Richard Young

we've got 6.5 million oz of measured and indicated gold resources, 7.5 million oz of inferred and 200 million ounces of silver.

we've got 6.5 million oz of measured and indicated gold resources, 7.5 million oz of inferred and 200 million ounces of silver. So, between the four projects.

including the Lone Tree open pit with 3 million oz of resources and the McCoy open pit

Our resource there is about 600,000 oz of M&I and we're in the same system.

phase three which is Mineral Point which is a big big big heap leach operation, 300,000 oz a year output.

We've got the fourth largest resource base in the state behind Nevada Gold Mines, Barrick, and Anglo.

And so today we've got 14 million ounces of gold split equally between measured and indicated and inferred and 200 million ounces of silver equally split between measured and indicated and inferred.

So it's an incredible asset base, in an incredible jurisdiction, and we're in the process of, you know, re-launching these assets. We're going to move from 50,000 oz of annual production this year to more than 600,000 oz when we complete the three phases of development over the next five or six years.

We have four past-producing operations that were owned by Barrick and Newmont that we acquired at lower gold prices

this is a 300,000 oz deposit open pit heap leach oxide material

I believe all of it's refractory, right? >> That's right.

We have four past producing gold properties that were previously owned by Barrick and Newmont and as most of your listeners know those two companies went through a number of acquisitions and ultimately shed assets and we're fortunate to pick up these four assets

which will allow us to bring Mineral Point, which is our largest and most valuable project, into phase two.

Mineral Point, which is our most valuable asset in the portfolio. It might be worth half the value of the company.

it's possible, depending on silver prices, inclusive of the royalty, that we're somewhere between a thousand and $1,400

the PA um ASIC was $1,400 an ounce, but we use 2725 silver, and there's a big silver component to it.

With the commissioning of our Lone Tree facility, we would expect our ASIC to drop under $2,000 an ounce.

our ASIC today, because those assets are ramping up and the toll milling that's costing us roughly about $1,500 an ounce, is between three and $4,000.

we've got to refurbish our Lone Tree plant. So, we're one of two companies with a permitted autoclave, the other being Nevada Gold Mines. And we have started that refurbishment. It's a $400 million plus refurbishment

So, the CAPEX is roughly a billion dollars, a little bit less than that.

So, over the three phases, we got about $2 billion of capital we put in.

Half of that is for Mineral Point, which is really akin to a round mountain, which will be a 20-plus-year mine life at roughly 300,000 oz of gold equivalent production.

We laid out in the PAs a NAV of 5 billion at $3,000 gold. So, at today's gold prices, it's roughly double that.

Just based on the original PEAs we put out a year ago, at current metal prices, the NAV's about $10 billion after tax.

we'll produce roughly about 200,000 oz through that facility being fed by two underground today and ultimately a third at ASIC at somewhere between 1,500 to $2,000 an oz for probably next 15 or 20 years.

the toll milling that's costing us roughly about $1,500 an ounce

We laid out in the PAs a NAV of 5 billion at $3,000 gold.

the PA um ASIC was $1,400 an ounce, but we use 2725 silver, and there's a big silver component to it.

we had just finished raising about 300 US of equity, but we still had a long way to go. So, in the first quarter of this year, we announced and closed essentially three different debt facilities or royalties for about 800 million US to complete the recap.

We've allocated 50 million dollars this year for an infill and step out program, as well as engineering, initial permitting

$250 million from a royalty agreement with Franco-Nevada, $288 million for senior notes, and $250 million from a prepayment facility with National Bank.

$250 million from a royalty agreement with Franco-Nevada, $288 million for senior notes, and $250 million from a prepayment facility with National Bank.

$250 million from a royalty agreement with Franco-Nevada, $288 million for senior notes, and $250 million from a prepayment facility with National Bank.

We've drawn down 150 of the 250.

We don't need to issue any further equity.

So, uh we are fully recapitalized. We will not require any further equity dilution to be able to execute on this three-phase plan

we completed the recap of the balance sheet in the first quarter of this year. So, now we're fully funded to execute on that three-phase development plan

Yes, we are. Including uh swapping phase two and phase three.

We had $200 million of debt on the balance sheet that was coming due over the next 24 months

It probably will net us about an additional 10 to 20 million in cash on the balance sheet over which we would have had with that in place.

And it cost us about $4.8 million in in equity.

We have about 1.2 billion shares outstanding, which puts our market cap at I'm not sure where we're trading today, call it 1.8

we hope to be able to do that. And we'll we'll determine that over the course of the next three to six months.

we'll have feasibility studies or pre-feas on all five projects beginning this quarter and over the next three quarters.

We announced a three-phase development plan in November of '24, but it required a lot of capital.

a $400 million plus refurbishment that will be done by the end of 2027

I think you mentioned before when we were chatting 17-year mine life potential to extend that as well.

we expect to be at that 200,000 oz mark by the beginning of 2028.

switch phase three with phase two which could bring you up to about 500,000 oz of production by 2030.

The convert is a 5-year maturity April 15th of 2031.

part of what's happening is we've got to reschedule the development of Cole, pushing that out. That's delayed it as the drill results from the other two projects have come in.

It's largely done. And we should have it out shortly.

We should here in the second half of the year whether we can do that.

that will see production rise from 50,000 oz this year to more than 600,000 oz early in the 2030s.

that will take production from 50,000 oz this year to more than 600,000 oz when we complete phase three.

we'll publish the five feasibility studies that overall will confirm the tremendous value that was included in the PAs.

Obviously phase one is fully permitted.

With the US administration being pro-business, pro-mining, there may be an opportunity to accelerate that development.

They've already been permitted. We're just asking to you know the federal and state governments to re-permit what they've already done.

They're all brownfields and what that means is they're historic mines that have been in operation

we're located on one of the two gold belts. We have four past-producing operations that were owned by Barrick and Newmont that we acquired at lower gold prices, uh conducted some exploration programs

we're Nevadaab based. We're going to create a midyear gold producer over the next 6 or 7 years

So, I started my career at Barrick Gold. Um I was hired in late 1990. So, I was part of the group that built out Goldstrike in Nevada.

And all that production is coming from Nevada at very attractive cost

I started my career at Barrick. Uh I'm an accountant by training. Barrick had 25 people in the corporate office when I joined. Everybody was married with kids. I put my hand up, and I would joke that in my nearly decade and a half, it was 25 years of service. I worked all the time.

our chief operating officer would say, Paul Chowrun, um I've worked with him before. He's the best mining engineer that I've ever worked with, including a decade and a half of Barrick.

We built the major gold producer in West Africa and sold it. When I say we, a lot of our team is back from those Triang days.

We also worked in Ontario and Mexico and the US at Argonaut, but you know, I I think the combination of having that Nevada experience from my early career

You know, I started my career at Barrick Gold. Um I was hired in late 1990. So, I was part of the group that built out Goldstrike in Nevada.

I've actually worked at five companies. I've worked with Franco at all five all five companies and so we know them well and uh our team has worked with Franco for three or four companies

I actually started my career at Bear Gold when they had 25 employees...worked at Beric for nearly a decade and a half, worked globally, and then after that...founded Tranga Gold...IPOed in 2010...built that up to a mid-tier gold producer and merged that in with Endeavor

Mr. Richard Young stepped on who has an impressive resume of building production level assets.

He joined two months ago. We had worked together at Traanga Gold in West Africa for more than a decade and created a mid-tier gold producer in West Africa and sold that to Endeavor in 2021.

And then Alan Hill and I IPO Teranga that we built in a mid-tier merge[…]ons, in part because of Franco coming in.

we have a really strong technical group, particularly with the hiring of Paul Chaun, our chief operating officer. He joined two months ago.

with a couple of our underground, the grade was mis-modeled. So, the grades are going to be a little bit lower.

The view internally was we needed all three projects in production to be able to fill our mill. With the drill programs at Granite Creek and Archimedes, we're confident that we're going to be able to fill the mill now for at least the next decade, maybe longer.

So the the payback is less than 2 years on what ultimately will be probably 20 years of throughput through the facility, but a 40-year life.

Once we refurbish our autoclave, it's going to cost over 400 million. That autoclave's probably worth a billion and a half dollars on its own.

we're losing between $1,000 and $1,500 an ounce through the toll milling charge

there's likely going to be a point in 2027 as we're completing the refurbishment of our own process facility where we will actually stop delivering material under the toll milling agreement stockpile that put that through our own facility which will save us between $1,000 and $1,500 per.

there will be additional costs at Granite Creek related to that

the hydro geologic model was complete at the end of the first quarter.

We don't see a lot of risk in the execution plan. We're moving the five PAs to fuses.

execution risk for us is significantly lower than it would be for normal construction build of a greenfields project.

So about 20% of Cove you get slightly better recovery rates through a roaster and we have an agreement in place with Nevada Gold Mines to uh roast that material

We are one of two companies with autoclaves in the state. We currently are doing a feasibility study to refurbish our autoclave.

We're also refurbishing our Lone Tree plant that we picked up from Newmont. We're one of two companies with an autoclave.

For refractory material, you have to cook that ore what nature did over billions of years, you can either autoclave it or roast it.

we'll produce roughly about 200,000 oz through that facility being fed by two underground today and ultimately a third at ASIC at somewhere between 1,500 to $2,000 an oz for probably next 15 or 20 years.

At current metal prices, the NAV is six or seven billion dollars on its own.

And that's roughly about a $10 US share price at one times NAV.

And our market cap is less than two.

we currently have a little over 800 million shares outstanding assuming the conversion of the warrants that are outstanding will be at a billion 50

Bowser shares, 50 million shares. Um, which is an awfully large number. Um, and the balance will be financed through debt and the non-core asset sales.

So, we've got five either feasibility or pre-feasibilities coming out in the next 12 months.

We're currently in the process of our largest infill and step-out drill program in company history.

we'll have four feasibility studies done, three gold projects plus the autoclave.

over the course of the balance of the year, we will have the uh the loan tree refurbishment update.

We're looking at ways to be able to optimize and accelerate Mineral Point. It was in phase three of our development plan 18 months ago.

We will be refurbishing the autoclave. We'll have completed the recapitalization and have the debt facility and the noncore asset sales in place.