In the six years we've had the project, we've gone from our first drill hole, which reignited the district, to where we now stand over 123 million silver equivalent ounces. This is the largest silver discovery and certainly the highest grade one in America in many, many decades. Here we are. We're getting this thing permitted. We've taken it from the idea phase, piecing together mineralization and an initial resource. A few years ago, we started dabbling in the conceptual, wrapping around engineering, figuring out how we're going to de-risk this and get this thing permitted. Next year we're going to be breaking ground on our first leg of underground development, getting out of the conceptual and trying to make it the way we see it. I've already made some forward-looking statements. I intend to make quite a lot more as we keep going. I should point you guys, everyone watching, towards our website at blackrocksilver.com. As I said, six years ago we were, I think, CAD 0.06, maybe a CAD 6 million, CAD 7 million market cap. We optioned a project for CAD 250,000. At the time, we could barely get enough money to really test out the targets, and we really only had one chance. We opted to go with RC, because core would've been too expensive and we needed to make every drill hole count. We had enough in the budget to do 12 drill holes. We only needed one. Our first drill hole hit about 30 m of a kilogram per ton silver equivalent, and a bunch of stacked veins the old-timers didn't even know were there. Here we are today. We've drilled out 5.5 km of what looks to be cohesive, intact mineralization, starting from where the old-timers left off on this great historic mining camp. Here we are. I mentioned the stage has gotten a lot bigger. This will be the last presentation I make as a venture company. In a couple of weeks, we're going on the big board in Canada. We've picked up a lot of prominence over the years and along the way, especially as the project steps towards its next stage, which is development. Just a few weeks ago, Canaccord Genuity initiated coverage. Along the way, we've picked up Raymond James, Research Capital Corporation, Ventum Financial Corp., and Red Cloud Securities. In terms of holdings, just two weeks ago, we were included into the GDXJ. Last year, we were included into the Global X Silver Miners ETF, and we've picked up some of the world's smartest, technically driven, resource-focused funds, including Konwave AG, Axiom, BMO Precious Metals Fund, and an individual retail investor that some of you might know as Eric Sprott, who's grown to become our largest shareholder. As we stand right here, we're about, depending on the whims of the market, a CAD 400 million - CAD 500 million market cap. We've got CAD 20 million in the bank. This district, it's a special district, not just for the significance it has as a mining camp, but in terms of its historical significance as it relates to the origins of Nevada. There's multiple mining museums all around our project. The most prominent one, the Tonopah Mining Park, overlooks the last headframe in the district, which is right where our project starts. This is a district that in 1900 was discovered. One of the people who discovered it became governor of Nevada 10 years later, just due to the fame and riches. It is known as the queen of the silver camps. The Comstock would effectively be the king. The Comstock, the main difference between the two was the Comstock was just a massive precious metals endowment, but it was gold rich. It just had a lot of silver. Tonopah, what makes it unique is that historically it produced at 100:1 silver to gold ratio. This is easily the highest silver content district in the Silver State of Nevada, and in fact, it is known as the Silver State because of the Tonopah Silver District. Between 1900 and 1930, this is a district that produced about 400 million silver equivalent ounces. If you break that down, it is 178 million ounces of silver and about 1.8 million ounces of gold. So there is that 100:1 silver to gold ratio that they were pulling out of the ground. What is really impressive about that production figure was the fact that all of that came from just 7.5 million tons. That means two things. It means it is ultra high grade, and the metallurgy here is phenomenal. The old-timers got all that production just from stamp mills and basic cyanidation. When we picked this project up, we are the first to consolidate what we saw as being the unmined extension of this district that the proof of concept we were trying to prove was that the old-timers did not stop mining in the early 1930s because they ran out of gold and silver. They stopped mining due to some technical issues of the 1920s, which was primarily the reliability of electricity. We started with zero drill holes in the database, and here we are six years later. We got a total resource of about 125 million ounces of silver equivalent. When I say silver equivalent, it is just gold and silver. There is nothing else mixed in there, which leads towards very, very easy metallurgy and very low processing costs. In March of this year, we put out an updated PEA. At current metals prices, we have got something that looks like it will have an after-tax NPV of over $1.55 billion What we are looking at right now is a project that has the potential to produce between 7 million-8 million ounces a year over an 11-year mine life at cash costs, all-in sustaining costs of under $17.50 an ounce. This is one of those very rare low-cost, high-margin, and long-life operations that are very few and far between in this industry. I think we are the only new discovery that is going to be getting permitted and breaking ground on a project in America. One of the best things this project has got going for it, aside from the grade profile, which on a block diluted basis comes in at just under a half a kilogram per ton, and the easy metallurgy, is the fact that it is entirely on private land. That has allowed us to really fast-track this thing. We have gone from first drill hole six years ago, to the conceptual wrapping around our economics and our mining engineering and mine plan, to now we are in the short hairs of getting this thing permitted. We're at the point now where we're reaching out to mining contractors to see who can show up to site to break ground on our initial portal by September of next year. That's when we start to try and make it the way we see it in terms of walking it forward and de-risking it towards this nameplate capacity. This is going to be a small footprint, high margin, underground operation. It's conventional underground mining methods, 90% long-hole stoping, and the remainder cut and fill. We've beaten this thing up in terms of constraining it about as much as you reasonably could. As I mentioned, first off, all of our resources are presented with dilution factored in, meaning we've already provided for about 25%-30% dilution. In addition, once we bring it into the mining shapes here, we're using a minimum mining width of 3 m. In terms of internal dilution, we're factoring up to 40%, and then we add on another 10% at zero grade for external dilution. It still holds up. We did this PEA in March of this year at a CAD 31 silver price. At that, you end up with a 2.5 - 1 NPV to CapEx ratio and a 28% after-tax IRR. At current metals prices, this thing ratchets up. That's only got a CAD 190 million CapEx, and that's got a CAD 25 million contingency built in, and at CAD 67 silver, we're looking at something that's going to have an NPV of north of $1.55 billion. I'm not a mathematician, but this is one of my favorite slides. It just shows that this is a project that's going to work in any pricing environment. If you look at it through the lens of where we're at today in terms of current metals prices, the payback on this thing is going to be barely past one year, once we get it going. So once again, we've got something, 7 million-8 million ounces, 11-year mine life, CAD 1750 or less all-in sustaining costs, and a CapEx that is bite-sized as we're driving it forward. This timeline, I mentioned we're on private land. This timeline we've had in here ever since we came out with our first PEA in 2024. At that time, that PEA was based on 100% inferred resources, and a lot of people were questioning, thinking, "Why would they do that?" We did that PEA because we wanted the mine plan. We wanted to know the sequencing. We wanted to know about how the project would be situated and laid out so we could go about de-risking the thing. That 2024 PEA had what was 100% inferred resources, and it had a 7.5-year mine life. We set about de-risking it in two ways. One, we used that mine plan to start de-risking our ounces from the start, meaning we wanted to drill through that payback period, converting our ounces from inferred to measured and indicated. Now one-third of our ounces are indicated, starting from the start of the deposit. The other thing we wanted to do, and it was about one year on the drills, because that first PEA came out in September of 2024, and our updated one came out 18 months later, was to go about putting our head down and growing out that mine plan. In one year on the drills, not only did we convert a third of our ounces to indicated, but we increased our mine life by 40%, just doing that mine expansion small step-up bolt-on drilling. We have shown what we can do. But also what that mine plan gave us was a path towards getting this thing permitted. As soon as that PEA came out, we started all of our environmental baseline data collection. We started drilling and placing piezometers and doing hydrology-focused programs, tracking the initial portal entry, and all the way down into our initial test mine area so we can get a handle on water balance. I mentioned we are on private land, and one of the great things that gets vested to us with this project is water rights. All the water we will be pumping as we get underground, we get to use for our processing. It is a closed-loop system. We pump it up, we use what we need to, and then we pump it right back down through a rapid infiltration basin. We are now at the tail end. We have done about two years' worth of hydrology-focused programs. We are starting to close off humidity cells, and we are finalizing our engineering reports to hand over to the regulators to get our Water Pollution Control Permit, and effectively, a modification to break ground on this thing. The big idea is the way to de-risk a project like this is to actually get underground and de-risk it. September of next year is when we are lining up, when the cavalry is coming to break ground on this thing and start working our way underground. What we are planning on doing is an initial portal, about 800 m of underground development, which will ramp us down about 200 m vertically, which will take us into that initial test mine area. That is going to allow us to do a lot and learn a lot. It is going to allow us to start drilling out to reserves from underground. It is going to allow us to actually start test mining. It will allow us to bulk sample. We are going to be stacking a minimum of 50,000 tons of high-grade gold and silver ore at surface. We will hand over about 5,000 or 10,000 tons to Kappes, Cassiday & Associates for the bulk sample. But it will also allow us to start looking at off-takes or potential toll milling, all while we get real-world data collection. Whether it is reconciliation against the model to make sure it is the way we see it, whether it is to get real-time mining costs and confirmation of rock stability and mining methods. All of which is going to feed into one of the whitest glove feasibility studies you could possibly have, which should be coming down the pipe in early 2029, once we are underground. That initial portal, that all 800 m will take about six months to get us into that initial test mine area, at which point we will be starting small scale mining in 2028. This has gone from first drill hole to small scale mining in about eight years. With the feasibility study, we will already be underground. The really only question we will need to have to answer at that point is how quickly can we build the thing? The nice way about how we are de-risking it is by getting underground, by test mining, by doing all of that will actually involve quite a lot of sunk costs. So that CAD 190 million CapEx that I told you about will get chunked down even further, and that 50,000 ton bulk sample that I told you about, that will generate more than just a little bit of walking around money. I do not know where gold and silver will be in 2028 and 2029, but that has the potential to really put us on the fast track in terms of realizing this. Now, one of the things that we are obviously cognizant of is even though we are already looking at about as truncated of a Lassonde Curve as you possibly could have because, once again, the biggest risk in mining is time, and because we are on private land, meaning we do not deal with the federal regulators whatsoever, it is only the State of Nevada and the counties. We are afforded prescribed timelines, prescribed permitting process, which has allowed us to fast-track this beyond the fastest of the 41 out there. But we did not want people to lose interest, so we decided after spending the last couple of years just focused on de-risking and conversion drilling and that mine expansion style drilling, which we added 40% of mine life in the span of a year on, we wanted to show the market some scale. The biggest structural control through our learning of this district is that all the mineralization seems to be following along the outer margin of a caldera, a blow-off top. The old-timers originally thought it was just an east-west vein corridor, but through a lot of the feeling out on the drill bit in the early years, we have realized there is a curvature. We have got a number of distinct vein sets. There is outer rings of mineralization, there is inner rings of mineralization. Now, just to orient you, our entire resource footprint is what is outlined in red on this slide. So that is our 125 million ounces or so. We decided a nice way to keep the market engaged might be to take a bit of a moonshot on the drills this year. We have completed 18,000 m of drilling, and we stepped out. We announced the first batch of drill holes just a week or two ago where we have confirmed we have hit high-grade mineralization over 600 m beyond the mine plan, beyond the resource footprint here, and it is still open. We had multiple intercepts of over a kilogram per ton. Really what you are looking for when you are doing these big blind step outs like this is a confirmation that the system continues. We had proof of that the other day, and what is nice about that is you learn early on when you are in the zone or not, when you see the silver sulfides or you do not. We were able to rejig that program in real time and get two core rigs on that structure. So we are drilling out 600 m of strike extension right now. We have got 12 -1 3 holes in the lab. We are planning more holes as we speak, and it is still open along that caldera margin as things go to the northwest. Right as this conference came out, though, we discreetly were able to get our hands on the eastern north, I guess, northeastern caldera as well. What you see is all these different claim packages are land that we have pieced together quietly over the years, and that purple claim block you see to the east there, that just increased our land holdings by 45%. What the market doesn't really know, but the people in Nevada might know is that right on top of that purple claim block, a little company called Barrick has spent the past two years drilling a project they don't talk too much about. It is called Raze. They have got the drills there right now. People might have been questioning the price that we got for this. It was put together by Gold Royalty Corp, who owns the 3% royalty on Tonopah West. They brought this to us because they know we are going to be building a mill and process plant. Originally, that package, it was a sweetheart deal to begin with. It was going to be CAD 50,000, but if you read the news release, it ended up being about CAD 48,377.37. It is not because I drove a really great deal down to the penny. It is because some of those claims fell within Barrick's AOI. Gold Royalty wanted to give us the project because they knew we would have the mill and process plant set up in just a matter of time, and we are sort of establishing dominance around this main structural control, which was called the Fraction caldera. This is a story that is advancing quickly. We have gone from discovery to conception. Next year, we start making it a reality. In terms of lifts, we will have the green light from the regulators, and in the interim, we are getting the engines revving. We have built out our board. Just last week we brought on the former CFO of Endeavour Silver. I am joined here by David Laing, who many of you know. We have built out a board that is representative of not the company we are today, but the company that we are going to be, that 7 million - 8 million ounce silver equivalent producer in the heart of the Silver State. With that, I know I am coming up against my time here, but please take a look at us. As I said, we are on the venture for not much longer, but the symbol won't change, BRC. Thank you. With that, we are completely out of time. Please join me in thanking Andrew.
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