as it now exists, represents a consolidation of a number of important early day producing mines including Eureka, Idaho, Maryland, Brunswick, and Union Hill Mines.

Based on historic production records, the I-M Mine Property produced a total of 2.4 Moz of gold at an average mill head grade of approximately 0.5 oz/ton (17.1 gpt).

The I-M Mine Property was reportedly the second largest gold mine in the United States in 1941 (Clark, 2005), producing up to 129,000 oz gold per year before being forced to shut down by the US government in 1942 (Shore, 1943).

Due to lack of development, a decline in gold production was experienced and recovery from war-time shutdown never occurred.

Historic Exploration & Mine Development

The I-M Mine has a rich history of mining work completed between 1863 and 1956 by various operators.

The I-M Mine Propoerty has a rich history of mining work completed between 1863 and 1956 by various operators.

Extensive exploration and underground mine development were completed during that time on the I-M Mine Property.

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Following that, exploration holes were completed ahead of mine development to confirm vein locations and to locate vein extensions.

The I-M Mine encompasses a system of underground tunnels, many raises, numerous winzes, four inclined shafts, and two vertical shafts.

An estimated equivalent of 72.8 miles (117 km) of underground tunnel occur at the I-M Mine, assuming typical drift dimensions of 7.5 ft x 8.5 ft (W x H).

The I-M Mine Property encompasses a system of underground tunnels, many raises, numerous winzes, four inclined shafts, and two vertical shafts.

An estimated equivalent of 72.8 miles (117 km) of underground tunnel occur at the I-M Mine Property, assuming typical drift dimensions of 7.5 ft x 8.5 ft (W x H).

Based on available historic records, 883 exploratory holes totaling approximately 234,100 ft (71,354 m) were diamond drilled at a diameter of 7/8" (EX-size).

Historic drill logs were not available for review and no historic drill core was preserved from past mining operations at the I-M Mine.

Historic drill logs were not available for review and no historic drill core was preserved from past mining operations at the I-M Mine Property.

Exploration & Mine Development 2003-2004

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Production History

Rise has completed a compilation of the mine production data of the I-M Mine during historic operation from 1866 through 1955, the final year of production from the mine.

Rise estimates that the I-M Mine produced a total of 2,414,000 oz of gold from 5,298,000 tons of mill feed and that the life of mine average mill head-grade averaged approximately 0.50 oz/ton (17.1 gpt).

Rise has completed a compilation of the mine production data of the I-M Mine Property during historic operation from 1866 through 1955, the final year of production from the mine.

Rise estimates that the I-M Mine Property produced a total of 2,414,000 oz of gold from 5,298,000 tons of mill feed and that the life of mine average mill head-grade averaged approximately 0.50 oz/ton (17.1 gpt).

Total production for the I-M Mine is detailed in Table 3.

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A significant amount of production has occurred on the I-M Mine Property which confirms that gold can be recovered, mainly by gravity and flotation methods.

Nearly all gold at the I-M Mine is free milling, as demonstrated by cyanide leaching of concentrates and tailings by the I-M Mine during past production.

Nearly all gold at the I-M Mine Property is free milling, as demonstrated by cyanide leaching of concentrates and tailings by the I-M Mine during past production.

Mineral Resource and Mineral Reserve Estimates

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Victoria, BC.

Retrieved at http://www.empr.gov.bc.ca/Mining/Geoscience/PublicationsCatalogue/BulletinInformation/BulletinsAfter1940/Pages/Bulletin108.aspx

http://www.empr.gov.bc.ca/Mining/Geoscience/PublicationsCatalogue/BulletinInformation/BulletinsAfter1940/Pages/Bulletin108.aspx

California Department of Conservation (CDC).

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Washington, D.C.

Retrieved at http://digital.library.wisc.edu/1711.dl/EcoNatRes.MinYB1941

http://digital.library.wisc.edu/1711.dl/EcoNatRes.MinYB1941

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