North Bay Resources Inc (NBRI)

[gitreal]

The Company entered into an Amended Convertible Note Agreement with Tangiers Capital dated September 19, 2024 whereby $1,322,093.09, comprised of due and unpaid principal of $640,948.53 and $681,144.56 of unpaid interest has been reduced to $1,100,000 and is no longer interest bearing. Any unpaid portion may be converted into free trading shares at the discretion of the Holder in equal tranches of up to $275,000 3, 6, 9, and 12 months from the effective date. At Sept. 30, 2025, all tranches may be converted totaling 2,200,000,000 shares. In addition, any shares received through conversion are subject to a leak-out provision of 25% per fiscal quarter of shares issued, for a period of a year from the effective date. The previous conversion terms were 70% of the lowest 25 day VWAP. To date no shares have been converted and shares remain restricted. The convertible note shares available for conversion, on a fully converted basis of principle and interest owing, utilizing the above terms as of a closing share price on September 30, 2025 of $0.0005 was 3,041,467,478.

This is obviously the quarterly tranche from Tangiers being converted and sold.