Mr. Dawson Brisco reports

MORIEN ANNOUNCES FILING OF INITIAL PROJECT DESCRIPTION FOR THE LAZY HEAD AGGREGATE PROJECT

Morien Resources Corp.'s initial project description (IPD) for the Lazy Head marine terminal, the marine export component of the Lazy Head aggregate project, has been submitted to the Impact Assessment Agency of Canada (IAAC). Carver Mineral Resources Inc., a subsidiary of Carver Companies, is the proponent of the project. Morien originated Lazy Head and is advancing it through planning, engagement and permitting as Carver's agent, on the terms described below.

The IPD filing marks the entry of Lazy Head into formal regulatory review. It follows more than a year of technical due diligence, environmental baseline and engineering studies, and engagement with rights holders, stakeholders and regulators. Under the partnership agreement, Carver will provide the capital, the U.S. port network and the operating expertise to construct and operate the project. Morien is responsible for advancing the project through planning, engagement and permitting, with all associated costs reimbursed by Carver, and will receive a milestone payment upon successful permitting and an industry-competitive production royalty over the 85-year operating life of the project.

Regulatory process

The IPD is the first step in the federal review process under the Impact Assessment Act. IAAC will post a summary of the IPD on the Canadian Impact Assessment registry and invite comment from the public and indigenous groups, following which IAAC will confirm the scope of federal review that applies to the project.

Subject to regulatory approvals, Carver anticipates a construction period of approximately 18 to 24 months, with first shipments to follow.

Separately, a Nova Scotia environmental assessment registration document (EARD) for the project will be filed shortly with Nova Scotia Environment and Climate Change, commencing the provincial environmental assessment process under the Environment Act.

The IPD will be available on the Canadian Impact Assessment registry and the EARD on the Nova Scotia Environmental Assessment website once filed. Both documents will also be posted on the project website.

Permitting reform

Lazy Head enters review as both levels of government move to shorten approval timelines for major projects.

Federally, Bill C-39, the Building Canada Strong Act, is advancing through Parliament. It would put in place "one project, one decision, in one year:" federal assessments, permits and Crown consultation would run at the same time and lead to a single decision within one year of a complete application. It would also require regulators to consider whether conditions on Fisheries Act and Canadian Navigable Waters Act authorizations are practical and economic. Both acts apply to the Lazy Head marine terminal.

Provincially, Nova Scotia's Making Business Easier Act, passed in fall 2025, significantly streamlined permitting for the natural resource sector by introducing a single-window service to coordinate multidepartmental approvals for mining and aggregate projects.

The Lazy Head filings have been structured to align with these reforms and the appropriate federal and provincial regulatory processes. The federal IPD is confined to the marine terminal, while the quarry and processing plant will be assessed provincially through the EARD. Project effects within federal jurisdiction will be addressed through robust federal regulatory review and permitting processes.

Project overview

Lazy Head is a proposed granite aggregate quarry and marine terminal on Chedabucto Bay in the municipality of the district of Guysborough (MODG), approximately 5.5 kilometres west of Canso in Nova Scotia. The overall project comprises an open-pit quarry, a processing plant and a marine terminal designed to load bulk carriers of up to 48,000 deadweight tonnes.

The quarry is designed for production of up to 3.4 million tonnes per year from a granite resource that supports an operating life of approximately 85 years. Aggregate will be exported to U.S. East Coast and Gulf Coast construction markets and to offshore wind developments along the eastern seaboard of North America.

Lazy Head is located within direct shipping range of each of the offshore wind energy areas designated under Nova Scotia's Wind West initiative, positioning the project to supply the scour protection and foundation rock those developments will require.

Mitigation design measures

The project design includes several measures to limit its terrestrial and marine footprint and its effects on neighbouring communities. To reduce its marine footprint and its effect on the local fishery, the marine terminal was shortened from 420 to 270 metres offshore, reducing its design vessel class from 60,000 to 48,000 deadweight tonnes. The terminal design also requires no in-water blasting. On land, the primary, secondary and tertiary crushers, screens and transfer points will all be housed in enclosed buildings to contain noise, dust and light. Enclosing the full crushing circuit is believed to be a first for a quarry in North America.

Economic benefits

Carver estimates initial capital expenditures of approximately $284-million over an 18-to-24-month construction period, with total project expenditures of approximately $3.2-billion over the life of the quarry, including approximately $34-million per year in operating expenditures and sustaining capital at full production. The project is expected to employ approximately 75 people directly, with priority given to residents of the Guysborough region.

A third party economic benefits assessment estimates a total contribution of $2.3-billion to Nova Scotia's gross domestic product over the life of the project, with the Guysborough region the largest beneficiary within the province at an estimated $1.2-billion (an annual average of $13-million).

In addition to the economic activity generated by the project, Lazy Head will deliver direct community contributions to MODG over its life through a community benefits agreement (CBA) being developed between Carver and MODG. The CBA formalizes a series of life-of-project commitments by Carver toward community benefit, structured to ensure that communities near the project share in its long-term success. Two life-of-project community funds are central to the CBA:

• The community development fund, funded at a per-tonne rate on aggregate sold, will support community-led projects across MODG, with priority given to the nearby communities of Hazel Hill, Three Mile Lake, Tickle Road and Fox Island Main. At full production, the fund is expected to contribute approximately $340,000 annually.
• The community wellness fund, also funded at a per-tonne rate on aggregate sold, will support local sports, culture, recreation and trails organizations across MODG. The Canso and Area Minor Hockey Association is designated as a committed recipient of a portion of the fund for the first 10 years of operation. At full production, the fund is expected to contribute approximately $170,000 annually.

Together, the two funds are expected to contribute approximately $510,000 annually in direct community support at full production, with contributions scaling proportional to the production ramp-up in earlier years.

Additional CBA commitments include:

• A preoperations community fund established at the effective date of the CBA;
• Annual bursaries for graduating MODG high school students;
• Co-operative work placements during construction and operations;
• Local hiring and procurement commitments;
• Location of the project's administrative centre and operational employee training within MODG.

Engagement

The IPD reflects engagement carried out since 2025 with federal, provincial and municipal regulators, the Mi'kmaq of Nova Scotia, the Guysborough County Inshore Fishermen's Association, local stakeholders and residents. Engagement has also included two community open houses held in Hazel Hill in October, 2025, and March, 2026, and a door-to-door campaign in the nearby communities to introduce the project and listen to feedback.

In June, 2026, Carver and Morien executed a memorandum of understanding with the Assembly of Nova Scotia Mi'kmaw chiefs that establishes a framework for negotiating a mutual benefits agreement for the life of the project. Carver has also been participating in the Sipekne'katik governance initiative since August, 2025.

A community liaison committee with representatives from the community, the MODG, Morien and Carver was established in July, 2026.

Carver-Morien partnership

Under the terms of the partnership agreement between Morien and Carver, Carver will construct and operate the project, subject to receipt of all required permits. Morien will receive a milestone payment upon successful permitting of the project and an industry-competitive production royalty on future aggregate sales. All of Morien's time and expenses associated with advancing Lazy Head are reimbursed by Carver, consistent with Morien's capital-efficient, partner-driven business model focused on building a diversified royalty portfolio.

About Carver

Carver Companies is a privately held aggregate development company headquartered in Albany, N.Y., with construction, maritime and materials divisions. Carver owns and operates multiple port terminals along the U.S. East Coast and the Bayside aggregate quarry in New Brunswick. Carver Mineral Resources will carry out the project directly or through its wholly owned Nova Scotia subsidiary, which was incorporated in October, 2025, to hold the permits and operate the facility.

About Morien Resources Corp.

Morien is a Nova Scotia-based mining development company created in 2012 to be a vehicle of direct prosperity for Nova Scotians, its largest shareholder group. Led by Nova Scotians, Morien's primary assets are a royalty on the sale of coal from the Donkin mine in Cape Breton in Nova Scotia, a royalty on the Lazy Head aggregate project in Guysborough county, Nova Scotia, and a royalty on the sale of aggregate from the permitted Black Point project, in Guysborough county, Nova Scotia. Morien's management team exercises ruthless discipline in managing both the assets and liabilities of the company. The company's management and its board of directors consider shareholder returns to be paramount over corporate size, number or scale of assets and industry recognition. The company has 60,180,889 issued and outstanding common shares, and a fully diluted position of 62,330,889.

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