Cerrado States that Mont Sorcier Feasibility Contemplates a Higher Through-put Rate by 60%

The most recent news, dated November 12, 2025, reports an update from Cerrado Gold Inc. regarding the Feasibility Study (FS) for the Mont Sorcier iron project. Cerrado is contemplating a 60% increase in the throughput rate for the project. Globex holds a 1% Gross Metal Royalty (GMR) on iron production from this project.

This news is a positive, albeit routine, update. As a project generator and royalty holder, Globex's value is directly tied to the progress its partners make on the properties within its portfolio. An increased throughput rate at Mont Sorcier could translate to higher production volumes, and consequently, a more valuable future royalty stream for Globex.

Looking at the historical context: - October 20, 2025: It was announced that an infill drilling program of over 17,000 metres was completed at Mont Sorcier, with the feasibility study targeted for Q2 2026. - May 1, 2025: An earlier update targeted the feasibility study for completion by the end of Q1 2026.

The timeline for the Feasibility Study has seen a minor slippage from Q1 to Q2 2026. However, the news of a potential 60% increase in throughput is a significant positive development for the project's underlying economics. This demonstrates continued progress and potential optimization by the operator, Cerrado Gold. For Globex, this is an incremental de-risking event for a key royalty asset. It does not represent a sudden change in Globex's financial position but reinforces the long-term value embedded in its royalty portfolio. The market impact should be neutral to slightly positive, as this is an update on a study-in-progress rather than a final investment decision or a new discovery.

Globex Mining Enterprises Inc. operates as a project generator and royalty company. Its business model involves acquiring a large, diversified portfolio of mineral properties, adding value through initial exploration work, and then optioning or selling the properties to other companies in exchange for cash, shares, and a retained royalty. This strategy aims to provide shareholders with exposure to exploration discovery while minimizing dilution and operational risk.

The company holds a portfolio of approximately 260 properties and over 100 royalties. Due to its diversified model, there is no single "flagship project." However, key assets that are currently creating value include: - Ironwood Gold Deposit (100% owned): A high-grade gold deposit in Quebec where Globex recently completed a 19-hole drill program to upgrade and define the resource. - Mont Sorcier Royalty: A 1% GMR on a large iron-vanadium project in Quebec being advanced to feasibility by Cerrado Gold. - Duquesne West Gold Property (50% owned, optioned out): A gold project on the Porcupine-Destor break in Quebec, where partner Emperor Metals has significantly increased the resource and is actively drilling. - Bald Hill Antimony Project (Optioned out): An antimony-gold project in New Brunswick where partner Antimony Resources is actively drilling with encouraging results.