Emperor Metals makes Duquesne West option payment

Executive Summary

• Emperor Metals Inc. renewed its option on the Duquesne West Gold Project in Quebec, making the third-year payment to maintain the agreement with Duparquet Assets Ltd.
• The company announced a major 10,000- to 15,000-metre winter drilling campaign and plans to assay over 8,000 metres of historical drill core to identify previously overlooked gold ounces and improve project economics.
• This exploration push follows a July 2025 maiden mineral resource estimate that more than doubled the historical resource, supporting the company's focus on advancing both open-pit and underground mining scenarios.

Key Details

• Option Renewal Payment: $1,000,000 cash payment and issuance of 3,263,133 common shares (valued at $600,000 based on a 20-day volume-weighted average price).
• Drilling Campaign: 10,000 to 15,000 metres of diamond drilling scheduled for the 2025-2026 winter exploration season at the Duquesne West project.
• Core Assaying: Over 8,000 metres of historical drill core to be assayed to recover incremental gold ounces, potentially reducing strip ratios and enhancing future project economics.
• Working Capital: Approximately $11.1 million as of October 17, 2025, providing sufficient liquidity to execute the sustained exploration program.
• Resource Context: Maiden mineral resource estimate released July 9, 2025, more than doubled the historical resource estimate through the integration of open-pit and underground mining scenarios.
• Project & Counterparty Details: Property straddles the Porcupine-Destor fault east of Duparquet, Quebec (NTS-32D06); option held with Duparquet Assets Ltd. (50% owned by Globex Mining Enterprises).

Notable Quotes

• John Florek, CEO & President: "We are pleased to continue advancing under this option agreement. The maiden mineral resource estimate, released on July 9, 2025, more than doubled the size of the resource. In addition, we remain confident that ongoing drilling will continue to add both quality and scale to the gold inventory in this deposit. The discovery of visible gold has the potential to materially enhance both grade and total contained ounces, particularly within an open-pit mining scenario."