Mr. Derrick Weyrauch reports

GT RESOURCES PROJECT UPDATE FOR THE COPPER - NICKEL - PALLADIUM - PLATINUM ("PGE") LK PROJECT, FINLAND

GT Resources Inc. has provided an update on the Lantinen Koillismaa (LK) copper-nickel-palladium-platinum project, located in northcentral Finland.

Highlights

The company has commenced an extensive assay infill and reassay program for the Kaukau zone of the existing LK deposit. Over 5,000 samples from across the Kaukua zone are expected to be analyzed to better define known mineralization.

This work is being conducted in preparation for a potential resource update and preliminary economic assessment (PEA).

Background

LK is the company's most advanced project having an existing National Instrument 43-101 palladium-platinum-copper-dominated open-pit resource estimate as follows:

• Indicated resources:
  • 1.1 million ounces total precious metals (palladium plus platinum plus gold) (TMP);
  • 111 million pounds of copper;
  • 92 million pounds of nickel;
  • Contained in 38.2 million tonnes;
• Inferred resources:
  • 1.1 million ounces TMP;
  • 173 million pounds copper;
  • 152 million pounds nickel;
  • Contained in 49.7 million tonnes.
• The LK project remains open for expansion laterally and at depth, notably along the 17-kilometre-long Haukiaho trend (see July 20, 2022, news release).

Neil Pettigrew, vice-president, exploration, commented: "With the resurgence of the platinum and palladium markets, coupled with Europe's focus on developing domestic critical mineral supply channels, GT is well positioned with the suite of metal that global markets require.

"The LK project, located in north-central Finland, represents the company's most advanced project having a NI 43-101 open-pit resource estimate (Table 1a and 1b) and is well positioned to supply the European Union with critical minerals, notably copper, palladium and platinum, of which Finland is heavy dependent on imports with only one producing mine (Boliden's Kevitsa mine). Boliden also operates both copper and nickel smelters in Finland, thereby providing LK a potential competitive logistical advantage."

Assay infill and reassay program

The current infill and reassay program is focused on the historic drilling of the Kaukua zone, which was undertaken prior to 2009. The historic drill programs did not sample 100 per cent of the drill core and potential remains to identify additional in-pit resources. A total of approximately 500 infill samples are being collected and will be submitted for analysis.

The primary focus of the program is to produce a homogenous assay database at Kaukua with all samples analyzed using the same analytical techniques. Historic drill programs used the aqua regia digestion method. Aqua regia is a partial digestion method that underestimates the total nickel grade as it only digests sulphide-hosted nickel. The majority of the drill hole samples at Kaukua were completed by the company and were analyzed with the four-acid digestion method, which provides a more complete digestion of the sample and representation of total nickel grade. All the metallurgical testing by the company and the net smelter return (NSR) calculation used in the 2022 mineral resource estimate assumed all samples were analyzed using the four-acid digestion method. This resulted in a twofold effect: It underreported total nickel grades and secondly applied an unnecessarily harsh nickel recovery to historic drill holes. Reassaying historic samples analyzed by aqua regia was one of the recommendations from the 2022 technical report.

A total of approximately 4,600 drill core pulps are being collected and will be submitted for analysis. Once these results have been compiled and analyzed on the Kaukua zone, the reassay program may be extended to the Haukiaho zone, which has an even larger proportion of historic drill holes.

Resource expansion potential

The 17-kilometre-long Haukiaho trend represents the nearest-term expansion potential. The Haukiaho deposit currently occupies only two kilometres of this trend. Historic drilling along this trend, primarily by Outokumpu in the 1960s, was only sampled for copper and nickel; partial resampling of historic drill core by the company in 2022 (see July 20, 2022, news release) returned significant platinum and palladium grades.

The mineral resource estimate was prepared by the company under the supervision of Sean Horan, PGeo, technical manager of geology at SLR Consulting Ltd., based in Toronto, Ont., Canada. Mr. Horan is an independent qualified person as defined by NI 43-101. The mineral resource estimate in the April 25, 2022, news release has been classified in accordance with CIM (Canadian Institute of Mining, Metallurgy and Petroleum) definition standards on mineral resources and mineral reserves (May 14, 2014).

Qualified person

The technical information in this release has been reviewed and verified by Neil Pettigrew, MSc, PGeo, vice-president of exploration and a director of the company and the qualified person as defined by NI 43-101.

About GT Resources Inc.

GT Resources is a mineral exploration company with a strategy to develop copper, nickel, platinum and palladium mining projects in Europe and North America. The company's projects are located in Finland and Canada and comprise district-scale opportunities that have attracted strategic investment from a major mining company.

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