Doubleview Gold Clarifies Preliminary Economic Assessment Results for the Hat Project; Updated Scenario B NPV Increased to C$7.27 Billion
Doubleview Gold Corp.
TSX.V: DBG
OTC: DBLVF
FSE: 1D4
470 Granville St. Suite #814
Vancouver, BC, V6C 1V5
T :604.678.9587
F :778.379.3899
W:www.doubleview.ca
Doubleview Gold Clarifies Preliminary Economic Assessment Results for
the Hat Project; Updated Scenario B NPV Increased to C$7.27 Billion
Vancouver, British Columbia – March 23, 2026 – Doubleview Gold Corp. (TSX.V: DBG) (OTCQB:
DBLVF) (FSE: 1D4) (“Doubleview” or the “Company”) provides clarification to its news release dated
March 2, 2026, announcing the Preliminary Economic Assessment (“PEA”) for the Company’s 100%
owned Hat Project in northwestern British Columbia.
Following publication of the March 2, 2026 news release, Mineit Consulting Inc., the independent
engineering firm responsible for the PEA, completed a further review of the application of certain
processing cost assumptions relating to the scandium recovery circuit in Scenario B. As a result of
this review, the after-tax NPV(5%) for Scenario B at consensus metal prices has been updated to
C$7.27 billion from C$6.94 billion and IRR of 19%. The update also results in an increase in Scenario
B after-tax NPV(5%) at spot metal prices to C$14.85 billion from C$14.52 billion and IRR of 32%.
The updated Scenario B results further demonstrate the economic contribution of the scandium
recovery circuit and increase the difference in after -tax NPV between the base case (Scenario A2)
and Scenario B to C$547 million.
The cobalt grade reported in Table 1 of the Company’s March 2, 2026 news release was
inadvertently shown as 0.78 g/t Co. The correct value is 78 g/t Co , consistent with Table 5 of the
release. This discrepancy was limited to the summary table presentation and does not affect the
PEA results or conclusions.
These clarifications do not change the overall conclusions of the PEA and further highlight the strong
economics of the Hat Project, including the potential value contribution from scandium recovery.
Corrected highlights of the PEA reflecting the updated Scenario B economics are presented below.
NPV:
• After-tax NPV(5%) of C$6.73 billion and IRR of 23% at Consensus Metal
Prices
• After-tax NPV(5%) of C$13.53 billion and IRR of 39% at Spot Metal
Prices
NPV Including scandium and the associated processing circuit:
• After-tax NPV(5%) of C$7.27 billion and IRR of 19% at Consensus Metal
Prices
• After-tax NPV(5%) of C$14.85 billion and IRR of 3 2% at Spot Metal
Prices
Doubleview Gold Corp.
TSX.V: DBG
OTC: DBLVF
FSE: 1D4
470 Granville St. Suite #814
Vancouver, BC, V6C 1V5
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Three processing scenarios were evaluated —Scenario A1 (A1) a Cu –Au-Ag-Co flotation base case
using current testwork recoveries1, Scenario A2 (A2), the same base case using expected recoveries1,
and Scenario B (B), a Cu–Au-Ag-Co flowsheet with an added hydrometallurgical circuit and scandium
recovery circuit , with results indicating the Project is financially attractive even without the
scandium component.
Highlights:
• Robust Project Economics: The PEA demonstrates a high -margin operation with an After -
Tax NPV(5%) of C$4.96 billion (A1), C$6.73 billion (A2), or C$ 7.27 billion (B), and an IRR of
19% (A1), 23% (A2), or 19% (B) at analyst consensus metal prices 2. Using a spot -price
scenario3, the Project delivers a compelling after-tax NPV(5%) of C$11.05 billion (A1), 13.53
billion (A2), or C$14.85 billion (B) and an IRR of 34% (A1), 39% (A2), or 32% (B).
• Sensitivity Highlight: Project economics show the greatest leverage to overall metal prices,
with NPV (5%) ranging from C$3.2 billion to C$10.2 billion (IRR: 14% –32%) at ±20% on all
metals; even under additional +20% CAPEX and +20% OPEX sensitivities, applied on top of
a 25% contingency already embedded in the base case, all scenarios deliver IRRs of 16% or
better, and Scenario B provides additional scandium oxide upside with NPV(5%) of C$6. 5
billion–C$8.1 billion (IRR: 18%–20%) at ±40% metal price.
• Scale and Longevity: The mine plan supports a multi -decade life of 25 years at a 120,000
tonnes-per-day processing rate, underpinned by a resource base of 609 Mt at 0.43% CuEq4
in the Measured and Indicated categories and 503 Mt at 0.41% CuEq 4 in the Inferred
category.
• High-Output Production Profile B: Envisioned as a conventional large -scale open -pit
operation, the Project is expected to produce an average of over 74 kt of copper, 254 koz
of gold, 376 koz of silver and 2.7 kt of cobalt annually during the first 10 years, with life-of-
mine (LOM) average production of 67.6 kt Cu, 217 koz Au, 348 koz Ag, 2.5 kt Co, and 128
tonnes of scandium oxide per year. (NOTE: based on publicly reported 2024 North American
cobalt mine production of approximately 3,800 –4,000 tonnes (Natural Resources Canada;
U.S. Geological Survey), the projected cobalt output is estimated to represent
approximately 69% of current regional mined supply.)
• Strategic Importance for Critical Minerals: The Project is positioned as a primary North
American source of copper, scandium, and cobalt. With approximately 2.42 billion pounds
of copper, 80 million pounds of cobalt and 2,415 tonnes of scandium oxide contained 5 in
the Measured and Indicated categories, the Project represents an important discovery of
critical minerals.
• Stable, Supportive Jurisdiction: Located in a premier mining district in British Columbia, the
Project benefits from a stable regulatory environment. The Company is committed to
engaging with local First Nations in a respectful manner and to working toward positive and
constructive relationships as the Project advances.
• Catalyst for Development: The PEA serves as the technical foundation for an immediate
transition into a Pre-Feasibility Study (PFS), providing a clear roadmap for early works and
permitting activities in 2026 and 2027.
Doubleview Gold Corp.
TSX.V: DBG
OTC: DBLVF
FSE: 1D4
470 Granville St. Suite #814
Vancouver, BC, V6C 1V5
T :604.678.9587
F :778.379.3899
W:www.doubleview.ca
Farshad Shirvani, President and CEO of Doubleview Gold Corp., commented, “The results of this PEA
confirm the scale, strength and long-term potential of the Hat Project. Delivering a post-tax NPV(5%)
of up to C$6.73 billion and IRR of up to 23% at consensus prices, and even stronger metrics at spot
prices, validates years of disciplined exploration and technical work by our team. Hat is
demonstrating Tier 1 characteristics with a 25-year mine life, strong annual production profile and
meaningful free cash flow generation. Importantly, the Project stands on its own without reliance
on scandium, while still preserving significant upside from critical minerals as markets mature. We
are excited to advance Hat to Pre-Feasibility and continue building a major Canadian critical metals
project.”
Doubleview acknowledges that the Project is located on the traditional territories of the Tahltan
Nation and the Taku River Tlingit First Nation, and recognizes their enduring relationship to and
stewardship of the land and waters. Doubleview is committed to respectful, transparent, and
ongoing engagement with First Nations and local communities whose territories overlap the Project
area and access routes, with a focus on protecting water and the environment and advancing
responsible development.
PEA OVERVIEW
The PEA contemplates a conventional open-pit mine and processing operation with a 25-year mine
life at a 120,000 t/d (42 Mt/a) plant throughput. Two processing pathways were evaluated, A1 and
its alternative, A2, and B: the first alternative, A, is a Cu–Au–Ag–Co flotation concentrator with two
recovery cases based on current metallurgical testwork , and A2, reflecting expected performance
(Figure 1); and B , a full circuit that retains the base flowsheet and adds a downstream
hydrometallurgical scandium recovery circuit (Figure 2).
The tailings storage facility is a centreline-raised facility built with compacted cycloned sand from
tailings underflow , and engineered drainage for stability, with site -contact waters (including
seepage and pit dewatering) recycled to the process plant and final closure involving pond drainage
and reclamation. The Project is expected to rely on grid power via an extended transmission line.
Tables 1 to 3 summarize the key results of the PEA, including production, operating costs, capital
expenditures, and the principal financial metrics; the sections that follow provide additional detail
on the underlying assumptions, project design, and study outcomes.
Table 1: PEA Study Summary—Production
Metric Unit Scenario A1 Scenario A2 Scenario B
Mining Summary
Strip ratio t:t 1.60
Production Summary LOM
Average Annual Throughput Mt 42
CuEq Head Grade6, 7 % 0.42
Cu Head Grade % 0.19
Au Head Grade g/t 0.19
Doubleview Gold Corp.
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Metric Unit Scenario A1 Scenario A2 Scenario B
Ag Head Grade g/t 0.51
Co Head Grade g/t 77.73
Sc Head Grade6 g/t 28.35
Cu Recovery % 80 89 858
Au Recovery % 66 75 898
Ag Recovery % 53 53 688
Co Recovery % 30 30 788
Sc Recovery % N/A 728
Overall Mass of Tailings to Process9 % N/A 12.5
Year of Production Start of Sc2O38 year N/A 4
Average Annual Cu Production kt 63.6 70.8 67.6
Total Cu Production kt 1,590.5 1,769.4 1,689.9
Average Annual Payable Cu kt 61.7 68.7 65.7
Total Payable Cu kt 1,542.8 1,716.3 1,642.2
Average Annual Au Production koz 161.1 183.1 217.3
Total Au Production koz 4,028.2 4,577.5 5,432.0
Average Annual Payable Au koz 153.1 173.9 207.5
Total Payable Au koz 3,826.8 4,348.7 5,188.6
Average Annual Ag Production koz 271.3 271.3 348.0
Total Ag Production koz 6781.6 6,781.6 8,700.9
Average Annual Payable Ag koz 244.1 244.1 318.6
Total Payable Ag koz 6,103.4 6,103.4 7,965.3
Average Annual Co Production kt 1.0 1.0 2.5
Total Co Production kt 23.9 23.9 62.2
Average Annual Payable Co kt 0.8 0.8 2.3
Total Payable Co kt 19.1 19.1 56.3
Average Annual Sc2O3 Production t N/A 128.4
Total Sc2O3 Production t N/A 3,209.5
Total Sc2O3 Payable t N/A 3,049.0
Table 2: PEA Study Summary—Operating Cost
Metric Unit Scenario A1 Scenario A2 Scenario B
Operating Cost
Average Mine Operating Costs C$/t-moved 2.32
Average Mine Operating Costs C$/t-milled 6.03
Processing Operating Cost10 C$/t-milled 7.93 7.93 10.84
Sc2O3 Processing Cost11 C$/kg Sc2O3 N/A 939.55
General & Administrative C$/t-milled 2.56 2.56 2.56
Total Operating Costs C$/t-milled 16.22 16.22 21.92
Doubleview Gold Corp.
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OTC: DBLVF
FSE: 1D4
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Table 3: PEA Study Summary—Capital Expenditure and Financial Metrics
Metric Unit Scenario A1 Scenario A2 Scenario B
Capital Expenditure
Initial Capital Costs C$M 3,552 3,601 3,828
Sustaining Capital Costs C$M 2,755 2,755 4,006
Closure and Reclamation Cost C$M 503
Financial Metrics
Exchange Rate CAD/USD 1.37
Long Term Copper Price US$/lb 4.88
Long Term Gold Price US$/oz 3,272.60
Long Term Silver Price US$/oz 50.22
Long Term Cobalt Price US$/lb 19.57
Long Term Scandium Oxide Price US$/kg N/A 1,500
Average Annual EBITDA C$M 886 1,071 1,284
Total EBITDA C$M 22,162 26,770 32,101
Average Annual Free Cash Flow (Pre-
tax) C$M 756 940 1,104
Free Cash Flow (Pre-tax)12 C$M 18,904 23,511 27,592
Total Provincial Tax (inc. BC Mineral
Tax) C$M (4,029) (5,090) (6,019)
Total Federal Tax C$M (1,274) (1,859) (2,308)
Total Taxes C$M (5,303) (6,949) (8,327)
Average Annual Free Cash Flow (Post-
tax) C$M 544 662 771
Free Cash Flow (Post-tax)12 C$M 13,601 16,562 19,265
Total Free Cash Flow (Pre-tax)13 C$M 15,352 19,910 23,764
Total Free Cash Flow (Post-tax)12 C$M 10,050 12,961 15,437
NPV 5% (Pre-tax) C$M 7,883 10,576 11,567
NPV 5% (Pre-tax) US$M 5,754 7,720 8,443
IRR (Pre-tax) % 24 29 23
Payback (Pre-tax) years Year 5 Year 4 Year 6
NPV 5% (Post-tax) C$M 4,963 6,727 7,274
NPV 5% (Post-tax) US$M 3,623 4,911 5,309
IRR (Post-tax) % 19 23 19
Payback (Post-tax) Years Year 6 Year 5 Year 7
Table 4 shows the Sensitivity analysis using after-tax NPV(5%) and after-tax IRR.
Doubleview Gold Corp.
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FSE: 1D4
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Table 4: Sensitivity Analysis
Variable
Case
(%) Metal Price
Scenario A1 Scenario A2 Scenario B
NPV (5%)
C$M
IRR
(%)
NPV (5%)
C$M
IRR
(%)
NPV (5%)
C$M
IRR
(%)
Base Case Consensus forecast 4,963 19 6,727 23 7,274 19
Copper Price -20 US$3.90/lb Cu 3,218 15 4,807 19 5,433 16
Copper Price +20 US$5.86/lb Cu 6,688 23 8,632 28 9,099 22
Gold Price -20 US$2,618.08/oz 3,625 16 5,223 19 5,539 16
Gold Price +20 US$3,927.12/oz 6,289 22 8,222 27 8,996 22
Metal Prices -20 All metal prices 1,708 10 3,165 14 2,993 11
Metal Prices +20 All metal prices 8,118 27 10,233 32 11,444 26
Initial CAPEX +20 Variable per Scenario 4,448 16 6,222 19 6,732 16
OPEX +20 Variable per Scenario 3,660 16 5,438 20 5,591 16
Scandium Oxide Price -40 US$900/kg Sc2O3 6,496 18
Scandium Oxide Price +40 US$2,100/kg Sc2O3 8,050 20
MINERAL RESOURCE ESTIMATE
Doubleview Gold Corp announced an update of the Mineral Resource estimate (MRE). This estimate
followed the Micon International Ltd. (Micon) Mineral Resource estimate with an effective date of
July 17, 2024 . This MRE incorporates significant new data from the 2024 and 2025 exploration
campaigns, with an effective date of February 4, 2026, and superseded the 2024 Micon estimate.
Table 5: Hat MRE at a 0.2% CuEq Cut‑Off Effective February 4, 2026
Mineral
Resource
Classification
Tonnage
(Mt)
Average Grade Metal Content
CuEq
(%)
Cu
(%)
Au
(g/t)
Co
(g/t)
Ag
(g/t)
CuEq
(Blb)
Cu
(Blb)
Au
(Moz)
Co
(Mlb)
Ag
(Moz)
Measured 272 0.44 0.22 0.18 76.26 0.37 2.61 1.11 1.41 35.6 2.17
Indicated 337 0.43 0.21 0.19 76.81 0.39 3.21 1.31 1.81 44.5 2.88
Total M+I 609 0.43 0.21 0.18 76.57 0.38 5.82 2.42 3.22 80.1 5.05
Inferred 503 0.41 0.18 0.19 76.62 0.38 4.57 1.72 2.77 66.2 4.19
Table 6: Hat MRE at a 0.2% CuEq Cut-Off as of February 4, 2026, Scandium Oxide Resources
Mineral Resource
Classification
Tonnage
(Mt)
Sc Tonnage1
(Mt)
Average Grade
Sc (g/t)
Metal Content
Sc2O3 2 (t)
Measured 272 34 28.79 1,081
Indicated 337 42 28.76 1,334
Total M+I 609 76 28.77 2,415
Inferred 503 63 28.69 1,996
Notes:
Doubleview Gold Corp.
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1 Scandium tonnages represent 12.5% of the mineralized material by category, reflecting the proportion of tailings
expected to be processed through a dedicated scandium leach circuit under current metallurgical design constraints.
2 Scandium oxide metal content have been calculated using the metallurgical recovery of 72% and conversion factor
from Sc to Sc2O3 of 1.534.
• Mineit’s Qualified Person, Tomasz Wawruch, FAusIMM, completed the MRE, and has reviewed and approved the
technical disclosure related to the MRE contained in this news release. Mr. Wawruch is a senior geology and
mineral resource consultant independent of Doubleview. Mr. Gilles Arseneau, PhD., P.Geo., of ARSENEAU
Consulting Services Inc., provided an independent review of this MRE.
• Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
• The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation,
socio-political, marketing, or other relevant issues.
• Inferred Mineral Resources are considered too speculative geologically to have economic considerations applied
to them that would enable them to be categorized as Mineral Reserves.
• The Mineral Resource Estimate was prepared in accordance with the Canadian Institute of Mining, Metallurgy
and Petroleum (CIM) Definition Standards for Mineral Resources and Mineral Reserves (2014), and CIM MRMR
Best Practice Guidelines (2019).
• The effective date of the MRE is February 4, 2026.
• Metal contents have been calculated using the following metallurgical recovery factors: Cu = 85%, Au = 89%,
Co = 78%, and Ag = 68%.
• Economic assumptions used include US4.80/lb Cu, US20.00/lb Co, US3,200/oz Au, US46/oz Ag, and a 2% NSR
royalty.
• Mineral Resources are reported within optimized open pit constraints and 0.2% CuEq cut-off grade, based on a
C7.93/t milled processing cost and C2.90/t milled general and administrative cost, with a mining cost of C3.01/t
plus incremental mining cost increasing by C0.015/t for every bench below the reference level of 1,125 mRL.
• CuEq calculations do not include scandium. The formula used to calculate CuEq is:
CuEq = [(((Ag × 46.0 × 0.68)/31.1035) + ((Au × 3200 × 0.89)/31.1035) + 0.0001 × (Co × 20.0 × 0.78 × 22.0462) + 0.0
001 × (Cu × 4.8 × 22.0462 × 0.85))/(4.8 × 22.0462 × 0.85)], where all input variables are expressed in (ppm) and
CuEq is expressed in percent (%).
• Rounding may result in minor variations between individual values and totals; such differences are not considered
material to the MRE.
• Mineral Resource classification reflects the level of geological confidence and satisfies the uncertainty criteria
appropriate for exploration and resource development. Additional drilling will be required to reduce uncertainty
to the level expected for production planning.
• The MRE reflects the geological interpretation, drill-hole spacing, and estimation parameters available at the time
of modelling. Any additional drilling is expected to influence the current outcome by improving confidence in the
estimates and refining the geometry of the mineralized domains.
• The Mineral Resource results are presented in situ within the optimized pit. Mineralized material outside the pit
has not been considered as a part of the current MRE tabulation. Calculations used metric units (metres, tonnes,
g/t).
• A total of 97 diamond drill holes, comprising 49,548 m of core, were incorporated into the Mineral Resource
Estimate. All drilling data used in the MRE were subject to standard QA/QC validation prior to inclusion.
PROCESSING SCENARIOS
The PEA evaluates two processing scenarios: (A) a conventional Cu –Au–Ag–Co flotation
concentrator at 120,000 t/d (42 Mt/a) with two recovery cases—A1 based on metallurgical testwork
completed by Sepro Laboratories (Langley, BC) and A2 reflecting target/exp ected performance—
and (B) a full circuit that retains the base flowsheet and adds a downstream hydrometallurgical
scandium recovery circuit.
The concentrator consists of crushing, grinding, flotation, concentrate handling, and tailings
management, producing both a saleable approximately 25% Cu concentrate with co -product gold
Doubleview Gold Corp.
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and by-product silver-cobalt credits and a pyrite concentrate enriched in cobalt; in the full -circuit
case, the pyrite concentrate is roasted to generate sulphuric acid and a calcine that is then processed
to recover cobalt, gold, silver, and copper; after stripping it will be precipitated as a sulphide to be
admixed to the copper concentrate to improve grade, with the acid used to leach flotation tailings
for scandium recovery, noting that the scandium circuit is a newer chemical process compared with
the otherwise industry-standard flowsheet.
Under A1 or A2 (Figure 1), the flowsheet produces a single saleable product—a copper concentrate
with payable gold credits; the pyrite concentrate is not treated or marketed in this case and is only
processed in B where the hydrometallurgical circuit enables recovery of cobalt (and additional Au–
Ag) and supports the scandium circuit (Figure 2), which is planned to be constructed in a phased
approach commencing in Year 3 of operations.
Figure 1: Grinding and Flotation Flowsheet; Scenarios A1/A2 Report Copper Concentrate Only, while the
Cobalt–Pyrite Flotation Stream Shown Is Included Only in Scenario B
Scenario B only