VALUATION ANALYSIS

Golkor, Inc.

International Precious Metals Roll-Up Platform

OTC: GKOR

Prepared for capital raise and external investor discussions

Valuation Date: 29 April 2026

Prepared by: Business Succession Partners (BSP HK Limited) Currency: US dollars unless otherwise stated

STRICTLY PRIVATE AND CONFIDENTIAL

1. Executive Summary

This report sets out an independent valuation of Golkor, Inc. ("Golkor" or the "Company"), an OTC-listed (GKOR) international mining group focused on the rollup and consolidation of precious and other valuable mineral assets. The Company has assembled four producing or near-producing assets across the United States, South Africa and West Africa, with a combined attributable resource base of approximately 0.8 to 1.4 million ounces of gold-equivalent plus a meaningful polymetallic zinc, lead and silver tailings position in Gauteng, South Africa.
 

This valuation reflects a material structural improvement in Golkor's economic position: the Company's beneficial owners have agreed to vend in a privately-held 29 per cent interest in the Afrikor / EBM
 facility, lifting Golkor's attributable economic stake in that platform from 51 per cent to 80 per cent. The post vend-in stake is the basis for all attributable values throughout this report.

 

The valuation has been performed on a sum-of-the-parts basis using four complementary methodologies: (i) discounted cash flow on the Afrikor EBM facility per the independent April 2026 Mochtchenkov desktop valuation, (ii) trading multiples derived from a peer set of listed precious metals producers and developers, (iii) precedent transactions in tailings reprocessing and junior gold M&A, and

(iv) the recent independent appraisal of the Bates-Hunter property by Daniel L. Collins (April 2026). All values are stated as at 29 April 2026 and assume the spot precious metals environment prevailing at that date.

Valuation Range and Recommendation

On a risked sum-of-the-parts basis, we estimate the equity value of Golkor today in the range of US$250 million to US$450 million, with a central case of US$325 million. The lower bound is anchored at US$250 million, slightly above the US$245 million conversion price of the convertible bond instrument currently being marketed to incoming investors; valuing the equity below this level would render the CB structurally upside-down for new subscribers and is therefore not a tenable conclusion given the underlying asset values. The valuation range compares with an OTC market capitalisation of approximately US$42 million as at 16 March 2026, and is supported by independent third-party appraisals on the two largest assets (Afrikor at US$332 million on a 100% DCF basis post 30 per cent haircut; Bates-Hunter at US$61.6 million on a 100% sales-comparison basis).

USD figures rounded. SOTP weighted highest given the clear asset segregation across geographies and metals. The CB conversion price of approximately US$245 million functions as the floor for the low case. The Afrikor-only DCF (80%) of US$266M alone exceeds the CB floor and validates the lower bound on a single-asset basis.

Investment Opinion

We rate the equity at our central case of US$325 million, representing roughly 7.7 times the prevailing OTC market capitalisation and a 33 per cent premium to the CB conversion price. The re-rating thesis is supported by:
 

1. the imminent vend-in of the privately-held 29 per cent of the Afrikor / EBM facility, lifting Golkor's economic interest in the platform from 51 per cent to 80 per cent and adding approximately US$77 million of attributable risked NAV at the central case;

2. a strong commodity tailwind, with gold trading near US$4,525 per ounce and silver above US$76 per ounce as at the valuation date, against industry all-in sustaining costs near US$1,500 per ounce;

3. an independent April 2026 desktop valuation of the Afrikor EBM facility (80 per cent attributable post vend-in) of US$266 million on a discounted cash flow basis (post 30 per cent risk haircut);

4. an independent April 2026 market value appraisal of the Bates-Hunter property (80 per cent attributable) of US$61.6 million by a Certified Minerals Appraiser, supported by sales- comparison analysis;

5. a substantially below-peer P/NAV multiple at the current share price (estimated 0.25x risked NAV versus a junior peer average of 0.51x and a senior peer average near 0.75x); and

6. near-term production catalysts at Bates-Hunter (Phase 1 milling), Afrikor (six-month commissioning post acquisition close) and Obuasi (CIP plant build, six-month construction).
    

Conviction is moderated by a number of execution risks, the most material being: (a) the going-concern flag in the Company's 10-K for FY ending 30 November 2025, which makes near-term capital execution paramount; (b) the residual conditions precedent on the Afrikor / EBM acquisition; (c) the 7-year Remediation Order tenure underpinning the Afrikor going-concern premise; and (d) the absence of NI 43-101 or SAMREC compliant resource statements at Obuasi and Banka. We highlight these as the primary risks to our central case in Section 9.
 

Key Outputs

2. Company Overview

   1. Corporate Profile

Golkor, Inc. is a Denver-headquartered, OTC-quoted (ticker: GKOR) international mining company specialising in the rollup and consolidation of precious and other valuable mineral assets. The Company was renamed from KAT Exploration Inc. in May 2025 following a strategic pivot to a multi-asset precious metals platform. Golkor operates globally with active interests in the United States, Canada, South America, Africa, Asia and Papua New Guinea, applying a strategy that combines acquisition of permitted, near-production projects with disciplined capital deployment and proprietary processing infrastructure.

The strategic logic is to acquire established, partly de-risked or under-capitalised mineral assets at a discount to their fair market value, re-permit and rehabilitate them through technical specialists in the management team, and bring them into production at low marginal capital cost. Where appropriate, joint ventures with local landowners (Ghana) and operational partners (South Africa) are used to secure social licence and regulatory access.

1. Capital Structure and Listing

2. Asset Portfolio at a Glance

The portfolio is materially diversified across precious-metal types (gold, silver, with byproduct lead and zinc), processing routes (underground hard rock, surface tailings reprocessing, CIP) and jurisdictions (Tier 1 USA, Tier 2 South Africa, Tier 2-3 Ghana), which mitigates single-asset concentration risk and provides multiple paths to first revenue.

3. Management and Track Record

The senior leadership team brings over 100 cumulative years of mining operations experience, with prior roles across BHP-Billiton, Newmont, Rio Tinto, MIM and Pan-Continental. The Bates-Hunter operations are led by Matt Collins, a Colorado School of Mines alumnus and 30-year veteran of the Central City district who has previously served as COO of Sutter Gold Mining. The Afrikor managing director, Neil West, brings 35 years of operational and consulting leadership including an MD role at the prior owner of the EBM facility, providing meaningful continuity.

3. Market Context: Precious Metals in 2026

Golkor enters production at a structurally favourable point in the precious metals cycle. The 2025 to 2026 environment has been defined by a historic repricing of gold, silver, platinum and palladium, supported by unprecedented central bank accumulation, the elevation of silver and platinum to US critical mineral status, and a pronounced fall in real rates following 75 basis points of Federal Reserve cuts in 2025. As at the valuation date, gold is near US$4,525 per ounce, silver above US$76 per ounce, platinum near US$2,200 per ounce and palladium near US$1,860 per ounce.

4. Spot Prices and Sector Margins

With industry all-in sustaining costs (AISC) for gold producers stabilised near US$1,500 to US$1,600 per ounce, profit margins per ounce have expanded by over 100 per cent since 2023 to roughly US$3,000 per ounce. This margin expansion has driven record free cash flow across the senior producer cohort, supporting record dividend payouts, accelerating M&A and a structural shift from exploration capital to shareholder returns.

5. Equity Multiples and the Valuation Disconnect

Despite this margin expansion, sector equity multiples remain materially below historical bull-market peaks, creating what market commentators have termed the "coiled spring" of precious metals equities.

Sources: GuruFocus, Seeking Alpha, Schroders, Antipa Minerals/Hannam & Partners, Bloomberg Intelligence and Canadian Mining Report (April 2026). The current 0.51x junior P/NAV is approximately one-third of the historical peak and provides material re-rating headroom for assets that successfully transition into production.

6. Implications for Golkor

• The current spot environment supports Afrikor's 100 per cent silver dore offtake to Trafigura at LBMA fix less 1.5 per cent, and supports the Bates-Hunter Phase 1 mining grades at strong cash margins.

• Junior gold P/NAV at 0.51x sets a conservative reference multiple for Golkor, given its early- stage status, OTC listing and going-concern flag. Successful execution on Bates-Hunter Phase 1 production and Afrikor commissioning is expected to allow re-rating toward mid-tier P/NAV multiples (1.1x).

• Sector M&A is accelerating as senior producers seek to replenish reserves; Golkor's portfolio of permitted, near-production assets in proven jurisdictions is consistent with the typical target profile for vended deals.

4. Listed Comparable Companies

We have screened the universe of listed precious metals producers and developers to identify a peer set with relevance to one or more of Golkor's four assets. The peer set is grouped into three cohorts: (i) gold-focused juniors and developers, (ii) precious metals tailings reprocessing specialists, and (iii) Ghana- focused gold producers and developers.

7. Selected Listed Peer Set

Sources: Yahoo Finance, Bloomberg, marketscreener.com, juniorminingnetwork.com, panafricanresources.com, drdgold.com, jubileemetalsgroup.com (all accessed late April 2026).

8. Peer Trading Multiples

Trading multiples vary materially by stage and metal mix. Senior producers re-rate toward 0.75-1.5x P/NAV and 57x EV/EBITDA as production matures. Tailings reprocessing specialists currently trade at premium
 multiples driven by visibility of feedstock and lower cost per ounce.
 

Source: Bloomberg Intelligence (April 2026), Canadian Mining Report, Sell Side Handbook and company filings. Multiples are consensus or recently reported. n/m: not meaningful for pre-production assets without EBITDA.

9. Application to Golkor

Golkor is best categorised as a hybrid: (i) a junior gold developer with two pre-production projects (Banka and Obuasi); (ii) a near-term gold producer (Bates-Hunter); and (iii) a 51 per cent stake in a polymetallic tailings reprocessing platform (Afrikor) that resembles the Pan African / Mintails or Jubilee / Sable Zinc precedent. We have therefore applied a blended multiple framework, with the Afrikor cash- flowing assets benchmarked against tailings specialists at 1.0-1.3x P/NAV (haircut from 1.5x for execution stage), the Bates-Hunter mine benchmarked against pre-production junior producers at 0.5- 0.8x P/NAV, and the Ghanaian assets benchmarked at junior P/NAV of 0.4-0.5x against M&I (where available) and EV/oz of US$15-30 against inferred resources.
 

5. Asset-Level Valuation

   1. Bates-Hunter Mine, Colorado (80%)

The Bates-Hunter Mine is a permitted, partially-rehabilitated underground gold mine located within the Central City Mining District of Colorado, USA, approximately 35 miles west of Denver. The Central City district has historic gold production exceeding 4.13 million ounces of gold and 118.9 million ounces of silver, with the area widely regarded as "the richest square mile on earth". The Bates Vein, in which Golkor's interest is concentrated, has been operated only intermittently and only to shallow depths despite being one of the richest in the district.

Asset Highlights

• Inferred Resource of 500,000 ounces of gold (per Daniel L. Collins, AIMA, April 2026 Market Value Appraisal) supported by historic NI 43-101 non-compliant report of 158,000 tons grading

• 1.66 oz/t and recent sampling at the 240 and 500 levels of 0.92 to 11.7 oz/t Au.

• Permitted operations under Colorado Division of Reclamation, Mining, and Safety Permit M-90- 041, with all environmental, state and municipal clearances in place.

• Refurbished Golden Gilpin processing mill at 24 tpd (Phase 1, current), scaling to 100 tpd (Phase 2) and 1,000 tpd (Phase 3); 30 per cent free milling gold plus 70 per cent flotation concentrate produced in 2024 Q1 pilot.

• Approximately US$26 million already invested by GS Mining over 7 years on rehabilitation and refurbishment, including the head frame, hoist system, 200,000 gpd water treatment plant, and EPA-approved infrastructure.

• Phase 2 development targets the 500, 700 and 800 levels with high-grade ore historically yielding over 1 oz/t.

Valuation

The Collins April 2026 appraisal applies a Sales Comparison Approach across seven precedent transactions (Realito, Casposo, Newmont Lake, Arroyo Verde, Red Mountain, Ruby Trust and Red Rover), adjusted for time, gold price, development status, deposit size, mine type, metallurgy, infrastructure, country risk and royalties. The appraisal concludes a market value of US$61.6 million on a 100 per cent basis as at 14 April 2026. Golkor's 80 per cent working interest implies an attributable value of approximately US$49.3 million.

We anchor on the Collins appraisal as the central case given the depth of comparable analysis and the qualifications of the appraiser (Certified Minerals Appraiser, AIMA in good standing). The EV/Resource cross-check at US$20-50 per inferred ounce is materially below the Collins range, reflecting the conservative end of the literature for inferred-only resources without infrastructure credit.

10. Afrikor EBM Facility, South Africa (80% post vend-in)

The Afrikor EBM Facility is a 240-hectare polymetallic processing site in Springs, Gauteng, 45 km east of Johannesburg, acquired by Afrikor Metal Industries (Pty) Ltd ("AMI") from EBM Project (Pty) Ltd (in liquidation) under a Sale of Assets Agreement executed 2-7 October 2025. Golkor currently holds a 51 per cent equity interest in AMI through Golkor AMI-EBM LLC. The Company's beneficial owners have agreed to vend in their privately-held 29 per cent of the Afrikor / EBM facility to Golkor, taking the Company's effective economic stake to 80 per cent. All attributable Afrikor figures in this report are stated on a post vend-in 80 per cent basis. The facility comprises an existing 17-asset hydrometallurgical plant being upgraded for Phase 1 zinc-lead-silver tailings reprocessing under a contracted offtake to Trafigura Pte Ltd.

Asset Highlights

• 4.45 Mt of tailings feedstock across three dumps (HH, NL and Fe-Residue) containing 9.0 Moz Ag, 328 kt Zn, 188 kt Pb and 1.4 kt Cu life-of-mine recoverable (100% basis).

• 3-year (auto-renewing) Trafigura silver dore offtake at LBMA Silver Fix, 98.5 per cent payable, no TC/RC charges; minimum 2.5 Moz across the term.

• Acquisition cost of R 180 million (US$11 million), Phase 1 capex of US$15.1 million, with NPV13.5% post 30 per cent risk haircut of US$332 million per the April 2026 Mochtchenkov desktop valuation (DCF cross-check).

• 45 MW Eskom power, 660,000 m3/year water use licence (660kl/yr to 800kl/yr application pending), Class 1 H:H landfill of approximately 2 Mt residual capacity, and a SANAS-aligned analytical laboratory.

• Six-month commissioning timeline post acquisition close; ramp to full Year 2 production with NL 800-1,200 tpd, accelerated HH and Fe-Residue feed.

Valuation

The April 2026 desktop valuation by Sergei Mochtchenkov, CFA (Charter #185489), uses three approaches: Depreciated Replacement Cost (primary, plant only), DCF (cross-check, going-concern enterprise) and Market Comparable (cross-check, against Pan African / Mintails 2020 and Jubilee / Sable Zinc Kabwe 2019). On a going-concern basis the DCF is the most relevant for equity valuation.

We adopt the DCF central case (US$266 million attributable on the 80 per cent post vend-in basis) as our primary going-concern reference, consistent with the Mochtchenkov methodology. Hard-asset DRC of approximately US$14 million attributable at 80 per cent provides a floor for borrowing-base purposes but materially understates equity value because it excludes the in-situ resource and offtake economics. The 30 per cent risk haircut already embedded in the Mochtchenkov DCF captures: (i) the AACE Class 4 capital cost accuracy range; (ii) the BMED system on the critical path with no purchase order; (iii) the Tri-Partite Agreement among Golkor, Trafigura and Rand Refinery not yet executed; and (iv) Remediation Order tenure risk. Given the 30 per cent haircut already applied at the asset level, we do not double-count execution risk in the SOTP roll-up; instead we apply a smaller 10 per cent residual discount to reflect closing risk on the vend-in itself.

Final risked attributable Afrikor value (post 10 per cent vend-in closing discount): US$205M low / US$240M central / US$274M high.

11. Obuasi Gold Project, Ghana (80%)

The Obuasi Gold Project covers approximately 30 km2 of small-scale mining licences situated 4 km along strike of AngloGold Ashanti's Obuasi Gold Mine, which has produced over 40 Moz of gold since 1897.

Golkor and AMBEX Ghana hold an 80 per cent partnership with the Landowner Association (20 per cent) covering 159 small claim licences across two areas (Area 1: 16.2 km2, 49 claims; Area 2: 54 km2, 110 claims), restricted to small-scale mining.

Asset Highlights

• Located within the Obuasi Gold Belt, on the same Proterozoic gold trend as the AngloGold Ashanti operation.

• Permitted for underground mining and CIP processing operations; 1,000 tpd CIP plant designed with 6 months construction from procurement.

• Phase 1 target of 500 tpd through CIP, scaling to 1,000 tpd; ore averaging 8 g/t Au from local artisanal workings.

• Capital requirement of approximately US$5 million for Phase 1; ore purchasing programme with 159 licensed local miners to consolidate production.

• Mine life of 5+ years on initial workings; meaningful expansion potential through licensed exploration.

Valuation

The absence of a NI 43-101 or SAMREC compliant resource statement at Obuasi requires a more conservative valuation lens than for Bates-Hunter or Afrikor. We apply a modified EV per attributable inferred ounce derived from the implied production profile of 500-1,000 tpd at 8 g/t Au over 5+ years, which equates to approximately 230-460 koz of LoM contained gold.
 

12. Banka Gold Project, Ghana (80%)

The Banka Gold Project is a 29.6 km2 concession 60 km south of Kumasi on the north-east margin of the Ashanti Gold Belt, on the same Tarkwaian quartz-pebble conglomerate horizon as the 13 Moz Tarkwa field and Newmont's Akyem mine. Historic operations between 1910 and 2012 by Adansi Syndicate, Gulf Coast, Mwana and Goldplat completed over 6,000 m of drilling, defining a non-NI 43-101 historic resource of 6.25 Mt at 1.25 g/t Au (approximately 250 koz).

Asset Highlights

• Mining Lease and Environmental Permit in place; 80 per cent ownership held by Golkor.

• Approximately 2.5 km of historic workings on the conglomerate bed; 1.5 km of untested East Reef and 4 km of West Reef potential.

• Target of +1 Moz resource via 2.5 km strike confirmation drilling; production startup planned within 8 months of confirmation.

• Integration potential with the Golkor 1,000 tpd Obuasi CIP plant.

Valuation

6. Sum-of-the-Parts Valuation

Aggregating the four asset valuations on a risked, attributable basis (incorporating the 29 per cent vend- in that takes Golkor's Afrikor stake to 80 per cent) produces a sum-of-the-parts equity range of US$250 million to US$455 million, with a central case of US$325 million. This excludes corporate overheads (assumed marginal), and is stated before any capital raise dilution at the parent level. The lower bound is anchored at US$250 million, slightly above the convertible bond conversion price of approximately US$245 million.

13. SOTP Build-Up

The vend-in contribution row makes explicit the incremental NAV created by lifting Golkor's Afrikor stake from 51 per cent to 80 per cent: the post vend-in attributable Afrikor central NAV is US$240M; the pre vend-in attributable NAV at 51 per cent would have been approximately US$153M. The vend-in is therefore worth approximately US$77M to US$87M at the central case before any closing discount and represents the single most important value-accretive event in the Company's near-term capital programme.

Net debt and contingent liabilities reflect the Ergo priority claim of US$4.0M repayable from escrow at Afrikor, the Barak Fund covering bond cancellation pending at closing (USD 17.1m underlying, encumbrance to be released), residual capex commitments outstanding on Phase 1 across all assets, and modest working capital. Going-concern discount narrows materially to zero in the high case where the capital raise is closed and the 10-K opinion is updated.

14. Sensitivity to Spot Prices

The SOTP is most sensitive to gold and silver prices given the metal mix at Afrikor and Bates-Hunter. We have stress-tested the central case against a range of spot price scenarios:

Sensitivity computed pro-rata across attributable revenue exposure, holding capex, opex and discount rates constant. Delta is approximately linear given the high operating leverage of Afrikor and the residual sensitivity of Bates-Hunter unit economics.

7. Trading Comparables Cross-Check

The trading comparables analysis applies P/NAV, EV/Resource and EV/EBITDA multiples derived from the listed peer set in Section 4 to Golkor's risked NAV, attributable resources and projected EBITDA. The exercise is presented as a market-based cross-check to the SOTP framework.

15. P/NAV Cross-Check

The blended P/NAV of 0.95x reflects 40 per cent weighting toward tailings specialists (Afrikor at 80 per cent now dominates the NAV), 40 per cent toward junior gold (Bates-Hunter, Obuasi, Banka), and 20 per cent toward mid- tier producers (post-execution potential). The implied equity value of approximately US$309 million sits in line with our SOTP central case of US$325 million, reflecting that the increased Afrikor stake reweights Golkor's portfolio toward the higher-multiple tailings specialist cohort.

16. EV/Resource Cross-Check (Au-Equivalent)

Converting Golkor's attributable resources to gold-equivalent ounces using spot prices (Au at $4,525, Ag at $76, Zn at $3,300, Pb at $1,950) gives an indicative attributable Au-eq resource of approximately 1.0 to 1.4 million ounces.

The EV/Resource cross-check sits well below the SOTP and DCF approaches, reflecting the conservatism of inferred- only ounce multiples and the inability of this method to capture the offtake economics, infrastructure value or development optionality embedded in Golkor's portfolio. We therefore apply low weighting to this cross-check.

17. Forward EV/EBITDA Cross-Check

Once Phase 1 production is in place across Bates-Hunter and Afrikor, we estimate consolidated attributable EBITDA in steady state (Year 2 to Year 5) of approximately US$70-95 million per annum at base case prices, comprising approximately US$50-70 million from Afrikor (80 per cent share post vend- in) and US$15-25 million from Bates-Hunter (80 per cent share). Applying junior to mid-tier EV/EBITDA multiples:

The forward EV/EBITDA approach (discounted back two years to reflect ramp timing) supports an implied present value of approximately US$256 million at conservative multiples, broadly consistent with the SOTP low-to-central case. The undiscounted in-production figures (US$400M to US$800M) are addressed in detail in the Section 11 Staged Valuation Roadmap.

8. Precedent Transactions

Precedent transaction analysis is most informative for the Afrikor and Bates-Hunter assets given the availability of close comparables. The peer transactions span (i) tailings reprocessing acquisitions in Southern Africa, (ii) Colorado underground gold acquisitions, and (iii) West African junior gold M&A.

18. Tailings Reprocessing Precedents (Afrikor benchmark)

Source: Mochtchenkov AMI desktop valuation (April 2026), company announcements. The AMI acquisition at approximately 1.3 per cent of LoM recoverable metal value sits below the Mintails and Sable Zinc benchmarks at 3.0 per cent, reflecting EBM's forced-seller position, environmental liability overhang and pre-Tri-Partite stage. Triangulating against Sable Zinc's $12M plant comparable, AMI's implied plant value of approximately $10M is within 15 per cent of the Sable Zinc reference point.

Implied Afrikor 100% transaction value at 2-3% of LoM metal value: US$300M to US$450M (post acquisition close, post Phase 1 commissioning)

19. Colorado / US Underground Gold Precedents (Bates-Hunter benchmark)

The Collins April 2026 appraisal explicitly tested seven precedent transactions including Ruby Trust (Colorado), El Realito (Mexico), Casposo (Argentina), Newmont Lake (Canada), Arroyo Verde (Argentina), Red Mountain (Canada) and Red Rover (California). Adjustments for time, gold price, development status and infrastructure produced a US$61.6 million market value conclusion.

The Collins-implied $123 per inferred ounce reflects: (a) US Tier 1 jurisdiction premium; (b) fully permitted, partially- rehabilitated status with material capex already deployed; (c) high-grade vein system with multi-level historical workings; and (d) infrastructure including the operational 24 tpd Golden Gilpin mill. We accept the Collins conclusion as the central case for Bates-Hunter.

20. West African Junior Gold Precedents (Obuasi / Banka benchmark)

West African junior gold M&A has historically priced inferred resources at $20-50 per ounce, with M&I at $30-80 per ounce, varying by jurisdiction risk, infrastructure and proximity to operating mines.

Obuasi's adjacency to AngloGold Ashanti's flagship operation (40 Moz historic production) and Banka's location on the Tarkwa horizon (>13 Moz) supports the upper end of these ranges, conditional on resource confirmation.

9. Key Risks and Mitigants

Our central case of US$170 million reflects a balanced view of upside and downside. The most material risks to that view, with mitigants identified by the Company or independent valuers, are summarised below.