RPX Gold
Wawa Gold Project
Quick Facts
| OWNERSHIP | 100% |
| LOCATION | Ontario, Canada |
| STAGE | PEA Level |
| OPERATION | Open Pit and Underground, Toll Milling |
Overview
The Wawa Gold Project is a brownfield gold development and exploration project located approximately 2 km southeast of the town of Wawa in Ontario’s prolific Michipicoten Greenstone Belt. Covering more than 7,000 hectares (with 123 patents/leases and 307 mining claims), the project benefits from excellent infrastructure, year-round road access, a long history of gold mining and existing regional milling capacity. The Wawa Gold Project hosts the Jubilee Shear and Minto deposits, and the company’s February 2026 preliminary economic assessment outlined a phased development strategy combining an initial open-pit operation with underground mining and toll milling, while ongoing drilling and exploration continue to target resource expansion. RPX is currently advancing the project toward a prefeasibility study targeted for completion in the first half of 2027.
Mineral Resource
The 2026 MRE continues to refer to a small portion of RPX Gold’s land holdings. Numerous historic zones and high-priority targets are included in the Wawa Gold Project property and have potential to expand the mineral resource. In both the Jubilee and the Minto deposits, the mineral resource remains open along strike and down-dip.
Mineral Resource Estimate for the Wawa Gold Project (Effective Date December 8, 2025)
| Category |
Resource |
Tonnes |
Grade (g/t Au) |
Ounces Gold |
|
|---|---|---|---|---|---|
| Indicated |
Open Pit |
22,378,000 |
1.65 |
1,190,000 |
|
| Inferred |
Open Pit |
7,534,000 |
1.24 |
300,000 |
|
| |
|||||
| Indicated |
Underground |
531,000 |
3.16 |
54,000 |
|
| Inferred |
Underground |
2,417,000 |
2.69 |
209,000 |
|
| |
|||||
| Total Indicated |
Open Pit / Underground |
22,909,000 |
1.69 |
1,244,000 |
|
| Total Inferred |
Open Pit / Underground |
9,951,000 |
1.59 |
509,000 |
|
1) The 2026 MRE has been reported in-situ and has been prepared in accordance with the CIM Standards (2014) and follows Best Practices outlined by the CIM (2019).
2) Mineral resources that are not mineral reserves do not have demonstrated economic viability. There are no mineral reserves for the Wawa Gold Project.
3) The QP (for purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”)) for the 2026 MRE is Brian Thomas, P.Geo., an employee of WSP and is “independent” of the Company within the meaning of Item 1.5 of NI 43-101.
4) The effective date of the 2026 MRE is December 8, 2025.
5) A minimum thickness of 3 metres was used when interpreting the mineralized bodies.
6) The 2026 MRE is based on sub-blocked models with a main block size of 3 metres x 3 metres x 3 metres.
7) The open pit-constrained mineral resources are reported at a 0.4 g/t Au cut-off grade considering an Operating Expense (“Opex”) of C$28.00/t ($4.00/t mining, $19.00/t processing, $5.00/t G&A)
8) The underground constrained mineral resources are reported at a 1.5 g/t Au cut-off and a minimum of 2,000 t of contiguous material contained within a 1.40 g/t grade envelope. The 1.5 g/t cut-off assumes underground long hole mining with an Opex of C$144.00/t ($120.00/t mining, $19.00/t milling, $5.00/t G&A).
9) A bulk density factor of 2.77 tonnes per cubic metre (t/m3) was applied for the 2026 MRE.
10) A gold price of C$3,864 (US$2,800) per ounce as used, and a C$/US$ exchange rate of 1.38.
11) Mill recovery of 87% was assumed.
12) Royalty of 2.0% (reduced from 3.5% assuming expected re-purchasing of 1.5% of NSR from previous joint venture partner for C$1.75 million. Franco-Nevada holds an option to purchase additional royalty of 0.5% upon completion of feasibility study). Neither the proceeds to purchase this potential additional royalty nor the 0.5% has been included in the PEA.
13) Rounding may result in apparent summation differences between tonnes, grade, and metal content.
Future Exploration
RPX Gold sees significant exploration upside across the Wawa Gold Project, both adjacent to the existing resource and across the broader 7,000-hectare property. Near-term exploration is focused on high-grade mineralization extending down dip and down plunge from the Jubilee and Minto deposits, providing potential to expand the higher-grade component of a future underground mining scenario. There is also substantial potential to expand lower-grade, near-surface mineralization within the hanging wall of the Jubilee Shear and along its northern extension, which could support a larger open-pit scenario and potentially improve pit economics. Beyond the current resource, the existing MRE covers only a portion of the property, leaving numerous historic mineralized zones and high-priority exploration targets for follow-up. Recent drilling has continued to demonstrate that mineralization remains open beyond the current resource boundaries, while RPX’s ongoing exploration program is testing extensions and targets with the potential to add ounces and further define the scale of the Wawa gold system.
Comparative Evolution of Nearby Deposits
Preliminary Economic Assessment
RPX Gold’s 2026 preliminary economic assessment (PEA) outlines a phased development plan for the Wawa Gold Project, combining open-pit and underground mining with processing through a toll-milling arrangement. The study contemplates a nine-year mine life at an average throughput of approximately 2,000 tonnes per day and highlights the project’s potential to generate strong cash flow with relatively modest upfront capital requirements. At a US$3,500/oz gold price, the PEA estimates an after-tax NPV5% of C$523 million, an after-tax IRR of 99.7% and initial capital of approximately C$51 million, with payback of less than one year. The study provides an initial economic framework for the project while identifying opportunities to further enhance the development scenario through resource expansion, resource conversion and continued exploration. RPX is advancing additional drilling and engineering work toward a prefeasibility study targeted for the first half of 2027.
