RESERVE AND RESOURCE STATEMENT – Ryker Mining Corp.

Projects

RESERVE AND RESOURCE STATEMENT

The resource update is based on a total of 61,800 metres of drilling in 247 holes of reverse circulation drilling and 18,725 metres of diamond drilling. The resource estimate presented below is the total indicated and inferred resource, divided between oxide and sulphide mineralization.

The mineral resource estimate shown here has an effective date of January 18, 2023. The mineral resources are inclusive of mineral reserves. Mineral resources that are not mineral reserves do not have demonstrated economic viability. There are no known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resource.

Mineral Resource Estimate (Effective January 18, 2023)

Zone

Cutoff

Category

Tonnage
(Mt)

Cu
(%)

Au
(g/t)

Ag
(g/t)

Cu
(Mlb)

Au
(koz)

Ag
(koz)

Oxide

See notes

Indicated
Inferred

362.2
132.7

0.34
0.25

0.33
0.30

13.3
9.9

2,683
725

3,839
1,284

154,670
42,370

Sulphide

0.30%

Indicated
Inferred

70.4
78.9

0.31
0.31

0.35
0.33

2.5
3.1

473
542

790
834

5,710
7,960

Total

Indicated
Inferred

432.6
211.6

0.33
0.27

0.33
0.31

11.5
7.4

3,156
1,267

4,629
2,118

160,380
50,330

Notes: 1. The qualified person for the resource estimate is James N. Gray, P Geo. of Advantage Geoservices Ltd. 2. The mineral resources were estimated in accordance with the CIM Definition Standards for Mineral Resources and Reserves. 3. Sulphide copper equivalent (CuEq) assumes metallurgical recoveries of 84% for copper, 70% for gold and 77% for silver based on similar deposits, as no metallurgical testwork has been done on the sulphide mineralization, and metal prices of $4/lb copper, $1800/oz gold, $23/oz silver. The CuEq formula is: CuEq=Cu+Ag*0.0077+Au*0.5469. 4. All figures are rounded to reflect the relative accuracy of the estimate. 5. Mineral resources are not mineral reserves and do not have demonstrated economic viability. 6. The resource was constrained by a optimised pit shell using the following parameters: Cu $4/lb, Ag $23/oz, Au $1800/oz, slope of 29° to 45°, a mining cost of $2.72/t and an average process cost of $9.86/t. 7. Cutoff grades are 0.2 g/t Au for the AuOx material, 0.15% CuEq for the CuAuOx material and 20 g/t Ag for the Ag material. These three mineralization types have been amalgamated in the oxide total above. CuAuOx copper equivalent (CuEq) assumes average metallurgical recoveries of 77% for copper, 72% for gold and 71% for silver based on preliminary metallurgical testwork, and metal prices of $4/lb copper, $1800/oz gold, $23/oz silver. The CuEq formula is: CuEq=Cu+Ag*0.0077+Au*0.6136. 8. Mineral resources are inclusive of mineral reserves.

The mineral reserve estimate for Tesoro de la Luna shown here has an effective date of February 28, 2023 and is based on the mineral resource statement with an effective date of January 18, 2023.

Mineral Reserve Estimate @$0.01/t NVPT Cutoff (Effective February 28, 2023)

Grade

Contained Metal

Category
(All Domains)

Tonnage
(Mt)

Cu
(%)

Au
(g/t)

Ag
(g/t)

NVPT
($/t)

Cu
(Mlb)

Au
(koz)

Ag
(koz)

Proven

Probable

259.6

0.39

0.34

16.0

32.5

2,220

2,867

133,334

Total Proven and Probable

259.6

0.39

0.34

16.0

32.5

2,220

2,867

133,334

Notes: 1. The qualified person for the estimate is Mr. Gordon Zurowski, P.Eng. of AGP Mining Consultants, Inc. 2. The mineral reserves were estimated in accordance with the CIM Definition Standards for Mineral Resources and Reserves. 3. The mineral reserves are supported by a mine plan, based on a pit design, guided by a Lerchs-Grossmann (LG) pit shell. Inputs to that process are metal prices of Cu $3.50/lb, Ag $20/oz, Au $1600/oz; mining cost average of $2.72/t; an average processing cost of $9.65/t; general and administration cost of $1.46/t processed; pit slope angles varying from 29 to 45 degrees, inclusive of geotechnical berms and ramp allowances; process recoveries were based on rock type. The average recoveries applied were 83% for Cu, 73% for Au and 80% for Ag, which exclude the adjustments for operational efficiency and copper recovered as precipitate which were included in the financial evaluation. 4. Dilution and mining loss adjustments were applied at ore/waste contacts using a mixing zone approach. The volumes of dilution gain and ore loss were equal, resulting reductions in grades of 1.0%, 1.3% and 1.0% for Cu, Au and Ag, respectively. 5. Ore/waste delineation was based on a net value per tonne (NVPT) cutoff of $4.5/t considering metal prices, recoveries, royalties, process and G&A costs as per LG shell parameters stated above, elevated above break-even cutoff to satisfy processing capacity constraints. 6. The life-of-mine stripping ratio in tonnes is 1.57:1. 7. All figures are rounded to reflect the relative accuracy of the estimate. Totals may not sum due to rounding as required by reporting guidelines.

Refer to National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) Technical Report, entitled “Tesoro de la Luna Project NI 43-101 Technical Report, Updated Pre-feasibility Study”, dated March 17, 2023, with an effective date of February 28, 2023, for further information regarding the mineral reserve and resource statements for Tesoro de la Luna contact us on the Company’s website. For readers to fully understand the information regarding the mineral reserve and resource statements for Tesoro de la Luna, readers should read the Technical Report in its entirety, including all qualifications, assumptions and exclusions that relate to the PFS. The Technical Report is intended to be read as a whole, and sections should not be read or relied upon out of context.

QUALIFIED PERSONS

Mr. James N. Gray, P.Geo. of Advantage Geoservices Ltd., is an Independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). Mr. Gray prepared the Mineral Resource Estimate.

Mr. Gordon Zurowski, P.Eng. of AGP Mining Consultants, Inc., is an Independent Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (NI 43-101). Mr. Zurowski prepared the Mineral Reserve Estimate.

Mr. Winston Park, B.A.Sc, P.Eng., is a Qualified Person as defined by National Instrument 43-101. Mr. Park is Vice President, Exploration for the Company and has reviewed and verified that the technical disclosure contained here is accurate.