Just on the Cortez Trend, and Chalice in Idaho. So, a jurisdiction where we know the rules of the game, and we are happy to be looking and advancing the projects in the U.S. So, management directors, we have all been around the block a few times. My background, over 40 years in the business operating and developing mines. Luke Norman, Chairman, Capital Markets. Kevin Francis, and Eric Alexander rounding out the executive team. Some great independent directors, Bob Schafer from Exploration and a great explorationist. Johanna Fipke, currently with Fasken, and Michael Waldkirch. So, it is quite an interesting space that we are in. Obviously, we are quoted on the Nasdaq, and our symbol USAU. Fairly unique in terms of the shares outstanding, 16.5 million shares outstanding, a very tight share register, which we are proud of, because we are looking after dilution. Warrants, 2.8 million warrants, most of which are in the money, apart from a few from our last financing. We got $30 million in the bank, and we are seeing a market capitalization around a quarter of a billion dollars. We show there the average daily volume, so we are fairly liquid. At the bottom, you see the Lassonde curve. So our two exploration assets on the far left, waiting for that sort of euphoria as we find something, which we are confident we will. Then the sort of orphan period, we are just coming out of that with the CK Gold Project. Straight into the economics, really. We have just published the feasibility study for the CK Gold Project in March, April. Headline numbers, we are just focused at the moment on our first 1.6 million gold equivalent ounces. That consists of 1 million ounces of gold reserves and 260 million pounds of copper in our initial pit. It snuck over from 10- 11 years, but it is really a 10-year mine life operating at 20,000 tons per day through the process plant to produce, over the life of the mine, 85,000 gold equivalent ounces. It is front-end loaded. A lot of our better grade is right up front, so it will be a + 100,000 ounce producer, gold ounce, in the first three years with the copper on top. AISC $1,785, and to put that all together, we need initial capital of $384 million. I will talk to you a little bit about where that goes. So, our base case, we have used a $3,250 gold price, $4.50 copper, and essentially at that level, after-tax IRR 27%, we pay back in two and a half years. But at consensus gold prices, that payback accelerates, and we certainly see an improved IRR. This is really just the start of the story. Let me talk to that. I guess the other thing that is unique about this project is location. It is just like real estate, location, location. The Veladero project up in the Andes, a wholly different kettle of fish. We had to build a man camp, we had to put generated power in, we had to build roads. You can see there that the area to the right-hand side is the city of Cheyenne, the capital city of Wyoming. Our regulators are there. 20 mi away, the squares and rectangles, those are our mineral leases with the state of Wyoming, and we are surrounded by private land. The private land is ranch land. It has been ranch for five generations, and as such, it is well disturbed. Because we are on state and private ground, with our current project, there is no nexus to the federal government. We started this project from a cold start in 2020, developing two years of baseline information, preparing the permits. In 2022, we submitted our permit application. As of the end of 2024, we are fully permitted. Fully permitted with a mine operating permit, air quality permit, water discharge permit. We are ready to go. We are just essentially pausing at the moment while we arrange financing. You can see here that the infrastructure, we do not have to build a road. We are 2 mi off of paved road. We have a local power provider. They are a power generator, 7.2 cents per kilowatt hour, including amortization of the line into the project. So a really competitive energy price. There is a refinery just down the road. We have a Dyno Nobel plant right nearby Cheyenne producing prill. We have a smelter in Salt Lake City, six hours down the road, rail lines, so we can get the material onto rail cars out to Horne Smelter if need be, or down to Hermosillo for export over to the Asian markets. So, great location. People want to live there at a competitive time for labor. I do not think we will have too much problem getting folks back in this area to help us make this project a success. The project is really simple. That is my big KISS principle, keep it simple, sweetheart. Mine with a 0.8- 1 strip ratio. We will take the ore to a primary crusher onto a stockpile into a concentrator. We will produce a very clean concentrate of essentially the gold coming with the primarily chalcopyrite mineral. No arsenic, no mercury, clean concentrate, very much in demand at the moment. Then we are in the Western U.S. There is a drought. The responsible thing to do was elect for a dry stack tailings so that we filter and then reclaim the water, and reuse it in the plant. That is the process. Dead simple. At the moment, we have worked with Halyard/Micon. Halyard, a small boutique engineering firm. We chose them because we got their attention, the best people. These guys are, a lot of them, South Africans, ex-DRA and so on. Halyard bought Micon, so they did our whole feasibility study as a complete package. We have got a full 3D version of the plant and infrastructure. We also hired ECI, Early Contractor Involvement, so that we could get people who are building plants at the moment to take the estimates and the off takes from the design that Halyard did and put current prices in for piping, electrical, concrete, and so on. So we are very confident with the $394 million, let us call it $400 million initial capital. The process is essentially from the stockpile, we go into a SAG mill, ball mill, grind down to 90 microns, produce a rougher concentrate, regrind, scavenger cleaner to produce our final concentrate product. It is a 14%-16% concentrate with 60 g- 90 g per ton of gold, and clean as I mentioned. You can see from this slide that, essentially, we have got a very compact site. There is essentially two state sections. Sections are a mile by a mile. Not only a small or a low strip ratio, but short hauls helps you on the operating cost, and we will build that dry stack tailings from east to west. But really very manageable, and the terrain is very amenable to putting those facilities infrastructure in. What this slide shows is the reserve pit, and you can see a bigger pit, which is our resource pit. The reserve pit contains the 1.6 million gold equivalent ounces. That is what the feasibility study is based around. But you can see the resource pit, and within the resource pit, all our gold 450 copper, that whole resource pit essentially is economic. We have not included it in our feasibility study, because our feasibility study just focuses on the reserve pit, which was established at $2,100 gold and $4.10 copper. Very robust, and then we can expand into the resources. We are currently looking at the broader area, and Copper King is indicated up in the middle there, is well-drilled, well-covered. But this all used to be part of the Silver Crown Mining District, was discovered when the railroad came through there in the late 1800s. We have just updated more gravity and magnetic surveys and developing a drill and exploration plan. Beyond the reserve pit, we have got the known resources. We have got additional workings in and around, so we expect the project to grow. A simple truck shovel operation, simple, well-proven processing, crush, grind, float. We are going to be using Jameson cells and for the filtration, Viper filters from Jord International. Proximity to Cheyenne means great support, labor, and we are in the heart of a mining area. Diminishes the need for warehousing, critical spares, et cetera. We actually started the project, and we paused while we identify the source of the additional $400 million. But the access road, we are ready to go, shovel-ready, and we will be moving along. It is a real win-win for the state of Wyoming. We will be paying them a 2.1% NSR royalty, taxes, et cetera. Wyoming garners most of its revenue from the resource sector. Interesting area. As I say, mine operating permit was approved, industrial siting, and so on. Lots of opportunities. Our current permitted plan includes a full closure. That is going to get deferred. We actually think that the pit will become an important opportunity for water storage for the city of Cheyenne, maybe even a pump storage scheme. I have covered a lot of this thing. Upside potential. Being so close to Cheyenne, there is a lot of data centers, there is a lot of infrastructure, be it rail or road, and then all the way down to Boulder. Lots of development, lots of need for aggregate. Just 3 mi to our south, there is a Martin Marietta operation, the Granite Canyon Quarry. We have tested our waste. We tested it so that we could determine whether that waste was great for a construction material. For our own purposes, it is great as an aggregate source. It even meets rail ballast specifications. We look to be able to sell, at a later date, the waste rock, which will diminish our closure costs and provide another revenue stream on top of what we have identified from the copper gold. There is also potential for increasing gold recovery. Fully permitted, advanced engineering. There's an aggregate market study out there, and we're currently looking at financing. What you can expect is we're going to be building out the team, appointing a financing specialist to look at some of the term sheets that we've got, and so on. Then, as this goes on, we can turn our attention back to exploration in Nevada. What you're looking at there is the Nevada Gold Mines, Cortez Hills complex, operated by Barrick-Newmont joint venture. Our Keystone project is 11 mi away on trend, and you've got the McEwen Gold Bar mine just down the road. You can see the trend there. We've got 20 sq mi of real estate, and it's elephant country. This is our 20 sq mi section. We've completed the geophysical testing. We've got all the soil sampling, surface mapping, et cetera. We've just confirmed with AI, the VRIFY AI model, the opportunity. Our primary target is Greenstone Gulch at this moment, but lots of opportunity there. The key issue really is that the Cortez and Keystone have a lot of similarities. What we don't have at the moment is the 50 million ounces, but Cortez does. We see analogy between Cortez with the Wenban Formation and the Wenban Formation at Keystone. So, that's the stack. We're happy to talk about that. We've got near-surface oxide and then deep sulfides, and then waiting in the wings is Chalice in Idaho, just down the road from Beartrack-Arnett and near to Stibnite on a prolific gold trend there. That about rounds it out. We're going to do things properly. We've got an A rating from the Digbee assessment and so very proud of that. Promising portfolio. I think we've done it before. We can do it again. Accomplished explorers and builders, and I think this is a very compelling story. With that, I will pause. Thank you very much for the presentation. Firstly, 16.5 million shares on issue and a $250 million market cap. Firstly, congratulations. The question is two-pronged. First is, how have you funded yourself to date? Two, will you just take the time remaining to just give an outline of the funding options at your disposal to- We've done offerings. We've got a core group of shareholders. We've got some significant names, and essentially done non-brokered financings to get us up to where we are. It's been very successful, allowing us to keep that tight share structure together. In terms of financing, we're very fortunate to have had some folks following us, and we have some indicative term sheets. We have certainly some folks who are interested in securing our product at a time when copper's increasing, smelters are struggling to find feed. Whether it's an offtake, we're not too keen on putting a stream on the copper and gold, but we've got 2 million ounces of silver, and then there's a debt equity component. From that perspective, whether it's a debt equity, taking an offtake financing, I think there are multiple opportunities and avenues. Excellent. Thank you. Just quickly, are there any further questions from the floor? George, there's a NSR of 2.1% to the state of Wyoming. Are there any other royalties payable to the landholders or anything of that nature? No other royalties, no other encumbrances. It's clean, no debt. We essentially negotiated that 2.1% royalty with the state, and happy to pay it because it's earmarked for K through 12 education in the state of Wyoming. So, it's a really good news story. Oh, fantastic. Thank you very much for your presentation, and good luck on the road to first production. Thank you very much for attending.
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