Frank Basa

they came up with a very conservative number of 2.9 million ounces

But, you know, you have a tailing deposit like the one we were on, 5 million ounces.

Today, exploration has outlined an inferred resource of 7 12 million ounces of silver at an average grade of over 8,500 g a ton.

we have 7 half million ounces at 250 ounces of.

Our intent was to move those tailings one way or the other because we want to get out the hard rock.

They're surrounded by legacy tailings and waste rock that still carry silver values.

we have grades up to 89,000 grams a ton, which is about 2,600 ounces on silver.

she comes back says, "You have at least 29, if not more."

And none of that resource includes the last 60,000 m of drilling the company has conducted.

We've identified so far five vein structures.

Drilling a Castle East has delivered some of the highest silver grades in the world, including results like over 89,000 g per ton silver over 0.3 meters.

Today, exploration has outlined an inferred resource of 7 12 million ounces of silver at an average grade of over 8,500 g a ton.

We were able to take the low grade tailings, depending how you call, 4 to 10 ounces a ton to about 12,000 ounces a ton.

they came back with a also reasonable recovery about 85%

We spent $2 million fixing it.

we will have over 100,000 mters

So hopefully next year, summer next year, we'll be uh processing the tailings.

If a company hits every step on time, the province says you could get a mineral recovery permit in as little as 80 days.

So July this year, they've changed the permitting process. Apparently now we can get a permit in 80 days.

the province of Ontario has introduced a new recovery permit process active as of July 1st, 2025

This new government pathway came into effect on July 1st of this year.

It it got grandfathered. You know, usually what they do when you're around long enough, they kind of say, "Well, it's been here." And they kind of grandfathered. But we do it's fully permitted and uh we're good to go.

Nord, for a company with a tiny market cap, is perfectly situated for this development because they have a permitted processing facility in a town that is more than just a footnote in Canadian history. That town is Cobalt, Ontario.

only one in in Canada in in Ontario

The province of Ontario is now expediting permitting for recovery of tailings.

when I work with them at Agniko Eagle and to this day they still use the same model

like I said when I was with Nico 35 years ago

a CEO who has a history with one of the largest gold miners in the world in Agniko Eagle

we're looking at silver only about 20 to $30 an ounce. Uh so, you know, we we kind of now might have to move that up to maybe $60 an ounce.

the narrow width, which is 30 or 60 centimeters, but you can go 2 meters and the grades are still like in a hundreds of ounces a ton

Lightweight, lowmaintenance spirals that upgrade old tailings, basically fine sand into a silverrich concentrate the old stamp mills never caught.

You recover half, right? So, you got 2,500 ounces met a day on a tailings deposit.

we regularly hit veins that are 5,000 grams a ton silver. You know, in the old days, 5,000 grams a ton silver is a waste.

Our tailings, you know, I'll give you a good example. Our tailings are 4 to 10 ounces a ton.

out of waste pile, we poured a thousand ounce silver bar

you're drilling from surface, you have to drill at an angle to hit a vertical vein and you can miss it

The company has nearly a $4 million working capital deficit that largely arises from flow through spending commitments not being met

we went for what we called an amendment to our closure plan and that took us six years

The mill is actually designed for very small tonnage. Basically, uh, it's designed to only about 60 tons a day.

The gold is about 3 to 5%. Oh, it' be uh be about 80% uh silver.

You can put that into production. They let you go up to 5,000 tons a day.