Recent news highlights Nevada Canyon Gold's increased stake and active drilling program at the Lapon Project, reflecting ongoing exploration efforts and cautious optimism about the project's potential.

• Nevada Canyon Gold has increased its stake in the Lapon Project and is conducting a drill program to explore its potential [N2].
• The company is actively pursuing exploration at the Lapon Project, aiming to assess and unlock value from this asset [N1].

The company’s recent increase in stake and active drilling at the Lapon Project demonstrates a commitment to advancing exploration assets, which could enhance the value of its royalty interests if successful. Its strong liquidity position as of the end of 2025 provides a foundation to support ongoing exploration and potential acquisitions. The focus on acquiring and managing royalty interests allows for exposure to mineral production upside without the capital intensity of direct mining operations.

Nevada Canyon Gold faces significant risks including its lack of producing assets, reliance on third-party operators for exploration and development, and limited access to operational data. The company has sustained losses and requires additional financing to continue operations, which may dilute shareholders or increase leverage. Commodity price volatility, regulatory challenges, and potential disputes over royalty interests add to the uncertainty. The early-stage nature of its properties means there is no assurance of achieving commercial production or generating revenues.

Nevada Canyon Gold's moat is limited due to its status as a junior exploration company with passive royalty interests and no direct control over mining operations. Its value depends on the successful development and production of third-party operated properties, which are subject to numerous risks and uncertainties. The company's ability to build relationships with operators and acquire attractive royalty interests may provide some competitive advantage, but overall, the business model is exposed to external operational and market risks beyond its control.

• Dependence on Third-Party Operators: The company holds passive royalty interests and does not control exploration, development, or production activities, which are managed by third parties whose interests may not align with Nevada Canyon Gold's, potentially affecting revenues and asset values.
• Early-Stage Exploration Risks: None of the company's royalty interests are on producing properties, and there is no guarantee that exploration will lead to commercial production or revenues.
• Financial Risks and Need for Additional Capital: The company has sustained losses and will require additional financing to fund development and operations, which may not be available on favorable terms and could dilute existing shareholders or increase debt.
• Commodity Price Volatility: Fluctuations in gold and precious metal prices can adversely impact the value of the company's royalty interests and the willingness of operators to advance projects.
• Regulatory and Environmental Compliance: Exploration operations are subject to extensive regulations and permitting requirements; failure to comply could delay or halt operations and increase costs.
• Limited Access to Operational Data: The company has limited or no access to detailed operational data from properties underlying its interests, restricting its ability to assess value and potentially delaying cash flows.
• Key Personnel Dependence: The company relies heavily on its CEO and CFO; loss of these key executives could disrupt operations and strategic execution.
• Legal and Contractual Risks: Disputes over royalty agreements, title, or operator obligations may require costly litigation and could delay or reduce expected revenues.
• Market Liquidity and Penny Stock Rules: The company's common stock is subject to penny stock regulations, which may limit trading liquidity and market activity, affecting shareholder ability to sell shares.

• Nevada Canyon Gold Corp. is a junior exploration company focused on acquiring, exploring, and developing mineral properties, primarily gold and precious metals.
• The company holds interests in several mineral properties including the Loman Property and the Agai-Pah Property in Nevada, and the Belshazzar Property in Idaho.
• Nevada Canyon Gold owns passive interests such as royalties, streams, and similar interests in mining properties but is not the operator or owner of these properties.
• None of the properties underlying the company's royalty and other interests are currently producing nor have established mineral reserves.
• The company is not directly involved in exploration, development, or production on properties underlying its royalties; these activities are controlled by third-party owners and operators.
• The company faces risks related to its inability to control or influence the development and operation of properties in which it holds interests, which may affect its revenues and asset values.
• Nevada Canyon Gold has limited or no access to operational data from the properties underlying its interests, which restricts its ability to assess value and may delay cash flows.
• The company is subject to risks common to early-stage enterprises, including sustained losses since inception and the need for additional financing to fund development and operations.
• As of December 31, 2025, the company had cash and cash equivalents of approximately $5.46 million and current assets of about $5.5 million, with current liabilities of approximately $1.12 million, resulting in a strong current ratio of 4.91 and cash ratio of 4.87, indicating liquidity.
• The company reported a net loss of approximately $3.73 million for the fiscal year ended December 31, 2025, with basic and diluted earnings per share of $0.13.
• Nevada Canyon Gold's business is subject to risks including commodity price volatility, regulatory and environmental compliance, potential disputes over royalty interests, and reliance on key personnel.
• The company has recently increased its stake in the Lapon Project and is conducting a drill program there, indicating active exploration efforts.
• Recent news highlights the company's focus on the Lapon Project and cautious approach to its development potential [N1][N2].
• The company is subject to extensive regulatory and environmental requirements, including permits and licenses necessary for exploration and development activities.
• Nevada Canyon Gold's common stock is subject to penny stock rules, which may limit trading liquidity and market activity.
• The company depends heavily on its CEO and CFO, and the loss of key personnel could adversely affect operations.
• The company may issue additional equity or debt to finance acquisitions or development, which could dilute existing shareholders or increase leverage.