Carmacks, YT

Project Overview

The 180 km² Carmacks Project is located within the Traditional Territory of the Little Salmon Carmacks and Selkirk First Nations, approximately 40 km southeast of the past producing Minto Mine, which was recently acquired by Selkirk Copper Mines Inc. The Carmacks Project is road-accessible, via a 13 km access road which extends from the government-maintained Freegold Road northwest of the town of Carmacks in central Yukon. The project has an existing 40-person camp, numerous roads throughout the property, and is 10 km from grid power.

The Carmacks Project covers a large portion of the Minto Copper Belt, a 180 km x 60 km belt of intrusion-related copper-gold-silver deposits. This belt is within the Stikine Terrane, which extends into Yukon from British Columbia, and is characterized by Late Triassic to early Jurassic volcanic-plutonic arc complexes that are well-endowed with copper-gold-molybdenum porphyries including the Red Chris, Schaft Creek, Kemess, KSM and Galore Creek deposits and mines.

The Carmacks Main Deposit has a Measured and Indicated Resource containing 651 Mlbs of copper and 302 koz of gold (36.3 million tonnes grading 0.81% copper, 0.26 g/t gold, 3.23 g/t silver and 0.01% molybdenum) or 1.07% copper equivalent, and an Inferred Resource containing 38 Mlbs of copper and 13 koz of gold (2.9 Mt grading 0.60% copper, 0.16 g/t gold, 2.34 g/t silver and 0.02% molybdenum). A 2023 preliminary economic assessment demonstrated positive economic potential, with a $230.4 M post-tax NPV_(5%) and 29% post-tax IRR at US$3.75/lb copper and US$1,800/oz gold. A second case evaluated at $4.25/lb copper and $2,000/oz gold returned a $330.1 M post-tax NPV_(5%) and 38% after-tax IRR.

The Carmacks Main Deposit is comprised of three zones, 147, 2000S and 1213, all of which remain open to expansion in multiple directions. Historical drilling at the deposit focused primarily on oxide copper mineralization, and numerous holes were ended when sulphide mineralization was encountered. Zone 1213 in particular hosts very shallow sulphide mineralization that has seen limited drilling.

Cascadia completed 3,847.95 m of diamond drilling in 2025, which confirmed the expansion of sulphide resources at the Carmacks Deposit. Highlights include:

• Zone 147 – CD-25-033 returned 83.52 m of 0.89% copper with 0.26 g/t gold, including 26.33 m of 1.53% copper with 0.35 g/t gold
• Zone 2000S – CD-25-040 returned 87.44 m of 0.63% copper with 0.15 g/t gold, including 21.27 m of 1.25% copper with 0.28 g/t gold
• Zone 1213 – CD-25-035 returned 60.12 m of 0.84% copper with 0.16 g/t gold, including 25.20 m of 1.36 % copper with 0.25 g/t gold

• 2025 Drill Highlight Table
• 2025 Drill Collars

Advancement Strategy

• 2026: 15,000 m of diamond drilling, geophysics, metallurgical and environmental work
• 2027: 20,000 m of diamond drilling, updated Resource Estimate
• 2028: Updated Preliminary Economic Assessmnet
• 2029: Pre-Feasibility Study

A 15,000 m diamond drill program is scheduled to commence in April 2026, focused on continued resource expansion as well as testing regional targets. Work will also include regional geophysics to identify new targets across the property.

Mineral Resource & PEA

• Measured & Indicated Resource of 651 Mlbs copper, 302 koz of gold (36.3 Mt @ 0.8% copper, 0.26 g/t gold, 3.2 g/t silver, or 1% copper equivalent)
• 7,000 tpd open pit, conventional flotation, 9 yr mine life
• $330M post-tax NPV(5%), 38% IRR, at US$4.25/lb copper, US$2,000/oz gold, US$25/oz silver
• $200M initial capital cost

• 2022 Mineral Resource Table

Geological Setting

The Carmacks Deposit is hosted in a series of elongate, N-NW-trending inliers of amphibolite facies mafic to intermediate meta-igneous rocks and migmatitic derivatives within Early Jurassic granitoid rocks of the Granite Mountain batholith. Mafic rocks include foliated, equigranular amphibolite that locally is texturally transitional with less foliated, hornblende-porphyroblastic amphibolite. Rare augite gabbro is also locally present

Carmacks records the Late Triassic–Early Jurassic evolution of the northern Cordilleran arc as the Stikinia and Yukon–Tanana terranes accreted to North America. Late Triassic volcanic and plutonic rocks of the Povoas formation were formed during active subduction in along Lewes-Stuhini Island Arc. These rocks were intruded by the intrusive granitoids of the Minto suite (~205–194 Ma). Geobarometry from hornblende and magmatic epidote indicates these Early Jurassic intrusions were emplaced at >20 km depth, implying that an originally shallow porphyry Cu–Au system was rapidly buried, deformed, incorporated as ‘rafts’ within the batholith, and then exhumed all within a few million years.

Hypogene copper mineralization is restricted to metamorphic host rocks, and occurs both as foliation-parallel chalcopyrite-dominant stringers in schistose rocks, and as net textured bornite-chalcopyrite-dominant sulphides in the migmatitic rocks.

Near surface, a deep oxidation profile locally exceeds 200 m, producing economically significant copper-oxide mineralization (malachite, cuprite, azurite, tenorite) amenable to leach processing.

Mineralization

Mineralization of the Carmacks Copper Cu-Au-Ag deposit occurs within a 3-km-long, N NW-trending belt that is distributed over 3 separate zones: the 147 Zone, 2000S, and 1213 Zone in the south. The 147 Zone contains the bulk of the measured and indicated resource of 11.98 Mt of oxide mineralization (1.07% Cu, 0.46 g/t Au, 4.6 g/t Ag) and 4.34 Mt of sulfide mineralization (0.75% Cu, 0.22 g/t Au, 2.37 g/t Ag; Doerksen et al., 2016). Disseminated, foliaform, and net-textured varieties of hypogene copper mineralization are recognized where oxidation is partial to absent.

Foliaform copper sulfides occur as chalcopyrite-dominant stringers and blebs that parallel S1 foliation in amphibolite and quartz-plagioclase-biotite schist. Chalcopyrite is intergrown with subordinate bornite and trace pyrite. Copper mineralization hosted in diatexite migmatite occurs as net-textured intergrowths of bornite and chalcopyrite that occupy interstitial space between rounded and embayed silicate grains in leucosome (Fig. 8e-f). Typical bornite-chalcopyrite ratios are 3/1, and net-textured bornite is especially abundant in melanosome, where it forms higher grade (1–2% Cu) domains.

Molybdenite is commonly intergrown with net-textured copper sulfides and occurs either as kinked grains separated along cleavage surfaces (Mol-1) or as euhedral, undeformed grains (Mol-2). A sample dominated by strained molybdenite yielded an 187Re/187 Os age of 212.5 ± 1.0 Ma, which represents the minimum mineralization age of the protolith. A sample dominated by euhedral grains yielded an 187 Re/187 Os age of 198.5 ± 0.9 Ma, constraining the maximum age of sulfide remobilization. These results indicate that primary mineralization is >212.5 Ma and potentially coeval with the ~217.5 Ma generation of Late Triassic magmatism. The mineralized protolith, best interpreted as the potassic alteration zone of a Late Triassic (~217–213 Ma) porphyry Cu-Au system, was metamorphosed to amphibolite facies at ~206 Ma, and subsequently migmatized during 200 to 194 Ma intrusion of the Granite Mountain batholith. The chalcopyrite-bornite-dominant assemblage in neosome precipitated from an immiscible Cu-Fe-S melt phase that partly consumed xenocrystic molybdenite and reprecipitated new molybdenite grains

Maps & Figures