Pueblo Grande Project

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Property	Pueblo Grande, concessions covering 7,106 hectares
Location	Dominican Republic: Immediately adjacent to Barrick’s Pueblo Viejo Gold Mine in Sanchez Ramirez Province, approximately 50km north of the Capital city of Santo Domingo
Summary	Highly prospective and strategically located gold exploration prospect in an active and mining-friendly region of Dominican Republic. Near term exploration emphasis on lithocap alteration hosted (blind) high sulphidation epithermal gold-silver targets west of Pueblo Viejo Gold mine workings.
Ownership	100% ownership of all concessions, subject to a sliding scale net smelter royalty (NSR) ranging from 1% where gold is under $US 1,000/oz, to 2% where gold is over $US1,400/oz.

Latest News from Pueblo Grande

From April 2020 to March 2025 the Pueblo Grande project was under an Earn-In Agreement with Barrick Gold. Barrick incurred exploration expenditures exceeding US$7.0 million and conducted extensive exploration activities, including surface mapping, geochemical sampling, geophysical surveying, and drilling, with a total of 22 drill holes completed for an aggregate of more than 6,000 metres drilled within the two major target areas (Pueblo Grande Norte and Pueblo Grande Sur). Results from this work did not delineate an obvious mineralized concentration meeting Barrick’s high threshold for continued exploration, but an extensive new data set was generated and multiple prospective areas within the project were not tested by Barrick’s exploration campaigns.

The data generated by Barrick over the 5 year term of the earn-in represents a significant contribution to Precipitate’s geological understanding of the project and will augment the extensive historical dataset acquired by Precipitate at the time the project was originally acquired. Precipitate’s technical team is conducting a thorough compilation and review of the new and historic datasets to assess the project’s potential for future exploration.

Highlights of The Pueblo Grande Project (pre Barrick Agreement)

100% interest in strategic land position surrounding Barrick’s Pueblo Viejo mine (largest active gold mining operation in Latin America; top 5 in the world);
Substantial lithocap alteration zones proximal to Pueblo Viejo open pits;
Extensive project-wide drill dataset 200 historic drill holes totalling over 29,500 metres (DDH and RAB);
Situated in active and mining-friendly district within 10 km of three mine sites; and
Select reported historical highlight drill intercepts include:

Metres	Gold (g/t)	Silver (g/t)	Copper (%)	Zinc (%)	Zone	Everton News Source
23.4 m	4.76	23.0			Lechoza	Jan 27/11 (DDH APV-30)
10.6 m	2.96	104.9	2.0	9.4%	Tres Bocas	May 17/06 (DDH TBM-07)
27.0 m	2.46	26.7			Lechoza	Feb 02/11 (DDH APV11-02)
7.5 m	2.56	47.2	1.4	4.4%	Lechoza	Dec 20/10 (DDH APV10-13)
10.5 m	2.29	65.0	0.6	3.4%	Lechoza	Apr 13/11 (DDH APV11-30)

All above noted intercepts commence at less than 20m drill depth and are core widths not true widths

Pueblo Grande Project Location

The Pueblo Grande Project is contiguous to the Pueblo Viejo mine operated by Barrick Gold via a joint venture between Barrick (60%) and Newmont/Goldcorp (40%). The land position surrounds the Pueblo Viejo mine site on the west, north and east sides, covering about 7,105 contiguous hectares.

Highlights of Pueblo Grande Exploration Potential:

In late September 2019 the Company announced receipt of the government issued permit for diamond drill testing within the Loma Cuaba Lithocap Zone. Potential drill targets were selected by the presence of certain geological and/or geophysical characteristics commonly associated with high-sulphidation epithermal mineralization including combinations of geophysical magnetic inversion lows, favourable host rock or structure, silica/clay alteration and rock-soil geochemical anomalies. See accompanying drill target compilation map in the right side column of this page.

Results and interpretation of a geophysical magnetic 3D inversion study (2019) conducted on the advanced argillic altered Loma Cuaba Lithocap Zone are as follows.

Identification of five magnetic low anomalies (near surface and concealed at depth) likely associated with magnetite destruction characteristics of Pueblo Viejo style high sulphidation epithermal alteration;
Identification of a sizeable egg-shaped magnetic low anomaly possibly associated with porphyry style magnetite destruction alteration (possibly potassic) measuring up to 450 metres in diameter, at an estimated depth of 400 metres from surface to the top of the anomaly;
Identification of a large magnetic low anomaly in the southeast lithocap area, concealed at depth (+400 metres) appearing to extend eastward to Barrick`s new exploration target called Arroyo Hondo which is a high sulphidation epithermal target situated between Barrick’s mining pits and Precipitate’s claim boundary.

Highlights of Acquired Pueblo Grande Dataset (2018):

In acquiring the Pueblo Grande Property (previously named the APV, Mermejal, Jobo Claro Loma Mate and others) and the nearby Ponton Property from Everton, the Company acquires valuable associated datasets that include:

Two high level historical drill gold-base metal discovery zones: Tres Bocas and Lechoza;
Drill hole database, including 158 diamond drill holes and 62 shallow RAB drill holes; totalling about 29,500 metres and 10,600 core – rock pulp samples;
Heliborne magnetic-GeoTEM geophysical survey (729km of flight lines);
Numerous ground geophysical surveys, including magnetics, induced polarization and max-min EM;
Approximately 10,750 surface geochemical samples (combined stream sediment, rock, soil, trench);
Extensive surface geological mapping at various detail levels; and
A large prospective surface area of ‘lithocap alteration’ to the west of the Pueblo Viejo mine.

2019 Pueblo Grande Acquisition Terms:

Precipitate acquired a 100% interest in Everton’s three Dominican Republic mineral exploration concessions by delivering to Everton upon closing in January 2019:

$CDN 25,000 cash;
Seven million common shares of Precipitate subject to resale legend restrictions for up to 3 years.
No royalty is payable to Everton on any of the acquired concessions

Pre-existing advanced stage or mining related commitments to a third party include (i) a sliding scale net smelter royalty (NSR) ranging from 1%, where gold is under $US 1,000/oz, to 2%, where gold is over $US1,400/oz and (ii) a cash or share payment in the event the a resource of 1.0 million gold equivalent ounces or greater are delineated in various indicated and inferred categories.