Nicholson Property - First Minerals Mining Limited

PROJECT PROFILE

An established record of gold exploration.

Our 2025 technical planning records describe the First Minerals Mining Nicholson Property as an 11-claim package consisting of six cells and five boundary cells in Meath and West Townships, north of Missanabie, Ontario.

The Nicholson Main Showing was historically stripped and traced over approximately 280 metres. The Dog River showing lies approximately 500 metres west and is interpreted as a possible extension of the mineralized trend. A potential 780-metre strike trend remains conceptual and unverified as a continuous mineralized body.

PROPERTY11 claimsAs described in 2025 proposal

HISTORIC SURFACE WORK280 mMain Showing trace

PROPOSED PROGRAMS1,060 mPhase I + Phase II

COMMODITYGoldAu · Exploration stage

The historical project file and 2025 drilling proposals provide the basis for this overview. Current claim tenure and boundaries require confirmation through Ontario Mining Lands Administration System records and supporting title documents.

PROPERTY MAPS

Regional setting and exploration context.

The Nicholson Property occupies a historic gold exploration district near Missanabie. The source maps below provide regional context and recorded exploration references; they do not replace current cadastral, tenure or technical surveys.

Historic Missanabie project map identifying Main Showing, West Dog River Showing and proposed drilling sites. — Historical Missanabie claims map. Its original “FMEL Missanabie Project” designation requires reconciliation with current FMML claim records and tenure boundaries.

Historic Wawa Greenstone Belt and adjacent mines reference showing Nicholson location. — Historic regional reference map included in FMML materials, based on an adjacent-mines figure dated May 11, 2015. Nearby mines shown are not FMML assets.

Regional geological interpretation. The Nicholson Main Showing occurs within the Missanabie Deformation Zone in the northeastern Wawa Greenstone Belt. Mineralized structures and historic anomalies support follow-up investigation but do not establish a defined deposit, reserves or commercial mining potential.

EXPLORATION EVIDENCE

Historical gold results.

Selected results represent historical observations and sampling reported in the project proposals and map. They are not a resource estimate or a measure of average property grade.

Historic result	Work / sample type	Reported work program
658.48 g/t Au	Selective surface grab sample	River Gold Mines · 1998
298.43 g/t Au / 0.5 m	Diamond drill intersection	Strike Minerals · 2009
241.03 g/t Au	Surface channel/grab sampling reported in proposal	FMML · November 2024
9.54 g/t Au / 1.52 m	Historical diamond drill intersection referenced in Phase I proposal	Historical · original date not specified in Phase I proposal
12.04 g/t Au / 0.91 m	Historical diamond drill intersection referenced in Phase I proposal	Historical · original date not specified in Phase I proposal

Historic reported gold assays, Au = gold; g/t = grams per tonne. Grab samples are selective and not necessarily representative. Drill intercepts are not necessarily true widths. Source figure also labels additional historic values without complete supporting assay documentation; these are not combined into an inferred resource.

Technical disclosure. Our published historical assay results and geological interpretations remain subject to independent technical validation. Selective grab samples are not representative of an overall mineralized body; reported drill lengths may differ from true widths. Phase I and Phase II are proposed exploration programs, not confirmation of completed drilling, required authorizations, financing or new results. No compliant mineral resource, mineral reserve or economic viability has been established in the information presented. Read technical disclosure

PROJECT PHOTO ARCHIVE

Drill core, sampling and field observations.

Our historical photographic record documents reported visible gold in the 2009 N-26-09 drill core, Main Zone sampling conducted in 2024 and a 2017 field examination of quartz veining. Images and accompanying observations are presented in the context of the historical exploration record.

Select an image to enlarge the original field photograph. Image captions retain the observations and sampling values reported in the supplied project documentation.

01 / HISTORICAL DRILLING

2009 drill-core observations

NQ diamond drill core from historical hole N-26-09 showing visible gold. — 2009 / DRILL CORENQ diamond drill core · hole N-26-09NQ Diamond Drill Core showing visible gold from hole N-26-09. Core assayed 298.43 g/t Au over 0.46 metres (from -43 metres below surface). 2009 diamond drill program.

Magnified view of visible gold in blue-grey quartz veining in N-26-09 drill core. — 2009 / DRILL COREVisible gold · 10× hand lensPhoto of NQ Diamond Drill Core from hole N-26-09, taken through a 10× hand lens, showing prolific visible gold grains and specks within blue-grey quartz veining of the Main Zone. 2009 diamond drill program.

02 / SAMPLING & MAPPING

2024 Main Zone fieldwork

Brian Edgar working at the northwest Main Zone extension in snow in November 2024. — 2024 / FIELDWORKNorthwest Main Zone extensionGeologist Brian Edgar preparing the northwest extension of the Main Zone for channel sampling, November 2024. The high-grade zone was extended an additional 18 metres northwest.

Bruce Edgar preparing channel sampling equipment beside the Main Zone extension. — 2024 / FIELDWORKChannel sampling preparationGeologist Bruce Edgar preparing to cut channel samples across the northwest extension of the Main Zone. A previously cut channel is visible in the foreground, partially under water. 2024 channel sampling program.

Channel sample cut in rock with sample collection bag on the ground. — 2024 / SAMPLINGMain Zone extension · channel sampleExample of a channel sample cut across the Main Zone extension. This sample assayed 7.2 g/t Au over 0.9 metres. 2024 channel sampling program.

Brian Edgar at the western Main Zone showing amid snow-covered outcrops. — 2024 / SAMPLINGWestern Main Zone extensionGeologist Brian Edgar at the western end of the Main Zone extension (2024). A grab sample across 20 cm of quartz veining assayed 241.03 g/t Au.

White felsic intrusive dike and quartz veining cutting crystal tuffs at the Main Zone. — MAIN ZONE / GEOLOGYFelsic dike and quartz veiningFelsic intrusive dike (white) and quartz veining cutting through crystal tuffs (Main Zone). A 2009 channel sample is visible at the top of the photo.

03 / PROPERTY HISTORY

2017 geological field visit

Bob Young and Herb Funk examining quartz veining in a rocky field area in 2017. — 2017 / FIELD RECORDQuartz-veining field examinationMr. Bob Young, President of First Minerals Mining Ltd., examining quartz veining from the Main Zone with Mr. Herb Funk, diamond driller, in 2017.

ARCHIVED FIELD PHOTOGRAPH

Main Zone quartz-veining examination.

The 2017 photographic record shows First Minerals Mining President Bob Young and diamond driller Herb Funk examining quartz veining at the Main Zone.

We continue to assess the historical evidence in support of a technically defined, phased exploration approach.

Historical photographic disclosure. Results and descriptions are reproduced from the Company's supplied historical photographic documentation and remain subject to technical verification. The 2009 drill-core photo caption reports 298.43 g/t Au over 0.46 metres; the 2025 drill proposal references 298.43 g/t Au over a rounded 0.5-metre interval. We retain each interval as reported in its respective record. Selective samples and photographed observations are not representative of overall grade or a defined mineral resource.

TECHNICAL PROGRAM

Two-phase proposed diamond drilling.

A sequenced plan to test the Main Showing near historic gold intersections, evaluate the possible plunge and improve geological interpretation. Neither phase is described here as completed.

PHASE I / TARGET CONFIRMATION

Initial Main Showing tests

Three proposed drill holes are designed around historic intersections of 9.54 g/t Au over 1.52 metres, 12.04 g/t Au over 0.91 metres and 298.43 g/t Au over 0.5 metres, with the aim of testing the zone's structural interpretation and possible mineralization plunge.

160metres proposed

Proposed hole	Section	Northing	Dip	Length / m	Target intercept / m
N-25-01	1+50W	1+00N	-55	50	-38
N-25-02	2+00W	1+00N	-48	45	-30
N-25-03	2+50W	1+00N	-67	65	-53
Proposed total				160 m	3 holes

PHASE II / STRIKE & DEPTH TESTING

Expanded geological evaluation

Thirteen proposed holes over approximately 140 metres of exposed strike are designed to evaluate information gaps in historic drilling, test adjacent areas around the reported 298.43 g/t Au over 0.5 metre intersection and investigate an interpreted shallow western plunge. Proposed intercept depths range from approximately 15 to 75 metres below reference level.

900metres proposed

Proposed hole	Section	Northing	Dip	Length / m	Target intercept / m
N-25-04	4+50W	0+50N	-45	25	-15
N-25-05	4+50W	1+00N	-63	60	-50
N-25-06	4+00W	1+00N	-60	55	-43
N-25-07	4+00W	2+00N	-50	85	-60
N-25-08	3+50W	2+00N	-60	100	-75
N-25-09	3+00W	1+00N	-63	60	-45
N-25-10	3+00W	2+00N	-50	85	-50
N-25-11	2+00W	2+00N	-50	85	-50
N-25-12	1+50W	1+00N	-63	30	-23
N-25-13	1+50W	2+00N	-60	100	-75
N-25-14	1+00W	2+00N	-50	85	-60
N-25-15	0+50W	1+00N	-75	45	-38
N-25-16	0+00	2+00N	-50	85	-60
Proposed total				900 m	13 holes

Indicative Phase II cost schedule and reconciliation

The 2025 Phase II cost schedule itemizes $196,880 in direct costs, a stated “15% contingency” of $33,220, and a stated grand total of $230,000. These amounts are not arithmetically consistent. Fifteen percent of $196,880 is $29,532, yielding $226,412. The dollar currency is not identified in the source.

Itemized direct costs$196,880

Source-reported grand total$230,000

Recalculated with 15% contingency$226,412

Historical planning estimates only; no authorized project budget, financing commitment or drilling commencement is asserted.

Both schedules originate in 2025 proposals. Hole names are planned identifiers, not evidence of completed holes. Depths are proposal intercept targets, not confirmed mineralization.

TECHNICAL LIBRARY

Review the original project exhibits.

Longitudinal sections and the historical property maps are retained as source exhibits. Proposed drill intercept markers are interpretations, not verified results from completed holes.

Nicholson Main Showing longitudinal section indicating proposed Phase I intercept locations. — Phase I proposed hole intersections. Longitudinal section following the Strike Minerals 2009 drill program, as shown in the Phase I proposal.

Nicholson Main Showing longitudinal section for thirteen proposed Phase II drill holes. — Phase II proposed hole intersections. The historical diagram identifies black circles as Phase I targets and red circles as Phase II targets.

Historical source documents

Project source exhibits are published as historical references. They are not technical reports, current land-title searches, records of completed drilling or verified mineral resources.

01 / DRILL PROPOSALNicholson · Phase I2025 / 160 metres proposed 02 / DRILL PROPOSALNicholson · Phase II2025 / 900 metres proposed 03 / CLAIMS REFERENCEMissanabie historic mapHistoric Ontario MLAS figure 04 / REGIONAL REFERENCEHistoric adjacent-mines mapHistoric May 2015 reference

TECHNICAL DISCLOSURE

Explore the data. Understand the qualifications.

Technical information remains subject to source verification, current tenure review, laboratory and QA/QC support, and Qualified Person assessment where required.

Technical disclaimer

Nicholson Property.