Americas Gold and Silver (USA) 2025 Precious Metals Summit - Beaver Creek summary

Strategic initiatives and asset consolidation

• Acquired remaining 40% of Galena Mine, consolidating full ownership and aligning shareholder interests.

• Raised $100 million in partnership with SAF and $11.5 million in equity at a premium to strengthen the balance sheet.

• Focused turnaround efforts on Galena, with Mexico operations running smoothly and non-core assets deprioritized.

• Implemented a CAD $50 million financing to support operational improvements.

Operational improvements and modernization

• Transitioning from handheld jackleg mining to longhole mining to increase efficiency and output.

• Upgrading the Number 3 Shaft with higher horsepower motors and a new braking system to boost hoisting capacity from 700 to over 1,800 tons per day.

• Expanded mill operations from two to five days a week, with plans to reach seven days and utilize a second mill.

• Introduced remote control scoops and trucks underground, and deployed a narrow longhole drill for the first time.

Production targets and growth plans

• Aiming to restore Galena Mine to over 5 million ounces of silver annually, replicating historical peak production.

• Identified and addressed key bottlenecks: leadership, shaft upgrades, mining method, and mill capacity.

• Backfill plant construction underway to enable faster stope cycling and support longhole mining.

• Exploration drilling resumed after a decade, yielding new high-grade discoveries close to existing infrastructure.