Sun Silver

, next up we have Mr. Andrew Dorman, managing director of Sunsilver. good afternoon everyone, thanks for sticking around this afternoon. I know it can be quite a long day. Excuse me, so Sun Silver holds a Maverick Springs silver gold asset, which is located in Nevada, one of the best mining jurisdictions globally. The asset has 480 million ounces of silver equivalent at a greater 68.29 g per ton. That is the largest pre-production primary silver asset on the ASX and within the US. Pure silver component is 296 million ounces with 2.16 million ounces of gold. So corporate summary, we listed in May last year at a market cap of $25 million and we're currently sitting at $180 million market cap, which has, which gives us, just over 178 million shares. We recently undertook a quite a transformational capital raise, which was led by Canecord. And we saw, many leading US and North American institutions come onto the register as part of that raise. that raise has allowed us to have a very healthy bank balance, sitting at near on $39 million currently. Gives us an enterprise value of $140 million. Our board management and key advisors hold approximately 24%. And our other major holder is Nocommus Capital, a large hedge fund out of Dallas and Texas. If you have a look at the map on the right, Maverick Springs is highlighted in the yellow. we sit to the east of Coors Rochester mine. They operate between 12 and 20 g per ton, pure silver, no gold credits. So at a 68.29 g per ton mineral resource, it's really encouraging on where we could take this asset in the next couple of years. So board and management, a little bit of background about myself, been in the mining and exploration industry for over 20 years, one of the co-founders of the company, delivered some of the largest projects, in, in Australia. the commercial commercial team is what I've managed as part of those project delivery. Fortescue Metals Group, I led the commercial team which took their iron ore output from 45 million tons up to 155 million tons, and that was a $7 billion project. I was responsible for the whole commercial team for that project, and we delivered it on time within budget. I also spent a significant amount of time with Newmont, delivering the Tanami Gold project and Boddington Gold Project to really large important assets for Newmont and their portfolio in Australia. Boddington produces about 800,000 ounces of gold a year and Tanami 400,000 ounces. Sean Hardcastle, part of the founding team as well, head of corporate for Hamilton Lock, a large corporate law firm in Australia. Sean's been on various ASX boards over his journey, key in his role is he's, an expert in M&A transactions as well as compliance and corporate governance. Dina Segevich, founding director and chief operating officer of Premero Group, they are Australia's, one of Australia's largest engineering procurement construction companies, which they sold only a couple of years ago to NRW. which is a large mining services company. Nathan Maher is a qualified metallurgist and has delivered two silver projects in his career, one in Argentina and one in Papua New Guinea. And Keith Wood is our underground exploration manager. It's an Echo local, which is approximately 1 hour and 30 minutes from our site. Formerly the chief exploration geologist for Barracks NGM, which produces 3 million ounces of gold a year out of Nevada. Was responsible for the discovery of West Cortez, has a huge network in Nevada and is an important piece of our team to ensure that we can move in an agile way. So we've recently undertaken a reassay program of our historical drill holes. there's approximately 195 drill holes prior to us acquiring the asset, in May of last year. This program was targeting multi-element, minerals, being that historically this asset was only ever assayed for silver and gold. What we have seen as part of this program is we've used the 4 acid digest assay method, which is standard for silver, over limits you use the fire assay. Historically they used 2 acid digest and Aquaregia, so this has given us up to 28%, I think it is in the most recent increase in the grades in the silver. So we're undertaking further validation of this currently and of the hope to potentially upgrade the silver component of the mineral resource., Currently drilling's ongoing at Maverick Springs. We've got two drill rigs on site currently, with the third being mobilized as we speak. Drilling will be ongoing through to the end of 2025 and throughout 2026. it'll be a mix of infill and extensional drilling, as well as drilling to obtain metallurgical sample material. We have 90 drill pad locations available, so not only are we unrestricted from a permitting perspective for drilling, we're also well funded to complete a significant program over the next 18 months. I mentioned earlier, Maverick Springs is the largest pre-production primary silver project on the ASX. Some of our peers here, the closest to us is the Bowden's Silver Mines asset, which is under 200 million ounces. The resource is open to the north and the south, so we really see that we can continue to grow this resource significantly over the coming years. This is a bit busy, but it's a long section running from northwest to southeast on the property. A couple of key things to highlight on here is the, blue diamond was one of our most recent extensional holes, 70 m at 160 g per ton silver equivalent, with a section within that of 22.4 m at 460 g per ton silver equivalent. The mineral resource is delineated within the red dotted line, but I also want to draw your attention to the red box. This has previously been neglected by previous owners and it's mineralization from surface. Although it's not the high grades we see, the higher grades we see in our delineated mineral resource, we believe this will provide us a significant resource that will allow potential revenue from surface. So we're delineating a a secondary mineral resource currently from surfers, which is key as we go into mine mine and processing studies. As part of the multi-element program, we're also looking at antimony throughout the resource., significant widespread antimony throughout, some of the key holes, 60, MR 65 66 m at 0.12% antimony, with 23.71 m at 0.23%, as a subsection. 59 m at 0.1% antimony, and 44 m at 0.1% antimony. If you look at the right, This is widespread throughout the mineral resource. Some may look at this and think that's quite low grade, but the flagship antimony asset in the US currently is Perpetua's stemn project. Their mineral resource and reserves is 0.06% to 0.07%. And that is, that is the flagship asset that the US government is currently getting behind. So, given we have a mineral resource of 2.4, 2.5 kilometers long by about 1.5 kilometers wide, we feel we could build a significant antimony resource which will complement our silver and gold resource. Quite detailed. This will be on the ASX platform, so if you want to look at it in more detail, but I'll just hit the high points. We're undertaking significant metallurgical testing currently. This will be ongoing as we go through the different phases of the studies each. Each point of study requires a more rigorous level of testing, but currently we're undertaking the intermittent bottle roll tests. The retention time for that is between 14 to 28 days. That'll give us the best heat leach kinetics, which will then feed into the column leach test. Now those column leach. will then look to replicate real life heat leach scenario, so they will be up to 182 days. Silver takes longer to leach than gold, so we want to ensure we understand the full leaching time, full length leaching time on a on these samples. As also part of it, we're gonna undertake tank leach scenario, tank leach normally a high capex but gives you higher recoveries traditionally, so we won't understand, as the pricing of silver increases, we don't want to leave any value on the table, so we want to understand all processing routes so that we can ensure we maximize the revenue we make out of this asset. It's a For work plan for the metallurgical testing, diamond drilling for the samples, also reprocessing historical core, and then into the tests that were on the previous slide. This will be phased throughout the rest of the year into next year, with initial results expected early next year, but as I mentioned, this is an ongoing process as we test the different areas of such a large mineral resource. So upcoming catalysts over the next 6 to 12 months, consistent drill results, so we'll be drilling and coming out with those results, as we receive them, looking at the main and near surface mineral resource. Metallurgical test work results, looking for multiple increases in the resource size, targeting the silver grade resource increase, as well as the extensional drilling that we've undertaken to the north. So look to bring them in either in one or two or two mineral resource increases. And then get the resource up into the indicated category. Key for studies on the ASX, you need 70% of your study resource in the indicated category. So it's a big resource, it'll take a little bit of time, but we've been on it and we're gonna continue to drill right through into next year. And then the maiden antimonium mineral resource as we complete the reassa program. So just some timing, so the resource extensional drilling right through the end of next year, same as the infill. First phase of the metallurgical test work's gonna run through to Q1 next year. Reassay program is wrapping up as we speak. We've got some third party, assay labs undertaking some verification, tests as we speak. Baseline environmental surveys, we completed them last month and expect the report, next month or early in November. That's key for us as we go down the permitting pathway. We'll be looking to, we are engaging and looking to, hopefully get some assistance to fast track our permitting with the current administration, given that this asset is the largest pre-production primary silver asset in the US, we feel it's best of class and we'll be right at the top of the list, given that silver is now being placed on the draft critical minerals list by the Department of Interior. We're kicking off an internal scoping study, as I mentioned, we cannot do a scoping study on the ASX, based on an inferred mineral resource, but we can do it internally, so when we do, increase the confidence of the resource indicated, we can expedite the public, PEA scoping study. Probably just leave you all on, we're currently sitting at near on $43 US an ounce for silver. We're the largest pre-production primary silver asset in the US. It's super important that the strategic advantage of having a US asset in the current market can't be understated. And we're only trading at approximately 25 cents per inground ounce. you really can't find a better valued, company, a silver company on any exchange as we speak, and it'll provide probably the best leverage to silver that you'll see at the moment. So thanks very much for your time and any questions? Andrew, I've got a few. Yeah, sure. You've got a large resource. Looks like it can grow, assuming it continues to grow, how do you, you know, decide when to drive towards, you know, the drive it through development versus, you know, continuing to grow? How do you, how do you balance that? Yeah, well, I think. We're, we're running parallel pathways at the moment, so we've got extensional, which is, the market likes, the market likes the blue sky and always wants to see how large a resource can get. But in parallel, we understand it is near on half a half a billion ounces. So we're looking to wrap studies around that and produce economics as soon as we can, and given it daylight to surface in that southeastern portion., there's no better spot to start that, It it doesn't look like a better spot than to start at that location because it gives you revenue straight off the bat. Any other questions from the floor? Andrew, thank you very much for spending your time with us today. Thanks everyone.