Northern Shield Resources (NRN) Investor Update summary

Drilling results and geological findings

• Recent drilling focused on the Conquest Zone and peripheral areas, revealing significant white alteration in rhyolite and large zones of illite-silica-pyrite alteration, indicating proximity to an epithermal system.

• Hydrothermal breccias with pyrite and possible cobaltite were intersected, with mineralization similar to the discovery zone, suggesting a structurally controlled system with potential for precious metals.

• Adularia banding, a key indicator of low-sulfidation epithermal systems, was observed for the first time, along with visible gold, electrum, and gold tellurides such as krennerite and cobaltite.

• Multiple drill holes revealed crustiform, polyphasal banded quartz veins and strong manganese carbonate alteration, further supporting the presence of a boiling zone and epithermal mineralization.

Next steps and operational updates

• Downhole structural surveys are planned to determine the orientation of key mineralized structures, guiding the next drill program.

• The next phase of drilling is expected to commence after the structural survey, likely in late summer or early fall.

• Assay results are anticipated between mid to late August, with a new analytical package enabling lower detection limits for key pathfinder elements.

Strategic outlook and exploration focus

• Discovery of adularia banding and associated textures is considered highly significant, confirming a low-sulfidation epithermal system and proximity to high-grade precious metal zones.

• Exploration will continue to target and follow the adularia vein system, especially in areas where new structures and boiling zones have been identified.