Q2 2024 i-80 Gold Corp Earnings Call

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Operator: I-80 Gold I-80 Gold I-80 Gold [inaudible] I-80 Gold I-80 Gold I-80 Gold Ewan Downie, Matthew Gili, [inaudible] I-80 Gold, I-80 Gold, I-80 Gold, I-80 Gold, [inaudible] Gold, I-80 Gold, I-80 Gold, [inaudible] I-80 Gold, I-80 Gold, I-80 Gold, I-80 Gold, [inaudible] I-80 Gold, I-80 Gold, I-80 Gold, I-80 Gold, [inaudible] I-80 Gold, I-80 Gold, I-80 Gold, I-80 Gold, I-80 Gold, Ewan Downie, Matthew Gili, Justin Chan, Ryan Snow, I-80 Gold I-80 Gold Ewan Downie, Matthew Gili, I-80 Gold Ewan Downie, Matthew Gili, Justin Chan, Ryan Snow, I-80 Gold Ewan Downie, Matthew Gili, Good morning, and my name is Matthew, and I will be your conference operator today. At this time, I would like to welcome everyone to the I-80 Gold Corp. 2nd Quarter 2024 Results Conference Call. All lines have been placed on mute to prevent any background noise.

Operator: Good morning, and my name is Matthew, and I will be your conference operator today.

Matthew: Good morning, my name is Matthew and I will be your conference operator today. At this time, I would like to welcome everyone to the I-80 Gold Corp. 2nd Quarter 2024 Results Conference Call. All lines have been placed on mute to prevent any background noise.

Operator: At this time, I would like to welcome everyone to the I-80 Gold Corp 2nd quarter, 2,024 results conference call. All lines have been placed on mute to prevent any background noise. After just figures remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. If you would like to withdraw your question, please press star then the number two. Thank you.

Operator: After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. If you would like to withdraw your question, please press star then the number 2. Thank you.

Matthew: After the speaker's remarks, there will be a question and answer session.

Matthew: If you would like to ask a question during this time, simply press star then the number 1 on your telephone keypad. If you would like to withdraw your question, please press star then the number 2. Thank you. Mr. Snow, you may begin your conference.

Ryan Snow: Snow, you may begin your conference. Thank you, operator. Good morning, everybody, and welcome to our second quarter 2024 results webcast and conference call. I'd like to remind everybody that today we will be making forward-looking statements and to please read our disclaimer slide in the presentation. I want to start with a couple of comments about production for the quarter.

Ryan Snow: Mr. Snow, you may begin your conference. Thank you operator. Good morning, everybody, and welcome to our 2nd quarter, 2,024 results webcast and conference call.

Ryan Snow: Yesterday, we did publish the results of our MD&A and financial statements for the three and six months ended June 30, 2024, and they can be found on CDAR Plus, EDGAR, and our website. Production for the quarter was from the residual leaching activities at both Ruby Hill and Moan Tree, and it was 1,636 ounces.

Speaker Change: Thank you, operator. Good morning, everybody, and welcome to our second quarter 2024 results webcast and conference call. I'd like to remind everybody that today we will be making forward-looking statements and to please read our disclaimer slide in the presentation.

Ryan Snow: In addition, in the second quarter, we sold 9,361 tons of oxide mineralized material from Granite Creek for revenue of $5.9 million. However, as this material is sold under an ore purchase agreement, I-80 does not report the ounces. For the year, the company has sold 19,528 tons of mineralized material that has generated $9.1 million in revenue and 4,122 ounces of gold. Revenue for the quarter was $7.2 million, bringing year-to-date revenue to $15.6 million.

Ewan Downie: I'd like to remind everybody that today we will be making forward-looking statements and to please read our disclaimer slide in the presentation. I want to start with a couple of comments about production for the quarter. Production for the core- sorry, yesterday we did publish the results of our MD&A and financial statements for the three and six months ended June 30, 2024, and they can be found on C-DAR plus Edgar and our website.

Ryan Snow: Production from Granite Creek has been primarily oxide and sold under the ore purchase agreement so far in 2024, and we will provide more details on this later in the call. The company reported a net loss for the quarter of $36.8 million, or $0.10 per share when adjusted for the impact of mark-to-market losses on the company's convertible debt, outstanding warrants, gold prepay, and silver purchase and sale agreement. The loss was $25.8 million, or $0.07 per share.

Speaker Change: I want to start with a couple of comments about production for the quarter. Yesterday, we did publish the results of our MD&A and financial statements for the 3 and 6 months ended June 30, 2024, and they can be found on CDAR Plus, EDGAR, and our website.

Ewan Downie: Production for the quarter was from the residual leaching activities at both Ruby Hill and C-Tree and it was 1,636 ounces. In addition, in the 2nd quarter we sold 9,361 tons of oxide mineralized material from Granite Creek for revenue of 5.9 million. As this material is sold under an ore purchase agreement, I-80 does not report the ounces. For the year, the company has sold 19,528 tons of mineralized material that has generated 9.1 million in revenue and 4,122 ounces of gold.

Speaker Change: Production for the quarter was from the residual leaching activities at both Ruby Hill and Lone Tree.

Speaker Change: and it was 1,636 ounces. In addition, in the second quarter, we sold 9,361 tons of oxide mineralized material from Granite Creek for revenue of $5.9 million.

Speaker Change: As this material is sold under an ore purchase agreement, I-80 does not report the ounces.

Speaker Change: For the year, the company has sold 19,528 tons of mineralized material that has generated $9.1 million in revenue and 4,122 ounces of gold. Revenue for the quarter was $7.2 million, bringing year-to-date revenue to $15.6 million.

Ewan Downie: Revenue for the quarter was $7.2 million, bringing near-to-date revenue to 15.6 million. Production from Granite Creek has been primarily oxide and sold under the ore purchase agreement so far in 2024 and we will provide more details on this later in the call. The company reported a net loss for the quarter of 36.8 million or 10 cents per share when adjusted for the impact of market-market losses on the company's convertible debt, outstanding warrant, gold prepay and silver purchase and sale agreement.

Speaker Change: Production from Granite Creek has been primarily oxide and sold under the ore purchase agreement so far in 2024. We will provide more details on this later in the call.

Speaker Change: The company reported a net loss for the quarter of $36.8 million, or $0.10 per share, when adjusted for the impact of mark-to-market losses on the company's convertible debt, outstanding warrants, gold prepay, and silver purchase and sale agreement. The loss was $25.8 million, or $0.07 per share.

Ewan Downie: The loss was 25.8 million or 7 cents per share. During the quarter, the company continued to invest in exploration, evaluation and pre-development with 5.1 million invested, bringing the 2024 total to 7.9 million. This investment is focused on definition drilling at our projects that will allow us to advance the technical studies to feasibility level. The definition drill program continues to produce many great assay results, a summary of which were provided in our press release yesterday and will be touched on later in this call.

Ryan Snow: During the quarter, the company continued to invest in exploration, evaluation, and pre-development, with $5.1 million invested, bringing the 2024 total to $7.9 million. This investment is focused on definition drilling at our projects, which will allow us to advance the technical studies to the feasibility level. The Definition Drill Program continues to produce many great assay results, a summary of which was provided in our press release yesterday and will be touched on later in this call.

Speaker Change: During the quarter, the company continued to invest in exploration, evaluation, and pre-development, with $5.1 million invested, bringing the 2024 total to $7.9 million.

Speaker Change: This investment is focused on definition drilling at our projects that will allow us to advance the technical studies to feasibility level.

Speaker Change: The Definition Drill Program continues to produce many great assay results, a summary of which were provided in our press release yesterday and will be touched on later in this call.

Ewan Downie: The first six months of 2024 have seen the company invest $15 million into the development of Granite Creek and MacGillie will provide additional details on the development progress later in this call. The company ended the quarter with $47 million in cash and $39 million in restricted cash. Yesterday, the company also announced the establishment of an at-the-market equity program. This program is a tool in the company's toolkit to provide financial flexibility over the next 24 months with up to $50 million of additional liquidity, with that.

Ryan Snow: The first six months of 2024 have seen the company invest $15 million in the development of Granite Creek, and Matt Gili will provide additional details on the development progress later in this call. The company ended the quarter with $47 million in cash and $39 million in restricted cash.

Speaker Change: The first six months of 2024 have seen the company invest $15 million into the development of Granite Creek, and Matt Gili will provide additional details on the development progress later in this call.

Speaker Change: The company ended the quarter with $47 million in cash and $39 million in restricted cash.

Ewan Downie: Yesterday, the company also announced the establishment of an at-the-market equity program. This program is a tool in the company's toolkit to provide financial flexibility over the next 24 months with up to $50 million of additional liquidity. With that, I'll turn the call over to Ewan Downie. Thank you, Ryan.

Speaker Change: Yesterday, the company also announced the establishment of an at-the-market equity program. This program is a tool in the company's toolkit to provide financial flexibility over the next 24 months with up to $50 million of additional liquidity.

Ewan Downie: I'll turn the call over to you and Downie. Thank you, Ryan. I will give an update on each of our projects.

Speaker Change: With that, I'll turn the call over to Ewan Downie.

Ewan Downie: I will give an update on each of our projects. Right now, we are looking at slide three of the presentation. Our plan with I-80 Gold is to convert our exploration success into operational excellence. We have constructed what I believe is one of the top quality portfolios of assets you can find in any company, all located in mine-friendly Nevada, where we have now gathered projects that make us one of the largest holders of gold and silver resources in the United States. This is a highly de-risked property portfolio, given that we have road access and grid power.

Ewan Downie: Thank you, Ryan. I will give an update on each of our projects.

Ewan Downie: Right now we are looking at slide three of the presentation. Our plan with the IED Gold is to convert our exploration success into operational excellence. We have constructed what I believe is one of the top quality portfolios of assets. You can find in any company all located in mind-friendly Nevada where we have now assembled projects that make us one of the largest holders of gold and silver resources in the state in the United States.

Ewan Downie: Right now we are looking at slide 3 of the presentation. Our plan with I-80 Gold is to convert our exploration success into operational excellence.

Ewan Downie: We have constructed what I believe is one of the top quality portfolios of assets You can find in any company all located in mine friendly, Nevada Where we have now assembled Projects that make us one of the largest holders of gold and silver resources in the state in the United States

Ewan Downie: This is a highly de-risk property portfolio given that we have road access, grid power. Many of these projects are past-producing mining operations and brownfield sites that offer a clear path towards permitting and production. We have six strategically located projects in the state of Nevada. Two of these have existing permitted processing facilities including an autoclave. We're one of three companies in the United States that has a facility capable of processing refractory ore. We have four high-grade Carlin type gold deposits, five oxide open pit projects, or zones, and three polymetallic based-month metal deposits and zones that we are advancing. The company offers significant exploration upside as all deposits are open for expansion.

Ewan Downie: This is a highly de-risked property portfolio, given that we have road access, grid power. Many of these projects are past producing mining operations and brownfield sites that offer a clear path towards permitting and production.

Ewan Downie: Many of these projects are past producing mining operations and brownfield sites that offer a clear path toward permitting and production. We have six strategically located projects in the state of Nevada. Two of these have existing permitted processing facilities, including an autoclave.

Ewan Downie: We have six strategically located projects in the state of Nevada.

Ewan Downie: Two of these have existing permitted processing facilities, including an autoclave. We're one of three companies in the United States that has a facility capable of processing refractory ore.

Ewan Downie: We are one of three companies in the United States that has a facility capable of processing refractory and working. We have four high-grade Carlin-type gold deposits, five oxide open pit projects or zones, and three polymetallic base metal deposits and zones that we are advancing. The company offers significant expiration upside as all deposits are open for expenditure.

Ewan Downie: We have four high-grade carlin-type gold deposits, five oxide open pit projects or zones, and three polymetallic base metal deposits and zones that we are advancing.

Ewan Downie: The company offers significant expiration upside as all deposits are open for expansion.

Ewan Downie: The slide four really highlights the infrastructure that we have constructed or was previously constructed at our sites. I won't go through these slides in detail, but lo and tree is our plan to be our central processing facility of our hub and spoke production model. Ruby Hill, as you can see in this image, also has a production facility on site that we are looking to convert to base metals upon the completion of a joint venture that we're working on with a third party.

Ewan Downie: Slide four really highlights the infrastructure that we have constructed or was previously constructed at our site. I won't go through these slides in detail, but Lone Tree is planned to be our central processing facility in our hub and spoke production model. Ruby Hill, as you can see in this image, also has a production facility on site that we are looking to convert to base metals upon the completion of a joint venture that we're working on with a third party.

Ewan Downie: The slide four really highlights the infrastructure that we have constructed or was previously constructed at our sites.

Ewan Downie: I won't go through these slides in detail, but Lone Tree is planned to be our central processing facility of our hub and spoke production model.

Ewan Downie: Ruby Hill, as you can see in this image, also has a production facility on site that we are looking to convert to base metals upon the completion of a joint venture that we're working on with a third party.

Ewan Downie: At Cove, we have completed the first phase of underground development and are now completing a large-scale underground drill program on what I consider to be one of the highest-grade development stage projects in the United States. And Granite Creek is fully permitted.

Ewan Downie: At Cove, we have completed the first phase of underground development and are now completing a large-scale underground drill program on what I consider to be one of the highest-grade development stage projects in the United States. And Granite Creek is fully permitted. We have a resource in excess of two million ounces and we are producing gold and developing the core deposit at that project as we speak.

Ewan Downie: At Cove, we have completed the first phase of underground development and are now completing a large-scale underground drill program on what I consider to be one of the highest grade development stage projects in the United States.

Ewan Downie: We have a resource in excess of 2 million ounces, and we are producing gold and developing the core deposit at that project as we speak. On slide 5, our company is one of the largest holders of total resources in Nevada, with only Anglo Gold and Nevada Gold mines ahead of us. We have not yet brought our polymetallic deposits to resource status, however, we plan to following the next drill program, and we have not completed an updated resource for the Ruby Deeps deposit at Ruby Hill, which is also planned over the next 12 months. On slide five, what I believe really stands out in our projects are the grades.

Ewan Downie: and Granite Creek is fully permitted. We have a resource in excess of two million ounces and we are producing gold and and developing the core deposit at that project as we speak.

Ewan Downie: On slide five, our company is one of the largest holders of total resources in Nevada with only Anglo-Gold and Nevada gold mines ahead of us. We have not yet brought our our polymetallic deposits to resource status. How are we plan to following the next drill program? And we have not completed an updated resource for the Ruby Deeps deposit at Ruby Hill, which is also planned over the next 12 months. On slide five, what I believe really stands out in our projects are the grades. I AD holds some of the highest-grade development stage projects in all of North America. And we are advancing both open pit and underground opportunities, ities.

Ewan Downie: On slide 5, our company is one of the largest holders of total resources in in Nevada with only Anglo Gold and Nevada Gold mines ahead of us.

Ewan Downie: We have not yet brought our polymetallic deposits to resource status, however, we plan to following the next drill program. And we have not completed an updated resource for the Ruby Deeps deposit at Ruby Hill, which is also planned over the next 12 months.

Ewan Downie: On slide five, what I believe really stands out in our projects are the grades.

Ewan Downie: I-80 holds some of the highest-grade development stage projects in all of North America, and we are advancing both open pit and underground opportunities, on slide 8. The company is entirely focused on north-central Nevada. This post stamp within the northern portion of Nevada is host to the Carlin, Battle Mountain, and Getchell trends, and this area is considered to be one of, if not the most productive gold districts anywhere in the world.

Ewan Downie: I-80 holds some of the highest grade development stage projects in all of North America and we are advancing both open pit and underground opportunities.

Ewan Downie: On slide 8, the company is entirely focused on North Central Nevada. This posts the spam within the Northern portion of Nevada's host to the Carlin, Battle Mountain, and Getzo Trends, and this area is considered to be one of if not the most productive gold district anywhere in the world. In fact, Nevada Goldmines, the joint venture between Barrack and Newmont have all of their operations in this image, and if that company were separated from its two owners, Nevada Goldmines would actually be the fourth largest gold-producing company in the world on an annual basis.

Ewan Downie: On slide eight.

Ewan Downie: The company is entirely focused on north-central Nevada. This post stamp within the northern portion of Nevada is host to the Carlin, Battle Mountain, and Getchell trends.

Ewan Downie: And this area is considered to be one of, if not the most productive gold district anywhere in the world.

Ewan Downie: In fact, Nevada Gold Mines, the joint venture between Barrick and Newmont, has all of its operations in this image. And if that company were separated from its two owners, it would actually be the fourth largest gold producing company in the world on an annual basis. In addition to our multiple deposits that comprise over 6.456 million ounces of gold measured and indicated, over 8 million ounces of inferred, and combined, almost 180 million ounces of silver, we do have two processing facilities that will allow us to become a significant producer in the future. Loan Free on slide 8 is our key processing facility.

Ewan Downie: In fact, Nevada Gold Mines, the joint venture between Barrick and Newmont,

Ewan Downie: have all of their operations in this image and if that company were separated from its two owners, Nevada Gold Mines would actually be the fourth largest gold producing company in the world on an annual basis.

Ewan Downie: In addition to our multiple deposits that comprise over 6.5, 4.6 million ounces of gold in Measure and Indicated, over 8 million ounces inferred, combined almost 180 million ounces of silver, we do have the two processing facilities that will allow us to become a significant producer in the future. Loan 3 on slide 8 is our key processing facility. Strategically, this gives us a significant strategic advantage in the state of Nevada, given that over time many of the, I would say, easier to process oxide deposits have been depleted and the grade of oxide projects continues to draw.

Speaker Change: In addition to our multiple deposits that comprise over 6.456 million ounces of gold in measured and indicated,

Speaker Change: Over 8 million ounces inferred, combined almost 180 million ounces of silver. We do have the two processing facilities that will allow us to become a significant producer in the future.

Speaker Change: Loan Free on slide 8 is our key processing facility.

Ewan Downie: Strategically, this gives us a significant strategic advantage in the state of Nevada, given that over time, many of the easier to process oxide deposits have been depleted, and the grade of oxide projects continues to drop. A unique component of Nevada is the fact that most of the top deposits transition to sulfide at depth, which means the gold mineralization is encapsulated in sulfides and needs to be processed through specialized facilities in order to liberate the gold.

Speaker Change: Strategically this gives us a significant strategic advantage in the state of Nevada given that over time many of the

Speaker Change: I would say easier to process. Oxide deposits have been depleted and the grade of oxide projects continues to drop.

Ewan Downie: A unique component of Nevada is the fact that most of the top deposits transition to sulfide at depth, which means the gold mineralizations encapsulated in sulfides and needs to be processed through specialized facilities in order to liberate the gold. And prior to our acquiring loan tree, only two companies in the state had this capacity. And with the acquisition of loan tree about two years ago, it positions our company to become a standalone long-term producer with multiple operations.

Speaker Change: A unique component of Nevada is the fact that most of the top deposits transition to sulfide at depth, which means the gold mineralization is encapsulated in sulfides and needs to be processed through specialized facilities in order to liberate the gold.

Ewan Downie: Prior to our acquiring Lone Tree, only two companies in the state had this capacity, and with the acquisition of Lone Tree about two years ago, it positions our company to become a standalone long-term producer with multiple operations.

Speaker Change: And prior to our acquiring Loan Tree, only two companies in the state had this capacity.

Speaker Change: And with the acquisition of Lone Tree about two years ago, it positions our company to become a stand-alone, long-term producer.

Ewan Downie: We plan to feed this facility through the development of Granite Creek, which is underway, Ruby Hill, which we expect to be permitted for underground this year, and Cove, which is permitted for underground, and we are doing the definition drill program. One thing that many people don't know about Lone Tree is that there is a significant open pit resource expansion opportunity with approximately 400,000 in indicated resources and 2.76 million ounces inferred and a very significant high-grade underground opportunity. This project is not part of our short-term plans but is something we will revisit in the future.

Ewan Downie: We plan to feed this facility through the development of Granite Creek, which is underway, Ruby Hill, which we expect to be permitted for underground this year, and Cove, which is permitted for underground, and we are doing the definition drill program. One thing that many people don't know about loan tree is that there is a significant open pit resource expansion opportunity with approximately 400,000 in indicated resources and 2.76 million ounces in Ferd and a very significant high grade underground opportunity. This project is not part of our short-term plans, but is something we will revisit in the future.

Speaker Change: with multiple operations. We plan to feed this facility through the development of Granite Creek, which is underway, Ruby Hill, which we expect to be permitted for underground this year, and Cove, which is permitted for underground, and we are doing the definition drill program.

Speaker Change: One thing that many people don't know about Lone Tree is that there is a significant open pit resource expansion opportunity.

Speaker Change: with approximately 400,000 in indicated resources and 2.76 million ounces inferred and a very significant high-grade underground opportunity.

Speaker Change: This project is not part of our short-term plans, but is something we will revisit in the future.

Ewan Downie: Granite Creek on slide nine is our most advanced project. On the image on the right, strategically, it is located immediately on strike from the turquoise ridge mine of Nevada gold mines. The deposits sit in the same host unit adjacent to the Osgood Mountain intrusive stock, shown in pink, and the deposits occur proximal to the gechal or range front fault shown with a big white line. The turquoise ridge mine is host to approximately 30 million ounces of production reserves and resources.

Ewan Downie: Granite Creek on slide nine is our most advanced project. In the image on the right, strategically, it is located immediately on strike from the Turquoise Ridge Mine of Nevada Gold. The deposits sit in the same host unit adjacent to the Osgoode Mountain Intrusive Stock, shown in pink, and the deposits occur proximal to the Getchell or Rangefront Fault, shown with the big white line. The Turquoise Ridge mine is host to approximately 30 million ounces of production reserves and resources.

Speaker Change: Granite Creek on slide 9 is our most advanced project. On the image on the right, strategically, it is located immediately on strike from the Turquoise Ridge mine of Nevada Gold Mines.

Speaker Change: The deposits sit in the same host unit adjacent to the Osgoode Mountain Intrusive Stock, shown in pink, and the deposits occur proximal to the Getchell or Rangefront Fault, shown with the big white line.

Speaker Change: The Turquoise Ridge Mine is host to approximately 30 million ounces of production reserves and resources.

Ewan Downie: Reason Drilling that's been shown on their side demonstrates that they continue to step south towards our Granite Creek property, and currently we are advancing the South Pacific Zone to the North towards Turquoise Ridge. In the current program we are completing one expiration hole currently that is a significant step out to the North on the South Pacific Zone, and that hole did intersect mineralization prior to reaching target. It hasn't reached the target depth yet, it's getting quite close, but prior to hitting the target depth we did hit mineralization in the pre-caller, and that mineralization did carry grade as was carried in our press release.

Ewan Downie: Recent drilling that's been shown on their site demonstrates that they continue to step south towards our Granite Creek property, and currently, we are advancing the South Pacific zone to the north towards Turquoise Ridge. In the current program, we are completing one exploration hole currently that is a significant step out to the north on the South Pacific zone, and that hole did intersect mineralization prior to reaching target. It hasn't reached the target depth yet.

Speaker Change: Recent drilling that's been shown on their site demonstrates that they continue to step south towards our Granite Creek property and currently we are advancing the South Pacific zone to the north towards Turquoise Ridge.

Speaker Change: In the current program, we are completing one expiration hole currently.

Speaker Change: that is a significant step out to the north on the South Pacific zone, and that hole did intersect mineralization prior to reaching target. It hasn't reached the target depth yet. It's getting quite close.

Speaker Change: But prior to hitting the target depth, we did hit mineralization in the pre-caller and that mineralization did carry grade as was carried in our press release. Definitely another structure on the property that deserves future follow-up.

Ewan Downie: Definitely another structure on the property that deserves future follow-up. The underground drill program that we've completed has yielded very significant high-grade results, and we have done the limited surface program this year as well. The South Pacific Zone, shown on slide 10 in red, is the primary deposit ad granite creek. It occurs to the North of the current workings where the OG, Adam Peak, and Auto Zone, and actually the range front zone occur.

Speaker Change: The underground drill program that we've completed has yielded very significant high-grade results and we have done a limited surface program this year as well.

Ewan Downie: It's getting quite close, but prior to hitting the target depth, we did hit mineralization in the pre-caller, and that mineralization did carry grade as was carried in our press release. Definitely another structure on the property that deserves future follow-up. The underground drill program that we've completed has yielded very significant, high-grade results, and we have done a limited surface program this year as well. The South Pacific Zone, shown on slide 10 in red, is the primary deposit at Granite Creek.

Speaker Change: The South Pacific Zone, shown on slide 10 in red, is the primary deposit at Granite Creek. It occurs to the north of the current workings, where the OG, Adam Peak, and Auto Zone, and actually the Rangefront Zone occur.

Ewan Downie: It occurs to the north of the current workings, where the OG, Adam Peak, and Auto Zone, and actually the Rangefront Zone, occur. It was delineated by following up a couple of historic intercepts north of the mine that were never followed up.

Ewan Downie: It was delineated by following up a couple of historic intercepts north of the mine that were never followed up. The deposit does not come to surface, but at a depth of between 220 and 250 meters to our deepest drilling and our northmost drilling, we have consistently hit very high-grade intercepts with some of our deepest drilling being the widest intercepts drilled to date. The grade of the deepest intercepts in the last step out are over 15 grams per tonne, which provide excellent expansion opportunity.

Speaker Change: It was delineated

Speaker Change: by following up a couple of historic intercepts north of the mine.

Ewan Downie: The deposit does not come to surface, but at a depth of between 200 and 250 meters, to our deepest drilling and our northmost drilling, we have consistently hit very high-grade intercepts, with some of our deepest drilling being the widest intercepts drilled to date. The grade of the deepest intercepts and the last step out is over 15 grams per ton, which provides excellent expansion opportunities. The drilling along this structure, what we call the South Pacific Fault Structure, going out to the north, has not been tested as you go north of Hole 22-22, of 26.

Speaker Change: that were never followed up. The deposit does not come to surface, but at a depth of between 200 and 250 meters to our deepest drilling and our northmost drilling, we have consistently hit very high-grade intercepts, with some of our deepest drilling being the widest intercepts drilled to date.

Speaker Change: The grade of the deepest intercepts and the last step out are over 15 grams per ton, which provide excellent expansion opportunity.

Ewan Downie: The drilling along this structure, what we call the South Pacific fault structure going out to the North, has not been tested as you go north of hole 22-26. However, there is an old homestake hole located about 400 to 500 meters to the North that did drill through that contact and hit two high-grade intercepts that we will be following up in the future.

Speaker Change: The drilling along this structure, what we call the South Pacific Fault Structure going out to the north, has not been tested as you go north of Hole 2220.

Matthew Gili: However, there is an old home stakehole located about 400 to 500 meters to the north that did drill through that contact and hit two high-grade intercepts that we will be following up in the future. With that, the next few slides, I'll let Matt Gili, our present Chief Operating Officer, take you through the continued development of Granite Creek as we just begin the first stopes in the South Pacific Zone, which is planned to be the primary ore heading for the future, and Matthew Ewan. So slide 11, Granite Creek. During the quarter, we focused on development. The first half of this year was development heavy by design.

Speaker Change: of 26. However, there is an old home stakeholder located about 400 to 500 metres to the north that did drill through that contact and hit two high-grade intercepts that we will be following up in the future.

Matthew Gili: With that, the next few slides on let Matt Geely, our President Chief Operating Officer, take you through the continued development of granite creek as we begin, we just begin the first stopes in the South Pacific Zone, which is planned to be the primary or heading for the future.

Matt Gehle: With that, the next few slides I'll let Matt Gili, our present Chief Operating Officer, take you through the continued development of Granite Creek as we begin, we just begin the first stopes in the South Pacific Zone, which is

Matt Gehle: plan to be the primary oarheading for the future.

Matthew Gili: Thank you, UN. Slide 11, granite creek. During the quarter, we focused on development. First after this year was development heavy by design. We're at the inflection point in the ramp system where we branch out to include the South Pacific zone. This requires increased development footages for ore access as well as secondary escape. Additionally, significant improvements have been made in water control and water handling. With the water treatment plant fully operational and work started on deepening and existing well, well five for the additional dewatering capacity.

Matt Gehle: Thank you, Ewan. So slide 11, Granite Creek.

Matt Gehle: During the quarter, we focused on development.

Matthew Gili: We're at the inflection point in the ramp system, where we branch out to include the South Pacific Zone. This requires increased development footage for ore access, as well as secondary escape. Additionally, significant improvements have been made in water control and water handling, with the water treatment plant fully operational, and work started on deepening an existing well, Well 5, for additional dewatering capacity.

Matt Gehle: First half of this year was development heavy by design.

Matt Gehle: We're at the inflection point in the ramp system where we branch out to include the South Pacific Zone. This requires increased development footages for ore access as well as secondary escape.

Matt Gehle: Additionally, significant improvements have been made in water control and water handling, with the water treatment plant fully operational and work started on deepening an existing well, Well 5, for additional dewatering capacity.

Matthew Gili: We continue mining of the OG zone across four levels. We access the first production level in the South Pacific Zone, level 41-85, with more details on the subsequent slides. We continue to surface drilling campaign focused on infill drilling of the South Pacific Zone in preparation for finalization of the feasibility study for the property. We'll know that in order to increase the effectiveness and efficiencies of the infill drilling, we halted drilling from the surface and are repositioning to an underground drilling campaign on a slide 12, stop Pacific Zone itself, as noted, we accessed and subsequently completed the first level of the South Pacific Zone.

Matthew Gili: We continue mining the OG Zone across four levels. We reached the first production level in the South Pacific zone, level 4185, with more details and subsequent slides. We continue the surface drilling campaign focused on infill drilling of the South Pacific Zone in preparation for finalization of the feasibility study for the property. And we'll note that in order to increase the effectiveness and efficiency of the infill drilling, we halted drilling from the surface and are repositioning to an underground drilling campaign, slide 12. South Pacific Zone itself, As noted, we accessed and subsequently completed the first level of the South Pacific Zone.

Matt Gehle: We continue mining of the OG Zone across four levels.

Matt Gehle: We accessed the first production level in the South Pacific zone, level 4185, with more details on the subsequent slides.

Matt Gehle: We continue the surface drilling campaign focused on infill drilling of the South Pacific zone in preparation for finalization of the feasibility study for the property.

Matt Gehle: And we'll note that in order to increase the effectiveness and efficiencies of the infill drilling, we halted drilling from the surface and are repositioning to an underground drilling campaign.

Matthew Gili: Here you see the ore control reconciliations for the level. Note these are ore control reconciliations; grade is as expected with notable upside in tonnage. This is the uppermost level and therefore relatively small in size, and we are on the first level.

Matt Gehle: On to slide 12.

Matt Gehle: South Pacific Zone itself. As noted, we accessed and subsequently completed the first level of the South Pacific Zone. Here you see the ore control reconciliations for the level. Note these are ore control reconciliations.

Matthew Gili: Here you see the ore control reconciliations for the level, note these are ore control reconciliations, grade is as expected with notable upside and tonnage, this is the uppermost level and they're full rail to least long size, and we are on the first level. So, no more inferences about the entire zone, but very pleased this one is planned. On slide 13, ore types, so here you can see more detail in the distribution by ore type from the uppermost level of the South Pacific, almost entirely offside mineralization at this elevation.

Matt Gehle: Grade is as expected with notable upside in tonnage.

Matt Gehle: This is the uppermost level, and therefore relatively small in size, and we are on the first level. So no references about the entire zone, but very pleased this win is planned.

Matthew Gili: So no more inferences about the entire zone, but I'm very pleased this win is planned, on slide 13, or by type. So here you can see more detail on the distribution by ore type from the uppermost level of the South Pacific, almost entirely oxide mineralization at this elevation. Remember, high-grade mineralization is sold through our or purchase agreement, while lower-grade mineralization is shipped to the Lone Tree site for leachation. And lastly, on to slide 14. South Granite Creek and South Pacific. Here you can just see some details of the individual orchid trill samples by heading.

Matt Gehle: On slide 13, ore types. So here you can see more detail in the distribution by ore type from the uppermost level of the South Pacific.

Matthew Gili: Remembering high grade mineralization is sold through our ore purchase agreement while lower grade mineralization is being shipped to low tree site for leecho. And lastly onto slide 14, South Grand Creek and South Pacific, here you can just see some in details of the individual ore control samples by heading, and again, note while the current elevations for both OG and South Pacific zones are predominantly offside, are drilling at lower elevations, does clearly show a transition to a refractory sulfide deposit in the future.

Matt Gehle: almost entirely oxide mineralization at this elevation.

Matt Gehle: Remembering, high-grade mineralization is sold through our ore purchase agreement, while lower-grade mineralization is being shipped to the lone tree site for leaching.

Matt Gehle: And lastly, on to slide 14.

Matt Gehle: South Granite Creek and South Pacific.

Matt Gehle: Here you can just see some details of the individual ore control samples by heading.

Matthew Gili: Again, note that while the current elevations for both OG and South Pacific zones are predominantly oxide, our drilling at lower elevations does clearly show a transition to a refractory sulfide deposit. All right, thank you. Back to you. Thank you, Matt.

Matt Gehle: Again, note, while the current elevations for both OG and South Pacific zones are predominantly oxide, our drilling at lower elevations does clearly show a transition to a refractory sulfide deposit in the future.

Ewan Downie: All right, thank you, back to you. Thank you, Matt, and as most people may know, we are more interested in developing sulfide or refractory mineralization than oxide. So the fact that we got into the upper level and we achieved the high grade portion is over 0.3 ounces per tonne, both well for the future. And as Matt said, we had more tonnage than expected mine from that very uppermost level of the operation.

Ewan Downie: And as most people may know, we are more interested in developing sulfide or refractory mineralization than oxide. So the fact that we got into the upper level and achieved the high-grade portion, which is over 0.3 ounces per ton, bodes well for the future. And as Matt said, we had more tonnage than expected from that very uppermost level of the operation. The next slide is about the Cove project. So, Cove is centrally located, proximal to Battle Mountain.

Matt Gehle: All right, thank you. Back to you, Ewan.

Ewan Downie: Thank you, Matt. And as most people may know, we are more interested in developing sulfide or refractory mineralization than oxide.

Ewan Downie: So, the fact that we got into the upper level and we achieved the high-grade portion is over 0.3 ounces per ton, bodes well for the future. And as Matt said, we had more tonnage than expected mined from that very uppermost level of the operation.

Ewan Downie: The next slide is about the cove project. So cove is centrally located proximal to battle mountain. There are multiple mines and deposits being developed in this area. At the very north, you can see on the image on the right where our long tea tree processing facility is, the plan for cove is that mineralization from cove will be trucked to long tree for processing. Buffalo Mountain, immediately to the Southwest, is an oxide gold deposit that we hold in our portfolio, not currently advancing it, but it is something we are looking at in the future.

Ewan Downie: The next slide is about the Cove project. So, Cove is centrally located proximal to Battle Mountain.

Ewan Downie: There are multiple mines and deposits being developed in this area. In the very north, you can see in the image on the right where our lone tree processing facility is. The plan for Cove is that the mineralization from Cove will be trucked to Lone Tree for processing. Buffalo Mountain, immediately to the southwest, is an oxide gold deposit that we hold in our portfolio. I am not currently advancing it, but it is something we are looking at in the future. The last step-out hole drilled into Buffalo Mountain was a gram oxide over a 134 meter intercept.

Speaker Change: There are multiple mines and deposits being developed in this area. At the very north, you can see on the image on the right where our lone tree processing facility is. The plan for Cove is that the mineralization from Cove will be trucked.

Ewan Downie: to Lone Tree for processing.

Ewan Downie: Buffalo Mountain immediately to the southwest.

Ewan Downie: is an oxide gold deposit that we hold in our portfolio.

Ewan Downie: Not currently advancing it, but it is something we are looking at in the future. The last, the southmost step-out hole drilled into Buffalo Mountain was a gram oxide over a 134-metre intercept.

Ewan Downie: The last, the southmost step out hold drilled into Buffalo Mountain was a gram oxide over 134 meter intercept. Long tree and Buffalo Mountain occur immediately to the north of the meribold mine known by SSR. Miller, which is North of the Phoenix Mine that is operated by Nevada Gold Mine and immediately south of Phoenix, adjoining their property, is the Coven McCoy deposits on our McCoy Cove property. The 2022-2023 drill program produced many significant results as we continue to provide to do the infill drilling to upgrade inferred resources to measure and indicate it in order to complete a feasibility study.

Ewan Downie: Lone Tree and Buffalo Mountain occur immediately to the north of the Marigold Mine owned by SSR, which is north of the Phoenix mine that is operated by Nevada Gold Mines, and immediately south of Phoenix, adjoining their property, are the Cove and McCoy deposits on our McCoy Cove property. The 2022-2023 drill program produced many significant results as we continue to provide, do the infill drilling, and upgrade inferred resources to measure and indicate them in order to complete a feasibility study.

Ewan Downie: Lone Tree and Buffalo Mountain occur immediately to the north of the Marigold Mine owned by SSR.

Ewan Downie: which is north of the Phoenix mine that is operated by Nevada Gold Mines and immediately south of Phoenix adjoining their property is the Cove and McCoy deposits on our McCoy Cove property.

Ewan Downie: The 2022-2023 drill program produced many significant results as we continue to provide, to do the infill drilling, to upgrade inferred resources to measure and indicate it in order to complete a feasibility study.

Ewan Downie: We are completing a hydrological plan following large-scale pumping that was completed in December of 2023 for full-mind permitting. The first phase of underground development was put in place, completed in about mid-2023 and provides us with a platform to do delineation drilling at significantly enhanced definition given we are closer to the deposit and that significantly reduced cost than it would be for drilling this from surface. Slide 16 shows the ongoing drill program.

Ewan Downie: We are completing a hydrological plan following large-scale pumping that was completed in December of 2023 for full mine permitting. The first phase of underground development was put in place, completed in about mid-2023, and provides us with a platform to do delineation drilling at significantly enhanced definition, given we are closer to the deposit and at significantly reduced cost than it would be for drilling this from surface. Slide 16 shows the ongoing drill program.

Ewan Downie: We are completing a hydrological plan following large-scale pumping that was completed in December of 2023 for full mine permitting.

Ewan Downie: The first phase of underground development was put in place, completed in about mid-2023, and provides us with a platform to do delineation drilling at significantly enhanced

Ewan Downie: definition, given we are closer to the deposit and at significantly reduced costs than it would be for drilling this from surface.

Ewan Downie: So the platform takes us around the historic cove pit that produced over 2.6 million ounces of gold and 100 million ounces of silver. The Gap and Helen Zones form the cove deposit that is being drilled from underground. The image on the right, in green, shows the completed holes, and in gray are some of the rest of the program.

Ewan Downie: So the platform takes us around the historic Cove pit that produced over 2.6 million ounces of gold and 100 million ounces of silver. The gap in Helen's own from the Cove deposit that is being drilled from underground. The image on the right in green are the completed holes and in gray are some of the rest of the program. We did drill in the area between those. It's an area where the deposits offset from each other intersecting a significant interval of high grade or of carlin tight mineralization.

Ewan Downie: Slide 16 shows the ongoing drill program. So the platform takes us around the historic Cove Pit that produced over 2.6 million ounces of gold and 100 million ounces of silver.

Ewan Downie: The Gap and Helen Zones form the cove deposit that is being drilled from underground. The image on the right in green are the completed holes.

Ewan Downie: We did drill in the area between those. It's an area where the deposits offset from each other, intersecting a significant interval of high grade or Carlin site mineralization, and if it carries the grade we hope it does, it will warrant additional drilling between the Gap and Helen zones, shown in the lower image on the left. It shows where the deposits are, and offers significant upside given that We have additional discoveries of polymetallic and gold-silver mineralization that have little to no follow-up, and we believe there's significant potential to find additional deposits on this property with very little exploration having occurred outside of the main closed deposit.

Ewan Downie: and in gray are some of the rest of the program.

Speaker Change: We did drill in the area between those. It's an area where the deposits offset from each other, intersecting a significant interval of high grade or of

Ewan Downie: And if it carries the grade we hope it does, it will warrant additional drilling between the gap and Helen's own. On the lower image on the left it shows where the deposits are Cove offer significant upside given that we have additional discoveries of polymetallic and gold silver mineralization that have little to no follow-up. And we believe there's significant potential to find additional deposits on this property with very little exploration have an occurred outside of the main Cove deposit.

Speaker Change: Carlinite mineralization, and if it carries the grade we hope it does, it will warrant additional drilling between the Gap and Helen zones.

Speaker Change: On the lower image on the left.

Speaker Change: It shows where the deposits are. Coves offer significant upside given that

Speaker Change: We have additional discoveries of polymetallic and gold-silver mineralization that have little to no follow-up. And we believe there's significant potential to find additional deposits on this property with very little exploration having occurred outside of the main closed deposit.

Ewan Downie: We are also reevaluating the McCoy deposit, which is right at the bottom left of the image you see on slide 16 and the oxide mineralization that occurs there. Yesterday we released new results from the underground drill program that continue to confirm Cove as one of the highest grade development stage projects I think you'll find anywhere in North America.

Ewan Downie: We are also reevaluating the McCoy deposit, which is right at the bottom left of the image you see on slide 16, and the oxide mineralization that occurs there. Yesterday, we released new results from our underground drill program. They continue to confirm COVE as one of the highest-grade development stage projects I think you'll find anywhere in North America. Slide 17 will introduce you to our flagship Ruby Hill property. Ruby Hill provides the company with a dominant land position in the Eureka Mining District. It is 250 kilometers from the Lone Tree site and is host to oxide, gold deposit, and mineralization. Sulfide Gold Mineralization and Polymetallic Base Metal Mineralization, both SCARN and CRD

Speaker Change: We are also re-evaluating the McCoy deposit, which is right at the bottom left of the image you see on slide 16, and the oxide mineralization that occurs there.

Speaker Change: Yesterday, we released new results from the underground drill program that continue to confirm coal as one of the highest-grade development-stage projects I think you'll find anywhere in North America.

Ewan Downie: Slide 17 will introduce you to our flagship Ruby Hill property. Ruby Hill provides company with a dominant land position in the Eureka mining district. It is 250 kilometers from the Lone Tree site and it's host to oxide gold deposit mineralization, sulfide gold mineralization, and polymetallic base metal mineralization both SCARN and CRD. So it's a pretty remarkable property and it's endowment of multiple mineral types. Projects that we are advancing most actively are the development of base metals or polymetallic base metals of the Hilltop and Blackjack zones and the Ruby Deeps deposit for cell-side mineralization in the near term.

Speaker Change: Slide 17 will introduce you to our flagship Ruby Hill property.

Speaker Change: Ruby Hill provides company with a dominant land position in the Eureka Mining District.

Speaker Change: It is 250 kilometers from the Lone Tree site and is host to oxide, gold deposit, mineralization.

Speaker Change: sulfide gold mineralization and polymetallic base metal mineralization both SCARN and CRD. So it's a pretty remarkable property in its endowment of multiple mineral types.

Ewan Downie: So, it's a pretty remarkable property in its endowment of multiple mineral types. Hmm, Projects that we are advancing most actively are the development of base metals or polymetallic base metals of the hilltop and blackjack zones and the ruby deeps deposit for sulfide mineralization in the near term. We just completed, in the first half of this year, a drill program funded by a third party in order to advance the metallurgical understanding of this project as part of the due diligence related to a planned joint venture.

Speaker Change: C.

Speaker Change: Projects that we are advancing most actively are the development of base metals at or polymetallic base metals of the hilltop and blackjack zones and the Ruby deeps deposit for sulfide mineralization in the near term.

Ewan Downie: We just in the first half of this year completed a drill program funded by a third party in order to advance the metallurgical understanding of this project as part of the due diligence related to a plan joint venture. We released the results of our metallurgical work about a month ago and are now working towards definitive documents with this proposed partner. The negotiation of these is being long but it is continuing to advance and we make good progress of light.

Speaker Change: We just...

Speaker Change: in the first half of this year completed a drill program funded by a third party.

Speaker Change: in order to advance this, the metallurgy.

Ewan Downie: We released the results of our metallurgical work about a month ago and are now working towards definitive documents with this proposed partner. The negotiation of these is being long, but it is continuing to advance, and we make good progress on light. The open pit mineralization that's shown in the mineral point deposit to the north of, to the immediately west of, the Archimedes pit here on slide 17 is actually the largest gold deposit in our company's portfolio.

Speaker Change: the metallurgical understanding of this project.

Speaker Change: as part of the due diligence related to a planned joint venture.

Speaker Change: We released the results of our metallurgical work about a month ago.

Speaker Change: and are now working towards definitive documents with this proposed partner. The negotiation of these is being long, but it is continuing to advance and we make good progress of late.

Ewan Downie: The open pit mineralization that's shown on the mineral point deposit to the north, to the immediately to the west of the Archimedes pit here on slide 17 is actually the largest gold deposit in our company's portfolio. It is an oxide gold project that hosts more than 5 million ounces of gold in all categories and 170 million ounces of silver making it one of the largest gold silver deposits in the United States.

Speaker Change: The open pit mineralization that's shown on the mineral point deposit to the north, to the

Speaker Change: immediately to the west of the Archimedes Pit, here on slide 17, is actually the largest gold deposit in our company's portfolio.

Ewan Downie: It is an oxide gold project that hosts more than 5 million ounces of gold in all categories and 170 million ounces of silver, making it one of the largest gold-silver deposits in the United States. We are currently working towards completing an initial scoping study for this project to assess the economics of this project and doing additional metallurgical work to hopefully increase silver recovery. Slide 18, the near-term plan for the property is to advance the Blackjack, Hilltop, and Ruby Deeps deposits, likely through underground work.

Speaker Change: It is an oxide gold project that hosts more than 5 million ounces of gold in all categories and 170 million ounces of silver, making it one of the largest gold-silver deposits in the United States.

Ewan Downie: We are currently working towards completing an initial scoping study for this project to assess the economics of this project and doing additional metallurgical work to hopefully increase silver recoveries. Slide 18, the near term plan for the property is to advance the Blackjack Hilltop and Ruby Deeps deposits likely from underground workings. Upon completion of the plan joint venture, we would expect to sit down with our proposed partner and agree to what the program will be for the balance of 2024 and for all of 2025.

Speaker Change: We are currently working towards completing an initial scoping study for this project to assess the economics of this project and doing additional metallurgical work to hopefully increase silver recoveries.

Speaker Change: Slide 18, the near-term plan for the property is to advance the Blackjack, Hilltop, and Ruby Deeps deposits, likely from underground workings.

Ewan Downie: Upon completion of the planned joint venture, we expect to sit down with our proposed partner and agree to what the program will be for the balance of 2020 and for all of 2025. We expect there to be a very significant drilling campaign to expand mineralization both in the Ruby Deeps and the Hilltop areas and, particularly, between Hilltop and Blackjack, an area that remains open and where most of the drill intercepts in that area have been very high-grade polymetallic mineralization.

Speaker Change: Upon completion of the planned joint venture, we would expect to sit down with our proposed partner and agree to what the program will be for the balance of 2020.

Ewan Downie: We expect there to be a very significant drilling campaign to expand mineralization both in the Ruby Deeps and the Hilltop areas and particularly between Hilltop and Blackjack and area that remains open and where most of the drill intercepts in that area have been very high grade polymetallic mineralization. We are in the final phases of completing the permitting to allow for the underground development, the proposed program that you see on both images is for one decline to access both polymetallic base metals and gold.

Speaker Change: for and for all of 2025.

Speaker Change: We expect there to be a very significant drilling campaign to expand mineralization both in the Ruby Deeps and the hilltop areas.

Speaker Change: and particularly between Hilltop and Blackjack, an area that remains open and where most of the drill intercepts in that area have been very high-grade polymetallic mineralization.

Ewan Downie: We are in the final phases of completing the permitting to allow for the underground development. The proposed program that you see on both images is for one decline to access both polymetallic base metals and gold. On slide 19, we are also advancing the underground plan for the Sulfide Mineralization. So what you see in this image is the preliminary mine design for the Ruby Deeps deposit.

Speaker Change: We are in the final phases of completing the permitting to allow for the underground development. The proposed...

Speaker Change: program that you see on both images is for one decline to access both polymetallic base metals and gold.

Ewan Downie: On slide 19, we are also advancing the underground plan for the sulfide mineralization. So what you see in this image are the preliminary mine design for the Ruby Deeps deposit. That's the refractory gold deposit that is part of our larger plan and the hub and spoke model for the lone tree plant. This year, we will be completing additional metallurgical work. We will look at ore sorting and other methods to potentially look at reducing transportation costs.

Speaker Change: On slide 19.

Speaker Change: We are also advancing the underground plan for the

Speaker Change: sulfide mineralization. So what you see in this image are the preliminary mine design for the Ruby Deeps deposit. That's the refractory gold deposit that is part of our larger plan and the hub-and-spoke model for the Lone Tree plant.

Ewan Downie: That's the refractory gold deposit that is part of our larger plan and the hub-and-spoke model for the Lone Tree plant. This year, we will be completing additional metallurgical work. We will look at ore sorting and other methods to potentially look at reducing transportation costs.

Speaker Change: This year we will be completing additional metallurgical work. We will look at ore sorting and other methods to potentially look at reducing transportation costs.

Ewan Downie: At mineral point, we're doing additional test work for silver recoveries, as I mentioned earlier, and ongoing hydrology work is being completed in order for long term mine plans. The Paulie Metallics has been one of the true successes we realized since acquiring this project about three years ago. When we started work here, the bulk of our exploration was solely on the Ruby Deep's deposit and the refractory gold mineralization. In mid-2022, we tested a new target that resulted in the discovery of the hilltop zone.

Ewan Downie: At Mineral Point, we're doing additional test work for silver recoveries, as I mentioned earlier, and ongoing hydrology work is being completed in order for long-term mine plans. The Polymetallics has been one of the true successes we've realized since acquiring this project about three years ago. When we started work here, the bulk of our exploration was solely on the Ruby Deeps deposit and the refractory gold mineralization. In mid-2022, we tested a new target that resulted in the discovery of the Hilltop Zone. Since then, we have defined four different known lenses to the hilltop deposits, both CRD and SCARN, along the hilltop fault structure. This is a northwest striking fault feature, and the mineralization here remains completely open.

Speaker Change: At Mineral Point, we're doing additional test work for silver recoveries, as I mentioned earlier. And ongoing hydrology work is being completed in order for long-term mine planning.

Speaker Change: The Polymetallics has been one of the true successes we've realized since acquiring this project about three years ago.

Speaker Change: When we started work here, the bulk of our exploration was solely on the Ruby Deeps deposit and the refractory gold mineralization. In mid-2022, we tested a new target that resulted in the discovery of the Hilltop Zone.

Ewan Downie: Since then, we have defined four different known lenses to the hilltop deposits, both CRD and SCARN along the hilltop fault structure. This in northwest striking fault feature and the mineralization here remains completely open. In fact, the southmost hole we drilled into the east hilltop zone so far was our widest intercept with over 114 meters of 9.5 percent zinc, 12.6 silver and elevated copper mineralization. That elevated copper mineralization occurred in several of the deepest and southmost holes that we drilled into the SCARN deposit and will be a focal target once we resume drilling later this year early in 2025.

Speaker Change: Since then, we have defined four different known lenses to the hilltop deposits, both CRD and SCARN, along the hilltop fault structure. This is a northwest striking fault feature, and the mineralization here remains completely open.

Ewan Downie: In fact, the southmost hole we've drilled into the East Hilltop Zone so far was our widest intercept with over 114 meters of 9.5% zinc, 12.6% silver, and elevated copper mineral zate. That elevated copper mineralization occurred in several of the deepest and southmost holes that we drilled into the scarn deposit and will be a focal target once we resume drilling later this year early in 2025. When you look at the Ruby Hill property, though, the highest grade and largest of the polymetallic deposits are the FAD project. FAD is on the adjoining Gold Hill property that we acquired from PAYCOR. And the FAD deposit, we believe, is one of the highest-grade polymetallic deposits anywhere in the world.

Speaker Change: In fact, the southmost hole we drilled into the east hilltop zone so far was our widest intercept with over 114 meters of 9.5% zinc, 12.6% silver, and elevated copper mineralization.

Speaker Change: That elevated copper mineralization occurred in several of the deepest and southmost holes that we drilled into the scarn deposit and will be a focal target once we resume drilling later this year, early in 2025.

Ewan Downie: When you look at the Ruby Hill property though, the highest grade and largest of the Paulie Metallic deposits is the FAD project. FAD is on the joining Gold Hill property that we acquired from Paycore and the FAD deposit we believe is one of the highest grade Paulie Metallic deposits anywhere in the world. Our furthest west hole drilled in 2023 intersected 9 grams of gold 92 grams silver and over 13 percent combined zinc and lead over an intercept with 14.6 meters leaving the deposit wide open along strike to the west.

Speaker Change: When you look at the Ruby Hill property, though, the highest grade and largest of the polymetallic deposits,

Speaker Change: is the FAD project.

Speaker Change: FAD is on the adjoining Gold Hill property that we acquired from PAYCORP and the FAD deposit we believe is one of the highest grade polymetallic deposits anywhere in the world.

Ewan Downie: Our furthest west hole drilled in 2023 intersected 9 grams of gold, 92 grams of silver, and over 13% combined zinc and lead over an intercept width of 14.6 meters, leaving the deposit wide open along strike to the west. Our eastmost hole and the final hole of the program in 2023 intersected 3.9 grams of gold, over 185 grams of silver, and nearly 15% zinc and lead over an intercept width of 25.4 meters, leaving the eastern extension wide open as well.

Speaker Change: Our furthest west hole drilled in 2023 intersected 9 grams of gold, 92 grams silver.

Speaker Change: and over 13% combined zinc and lead over an intercept with the 14.6 meters leaving the deposit wide open along strike to the west.

Ewan Downie: Our east most hole in the final hole of the program in 2023 intersected 3.9 grams gold over 185 grams silver and nearly 15 percent zinc and lead over an intercept with the 25.4 meters leaving the eastern extension wide open as well. It is not part of the company's current resource but we do plan in the future to advance this to resource status and we expect this will result in an fairly significant increase in not only our gold resource and downman but also our base metal resource. The initial metallurgy work that was completed here was very positive as you can see in the lower bullet and today we view we expect that the gold will report to a pirate concentrate.

Speaker Change: Our Eastmost hole and the final hole of the program in 2023 intersected 3.9 grams gold over a hundred and eighty six inches.

Speaker Change: over 185 grams silver and nearly 15% zinc and lead over an intercept width of 25.4 meters, leaving the eastern extension wide open as well.

Ewan Downie: It is not part of the company's current resource, but we do plan in the future to advance this to resource status, and we expect this will result in a fairly significant increase in not only our gold resource endowment but also our base metal resource. The initial metallurgy work that was completed here was very positive, as you can see in the lower bullet, and to date, we expect that the gold will report to a pyrite concentrate. So in summary, on slide 22.

Speaker Change: It is not part of the company's current resource, but we do plan in the future to advance this to resource status.

Speaker Change: And we expect this will result in a fairly significant increase in not only our gold resource endowment, but also our base metal resource.

Speaker Change: The initial metallurgy work that was completed here was very positive, as you can see in the lower bullet, and to date we view, we expect that the gold will report to a pyrite concentrate.

Ewan Downie: So in summary on slide 22 we have assembled one of the top portfolios of gold deposits high grade gold deposits in North America. To achieve our future success our plan is to convert resources to reserves deliver the technical studies to enhance our financing options and deliver our long-term production plan. As I said earlier the goal of our company is to turn exploration success into operational excellence but thank everybody for attending the conference, and we will take a few questions here, and following that, people are welcome to call the company at their convenience. Thank you.

Ewan Downie: We have assembled one of the top portfolios of gold deposits, high-grade gold deposits, in North America. To achieve our future success, our plan is to convert resources to reserves, deliver the technical studies to enhance our financing options, and deliver our long-term production plan. As I said earlier, the goal of our company is to turn exploration success into operational success, so I thank everybody for attending the conference. And we will take a few call questions here. And following that, people are welcome to call the company at their convenience.

Speaker Change: So, in summary, on slide 22,

Speaker Change: We have assembled one of the top portfolios of gold deposits, high-grade gold deposits, in North America.

Speaker Change: To achieve our future success, our plan is to convert resources to reserves, deliver the technical studies to enhance our financing options, and deliver our long-term production plan.

Speaker Change: As I said earlier, the goal of our company is to turn exploration success into operational excellence.

Speaker Change: So I thank everybody for attending the conference.

Speaker Change: and we we will take a few call questions here and following that people are welcome to call the company at their convenience.

Operator: Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the number one on your touchtone phone. You will hear a prompt at their hand pin. Should you decline from the polling process, please press star followed by the number two. If you are using a speaker phone, please leave the answer before pressing any keys. One moment please for your first question.

Operator: Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press star followed by the number one on your touchtone phone. You will hear a prompt as your hand has been raised. Should you wish to decline from the polling process, please press star followed by the number 2. If you are using a speakerphone, please leave the handset before pressing any.

Speaker Change: Thank you.

Speaker Change: Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press star followed by the number one on your touchtone phone.

Speaker Change: You will hear a prompt as your hand has been raised. Should you wish to decline from the polling process, please press star followed by the number 2. If you are using a speakerphone, please leave the handset before pressing any keys.

Operator: One moment, please, for your first question. And your first question comes from Don DeMarco of National Banks Financial. Please go ahead; your line is open.

Speaker Change: One moment, please, for your first question.

Don Demarco: And your first question comes from Don DeMarco of National Bank. Please go ahead, your like is open. Thank you, operator, and good morning, you and indeed. My first question has to do with granted creek. So we continue to see oxide or sales, and that's great. And the work at the South Pacific is almost very encouraging. And the re-through there of course has increased tonnage of the refractory sulfide or. But just to try to quantify some of that a little bit, how do you expect the toll milling of the refractory or the tent?

Speaker Change: And your first question comes from Don DeMarco of National Banks Financial. Please go ahead, your line is open.

Ewan Downie: Thank you, Operator. Good morning, Ewan and Gene. My first question has to do with Granite Creek. We continue to see oxide ore sales, and that's great. The work at the South Pacific Zone looks very encouraging, and the read-through there, of course, is increased tonnage of the refractory sulfide ore. But just to try to quantify some of that a little bit, how do you expect the toll milling of the refractory ore to trend over the next few quarters? and you know revenue so far remains somewhat modest.

Don Demarco: Thank you, Operator, and good morning, Ewan and Gene. My first question has to do with Granite Creek. We continue to see oxide ore sales, and that's great.

Speaker Change: The work at the South Pacific Zone looks very encouraging, and the read-through there, of course, is increased tonnage of the refractory sulfide ore. But just to try to quantify some of that a little bit, how do you expect the toll milling of the refractory ore to trend over the next few quarters?

Don Demarco: That trend over the next few quarters. And you know, revenue so far remains somewhat modest. Is this a potential material source of liquidity if you can get that SPZ zone up and running? And the toll milling of the refractory at higher levels and currently. Thank you.

Matthew Gili: Is this a potential material source of liquidity if you can get that SPZ zone up and running and um..., and the tool milling of the refractory at higher levels than currently? Yes, I'll pass that question over to Matt Gili, who heads up our Nevada office and our operations, and allow him to answer that question for you, Dawn. Thanks for the question. Thank you. Alright, thanks Don. So when I think of your question, Don, I'm thinking that we are currently in the oxide, predominantly oxide mineralization, and that is sold through the ore purchase agreement.

Speaker Change: And, you know, revenue so far remains somewhat modest. Is this a potential material source of liquidity if you can get that SPZ zone up and running and the toll mill and the refractory at higher levels than currently?

Matthew Gili: Yes, I'll pass that question over to Maggilli who heads up our Nevada office and our operations.

Speaker Change: Thank you.

Matt Gilley: Yes, I'll pass that question over to Matthew Gili, who heads up our Nevada office and our operations, and allow him to answer that question for you, Dawn. Thanks for the question.

Matthew Gili: And allow him to answer that question for you. Don, thanks for the question. Thank you. All right, thanks, Don. So when I think of your question, Don, I'm thinking of that we are currently in the oxide, predominantly an oxide mineralization. And that is sold to your purchase agreement. You're correct in that as we progress into the refractory materials, then we transition to a toll milling agreement. Which has slightly better terms. And this is certainly the future for the property and for our efforts.

Dawn: Thank you.

Matt Gilley: All right. Thanks, Don. So when I think of your question, Don, I'm thinking of...

Matt Gilley: that we are currently in the oxide, predominantly in oxide mineralization, and that is sold through the World Purchase Agreement. You're correct.

Matthew Gili: You're correct in that as we progress into the refractory materials, then we transition to a tow milling agreement, which has slightly better terms, and this is certainly the future for the property. The little bit of history there is that when we acquired the property, they had very successfully completed the gold assay and sampling, but they hadn't really done a lot of work on the oxide refractory split. So all of our drilling, which is deeper, clearly delineates a refractory deposit.

Speaker Change: and that as we progress into the refractory materials then we transition to a tow milling agreement which has slightly better terms.

Speaker Change: Assay. And this is certainly the future for the property and the future for our efforts. The little bit of history there is that when we acquired the property, they had very successfully completed the gold assaying.

Matthew Gili: The little bit of history there is that when we acquired the property, they had completed very successfully completed the gold ass aim. Sampling, but they hadn't really done a lot of work on the oxide refractory split. So all of our drilling, which is deeper is clearly delineates a refractory deposit. Right now we're in the portion of the property where we understand the gold grade, but we don't really understand all of the details on the oxide refractory split.

Speaker Change: sampling, but they hadn't really done a lot of work on the oxide refractory split. So all of our drilling, which is deeper, is...

Matthew Gili: Right now, we're in the portion of the property where we understand the gold, great, but we don't really understand all of the details on the oxide refractory. So, right now, we're pro-anomaly oxide; we're transitioning into refractory. The first quarter, by design and as I touched on in the narrative, was really very development heavy.

Speaker Change: is clearly delineates a refractory deposit. Right now we're in the portion of the property where we understand the gold, great, but we don't really understand all of the details on the oxide refractory split.

Matthew Gili: So right now we're predominantly outside. We're transitioning into refractory. The first quarter by by design and as I touched on in the narrative was really very development heavy. We understood that going into this year, the second quarter started off a little rough with some water. And you really really ramped up significantly and as forecast. So that's kind of where we're sitting down. I'm not I can't really provide you with too much details.

Speaker Change: So right now we're pro-abdominaly oxide. We're transitioning into refractory. The first quarter by design and as I touched on

Matthew Gili: We understood that going into this year. The second quarter started off a little rough with some water, and June really, really ramped up significantly and as forecast. So that's kind of where we're sitting, Don.

Speaker Change: in the narrative.

Speaker Change: was really very development heavy. We understood that going into this year. The second quarter started off a little rough with some water and June really ramped up significantly as forecast.

Matthew Gili: I'm not, I can't really provide you with too many details. We don't provide guidance, but this is the trend that we're seeing. Okay, yeah, because I think I saw in Q2 from Granite Creek that there might have been $6 million in revenue. Are we looking at a potential, you know, one or two times that amount after the summer or a magnitude increase?

Matthew Gili: We don't provide guidance, but this is the trends that were. We're seeing going forward. Okay. Yeah, because I think I saw in Q2 from Granite Creek, it might have been 6.9 million in revenue. We're looking at potential, you know, on our tooth. I'm- I'm- I'm out after the weekend summer hours, we're magnetuting. And I'll call on that and be a couple. Ian, I'm being really cautious, because we don't- we don't provide guidance by design.

Speaker Change: So, that's kind of where we're sitting, Don. I can't really provide you with too much detail. We don't provide guidance, but this is the trend that we're seeing going forward.

Don: Okay, yeah, because I think I saw in Q2 from Granite Creek, it might have been six million in revenue.

Don: Are we looking at a potential, you know, one or two times that amount after the risk gets summarized or we're magnituding?

Matthew Gili: I'm being really cautious because we don't provide guidance by design, but we are certainly in the ramp. From where we are with the mine plan, both in the budget and in the April forecast, it clearly shows that we are accessing more ore levels, and June production was significantly higher in ore tons per day than our previous yield in the year to date. So we're in that ramp up, and again it's a function of the number of ore headings, and the number of ore headings is a function of development.

Don: and I'll come out of that and be a couple. Ian, I'm being really cautious because we don't provide guidance by design. Okay. But we are, I mean, we are certainly in the ramp. You know, when I, from where we are with the mine plan, both in the budget and in the April forecast,

Matthew Gili: Okay. But we are- I mean, we are certainly in the ramp, but you know, what- when I- from where we are with the mine plan, both in the budget and in the April forecast, it clearly shows that we are accessing more levels. The June production was significantly higher on 8th or 10th per day than our previous year-to-date. So we're in that ramp up. And again, it's- it's a function of number of war headings.

Ewan Downie: It clearly shows that we are accessing more ore levels. The June production was significantly higher on eight ore tons per day.

Ewan Downie: than our previous, you know, than the year-to-date. So we're in that ramp-up. And again, it's a function of number of warheadings. And the number of warheadings is a function of development. So really, the critical path.

Matthew Gili: The number of war headings is a function of development. So really, the critical path for Granite Creek is development, which we focused on in the first quarter. And one of the enablers for development is dewatering, which is the other thing that we're really focused on in the first half of this year. Okay.

Matthew Gili: So really, the critical path for Granite Creek is development, which we focused on in the first quarter, and one of the enablers for development is dewatering, which is the other thing that we're really focused on, and I'll be back in about half of this year. Okay, thanks. Well, good luck with that, Granite Creek. Just shifting over to Ruby Hill, it seems like there's been good progress on the JV. But can you give maybe a little bit of color on the reason for the delays? And would you expect us to finalize this JV to be? and H2 item or 2025.

Ewan Downie: For Granite Creek is development, which we focused on in the first quarter, and one of the enablers for development is dewatering, which is the other thing that we really focused on in the first quarter.

Don Demarco: Okay, thanks for good luck with that, Granite Creek.

Don Demarco: Just shifting over to Ruby Hill seems like there's been good progress on the JV. But can you give maybe a little bit of color on the reason for the delays? And would you expect finalizing this JV to be an H2 item or 2025?

Ewan Downie: So, half of this year.

Speaker Change: Okay, thanks. Well, good luck with that, Granite Creek. Just shifting over to Ruby Hill, it seems like there's been good progress on the JV. But can you give maybe a little bit of color on the reason for the delays? And would you expect us finalizing this JV to be?

Ewan Downie: Thanks, Dawn. The delay on the JV is the- when you're working, trying to work out a partnership with another company to come and earn in on your flagship asset, it's very important to make sure that the deal is done right. If you recall what happened to premiere with our partnership that wasn't so smooth and we ended up- it actually essentially ended up stalling the project. We want to ensure that everything is considered prior to entering into a partnership again in order for that to be an unlikely scenario in the future.

Ewan Downie: Thanks Don. The delay on the JV is when you're trying to work out a partnership with another company to come in and earn money on your flagship asset. It's very important to make sure that the deal is done right. If you recall what happened to Premier with our partnership that wasn't so smooth, and we ended up stalling the project, we want to ensure that everything is considered prior to entering into a partnership again in order for that to be an unlikely scenario in the future.

Speaker Change: and H2 Light and Merck 2025.

Speaker Change: Thanks, Don. The delay on the JV is when you're trying to work out a partnership with another company to come in and earn in on your flagship asset, it's very important to make sure that the deal is done right.

Speaker Change: If you recall what happened to Premier...

Speaker Change: with our partnership that wasn't so smooth.

Speaker Change: and we ended up, it actually essentially ended up stalling the project. We want to ensure that everything is considered prior to entering into a partnership again in order for that to be an unlikely scenario in the future.

Ewan Downie: Tomorrow, but when we did press release and we didn't intend to actually press release that we signed the term sheet, but we did so because there was a requirement to be able to complete financing disclosure around financing that we were planning to complete. And when we put out that press release, we stated specifically that it was subject to metallurgical due diligence. And that involved a drilling campaign that took about four months given that Christmas happened in between and everything shut down to complete and subsequently the material from that drilling was sent to labs in order to complete the metallurgical work to ensure that the polymetallic mineralization here is recoverable, which was an important component for our planned partner to come in and work with us on this project.

Ewan Downie: When we did the press release, and we didn't intend to actually release that we signed the term sheet, but we did so because there was a requirement for us to be able to complete financing, disclosure around financing that we were planning to complete. When we put out that press release, we stated specifically that it was subject to metallurgical due diligence. And that involved a drilling campaign that took about four months, given that Christmas happened in between and everything shut down, to complete.

Speaker Change: tomorrow but when we you

Speaker Change: did press release, and we didn't intend to actually press release that we signed the term sheet, but we did so because there was a requirement for us to be able to complete financings.

Speaker Change: Disclosure around financing that we were planning to complete.

Speaker Change: When we put out that press release, we stated specifically that it was subject to metallurgical due diligence.

Speaker Change: and that involved a drilling campaign that took about four months given that Christmas happened in between and everything shut down to complete and subsequently the material from that drilling was sent to

Ewan Downie: And subsequently, the material from that drilling was sent to labs in order to complete the metallurgical work to ensure that the polymetallic mineralization here is recoverable, which was an important component for our planned partner to come in and work with us on this project. We released our results about a month ago, which we believe were highly positive. And now we are working on the final documentation for that partnership and expect that, hopefully, to be completed well before the end of the year at dawn.

Speaker Change: labs in order to complete the metallurgical work to ensure that the polymetallic mineralization here is recoverable, which was an important component for our planned partner to come in and work with us on this project.

Ewan Downie: We released our results about a month ago, which we believe were highly positive. And now we are working on the final documentation for that partnership and expect that hopefully to be completed in well before the end of the year, Dawn. That would be okay. But again, as you're negotiating terms, you've got to make sure it's right. But right now, I believe that everything most of the major issues have been dealt with and working through the results of the documentation related to that. Okay, great.

Ewan Downie: Thanks for that Ewan.

Speaker Change: We released our results about a month ago, which we believe were highly positive. And now we are working on the final documentation for that partnership.

Speaker Change: and expect that, hopefully, to be completed well before the end of the year, Dawn. That would be our... Okay.

Ewan Downie: But again, as you're negotiating terms, you've got to make sure it's right. And, but, right now, I believe that everything, most of the major issues have been dealt with through the legal documents related to that. Okay, great. Thanks for that, Ewan.

Speaker Change: But again, as you're negotiating terms, you've got to make sure it's right, but right now I believe that everything, most of the major issues have been dealt with and we're working through the legal documentation related to that.

Ewan Downie: And then the final question. So it's been a few months since the AGM when you announced that you'd be passing on the CEO title to someone else. And can you just give us an update on this process, or maybe additional color behind your decision, or what the potential timing of this might be, if that information is available at this point? Yeah, I think my original plan for CEO succession was put in place about two years ago.

Don Demarco: There's a final question. So it's been a few months since the AGM, and when you announce that you'll be passed on the CEO title to someone else. And can you just give us an update on this process or maybe additional color behind your decision or what the potential timing of this might be if that information's available at this point?

Don: Okay, great. Thanks for that, Ewan. And then, final question.

Speaker Change: So, it's been a few months since the AGM, when you announced that you'll be passing on...

Speaker Change: the CEO title to someone else.

Speaker Change: and can you just give us an update on this process or maybe additional color behind your decision or what the potential timing of this might be if that information is available at this point?

Ewan Downie: Thank you. Yeah, I think my- the original plan for CEO succession was put in place about two years ago. So two years ago, as you know, Don, I'm more of an explorer than a developer. Yeah. I'm not exactly- I don't think known as being a mine builder and having constructed or operated multiple operations, though premier was a producing company. I think we've taken- I've taken this company. We've had huge success and exploration, but in order to achieve the next level for this company, I fully believe that it is important that we increase our operations capacity in the upper levels.

Speaker Change: Thank you. Yeah, I think the original plan for CEO succession was put in place about two years ago. So, two years ago, I

Ewan Downie: So, two years ago, I... As you know, Don, I'm more of an explorer than a developer. I'm not exactly I don't think known as being a mind builder and, and, and have it having constructed or operated multiple operations, though Premiere was a producing company.

Don: As you know, Don, I'm more of an explorer than a developer. Yeah. I'm not exactly, I don't think, known as being a mind builder and having constructed or operated multiple operations, though Premier was a producing company.

Ewan Downie: I think we've taken this company, and I've taken this company, and we've had huge success in expiration, but in order to achieve the next level for this company, I fully believe that it is important that we increase our operations capacity in the upper levels, and that was part of the decision, but also some ongoing health issues that I have to deal with at some point. So, It's something that we did a press release about, but right now Okay. Well, thank you for that. We certainly wish you the best in the process and whatever other issues you might be dealing with. But thanks again, and good luck with the rest of Q3.

Don: I think we've taken, I've taken this company, we've had huge success in expiration, but in order to achieve the next level for this company, I fully believe that it is important that we we increase our

Ewan Downie: And that was part of the decision, but also some ongoing health issues that I have to deal with at some point. So it's something that we- we did press release, but it is a plan. But right now, I continue to be the CEO, and- but at some point, I expect that there will be a transition. Okay. Well, thank you for that.

Don: operations capacity in the upper levels and that was part of the part of the decision but also some ongoing health issues that I have to deal with at some point so

Don: It's something that we did press release, that it is a plan, but right now I continue to be the CEO , but at some point I expect that there will be a transition.

Don Demarco: We certainly wish you the best in the process and whatever other issues you might be dealing with. But thanks again and good luck with the rest of Q3, all the best.

Speaker Change: Okay, well thank you for that. We certainly wish you the best in the process and whatever other issues you might be dealing with. But thanks again and good luck with the rest of Q3. All the best.

Justin Chan: Thank you, and your next question comes from Justin Chan of SDP Resource Finance. Please go ahead. Your line is open. Hi, guys. Thanks very much.

Ewan Downie: All the best. Thank you. And your next question comes from Justin Chan of STP Resource Finance. Please go ahead. Your line is open. Hi guys.

Speaker Change: Thank you. And your next question comes from Justin Chan of STP Resource Finance. Please go ahead. Your line is open.

Operator: Thanks very much. Maybe if we could go back to the slide that was shown. That shows a long section of the South Pacific zone.

Ewan Downie: Maybe if we can go back to the slide that showed the- the long section of the South Pacific zone, I was wondering if you could maybe talk us through where you're mining now. And I guess what the next- what the rest of the year looks like in terms of what's in the mine plan. Okay. So I- I think you're talked about slide 10. So here on slide 10, you can see the very, very upper part where- essentially where the road- the word openness is where we drifted over and access the top- very, very top portion of the South Pacific zone.

Speaker Change: Hi, guys. Thanks very much.

Justin Chan: Maybe if we could go back to the slide that showed, um...

Matthew Gili: I was wondering if you could maybe talk us through where you're mining now and, I guess, what the rest of the year looks like in terms of what's in the mine plan. Okay, so I think you're talking about slide 10. So here on slide 10, you can see the very, very upper part where essentially where the word open is, is where we drifted over and accessed the top, very, very top portion of the South Pacific zone.

Speaker Change: that showed the long section of the South Pacific zone. I was wondering if you could maybe talk us through where you're mining now and I guess what the next, what the rest of the year looks like in terms of what's in the mine plant.

Speaker Change: Okay, so I think you talked about slide 10.

Speaker Change: So here on slide 10, you can see the very, very upper part where essentially where the word open is, is where we drifted over and accessed the top, very, very top portion of the South Pacific zone.

Ewan Downie: The decline is going to depth in both into the OG zone. And as we go to depth, we are drifting over on multiple levels into the South Pacific. And with each level, as we go deeper, we- we are expecting the strike length to increase. So on slide 11, it's really in the- the upper red part above that sort of upper red flat part. And then as we go down, because it's a bit of an oblique new, as we go down, we expect to get more and more mineralization.

Matthew Gili: The decline is going to depth into the OG zone, and as we go deeper, we are drifting over on multiple levels into the South Pacific, and with each level, as we go deeper, we are expecting the strike length to increase. So on slide 11, it's really in the upper red part, above that upper, red, flat part.

Speaker Change: The decline is going to depth and go into the OG zone. And as we go to depth, we are drifting over on multiple levels into the South Pacific and with each level as we go deeper we are expecting the strike length to increase.

Speaker Change: So on slide 11, it's really in the upper red part.

Matthew Gili: And then, as we go down, because it's a bit of an oblique view, as we go down, we expect to get more and more mineralization. We do expect to expand on that image because there are intercepts outside of these shapes that, with definition drilling, we believe will become mineralized areas for future development. And as Matt Gili said earlier, to get the definition required for this drilling, we're finding that from surface, it's quite costly. We have a lot of deviation in drilling, and we are implementing an underground platform in order to provide us with a much better platform in order to complete the definition and the expansion drilling problem.

Speaker Change: above that sort of upper red flat part and then as we go down, because it's a bit of an oblique view, as we go down we expect to get more and more mineralization. We do expect to expand on that image because there are intercepts outside of these shapes.

Ewan Downie: We do expect to expand on that image, because there are intercepts outside of these shapes that with definition drilling, we believe will become mineralized areas for- for future development. And as Matt Gilly said earlier, to get the definition required for this drilling, we're finding that from surface, it's quite costly. We have a lot of deviation in drilling, and we are implementing an underground platform in order to provide us with a much better platform in order to complete the definition and expand some drilling. Fraff. Gotcha. Thanks here.

Speaker Change: that with definition drilling we believe will become mineralized areas for future development.

Speaker Change: And as Matt Gili said earlier.

Matt Gehle: to get the definition required for this drilling. We're finding that from surface it's quite costly.

Matt Gehle: We have a lot of deviation in drilling and we are implementing an underground platform in order to provide us with a much better platform in order to complete the definition and expense from drilling from.

Ewan Downie: Gotcha. Thank you. And maybe just as a follow-up for Q3 and Q4, in terms of... You know, what are you expecting in terms of ore volumes, maybe either ore sold, or do you think you'll be kind of getting into areas where you'll be, I guess for the sulfides, will you be reporting poured ounces or will it still be ore sold? I think this quarter was about 50-50 oxide sulfide.

Ewan Downie: And maybe just as a follow-up for, I guess, for Q3 and 4, in terms of, you know, what are you expecting in terms of, of, of, or volumes? Maybe others, or sold or, or do you think you'll be kind of getting into areas where you'll be? I guess for the sulfides, will you be reporting four ounces or, or will it still be or sold some loads? I think this quarter was about 50-50 oxides, also less.

Speaker Change: Thank you. And maybe just as a follow-up, I guess for Q3 and Q4, in terms of...

Speaker Change: You know, what are you expecting in terms of ore volumes? Maybe either it's ore sold, or do you think you'll be kind of getting into areas where you'll be, I guess for the sulfides, will you be reporting poured ounces, or will it still be ore sold? I think this quarter was about 50-50 oxide sulfide.

Ewan Downie: Yeah, for the, for the gold that comes off the two existing residual leach programs, that is gold sold. And the refractory mineralization under our current contract is where we receive the gold. So we just reported as gold ounces. And we would, we do expect that to ramp up significantly quarter on quarter going forward as we get more and more self-specific zone mineralization and go to depth in that zone. Oxide, I would expect to sort of remain more consistent going forward given that we do expect more and more sulfide going to depth.

Ewan Downie: Yeah, for the gold that comes off the two existing residual leach programs, that is gold sold. And the refractory mineralization under our current contract is where we get the gold. So it is reported as gold ounces, and we do expect that to ramp up significantly quarter on quarter going forward as we get more and more South Pacific zone mineralization and go deeper in that zone. Oxide, I would expect to sort of remain more consistent going forward, given that we do expect more and more sulfide going to depth.

Speaker Change: For the gold that comes off the two existing residual leach programs, that is gold sold and the refractory mineralization under our current contract is where we receive the gold.

Speaker Change: So, it is reported as gold assets, and we do expect that to ramp up significantly quarter-on-quarter going forward as we get more and more South Pacific zone mineralization and go to depth in that zone.

Speaker Change: Oxide, I would expect to sort of remain more consistent.

Ewan Downie: But as Matt said, the more headings we get put in place and the more available faces, the more mineralization we'll be getting week on week and month on month, and that ramp-up is occurring as we speak. Gotcha. So I guess maybe just zooming in on, say, this quarter is about 10,000 tons.

Ewan Downie: But as Matt said, the more headings we get put in place and the more available faces, the more mineralization we'll be getting week on week and month on month. And that ramp up is occurring as we speak. Gotcha.

Speaker Change: going forward given that we do expect more and more sulfide going to depth.

Matt: But, as Matt said, the more headings we get put in place and the more available faces, the more mineralization we'll be getting week on week and month on month.

Matt: and that ramp-up is occurring as we speak.

Ewan Downie: So I guess maybe just assuming it on say for for this quarter is about 10,000 times, I guess what could you give us any steer on what you think for Q3 and Q4? And Matt said earlier, we don't provide official guidance as yet because we haven't declared commercial production. So I would say we just expect it to improve as we add the headings. Okay. Thank you.

Matt: So I guess maybe just...

Ewan Downie: I suppose, could you give us any steer on what you think for Q3 and Q4? As Matt said earlier, we don't provide official guidance as yet because we haven't declared commercial production, so I would say we just expect it to improve as we add the headings. Okay. Thank you. Thank you, I appreciate the color and then maybe just one question in terms of, in terms of the plans at Ruby, I mean, is it fair to characterize that you're now, I mean, is it fair to characterize that now most of the DD work has happened, and it's just about negotiating final terms or just trying to get a sense of what you think the key milestones are for that agreement going forward, what potential timing might be?

Speaker Change: Zooming in on say for this quarter is about 10,000 tons. I guess what could you give us any steer on what you think for Q3 and Q4?

Speaker Change: As Matt said earlier we don't provide official guidance as yet because we haven't declared commercial production so I would say we just expect it to improve as we add the headings.

Ewan Downie: Appreciate the color. And then maybe just one in terms of in terms of the plan that Ruby, I mean, is it fair to characterize that you're, I mean, is it fair to characterize that now it's most of the DD workers has happened and it's just about negotiating final terms or trying to get a sense of what you think the key milestones are for that agreement going today, what potential timing might be.

Speaker Change: okay

Speaker Change: Thank you, I appreciate the color and then maybe just just one in terms of

Speaker Change: Is it fair to characterize that now most of the DD work has happened and it's just about negotiating final terms or just trying to get a sense of what you think the key milestones are for that agreement going forward, what potential timing might be?

Ewan Downie: Yeah, it's just that right now it's really down primarily just to negotiating definitive documents, structure, tax structure, things like that. Also, because there's both gold and polymetallic mineralization, we want to ensure that gold production from the operation is also a focus, not just base metals. And the incoming partner, I would say, is more focused on base metals. So it's just getting the right balance for that.

Ewan Downie: Yeah, it's just that right now it's really down primarily just to negotiating definitive documents, structure, tax structure, things like that. Also because there's both gold and polymetallic mineralization, we want to ensure that gold production from the operation is also a focus, not just the not just the base metal. And the incoming partner I would say is more focused on base metals. So it's just getting a right balance for that. Gotcha. A lot of commercial terms though have been negotiated and completed. Okay.

Speaker Change: Yeah, it's just that right now it's really down primarily just to negotiating definitive documents, structure.

Speaker Change: Tax Structure, things like that. Also, because there's both gold and polymetallic mineralization, we want to ensure that gold production from the operation is also a focus, not just the base metal.

Speaker Change: and the incoming partner I would say is more focused on base metals so it's just getting a right balance for that.

Ewan Downie: All commercial terms, though, have been negotiated and completed. Okay, thanks. Do you think, I mean, high-level, I know these things take time, lawyers aren't easy, but is it something that you think is likely to be this year or maybe early next year? Just trying to get a sense of timing on that. I would like it to be next week, but as you said, when there are two sets of lawyers working on documents, things can go back and forth quite a bit, and we've been seeing a lot of back and forth on different points and then arriving at a conclusion within those points. Really, if it went into next year, I'd be very, very shocked.

Speaker Change: All commercial terms, though, have been negotiated and completed.

Ewan Downie: Thanks. Do you think, I mean, high level, I know these things take, you know, lawyers aren't easy, but I mean, is it something that you think is likely to be this year or or maybe early next year to try to get a sense of timing on that. I would like it to be next week, but as you said, when there's two sets of lawyers working on documents, things can go back and forth quite a bit, and we've been seeing a lot of back and forth on different points and then arriving at the conclusion within those points.

Speaker Change: Okay, thanks. Do you think, I mean, high-level, I know these things take...

Speaker Change: Lawyers aren't easy, but is it something that you think is likely to be this year or maybe early next year? I'm just trying to get a sense of timing on that.

Speaker Change: I would like it to be next week but as you said when there's two sets of lawyers working on documents things can go back and forth quite a bit and we've been seeing a lot of back and forth on on different points and then arriving at a conclusion within those points.

Ewan Downie: But really, if it went in the next year, I'd be very, very shocked. Okay, thanks. That's good to hear, and I appreciate the color. Thanks a lot, guys. I'll free up the line. Thanks for your time.

Speaker Change: But really, if it went into next year, I'd be very, very shocked.

Ewan Downie: Okay, thanks. It's good to hear from you, and I appreciate the color. Thanks a lot, guys. I'll free up the line. Thanks for your time. Okay, we have one more time for one more question. Thank you. And your last question comes from Spencer Limon. Please go ahead. The line is open.

Speaker Change: Okay, thanks. It's good to hear and I appreciate the color. Thanks a lot guys. I'll free up the lines, but thanks. Thanks for your time.

Spenser Limon: Okay, we have one time for one more question. Thank you, and your last question comes from Spenser Limon. Please go ahead. The line is open. Oh, good morning. You know with the price of gold hitting new highs, this looks like a lot of M&As is heating up, and you probably saw the Osisco mining buyout yesterday. Just wondering if was your price getting so cheap that you consider possibility of a friendly or even unsolicited takeover rather than the joint partner way?

Speaker Change: Okay, we have one time for one more question.

Speaker Change: Thank you. And your last question comes from Spencer Limon. Please go ahead, the line is open.

Operator: Oh, um, oh, good morning. Um, you know, with the price of gold hitting new highs, it looks like a lot of M&A is heating up, and you probably saw the Osisko mining buyout yesterday. I'm just wondering if, with your price getting so cheap, you consider a possibility of a friendly or even unsolicited takeover rather than the joint partner... way.

Speaker Change: Good morning.

Spencer Limon: The price of gold hitting new highs. It looks like a lot of M&A is heating up, and you probably saw the old Cisco mining buyout yesterday. I'm just wondering, with your price getting so cheap, is you...

Speaker Change: You consider a possibility of a friendly or even unsolicited takeover rather than the joint partner way.

Spenser Limon: Thanks for your question, Spencer. It's hard to comment on M&A. I'd say in our industry, the lack of new discoveries in recent years has created an environment where larger companies who are seeking to pad their reserves and resources for the future are always on the lookout for projects. A good example, I guess, was the Cisco yesterday. We have, as we showed in really the slide three, the first slide of our presentation, we also in addition to having our self-ide deposits that we focus the most attention on, we also have significant oxide projects.

Ewan Downie: Thanks for your question, Spencer. It's hard to comment on M&A. I'd say in our industry, the lack of new discoveries in recent years has created an environment where larger companies who are seeking to pad their reserves and resources for the future are always on the lookout for projects. A good example, I guess, was at Cisco yesterday.

Speaker Change: Thanks for your question, Spencer. It's hard to comment on M&A.

Speaker Change: I'd say in our industry, the lack of new discoveries in recent years.

Speaker Change: has created an environment where larger companies who are seeking to pad their reserves and resources for the future are always on the lookout for projects.

Spenser Limon: And we also have the polymetallic. So our company is diversified, but we do have several open pit oxide projects that we don't carry in our corporate presentation and obviously talk very little about today. However, those projects have attracted in the past and continue to attract a lot of attention. And we're constantly talking to other parties about what to do with some of these assets. There is a possibility we could sell some projects within our portfolio.

Ewan Downie: We have, as we showed on slide 3, the first slide of our presentation, We also, in addition to having our sulfide deposits that we focus the most attention on, we also have significant oxide projects, and we also have polymetallics. So, our company is diversified, but we do have several open pit oxide projects that we don't carry in our corporate presentation and obviously talk very little about today. However, those projects have attracted in the past and continue to attract a lot of attention, and we are constantly talking to other parties about what to do with some of these assets.

Speaker Change: A good example, I guess, was the Cisco yesterday. We have, as we showed in really the slide three, the first slide of our presentation,

Speaker Change: ok it

Speaker Change: We also, in addition to having our sulfide deposits that we focus the most attention on, we also have significant oxide projects and we also have the polymetallics. So our company is diversified.

Speaker Change: But we do have several open pit oxide projects that we don't carry in our corporate presentation and obviously talk very little about today. However, those projects...

Speaker Change: have attracted in the past and continue to attract a lot of attention and we're constantly talking to other parties about

Ewan Downie: There is a possibility we could sell some projects within our portfolio, and there is always, You know, there's always interest, especially in a place like Nevada, from larger companies to take a look at what people have. I wouldn't like to see a proposal for our company at these levels, as you said, of late, especially we've been at depressed levels as we've had to finance our business. But given our significant resources and one of the safest jurisdictions in the world, I think we offer tremendous value.

Speaker Change: what to do with some of these assets. There is a possibility we could sell some projects within our portfolio and there's always

Spenser Limon: And there's always, you know, there's always interest, especially in a place like Nevada of larger companies to take a look at what people have. I wouldn't like to see a proposal for our company at these levels. As you said, of late, especially we've been at depressed levels as we've had to finance our business. But given our significant resources and when the safest jurisdictions in the world, I think we offer tremendous value.

Speaker Change: You know, there's always interest, especially in a place like Nevada, of larger companies to take a look at what people have.

Speaker Change: I wouldn't like to see a proposal for our company at these levels, as you said, of late, especially we've been at depressed levels as we've had to finance our business.

Speaker Change: But given our significant resources and one of the safest jurisdictions in the world, I think we offer tremendous value and right now isn't the time for us to be considering M&A for us to disappear.

Ewan Downie: And right now isn't the time for us to be considering M&A or for us to disappear. So I hope that answered your question. Well, yeah, I know it's a difficult thing to discuss, but I'm just curious whether, from the standpoint of the shareholders, the joint partnership is going to work as well as maybe just a straight buyout or takeover based on the price of gold now.

Ewan Downie: And right now is in the time for us to be considering M&A for us to disappear. So I hope that answered your question. Well, yeah, I know it's a, you know, a difficult thing to discuss, but I'm just curious whether, you know, the joint partners, from the standpoint of their shareholders, it's a joint partnership, the work as well as maybe just a straight buy-out or takeover based on the price of gold now.

Speaker Change: So I hope that answered your question.

Speaker Change: Well, yeah, I know it's a, you know, a difficult thing to discuss, but I'm just curious whether

Speaker Change: From the standpoint of the shareholders, is the joint partnership going to work as well as maybe just a straight buyout or takeover based on the price of gold now? But you answered that well, and thank you for that.

Ewan Downie: So, you answered that well, and thank you for that. Thank you for your question, Spencer. And feel free to call our office and talk to Matt, Matt, Ryan, or myself, and we can discuss it further if you, if you, you know, if you have more questions or whatever, we're, we're quite open to calls, and we're butting right up against our time. So we have to, That has to be our last question, but everybody who attended, thank you very much, and please feel free to reach out to us if you have any further questions.

Ewan Downie: But you answered that well and thank you for that. Thank you for your question Spencer and feel free to call our office and talk to Matt, Matt, Ryan or myself and we can, we can discuss further if you, you know, if you have any more questions or whatever, we're, we're quite open for calls and we're putting right up against our our time so we have to, that would, that has to be our last question. But everybody who attended thank you very much and please feel free to reach out to us if you have any further questions.

Speaker Change: Thank you for your question, Spencer, and feel free to call our office and talk to Matt.

Speaker Change: Ryan or myself and we can we can discuss further if you if you know if you have more questions or whatever we're we're quite open for calls and We're butting right up against our our time. So we have to

Speaker Change: That has to be our last question, but everybody who attended, thank you very much, and please feel free to reach out to us if you have any further questions.

Operator: Ladies and gentlemen, this includes today's conference.

Operator: We thank you for participating