MPD case study shows how a Mineral Resource Estimate can be converted into an illustrative economic valuation model using AI

Illustrative scenario shows how MPD economics may respond to March 2026 commodity prices

Dublin, Ireland — [25 May 2026] — Stormlands Mining has published a new independent case study on the MPD Project in British Columbia, which includes an illustrative economic valuation model.

Using its AI-first mining valuation platform, Stormlands has used the publicly available NI 43-101 Mineral Resource Estimate dated December 2025, to create an independent illustrative economic model of the project. Unlike many later-stage mining project case studies, MPD does not currently have a published Preliminary Economic Assessment. The NI 43-101 report provides a Mineral Resource Estimate and technical assumptions, but does not publish project economics such as NPV, IRR, payback, capital cost, operating cost or life-of-mine cash flow.

Base case model results

Stormlands has used the public technical information to create an illustrative economic model for the project. Stormlands’ base case model produces an illustrative post-tax project NPV of US$315.5 million at a 5% discount rate, with an IRR of 15.5% and payback of 6 years and 2 months after the start of production.

Updated commodity price scenario

Stormlands also created a second illustrative scenario, using updated commodity prices. The updated illustrative scenario uses March 2026 commodity prices of approximately US$12,499/t copper, US$4,877/oz gold and US$74.91/oz silver, compared with the base case commodity prices of approximately US$9,259/t copper, US$2,600/oz gold and US$30/oz silver.

Using March 2026 commodity prices for copper, gold and silver as an illustrative scenario, Stormlands’ model shows that project NPV increases from US$315.5 million to US$743.6 million. IRR increases from 15.5% to 27.7%, while payback improves from 6 years and 2 months to 3 years and 7 months.

Life-of-mine revenue increases from approximately US$2.15 billion in the base case to approximately US$3.23 billion under the updated commodity-price scenario. Life-of-mine EBITDA increases from approximately US$1.44 billion to approximately US$2.50 billion. Estimated corporate income tax also increases materially, from approximately US$318 million to approximately US$636 million.

Value Impact Drivers

Stormlands’ modelling shows that MPD is most sensitive to the overall commodity price deck and copper price assumptions. Copper is the dominant individual metal value driver. A 10% reduction in copper price reduces NPV to approximately US$249 million, while a 10% increase lifts NPV to approximately US$382 million. Gold provides a meaningful secondary value contribution, while silver has limited impact on total project value under the modelled assumptions.

Stormlands’ sensitivity analysis also shows that operating cost and capital cost are important valuation drivers. Stormlands’ heatmap analysis shows that MPD remains positive across the tested price and operating-cost scenarios, but with a wide range of valuation outcomes.

Phil O’Connell, Chief Product Officer of Stormlands Mining, said:

MPD is an important case study because it shows a different use case for Stormlands. There is no published PEA for MPD, so this is not about replicating an existing economic study. It is about showing how technical disclosure from a Mineral Resource Estimate can be converted into an illustrative economic model, so that analysts and project teams can start asking better valuation questions earlier. A static technical report gives you the resource. A dynamic model helps you understand how the economic interpretation of that resource changes as market conditions change.”

The MPD case study is the latest release from the Stormlands Library, a growing repository of interactive mining asset valuation models designed to help users understand the key drivers of mining project economics.

The MPD case study follows Stormlands’ earlier Rovina Valley and Whistler Project analyses and forms part of the company’s plan to build a global library of mining asset valuation models. The Stormlands Library is intended to provide a structured source of mining project models, enabling users to screen assets, benchmark projects and test assumptions.

The full case study is available through the Stormlands Library at:

https://www.stormlandsmining.com/library/mpd/

Stormlands Library: https://www.stormlandsmining.com/library/

NOTE

The MPD Project does not currently have a published Preliminary Economic Assessment. The Stormlands analysis is therefore not a replication of an existing economic study.

Stormlands creates an illustrative valuation model by extracting and structuring the technical data available in the public NI 43-101 Mineral Resource Estimate, including resource tonnes, grades, metal assumptions, recovery assumptions, cut-off information and other relevant technical parameters. Stormlands then applies its own financial modelling framework to establish indicative life-of-mine revenue, capital requirements, taxes, royalties, NPV, IRR, payback and sensitivity outputs.

The purpose of this approach is to show how a Mineral Resource Estimate can be translated into an investment-style economic framework before a formal PEA is available. It allows users to test assumptions and understand potential value drivers, including commodity prices, operating costs, capital costs, discount rates, taxes and royalties.

ABOUT STORMLANDS

Stormlands Mining is an AI-first valuation and analytics platform for mining assets and critical minerals. The platform helps investors, banks, mining corporate development teams, M&A advisers and other stakeholders turn technical disclosures into interactive valuation models in minutes, rather than days or weeks. The valuation models are accessible over multiple platforms to all users, enabling the user to interact directly with the data to facilitate scenario-planning.

The platform enables users to build discounted cash flow models at scale, test commodity price, capex, opex, tax, royalty rates, discount-rates and production scenarios, and compare opportunities and scenarios.

Stormlands is now using its technology to build the Stormlands Library: a global repository of mining asset valuation models. It has moved beyond a tool for analysts building individual models and is developing a data layer for the mining industry: a structured source of valuation models and illustrative scenarios. This creates a new way for investors, corporates, professional advisers, financial-market users and public-policy stakeholders to screen assets, benchmark projects and understand the key drivers of mining asset economics.

DISCLAIMER

This publication has been prepared by Stormlands Mining Ltd. for informational, educational and illustrative purposes only. It is based on publicly available information, including the MPD Project NI 43-101 Mineral Resource Estimate dated December 9, 2025, together with independent modelling undertaken by Stormlands Mining.

Stormlands Mining has not been engaged by the project owner or its affiliates to prepare this analysis. This publication has not been reviewed, approved or endorsed by the project owner, its advisers, or any Qualified Person associated with the MPD Project.

The analysis presented is not a Preliminary Economic Assessment, Pre-Feasibility Study, Feasibility Study, technical report, mineral resource estimate, mineral reserve estimate, valuation opinion, fairness opinion, investment research report, securities recommendation, offer to sell, solicitation to buy, or investment advice.

The MPD Project does not currently have a published Preliminary Economic Assessment. The Stormlands model is an illustrative economic model prepared from publicly available information and Stormlands’ own assumptions. It should not be interpreted as demonstrating economic viability.

Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Future technical work, including mine planning, metallurgical testing, engineering, environmental studies, permitting, capital-cost estimation and operating-cost estimation, would be required before any formal economic conclusions could be drawn.

Stormlands Mining is not acting as a broker, dealer, investment adviser, corporate finance adviser, Qualified Person, or securities research provider in connection with this publication.

All model outputs are scenario-based and depend on the assumptions used, including commodity prices, exchange rates, discount rates, capital costs, operating costs, taxes, royalties, production schedules, payability, recoveries, treatment and refining charges, timing assumptions and other inputs. Actual results may differ materially from the scenarios presented. Commodity prices, costs, financing conditions, permitting timelines and project development outcomes are uncertain and subject to change.

Stormlands Mining does not represent or warrant that the information or model outputs are complete, accurate or suitable for any particular purpose. Readers should treat this publication as one source of information only and should conduct their own independent technical, financial, legal, tax and investment due diligence before making any decision.

Neither Stormlands Mining nor any of its directors, officers, employees or advisers accepts any liability for any loss arising from reliance on this publication or the information contained in it