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PROJECTS / SUN

Sun Project

A high-grade Cu-Zn-Pb-Au-Ag VMS project with a 43-101 resource, 392 state mining claims across 62,720 acres in the Ambler Mining District.

1.7Mmt @ 4.2%

Indicated resource · CuEq

9.0Mmt @ 4.2%

Inferred resource · CuEq

106 DDH

Drill holes completed

22,014m

Meters drilled to date

Project Snapshot

Location	Ambler Mining District, Alaska, U.S.A.
Property	Resource stage, Cu-Zn-Pb-Au-Ag VMS project
Land Package	392 state mining claims, 62,720 acres adjacent to Ambler Metals
Access	Fixed wing aircraft; approved Ambler Road to cross Valhalla claims near the existing airstrip
Infrastructure	Airstrip, new 24-person camp (2023)
Geophysics	2019 airborne VTEM survey; 2021–2022 reprocessing and conductive plate modeling

Sun 43-101 Mineral Resource

EFFECTIVE OCTOBER 1, 2021 · $75 GMV CUTOFF

CLICK HERE TO VIEW
SUN NI 43-101 TECHNICAL REPORT

INDICATED

1.71 Mt

INFERRED

9.02 Mt

ZINC4.32 / 4.18 %

COPPER1.48 / 1.21 %

LEAD1.11 / 1.46 %

SILVER60 / 81.7 g/t

GOLD0.21 / 0.25 g/t

Contained metal, Indicated: 163 Mlbs Zn · 56 Mlbs Cu · 42 Mlbs Pb · 3.3 Moz Ag · 12 koz Au. Inferred: 831 Mlbs Zn · 240 Mlbs Cu · 290 Mlbs Pb · 23.7 Moz Ag · 73 koz Au. Drilled to <200 m depth; open along strike and down-dip.

The Grade

Historic High-Grade Intercepts¹

Hole	From (m)	To (m)	Length (m)	CuEq %	Cu %	Pb %	Zn %	Au g/t	Ag g/t
Sun11-24	67.5	86	18.5	6.24	1.49	3.13	9.34	0.22	78
Sun-21	38.4	47.55	9.15	6.89	0.54	4.14	8.89	1.16	336.33
Sun07-22	166	177.5	11.5	5.32	1.37	2.05	7.75	0.3	93.88
Sun-32	22.56	29.35	6.79	6.83	0.51	3.55	7.85	0.62	554.58
Sun-1	13.72	19.81	6.09	8.86	3.68	1.22	9.67	0.00	342.39
Sun12-33	82.3	89.3	7	7.04	2.15	3.08	8.76	0.46	142.72
Hot-7	52.73	59.13	6.4	6.57	2.64	2.32	6.4	0.41	184.04
Sun07-20	151.28	157.96	6.68	6.55	1.36	2.17	11.14	0.25	89.61

Six Decades of Discovery

Exploration History

1966–86

Bear Creek (Kennecott)

Picnic Creek discovery: geochemistry, mapping, geophysics, trenching, drilling

1974

Sunshine Mining Co

Main Sun discovery: geochemistry, mapping, IP, drilling

1975–84

Ambler Mining Co

SW Sun discovery: geologic mapping, geochemistry, geophysics, drilling

1975–85

Noranda

Geologic mapping, drilling

1976–83

Sunshine Mining Co

Geologic mapping, trenching, soil sampling

ANILCA Passed
(1980)

1985–86

Cominco

Drill core re-logging, geochemistry, drilling

2007–14

Andover

Core re-logging, mapping, drilling, 43-101 resource estimate

2017–22

Valhalla Metals

Airborne EM + magnetics (VTEM), geochemistry, resource estimate

2023

Valhalla Metals

New 24-person camp; 4 holes / 1,104 m; 6 historic holes relogged

2026

Valhalla Metals

6 holes / 1,787 m; first assay results reported November 3

Latest Program

2026 Drilling Results

Six diamond drill holes totaling 1,787 meters were completed at Sun in 2026. The results below are from the first three holes, totaling 739 meters. The remaining holes will be released as assay results are received, reviewed and validated.

READ THE NEWS RELEASE (PDF)

Hole	From (m)	To (m)	Length (m)	CuEq %*	Cu %	Pb %	Zn %	Au g/t	Ag g/t
Sun26-005	156.1	167.3	11.2	5.67	0.27	4.01	9.77	0.21	96.73
Sun26-005	173.9	187.5	13.6	2.48	1.57	0.41	1.42	0.13	22.67
including	179.6	187.5	7.9	3.41	2.33	0.36	1.56	0.18	32.84
Sun26-006	153.1	185.7	32.55	4.35	1.27	1.55	5.08	0.24	83.44
including	153.1	159.6	6.5	6.98	0.46	3.96	11.95	0.27	135.41
including	153.1	169.4	16.3	5.21	0.63	2.55	7.79	0.31	113.46
including	177.1	185.7	8.55	5.30	2.85	0.88	3.95	0.24	73.51
Sun26-007	80.4	92.9	12.5	3.97	2.07	0.69	3.43	0.18	41.59
Sun26-007	126.9	133.4	6.5	2.78	1.74	0.31	1.68	0.18	23.34
Sun26-007	142.8	145.1	2.25	2.63	1.27	0.61	2.12	0.14	41.37

2026 DRILLING · PLAN VIEW · HISTORIC DRILLING AND 2026 ASSAY RESULTS

*CuEq for the 2026 drill results is as reported in the November 3, 2026 news release, using US$3.50/lb copper, US$0.90/lb lead, US$1.25/lb zinc, US$3,700/oz gold and US$50.00/oz silver, with recoveries of 91% Cu, 80% Pb, 91% Zn, 59% Au and 35% Ag, based on the 43-101 released by Valhalla and modelled after the recoveries of the neighboring Arctic VMS deposit Feasibility Study. Intervals are reported as drilled core lengths; true widths are not yet known. Bonnie Broman, CPG, Vice President, Exploration, a Qualified Person under NI 43-101, has verified the data disclosed in that news release and has approved it. Drill hole and meter totals on this page add the six holes and 1,787 m completed in 2026 to the 100 holes and 20,227 m in the Valhalla Metals Corporate Presentation, October 2026.

2023 Program

2023 Drilling Highlights

Four holes for 1,104 meters focused on expanding known mineralization at the Sun Deposit, plus relogging of six historic holes (1,416 m), LiDAR/orthophoto coverage and a ground gravity survey from the new 24-person camp.

Hole	From (m)	To (m)	Length (m)	CuEq %	Cu %	Pb %	Zn %	Au g/t	Ag g/t
Sun23-01	175.58	189.32	13.7	3.07	1.24	0.92	3.45	0.16	55.79
Sun23-03	218.21	222.34	4.13	5.71	1.02	2.15	9.92	0.25	77.19
Sun23-04	125.31	177.69	52.4	3.30	0.82	1.47	4.89	0.14	49.62
including	125.31	146.69	21.4	6.84	1.31	3.23	11.03	0.24	108.31
Sun23-03	225.82	239.68	13.86	3.44	1.66	0.98	3.03	0.22	72.23

2023 DRILLING · PLAN VIEW · HISTORIC AND 2023 COLLARS OVER USGS TOPOGRAPHY (NAD83 / UTM 5N)

*Resource CuEq calculated using: copper $3.00/lb, lead $1.00/lb, zinc $1.10/lb, silver $20/oz, gold $1,700/oz. CuEq for the 2023 drill results is as reported in the October 30, 2023 news release, using US$3.00/lb copper, US$1.00/lb lead, US$1.10/lb zinc, US$1,700/oz gold and US$20.00/oz silver, with recoveries of 91% Cu, 80% Pb, 91% Zn, 59% Au and 35% Ag; lengths as reported, true widths not reported. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Except for the 2026 drill results and the drill hole and meter totals, technical information on this page is from the Valhalla Metals Corporate Presentation, October 2026, which was reviewed and approved by Bonnie Broman, CPG, Vice President, Exploration, a Qualified Person under NI 43-101.

The Upside

Untested Potential

The Sun 43-101 resource has been drilled to less than 200 m depth. First-pass VTEM modeling shows a possible down-dip extension of more than 900 vertical meters, none of which has been drill-tested.

Main Sun

Open along strike and down-dip; never tested beyond 200 m depth

Western Anomaly

VTEM conductor coincident with a surface geochemical anomaly

Strike Extensions

Untested conductor plates along the mineralized horizon

Down-Dip Plates

Modeled conductance panels below the known resource

2022 AIRBORNE VTEM · MODELLED CONDUCTOR PLATES COLOURED BY ELECTRICAL CONDUCTANCE, PLAN VIEW

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