Investor Insight

With a clear, discovery-focused strategy, Terra Clean Energy is advancing one of the most unique near-surface uranium opportunities in the Athabasca Basin while expanding its portfolio through the acquisition of past-producing uranium assets in the United States. The company is targeting rapid resource growth and meaningful re-rating potential through continuous exploration, aggressive drilling, and disciplined capital deployment across both its Canadian and US projects.

Overview

Terra Clean Energy (CSE:TCEC,OTCQB:TCEFF,FSE:C9O0) is unlocking value from its wholly owned South Falcon East project in the southeastern Athabasca Basin while expanding its North American footprint through the acquisition of past-producing uranium mines in Utah. The company is now positioned as a unique shallow-uranium developer with assets in two historic uranium districts.

With a historical uranium resource of nearly 7 million lbs U₃O₈ at Fraser Lakes Zone B and strong results from the 2025 winter drill program confirming wider and higher-grade mineralized zones, Terra is advancing toward an updated NI 43-101 resource estimate. The project’s position along the Way Lake Conductor – a folded, fertile structural corridor – continues to offer exceptional discovery potential, with new targets emerging from recent drilling and geological modeling.

In addition, Terra’s newly acquired assets in Utah include nine past-producing mines within the San Rafael Swell, where historical outputs and recent radiometric readings indicate strong potential for remaining uranium resources. These assets offer near-surface mineralization in a highly supportive US jurisdiction and represent an important second growth pillar for the company.

As global nuclear buildout accelerates and supply deficits widen, Terra offers investors a compelling combination of shallow resource potential, multi-jurisdiction exposure, and a robust pipeline of exploration catalysts.

Company Highlights

• Unique, Shallow Uranium Systems (Canada + US): Terra is advancing shallow uranium assets across both the Athabasca Basin and the San Rafael Swell in Utah, each offering reduced exploration and potential development costs.
• Pounds-in-the-ground Upside: South Falcon East hosts a historical inferred resource of 6.96 Mlbs U₃O₈ and 5.34 Mlbs ThO₂, with expansion potential from recent drilling, while the Utah assets include nine past-producing mines with recorded grades up to 1 percent U₃O₈.
• Prime Locations: South Falcon East lies 55 km east of the Key Lake Mill, within reach of world-class Athabasca infrastructure, while the Utah projects benefit from established roads, utilities and regional uranium processing infrastructure.
• Strong Technical Leadership: Terra’s leadership includes uranium exploration veterans, capital markets professionals, and newly added board members with deep nuclear industry and operational experience.
• Resource Update Underway: Results from the 2025 winter and fall programs will support Terra’s path toward an NI 43-101 compliant resource update.

Key Project

South Falcon East – Fraser Lakes B Deposit

South Falcon East is Terra Clean Energy’s flagship project in the southeastern Athabasca Basin, covering 12,234 hectares and hosting the Fraser Lakes B deposit, which contains a historical inferred resource of 6.96 Mlbs U₃O₈ and 5.34 Mlbs ThO₂. Located 55 km east of the Key Lake mill, the project benefits from shallow mineralization, strong infrastructure and a geological setting consistent with basement-hosted unconformity uranium systems.

The deposit sits along the central limb of the 25 km Way Lake Conductor, a folded and fertile structural corridor that remains largely underexplored. Recent geological modeling highlights the convergence of clay alteration, graphitic metasediments, pegmatites and key structural trends – features that collectively support significant expansion potential beyond the historical resource footprint.

Terra’s 2025 winter drill program materially advanced the project, returning the widest and highest-grade intervals ever recorded on the property and confirming an open northwest-trending mineralized corridor. A follow-up program is planned to further evaluate these newly defined zones and continue advancing the project toward a future NI 43-101 compliant resource estimate.

2025 Winter Drill Program Highlights:

• Seven holes, 1,927 m drilled
• Six of seven holes intersected uranium mineralization
• Four holes returned the project’s widest and highest-grade intervals to date
• Minerized trend confirmed open to the northwest, defining a new expansion corridor

San Rafael Swell – Utah Uranium Projects

In 2025, Terra Clean Energy expanded its portfolio with the acquisition of two shallow, past-producing uranium claim groups – Wheal Anne and the Green Vein Mesa – within the San Rafael Swell of Emery County, Utah. The district is one of the most historically productive uranium regions in the United States and offers excellent year-round access, supportive infrastructure and a clear permitting pathway. Together, the claim groups host nine past-producing mines, providing Terra with a complementary US platform to advance shallow uranium targets alongside its Athabasca Basin flagship.

These results demonstrate multiple stacked mineralized horizons over widths up to 65 m, open to depth and laterally.

In early 2024, Terra’s Phase 1 drill program confirmed the presence of uranium-bearing pegmatites in close proximity to historical intercepts. Hole SF-0059 intersected 13.5 m of mineralization, including 0.07 percent eU₃O₈ over 1.1 m, while SF-0060 returned intervals such as 0.02 percent eU₃O₈ over 1.3 m at 142.15 m. These intercepts confirm the extension of mineralization along strike and at depth from FP-15-05 and support the hypothesis of lateral continuity and stacked mineralized bodies.

Planning for an extensive summer 2025 drill program is underway, which consists of approximately 2,500 meters. The program will test areas identified during the winter 2024 program, where it is interpreted that a north-northwest trending brittle structure, a north dipping structure with strong clay alteration, and mineralized pegmatites with hydrothermal hematite alteration hosted in graphitic pelitic gneiss all intersect.

Management Team

Greg Cameron – President, CEO and Director

A seasoned capital markets professional, Greg Cameron has two decades of experience in business development, strategy and M&A. He is a former senior banker at Canaccord Genuity and Macquarie, and managing director at Colby Capital. He brings transactional and restructuring expertise critical to junior exploration growth.

C. Trevor Perkins – VP, Exploration

A professional geologist, C. Trevor Perkins has a track record in uranium exploration, including major results in the Athabasca Basin. He also serves as VP exploration for Azincourt Energy and has led exploration strategy and drill execution across multiple high-impact programs.

Jon Li – CFO

Jon Li brings more than 20 years of financial leadership experience, with a specialty in the mining, technology, and financial services sectors. As vice-president of WD Numeric, a full-service accounting firm providing financial and operational support to public and private companies, Jon leads process improvement initiatives, conducts quality control reviews, and delivers outsourced CFO services across a diverse client portfolio. Previously, Li served as

financial controller at Strategic Pricing Management Group (SPMG), where he oversaw all financial operations, including general ledger systems, budgeting, forecasting, cash management, and financial reporting.

Alex Klenman – Director

Alex Klenman is a veteran junior mining executive with 30+ years’ experience, including uranium-specific roles. He is the CEO and director of Azincourt Energy, and has raised more than $18 million for Athabasca exploration. Klenman brings deep investor relations and financing expertise.

Tony Wonnacott – Director

Tony Wonnacott is a Toronto-based securities lawyer with more than 25 years of experience in capital markets. Instrumental in multiple successful listings and over $1 billion in financings and M&A transactions.

Michael Gabbani – Director

Michael Gabbani is an accomplished engineer with decades of experience in the nuclear industry. He possesses a high level of understanding of where the industry is going and the contacts to allow the Company to position itself to benefit.

Brian Polla – Director

Brian Polla is a serial entrepreneur and seasoned veteran of the capital markets. As a significant shareholder of Terra, he brings extensive expertise to help steer the company forward.

Jordan Trimble – Technical Advisor

Jordan Trimble is the CEO of Skyharbour Resources and a leading voice in the uranium investment community. He brings global capital markets insight and technical expertise, enhancing Terra’s industry reach and credibility.

Investor Insight

With its combination of robust resources, permitted infrastructure and significant exploration potential – both for critical minerals and gold – Nuvau Minerals offers exposure to a world-class, highly defined mining district with top-tier infrastructure and a long history of base-metal mining, now complemented by the discovery of gold and a substantial upside still to be realized.

Overview

Nuvau Minerals (TSXV:NMC) is a Canadian metals exploration company dedicated to revitalizing production in Quebec’s Abitibi Greenstone Belt, one of the world’s most prolific mining regions. The company’s flagship Matagami Mining Camp offers an exceptional combination of historical production, district-scale exploration potential and existing infrastructure. Historically, the camp has produced nearly 60 million tons (Mt) of ore over 60 years, primarily zinc and copper, and was last operated by Glencore until June 2022.

While the company’s core focus remains on critical minerals – with the Caber Complex preliminary economic assessment supporting a near-term restart and a robust resource base – recent exploration success has revealed a new dimension: gold. In July 2025, Nuvau drilled its first gold-focused target at Matagami, intersecting visible gold in what appears to be an orogenic lode system close to existing mine workings. This highlights the untapped precious metals potential alongside its established base metals endowment.

Nuvau has an earn-in agreement with Glencore for the Matagami property; the three year earn-in has been completed and the company is working through the final steps of closing the property transfer. With full ownership of the property and an option to acquire the mill, Nuvau is positioned to re-establish Matagami as a multi-metal production hub. Backed by a skilled technical team, strong institutional investors, and the support of local communities and government, Nuvau is on track to deliver near-term production potential while unlocking the district’s broader resource opportunities.

Company Highlights

• Flagship Asset: Matagami Mining Camp – Agreement to acquire 100 percent of the property from Glencore after completing a three-year, $30 million earn-in. The camp has a 60-year operating history with nearly 60 million tons mined across 12 past mines.
• District Scale with Established Infrastructure – Covers over 1,300 sq km with more than 2,400 claims, a fully permitted 3,000-ton-per-day processing facility, rail and road access, and power.
• Exploration Upside – Multiple high-grade base metal zones (Renaissance, McLeod Extension) and gold anomalies remain open in all directions.

Key Asset

Matagami Mining Camp (Flagship)

The Matagami Mining Camp is Nuvau Minerals’ cornerstone asset, representing a unique combination of large-scale land position, prolific production history and exceptional potential for both base and precious metals. Located in Quebec’s Abitibi Greenstone Belt, one of the most productive mining regions in the world, the camp has produced nearly 60 Mt of ore from 12 past mines over six decades, making it a proven mineral district with established infrastructure and skilled local labor.

Project Highlights

District Scale and Strategic Location

• Covers more than 1,300 sq km and more than 2,500 mineral claims, giving Nuvau a dominant landholding in a Tier 1 mining jurisdiction.
• Excellent year-round access via road, rail and air, with nearby hydroelectric power and water supply.
• Situated near other significant mining operations in the Abitibi, providing opportunities for synergies and potential district-scale consolidation.

World-class Infrastructure

• Fully permitted 3,000 tpd concentrator with two float circuits, maintained in excellent condition by Glencore until its closure in June 2022.
• Existing rail loading facility, core processing facility, administration offices and alternative tailings storage options with no inherited liabilities.
• The Bracemac McLeod mine infrastructure remains in place, with underground development to 1,400-meter depth.

Established Resource Base & Robust Economics

• Caber Complex (Caber, Caber Nord, PD1):
  • Measured and Indicated: 3.36 Mt @ 5.18 percent zinc 1.10 percent copper, 14.3 grams per ton (g/t) silver, 0.16 g/t gold
  • Inferred: 7.32 Mt @ 2.43 percent zinc, 1.28 percent copper, 11.5 g/t silver, 0.09 g/t gold
  • PEA (July 2023): 9.5-year mine life, base-case after-tax NPV (8 percent) C$115.9 million, IRR 20 percent (base case), low initial CAPEX of C$172.3 million due to existing infrastructure.
• Bracemac McLeod Mine:
  • Past production: 8.1 Mt @ 6.1 percent zinc, 0.9 percent copper, 24 g/t silver, 0.5 g/t gold
  • Remaining resources in McLeod Deeps and new high-grade McLeod Extension discovery (2023: 16.4 m @ 14.22 percent zinc, 2.72 percent copper).
  • Low-cost restart potential with metallurgy and mine plan well understood.

Exploration Upside

• Over 80 geophysical targets identified in the Northern Domain alone.
• Multiple high-grade volcanogenic massive sulphide (VMS) systems, including the Renaissance Zone discovery – the first VTEM anomaly drilled by Nuvau, hosting massive and semi-massive sulphides with high-grade precious metals.
• Significant gold potential, including:
  • Visible gold intercept in the first-ever gold-focused drill hole at Matagami, near Bracemac McLeod.
  • Regionally significant gold till anomaly with over 2,000 gold grains per 10 kg sample – potentially the highest recorded in the Abitibi – indicating a nearby source.
• Additional underexplored zones adjacent to historical mines, where lower historical metal prices left mineralized extensions untouched.

Management Team

Steven Bowles – Chair of the Board

Steven Bowles has extensive experience in the mining and metals sector, encompassing private equity investment, project management and operations management. He currently serves as managing director at Nebari Partners. Prior to this role, he was the senior director of investment in natural resources and energy within Investment Quebec’s private equity group. Throughout his career, Bowles has led development teams on numerous large-scale mining projects, guiding them from study phases to construction and commissioning in various regions, including the Canadian Arctic, the Middle East and Latin America. He has been recognized for his outstanding leadership and was awarded the Bedford Canadian Young Mining Leaders Awards.

Peter van Alphen – President, CEO and Director

Peter van Alphen has over 25 years of experience in leadership roles within the mining industry, encompassing all aspects from construction projects to production. Most recently, he served as the chief operating officer at Premier Gold Mines, managing the company’s mining and development endeavors. Prior roles include country manager for Canada at Pan American Silver, vice-president of operations at Tahoe Resources and Lake Shore Gold, and various management positions at FNX Mining in Sudbury, Ontario. Van Alphen holds a Bachelor of Science in mining engineering from the University of the Witwatersrand.

Steve Filipovic – Chief Financial Officer

Steve Filipovic is a chartered professional accountant with more than 23 years of financial management and oversight experience. He was a founding executive team member and chief financial officer at Premier Gold Mines, playing an integral role in transitioning the company from explorer to producer until its acquisition by Equinox Gold in 2021. Prior to that, he served as chief financial officer of Zinifex Canada and was vice-president, finance of Wolfden Resources, until its acquisition by Zinifex in 2007. Filipovic holds an Honours Bachelor of Commerce Degree from Lakehead University and is an ICD.D designated member of the Institute of Corporate Directors.

Gilles Roy – Director of Exploration

Gilles Roy is a highly skilled geologist with over 30 years of experience in mineral exploration across various countries, including Canada, Peru, Chile, Kazakhstan, Australia and Burkina Faso. Specializing in base metal deposits in volcanic host rocks, he spent much of his career at Glencore, leading exploration programs that resulted in the discovery of the McLeod deposit in 2004 and the Bracemac deposit in 2006. Roy holds a Bachelor of Science in geology from Université du Québec à Montréal and is a member of the Ordre des géologues du Québec.

Bastien Fresia – Technical Services Director

Bastien Fresia brings over 15 years of international experience in geology, mine planning, and resource development to Nuvau Minerals, where he serves as technical services director. He previously held senior technical roles at Glencore Zinc, leading multidisciplinary teams and delivering strategic studies across Canada, Burkina Faso, Peru, Bolivia and Kazakhstan. His accomplishments include the discovery of satellite deposit extensions in Matagami and Perkoa, as well as the implementation of technical frameworks that significantly improved business performance in Peru and Kazakhstan.

At Nuvau, Fresia leads the company’s technical planning, integration, and execution. He holds two M.Sc. degrees in Geosciences and an MBA in Strategy and Risk Management, and is a registered professional geologist with the Ordre des Géologues du Québec and a chartered professional (Mining) with the Australasian Institute of Mining and Metallurgy.

Philippe Rio Roberge – Director of Project Development

Philippe Rio Roberge is a project management professional with 19 years of experience in the mining sector. With a strong background from the consultation world, he is specialized in geotechnics, tailings and water management, as well as in project management and construction. He has been involved in multiple feasibility studies for greenfield and brownfield projects and has overseen heavy earthwork construction projects. Roberge has been involved in the full life cycle of mine waste management facilities, from design through permitting and construction to closure and reclamation. While doing so, he has ensured the strategic development and integration of projects in a sensitive environmental and economic context. Philippe holds a degree in civil engineering from Université de Sherbrooke

Christina McCarthy – Director

Christina McCarthy is a geologist with over 15 years of experience in the resource capital markets. She is the former president and CEO of Paycore Minerals, which was acquired by i-80 Gold Corp for a $90 million valuation. Previously, she was vice-president of corporate development for New Oroperu Resources, acquired by Anacortes Mining in 2021. McCarthy also served as director of corporate development for McEwen Mining from 2014 to 2019. She has held various management and board roles, including positions in equity research at Euro Pacific and institutional sales at Haywood Securities. Prior to entering the resource capital markets, she managed exploration programs in Scandinavia for a junior exploration company. McCarthy holds a Bachelor of Science in geology.

Ewan Downie – Director

Ewan Downie is a successful company builder and entrepreneur with over 25 years of experience in the mining industry. He currently serves as the chief executive officer of i-80 Gold. Previously, he was the president and CEO of Premier Gold Mines, and is now serving as non-executive chairman and director of Wolfden Resources, as well as a director of Clean Air Metals. Throughout his career, Downie has been part of several gold and base metal discoveries, earning recognition for his achievements, including being awarded the 2003 Prospectors and Developers Association of Canada’s “Bill Dennis Prospector of The Year.”

Michael Vitton – Director

Michael Vitton served as the executive managing director and head of US equity at BMO Capital Markets, where he was instrumental in originating and executing over US$200 billion worth of public and secondary offerings and M&A transactions across all sectors. In the metals and mining sector, he has been involved in numerous significant deals as a seed investor, lead/co-lead underwriter, or in an M&A capacity. Vitton holds a degree from the University of Michigan Business School and has served as a seat holder on the NYSE, and president of the New York Society of Metals Analysts.

Fariah Mir – Director

Fariah Mir is currently the senior manager, accounting policy & advisory at TD Bank Group. Prior to that, Mir worked as a senior accountant, assurance advisory at Deloitte LLP, and as a senior financial analyst at IAMGOLD Corporation. Mir holds a Bachelor of Commerce, Honours Accounting from York University. She is also a member in good standing with the Chartered Professional Accountants of Ontario.