West Vault Mining Inc. announced the execution of a long term Water Right Lease Agreement (‘Agreement') to lease a water right (‘Water Right') from a nearby mining company, giving West Vault the right to extract and utilize sufficient ground water to support all planned operations at its 100% owned Hasbrouck Gold Project near Tonopah, Nevada. Upon the execution of the Agreement on January 10, 2023, the Company made an initial one-time payment of USD 68,000 and paid an annual fee of USD 12,000 (the ‘Annual Fee'). During the 28-year term of the Agreement, West Vault may divert and use up to 614 acre-feet of water annually.

Looking forward, to maintain the Agreement in good standing, each year West Vault will pay the Annual Fee as well as the cost of maintaining the water right and appropriating the water up to a maximum cost of USD 18,000 annually. No other usage fees will be applied.