NATIONAL INSTRUMENT 43-101 DISCLOSURE
National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) is a rule developed by the Canadian Securities Administrators and applicable throughout Canada, which establishes standards for public disclosure by issuers of scientific and technical information concerning mineral projects.
Tungsten Reserve Corp. (“TRC” or the “Company”) is not currently a reporting issuer in Canada. Scientific and technical information concerning the Company’s mineral projects contained on this website has been prepared under the supervision of, or reviewed and approved by, qualified persons as defined under NI 43-101.
The scientific and technical information contained on this website regarding the MAX Moly Property has been reviewed and approved by Greg Z. Mosher, P.Geo., a “qualified person” as defined in NI 43-101.
The scientific and technical information contained on this website regarding the Jersey Emerald Project has been reviewed and approved by Linda Caron, P.Eng, a “qualified person” as defined in NI 43-101.
MINERAL RESOURCE ESTIMATES
Mineral Resource estimates disclosed on this website are disclosed in accordance with NI 43-101 and the applicable CIM Definition Standards. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.
The MAX Moly Property Mineral Resource estimate disclosed on this website is based on an independent technical report prepared for the Company by Greg Z. Mosher, P.Geo., dated November 2025. The report has not been filed on SEDAR+ and is not incorporated by reference into this website. The MAX Moly Property Mineral Resource estimate includes approximately 29.5 million tonnes at approximately 0.20% Mo in the Measured and Indicated categories, with additional Inferred Mineral Resources.
The Jersey Emerald Project Mineral Resource estimate disclosed on this website is based on a previously completed 2021 technical report. The Jersey Emerald Project Mineral Resource estimate includes approximately 5.6 million pounds WO₃ in the Indicated category and approximately 25.5 million pounds WO₃ in the Inferred category. The Company is not currently treating the 2021 technical report as a technical report filed by the Company on SEDAR+.
Indicated Mineral Resources and Inferred Mineral Resources should not be added together or treated as a single combined resource estimate. Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is no certainty that all or any part of an Inferred Mineral Resource will be converted to an Indicated or Measured Mineral Resource or Mineral Reserve.
HISTORICAL INFORMATION
Certain information on this website regarding prior production, historical mining, historical processing, historical recoveries, infrastructure, permits, development activities and prior operators is historical in nature. Historical information is believed by the Company to be relevant to an assessment of the Company’s mineral projects, but readers should not place undue reliance on historical information as an indication of future results. The Company has not independently verified all historical information.
Historical production records for the Jersey Emerald Project indicate approximately 1.6 million tonnes at 0.76% WO₃. A historical 2014 tungsten-focused estimate reported an approximate 0.35% WO₃ blended grade for context only and should not be applied to later contained-metal estimates.
PROJECT OWNERSHIP AND OPTION AGREEMENTS
The Jersey Emerald Project remains subject to the Company’s option agreement and completion of the transactions contemplated therein. There can be no assurance that the Company will complete the acquisition of Jersey Emerald or that the project will become part of the Company’s mineral project portfolio.
NO PRELIMINARY ECONOMIC ASSESSMENT, PRE-FEASIBILITY STUDY OR FEASIBILITY STUDY
The Company has not completed a preliminary economic assessment, pre-feasibility study or feasibility study in respect of the MAX Moly Property, the Jersey Emerald Project or any proposed integrated development or restart plan involving those projects. Any references on this website to restart potential, processing potential, trucking mineralized material, centralized processing, development strategy or future production are conceptual in nature and remain subject to further technical, economic, permitting, financing and operational review.
FORWARD-LOOKING STATEMENTS
This website may contain “forward-looking information” and “forward-looking statements” within the meaning of applicable securities laws. Forward-looking information may include, but is not limited to, statements regarding the Company’s mineral projects, exploration and development plans, restart potential, technical studies, permitting, financing, strategic objectives, potential production, processing capacity, commodity prices, business plans, acquisition plans, option agreements, and future public filings.
Forward-looking information is based on assumptions, estimates, expectations and projections that the Company believes are reasonable as of the date such statements are made. Such information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by the forward-looking information. These risks and uncertainties include, without limitation, exploration and development risks, technical and engineering risks, metallurgical risks, permitting and regulatory risks, environmental risks, title and access risks, First Nations and community relations matters, financing risks, commodity price volatility, changes in capital markets, operating risks, availability of personnel, equipment and infrastructure, relationships with vendors and strategic partners, general economic conditions, market conditions, political conditions, seasonality and weather, and other risks associated with mineral exploration and development.
The Company does not undertake to update forward-looking information except as required by applicable law.
Securing the Future of Strategic Metals
Technical Disclosure: Scientific and technical information on this website has been reviewed and approved by qualified persons as defined under NI 43-101. See Cautionary Statements.
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