BELCOURT GOLD PROPERTY OUTLINED

The Belcourt Property consists of 125 map-designated claims distributed in 4 blocks (Belcourt North, South, Central and West blocks), all proximal to one another and covering a total of 5,479 hectares (13,539 acres). It is located across the Barraute, Carpentier, Courville and Fiedmont townships in the Abitibi region, some 40 km North of the town of Val-d’Or, a major gold mining centre in Northwestern Quebec. The Property is accessible year-round via Route 397 and a network of secondary roads and trails.

The Property is located in the midst of several other large mineral properties such as Monarch Mining, Eldorado Gold, Pershimex Resources, etc. It lies within the Amos-Barraute Volcanic Rock Belt, in the South-central part of the Abitibi Greenstone Belt. Several porphyritic sills are of economic importance in the region, such as the Pershing Manitou, Rolartic and Bigtown porphyries and sills that host appreciable amounts of gold. Several faults and shear zones have also been reported and interpreted in that general area. Especially, the Belcourt Property is underlain by the important Northwest-Southeast Uniacke Deformation Corridor, which hosts several mineralized zones such as the Héva-Cadillac, Glasnost, Jolin, Thibodeau Zone (Pershing-Manitou) and Eastville showings.

Several promising leads have already been identified within the limits of the Property. In the Belcourt South block for example, reconnaissance-scale drilling by Placer Dome in 1989 has identified gold mineralisation in the form of sulphide- bearing quartz-carbonate veins with intervals including 9.12 g/t Au over 0.20 m (DDH 295-3), 11.42 g/t over 0.37 m (DDH 295-5), 6.96 g/t Au over 2.17 m (DDH 295-4), and 30.00 g/t Au over 0.44 m (DDH 295-7). These, along with other gold-bearing drill hole intercepts, indicate the existence of a gold-bearing system with a good discovery potential. Several Induced Polarization (“IP”), electromagnetic and magnetic anomalies that have also been identified and later confirmed with a soil geochemical survey remain to be tested.

Furthermore, the Property is located within a very favourable metallogenic environment hosting several gold-mineralised structures, mineralised occurrences and mines within a few kilometres of the Property limits and include the following:

• McKenzie Break deposit with a NI 43-101 compliant Indicated Resources of 146,000 ounces grading 2.48 g/t Au and Inferred Resources of 250,550 ounces grading 2.34 g/t Au (2021);

• Jolin (Main Zone) with Inferred Resources of 907,944 tonnes at 2.06 g/t Au (non-compliant NI 43-101);

• Thibodeau Zone (Pershing-Manitou Deposit) with Measured Resources of 4,200 tonnes at 4.29 g/t Au, Indicated Resources of 19,100 tonnes grading 3.96 g/t Au and Inferred Resources of 3,000 tonnes grading 2.95 g/t Au (2021);

• Eastville showing: with 25.7 g/t Au over 1.6 meters (drillhole A-9);

• Heva-Cadillac showing with channel samples grades up to 10.95 g/t Au over 5.5m;

• Glasnost showing with 59.52 g/t Au over 1.15 meters in drillhole GPS-09-01;

• Bartec (Ontex) deposit with reserves of 113,400 tonnes grading 7.9 g/t Au (MERNSIGEOM, 1987);

• Vendome No. 1 (Mogador) deposit with reserves of 559,506 tonnes grading 1.18g/t Au, 62.18 g/t Ag, 0.52 % Cu and 8.11 % Zn, and 116,048 tonnes grading 4.55 % Zn, 0.49 % Cu, 0.73 g/t Au, 40.78 g/t Ag classified as inferred resources (2013);

• Tri-Cor showing with 103.6 g/t Au over 1.83 m in a drillhole.

Note: All those expressed ore reserves, which could be interpreted as resources in several places, are not necessarily believed to be NI 43-101 compliant.

The 2022 drilling campaign undertaken by Petrolympic focussed on the South block and consisted in 7 diamond drill holes totaling 1,092 m (3,582 feet). The aim was to validate auriferous intersections previously obtained by Placer Dome.

Most of these diamond drill holes intersected gold-bearing structures coinciding with IP anomalies and returned auriferous intersections over widths up to 5.4 m, including:

BE-22-01: 1.49 g/t Au over 5.4 m (including 7.02 g/t Au over 0.9 m)
BE-22-02: 0.71 g/t Au over 3 m (including 1.43 g/t Au over 1 m)
BE-22-04: 2.2 g/t Au over 1.3 m and 3.13 g/t Au over 3 m (including 7.29 g/t Au over 1 m)
BE-22-05: 0.97 g/t Au over 1 m and 0.22 g/t Au over 1 m
BE-22-06: 6.5 g/t Au over 0.5 m, 1.3 g/t Au over 2.5 m and 1.3 g/t Au over 2.0m