New Risk • Mar 18
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$1.7m free cash flow). Revenue is less than US$1m. Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Shareholders have been diluted in the past year (28% increase in shares outstanding). Market cap is less than US$100m (CA$99.7m market cap, or US$72.7m). Announcement • Jan 22
Big Ridge Gold Corp. Provides an Update of Ongoing Activities and Goals for 2026 At the Company's Hope Brook Gold Project Located on the Southwest Coast of Newfoundland and Labrador and the Destiny Gold Project, Located Near Val D'or, Quebec Big Ridge Gold Corp. provided an update of ongoing activities and goals for 2026 at the Company's Hope Brook Gold Project ("HBGP") located on the southwest coast of Newfoundland and Labrador and the Destiny Gold Project, located near Val d'Or, Quebec. Complete Hope Brook Preliminary Economic Assessment. Finalize metallurgical test work and produce concentrate samples for potential offtake partners. Destiny project partner, Caprock Mining to release results from Phase I Drill Program. Investor Icebreaker: Michael Gentile Mining Showcase January 27, 2026. Preliminary Economic Assessment - + 2g/t Au Open Pit. Big Ridge engaged SGS Geological Services in late 2025 to prepare a Preliminary Economic Assessment on the HBGP. The PEA continues to advance on time with a completion date in the first half of 2026. Historically, Hope Brook produced approximately 750,000 ounces of gold from 1987- 1997. A flotation circuit was installed in 1992 that produced a concentrate grading approximately 22% Cu and 34.28 g/t Au that was shipped to the Horne Smelter, located in Rouyn-Noranda, Quebec, Canada. Ongoing Metallurgical Test Work - High Quality Cu-Au Concentrate. Given the high-quality concentrate historically produced at the HBGP and strong global demand for premium copper and gold concentrates, Big Ridge is currently producing representative concentrate samples for potential off-take and marketing purposes. More recent metallurgical test work completed on Hope Brook ore has produced high-grade Cu-Au concentrates ranging from 26 to 30% Cu with 270 to 539 g/t Au. Strategically Located on Tidewater. The Hope Brook project is one of very few brownfield Au-Cu concentrate projects located on tidewater and in a tier-one jurisdiction. With current smelter treatment and refining charges at negative levels, the Company believes its strategic location on the Southwest coast of Newfoundland and Labrador will generate notable interest from potential traders and offtake partners that could support future project financing efforts. Destiny Gold Project - Phase I Drill Program Underway. Big Ridge currently owns 20.25 million shares of Caprock Mining, the Company's partner on the Destiny Gold Project. Caprock commenced a Phase I exploration drill program in the last quarter of 2025, targeting deep-seated, high-grade mineralization identified in two historical drill holes completed by a previous operator where gold grades as high as 26 g/t Au were intercepted. The company expects initial drill results from the program in first quarter of 2026. New Risk • Nov 28
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$1.8m 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$1.8m free cash flow). Earnings have declined by 1.0% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (22% increase in shares outstanding). Market cap is less than US$100m (CA$50.3m market cap, or US$36.0m). 
