Galloper hires P&E for Lunch Pond NI 43-101 MRE

Executive Summary

• Galloper Gold Corp. has retained P&E Mining Consultants Inc. to initiate an updated National Instrument 43-101-compliant mineral resource estimate (MRE) for its 100%-owned Lunch Pond South Extension (LPSE) gold deposit on Glover Island.
• The update aims to reassess the economic potential of the deposit using current gold valuation assumptions, which are significantly higher than the $1,210/oz used in the 2017 historical estimate.
• Results from the updated MRE are expected in Q2 2026, following necessary work to verify historical data through drill core analysis, twinning, and statistical modeling.

Key Details

• Consultant Engagement: P&E Mining Consultants Inc. (who performed the original 2017 MRE) has been retained to prepare the updated NI 43-101 compliant estimate.
• Historical Resource Data (2017):
  • Open-Pit Design (0.5 g/t Au cut-off):
    • Indicated: 993,000 tonnes at 1.72 g/t Au.
    • Inferred: 1,703,000 tonnes at 1.59 g/t Au.
  • Underground Design (2.0 g/t Au cut-off):
    • Indicated: 36,000 tonnes at 2.99 g/t Au.
    • Inferred: 373,000 tonnes at 2.78 g/t Au.
• Valuation Context: The 2017 estimate used a gold price of $1,210 (U.S.) per ounce; the new update reflects a "significantly increased gold valuation environment."
• Scope of Work: The update involves reinterpreting the economic ore zone, revising grade constraints, estimation methods, and pit-shell geometry. Specific verification steps include drill core and assay analysis, lithological modeling, confirmation of historical drill holes via twinning, and statistical analysis of historical data accuracy.
• Timeline: Updated MRE results are expected in Q2 2026.
• Property Details: The Glover Island property covers 116.6 square kilometres (466 mining claims) and is located on the Glover Island trend (GIT), a 11-kilometre mineralized corridor in west-central Newfoundland, Canada.
• Qualified Person: Bryan Sparrow, PGeo, Vice-President of Galloper Gold, has reviewed and approved the technical information.

Notable Quotes

• "Updating the MRE on the LPSE resource is an important step to advancing and progressing the Glover Island project. The project has benefited from a significant gold valuation increase since 2017. Assessing the economic potential with a renewed and updated MRE will help us to progress the technical component of the project. Results from this exercise are expected in Q2 2026." — Hratch Jabrayan, CEO