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July 09, 2025

2025年7月9日

C$532M After-Tax NPV5%, C$175M Initial Capital, Adjacent to Multiple Mills, Still Growing

税后净现值5%为5.32亿加元，初始资本1.75亿加元，毗邻多个工厂，仍在增长中

Radisson Mining Resources Inc.

雷迪森矿业资源公司

(

(

TSXV: RDS,RMRDF

TSXV: RDS，RMRDF

) (OTCQB: RMRDF) ('Radisson' or the 'Company') is pleased to announce a positive Preliminary Economic Assessment (the 'PEA') for the O'Brien Gold Project ('O'Brien' or the 'Project') located in the Abitibi region of Québec. Highlights are as follows (all figures are in Canadian dollars and troy ounces unless noted):.

) (OTCQB: RMRDF)（“Radisson”或“公司”）欣然宣布，位于魁北克省阿比蒂比地区的奥布莱恩金矿项目（“奥布莱恩”或“项目”）的初步经济评估（“PEA”）结果积极。亮点如下（所有数字均以加元和金衡安士为单位，除非另有说明）：

Basis of Study:

研究基础：

Assumes off-site toll milling based on the results of a recent milling assessment and metallurgical study that demonstrated the potential compatibility of the nearby Doyon gold mill, part of IAMGOLD Corporation's ('

假设离场加工基于最近的加工评估和冶金研究结果，该研究表明附近IAMGOLD公司的Doyon金矿厂具有潜在的兼容性，'

IAMGOLD

伊安戈尔德

') Westwood Mine Complex

`) 西伍德矿井综合体

1

1

. Off-site milling reduces capital costs, development risk, and project footprint.

异地加工降低了资本成本、开发风险和项目占地面积。

Utilizes existing Mineral Resource Estimate ('

利用现有的矿物资源估算（'

MRE

模块化可重构设备 (MRE)

'), re-blocked with an updated cut-off yielding more ounces in more tonnes with good continuity at a lower average grade.

“），通过更新的截断值重新圈定矿体，使得在更多的吨位中获得更多的盎司，具有良好的连续性，但平均品位较低。

Presents a base case 'snap-shot' study that excludes recent drilling successes outside the existing MRE and below historic mine workings, with a 50-60,000 metre (m) fully funded drill program ongoing.

提出了一个基础案例的“快照”研究，该研究排除了现有矿产资源估算（MRE）范围外和历史矿井工作面以下的近期钻探成果，目前正在进行一项50,000至60,000米（m）的全额资助钻探计划。

Value:

值：

After-tax Net Present Value at a 5% discount rate ('NPV

税后净现值，折现率为5%（'NPV

5%

5%

') of

') 的

$532 million ('M')

5.32亿美元 ('$532 million')

, Internal Rate of Return ('IRR') of

内部收益率（“IRR”）

48%

48%

, and payback of

，并偿还

2.0 years

2.0年

at US$2,550/oz gold ('Au').

每盎司2,550美元的黄金（“Au”）。

After-tax NPV

税后净现值

5%

5%

of

的

$871M

8.71亿美元

, IRR of

，内部收益率（IRR）为

74%

74%

, and payback of

，并偿还

1.1 years

1.1年

at US$3,300/oz Au.

每盎司黄金3,300美元。

Cost:

成本：

Initial Capital Cost ('Capex') of

初始资本成本（“Capex”）

$175M

1.75亿美元

and Life-of-Mine Sustaining Capital of

整个矿山寿命期内的持续资本投入

$173M

1.73亿美元

Cash Cost

现金成本

2

2

of

的

US$861/oz

每盎司861美元

and All-In Sustaining Cost

全部维持成本

1

1

('AISC') of

('AISC') 的

US$1,059/oz

1,059美元/盎司

including conceptual 30% toll milling margin on processing and G&A costs.

包括概念性的30%加工和管理成本的代工利润率。

Extremely capital efficient with after-tax NPV

极其资本效率高，具有税后净现值

5%

5%

to Initial Capital Cost ratio of

初始资本成本比率

3.0

3.0

at US$2,550/oz Au and

每盎司2,550美元的黄金价格和

5.0

5.0

at a spot gold price of US$3,300/oz Au.

在每盎司黄金现货价格为3,300美元/盎司时。

Production Profile:

生产概况：

11-Year Mine Life with

11年矿山寿命

740 koz

740 koz

mined and

开采和

647 koz

647 山羊

recovered at

恢复于

87%

87%

average recovery with a gravity-flotation-regrind-leach flowsheet.

使用重力-浮选-再磨-浸出流程的平均回收率。

70 koz/annum

70 koz/年

average steady-state gold production (Years 2-8) at an average annual after-tax Free Cash Flow ('FCF') of

平均稳态黄金产量（第2至8年），平均每年税后自由现金流（‘FCF’）为

$97M

9700万美元

.

。

Underground mining with long-hole stoping and minimal surface facilities.

地下长孔开采和最少的地表设施。

Radisson will host a technical webinar on the O'Brien PEA on Wednesday July 9, 2025 at 11am ET (8am PT). Participants may register

雷迪森将于2025年7月9日星期三东部时间上午11点（太平洋时间上午8点）举办关于奥布莱恩初步经济评估（PEA）的技术网络研讨会。参与者可以注册参加。

here

这里

. A recording will be available following the webinar.

网络研讨会结束后将提供录音。

Matt Manson, President & CEO, commented:

马特·曼森，总裁兼首席执行官，评论道：

'We are pleased to be reporting today the first modern mining study for the O'Brien Gold Project. This PEA builds upon the milling assessment completed earlier this year that demonstrated the potential viability of processing O'Brien mined material at a neighbouring mill. The result is a low cost and high value project should a beneficial milling arrangement be secured.

“我们很高兴今天发布了奥布莱恩黄金项目的第一份现代采矿研究报告。这份初步经济评估（PEA）建立在今年早些时候完成的磨矿评估基础之上，该评估证明了在邻近的磨矿厂加工奥布莱恩开采物料的潜在可行性。结果表明，如果能达成有利的磨矿协议，该项目将具备低成本和高价值的优势。

By taking advantage of existing infrastructure in the region, the study surfaces considerable value for O'Brien while minimizing its environmental impact. The extremely high NPV.

通过利用该地区现有的基础设施，这项研究为奥布莱恩带来了相当大的价值，同时最大限度地减少了对环境的影响。极高的净现值。

5%

5%

to cost ratio demonstrates the efficient allocation of capital that this approach offers.

成本比率展示了这种方法所提供的资本有效配置。

'Rather than high-grading the deposit, as was the case with the historic O'Brien Mine, the PEA is developed from the existing MRE with a lower cut-off, yielding more ounces, more tonnes and better mining continuity at lower average grades. From that starting point, we are presenting a fully underground mine plan, right sized at 1,200 tonnes per day ('tpd') and optimized at a cautious US$2,000/oz gold price assumption, delivering 740,000 ounces of gold to the mill at high margins over an 11-year life.

“与历史悠久的奥布莱恩矿山的情况不同，这次的初步经济评估（PEA）基于现有的矿产资源估算（MRE），采用了较低的截止品位，从而获得了更多的盎司数、更多的吨位以及在较低平均品位下更好的采矿连续性。以此为起点，我们提出了一个完全地下的矿山计划，日处理量适中设定为1200吨（‘tpd’），并以谨慎的每盎司2000美元的金价假设进行优化，在11年的矿山寿命期内，向选矿厂交付74万盎司的黄金，同时保持高利润。

The O'Brien Gold Project's legacy of high grades and visible gold continues to be an attribute of the current mine design and the ongoing exploration.'.

奥布莱恩金矿项目高品位和可见金的传承仍然是当前矿山设计和正在进行的勘探工作的一个属性。

Pierre Beaudoin, Chairman of the Board of Directors, commented:

皮埃尔·博杜安，董事会主席，评论道：

'The PEA announced today is a significant step forward for Radisson. The study outlines a credible mine plan and development strategy for O'Brien, offering shareholders significant value even on the existing mineral resources. This is also just a snap-shot of a project that is continuing to grow. The ongoing drill program is demonstrating impressive new gold mineralization outside the scope of this initial mine design.

“今天公布的初步经济评估（PEA）是雷迪森公司向前迈出的重要一步。该研究为奥布莱恩项目制定了一份可靠的矿山计划和开发战略，即使在现有矿产资源的基础上，也为股东提供了显著的价值。这还只是持续增长项目的一个快照。正在进行的钻探计划正在展示出此初始矿山设计范围之外令人印象深刻的新的黄金矿化。

On the basis upon which the PEA is developed, we believe a significantly larger mineral inventory exists to our exploration horizon of 2,000 m depth. Recent drill results are supporting this thesis.'.

基于初步经济评估（PEA）的开发基础，我们相信在我们2000米深度的勘探范围内，存在显著更大的矿产资源量。最近的钻探结果正在支持这一论点。

Matt Manson continued

马特·曼森继续

: 'We see in O'Brien a broad system of mineralization with significant scale potential. Our current focus at Radisson is to maximize this potential through the recently expanded drill program and our strong treasury. Today's PEA, however, establishes a project development path that is practical and highly rewarding.

“我们在奥布莱恩看到了一个具有巨大规模潜力的广阔矿化系统。我们当前在拉迪森的重点是通过最近扩大的钻探计划和强大的资金储备来最大化这一潜力。然而，今天的初步经济评估（PEA）确立了一条实际且回报丰厚的项目开发路径。

We intend to further pursue this path with environmental baseline studies, additional engineering and mine plan optimization, community consultation, and dialog with potential processing partners.'.

我们打算通过环境基线研究、额外的工程和矿山计划优化、社区咨询以及与潜在加工合作伙伴的对话，进一步沿着这条道路前进。

VIDEO: President & CEO Matt Manson comments on today's news

视频：总裁兼首席执行官马特·曼森对今天的新闻发表评论

O'Brien Gold Project Preliminary Economic Assessment

奥布莱恩金矿项目初步经济评估

The PEA was completed by Ausenco Engineering Canada ULC ('Ausenco') as lead consultant with specific responsibility for metallurgy, processing design, infrastructure and financial modelling. InnovExplo (a member of Norda Stelo Inc.; 'Norda Stelo') completed the mine design and mine scheduling, BBA Inc.

该PEA由奥森科工程加拿大ULC（“奥森科”）作为首席顾问完成，具体负责冶金、加工设计、基础设施和财务建模。InnovExplo（诺达斯特洛公司成员；“诺达斯特洛”）完成了矿山设计和矿山调度，BBA公司参与其中。

were responsible for water management, surface facilities, and a review of the Project's environmental assessment procedure and permitting requirements, and SLR Consulting (Canada) Ltd. ('SLR') were responsible for the MRE. .

负责水资源管理、地面设施以及项目环境评估程序和许可要求的审查，SLR咨询（加拿大）有限公司（“SLR”）负责MRE。

The PEA is a companion study to a recently completed milling assessment for the Project in which a metallurgical program was conducted with representative samples of mineralized core from O'Brien. The samples were tested based on a series of flow sheet options which would conceptually be compatible with the nearby Doyon gold mill, part of IAMGOLD's Westwood Mine Complex, with minimal adjustment to the existing Doyon mill configuration.

初步经济评估（PEA）是最近完成的项目磨矿评估的配套研究，其中进行了一个冶金程序，使用了来自奥布莱恩矿段的代表性矿化岩芯样本。这些样本基于一系列流程图选项进行了测试，这些选项在概念上可与附近的多扬黄金厂（Doyon gold mill，IAMGOLD旗下韦斯特伍德矿山综合体的一部分）兼容，并且只需对现有的多扬工厂配置进行最小限度的调整。

The milling assessment was conducted under a Memorandum of Understanding ('.

铣削评估是根据谅解备忘录进行的。

MOU

谅解备忘录

') with IAMGOLD (

`) 与 IAMGOLD (`

Radisson news release dated September 9, 2024

丽笙酒店集团2024年9月9日新闻稿

).

）。

The MOU is non-binding and non-exclusive and contains no specific terms around potential commercial arrangements between the parties. The PEA has been completed independently by Radisson and establishes criteria for the development of O'Brien based on processing and tailings management at an existing off-site facility under a toll milling arrangement.

谅解备忘录不具约束力和非排他性，且未包含有关双方潜在商业安排的具体条款。PEA已由Radisson独立完成，并基于现有的场外设施加工和尾矿管理的代加工安排，制定了O'Brien开发的标准。

.

。

Cautionary statement

警告声明

: Readers are cautioned that the PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized..

：读者应注意，PEA具有初步性质，它包括推断的矿产资源，这些资源在地质学上被认为过于投机，无法对其应用经济考量以使其被归类为矿产储量，并且无法确定PEA是否会被实现。

Table 1

表1

: Summary of Key Results and Assumptions in the PEA

：PEA 中关键结果和假设的摘要

Production Data

生产数据

note 1

注释 1

Values

价值观

Units

单位

Life-of-Mine

矿山寿命

11

11

Years

年份

Total Resource Mined

总资源开采量

4,575

4,575

kt

公斤

Total Waste Mined

总废物开采量

3,314

3,314

kt

千克

Average Head Grade

平均头部等级

5.0

5.0

g/t Au

克/吨 金

Contained Gold

包含黄金

740

740

koz

山羊

Recovered Gold

回收黄金

647

647

koz

山羊

Average Gold Recovery

平均黄金回收率

87%

87%

Years 2-8: Steady State Run-Rate

第2-8年：稳定状态运行率

note2

笔记2

Average Production Mining Rate

平均生产采矿率

1,160

1,160

tpd

每日交易处理量

Average Annual Gold Production

平均年黄金产量

70

70

koz

山羊

Average Head Grade

平均头等级

4.9

4.9

g/t Au

克/吨 金

Annual Average After-Tax Free Cash Flow

年度平均税后自由现金流

$97

97美元

C$M

C$M

Capital Costs

资本成本

note 1

注释 1

Values

价值观

Units

单位

Initial Capital

初始资本

$175

175美元

C$M

C$M

Sustaining Capital (Excluding Closure)

持续资本（不包括关闭）

$173

173美元

C$M

C$M

Capital Intensity (Initial Capital/oz milled)

资本密集度（初始资本/加工盎司）

$172

172美元

US$/oz

美元/盎司

Life-of-Mine Operating Costs

矿山寿命期内的运营成本

notes 1

笔记 1

,3

``,3``

Values

价值观

Units

单位

Mining

矿业

note 3

笔记 3

$76

76美元

C$/t milled

C$/吨 磨碎的

Processing

处理中

$38

38美元

C$/t milled

C$/吨 磨碎

G&A

管理和行政费用

$31

31美元

C$/t milled

C$/吨 磨碎

30% Processing Toll

30% 处理费

note 4

笔记 4

$19

19美元

C$/t milled

C$/吨 磨碎

Total Operating Cost

总运营成本

$163

163美元

C$/t milled

C$/吨 磨碎

Refining & Transport

炼油与运输

$6

6美元

US$/oz

美元/盎司

Royalties

版权费

$10

10美元

C$M

C$M

Total Cash Cost

总现金成本

$861

861美元

US$/oz

美元/盎司

All-In Sustaining Cost

综合持续成本

note 5

笔记 5

$1,059

1,059美元

US$/oz

美元/盎司

Financial Analysis

财务分析

note 1

注释 1

Values

价值观

Units

单位

Gold Price for Financial Analysis

金融分析用的黄金价格

$2,550

2550美元

US$/oz

美元/盎司

US$:C$ Exchange

美元：加元 汇率

$0.73

0.73美元

Pre-Tax NPV

税前净现值

5%

5%

$782

782美元

C$M

C$M

Pre-Tax IRR

税前内部收益率

65%

65%

Pre-Tax Payback

税前回本

1.4

1.4

years

年

After-Tax NPV

税后净现值

5%

5%

$532

532美元

C$M

C$M

After-Tax IRR

税后内部收益率

48%

48%

After-Tax Payback

税后回报

2.0

2.0

years

年份

Mine Revenue

矿工收入

$2,258

2258美元

C$M

C$M

EBITDA

EBITDA

$1,496

1,496美元

C$M

C$M

EBITDA Margin

EBITDA利润率

66%

66%

Pre-Tax Unlevered Free Cash Flow

税前无杠杆自由现金流

$1,146

1,146美元

C$M

C$M

After-Tax Unlevered Free Cash Flow

税后无杠杆自由现金流

$803

803美元

C$M

C$M

Note

注意

s:

秒:

Denotes a 'specified financial measure' within the meaning of NI 52-112. See note on 'Non-IFRS Financial Measures'.

表示NI 52-112意义上的“特定财务指标”。参见“非IFRS财务指标”注释。

Represents full calendar years

表示完整的日历年

LOM operating costs includes cash operating costs during the initial capital period. Mining operating costs exclude waste development costs and mobile equipment costs which are captured as sustaining capital items

LOM运营成本包括初始资本期间的现金运营成本。采矿运营成本不包括作为持续资本项目核算的废料开发成本和移动设备成本。

Processing toll milling charges are conceptual and have been estimated by Ausenco based on recent industry precedent

加工费是概念性的，Ausenco根据近期行业先例对其进行了估算。

AISC inclu

AISC 包括

des Royalties, Total Cash Costs and Sustaining Capital, including closure costs. Excludes corporate G&A.

特许权使用费、总现金成本和维持资本，包括关闭成本。不包括企业管理和行政费用。

Mineral Resources

矿产资源

The MRE for the Project was originally disclosed in March 2023 (

该项目的MRE最初于2023年3月披露（

Radisson news release dated March 2, 2023

丽笙新闻发布于2023年3月2日

) based on 325,509 m of drilling completed to the end of 2022 and authored by SLR. Indicated Mineral Resources were estimated at 0.50 million ounces (1.52 million tonnes at 10.26 g/t Au) with additional Inferred Mineral Resources of 0.45 million ounces (1.60 million tonnes at 8.66 g/t Au). The 2023 study utilized a 4.5 g/t Au cut-off at US$1,600/oz Au with certain assumptions for minimum mining width, mining costs, C$:US$ exchange and metallurgical recovery.

）基于截至2022年底完成的325,509米钻探，由SLR编写。指示矿产资源估计为50万盎司（152万吨，品位10.26克/吨金），另有推断矿产资源45万盎司（160万吨，品位8.66克/吨金）。2023年的研究采用4.5克/吨金的边界品位，假设金价为1600美元/盎司，并对最小采矿宽度、采矿成本、加元兑美元汇率和冶金回收率做出了一定假设。

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability..

未被证实具有经济可行性的矿产资源不是矿产储量。

For the purposes of the PEA, the 2023 block model was re-blocked by SLR in the Z-direction to 5 m to allow for more flexible underground mine design, and an updated cut-off and set of economic criteria were applied consistent with Deswick Stope Optimizer ('DSO') parameters used for the optimization of the underground mine schedule and the Project's recent milling assessment.

为PEA之目的，2023年块体模型由SLR在Z方向重新分块为5米，以允许更灵活的地下矿山设计，并应用了更新的截止值和经济标准，与用于优化地下矿山进度表和项目近期磨矿评估的Deswick采场优化器（"DSO"）参数保持一致。

The MRE now utilizes a cut-off of 2.2 g/t Au at US$2,000/oz Au. No other changes were made. This has the effect of increasing tonnage and ounces and decreasing average grade compared to the previous estimate (Table 2). .

目前，MRE 使用了每吨金 2.2 克的边界品位，金价为每盎司 2000 美元。未做其他更改。与之前的估算相比，这有效地增加了矿石量和金盎司数，同时降低了平均品位（表 2）。

Table 2

表 2

: Mineral Resource Estimate Using a 2.2 g/t Au Cut-Off and US$2,000/oz Gold Price

：使用2.2克/吨金截断值和2000美元/盎司金价的矿产资源估算

(

(

Numbers in Italics Represent Changes from the MRE based on a 4.5 g/t Au Cut-Off and US$1,600/oz Gold Price.)

斜体数字表示基于每吨4.5克黄金边界品位和每盎司1600美元金价的MRE变化。）

Category

类别

Tonnes (kt)

千吨 (kt)

Grade (g/t Au)

品位（克/吨 金）

Oz (koz Au)

奥兹（克黄金）

Indicated

指示的

2,204

2,204

+45%

+45%

8.2

8.2

-20%

-20%

582

582

+16%

+16%

Inferred

推断

6,671

6,671

+317%

+317%

4.4

4.4

-50%

-50%

932

932

+109%

+109%

N

北方

ot

未指定

es:

是：

Prepared in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards (2014) and Best Practice Guidelines of Mineral Resources and Reserves (2019).

根据加拿大采矿、冶金和石油协会 (CIM) 定义标准 (2014) 以及矿产资源和储量最佳实践指南 (2019) 编制。

Mineral Resources are reported above a cut-off grade of 2.2 g/t Au based on a C$172.5/t operating cost.

基于每吨172.5加元的运营成本，矿产资源的报告截止品位为2.2克/吨金。

Mineral Resources are estimated using a long-term gold price of US$2,000/oz Au, a US$:C$ exchange rate of 1:1.33, and a metallurgical recovery of 90%.

矿产资源估算采用每盎司2000美元的长期金价、1:1.33的美元兑加元汇率以及90%的冶金回收率。

Wireframes were modelled at a minimum width of 1.2 m.

线框模型的最小宽度为1.2米。

Bulk density varies by deposit and lithology and ranges from 2.00 t/m³ to 2.82 t/m³.

堆积密度因矿床和岩性而异，范围为2.00吨/立方米至2.82吨/立方米。

Full length composites were capped 40 g/t Au.

全长复合材料的金含量封顶为40克/吨。

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

未被证实具有经济可行性的矿产资源不是矿产储量。

Numbers may not a

数字可能不是一个

dd

dd

due to rounding.

由于四舍五入。

Between the end of 2022 and the present, Radisson completed approximately 50,000 m of additional drilling at the Project. Drilling that was completed within the volume of the MRE is assessed to have no material impact on the overall contained mineral resource, such that the MRE is appropriate in SLR's opinion for mine planning.

在2022年底到目前期间，雷迪森公司在该项目完成了大约50,000米的额外钻探。在矿产资源估算（MRE）范围内的钻探被认为对整体包含的矿产资源没有重大影响，因此SLR认为该MRE适用于矿山规划。

Drilling that was completed outside the volume of the MRE, including below the level of the historic mine workings at O'Brien, has indicated the presence of significant additional gold mineralization that is not incorporated in the current conceptual mine plan. Radisson expects to complete a further 50,000-60,000 m of drilling in 2025 and 2026, at which time the Company expects to complete an updated MRE..

在MRE范围之外完成的钻探，包括在奥布莱恩历史矿井工作水平以下的钻探，已表明存在大量额外的黄金矿化，而这些并未纳入当前的概念矿山计划中。雷迪森公司预计将在2025年和2026年完成进一步的50,000至60,000米钻探，届时公司预计将完成一份更新的MRE。

Mining

采矿

The PEA describes an 11-year mine life based on the mining of 4.57 Mt of mineralized material and 3.31 Mt of waste rock (Table 3). Mining will be fully underground with long-hole stoping and a cemented rock backfill. Stope design is benefitted by good spatial continuity of reported resource blocks at the lower cut-off grade.

初步经济评估（PEA）描述了基于开采457万吨矿化物料和331万吨废石的11年矿山寿命（表3）。采矿将完全在地下进行，采用长孔开采法和胶结岩石回填。较低的截止品位下，所报告资源块的良好空间连续性使采场设计受益。

Minimum and average stope widths are 2.2 m and 2.7 m respectively, including 0.7 m of planned dilution. The mine will be accessed by way of twin 4.5 m by 4.5 m ramps from surface to a depth of 950 m with 86 kilometres (km) of development. Mining equipment includes 20 tonne trucks with rock haulage assisted by vertical conveyors delivering mined material from the 300 m level to a surface run-of-mine pad.

最小和平均矿房宽度分别为2.2米和2.7米，其中包括0.7米的计划贫化。矿山将通过两条4.5米×4.5米的斜坡道从地表通向950米深部，并拥有86公里的开拓工程。采矿设备包括20吨卡车，岩石运输由垂直输送机辅助，将从300米水平开采的物料运送至地表原矿堆场。

The underground mine design does not incorporate any infrastructure from the historic O'Brien Mine. A shaft at the historic Kewagama Mine site east of O'Brien will be reused for ventilation. Mined material will be trucked by road for processing..

地下矿山设计没有采用历史上奥布莱恩矿山的任何基础设施。奥布莱恩东部历史悠久的基瓦加玛矿山的一个竖井将被重新用于通风。开采的物料将通过公路运输进行加工。

Table 3

表3

: Mined Material

: 采矿材料

Material

材料

Tonnes

吨

(kt)

（公斤）

Oz

奥兹

(koz Au)

（山羊金）

Head Grade

头等级

(g/t Au)

(克/吨 金)

Production Stopes

生产停止

3,146

3,146

588

588

5.8

5.8

Marginal Stopes

边缘矿层

169

169

16

16

2.9

2.9

Development

开发

469

469

91

91

6.0

6.0

Low-Grade Development

低端开发

790

790

45

45

1.8

1.8

Total Mineralized Mined Material

总矿化开采物料

4,575

4,575

740

740

5.0

5.0

Waste

废弃物

3,314

3,314

n/a

不适用

n/a

不适用

Figure 1:

图1：

Annual Average Production Schedule

年度平均生产计划

To view an enhanced version of this graphic, please visit:

要查看此图表的增强版本，请访问：

https://images.newsfilecorp.com/files/10977/258183_1e2a85bb743ed9d7_002full.jpg

https://images.newsfilecorp.com/files/10977/258183_1e2a85bb743ed9d7_002full.jpg

The underground mine was designed and production scheduled on the basis of a DSO optimization at US$2,000 Au and production cut-off grades of 3.05 g/t Au and 3.11 g/t Au depending on the royalty to be considered. 'Mined Material' is categorized as Production Stope Material, Marginal Stope Material, Development Material, Low-Grade Development Material and Waste.

地下矿山的设计和生产计划是基于每盎司2000美元的黄金DSO优化，以及根据所考虑的特许权使用费而定的3.05克/吨和3.11克/吨的黄金截止品位。"开采物料"分为生产采场物料、边缘采场物料、开发物料、低品位开发物料和废石。

In Years 2-8 during which the Project maintains steady-state operation, production from stopes averages 1,160 tpd. However, the PEA contemplates up to 2,000 tpd of mill capacity. Consequently, all mineralized mined material is scheduled for processing (Figure 1), resulting in an average head grade of 5.0 g/t Au, delivering an average of 1,410 tonnes of mined material daily to the mill, and eliminating the requirement for a low-grade stockpile..

在项目保持稳态运行的第2至8年，采场的平均产量为每天1,160吨。然而，初步经济评估（PEA）考虑到了每天2,000吨的磨矿能力。因此，所有含矿开采物料都计划进行加工（图1），从而实现平均入选品位5.0克/吨黄金，每天向磨矿厂输送平均1,410吨的开采物料，并消除了对低品位堆存的需求。

Mineral Resources not included in the mine plan are those considered too isolated or too marginal at a US$2,000/oz DSO optimization. The mine design also excludes Mineral Resources located in the former Thompson Cadillac mine area or in areas considered too close to the historic workings. The quantity of mineralized mined material in the mine design is highly sensitive to the gold price assumption, with the DSO optimization delivering significantly more mined material in both existing production stopes and development areas, as well new stopes and development areas, at higher gold prices.

未包含在矿山计划中的矿产资源是那些在每盎司2000美元的直接装船优化中被认为过于孤立或边际效益太低的资源。矿山设计还排除了位于前汤普森凯迪拉克矿区或被认为距离历史作业区过近的矿产资源。矿山设计中矿化开采物料的数量对金价假设极为敏感，当金价较高时，直接装船优化会在现有生产采场和开发区域以及新的采场和开发区域显著增加可开采物料的数量。

.

。

Infrastructure and Site Facilities

基础设施与场地设施

The Project is located adjacent to the Trans-Canada Highway 117 and has existing road access to the historic O'Brien mine site. The PEA contemplates twin underground mine portals located 2 km to the east of the historic site, with new haul roads, a waste rock pad, a run-of-mine pad, laydown areas, the surface installation of a vertical conveyor, trenches and sumps for water management, and a waste-water treatment plant.

该项目位于横加公路117号旁，并且已有道路通往历史悠久的奥布莱恩矿区。初步经济评估（PEA）计划在历史遗址以东2公里处建设双地下矿井入口，同时配备新的运输道路、废石堆场、原矿堆场、设备堆放区、垂直输送机的地表设施、用于水管理的沟渠和集水坑，以及一座废水处理厂。

The PEA does not contemplate a mill, tailings deposition, accommodation camp, or major maintenance facilities. Small vehicle maintenance and site offices/mine dry will be provided from existing facilities or temporary modules. A new substation will derive power from the adjacent 112 kV high voltage transmission line operated by Hydro-Québec..

PEA未考虑建设工厂、尾矿堆场、住宿营地或主要维护设施。小型车辆维护和现场办公室/矿山干燥将由现有设施或临时模块提供。一个新的变电站将从魁北克水电公司运营的相邻112千伏高压输电线路获取电力。

Processing

处理中

(See footnote 1)

（见脚注1）

The PEA contemplates processing and tailings deposition at an off-site facility. To assess the viability of this scenario, Radisson conducted a metallurgical study and milling assessment under the auspices of an MOU with IAMGOLD to assess the design criteria for processing O'Brien mined material at the nearby Doyon gold mill, the processing facility for IAMGOLD's Westwood Mine Complex.

PEA考虑在场外设施进行加工和尾矿堆放。为了评估这种方案的可行性，Radisson在与IAMGOLD签署的谅解备忘录（MOU）框架下进行了冶金研究和磨矿评估，以评估在附近的Doyon金矿加工厂（IAMGOLD的Westwood矿综合设施的加工厂）处理O'Brien开采物料的设计标准。

The Doyon mill is located 21 km west of O'Brien and directly accessible along Trans-Canada Highway 117. .

多永工厂位于奥布莱恩以西21公里处，沿横加公路117号直接可达。

The metallurgical results of this milling assessment were previously reported (

此次磨矿评估的冶金结果此前已报告（

see Radisson news release dated February 3, 2025

参见2025年2月3日的丽笙新闻稿

) and are incorporated into the PEA. Gold recoveries of between 86% and 96% were obtained based on a series of flow sheet options, all of which are compatible with the Doyon mill with minimal or modest additional capital. The metallurgical program was undertaken at the Lakefield, Ontario facilities of SGS Canada Inc.

）并被纳入PEA。根据一系列流程图选项，获得了介于86%至96%的黄金回收率，所有这些选项都与Doyon工厂兼容，只需最少或适度的额外资本投入。冶金项目是在SGS加拿大公司位于安大略省Lakefield的设施进行的。

under the supervision of Ausenco. .

在Ausenco的监督下。

The Doyon mill currently operates at approximately 3,000 tpd with a conventional cyanidation process. Mined material is processed with a primary crusher and a two-stage semi-autogenous SAG mill/Ball mill grinding at 75 µm (P80). Leaching is by way of two stage Carbon-in-Leach and Carbon-in-Pulp circuits.

目前，Doyon工厂的运营能力约为每天3,000吨，采用传统的氰化工艺。开采的矿石经过初级破碎机处理，并通过两段半自磨（SAG）磨矿/球磨机研磨至75微米（P80）。浸出过程采用两段炭浸法（CIL）和炭浆法（CIP）回路。

The PEA contemplates a Gravity-Flotation-Regrind-Leach flow sheet and assumes Radisson deploying $21M of capital to upgrade the gravity and flotation circuits at Doyon that have been used previously but are currently inactive. .

PEA考虑了重力-浮选-再磨-浸出的流程图，并假设Radisson投入2100万美元资本，用于升级此前使用过但目前处于闲置状态的Doyon重力和浮选回路。

The Doyon mill currently processes approximately 1,000 tpd from the underground Westwood mine and approximately 2,000 tpd from the nearby Grand Duc open pit. Processing of Grand Duc material is estimated to be completed in early 2027, as outlined in the Westwood Mine Complex technical report dated September 30, 2024.

目前，Doyon工厂每天处理来自地下Westwood矿的约1000吨矿石，以及附近Grand Duc露天矿的约2000吨矿石。根据2024年9月30日发布的Westwood矿综合体技术报告，预计Grand Duc材料的加工将在2027年初完成。

Hence, the PEA envisions up to 2,000 tpd of mill capacity available for O'Brien at Doyon, allowing for the direct shipment of both production material .

因此，PEA 预计多永的奥布莱恩将拥有每天高达 2,000 吨的磨矿能力，允许直接运输两种生产物料。

and

和

lower grade development material at an average of 1,400 tpd. The PEA does not anticipate the stockpiling of low-grade mined material at the O'Brien site, resulting in a significant cost saving.

较低品位的开发材料平均每天1,400吨。初步经济评估（PEA）不预期在欧布莱恩现场堆放低品位矿石，从而节省了大量成本。

Life-of-mine average gold recovery with the Gravity-Flotation-Regrind-Leach flowsheet is estimated at 87%. This is based on 90% recovery for the O'Brien metallurgical sample at an average grade of 6.3 g/t Au and the application of a grade-recovery model to the average head-grade expected in the PEA of 5.0 g/t Au after the processing of low-grade development materials.

使用重力-浮选-再磨-浸出流程，整个矿山寿命期内的黄金平均回收率估计为87%。这是基于奥布莱恩冶金样品在平均品位6.3克/吨金时90%的回收率，并在处理低品位开发材料后，根据PEA中预计的平均原矿品位5.0克/吨金应用了品位-回收率模型得出的结果。

.

。

O'Brien gold mineralization is associated with pyrite and arsenopyrite. The metallurgical program determined average arsenic values of 0.4% to 0.5% in whole rock, relevant if material is being sent to tailings deposition on-site, and 4.6% in flotation concentrate, relevant if a concentrate is being sold to an off-take agent.

奥布莱恩金矿化与黄铁矿和毒砂相关。冶金项目确定全岩中砷的平均含量为0.4%至0.5%，这一数据在物料被送往现场尾矿堆存时具有参考意义；而在浮选精矿中砷的含量为4.6%，这一数据在精矿出售给承购商时具有参考意义。

These values are consistent with precedent projects in Québec's Abitibi and offtake threshold limits for concentrates of high-grade gold projects. The PEA contemplates tailings deposition after leach without a segregated tailings impoundment. If one is required, additional capital expenses would be incurred..

这些数值与魁北克阿比蒂比地区的先前项目和高品位金精矿项目的包销门槛限制一致。初步经济评估（PEA）考虑了浸出后尾矿的堆放，而无需单独的尾矿储存设施。如果需要一个这样的设施，则会产生额外的资本支出。

The PEA contains estimates of operating and capital costs for trucking, processing, tailings management and G&A developed by Ausenco from first principles based on the metallurgical results and precedent projects. These costs correspond well to recently reported operating results from the Doyon facility.

PEA包含了Ausenco基于冶金结果和先例项目从第一性原理出发制定的卡车运输、加工、尾矿管理和管理费用的运营和资本成本估算。这些成本与多荣工厂最近报告的运营结果非常吻合。

The PEA's financial results reflect an additional 30% charge on processing and G&A costs, corresponding to approximately $19/t, to reflect the impact of a potential toll milling charge. The MOU between Radisson and IAMGOLD contains no specific terms around potential commercial arrangements between the Parties, including the use of the Doyon mill or the terms of potential toll-milling.

PEA的财务结果反映了对加工和管理费用额外收取30%的费用，相当于约19美元/吨，以反映潜在的代加工费用的影响。拉迪森与IAMGOLD之间的谅解备忘录没有包含关于双方潜在商业安排的具体条款，包括多永磨矿厂的使用或潜在代加工的条款。

There is no certainty that any arrangement between the Parties will result from their dealings pursuant to the MOU, which is non-binding and non-exclusive. .

根据谅解备忘录，双方之间的任何安排均不一定会产生结果，该备忘录是非约束性和非排他性的。

Capital and Operating Costs

资本和运营成本

(See footnote 1)

（见脚注1）

Initial Capital costs (Table 4) are estimated at $175M and reflect costs incurred during a 21-month period of early works, mill modification and principal mine construction to the end of the first quarter of Year 2 and the attainment of commercial production. The Initial Capital cost estimate excludes both pre-production mine operating costs and revenue, which are reflected in the Life-of-mine operating cost and revenue estimates, and excludes development costs incurred prior to the commencement of early works.

初始资本成本（表4）估计为1.75亿美元，反映了在早期工程、磨机改造和主要矿山建设期间21个月内的成本，至第二年第一季度末商业生产达成。初始资本成本估算不包括投产前的矿山运营成本和收入，这些成本和收入反映在矿山生命周期运营成本和收入估算中，并且不包括早期工程开始之前产生的开发成本。

Contingencies on individual capital line items in the underground mine design are at 15%, developed within the material, productivity and cost estimates. Contingencies on non-underground mine items, and on mill modifications and surface facilities, are at 25%. .

地下矿山设计中个别资本项的应急费用为15%，包含在材料、生产率和成本估算中。非地下矿山项目、选矿厂改造和地面设施的应急费用为25%。

Life-of-mine Sustaining Capital costs are estimated at $173M and reflect capital costs incurred after the first quarter of Year 2, including underground mine development costs in waste rock and underground mine infrastructure, but excluding mine closure and salvage. Mobile mining equipment is scheduled to be purchased in installments, and is represented as Initial Capital, to the extent that a payment or deposit occurs within the project construction period, and as Sustaining Capital to the extent it occurs during the operating phase.

整个矿山寿命期间的持续资本成本估计为1.73亿美元，反映了第二年第一季度之后发生的资本成本，包括废石中的地下矿山开发成本和地下矿山基础设施，但不包括矿山关闭和残值回收。移动采矿设备计划分期购买，在项目建设期间内发生的付款或定金部分被视为初始资本，而在运营阶段发生的部分则被视为持续资本。

.

。

Table 4:

表格4：

LOM Capital Costs

LOM资本成本

Item

项目

note 1,2

注释 1,2

Cost (C$M)

成本（C$M）

Mining Capex

采矿资本支出

$93

93美元

Mobile Equipment

移动设备

$25.7

25.7美元

Mine Development

矿山开发

$47.4

47.4美元

Buildings

建筑物

$0.4

$0.4

Mine Services

矿场服务

$19.7

19.7美元

Process Plant

工艺装置

$21

21美元

Flotation

浮选

$4.5

4.5美元

Regrind

再生料

$14.1

14.1美元

Reagents

试剂

$2.0

2.0美元

Onsite Infrastructure

现场基础设施

$16

16美元

Offsite Infrastructure

异地基础设施

$8

8美元

Indirects

间接费用

$14

14美元

Owners Costs

业主成本

$4

$4

Cash Contingency

现金应急款项

$20

20美元

Total Initial Capital

总初始资本

$175

175美元

Sustaining Capital

持续资本

$173

173美元

Closure

闭包

$5

5美元

Salvage

打捞

$(3)

$(3)

Total

总计

$ 350

350美元

Notes:

注释：

Denotes a 'specified financial measure' within the meaning of NI 52-112. See note on 'Non-IFRS Financial Measures'.

表示NI 52-112意义上的“特定财务指标”。参见“非国际财务报告准则财务指标”注释。

Columns may not sum exactly due to rounding.

由于四舍五入，列的总和可能不完全相等。

Mining, haulage and water management operating costs (Table 5) are estimated at $75.66/t milled (LOM). These are developed by Norda Stelo from first principles based on recent precedent projects with similar mining methodologies and location. Total life-of-mine mining costs, including mining related Initial Capital, Sustaining Capital and Operating costs are $581M, or $127/t milled.

采矿、运输和水资源管理的运营成本（表5）估计为每吨磨矿75.66美元（LOM）。这些数据由Norda Stelo基于近期具有类似采矿方法和地点的先例项目，从第一原则出发制定。矿山总生命周期的采矿成本，包括与采矿相关的初始资本、持续资本和运营成本，为5.81亿美元，或每吨磨矿127美元。

Processing and G&A cost estimates are developed by Ausenco from first principles based on the results of the milling assessment conducted at the Doyon mill and based on recent precedent projects. Toll Milling Charges are conceptual and have been estimated by Ausenco based on recent industry precedent..

加工和管理费用估算由Ausenco基于Doyon工厂的磨矿评估结果以及近期类似项目的第一性原理制定。代加工费用为概念性的，由Ausenco根据近期行业先例估算。

Total Cash Costs are US$861/oz with AISC of US$1,059/oz (LOM). AISC³ during the steady-state operations of Years 2-8 is estimated at US$1,106/oz.

总现金成本为861美元/盎司，全维持成本（AISC）为1,059美元/盎司（LOM）。在第2至8年的稳定运营期间，AISC³估计为1,106美元/盎司。

Table 5

表5

: Life-of-Mine Operating Costs and AISC

：矿山寿命期内的运营成本和AISC

Item

项目

note1,2

注释1,2

Value

值

Units

单位

Mining, Haulage and Water Management

采矿、运输和水资源管理

$346

346美元

C$M

C$M

$75.66

75.66美元

C$/t milled

C$/吨 磨碎

Processing & Tailings Treatment

加工与尾矿处理

$173

173美元

C$M

C$M

$37.71

37.71美元

C$/t milled

C$/吨 磨碎

Process Toll

流程通行费

note3

笔记3

$87

87美元

C$M

C$M

$18.94

18.94美元

C$/t milled

C$/吨 磨碎的

G&A

管理和行政费用

$142

142美元

C$M

C$M

$31.06

31.06美元

C$/t milled

C$/吨 磨碎

Total

总计

$747

747美元

C$M

C$M

$163.38

163.38美元

C$/t milled

C$/吨 磨碎

Off-Site Costs, Refining and Transport

场外成本、精炼和运输

$6

6美元

C$M

C$M

Royalties

版权费

$10

10美元

C$M

C$M

Total Cash Costs

总现金成本

$861

861美元

US$/oz Au

美元/盎司黄金

Sustaining, Closure, Salvage Capital

持续、关闭、资本抢救

$197

197美元

US$/oz Au

美元/盎司 黄金

Total AISC

总AISC

note4

笔记4

$1,059

1,059美元

US$/oz Au

美元/盎司 黄金

Notes:

笔记：

Denotes a 'specified financial measure' within the meaning of NI 52-112. See note on 'Non-IFRS Financial Measures'.

表示 NI 52-112 意义下的“特定财务指标”。参见“非 IFRS 财务指标”注释。

Columns may not sum exactly due to rounding.

由于四舍五入，列的总和可能不完全相等。

Conceptual and estimated based on recent industry precedent.

基于近期行业先例的概念性和估算性。

AISC includes Royalties, Total Cash Costs and Sustaining Capital, including closure costs and corporate G&A.

AISC包括特许权使用费、总现金成本和持续资本，包括闭矿成本和企业管理和行政费用。

Financial Analysis

财务分析

At a long-term consensus gold price of US$2,550 and an exchange rate of 0.73 (US$/C$) the Project generates an after-tax NPV

在一个长期共识金价为2,550美元和0.73（美元/加元）汇率下，该项目产生的税后净现值（NPV）

5%

5%

of $532M and IRR of 48% (unlevered; Table 6). Payback on initial capital is 2.0 years. The Project's valuation is discounted to Year -0.5 when early works would be scheduled to commence.

为5.32亿美元，内部收益率为48%（无杠杆；表6）。初始资本的回收期为2.0年。项目的估值被折现到第-0.5年，即前期工作预计开始的时间。

Table 6:

表格6：

Valuation Sensitivities to the Gold Price (after-tax, unlevered)

黄金价格的估值敏感性（税后，无杠杆）

Gold Price (US$/oz)

金价（美元/盎司）

Price Case

价格案例

$1,800

1800美元

Downside

缺点

$2,200

2200美元

$2,550

2550美元

Base Case

基本情况

$3,000

3000美元

Upside

优势

$3,300

3300美元

Spot

斑点

$4,000

4000美元

After Tax NPV (C$M)

税后净现值 (C$M)

0%

0%

$340

340美元

$587

587美元

$803

803美元

$1,081

1,081美元

$1,266

1,266美元

$1,698

1,698美元

3%

3%

$244

244美元

$448

448美元

$626

626美元

$856

856美元

$1,009

1,009美元

$1,366

1,366美元

5%

5%

$193

193美元

$374

374美元

$532

532美元

$736

736美元

$871

871美元

$1,188

1,188美元

8%

8%

$134

134美元

$286

286美元

$419

419美元

$591

591美元

$705

705美元

$971

971美元

10%

10%

$102

102美元

$239

239美元

$358

358美元

$512

512美元

$614

614美元

$853

853美元

IRR

内部收益率

21%

21%

35%

35%

48%

48%

64%

64%

74%

74%

100%

100%

NPV

净现值

5%

5%

/Capex

/资本支出

1.1

1.1

2.1

2.1

3.0

3.0

4.2

4.2

5.0

5.0

6.8

6.8

Payback

回报

note 2

笔记 2

Years

年份

4.3

4.3

2.7

2.7

2.0

2.0

1.4

1.4

1.1

1.1

0.7

0.7

Total After Tax FCF

税后总自由现金流

note1, 3

笔记1，3

C$M

C$M

$340

340美元

$587

587美元

$803

803美元

$1,081

1,081美元

$1,266

1,266美元

$1,698

1,698美元

Average Annual FCF

平均年度自由现金流

note1, 4

note1, 4

C$M

C$M

$48

48美元

$74

74美元

$97

97美元

$127

127美元

$147

147美元

$194

194美元

Notes:

笔记：

Denotes a 'specified financial measure' within the meaning of NI 52-112. See note on 'Non-IFRS Financial Measures'.

表示 NI 52-112 意义下的“特定财务指标”。参见“非 IFRS 财务指标”注释。

Payback is defined as achieving cumulative positive free cashflow after all cash costs and capital costs, including sustaining.

回报被定义为在支付所有现金成本和资本成本（包括维持成本）后，实现累计正自由现金流。

Calculated LOM, unlevered.

计算得出的LOM，无杠杆。

Calculated for Years 2-8 of steady state production, unlevered.

计算第2至8年的稳态生产，无杠杆。

LOM EBITDA is estimated at $1.5 billion ('B'), with an effective EBITDA margin of 66%. LOM after-tax FCF is estimated at $0.8B on an unlevered basis. Annual average after-tax FCF during the steady-state operations of Years 2-8 is estimated at $97M. The Project is forecast to generate federal and provincial income taxes and mining duties of $343M.

LOM的EBITDA估计为15亿美元（'B'），有效的EBITDA利润率为66%。在无杠杆基础上，LOM的税后自由现金流（FCF）估计为8亿美元。在第2至第8年的稳定运营期间，年均税后自由现金流预计为9700万美元。该项目预计将产生3.43亿美元的联邦和省级所得税及矿业税。

.

。

At spot gold of US$3,300/oz gold, the Project generates an after-tax NPV

在现货黄金价格为3,300美元/盎司时，该项目产生的税后净现值（NPV）

5%

5%

of $871M, IRR of 74%, and payback on initial capital of 1.1 years. The Project is cash positive after-tax at gold prices above US$1,260/oz.

8.71亿美元，内部收益率为74%，初始资本回收期为1.1年。该项目在黄金价格高于每盎司1,260美元时，税后现金流为正。

The Project is most sensitive to revenue attributes such as gold price, head grade and exchange rate, followed by operating cost and capital cost (unlevered; Table 7). Valuation sensitivities on conceptual toll-milling charges expressed as margins on processing and G&A costs of between 0% and 60%. At 0% toll, the Project has an after-tax NPV.

项目对收入属性（如金价、矿石品位和汇率）最为敏感，其次是运营成本和资本成本（无杠杆；表7）。关于概念性加工费的估值敏感性表现为加工及管理费用的利润率在0%至60%之间。在0%加工费的情况下，该项目具有税后净现值。

5%

5%

of $578M and IRR of 52% (unlevered; Table 8).

5.78亿美元和52%的内部收益率（无杠杆；表8）。

A 2% Net Smelter Royalty ('NSR') is applied on gold production on certain claims on the easternmost portion of the property in the favour of Globex Mining Enterprises Inc., covering approximately 22% of the scheduled gold production.

对财产最东部某些矿权地的黄金产量，向Globex Mining Enterprises Inc.支付2%的净熔炼权益金（“NSR”），涵盖约22%的计划黄金产量。

Table 7:

表格7：

Valuation Sensitivities to Certain Operating Parameters (after-tax, unlevered)

对特定运营参数的估值敏感性（税后，无杠杆）

Factor

因子

-20%

-20%

-10%

-10%

0%

0%

10%

10%

20%

20%

Operating Cost

运营成本

IRR

内部收益率

55%

55%

51%

51%

48%

48%

44%

44%

40%

40%

NPV

净现值

5%

5%

$611

611美元

$572

572美元

$532

532美元

$493

493美元

$454

454美元

Initial Capital Cost

初始资本成本

IRR

内部收益率

57%

57%

52%

52%

48%

48%

44%

44%

41%

41%

NPV

净现值

5%

5%

$557

557美元

$545

545美元

$532

532美元

$520

520美元

$508

508美元

0.65

0.65

0.70

0.70

0.73

0.73

0.80

0.80

0.85

0.85

$C:$US F/X

加拿大元：美元 外汇

IRR

内部收益率

59%

59%

52%

52%

48%

48%

40%

40%

35%

35%

NPV

净现值

5%

5%

$674

674美元

$582

582美元

$532

532美元

$432

432美元

$370

370美元

Table 8

表8

: Project Sensitivity to Potential Toll-Milling Charges (after-tax, unlevered)

项目对潜在的代加工费用的敏感性（税后，无杠杆）

Toll Margin

通行费边际利润

0%

0%

30%

30%

60%

60%

IRR

内部收益率

52%

52%

48%

48%

44%

44%

NPV

净现值

5%

5%

$578M

5.78亿美元

$532M

5.32亿美元

$487M

4.87亿美元

Cautionary statement

警告声明

: Readers are cautioned that the PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized..

：读者应注意，初步经济评估（PEA）具有初步性质，它包括推断的矿产资源，这些资源在地质学上被认为过于推测性，无法对其应用经济考量以使其被归类为矿产储量，并且无法保证PEA能够实现。

Permitting and Environmental Assessment

许可和环境评估

The Project is located within the Abitibi-Témiscamingue region of Québec in the township of Cadillac, part of the municipality of Rouyn-Noranda. First Nations ('FN') within the Project's expected area of expected economic and social influence are the Pikogan FN (Abitibiwinni) and Long Point FN (Anishinabeg).

该项目位于魁北克省阿比蒂比-特米斯卡明格地区的卡迪拉克乡，属于鲁昂-诺兰达市的一部分。在项目预期经济和社会影响范围内的第一民族（'FN'）是皮科根第一民族（阿比蒂比温尼）和长点第一民族（阿尼希纳贝格）。

BBA Inc. were retained to provide a roadmap for social and environmental assessment and mine permitting based on the project scope presented in the PEA. A 3.5-year process of environmental assessment, technical studies, community consultation and permitting is anticipated prior to the commencement of mine construction.

BBA公司受聘为基于PEA中提出的项目范围提供社会与环境评估及矿山许可的路线图。预计在矿山建设开始前，将进行为期3.5年的环境评估、技术研究、社区咨询和许可流程。

The Project is subject to the .

该项目受制于。

Québec Environmental Quality Act

魁北克环境质量法

('EQA') and, following changes to the EQA proposed in the November 2024

('EQA')，并且，在2024年11月对EQA提出的修改之后

Act to Amend the Mining Act and Other Provisions

修订《采矿法》和其他条款的法案

, is expected to be subject to a Québec Environmental Impact Assessment and Review. The Project is not expected to be subject to a Federal Impact Assessment procedure but will be subject to the Metal and Diamond Mining Effluent Regulations (

预计将受魁北克环境影响评估和审查。该项目预计不会受联邦影响评估程序的约束，但将受金属和钻石矿开采排放物法规的约束。

Fisheries Act

渔业法

).

）。

NI 43-101 Technical Report

NI 43-101 技术报告

Radisson will file a Technical Report prepared in accordance with the requirements of National Instrument 43-101 -

Radisson 将根据国家仪器 43-101 的要求提交一份技术报告 -

Standards of Disclosure for Mineral Projects

矿产项目披露标准

('NI 43-101') for the O'Brien Gold Project Preliminary Economic Assessment on SEDAR+ on or before August 21, 2025.

（'NI 43-101'）关于奥布莱恩金矿项目初步经济评估的报告将于2025年8月21日或之前在SEDAR+发布。

Qualified Persons

合格人员

Disclosure of a scientific or technical nature in this news release was prepared under the supervision of Mr. Richard Nieminen, P.Geo, (QC), a geological consultant for Radisson and a Qualified Person for purposes of NI 43-101. Mr. Nieminen is independent of Radisson and the O'Brien Gold Project.

本新闻稿中科学或技术性质的披露内容由理查德·尼米宁先生（P.Geo，QC）监督编制，他是拉迪森公司的地质顾问，也是符合NI 43-101要求的合格人员。尼米宁先生独立于拉迪森公司和奥布莱恩金矿项目。

Renée Barrette of Ausenco Engineering Canada ULC, is the Qualified Person responsible for the preparation of the Project's milling assessment, PEA metallurgy, and for PEA financial model which is based on capital costs, operating costs, and the mining cost provided by other parties.

Ausenco工程加拿大ULC的雷内·巴雷特是负责项目磨矿评估、PEA冶金以及基于资本成本、运营成本和其它各方提供的采矿成本的PEA财务模型的合格人员。

Mr. Luke Evans, M.Sc., P.Eng., ing, of SLR Consulting (Canada) Ltd., is the Qualified Person responsible for the preparation of the MRE at O'Brien.

SLR咨询（加拿大）有限公司的卢克·埃文斯先生，理学硕士，注册工程师，是负责编制奥布莱恩矿产资源估算（MRE）的合格人员。

Mr. Marc R. Beauvais, P.Eng. of InnovExplo, a member of Norda Stelo, is the Qualified Person responsible for the mine design and mine scheduling.

InnovExplo（Norda Stelo 的成员）的马克·R·博瓦先生，P.Eng. 是负责矿山设计和矿山调度的合格人员。

Mr. Hugo Latulippe of BBA is the Qualified Person responsible for the permitting, environmental, social, water management and closure cost estimate.

BBA的胡戈·拉图利普先生是负责许可、环境、社会、水资源管理和闭矿成本估算的合格人员。

Each of Mr. Nieminen, Ms. Barrette, Mr. Evans, Mr. Beauvais and Mr. Latulippe have reviewed and approved the technical information contained in the PEA and in this press release in their area of expertise and are considered to be 'independent' of Radisson and the O'Brien Gold Project for purposes of NI 43-101..

尼米宁先生、巴雷特女士、埃文斯先生、博沃先生和拉图利普先生均在其专业领域内审阅并批准了PEA及本新闻稿中包含的技术信息，并且根据NI 43-101的规定，他们被视为与拉迪森公司和奥布莱恩金矿项目“无关”的独立人士。

Non-IFRS Financial Measures

非国际财务报告准则财务指标

The Company has included various references in this document that constitute 'specified financial measures' within the meaning of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators, such as, for example, Free Cash Flow, EBITDA, Total Cash Cost and All-In Sustaining Cost.

公司在此文件中包含了构成加拿大证券管理员非公认会计原则和其他财务措施披露（国家文书52-112）中定义的“特定财务措施”的各种参考，例如自由现金流、息税折旧摊销前利润、总现金成本和全部维持成本。

None of these specified measures is a standardized financial measure under International Financial Reporting Standards ('IFRS') and these measures might not be comparable to similar financial measures disclosed by other issuers. Each of these measures are intended to provide additional information to the reader and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

这些指标均不是国际财务报告准则（“IFRS”）下的标准化财务指标，且这些指标可能无法与其他发行人披露的类似财务指标进行比较。这些指标旨在为读者提供更多信息，不应单独考虑或作为按照IFRS编制指标的替代。

Certain non-IFRS financial measures used in this news release and common to the gold mining industry are defined below. .

本新闻稿中使用的某些非国际财务报告准则财务指标并常见于黄金开采行业的定义如下。

Total Cash Cost and Total Cash Cost per Ounce

总现金成本和每盎司总现金成本

Total Cash Cost is reflective of the cost of production. Total Cash Cost reported in the PEA include mining costs, processing & water treatment costs, general and administrative costs of the mine, off-site costs, refining costs, transportation costs and royalties. Total Cash Cost per Ounce is calculated as Total Cash Cost divided by payable gold ounces.

总现金成本反映了生产成本。PEA中报告的总现金成本包括采矿成本、加工和水处理成本、矿山的一般和行政管理成本、场外成本、精炼成本、运输成本以及特许权使用费。每盎司总现金成本是通过将总现金成本除以可支付的黄金盎司计算得出的。

.

。

All-in Sustaining Cost (AISC) and AISC per Ounce

全部维持成本（AISC）及每盎司的全部维持成本（AISC per Ounce）

AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the PEA includes total cash costs, sustaining capital, expansion capital and closure costs, but excludes corporate general and administrative costs and salvage. AISC per Ounce is calculated as AISC divided by payable gold ounces..

AISC反映了从运营中生产一盎司黄金所需的所有支出。PEA中报告的AISC包括总现金成本、维持资本、扩展资本和闭矿成本，但不包括企业一般和行政管理费用及残值。每盎司的AISC是通过将AISC除以可支付的黄金盎司计算得出的。

Free Cash Flow (FCF)

自由现金流 (FCF)

FCF deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS.

自由现金流从经营活动提供的净现金中扣除资本支出。管理层认为，这是衡量我们无需依赖额外借款或使用现有现金运营能力的有用指标。自由现金流旨在提供额外信息，其在国际财务报告准则（IFRS）下并无标准化定义，不应单独考虑或作为按照IFRS编制的业绩指标的替代。

The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently..

该指标不一定反映根据国际财务报告准则确定的营业利润或经营活动产生的现金流量。其他公司可能会以不同的方式计算该指标。

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)

息税折旧摊销前利润 (EBITDA)

EBITDA excludes from net earnings income tax expense, finance costs, finance income and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures.

EBITDA未计入净收益中的所得税支出、融资成本、融资收入和折旧。管理层认为，EBITDA是我们通过产生经营现金流来创造流动性的能力的有力指标，能够满足营运资金需求、履行债务义务以及为资本支出提供资金。

Management uses EBITDA for this purpose..

管理层为此目的使用EBITDA。

About Radisson Mining

关于雷迪森矿业

Radisson is a gold exploration company focused on its 100% owned O'Brien Gold Project, located in the Bousquet-Cadillac mining camp along the world-renowned Larder-Lake-Cadillac Break in Abitibi, Québec. A July 2025 Preliminary Economic Assessment described a low cost and high value project with an 11-year mine life and significant upside potential based on the use of existing regional infrastructure.

雷迪森是一家黄金勘探公司，专注于其100%拥有的奥布莱恩黄金项目，该项目位于魁北克阿比蒂比地区世界著名的拉德尔-湖-卡迪拉克断裂带上的布斯凯-卡迪拉克矿区。2025年7月的初步经济评估描述了一个低成本、高价值的项目，拥有11年的矿山寿命，并基于使用现有的区域基础设施具有显著的上升潜力。

Indicated Mineral Resources are estimated at 0.58 million ounces (2.20 million tonnes at 8.2 g/t Au), with additional Inferred Mineral Resources estimated at 0.93 million ounces (6.67 million tonnes at 4.4 g/t Au). Please see the NI 43-101 'Technical Report on the O'Brien Project, Northwestern Québec, Canada' effective March 2, 2023 and other filings made with Canadian securities regulatory authorities available at .

指示的矿产资源估计为 58 万盎司（220 万吨，每吨含金 8.2 克），另有推测的矿产资源估计为 93 万盎司（667 万吨，每吨含金 4.4 克）。请参阅 2023 年 3 月 2 日生效的 NI 43-101《加拿大魁北克省西北部奥布莱恩项目技术报告》以及向加拿大证券监管机构提交的其他文件，可访问 。

www.sedarplus.ca

www.sedarplus.ca

for further details and assumptions relating to the O'Brien Gold Project.

有关奥布莱恩黄金项目的更多详细信息和假设。

For more information on Radisson, visit our website at

有关 Radisson 的更多信息，请访问我们的网站

www.radissonmining.com

www.radissonmining.com

or contact:

或联系：

Matt Manson

马特·曼森

President and CEO

总裁兼首席执行官

416.618.5885

416.618.5885

mmanson@radissonmining.com

mmanson@radissonmining.com

Kristina Pillon

克里斯蒂娜·皮隆

Manager, Investor Relations

投资者关系经理

604.908.1695

604.908.1695

kpillon@radissonmining.com

kpillon@radissonmining.com

Forward-Looking Statements

前瞻性声明

This news release contains 'forward-looking information' within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates, projections, and interpretations as at the date of this news release. Forward-looking statements including, but are not limited to, statements with respect to the ability to execute the Company's plans relating to the O'Brien Gold Project as set out in the PEA; the Company's ability to complete its planned exploration and development programs; the absence of adverse conditions at the O'Brien Gold Project; the absence of unforeseen operational delays; the absence of material delays in obtaining necessary permits; the price of gold remaining at levels that render the O'Brien Gold Project profitable; the Company's ability to continue raising necessary capital to finance its operations; the ability to realize on the mineral resource and mineral reserve estimates; assumptions regarding present and future business strategies, local and global geopolitical and economic conditions and the environment in which the Company operates and will operate in the future;, planned and ongoing drilling, the significance of drill results, the ability to continue drilling, the impact of drilling on the definition of any resource, and the ability to incorporate new drilling in an updated technical report and resource modelling; the Company's ability to grow the O'Brien Gold Project; the ability to negotiate and execute an arrangement with IAMGOLD related to the Doyon Mill on satisfactory terms or at all; and the ability to convert inferred mineral resources to indicated mineral resources.

本新闻稿包含适用的加拿大证券立法意义内的“前瞻性信息”，该信息基于本新闻稿发布之日的预期、估计、预测和解释。前瞻性陈述包括但不限于以下方面的陈述：公司执行与O'Brien黄金项目相关的计划的能力，如PEA中所述；公司完成其计划的勘探和开发项目的能力；O'Brien黄金项目不存在不利条件；不存在意外的运营延迟；在获取必要许可时不存在重大延迟；黄金价格保持在使O'Brien黄金项目盈利的水平；公司继续筹集必要资金以资助其运营的能力；实现矿产资源和矿产储备估计的能力；关于当前和未来业务战略、本地和全球地缘政治及经济状况以及公司当前和未来运营环境的假设；计划和正在进行的钻探、钻探结果的重要性、继续钻探的能力、钻探对任何资源定义的影响，以及将新钻探纳入更新的技术报告和资源建模的能力；公司发展O'Brien黄金项目的能力；与IAMGOLD就Doyon Mill达成并执行令人满意的安排的能力或可能性；以及将推断矿产资源转化为指示矿产资源的能力。

.

。

Any statement that involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as 'expects', or 'does not expect', 'is expected', 'interpreted', 'management's view', 'anticipates' or 'does not anticipate', 'plans', 'budget', 'scheduled', 'forecasts', 'estimates', 'believes' or 'intends' or variations of such words and phrases or stating that certain actions, events or results 'may' or 'could', 'would', 'might' or 'will' be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.

任何涉及预测、期望、解释、信念、计划、预测、目标、假设、未来事件或表现的陈述（通常但并非总是使用诸如“预期”或“不预期”、“预计将”、“解释为”、“管理层的观点”、“预期”或“不预期”、“计划”、“预算”、“预定”、“预测”、“估计”、“相信”或“打算”等词语及其变体，或表明某些行动、事件或结果“可能”、“或许”、“将会”、“可能会”或“将要”采取、发生或实现），都不是历史事实的陈述，而可能是前瞻性信息，旨在识别前瞻性信息。

Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward-looking statements. Forward-looking information is based on estimates of management of the Company, at the time it was made, involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the companies to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information.

除与公司有关的历史事实陈述外，本文中某些信息构成前瞻性陈述。前瞻性信息基于公司管理层在作出时的估计，涉及已知和未知的风险、不确定性和其他因素，这些因素可能导致公司的实际结果、业绩或成就与此类前瞻性信息明示或暗示的任何未来结果、业绩或成就存在重大差异。

Such factors include, among others; the risk that the O'Brien Gold Project will never reach the production stage (including due to a lack of financing); the Company's capital requirements and access to funding; changes in legislation, regulations and accounting standards to which the Company is subject, including environmental, health and safety standards, and the impact of such legislation, regulations and standards on the Company's activities; price volatility and availability of commodities; instability in the global fin.

这些因素包括但不限于：奥布莱恩金矿项目可能永远无法进入生产阶段的风险（包括由于缺乏资金）；公司的资本需求和融资渠道；公司须遵守的法律法规及会计准则的变化，包括环境、健康和安全标准，以及此类法律法规和标准对公司活动的影响；商品价格波动及其可获得性；全球金融市场的不稳定性。

Please refer to the 'Risks and Uncertainties Related to Exploration' and the 'Risks Related to Financing and Development' sections of the Company's Management's Discussion and Analysis dated April 29, 2025 for the years ended December 31, 2024, and the Company's Management's Discussion and Analysis dated May 28, 2025 for the three-months ended March 31, 2025, all of which are available electronically on SEDAR+ at .

请参阅公司截至2024年12月31日的年度报告中，日期为2025年4月29日的管理层讨论与分析中的“与勘探相关的风险和不确定性”及“与融资和开发相关的风险”部分，以及公司截至2025年3月31日的三个月报告中，日期为2025年5月28日的管理层讨论与分析，所有这些资料均可在SEDAR+上以电子形式获取。

www.sedarplus.ca

www.sedarplus.ca

. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

本新闻稿中包含的所有前瞻性陈述均受此警示性声明的明确限定。

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein..

多伦多创业交易所及其监管服务提供商（该术语定义见多伦多创业交易所政策）均不对本新闻稿的充分性或准确性承担责任。任何证券交易所、证券委员会或其他监管机构均未批准或不批准本文所包含的信息。

1

1

IAMGOLD has not independently confirmed the processing assumptions, metallurgical results and/or cost assumptions associated with the required mill upgrades in the scenarios outlined in the PEA.

IAMGOLD 尚未独立确认与 PEA 中概述的情景所需的磨机升级相关的加工假设、冶金结果和/或成本假设。

2

2

Denotes a 'specified financial measure' within the meaning of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators ('NI 52-112'). See note on 'Non-IFRS Financial Measures'.

指加拿大证券管理机构（'NI 52-112'）发布的《非公认会计原则及其他财务措施披露》国家文书52-112中定义的“特定财务指标”。参见“非国际财务报告准则财务措施”注释。

To view the source version of this press release, please visit

要查看此新闻稿的源版本，请访问

https://www.newsfilecorp.com/release/258183

https://www.newsfilecorp.com/release/258183

News Provided by Newsfile via QuoteMedia

通过QuoteMedia提供的新闻文件新闻

Radisson Mining Resources

雷迪森矿业资源公司

RDS:CC

RDS:CC

TSXV:RDS

TSXV:RDS

Precious Metals Investing

贵金属投资

RDS:CC

RDS:CC