COLUMBA 3D MODEL

COLUMBA VIDEO

The following two diagrams illustrate zonation: GRADES INCREASE AT DEPTH

OVERVIEW

Columba is a past producing high-grade silver mine, which operated from 1900 until 1910, when work ceased in the region due to the Mexican Revolution. The Property covers a large, high-grade silver epithermal system comprised of numerous veins, which the Company has mapped over strike lengths from 200 meters to up to 4 kilometers. Channel sampling on these veins in 2019 returned widths of up to 6 meters and carried grades of up to 692 gpt silver. The Property was not systematically explored in modern times until Kootenay acquried an option on the property in 2018. As of 2023, Kootenay holds 100% ownership of the concessions after making staged payments over a 4-year period totaling US$3,290,000. The vendors retain a 2% NSR of which 1% can be purchased by the Company for US$750,000.

BACKGROUND & HISTORICAL DATA

Columba hosts a series of high-grade silver veins on surface as well as extensive underground workings. On surface four (4) old shafts are reported to extend to depths of up to 200 meters and connect to at least six (6) levels of widespread underground drifts covering lengths of up to 1,000 meters. The majority of the work appears to have been done in the early 1900’s and again in the mid 1900’s with an estimated 70,000 to 100,000 tonnes being mined. Historical reports obtained by Kootenay indicate the potential for the discovery of high-grade deposits.

The historic data is from plan maps of sampling across the veins in underground workings and from smelter reports reporting on tonnes and grade of material delivered which are consistent with the historic plan maps. Assays taken by the Company of surface tailings are also consistent with historic numbers.

The Company cautions that a qualified person has not done sufficient work to verify the historical sampling data and has not substantiated any data as it pertains to the Property; therefore, the reader should not rely upon such historical grades. The information is not necessarily indicative of mineralization on the Property and is provided as background and context material for the reader. The Company is treating the historical sampling data as a guideline to determining potential future exploration programs.

EXPLORATION WORK COMPLETED AT COLUMBA

To prepare for initial drilling, in 2018 the Company completed mapping and sampling which resulted in the confirmation of anomalous silver in numerous veins at surface mapped over strike lengths from 200 meters to 2 kilometers. Exploration channel sampling by Kootenay returned grades ranging from 1 gpt to a high of 692 gpt silver over widths of 0.5 to 6 meters.

Initial drill holes at Columba were completed by Kootenay in 2019 targeting the F vein, which was briefly mined during the 1910 era and again in the late 1950’s to early 1960’s. Drilling along both the F and I veins was carried out by the Company to verify vein width, grades and location of the vein. Results thus far have confirmed good widths of quartz, quartz-calcite vein, vein breccia and stockwork with many holes hitting unexpected hanging wall veining. Phase I drilling by Kootenay included 6,853 meters of drilling over 41 holes.

In 2020,a follow up phase 2 drill program comprised of 43 holes, totaling over 9,114 meters, was carried out; targeting infill and step out drilling within the high-grade F vein and the J-Z Vein area. Results from this campaign were again impressive as drilling intercepted additional high-grade silver mineralization within the F vein, including an impressive hanging wall structure parallel to the F vein not apparent from surface including. In addition, drilling also confirmed the discovery of a broad zone of high grade hydrothermal breccias that encompasses a low to medium grade quartz stockwork system at the J-Z Zone. Detailed results for all drill holes drilled to date can be viewed by clicking the following link: COLUMBA DRILL RESULTS

In 2021, the Company completed a Phase 3 drill program totalling 5,782 meters over 30 holes. Drilling targeted numberous areas including the F Vein, the JZ Zone and the East Block (located 200 meters east form the JZ Zone). Kootenay also completed follow up drilling on the B and D Veins, located approximately 600 meters south of the F Vein. Results from drilling at these veins confrimed two more promising high-grade areas producing some of the best high grade silver intercepts on the Property to date (News Release November 3, 2021).

WORKED PLANNED

Kootenay is currently planning a drill program at Columba. Details of this program will be available shortly.

MAIDEN RESOURCE ESTIMATE

The first Maiden Resource Estimate on the Columba Silver Project was completed on May 29, 2025. Highlights of the Columba Property MRE are as follows:

• The underground MRE includes, at a base-case cut-off grade of 150 g/t Ag, Inferred Mineral Resources estimated at 5.92 Mt grading 284 g/t silver, 0.19% lead, and 0.50% zinc. The Mineral Resource Estimate includes Inferred mineral resources of 54.1 Moz of silver, 25.2 Mlbs of lead, and 65.6 Mlbs of zinc. The MRE is exclusive of mined out material (F Vein).
• A total of 17 epithermal veins that comprise the Columba vein system were included in the Mineral Resource Estimate.

Table 1-2 Columba Project Underground Mineral Resource Estimate, May 29, 2025

The underground base case cut-off grade of 150 gpt Ag considers metal price of US$26.00/oz Ag, metal recovery of 90% for Ag, a mining cost of US$60.00/t rock and a processing, treatment and refining, transportation and G&A cost of US$45.00/t mineralized material.

Table 1-3 Columba Project Underground Mineral Resource Estimate by Vein, May 29, 2025

Columba Property Mineral Resource Estimate Notes:

• The mineral resource was estimated by Ben Eggers, MAIG, P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101. Eggers conducted a site visit to the Columba Property on May 28, 2025. The mineral resource was peer reviewed by Allan Armitage, Ph.D., P.Geo. of SGS Geological Services, an independent Qualified Person as defined by NI 43-101. Armitage conducted a site visit to the Columba Property on May 24-25, 2024.
• The classification of the Mineral Resource Estimate into Inferred mineral resources is consistent with current 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. The effective date of the Columba Property Mineral Resource Estimate (MRE) is May 29, 2025. This is the close out date for the final mineral resource drilling database.
• All figures are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.
• All mineral resources are presented undiluted and in situ, constrained by continuous 3D wireframe models (considered mineable shapes), and are considered to have reasonable prospects for eventual economic extraction. The mineral resource is exclusive of mined out material.
• Mineral resources are not mineral reserves. Mineral resources which are not mineral reserves, do not have demonstrated economic viability. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated or Measured Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated or Measured Mineral Resources with continued exploration.
• The Columba mineral resource estimate is based on a validated drillhole database which includes data from 217 surface diamond drill holes completed between 2019 and March 2025. The drilling totals 53,476 m. The resource database totals 28,448 assay intervals representing 45,805 m of data.
• The mineral resource estimate is based on 17 three-dimensional (“3D”) resource models representing epithermal veins which comprise the Columba vein system. 3D models of mined out areas were used to exclude mined out material from the current MRE.
• Grades for Ag, Pb, and Zn are estimated for each mineralization domain using 1.5 m capped composites assigned to that domain. To generate grade within the blocks, the inverse distance squared (ID²) interpolation method was used for all domains.
• Average density values were assigned to each domain based on a database of 4,049 samples.
• It is envisioned that the Columba Project deposits may be mined using underground mining methods. Mineral resources are reported at a base case cut-off grade of 150 gpt AgEq. The mineral resource grade blocks were quantified above the base case cut-off grade, below surface and within the constraining mineralized wireframes.
• The underground base case cut-off grade of 150 gpt Ag considers a metal price of US$26.00/oz Ag and metal recovery of 90% for Ag.
• The underground base case cut-off grade of 150 gpt Ag considers a mining cost of US$60.00/t rock and a processing, treatment and refining, transportation and G&A cost of US$45.00/t mineralized material.
• The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

Table 1-4Columba Project Inferred Mineral Resource Sensitivity Table, May 29, 2025

• Underground mineral resources are reported at a base case cut-off grade of 150 gpt Ag. Values in this table reported above and below the base case cut-off grades should not be misconstrued with a Mineral Resource Statement. The values are only presented to show the sensitivity of the block model estimate to the base case cut-off grade.
• All values are rounded to reflect the relative accuracy of the estimate and numbers may not add due to rounding.