01 — Americore Resources

K9 Gold Corp • TSX-V

Why Americore

A historically producing Nevada silver district with 36 Moz AgEq, five generations of operator validation, and emerging evidence of district-scale discovery potential. One of the tightest share structures in the silver space.

36 Moz
Historic AgEq Resource
5 Moz
Silver Produced
22,700
Acres — District Scale
~23M
Shares Outstanding
5 Operators

Validated System

Borax, Santa Fe, Newmont, Renaissance, Liberty. Five generations investing in the same system.

364 Holes

Massive Drill Database

Extensive historical drilling provides foundation for modern reinterpretation and targeting.

De-Risked

Proven Metallurgy

Heap leach, oxide cyanidation, sulphide flotation. Tested by Borax, Hazen Research, KCA.

02 — The Question Investors Ask

Why Was Trinity Left Behind?

If this deposit is so good, why wasn't it built? The answer is straightforward.

$3.50/oz

Silver Price Collapsed

Production stopped in 1989 when silver cratered. The geology didn't fail. The economics did.

Oxide Only

Operators Focused on the Shallow Zone

Historic operators targeted oxide heap-leach material. Sulphide zones were never seriously pursued at prior metal prices.

Uneconomic

Sulphides Didn't Work at Old Prices

Deeper sulphide mineralization required different processing and higher silver to justify. That environment didn't exist until now.

No Modern Tools

Lacked Current Modeling

Historic operators had no 3D modeling, no AI-assisted structural analysis, no modern geophysical integration.

Fragmented

Land Was Divided

Multiple claim holders and operators created fragmentation. Americore has now consolidated the entire district under one operator.

2026 Reality

Modern Silver Market Is Different

Silver deficits, solar demand, electrification, critical minerals policy. The market is structurally different from the 1980s.

03 — Why Now

The Timing Advantage

Converging macro factors and project-specific catalysts create a compelling re-entry window.

  • Silver price ~2.5x higher than the development era. Economics that failed at $3.50/oz work at $30+/oz.
  • Structural silver deficit — global demand exceeding mine supply for the 4th consecutive year.
  • Solar and electrification demand consuming record volumes of industrial silver annually.
  • Shrinking silver inventories — COMEX and LBMA warehouse stocks at multi-year lows.
  • U.S. domestic supply gap — America imports over 70% of its silver. Critical minerals policy increasingly favors domestic sources.
  • Quality Nevada silver assets are scarce. Most development-stage silver projects are in less favorable jurisdictions.
Silver Deficit

The Silver Institute projects a 4th consecutive annual deficit. Solar PV alone consumed 194 Moz in 2023, up 64% vs 2020. Supply cannot keep pace with industrial demand growth.

Sulphides Now Economic

At current prices, the economic envelope expands materially. Deeper sulphide zones and structural targets that were sub-economic in the 1980s now warrant serious evaluation.

03b — Market Fundamentals

Silver Supply & Demand: Structural Deficit

Six consecutive years of deficit. Cumulative drawdown of 762 Moz from above-ground stocks since 2021.

1,004
1,114
2021 -110 Moz
1,005
1,202
2022 -197 Moz
1,012
1,167
2023 -155 Moz
1,030
1,145
2024 -115 Moz
1,044
1,085
2025 -40 Moz
~1,040
~1,130
2026F -46 Moz
Total Supply (Moz) Total Demand (Moz)
762 Moz

Cumulative Drawdown

Above-ground stocks depleted since 2021. Physical supply increasingly constrained.

6th Year

Consecutive Deficit

2026 marks the sixth straight year demand exceeds supply. Structural, not cyclical.

Solar + EV

Industrial Demand Surge

Solar PV consumed 194 Moz in 2023 (up 64% vs 2020). Electrification is accelerating.

Source: The Silver Institute / Metals Focus — World Silver Survey 2026

04 — Discovery Thesis

Why We Believe Trinity Has
District-Scale Discovery Potential

This is not just resource validation. Multiple lines of evidence suggest significant discovery upside.

Structural Corridors

NE-trending fault zones provide clear structural controls on mineralization. Where structures intersect, grades intensify.

1.6-Mile Alteration

The alteration footprint extends far beyond the historic pit, indicating a much larger mineralizing system than previously modeled.

Untested Anomalies

Multiple geophysical and geochemical anomalies remain undrilled. Magnetic signatures correlate with the highest assay values.

Geochemical Zoning

Silver-lead-zinc zoning patterns suggest a classical epithermal environment with vertical zonation typical of larger systems.

Intrusive Relationship

Evidence of intrusive bodies driving hydrothermal fluid migration. This is the engine that creates large silver systems.

High-Grade Shoots

570 g/t Ag intercepts and 1,690 g/t grab samples demonstrate high-grade potential at structural intersections.

05 — System Model

The Trinity System Model

Not an old low-grade pit. An evolving district-scale silver system with multiple horizons of value.

SURFACE OXIDE CAP Heap-leachable | Bulk tonnage | Historically mined HISTORIC PIT TRANSITION ZONE Mixed oxide-sulphide | Grade increasing with depth SULPHIDE ZONE Flotation concentrate | Higher-grade structural intersections FAULT ZONE FAULT ZONE 570 g/t 94m @ 111 g/t FEEDER STRUCTURE FEEDER ? ? OPEN AT DEPTH OPEN EXTENSIONS Oxide Feeder Fault Target
Near Surface

Oxide Cap

Bulk tonnage. Heap leach proven. This is what was mined.

Transition

Structural Controls

NE fault zones. Grade increases at intersections.

At Depth

Sulphide Zone

Higher-grade. Flotation viable at current prices.

Deep

Feeder Structures

Vein-style Ag. Discovery upside. The valuation changer.

Untested

Conceptual Targets

Geophysical anomalies. Open in all directions.

06 — Exploration Upside

Open in All Directions

The mineralized system extends beyond the historic pit in every direction. Untested ground remains on all sides.

Open North
Alteration extends 800m+ beyond last drill hole
Historic Pit
36 Moz AgEq
364 holes drilled
Open South
Magnetic anomalies undrilled along strike
Open Northeast
Structural corridor with highest-grade surface samples
Open at Depth
Feeder structures traced but not fully tested below 200m
07 — Key Intercepts

Evidence of Higher-Grade Zones

Structurally controlled mineralization northeast and beneath the historic pit.

Peak Grab Sample
1,690 g/t
Silver
Surface structural zone within claim package
Peak Gold
4.33 g/t
Au
Polymetallic credits across multiple zones
Peak Lead
9.2%
Pb
Robust polymetallic system indicator
Mined Grade
~6 oz/t
Ag
Consistent grade across 1.1M tons processed

Grab samples are selective and may not be representative. Historical drill intercepts from prior operator reports. True widths may vary.

08 — De-Risking

Technically Derisked Relative to
Typical Silver Explorers

Most exploration companies have none of this. Americore starts with decades of validation.

Historical production — 5 Moz Ag produced at commercial scale
Heap leach recoveries — proven at commercial scale by Borax
Extensive metallurgy — Borax, Hazen Research, KCA testing
364 historic drill holes — massive database for modern modeling
Historical pit design — demonstrated open-pit viability
Historic engineering — processing parameters established
Reclamation completed — no legacy environmental liabilities
Existing access — roads, I-80, infrastructure in place
Low permitting risk — prior permits, clean site, Nevada jurisdiction
Consolidated ownership — all claims under single operator
09 — Past Producer
5 Moz Silver
Historically Produced

A proven system with real production history. Not an exploration concept.

1982
Discovery by Borax
1987
Heap leach production begins
1989
5 Moz produced. Silver price collapse halts ops.
2026
Americore: modern reinterpretation
1.1M Tons

Material Mined

Heap leach processed 1.1M tons at ~6 oz/t Ag.

Prices, Not Geology

Why It Stopped

Silver crashed. The system stayed open in all directions.

10 — Geophysics
RTP Magnetics RTP Magnetic Survey

Regional Samples with RTP Magnetics

Magnetic anomalies correlate with highest assay values, indicating structural controls on mineralization that extend at depth. Multiple anomalies remain untested by drilling.

100 g/t Ag
+ 9.2% Lead
0.735 g/t Au
Gold in Structure
11 — Structural Geology
Fault Structures Fault structures

Fault Network & Structural Controls

Fault intersections are prime targets for high-grade ore shoots. Multiple converging structures create a favorable setting with significant untested potential.

1.6-mile alteration halo extends well beyond the historic pit, indicating a large mineralizing system.

12 — Claim Package
Claims Map Claim outline

Consolidated District Position

Americore controls all claims covering the historic Liberty Silver resource. Newmont claims, Primus claims, and Nevada Hills agreement consolidated under a single operator.

364
Drill Holes
22,700 ac
District Scale
13 — AI-Assisted Modeling

AI-Assisted Structural Modeling

Practical application of modern computational tools to a rich historical dataset.

Digitizing History

364 Drill Holes Digitized

Comprehensive digitization of all historical drilling, assay data, and geological logs into a modern 3D database.

Vectoring

Targeting Feeder Structures

Machine learning models trained on known high-grade intercepts to vector toward untested structural intersections and feeder zones.

Integration

Multi-Dataset Synthesis

Integrating geophysics (magnetics, gravity), geology (mapping, logging), and drilling (assays, lithology) into unified structural models.

14 — Metallurgy

Proven Metallurgy

Three processing pathways. Three independent testing organizations. Decades of validation.

Heap Leach

Commercially proven by Borax. 5 Moz produced via cyanide heap leaching of oxide material.

Oxide Cyanidation

Conventional cyanide leaching. Processing pathway well understood and commercially validated.

Sulphide Flotation

Deeper sulphide material amenable to flotation. Provides pathway for higher-grade structural zones.

Tested By

Borax (commercial), Hazen Research (lab), KCA Metallurgical (lab). Independent confirmation from three organizations.

15 — Relative Valuation

EV/Oz Relative Valuation

Americore's enterprise value per silver-equivalent ounce versus comparable development-stage silver companies.

Americore Resources
$0.18
Viscount Mining
$0.42
Blackrock Silver
$0.78
Dolly Varden Silver
$1.02
Discovery Silver
$1.28

EV/oz AgEq based on estimated enterprise values and reported/historical resources. Illustrative comparison using publicly available data. Subject to resource classification and methodology differences.

16 — Capital Structure
~23M Shares
Outstanding

One of the tightest structures in the silver exploration space. Maximum leverage to silver price and drill results.

~23M
Basic Outstanding
$0 Debt
Clean Balance Sheet
2% NSR
Royalty to Newmont
Option to buy 50% for $3.5M pre-production
Tight Float
Insider Ownership
Significant insider holdings align management with shareholders

Newmont Agreement: USD $50K + 100K shares (effective). $100K + 300K shares (Year 1). $350K + 700K shares for full title. Royalty buyback option at $3.5M.

17 — Nevada, USA

Premier Mining Jurisdiction

Pershing County, Nevada. Near Lovelock, I-80 corridor, Rochester Mine.

I-80 Highway Access

Major highway corridor with established road access to site.

Near Lovelock

Workforce, services, supply chain access nearby.

Rochester Mine

Coeur's Rochester Mine operates in the same region, confirming district viability.

Nevada Advantage

No state income tax. Established permitting. Deep mining workforce. Consistently ranked #1 mining jurisdiction globally.

Rail & Infrastructure

Nearby rail. Existing roads. Grid power accessible. Water rights available.

18 — Development Path

Clear Path Forward

Systematic advancement leveraging the extensive historical database.

Phase 1

Data & Modeling

  • Compile 364-hole drill database
  • Digitize geological logs
  • AI-assisted structural modeling
  • Target generation
Phase 2

Verification

  • Twin-hole drilling program
  • Verify key intercepts
  • Modern assay protocols
  • Updated metallurgical testing
Phase 3

Discovery

  • Test structural targets
  • Explore feeder zones at depth
  • Step-out drilling
  • Expand resource envelope
Phase 4

Resource Update

  • NI 43-101 resource estimate
  • Preliminary economic assessment
  • Updated mine plan
  • Advancement decision
19 — Investment Thesis

Americore Resources

THE TRINITY SILVER PROJECT

A historically producing Nevada silver district with a 36 Moz AgEq resource, district-scale discovery potential, and the tightest share structure in the silver exploration space. Five operators. Proven metallurgy. AI-assisted structural modeling revealing untested high-grade targets. Open in all directions. Technically derisked. Re-entering the market at the right moment in the silver cycle.
36 Moz
AgEq Resource
5 Moz
Produced
~23M
Shares
Nevada
Jurisdiction

K9 Gold Corp • Americore Resources • Trinity Silver Project

This presentation contains forward-looking statements and historical data. Historical resources and production figures are referenced for informational purposes and may not be NI 43-101 compliant. Grab samples are selective and may not be representative. EV/oz comparisons are illustrative and based on publicly available data. Investors should review the 2025 Technical Report by Respec for complete technical details. This is not an offer to sell securities.