Risk Factors Update Summary

• Denied motion to dismiss breach of Subscription Agreement claim. Expected $330M, received $110.3M.
• Environmental Impact Assessment Post Collector Test success is uncertain, impacting operations significantly.
• Commenced litigation against investors for breach of subscription agreements, seeking compensatory damages.
• Increased number of outstanding shares from 266M to 306M and warrants from 15M to 24.5M.
• Emerging growth company status may impact disclosure requirements, making securities less attractive to investors.
• Identified material weaknesses in internal control over financial reporting may impact accurate reporting.
• Potential inability to comply with Nasdaq listing standards could lead to delisting of Common Shares.
• Delay in adoption of Mining Code and regulations for exploitation in the Area.
• Material weaknesses in internal controls over financial reporting identified and remediation steps implemented.
• Potential extension of deadline for Mining Code adoption to 2025, impacting operations.
• Potential adverse effects if classified as PFIC for U.S. federal income tax purposes.
• Uncertainty in ISA regulations and member states' actions may delay or halt regulations.
• Forum selection provision in Articles may impose additional litigation costs on securityholders.
• Risks associated with international operations and regulatory approval for exploitation in the Area.