Dakota Gold Mining Forum Americas 2026

opportunity to get exposure to gold while minimizing that geopolitical risk that you see in the industry right now. We have, right now from a macro perspective, one of the best times to be building a gold asset. With gold and silver at all-time highs, with financing available, we are excited to be advancing our project in that environment. We have a leadership team with a track record of success. Bob Quartermain, our co-founder, has built 6 mines successfully over his career. We have Jack Henris, our CEO, who has been the GM of the Carlin Operation in Cripple Creek, and I am excited to be part of that team as we move this project forward through the development stage into construction and production over the next few years. Our primary asset is the Richmond Hill Gold Project.

It is a simple heap leach project where we put out a resource and an Initial Assessment with Cash Flow last year. We are looking forward to a Pre-Feasibility Study and having reserves in the fourth quarter of this year, followed by a Feasibility Study next year, permits in 2028 and construction, and gold production in 2029. So near-term gold production in the U.S. On top of that, because we were first movers in the district, we secured over 50,000 mineral acres, so we have a high-grade opportunity less than 2 kilometers away from Richmond Hill, which allows us to take our cash flow from our first asset and reinvest it in our second, third, and even fourth opportunity in this very prolific district. Importantly, our 2 main projects are on private land.

That is why I can talk to you about a timetable like that, which gets us to production in 2029, advancing responsibly but quickly through the permitting process to be able to build a mine. Lastly, we raised capital earlier this year, so as of June, we had $99 million in the bank. That allowed us to do is de-risk, start building a team, secure long lead time items, and put us in the driver's seat as it comes to how we choose to finance this project as we move forward. There we go. Here you can see a map of where our project is located in the U.S., in the Homestake District. As a reminder, the Homestake District contains the Homestake Mine that produced over 40 million ounces of gold in 125 years.

On top of that, you have the Wharf Mine, which has been in production for over 40 years. So within about 5 square miles, you have got over 130 years of production and almost 45 million ounces of gold. A district as prolific as Timmins or any of these other gold mining camps, but very condensed. When we came into the district, we were able to secure the crown jewels of this district from the Barrick Reclamation portfolio. If you can remember, you have seen K92, Skeena. We were the third deal to come out of that reclamation group, and in addition to the Maitland and Richmond Hill project, we staked all available ground, bringing our total land package to 50,000 mineral acres.

Important, we have our single asset in Richmond Hill that we intend to bring forward to production, but we have our second, third, and fourth opportunity in the district as we look to revitalize the area. The Maitland Gold project that I will talk briefly about here is the high-grade underground opportunity. This is a long strike the Homestake mine in the same mineralization adjacent to that project. We have had 47 intercepts where we put out 11 grams over four meters, and very excited that we have that quality of a project to follow up after Richmond Hill. Richmond Hill, when we acquired the project, had over 900 historic drill holes, almost entirely showing mineralization. We were able to secure that project and spend the last five years to bring it to where it is today.

Last year, we put out a mineral resource, and you can see there 3.6 million ounces of measured and indicated, 2.6 million ounces of inferred gold. A very sizable, potentially heap leachable resource. We followed up last year with an Initial Assessment with Cash Flow at a conservative $2,350 gold price. Using that gold price, we still had a $1.6 billion NPV and a 55% IRR. We were also, because of how simple the project is and where it is located, achieve a very low CapEx number of $384, very manageable for a company with our size and scale to be able to execute on. But I am also excited to talk about how the work over the last year towards our PFS in the fourth quarter has been able to take some of those metrics and opportunities and move it forward into a PFS.

A meaningful production number of 153,000 ounces a year while maintaining a low AISC of less than $1,100 an ounce. On this slide, you can see more of the detailed key metrics related to our Initial Assessment with Cash Flow that we published last year. A reminder, at a conservative $2,350 gold price, you had a long mine life producing a meaningful amount of production at 153,000 ounces a year. The grade, just above half a gram, but that strip ratio of between 0.6 and 0.44, depending on the case, meant very simple at-surface deposits where you could have the opportunity, and we will talk about that, to really target your higher grade early in the mine plan.

It came together with a sub-$1,100 AISC, and one of the benefits of being only two kilometers away from the Wharf Mine is each stage of the project, each component, whether it is mining, whether it is processing, we can benchmark to an operation that has 40 years of history in the district. Wharf has been operating at that $1,100, $1,200 AISC, and we believe we can move forward along those same lines with a simple three-stage heap leach crush, similar to what they have. The initial CapEx, sub $400 million, with a $50 million contingency, and leading to that $1.6 billion NPV. But in the bottom, what we show you is that we can obviously flex the gold price, and at a recovery of anything above 70%, this is a $4 billion opportunity where we can move forward and execute on. That study had this production profile.

The one area I would like to draw your attention to here is just that in the first 3-5 years of our Initial Assessment with Cash Flow, we envisioned mining it below the life of mine average grade. What I will take you through is some of the drilling that we have done subsequent to that Initial Assessment with Cash Flow and how we believe we can optimize that to get at or better than life of mine average grades in the first 5 years. Those first few years really drive the economics, like IRR and NPV, and is a great opportunity for a deposit that is right at surface with no strip. This is a site layout of the project, and I will hit again on that term, simple. It is a three-stage crush heap leach. We do not have a tailings dam. We do not have bridges to build.

You can see here the size and scale of the facilities is quite small, the footprint. We did issue a press release on Monday, which further simplified it, and instead of the approach of having three heap leaches, we will have one consolidated heap leach in the southeast of the property. Again, further simplifying it from a permitting, operating, and execution standpoint. This slide is showing a number of things, but the first point I will highlight is that our cutoff for the drill database for that Initial Assessment with Cash Flow and our existing resource was late 2024. Since that time, we have put 350 drill holes into it, which will add 30% more drilling, obviously a much higher level of confidence as we come out with the Pre-Feasibility Study later this year.

In addition, in our press release 2 weeks ago, we released all of the metallurgy that will form part of that Pre-Feasibility Study. While we are excited that the results were better than what you would see in most conventional heap leaches, we had one area called the breccia lithology that strongly outperformed that average and actually returned over 90% in potential heap leach material, which if you are familiar with a heap leach, that is a very, very high number. While we had initially envisioned starting mining in the north, and that is why our infill and expansion drilling was focused on that area, you can see in this map where the yellow is, and we put limited additional drill holes into that breccia material.

Now, when we look forward to the Pre-Feasibility Study, we will have a mine plan associated with that, and we will have a reserve associated with that.