Brad Langille

Los Ricos South, it's I mean, remind me again, is is it It's been this well, we took last time it's a bulk tonnage underground mine

we're on the verge of building a 2,000 ton a day underground mine with a mill

we operate a operating mine where we produce gold and silver and a little bit of lead and copper or sorry zinc and copper

And um in Los Rico South where we've started our uh work uh in 2019, we we drove off a resource which we've now brought to a reserve and um in the area that I'm uh circling on the map here. And um that area where we have close to 100 million ounces of um silver equivalent reserves now in a final feasibility study

we produce about 2 million ounces a year of silver equivalent

rico south in production we go to 9 million ounces leos north is in our pipeline...brings us to 15 to 16 million silver equivalent ounces annually

Lots of exploration upside. This is an asset that I believe everybody will be talking about a decade from now.

we also have our Los Ricos North which is a um at a earlier stage study a pea but it is projected to produce about 8.5 million ounces.

these are big wide structures with good grade, really good grade.

Los Rico South, if you take consensus pricing, which would be around $3,500 gold and around $40 silver, Los Rico South by itself would be um right around 1.4 billion. And then, if you talk Los Rico North, um at those consensus pricing, would be a little bit more, would be around 1.8...the whole district at spot price would be pushing between four and a half and five billion dollars.

Really at today's commodity prices, Los Rico South in our study at um much lower prices uh had an NPV of um about 355 million. But if you apply the current uh spot prices or close to spot price, you'd be looking about 650 million NPV in Los Rico's uh south

So over a billion dollars of net asset uh value or net present value in the Los Rico district and that is discounted at 5% and that's after tax.

both Los Ricos North and Los Ricos South are all-in sustaining costs of $12 per silver equivalent ounce.

The all-in sustaining cost for the ounces in the Los Rico district would be about $12 a silver equivalent ounce.

We have our Parral tailings uh retreatment project where we developed new technology around treating old tailings in Mexico. And um that project is generating at current prices between 70 and 85 million dollars uh depending on the price swings per year in free operating cash flow.

all in cost right around $12

if you take consensus pricing, which would be around $3,500 gold and around $40 silver

making around at my side around $3 million a month of free cash flow

the build cost for Los Ricos South, and it's a fairly fresh study. I mean, there will be some inflation, but um $227,000,000 is the build for Los Ricos South for 2,000 ton a day underground and a mill...That'd be in today's dollars inflation, that was a study of PEA that was done 3 years ago. It's going to be more around 300 million dollars.

with a 227 million dollar capex build um and us being about 280 plus right now we don't have to slow down and go to arrange financing.

in the first 18 months of production, after tax, we would generate about 600 million US in free cash flow. And no debt to pay back. We have all the capital to build it.

we'll have spent over $300 million

we had 262 million in the bank. And we're probably a little closer to 280 to 285 right now.

We have about uh today we'd be about 270 million US cash in the bank with um no debt.

we have 135 million US cash in the bank

we've arranged our financing packages. We've arranged our business plan that well, we're building Los Ricos South

we have eight term sheets in front of us for uh the project debt financing and we've narrowed that down to a couple

227 we would have already spent 7 million of that.

you guys just raised $86 million back in April

over next 6 months you're going to see earthwork, foundations, start of the mill, and and the portal or the entrance to the underground mine, and starting down that ramp.

we're 75% done. So, we can maybe even shorten up that timeline a little bit

we put a deposit actually about 4 months ago on our SAG mill and on our filter presses.

we've made that uh, official mine build decision, you know, at a board meeting on the weekend, actually, just to make it official.

on the underground uh, towards the end of the summer we'll be starting down that ramp.

really over the next two weeks we should be starting to mobilize earthworks equipment to site

uh the project that we're about to build will produce um over the first uh 7 uh 5 years about 7.2 million ounces of silver equivalent.

It's a 24-month build from commencement to first pour.

we could build Las Cristinas South, which is about 2-year build

rico south in production we go to 9 million ounces leos north is in our pipeline

It's been a bit of a wait. It's been a a little over 3 years.

We're told independently, which doesn't make it true, that we can expect to see that permit in calendar 2026...It could be weeks or possibly months, but I think it's probably in the very short term.

We're waiting for a permit. We think we're on the cusp of getting the permit

we're shovel ready we're ready to go that that build is going to take 24 months of construction and then six more months to ramp it up to full production.

I'm the CEO of GoGold Resources. And we're a company that's focused on Mexico.

we're going to build which is a 2,000 ton a day underground mine in Mexico in the Las Ricos

we're a group that have built four mines down here in those companies over the years, over the last 28 years.

Los Rico is about an hour and a half drive out of Guadalajara, Mexico

We've been waiting 3 years for the the permit. Which for us in Mexico after building four mines is being number five. Um you know, typically had taken us 6 months to get a permit. Things have changed in Mexico.

We have some of our permits today. We for example have our blasting permit uh which is very important permit one that we need and we're just waiting for our environmental impact and our change of use of land.

We're waiting for a permit...Los Ricos North as well, which will be the second mine in that district that we're at a PA level study

we also have our very exciting Los Rico's exploration development project in Haliscoco Mexico on the verge of construction.

Los Rico is about an hour and a half drive out of Guadalajara, Mexico

when I think about Las Mercedes South I think about my 32-year career and and that'll be my number five

myself, I've been in this industry for 32 years and for the last 28 of that in Mexico. And um this is really the fourth uh company, public company that uh I've led in Mexico. And we're a group that have built four mines down here in those companies over the years, over the last 28 years.

I built four in my, you know, career now in 1999

I'm a very large investor of the company as the CEO. I'd be the second largest reporting shareholder at about uh 6% of the company.

I've been uh one of the founders for now 13 years and...I've never sold a share in the company

we planned very conservatively in the feasibility study for 20 m sub levels in the underground. So we think we can maybe extend those to 30 m which would cut down our underground cost development by about 30%.

We're at 70% called what's called detailed engineering...we've got updated prices for within a month ago...right now what we can say is that we're 70% finished that process and we're right on budget. So, we don't see big blow-ups in capital cost here

That brings it to plus or minus 10% of accuracy. That's what we aim for in a final feasibility study.

The resource model very very tightly drilled. Um I don't have any hesitations about saying it I have a lot of faith in our resource model

When you get underground, obviously you do we've done geotechnical surface drilling and we're doing some more to see if we can expand those levels, which will just make it you know, optimize optimize. Um that's where you have more of your if there's risk, there's more risk there. Not uh binary risk. It's all risk about hey, maybe the costs are higher or a little higher or or maybe the CapEx is a little higher because you don't

that can be mined very um productively in in a bulk underground mine. And at low cost.

This is an asset that I believe everybody will be talking about a decade from now. As it's um producing a lot and finding a whole bunch more.

not only are we going to produce a we hope to produce a lot of silver equivalent ounces, but also they're very lowcost silver equivalent ounces.

we're about another 20% um insiders. and uh that includes myself and I'd be the second largest reporting shareholder

our share structure, we're about 50% institutional

market cap today in US dollars uh about 725 range around 725 to 750 million US

That means we have our permit and I think it'll be uh you know in the first part of that year

We'll have started construction um on the mine in Los Rico South