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For the fiscal year endedDecember 31, 2024 ☐SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Securities registered or to be registered pursuant to Section 12(b) of the Act: Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months(or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of thischapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).☒Yes☐No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, and/or an emerging growth company. See definition of “largeaccelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: Accelerated filer☐ Non-accelerated filer☒ Emerging growth company☐ If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reportingunder Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’sexecutive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAPInternational Financial Reporting Standardsas issued by the International Accounting Standards BoardOther If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17☐Item 18☐ TABLE OF CONTENTS C N R F -L S E G C ("EGC") S C P II 1 - I D , S M , A I 2 - O S E T I 3 - K I A. [Reserved]B. Capitalization and indebtednessC. Reasons for the offer and use of proceedsD. Risk factorsI 4 - I C A. H D C Name, Address and Incorporation2020 Merger and Reorganization2022 Sale of mineral interests to Dolly Varden Silver Corporation for Dolly Varden Shares2022 to 2024 Acquisition of additional interest in the Éléonore South Gold ProjectInter-corporate RelationshipsSignificant Events and HighlightsB. B O Reliance on Key PersonnelCompetitive ConditionsCyclical and SeasonalIntangible PropertiesEnvironmental ProtectionEmployeesSocial and Environmental PoliciesIndigenous and Local Community EngagementC. O S D. P , E E A Eau Claire ProjectCommittee Bay ProjectÉléonore South ProjectProperty Description and LocationI 4A. U S C I 5 - O F R P A.Operating resultsB.Liquidity and capital resourcesC.Research and development, patents and licenses, etcD.Trend informationE.Critical Accounting EstimatesF.Disclosure of a registrant’s action to recover erroneously awarded compensation.I 6 — D , S M , E A.Directors and senior managementB.CompensationC.Board practicesD.EmployeesE.Share ownershipI 7 — M S R -P T A. Major shareholdersGeographic Breakdown of ShareholdersControlB. Related-party transactionsC. Interests of experts and counselI 8 - F I A. Consolidated Statements and Other Financial InformationB. Significant changesI 9 - T O L A. Offer and listing detailsB. Plan of distributionC. MarketsD. Selling shareholdersE. DilutionF. Expenses of the issueI 10 - A I A. Share capitalB. Memorandum and articles of associationC. Material contractsD. Exchange controlE. TaxationF. Dividends and paying agentsG. Statement by expertsH. Documents on DisplayI. Subsidiary Info