1911 Gold Corporation

Good afternoon, everyone. Appreciate the people that remained. I know it’s getting late in the day. There are some good projects ahead of us, so it’s well worthwhile sticking around. Myself, president and CEO of 1911 Gold. This is a project located just north of Winnipeg in the province of Manitoba. Not a place people usually associate with gold. However, there are some good up-and-coming projects in the province, and we are one of them.

This is a fully permitted operation. We have all the infrastructure on site. We have four operating underground mines. We’re active currently in two of them. We see significant potential in those mines. I’m about to show you that, and we’ll be active in the other two mines towards the end of 2027, and we have a long project pipeline for future production potential to grow this asset to over 100,000 ounces over the next several years.

Cautionary statements. Obviously, I said a lot of fully loaded statements already. Should have started with this. All our technical disclosures have been reviewed.

So just looking at 1911. So we’re targeting 2027 production. We’re currently ramping up for basically first feed through the mill in December of this year. It’s likely to be very low grade to start. We’re finishing off the crushing circuit at our current mill right now. We’ll get that commissioned towards the month of November, then there’ll be a steady ramp-up into December and January. And obviously we’re targeting that first gold pour. Likely you can hold it in one hand, but that’s where everybody starts to begin with, and then it’s just all up from there.

A highly experienced technical team. We have over 80 people on site currently working directly for 1911 Gold, headed by Eric Vignes, a very experienced underground engineer, operator, run many mines around the world. Brings a lot to the project itself, and we’ve built up a very significant team on site. We also have a fantastic geology team under Michele Della Libera. Very experienced geologist, drilled out many deposits across Canada right through to production. So the right skill sets, the right project, lots of potential.

Just under a billion of free cash flow on this asset on our base resource right now. You’re gonna see I’ll talk about it a few times, but we’re in the process of updating that resource. We see a significant amount of growth potential around that over the next four to six weeks. We sit also in a very large greenstone belt, so without talking too much more about that, I’ll get right into it.

Just north of Winnipeg, right on the Ontario border. This is basically the western extension of the Red Lake camp to the east of us. There’s about 100 kilometers separating the two project areas. Unfortunately, no road, no immediate synergies other than cutting off a bit of overhead up top. Great project area, close to Winnipeg, really close to several large townships, some very supportive First Nations communities close by and a large township which we sit right next to. It’s been there since the beginning of this mine.

Large greenstone belt, 62,000-hectare land package. You can see that the main permitted mine area sits right in the center of that project. Road access throughout, hydroelectric power line coming to the site. It’s an amazing setup. It’s a great place to be. Very underexplored greenstone belt compared to our friends over in the Red Lake camp just to the east of us.

Zooming in, the big picture here is hub and spoke. So we’ve got one central mill, 1,600 tons per day as currently designed and configured with the new crushing circuit going in. That crushing circuit is gonna be designed to take ore directly from both the shaft mine as well as the ramp mines which sit around it, and then the future satellite mines out in the regional belt. We’ve built for scale. There’s a possibility to increase that capacity even more on the mill. We wanna show long-term growth, and we’re working quickly towards that end.

Focus for the near term is in the permitted mine lease area, which we’ll spend most of the presentation on. But we’re gonna step out into the brownfields area of the project where there’s other historic producers on the belt, and then longer term, we have a number of greenfields areas which we’ll look to work up using cash flow from current operations.

This is our base case scenario. So we average around 58 to 60,000 ounces of production once we ramp up through ’27 and ’28. It’s all about working areas. So as we open up areas in the underground, we get more mine crews, we get into some of the higher grade parts of the mine which are a little bit deeper, and what you’re gonna see next shortly is also some really high-grade zones which we’ve discovered around the mine, which are gonna transform this production profile. And then stepping out to the belt is where you really get that next lever up, where you push well over 100,000 ounces of production here. But still strong profile, all-in sustaining costs just under $1,900 an ounce. As I mentioned earlier, just under a billion of free cash flow from this project to $4,000 gold.

This is the mine camp. So here you can see the mill just off to the side. The crushing circuit’s just going right here, right in between where it used to be down in this tent. Used to have to rehandle all the ore. The idea is now we’re gonna be able to put a new crushing circuit in there which has a conveyor. So when the ore comes up the shaft here, it’s gonna come straight. It’s gonna dump onto a conveyor, go right into the mill or right into the crushing circuit, and then it’s gonna get fed up to the ball mill. We’re also gonna have a second area of deposition for satellite feed coming on trucks, but our goal here as a mining company is to minimize the use of trucks.

So what you’ve seen when you look at our mine plan, it’s gonna be all about bringing ore to the shaft. We’ve got three ramp mines, but two of those ramp mines have gotten very close to the 16 level, and ultimately they’ll get very close to the 26 level in the shaft mine. So we’ve built and designed the development cost associated with bringing that ore to shaft. So we might go in on trucks on the ramp, but ultimately ore movement’s going right back to the A shaft, straight up to the headframe and right into the crushing circuit.

Rest of the camp here, all intact, all built. We’ve added a few new camp buildings which aren’t in here. I’ll have to get Verify back soon, re-update these pictures. The camp’s changed quite a bit. You also see a relatively empty parking lot. I haven’t seen that for a long time.

All right, this is the underground. We’re active right now on two carrier key areas of the shaft mine, level 16 and level 26. We’ve got two drill rigs turning on level 16 right here. We’re gonna look a little closer, but they’re basically drilling into gaps in the resource. We’ve done a bit of export, extended our current new discovery zones as well from there. And then we’ve got another rig that’s drilling out these areas in the top part of the Hinge ramp mine.

These are the two mines here that we haven’t gotten into yet, just on the side. You’ve got the 007, big mine just a little bit to the southeast of the shaft mine, and then Cohiba, which is a much smaller mine just to the northeast. If you look a little closer, you can start to see some of that potential development. I won’t spin it around too much, we’ll be here all day. But there’s one from 007, and there’s another one from the Hinge mine there. So our goal, again, as I said, is to get all the ore moving back to the shaft. Initial loading pockets located down here, that’s almost ready to go. It’ll be complete by the end of the week. And then long term, we’re looking closer to some of these upper loading pockets, rehabilitating those and bringing those back into surface.

And the reason for that really is associated with these new zones, these exploration targets. So we’ve discovered three new areas, basically different shear structures, structures intersecting with the same hole struct that contain the two historic shear structures that were mined underground for well over 60 years here. They produced over 1.4 million ounces. We’ve now identified the three new ones. We’ve actually got a fourth one that’s just starting to develop. We put out news about three weeks ago on that one. We need to get a lot more drill holes before we’ll have one of these big gruesome shapes in there. But each one of these is open at depth. We have good access to these from existing underground, and we’ll be able to incorporate those into new mine plans shortly.

We’re in the process of putting those into a new resource here in the next four to six weeks. Once that’s done, we’ll immediately engage a new scoping plan around these to start creating the vision around these areas. There’s also a satellite resource at Ogama Rockland which we’ll look at, which we’re also gonna put preliminary mine plans around. That one is inferred, but we wanna get the idea out there of what the production profile could look like subject to more drilling, more development in that area. And because we’re sending that ore as well to the mill, we’re hoping for a very quick permitting process.

You can see here a little bit closer what those two drills have been up to. You can see that big hole in there. That’s really connecting an area down off of level 26, which we call the 710, 711 Zone, one of the highest grade parts of our resource, extending it up towards the L10 zone, which is a high grade part which is coming down from level 16. There’s multiple veins in each one of those zones, and several of them look to be connected. What’s exciting is the 710, 711 Zone was something that was discovered by our predecessor operator quite late in the mine life, so they were never able to really follow up and extend it. We’ve now been extending it up, and then once we get our drills on 26, we’ll be looking to extend that down. That’s really an area which is gonna take off and add significant amount of mine life to the project in the long term.

And this is just a still image of the same thing. Level 16 is up here on the top, and then level 26 is just down here on the bottom. And here you can see the up ramp part. So you basically come along level 26, and then you go up onto level 24, and then you start to spiral up. The other nice thing about this for the engineers in the room is this creates an opportunity for us to mine up, and then of course, we’re also gonna mine down. The trick with underground mines is always the cost of development. When you’re always going down, you always have to put in significant amounts of development. This gives us the opportunity to offset that with also areas that we’re mining up. So it’s a really nice chance for us to increase production.

Looking again just at these zones, we’ve got multiple other areas associated with these shear structures. Everywhere you see these dotted lines, and they intersect either these green areas or the brown area, significant potential for exploration upside within the permitted mine lease area. We’ve already discovered four, but we have other areas we intend to go. So we do wanna continue to drill out the mine lease area.

But really, the future on this project lies within the larger greenstone belt package that we have here. All of what we were looking at right now just sits right in the center. You have great road access throughout the project area, coming in here and coming right down to the bottom part here. You’ve also got hydroelectric power coming in here. And you can see it actually extends out to this area, which is good for us because this is really where we wanna go in terms of developing several new deposits on the project. There’s four historic producers down there, shallow, stopped at 130 meters below surface, so a significant upside potential for additional mine deposits down there.

We’ve already put a resource around Ogama Rockland, which is the one I mentioned, sits right there 45 kilometers away on a road. We’ll be back there with the drills in the next four to five weeks. We’ll be looking to infill, add, and extend out to the northwest and both to the southeast on Ogama Rockland. And then we’re also gonna be drilling this Gunnar Tinnie. Gunnar is a mine that produced over 100,000 ounces at 12 grams per ton back in the late 1930s and ’40s. Lots of opportunity there for additional drilling. Everywhere you see these pink dots there, it means that we’ve gotten high grade samples on surface, so it looks like a really great area to go with the drill. Great access in the wintertime, less so in the summertime, so we’re looking to get ramped up here shortly with that surface drill program. We’re well-funded for that. We’re well-funded for a lot of the remaining construction as well around site.

This is just a look at the Ogama Rockland resource, so you can see lots of holes in there. You can actually, if you look closely, see some of the historic mine workings. Our goal with Ogama Rockland is actually to get advanced to a point where we can put in for an exploration permit, advanced exploration permit, go in on a ramp, and start to bulk sample on there in the next 18 to 24 months. And then obviously from there, you launch into the full permitting process. We’ve got lots of baseline work done already on the belt. We’re starting the work specific to Ogama Rockland right now. So we are looking to run both tracks at the same time. While we’re drilling this area, we’ll be actively permitting this for future development.

It sits in a great area. It’s outside of the park. The park is okay for resource development, but even being outside of the park removes one regulatory entity that we have to deal with in this process, and the fact that we’re shipping the ore up to the central mill really helps facilitate that process. Ultimately, underground mine, this one’s narrow. It’s 1.2 to 1.6 meters wide, but it’s high grade, just under 6.7 grams per tonne on a diluted resource that we put in here quite recently.

I talked a little bit about the team. This really is about the team. We’ve continued to add key people as we further progressed and de-risked this project area. It all started with Gary O’Connor and myself about three years ago, focusing back on the mine. Gold was over 2,000. We were super excited. We thought, “Well, it didn’t work at 12, but maybe at 2 this makes sense.” We spent a lot of time rebuilding the geology team. And Kelly was really the next big add for us, somebody who really put his heart into it and started to rebuild the geology team based around guys that had developed, drilled out resources and seen things go into production.

From there, we’ve continued to add key members. Eric Vignette was really the next key add for us. Came in as an advisor, said, “This is definitely something that could be mined. This is done elsewhere in the world. I’ve been involved in projects much similar to this.” And we started to build our engineering team. From there, we put out our initial PEA showing this was an economic deposit where we identified significant potential for upside, and we’ve continued to explore and develop those areas as we go.

This is a look at our share structure. I don’t normally spend a lot of time unless somebody really focuses on this. We’ve got just under $15 million of cash. We’ve got access to a credit facility for another 20 million Canadian, which we’ll look to draw on the near term. We are in that stage of development where we’re spending money like it’s going out of style. But I think we are in good shape for the end of the year.

We’ve got a lot of things to deliver on in the next six to eight weeks, but so far everything appears to be on track. Crushing components are on track to come on site here shortly. We’ll start commissioning that part. We’re active in two parts of the underground mine. Obviously, we’re spending a lot of money on developing and gaining access, doing initial development and putting those stopes down while we’re waiting for escape ways to be completed. We’re balancing a lot of different areas right now, but things are all converging on that mid-November, early December startup of operations, and things look like they’re 100% on track for 2027 production.

We’re only looking at 20 to 25,000 ounces in ’27. I don’t wanna oversell the project. It’s gonna be a year where we do a lot of stopping and starting, because the mill’s gonna outpace the mines for quite a while. But by the time we get to ’28, we’ll be up to five mine crews producing around 1,000 tonnes a day. At that point, the mill’s gonna be able to just continue operating on a constant basis, and by the time you get through ’28, you’re up to six, and the goal here for us is seven. At that point, you’re doing around 1,300, 1,400 tonnes a day on your 1,600 tonne per day mill, and you’re doing extremely well.

You’re producing 58 to 60,000 ounces at a cost of, let’s just round numbers, $2,000 an ounce, and you’re selling it at four. Given today’s volatility, I might just stick to the lower end [chuckles] of the range these days. But you’re basically doubling your money on your production, and we’ll be putting that money back into the ground. We’ll be putting that money back into our share structure, and that’s gonna be our focus as a company over the next several years on executing on our mine plan.

Key near-term catalyst for us, we’re drilling. We’ve got three drills underground. We’re about to bring two drills on surface. It’s a very active drill campaign. We’re always running out of room to store core. It’s a big pain, but it’s a good problem to have. We’re continuously digesting new results, driving the next drill program. We’ve got more areas to put drills than we know what to do with, both underground and on surface. And we’ve got two great partners in Rodron Drilling and Orbit Garant in executing that program. They’re very good at turning around drills on a timely basis. We’ve got our big MRE update coming. That’s a big catalyst for us as well.

We’re in the process of getting ready for test mining. As I mentioned, we’re working in two different areas. One area’s off level 16 in the shaft mine, and then we’ve got targets off the ramp mine and the Hinge ramp, which will form part of our first feed to the mill over the first four to five months. And then we’ll be down in the lower part of level 26, mining one of the high-grade zones in 710, 711, and that’s where we’ll turn the corner for cash flow. That’s around the middle of the year, and that looks to be on track right now based on where we’re at. Everything’s getting ready. Underground’s in good shape. We’ll look to optimize and improve our mine plan going into Q1 next year with that new resource. With that said, maybe I’ll leave a bit of time for questions, or I can keep going.

No, no. Let’s move to Q&A, the most interesting part. When did True North last operate, and what are conditions like underground? How much refurbishment is required?

Sure. That’s a lot of questions in one.

Sorry.

I will take them one at a time. [laughs] Last operate. So the last operations were in 2018. The last stopes were taken down. You can see a little hole here. This is that high-grade 710, 711 zone. Those were the last areas Klondex took out before they pulled out and were gonna commence what we did, which was a big drill program in the underground. There was also production in the Hinge ramp, which is here. That stopped in 2016. And then there was some production in Cohiba, also by Klondex, in 2017. The mine that hasn’t run since 2015 is really that 007 zone. It’s got water about here. We’ve got the dewatering going on in Hinge Mine, so we have access to where we need to for ’27. But once the Hinge ramp mine is dewatered by the end of the year, we’ll move that system over to 007, and we’ll get that cleared out. We like that mine. It’s got a lot of potential. It’s one that really hasn’t moved for quite a while. What was the other question? Capital? Capital remaining?

Yeah. I was really asking about refurbishment. Why don’t we move over to the shaft? Is that operating, or does that require much capital?

Oh, yeah. This is all operating here. This whole shaft, the hoist system, the skip, it’s operational. There’s an ore pass in here from level 16 to 26 that’s operational. The loading pocket, which I mentioned briefly, that’s gonna be running by the end of the week, end of, let’s say, next week to give myself some cushion.

Yep.

But it’s very substantially complete. We’re putting a lot of hard ducting in there, which has delayed some things. But everything’s operational. We need to get electrical all the way out to the end of 26 and ventilation systems out to 26, but right now you can easily run equipment right around this level. It’s just once you get out here, it starts to get a little thin. But level 16’s in great shape, which is that level up here.

Excellent.

Are there any questions from the floor? Great. Good. Okay. Thank you very much. Appreciate it.