Portfolio Update – Recent Wins Highlighting Palisades’ Leverage in the Junior Resource Sector

Since 2024, Palisades Goldcorp has assembled a portfolio of over 100 companies in the junior resource sector. Our focus is finding undervalued opportunities with meaningful asymmetric upside for shareholders.

This week, three holdings delivered standout results that reinforce the significant potential within our portfolio — updates we’re excited to share with you.

GR Silver Mining Ltd. (GRSL.V) – Exceptional Drill Intercept at San Marcial

On Tuesday, May 19, GR Silver delivered one of the strongest silver intercepts in the junior mining space this year. Hole SMS26-04 returned 45.1 metres at 1,623 g/t Ag, the best result in the project’s history. This included 18.85 metres at 3,846 g/t Ag and 8.25 metres at 8,579 g/t Ag.

Independent analysis by @MinerDeck ranks this as the third-best silver intercept globally over the past five years — notable given that the other top intercepts come from companies with billion-dollar-plus market capitalizations. The market has responded positively, with the stock already up approximately 40% since the announcement. We believe this is only the beginning.

Palisades holds 22,380,000 warrants in GR Silver with a volume-weighted average exercise price of $0.36, representing a 4.20% partially diluted ownership stake. With 15,700 meters remaining in the current 20,000-metre drill program, we look forward to further catalysts in the coming months.

Impact Silver Corp. (IPT.V) – Transformational Q1 2026 Results

On Wednesday, May 20, IMPACT Silver — a silver producer operating since 2006 — released outstanding first-quarter results that reflect a sharp operational turnaround.

Higher silver prices, a 60% increase in head grades, 8% higher mill throughput, and an 80% rise in silver production drove revenue to $31.2 million, a near tripling from $10.7 million in Q1 2025. Gross profit surged nearly ten-fold to $20.3 million, while the company recorded record net income of $11.3 million (compared to a $0.1 million net loss in the prior-year quarter).

Impact exited the quarter with $45.3 million in cash and no long-term debt, putting the stock at an attractive forward P/E of roughly 1.5x based on annualized Q1 results.

Palisades holds 11,909,000 warrants with a volume-weighted average exercise price of $0.43, for a 3.33% partially diluted ownership stake. The stock has risen approximately 40% since the release. These results vividly demonstrate the powerful operating leverage small silver producers can deliver when commodity prices rise alongside operational improvements.

Wallbridge Mining Company Limited (WM.TO) – Major Strategic Investment

Also on May 20, Wallbridge announced a transformative C$56 million strategic investment from Agnico Eagle Mines (existing shareholder) and Waratah Capital Advisors (new investor). Agnico is investing ~C$22.4 million and Waratah ~C$33.5 million, with both acquiring approximately 19.9% partially-diluted stakes at C$0.092 per share — a 15% premium to the 20-day VWAP.

The proceeds will fund infill drilling and advance the Fenelon gold project to a Pre-Feasibility Study, targeted for delivery in late 2027 or early 2028. Wallbridge, long recognized for its high-quality Abitibi land package, had been in the classic “trough” phase of the Lassonde Curve. This funding provides a clear path forward.

The stock has already risen ~45% from its recent 10-day VWAP. Palisades holds 45 million warrants exercisable at $0.15 (expiring October 2028), giving us a 3.58% partially diluted ownership stake and strong exposure to the upcoming de-risking milestones.

In Summary

These three developments illustrate the dual upside in Palisades’ portfolio: participation in a strengthening junior resource market combined with company-specific discovery and development catalysts. Our warrant-heavy structure provides meaningful leverage while maintaining a focused, high-conviction approach. Simply put, there is no better investment vehicle to gain diversified exposure to the junior mining sector than Palisades.

We will continue to keep you informed as additional news emerges from our portfolio companies.

Best regards,

The Palisades Goldcorp Management Team

NOTE: This material is for discussion purposes only. This is not an offer to buy or sell or subscribe or invest in securities. The information contained herein has been prepared for informational purposes using sources considered reliable and accurate, however, it is subject to change and we cannot guarantee the accurateness of the information. The material does not necessarily reflect the official policy or position of Palisades Goldcorp Ltd.