The O'Brien Gold Project
A New Vision for an Historic High-Grade Gold Mine in Québec's Abitibi
Corporate Update, December 2025
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Cautionary Statement Regarding Forward-Looking Information
Qualified Persons
Disclosure of a scientific or technical nature in this presentation was prepared under the supervision of Mr. Richard Nieminen, P.Geo, (QC), a geological consultant for Radisson and a Qualified Person for purposes of NI 43-101. Mr. Nieminen is independent of Radisson and the O'Brien Gold Project.
Renée Barrette of Ausenco Engineering Canada ULC, is the Qualified Person responsible for the preparation of the Project's milling assessment, PEA metallurgy, and for PEA financial model which is based on capital costs, operating costs, and the mining cost provided by other parties. Mr. Luke Evans, M.Sc., P.Eng., ing, of SLR Consulting (Canada) Ltd., is the Qualified Person responsible for the preparation of the Mineral Resource Estimate at O'Brien. Mr. Marc R. Beauvais, P.Eng. of Innov-Explo, a member of Norda Stelo, is the Qualified Person responsible for the mine design and mine scheduling. Mr. Hugo Latulippe of BBA is the Qualified Person responsible for the permitting, environmental, social, water management and closure cost estimate.
Each of Mr. Nieminen, Ms. Barrette, Mr. Evans, Mr. Beauvais and Mr. Latulippe have reviewed and approved the technical information contained in the PEA and in this press release in their area of expertise and are considered to be "independent" of Radisson and the O'Brien Gold Project for purposes of NI 43-101.
Non-IFRS Financial Measures
The Company has included various references in this document that constitute "specified financial measures" within the meaning of National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators, such as, for example, Free Cash Flow, EBITDA, Total Cash Cost and All-In Sustaining Cost. None of these specified measures is a standardized financial measure under International Financial Reporting Standards ("IFRS") and these measures might not be comparable to similar financial measures disclosed by other issuers. Each of these measures are intended to provide additional information to the reader and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS. Certain non-IFRS financial measures used in this presentation and common to the gold mining industry are defined below.
Total Cash Cost and Total Cash Cost per Ounce
Total Cash Cost is reflective of the cost of production. Total Cash Cost reported in the PEA include mining costs, processing & water treatment costs, general and administrative costs of the mine, off-site costs, refining costs, transportation costs and royalties. Total Cash Cost per Ounce is calculated as Total Cash Cost divided by payable gold ounces.
All-in Sustaining Cost (AISC) and AISC per Ounce
AISC is reflective of all of the expenditures that are required to produce an ounce of gold from operations. AISC reported in the PEA includes total cash costs, sustaining capital, expansion capital and closure costs, but excludes corporate general and administrative costs and salvage. AISC per Ounce is calculated as AISC divided by payable gold ounces.
Free Cash Flow (FCF)
FCF deducts capital expenditures from net cash provided by operating activities. Management believes this to be a useful indicator of our ability to operate without reliance on additional borrowing or usage of existing cash. Free cash flow is intended to provide additional information only and does not have any standardized definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The measure is not necessarily indicative of operating profit or cash flow from operations as determined under IFRS. Other companies may calculate this measure differently.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA)
EBITDA excludes from net earnings income tax expense, finance costs, finance income and depreciation. Management believes that EBITDA is a valuable indicator of our ability to generate liquidity by producing operating cash flow to fund working capital needs, service debt obligations, and fund capital expenditures. Management uses EBITDA for this purpose.
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WH Y R A D I S S O N
High-Grade.
A H I G H - G R A D E R E S O U R C E (E F F E C T I V E M A Y 2 0 2 5 ) 1
Exploring the Historic O'Brien Gold Project in Québec's Abitibi
Growing. Québec's Abitibi.
0.58 Moz Ind.(2.2Mt at 8.2 g/tAu)
0.93 Moz Inf.(6.7 Mt at 4.4 g/t Au)
A G R O W I N G P R O J E C T W I T H A N A C T I V E D R I L L P R O G R A M
A fully funded 140,000m step-out drill program underway to test the full scope of the project to 2 km depthR O B U S T P R O J E C T E C O N O M I C S (J U L Y 2 0 2 5 P E A ) 1
Strong returns and fast payback, highlighting low-capex growth
$532MAfter-tax NPV5% (CAD)
48% IRRAfter-tax
$175MCapital Costs (CAD)
Q U É B E C ' S P R O L I F I C A B I T I B I G O L D B E L T
Development Path based on offsite milling and tailings management. Infrastructure and a leadership team with proven mine-building experienceH I S T O R I C O ' B R I E N M I N E
587,121 oz Au (1926-1957)
1.2 Mt @ 15.25 g/t Au mined
1. Technical report on the O'Brien project, Northwestern Québec, Report for NI 43-101, SLR Consulting (Canada) Ltd., effective June 27, 2025
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Board
Pierre BeaudoinChairperson
30+ years of mining experience.
Formerly COO (2018-2024) of SilverCrest Metals Inc. for Las Chipas Project.
Formerly COO (2013-2017) of Detour Gold for Detour Lake Project. Barrick Gold, Lac Minerals Ltd. and Noranda Minerals.
Peter MacPhail | Director35+ years of mining experience. Formerly COO (2015-2022) of Alamos Gold, Aurico and Northgate Minerals.
Led development of Young Davidson mine, La Yaqui Grande mine in Mexico, and initial expansion of Island
Gold mine
Lise Chenard | Director40+ years of mining experience. Previously with
Campbell Chibougamau Mines, Lac Minerals and Barrick Gold.
Held positions as Chief Geologist at Barrick Gold and Senior Director of Mining Geology & Senior Technical Advisor for IAMGOLD.
Jeff Swinoga | Director25+ years of mining experience.
President, CEO & Director of Exploits Discovery Corp.. Previously National Mining and Metals
Co-Leader at Ernst & Young Canada. Director, PDAC
Michael Gentile | Director20 years capital markets experience.
Founding Partner and Senior PM at Bastion asset management.
20+ years as an active/successful mining investor
Cindy Valence | Director20 years of experience in Senior management positions.
Recently Executive VP and Chief Sustainability Officer at Sayona Mining Ltd. Women In Mining, Abitibi
Management
Matt Manson | President & CEO, Director30+ years of mining experience.
Led Development of Marathon Gold's Valentine Gold Project.
Led Development of Stornoway Diamond's Renard Project.
Northern Miner Mining Person of the Year 2017.
PDAC Viola Macmillan Award 2015.
Hubert Parent-Bouchard | CFO12 years accounting/finance/mining experience.
Treasurer & Director, CIM Rouyn-Noranda branch.
Dave Ross | VP Exploration25+ years of experience in mineral resource estimation and exploration. Previously, VP Geology and Exploration Calibre and Marathon Gold.
Senior Manager Resources Teranga. 15 Years
with RPA (now SLR)
Kristina Pillon | Manager, IR16 years capital markets experience focused with focus in investor relations, marketing and institutional equity sales.
President & CEO of High Tide Consulting Corp.
QU É B E C ' S A B I T I B I
Gold Mill
Trans Canada
Highway 117
Active mine
Railroad
Past Producing Mine
Main Faults
Hub-and-Spoke Mining Complexes
N
O'Brien Project
ROUYN-NORANDA
Doyon-Westwood
LaRonde
Lapa
Cadillac-Larder Lake Break
CADILLAC
Kiena
Sigma-Lamaque
MALARTIC VAL-D'OR
Canadian Malarctic
Goldex
Cadillac-Larder Lake Break
A History of Hub-and-Spoke Mining Complexes
Mines and Mining Services in Québec's Abitibi (+100 Moz Au endowment)
Lake Break
Surrounded by world-class operations,
including:
LaRonde Canadian Malartic Goldex
Doyon-Westwood
Sigma-Lamaque
Kiena
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LaRonde
Westwood-Doyon
O'Brien Gold ProjectTSXV : RDS OTCQX : RMRDF 8
O'Brien 2025 PEA: Basis of Study
Assumes off-site toll milling based on the results of a recent milling assessment and metallurgical study that demonstrated the potential compatibility of the nearby Doyon gold mill, part
of IAMGOLD Corporation's Westwood Mine Complex1
Utilizes existing MRE, re-blocked with an updated cut-off yielding more ounces in more tonnes at a lower average grade
Presents base case "snap-shot" study that excludes recent drilling successes outside the existing MRE and below historic mine. 50-60,000m fully funded drill program ongoing
Result
Low cost and high value project
with significant upside potential
Use of existing infrastructure surfaces
considerable value while minimizing environmental impact
Extremely efficient capital allocation
with high NPV5%to cost ratio
Westwood-Doyon Complex
O'Brien Gold ProjectLaRonde Complex
1 IAMGOLD has not independently confirmed the processing assumptions, metallurgical results and/or cost assumptions associated with the required mill upgrades in the scenarios outlined in the PEA.
O'Brien 2025 PEA: Summary Results
Value (After Tax)1
NPV5%IRR
Payback (years)
US$2,550 Au C$532M 48% 2.0US$4,000 Au C$1,188M 100%
0.7
Assumptions
Gold Price, Stope Optimization & MRE Gold Price, Financial Analysis
US$:C$ F/X
Conceptual Toll Margin2
US$2,000/oz Au US$2,550/oz Au $0.73 30%Cost1,4
Initial Capital NPV5%/Capex Sustaining Capital Cash Costs
AISC5
C$175M 3.0 C$173M US$861/oz Au US$1,059/ozMine Plan1
Mine Life 11 years
Mined Ounces 740 koz
Average Head Grade 5.0 g/t Au
Years 2-8: Steady State Run-Rate3
Production Rate 1,160tpd
Annual Avg. Au 70 koz
Annual Avg. FCF C$97M
Denotes a "specified financial measure" within the meaning of NI 52-112. See note on "Non-IFRS Financial Measures".
Processing toll milling charges are conceptual and have been estimated by Ausenco based on recent industry precedent
Represents full calendar years
LOM operating costs includes cash operating costs during the initial capital period. Mining operating costs exclude waste development costs and mobile equipment costs which are captured as sustaining capital items
AISC includes Royalties, Total Cash Costs and Sustaining Capital, including closure costs. Excludes corporate G&A.
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O' B R I E N P E A B A S E D ON OF F - SI T E M I L L I N G
Milling Assessment
Westwood
-Doyon
21 km on H117
O'Brien Project
1. The MOU contains no specific terms around potential commercial arrangements between the parties. The PEA has been completed independently by Radisson and establishes the general criteria for the development of O'Brien based on off-site processing and tailings management. IAMGOLD has not independently confirmed the processing assumptions, metallurgical results and/or cost assumptions associated with the required mill upgrades in the scenarios outlined in the PEA.
O'Brien 2025 PEA: Metallurgy and Doyon
Sept 2024: MOU with IAMGOLD for milling assessment at the Doyon Mill (Non-binding, Non-exclusive)1 Milling Assessment Results Feb 2025 Metallurgy Profile of O'Brien Material86% to 96% recovery with flow sheet options compatible with Doyon at minimal/modest additional capital
Average arsenic values of 0.4% to 0.5% in whole rock and 4.6% in float con., consistent with precedent projects in Québec's Abitibi and offtake threshold limits for concentrates of high-grade gold projects
Flow Sheet Adopted for O'Brien 2025 PEA Base Case Process PEA Recoveries Operating Assumptions
Base Case Gravity-Flotation-Regrind-Leach
90% in met study, 87% in PEA after application of grade-recovery model to average head grade
C$21M for mill upgrades; Tailings in the existing Doyon facility; trucking of mined material; 30% tolling margin
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Radisson Mining Resources Inc. published this content on December 11, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on December 11, 2025 at 18:28 UTC.
