Luke Norman

there is close to 300,000 oz of gold in the tailings that's not going to be left behind.

there's between 800 million and a billion dollars in situ of that rock sitting on surface

we see another million ounces potential below the reserve

anyone who wants to take a look at the data can see another million ounces plus potential for, you know, harvesting within the pit

mining gold and copper project just outside of Cheyenne, Wyoming

It's exposed at surface. It's a less than one to one strip ratio in an open pit.

sort of crush, grind, rotation, tri stack. It's it's it's it couldn't be simpler

It's a 1.7 million oz reserve. Uh realistically, we look at that deposit, we see more like 2 and 1/2 to 3 million oz

when I look at us with 1.7 million ounce reserve in hand.

we've got what a 1.7 million ounce reserve

Uh realistically, we look at that deposit, we see more like 2 and 1/2 to 3 million oz of gold uh gold equivalents

80% of the holes drilled into uh CK have bottomed in mineralization.

we're talking about 100,000 plus ounces a year. maybe maybe 110 um 10 year lifetime minimum

we're only recovering 70% of the gold. 30% of that gold is locked up actually in the tailings.

at 3250, you know, you see a after-tax NPV, for example, of $630 million

the after tax NPV is about $635 million up from $230 million.

even at $4,500 gold, you know, you're all sudden you're dealing with a $1.4 billion NPV

bring another million ounces into this project, it'll be another billion dollars in net present value.

at 3250, you know, you see a after-tax NPV, for example, of $630 million, you know, just under 30% IRR

The IRR you after tax again is just below 30%.

and an IRR of just under 50%.

Uh, you know, we ran the numbers. These are brand new fresh numbers. Uh, we ran 3,250 is our base case

You did the numbers at 30 with 3,250, right?

you can forward sell 50,000 ounces at, you know, 43 or $4,400.

we did come in over $400 million on this one from a previous forecast of $277 million.

uh right now our forecast is around $280 million in our February prefeasibility study.

copper, by the way, just makes up about 30% of the economics on the project

you it's a less than one year payback, right?

project financing should we really should have a handle and wrap on that within the next 3 months

definitive feasibility is going to set the pathway immediately to project finance.

We just signed a power agreement very recently of Black Hills Energy securing 7.2 cents kilowatt hour

term sheet presented to us from a a debt component for building this project.

the definitive feasibility is really the stepping stone to securing the financing that that we require obviously to develop this thing.

Uh $31,234,000 [laughter] >> precisely.

Like 2026, year of execution to you guys.

it's an 18-month runway into development, through development into production.

we've now signed a contract with Black Hills Energy where power transformation is transformers are coming from as well as transmission

It'll be probably later this month or early into February

DFS definitive feasibility study that uh will be concluded most likely mid December, but >> 2025...But we'll publicly release it, I imagine, in January

Yeah, we're still pushing for uh you know mid to late uh Q4.

the first year of production, you know, is forecasted 130,000 ounces of gold, 24 million pounds of copper

we have this 10-year mine life

we just get permitted in November last year and the market starts to wake up

just outside of Cheyenne, Wyoming. Now, it's just across the border from Colorado

with the CK project or Copper King in Cheyenne, Wyoming.

our location being just 20 miles outside of a major investment uh sorry a major uh employment hub uh Cheyenne Wyoming

We have a gold and copper porefree system down in Cheyenne, Wyoming

we're currently developing a gold and copper pfrey just outside of Cheyenne, Wyoming.

we have uh ready to go shovel ready uh fully permitted copper gold uh pfrey sitting in Cheyenne, Wyoming.

we have a fully permitted, shovel ready, reserve backed, definitive feasibility backed, uh ready to go mining gold and copper project

Right before Christmas of 2024, we received our final non-conditional permit to mine

You are permitted. >> Yep. >> For everything is anything outstanding that you need to be chasing down? >> Nothing

we're the first hard rock mine uh to be permanent in Wyoming in a 100 years.

shovel ready, reserve backed, definitive feasibility backed, uh ready to go mining gold and copper project just outside of Cheyenne, Wyoming

We're a NASDAQ listed company, USA Symbol. We have a gold and copper porefree system down in Cheyenne, Wyoming

what we found was really minimal public opposition.

we're the first permitted, fully permitted, uh, hard rock mining opportunity in almost 100 years

5 years ago, we brought in George B, our CEO. George has built some of the largest gold mines on the planet

he cut his teeth building gold strike for barracks. So, you can imagine, you know, that ultimately led to the barrack we know today. So, he's built some of the largest gold mines on the planet.

It's a very very bare-bones simple system. In fact, there is a quarry operating just 2 mi to our south

run through a crusher, grinder, and ultimately flotation circuit. So, extremely simple method of recovery.

that rock is is yep signed off by a geologist, put onto a particular pile...crushed into pulverized into about a 60 micron uh you know sand and that runs through a flotation circuit. We extract gold and copper and silver concentrate

the cells themselves uh utilize about 40% less energy than traditional.

It's in the mid to high $40 million range contingency built into that CapEx.

there isn't any leeching and there is no tailings down. you you you took the two biggest hot button issues

very low strip, 0.9 to1 strip ratio within our our current reserve and a lot of upside to that.

there's there's no real ticking time bombs in terms of the methodology of us building and extracting this gold copper concentrate.

we're going to start drilling below the reserve. Now that we see another million ounces potential below the reserve

There's companies interested in M&A activity or or pure takeouts on the project.

there's obviously interest from an M&A perspective, but then we've got all the offtakers who these concentrates are in

basically one of the only permitted shovel ready projects ready to go in North America >> at scale

the fact that we're going to be generating a copper concentrate, copper gold concentrate, excuse me, because there is a lot of copper in this system has led to a lot of interest from the offtakers.

the last study seems to suggest it was like under a thousand bucks...We expect the uh the capex or the building cost of the project to increase significantly >> but not relative to the prices of the metals

We have a 16 million shares outstanding. That's unheard of in the junior mining space.

With 16 and a half million shares outstanding, we don't want to see that balloon through project financing.

after that 31 and change uh million US financing we did just before Christmas, we still only have 16.5 million shares outstanding.

we're a NASDAQ listed, purely USlisted company with a very tight share structure, only 14.2 million shares outstanding.

project financing should we really should have a handle and wrap on that within the next 3 months

we have designed a drill program to go and add more ounces to our reserve to go and track down more ounces at the deposit