Radisson Mining Resources

Yeah, thanks very much. Thanks everybody. Thanks everyone online that's watching this. So, Radisson is the O’Brien Gold Project located in the Abitibi region of Quebec, and we're about 2.3 million ounces of resources in all categories. And it's a growth story. We've got an eight, soon to be nine, drill rig program going, 140,000 meters, and we're rapidly growing the deposits, one of the fastest growing gold deposits, certainly in Eastern Canada, and one of the bigger drill programs in Canada. And the target is upwards of four million ounces.

The most recent news from us is an Agnico Eagle investment. They took a 10% interest about a month ago for $57 million with a half warrant that gives them line of sight onto 15% overall. And here's why they did that. O’Brien was a former producer between the 1920s and the 1950s, located just outside the town of Cadillac in the Abitibi, equidistant between Rouyn-Noranda in the west and Val-d'Or in the east. And its location is three kilometers over the fence from LaRonde, Agnico Eagle's flagship and mothership project in the Abitibi. So it's the proximity to that project really that is the story here.

The investment was at a $1.07 for the unit, giving them that 10% interest in common shares and line of sight to 15%. And the use of proceeds is to fund the first modern underground development into the project, an advanced underground exploration program. There'll be a decline here that will go in from surface. The permitting process and design work for this is ongoing. If everything goes to plan, breaking ground in the portal middle of next year on an 18-month advanced exploration program. This underground exploration program will go alongside the existing surface drilling program, the eight to nine rigs, the 140,000 meters that's growing the project. So $100 million in the treasury after this investment at the end of August, fully funded for all of this work, and I'll try and give you some context as where we think Radisson as a company is going with this.

In terms of the people involved in this company, I've been the CEO for two years now. Pierre Beaudoin is the chairperson. You'll know him as the guy that built Detour Lake, Canada's biggest gold mine. Most recently, Silver Crest. Peter MacPhail is on our board, ex-CEO of Alamos. Michael Gentile is an important investor and board member of Radisson. In fact, in total, we've got about nine mine builds on this board, and the most recent appointment to the board is Michel Leclerc, who was formerly the GM of Abitibi for Agnico Eagle, and their vice president of project evaluations. He's on as an independent director, not as a nominee of Agnico. So we're well-equipped here with a fantastic list of credentials to move this project forward.

So here's where we are. Here's the Abitibi in Quebec. Here's all just the existing operating mine and mill complexes. So Agnico is here, IAMGOLD is here, Eldorado, West Dome. We are sitting just outside the town of Cadillac. And this series of slides kind of tells you the whole story. So, there's our claim position there outlined in the blue. That photograph is what the Abitibi looks like, so it's head frames on the horizon type country. So there is us, the old mine, in the foreground, closed in the 1950s, and there's the original tailings facility you see there. There is LaRonde on the horizon, and West Waouadien with IAMGOLD on the further horizon behind us. LaRonde is three kilometers over the back fence, and West Waouadien is 21 kilometers down the highway.

Put on the historical and current mine infrastructure. So on this slide, there are three operating mills. There's two operating tailings facilities. There's multiple shafts on our property and on our neighbors' properties. And you put on the ore bodies. There you see the massive sulfide of LaRonde going down to now three and a half kilometers. There you see the historical workings of O’Brien surrounded in the colors by the new resources. That's the 2.3 million ounce resource, all categories. And we are extending that resource now down below the old mine and to the east of the old mine.

O’Brien is a high-grade quartz sulfide gold vein deposit in the Piche Formation adjacent to the Lard Lake-Cadillac Break. That is a relatively common beast in this part of the world. The Lapa Mine is the exact analog project, and there are many narrow, high-grade quartz sulfide vein deposits of that type in the world. What makes us completely unique in the entire world is that we're the only deposit of that type with a three-kilometer-deep production shaft with 9,000 ton a day rating capacity over the back fence three kilometers away on our neighboring property, the property owned by the company that just made an investment in us. So that means that everything from surface to three kilometers deep is within our scope of exploration because everything can be technically taken out from that shaft.

So we as explorationists in this situation, it behooves us to think in those terms and to drill as deep as we possibly can from surface. So that's why we've got 140,000 meters going. That's why it's eight to nine rigs. And that's why in May we announced we're gonna go to two and a half kilometers, and that's a three-kilometer-deep hole, and that's technically as far as we can possibly drill from surface. It's for that reason.

Okay, so let's talk about the exploration and growth. Here are all the gold deposits in that part of the Abitibi. There's Lard Lake-Cadillac fault zone just to the north of us. In long section just below, you see all of the deposits, including O’Brien in the middle. There's historical workings in gray and the new resources on either side in the different colors. And almost everything there has been mined either historically or is actively being mined. And so it's a wealth of gold mineralization here and a real variety of different deposit types.

If we look at specifically what we are, again, it's a quartz gold sulfide vein deposit in the Piche formation. And the old-timers in the old mine, and it ran for about 30 years, they mined about 600,000 ounces at half an ounce average grade. They were probably using an eight-gram bottom cutoff. So they were high-grading this deposit with a half an ounce average grade. And when we look at the historical data from the old mine, and now we look at the drilling that we're getting as we go below the old mine, they mined one zone specifically, which you see on the left. We're picking up that zone now down below. In 70 years, by the way, up until last year, nobody had thought to drill below the old mine in this project. So we put a hole 500 meters below the final stope and got an ounce over eight meters.

Now we've been filling in down below. This is actually a somewhat dated slide now. We've got more data points in this graphic. But you see on the left, we're picking out with good continuity that main zone coming down, but we're also seeing up to seven additional parallel veins. These are high-grade veins within alteration envelopes. The whole thing grades. And these parallel structures are six, seven, eight grams, which wouldn't have been ore for them back in the day, but which are now contributing to this larger resource that we see in the project.

Lots of visible gold. This is what the project was famous for historically. 1,600 grams per tonne over that one-meter intercept was in July. These are informing our drill results on a regular basis. Of course, we cap this stuff, and then we dilute it down, and it's a five- to six-gram resource grade. But this is what the project was famous for historically, and we certainly see this on a routine basis.

So here's the narrative for how the resource is growing. You're looking at the top right at the long section of the project with the 2025 version of the resource in the colors. So that was one and a half million ounces all categories. And you see at that stage, we hadn't drilled below the old mine yet. The drill holes you see in the top right were drill holes during the course of '25. And we were hitting below the old mine. We were hitting below the then current resources. We booked that as new resources, bottom right. So now that's the picture with the 2.3 million-ounce resource. And this process just continues, again, with no fear about how deep we're going.

And here's the thesis. There's the long section with the 20 March '26 resource. We're now guiding to upwards of four million ounces to a two-kilometer depth if the same density of mineralization and the same trends of mineralization continue down to that floor. And now this is the picture that we put into our press release last week. This is the compilation of drill results since we last published that resource. And we're hitting again. We're filling in gaps. We're pushing down below these trends. We're filling in now below the old mine on its western side. So this is us tracking towards that bigger resource.

We've said that we're gonna put out interim resource updates through the progress of this big drill program. The first interim step resource was last March. The next one will be at the end of this year, and then we'll do another one nine months after that. And we hope and expect to be showing progress towards that ultimately larger target.

And as we put out our drill results, we are giving you the three same views of the project in every press release. We're showing you the geology and cross-section on the left. There is the Piche formation in the colored stripes coming down the middle. That's the unit that's hosting our mineralization. There is the drilling coming down and the hits. The purples are above nine grams. The lightest yellows are above two grams in intercepts. And that's our bottom cutoff for the resource. You've got the Pontiac sediments on the left hanging wall side. You've got the Cadillac sediments on the foot wall right-hand side. And we're showing you that geology in plan view in the top right and in long section view in the bottom right. And you see those graphics in every press release we put out.

And in every press release, we give you this. And we believe we're the only company right now doing this. This is our scorecard of drill results. This is every press release since this big step-out program of deeper holes began. This style of exploration began in late '24. We've now put out 128 holes during that period. This is every drill hole we've started. We publish. We don't hold anything back. And if we get a core length hit through one of these mineralized zones that's three grams or better, we know that's gonna true up to something that's two grams or better, and that's our bottom cutoff for the resource. So of course, we're getting much higher grade results than three grams, but that's the test for whether or not we have an intersect that's gonna contribute to a future resource. So that's a hit.

And we are batting an 83% success rate doing hundreds of meters step-outs, going downwards as far as we can, drilling into the white pieces of paper in the section. That's an incredibly successful rate of drilling, and that's telling you about the ubiquity of the mineralization here in the zone. And again, we're going as far as we possibly can because of that infrastructure around us.

So just to finish this off and talk about mine development, we do have a PEA out, and shareholders and people following Radisson will remember that in September of '24, we signed a memorandum of understanding with IAMGOLD, which contemplated a scenario where O'Brien material would go into the Doyon mill at the Westwood Doyon complex, trucked down the road into their mill. Under that MOU, we did the metallurgy, and we worked out the recovery criteria for our ore. And we published it, and this birthed this work, a Radisson PEA, which contemplated a 1,400 ton a day mine, 70, 80,000 ounces a year, ramp access only, going down the road to the Dwyer Mill.

The circumstances have overtaken this PEA. And firstly, of course, things have gotten a lot bigger. The animation that's about to go here, that was the 2025 resource. That was the conceptual mine plan that was derived on that 2025 resource, and that's now the 2026 resource. And we're halfway through this process of expanding the size of this project. And of course, with this investment by Agnico Eagle, the owner of the other neighboring mine, the one closer to us with the closer infrastructure, our compass needle has reoriented here a little bit towards a different direction. But this was a flag up the flagpole a year ago that this project works, and I think future iterations of the study are gonna show quite a different and quite larger project.

So where are we going from this? Well, again, it's two legs of the stool here. That $100 million in the treasury, about $45 million of it is committed to the drill program. We're about halfway through this 140,000 meters. Again, we're going to a ninth rig very shortly in the next few weeks, which is going to be going two and a half kilometers below the old mine. Let's see what's there. But we've got a rapidly growing project here, resource update at the end of the year, and then that's fully funded to go well into '27 at that eight to nine rig rate.

In terms of project development, we've always been posing this question for us: is this a standalone mine? Is it one that's gonna get integrated into neighboring infrastructure? We've always said that the more likely outcome here, and the heritage of mining in the Abitibi, is for it to become integrated into neighboring infrastructure, and we've just announced this large investment by Agnico Eagle to support that first modern surface access. So there's ongoing engineering studies in support of this. There's a permitting process for that surface decline. And we're fully embarked now on community consultation, environmental baseline work, and all the professional work to move the ball down the field.

In terms of our balance sheet, it's about a 550 to 600 million market cap right now, depending upon the day. Pretty clean capital structure. Those warrants are warrants held by principally now Agnico Eagle, and that is their line of sight to a 15% ownership. No debt, and then that very large treasury, and an increasingly institutional shareholding. We always point out the 25% held by high net worth individuals. Those are sophisticated investors in the region of the project, suppliers to the mining industry, who have been longtime shareholders and supporters of the project and represent a very important piece of shareholding for us, and that's the Radisson story. Thank you very much.

Perfect. Matt, I'll open it up to the floor for questions. I'll start. Why not? Obviously the PEA was done at substantially lower prices. You were discussing it briefly. Is there a way to play with the cutoff grade and extent of mine life given where gold is trading right now?

Yeah. So the last resource and the PEA last year used a $2,500 gold price for the resource and the financial model of the PEA, and a $2,000 gold price for the DSO for the mine, the stope design work. Everybody's now using 3,500 or thereabouts for studies.

Yep.

I think we're going to be somewhat disciplined in what price we're gonna use for the resource. The historical cutoff in this project was eight grams a ton. It gave you a half ounce resource grade, but that's manual mining and you're picking the eyes out of the thing. This company's previously used four and a half gram cutoff, which gives you about an eight to nine gram resource grade, and you're beginning to see things fill out. The sweet spot is the two gram per ton cutoff that we're currently using, which gives you good continuity, large volumes to mine, and it gives you a five to six gram resource grade with a lot of tons, a lot of ounces. I think that's the sweet spot. We could push it down more and I think if we were designing a stope tomorrow, we would push it down more, but that's probably the sweet spot for us. We're in about two gram cutoff, and that translates to about a 2,500, 2,600 gold price, and I think that we're gonna stick with that.

Okay. Anyone else? All right. One more from me. Do you wanna go through a little bit the focus for future drilling? And also it seems like things are open at depth, right? Have we done any really deep holes that just get an idea how deep this thing runs?

We're down at two kilometers right now.

That's deep.

Okay. It's fully open. We haven't found the bottom of it.

Okay.

For the geologists out there, we're just at the greenschist amphibolite facies boundary, which is a relevant boundary if you're exploring a type of gold deposit. Theoretically, things open up when you get into the amphibolite facies and you've got more space for things to mineralize. We're just at that boundary. So we announced in May we were gonna put a two and a half kilometer hole down right below the old mine, 500 meters, again, away from the previous drilling. Let's see what we get. We're not drilling on a geophysical target. We're just drilling into the white piece of paper. That's been a very successful strategy for us so far because we seemingly cannot find the bottom of this thing.

I think Osisko Mining back in the day drilled Canada's deepest drill hole, which I think was somewhat deeper than that, but not that much deeper. We're gonna be drilling three kilometers to get a two and a half kilometer vertical intercept, and we're using directional drilling pilot holes with wedges and directional drilling to steer things at the end and get a nice cluster coverage. So that drill rig is coming to site. It's gotta be a pretty big affair to actually do that, and that's gonna be a real eye-opener for us, and so far no indication that this system is ending anywhere.

We got one minute left. Anybody else? Otherwise, Matt, thank you very much.

Okay. Thank you. Appreciate it.