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Welcome everyone. My name is Tim Mood, Executive Director of Denver Gold Group and very warm welcome to the final session of this year's Gold Forum, which has been a tremendous success and I appreciate you all being here. It's my pleasure to welcome Peter Maher from Spanish Mountain Gold to tell us about the project. Peter's got a tremendous amount of experience three decades and just about every mineral you can count on your hands. Peter, please do come and tell us more about the Caribou project and how that's advancing. Thank you. Thank you too. Thank you, Tim and all you die hard. Stand till the last day. Yeah, I, I guess I have worked in quite a few medals and even did a stint in diamonds. And it's been a, it's been a great journey. Good morning everybody. Thank you for coming to my presentation on Spanish Mountain Gold. I'd like to thank all the sponsors, the organizers, all the staff who've made this an amazing event for all of us. You might be asking yourself who's next? What's the next big story? Well, we think we are Spanish Mountain is a large and growing exploration project. We're located in British Columbia, Canada and we're transitioning to a developer today. I'm gonna share with you what we've done to retool the project and why the company is poised for a rebound. The projects in a tier one mining jurisdiction that is located approximately 70 kilometers northeast of Williams Lake British Columbia. We have an excellent paved road all year round access that is within six kilometers of the project. The rest of the project is accessed via forestry, roads, established roads. We have strong community support from the Williams Lake first nation, the Hazel and let Taco Denny. I've enjoyed meeting their, their people and participating in different events and they've actually been great supporters through our recent drill program. We have an established infrastructure, two major operating mines nearby. The company is advancing a 60 megawatt power line, a new power line that will target electrification and automation of our operations to lower carbon intensity and also improve productivity. We have completed stage one for that power line with BC Hydro and are about to enter stage two very soon. From here, it's about 3.5 years for a power line to be constructed. So this creates a really unique opportunity to bring production forward this past year and a half. It's been a real transformational period for the company We've, we've established a new board and new management team that have fit for pur fit for purpose, excuse me, skill set to advance the project to build decision by 2027. Brans, our chair, he has an expansive global career inclusive of corporate and social responsibility, Lamar generalist. A single, our single largest shareholder, Richard, a financial wizard and expert in risk management. Garnett, a renowned geologist and creative exploration guru Chris has had a distinguished career in project development with Micon on the management team. I got myself as president Ceo Mark Russ here in the audience. CFO Julian is our Director of Exploration and Jason is the founder of the Living building code. He's our expert on regenerative mining and lowering carbon intensity. One of his projects in BC, near our, near our province is the Kraken Arena and a zero net arena. So we've, we've beefed up our team with some skills that we don't traditionally possess and, and hold in the mining industry. Bill is our resident metallurgist and construction specialist. We had 3.3 million in cash at the end of August and roughly 70 million market cap. insiders have 21% ownership and are aligned with shareholders. Our three largest cornerstone shareholders are Ian Watson at 5%. Eric's brought at 10% and Lem James, our director at 16%. I've personally participated in the last two private placements, Wine Vest. Plans are on track to deliver an executable build decision by 2027. As you saw from my explanation of power, we have a very unique opportunity to advance quickly. We're working on, on pardon me, the the rebound potential is really defined by, I think three factors are, are high leverage to gold price, excellent growth potential through the drill bit. The Lasan curve on the discovery for this project has barely been tickled and has has really not seen all of the investment it requires to, to really unlock the full potential of the mineral endowment. And we have excellent value. I'll show you that later and we've been having new ideas on how to improve value derisk and, and work on the upside here. We just completed 5000 m of diamond drilling with assays expected over the next couple of months and moved to drill on to perhaps one of our best targets highest grade called the K zone. And I'll show you where that is later in the presentation. OK. This slide shows Spanish mountain golden red on both top and bottom graph. And then several explorers and developers on the bottom graph time is on the X axis from September 2019 to September 2024. And the Y axis is percent change over that period. What we're trying to show here is the rebound potential as we transition from an explorer to a developer, busy slide plans. We've been busy over the last year and a half. We've done a, a rigorous due diligence review of the project and the company through that review decided to halt the E A process on the pref feasibility footprint. We were 30 days away from a final project description at that point. In hindsight, now, that was a, that was a great decision. We know now the endowment extends significantly, the potential extends significantly but beyond the pit. And we need to be careful not to sterilize value and shareholder value during this process. Now, we've been focusing on retooling the project. and that, and, and that those objectives have been about scale cost delivery, speed and quality. We re logged over 7, 100 and 75,000 m of core and developed a new more confined geologic model that is focused on the mineralization controls and anticipate delivering a new minerals resource by Q 1 2025. That will include the recent drilling I just mentioned earlier. It will integrate integrate geom metallurgical properties and geochemical properties so important to front and load as you get towards permitting these days. a very new development for us is course or flotation. We've actually been working on this for a while. We're completed two phases of variability testing. And our qps informed us shortly before the this conference that will be they'll be ready to QP A new flow sheet that targets improved gold production, lower capital and operating costs. The potential for course clean gang reduction early in the flow sheet is a springboard for new tailings and water management solutions such as co disposal of tails with waste and reduces your footprint. And, and that will be incorporated into the new P A which will also be delivered in Q 1 2025. This slide shows the 2021 pref feasibility, economic sensitivities Irr and the gold graph and N PV and the bars are Canadian dollars and gold price ranging from 1400 gold to 2400 us. Although we have low global resource grades, this deposit has excellent potential for a robust irr and strongly levered to gold price. This, this is not caught on in the market yet and we hope over the coming months and quarters that we're going to change that view and really share with everybody how great a project this really is that said the deposit also has very high grade gold intercepts up to 200 g per ton in in quartz veins and my previous life, I worked for Rob three times in the high grade zone. Also built the Kinchato mine for New Crest, which was an ounce and a half. So I get high grade. I'm, I'm very adept at leading teams to uncover those controls and, and we are on a path, a new path and a new exciting path for Spanish Mountain to figure out what controls those high grade quartz veins. And how do we how do we discover more of them? And hopefully, as we do that, we enhance the economics of this project, here are some highlights from the pref fees. just, and I'm not gonna go through them all easy to access, but I just want to highlight that we, we have very low all in sustaining. That's not done. I think we can do better with course or flotation. We have this, this pref feasibility seemed a conservative $1600 gold and profit margins for the life of mine were 33% at that. So this, this thing can really generate cash and it's I I agree grade is very important and, and we're working on that. But pro pro profit margin is I think the the main driver for building shareholder value and that's what we're focused on in the new P A update. This slide is a long shack section view. looking northeast. It's the culmination of 100 and 75,000 m of core re logging. It's the biggest core relo program I've, I've ever been a part of on a team., all the nice colorful shapes or 3d shapes and leapfrog the black, faint black lines, the pit for the pref fees., and it shows that,, the defined mineralization zones now that we've gone in, in, in more detail, looking at how they plunge, they plunge to the northwest, which is the Strat gra it controls for the deposit. We decided once we completed this to embark on a drill program, the red lines and the green line to the to the northwest are, are testing extensions and extensions for mineralization within the pres pit strip and potentially extending the pit down to the northwest. It doesn't really show it here on this, but the topography dives down as the thing plunges to the northwest. So the, the pit strip, the upper part of the mine as a, a 2 to 1 strip ratio. And so we're trying to, instead of going down deeper, I think this was one of the strategic opportunities that we have right now. So not go deeper initially and try and look further up high, high margin, low strip and, and try and mind that out first and, and make sure that the processing infrastructure is not on the endowment Al also on the slide. So we completed the nine holes. This only shows four and the, and the appendix shows the other holes. the, the purple in the very south end, the purple shape. That's our K zone. It's a new zone that we through the modeling determined that it has a lot of potential. And so we actually moved a drill on it just a day or two ago and we're starting to drill on that as well. So look forward to giving some results in the future on that. OK. This graph shows the rerate potential for Spanish mountain gold as it transitions to a developer, the bars are the ratio of market cap divided by M and I on the left are developers on the right explorers. Spanish Mountain gold's ratio is significantly below average. And the market is not really recognized, as I said, the real value of this project. So what do we got to do to journey and be like some of the other great success stories you've heard Artemis and Skiena and they've just had a wonderful, wonderful run, done a great job. So we aspired to, to do something similar. In summary. These are the reasons why we believe Spanish mountain is poised for rebound and, and you should take a look at it. Thank you for your time. We hope to provide many more updates in the future. I'll open the floor for questions. Super, thank you, Peter. We do have a question from the floor if you'll just wait for the microphone. Thank you. Two quick questions, Peter. I was trying to get an idea of how many answers and what sort of grade is in the current pit design you have. And then the second thing is you touched on flotation and that sort of thing. Do you have to produce a metal concentrate to get your gold out or is it free milling Peter? Yeah, excellent questions. The first one drew me to the project. There was 2.3 million ounces converted in the pre fees of the 4.7 M and that's less than 50 per cent. Usually I, like I worked at Newmont here in Denver and we used to track the conversion rate of M and I, and you know, you're typically 65 75%. So if you take 70% well, you could see that it wasn't an optimized pit. And in fact, when I, when I joined the company in a management role, we dug into that. So we are looking at that and what the conversion, but it was 2.3 million ounces at 0.78 g per ton. And sorry, the second question was flotation. Does it can, can we sell a concentrate? Is that the question? Is it 3 million or do you require to produce a concentrator to capture? Right. Well, the, the pre feasibility was based on conventional floatation. P 8180. when II I came off of, my last role was coo with mcu mining and we woke up the loss a project. So we've had done a lot of work over there on course or flotation. And when I came over to this project and saw that the concentrate was apr and conventional flotation was working very well. Even at, at P ad above the pre fees, we saw an opportunity to look at course or flotation. So we, we embarked on that ran two phases of that on the majority of the mineralization, I'd say about 80 85% of the new zones. And that's worked out really well for us. We're targeting at, at pref feasibility recovery or better. And what we found where, where the gold was being lost in the pref fees, the previews had 90% recovery. 10% of the gold was being lost, but no one had really looked at why and, and how and where? So we got curious, looked, there was a heck of a lot of Petr gray data and it actually showed the gold was free gold interstitial in the pyrite down to 8 to 10 microns. So this is where we came up with the idea of let's let's lower our initial Capex get higher throughput, maybe target 200 to 300,000 ounces a year. And, and a lower cap population more throughput and then at the end, do a finer grind and try and get even a better recovery on that. interstitial go down down 810 microns. So we looked at in our current testing, we're not done yet, but we looked at 20 micron and it's been working out quite well. So that's why our QB is indicated a new flow sheet and we're, we're marketing that right now. Great questions. Thank you. Nailed it where the value is or more questions from the floor Peter, I'll have one perhaps just talk us through the the potential capital structure changes going forward with reference to the Whittle transaction at the end of last month and how that, how you see that developing in future? Yeah. No. Great question. Project's been around over two decades, 390 million shares outstanding. It's a lot of shares for North America. You know, we're not looking at doing a rollback at all. Right now, I think down the road, you know, if we upl list on the main or something, we get to a build, we want to access different investment. It makes sense then for, but for right now, we're not, we're not looking at any changes in our capital structure. Gerald Whittle, I worked with Gerald several times. Tim loss. The release was the last one. He does tremendous work. And the earlier you get Gerald Whittle and the enterprise optimization in in your project informing where the real value is. Because sometimes when you intuitively think there's value there and then you start running the cost and especially the pit phasing, it doesn't always come out in the end. So Gerald has completed the and team has completed the the optimization on the pref fees model. And so I, I look at it as two book ends, the pref fees being more of a bulk resource estimate. And then this new estimate we're doing is a more constrained estimate and we're, we're not seeing either one as the way to go yet. And so now Gerald's working on the second component of a more constrained model and is it better to be more selective and not group? A lot of these mineralization envelopes together? So to, sorry, I, I couldn't resist the pitch here for what Gerald's been doing for us. And so through this process, Gerald's business models, if they like what they see, they often take shares for services. And so in the last the first component, that's what you see on the press release. He took shares for services except for $100,000 cash that we paid. Excellent. Thanks for clarifying. Got time for one more question. If there is one from the floor, one more over here, please. Those drill holes, those four drill holes that you showed us, they proposed holes or they holes that you've actually drilled in, which is pending results there because they'd be pretty exciting. Just plunge there. They're very exciting. We think they are too. There are four holes we drilled. So the red was drilled at same presentation at Beaver Creek, but the green hole was actually done. We did nine holes. So all nine holes shown in the presentation have been drilled. Samples shipped out for assay, they're in prep and over the next month, two months, we'll be getting results back from those holes. The other hole I mentioned on the KK hole is 1/10 hole that's a new hole. We have a great drilling season. Our, our all in cost for 300 a meter. So we took advantage of moving the rig over on, on that zone and that's a newly defined zone that comes right to surface. It's our highest grade zone that didn't really see a lot of attention in the past. So, you know, when you're deris things, sometimes you also learn a lot about opportunities and so we're following up on those. Thank you. That's a perfect timing. Thank you, Peter. And we look forward to following the process.