Michael McClelland

Career chronology

• Current in selected roster dated 2026-10-31: BMC Minerals Ltd. — President, Chief Executive Officer, Managing Director. Board and Management (Executive roster / management listing; Michael McClelland — President, Chief Executive Officer, Managing Director)

• April 9, 2024 to April 14, 2025: BMC Minerals Ltd. — Chief Financial Officer. BMC Minerals Annual Report 2026 (KMP appointment history lists CFO appointment 9 April 2024 and interim CEO appointment 15 April 2025.)

• April 15 to June 8, 2025: BMC Minerals Ltd. — Interim CEO. BMC Minerals Annual Report 2026 (KMP appointment history lists interim CEO from 15 April and President/CEO from 9 June 2025.)

• Current in selected roster dated 2026-10-31: BMC Minerals Ltd. — President, CEO and Managing Director. BMC Minerals Annual Report 2026 (Annual report lists CEO promotion 9 June 2025 and director/MD appointment 5 December 2025.)

• Prior to BMC; exact individual start/end dates not established in BMC report: Titan Mining Corporation — Chief Financial Officer. BMC Minerals Annual Report 2026 (Annual report names CFO role at Titan but provides no dates; 2018 appointment announcement was searched but not added as a source.)

• Prior to BMC; exact dates not established in BMC annual report: Augusta Gold Corp. — Chief Financial Officer. BMC Minerals Annual Report 2026 (Annual report names CFO role at Augusta and related project support, without exact dates.)

• Prior to BMC; dates not provided in BMC annual report: Bisha Mining Share Company — Chief Financial Officer. BMC Minerals Annual Report 2026 (Annual report describes former CFO role but gives no dates.)

• Prior to BMC; dates not provided in BMC annual report: Goldcorp Inc. / Wharf Mine — Mine General Manager. BMC Minerals Annual Report 2026 (Annual report describes former Wharf Mine General Manager role but gives no dates.)

Education and qualifications

Accounting and economics qualifications with finance and mine-operations experience

Career through FY2026 · issuer reported · low materiality

BMC’s 2026 annual report identifies McClelland’s BA (Economics), Diploma (Accounting), CPA and CA (British Columbia), and membership of the Chartered Professional Accountants of British Columbia. It reports earlier work as CFO at Titan Mining and Augusta Gold, former CFO of Bisha Mining Share Company, and Mine General Manager of the Wharf Mine, and says he started in mining at KPMG. The report states that at Titan/Augusta he oversaw the successful Empire State Mines restart and supported Reward/Bullfrog development. Credentials are issuer-reported, not independently verified here.

Attribution: Responsibility not applicable. Source is issuer annual report; independent professional-register and education checks were not performed.

Relevance: Finance plus operations background is relevant to BMC’s financing, permitting and pre-construction development stage.

BMC Minerals Annual Report 2026 (Executive biography, pp. 29-30; appointment chronology, p. 38)

Contributions and company outcomes

BMC completed a A$100 million IPO and reached a new assessment decision

2025-12 to 2026-04 · issuer reported · medium materiality

BMC’s annual report states it completed a A$100 million IPO and ASX listing in December 2025. The issuer also reports a positive April 2026 Decision Document after additional consultation, which permits progression to remaining licences but does not itself authorize construction. McClelland became interim CEO in April 2025, President/CEO in June 2025, and MD/director in December 2025; these were corporate milestones during his management tenure, not individual production outcomes.

Attribution: Role overlaps event; causation unproven. The filing establishes company milestones during his CFO/CEO tenure but does not isolate his personal contribution.

Relevance: Relevant to financing and project execution; the company remains pre-construction and subject to licensing.

BMC Minerals Annual Report 2026 (Operating and financial review, IPO milestone, pp. 8-23; pp. 29-38); Kudz Ze Kayah Project (Decision Document and outstanding licences, lines 32-36)

Updated feasibility study strengthens the project case while funding and key permits remain outstanding

2026-11-02 · issuer reported · medium materiality

BMC’s 2 November 2026 study forecasts after-tax NPV5 of US$1.696 billion, IRR of 54%, life-of-mine after-tax cash flow of US$2.380 billion and a 1.4-year payback from processing. It reports pre-production capital of US$665 million including contingency but excluding expected lease-financed equipment, and US$909 million pre-production plus sustaining capital. These are issuer forecasts under the disclosed assumptions, not achieved operating results. The Type A Water Licence, Quartz Mining Licence, Fisheries authorization and other permits, financing and FID remain pending; late 2027 is a target subject to permits and further studies. The study is a company milestone during McClelland’s CEO tenure and does not isolate his personal contribution.

Attribution: Role overlaps event; causation unproven. The study is a BMC disclosure and forecast. It does not establish individual authorship, financing completion, construction authorization or personal delivery by McClelland.

Relevance: Material current context for CEO oversight of project development and funding; forecasts remain conditional and the company has no operating mine.

Updated 2026 Feasibility Study (pp. 1-4: summary economics, capital, permit, financing and FID disclosures)

Litigation and enforcement

KZK approval was set aside for a limited consultation remedy; a new positive decision followed

2022 to 2026-11-02 · documented · medium materiality

The Supreme Court of Yukon found that the governments had not fulfilled their duty to consult on a specific June 14, 2022 Kaska submission and set aside the 2022 Decision Document for a limited purpose of further consultation. The Court of Appeal later ordered further consultation on economic viability. This was a finding about Crown conduct, not misconduct by BMC or McClelland. He joined BMC as CFO on April 9, 2024, before the December 2024 appeal ruling; BMC reports that consultation concluded with a positive Decision Document in April 2026. As of the issuer project page and Yukon licensing index accessed October 9, 2026, Quartz Mining and Type A/B Water licences remained to be advanced/reviewed. In a separate procedural step, BMC applied in March 2025 for court-set consultation and decision deadlines; the Court of Appeal dismissed the application without prejudice to seeking reopening before the panel. In April 2026, the government issued a positive new Decision Document after further consultation. BMC’s September 2026 annual report subsequently disclosed receipt of a Type B Water Licence and a five-year Class 3 Quartz Mining Land Use Approval after year-end. BMC’s 2 November 2026 updated feasibility study now forecasts after-tax NPV5 of US$1.696 billion, 54% IRR and 1.4-year payback from processing, but those are issuer forecasts and no construction decision or funding is in place. The 25-year Type B Water Licence and five-year Class 3 land-use approval were received in July; the Type A Water Licence, Quartz Mining Licence, Fisheries authorization and ancillary permits remain, financing and FID are pending, and the issuer targets late 2027 FID subject to permits and further technical studies.

Attribution: Role overlaps event; causation unproven. McClelland was BMC CFO during the appellate development; the courts’ duty-to-consult finding was against government decision bodies and the cited decisions do not identify personal fault by him.

Relevance: Material project legal and permitting risk for CEO oversight; the new positive decision is a partial resolution, with licences still outstanding.

Ross River Dena Council v Yukon (Government of), 2024 YKSC 1 (Reasons, paras. 1-3, 16-18 and order, pp. 3, 5, 10); Ross River Dena Council v Yukon (Government of), 2024 YKCA 18 (Background and outcome, paras. 7-11; project and consultation context); Kudz Ze Kayah Project (Project status, lines 32-36); Kudz Ze Kayah project: Licensing documents (Licence and documents under review, lines 37-61); Ross River Dena Council v Yukon (Government of), 2025 YKCA 4 (Decision dated 28 March 2025; procedural ruling on BMC application to set consultation deadlines); BMC Minerals Annual Report 2026 (Subsequent Events, p. 36: Type B Water Licence and five-year Class 3 Quartz Mining Land Use Approval received after 30 June 2026); Updated 2026 Feasibility Study (pp. 1-4: updated feasibility-study forecast; p. 4: licences, financing and FID status); September 2026 Quarterly Activities Report (p. 9: permit status and late-2027 FID target)

Suitability for the current role

Role fit remains only partly evidenced

Current role through 2026-11-02 · analyst inference · low materiality

Issuer page identifies CEO/MD role and BA Economics, Diploma Accounting, CPA and CA(BC) credentials. This supports relevant disclosed experience for President, Chief Executive Officer, Managing Director, but does not establish attributable performance across the full tenure. Analyst assessment: role relevance is plausible; strength is unproven from reviewed public sources.

Attribution: Responsibility not applicable. This is an analytical role-fit assessment; it does not allege responsibility for outcomes.

Relevance: Relevant to current President, Chief Executive Officer, Managing Director duties at BMC Minerals Ltd..

Board and Management (Current board and management listing; Michael McClelland)

Evidence gaps

• Full prior-employer chronology and exact dates are not independently established beyond the cited issuer biographies.

• Formal education, professional memberships and credentials have not been independently verified against awarding institutions or registers.

• No exhaustive individual criminal, sanctions, litigation, safety, environmental or regulatory record search was performed; logged open-web checks are limited and are not a clearance.

• For company-level operating outcomes, personal contribution is not established unless a source expressly attributes it.

• Open-web/name-search results documented here are not an exhaustive criminal, sanctions, litigation, regulator, safety or environmental clearance; records were not searched across every jurisdiction of prior employment.