Morning. See response below.I am not an expert. IMO. DYOR. Le me...

Morning. See response below.

I am not an expert. IMO. DYOR. Le me know if you need further clarification.

1. Break-even Prices and Gold Price Assumptions

Question: "What do you mean forbreak-even prices in Table 10, also your gold price seems a lot lower than current spot, are you looking at gold coming down in price in the future but the other base metals staying around current spot?"

• Break-even Prices Definition: Break-even prices refer to the minimum commodity prices required for the project to cover its total costs (including operating costs, sustaining capital, and corporate overheads) without generating a loss. These are not forecasts but economic thresholds.
• Gold Price Assumptions:
  • The gold price assumption in our economic model is intentionally conservative at $2,055/oz, which is lower than the current spot price. This approach ensures that project economics remain robust under potential future price fluctuations.
  • Rationale: Gold markets can be volatile, and conservative estimates mitigate risks associated with price declines.
• Base Metal Prices:
  • Prices for copper, zinc, and lead are aligned more closely with current spot levels because these commodities exhibit relatively stable long-term demand due to electrification and industrial uses.
  • The break-even prices for these metals (e.g., Cu at $9,259/t) reflect both production cost efficiency and the high-grade nature of the Antler project.

2. First Nation Engagement in Arizona

Question: "No mention of dealing with First Nation people in Arizona."

• Engagement Efforts:
  • While the project location does not fall within any recognised tribal lands (as far as I know), it is important to engage with local Indigenous communities.
  • The project has undertaken consultations with key stakeholders in Arizona to ensure compliance with state and federal guidelines regarding cultural and historical preservation.

3. Environmental Concerns with Dry-Stack Tailings

Question: "With dry stack tailings, are there any environmental issues with that and if so, how are they mitigated, also how does that all fit in with eventual mine closure and do environmental bonds with authorities need to be considered as part of CAPEX?"

• Environmental Issues and Mitigation:
  • Water Use: Dry-stack tailings significantly reduce water consumption (by up to 70% compared to conventional tailings dams), addressing a critical environmental concern in Arizona’s arid climate.
  • Dust Control: The potential for dust generation is mitigated by regular compaction and covering of tailings, as well as utilising vegetation for long-term stability.
  • Seepage Risk: Unlike traditional dams, dry-stack tailings minimize seepage into groundwater, reducing contamination risks.
• Mine Closure Planning:
  • Progressive Rehabilitation: Dry-stack tailings allow for ongoing reclamation during operations, reducing closure costs and environmental impacts at the end of the mine life.
  • Final Closure: Tailings will be capped with inert material and revegetated to prevent erosion and enhance long-term stability.
• Environmental Bonds:
  • Regulatory authorities typically require environmental bonds or financial assurance as part of the project’s permitting process. These bonds are included in the CAPEX estimate and are periodically reviewed to ensure alignment with environmental performance and reclamation plans.