Glenn Jessome

We also dig into the LT Gray project, including what the pea on the underground portion of the project means for shareholders

the stockwork bulk tonnage deposit uh at LTRA exactly as laid out in our prefeasibility study

That means I build this open pit. That means I build that underground.

and more than 100 million in the underground deposit. Remember this is only 3 or 4 kilometers of 25 km trend.

we've got 10 kilometers each way on our property

we're just starting to explore north and south

we did all of the work to drill off uh 100 million silver equivalent ounces in the in in the bulk tonnage deposit at surface

We've got 100 million silver equivalent ounces in the ME and that bulk tonnage...We've got 113 million in the underground...they see another 73 to 100 million silver equivalent ounces

We planned everything to build LT Gray, the surface mine, the underground, the add more ounces at 30 or $35 silver

if that was done, those teddies at 1,800, you know, be uh dollar a lower gold amount.

Um 60ish, I don't know, somewhere around 60. These are US.

IRRa of 92%

This first step, and I want you to remember this, Matt, it's very important. This is 60% of that bulk tunnel...generates when in production an NPV of 750 million these are US dollars

well over 100 million USD net cash flow after tax

pays back all capital a year

they offered me a $60 million bot deal financing at the very top of that market.

the bulk tonnage part of the deposit which is permitted for call that about a h 100red million US

I've got 60 million US in the bank right now on an 186 million capex sale.

We have over 50 million USD in the bank today.

I've got 60 million US in the bank right now on an 186 million capex sale.

We still raised have raised since 2020 for our project 200 million Canadian to get to here.

in January of 2027, line in the sand, we are going to pour have commissioned in October of 2027

The studies say we should be able to build this in 18 months, even if it's 20. I've been telling most people 20.

the big big next thing for us in the next couple of weeks is we will announce um who the EPCM contract will be awarded to.

within 18 months the open pit portion will be in production

we've actually started what we would call construction, um road building, uh camp building, uh clearing the land.

we've started that. We'll talk about the process in a minute. I'd say by June, July, it'll be it'll be full on the go.

We now execute and we're going to build in the highest sustainable environmental method possible

commissioned in October of 2027 and poured the first Doré bar, which is a silver gold bar at Eltegra.

And in 2027, 2028, um, we join that diminishing list of silver mines in the world.

we're going to build this thing in 18 months

In January. You're going to see a PA, the first economic test for our underground steep.

you're going to see the PDA in January for that 800 tons per day underground operation

we will get our permit amendment very soon and we'll just continue to build this

Our group's been 30 years in Mexico building silver mines.

the first bulk tonnage open pit permit, new permit in Mexico, uh, since 2019.

Um, we're in Mexico in case they forgot. Um we're in Sonora.

our mine happens to be 90 km from the US border

We received that new permit for this surface mine, this heat bleach project um in November.

we were, uh, very successful in in in getting in November the the first bulk tonnage open pit permit, new permit in Mexico, uh, since 2019.

first one since 2020 in Mexico, a new permit uh to mine the uh stockwork bulk tonnage deposit uh at LTRA

we have an under 800 ton per day underground amending that for the open pit portion

Sonora, it's the top mining jurisdiction where we are in Mexico.

He built two of the blast big bulk tonnage deposits in Sonora, the state we're in.

Um, we're in Mexico in case they forgot. Um we're in Sonora.

this group has built four big silver mines in that period of time. This group has sold four more projects to majors in that time.

He built two of the blast big bulk tonnage deposits in Sonora, the state we're in. He ran built drilled them, built them, and ran them for 10 years until 2022.

From 2010 to 2023 when he joined us he was the driving force in Mexico behind a company called Argonaut...built two big bulk tonnage mines in sonor

we have amazing team over 30 years in Mexico because this group has built four big silver mines

I give all the credit to my team and their their deep decades long experience in Mexico for getting us here.

I'm the second biggest shareholder in the company.

our group has built one, two, three mines in Mexico. uh even before I drill joined third over the last 30 years we sold three more to majors

Elte, which we're going to talk about later, makes money, very good money, sub $20 silver.

you have a big bulk tonnage deposited surface. You want to mine that first and then you want to transition to the underground.

There will only be one more mine in the silver space that comes into production in 2027.