Management Change/Compensation (Form 8-K)

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Appointment of New Chief Accounting Officer

On August 6, 2026, the Company entered into an offer of employment with Derek Liu, pursuant to which Mr. Liu will serve as the Company's Chief Accounting Officer (the "CAO Offer Letter"). Mr. Liu is expected to commence employment with the Company on or about August 7, 2026.

Mr. Liu, age 56, previously served as Chief Financial Officer at Silvercorp Metals Inc. from 2015 to 2025. In addition, during his time as Chief Financial Officer at Silvercorp Metals Inc, Mr. Liu served as Controller from 2006 to 2010. Mr. Liu also served as Chief Financial Officer at Canickel Mining Limited from 2011 to 2014. Mr. Liu holds a Master of Business Administration from Laurentian University, a Bachelor of Economics from Shenzhen University and a Diploma of Technology in Financial Management, Advanced Accounting from the British Columbia Institute of Technology.

Pursuant to the CAO Offer Letter, Mr. Liu's annual base salary will be $350,000, his target annual bonus opportunity will be 50% of his annual base salary, subject to achievement of individual and Company performance measures, and he will be eligible to participate in the Company's long-term incentive plan, employee benefits, and paid time off policies.

There are no arrangements or understandings between Mr. Liu and any other person pursuant to which Mr. Liu was appointed as Chief Accounting Officer of the Company. There are no family relationships between Mr. Liu and any director or executive officer of the Company, and he has no interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

The above description of the CAO Offer Letter is a summary and is qualified in its entirety by the full text of the CAO Offer Letter, a copy of which is attached hereto as Exhibit 10.1 and incorporated by reference into this Item 5.02.