Alaska Miner Journal, December 2025

THE ALASKA MINER JOURNAL: The publication is member-only news mailed to AMA members, eight times a year, in months when the Magazine is not published. The Alaska Miner Journal is dedicated to those who work in and support the mining industry in Alaska, its commitment to the people, and the resources of our state. Our goal is to disseminate information on responsible mineral development, educating the public about the value of mining, providing information for our membership and the general public, and providing policymakers the information they need to understand the mining industry and monitor political and regulatory processes affecting mining in Alaska.

VOLUME 53 / NUMBER 12

DECEMBER 2025

AN OFFICIAL PUBLICATION BY THE ALASKA MINERS ASSOCIATION

Thanks for a Great 2025 Convention! FULL COVERAGE INSIDE

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A Message from the Executive Director

What an incredible year it has been for Alaska miners! As 2025 comes to an end and we prepare for a glorious holiday, there has been so much to be thankful for this year. In particular I am so thankful and grateful for our recent and again record-setting annual convention in Anchorage in November. Unleashing Alaska’s Strength: Resources. Resilience. Responsibility. brought together more than 1,400 attendees, 96 sponsors and 177 exhibitors ... and once again, with a sold-out trade show, we expanded into the lobby of the Dena'ina Center to make room for even more vendors! If you attended, you know it’s nearly impossible to see and do and take in all of this biggest week in Alaska mining. There was so much to share from that incredible convention that there isn’t room for all of the good news in this month’s Journal! Watch for much more in the upcoming winter issue of The Alaska Miner magazine. I would like to highlight our amazing convention committee (listed on Page 4) for their outstanding and selfless contributions to this year's gathering. Each of these individuals continues to rise to the occasion for AMA and the convention truly highlighted the strength and spirit of Alaska’s mining industry. Also, to our members, I can't say thank you enough. You are the heart, soul and strength of AMA and of the Alaska mining industry! Back to the past year, you will find an overview of AMA's advocacy efforts for all of 2025 on Page 16. It's quite an extensive list, but it's always important to tell the story of Alaska's miners and of our industry at home and abroad. It's a job we take seriously! Looking ahead to 2026 (I know that's hard to believe!), AMA will continue to head into new challenges and opportunities. I know I speak for Jennifer, Carin and Darlene (below) when I say we are blessed to have the support of so many great individuals and organizations who will continue to help us advocate on behalf of our membership. I wish you, your friends and loved ones all the very best Christmas holiday, and a prosperous new year!

This is the official journal of the Alaska Miners Association, published eight times a year exclusively to our members. It is published in partnership with the Alaska Miners Association by Fireweed Strategies LLC, 4849 Potter Crest Circle, Anchorage, AK 99516.

We actively seek contributions from our members and the mining industry. Please email

stories and photos to Lee Leschper at Lee.Leschper@FireweedStrategies.com.

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ADVERTISING RATES AND NEWS TIPS For advertising information, or to submit news, story ideas and photos, contact Lee Leschper at 907-957-6025 or Lee.Leschper@FireweedStrategies.com. ALASKA MINERS ASSOCIATION STAFF Deantha Skibinski, Executive Director Jennifer Luiten, Membership & Fundraising Director Carin Currier, Projects & Communications Manager Darlene Strickland, Bookkeeper/Membership EXECUTIVE BOARD Dave Larimer, President Houston Morris, First Vice President BRANCH CHAIRMEN Ted Hawley, Anchorage Ethan Trickey, Denali Dave Larimer, Fairbanks Jan Hill, Haines Jason Hart, Juneau Houston Morris, Kenai Ken Hughes, Nome Robert Fithian, Ketchikan/Prince of Wales COMMITTEE CHAIRMEN Kevin Adler, Convention Zoom Szumigala, Fairbanks Conference Mike Satre and JP Tangen, Federal Oversight Blake Bogart and Dave Larimer, State Oversight

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Thank You for Making This Year's Event Outstanding! THE JOURNAL - AN OFFICIAL PUBLICATION BY THE ALASKA MINERS ASSOCIATION AMA CONVENTION 2025

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T he 2025 Annual AMA Con- vention in Anchorage broke all records set by previous Conventions! More than 1,400 attendees enjoyed a full week of sessions, speakers, trade show and our awards banquet. We would like to say a big thank you to the nearly 100 sponsors and 177 exhibitors who were in atten- dance and helped us represent all sectors of the industries within and supporting Alaska miners. It's never too earlty to start plan- ning for our next annual convention, set for Nov. 2-5, 2026. Watch for much more about this year’s convention in the upcoming winter issue of your Alaska Miner Magazine!

Highlighting Our Exceptional Committee



A MA would like to extend a special thank you to our convention committee. Your hard work and dedication made the 2025 event one for the record books. It truly is a pleasure working alongside each and every one of you! n Kevin Adler – Convention Chairman n Steve Teller – Technical Session Chair n Sue Karl – Short Courses and Poster Session n Miles McDonald - Core Shack and Prospectors Tent n Varina Zinno - Core Shack, Prospectors Tent and Technical Sessions n Joe Kurtak - Technical Sessions n Wendie MacNaughton - Themes, Events, Marketing

n Traci Hartz – Our amazing app, this year's banquet table decorations and securing the entertainment n Raesha Hartz - Who made the banquet room abso- lutely gorgeous n Dave Hedderly Smith - Technical Sessions n Eric Cannon – Poster Session n Tom Bundtzen – Outstanding History Night n Keely Pliska – Putting on our first-ever Vendor Session n Lisa Cassino Putman – Theme, Events, Marketing n Brenna Schaake - Theme, Events, Marketing n Bonnie Broman - Theme, Events, Marketing n Emily Hart - Theme, Events, Marketing n Vanessa Larimer - The awesome Rock Fight competition n Dave Larimer – Short Courses and Rock Fight n Christy Andresen – Our registration hero!



 

  

    

n Doug Kreiner – Technical Sessions n Zoom Szumigala - Technical Sessions n Wescott Bott - Technical Sessions

THE JOURNAL - AN OFFICIAL PUBLICATION BY THE ALASKA MINERS ASSOCIATION AMA CONVENTION 2025

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Honoring Board President Lorali Simon

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C ongratulations and heartfelt thanks to our outgoing Board President, Lorali Simon! Lorali was recognized at the closing banquet with the Gold Pan Award for her incredible leadership, hard

work and amazing contributions to the Alaska Miners Association. We’re also excited to welcome Dave Larimer as AMA's next President and looking forward to this next chapter with him at the helm!

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2021 Sandvik DX800R ……… #01 - 80002 1663 Hrs, Vertical Drill, Non Cab, Winch, Support Leg, Remote Control. Juneau, AK ……………..……….…. $419,500

2023 Sandvik QE141 ……….… #80 - 14103 554 Hrs, Scalping Screen, Hopper, 12’ 8” Tracked Chehalis, WA …………………….…. $198,500

Highlighting AMA's Annual Award Winners

O ur Annual Convention wrapped up with a wonderful awards banquet where we recognized the true Rock Stars of Alaska’s mining industry. Each award recipient was nominated by their peers for exceptional service, leadership and commitment to advancing responsible mining in our state. Thank you to all of this year's award winners! You can read more about them in the upcoming winter edition of The Alaska Miner Magazine. Advocate of the Year: Shane Lasley, North of 60 Mining News. Honors an individual who embodies the true strength of a membership-based trade association and goes above and

Rock Star of Public Service: Char- lene Bringhurst. Honors an individual working in the public sector with outstanding service interacting with Alaska’s mining industry. AMA New Mine Award: Dawson Mine. Honors the vision, determi- nation, and long-term commitment that brought a new Alaska mine into operation. Lifetime Achievement Award: Rob Retherford, Alaska Earth Sciences. Seeks to recognize the service contri- butions of a mining industry pioneer, individual, or employee who, like Chuck, devoted his professional life to ensuring a successful mining industry in Alaska.

beyond to provide efforts to AMA on advocacy and technical expertise. Corporate Member of the Year: Alaska Minerals Inc. Honors a com- pany active in AMA with efforts that strengthen AMA membership, assist the staff and board of Directors, and goes to great effort to promote AMA. Environmental Stewardship: Enric Fernandez, Donlin Gold. Recognizes best management practices in envi- ronmental protection or restoration associated with a mining operation or project. Hard Hat Safety: Donlin Gold. Honors an individual, group, or opera- tion who demonstrates an exemplary commitment to safety.

2023 Edge TS80 ………...….…… #80 - 80001 735 Hrs, Stacker, Tracked, Twin Drive Extensions fold for Transport Chehalis, WA …………………….…. $119,500

2018 Deere 350G LC …..…….. #36 - 35112 3421 Hrs, Pattern Changer, Aux Hyd, Hyd Pin Grabber, 10’6” Arm, Hyd Thumb Ketchikan, AK …………..……….…. $179,500

2022 Deere 824L ….….….…… #84 - 82403 6578 Hrs, Cab w Heat, 4 Wheel Drive, JRB Quick Connect, 6 CY Bucket Juneau, AK ……………..……….…. $269,500

THE JOURNAL - AN OFFICIAL PUBLICATION BY THE ALASKA MINERS ASSOCIATION AMA CONVENTION 2025

PRESENTING SPONSORS Hecla Greens Creek Mining Company MDF Global GOLD SPONSORS Alaska Airlines Alaska Horn & Antler Alaska Minerals Inc. Alaska Petroleum Dist. Inc Calista Corporation Coeur Alaska-Kensington Mine Construction Machinery Industrial, LLC Contango ORE Inc Donlin Gold LLC Elemetal Direct Gold Buyers of Alaska: GBA Assaying & Refining Kinross Alaska NANA Regional Corporation NC Machinery Northern Star Resources(Pogo) LLC Oxford Assaying & Refining Corp Ruen Drilling, Inc. Stantec Consulting Services Inc. Taiga Mining Company Teck Alaska Usibelli Coal Mine, Inc.

SILVER SPONSORS AIDEA Alaska Aggregate Products, LLC Alaska Business Alaska Silver BGC Engineering, Inc. CONAM Construction Company Doyon, Limited Hy-Tech Drilling USA Inc. Kiewit Mining Group Major Drilling MTA Pilot & Index Mining Solutions Redpath USA Corporation Soloy Helicopters, LLC Tectonic Metals Inc WSP USA Inc.

COAL SPONSORS Alaska Earth Sciences Alaska Remote Services Boreal Environmental Services Chugach Alaska Corporation Core Geoscience LLC DXP Alaska Pump and Supply

Second Annual Rock Fight Champions

Dykman Electrical Fairweather, LLC

Graphite One (Alaska) Inc. Industrial Pumps of Alaska Northern Permafrost Consulting LLC Owl Ridge Natural Resource Consultants, Inc. SLR International Corporation Swick Drilling Tyler Rental Victaulic

GRAVEL SPONSORS ACZ Laboratories, Inc. Curriers Asphalt Maintenance Just Refiners USA, Inc. Samson Tug & Barge, Inc. Zinnolithic LLC ROCK FIGHT SPONSORS Black Gold Transport Contango Ore Kinross Nuna Geologic Services LLC Sullivan Water Wells Techline

COPPER SPONSORS Ambler Metals LLC ARG Industrial Coastal Helicopters, Inc. ConocoPhillips Cyr Drilling USA Inc. Denali Industrial Supply, Inc. Far North Supply Great Basin Industrial HDR JENNMAR Kuna Engineering, LLC Lynden Magotteaux, Inc Matson NMS North of 60 Mining News Pebble Limited Partnership

O ur second annual Rock Fight at the AMA Convention was one for the books! Congratu- lations to this year’s champions: n Mineral Division: Jeff Parsh- ley with fighter Woodrow (aka Mesmerizer) n Rock Division: Audra Brase with fighter Riley n Ore Division: Zoom with fighter Leo (Lepidolite) And a huge thank you again to all of our amazing competitors and to our generous sponsors who made it possible: Black Gold Transport, Contango Ore, Kinross, Nuna Geologic Services LLC, Sullivan Water Wells and Techline.

SPECIALTY Banquet Centerpieces — Alaska Energy Metals Banquet Wine — Orica Convention Bags — Boart Longyear Core Shack Happy Hour — Contango ORE Decor at Young Professionals Evening — Logistics, LLC GCI Power Lounge, Convention Lanyards, Tech Prizes — GCI Program — PIP Printing Seafood Box — Alaska Pollock Fishery Alliance Student Meals — Kinross Alaska Young Professionals Evening — P & C Recruiting and H.R.

Perkins Coie LLP Republic Services

RESPEC Sandvik

SRK Consulting Stoel Rives LLP Timwberline Drilling, Inc.

Thank You Again, Trade Show Exhibitors! THE JOURNAL - AN OFFICIAL PUBLICATION BY THE ALASKA MINERS ASSOCIATION AMA CONVENTION 2025

n Republic Services n RESPEC n Roughstock Mining Services n Ruen Drilling Inc. n Sample Archive System, Inc. n Samson Tug & Barge Co., Inc. n Sandvik n Schaeffer Specialized Lubricants n Schweitzer Engineering Labo- ratories, Inc. n Shoreside Petroleum Inc. n Sipping Streams Tea Company n SKAPS Industries n SLR International Corporation n Soloy Helicopters, LLC n Sophie Station Suites n Sourdough Express n SRK Consulting n Stantec Consulting Services Inc. n State of Alaska DNR Division of Geological & Geophysical Surveys n State of Alaska, DNR Division of Mining, Land & Water n StateFire n Stockholm Precision Tools USA LLC n Storm Exploration LLC n Techline Alaska n Teck American Inc n TEMSCO Helicopters, Inc. n Thyssen Mining Inc. n Top Shelf Realty n TOTE Maritime Alaska n TTT Environmental, LLC n U.S. Bureau of Ocean Emer- gency Management (BOEM) n UAF Alaska Critical Minerals Collaborative

n UAF Institute of Northern Engineering n United States Antimony Corporation n Universal Welding & Fabrica- tion, Alaska LLC n U.S. Geological Survey n VEGA Americas n Victaulic n Vision X Lighting and Projecta n Weir Minerals North America n Yukuskokon Professional Services n Zonge International Inc.

n Hy-Tech Drilling USA Inc. n IMDEX n Industrial Pumps of Alaska n Inlet Energy n IPI Packers n ISCO Pipe n JCM Industries, Inc. n Just Refiners USA, Inc. n Kiewit Mining Group n Logic Geophysics & Analytics LLC n Lynden n Magotteaux, Inc n Major Drilling n Mascott Equipment n Microcom n Minn-Alaska Transport LLC n Minova Hard Rock LLC n Modern Machinery Company n More Core Diamond Drilling Corp. n Motion & Flow Control Products n Motion Industries n MSALABS Inc. n MTA n NC Machinery n NMS n North Star Equipment Services n Northern Star Resources (Pogo) LLC n Northrim Bank n Northwest Pump n Orica USA Inc n Oxford Assaying & Refining Corp n PEAK Measure n Piton Exploration LLC n Rangefront Mining Services n Redpath USA Corporation

We want to again recognize all of our excep- tional 2025 Convention Trade Show Exhibitors! The Trade Show is the foundation (literally, on the first floor!) of our event, and the participa- tion by our vendors brings a significant amount

of revenue to the Association. They are the lifeblood of the industry’s support needs for goods, services and expertise. Thank you for your exceptional support of our convention and AMA!

HEAVY EQUIPMENT VENDORS n Alaska Custom Containers n Alaska Mining & Diving Supply n ARG Industrial n Construction Machinery Industrial, LLC n DXP Alaska Pump and Supply n Equipment Source, Inc. n SMS Equipment Inc. n Summit Logistics VENDORS n Acrow Corp of America n ACZ Laboratories, Inc. n AIDEA n Alaska Aggregate Products , LLC n Alaska Airlines n Alaska Business n Alaska Carquest DBA Frontier Alaska Auto Parts n Alaska Dreams, Inc. n Alaska Drilling and Completions n Alaska Earth Sciences / Alaska Remote Services n Alaska Energy Metals n Alaska Garden & Pet Supply n Alaska Horn & Antler n Alaska Industrial Hardware, Inc.

n Alaska Midnight Sun Drilling Inc. n Alaska Minerals Inc. n Alaska Petroleum Dist. Inc n Alaska Railroad n Alaska Resource Education n Alaska Roteq n Alaska Steel, Co. n Alaska Support Industry Alliance

n Boreal Environmental Services n Bowhead Transport n Brenntag Pacific, Inc.

n BTNW Industrial Solution n Bureau Veritas Minerals n ChemTreat n Coastal Helicopters, Inc. n Delta P Pump a Beckwith & Kuffel Company n DGI Geoscience Inc. n Donlin Gold LLC n Dyno Nobel Inc. n Elemetal Direct n Energy Laboratories Inc.

TABLE TOP VENDORS

n 49th Freight n aeSolutions n Alaska Auto Rental n Alaska Modular Systems n Alaska Science and Engineer- ing Fair n BGC Engineering, Inc. n Chugach Gem and Mineral Society n Friends of the West Susitna n Kuna Engineering, LLC n Minconsult Exploration Services n NORTECH, Inc. n North of 60 Mining News n Rain for Rent n SPX FLOW n TDL Staffing Inc. n Whitney Equipment n Wilson/Rogers & Associates n Women in Mining Alaska Chapter n Woodland Ridge Tiny Home Crafters n WSP USA Inc.

n All Pro Alaska n Alloy Drilling n Alpha Aviation n ALS

n ALS USA Environmental n AmerCable Incorporated n Arcticom LLC, a BSNC Company n ariaFiltra n Aurora Geosciences (Alaska) Ltd. n Automatic Welding & Supply Corp. n Backcountry EMS n Barr Engineering Co. n Beacon Occupational Health and Safety Services, Inc. n Benthic GeoScience n Big Ray's n Black Gold Transport, LLC n Boart Longyear

n Ensero Solutions n Equity Geoscience

n Everts Air Cargo n Fairweather, LLC n Fastenal n Felix Gold Ltd n Ferguson Industrial n Fireweed Strategies LLC n Frontier Precision Inc n Frontier Supply n Gold Buyers of Alaska: GBA Assaying & Refining n Guy F. Atkinson Construction, LLC n Horst Expediting & Remote Operations, Inc.

THE JOURNAL - AN OFFICIAL PUBLICATION BY THE ALASKA MINERS ASSOCIATION AMA CONVENTION 2025

THE JOURNAL - AN OFFICIAL PUBLICATION BY THE ALASKA MINERS ASSOCIATION AMA CONVENTION 2025

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MAPTS program graduates its newest class

T he Mining and Petroleum Training Service graduat- ed a new class in November. MAPTS, part of UAF Community and Technical College, offers comprehensive training in soft skills and hands-on industrial skills to support the state's resource industries and beyond. The University of Alaska established the Mining and Petroleum Training Service in 1979 to

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NOVAGOLD reports high-grade drill results; Donlin Gold gains FAST-41 acceptance

Federal FAST-41 Designation On Oct. 27, Donlin Gold was formally accepted into the FAST-41 program, a federal initiative that enhances transparency, accountability, and predictability in the federal permitting process. Established in 2015, FAST-41 ensures that permitting timelines are clearly defined, publicly available and coordinated among federal agencies, while maintaining every existing envi- ronmental safeguard and regulatory requirement. This designation is expected to result in a more efficient permitting timeline and reflects the strategic importance of Donlin Gold as a responsible and key economic development project in Alaska. “We’re grateful to the Permitting Council for including Donlin Gold in the FAST-41 program,” said Todd Dahlman, Donlin Gold’s General Man- ager. “This milestone brings us one step closer to responsibly advancing the project through this improved federal coordination program, with

its predictable permitting timelines and improved public transparency.” As part of the acceptance, Donlin Gold is now listed on the Federal Permitting Dashboard in connection with the project’s Supplemental Envi- ronmental Impact Statement (SEIS). In 2025, the U.S. Alaska District Court directed the U.S. Army Corps of Engi- neers (USACE) and the Bureau of Land Management (BLM) to supplement the current Environmental Impact Statement with an analysis of a larger theoretical tailings dam release, while leaving Donlin Gold’s federal permits in place. As part of the ongoing federal review, the USACE, in consultation with BLM, will lead the SEIS process to con- duct this analysis. This transparent, science-based review is designed to provide both the public and deci- sion-makers with complete and accurate information. While most projects that are accepted into FAST- 41 program are at the initial stages

of permitting, Donlin Gold has been deeply engaged in permitting for over a decade and has received most of its state and federal permits. Donlin’s inclusion in the FAST-41 program is focused on ensuring a transparent, accountable, and predictable process for the federal agencies’ supplemen- tal environmental analysis requested by the Court. Alaska Supreme Court Decision On Nov. 14, Donlin Gold welcomed the Alaska Supreme Court’s decision affirming both the project’s water rights permits for the mine and the Department of Natural Resources’ approval of the State’s ROW for the state-owned lands portion of the proposed 316-mile natural gas pipe- line. The ruling validates the State of Alaska’s thorough review process and reinforces that the project can move forward in a manner that safeguards the lands, waters, and communities of the Yukon-Kuskok- wim and southcentral regions.

N OVAGOLD RESOURCES INC. has announced the final assay results from the 2025 Donlin Gold drill program, marking a signif- icant milestone in the advancement of what is anticipated to be Ameri- ca’s largest gold mine. Additionally, NOVAGOLD achieved two significant permitting mile- stones with the acceptance of Donlin Gold into the Federal Permit- ting Improvement Steering Council’s FAST-41 program — an import- ant step to ensure a transparent, accountable, and predictable pro- cess for conducting the supplemen- tal environmental analysis request- ed by the U.S. District Court for the District of Alaska — and a favorable ruling from the Alaska Supreme Court affirming both the project’s water rights and the Department of Natural Resources’ approval of the State ROW lease for the proposed 316-mile natural gas pipeline.

“To date, the drilling at Donlin has yielded terrific results,” said Greg Lang, NOVAGOLD’s President and CEO. “The 2025 drill program con- tinues to exceed expectations and provide key data points for the Bankable Feasibility Study (BFS), which is expected to commence by the first quarter of 2026. With consistent high-grade inter- cepts, acceptance into the FAST-41 program, and a decisive legal win in Alaska, Donlin Gold is advancing with remarkable determination. These milestones not only validate the extraordinary quality of the asset and demonstrate the strength of our team, but also provide the momentum needed to support the next phase of development. The progress we have made — both technically and on the permitting front — positions Donlin Gold as a standout project in the global gold sector.”

Recent Drill Program Solidifies Donlin Gold’s Path to BFS The 2025 Donlin Gold drill program was expanded to support the updat- ed resource model and advance the BFS, reinforcing the project’s long-term development strategy. Work centered on three key areas: grid drilling to refine mine-planning inputs; in-pit exploration drilling to strengthen geological modelling and resource conversion; and geotech- nical drilling, including pit wall and material site assessments for the planned access road — all essential to the BFS. Supported by a team of about 80 locally hired staff and external contractors, the 2025 drill program intersected multiple zones of high- grade gold mineralization. The findings contribute vital inputs for engineering work, mine planning, and resource modelling — mark- ing an important milestone on the Company’s path to a BFS.

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for both Contango and Dolly Varden shareholders given the complemen- tary and synergistic nature of our North American asset portfolios. With the Manh Choh Gold Mine providing significant cash flows in a strong gold and silver price environ- ment, the combined company will have a source of non-dilutive fund- ing to advance development of its high-grade Lucky Shot and Johnson Tract projects in Alaska and Kitsault Valley project in British Columbia. Kitsault Valley and Johnson Tract are particularly synergistic as both are high grade, have similar metal- lurgy, are located near tidewater and fit the Direct Shipping Ore ("DSO") model. In addition, both have tre- mendous exploration upside. With Dolly Varden's cornerstone land position in the Golden Triangle, one of the most exciting and prospective mining districts in the world, we see great potential to expand resourc- es and advance Kitsault Valley to production."

Choh gold mine in Alaska as well as several high-grade silver and gold projects located in British Columbia and Alaska including the Kitsault Valley and Johnson Tract projects. Upon completion of the Transaction, existing Contango and Dolly Varden shareholders will each own approx- imately 50% of the outstanding shares of MergeCo, on a fully diluted in-the-money basis. MergeCo is expected to be renamed Contango Silver & Gold Inc. and will be led by Van Nieuwenhuyse as CEO, Shawn Khunkhun as President and Mike Clark as Executive Vice Presi- dent and CFO. The board of directors of MergeCo (the "MergeCo Board") will include Clynt Nauman as Chairman, Brad Juneau, Darren Devine, Mike Cinna- mond, Tim Clark, Van Nieuwenhuyse and Shawn Khunkhun. Van Nieuwenhuyse said: "This merger is an exciting transaction

FAST-41 program, as the State and Federal governments work together to identify projects for coverage in addition to providing the State of Alaska with a wide variety of support for increased transparency, coordi- nation, and accountability. Contango, Dolly Varden Silver Announce Merger to Create North American High-Grade, Mid-Tier Silver & Gold Producer and Developer Contango and Dolly Varden Silver Corporation also announced an arrangement agreement to com- bine Contango and Dolly Varden on a merger-of-equals basis pursuant to a statutory plan of arrangement under the Business Corporations Act. The combination of Contango and Dolly Varden (the combined entity referred to as "MergeCo") would provide investors with a unique opportunity to participate in the upside of a well-funded North American asset portfolio consisting of the cash flowing high-grade Manh

Johnson Tract Critical Metals Project to be 'covered project' in FAST-41 Program

C ontango ORE, Inc. announced in early December the accep- tance of the Johnson Tract Critical Metals Project as a "covered project" into the Federal Permitting Improvement Steering Council's FAST-41 program. Rick Van Nieuwenhuyse, the Com- pany's President & CEO said: "Con- tango would like to thank the Per- mitting Council and the U.S. Army Corp of Engineers (USACE) for including the Johnson Tract Critical Metals Project to the full coverage projects list in the FAST-41 program. "We look forward to working closely with the USACE, cooperating State and Federal agencies, and CIRI and their stakeholders. We are commit- ted to advancing the Johnson Tract

Critical Metals Project through the permitting process with enhanced coordination, predictable timelines, improved public transparency, and accountability to ensure this proj- ect meets the highest standards of environmental stewardship and regulatory compliance. "We appreciate the Council's contin- ued guidance and partnership, and we look forward to ongoing engage- ment as the Johnson Tract Critical Metals Project progresses under the FAST-41 covered projects framework." FAST-41 is the name for Title 41, established in 2015, of the Fixing America's Surface Transportation Act passed under the Obama Admin- istration, which aims to improve the federal permitting process for large

infrastructure projects by increas- ing transparency, coordination, and accountability. It establishes a structured process and a public-facing Permitting Dashboard to track projects, coordinate among agencies, and set public timetables for environmental reviews and autho- rizations and is led and managed by the Federal Permitting Improvement Steering Council (Permitting Coun- cil). This helps ensure projects move forward efficiently and predictably. Furthermore, on Aug. 27, 2025, the Permitting Council announced a first- of-its-kind agreement with the State of Alaska by way of a Memorandum of Understanding (MOU). This MOU provides for federal per- mitting assistance through the

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Vizsla Copper announces acquisition of Palmer Critical Minerals VMS project BY NORTH OF 60 MINING NEWS & COURTESY VIZSLA COPPER

upside," said American Pacific Mining CEO Warwick Smith. "Vizsla's leader- ship team has been behind multiple billion-dollar valuations (Vizsla Silver, Skeena Resources), with the proven technical abilities and commitment necessary to move Palmer forward expeditiously during what we believe will be the most exciting critical metals market in generations." In preparation for the transaction, Vizsla Copper is consolidating its shares on a 10-to-1 basis and raising C$25 million ($17.9 million) through a private placement that will involve the issuance of 18.5 million post-con- solidated shares at C$1.08 each for C$20 million ($14.3 million), plus a combination of flow-through shares priced at C$1.24 each and charity flow-through shares at C$1.72 each for an additional C$5 million ($3.6 million). The cash raised from flow- through and charity flow-through shares must be invested in Canadian projects.

for an option to acquire up to 50% of the zinc concentrate produced from a future mine at the Southeast Alaska project. Without a major backer with the financial and technical wherewithal to advance Palmer through permit- ting and into development, American Pacific put the project up for sale. Vizsla Copper, a Vancouver-based mineral exploration company advancing the Poplar and Woodjam projects in Southern British Colum- bia, has agreed to acquire the high- grade VMS project for C$15 million ($10.7 million) in Vizsla shares and C$15 million in milestone payments of either cash or shares. "Our strategy has always centered around executing transactions that deliver value and upside for our shareholders, and we see the best path forward for Palmer as one that's led by a dedicated group with the resources to unlock the exploration

million lb) lead, 66.3 g/t (25.6 million oz) silver, 0.33 g/t (128,100 oz) gold, and 25.5% (3.05 million metric tons) barite. Five of the mineral commodities in the Palmer resource — barite, copper, lead, silver, and zinc — are on the final 2025 list of critical minerals published recently by the U.S. Geo- logical Survey. American Pacific became involved in the Palmer project through the buyout of Constantine Metal Resources Ltd. in 2022. As a result of the acquisition, the company gained a roughly 45% joint venture interest in Palmer, with Dowa Metals & Mining Alaska Ltd. owning the remaining interest in the high-grade volcanogenic massive sulfide (VMS) zinc-copper-silver- gold-barite mine project. Last November, Dowa handed over full ownership of Palmer to American Pacific and paid the junior exploration company $10 million (C$14 million)

V izsla Copper Corp. announced in November that it has reached a deal to acquire the Palmer critical and precious metals project in Southeast Alaska from American Pacific Mining Corp. for $21.4 million. "This is a transformational day for Vizsla Copper," said Vizsla Copper Chairman and CEO Craig Parry. “I’ve spent the past 25 years searching for high-grade copper deposits and understand how rare it is to find a project like Palmer, and even rarer to find one in such a strategic loca- tion. High-grade projects like Palmer allow for tremendous flexibility when it comes to delivering environ- mentally sustainable small footprint operations. Importantly, we pride

and news flow. The team and I look forward to building Vizsla Copper into the preeminent North Ameri- can critical minerals explorer and developer.” Located toward the north end of the Southeast Alaska Panhandle near the port town of Haines, Palmer hosts 4.77 million metric tons of indicated resource averaging 1.69% (178 million lb) copper, 5.17% (543 million pounds) zinc, 0.14% (14.2 million lb) lead, 28.4 grams per metric ton (4.4 million oz) silver, 0.29 g/t (439,000 oz) gold, and 20.6% (980,400 metric tons) barite. In addition, the project hosts 12 million metric tons of inferred resource aver- aging 0.57% (151.5 million lb) copper, 3.92% (1.04 billion lb) zinc, 0.47% (124.2

ourselves on working constructively in collaboration and consultation with traditional landowners and communities and look forward to engaging positively with people and groups in the region. "The world and the United States are desperate for critical mineral projects, further emphasizing the importance of Palmer. Simply put, this is the right asset at the right time. We thank the team at Ameri- can Pacific for working to complete this agreement in a timely manner. We look forward to deploying a two- pronged approach in 2026, advanc- ing the Palmer Project in Alaska while simultaneously advancing the Thira discovery in British Columbia, resulting in year-round exploration

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of the Gallagher and Northern 200 zones. Highlights from 2025 underground drilling into Northern 200S and Galla- gher extensions include: n 4.6 feet (1.4 meters) averaging 11.5 oz/t silver, 0.02 oz/t gold, 2.2% zinc, and 0.9% lead in hole GC6649 (North- ern 200S). n 9.1 feet (2.8 meters) averaging 3.4 oz/t silver, 0.04 oz/t gold, 3.1% zinc, and 7.1% lead in hole GC6652 (Gallagher). n 4.7 feet (1.4 meters) averaging 3.1 oz/t silver, 0.03 oz/t gold, 0.8% zinc, and 1.7% lead in hole GC6667 (Gallagher). Hecla says the mineralized horizon within the Gallagher Zone extension remains open down-dip to the west and is planned for further testing in 2026. Additionally, mineralization intercepted higher in these 2025 holes suggests potential connectivity with the main body of the Gallagher

resource, creating the opportunity to expand this resource area. While third quarter intercepts in the extension of North 200 South are narrow — such as 0.9 feet (0.3 meters) averaging 1.1 oz/t silver, 6.6% zinc, and 10.3% lead in hole GC6648 — the company says they demonstrate that the mineralized horizons con- tinue beyond their currently defined extents and illustrate the strong potential for near-mine exploration to continue making impactful discover- ies that support Greens Creek's mine life extension objectives. Hecla says geophysical surveys and surface drilling have significantly added to its understanding of the geology, alteration, and structural con- trols in underexplored areas at Greens Creek. The company plans to integrate these new geological insights into the district geological model, which will guide the targeting of its 2026 explo- ration at the 9-million-oz-per-year silver mine in Southeast Alaska.

At Greens Creek, the company reports that its 2025 surface and under- ground drill program demonstrates the potential for near-mine resource expansion through systematic testing of mineralized horizons beyond cur- rently defined deposits. Going into 2025, Greens Creek hosted 10.45 tons of proven and probable reserves averaging 9.9 oz/t (103.7 mil- lion oz) silver, 0.08 oz/t (865,000 oz) gold, 6.2% (1.2 billion lb) zinc, and 2.3% (481million lb) lead. Underground exploration drilling at Greens Creek continues to illustrate the strong potential for near-mine discoveries that will continue Hecla's long history of replenishing reserves and extending the life of this largest silver-producing operation in North America. Toward this ongoing resource expan- sion, assays received during the third quarter continue to encounter high- er-grade mineralization in extensions

Hecla explores northern mine extensions BY NORTH OF 60 MINING NEWS

H ecla Mining Company reported recently that its 2025 explora- tion has confirmed high-grade silver expansion areas at its Keno Hill mine in the Yukon and flagship Greens Creek operation in Alaska. Since acquiring Keno Hill in the fall of 2022, Hecla has been steadily build- ing reserves and ramping the mill up to commercial operations. The com- bination of the mill running at about 70% of its commercial capacity, the high-grade nature of the ore, and strong silver prices is helping to trans- form Keno Hill into a cash-generating asset for Hecla. Going into 2025, Keno Hill hosted 2.64 tons of proven and probable reserves averaging 24.3 ounces per ton (64.3 million oz ) silver, 0.01 oz/t (17,000 oz)

gold, 2.4% (126 million lb) zinc, and 2.4% (128 million lb) lead. Hecla reports that its 2025 explora- tion has confirmed the continuation of high-grade silver mineralization below the current reserves within the Bermingham Mine area of Keno Hill. Highlights from 2025 drilling at Ber- mingham Deep include: n 12.5 feet (3.81 meters) averaging 40.4 oz/t silver, 0.01 oz/t gold, 3.8% zinc, and 3.1% lead from a depth of 1,868 feet (569 meters) in hole K-25-0933. n 1.8 feet (0.55 meters averaging 13.6 oz/t silver, 0.3% zinc, and 0.2% lead from a depth of 1,937 feet (590.3 meters) in hole K-25-0933C.

n 2.7 feet (0.82 meters) averaging 13.7 oz/t silver, 3.7% zinc, and 0.2% lead from a depth of 2,177 feet (663.5 meters) in hole K-25-0933C. Hecla says the highest-grade miner- alization in Bermingham Deep occurs where multiple veins intersect — the same geological setting that has his- torically produced the richest zones in the Yukon's famed Keno Hill Silver District — creating opportunities for additional high-grade discoveries below the current reserves. "The discovery is particularly signif- icant as it demonstrates the miner- alized system remains open down plunge, with substantial untested space remaining in favorable host rock," the company wrote.

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Please send in your best mining photos!

A s we approach the end of the year, we’re gearing up for another busy season of communications in 2026. To help us showcase Alaska’s mining com- munity, we’re reaching out with our annual request for photos and other content from our members. Many of you generously shared photos and videos with us this past year — thank you. We’ve added them to our inventory, and they’ve been incredibly valuable. If you have new photos or updates since last year, we would greatly appreciate receiving them. Just a reminder: Your photos do not need to be professional. iPhone and other smartphone photos are great and often capture the most authentic moments of

Whether you need geophysical, geological or exploration support services, our ideas, experience and northern expertise mean you’ll have the best thinking on your project. Go ahead – pick our brains.

daily life in mining. If it shows your work, your team, or the beauty of your site, we’d love to include it. We are looking for: n Scenic shots of your site or surroundings n People at work n Mining equipment, everything from hard hats to haul trucks n Accomplishments, milestones, or projects you're proud of n Events such as safety trainings, community gatherings, or school visits n Anything you want to share! When selecting photos to send us, please keep in mind that we will continue building our inventory of

photos that may be used at any time throughout the year according to our editorial content plan. So, we’d like to have blanket approval to use what you send us at any time (unless in the future you come back to us and request it be pulled from the inventory). Please email your photos to: Carin Currier at carin@alaskaminers.org And if you haven’t already, be sure to follow AMA on social media (Insta- gram, Facebook, X and LinkedIn) to see the great content our members contribute: Thank you for helping us highlight the incredible people, places, and work that make Alaska’s mining industry strong.

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THE JOURNAL - AN OFFICIAL PUBLICATION BY THE ALASKA MINERS ASSOCIATION

DECEMBER 2025 | WWW.ALASKAMINERS.ORG

AMA Corporate Members

Resource Development Council Roughstock Mining Services LLC Royal Gold Inc. SALA Medical Samson Tug & Barge Sandvik Sealaska Corporation/Alaska Coastal Aggregates LLC SECON/Southeast Roadbuilders Shoreside Petroleum Inc. SKAPS Industries SLR International Corporation SMS Equipment Inc. Society For Mining, Metallurgy & Exploration Soloy Helicopters LLC Solvest, Inc. Sophie Station Suites - Fountainhead Hotels Sourdough Express Southeast Conference SRK Consulting Stantec Consulting Inc. State Fire Stoel Rives LLP Storm Exploration LLC

Denali Industrial Supply Desert Air Alaska DGI Geoscience Dorado Drilling Ltd. & Dorado Drilling USA, Inc. Dorsey & Whitney LLP DXP Alaska Pump & Supply Eastern Oregon Mining Association Energy Laboratories Inc. Ensero Solutions Equity Exploration Consultants Ltd. ESI Alaska ESS Support Services Worldwide Everts Air Cargo Fairbanks Economic Develpment Corporation Fairweather LLC Far North Supply Ferguson Industrial First Things First Alaska Foundation Frontier Supply Company GBA Assaying & Refining Global External GMS Mine Repair Grainger Grande Portage Resources Ltd. Graymont Great Basin Industrial, LLC Great Northwest Inc. Greater Fairbanks Chamber of Commerce Greenstone Station Inc HDR Horst Expediting & Remote Hy-Tech Drilling USA Inc. Idaho Mining Association IMDEX Industrial Pumps of Alaska Inlet Energy Institute of Northern Engineering Integrity Environmental ISCO Pipe JCM Industries Juneau Economic Development Council Just Refiners USA, Inc. Operations Inc. Hyak Mining Co.

Kiewit Mining Group Klondike Placer Miners' Association Knight Piesold & Company Kuna Engineering Lignite Energy Council Madison Lumber & Hardware Inc. Mascott Equipment Matanuska Susitna Borough Matanuska Telecom Association Matson MDF Global / Felix Gold MES Mining Mitsubishi Materials USA Corp Modern Machinery Co. Montana Mining Association More Core Diamond Drilling Services Ltd. Motion & Flow Control Products Motion Industries MSI Communications National Mining Association NC Machinery

Please support and thank these companies who have renewed their support and corporate membership in AMA. Their continued support makes possible all the work we do in and for the mining industry.

PIONEER/HIGH GRADE Construction Machinery Industrial LLC Hecla Greens Creek Mining Company PRODUCERS Coeur Alaska - Kensington Mine Contango Ore, Inc. Kinross Alaska NANA Regional Corp Northern Star Resources - Pogo Mine Ruen Drilling Inc. Teck Alaska Inc. - Red Dog Usibelli Coal Mine Inc. MINERS AIDEA Calista Corporation Constantine Mining LLC Donlin Gold LLC Lynden NovaGold Resources Inc. Oxford Assaying & Refining Corp. Pebble Limited Partnership RESPEC Sundance Mining Group, LLC

American Exploration & Mining Association Anchorage Chamber of Commerce Anchorage Sand & Gravel Inc. Arcticom LLC, a BSNC Company ARG Industrial Arizona Mining Association Associated General Contractors of Alaska Association for Mineral Exploration British Columbia Aurora Geosciences (Alaska) Ltd. Automatic Welding & Supply AVTEC - Alaska Vocational Technical Center Backcountry EMS Barr Engineering Co. BDO USA Belzona Technology Northwest Better In Our Back Yard Big Ray's Alaska Inc. Black Gold Transport Boart Longyear Bobcat of Juneau Boreal Environmental Services Brenntag Pacific, Inc. CalCIMA CarWil LLC Chamber of Mines of Eastern British Columbia Charles Tennant and Company Coastal Helicopters Colorado Mining Association Commonwealth North CONAM Construction Company Conn-Weld Industries, LLC Consumer Energy Alliance Craig Taylor Equipment Company Crowley Fuels LLC Cruise Lines International Alaska Cummins Sales & Service Cyclone Services Cyr Drilling USA Inc. Dawson City Chamber of Commerce Delta P Pump a Beckwith & Kuffel Company

Orica USA Inc. PolarX Limited

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Tectonic Metals Inc. Trilogy Metals, Inc. U.S. GoldMining Inc United States Antimony Corporation BUSINESS MEMBERS 3-Tier Alaska A & D Drilling LLC Acrow Corporation of America (Acrow Bridge) ACZ Laboratories, Inc. Advanced Supply Chain International LLC Agnico Eagle Airgas USA, LLC Alaska Aggregate Products LLC Alaska Air Carriers Association Alaska Airlines Alaska Auto Rental Alaska Business Alaska Carquest LLC Alaska Chamber Alaska Drilling and Completions Alaska Forest Association Alaska Garden & Pet Supply, Inc. Alaska Industrial Hardware Inc Alaska International Business Center Alaska Minerals Inc. Alaska Mining & Diving Supply, Inc. Alaska Modular Systems Alaska Oil and Gas Association Alaska Policy Forum Alaska Power & Telephone Alaska Resource Education Alaska Rock Products Association Alaska Roteq Alaska Steel Co. Alaska Trucking Association

NES Fircroft/ Bedrock PCL Nevada Mining Association

New Mexico Mining Association NewFields Mining Design and Technical Services North Star Terminal & Stevedore Co. LLC Northern Industrial Training, LLC (Anchorage) Northern Permafrost Consulting Northrim Bank, NA Northwest Mine Supply Northwest Pump Northwest Territories & Nunavut Chamber of Mines P & C Recruiting and H.R. Perkins Coie LLP Petro Marine Services Pilot & Index Mining Solutions Piton Exploration LLC Prospectors & Developers Association of Canada Ram-Enterprise

Sullivan Water Wells T & J Enterprises Inc. TDL Staffing Inc. TDM Drilling LLC Temsco Helicopters Inc. The Alliance The Silver Institute Thyssen Mining Inc. TOTE LLC Tyler Rental Inc. Tyree Oil Ucore Rare Metals Inc. University Redi-Mix Utah Mining Association Valdez Creek Mining

Taiga Mining Company Tower Hill Mines Inc.

EXPLORERS Alaska Energy Metals Alaska Frontier Constructors Inc. Alaska Railroad Corporation Alaska Silver Ambler Metals LLC Chugach Alaska Corporation ConocoPhillips Alaska Inc. Doyon, Ltd Falcon Copper Corp. Freegold Ventures Limited GCI Business Graphite One Inc. Lifewater Engineering Company NMS Nova Minerals Limited Nuna Geologic Services LLC

VEGA Americas Visit Anchorage Weir Minerals

Wells Fargo Bank Alaska Women's Mining Coalition Woodland Ridge Tiny Home Crafters WSP USA Inc.

Redpath USA Corporation Remote Made Easy (PSSA) Remote Site Services Inc. Republic Services

Aleut Corporation Alloy Drilling LLC ALS Minerals

The Alaska Miners Association Thanks You for your Support!

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