Sitka Gold

Very much. So we will verify things should fire up there. Yeah, that’s an overview of our project. I’m Mike Burke. My background is I’m a geologist. I’ve spent much of my career in the Yukon, and really happy to have joined Sitka Gold about four and a half years ago to work on this project. That’s overlooking our most recent discovery, the Rhosgobel deposit on that plateau there. So yeah, I did mention I’m a geologist, so I’m always making forward-looking statements. You can read that at your leisure.

But yeah, the company Sitka Gold, it’s a snapshot over the last year. We’re around a dollar our share price. We’ve had a couple financings about a year ago, bought deals. So right now we’re fully financed to get through our program this year, which is a 60,000-meter drill program, and at the end of the year we’ll have about $7 million, hard dollars unallocated. So we’re good to get through this year and into next year. Shares outstanding, we’re a little over 400 million, and same thing, market cap around 460 million. Analyst coverage, you can see there we’ve had a lot of folks up to the project this year, so expect some more coverage coming in the near future.

Our leadership management, I mentioned myself, I’m a geologist. I worked 20 years for the Yukon Geological Survey up in the Yukon. That’s where I met our CEO, Cor Corco. He spent much of his career up there. He’s a geologist as well. So we’re a very technically focused group. A lot of exploration expertise, and that’s paid off in spades. You’ll see we found over five million ounces of gold at this RC Gold project in the Yukon. But we recognize that we found a lot of gold, enough to likely develop into a mine one day. So we’ve started to add different skill sets to our board.

Most recently, Louis Archambault, one of our independent directors. His background is a mining engineer, in the banking industry as well, so he brings a lot of depth, as well as Carolyn Hendrick, who is a lawyer and brings that corporate expertise. Sam Wallingham on our advisory board is a member of the Na-Cho First Nation of Na-Cho Nyak Dun. So he’s a great addition to the group. Craig Hart. Craig and I worked at the Yukon Geological Survey, and of course, he’s the independent chair over at Snowline Gold, and we’ve all worked or done things together. So we’re very happy with working with our colleagues up in the Yukon. It’s a nice tight-knit group, and we’re very lucky to have great advice from our peers.

So yeah, our RC Gold project up in the Yukon, that’s the focus of the company. We’ve made a great discovery up there. If you look there, 3.83 million ounces of gold in the inferred category at 0.72 grams per ton. Another 1.29 million ounces in the indicated category at a gram. Those are in three separate deposits, so I’ll give you a little more details on that coming up.

We also have a couple other projects down in the US here in Alpha Gold. It’s about 40 kilometers south of the Four Mile discovery in the Cortez Hills trend. We’ve done exploration work down there, bunch of drilling. We’ve found some gold mineralization. But again, we’re focused on the Yukon, as well as Burro Creek down in Arizona near Kingman, epithermal silver-gold vein that’s fully permitted. Looking to spin those companies out into a new asset, retain ownership, as well as benefit our shareholders by getting some shares into their hands. But we’ll focus on the RC Gold project up in the Tombstone Gold Belt in the Yukon.

So first discovery in that Tombstone Gold Belt, of course, was Fort Knox back in the day in the late ’80s, early ’90s. That was the first recognition of these reduced intrusion-related gold systems. It was actually Robert Friedland’s private company, came over to the Yukon. That’s when I worked for the survey. They started looking in the extension of that belt. You can see it’s offset by the Tintina fault. Made a few discoveries there. One of the ones that Friedland made was the Dublin-Goat’s deposit that turned into the Eagle Mine.

So this is a relatively new deposit type. It’s now being sought worldwide, but the best examples obviously are up in the Yukon and Alaska. They have a really predictable geology when you do find them. They’re a nicely mineralized system, so relatively easy to evaluate. Uniform metallurgy. We don’t have seven different ore types. They’re fairly simple, so it leads to simple processing. And ’cause they’re hosted in granites usually, they’re resistive, and you get near surface mineralization, so typically open pits, and that’s what we see. So this all results in a low discovery cost per ounce.

One of the key things about our project is our access to infrastructure. We are only a two-hour drive from Dawson City. Dawson City has one of three paved runways in the Yukon, the other being Whitehorse and then Watson Lake, which was one of the airports that shuttled planes over to Russia during World War II. So in the future, when we see a mine in this location, you can bypass Whitehorse. Crews, ’cause we’re gonna have to bring in crews from down south, can bypass Whitehorse, fly direct to Dawson. Two hours later, they’re into the project, as well as we hope to see a few people move to Dawson. So a really key part of the infrastructure.

We’re only 35 kilometers off the Klondike Highway, where the hydro lines are, so we’ll be able to tap into grid power when it becomes available. Right now, the Yukon doesn’t have enough grid power to supply our potential mine, but that could change in the future. So here’s a little video, just showing the plane flying into the RC Gold project. So that’s a real key point that we’re trying to make people aware of, is that location and that access to infrastructure. Dawson, if you’ve never visited there, you’re missing out. It’s a great place to go. As I said, a two-hour drive and you’re into our property. This area has a history of placer mining. There’s still active placer mining, so it’s got great infrastructure.

So it’s a 447 square kilometer land package there. There’s 11 known intrusions with different mineralization, gold mineralization identified on them. We’re focused on the western part of the property. That’s the Clear Creek Intrusive Complex, we call it, and we’re three deposits and growing. As I mentioned, we’re doing 60,000 meters of drilling this year. We’ve completed a little over 53,000, so a few weeks to go here and we’ll be wrapping up. The bright red dots are those known deposits and we’re gonna explore a couple other areas as well, one called the Pookeman Contact Zone and the other being the Bear Paw Breccia. These areas are all within five kilometers of each other, so there’ll be a central complex there to feed all this mineralization into.

So you can see the Blackjack in the north. It’s the highest grade deposit there. Million ounces at 0.94 grams per ton in the inferred category. Another 1.29 million ounces at a little over a gram in the indicated. Rhosgobel, as I mentioned, the most recent discovery, 2.25 million ounces at 0.7 grams per ton. And then the Eiger up there at 560,000 ounces at half a gram. And Rhosgobel as well has a high component of tungsten, and we’re looking at a potential tungsten byproduct in there. So yeah, we were 30,000 meters of drilling last year, 60,000 this year, so we couldn’t do it without a great team, and they’re knocking it out of the park a little bit ahead of schedule here. So we’re looking to wrap up our drilling within the next few weeks.

This is just a view of the property. We’re gonna move into the western side. You can see these deposits. The red hatched areas are the intrusions with those deposits. All feed into the headwaters of Clear Creek. So gravity’s on our side here. We’re looking at potential mill locations, and they’re in the valley bottoms there where it’s a little flatter, and everything feeds nicely into it. So any engineers we’ve had up to site have been very excited about the lay of the land there.

So we’ll look at the Rhosgobel deposit. Again, we only acquired that ground in late 2025. We purchased this from Victoria Gold. So we recently advanced the final payment of $6 million to the receiver for Victoria Gold, so we now own this project 100% free and clear. So that was a big milestone for us. The receiver now has a royalty on this deposit as well as a couple areas, and we have the right of first refusal on purchasing that royalty when it comes available. So you can rest assured we’ll be doing our best to exercise that.

So that’s the drilling we’ve done to date this year. So we’ve intersected mineralization outside of that resource shell. So very happy with what we’re seeing in the drilling and, like I said, another couple weeks to go. We’re doing 30,000 of our 60,000 meters on Rhosgobel. That was, I mentioned, our most recent discovery. We only drilled it for the first time really last year. We did about 15,000 meters of drilling. You can see in the background is gold and soil geochem, so it’s got a large footprint to it. So we’ve stepped out along the main trend. We’re getting close to the margins of the intrusion, but you can see there’s a lot of other areas to check out now.

So yeah, this is the distribution of gold on that current resource. So the magenta is better than one gram per ton gold. So you can see the distribution of gold is very favorable for a potential starter pit there on the eastern part of the deposit. Again, we’re drilling to extend that zone, and we’re liking what we see. We’ve had a few press releases, but we’re only about 30% of our drilling to date has been released. We’re waiting for more assays from the lab obviously, but they’re coming in. We’ll have a steady stream of results likely right through to Christmas time. Again, if you raise the cutoff grade to 0.6, you see a million and a half ounces at a gram.

That lower right cross-section is intersections of tungsten. So we see the mineral scheelite. Overall grades are probably around 0.05% tungsten, so it’s a large low-grade deposit. We are a gold exploration company. We’re looking for the gold. The tungsten just comes along with it. But obviously, as a potential byproduct, it brings a lot of benefits, potentially some grant money, offtake agreements down the road. So it’s a fairly simple thing for us to chase and evaluate as we advance this project. So there’s tungsten. The mineral scheelite glows nicely under ultraviolet light. Every geologist likes to see it, but you can see the vein there with visible gold and that scheelite, nice chunky scheelite along with it.

So again, just going back, you can see these deposits are all within five kilometers of each other in favorable topography. Big important part. This is looking down on the Blackjack and the Eiger deposits, and in the middle there you can see a lot of drilling in an area called The Saddle. And that’s been a focus of our exploration this year because we had some good hits there last year, but not enough to bring it into the resource model. And certainly that’s within the pit limits of the Blackjack, so anything we find there and convert into ore blocks or grade blocks reduces the waste and the stripping ratio.

So again, the Blackjack, our focus there, as I mentioned, has been the saddle zone, which you can see right in here. But also we’re testing the down-dip potential. We’ve drilled Blackjack to over a kilometer depth. So that’s the drilling up till last year. This year, of course, much more drilling. We’ve drilled not only that depth potential, to get numerous intersections. Grade does increase at depth at the Blackjack. Our most recent result, down at about 800 meters depth was 80 meters at three and a half grams. We’ve had 45 meters at five. So we wanted to prove up that, one, the deposit isn’t drilled off at depth, and we’re seeing the grades that could potentially support an underground operation in the future. And you can see a lot more drilling in the saddle to convert that waste material into our next mineral resource update, which is scheduled for the first quarter of 2027. So again, that’s just showing that higher grade core to this deposit that extends down to depth on the Blackjack and that evolving saddle zone.

This is soil geochem draped over the topography in those deposits. So those other areas that we’re looking at is the Pookeman contact zone and Bear Paw Breccia. So again, those areas. Pookeman is an intrusion. Contact is mineralization in a fault zone outside the southern boundary of that. And the Bear Paw is an enigmatic breccia zone. So we’re doing additional drilling on there as well. We feel quite strongly we’ll be able to produce an initial mineral resource estimate on those zones. They’ve had some historical drilling. So with our drilling this year, we expect to be able to include those in the mineral resource estimate that we’re gonna be putting out early in the new year.

So again, that just shows geochem on this Pookeman contact zone. Our best hole last year from surface, hole 113, hit 119 meters of 1.1 grams per ton gold. So we’re pretty happy with the results there, and we’re drilling there as we speak to get enough drill density to get a mineral resource estimate. Again, that’s the Bear Paw Breccia. Curiously, you can see placer workings in the valley bottom, and you can see just down below the Bear Paw Breccia, this area down here was where the Queen Stake dredge that operated in the ’70s and ’80s stopped, and that’s the drainage right below Bear Paw. So, pretty interesting. If you watch Gold Rush, that’s where Tony Beets, that was the dredge that he bought and moved into the Indian River. So there are fans of that show. I’m not included on that list, but it’s an interesting aside.

Yeah, grade is, we hear grade is king. Snow Mine really woke people up that these intrusion-related deposits can be higher than a gram. They’re typically sub-gram. As I mentioned, the Blackjack deposit at around the gram and the Rhosgobel at 0.7. We see that we’re a higher grade than the Victoria Gold operation, the Eagle Mine, that was producing around 0.6 grams per ton. So definitely with the infrastructure we have and the better grades, we’re really looking forward to producing that economic analysis that demonstrates the robustness of this project.

Metallurgy, I spoke about that as well. These are great deposits metallurgically. We’ve done tests on the gold, obviously, bottle rolls as well as grinding and gravity recoveries all up in the 90% range. And gravity and flotation on the tungsten, our initial results on that tungsten was 85% recovery. So flotation, it’s not gonna impact our gold recoveries. Probably be a circuit at the back end of the mill and produce a byproduct that we’re not relying on the price of tungsten, but we’re sure happy with what the price is. It would definitely make a nice impact on the project.

So again, we’re in the discovery phase. We’re rapidly approaching feasibility, PEA, as I mentioned. We’re doing that mineral resource update in early 2027. We’re doing an internal scoping study, and then we’ll rapidly move into a PEA. Hopefully get that out early in the new year as well and see the re-rating as we demonstrate the economics of this project. The resources per meter drilled, these are great deposits to evaluate. Us and the others working in the Yukon get a lot of gold for every drill hole we do, so we like putting our money in the ground. Again, when we see our drill results coming out, that’s when we typically see an increase on our share price. Results have been a little slow this year, but they’re coming out now, so we hope that same trend continues ’cause we’ve got a lot of drill holes in the pipeline.

Again, as we de-risk the project, we wanna see that re-rating. Certainly expect that to come in the next year. And as I mentioned, we’re doing a great job finding gold, but we realize we’ve got a nice deposit on our hands with the real potential to move into that development and production stage, so we’re bringing folks on to help us with that path. Again, we’re doing baseline studies. Exploration is gonna be ongoing for a long time with the number of targets we have and moving into those economic studies.

So really the overview, it’s a rapidly advancing deposit, great intrusive gold system. That tungsten exposure gives an interesting aspect to it. We’re well capitalized. We’ll have money at the end of the year. Looking to do a similar sized or a little bit bigger program next year. So a lot of great time in front of us. We’re looking forward to updating those results and moving into the economic studies. So thanks very much.

Great. I’ll open up to the audience, so you already have a question.

Yeah. Thank you, Mike. You still have some targets left [chuckles] where you haven’t drilled yet. What’s your favorite? [chuckles]

Well, I mentioned there’s a lot of geologists on the board, right? So we all have our favorites, so thanks for letting me show you mine. [laughs] But I’ll just go back, say, this slide here I think should work. Yep. As we go into here, just a quick geology lesson for those of you in the room. There’s extensional zones that go across these three areas where we found deposits, then there’s north-south faults. So you can see this Big Creek Intrusion up here, no drill holes into that. The Josephine Intrusion here, we’ve got two holes. One of them hit the intrusion. I forget the exact numbers back in 2023. Hit something like 18 meters at 0.8 grams per ton. So those are all within those mineralized corridors that we see are controlling mineralization. So to look at the in tight, in this area where we’re gonna see that mine development happen, those, I think, are pretty much everybody’s general favorite targets.

So what’s the name of that one on top of Rosegold?

This is called the Big Creek Intrusion.

Okay. And has that been drilled yet?

No. There’s a couple holes just on the margins of it, that we’re looking at, at soil anomalies, but outside the intrusion. So it’s virtually untouched and, like I said, Josephine only has two drill holes. So all these different intrusion targets, some have no drill holes, some have a couple, so there’s a long runway in front of us.

So when will you drill that one?

That’s on the books for next year.

Okay.

We’re definitely looking at it.

Thank you.

Anybody else? We’re almost out of time, so very quick.

There’s a bit of a valuation gap. You explained it in your presentation. You guys have 3.8 million ounces. What would you attribute that value gap to and how does the team attempt to shorten it?

Yeah. The only first drill holes were in 2020, so I think the story is getting out. But also, we haven’t finished exploration, but we’ve demonstrated that there’s enough ounces here to start designing a mine around. So as we build out the team, prove the mining potential here, I think that will start really attracting people’s attention.

Cool. Perfect. Mike, thank you very much.

Thank you.