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Coronado VMS Project Update A drilling program at Coronado began in early November, 2020. Two diamond drill holes were collared at locations identified by the previous airborne Versatile Time Domain Electromagnetic ( VTEM EM ) geophysical survey as optimal for penetration of the interpreted conductor. A total of 250.76 metres (822.7 feet) was drilled in the two diamond core holes. Each of the drill holes encountered difficulty penetrating through the overburden and viscous clay layers, and the bedrock targets were not intersected. DDH-COR20-01 was drilled to 151.37 metres (496.6 feet), at which depth ground conditions made further advance impossible. The drill hole encountered a fault zone composed of clay gouge and breccia at 136.89 metres (449.1 feet). Drilling continued through this zone for 14.48 metres (47.5 feet) until the hole was abandoned. This fault zone intersection may represent an extension of the thrust fault encountered in the Company s previously drilled hole DDH-

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