Major Precious Metals Corp. reported the results of an updated Mineral Resource Estimate ("MRE") for its Skaergaard PGM and Gold Project ("Skaergaard") completed by SLR Consulting (Canada) Ltd. ("SLR"). The 2022 MRE is based on data from 93 diamond drill holes (DDH) and 30 channel sample lines (42,050 m of drilling and 1,409 m of channel sampling) completed at Skaergaard, including the results from channel sampling and 7,787 m (32 DDH) of drilling completed by Major Precious Metals in summer 2021. The Skaergaard Project is located in the central portion of the East Coast of Greenland, approximately 450 km west of Iceland. Major Precious Metals acquired Skaergaard from Platina Resources Ltd. ("Platina") in 2020 and owns a 100% interest in the two Mineral Exploration Licences ("MEL") that comprise the Skaergaard Project (MEL 2007-01 and MEL 2012-25). In January 2021, Major Precious Metals was granted a third MEL adjacent to Skaergaard (MEL 2021-10). Skaergaard is a platinum group element-gold (PGE-Au) deposit hosted in the leucocratic gabbro layers (L0 to L3) of the Triple Group of the Skaergaard Intrusion, a layered mafic igneous complex in Southeast Greenland. The Project is situated in an area of extremely rugged mountainous terrain, glaciation, and frequently severe climatic conditions and is approximately 40% covered with glaciers, including the large Forbindelses Glacier. The mineralization is strongly layered, with seven mineralized horizons (H0 to H6) recognized to date. H5 and H6 are currently subeconomic horizons which are useful as markers for interpretation, but which may add value to potential surface bulk mining scenarios pending further study. The updated 2022 MRE builds on the work that was undertaken for the 2021 MRE and includes the assay results from the summer 2021 DDH and channel sampling programs completed by the Company at Skaergaard. The 2022 MRE is built on interpreted mineralized horizons modelled in Leapfrog software, correlated in context of interpretation of the four (L0 through to L3) leucocratic gabbro horizons of the Triple Group, and developed using new PhotoSat topography and image data, palladium to gold (Pd:Au)
ratios, platinum (Pt) concentration, and the new simplified geological model. Mineral Resources are estimated for two deposit areas: the main area, located south of the northern edge of the Forbindelses Glacier and under the glacier, and the area north of the Forbindelses Glacier (Figure 1). The drilled grade and thickness results from the drilling in the 2021 field season agree with those interpreted and interpolated into previously undrilled areas in the 2021 MRE, which supports the interpreted consistency of grade in each horizon and underpins the validity of the ranges set for Mineral
Resource classification in the 2022 MRE. In view of the increases in precious metal prices in recent years, and importance of PGEs, which represent approximately 70% of the Skaergaard deposit's value, the 2022 MRE continues to be expressed in terms of PdEq ounces as opposed to AuEq ounces as in the past. The 2022 MRE was completed in accordance with CIM Definition Standards on Mineral Resources and Mineral Reserves (CIM Definition Standards ­ May 2014) incorporated by reference into NI 43-101. The Qualified Person ("QP") is not aware of any environmental, permitting, legal, title, taxation, socio- economic, marketing, political, or other relevant factors that could materially affect the 2022 MRE.