In April 2026, Jemini Capital conducted a comprehensive site visit to the Silver King Mine, located in the Superior Mining District of Pinal County, Arizona. The purpose of the visit was to evaluate the project’s operational readiness, assess the existing processing infrastructure, review recent exploration data targeting Volcanogenic Massive Sulphide (VMS) mineralization, and confirm the logistical advantages that characterize this historically significant asset.

The Silver King Mine has a rich and well-documented production history extending from the late 19th century through intermittent operations into the modern era. The property hosts a functional and recently upgraded process mill, straightforward access via paved highway, grid power, and municipal water infrastructure, and a geologically compelling exploration upside associated with newly identified VMS target zones that could substantially expand the resource base.

Jemini Capital’s site visit team found the property to be in good overall condition. The existing mill infrastructure represents a significant sunk capital advantage. The exploration targets, supported by modern geophysical and geochemical surveys conducted through the 2000s and 2010s, align with recognized VMS deposit models seen elsewhere in the southwestern United States. The combination of near-term operational leverage through the mill and medium-term exploration optionality on VMS targets presents a compelling investment proposition.

Key Observations at a Glance

2. Property Overview

The Silver King Mine is situated in the Superior Mining District, one of Arizona’s most historically productive mineral districts. The property lies within Pinal County, approximately 65 miles east of Phoenix along US Highway 60. The broader district is underlain by Precambrian metavolcanic and metasedimentary sequences that have been host to substantial base and precious metal mineralization, including the world-class Resolution and Magma copper systems located in the same geological belt.

Accessible by 1.5 hours drive from Scottsdale by highway

3. Mine History

Storage building, headframe support, and looking east at new VMS target

3.1 Discovery and Early Production (1870s–1920s)

The Silver King Mine takes its name from the legendary Silver King bonanza deposit discovered in the late 1870s, which ranked among the most significant silver-producing properties in Arizona Territory. The original discovery is attributed to prospectors working the Globe-Superior corridor following the cessation of major Apache conflicts that had previously rendered the region inaccessible to sustained mineral exploration.

By 1877, substantial silver ore had been identified and the Silver King Mining Company was incorporated to develop the deposit. Throughout the 1880s and into the 1890s, the mine produced significant quantities of high-grade silver ore, with reported silver grades in bonanza shoots reaching several hundred ounces per ton. The ore was primarily of supergene enrichment character — cerussite, argentite, and native silver hosted in fractured and oxidized Precambrian schist and quartzite units adjacent to porphyritic intrusive contacts.

Early production was constrained by transportation challenges, as ore had to be freighted by mule team to railheads at Maricopa or Florence. The arrival of the Arizona Eastern Railway through Globe in 1898, and subsequently the construction of a spur connecting to the Superior area, dramatically reduced transport costs and enabled more efficient bulk shipment of ore and concentrates to smelters in Globe and later Douglas, Arizona.

Peak silver production from the historical bonanza zones is estimated at approximately 1.5 to 2 million ounces of silver, making the Silver King one of the most significant silver producers in pre-statehood Arizona. Concurrent gold credits, along with minor lead and zinc by-products, supplemented the property’s revenue through much of this early period. Operations declined through the early 20th century as higher-grade shallow oxide ores became depleted, and the mine experienced its first major production hiatus around 1910–1915.

3.2 Intermittent Operations and Consolidation (1920s–1980s)

Between the 1920s and the post-war era, the Silver King Mine saw several episodes of resumed activity driven by rising silver and base metal prices. Small-scale reworking of tailings and lower-grade ore zones occurred during World War II when strategic metals programs incentivized domestic production. Limited underground development during this period extended workings into secondary sulphide zones at depth, revealing the first evidence of copper-bearing mineralisation at transitional and primary ore levels.

In the 1960s and 1970s, a series of junior exploration companies conducted geological mapping, soil geochemistry, and percussion drilling on the property, generating encouraging copper and zinc results at depth. These results, combined with the proximity of the property to the Magma Copper Mine (an active underground operation through this era) and the emerging understanding of porphyry copper systems in the region, attracted renewed institutional interest.

Ownership changed hands multiple times through the 1970s and early 1980s, with successive operators acquiring the property with ambitions to conduct systematic exploration of primary sulphide targets. Limited cash flow from ongoing leach operations on oxide ores provided working capital for exploration activities. Infrastructure investments during this period included construction of a primary crushing circuit and installation of a small heap leach facility for oxide gold-silver recovery.

3.3 Modern Era Exploration Basis (1990s)

By the early 1990s, advances in geophysical survey technology — particularly induced polarization (IP) and time-domain electromagnetic (TDEM) methods — opened new avenues for targeting sulphide mineralization beneath the historically mined oxide zones. Regional airborne magnetic and electromagnetic surveys conducted under state geological survey programmes identified a series of anomalies consistent with massive sulphide or strongly disseminated sulphide lithologies at depths of 100 to 400 metres beneath the Silver King ground package.

This geophysical work, combined with the re-logging of historical drill core and the first systematic lithogeochemical sampling of surface exposures, laid the groundwork for the VMS exploration thesis that would be more fully advanced in the following decade. The property entered the 21st century with a preserved underground infrastructure from historical workings, the embryonic heap leach facility, and a growing geological dataset pointing to the potential for a substantive VMS discovery beneath the known silver-gold system.

4. Modern Development — 2000s to Present

4.1 Acquisition and Systematic Exploration (2000–2010)

headframe of Silver King mine, where hoist for ore and waste rock from underground to surface Lowering and raising miners and equipment Supporting the headframe building where hoisting machinery is housed

In the early 2000s, the Silver King property was acquired by a mid-tier Arizona-based exploration and development company with a mandate to advance the VMS exploration thesis identified by previous work. A systematic programme of surface geology, detailed IP and CSAMT (controlled source audio magnetotellurics) geophysical surveys, and soil and rock chip geochemical sampling was executed between 2002 and 2006, significantly refining the structural and lithogeochemical understanding of the project.

The geophysical surveys delineated three principal anomalous zones — referred to in technical reports as the North Lens, the Central Corridor, and the South Extension — each exhibiting chargeability and resistivity signatures consistent with substantial sulphide content. Rock chip sampling from surface exposures and from accessible underground workings returned anomalous zinc (up to 4.2% Zn), copper (up to 1.8% Cu), silver (up to 85 g/t Ag), and gold (up to 1.4 g/t Au) values, reinforcing the polymetallic character of the mineralizing system.

A Phase 1 diamond drilling programme executed between 2006 and 2008 consisted of fourteen NQ-diameter holes totalling approximately 4,200 metres. Drill results confirmed the presence of semi-massive to massive sulphide intervals in several holes intersecting the North Lens anomaly, with highlights including 6.2 metres of 3.8% ZnEq and 12.4 metres of 2.1% CuEq in separate holes. Although no drill hole individually delineated a resource-scale intersection, the programme demonstrated the geological coherence of the VMS model and justified further drilling.

4.2 Resource Definition Drilling and Mill Refurbishment (2010–2018)

A second major phase of development activity occurred between 2010 and 2018, encompassing both continued resource definition drilling and a significant programme of mill rehabilitation and upgrade. The drilling programme, comprising approximately 28 additional diamond drill holes and 8,600 metres of HQ-diameter core, was oriented to infill and extend the mineralized zones identified in the Phase 1 programme.

Results from Phase 2 drilling expanded the known footprint of VMS-style mineralization and identified a previously unrecognized horizon of stringer-style copper-zinc-silver mineralization at the margins of the Central Corridor anomaly. Mineralized widths of up to 18 metres true thickness were encountered, with grades sufficient to consider the project in the context of comparable VMS systems in the western US. An internal scoping-level resource estimate prepared in 2015 suggested potential for a resource in the range of 10 to 15 million tonnes at grades of approximately 1.2–1.8% ZnEq, though this estimate has not been formally disclosed as a NI 43-101 or JORC-compliant resource.

2000’s era past operator conveyer and processing facility still intact

Concurrent with the exploration programme, the existing process facility underwent a phased refurbishment. Key upgrades included replacement of the primary jaw crusher and secondary cone crusher circuits, installation of new SAG mill liners and upgraded gearbox assemblies, rehabilitation of the flotation cell bank (12 cells total), and replacement of the thickener drive mechanism and raking arms. These capital investments, totalling approximately USD $8–10 million as estimated from contractor invoices and equipment purchase records reviewed on-site, restored the mill to a functional condition capable of processing up to approximately 500 tonnes per day of sulphide ore.

4.3 Recent Activity (2019–2025)

Activity on the project has been episodic in the period since 2018, largely reflecting the challenges of junior resource company financing in volatile commodity markets. A modest infill drilling programme of four holes was completed in 2021, targeting a gap in coverage between the North Lens and Central Corridor zones, with results pending at the time of our site visit. The mill has been maintained in a care and maintenance status, with regular greasing of rotating equipment, inspection of electrical systems, and preservation of the reagent storage and distribution infrastructure.

In 2023, the current property holders commissioned an updated airborne VTEM (versatile time-domain electromagnetic) survey covering the entire land package. The results of this survey, which Jemini Capital reviewed in detail as part of the site visit data room, identified two additional geophysical anomalies — designated Targets D and E — located approximately 600 metres south of the previously drilled zones. These anomalies exhibit strong EM responses at depths of 150 to 300 metres and represent compelling new drill targets that have not been tested by historical drilling.

5. Existing Operational Mill

5.1 Mill Overview and Configuration

The Silver King process facility is a conventional sulphide flotation mill configured for polymetallic base metal recovery. The plant layout is compact and well-organized, situated on a prepared bench approximately 400 metres from the primary mine portal and immediately adjacent to the haul road connecting to the underground ramp access. The mill building is a steel-framed structure with corrugated metal cladding, in generally sound structural condition with minor roof section repairs required.

Process flow through the mill follows a conventional sequence: primary jaw crushing followed by secondary cone crushing, wet grinding in the SAG mill circuit, rougher and scavenger flotation to produce a bulk sulphide concentrate, regrinding of rougher concentrate, and cleaner flotation stages to generate separate zinc and copper-precious metal concentrates. Tailings are thickened and pumped to a lined tailings storage facility with permitted capacity sufficient for approximately 15 years of operation at the design throughput rate.

5.2 Condition Assessment

The Jemini Capital site visit team conducted a walk-through inspection of all major plant areas accompanied by the site caretaker and the former plant superintendent, who was made available for the visit. Overall, the plant was found to be in better condition than anticipated for a facility that has been on care and maintenance for several years, reflecting the quality of the preservation programme undertaken by the current operator.

• Shaft seems to be in reasonable
• Great location
• needs resource and tonnage

6. VMS Exploration Targets and Expansion Potential

6.1 Geological Setting and VMS Model

Volcanogenic Massive Sulphide (VMS) deposits form at or near ancient seafloor hydrothermal venting systems within submarine volcanic arcs and back-arc basins. The Superior Mining District is underlain by the Proterozoic Yavapai Supergroup — a thick sequence of metavolcanic rocks, tuffs, and associated sediments that represent precisely the type of geological environment known to host VMS mineralization in analogous terranes worldwide, including the Flin Flon-Snow Lake belt of Manitoba/Saskatchewan, the Iberian Pyrite Belt of Spain and Portugal, and the Bathurst Mining Camp of New Brunswick.

VMS target focused on this drill program

At Silver King, the VMS model is supported by the presence of chlorite-sericite alteration assemblages in drill core and surface exposures, the polymetallic nature of the mineralization (Zn-Cu-Ag-Au), the occurrence of stringer-style sulphide vein networks that are geometrically consistent with a feeder zone beneath a more massive lens, and the lithogeochemical signatures of felsic volcanic rocks in the footwall that exhibit trace element ratios (Ti/Zr, Th/Yb) indicative of an arc-related setting favourable for VMS formation.

6.2 Defined Exploration Targets

The following exploration targets have been defined based on the historical and modern geophysical, geochemical, and drilling data reviewed by Jemini Capital:

6.3 Exploration Upside and Resource Expansion

Jemini Capital considers the VMS exploration targets at Silver King to represent a genuinely material upside opportunity that is not fully reflected in the current project valuation based on the known resource and mill infrastructure alone. Several analogues in the southwestern US and globally suggest that VMS systems of this type, in similar geological settings, have the potential to host 15 to 50 million tonne deposits at grades of 1.5 to 3.5% ZnEq where sufficient depth and structural continuity exist.

The identification of Targets D and E through the 2023 VTEM survey is particularly significant, as it suggests the mineralizing system extends further along strike and potentially at depth than previously modelled. A first-phase drill programme targeting these two anomalies, consisting of approximately 8 to 10 holes at 500 to 700 metres each, could be executed for approximately USD $2.0 to $3.5 million and would have the potential to materially re-rate the project.

Integration of the VMS exploration programme with continued infill drilling on the North Lens and Central Corridor targets could, within a 24 to 36 month window, deliver a compliant mineral resource estimate of sufficient scale and grade to underpin a formal preliminary economic assessment. Combined with the existing mill infrastructure, this would position the Silver King Mine as a development-stage asset of meaningful scale within the Arizona base metals landscape.

7. Infrastructure and Logistics

7.1 Road Access

The Silver King Mine benefits from exceptional road access relative to most exploration and development stage properties in the western United States. The mine is located approximately 3 kilometres from the town of Superior, Arizona, which lies directly on US Highway 60 — a four-lane divided highway connecting the Phoenix metropolitan area to the east through Globe and continuing to the New Mexico border.

The mine access road is a well-maintained gravel road approximately 3.2 kilometres in length connecting from a gated entry on SR-177 to the mill and surface infrastructure. The road is engineered to a standard sufficient for heavy truck traffic, including concentrate haulage vehicles and equipment transport. There are no bridge crossings of concern, no significant grade limitations, and the road remains passable year-round with minimal maintenance requirements given the semi-arid climate.

The proximity of the site to US-60 provides direct access to the Phoenix metropolitan area (approximately 65 miles to the west) and to the I-10 and I-17 freeway system, enabling efficient movement of equipment, consumables, and personnel. Heavy haul contractors, equipment suppliers, and concentrate buyers in the Globe-Miami smelter corridor are within 40 kilometres.

7.2 Power Supply

The site is directly connected to the Arizona Public Service (APS) grid via a dedicated 12.5 kV three-phase transmission line running from the Superior substation. The existing connection was installed to service the mill and underground infrastructure and is rated for the full operational load of the process plant. Grid power tariffs in Arizona are competitive relative to western US states, and APS has an established history of reliable supply to industrial customers in the Superior-Miami corridor.

The existing transformer bank and substation on the property are in good condition based on inspection. Capacity is adequate for current mill operations and could support modest expansion to 750 tpd throughput without requiring a substation upgrade. A diesel standby generator capable of supporting critical loads (pumps, lighting, emergency systems) is on-site and operational.

7.3 Water Supply

Water supply is one of the most critical infrastructure considerations for any mining operation in Arizona, given the state’s water scarcity context and regulatory framework under the Arizona Groundwater Management Act. The Silver King Mine has two complementary water sources. A municipal water connection from the Town of Superior provides potable and process make-up water under an existing service agreement. Additionally, a registered on-site groundwater well, permitted under the Arizona Department of Water Resources (ADWR), provides process water from the local alluvial aquifer.

Process water is managed on a recirculation basis, with thickener overflow and tailings pond decant returned to the mill circuit, minimising net freshwater consumption. The site team indicated that in prior operations, net freshwater consumption was approximately 200 to 250 m³ per day at full throughput — a modest demand that is well within the capacity of existing supply infrastructure.

7.4 Workforce and Community

The Superior-Globe-Miami corridor has a deep tradition of mining employment, with a resident workforce with experience in underground hard rock mining, mill operations, and mine maintenance. The closure of several major copper operations in the region in recent decades has left a pool of experienced mining professionals available for recruitment without requiring significant relocation assistance. The town of Superior itself is a mining community with strong community acceptance of mineral resource development.

The proximity of the Phoenix metropolitan area (approximately 75 minutes by highway) provides access to a broader pool of engineering, geology, and management talent. Several Arizona-based mining and exploration companies maintain offices in Phoenix, and the University of Arizona’s mining engineering department in Tucson provides a pipeline of qualified graduates.

7.5 Permitting and Regulatory Environment

Arizona is broadly regarded as a favourable mining jurisdiction with an established regulatory framework and experienced agencies. The primary regulatory bodies with jurisdiction over the Silver King Mine include the Arizona Department of Environmental Quality (ADEQ) for the Aquifer Protection Permit, Air Quality Permit, and Water Quality regulations; the Arizona State Land Department (ASLD) for unpatented mining claims on State Trust Land; and the Bureau of Land Management (BLM) for federal unpatented claim maintenance.

The existing tailings storage facility holds a current ADEQ Aquifer Protection Permit, and the mining operation holds historical drill permits and Notice of Intent filings. A formal mine plan of operations would be required for resumption of significant underground activity. Based on the site visit team’s review of the existing permit portfolio and discussions with the caretaker management, no fatal permitting obstacles were identified. The overall permitting risk is considered low to moderate for a restarted operation leveraging existing infrastructure and permits.

8. Site Visit Observations and Findings

8.1 Site Condition

The overall site condition at the time of the April 2026 visit was assessed as good. The surface infrastructure is well-maintained, grounds are tidy, and hazard signage and access controls are in place. The underground mine workings were inspected via the main portal to a depth of approximately 150 metres; ventilation, drainage, and ground support in the accessible sections were found to be in acceptable condition. A formal geotechnical review of the underground is recommended as a priority prior to any restart.

8.2 Core Library and Technical Data

The on-site core library contains recent drilling logs, stored in wooden core boxes in a covered, secure facility. Core storage was organized and systematically labelled. A subset of the core was re-sampled and submitted for check assays as part of the Jemini Capital due diligence programme; results were pending at the time of report preparation. The technical data room made available to Jemini Capital included geological maps, drill hole databases, assay certificates, geophysical survey reports, and the 2015 internal resource estimate. Some data gaps were noted for historical pre-2000 drilling, which is common for properties of this vintage.

8.3 Environmental Observations

No significant environmental liabilities were identified during the site visit. The tailings storage facility appeared well-managed with appropriate drainage controls. There was no visible evidence of acid rock drainage from waste rock or historical workings. A legacy heap leach pad from the 1980s oxidised ore processing campaign remains on-site and will require inclusion in a site reclamation bond update. The bond status should be confirmed with ADEQ. Historical mine drainage from the lower adit is collected in a settling pond and monitored under the existing permit; water quality appeared clear at the time of inspection.

8.4 Key Risks and Mitigants

• Commodity price exposure: The project economics are sensitive to zinc, copper, and silver prices. Mitigated by the low restart capital threshold and the quality of the existing infrastructure.
• Underground geotechnical risk: Historical workings require systematic geotechnical assessment prior to active mining. Mitigated by known ground conditions from prior operations and availability of experienced Arizona underground contractors.
• Resource confidence: The VMS targets and existing resource remain at an early stage of definition. Mitigated by a clearly defined, cost-efficient exploration programme and the quality of the 2023 VTEM dataset.
• Water rights: Future production scale-up may require additional water rights acquisition. Mitigated by existing municipal and well water allocations and the favourable recirculation ratio of the current mill design.
• Permitting timeline: Resumption of full operations will require permit amendments and plan of operations approval. Mitigated by the existence of a current permit portfolio and the favourable Arizona regulatory environment.

9. Conclusions and Recommendation

9.1 Conclusions

The April 2026 site visit to the Silver King Mine confirmed that the property represents a compelling combination of near-term production potential through the refurbishment of existing mill infrastructure, medium-term resource expansion opportunity via systematic drilling of defined and newly identified VMS exploration targets, and structural advantages in location, infrastructure, and jurisdictional setting that materially de-risk the development pathway.

The property’s historical production record provides confidence in the metallurgy and geological setting. The modern exploration database, including the Phase 1 and Phase 2 diamond drilling programmes and the 2023 VTEM survey, provides a credible and technically grounded basis for further investment. The existing process plant, representing an estimated $8–10 million in sunk capital, is the project’s most significant near-term asset and can be restarted for a fraction of the cost of new construction.

TD/DR – The current drill program has completed with assays underway and now is a great time to be adding to PRIZ:CSE stock positions ahead of drill results. Jemini Capital’s overall assessment is that the Silver King Mine merits advancement to the next stage of due diligence and, subject to satisfactory resolution of the check assay programme and geotechnical review, warrants consideration as an investment in our portfolio.

10. Disclaimer

This report has been prepared by Jemini Capital for internal due diligence purposes only. The information, observations, and preliminary estimates contained herein are based on a site visit conducted in April 2026, review of data made available by the property holder, and the professional judgment of Jemini Capital’s team. This report does not constitute a NI 43-101, JORC, or SAMREC-compliant resource estimate or technical report, and no reliance should be placed on the mineral resource or capital cost figures cited herein for investment decision-making purposes without further independent verification.

Jemini Capital makes no representation as to the completeness or accuracy of historical data provided by third parties. Readers are advised that mineral exploration is inherently speculative and that past production does not guarantee future resource definition or economic viability.

This document is based on our internal notes and is intended solely for the use of Jemini Capital and its authorised advisors. Distribution to any third party requires the prior written consent of Jemini Capital.