Rise Gold reviews tungsten targets at Idaho-Maryland

Executive Summary

• Rise Gold Corp. has initiated a review of historical data at its wholly owned Idaho-Maryland (I-M) mine in California to assess significant tungsten exploration targets.
• The review is driven by tungsten's status as a critical mineral on the U.S. Department of Energy's 2023 Critical Metals List and recent export restrictions by China, highlighting the strategic importance of domestic supply chains.
• The company has retained independent qualified persons to review historic materials and generate work recommendations, which may include reassaying existing drill cores and pulps.

Key Details

• Asset: Idaho-Maryland (I-M) Mine, Nevada County, California.
• Historical Context: The mine operated continuously from 1862 to 1957, producing an estimated 2.4 million ounces of gold.
• Tungsten History:
  • In 1954, the operator began exploring for tungsten under a U.S. Department of Defense-sponsored program.
  • Operations shifted to tungsten production in December 1955 after discovering sufficient deposits.
  • Operations were suspended in 1957 due to a drop in tungsten prices and the discontinuation of the defense minerals program.
• Historical Production Data (Cited by CEO Joe Mullin):
  • 1955 Report: 3,086 short tons of tungsten ore mined at an average mill grade of 1.30% WO3.
  • 1956 Report: 5,898 short tons of tungsten ore mined at an average mill grade of 0.83% WO3.
  • Concentrates produced were in excess of 70% WO3.
• Strategic Drivers:
  • Tungsten is essential for defense applications (ammunition, armored equipment, artillery).
  • The U.S. has had no domestic tungsten supply since 2015.
  • China produces 84% of global tungsten supply and announced export restrictions in February 2025.
  • A March 2025 executive order expanded the critical minerals list to include gold, positioning the I-M mine for potential federal sponsorship.
• Current Action:
  • Retained David Watkinson, PEng, and Robert Pease, CPG, to perform an initial review of historic materials.
  • Potential next steps include reassaying existing drill cores and pulps.
  • Both consultants have prior experience with the I-M mine (previously with Emgold Mining Corp.).

Notable Quotes

• "The mining property's long association with tungsten... is the reason the U.S. Defense Department selected the I-M mine for tungsten exploration and development following the Korean War." — Joe Mullin, CEO
• "Tungsten was already classified as a critical mineral by the federal government, and a March, 2025, executive order expanded the list to include gold, making the I-M mine an ideal project for federal sponsorship as the United State reshores its critical defence industries." — Joe Mullin, CEO