Snowline Gold

Hey, everybody. I’m Scott Berdahl. I’m with Snowline Gold. I assumed there’d be a moderator, but the clock is ticking and my slides are up, so I’m just gonna jump into it. Thank you for taking the time to check out our presentation, and I’ll try to leave a bit of time for questions at the end, but also feel free to come and track me down throughout the conference, or some of the members of our team that are here.

So we’re Snowline. We are advancing a major gold discovery in the Yukon Territory. We are coming up on a pre-feasibility study while continuing to explore the district that we just started exploring five short years ago. So it’s an exciting time for the company and a lot coming down the pipes in the next 12 to 24 months. I’ve already made a few forward-looking statements, and I’ll be making more. I’ll be referencing our PEA quite a bit, which is getting long in tooth. It’s over a year old now, and as I mentioned, well underway on the pre-feasibility study.

Just for a bit of orientation, we’re in the eastern Yukon Territory. Our flagship Rogue project is part of a broader 360,000 hectare land position there. So very commanding position in an underexplored corner of the territory. We are about 75 kilometers from the North Canal Road, and about 30 kilometers to the east of historic underground small scale silver production at the Plata Silver Project.

I mentioned Valley, really a globally relevant gold discovery. We’ll get into that in the next few slides here. At spot prices, substantial NPV long-term prices, but it’s also not a fair weather gold project. It’s a project that makes sense at a wide range of gold prices. So the PEA was done at an engineering price of 1,950, and economic modeling done at 2,150.

And then the district scale upside, and I’ll get into this a bit as well, but when we launched the company in 2021, we focused out here because it was so underexplored and because earlier prospecting efforts had demonstrated so much potential in terms of the discoveries, the anomalies that were cropping up. And so we launched the company with this thesis that there is an unrecognized gold district sitting in this part of the Yukon Territory. And so to have found something like Valley so quickly is such a strong proof of concept that it has us that much more excited to continue exploring in the district.

We have a strong treasury and management team that’s come together around this asset. A recent raise puts us over $230 million, which puts us in a great position to execute on our pre-production timeline. And we founded the company with a very values-based approach. That’s important to me as a Yukoner. It’s important to a lot of our team and the culture that has come together and grown within the company. And so I’m very pleased to share that we have been recognized locally for our work on the environmental front and on the community front as well for multiple years running.

So just jumping into Valley, it’s a unique system. It’s very low strip and high grade. So over 7.4 million ounces in the PEA, averaging 1.3 grams per ton. We’re still fleshing out the edges of the deposit. We’ve drilled another 25,000 meters, 20,000 of which will be incorporated into an updated resource for the pre-feasibility study. Life of mine strip ratio, 1.1 to 1. And if you look at that phase one of the pit, it’s 0.14 to 1. So the 39% of the gold in the entire system is contained in the first 15% of material moved. So very front heavy, really increases the optionality for how we can go about advancing this project.

Metallurgy is great. It’s non-refractory. Most of the gold is just native gold, generally fine. And as a gold-only system, it gives us strong leverage to gold. So we’re not a pure leverage play where this wasn’t profitable and now gold is doing well, so it’s suddenly profitable. But nonetheless, serious traction in terms of the upside in the gold price and relative stability on to the downside. So an all-weather system. I mentioned the location, and of course, finding something like this in Canada, in the Yukon Territory, is fantastic, and particularly with so much focus coming to stable jurisdictions.

And just digging a little bit deeper on the grade and the strip ratio, the life of mine for Valley is essentially the highest strip-adjusted grade on the planet in terms of projects in development and in production. So it’s a very exciting place to be. The life of mine pit strip-adjusted grade being the overall grade contained if you include the waste rock. And just going back a slide, you can see the gray area, the waste rock, there’s very little of it, about equal to the amount of ore that goes through your mill. And so when you factor in how much of that material you have to deal with, that adds up for a pretty substantial effect on your economics. And so just having that low strip ratio and having high grades that those low strip ratios are calculated against really puts the project in unique footing. And then that phase one, that starter pit, is almost an order of magnitude above the global average for operating gold mines.

Just jumping into the numbers, and again, with the footnote here that these are a bit stale. We’re well underway on the pre-feasibility study. But we’re looking at a 20-year mine life in the PEA at 341,000 ounces per year on average, with a nice pulse upfront of 544,000 ounces per year. Low all-in sustaining costs, sub 1,000 life of mine. And again, that’s upfront, very efficient production, sub $600 US. 6.8 million ounces payable gold. And I’ll just point out that 95% of that is measured and indicated. And again, we’ve drilled another 20,000 meters that’ll be incorporated into the pre-feasibility study. So we have a lot of confidence that these are ounces that we can carry forward as we move into our initial reserve statement.

And again, all weather sort of a system, strong economic metrics, both at the study price, 2,150, and closer to spot prices, in a high case of $4,500 gold. You have over an $11 billion Canadian NPV for the project, strong IRR and very rapid payback. Again, you can see that front-heavy production profile. This really is a function of grade. Apart from the ramp-up year, we have 25,000 tons per day, so about 9 million tons per year production. But that is one thing that we’re revisiting in the pre-feasibility study. So you can look at, in addition to any potential expansion of the deposit, going bigger and potentially increasing these numbers, and the significance of that upfront pulse, and really just reducing the discount on the overall economics of the system.

And you can see that in the cash flow as well. So these are after-tax free cash flow numbers from the PEA model, both at the study price of 2,150 and at $4,500 gold. And I’d just draw your attention to, in years two to six, the after-tax free cash flow really makes up for the capital expenditures here and increases our optionality in terms of how we move this project forward. So you have multiple years there where your after-tax free cash flow in any individual year could potentially pay off the entire CapEx of the project. So that’s pretty exciting.

And where it sits in terms of the global gold junior space, this is a little bit dated. It’s a snapshot from 2025 when we released the study. But nonetheless, Vale is where you want it to be in the top right, even life of mine. But looking at it in that initial pulse, it’s just really in a league of its own in terms of projects that are in the development space and held by juniors.

And where that would fit in portfolios of various majors, it’s pretty striking to see that, were that PEA to be a producing mine and in the portfolio of any major today, it would make meaningful impact, both in terms of contribution to production and reduction in overall costs. So just looking at the top five public gold producers in terms of their 2025 production, so again, trying to compare as much as possible apples to apples to the PEA, contributions from between 9 and 22%, and then all-in sustaining costs generally 60 to almost 70% cheaper. This is looking at that first five full years of 544,000 ounces production, $569 US all-in sustaining costs.

So that column on the right shows, were Vale in production, what would the resultant AISC for these companies be? And so it’s pretty exciting any line that you look at, for a company as big as Newmont, to have a 9% increase in production while also bringing down your average AISC by 5%. Or at the other end of the list, Goldfield’s 22% increase in production while bringing your AISC down 12%. So it definitely could provide a meaningful boost to basically any portfolio out there. And of course, there are great companies that are not on this list as well.

And in terms of our path forward, however, we put the team in place to execute on this timeline, and I showed this last year. We’ve stayed on track. We’ve executed on each of these different tracks to getting to a construction-ready project. And so really, this is our main focus as a company, moving Vale forward efficiently and effectively. We have a $230 million treasury, which gives us a lot of leeway to just put our heads down and execute here. So we’re in very good shape, and I’ll just walk you through this timeline in a bit more detail over the next few slides here.

Starting with the engineering track, as I mentioned, pre-feasibility study well underway. A lot of the field work for it was completed in 2025, and the field work we’ve done subsequently will help to inform the pre-feasibility study as well as set the foundation for a potential feasibility study moving forward from there. So we’re on track for a Q1 2027 delivery, potentially sooner. And it’s a rigorous study. Wood is the lead on the study, but we’ve also kept on SRK on the geoscience front and brought in WSP to focus on tailings. So really trying to get a serious and very well-done study here as opposed to just taking the cheapest, fastest option.

Some of the key trade-offs we’re looking at are throughput, and that’s a big one. I mentioned the 25,000 tons per day. We’re looking at a range from 25,000 on the low end to 55 on the high end, and the trade-off there is really bringing cash flows forward against, okay, what does this mean for the capital expenditures? And of course, if we scale up, the CapEx scales up as well. And so it is looking likely that we will arrive at a bigger number for the pre-feasibility study. But those trade-offs are something that we’ve thought long and hard about, and looking at ways to move the project forward from there. So it’s pretty exciting, especially when you consider it in the light of the last few slides showing the free cash flow from Vale, the production numbers from Vale, even the relative impact and the relative positioning versus other development projects. There’s a potential to really redefine the project through just as simple an adjustment as the throughput rate.

And then power is our largest cost driver in the preliminary economic assessment. We don’t expect that to change in the PFS, but just looking in more detail at what the trade-offs are and looking at LNG, whereas diesel was just kind of taken off the shelf as something that works in the north. Similarly, site layout, tailings and waste rock co-disposal, potential flow sheet optimization. Really, the pre-feasibility study, we’ve taken the time over the past year to run a lot of different options to ground and come up with a well thought out and comprehensive study for the project, and we’re excited to get to the point where we can declare our initial reserves as well for the project.

Complementing that, we’ve been doing environmental baseline monitoring since 2022 on the immediate heels of the discovery, just recognizing the significance of the system and wanting to get clocks started on various environmental surveys. In 2025 we expanded the environmental baseline significantly, and now we have a footprint of various studies that covers more than 1.5% of the entire Yukon Territory. So we borrowed from other projects in the Yukon where we’ve seen companies or projects run into hurdles, and tried to learn lessons from elsewhere that we can apply, as well as thorough engagement with the Yukon government, thorough engagement with First Nations, and participation in these surveys from the get-go so that we can avoid those stumbling blocks later on.

Similarly, on the permitting path, we’re just preparing to enter pre-submission engagement with the YESAB body, the regulatory body in the Yukon that advises on projects of significance, whatever the sector. And so this pre-submission engagement is actually a new process put out in 2022 that allows a back and forth with the regulator and with the First Nation before you show up with your environmental impact assessment and your permit application, giving you better certainty in terms of showing up with something that is co-designed, well understood. The wildlife surveys are what they’re supposed to be, and the rules don’t change when you’re years into the process.

Complementing that, there’s a rare alignment right now at the territorial and federal level of a push to see things happen. So the Yukon government, mining friendly, conservative party was elected to a majority government last fall, so that really gives a good barometer of the sentiment in the Yukon territory towards mining. And at the same time, the Liberal Party under Carney has really been pushing in these past months to get big projects built. Of course, the major projects office, but then the recent directive on one project, one window, one year, and the productivity negative deduction, which could be quite impactful for our project, given the capital expenditures up front.

And then finally, just the significance this pie chart shows of the Yukon, and again, using PEA numbers, this is at the $4,500 gold price. Looking at those first five full years, annual production from Valley would be basically equivalent to the existing GDP of the Yukon Territory. So this is really a significant project in terms of what it could mean for my home territory, for Yukoners across the spectrum.

And then critical to all of this is just local engagement and particularly Indigenous support for the project. And so we were very happy in January to have signed an MOU with the First Nation of Na-Cho Nyäk Dun. As you can see on the map on the right, we’re in the traditional territory, the blue, of the First Nation of Na-Cho Nyäk Dun. And the project footprint, particularly the access route, overlaps with the Kaska Dena traditional territory, with the Ross River Dena Council. You can see at the south end of the North Canal road there, also impacted by the project. So we were encouraged to see their signing of a similar level of agreement with Fireweed Metals, who are to our southeast there at McMillan Pass. And so they’re engaged. We’ve had good conversations with them over the years as well. And so very excited about how things are moving forward.

And then in terms of executing on this timeline, it’s wonderful to see the team that has come together, the talent that has been attracted by the quality of the project, really, and then the quality of the team attracting more talent. So it’s been a nice positive feedback loop for us. A lot of new additions last year in 2025, really giving us the internal bandwidth and expertise to execute on those multiple tracks. Since my presentation last year, we added Crystal Smith as an independent director. She was former chief of the Haisla First Nation. They are major owners of a major LNG project, Cedar Natural Gas. And so very good perspectives from both Indigenous participation in large projects and moving projects forward at the provincial and federal levels. And then we recently brought on Clinton Wakefield as a site general manager. He was overseeing the Back River construction with B2Gold, and so brings a lot of relevant skills to the table for our near future as well.

And then, last but not least, we have not forgotten about the district and the proof of concept that Valley represents. We’ve drilled three other targets this season. Assays are pending on these. So those are Gracie, Duke, and Crossroads. These systems tend to occur in clusters. You can see the red backgrounds are all intrusions that are roughly the same age as the intrusion that caused the mineralization at Valley. We’re seeing a lot of smoke in this district. We’re seeing some really good intercepts of anomalous mineralization. And so it’s a very exciting place for us to be exploring and fundamental as a baseline to what we’re doing. While we progress the project, we will always have a meaningful exploration program going on in the background here.

Capital structure, we’re at about 184 million shares, fully diluted. Again, strong treasury. Just looking at the ownership, management and insiders have a large position, and we’re also happy to have B2 on the register, B2Gold at 9.9%. We do have voting rights on those shares in exchange for a participation right, which they’ve followed through on in all financings, including our $173 million raise a couple of months ago. And so that gives us a nice control position in terms of figuring out how the company moves forward and not being taken advantage of in an opportunistic fashion.

And finally, I mentioned our values-based approach. This really is fundamental to who we are as a company, trying to operate with environmental respect, trying to build a company that’s good for the territory and any other jurisdiction we may work in. A company that takes big swings. We were looking for something world-class and following what we saw in the rocks, and very happy to have connected on something like Valley. And then operating with integrity. This becomes the obligatory ESG slide if we don’t hold ourselves to these principles. So this really does mean a lot to us in the way we move things forward.

And just really quickly, I seem to have run out of time, so please don’t hesitate to come find me with questions. But Rogue, PFS coming up, updated mineral resource estimate along with that, based on another 20,000 meters of drilling in addition to the 50, give or take, that the PEA mineral resource estimate is based on, exploration results coming out soon, and progression with First Nations. So it’s an exciting time for us as a company. Thank you for your time and look forward to chatting. Thank you.