Smucker Project

*CuEq calculated using: copper $3.00/lb, lead $1.00/lb, zinc $1.10/lb, silver $20/oz, gold $1,700/oz. Historical drill results and resource estimates predate NI 43-101 verification by a Qualified Person; see the Corporate Presentation cautionary notes. Source: Valhalla Metals Corporate Presentation, September 2026.

(1) The reader is cautioned that the referenced “historical mineral resource” estimate is considered historical in nature and as such is based on prior data and reports prepared by previous property owners. A QP has not done sufficient work to classify the historical estimates as current resources and Valhalla is not treating the historical estimate as current mineral resources or mineral reserves. Significant data compilation, re-drilling, re-sampling and data verification may be required by a QP before the historical estimate on the Smucker Project can be classified as current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable and readers should not rely on such historical mineral resource estimate. However, the Company considers these historical estimates to be relevant to investors, as it may indicate the presence of mineralization. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resources category. The key assumptions, parameters and methods used to prepare the historical estimate are not known to Valhalla.

(2) Information pertaining to the Smucker Project historical mineral resource estimate is extracted from Anaconda Minerals Company’s internal report titled “1981 Mineral Exploration Program, Ambler Mining District”.