Announcement • Jul 16
Mont Sorcier Optimization Studies Delay Bankable Feasibility Study, Key Esia Filings Remains on Schedule Cerrado Gold have elected to extend the completion date on the Bankable Feasibility Study at its Mont Sorcier high grade iron ore deposit in the Chibougamau region of Quebec where Chibougamau owns a 2% GMR royalty. Cerrado intends to review numerous optimization and trade off opportunities that have been identified during the BFS process as having the potential to materially enhance the overall value of the project. Optimization opportunities to be incorporated into the Mont Sorcier Feasibility Study, this work will extend the date of completion of the BFS. Optimization will focus on: Enhanced Mine plan to reduce the overall strip ratio. Tailings Dam construction. Capital cost and operating cost review in light of ongoing regional inflation. Study of the trade – offs in concentrate quality vs premium price. Complete a modest drill program in Third Quarter 2026 to enhance the mine plan by upgrading additional resources. Cerrado has continued to advance the feasibility study for the Mont Sorcier iron ore project over the past number of quarters and in doing so have identified opportunities to optimize project economics and reduce both capital and operating costs despite the industry wide inflation. The most significant opportunity to enhance the project has been identified in the overall mine plan by covering a modest amount of currently inferred resources to measured resources within an area to the east of the current planned pit. This material should be shallower and therefore reduce stripping and tailings management costs over the life of the mine. This drill program is scheduled to occur in Third Quarter 2026. Cerrado reports that capital and operating cost estimates are currently seeing a material impact from rising inflationary pressures and therefore the optimization studies will focus on the life of mine tailings dam construction and other project infrastructure needs to reduce the overall size and construction material required for the project. Cerrado will conduct trade off studies to commence the operation producing a 65% grade iron concentrate versus the currently planned 67% grade iron concentrate. Cerrado reported that the current price premium for the 67% iron ore concentrate over the 65% iron ore concentrate may not sufficiently justify the additional capital and operating costs to deliver the premium product. The 65% product remains highly desirable in the market receiving a 20% premium to the 61-62% ion concentrate index and the 67% concentrate garner an approximately USD 20/tonne premium to the 65% Index as published by industry forecasters, subject to specific concentrate characteristics. The lower price could be offset by a higher weight recovery in the concentrator plant to deliver high levels of production with a simplified flow sheet, thereby reducing capital and operating costs. Cerrado has not provided an exact date for the final completion of the Bankable feasibility study pending the completing of the drill program. Cerrado does not expect the optimization studies and trade off studies to materially impact the timing of the Environmental and Social Impact Assessment (ESIA), which is expected to be filed in Second Quarter 2027. This is a key milestone for the project as the submission initiates the permitting process, and Cerrado believes permits could be granted around year end 2028, suggesting construction could commence in First Quarter 2029. New Risk • Jul 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Revenue is less than US$1m (CA$350k revenue, or US$246k). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (CA$18.8m market cap, or US$13.3m). Announcement • Jul 02
Chibougamau Independent Mines Inc., Annual General Meeting, Sep 16, 2026 Chibougamau Independent Mines Inc., Annual General Meeting, Sep 16, 2026. Location: ontario, toronto Canada Announcement • May 30
Chibougamau Independent Mines Inc. Reports Drilling Results and Exploration Updates on Berrigan Mine Asset Chibougamau Independent Mines Inc. reported that Tomagold Corporation has provided an update as regards recent drilling on the Berrigan Mine claims in the Chibougamau area of Quebec. The Berrigan Mine claims and a large number of others are under option from Chibougamau Independent Mines Inc. Previous Phase 1 drilling intersected the historical Berrigan Mine mineralization but also in two drill hole TOM-25-015 and Tom-25-014 intersected 5.08 ZnEq (1.19 g/t AuEq over 98.5 m including 23.20% ZnEq over 4.90 m from the new lower zone and 24.85% ZnEq (5.83 AuEq) over 2.1 m in the Berrigan zone and 13.68 ZnEq (3.17 g/t AuEq) in the new lower zone respectively as reported in TomaGold’s. Phase 2 drilling was focused upon extending 5 drill holes TOM-25-009 to TOM 25-013 inclusive in order to intersect the new zone as the previous drilling was focused upon the historical shallower mineralization. In TomaGold’s press release dated 2026-05-28, Tomagold reports: The program, which focused on extending drill holes TOM-25-009 through TOM-25-013, was designed to test the core of modelled conductive plates at depth and evaluate the potential of the Berrigan Deep zone, discovered just before Christmas. The Company is encouraged by the systematic mineralization observed in the recovered drill core. Holes TOM-25-009EXT and TOM-25-011EXT have been logged and cut, and the samples have been shipped to the laboratory; assay results for these holes are expected shortly. Holes TOM-25-010EXT, TOM-25-012EXT and TOM-25-013EXT are currently being logged and cut. Concurrently, encouraged by these positive geological indicators, TomaGold is launching a large-scale ground prospecting and exploration campaign. The program will cover all of the strategic option properties acquired from Chibougamau Independent Mines, Globex and SOQUEM. This cohesive package of claims forms a true consolidated mining camp in the heart of the Chibougamau mining district. Several high-priority historical mineralized showings that have never been subject to rigorous follow-up work will be evaluated and sampled over the coming weeks. In addition, in order to optimize the structural understanding of the area and map the continuity of mineralized zones at depth, the Company will soon initiate a borehole electromagnetic (BHEM) survey in drill holes TOM-25-010, TOM-25-012 and TOM-25-015 to detect off-hole conductors and identify potential deep extensions of mineralized zones already intersected by drilling. The Company also plans to conduct a large-scale surface geophysical (UTEM) survey over a corridor measuring approximately 4 km by 2 km to identify new regional conductors and prioritize high-potential drill targets along the area’s main mineralized structures. Finally, an audio-frequency magnetotelluric (AMT) geophysical program is also planned to map deep resistivity contrasts, better define the district’s structural architecture and identify corridors potentially associated with regional mineralized systems. Both the UTEM and AMT surveys have the capacity to investigate depths of up to 2 km, enabling the identification of major structural corridors and potential concealed massive sulphide lenses. 3D plan view showing drill holes TOM-25-009 to TOM-25-013 and their planned extensions (blue lines) targeting the modeled conductive plate at depth, along with significant intersections from holes TOM-25-014 and TOM-25-015 within the Berrigan Deep zone. AuEq calculation was based on USD 4,150/oz Au, USD 51.34/oz Ag, USD 5.023/lb Cu and USD 1.392/lb Zn. AuEq = Au g/t + (Ag g/t × 0.01237) + (Cu ppm × 0.000083) + (Zn ppm × 0.000023), applying metallurgical recovery factors of 95% for zinc, 85% for gold and silver, and 90% for copper, based on a metallurgical report on Berrigan Mine zinc material prepared by Process Research Associates Ltd. in February 2002 and on recoveries from nearby deposits for gold, silver and copper. ZnEq calculation was based on USD 4,047/oz Au, USD 50.22/oz Ag, USD 4.796/lb Cu and USD 1.390/lb Zn. ZnEq = Zn ppm + (Ag g/t × 527) + (Au g/t x 42466) + (Cu ppm × 3.45) /10,000, applying metallurgical recovery factors of 95% for zinc, 85% for gold and silver, and 90% for copper, based on a metallurgical report on Berrigan Mine zinc material prepared by Process Research Associates Ltd. in February 2002 and on recoveries from nearby deposits for gold, silver and copper. Reported Earnings • May 01
Full year 2025 earnings released: EPS: CA$0.005 (vs CA$0 in FY 2024) Full year 2025 results: EPS: CA$0.005 (up from CA$0 in FY 2024). Net income: CA$301.4k (up CA$331.2k from FY 2024). Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Announcement • Dec 31
Chibougamau Independent Mines Inc. announced that it has received CAD 0.2 million in funding ChibougamauIndependent Mines Inc. announced a private placement to issue 689,655 flow-through shares at a price of CAD 0.29 per share for proceeds of approximately CAD 199,999.95 on December 30, 2025. As a result of the closing of the private placement, there are 61,755,191 common shares of Chibougamau issued and outstanding. Under applicable securities legislation and the policies of the TSX Venture Exchange, the 689,655 shares issued at the closing of the private placement are subject to a four-month hold period expiring on May 1, 2026. 
