Wabash and Lower PME Drilling Expand Near-Surface Gold Mineralization at Prospect Mountain
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Disclosures for Couloir Capital, North Peak Resources Ltd., February 24, 2026

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 by the subject issuer under a service agreement that includes analyst research coverage only. 2. The issuer has no control over the content of this report. 3. The views of the Analyst are personal. 4. 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. 5. The Analyst does not maintain a financial interest in the securities or options of the Company. 6. The principal of Couloir Capital maintains a financial interest in the securities or options of the Company through an affiliated fund entity. 7. 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.

Investment Ratings—Recommendations Each company within an analyst’s universe, or group of companies covered, is assigned: 1 A recommendation or rating, usually BUY, HOLD, or SELL; 2 A 12-month target price, which represents an analyst’s current assessment of a company’s potential stock price over the next year; and 3 An overall risk rating which represents an analyst’s assessment of the company’s overall investment risk. These ratings are more fully explained below. Before acting on a recommendation, we caution you to confer with your investment advisor to determine the suitability of our recommendation for your specific investment objectives, risk tolerance, and investment time horizon. Couloir Capital’s recommendation categories include the following: Buy The analyst believes that the security will outperform other companies in their sector on a risk-adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) BUY rating. Hold The analyst believes that the security is expected to perform in line with other companies in their sector on a risk-adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) HOLD rating. Sell Investors are advised to sell the security or hold alternative securities within the sector. Stocks in this category are expected to under-perform other companies on a risk-adjusted basis or for the reasons stated in the research report the analyst believes that the security is deserving of a (continued) SELL rating. Tender The analyst is recommending that investors tender to a specific offering for the company’s stock. Research Comment An analyst comment about an issuer event that does not include a rating. Coverage Dropped Couloir Capital will no longer cover the issuer. Couloir Capital will provide notice to clients whenever coverage of an issuer is discontinued. Following termination of coverage, we recommend clients seek advice from their respective Investment Advisor. Under Review Placing a stock Under Review does not revise the current rating or recommendation of the analyst. A stock will be placed Under Review when the relevant company has a significant material event with further information pending or to be announced. An analyst will place a stock Under Review while he/she awaits enough information to re-evaluate the company’s financial situation. The above ratings are determined by the analyst at the time of publication. On occasion, total returnsmay fall outside of the ranges due to market price movements and/or short-term volatility. Overall risk ratings Very High Risk: Venture-type companies or more established micro, small, mid or large-cap companies whose risk profile parameters and/or lack of liquidity warrant such a designation. These companies are only appropriate for investors who have a very high tolerance for risk and volatility and who can incur a temporary or permanent loss of a very significant portion of their investment capital. High Risk: Typically, micro or small-cap companies which have an above-average investment risk relative to more established or mid to large-cap companies. These companies will generally not form part of the broad senior stock market indices and often will have less liquidity than more established mid and large-cap companies. These companies are only appropriate for investors who have a high tolerance for risk and volatility and who can incur a temporary or permanent loss of a significant portion of their investment capital. Medium-High Risk: Typically, mid to large-cap companies have a medium to high investment risk. These companies will often form part of the broader senior stock market indices or sector-specific indices. These companies are only appropriate for investors who have a medium to high tolerance for risk and volatility and who are prepared to accept general stock market risk including the risk of a temporary or permanent loss of some of their investment capital Moderate Risk: Large to very large cap companies with established earnings who have a track record of lower volatility when compared against the broad senior stock market indices. These companies are only appropriate for investors who have a medium tolerance for risk and volatility and who are prepared to accept general stock market risk including the risk of a temporary or permanent loss of some of their investment capital.

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

On February 24, 2026, Couloir Capital analyst Ron Wortel, MBA, P.Eng., reiterated a BUY rating on North Peak Resources Ltd. (NPR:TSXV; BTLLF:OTCMKTS) and raised the 12-month price target to CA$2.90 from CA$2.50, representing a projected return of 190% from the current share price of CA$1.00. The upgrade reflects expanding near-surface mineralization confirmed by recent drilling at the Wabash and Lower PME target areas within the company's flagship Prospect Mountain project in Nevada.

Recent results from the first six holes (807 m) of the Wabash/Industry Tunnel drill program confirmed continuity between the Wabash and Williams lodes, with encouraging halo mineralization, including intervals of 42.67 m at 0.82 g/t gold and 99.06 m at 0.56 g/t gold. These results extend the mineralized envelope approximately 30 m northward from earlier drilling, which had returned 126.5 m at 1.06 g/t gold in hole PM24-04RC in 2024. Drilling also discovered a new gold-bearing zone east of the Silver Connor fault, returning 24.38 m at 1.14 g/t gold — the first significant mineralization identified on the eastern side of this structure in the Wabash area.

At Lower PME, located at the base of Prospect Mountain, hole PM25014RC returned a broad 88.4 m interval grading 0.24 g/t gold and 15.7 g/t silver, confirming that the Hamburg-Dunderberg contact extends onto North Peak's ground. This same structural corridor is being actively advanced by McEwen Mining Inc. (NYSE: MUX), which has drilled over 100 holes in the Windfall area and plans to publish a resource in the first half of 2026. McEwen's recent announced acquisition of Golden Lake Exploration Inc. (CNSX: GLM) now positions North Peak between McEwen Inc. (MUX:TSX; MUX:NYSE ) and i-80 Gold Corp. (IAU:TSX; IAUX:NYSE), both of which are investing heavily in delineation and development across the camp.

The report characterizes the Golden Lake-McEwen transaction as a missed consolidation opportunity for North Peak, noting that acquiring Golden Lake would have more than doubled North Peak's land position and simplified complex claim boundaries. Couloir views the deal as a strategic misstep for Golden Lake, which was unable to finance exploration despite strong gold prices.

Underground channel sampling from the Dean Cave complex returned high-grade results, including 90.4 g/t gold and 660 g/t silver over 0.6 m at the 650 Level, with a gold equivalent grade of 102.44 g/t. However, subsequent drilling targeting the up-dip structural contact did not intersect mineralization of comparable tenor, with results suggesting the drilled area was distal to the intended target. Follow-up assessment is planned for later in 2026.

On the waste pile asset, updated sampling reduced the weighted average grade to below 1 g/t gold from the earlier estimate of over 3 g/t, though confidence increased from 10% to 50%. The report notes this change does not materially affect the overall valuation.

Financially, North Peak reported cash of CA$3.65 million and working capital of CA$3.79 million as of Q3 2025, up substantially from CA$1.27 million and CA$1.38 million respectively at fiscal year-end 2024. The company reported a net loss of CA$950,128 (CA$0.02 per share) for the period. Total assets grew to CA$16.78 million from CA$10.65 million, with mineral assets increasing to CA$11.66 million. The company is looking to complete a CA$5.75 million financing to fund its 2026 exploration plans. Shares outstanding total 50,031,142 with a market capitalization of approximately CA$50 million. The stock trades at a price-to-book ratio of 3.1 and has a year-to-date return of -9.10%.

Couloir's valuation model uses a CA$7,000/oz gold price assumption and a 2% discount rate, incorporating probability-weighted resource scenarios from planned Q1 and Q2 2026 drill programs (estimated at CA$2 million and CA$1.8 million, respectively), the waste pile asset, and the value of a 1,000 tpd underground mining permit. The model arrives at a total implied company value of CA$2.90 per share on 56.4 million diluted shares.

The company is awaiting final approval from the Nevada Division of Environmental Protection for road disturbance that would provide first-time access to the southern and western ridges of Prospect Mountain and enable up to eight new drill pad locations.

Key risks include exploration uncertainty, financing and dilution risk, regulatory and permitting delays, technical and operational challenges in Nevada's environment, and potential land claim disputes. The report rates the overall perceived risk as HIGH.

North Peak is positioned within the Battle Mountain-Eureka Trend alongside regional peers ranging from micro-cap explorers such as NV Gold Corporation (TSXV: NVX) at CA$6.8 million market cap to established operators like McEwen Mining at CA$1.97 billion and i-80 Gold at CA$2.16 billion.

Important disclosures note that Couloir Capital has been retained by North Peak under a service agreement for analyst research coverage in the last 24 months, and the principal of Couloir Capital maintains a financial interest in the company's securities through an affiliated fund entity.