Finlay Minerals moves targets toward drilling at Pil

Executive Summary

• Finlay Minerals Ltd. has released 2025 exploration results from its Pil property, identifying multiple drill-ready targets and new porphyry prospects within a significant porphyry corridor in the Toodoggone district.
• The company has advanced three specific targets—Reef, Pil South, and Gold—to the drill-ready stage based on induced polarization (IP) surveys and geochemical data, while also expanding two other targets and identifying new regional prospects.
• The Pil property is subject to an earn-in agreement with Freeport-McMoRan, which is fully funding the exploration program; Freeport may earn up to an 80% interest by investing $35 million and making $4.1 million in cash payments over six years.

Key Details

• Reef Target (Drill-Ready):
  • Defined a buried 2,000-metre-by-1,200-metre chargeability and resistivity high anomaly ranging between 200 m to 425 m below surface.
  • The anomaly trends west-southwest toward Freeport and Amarc Resources' drill hole JP25120, which intersected 33 metres at 0.58 g/t Au, 0.22% Cu, and 5.4 g/t Ag from 564 metres depth.
  • Located 500 to 2,000 metres northeast of the Aurora discovery; prioritized for 2026 drilling.
• Pil South Target (Drill-Ready):
  • Expanded chargeability anomaly to 1,200 m by 2,300 m, coincident with a magnetic high and significant copper/gold soil geochemical anomaly.
  • 2024 drilling intersected porphyry mineralization but did not reach sufficient depth; historic holes failed to test necessary depths.
• Gold Target (Drill-Ready):
  • IP survey identified a 900 m by 1,400 m chargeability-high and resistivity-low anomaly.
  • Corresponds to a 900 m by 1,800 m multielement soil geochemical signature (Cu, Au, Mo, Se, Bi).
  • 1986 drilling encountered elevated gold and anomalous Cu, Ag, and Zn at 100 m depth, indicating a high-sulphidation system.
• Copper Ridge Target:
  • Features a significant geochemical soil anomaly for Cu, Au, Mo, and Se over Black Lake intrusions.
  • 2025 IP survey identified a 340 m by 450 m chargeability anomaly, part of a larger halo nearly 1,300 metres wide.
• Spruce Area:
  • Spruce North identified as a promising porphyry target based on mapping revealing advanced argillic alteration linked to high and low sulphidation zones.
  • Airborne magnetics indicate a northwest-trending structure acting as a dilation zone between Black and Pillar faults.
• 2025 Program Statistics:
  • Collected 381 rock samples, 1,494 soil samples, and 561 SWIR data points.
  • Completed 46 line kilometres of induced polarization and 1,533 line-kilometres of airborne magnetic survey.
  • Identified significant northwest-trending structures, including the Saunders and Pillar faults.
• 2026 Plans:
  • Priority to drill test the Reef target.
  • Geological mapping and IP surveys planned for Gold, Copper Ridge, and Spruce to refine targets.
  • Regional mapping and soil sampling at other sites.
• Financing Terms:
  • Pil and Atty programs fully financed by Freeport-McMoRin via earn-in agreements.
  • Freeport may earn up to 80% interest in each property by investing $35 million in exploration and paying $4.1 million in cash over six years.
  • Finlay acts as operator and receives an operator's fee.

Notable Quotes

• "Our 2025 exploration program, with Freeport's funding support, delivered on several fronts: taking three targets -- the Reef, Pil South and Gold, to the drill-ready stage, expanding two further targets and identifying multiple new regional targets. The Pil continues to be one of the gems in Finlay's property portfolio." — Ilona B. Lindsay, President and CEO