VANCOUVER, BC, Sept. 3, 2026 — Leads & Copy — Getchell Gold Corp. has announced the filing of a Preliminary Economic Assessment (PEA) for its Fondaway Canyon gold project in Nevada. The PEA outlines a proposed open-pit mining and milling operation designed to process 12,000 tonnes per day, with an initial mine life of approximately 10 years. The project anticipates producing and selling a high-grade concentrate to a third-party refinery for further processing into doré.
The PEA highlights strong project economics, projecting a pre-tax net present value (NPV) of US$1 billion discounted at 8% and a pre-tax internal rate of return (IRR) of 58.8%. After-tax figures stand at a US$905 million NPV8% and a 53.1% IRR, based on a gold price of US$3,200 per ounce. Initial capital costs are estimated at US$265 million, including a 20% contingency, with a pre-tax payback period of 1.6 years.
The operational profile includes the recovery of 1.52 million ounces of gold post-processing over the 10-year life of mine (LOM), with an average annual production of 150,000 ounces. The average mined grade is estimated at 1.38 grams per tonne (g/t) of gold, with an estimated gold recovery to sales of 80% and a LOM strip ratio of 6.9 to 1. LOM operating costs are projected at US$1,373 per ounce, and cash costs at US$1,740 per ounce of produced gold.
These economics represent a significant increase from the Company’s 2025 PEA, with a 28% rise in both contained gold ounces and average annual gold production, and a greater than 60% increase in the base case NPV. The current PEA incorporates development work completed in 2026, including an updated Mineral Resource Estimate from April 2026 that showed a 54% increase in Indicated Mineral Resources and an 8% increase in Inferred resources compared to the previous 2024 estimate.
The scope of the PEA was limited to the open-pit mineral resource within the Central Area of the project. This excludes the Main Pit’s underground mineral resource and other open-pit resources located outside the Central Area along the gold corridor. This area represents only a portion of the largely underexplored 7-kilometer-long east-west gold corridor, covering a 10 square kilometer prospective area. The mineral resource is noted to be open along strike and at depth, indicating significant potential for expansion.
Mike Sieb, President of Getchell Gold Corp., stated that at a US$3,200 per ounce gold price, the PEA outlines a robust US$1 billion pre-tax NPV open-pit operation, highlighting the project’s staggering economic potential at current gold prices. He added that Fondaway Canyon, with its projected average production of 150,000 ounces of gold per year, would likely rank among the top 10 gold mining operations in Nevada.
Bob Bass, Chairman, commented that the strong economics detailed in the PEA, coupled with the potential prominence of a Fondaway Canyon mining operation in a renowned gold-producing region, generate high expectations for the project and significant valuation upside for Getchell Gold Corp.
The PEA was prepared by SLR Consulting, with support from DM Consulting LLC and APEX Geoscience Ltd. The technical report is available for download on SEDAR and the Company’s website. The results of the PEA were initially released on July 21, 2026.
The PEA contemplates an open-pit operation utilizing contract mining and processing 4.1 million tonnes per annum (mtpa), equivalent to 12,000 tonnes per day. The mill feed will be trucked from the open pit in the Central Area, which accounts for approximately 68% of the global mineral resource defined at Fondaway Canyon.
Key assumptions for the base case include a gold price of US$3,200 per ounce. The project is estimated to process a total of 42.8 million tonnes over a 10.1-year mine life, with a LOM average operating cost of US$1,373 per ounce and LOM average cash costs of US$1,740 per ounce. Total capital cost is estimated at US$265.3 million.
Sensitivity analysis indicates strong leverage to the gold price. A high case scenario, using a gold price of US$4,000 per ounce, shows a post-tax NPV of approximately US$1.5 billion and an IRR of approximately 85%, with a payback period of one year.
The mine plan and minable resource estimate are based on an open-pit optimization model. The selected optimal pit shell contains a total tonnage of 339.1 million, including 18.8 million tonnes of Indicated Mineral Resource at 1.46 g/t and 24.1 million tonnes of Inferred Mineral Resource at 1.32 g/t. This represents a 28% increase compared to the 2025 PEA.
Metallurgical testing indicates an average gold recovery to concentrate of 84%, with 80% recovery to sold metal. A conceptual flotation plant was designed to process oxide and sulfide mineralization. Additional metallurgical test work is recommended to optimize the process.
The capital cost estimate includes US$100.0 million for process capital, US$57.0 million for preproduction and facilities, and a 20% construction contingency of US$31.4 million, totaling US$188.4 million in initial CAPEX, plus US$76.9 million for capitalized stripping over four years, bringing the total CAPEX to US$265.3 million.
Operating costs are estimated at US$2,093 million (US$1,373/oz produced) for the LOM, while total cash costs are estimated at US$2,652 million (US$1,740/oz produced), inclusive of operating costs, refining charges, and royalties.
The PEA is preliminary in nature, and Mineral Resources do not demonstrate economic viability. The results are not guaranteed to be realized. The PEA was prepared in accordance with National Instrument 43-101 and is supported by the 2026 Updated Mineral Resource Estimate.
Source: Getchell Gold Corp.
