Scottie Resources : Earnings Dcoument

SCOTTIE RESOURCES CORP.

FORM 51-102F1

MANAGEMENT DISCUSSION AND ANALYSIS ("MD&A")

For the six months ended February 29, 2024

INTRODUCTION

Scottie Resources Corp. ("Scottie", or the "Company") was incorporated on November 24, 2009 in the province of British Columbia, Canada. The Company trades on the TSX Venture Exchange under the symbol "SCOT".

This discussion and analysis of financial position, results of operations and cash flows of Scottie for the six-months ended February 29, 2024 includes information up to and including April 26, 2024 and should be read in conjunction with the accompanying condensed interim financial statements for the six-months ended February 29, 2024 as well as the audited financial statements and related notes thereto for the year ended August 31, 2023 (the "Financial Reports") which is available on the SEDAR+ website at www.sedarplus.com.

The financial information in this MD&A is derived from the Financial Reports prepared in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board ("IASB") and with the interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"). All dollar amounts are expressed in Canadian dollars unless otherwise indicated.

Additional information relating to the company is available on SEDAR+ at www.sedarplus.comand the Company's website at www.scottieresources.com.

DESCRIPTION OF BUSINESS

Scottie is an exploration stage company engaged in the acquisition, exploration and evaluation of mineral properties located in the "Golden Triangle" area of British Columbia, Canada. The area known as the Golden Triangle of British Columbia is among the world's most prolific mineralized districts, host to past and current mining operations including Johnny Mountain, Red Mountain, Snip Mine, Eskay Creek, Premier Mine, Golden Bear and Valley of the Kings.

The Company's objective is to undertake mineral exploration on properties assessed to be of merit to define mineral resources, and to put plans in place in order that the properties may be put into operation in an economic and sustainable manner. Metals being targeted are precious metals with a focus on gold and silver. In the course of executing its business objectives, it is expected the Company will enter into various agreements specific to the mining industry, such as purchase or option agreements to acquire mineral claims and joint venture agreements.

SCOTTIE RESOURCES CORP.

Management Discussion and Analysis

For the six-month period ended February 29, 2024

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This MD&A includes certain forward-looking statements or information. All statements other than statements of historical fact included in this MD&A including statements relating to the potential mineralization or geological merits of the Company's mineral properties and the future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. Such forward-looking statements include among other things, statements regarding future commodity pricing, estimation of mineral reserves and resources, timing and amounts of estimated exploration expenditures and capital expenditures, costs and timing of the exploration and development of new deposits, success of exploration activities, permitting time lines, future currency exchange rates, requirements for additional capital, government regulation of mining operations, environmental risks, anticipated reclamation expenses, timing and possible outcome of pending litigation, timing and expected completion of property acquisitions or dispositions, and title disputes. They may also include statements with respect to the Company's mineral discoveries, plans, out-look and business strategy. The words "may", "would", "could", "should", "will", "likely", "expect", "anticipate", "intend", "estimate", "plan", "forecast", "project" and "believe" or other similar words and phrases are intended to identify forward- looking information. Forward-looking statements are predictions based upon current expectations and involve known and unknown risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the actual results of exploration programs, fluctuating commodity prices, the possibility of equipment breakdowns and delays, the availability of necessary exploration equipment including drill rigs, exploration cost overruns, general economic or business conditions, regulatory changes, and the timeliness of government or regulatory approvals to conduct planned exploration work. Additional factors that could cause actual results to differ materially from the Company's plans or expectations include political events, fluctuations in mineralization grade, geological, technical, mining or processing problems, future profitability on production, the ability to raise sufficient capital to fund exploration or production, litigation, legislative, environmental and other judicial, regulatory, political and competitive developments, inability to obtain permits, general volatility in the equity and debt markets, accidents and labour disputes and the availability of qualified personnel. Although the Company has attempted to identify all of the factors that may affect our forward-looking statements or information, this list of the factors is not exhaustive. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks and uncertainties detailed throughout this MD&A

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SCOTTIE RESOURCES CORP.

Management Discussion and Analysis

For the six-month period ended February 29, 2024

PERFORMANCE SUMMARY AND SUBSEQUENT EVENTS

During the six month period ended February 29, 2024 and to the date of this report the Company:

• Announced the first assays from its 2023 drill program targeting the Blueberry Contact Zone, including intercepts of 56.4 g/t gold over 3.7 metres and 12.1 g/t gold over 3 metres. These results are the first returned from the 20,000 metre drill campaign. Please refer to the news release dated September 6, 2023 for more information.
• Closed three tranches of a non-brokered private placement of securities and raised aggregate gross proceeds of $2,233,550. Pursuant to the private placement, the Company issued an aggregate of:
• 1. 3,985,000 non-flow-through units (the "NFT Units") at a price of $0.23 per NFT Unit; (ii) 4,112,500 FT Shares at a price of $0.24 per FT Share; and (iii) 1,000,000 Charity FT Units at a price of $0.33 per Charity FT Unit, for aggregate gross proceeds of $2,233,550. Each NFT Unit is comprised of one common share and one-half of one common share purchase warrant. Each Charity FT Unit will be comprised of one common share that will qualify as a "flow-through share" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "Tax Act") and one- half of one warrant. The warrants for all units will be subject to the same terms, with each warrant entitling the holder thereof to purchase one common share for a period of two years from the date of issuance at an exercise price of $0.35 per common share.

In connection with the offering, the Company issued 236,100 finder's warrants and paid cash commissions of $53,303 to certain finders. Each finder's warrant entitles the holder thereof to purchase one common share at a price of $0.23 per Share for a period of two years from the date of issuance. For more information, please see the news releases dated September 8, October 4, 6, and 19, 2023.

• Reported assays on the Scottie Gold Mine Project. The company continues to intercept high-grade gold over appreciable widths in the Blueberry Contact Zone. The 2023 exploration program focused on expanding the zone along strike and at depth and increasing confidence of the geological model through targeted drilling. The company drilled 20,130 metres in 2023.

Highlights:

1. Drillhole SR23-247 intersected 26.9 g/t gold over 4 m and 13.9 g/t gold over 2.04 m o Drillhole SR23-249 intersected 3.01 g/t gold over 9 m
   o Drillhole SR23-242 intersected 5.3 g/t gold over 4.05 m
   o Testing during 2023 of the main Blueberry Zone shows increased vein density relative to

previous modelling.

Please refer to the news release dated October 12, 2023 for more information.

• Reported new assays on the Scottie Gold Mine Project, including several high-grade intercepts on the Road and Fifi vein zones along the Blueberry Contact. Together the results continue to define the high-grade, outcropping deposit and provide valuable context and insight into the structural details of the system.

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SCOTTIE RESOURCES CORP.

Management Discussion and Analysis

For the six-month period ended February 29, 2024

Highlights:

1. Road zone drillhole SR23-261 intersected 10.4 g/t gold over 7.65 m including 51 g/t gold over 1 m

o Drillhole SR23-264 targeted the Fifi vein zone, intersecting 88.4 g/t gold over

2.00 m and 4.41 g/t gold over 4.5 m

• High-gradeintercepts occur on the siltstone side of the Blueberry Contact

o Drillhole SR23-273 targeted the Fifi vein zone, intersecting 13.0 g/t gold over

• • 8.5 m and 5.12 g/t gold over 2.00 m

  • Intercept occurs at a depth from surface of approximately 145 m Please refer to the news release dated October 31, 2023 for more information.
• Reported new assays on the Scottie Gold Mine Project, including several high-grade intercepts on the Fifi and Lemoffe vein zones along the Blueberry Contact as well from the C Zone.

Highlights:

1. Drillhole SR23-268 targeted the Fifi - Lemoffe - Tupelo vein zones, intersecting 8.78 g/t gold over 7.5 m and 28.2 g/t gold over 4.00 m.
2. • Intercepts start at a depth from surface of approximately 160 m
   • The lower intercept occurs on the siltstone side of the Blueberry Contact Zone

1. Drillhole SR23-265 targeted the Lemoffe vein zone, intersecting 5.50 g/t gold over 3.85 m.
2. • Intercept of 6.50 g/t gold over 1.0 m represents the deepest intercept to date of the Blueberry Contact Zone, at a vertical depth of over 525 m from surface indicating continuity at depth

1. C Zone drillhole SR23-257 intersected 4.12 g/t gold over 6.45 m including 89 g/t silver.
2. • Vein zone extends west of the Blueberry Contact Zone
   • Increased silver content (relative to gold) is consistent with other drilling in the southern extension of the Blueberry Contact Zone

Please refer to the news released dated November 30, 2023 for more information.

• Reported new assays on its Scottie Gold Mine Project, including new high-grade intercepts on its D Zone target.

Highlights:

1. Drillhole SR23-286 intersected a high-grade D Zone vein, grading 36.3 g/t gold over 5.0 m including 91.5 g/t gold over 1.07 m
2. • Intercept is located approximately 85 m from existing underground workings
   • Intercept is located 220 m east of the Blueberry Contact Zone

1. Drillhole SR23-289 intersected a high-grade D Zone vein running 20.1 g/t gold over
   1.00 m
2. • Represents >50 metre step-out from the 2022 discovery intercepts of SR22-188 (31.8 g/t gold over 4.00 m) and SR22-182 (6.82 g/t gold over 6.85 m)
   • Mineralization remains open at depth

1. Drillhole SR23-304 intersected a newly identified high-grade D Zone vein running 5.90 g/t gold over 3.00 m
2. • New follow-up target for 2024

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SCOTTIE RESOURCES CORP.

Management Discussion and Analysis

For the six-month period ended February 29, 2024

Please refer to the news release dated January 9, 2024 for more information.

• Reported new assays on the Blueberry contact zone including several high-grade intercepts through the Fifi and Lemoffe vein zones along the Blueberry contact.

Highlights:

• 1. Drill hole SR23-279 targeted the Blueberry-Fifi-Lemoffe vein zones, intersecting 7.94 g/t gold over 13.2 m, including 36.1 g/t gold over 2.30 m.
  2. • Intercepts start at a depth from surface of approximately 200 m;
     • The lower intercept occurs on the siltstone side of the Blueberry contact zone.
  1. Drill hole SR23-276 targeted the Fifi-Lemoffe vein zones, intersecting 3.02 g/t gold over
     5.25 m, including 9.9 g/t gold over 1.25 m.
  2. • Drill hole SR23-271 intersected 18.7 g/t gold over one m on the Lemoffe vein zone.
• Terminated the property option agreement on the Independence and Silver Crown Claims. Please refer to the news release dated January 18, 2024 for more information.
• Reported new assays on its Scottie Gold Mine deposit including intercepts at the P-Zone of 6.89 g/t gold over 5.8 metres and 7.11 g/t gold over 2.2 metres. The results signify considerable upside on a near mine expansionary target.

Highlights:

1. New surface discovery of 20.5 and 17.9 g/t gold in outcrops between the Scottie Gold

Mine and the D-Zone

1. Scottie Gold Mine P-Zone intercepts of 6.89 g/t gold over 5.8 m and 7.11 g/t gold over 2.20 m.

• Both intercepts correlate well with one another and represent extensions of the zone to depth and to the west of previous drilling

1. Holes in the Stockwork area targeted porphyry-style mineralization and intercepted wide zones bearing anomalous gold.
2. • Mineralization is primarily hosted in andesitic rocks of the Unuk River unit of the Hazelton Formation, a favourable host rock in the region From surface, SR23-294

intersected 0.36 g/t gold over 94.51 m, including 1.40 g/t gold over 4.94 m From surface, SR23-295 intersected 0.19 g/t gold over 269.53 m, including 1.47 g/t gold over 4.65 m

Please refer to the news release dated February 01, 2024 for more information.

• Reported final assays on its 2023 drill campaign on the Blueberry Contact Zone in British Columbia's Golden Triangle, including intercepts of 13.9 g/t gold over 7.00 m and 59.2 g/t gold over 1.25 m.

Highlights:

1. 2023 drill campaign consisted of 20,130 m of diamond drilling, particularly focused on expansion of the Blueberry Contact Zone
2. • Drilling extended high-grade mineralization to a depth of >525 metres

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SCOTTIE RESOURCES CORP.

Management Discussion and Analysis

For the six-month period ended February 29, 2024

1. Drillhole SR23-312 targeted the Blueberry - Fifi vein zones, intersecting 13.9 g/t) gold over 7.00 m

1. Drillhole SR23-306 targeted the Fifi - Lemoffe vein zones, intersecting 59.2 g/t gold over 1.25 m and 9.5 g/t gold over 1.00m

Please refer to the news release dated February 7, 2024 for more information.

• Closed two tranches of a non-brokered private placement financing and issued an aggregate of 12,361,112 non flow-through units at a price of $0.18 per non flow-through unit and issued 5,044,445 charity flow-through units at a price of $0.27 per charity flow-through units for aggregate gross proceeds of $3,587,000. Each charity flow-through and non flow-through unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant. Each full warrant entitles the holder to purchase an additional common share at an exercise price of $0.28 per common share for a period of three years from the date of issuance.
  In connection with the offering, the Company issued 288,333 finder's warrants and paid cash commissions of $51,900 to certain finders. Each finders' warrant entitles the holder thereof to purchase one common share at a price of $0.28 per common share for a period of three years from the date of issuance. Please refer to the news release dated January 18, 2024, January 22, 2024, and February 23, 2024 for more information.
• Completed a sale and grant of a 2.0% gross production royalty (the "Royalty") to Franco-Nevada Corp ("Franco-Nevada") for $8.1-million (the "Royalty Transaction"). The Royalty applies to all minerals produced on Scottie's claims in the Stewart Mining Camp in the Golden Triangle, including those claims which are held under option by Scottie and any claims subsequently acquired by Scottie within a customary area of interest around its existing claims.
  Franco-Nevada has also been granted the option to purchase an additional 0.5% gross production royalty upon the decision by Scottie to proceed with construction of a project or acceptance by Scottie of a project study on its properties (the "Additional Royalty").
  The purchase price in respect of the Additional Royalty will be determined at the time of exercise based on a net present value calculation at consensus commodity prices. Franco-Nevada has been further granted a right of first refusal to purchase any new royalty, streaming or similar interest in Scottie's properties which is offered to be purchased by a third party.
  In conjunction with the Royalty Transaction, the Company closed a charity flow-through private placement of 5,422,994 flow-through common shares at a price of $0.275 per flow through common share for additional gross proceeds of $1,491,323.
  Agentis Capital Mining Partners were paid a cash fee of $625,000 and issued 3,000,000 common share purchase warrants exercisable at a price of $0.19 for a period of two years for acting as financials advisors in connection with the Royalty Transaction. Please refer to the news releases dated April 2, 2024 and April 15, 2024 for more information.
• Issued 7,400,000 stock options to certain officers, directors, and consultants of the Company. The stock options vest 25% upon grant, and 25% every three months thereafter. The stock options are exercisable at a price of $0.195 for a period of five years. Please refer to the news release dated April 17, 2024 for more information.

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SCOTTIE RESOURCES CORP.

Management Discussion and Analysis

For the six-month period ended February 29, 2024

OUTLOOK

Since incorporation on November 24, 2009 the Company has acquired various properties in British Columbia, Canada and has successfully funded and advanced these projects.

As the Company has no source of revenue at this time, it will continue to require additional capital to fund future office and administrative expenditures and to advance the Company's projects and complete project investigation activities.

EXPLORATION AND EVALUATION PROJECTS UPDATE

On July 16, 2021, Scottie completed the acquisition of AUX Resources Corporation by way of a three- corner amalgamation, resulting in the formation of the wholly owned subsidiary of Scottie, AUX Resources Limited. The transaction consolidated the contiguous gold-silver exploration assets of Scottie's Cambria Project and AUX's Silver Crown, Independence, American Creek, Lower Bear, and Bear Pass Projects, all of which will benefit from operational and geological synergies.

Scottie Gold Project

2023 Exploration Program

The 2023 exploration program focused on expanding the zone along strike and at depth and increasing confidence of the geological model through targeted drilling. The company drilled 20,130 metres in 2023. The drill program commenced in late June and continued into September, using up to three diamond drill rigs.

Approximately 17,000 metres was used to target expansion of the Blueberry Contact Zone, with the remaining metres allocated to additional advanced targets in the area, including the historic Scottie Gold Mine, Stockwork Zone, and the Bend Vein. In addition to the drilling, extensive geophysical work (HLEM) was carried out over specific areas to delineate new targets.

2022 Exploration Program

A 17,176 metre diamond drill program was completed on the Scottie Gold Mine Project during the 2022 field season (July - October), employing 3 diamond drills. Drilling focused on expanding the Blueberry Contact Zone along strike and at depth, successfully extending the system to a depth of 400 vertical metres and a strike length of 1,550 metres. Ancillary drill targets included the Bend Vein, C and D zones, Stockwork, and the Scottie Gold Mine P zone. Two geophysical grids (Loop EM) were completed on both the Scottie Gold Mine and the southern extension of the Blueberry Contact Zone underneath a historic lakebed.

Regional mapping and sampling were completed to follow up on anomalous samples from 2021, and to refine mapping of the primary lithological contact controlling the Blueberry Contact Zone. A LiDAR survey was flown over the entire Scottie Gold Mine property to better assist future drill campaigns with structural interpretations and ground control.

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SCOTTIE RESOURCES CORP.

Management Discussion and Analysis

For the six-month period ended February 29, 2024

2022 Drillhole Highlights

	Drill Hole		From	To	Width*	Gold	Silver
	(target)		(m)	(m)	(m)	(g/t)	(g/t)
	SR22-145		69.1	81.6	12.50	13.32	10.22
	(Blueberry)	including	69.1	72.1	3.00	23.59	31.39
		and	79.1	81.6	2.50	37.52	7.19
	SR22-151		343	419	76.00	2.45	7.78
	(Blueberry)	including	370.6	395.15	24.55	7.07	4.33
		and including	370.6	378.25	7.65	3.99	3.75
		and	388.8	395.15	6.35	22.18	11.78
		and including	391.8	395.15	3.35	30.14	17.51
	SR22-156		119.5	120.5	1.00	2.49	14.00
	(Blueberry)		148	150.4	2.40	194.00	16.83
			255	257.5	2.50	4.61	0.00
	SR22-168		149	153.5	4.50	11.28	37.67
	(Blueberry)		198	223	25.00	9.79	6.88
		including	200.9	204	3.10	10.12	3.00
		and	217.55	218.85	1.30	161.00	100.00
			234	238.15	4.15	3.37	10.69
			247.8	251.75	3.95	1.47	11.25
			153.7	155.2	1.50	3.55	0.00
	SR22-186		153.7	155.2	1.50	3.55	0.00
	(Blueberry)		234.9	236.4	1.50	1.26	0.00
			252	253	1.00	1.08	5.00
			335	339.7	4.70	34.52	11.77
		including	335	336	1.00	128.00	30.00

Scottie Gold Mine Property, British Columbia

The Scottie Gold Mine Property is comprised of 3 contiguous claim groups (Scottie Gold Mine, Bow, Summit Lake)

On September 27, 2012, the Company entered into an agreement to purchase an 80% interest in the Scottie Gold Mine property, located in the Golden Triangle 50 kilometres north of Stewart, British Columbia. The property consists of 14 Crown-Granted claims and 2 contiguous Modified Grid System ("MGS") claims covering 107 hectares of MGS claims and 213 hectares of Crown Granted claims.

The Scottie Gold Mine operated from 1981 to 1985 and produced 95,426 ounces of gold from 183,147 tonnes of mineralization. Four separate vein zones labelled the 'L", "M", "N" and "O" zones were partially explored by drilling and underground development and were the source of the gold produced during the milling operation. After closure of the mine, Wright Engineers prepared a report dated July 1985 that indicated diluted mineral resources in the Proven, Probable and Possible categories of the four zones as 120,279 tonnes grading 19.31 g/t gold for a total of 74,333 ounces.

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SCOTTIE RESOURCES CORP.

Management Discussion and Analysis

For the six-month period ended February 29, 2024

Wright Engineers used information supplied by the Scottie Gold Mine engineers and did not independently confirm the information. The report by Wright Engineer's relied on drill hole data and underground sampling results from programs completed by the Scottie Gold Mine operators.

During the period from 2004 to 2006, further drilling by Tenajon Resource Corp. ("Tenajon"), led to a historical resource estimation by Giroux Consultants in October 2007. This historical resource estimation was based on Tenajon's drill hole data, Scottie Gold Mine drill hole data, and underground sampling. The results of the estimation are outlined below:

2007 Resource Estimation for the Scottie Property1

Veins	Category	Tonnes	Au g/t	Ag g/t	Ounces Gold	Ounces Silver
L, M, N and O	Indicated	20,100	9.91	4.32	6,400	2,800
L, M, N and O	Inferred	203,000	8.40	4.25	54,800	27,800

1The Scottie Gold mine historical estimates from the Wright Engineer's (1985) and the Giroux Consultants (2007) reports have not been verified by the Company and do not comply with CIM Definition Standards on Mineral Resources and Mineral Reserves as required by NI 43-101 and is not relevant to NI 43-101. These estimates are historical and are used for reference purposes only. The company is not treating the historical estimate as current mineral resources. The company plans on conducting an exploration program that will include twinning of drill holes to verify the historical data and prepare a current mineral resource.

The estimations of previous operators were based on mineralization defined in a zone 200 metres wide and 200 metres long with a vertical range of 440 metres. The mineralization is open along strike and to depth. Exploration to date has identified 13 potential zones of gold-bearingquartz-sulphide veining of the same nature as ore milled at Scottie during its operation.

Bow Claims, British Columbia

On December 12, 2018, the Company entered into an option agreement to acquire a 100% interest in the Bow property (now part of the Scottie Gold Mine Project) located in the Golden Triangle mining district of British Columbia. The Company's obligations on the option were met in 2020.

The Bow covers 471.92 hectares and is contiguous with the Company's 100% owned Scottie property which hosts the past producing Scottie Gold mine.

The Bow property covers a package of Hazelton Group volcanic rocks in contact with the Summit Lake stock, part of the Texas Creek plutonic suite. This sequence of rocks exhibits similar alteration and mineralization to the former-producing Premier mine 20 kilometres south of the Bow property, and the KSM copper-gold porphyries and Brucejack gold deposit 20 kilometres north of the Bow property.

Previous exploration work has identified 13 different gold-bearing veins on the Bow and Scottie properties.

Summit Lake claims

On April 26, 2019, the Company entered into an option agreement to acquire a 100% interest in a land package property covering 1,583 hectares, known as the Summit Lake property which surrounds the Scottie Crown Grants and expanded the footprint of the Company's land package (now part of the Scottie Gold Mine Project). Since the commencement of the option agreement, the Company made aggregate cash payments of $250,000, issued an aggregate of 2,200,000 common share and acquired a 100% interest in the Summit Lake property during the year ended August 31, 2023.

During the year ended August 31, 2023, the Company closed a royalty purchase agreement pursuant to which the Company purchased 100% of a 1.8% gross smelter return royalty on the Summit Lake property.

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SCOTTIE RESOURCES CORP.

Management Discussion and Analysis

For the six-month period ended February 29, 2024

In consideration of the purchase, the Company issued 2,500,000 common shares to the vendor with a fair value of $637,500.

During the year ended August 31, 2022, the Company purchased a 3.0% NSR which was previously held by a third-party over certain Scottie Gold Mine Property claims for $1,600,000.

The Scottie Gold Mine Project is now 100% owned and royalty free.

The property has shown multiple geophysical anomalies as well as high grade mineralization along the boundary bordering the Scottie property. Summit Lake opens up the area to further exploration, including unexplored areas exposed by retreating ice fields.

Stock Property, British Columbia

The Company staked a 100% interest in the Stock property, which covers 2,506.11 hectares and is located west of Ascot's Dilworth property and south of the Company's Scottie property. The Stock property has been explored intermittently since 1921 with numerous tunnels and crosscuts, one extending 300 metres. Mineralization on the property includes silver, gold, tungsten, copper, lead and zinc in beds of a siltstone complex.

The Company forfeited 1622.68 ha of claims on the Stock Property on February 17, 2019 and staked

360.59 ha of additional adjacent mineral claims on July 3, 2019.

Cambria Project

2023 Exploration Program

The 2023 exploration program on the Cambria Project focused on assessing new showings on the Silver Crown claims and targets on the Champion target. Sampling and mapping primarily focused on advancing the silver-rich polymetallic vein targets throughout the extensive land package.

2022 Exploration Program

The 2022 exploration program on the Cambria Project focused on assessing the newly consolidated AUX tenures and their geology with the context of previous work on the Scottie claims. Sampling and mapping primarily focused on advancing the silver-rich polymetallic vein targets throughout the extensive land package.

Bitter Creek Property, British Columbia

On March 1, 2019, Scottie entered into an option agreement to acquire a 100% interest in 42 mineral claims covering 4,832 hectares known as the Bitter Creek property, which joins the Company's Ruby Silver property and Black Hills property creating a contiguous land package of 10,350 hectares bordering the advanced Red Mountain gold property owned by Ascot Resources Ltd. The Company's obligations on the option were met in 2020.

Bitter Creek is subject to a 2.5% NSR, 60% of which can be repurchased for $1,500,000.

Bitter Creek property contains approximately 30 historic mineral showings/prospects and two historic small past producers (one on claim boundary). All described showings are categorized as polymetallic veins with silver-lead-zinc-and-or-gold mineralization. Past production totalled 65 tons -- Black Hills (53 tons) and Mobile (12 tons), with respective average grades of 1.17 to 2.7 g/t gold; 5,658 to 8,247 g/t silver; 16.1 to 8.0% lead; 2.92 to 9.6% zinc; and 0.30 to 0.41% copper.

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