OBUL.V · 2025-04-27 12:00:00

Technical report (NI 43-101)

Corporate Updates

PREPARED FOR:

IMPERIAL GINSENG PRODUCTS LTD.

SUITE 702, 1030 WEST GEORGIA STREET, VANCOUVER, BRITISH COLUMBIA, V6E 2Y3, CANADA

TECHNICAL REPORT ON PL153/2016 IN THE

VUMBA GREENSTONE BELT, BOTSWANA

BGI 1:500,000 Topo sheets 5, Centered 537,250mE, 7,712,350mS WGS84, Zone 35S

EFFECTIVE DATE: APRIL 27, 2025

This Technical Report pertains to an asset of One Bullion Limited.

PREPARED BY:

Rory Kutluoglu, B.Sc, P.Geo

DSO-IFZA

IFZA Properties

Dubai Silicon Oasis

Imperial Ginseng Products Ltd PL153/2016

Technical Report – April 27, 2025

Contents

1.0 SUMMARY ................................................................................................................................................ 6

2.0 INTRODUCTION ....................................................................................................................................... 8

2.1 TERMS OF REFERENCE ............................................................................................................................ 8

2.2 UNITS OF MEASUREMENT ....................................................................................................................... 10

2.3 INDEPENDENCE ..................................................................................................................................... 10

2.4 SOURCES OF INFORMATION ................................................................................................................... 10

2.5 PERSONAL VISITS TO VUMBA PROJECT ................................................................................................... 11

3.0 RELIANCE ON OTHER EXPERTS ........................................................................................................ 11

4.0 PROPERTY DESCRIPTION AND LOCATION ....................................................................................... 11

4.1 BACKGROUND INFORMATION ON BOTSWANA ........................................................................................... 11

4.2 PROPERTY DETAILS .............................................................................................................................. 12

4.3 MINERAL RIGHTS .................................................................................................................................. 13

4.3.1 PROSPECTING LICENSE ................................................................................................................. 13

4.3.2 RETENTION LICENSE ...................................................................................................................... 14

4.3.3 MINING LICENSE ............................................................................................................................ 14

4.3.4 MINERAL PERMIT ........................................................................................................................... 15

4.3.5 ROYALTIES .................................................................................................................................... 15

4.4 AGREEMENTS AND RIGHTS ..................................................................................................................... 16

4.5 ENVIRONMENTAL LIABILITIES AND PERMITS ............................................................................................. 16

4.6 PROJECT OBLIGATIONS .......................................................................................................................... 16

4.7 OTHER FACTORS ................................................................................................................................... 17

5.0 ACESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE AND PHYSIOGRAPHY ....... 17

5.1 CLIMATE ............................................................................................................................................... 17

5.2 PHYSIOGRAPHY .................................................................................................................................... 18

5.3 ACCESS ................................................................................................................................................ 19

5.4 OPERATING SEASON.............................................................................................................................. 19

5.5 VEGETATION ......................................................................................................................................... 19

5.6 BOTSWANA RESOURCES ........................................................................................................................ 20

5.7 INFRASTRUCTURE AND AVAILABILITY OF EXPLORATION REQUIREMENTS .................................................... 21

5.7.1 TRANSPORTATION.......................................................................................................................... 21

5.7.2 EXPLORATION AND DEVELOPMENT RESOURCES ............................................................................... 22

5.7.3 WATER .......................................................................................................................................... 22

5.7.4 POWER ......................................................................................................................................... 23

6.0 HISTORY ................................................................................................................................................ 23

6.1 PRIOR OWNERSHIP ................................................................................................................................ 23

6.2 PREVIOUS EXPLORATION ....................................................................................................................... 24

6.2.1 SOIL SAMPLING .............................................................................................................................. 25

6.2.2 GROUND GEOPHYSICAL SURVEYS ................................................................................................... 25

6.2.3 TRENCHING ................................................................................................................................... 26

Imperial Ginseng Products Ltd PL153/2016

Technical Report – April 27, 2025

6.2.4 DRILLING ....................................................................................................................................... 26

6.2.5 HISTORICAL ESTIMATES ................................................................................................................. 27

6.3 PRODUCTION ........................................................................................................................................ 28

7.0 GEOLOGICAL SETTING AND MINERLIZATION .................................................................................. 28

7.1 REGIONAL GEOLOGICAL SETTING ........................................................................................................... 29

7.2 LOCAL GEOLOGICAL SETTING OF PROSPECTING LICENSE ........................................................................ 30

7.2.1 NORTH EAST DISTRICT .................................................................................................................. 30

7.3 STRATIGRAPHIC SETTING OF THE PROSPECTING LICENSE ....................................................................... 31

7.3.1 NORTHEASTERN DISTRICT/PROPERTY GEOLOGY ............................................................................ 31

7.4 MINERALIZATION ................................................................................................................................... 31

8.0 DEPOSIT TYPE ...................................................................................................................................... 32

8.1 EXPLORATION TECHNIQUES ................................................................................................................... 33

9.0 EXPLORATION ....................................................................................................................................... 33

9.1 GRAB SAMPLING ................................................................................................................................... 34

9.2 ARTIFICIAL INTELLIGENCE SURVEYS ....................................................................................................... 35

9.3 TRENCHING .......................................................................................................................................... 36

9.4 EXPLORATION INTERPRETATION ............................................................................................................. 37

10.0 DRILLING .................................................................................................................................... 37

11.0 SAMPLE PREPARATION, ANALYSES AND SECURITY .......................................................... 41

11.1 SURFACE SAMPLING ...................................................................................................................... 41

11.1.1 GRAB SAMPLING METHODOLOGY ............................................................................................. 41

11.2 TRENCH SAMPLING ........................................................................................................................ 41

11.2.1 TRENCH SAMPLING METHODOLOGY ......................................................................................... 41

11.3 DRILL CORE SAMPLING .................................................................................................................. 41

11.3.1 DRILL SAMPLING METHODOLOGY ............................................................................................. 41

11.4 GEOCHEMICAL ANALYSIS AND SAMPLE PREPARATION ....................................................................... 42

11.6 QUALITY CONTROL ......................................................................................................................... 42

11.7 QP OPINION ON SAMPLE ASSAYS .................................................................................................... 42

12.0 DATA VERIFICATION ................................................................................................................. 43

13.0 MINERAL PROCESSING AND METALURGICAL TESTING ..................................................... 45

14.0 MINERAL RESOURCE ESTIMATES.......................................................................................... 45

15.0 MINERAL RESERVE ESTIMATES ............................................................................................. 45

16.0 MINING METHODS .................................................................................................................... 45

17.0 RECOVERY METHODS ............................................................................................................. 45

18.0 PROJECT INFRASTRUCTURE .................................................................................................. 46

19.0 MARKET STUDIES AND CONTRACTS ..................................................................................... 46

20.0 ENVIRONMENTAL STUDIES, PERMITTING, SOCIAL AND COMMUNITY IMPACT .............. 46

21.0 CAPITAL AND OPERATING COSTS ......................................................................................... 46

22.0 ECONOMIC ANALYSIS .............................................................................................................. 46

23.0 ADJACENT OR NEARBY PROPERTIES ................................................................................... 46

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Technical Report – April 27, 2025

23.1 BLANKET MINE .......................................................................................................................... 47

24.0 OTHER RELEVANT DATA AND INFORMATION ...................................................................... 48

25.0 INTERPRETATION AND CONCLUSIONS ................................................................................. 48

25.1 Interpretation ................................................................................................................................ 48

26.0 RECOMMENDATIONS ................................................................................................................ 49

26.1 Months 1 to 12 (Phase 1) (Mapping and Drilling) ........................................................................ 49

26.2 Months 12 to 24 (Phase 2) (Drilling and Modeling) ...................................................................... 49

26.3 Exploration program budgets ....................................................................................................... 50

27.0 REFERENCES ............................................................................................................................ 51

28.0 CONSENT, DATE AND SIGNATURE OF AUTHOR .................................................................. 53

List of Tables

Table 4.1 Royalties payable to Government by Category ................................ ............................... 16

Table 5.1: Small granite knobs in the Vumba Project Area. ................................ ............................ 19

Table 6.1: Previous work conducted within the Prospect License area ................................ ........... 24

Table 6.2 Salient drill intercepts from historic drill programs ................................ ........................... 26

Table 6.3 MSA Group Historic Estimate ................................ ................................ ......................... 28

Table 9.1 Summary of One Bullion Trench Work................................ ................................ ............ 36

Table 9.2: Salient Trech results from the Vumba Project ................................ ................................ 37

Table 10.1 2022 drill hole location file ................................ ................................ ............................ 39

Table 10.2 Salient assays from 2022 drilling campaign. True width is estimated to be 80-90% of

intercept width based on cursory interpretation of structures. ................................ ......................... 40

Table 23.1.1: Resource Table for the Blanket Mine (Roets, 2017) (Mineralization on adjacent

projects does not necessarily implicate similar mineralization on the project being reported on) .... 48

Table 26.1Exploration Program Budget ................................ ................................ .......................... 50

List of Figures

Figure 4-1: Project Location in Botswana (WGS84 – Decimal Latitude/Longitude .......................... 12

Figure 5-1: Annual climate details for Francistown

(https://www.climatestotravel.com/climate/botswana/francistown ) ................................ ................. 18

Figure 5-2: Small granite knobs in the Vumba Project Area. ................................ .......................... 19

Figure 5-3: Vegetation types of the project area within Botswana (White, 1983) (WGS84 Degree

Decimal used) ................................ ................................ ................................ ................................ 20

Figure 5-4: Botswana economic growth (https://tradingeconomics.com/botswana/gdp ). ............... 21

Figure 5-5: Major and minor roads (Government maintained) within the regional area showing

nearby railheads (at the town of Gaborone and Francistown)................................ ......................... 22

Figure 5-6:Infrastructure near the project area. ................................ ................................ .............. 23

Figure 6-1: Grided soil sampling results showing Au in soil from Somerset report (2010) ............... 25

Figure 6-2: Historic drill collar locations. ................................ ................................ ......................... 27

Figure 7-1: Geologic setting of Botswana. ................................ ................................ ...................... 29

Figure 7-2: Vumba Project location within Zimbabwe Craton ................................ ......................... 30

Figure 7-3: Local geology of the Vumba Project ................................ ................................ ............. 31

Figure 7-4: Sulphides in VUDD012 just above 91m down hole (2.13g/t Au from 90.00m to 91.00m).

................................ ................................ ................................ ................................ ....................... 32

Figure 8-1: Schematic diagram of hydrothermal systems from Kesler (1994) ................................ . 33

Figure 9-1: Remnants of the old processing plant. (A) Primary cursing and conveyor ruins feeding

the mill, (B) small smelter with outlet at the bottom and (C) ruins with cylindrical grind marks of a

Imperial Ginseng Products Ltd PL153/2016

Technical Report – April 27, 2025

small mill (Photos provided by Scholtz, 2022) ................................ ................................ ................ 34

Figure 9-2: (A) Arial image showing two of the five adits discovered on the property, (B) opening of

a third adit with unknown vertical depth, (C) close-up aerial image of two more adits discovered on

the property and (D) close-up image of one of the adits showing how overgrown the area was after

the recent rain (Scholtz, 2022). ................................ ................................ ................................ ...... 35

Figure 9-3: Vumba AI targets as received from Endeavour Scientific ................................ ............. 36

Figure 10-1: Diamond drill setup. ................................ ................................ ................................ ... 38

Figure 10-2: Drill core orientation performed by Mindea. ................................ ................................ 38

Figure 10-3: Drill over soil geochemistry and known structures. ................................ ..................... 40

Figure 12-1 One Bullion’s Field office and facilities. ................................ ................................ ....... 43

Figure 12-2 Core logging area at field office. ................................ ................................ .................. 44

Figure 12-3 Monument for completed drill hole. Casing was removed when the hole was completed

to reduce drill costs. ................................ ................................ ................................ ....................... 45

Figure 23-1 Zimbabwe Greenstone belts on the Zimbabwe Craton. Note the Caledonia Mining

Blanket Mine (#14 on map) located within SW Zimbabwe (This mine has a M&I Resource of 800K

oz grading 3.72 g/t gold), in an extension of the Tati Greenstone Belt in Botswana (Roets, 2017).

Mineralization on adjacent projects does not necessarily implicate similar mineralization on the

projects being reported on. ................................ ................................ ................................ ............. 47

Imperial Ginseng Products Ltd PL153/2016

Technical Report – April 27, 2025

1.0 SUMMARY

This National Instrument 43-101 technical report on PL153/2016 prospecting license (“The Vumba Project” or

“PL153/2016”), an asset belonging to One Bullion Limited, which is located in the northern part of the North

East State of Botswana. Rory Kutluoglu (“The Author”) was engaged by One Bullion Ltd (“One Bullion”) , a

private Canadian company involved in mineral exploration and development. The Project Mineralization to date

includes both quartz veins and silicified intervals of sedimentary rocks and is characteristic of Archean lode

gold style mineralization.

The Author conducted a site visit, a review and interrogation of all information provided by the company , an

investigation into any publicly available records related to the project or regional geology, and a cursory

independent review of the title status, using the government’s CADASTRE web portal. The present status of

tenements listed in this report is based on information as well as copies of signed and sealed documents

provided by the license holder. The report has been prepared on the assumption that the tenements will pro ve

lawfully accessible for evaluation. The license has been issued to Premier Gold Resources Pty Ltd (“Premier

Gold”) a wholly owned subsidiary of One Bullion.

The Vumba Project is located 80 km to the northeast of Francistown, the regional capital of the Central District,

Botswana. The P roject is reached by following the National A3 Highway for 50 km to the northwest out of

Francistown to the A31 tarred road. The Project is located 30 km to the north of the main Highway.

PL153/2016 was historically investigated by Joren (Pty) Ltd’s on the Somerset ML88/1 which forms part of the

Vumba Greenstone Belt between 2005 and 2009. Subsequently One Bullion acquired the current prospecting

license and conducted prospecting, trench re-sampling, trenching and sampling and initial diamond drilling.

Significant drill intercepts from the 2022 drill campaign include:

• 20.90 g/t gold from 23 m to 24 m in hole VUDD005

• 15.25 g/t gold from 58 m to 59 m in hole VUDD016

• 6.45 g/t gold from 71 m to 72 m in hole VUDD003

An historic estimate w as calculated by The MSA Group for Joren (Pty) Limited ( “Joren”) in two areas within

existing One Bullion prospecting license . The 2009 analytical quality control and quality assurance data give

an indication that could be over -estimation of Au content by up to 4.7%. In addition, no collar elevation data

were provided for the drill holes and no accurate topographic surface was provided. This historic estimate is

relevant because it is the culmination of previous work conducted on the Project. A qualified person has not

conducted sufficient work to classify the historical estimate required t o categorize this resource to current CIM

definitions of a resource (this may include additional drilling requirements). The company is not treating this

historic estimate as current mineral resources and a qualified person has not reviewed the work to def ine the

quality of the work associated with this historic estimate. The following historic estimates were previously

published on Joren’s Somerset ML 88/1:

Imperial Ginseng Products Ltd PL153/2016

Technical Report – April 27, 2025

Historic Estimate – “Global Non-Code-Compliant Resources for North and Makoba after 10%

Geological Losses”

Inferred

Zone Cut-off Grade

(g/t)

Depth

Extent (m)

Tonnes

(‘000)

Au (g/t) Au (oz)

North No cut-off 80 145.5 1.17 5,479

Makoba No cut-off 90 100.0 0.46 1,468

TOTAL 245.5 0.88 6,948

Table 1.1 Historical non-compliant MSA Group resource estimate on the Somerset Project.

The Vumba Project is located within the Zimbabwe Craton, which is comprised of a Neoarchaean Basement

Complex containing metasedimentary and metavolcanics rocks with surrounding granitoids. The craton

contains 23 greenstone belts, one of which is the Vumba greenstone belt. This belt trends east comprising of

mafic and ultra -mafic meta - volcanic as well as foliated and banded Gneiss with continental subduction

signatures (~2,700Ma). The Vumba Greenstone Belt mineralization is regarded as Archaean hydrothermal gold

lodes. Lode gold deposits are one of the most characteristic features of Archaean greenstone belts within

granitoid-greenstone terranes, with major deposits situated in most major cratonic areas.

One Bullion has completed the following exploration work since acquiring the Project:

• reconnaissance of the regional area

• grab sampling

• artificial Intelligence Surveys/data modelling (Ore Explorer)

• historical data review

• diamond drilling

The Author recommends a 2-phase work program which will aim to further delineate the character and tenor of

mineralization on the Project. The program should be a 2-phase approach to facilitate definition of more robust

drill targets through additional data collection and interpretation and modeling to integrate existing exploration

information with data that should give greater resolution to the targets generated and maximize drilling of

mineralization.

• Phase 1 – airborne Magnetic survey, modelling of Project with a focus on structural interpretation.

• Phase 2 – diamond drill testing of generated targets.

Proposed total expenditure of US $ 1,600,000 over the initial 24-month period to be consistent with the potential

of the Project, providing it is appropriately staged such that the results of each phase can be reviewed before

proceeding to the next stage. The proposed expenditure is considered adequate to cover the cost of the

proposed programs.

The setting of the prospecting license within largely under-explored and highly prospective geological settings

provides good potential for mineral exploration and warrants further investment and expenditure.

Imperial Ginseng Products Ltd PL153/2016

Technical Report – April 27, 2025

2.0 INTRODUCTION

The Author was retained by One Bullion to prepare this Technical Report on the Vumba PL153/2016 located

within the North East district of the Republic of Botswana. The Author is an independent “Qualified Person”, as

such term is defined by NI 43 -101 and has prepared this Report to satisfy the requirements of s. 4.1(1) of NI

43-101. On September 11, 2024, Imperial Ginseng Products Ltd. (“One Bullion”) entered into a m erger

agreement with One Bullion and 1000975360 Ontario Inc. (“Imperial AcquisitionCo”), a wholly-owned subsidiary

of Imperial Ginseng incorporated under the laws of the Province of Ontario, whereby Imperial Ginseng agreed

to acquire all of the issued and outstanding common shares of One Bullion by way of a three -cornered

amalgamation, without court approval (the “Transaction”). Further, the Transaction is intended to result in the

reverse takeover of Imperial Ginseng by One Bullion, as such term is defined by the policies of the TSXV, as

the shareholders of One Bullion are expected to hold more than 50% of the outstanding voting securities of

Imperial Ginseng at the time of closing. Upon completion of the Transaction, the entity resulting from the

amalgamation of One Bullion and Imperial AcquisitionCo, will be a wholly-owned subsidiary of Imperial Ginseng

and conduct the business of One Bullion. Accordingly, this Technical Report summarizes the Vumba Project

and, in connection therewith, the PL153/2016 prosp ecting license and is meant to support the disclosures

related to the Transaction and to summarize all known work to date on the Project, provide some interpretation

of Project geology and propose next steps on exploring the Vumba Project.

2.1 TERMS OF REFERENCE

The completion of the Report incorporated the following:

• Provide an overview of the geological setting of the Vumba Project prospecting license

• Describe completed site visits to Project

• Outline any historical and recent exploration work undertaken on the prospecting license and

comment on the potential for further exploration

• Outline the logistics associated with proposed exploration activities on the Project and,

• Provide an exploration program and budget for proposed exploration activities.

• All maps, models and sections are set in True North (“TN”) and projected in WGS84 UTM zone

35S.

Units and abbreviations used in this Report are as follows:

Units:

cm centimetre

% Percent

˚ Degrees

˚C Degrees Celsius

C$ Canadian dollar

g/t grams/tonne

ha hectare

km kilometre

Km2 Square Kilometres

kg kilogram

m metre

mm millimetre

mV/V millivolt per volt

nT nanotesla

oz/ton troy ounce per short ton

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