PARDO GOLD PROJECT
PARDO “RIVER OF GOLD” PROJECT
The 100%-owned Pardo “River of Gold” Project, located approximately 65 km northeast of Sudbury, Ontario, is North America’s only advanced paleoplacer gold project, characterized by shallow, laterally extensive gold mineralization hosted within multiple stacked horizons. The project has advanced through extensive exploration drilling, bulk sampling and metallurgical testwork, with over 20,000 tonnes processed and 1,549 ounces of gold recovered, supporting the evaluation of potential near-term production.
PROJECT HIGHLIGHTS
100% Owned With Year Round Access
Strong Grade Reconciliation
Commercial Scale Trial Mining
20,480t Processed 1,549oz Recovered
Phase 2 Drilling Complete Phase 3 Drilling in Progress
Direct-Ship Ore Development Q3 2027
Maiden Resource Expected Q4 2026
NORTH AMERICAS ONLY ADVANCED
PALEOPLACER GOLD SYSTEM
The Pardo Project is an advanced-stage paleoplacer gold project located approximately 65 km northeast of Sudbury, Ontario, featuring a shallow, laterally extensive gold system with multiple stacked gold-bearing horizons.
Pardo has undergone extensive exploration drilling, bulk sampling and metallurgical testwork, demonstrating the potential for a large-scale, near-surface gold operation.
To date, Inventus has processed more than 20,000 tonnes of bulk sample material, recovering 1,549 ounces of gold. Bulk sample results have demonstrated strong grade reconciliation, with recovered grades achieving 97% of the geological block model estimate in the reported Trench 1 results.
GEOLOGY
The Pardo Project is a conglomerate-hosted gold system within rocks of the Huronian Supergroup, a 2.4 billion year old sedimentary basin. Ancient Precambrian Sedimentary basins such as the Huronian are known to contain large paleoplacer gold deposits. One such setting is the famous Witwatersrand basin in South Africa, which is the largest gold provenance in the world, having produced over 1,500 million ounces of gold. Inventus has identified gold bearing conglomerate reefs within two separate formations. The conglomerate reefs are extensive, flat lying layers ranging from 1 to 4 metres thick.
In some areas these reefs are stacked and separated by interbedded sandstone. The basal Matinenda Formation is composed of pyritic quartz pebble conglomerate and underlies the Mississagi Formation, a polymictic cobble to boulder conglomerate. The two formations contain anomalous gold values over the entire property that spans 13 km north-south and 3 to 5 km east-west.
Huronian Basin, Ontario (left) Compared to the Witwatersrand Basin, South Africa (Right)
Pardo features multiple shallow, stacked gold-bearing layers, including the Upper Conglomerate, Lower Sandstone, Main Conglomerate (MiBC), and Matinenda Conglomerate. As illustrated in the cross-section, these layers are relatively flat-lying and extend laterally across the property, with gold mineralization occurring at different depths and grades. This unique geological setting offers potential advantages for bulk surface mining, while the presence of multiple gold-bearing horizons highlights Pardo's broader exploration potential.
Simplified geological section illustrating the shallow, stacked gold-bearing layers at the Pardo “River of Gold” Project, including the MiPC, MiBS, Main Layer (MiBC) and Matinenda Layer (MaC).
ADVANCING PARDO
Positive Bulk Sample Economics & Metallurgical Performance
Inventus has processed 20,480 tonnes of bulk sample material from the Pardo Project, recovering 1,549 oz of gold. The latest 2026 campaign processed 9,842 tonnes from Trench 1 at an average grade of 2.05 g/t Au, recovering 564 oz of gold, with recovered grade representing 97% of the block-model estimate and 87% gold recovery.
Rapid Low-Cost Resource Drilling Pathway
Inventus has continued extensive large-diameter PQ drilling at Pardo in 2026, building on 296 holes (3,751 m) completed in 2025. The shallow, flat-lying geometry allows the mineralized horizons to be efficiently tested with relatively short drill holes. The expanded drill dataset is now supporting Pardo’s maiden Mineral Resource Estimate, being completed by SRK Consulting.
Proven Operational Readiness & Scalability
Bulk sample operations demonstrated extraction rates of approximately 10,000 tonnes per month, or 120,000 tonnes annually, using the current mining approach.
These results support scalable production potential with opportunities to reduce unit costs as volumes increase.
Pardo Exploration Target
Exploration at the Pardo project is targeting a near surface gold-bearing conglomerate reef . The conglomerate “reef” is extensive, flat lying and ranges from 1 to 4 metres thick. The conglomerate, if economically feasible, would be subject to low-cost surface and underground room and pilar mining methods.
A 2018 Technical report on Pardo outlined three exploration target ranges for the gold-bearing conglomerate based on the limited exploration work conducted so far. The scenarios were generated in terms of pessimistic (P10), moderate (P50) and optimistic (P90). see table below.
*The potential tonnages and grades are conceptual in nature and are based on surface mapping, drilling and channel sampling results that define the approximate thickness, extent and grade of the mineralized conglomerate unit. Currently there has been insufficient exploration to define a mineral resource.
Modelled extent of conglomerate reef with grade shells
Modelled extent of conglomerate reef
Bulk Sampling
Inventus conducted the first phase (5,000 tonnes) of a 50,000 tonne advanced exploration bulk sampling program at Pardo in 2022. The bulk sample program has built confidence of the gold grade and is paving the way for a maiden resource estimate on the property.
In late 2017, Inventus conducted its first bulk sample from the Trench 1 occurrence. The 1,000 tonne bulk sample was calculated to contain 133.8 ounces of gold, equivalent to a head grade of 4.2 g/t gold. Diamond drilling prior to extraction of the bulk sample returned a predicted block model grade of 1.55 g/t gold.
The 2022 Bulk Sample Program at the 007 Zone
007 Zone
36.5 g/t gold over 31 m (channel sample)
7.9 g/t gold over 2.25 m; Including 21.2 g/t gold over 0.78 m (drill hole)
13.4 g/t gold over 1.93 m; Including 62 g/t gold over 0.3 m (drill hole)
9.5 g/t gold over 2.0 m; Including 29.2 g/t gold over 0.6 m (drill hole)
Pardo Exploration Highlights
HGZ Zone
11.5 g/t gold over 3.2 m (drill hole)Including 58.2 g/t gold over 0.6 m (drill hole)
9.8 g/t gold over 3.5 m; Including 47.1 g/t gold over 0.7 m (drill hole)
4.7 g/t gold over 2.18 m; Including 15.5 g/t gold over 0.63 m (drill hole)
Trench 1
4.2 g/t gold in 1,000 tonne bulk sample
4.1 g/t gold over 2.17 m; including 15 g/t gold over 0.55 m (drill hole)
6.4 g/t gold over 2 m; including 20.2 g/t gold over 0.5 m (channel sample)
Trench 2
10.2 g/t gold over 5.5 m; including 47.9 g/t gold over 1.0 m (channel sample)
11.8 g/t gold over 2.0 m; including 22.6 g/t gold over 1.0 m (channel sample)
9.4 g/t gold over 2.5 m; including 0.5 m of 26.4 g/t gold over 0.5 m (channel sample
Eastern Reef
4.2 g/t gold over 92.5 m (channel sample)
Godzilla Zone
5.2 g/t gold over 140 m (channel Sample)
Pardo Project - NI 43-101 Technical Report 2018
3D Pardo Model in Leapfrog®
Geostatistical Review and Drillhole Spacing Analysis
Gold-bearing conglomerate of the Mississagi Formation at the Godzilla Zone.
Gold-bearing Conglomerate of the Mississagi Formation at the Godzilla Zone.
Academic Research on the Pardo Paleoplacer
“The discovery of basal and intraformational conglomerate-hosted gold mineralization in the Huronian Supergroup’s Mississagi Formation near Sudbury, Ontario, has indicated potential for Witwatersrand-type gold mineralization”