New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.0m free cash flow). Shareholders have been substantially diluted in the past year (41% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$4.85m market cap, or US$3.51m). Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). Announcement • Mar 15
Beauce Gold Fields Reports Phosphate Assays and Metallurgical Test Results for Apatite Rock Samples Beauce Gold Fields reported analytical results from apatite rock samples collected on its CH-98 Phosphate Property in the Lac-Saint-Jean region of Québec, along with metallurgical test results conducted by COREM on apatite-bearing material collected from the property. The results follow the Company’s November 17, 2025 press release, which reported the presence of apatite-rich anorthosite and confirmed the historic CH-98-61 phosphate showing. Apatite Rock Assay Results During the 2025 field visit to the CH-98 property, apatite rock samples collected from five locations including samples taken directly from the CH-98-61 outcrop showing, were submitted for analysis to ALS Canada Ltd. in Val-d’Or, Québec, for whole-rock geochemical analysis using XRF methods. Results include: Sample Field ID P2O5 (%) D589656 2025-0112 1.95 D589657 2025-0113 3.01 D589659 2025-0115 4.31 D589660 CH-98-C 0.28 D589661 CH-98-61 8.07 The 8.07% P2O5 result from sample CH-98-61 confirms the high-grade phosphate values previously reported from historical government sampling, which recorded 8.59% P2O5 from the same outcrop showing. The sampled rocks consist primarily of apatite-bearing anorthosite, a known host lithology for phosphate deposits within the Lac-Saint-Jean anorthositic suite. COREM Metallurgical Test Results A 20 kg rock sample of apatite-bearing material from the CH-98-61 outcrop was submitted to COREM (Québec City) to evaluate the potential to produce an apatite concentrate by flotation. COREM flotation tests demonstrated that the material responded well to conventional mineral processing methods. Key results include: Production of high-grade apatite concentrates exceeding 35% P2O5 Best flotation test produced 38.9% P2O5 concentrate 93.4% P2O5 recovery Low impurity levels with MER (minor element ratio) of 0.05 These results indicate that apatite contained in the CH-98 material can be effectively upgraded using conventional flotation techniques. Additional characterization of the concentrate showed: 0.19% total rare earth oxides (TREO) Low thorium (<5 ppm) and uranium (1.3 ppm) The metallurgical testing was conducted on material containing approximately 5.6% P2O5 in the feed sample prior to concentration. The apatite concentrate grades obtained in the COREM flotation tests are comparable to concentrate grades reported by advanced phosphate projects in the Lac-Saint-Jean anorthosite district, where concentrates commonly range from approximately 35% to 40% P2O5 following flotation beneficiation. The test work completed on material from the CH-98 property produced concentrates grading up to 38.9% P2O5 with 93.4% recovery, demonstrating that apatite mineralization from the property can be upgraded using conventional flotation techniques consistent with those used by other phosphate developments in the region. Next Steps The Company plans to advance exploration on the CH-98 property through: Detailed mapping and prospecting Channel sampling of apatite-bearing outcrops Geophysical surveys to trace favourable lithologies and structures Evaluation of additional metallurgical samples These activities aim to determine the lateral continuity and scale of apatite mineralization on the property. Quality Assurance /Quality Control Rock samples collected during the 2025 field program were delivered to ALS Canada Ltd. in Val-d’Or, Québec, an ISO-certified analytical laboratory. Samples were crushed, split, and pulverized prior to analysis. Whole-rock geochemistry, including P2O5, was determined by X-ray fluorescence (XRF) analysis following lithium borate fusion preparation. The analytical program included internal laboratory quality control procedures including standards, blanks, and duplicates. ALS Canada operates under internationally recognized quality assurance protocols to ensure analytical accuracy and precision. The Company’s qualified person has reviewed the laboratory analytical procedures and considers them appropriate for the style of mineralization being tested. Metallurgical test work on material from the CH-98 property (Passes-Dangereuses area) was conducted by COREM, Québec City, an independent mineral processing research center. Approximately 13.8 kg of representative rock material was prepared by crushing and homogenization before being split into test charges for flotation experiments. The sample was characterized by XRF analysis prior to testing and contained approximately 5.6% P2O5 in the head sample. Flotation tests were carried out in laboratory Denver flotation cells using a reagent scheme including fatty acid collectors and depressants to separate apatite from silicate and iron-bearing minerals. Multiple flotation tests were conducted at varying grind sizes to evaluate concentrate grade and recovery. The results reported represent the outcomes of controlled laboratory test conditions designed to evaluate the potential to produce an apatite concentrate and do not represent process optimization or economic feasibility studies. The Company’s Qualified Person has reviewed the COREM metallurgical procedures and considers the test work appropriate for preliminary evaluation of phosphate mineralization from the CH-98 property. The technical information contained in this news release has been reviewed and approved by Christian Tremblay, M.Sc., P.Geo., an independent Qualified Person as defined by National Instrument 43-101. The CH-98 property forms part of Beauce Gold Fields’ broader Québec Phosphate initiative, which targets phosphate occurrences within the Lac-Saint-Jean anorthosite complex, one of North America’s most important phosphate-titanium districts. Phosphate is essential for fertilizers and is a key component of LFP (lithium iron phosphate) battery cathodes. The Company’s strategy is to advance near-surface targets with potential to contribute to North America’s critical minerals supply chain. Phosphate was recently added to Canada’s and Québec’s critical minerals lists. New Risk • Dec 18
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$1.0m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$1.0m free cash flow). Shareholders have been substantially diluted in the past year (48% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (CA$5.55m market cap, or US$4.03m). Minor Risk Share price has been volatile over the past 3 months (15% average weekly change). 
