Geochemical Program and Geophysical Induced Polarisation Survey - April 2025

Scythian is pleased to announce the results of its recent completion of the Induced Polarisation Survey report.

Background

As mentioned in last technical report in early 2024, Scythian had earlier completed the 2022 drilling program and structural study assisted by the world-renowned geologist Dr A. Kloppenburg. In 2023, additional metallurgical studies were undertaken, and further geochemical studies and a large geophysical study over most of the licence area was carried out in 2024. The 2024 studies had produced exceptional results confirming the earlier structural study.

Results of 2024 Geochemical Studies

Additionally in 2024, a Geochemical Program and a Geophysical Induced Polarisation Survey (IP) was completed by Aurora Limited, Kazakhstan, to locate extensions of the mineralisation in all directions. Extract from report summary (November 2024):

The Kokkus target area presents a compelling opportunity for mineral exploration, as geophysical anomalies are closely associated with significant structural and geological features. The region has a significant potential for gold mineralisation, as indicated by historical exploration data and contemporary geophysical analyses. The dynamic hydrothermal system of the Kokkus area, which is situated within a tectonically active fold-and-thrust belt, is significantly influenced by the Yntaly Fault Zone and its associated structures. A prominent overturned anticline is a significant factor in

mineralisation, as gold mineralisation is expected to occur along both the anticline and syncline limbs.

These studies located a further zone of outcropping mylonite 2km to the North-East (K10-Ext) of K1 zone, which showed positive Au geochemistry (see the image below). This zone is 300m long with strong gossan (weathered sulphides) and quartz veining on the surface.

IP Survey, which included 6 lines, covering 8 km2

The results of the IP survey chargeability profiles are shown below, together with the zone which has been drilled to-date, In the red rectangle, and Geochem survey results in a 3D image. The most obvious conclusion is that Scythian has drilled less than 1% of the total IP chargeability anomaly with is mapping out a flat laying mylonite zone correlating 100% with the fold-trust model previously observed by Dr Kloppenburg in 2022.

If we look closely at L3 extract below, which went over the zone where current drilling has been done in the image, there is a 100% correlation between current drilling and the IP Chargeability signature also strongly indicates that the mineralisation extends to the NE below K5 ridge and beyond.

From our drilling to date, we know the mylonite structure has a width of 40-65m and averages 1.3 g/t Au. Now, we can see from the IP signature, it also covers an area of at least 5 km2 which provides a significant opportunity for drilling upside.

NEXT STEPS: Completion of a Local Feasibility Study in order to obtain a Mining Licence in 2026. This will require preliminary work on:

• Hydrological studies

• Geotechnical studies

• Metallurgical studies, mainly on the transitional zone and sulphide zone

• Environmental Impact and Social studies

• Plant design, gravity + cyanide leach (or cyanide free leach)

• Initial mine planning to support 2m oz Au process

We look forward to updating shareholders in due course as we begin to accelerate the development process. The Board Is grateful for the continued support of shareholders.

Barry Davis

Managing Director