Alberta-Based Exploration Co. Boasts a Massive Land Package in BC
Research Report

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Disclosures for Couloir Capital, Grizzly Discoveries Inc., December 5, 2025

DISCLAIMER This report has been prepared by an analyst on contract with or employed by Couloir Capital Ltd. The analyst certifies that the views expressed in this report, which include the rating assigned to the issuer’s shares as well as the analytical substance and tone of the report, accurately reflect his or her personal views about the subject securities and the issuer. No part of his / her compensation was, is, or will be directly or indirectly related to the specific recommendations. Couloir Capital, its affiliates, and their respective officers, directors, representatives, researchers, and members of their families may hold positions in the companies mentioned in this document and may buy and/or sell their securities. Additionally, Couloir Capital may have provided, in the past and may provide, in the future, certain advisory or corporate finance services and receive financial and other incentives from issuers as consideration for the provision of such services. Couloir Capital has prepared this document for general information purposes only. This document should not be considered a solicitation to purchase or sell securities or a recommendation to buy or sell securities. The information provided has been derived from sources believed to be accurate, but cannot be guaranteed. This document does not consider the particular investment objectives, financial situations, or needs of individual recipients and other issues (e.g., prohibitions to investments due to law, jurisdiction issues, etc.) that may exist for certain persons. Recipients should rely on their own investigations and take their own professional advice before making an investment. Couloir Capital will not treat recipients of this document as clients by virtue of having viewed this document. Company-specific disclosures, if any, are below: 1 In the last 24 months, Couloir Capital Ltd. has been retained under a service agreement by the subject issuer. This service agreement includes analyst research coverage. 2 The views of the Analyst are personal. 3 No part of the Analyst’s compensation was directly or indirectly related to the specific ratings as used by the research Analyst in the Reports. 4 The Analyst does not maintain a financial interest in the securities or options of the Company. 5 Couloir Capital does not maintain a financial interest in the securities or options of the Company. 6 The information contained in the Reports is based upon publicly available information that the Analyst believes to be correct but has not independently verified with respect to truth or correctness.

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COULOIR CAPITAL SUBSCRIBE TO RESEARCH is a research-driven investment dealer focused on emerging companies in the natural resources sector Vancouver 604 609 6190 • Toronto 416 460 2960 • [email protected] We employ a fundamental-based analysis with the goal of discovering a company’s fair value in the context of Macro factors facing each company. In doing so we generate actionable ideas in underfollowed companies where a small number of market participants can rapidly close the gap between price and fair value. Our research reports are disseminated through Bloomberg, S&P Capital IQ, Thomson Reuters, FactSet, and large email lists. RESEARCH DRIVEN

Grizzly Discoveries Inc. (GZD:TSX.V; GZDIF:OTCQB; G6H:FSE) gained research coverage by Couloir Capital that initiated on the mining company, following a site visit, with a Buy rating and a CA$0.15 per share (CA$0.15/share) fair value target price, reported Senior Mining Analyst Ron Wortel in a Dec. 5 research note.

"With community support, infrastructure advantages and multiple pathways to value creation, Grizzly Discoveries is positioned to join the ranks of successful juniors revitalizing British Columbia's historic camps," Wortel wrote.

400% Return Implied

At the time of the analyst's report, Grizzly was trading at about CA$0.03/share, a value that does not reflect its full asset portfolio, noted Wortel. From this price, the return to Couloir's CA$0.15/share fair value target price is 400%.

When Grizzly shows it has progressed on its development plans, wrote the analyst, Couloir expects to increase its fair value on the company. In the meantime, Grizzly is a Buy.

The company has 177.6 million shares outstanding. Its market cap is CA$5.3 million (CA$5.3M).

Investment Highlights

Wortel presented the key points that potential investors should know about the company.

1) Grizzly has a district-scale land package that affords it multiple ways to create value.

The company's largest property spans 173,000 acres, contains numerous claim groups, and extends for 60 kilometers (60 km) along the Canada-U.S. border, in the historic Greenwood mining camp of southeastern British Columbia. These Greenwood claims encompass more than 100 historically active mine sites, several of which Grizzly has designated priority exploration targets.

Grizzly owns the 9,837-acre Robocop property, too, also in southeastern B.C., which it acquired in 2013. The land is prospective for cobalt, copper, and silver mineralization.

The jurisdiction is tier 1 with excellent infrastructure, year-round access, and strong community engagement, wrote Wortel. Grizzly maintains a well-established base camp along Highway 3 (the Crowsnest Highway), including housing, work areas, and storage facilities.

"The [site] tour provided valuable insight into the scale of Grizzly's assets, the accessibility of its projects, and the multiple avenues available for value creation," Wortel wrote.

2) Grizzly has exploration and resource development opportunities.

The company's exploration strategy is to capitalize on the different types of deposits in the Greenwood camp to discover precious and battery metals and develop one or more economic resources. Along with skarn-hosted copper-gold-silver deposits, the camp contains epithermal gold-silver vein systems and Mesozoic alkalic porphyry systems. Grizzly has five main prospects for resource development: Midway, Imperial, Motherlode, Marshall Lake, and Ket-28.

At the past-producing Midway mine, mineralization extends more than 700 meters (700m) and shows gold grades up to 70.8 grams per ton (70.8 g/t) and silver grades up to 2,140 g/t in samples. One rock grab sample from outcrop 200m west of the main Midway mine returned 15.85 g/t gold and 1,530 g/t silver.

"Given its accessibility and high-grade potential, Midway is viewed as a priority exploration target capable of generating market-impact results," Wortel wrote.

Another prospect is the Imperial mine site. Samples there returned up to 12.1 g/t gold and up to 1,810 g/t silver. Multiple grab samples showed greater than 1 g/t of gold and greater than 30 g/t of silver.

"Mineralization is clearly visible in wall rock around the adit, reinforcing the potential for further exploration and development," noted Wortel.

Motherlode, a past-producing copper-gold-silver skarn, has been a major exploration focus of Grizzly. In 2024, the company agreed to acquire several Crown grant claims covering much of the Motherlode site, but the transaction remains ongoing. Mineralization is visible in the pit walls, noted Wortel. Together, the three pits demonstrate a 1.5-km-long mineralized trend.

The historical in situ resource at the Motherlode mine is 2,800,000 tons (2.8 Mt) of 1.06 g/t gold and 0.8% copper, equivalent to about 2 g/t gold at current prices. This equates to about 140,000 ounces (140 Koz) of gold equivalent, or CA$320M, the analyst wrote.

"This area represents a compelling target for defining a significant gold-copper resource," Wortel added.

Two other prospects are the past-producing Marshall Lake mine site and the Ket-28 exploration target.

"Grizzly's exploration and development strategy positions it to participate in the reopening of the Greenwood camp at a time of record-setting gold prices," Wortel wrote. "Elevated metal prices are driving renewed investor interest in the junior developer sector, with near-term producers experiencing strong market support and valuation gains."

3) Grizzly has near-term production opportunities.

Grizzly is advancing its plans to collaborate with the Osoyoos Indian Band to clean up regional historical mine sites and potentially process suitable mineralized rock to recover payable metals, including gold, silver, and copper. Timing is ideal given record gold and silver prices, Wortel highlighted. Gold hit a new high in Q3/25 of CA$6,100/oz and remains around CA$5,800. Silver, also having advanced, is now about CA$70/oz. As for production, Grizzly has access to local toll milling capacity, including regional facilities at Merritt and New Afton in B.C. and near Republic, Wash.

The analyst wrote that Grizzly's 100 mine sites, with an estimated 5,000 tons (5 Kt)–2 Mt of material collectively, hold close to CA$100M in place value, according to the available historical reports.

The Motherlode is one site offering potential for environmental remediation and revenue generation. It hosts a large stockpile of mineralized rock, in addition to material at the Sunset and Greyhound pits. The stockpile is estimated to contain 175 Kt of 0.65% copper, 0.02 oz/ton gold, and 0.02 oz/ton silver. The adjacent tailings area could contain another 500 Kt at slightly lower grades.

The Marshall Lake site contains mineralized rock from past mining. Fifteen samples showed high-grade gold along with silver and copper.

The tailings bin of the Phoenix mine, 2.5 km east of the pit, contains a historical resource of 4-plus Mt gold, silver, and copper. There may be tailings on the pit's west side, too, potentially another several million tons' worth.

"With current gold prices lowering economic cutoff grades to below 0.5 g/t in open-pit operations, reprocessing this already crushed and uniformly sized material could be viable," Wortel wrote. "Waste rock at the Phoenix pit site could be used to construct a new tailings facility, enabling the retreatment of an estimated greater than 4 Mt of material."

4) Grizzly has options for creating flexible value.

Wortel pointed out that Grizzly could act as a regional project generator and pursue land deals, specifically selling or optioning blocks, then using the revenue to fund priority exploration, resource definition, and production. The company could sell or option up to seven parcels, each about 10,000 acres in size, and generate between CA$250,000 (CA$250K) and CA$1M from each.

Another option might be to partner with neighbor Phoenix Copper Co. Inc., a private company that owns the historical Phoenix mine pit where two rigs were drilling at the time of Wortel's site visit to Grizzly's property; the nearby 200-tons-per-day Zip mill, undergoing refurbishment; and the Lexington mine to the south. Grizzly's 180,000 acres plus 100 mine sites could complement Phoenix Copper's assets in a consolidation or go-public transaction, Wortel pointed out.

5) Grizzly recently raised CA$153K, but funding remains a challenge.

In November, the company closed on CA$153K, a portion of its up to CA$1M private placement. Of the total raised, CA$50K was designated for exploration work.

Couloir believes Grizzly should drill its defined priority targets to expand mineralization into initial resource estimates. This would create market interest, improve trading liquidity, and attract additional investment.

However, Grizzly instead is pursuing the clean-up of historically active mine sites, where mineralized material remains in stockpiles and waste rock. The potential scale of such work on its property is immense. Grizzly, perhaps, would receive governmental funding through the Osoyoos Indian Band to launch operations. Couloir believes the company should start its environmental remediation at the Motherlode area.

6) Grizzly's management team has extensive experience in exploration, finance, and corporate development.

"Together, they provide the technical execution, fiscal discipline, stakeholder engagement, and strategic vision required to advance a district-scale project in a tier 1 jurisdiction," Wortel added.

Leading the company is Founder Brian Testo, president, chief executive officer, and director, who assembled the land package and secured funding. His experience in mineral exploration extends over four decades.

Armed with 18 years of experience in accounting in the junior exploration sector, Chief Financial Officer Jeremy Strautman oversees financial reporting, governance, and compliance for the company.

Chief Geology Officer Michael Dufresne is a registered professional geologist with 30 years of global exploration experience and a solid track record in deposit discovery, NI 43-101 reporting, and resource estimation.