Radisson Mining's O'Brien Gold Deposit Delivers Exceptional Leverage, Expanding Resources Towards 3-4 Million Ounces

• Radisson Mining Resources is developing the historic O'Brien Gold Project in Quebec's Abitibi region, where the company has defined 1.5 million ounces of high-grade gold (8 g/t indicated) and is systematically drilling toward a 3-4 million ounce target.
• The company's capital-efficient hub-and-spoke development strategy targets processing through existing regional mills rather than building new facilities, reducing initial capital requirements to C$175 million and delivering a 3:1 NPV-to-capex ratio of approximately $500 million at $2,500 gold using only 740,000 ounces - a fraction of the potential resource.
• CEO Matthew Manson and the board collectively bring experience from nine mine construction projects, including Manson's leadership of the on-time, on-budget Renard mine in Quebec and advancement of Valentine Gold to recent production, directly addressing execution risk concerns that plague junior mining development.
• Recently closed financing for $25 million to be used towards exploration and advancement of the O'Brien gold project
• The project benefits from exceptional infrastructure positioning adjacent to highways, existing power lines, and established mining communities, eliminating costly remote camp construction and enabling a commuting workforce that reduces operating costs and improves social acceptability in one of the world's premier mining jurisdictions.
• Prominent resource investor Michael Gentile serves on the board with personal family capital invested in Radisson, actively supporting the company through European institutional roadshows while providing strategic guidance as a capital markets expert, with the company maintaining multiple pathways to value realisation including toll milling, joint ventures, or corporate transactions.

In an environment where gold has now approached and surpassed $4,000 per ounce, investors are scrutinising which development projects offer genuine value rather than promotional narratives. Radisson Mining Resources presents a case study in disciplined asset development: the O'Brien Gold Project in Quebec's Abitibi region combines historical significance, expanding high-grade resources, proven infrastructure access, and a management team with an exceptional track record of mine construction. During a European roadshow organized by prominent resource investor Michael Gentile, President and CEO Matthew Manson articulated a development thesis centered on capital efficiency, low-risk execution, and substantial leverage to rising gold prices.

The O'Brien mine's history provides both credibility and geological confidence. Operating between the 1920s and 1950s, the original mine was renowned for producing spectacular visible gold specimens that now reside in museum collections worldwide.

"There's a big suite of samples in the Royal Ontario Museum in Toronto," Manson explained. "The original mine was half an ounce head grade. But the samples I'm talking about are just like, you know, heavy lumps of gold."

This historical production occurred along the Cadillac-Larder Lake Break, one of Canada's most prolific gold-bearing structures, which has hosted numerous significant deposits and continues to attract exploration and development activity.

Resource Growth and Exploration Upside

Radisson's systematic approach to resource expansion demonstrates both geological understanding and capital discipline. The company has defined approximately 1.5 million ounces of high-grade gold resources adjacent to and beneath the historic workings, with indicated grades of 8 g/t. This resource base already supports mine development, but recent drilling results suggest substantially more potential. Manson described:

"We said okay let's get aggressive with the drilling. Let's do these big stepouts. So there'll be no Nobel Prize in exploration here because it's been pretty simple thesis. It probably keeps on going down. So let's drill deeper. And yeah, we hit and we've hit everywhere we've drilled."

The geological model - mesothermal or orogenic gold deposits - provides predictable exploration targets. The drilling success has expanded the resource envelope and reinforced confidence in the company's 3-4 million ounce target. The projection assumes continuity to a 2-kilometer vertical depth, consistent with neighbouring deposits along the same structural trend. The systematic approach to step-out drilling fills gaps in geological understanding while adding ounces at remarkably low cost.

The economic efficiency of this exploration program warrants particular attention. Radisson trades at approximately C$150 per ounce of resource, while discovery costs in this geological environment run C$30-40 per ounce.

The Hub-and-Spoke Development Model

Radisson's strategic approach distinguishes itself through capital efficiency and risk mitigation. Rather than pursuing a conventional standalone mine development requiring mill construction and tailings facility establishment, the company targets processing through existing regional infrastructure. This hub-and-spoke model has proven successful throughout the Abitibi region, where multiple mills operate with varying degrees of available capacity.  The logic extends beyond simple cost reduction.

"The obvious thing here is that this ready to go, big enough to be a new mine resource goes to one of these mills," Manson explained. "If you're an owner of a mill, the trick is not to close it, right? They're expensive to build and permit, and tailings facilities are also expensive to build and permit, and they're expensive to close."

Mill owners actively seek feed sources to maintain operations, creating competitive dynamics that benefit ore suppliers. A recent engineering study estimated initial capital requirements at C$175 million for mine development, underground infrastructure, minimal surface facilities, and water treatment. This figure excludes mill and tailings construction, which typically represent hundreds of millions in capital expenditure and concentrate project risk.

The project also benefits from exceptional infrastructure positioning. Mason noted,

"We are right off the highway, there's a power line right there. We're right beside mining towns, so we don't need anything other than the mine itself, the underground mine, the money to develop that and minimal surface facilities and a water treatment plant for mine water coming out the mine."

This eliminates requirements for remote camp construction, power generation, or extensive road building - all cost and risk factors that plague many development projects. Workers can live at home, reducing operating costs and improving project social acceptability.

Interview with President & CEO Matt Manson

Project Economics and Valuation

The mining study released by Radisson utilised only 740,000 ounces - less than half the current resource and perhaps one-fifth of the potential resource base - yet demonstrated robust economics. At $2,500 gold, the study generated net present value of approximately C$500 million, delivering a 3:1 NPV-to-capex ratio. Now as gold pricesbreaks $4,000, the leverage to metal prices becomes increasingly significant. High-grade deposits deliver disproportionate benefits from rising gold prices since mining costs remain relatively fixed while revenue per tonne increases directly with gold price.

The Lapa mine provides a directly comparable case study. Operated by Agnico Eagle until 2018, Lapa represented

"[The Lapa Mine] has the same grade as us, same narrow quartz veins, high grades in what's called the PJ formation," according to Manson. "Grade, metallurgy, deposit style, identical to us."

Lapa's eight-year mine life proved profitable despite substantial depth, demonstrating the viability of the mining method and economic model. The deposit occurred 500-1,500 meters below surface, was accessed by shaft, and produced 100,000-120,000 ounces annually at approximately 2,000 tonnes per day throughput.

Execution Capability

Resource project investors frequently cite execution risk as a primary concern, particularly given industry history of cost overruns, schedule delays, and technical challenges. Radisson's board collectively brings experience from nine mine construction projects - an exceptional concentration of relevant expertise.

"Most people don't make a discovery. Most people don't make a discovery and you can be a school leaver and get a nice job in Newmont and go up through the ranks and never actually experience building a mine," Manson observed.

Manson's personal track record merits detailed examination. He served as second-in-command during construction of the Diavik diamond mine in partnership with Rio Tinto during 2002-2003, providing exposure to large-scale northern construction. As CEO of Stornoway Diamonds, he led the Renard mine construction which proves particularly relevant given Quebec regulatory environment and contractor base similarities.

Most recently, Manson served as CEO of Marathon Gold through approximately half the construction of the Valentine Gold Mine in Newfoundland before the company accepted an acquisition offer from Calibre (now Equinox). Valentine poured its first gold bar in recent months and represents a significant long-life gold project.

"I've been through the process of taking a greenfield project through engineering studies, permitting, resource definition, social acceptability, project financing, construction, operation. I've done it two and a half times, once as a lieutenant, twice as the CEO"

This execution capability directly addresses investor concerns about development risk. The board is fully capable of doing it again as Manson stated, while emphasising that capability differs from necessity. Instead, the focus centers on maximising shareholder value through optimal development pathways.

Strategic Flexibility and Value Optimization

Radisson maintains strategic optionality regarding ultimate development approach. While the hub-and-spoke model offers immediate advantages, growing the resource to 3-4 million ounces creates flexibility. However, value maximisation remains the guiding principle rather than empire building. As Manson explained:

"If we get to 3-4 million ounces in a resource, the project will happily support its own mill and its own tailings facility. It will happily support Radisson doing that and building that mine,"

"It'll still always be a better value outcome if you're not building the mill or not building the tailings, however big it is, but it does become a healthy standalone project on that scenario," Manson noted. "And it's important for us to get to that stage whether that's what happens or not because that ultimately gives us the best optionality for our company in delivering value whatever that value is going to be."

The strategic framework considers multiple potential outcomes - toll milling arrangements, joint ventures, corporate transactions, or standalone development - and positions the company to pursue whichever path delivers optimal risk-adjusted returns.

This perspective reflects mature thinking about shareholder value creation.

"What is the dollar and cents value? We're talking about return on invested capital. That's what we're looking at. And that's the smartest way to build a business. That's the smartest way to invest as well"

Michael Gentile's Investment Thesis and Board Participation

Radisson's inclusion in Michael Gentile's curated portfolio adds credibility and strategic support. Gentile, a successful resource investor, actively participates on Radisson's board and has invested family capital in the company.

"He puts his money where his mouth is," Manson emphasised. "He is investing his family money, personal money in you and the company and what you're trying to achieve."

Gentile's investment approach centers on contrarian positioning and early-stage entry. Beyond capital, Gentile provides active strategic guidance.

"Lots of resource public companies will have a director or two or three who identify themselves as the capital markets expert. Michael really is the capital markets expert," Manson stated. "He is in the market, he's investing, he's lived a life on the buy side as a fund manager, he's now investing his own money."

This combination of capital markets expertise and personal capital alignment creates powerful incentives for value creation.

Quebec Mining Jurisdiction and Regional Context

The Abitibi region of Quebec represents one of the world's premier mining jurisdictions, combining geological prospectivity with established infrastructure, skilled workforce, and supportive regulatory framework. The Cadillac-Larder Lake Break has hosted numerous significant gold deposits, creating a mining culture and service industry ecosystem.

"The Abitibi in Quebec is rich in variety with metallogeny," Manson explained. "You get the big low-grade open pit resources. You've got Malartic, second biggest gold mine in Canada, and the original Doyon mine. You've got narrow high-grade vein deposits: Westwood with IAMGold, and Kiena with Wesdome are like that. You've got big massive sulfide VMS polymetallic things."

This diversity supports multiple operating mills and creates the competitive environment that benefits Radisson's strategy. The regional workforce availability reduces operating costs and improves project social acceptability. Unlike remote projects requiring fly-in/fly-out operations and camp construction, O'Brien's proximity to established mining communities enables commuting workforce. This factor influenced cost estimates and reduces social risk associated with project development.

Current Market Position and Catalysts

Radisson currently trades at approximately C$150 per ounce of resources, substantially below typical valuations for advanced-stage development projects and well below producing mine acquisition multiples. This valuation gap reflects the company's development stage but also creates opportunity as the resource grows and development de-risks.

Near-term catalysts include continued drill results demonstrating resource expansion toward the 3-4 million ounce target, updated resource estimates incorporating recent drilling, and advancement of discussions with potential mill partners. The gold price environment provides favourable backdrop, with prices recently surpassing $4,000 per ounce creating strong economics even under conservative assumptions.

The systematic drilling program continues to add ounces at low cost, creating value for shareholders independent of gold price movements. Each successful drill hole validates the geological model and increases confidence in the 3-4 million ounce target while adding ounces at C$30-40 per ounce discovery cost against C$150 per ounce market valuation.

The Investment Thesis for Radisson Mining Resources

• Resource Growth at Exceptional Economics: Radisson is discovering new ounces at C$30-40 per ounce while the market values existing resources at C$150 per ounce, creating immediate value accretion with every successful drill result as the company systematically targets expansion from 1.5 million ounces to 3-4 million ounces along a predictable geological model.
• Capital-Efficient Hub-and-Spoke Development Model: The company's strategy to process ore through existing regional mills rather than building its own facilities reduces initial capital requirements to C$175 million compared to the hundreds of millions required for standalone mill and tailings construction, while delivering a 3:1 NPV-to-capex ratio that demonstrates strong project economics even using conservative assumptions.
• Exceptional Leverage to Rising Gold Prices: As a high-grade deposit averaging 8 grams per tonne in indicated resources, O'Brien delivers disproportionate margin expansion as gold prices rise, with recent mining studies based on $2,500 gold now appearing conservative as prices approach and exceed $4,000 per ounce and mining costs remain relatively fixed.
• Proven Management De-Risks Execution: The board has collectively built nine mines, with CEO Matthew Manson having successfully led the on-time, on-budget construction of the Renard mine in Quebec and advanced Valentine Gold to production, directly addressing the primary investor concern of development execution risk that has plagued many junior mining projects.
• Strategic Validation Through Aligned Investment: Prominent resource investor Michael Gentile serves on the board and has invested personal family capital in Radisson while actively supporting the company through European investor introductions, providing both credibility and strategic guidance from an experienced capital markets professional with skin in the game.
• Multiple Pathways to Value Realisation: The company maintains strategic flexibility to pursue toll milling agreements, joint ventures with regional mill owners, corporate acquisition by producers seeking high-grade feed sources, or standalone development if resources reach sufficient scale, with management focused on maximising risk-adjusted returns rather than pursuing a predetermined outcome.
• Quebec Jurisdiction Advantages Reduce Risk and Cost:The project's location in the established Abitibi mining district provides access to existing infrastructure including highway access and power, a skilled commuting workforce that eliminates camp construction and fly-in/fly-out costs, and a supportive regulatory framework with proven permitting pathways that reduce both timeline and social acceptance risks.

TL;DR

Radisson Mining Resources offers investors exposure to high-grade Quebec gold development with exceptional discovery economics (C$30-40/oz vs C$150/oz valuation), capital-efficient processing through existing regional mills (C$175M capex delivering C$500M NPV), and proven management execution (9 mines built collectively). The O'Brien Gold Project's 1.5 million ounce resource is expanding toward 3-4 million ounces at 8 g/t grades along the prolific Cadillac-Larder Lake Break, with systematic drilling hitting targets at depth. Strategic investor Michael Gentile provides board-level guidance with personal capital invested, while the project's infrastructure advantages (highway access, power, commuting workforce) and multiple value pathways (toll milling, joint ventures, corporate transactions) position the company for optimal risk-adjusted returns in a $4,000 gold environment.

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