GT Resources: Fully-Funded High-Grade Canadian Nickel & Copper with Proven Management Team

• GT Resources is a mineral exploration company focused on developing copper and nickel projects. The company's portfolio includes properties in Finland and Canada.
• It's wholly-owned Canalask nickel-copper property is located in the Yukon. Canalask is a high-grade magmatic sulfide system with potential for significant nickel and copper mineralization.
• GT completed the first drilling at Canalask in over two decades. This drill program intersected impressive nickel grades, including intervals of 2% nickel over widths of 20-30 meters.
• The company also owns 100% of the earlier-stage North Rock copper project in Ontario. North Rock features a 13 kilometer trend of mineralized gabbros, with a historic resource of 1.2% copper at the Beaver Pond zone.
• Despite challenging market conditions, GT Resources is well-capitalized with over C$10 million in working capital. Management is taking a judicious approach to allocating funds to systematically advance the company's projects.

For investors seeking exposure to the supply-demand fundamentals of critical metals like nickel and copper, GT Resources (TSXV:GT) offers this opportunity. The company holds a portfolio of  exploration and development projects in stable jurisdictions, is well-funded to advance them, and is led by an experienced management team with a track record of discovery and value creation.

Canalask: A High-Grade Nickel-Copper Opportunity

GT's flagship asset is the wholly-owned Canalask project, located just 4km off the Alaska Highway in the mining-friendly Yukon Territory of Canada. Canalask is a high-grade magmatic nickel-copper sulfide system, the style of mineralization that built mining giants like Vale and Norilsk Nickel. Historical work, including underground development in the 1950s, outlined a non-compliant resource at the Footwall Zone.

GT's first drill program in over 20 years returned impressive intercepts including 2% nickel over widths of 20-30 meters from the Footwall Zone. As GT's VP Exploration Neil Pettigrew explains,

"We actually did a bit better [than the historic 1.4% Ni grade]. The interest with this zone is really why is this here - how would you remobilize this into the footwall zone. We believe that there is a connection between this footwall hosted style of mineralization and the main ultramafic dyke."

The high-grade nature of Canalask is key. Unlike the wave of new low-grade, bulk tonnage nickel projects being advanced, Canalask has the potential to produce a high-value concentrate sought by smelters.

"This type material is what those smelters are set up to process," says Pettigrew. "The prize is that you're looking at a deposit that could be very nice mid-tier, profitable, easily accessible, and that could be put in production without a multi-billion dollar price tag."

Majors like Glencore clearly see the potential, having participated in prior financings to become a major GT shareholder. With over C$10 million in working capital, GT is funded to continue advancing Canalask in 2025 and beyond. The next phase of drilling will target the potential source of the high-grade footwall mineralization in the main ultramafic dyke. Success could quickly drive a significant re-rating of GT as the scope and scale of Canalask comes into focus.

Interview with VP Exploration, Neil Pettigrew

North Rock: Copper Optionality & Exploration Upside

While Canalask is the lead value driver, GT smartly used the market downturn to add the North Rock project in Ontario to its portfolio via the acquisition of Metal Corp. While earlier stage, North Rock provides attractive exposure to both the near-term copper market and longer-term nickel optionality.

Located in a highly accessible area of Northwest Ontario, North Rock hosts a historic resource of just over 1 Mt at 1.2% copper at the Beaver Pond zone, including a 10,000 tonne stockpile of massive sulfide ore. The Beaver Pond zone represents just a small part of a much larger 13 km gabbroic trend at North Rock that has seen minimal systematic exploration.

"If you grab an individual sample out of that stockpile at surface, it's nothing to grab 5, 6, 7, 8 percent copper. So there was better mineralization than that historic resource. If the system can produce that type of grades, then there's a chance for it to occur elsewhere."

GT is taking a two-pronged approach at North Rock, evaluating both the open-pit bulk tonnage potential along the full 13 km trend while also drilling deeper for the source of the high-grade remobilized sulfides. Bore hole geophysics are underway to generate targets for follow up drilling.

The Investment Thesis for GT Resources

• Exposure to both the near-term copper bull market and long-term nickel fundamentals via two high-quality projects
• Potential for near-term discovery of high-grade nickel sulfides at Canalask project in the Yukon
• Large, underexplored copper-bearing trend at North Rock project with potential for both open pit and high-grade underground resources
• Well-funded to aggressively advance projects with over C$10M in working capital
• Proven management team with track record of discoveries (e.g. LK project in Finland with 90Mt resource)
• Attractive entry point with ~C$25M market cap; significant potential for re-rating on exploration success

With a market capitalization of approximately C$25 million, GT Resources feel they are significantly undervalued relative to the quality and potential of their projects and the strength of their balance sheet. Ongoing exploration at both Canalask and North Rock provide multiple opportunities for value-driving news flow in the months ahead. As the biggest commodities bull market in a generation continues to unfold, GT believe they are well positioned to benefit from rising prices for future-facing metals like nickel and copper.

Macro Thematic Analysis

The energy transition is unleashing unprecedented demand for critical metals like nickel, copper, and cobalt. Not only are these metals essential for the electrification of transportation, but they are also irreplaceable inputs for renewable power generation, transmission and storage.

However, the pipeline of new projects after years of underinvestment is dangerously thin. And many of the development-stage projects have significant permitting, social license or technical risks. The world desperately needs new, high-grade and scalable supplies of nickel and copper from stable jurisdictions in order to meet climate goals and avoid crippling shortages.

As GT Resources' VP Exploration Neil Pettigrew summarized it on the company's flagship nickel-copper project:

"These type of deposits are economic even in the current cycles...when you have high-grade sulfide that is running 2 plus percent nickel plus other credits copper, PGEs - that stuff is still economic in the current cycle and so that material is also what the smelters are looking for."

The combination of robust demand growth, challenged supply, and declining ore grades is likely to support strong nickel and copper prices for years to come. Companies like GT Resources that can make new high-grade discoveries in good jurisdictions will be exceptionally well positioned to benefit.