Frederick H. Earnest

with an average grade delivered to the mill of just over a gram per ton.

We raised the cutoff grade in the feasibility study. We took it from 0.35 g per ton to 0.5.

we're focused on you know the the getting the project ready to to the point that's ready to start construction... we're sort of about a gram just over a gram average for the for the first few years

We have the Mount Todd gold project, one of the largest undeveloped gold projects in Australia.

The deposit itself is uh it lies below that pit that's off to the left. That's the Batman deposit. And and the deposit itself has a strike length of 1.6 6 kilometers. The mineralized zone varies in width between 2 to 300 meters and it's been drilled out to 600 meters below depth.

This project as designed has a has a 30-year mine life.

We can expand it later. And we've designed it so that it can be expanded.

We presently report 5.2 million ounces of proven and probable reserves.

we have a a a total resource of 10.6 million ounces.

we uh we achieved an initial capex of $425 million at this rescaled initial project size.

Rightized the project, reduced capital 59%, focused on grade over tons

was we had an NPV5 of 1.1 billion, and an IRR of 27.8%. We we publicly, you know, announced that at a $3,300 gold price, that that NPV5 goes to 2.2 billion, and the IRR goes to just shy of 45%.

an after tax MPV of $1.1 billion and an IRRa of 27.8%. Uh if we just raise the the gold price to $3,300 in the model that gives us an after tax in u after tax MPV5 of uh $2.2 billion and an irr of almost 45%.

the economics of the feasibility study we published last July, and bear in mind this was at a $2,500 gold price, was we had an NPV5 of 1.1 billion, and an IRR of 27.8%. We we publicly, you know, announced that at a $3,300 gold price, that that NPV5 goes to 2.2 billion

at a at a $2,500 gold price uh we have uh an after tax MPV of $1.1 billion and an IRRa of 27.8%. Uh if we just raise the the gold price to $3,300 in the model that gives us an after tax in u after tax MPV5 of uh $2.2 billion

this was at a $2,500 gold price. We we publicly, you know, announced that at a $3,300 gold price. At today's gold price, $4,500 plus or minus

We used a $2,500 gold price.

The all-in sustaining costs life of mine are just shy of $1,500 an ounce and uh first 15 years just shy of 1450.

we uh we achieved an initial capex of $425 million at this rescaled initial project size.

we had the financing last week. We raised $39 million and and the over aotment will take it up to about 44.8... it was overs subscribed by about 2 to one.

since we raised money in in March, we have the the resources to be able to commence that work. We've been evaluating uh and looking at the the potential of having a secondary listing on the ASX. we believe that there'll be a significant part of that that comes out of Australia.

we're working with Endeavor Financial to look at the debt side of it. Uh, you know, conventional conventional bank debt possibility. There's a a quasi government fund called the Northern Inf Northern Australia Infrastructure Fund

we resized the project a little over a year ago. And now pushing forward with a 15,000 ton per day operation.

And we'll be undertaking a dry season study the end of the end of August.

in 2025 completed a uh a feasibility study that we believe demonstrated a an achievable path to near-term production.

we're going to advance the project to the point that we can commence detail engineering in in 2027

anything to that you think will make holds you up in terms of that kind of 2027 target timeline that we've talked about in the past.

we expect to be able to submit that we call it the EPBC authorization application sometime in either late October or November and then we're looking at somewhere in the range of 6 to 9 months for approval of that.

we we finished the feasibility study last July

our flagship project is in Australia

Mount Todd Gold project is located in the northern part of the Northern Territory of Australia.

We have the Mount Todd Gold project in the Northern Territory of Australia

we have our EIS has been approved and you know, but we've got to make some modifications

Three of those permits are territory granted permits. I think we'll have all three of those by the end of the year. There's one federal authorization that will probably take uh 14 16 months from now.

It's located in the the northern part of the Northern Territory of Australia. Uh very accessible about uh 3 hours south of Darwin uh and a little bit 30 minutes north of a regional commerce center named Katherine.

We have the Mount Todd Gold project in the Northern Territory of Australia

We're working with the the local Aboriginal custodians and traditional owners to satisfy the requirements of the act. We've already completed the wet season. Fauna study that's required under the new provisions of the act.

we've started building a team in Australia. Uh we're going to have a small executive team based in Perth... three of the initial six people that we're we're targeting have uh already started work... We're going to have a small office, 8 to 10 people in Perth

at the start of the year we hired uh three key people. Uh Dr. Francis Caranci has joined us as our approvals manager. Uh we also hired a uh an an executive general manager of uh projects and technical services. Uh guy named Jeff Dang with considerable experience in in development and and operating projects.

the west wall of the pit got laid back from 52° to 42°. It's added 70 million tons of waste. We're quite confident that we'll steepen it back up, maybe not to the full 52 or 53°, but I think that we'll we'll get close to 50° at least

We know that uh the previous operators that a heat leaching doesn't work at this deposit. That was Zapan and Bilitin. We know that uh the selection of barmarmac crushers doesn't work at this project. That was Pegasus experience.

there's a geotech program that'll kick off in the next four to six weeks and uh hopefully that'll result in steepening the pit wall on the west side, reducing the stripping ratio.

one of the recommendations from the feasibility study was some some additional and and final metallurgical test work. The initial grind work is completed, uh, leach optimizations and grind size optimization work is is in progress right now.

one is a small MET testing program to get the last little bits of information that we need for equipment selection and design. And that drilling was finished in January. Core is being shipped to the Met Lab this week.

The all-in sustaining costs life of mine are just shy of $1,500 an ounce

we compare ourselves to a group of 15 different uh developers and over the last two-year period. We're fourth out of out of 15 in share price performance.