Hanson Lake

Overview

• The Hanson Lake Property contains the historic Hanson Lake Mine, which was in production from 1967 to 1969 and saw 162,000 tons of ore extracted with an average grade of 10% Zn, 5.8% Pb, 0.5% Cu and 125 g/t Ag
• Located on the main access road to McIlvenna Bay infrastructure
• Mineralization at the Hanson Lake Mine is considered to remain open at depth as mining was only developed to a depth of 170m with one drill hole reaching 213m
• South Bay Target
  • The South Bay showing consists of copper and zinc mineralization located 1 km northwest of the Hanson Lake Mine on the south end of Bertram Bay on Hanson Lake. The showing has been interpreted as a series of small lenses hosted in mainly sheared felsic volcanic rock and is defined by over 20 drill holes
  • Drill hole HCR-10-12 intersected 0.50% Cu, 1.09% Zn and 8.3 g/t Ag over 10.6m, including 1.5m grading 0.94% Cu, 0.97% Zn and 13.8 g/t Ag*

UNDER OPTION TO FORAN MINING CORPORATION

• $10,000,000, in cash or common shares of Foran, on or before the fifth anniversary of the Initial Payment Date (2029)
• Upon exercise, Evolve will be granted a 2.0% NSR, subject to a 1.0% buydown right upon payment of C$1,000,000. The NSR will not be payable on the first six months of production. After a total of 54 months of production, Foran will have a second buy-down right to reduce the NSR by an additional 0.5% upon payment of C$1,000,000