WEBVTT
00:00:00.080 --> 00:00:08.800
Kitco Mining on-site coverage of Mining Forum Americas is presented by Metalla Royalty and Streaming.
00:00:10.080 --> 00:00:11.839
America's next gold development.
00:00:11.919 --> 00:00:17.039
Hello and welcome to Kitco Mining with me, Paul Harris, here at the 2026 Mining Forum Americas.
00:00:17.120 --> 00:00:20.800
Joining me now is George B, president and CEO of US Gold.
00:00:20.960 --> 00:00:22.160
George, welcome back to Kitco.
00:00:22.480 --> 00:00:23.440
Great to be with you all.
00:00:23.760 --> 00:00:31.359
Now George, uh to set the scene, you are advancing the CK Gold Project in Wyoming, which is fully permitted at the state level.
00:00:31.519 --> 00:00:34.079
You have no federal NEPA process there.
00:00:34.240 --> 00:00:42.479
You've got a March 2026 feasibility study looking at about 110,000 ounces a year of production, 394 million US CapEx.
00:00:42.960 --> 00:00:43.920
All going well.
00:00:44.240 --> 00:00:47.039
Construction preliminary site work initiated this year.
00:00:47.280 --> 00:00:49.600
Formal construction decision is coming?
00:00:50.079 --> 00:00:52.479
It's becoming very shortly.
00:00:52.880 --> 00:00:57.439
Essentially, we uh we hold about$30 million in Treasury.
00:00:57.520 --> 00:01:05.359
Uh we wanted just to make sure that we uh had our complete financing package in place before uh resuming construction.
00:01:05.680 --> 00:01:09.840
And in terms of that financing package, what may that look like?
00:01:10.560 --> 00:01:17.760
Look, uh we are we we've got a great deal of interest uh in the uh product.
00:01:18.000 --> 00:01:22.000
It's a very clean concentrate uh copper gold.
00:01:22.319 --> 00:01:28.400
Uh we we see that the copper is in uh tight supply at the moment.
00:01:28.640 --> 00:01:40.719
As a consequence, uh uh you know there is a lot of interest around the copper aspect, but we see about uh 60% of our value coming from gold, a little bit of silver.
00:01:40.959 --> 00:01:49.840
So uh yeah, the uh there's certainly uh potential for an off-take agreement, and uh there's some capital behind that.
00:01:50.000 --> 00:01:57.760
Um we're also uh seeing uh debt uh from uh a number of different sources.
00:01:58.000 --> 00:02:02.239
So uh and that you know debt equity, maybe a silver stream.
00:02:02.319 --> 00:02:12.479
Uh we've got produce about two million ounces of silver, uh, and from that perspective uh you know it's not a major part of the business, and we wouldn't be giving a great deal away.
00:02:12.639 --> 00:02:20.159
So it would be uh uh an interesting capital stack, and we'll be uh appointing a financing advisor for that shortly.
00:02:20.479 --> 00:02:33.360
I imagine it's a great time to be financing a project given that uh you know the metals prices are high, you've got gold, copper, and silver in the United States where there's uh a mining renaissance, if we can phrase it like that.
00:02:33.520 --> 00:02:39.439
And I imagine there's a lot of competition amongst the different types of finance to be able to finance projects.
00:02:39.680 --> 00:02:47.360
Well, yeah, and yeah, what a what a great time to be uh uh developing a project and uh going out for financing.
00:02:47.680 --> 00:02:53.280
We um we do see that uh a certain amount of competitive attention uh tension.
00:02:53.360 --> 00:03:09.360
Uh there seems to be a lot of capital out there uh and certainly uh folks wanting to secure copper for smelters, which uh as I understand it are uh certainly looking to uh to uh fill their capacity.
00:03:10.080 --> 00:03:17.120
George uh US gold is notable, I think, for many reasons, one of which is the low number of shares outstanding you have.
00:03:17.280 --> 00:03:24.719
So presumably protecting against uh excessive dilution is one of the key tenants of your your the construction of your financial package.
00:03:25.039 --> 00:03:31.360
Well we're uh you know, management, uh some of the insiders, uh uh we're all shareholders.
00:03:31.439 --> 00:03:37.840
Uh we've got a cadre of uh people who have been very supportive as we've gone through the journey.
00:03:37.919 --> 00:03:48.719
And remember that you know, as through 2020 when I came on board uh to pivot towards development uh to where we are today, and it's been tough times uh through COVID and so on.
00:03:48.879 --> 00:03:54.800
So look, we're very interested in preserving uh the uh you know shareholder register.
00:03:54.879 --> 00:03:58.319
And uh we've got 16 and a half million shares outstanding.
00:03:58.479 --> 00:04:02.719
Uh there's uh uh 2.8 uh million warrants.
00:04:02.800 --> 00:04:08.719
Uh most of those warrants are in the money at the moment, uh except a few from the latest financing.
00:04:08.960 --> 00:04:15.199
So uh protecting shareholder you know equity uh is of key importance to us.
00:04:15.439 --> 00:04:15.759
Okay.
00:04:16.000 --> 00:04:21.600
You've the company formed a special committee to evaluate strategic alternatives.
00:04:21.839 --> 00:04:25.839
Um apart from asking the obvious, you know, what was the purpose of that?
00:04:26.160 --> 00:04:27.519
What was the purpose of that?
00:04:27.600 --> 00:04:32.720
What are you looking to do there, and what what sort of direction are you perhaps looking to go into?
00:04:33.279 --> 00:04:35.360
So we've been on a dual track.
00:04:35.439 --> 00:05:03.439
Um we we look at the uh market at the moment, and you know, having a shovel-ready project in a stable jurisdiction, uh, and you know, a lot of the companies looking to add to their uh portfolio because frankly, with the dearth of expiration over the previous years, there's uh there aren't too many new projects, new discoveries uh out there.
00:05:03.680 --> 00:05:09.040
So, you know, we have to recognize that there's uh strategic interest in our company.
00:05:09.279 --> 00:05:24.319
Um and the strategic committee was formed uh in able in order to uh allow the uh board to look at um unsolicited uh interest that uh we've seen in the company.
00:05:24.399 --> 00:05:28.319
Uh but the other track obviously is uh moving forward.
00:05:28.480 --> 00:05:47.199
You know, we've knocked down the uh the uh some of the uh hurdles or hurdles to share valuation, you know, having put out a very robust feasibility study, having permitted, fully permitted the project, we're ready to go.
00:05:47.360 --> 00:05:54.879
Uh now uh with uh financing ahead of us, you know, that's the next hurdle, and then uh certainly looking at execution.
00:05:55.040 --> 00:06:05.600
And I see this you know, financing very doable uh for the metric that we've got, uh around round numbers 400 million dollars, and uh execution.
00:06:05.759 --> 00:06:13.759
Nothing's ever easy in the mining space, uh, certainly when you get into development, but this is a relatively simple project to develop.
00:06:14.000 --> 00:06:14.959
Thank you, George.
00:06:15.199 --> 00:06:28.800
In terms of the sort of build or sell decision, many people I've spoken to here and at uh the conference last week say that at the moment it's perhaps a builder's market rather than a buyer's market, but that may change in a in a year or two.
00:06:29.120 --> 00:06:33.120
Could that potentially hold back a construction decision?
00:06:34.000 --> 00:06:35.199
Uh it has.
00:06:35.759 --> 00:06:36.399
It has.
00:06:36.639 --> 00:06:39.839
We've been fielding uh a fair amount of interest.
00:06:40.000 --> 00:06:48.879
Uh we have uh uh some M NDAs in place, and uh we've had quite a few people visiting through the project.
00:06:49.199 --> 00:06:53.920
But uh, you know, uh we just need to move forward at the moment.
00:06:54.079 --> 00:07:07.519
And part of the reason that we're uh and you'll see some news flow related to that, me adding to the team, uh developing relationship with an EPCM firm, uh, the financing it the financing activities.
00:07:07.680 --> 00:07:26.319
But part of the reason is that uh we see so much more value than we have uh described in the feasibility study, uh both from the expansion of the current pit below our um our current uh pit solution.
00:07:26.639 --> 00:07:32.079
We know that we've got resources which are economic, which can be permitted in due course.
00:07:32.240 --> 00:07:36.639
Um we also see uh expiration potential in the area.
00:07:36.800 --> 00:07:43.360
After all, the the area was uh the Silver Crown Mining District, uh lots of little mines around.
00:07:43.600 --> 00:08:00.879
And you know, we we have the option of uh looking in due course at uh augmenting gold recovery uh and uh certainly selling rock uh as an aggregate source to nearby uh communities and to all the way down to Denver.
00:08:01.199 --> 00:08:01.519
Okay.
00:08:02.079 --> 00:08:15.680
George, um I've been doing some quite a bit of desk research recently and into developers, and one thing is is very, very clear a developer getting, let's say, a 40% premium is attractive, yeah.
00:08:15.920 --> 00:08:23.680
But the the value lift that a developer gets from going through the construction and pouring that first down is far in excess of that.
00:08:23.839 --> 00:08:28.000
So I mean I presume you're aware of that kind of circumstance.
00:08:28.160 --> 00:08:31.600
Does that inform your decision path going forward?
00:08:31.920 --> 00:08:38.000
Look, there's a there's a risk reward uh consideration there.
00:08:38.320 --> 00:08:43.440
Obviously, um, as I mentioned, uh development is never simple.
00:08:43.600 --> 00:08:58.720
Um, you know, we have been dealing with uh uh trying to uh ascertain you know where we're gonna get primary uh equipment from, uh tariffs, uh that it's been a changing uh uh field there.
00:08:58.960 --> 00:09:10.960
Um you know, as you look at um as you look at the uh cost of energy at the moment in the form of diesel, we've got a very low cost of uh power for the project, but uh you know diesel's gone up.
00:09:11.120 --> 00:09:13.919
So from that perspective, uh there are risks.
00:09:14.240 --> 00:09:21.360
Relatively speaking, the CK project is uh simple, as I as I stated, uh to develop.
00:09:21.440 --> 00:09:24.000
Uh but there's a there's a risk reward.
00:09:24.080 --> 00:09:28.080
So those are factors which uh will be coming into decision.
00:09:28.320 --> 00:09:31.120
Should we should we see a compelling offer?
00:09:31.200 --> 00:09:35.759
And obviously, we have to uh take any offer that we get seriously.
00:09:36.080 --> 00:09:36.399
Okay.
00:09:36.639 --> 00:09:43.039
Now you've got uh quite a large number of ounces within the resource pit shell that aren't in the in in the reserves.
00:09:43.279 --> 00:09:50.480
To what extent, what what kind of work do you need to do to bring those to elevate those to reserves and are are you sort of planning to do that?
00:09:50.799 --> 00:10:02.159
Yeah, look, um so we went out um we we've always known that we had a million ounces of gold, 260 million pounds of uh copper.
00:10:02.559 --> 00:10:15.039
Um, and we've limited our permitting, which uh started um back in uh September of 20 uh 2020.
00:10:15.279 --> 00:10:19.279
We we prepared a permit application on the basis of a PFS.
00:10:19.360 --> 00:10:21.919
We submitted that in 2022.
00:10:22.320 --> 00:10:34.720
The the idea really was to show the value proposition and then uh demonstrate that we could get a permit for that um uh for that uh initial uh build.
00:10:35.039 --> 00:10:58.000
Now the the resources that we see uh we have to uh quote those within uh a pit shell and we mop up most most, if not all, of the uh measured and indicated um resources outside our current uh reserve shell uh at$3,000 gold and$450 copper.
00:10:58.240 --> 00:11:01.279
So we know it's gonna get uh we know it's gonna get bigger.
00:11:01.519 --> 00:11:19.360
We do have to cross a dry drainage um to expand the pit, uh which will then uh under current legislation will involve the Army Corps of Engineers, but we've got four or five years in order to be able to uh accomplish that uh permit amendment.
00:11:19.519 --> 00:11:30.639
So it's gonna get bigger, we're gonna expand into the resources, and we also will be drilling to uh take some of the inferred material into a measured and indicated category.
00:11:30.960 --> 00:11:31.679
Thank you, George.
00:11:31.840 --> 00:11:44.159
It would seem to be a great time to develop a US gold mine under the current administration, particularly as you have a copper component, because President Trump has spoken a lot about the need to have more copper produced in the United States.
00:11:44.320 --> 00:11:51.279
Is that uh manifesting itself in any more overt support or funding potential for the company?
00:11:51.600 --> 00:11:54.080
Well, look, we're fully we're fully permitted.
00:11:54.240 --> 00:11:58.799
Um uh we we are on uh state and private ground.
00:11:58.960 --> 00:12:02.799
Um you know we we don't have any nexus to the federal government.
00:12:02.960 --> 00:12:12.960
Uh certainly uh looking at funding from uh the uh from the federal government uh does involve another process.
00:12:13.200 --> 00:12:24.639
Our objective at the moment is to get up into uh into production, but you know, how good is it to be producing uh copper at a time uh domestic produced copper?
00:12:24.799 --> 00:12:35.440
So I think that we do have the opportunity of attracting some funding both from the uh federal government uh but also perhaps from the uh state of Wyoming.
00:12:35.600 --> 00:12:45.120
Um you know they're unfamiliar with the with uh hard rock mining, uh not having had a hard rock mine for a little over a hundred years.
00:12:45.200 --> 00:12:51.120
Uh but um I think once the heavy lifting's been done they would be very interested in coming in.
00:12:51.360 --> 00:12:51.679
Okay.
00:12:51.919 --> 00:13:00.080
George, to sort of wrap up our conversation, maybe you could recap some of the key catalysts our viewers can expect to see from US Gold over the next 12 months or so.
00:13:00.399 --> 00:13:11.840
Okay, so you know we we've we've kept our team very small, uh, relying on a lot of the people who we've worked with over the years in order to be able to advance to this stage.
00:13:12.080 --> 00:13:19.200
Now we need to uh start adding uh adding to the team to get through the uh development.
00:13:19.360 --> 00:13:46.720
So you'll see uh personnel being added, uh experienced personnel, very capable of uh taking on uh the development process, um, establishing a relationship with uh uh the right kind of contractors uh to advance the project and uh the uh financing package coming together pretty quickly because you know we got term sheets on the table.
00:13:46.879 --> 00:13:53.919
So those are the things to watch for and uh we'll be moving forward uh with all due haste.
00:13:54.240 --> 00:13:58.000
Well, I'm looking forward to seeing the financing package as and when you announce that.
00:13:58.159 --> 00:13:58.639
George B.
00:13:58.879 --> 00:14:00.240
Thank you very much for joining me today.
00:14:00.480 --> 00:14:01.759
Thank you very much, a pleasure.
00:14:01.919 --> 00:14:02.960
Always good to see you.
00:14:03.200 --> 00:14:08.480
And we have a lot more to come from the 2026 Mining Forum Americas here in Colorado Springs.
00:14:08.559 --> 00:14:11.039
So stay tuned and hit that subscribe button.
00:14:11.120 --> 00:14:14.399
I'm Paul Harris, and this is Kitco Mining.
00:14:14.639 --> 00:14:23.519
Kitco Mining on site coverage of Mining Forum Americas is presented by Metalla Royalty and streaming.
00:00:00.080 --> 00:00:08.800
Kitco Mining on-site coverage of Mining Forum Americas is presented by Metalla Royalty and Streaming.
00:00:10.080 --> 00:00:11.839
America's next gold development.
00:00:11.919 --> 00:00:17.039
Hello and welcome to Kitco Mining with me, Paul Harris, here at the 2026 Mining Forum Americas.
00:00:17.120 --> 00:00:20.800
Joining me now is George B, president and CEO of US Gold.
00:00:20.960 --> 00:00:22.160
George, welcome back to Kitco.
00:00:22.480 --> 00:00:23.440
Great to be with you all.
00:00:23.760 --> 00:00:31.359
Now George, uh to set the scene, you are advancing the CK Gold Project in Wyoming, which is fully permitted at the state level.
00:00:31.519 --> 00:00:34.079
You have no federal NEPA process there.
00:00:34.240 --> 00:00:42.479
You've got a March 2026 feasibility study looking at about 110,000 ounces a year of production, 394 million US CapEx.
00:00:42.960 --> 00:00:43.920
All going well.
00:00:44.240 --> 00:00:47.039
Construction preliminary site work initiated this year.
00:00:47.280 --> 00:00:49.600
Formal construction decision is coming?
00:00:50.079 --> 00:00:52.479
It's becoming very shortly.
00:00:52.880 --> 00:00:57.439
Essentially, we uh we hold about$30 million in Treasury.
00:00:57.520 --> 00:01:05.359
Uh we wanted just to make sure that we uh had our complete financing package in place before uh resuming construction.
00:01:05.680 --> 00:01:09.840
And in terms of that financing package, what may that look like?
00:01:10.560 --> 00:01:17.760
Look, uh we are we we've got a great deal of interest uh in the uh product.
00:01:18.000 --> 00:01:22.000
It's a very clean concentrate uh copper gold.
00:01:22.319 --> 00:01:28.400
Uh we we see that the copper is in uh tight supply at the moment.
00:01:28.640 --> 00:01:40.719
As a consequence, uh uh you know there is a lot of interest around the copper aspect, but we see about uh 60% of our value coming from gold, a little bit of silver.
00:01:40.959 --> 00:01:49.840
So uh yeah, the uh there's certainly uh potential for an off-take agreement, and uh there's some capital behind that.
00:01:50.000 --> 00:01:57.760
Um we're also uh seeing uh debt uh from uh a number of different sources.
00:01:58.000 --> 00:02:02.239
So uh and that you know debt equity, maybe a silver stream.
00:02:02.319 --> 00:02:12.479
Uh we've got produce about two million ounces of silver, uh, and from that perspective uh you know it's not a major part of the business, and we wouldn't be giving a great deal away.
00:02:12.639 --> 00:02:20.159
So it would be uh uh an interesting capital stack, and we'll be uh appointing a financing advisor for that shortly.
00:02:20.479 --> 00:02:33.360
I imagine it's a great time to be financing a project given that uh you know the metals prices are high, you've got gold, copper, and silver in the United States where there's uh a mining renaissance, if we can phrase it like that.
00:02:33.520 --> 00:02:39.439
And I imagine there's a lot of competition amongst the different types of finance to be able to finance projects.
00:02:39.680 --> 00:02:47.360
Well, yeah, and yeah, what a what a great time to be uh uh developing a project and uh going out for financing.
00:02:47.680 --> 00:02:53.280
We um we do see that uh a certain amount of competitive attention uh tension.
00:02:53.360 --> 00:03:09.360
Uh there seems to be a lot of capital out there uh and certainly uh folks wanting to secure copper for smelters, which uh as I understand it are uh certainly looking to uh to uh fill their capacity.
00:03:10.080 --> 00:03:17.120
George uh US gold is notable, I think, for many reasons, one of which is the low number of shares outstanding you have.
00:03:17.280 --> 00:03:24.719
So presumably protecting against uh excessive dilution is one of the key tenants of your your the construction of your financial package.
00:03:25.039 --> 00:03:31.360
Well we're uh you know, management, uh some of the insiders, uh uh we're all shareholders.
00:03:31.439 --> 00:03:37.840
Uh we've got a cadre of uh people who have been very supportive as we've gone through the journey.
00:03:37.919 --> 00:03:48.719
And remember that you know, as through 2020 when I came on board uh to pivot towards development uh to where we are today, and it's been tough times uh through COVID and so on.
00:03:48.879 --> 00:03:54.800
So look, we're very interested in preserving uh the uh you know shareholder register.
00:03:54.879 --> 00:03:58.319
And uh we've got 16 and a half million shares outstanding.
00:03:58.479 --> 00:04:02.719
Uh there's uh uh 2.8 uh million warrants.
00:04:02.800 --> 00:04:08.719
Uh most of those warrants are in the money at the moment, uh except a few from the latest financing.
00:04:08.960 --> 00:04:15.199
So uh protecting shareholder you know equity uh is of key importance to us.
00:04:15.439 --> 00:04:15.759
Okay.
00:04:16.000 --> 00:04:21.600
You've the company formed a special committee to evaluate strategic alternatives.
00:04:21.839 --> 00:04:25.839
Um apart from asking the obvious, you know, what was the purpose of that?
00:04:26.160 --> 00:04:27.519
What was the purpose of that?
00:04:27.600 --> 00:04:32.720
What are you looking to do there, and what what sort of direction are you perhaps looking to go into?
00:04:33.279 --> 00:04:35.360
So we've been on a dual track.
00:04:35.439 --> 00:05:03.439
Um we we look at the uh market at the moment, and you know, having a shovel-ready project in a stable jurisdiction, uh, and you know, a lot of the companies looking to add to their uh portfolio because frankly, with the dearth of expiration over the previous years, there's uh there aren't too many new projects, new discoveries uh out there.
00:05:03.680 --> 00:05:09.040
So, you know, we have to recognize that there's uh strategic interest in our company.
00:05:09.279 --> 00:05:24.319
Um and the strategic committee was formed uh in able in order to uh allow the uh board to look at um unsolicited uh interest that uh we've seen in the company.
00:05:24.399 --> 00:05:28.319
Uh but the other track obviously is uh moving forward.
00:05:28.480 --> 00:05:47.199
You know, we've knocked down the uh the uh some of the uh hurdles or hurdles to share valuation, you know, having put out a very robust feasibility study, having permitted, fully permitted the project, we're ready to go.
00:05:47.360 --> 00:05:54.879
Uh now uh with uh financing ahead of us, you know, that's the next hurdle, and then uh certainly looking at execution.
00:05:55.040 --> 00:06:05.600
And I see this you know, financing very doable uh for the metric that we've got, uh around round numbers 400 million dollars, and uh execution.
00:06:05.759 --> 00:06:13.759
Nothing's ever easy in the mining space, uh, certainly when you get into development, but this is a relatively simple project to develop.
00:06:14.000 --> 00:06:14.959
Thank you, George.
00:06:15.199 --> 00:06:28.800
In terms of the sort of build or sell decision, many people I've spoken to here and at uh the conference last week say that at the moment it's perhaps a builder's market rather than a buyer's market, but that may change in a in a year or two.
00:06:29.120 --> 00:06:33.120
Could that potentially hold back a construction decision?
00:06:34.000 --> 00:06:35.199
Uh it has.
00:06:35.759 --> 00:06:36.399
It has.
00:06:36.639 --> 00:06:39.839
We've been fielding uh a fair amount of interest.
00:06:40.000 --> 00:06:48.879
Uh we have uh uh some M NDAs in place, and uh we've had quite a few people visiting through the project.
00:06:49.199 --> 00:06:53.920
But uh, you know, uh we just need to move forward at the moment.
00:06:54.079 --> 00:07:07.519
And part of the reason that we're uh and you'll see some news flow related to that, me adding to the team, uh developing relationship with an EPCM firm, uh, the financing it the financing activities.
00:07:07.680 --> 00:07:26.319
But part of the reason is that uh we see so much more value than we have uh described in the feasibility study, uh both from the expansion of the current pit below our um our current uh pit solution.
00:07:26.639 --> 00:07:32.079
We know that we've got resources which are economic, which can be permitted in due course.
00:07:32.240 --> 00:07:36.639
Um we also see uh expiration potential in the area.
00:07:36.800 --> 00:07:43.360
After all, the the area was uh the Silver Crown Mining District, uh lots of little mines around.
00:07:43.600 --> 00:08:00.879
And you know, we we have the option of uh looking in due course at uh augmenting gold recovery uh and uh certainly selling rock uh as an aggregate source to nearby uh communities and to all the way down to Denver.
00:08:01.199 --> 00:08:01.519
Okay.
00:08:02.079 --> 00:08:15.680
George, um I've been doing some quite a bit of desk research recently and into developers, and one thing is is very, very clear a developer getting, let's say, a 40% premium is attractive, yeah.
00:08:15.920 --> 00:08:23.680
But the the value lift that a developer gets from going through the construction and pouring that first down is far in excess of that.
00:08:23.839 --> 00:08:28.000
So I mean I presume you're aware of that kind of circumstance.
00:08:28.160 --> 00:08:31.600
Does that inform your decision path going forward?
00:08:31.920 --> 00:08:38.000
Look, there's a there's a risk reward uh consideration there.
00:08:38.320 --> 00:08:43.440
Obviously, um, as I mentioned, uh development is never simple.
00:08:43.600 --> 00:08:58.720
Um, you know, we have been dealing with uh uh trying to uh ascertain you know where we're gonna get primary uh equipment from, uh tariffs, uh that it's been a changing uh uh field there.
00:08:58.960 --> 00:09:10.960
Um you know, as you look at um as you look at the uh cost of energy at the moment in the form of diesel, we've got a very low cost of uh power for the project, but uh you know diesel's gone up.
00:09:11.120 --> 00:09:13.919
So from that perspective, uh there are risks.
00:09:14.240 --> 00:09:21.360
Relatively speaking, the CK project is uh simple, as I as I stated, uh to develop.
00:09:21.440 --> 00:09:24.000
Uh but there's a there's a risk reward.
00:09:24.080 --> 00:09:28.080
So those are factors which uh will be coming into decision.
00:09:28.320 --> 00:09:31.120
Should we should we see a compelling offer?
00:09:31.200 --> 00:09:35.759
And obviously, we have to uh take any offer that we get seriously.
00:09:36.080 --> 00:09:36.399
Okay.
00:09:36.639 --> 00:09:43.039
Now you've got uh quite a large number of ounces within the resource pit shell that aren't in the in in the reserves.
00:09:43.279 --> 00:09:50.480
To what extent, what what kind of work do you need to do to bring those to elevate those to reserves and are are you sort of planning to do that?
00:09:50.799 --> 00:10:02.159
Yeah, look, um so we went out um we we've always known that we had a million ounces of gold, 260 million pounds of uh copper.
00:10:02.559 --> 00:10:15.039
Um, and we've limited our permitting, which uh started um back in uh September of 20 uh 2020.
00:10:15.279 --> 00:10:19.279
We we prepared a permit application on the basis of a PFS.
00:10:19.360 --> 00:10:21.919
We submitted that in 2022.
00:10:22.320 --> 00:10:34.720
The the idea really was to show the value proposition and then uh demonstrate that we could get a permit for that um uh for that uh initial uh build.
00:10:35.039 --> 00:10:58.000
Now the the resources that we see uh we have to uh quote those within uh a pit shell and we mop up most most, if not all, of the uh measured and indicated um resources outside our current uh reserve shell uh at$3,000 gold and$450 copper.
00:10:58.240 --> 00:11:01.279
So we know it's gonna get uh we know it's gonna get bigger.
00:11:01.519 --> 00:11:19.360
We do have to cross a dry drainage um to expand the pit, uh which will then uh under current legislation will involve the Army Corps of Engineers, but we've got four or five years in order to be able to uh accomplish that uh permit amendment.
00:11:19.519 --> 00:11:30.639
So it's gonna get bigger, we're gonna expand into the resources, and we also will be drilling to uh take some of the inferred material into a measured and indicated category.
00:11:30.960 --> 00:11:31.679
Thank you, George.
00:11:31.840 --> 00:11:44.159
It would seem to be a great time to develop a US gold mine under the current administration, particularly as you have a copper component, because President Trump has spoken a lot about the need to have more copper produced in the United States.
00:11:44.320 --> 00:11:51.279
Is that uh manifesting itself in any more overt support or funding potential for the company?
00:11:51.600 --> 00:11:54.080
Well, look, we're fully we're fully permitted.
00:11:54.240 --> 00:11:58.799
Um uh we we are on uh state and private ground.
00:11:58.960 --> 00:12:02.799
Um you know we we don't have any nexus to the federal government.
00:12:02.960 --> 00:12:12.960
Uh certainly uh looking at funding from uh the uh from the federal government uh does involve another process.
00:12:13.200 --> 00:12:24.639
Our objective at the moment is to get up into uh into production, but you know, how good is it to be producing uh copper at a time uh domestic produced copper?
00:12:24.799 --> 00:12:35.440
So I think that we do have the opportunity of attracting some funding both from the uh federal government uh but also perhaps from the uh state of Wyoming.
00:12:35.600 --> 00:12:45.120
Um you know they're unfamiliar with the with uh hard rock mining, uh not having had a hard rock mine for a little over a hundred years.
00:12:45.200 --> 00:12:51.120
Uh but um I think once the heavy lifting's been done they would be very interested in coming in.
00:12:51.360 --> 00:12:51.679
Okay.
00:12:51.919 --> 00:13:00.080
George, to sort of wrap up our conversation, maybe you could recap some of the key catalysts our viewers can expect to see from US Gold over the next 12 months or so.
00:13:00.399 --> 00:13:11.840
Okay, so you know we we've we've kept our team very small, uh, relying on a lot of the people who we've worked with over the years in order to be able to advance to this stage.
00:13:12.080 --> 00:13:19.200
Now we need to uh start adding uh adding to the team to get through the uh development.
00:13:19.360 --> 00:13:46.720
So you'll see uh personnel being added, uh experienced personnel, very capable of uh taking on uh the development process, um, establishing a relationship with uh uh the right kind of contractors uh to advance the project and uh the uh financing package coming together pretty quickly because you know we got term sheets on the table.
00:13:46.879 --> 00:13:53.919
So those are the things to watch for and uh we'll be moving forward uh with all due haste.
00:13:54.240 --> 00:13:58.000
Well, I'm looking forward to seeing the financing package as and when you announce that.
00:13:58.159 --> 00:13:58.639
George B.
00:13:58.879 --> 00:14:00.240
Thank you very much for joining me today.
00:14:00.480 --> 00:14:01.759
Thank you very much, a pleasure.
00:14:01.919 --> 00:14:02.960
Always good to see you.
00:14:03.200 --> 00:14:08.480
And we have a lot more to come from the 2026 Mining Forum Americas here in Colorado Springs.
00:14:08.559 --> 00:14:11.039
So stay tuned and hit that subscribe button.
00:14:11.120 --> 00:14:14.399
I'm Paul Harris, and this is Kitco Mining.
00:14:14.639 --> 00:14:23.519
Kitco Mining on site coverage of Mining Forum Americas is presented by Metalla Royalty and streaming.
