SERVICE DISRUPTION

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Research Disclosures

Lifezone Metals
March 12, 2026
NYSE: LZM
1, 2, 3
Jaguar Mining Inc.
December 09, 2025
TSX: JAG
1,2,3
US GoldMining Inc.
November 18, 2025
Nasdaq: USGO
1, 2
Bunker Hill Mining Corp.
October 22, 2025
TSXV: BNKR
1, 2, 3
Energy Fuels Inc.
October 21, 2025
TSE: EFR
1, 2, 3


1. The analyst has visited the head/principal office of the issuer or has viewed its material operations.
2. The issuer paid for or reimbursed the analyst for a portion, or all of the travel expense associated with a visit.
3. In the last 12 months preceding the date of issuance of the research report or recommendation, Red Cloud Securities Inc. has performed investment banking services for the issuer.
4. In the last 12 months, a partner, director or officer of Red Cloud Securities Inc., or an analyst involved in the preparation of the research report has provided services other than in the normal course investment advisory or trade execution services to the issuer for remuneration.
5. An analyst who prepared or participated in the preparation of this research report has an ownership position (long or short) in, or discretion or control over an account holding, the issuer’s securities, directly or indirectly.
6. Red Cloud Securities Inc. and its affiliates collectively beneficially own 1% or more of a class of the issuer’s equity securities.
7. A partner, director, officer, employee or agent of Red Cloud Securities Inc., serves as a partner, director, officer or employee of (or in an equivalent advisory capacity to) the issuer.
8. Red Cloud Securities Inc. is a market maker in the equity of the issuer.
9. There are material conflicts of interest with Red Cloud Securities Inc. or the analyst who prepared or participated in the preparation of the research report, and the issuer.