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

Leadership and Track Record

• Management team has a history of turning around struggling mining assets and executing successful M&A strategies, with previous successes at Klondex Mines, RNC Minerals, and Karora.

• Key leaders have hands-on mining experience and have built and sold major mining companies for significant value.

• Board strengthened with experienced directors from mining, finance, and capital markets.

Strategic Transformation, Asset Acquisition, and Financing

• Galena Complex consolidated to 100% ownership in October 2024, with Eric Sprott becoming the largest shareholder at ~20%.

• Institutional and insider ownership increased from 8% to over 60%, with management and directors owning 10% of shares.

• C$50M equity and US$100M long-term debt package secured to support growth and reduce liabilities.

• Ocean Partners completed a US$11.5M equity investment at a 14% premium.

• Offtake agreement with Ocean Partners secures full capacity for Galena concentrates.

Operational Improvements and Production Growth

• Galena Complex in Idaho is the primary focus, with a goal to restore production to 5 million ounces of silver per year.

• Upgraded main hoisting shaft to triple capacity, with skipping capacity doubled from 40 to 80 tph and further upgrades planned.

• Longhole stoping reintroduced, enabling rapid ore production scale-up and cost savings.

• Paste fill plant development and advanced engineering underway to support longhole stoping.

• Introduced modern mining methods and new equipment, significantly improving efficiency and reducing bottlenecks.