George Salamis

Just that alone adds two years. So we're talking five to seven. And then the various bits and pieces around the mine site as well that we've defined again with the drill bit extensions of existing zones that should add mine life as well. So I don't think we're talking any longer about a fiveyear long mine life. We're talking about something well in excess of that

what we think that feasibility study will show a much longer mine life some general improvements

We'll be showing what will be uh an extended mine life based on the expiration that we've done in 2025.

it's a sizable amount of material. It's 50 million tons of of material that's kind of sitting there. Uh yes it's lower than the average grade of the deposit but it's still economic.

a large jump in resources and reserves, 78% jump in reserves and 128% jump in resources.

We we should be able to get a lot of that 50 million odd tons of material into mine plant for this uh this upcoming feasibility study.

It came with a six-year mine life.

a large jump in resources and reserves, 78% jump in reserves and 128% jump in resources.

two development stage assets totaling 10 million ounces, all in the Great Basin of the Western US.

Integral Resources is a Great Basin focused new entrant into the gold production space, gold producer, gold developer, 10 million ounces in the Great Basin.

don't configure your heap leachch pad this way, you know, maybe move it, you know, slightly to the left or slightly to the right.

We're talking about, you know, low to mid 60s of recovery versus high 40s, low 50s from a ROM perspective.

Our costs then sort of migrate down over the course of the next 8 years to an average of about 2,300 just over 2,300 dollars an ounce AISC.

Because people aren't going to be looking initially at the ASAC. We're talking about you know 2750 to 2950 looks high.

all in sustaining costs high 2450 to 2550 because we're there's a reason for that and we're reinvesting a lot of money back into the operation.

we're still making you know $25 thousand dollars of margin uh uh per gold ounce right produced

we're up 400%. uh working capital year-over-year.

uh total costs to produce an ounce of gold about $1,800 to $1,900.

Running a higher gold price on on the resource and reserve model does a lot of things to add add resources and reserves.

they were strongly economic in the in the context of a PA done at $1,700 gold or $1,800.

So so we have puts uh down to 2750.

we've got 60 to 70 to spend on the asset

in terms of the um growth profile that you're talking about is kind of locked in and how much of is it yet to be executed on I where's the risk? uh in terms of being locked in, I mean essentially most of that sustaining capital is stripping, right? And and that that we have to do to get to the the uh the central pit war body essentially.

the cash flow that this generates over the the entire 8 years, close to $800 million of after-tax free cash flow

the headline number, you know, is NPV five of $601 million.

The uh the $380 odd million dollars, some of that will be covered with debt in the future.

the the $60 million raise that we closed a few weeks ago

How much was uh $60 million was the targeted raise.

About 55 million bucks worth of reinvesting is reinvestment.

in terms of our current cash cash position for the company, I think it it now sits at over $110 million, something like that, in the treasury, maybe a bit more.

per the uh the numbers that we put out recently, I think it's it's 60 million odd dollars in the treasury.

We have a treasury of 63.

I mentioned the aspect of of putting out a study that has no upfront capital to it because this the mine sustains itself.

very well subscribed. three times overs subscribed.

The we we started drilling the asset as soon as we acquired it just over 18 months ago. Um, hit the ground running 16,000 m in the first year

80 80 to 90,000 ounces per year in 2027 and another 80 to 90,000 ounces in 2028

we'll be again putting out some guidance on what that that study looks like in in March sometime.

in terms of growth capital to be deployed on things like Delmare for example this year uh as well looks like a year of early works uh ordering of purchasing of long lead time items to prepare ourselves for fullon development um of Delmare in 2028.

We've got a feasibility study which we're working on now which will come out mid year.

that was the the news release on the Delmare feasibility study that we put out right before Christmas.

that's a that's an H2 2026 um uh initiative for us

the public hearing process which is what the kickoff to our NEPA schedule which is due to uh commence in the spring of this year.

End of Q2, early Q3 is is the aiming mark. >> 2026 >> of 2027.

that fast 41 sort of 15-month timeline that the BLM handed us um you know a mere two weeks ago

we have a defined schedule which we put out a few days ago in in the form of a BLM schedule, which is 15 months start to finish.

Uh 8-year mine life, lower costs over time, higher production profile over time.

Show us that you can actually deliver the production profiles in the 80 to 85,000 oz range...and that's 2027 for us 2027 2028 and 2029

The feasibility study that we'll be putting out in in a few months from now on Florida Canyon will show a much longer lot mine life.

things that we can do without having the full permit in place. And why not get going on that?

the US federal government has put our project on a clock and it's a fast clock far faster than than certainly anybody expected.

Um I would our estimation internally is is sort of count two years from January which is when the NEPA process kicks off for us

we've dealt extensively with our primary stakeholders in in Idaho

two development stage assets totaling 10 million ounces, all in the Great Basin of the Western US.

Before that was with Silverrest helping get the Lost Chespus uh operation up and going and pretty successful deal there. Uh before that with Torx.

there was a uh there was a a bit of a mishap with respect to a tear in the uh in the lining of our solution pond um that we had to address

we are playing a lot of catchup on stripping that wasn't done previously by you know under previous ownership just because there was no spare free cash flow

it's an ongoing problem in that neck of the woods and I think it's always going to be a problem in in in the great great basin.

It's an it's it's an asset that's been unloved for 10 years, right? So there's a lot of money to to reinvest.

with respect to Delmare. um the the footprint of the of the proposed action on the mining operation shrunk by 25%.

We're not expecting any big jumps in in gold recoveries as a result of what we've done or the the CIC circuit or or things to come.

you know, just a few basic things like the last reserve estimate was done at 1750.

we've taken out the the plant. So, no sulfides, all oxides, heat bleach.

With Marjorie higher recoveries when we crush it, we've learned a lot from it in the last 2 years

I think that that signal should occur in 2026 if Delmare is real and it's not too far off from from producing.