Hoyle Pond Extension

The Hoyle Pond Extension Royalties are located on claims that are beneath the Kidd Creek metallurgical complex and immediately adjacent to the east and northeast of the Hoyle Pond mine complex.

The Hoyle Pond underground mine remains one of the main contributors to Discovery’s Porcupine operations in Timmins. Porcupine produced 234,702 ounces of gold in 2025, and Discovery has outlined opportunities to grow production, reduce costs and extend mine life at Hoyle Pond through improved ventilation, material handling and backfill systems, and increased automation. Discovery has also continued to highlight the TVZ Zone as a potential new source of production adjacent to Hoyle Pond.

In 2026, Discovery plans resource conversion and expansion drilling in the lower S Vein and XMS Zones, as well as drilling to identify new zones in the mid and upper mine. At TVZ Zone, Discovery expects to complete drilling between the 900 and 1800 levels to support an initial NI 43-101 resource and metallurgical sampling. Recent drilling at Hoyle Pond extended the S Zone to depth, identified new lenses of mineralization, and returned positive results at TVZ Zone.

Metalla’s 2.0% NSR royalty covers the main production zone called the S Vein and portions of the TVZ Zone, subject to a 500 koz gold exemption. Metalla also holds a 2.0% NSR royalty on a claim block which partially covers the TVZ Zone that is not subject to the exemption.