1501253 B.C. Ltd (the Company) operating as Somerset Minerals Ltd., is a Vancouver, B.C. registered exploration company focused on exploring for copper in the Kitikmeot Region of Nunavut. The project area is approximately 60km southwest of the community of Kugluktuk, which is supported by daily flights to Yellowknife. The continued decarbonisation of our economy has resulted in increasing demand for green metals such as copper and silver, which has supported a renewed interest in the region. The Coppermine Project (the Project) comprises a 1,665 km2 area of highly prospective copper and silver ground, hosted in the Copper Creek Formation basalts. The Company holds 53 mineral claims on Crown land and 49 on Inuit Owned Land (IOL). The Company also has a Mineral Lease with Nunavut Tunngavik for exploration activities on subsurface Inuit Owned Land. •In January 2025, the Company applied for land use permits/licenses with the Kitikmeot Inuit Association (KIA) and Crown Indigenous Relations and Northern Affairs Canada (CIRNAC) for prospecting, non-invasive aerial or ground geophysical surveys, rock chip sampling, and possibly drilling. In August 2025, applications were made to both the KIA and CIRNAC for more drilling than had previously been applied for (from 15 to 30 drill holes) All exploration activities conducted in 2025 were based out of the Hamlet of Kugluktuk and were helicopter supported. Currently the Company has the following permits and authorizations in place: •Nunavut Planning Commission (NPC), Project Proposal - NPC 150589. Exemption from Nunavut Impact Review Board (NIRB) screening.•Kitikmeot Inuit Association (KIA), Land use Licence III - KTL325C002. Allows activities on CO-53, CO-54, CO-58, CO-60, and CO-61.•Crown Indigenous Relations and Northern Affairs Canada (CIRNAC), Type B Land Use Permit (LUP) - N2025C005.•Nunavut Water Board (NWB), Type B Water license - 2BE-CPM2527. Water use/disposal up to 20m3/day. The Company is now applying for:•CIRNAC, Class A land use permit for exploration on additional mineral surveys, establish one small temporary exploration camp, and conduct additional drilling on Crown Land, • KIA Land Use License for exploration and drilling on Inuit Owned Land, establish one small temporary exploration camp, and•to amend the existing Nunavut Water Board license for increased water use from 20(3m)/day to 299 (3)m/day for increased drilling and domestic purposes. The two propsoed camps will be over 60km away from each other, and use different water sources. Proposed exploration activities under the new licenses and permits are to include prospecting, non-invasive aerial or ground geophysical surveys, downhole geophysical surveys, rock chip sampling, till sampling, diamond drilling, and RC drilling to test targets. Proposed activities may take place during summer, autumn, winter or spring, and take place anywhere within the Company’s claims. Staff would be based out of the camps, and/or Kugluktuk. Exploration will take place on Crown Land and Inuit owned Land. Proposed exploration activities would be supported by helicopter, fixed wing, snow cats, snowmobiles, and ATVs as appropriate.Fixed wing aircraft may use skis or floats to land on lakes or ice. Drill rig models to be used are small and have a very small footprint, and will have minimal ground disturbance. The drill site will sit on 8x8x16' timbers with coco matting underneath to minimize disturbance to tundra surface. Up to 299m3 of water could be used each day for drilling and camp purposes, which will be taken from a nearby lake or river. While a typical diamond drill can use up to 30m3 of water per day, water used for drilling will be recycled in a tank and reused to reduce the amount drawn from water sources. Drummed jet fuel, diesel, and gas fuel may be stored within the project area at any given time. All fuel will be stored in secondary containment bunds, at least 31m away from the ordinary highwater mark of any waterbody.During the Blue Nose East Caribou Herd calving and post-calving, from 28th May to 1st of July, exploration activities will conform with approved Caribou mitigation measures and permit conditions. It is expected that up to 49 people may be based out of a camp at any given time to support prospecting, drilling and geophysical surveys. One camp would be established on IOL at Jura, and one camp on Crown Land near the Hope Lake airstrip. The proposed camp, equipment and fuel would be either be skidded to the location from Kugluktuk during the winter via snowcat, or flown into Kugluktuk airport or Hope Lake airstrip and mobilised to the camp location via helicopter or fixed wing. These locations would be dependent on accessing a nearby water source for drilling and camp domestic services. During winter, supplies may be transported from Kugluktuk to the drill site via winter tracks, supported by Kugluktuk based businesses or personnel. No all-weather roads or permanent structures will be built, and all waste material will be removed from the project area. Great care will be taken and consideration will be given to the environment at all times; with drill sites remediated as best as possible.The Company understands the importance of the cultural and environmental values of the area in which they are proposing to conduct exploration activities to the people of Kugluktuk. As such, they commit to working together with all regulators and the community to ensure that minimal disturbance is made to the environment and that the land, water, and wildlife are not harmed or negatively impacted. The Company commits to working within the terms and conditions of all licenses and permits, and continues to seek the advice and assistance of local knowledge holders.