Project Overview - Caldeira project has a large ionic clay resource globally at 1.5 billion tonnes @ 2,359 ppm TREO, including 526 ppm MREO[17] - The project's initial mine life is estimated to be 20 years based on the Pre-Feasibility Study (PFS)[23] - Drilling has been limited to approximately 15% of the total license area, indicating significant exploration upside[23] Financial Highlights - The project boasts a compelling post-tax NPV8 of US$1.3 billion, indicating strong potential for extending mine life and processing capacity[17,41] - The development capex is estimated at US$443 million, inclusive of contingency[41] - The average annual Total Rare Earth Oxide (TREO) production is projected to be 13,584 tonnes, representing approximately 8% of the global REO market[38] - Average annual Neodymium-Praseodymium (NdPr) Oxide production is estimated at 4,228 tonnes, representing about 7% of the global NdPr market[38] Operational Summary - The project plans for a 6Mtpa plant throughput, optimized for greater return on capital[38] - The Maiden Probable Ore Reserve is 103 million tonnes @ 4,091 ppm TREO, based on a minimum 100m x 100m drilling[38] - The Life of Mine (LOM) strip ratio is low at 0.38 (waste:ore)[50]

Core Insights - Probe Gold Inc. has awarded major engineering contracts for the Pre-Feasibility Study (PFS) of its Novador Project, scheduled for completion by the end of 2025 [2][6] - Ausenco Engineering Canada ULC will lead the PFS, overseeing project timelines and deliverables, while G Mining Services Inc. will handle mining engineering aspects [3][4] - GHD has been appointed for tailings and water management engineering, leveraging their understanding of the project site for optimal design solutions [5][6] Company Overview - Probe Gold has consolidated a significant land position in the Val d'Or East area of Quebec, covering 835 square kilometers, with the Novador Project being a key asset [7][11] - The Novador Project includes four past-producing mines and contains 80% of the company's gold resources in the region, situated in a politically stable and low-cost mining environment [7][11] - The company has a robust mining plan with an average annual gold production of 255,000 ounces over a 12.6-year mine life [11][12] Engineering Partnerships - Ausenco is recognized for its innovative consulting and project delivery in the minerals and metals sector, with a strong track record in Quebec [8][9] - G Mining Services specializes in both underground and open-pit mining projects, providing comprehensive services from exploration to full-scale operations [10] - GHD is a global professional services company focused on integrated solutions for environmental and engineering challenges, currently supporting multiple mining projects in Canada [10][11] Project Progress - Probe Gold has completed a 50,000-meter infill drilling program to support the PFS, which remains on track for completion by year-end 2025 [9] - The company is making steady progress on its permitting strategy and is fully funded to advance through the next stages of regulatory and permitting work [6][11]