GMV Minerals receives drill permits for Mexican Hat

Executive Summary

• GMV Minerals Inc. has received drill permits from the Bureau of Land Management for its 100%-owned Mexican Hat gold project in southeastern Arizona, subject to the posting of reclamation bonding.
• The company plans to commence a diamond drilling program in early spring 2026, consisting of approximately 35 holes totaling 7,300 metres, designed to validate and upgrade the mineral resource.
• The release highlights a Preliminary Economic Assessment (PEA) filed in September 2025, which projects strong economic returns, including a base-case pretax IRR of 66.1% and a mine life of 10 years producing approximately 60,000 ounces of gold per year.

Key Details

• Drilling Program Scope:
  • Contractor: Harris Exploration Drilling.
  • Volume: Approximately 35 holes, totaling ~7,300 metres of diamond drill core.
  • Timing: Commencement expected in early spring 2026.
  • Objective: Test resource at different locations to confirm grade variability, validate the resource, and improve mineral resource categories.
  • Spacing: Testing all zones at 100m (+/-) by 100m (+/-) across the 1,200-metre-long deposit.
  • Depth: Drilling to 100 metres below the depth of the modelled open pit.
  • Additional Data: Geomechanical measurements will be collected for pit optimization.
• Geological Context:
  • Principal structure dips 59 degrees from surface to 250 metres below surface, where it flattens to 24 degrees.
  • Subsidiary structures (zones 1 to 6) extend up to 220 metres into the hangingwall.
• 2025 PEA Highlights (Effective Date: Aug. 8, 2025):
  • Base Case ($2,500/oz Gold):
    • Pretax IRR: 66.1% (After-tax: 50.2%).
    • Pretax NPV (5% discount): $390.2 million USD (After-tax: $268.3 million USD).
    • Payback Period: 1.53 years (After-tax: 1.82 years).
    • Mine Life: 10 years.
    • Total Production: 597,841 ounces (avg. ~60,000 oz/year).
    • Capital Expenditure (Capex): $89,997,000 USD (includes $15.4 million USD contingency).
    • Strip Ratio: 2.05 (Low LOM).
    • Processing: Conveyor stacked at ~10,000 tonnes/day on a conventional heap-leach pad.
  • Price Sensitivity ($4,000/oz Gold):
    • Pretax IRR: 134.2% (After-tax: 104.2%).
    • Pretax NPV (5% discount): $1,055 million USD (After-tax: $744.4 million USD).
  • Resource Estimate (NI 43-101 Inferred):
    • Tonnes: 36,733,000 tonnes.
    • Grade: 0.58 g/t gold.
    • Cut-off: 0.2 g/t.
    • Contained Gold: 688,000 ounces.
• Technical Team:
  • Qualified Persons include representatives from Samuel Engineering, DRW Geological Consultants Ltd., Respec LLC, BBA Consultants International LP, and Stantec Consulting Services Inc.

Notable Quotes

• Ian Klassen, CEO: "We are very excited to get under way with the upcoming drill program in early 2026 Receiving the Mexican Hat project drill authorization is an important milestone for shareholders. With strong historical results and a compelling plan to advance our company on the heels of a promising PEA [preliminary economic assessment], GMV is positioned for a very meaningful drill campaign."