Battery Mineral Resources Corp. Provides Update Gowganda Silver Tailings Project Ontario

Rhea-AI Summary

Battery Mineral Resources (OTCQB: BTRMF) provided an update on its Gowganda silver tailings project in northeastern Ontario and said it is reviewing strategic options to maximize shareholder value.

Key disclosed figures: a 2011 historical indicated resource estimated ~1,940,000 tonnes grading 47.5 g/t Ag (≈2.96 million oz Ag) at a 10 g/t cut-off; project area totals 9,452 hectares across 630 claims with four mining leases (~225 hectares) covering past producers and historic tailings.

The company stressed the 2011 estimate is historical (not current), has not been updated since acquisition, and that additional infill drilling, twin holes, and check assays are recommended for any new resource estimate.

Positive

• Historic indicated resource ≈ 2.96M oz Ag (2011 estimate)
• Project footprint: 9,452 hectares across 630 claims
• Mine leases cover four past producers and historic tailings (~225 ha)
• Historic dataset: 764 drill holes and 2,039 assays supporting estimate

Negative

• 2011 resource is explicitly historical and not current
• BMR has not updated the resource since acquiring the project
• Any new resource requires infill drilling, twin holes, and check assays
• Historic model assumed 100% metallurgical recoveries in estimates

10/28/2025 - 08:30 AM

Vancouver, British Columbia--(Newsfile Corp. - October 28, 2025) - Battery Mineral Resources Corp. (TSXV: BMR) (OTCQB: BTRMF) ("Battery" or "BMR" or the "Company") is pleased to update its shareholders regarding the Gowganda silver tailings project that is located about 125 kilometers northeast of Sudbury, Ontario.

BMR Reviewing Strategic Options for Gowganda Silver Project

BMR is reviewing several alternatives with respect to its Gowganda silver tailings project in order to maximize value for our shareholders. The tailings historical resource estimate was classified as an indicated resource at a silver cut-off grade of 10.0 grams per tonne ("g/t") and was historically estimated to contain approximately 1,940,000 tonnes grading 47.5 g/t silver ("Ag"), containing an estimated 2,960,000 oz Ag (per the Gowganda Silver Technical Report, July 8, 2011).

As per NI 43-101 Standards of Disclosure Section 2.4 - the above resource estimate is considered historical in nature and is not treated as current mineral resources by the Company. The 2011 historical resource is relevant in that the historic work program and estimation confirmed the tailings contained silver mineralization that could be potentially recoverable. There have been no resource estimates for the project since 2011 historic resource. Since acquiring the project, BMR has not undertaken an updated estimate of this historical resource. The Gowganda Silver tailings project was referenced as a historical resource in the Company's NI 43-101 "Technical Report on Cobalt Exploration Assets in Canada" dated as of May 26, 2020 with an effective date of March 31, 2020, prepared by Glen Cole (P.Geo) of SRK Consulting (Canada) Inc. (the "Cobalt Technical Report, March 31, 2020").

Laz Nikeas, CEO of BMR, stated, "Our Gowganda silver tailings project has been historically estimated to contain approximately 2.96 million oz of silver resources and is located within Canada's prolific cobalt and silver district in northeastern Ontario. BMR is actively reviewing various project options with the objective of enhancing shareholder value."

The Gowganda mining camp was one of three historic silver-cobalt districts in Canada's Cobalt Embayment situated in northeastern Ontario approximately a six-hour drive north of Toronto. Estimated historic production from the Gowganda camp (1910-1969) was 60 million oz of silver and 1.3 million pounds of cobalt. This production was sourced from high-grade silver-cobalt veins hosted in Proterozoic Nipissing diabase intrusions.

The Gowganda project totals 630 mining claims and four mining leases covering 9,452 hectares. Thirty-seven mineral occurrences are present within BMR's Gowganda concessions which have an extensive exploration and mining history dating back to 1908 when silver was first discovered at Miller Lake (McIlwaine, 1978). In the Gowganda camp most of the polymetallic silver-cobalt-nickel vein occurrences are hosted in the Nipissing diabase and near the Archean and/or Huronian sediment contact. Most of the productive veins were hosted in the upper half, or hangingwall, of the Nipissing diabase sill. Mineralized quartz-calcite veins are typically vertical to steeply dipping. Vein widths range from millimetre-scale to one metre in width. Silver mineralization is present as native silver.

The core holdings at Gowganda are the four mining leases covering approximately 225 hectares that encompass four of the five past producing mines in the Gowganda Camp including the Capitol, Bonsall, Millerett, and Miller Lake-O'Brien mines. The mine leases host the historic tailings from all four historic producers.

In the early 1980s, it was recognized that the tailings contained silver grades that were potentially recoverable. Several programs tested this opportunity, focusing on the potential extraction of silver without testing for cobalt. Between 1981 and 2011, the tailings were the focus of several evaluation efforts that included auger and sonic drilling and sampling as well as gravity and limited metallurgical testwork.

In 2011, TEMEX Resources Corp. commissioned GeoVector Management Inc. to complete an NI-43-101-compliant resource estimate and technical report on the tailings. The 2011 mineral resource estimate was based on 764 auger, drive pipe, and sonic drill holes (3,012 metres) and 2,039 assay values that included results from earlier drilling in 1981, 1987, and 2000.

The historic tailings resource estimate was categorized as an indicated resource at a silver cut-off grade of 10.0 g/t and is estimated to contain 1,940,000 tonnes grading 47.5 g/t silver containing an estimated 2,960,000 oz Ag. Results at various silver cut-off grades were tabulated below (per the Gowganda Silver Technical Report July 8, 2011).

The above resource estimate is considered historical in nature and is not treated as current mineral resources by the Company. A Qualified Person has not completed sufficient work to classify the historical estimate as current mineral resources. BMR is not treating the historical estimate as current mineral resources or mineral. The 2011 historical resource is relevant in that the historical work program and estimation confirmed the tailings contained silver mineralization that could be potentially recoverable. There have been no resource estimates for the project since the 2011 historic resource. Since acquiring the project, BMR has not undertaken an updated estimate of this historical resource. The Gowganda silver tailings project was referenced as a historical resource in the Company's NI 43-101 "Cobalt Technical Report March 31, 2020", prepared by Glen Cole (P.Geo) of SRK Consulting (Canada) Inc.

Any update of the resource estimate would include all available historical drilling, and assays. Additional Infill drilling (including selected number of "twin holes") and a program of check assays of any available historic samples are recommended as part of any new resource estimate program.

2011 TEMEX RESOURCES CORP. INDICATED MINERAL RESOURCE ESTIMATE
FOR THE GOWGANDA TAILINGS AT VARIOUS SILVER CUT-OFF GRADES
BY GEOVECTOR MANAGEMENT INC.

Cut-off Grade g/t Ag	Tonnes	Silver Grade g/t Ag	Silver Contained Ounces oz Ag
5.00	1,946,465	47.30	2,961,665
10.00	1,937,520	47.50	2,959,487
20.00	1,903,081	48.10	2,941,810
30.00	1,743,690	50.10	2,806,483
40.00	1,112,423	58.20	2,083,075

 
NOTES: Please see the Technical Report on the Gowganda Silver Project Including a Resource Estimate of the Surface Tailings Deposit Gowganda, Ontario, Canada with an effective date of July 8, 2011, prepared by Joe Campbell, P. Geo., Alan Sexton, P.Geo, M.Sc. and Allan Armitage, Ph.D., P.Geo of GeoVector Management Inc. Table 4, page 31. The above resource estimates are considered historical in nature and are not being treated as current mineral resources by the Company. A Qualified Person has not completed sufficient work to classify the historical estimate as current mineral resources. As per NI 43-101 Standards of Disclosure Section 2.4c historic resource parameters.

• Historical Mineral Resource Estimate for the Gowganda project - Resource grades were total in situ assay results.

• Assay values used in the resource estimate were verified against assays on drill logs contained in historic drill reports and assay certificates.

• A site visit was carried out by Alan Sexton, P.Geo. and Vice President of GeoVector to verify drill collar locations, tailings extent, and mine infrastructure.

• Digital data files of hole collar locations and down-hole surveys were checked and verified.

• The mineral resource was estimated using 1.5-metre sample composites (2,504 composites) of assay values (2,039 assays) from 764 auger and sonic drillholes totaling 3,012 metres.

• For the resource, metallurgical recoveries were assumed to be 100%.

• A block model, with the origin at 518550E, 5280050N, 430 metres elevation, and oriented at 300°, was constructed using 4m x 4m x 1m blocks in the X, Y, Z direction respectively. Grades for silver were interpolated into the blocks by the inverse distance squared method using between four and twenty composites in a minimum of 2 drillholes to generate block grades. Based on a statistical analysis of the composite database from each resource model, it was decided that no capping was required on the composite populations to limit high values.

• The size of the search ellipse was set at 42 x 42 x 3 metres in the X, Y, Z direction respectively for the indicated resource. The principal azimuth is oriented at 155º (trend of the tailings piles), the principal dip is oriented at 0° and the Intermediate azimuth is oriented at 65°.

• Specific gravity (SG) testing was previously carried out on 11 representative samples of tailings and the calculated average SG value of 2.12 was applied to all blocks within the updated block model.

Qualified Person

P. J. Doyle, FAusIMM (#208850), a Qualified Person as defined by NI 43-101 and the Vice President Exploration of BMR, has reviewed and approved the scientific and technical information contained in this press release.

The Gowganda silver tailings project was referenced as a historical resource in the Company's NI 43-101 "Technical Report on Cobalt Exploration Assets in Canada" dated as of May 26, 2020 with an effective date of March 31, 2020, prepared by Glen Cole (P.Geo) of SRK Consulting (Canada) Inc. (the "Cobalt Technical Report, March 31, 2020").

The historical mineral resource estimate for the Gowganda Silver tailings project was derived from the Technical Report entitled "NI 43-101 Technical Report on the Gowganda Silver Tailings Project, Ontario, Canada" dated July 8, 2011, prepared by GeoVector Management Inc. (the "Gowganda Silver Technical Report, July 8, 2011").

About Battery Mineral Resources Corp.

Battery Mineral Resources' mission is to build a mid-tier copper producer. The Company has recently initiated mine and mill operations at the Punitaqui Mining Complex, a historic copper-, gold-, and silver-producing mine in the Coquimbo region of Chile. The Company's portfolio also includes 100%-owned ESI Energy Services Inc. and North American mineral exploration assets. The Company is focused on providing shareholders with accretive exposure to copper and the global mega-trend of electrification while targeting growth through cash flow, exploration, and acquisitions in favorable mining jurisdictions. Further information about BMR and its projects can be found on www.bmrcorp.com.

For more information, please contact:
Lazaros Nikeas, CEO
Phone: +1 (604) 628-1110
info@bmrcorp.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this press release.

Forward-Looking Statements

This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance, or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential," and similar expressions, or that events or conditions "will," "would," "may," "could," or "should" occur. Forward-looking statements in this news release include, among others, statements that BMR is reviewing several alternatives with respect to its Gowganda silver tailings project in order to maximize value for its shareholders; that the Gowganda Silver Project is estimated to contain approximately 1,940,000 tonnes grading 47.5 g/t silver, containing an estimated 2,960,000 oz Ag; that the Company continues to look for opportunities to generate shareholder value from the Gowganda tailings project, that BMR is actively reviewing various project options with the objective of enhancing shareholder value; and other statements that are not historical facts.

By their nature, forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: uncertainty and variation in the historical estimation of mineral resources on the Gowganda tailings project; risks related to exploration, development, and operation activities; exploration and development of the Gowganda tailings project will not be undertaken as anticipated; the historical estimate on the Gowganda tailings project will prove to be unreliable and inaccurate; the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions; the economic performance of the Gowganda tailings project may not be consistent with management's expectations; the Company's exploration work may not deliver the results expected; compliance with extensive government regulation; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; environmental and other regulatory requirements; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; outside contractor risks; the stock markets have experienced volatility that often has been unrelated to the performance of companies, and these fluctuations may adversely affect the price of the Company's securities, regardless of its operating performance; and other risks associated with executing the Company's objectives and strategies as well as those risk factors discussed in the Company's continuous disclosure documents filed under the Company's SEDAR+ profile at www.sedarplus.ca.

The forward-looking information in this news release is based on management's reasonable expectations and assumptions as of the date of this news release. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: the Company's expectations regarding the Gowganda tailings project will prove to be accurate; the Company will be successful in creating shareholder value with respect to the Gowganda tailings project; anticipated costs and the Company's ability to fund its programs; the Company's ability to carry on exploration, development and mining activities; prices for energy inputs, labour, materials, supplies, and services; the timing and results of drilling programs; that the historical mineral resource estimate on the Gowganda tailings project will be updated and verified; that the historical mineral resource estimate on the Gowganda tailings project is reliable and accurate; mineral resource estimates and the assumptions on which they are based; the Company's ability to operate in a safe, efficient, and effective manner; that the Company's exploration work will deliver the results expected; and that there will be no material adverse change or disruptions affecting the Company or its properties. The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272159

FAQ

What did Battery Mineral Resources (BTRMF) announce about the Gowganda project on October 28, 2025?

Battery said it is reviewing strategic options for the Gowganda silver tailings project and summarized the 2011 historical resource and required next steps for re‑estimation.

How much silver does the 2011 historical Gowganda tailings estimate contain for BTRMF?

The 2011 indicated tailings estimate reported roughly 2.96 million ounces of silver at a 10 g/t Ag cut‑off.

Does the 2011 Gowganda resource count as a current NI 43‑101 resource for BTRMF?

No. The company states the 2011 estimate is historical and has not been classified as a current NI 43‑101 mineral resource.

What additional work did Battery say is needed to update Gowganda's resource estimate?

Battery recommends infill drilling (including twin holes) and check assays of historic samples before a new resource estimate.

How large are BTRMF's Gowganda holdings and what historic production was reported?

Gowganda covers 9,452 hectares (630 claims); historic camp production (1910‑1969) was ~60M oz silver and 1.3M lb cobalt.