ODV Mining Forum Americas 2026

We've done about $270 million of construction pre-FID. Resource, it's a 2 million ounce of reserves, 1.61 million ounces of measured indicated. Another 1.8 million ounces of resource. There's 3.6 million ounces that are not in the feasibility and not in the plan yet, but that's about to change. We're located about a 45-minute drive from the town of Quesnel on a paved road. Quesnel is 22,000 people. We're about an hour and a half from the regional hub of Prince George, which is 110,000 people. This is an on-infrastructure project. We also have 5610 kilowatt US power from BC Hydro, which is a huge advantage in this diesel market. We don't have a lot of exposure to diesel other than a few haul trucks. Everything else is electric. The way we looked at this project back in the day was, there's a lot of historic mining here, over a thousand sort of workings, a couple of hundred placer mines in the valleys, and one successful underground mine at Cow Mountain, which produced 1.8 million ounces at an average of 17 grams.

The mineral endowment here comes in the form of vein corridors that are long. We have 86 kilometers of strike length, of which we've explored 4.4 in detail, and we have another six kilometers underway now, so we consider exploration completion here at under 10%. This is a huge land package, and it'll host many more mines after we get through with it. The go-forward situation, we are investing CAD 990 million, or $717 million US. Our available cash position is $1.6 billion.

We have about CAD 700 million of free board, which allows us to get very aggressive on our fast tracking of the mine build, as well as the integration of the measured indicated inferred, which we refer to as the blue mine, with the pink mine being mine one. The goal here is to build two mines at roughly the same time, within the same ore body, given it's just conversion drilling required. As we said, construction is 22% complete, with the first portal being in three kilometers, second portal collaring now, and we'll get into which portion of the project complete. Detailed engineering is roughly at 40%. More importantly, procurements and commitments to that sitting at CAD 325 million. Our entire mill circuit is in the driveway. We bought a mill from Hudbay. It was never installed. It was supposed to go to Lalor, then they started to expand.

Our mill is actually in hand in the driveway. It's quite a big mill for what we need to do. We also have our mining fleet procured, a lot of our substations and everything else. Our supply chain has been secured before doing this. I think this is probably the most important slide for shareholders and equities at this presentation. If you look where we sit now, we're about a $1.7 billion market cap, fully diluted. If we look at this table, we have market cap on the vertical and ounces of production on the horizontal. If you look at our friends from Wesdome, they sit at about a $5 billion market cap, and they produce about 200,000 ounces a year. Then a lot of the projects to the right are things that you're familiar with.

The analog to us, we believe, is G Mining. They have 175,000 ounce a year production, less than Wesdome, but they have a market cap of CAD 15 billion. Three times the market cap of Wesdome with less production. Why is that? They have a good project under construction in Guyana, a very credible management team, and they have quite a bit of upside in their growth portfolio. That is a very same scenario for us. We are coming online in 2029 at 200,000 ounces a year. If we are successful in our conversion drilling, we will set the stage for significant increase in throughput at that point in time. Our target is to go from 200,000 ounces to 400,000 ounces within the same mine infrastructure that we are building.

30 kilometers of underground development will access that other mine, basically what we refer to as the pink mine and the blue mine. Our goal is to land somewhere over in the right-hand side of the dotted line box. You see our friends at Lundin producing at around 500,000 ounces a year with a CAD 24 billion market cap. Alamos at CAD 21 billion with a little over 550,000 ounces a year. Artemis is in there at CAD 5.4 billion, around 380,000 ounces a year. Then they are going up to 550,000 ounces a year. One of the interesting things that came out of this work is if you look at the top right-hand corner, Wesdome gets about CAD 2.6 billion for 100,000 ounces of production. That same 100,000 ounces a year at Lundin gets a CAD 4.5 billion market cap.

The winner of this prize is GMIN getting CAD 8.3 billion per 100,000 ounces. One of these things is not like the other, and we feel that that is what we wanted to call your attention to, because this is what we are building now. The feasibility, again, just based on the 2 million ounces of reserves, 190,000 ounces a year over 10 years, 202,000 ounces for the first five years. Ten-year mine life with production starting at Q1 2029. All-in sustaining cost quite low at $1,163 an ounce. $717 million US go-forward capital, call it CAD 1 billion. Free cash flow life of mine at around CAD 362 million a year based on $3,700 gold. At today's gold prices, this mine would put out about CAD 630 million a year in free cash flow. NPV at $3,570 gold was CAD 2.3 billion, CAD 3.8 billion at $4,300.

34.7% internal rate of return at the lower gold price of $3,550, closer to spot, just under 43%. Ounces that are not in the mine plan, the 1.6 million ounces of measured and indicated and the 1.86 million ounces of inferred. They are outside of the mine schedule right now, but not outside of the mine development. If we look at the go forward date at $4,350 gold, the NPV would be about CAD 3.2 billion. Payback is about 1.8 years, quite quick, and annual free cash flow the first five years is CAD 642 million. This thing makes a lot of money if we just do the 200,000-ounce a year mine. A bit about the schedule. I will not go too much into detail because we are in construction.

A lot of these things are active as we speak, completing almost all the tasks by the end of 2028, with mill ramp up starting at the end of 2028. It is about a 29-month mine build from where we sit today. The CAD 270 million that we spent pre-FID, what we did achieve is a 350-man camp that all has individual rooms with every room has a washroom and one bed, so it is individual lodging. On the right-hand side, you can see the waste dump, which is obviously key to being able to hard push on the underground development. We are at about 90% complete on that. At the bottom, you can see the settlement control pond. The water treatment plant, one of two, is complete and commissioned. A lot of the more boring stuff and some significant earthworks are actually behind us.

In an old mining camp, the earthworks are always one of the hardest parts in case you find an old stope or an old raise or something under your mill foundation. We have answered that. This is the aerial shot, the big one, shows the entire main area of development. The mill site is actually the small area in the top left. That is nearing completion now. We are at about 90% there to start the concrete. On the right-hand side of that dotted line is the actual second portal, the main portal. We are coloring that as we speak. All that area down below is our laydown yards, our stockpiles, and the rest of it.