Sale Process

Status of File as of April 23, 2026

The sale process for the Eagle Gold Mine began in June 2025. After completing the first phase in September 2025, the Receiver selected a shortlist of qualified buyers to move into a more intensive second phase, which included additional due diligence and a site visit to the mine in Yukon. Those qualified buyers were then asked to submit updated proposals in early December 2025.

After reviewing those proposals, the Receiver, on the advice of its financial advisor, invited certain qualified buyers to meet with the Government of Yukon (in its role as regulator) and non-technical representatives of the First Nation of Na-Cho Nyäk Dun. The purpose of these meetings, held in person in early February 2026, was for each buyer to present their preliminary plans for acquiring the mine and restarting operations.

Following those presentations and further discussions, on April 23, 2026, the Receiver, with input from its financial advisor and the consent of the Yukon Government, entered into an exclusivity agreement with Boroo Pte Ltd, a Singapore-based private mining company that operates, develops, and acquires mining assets around the world, and is recognized as a specialist in operational turnarounds and responsible mine development. Under this agreement, Boroo is now the sole party negotiating a potential purchase of the Eagle Gold Mine and related assets.

The exclusivity period runs for an initial 90 days. During this time, Boroo will:

• Complete further due diligence at the mine site;
• Negotiate the terms of a potential definitive purchase agreement with the Receiver; and
• Begin early discussions with the Yukon Government and the First Nation of Na-Cho Nyäk Dun about the key agreements that would need to be in place for the transaction to proceed and for mining operations to restart.

It is important to note that no agreements have yet been reached with the Yukon Government or the First Nation of Na-Cho Nyäk Dun. The exclusivity period is intended to be used to advance those conversations.

Boroo can request a single extension of up to an additional 90 days (for a maximum of 180 days total), provided it gives written notice at least 30 days before the initial period expires and meets the conditions set out in the agreement.

Next steps

The due diligence work during this period will be essential to shaping the key supporting agreements, including a comprehensive plan for restarting mine operations. If, before the exclusivity period ends, the parties reach agreement on the terms of a formal purchase agreement and the main elements of those supporting agreements, the Receiver will ask the Court to approve signing the purchase agreement. If the Court approves, there will then be a closing period during which the parties work to satisfy all remaining conditions, including finalizing the supporting agreements and obtaining a Court order formally transferring the assets.

The Receiver will continue to update the Court and stakeholders as the process moves forward.

Status of File as of June 25, 2025

On June 25, 2025, the Court issued an order (the “Sale Process Approval Order”) which, among other things,

a.  approved the engagement of BMO Nesbitt Burns Inc. as the Receiver’s financial advisor to assist in the development and implementation of the Sale Process (the “Financial Advisor”);

b.  granted a charge (the “Financial Advisor Charge”) on the Property in favour of the Financial Advisor as security for the amounts payable under the Financial Advisor Agreement, which charge shall rank subordinate to the Receiver’s Charge and senior to the Receiver’s Borrowings Charge;

c.  approved the sale process (the “Sale Process”), in the form attached as Schedule “A” to the Sale Process Approval Order, in respect of the Eagle Gold Mine located in Dublin Gulch, Yukon, Canada in the Traditional Territory of the First Nation of Na-Cho Nyäk Dun and certain related Property set out in Appendix “B” attached to the Sale Process (collectively, the “Eagle Mine Assets”); and

d.  authorized the Receiver and the Financial Advisor to implement the Sale Process.

Any terms not defined on this page have meanings ascribed to them in the Sale Process Approval Order, the Sale Process or the Receiver’s Fifth Report to the Court, dated June 16, 2025 (the “Fifth Report”).

The purpose of the Sale Process is to seek and implement proposals for a sale transaction in respect of the Eagle Mine Assets that maximizes the value (monetary or otherwise) for the benefit of creditors and other stakeholders.

The Sale Process is designed to be a broad and flexible two-phase process for the sale of:

a.  all the shares of the Company, to be implemented pursuant to a Share Sale contemplated by a Share Purchase Agreement; or

b.  all or substantially all of the Eagle Mine Assets pursuant to an Asset Sale contemplated by an Asset Purchase Agreement.

The Eagle Mine Assets do not include those assets set out in Appendix “C” attached to the Sale Process (collectively, the “Excluded Assets”). The Excluded Assets will be addressed through the Specified Assets AVO, or the Receiver’s standing authority under the Second A&R Receivership Order to market any or all of the Property. Alternatively, if determined necessary or appropriate, the Receiver will seek approval of the Court in connection with the monetization of certain of the Excluded Assets.

The Sale Process will be conducted by the Financial Advisor on behalf of, and under the supervision of, the Receiver, in the manner set forth in the Sale Process. For the avoidance of doubt, the Financial Advisor shall have no authority or ability to bind the Receiver, and all decisions contemplated to be made in the Sale Process shall be made by the Receiver.

The following table sets out a summary of the key stages and milestones (each, a “Milestone”) under the Sale Process:

Any of the Milestones may be extended by the Receiver if it considers it appropriate to do so, after consultation with the Financial Advisor and subject to obtaining the consent of the Receivership Lender. Any extensions to the Milestones will be communicated to all known Bidders at the relevant time and such extensions shall be posted on this page.

Any questions or inquiries in respect of the Sale Process or any of the Milestones should be directed to BorealSaleProcess@bmo.com.

Copies of the Sale Process Approval Order, the Sale Process, the Receiver’s Fifth Report to the Court with the Receiver’s view of the Sale Process are available at the bottom of this page.

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