Quarterly Activities/Appendix 5B Cash Flow Report

• Sierra Nevada Gold Inc. has confirmed a large copper system in Phase 1 drilling at As Safra, KSA.
• Phase 2 drilling program of 25,000m is underway with four rigs operational.
• The company completed a $12.85 million capital raising to advance As Safra.

Sierra Nevada Gold Inc. reports on its activities for the quarter ended 30 September 2026, highlighting the success of Phase 1 drilling at As Safra, KSA, which confirmed a large copper system. The company has commenced a 25,000m Phase 2 drilling program designed to define, expand, and discover new mineralisation. Four rigs are currently operational, with plans to increase to five by mid-November. The program includes 8,000m of drilling at the Central Copper Zone, 7,000m to test extensions to known mineralisation, and 10,000m to drill new targets across the broader As Safra system. The company also completed a $12.85 million capital raising, with $12.3 million from a single tranche placement and $0.55 million from directors and management, subject to shareholder approval. The funds will be used for exploration and drilling activities at As Safra and other KSA opportunities.

Sierra Nevada Gold Inc. plans to complete 25,000m of drilling at As Safra by March 2027.

Sierra Nevada Gold Inc. anticipates that the Phase 2 drilling program at As Safra will significantly increase the known mineralised footprint and establish multiple centres of mineralisation.