Into the room, I will say good morning, good afternoon, or good evening, depending on where in the world you're joining us from. I'm really, really pleased that you could join us today for U.S. Gold Corp.'s feasibility study webinar for the CK Gold Project. I'm very pleased to have on members of the leadership team. First I wanna introduce CEO and Director, George Bee. George joined the company in 2020, delivered a very impressive turnaround in the sector, taking the CK Gold Project from a dormant asset all the way through to permitting into a bankable feasibility study in less than six years, which is quite a remarkable achievement in my opinion. Also joining George is Co-Founder of the company and Chairman, Luke Norman.
Luke has been the driving force behind the company's capital market strategy, curating high quality assets while maintaining one of the tightest share structures on the streets, which is 16.4 million shares outstanding, which is quite impressive in my opinion. With the CK Gold Project now fully permitted and construction ready, the much larger Keystone opportunity in the background, Luke has positioned the company quite well for what comes next. We're also joined right now by another key member of the team who can help answer questions. That's Kevin Francis, Vice President of Exploration and Technical Services. We may be joined during the webinar also by Eric Alexander, the CFO, and consultants Mark Shedden and Justin Taylor.
A couple of pieces of housekeeping from me before I throw it over to Luke to do a more formal intro. Today is an interactive event. Please do feel free to use the chat at the bottom of the screen to enter questions during today's event. We're quite eager to have them. Some of it's submitted in advance, particularly from analysts, so we'll start with those, but we'll try to get to every question that we can during today's event. The only other thing is this is being recorded and will be available for replay. It'll be on Swiss YouTube channel, but also pop right into your inbox. Enough out of me. I will throw it to Luke to get us started before we get into the deck.
Yeah. Thank you, Romeo, and thank you for everyone who is joining today. Obviously, our highly anticipated feasibility study that we're gonna do a run-through today. We'll get to do a deep dive into the hows and wheres and whys. We're all obviously internally very excited about the next stages with the CK Gold Project. You would have also seen, I'm sure today, a press release beyond the definitive feasibility study, getting into some of the blue sky opportunities which are there and have been present throughout this engineering process and permitting process. You know, we've managed, as Romeo pointed out, from 2020-2025, get this fully through detailed engineering, ready to go for project financing and of course, fully permitted.
I know that George is having a few camera issues or snafus, but we're more than ready to at least walk you and talk you through the presentation. Of course, post this, we will get into a question and answer session, and we'll hopefully fill everybody's needs in terms of questions. George, we'll hand you the microphone and standing by.
Can you hear me?
Certainly.
All right. Great. Okay. Well, let's advance to the first slide, and I will be making forward-looking statements. Please read the cautionary notes at your leisure. Next. This has been about a 5.5-year journey to develop this feasibility study, and this doesn't happen in isolation. You can see a long list of engineers and consultants. You know, we're very blessed to have this resource in the ground. We're very blessed to have a host community that is very accepting. I'd like to thank our local ranchers, the local Wyoming government officials, and all the consultants who have contributed to this project. It's been a lot of work. We can account for about $28 million of direct investment into the project.
Apart from, you know, what it takes to run the company. We've put all the money into the project and, you know, we would like to thank our shareholders at this point too, for supporting us along the journey and as we move forward. Next slide really talks to our feasibility study, the headline numbers. I'm not gonna go into this in huge detail. All these details were included in our press release, but we are moving forward with our 1.6 million gold equivalent ounce reserve. We've put that into 11-year mine life at 20,000 tons per day, and to produce over that 11 years now, a year longer than our PFS, 85,000 gold equivalent ounces per year, with an AISC of $1,785.
Initial capital at $394 million with a fairly low sustaining capital as we expand our tailings management facility. What I want to point out here is the base case. That's set at $3,250 gold. You know, when you look at the current gold price, we see the financial metrics very robust at the base case, but even more so as you look at the increase in gold price. A quick payback and we are in the process of getting started. The feasibility study includes all the tariffs, inflation impacts. We've included the Jameson Cells, smaller plant footprint, vacuum filtration. All the quotes are current on new equipment.
We've had contractors involved providing contracted rates for the estimation of prices and we also include in the analysis a full closure provision. Next slide. Really talks to some of the differences. We've got a very solid study. The PFS came in with a smaller initial capital. We can explain the increase in added capital, revised scope items to the tune of about $12.6 billion. Quantity, rate, and design changes of $48 million. Indirect costs increased to a tune of about $30 million. Some of those increases drove the remaining balance. We are very confident about these numbers, well engineered, as you'll see in a moment. Moving on.
The project, you know, benefits from its location 20 miles to the west of Cheyenne, capital city of Wyoming. We're surrounded by great road infrastructure, power, water, and, you know, really convenient to Denver, Colorado, Salt Lake City, Gillette, Wyoming, which are all supply hubs for the equipment providers and the kind of support folks that we need. You know, we don't have to build a man camp. People go home at night, so we're gonna be very competitive as it comes to competing for labor to man the project. I will say again that, you know, we show the, in the pop-up there, the lease area that we have with the Office of State Lands and Investments in Wyoming
You know, the landlords for our mineral resource are the State of Wyoming. We will be paying them a 2.1% royalty. Really, again, my thanks to the local ranchers who have been very hospitable, and our local community who we've kept informed during the process of putting this feasibility study and the fully permitted plan together. Next slide really talks to just the location. We're located about 2 mi off the Happy Jack paved road. County Road 210 is an unpaved road. We build 4 mi of access road onto our project area. The project area is very compact, occupies more or less two state sections. You know, we encompass all of our facilities and mining on that. That is our project area.
Next slide just shows in a little bit more detail the open pit, you know, approximately 80 acres. Surrounding the open pit, some waste rock piles. The big area to the right-hand side is the tailings management facility. We've also included now the low-grade ore stockpile on liner adjacent to the tailings management facility. Now, you know, the part of the mine planning here and part of the cost that we have developed for the feasibility study reflects the fact that we have zero strip to actually get into our ore, in fact, some of our better grade ore. The hauls to the waste facilities, the primary crusher, and to the deposition facilities are very short.
Low strip ratio, 0.98-1, low mining cost, very easy ground to work with, in the area. Bottom right, bottom left-hand side, you'll see some more images of the plant site tucked away in a meadow. We really don't sit. We're out of the visibility of our neighbors. The next slide is a familiar one to those who have been following the project. That just shows an isometric image of the open pit, delivering to the primary crusher onto a stockpile, into a process plant where we grind, float, develop the concentrate for sale, and then filter the tailings for the dry stack tailings facility. The next slide starts looking into some of the advanced engineering that have gone into the project.
We essentially crush down to -6 in onto a stockpile, have a primary grind to 90 µm. We then go through flotation, Jameson Cells. We then regrind that concentrate, clean it up with a 25-µm regrind, and then into scavenger cleaner flotation cells. We concentrate the concentrate in a Larox filter plant, and then we move from plate and frame now to Viper filtration for the dry stack tailings. You can see the tailings load out bin. Let's move on to the next slide. We're gonna get into a little bit more detail on some of the design engineering. You can see here an image to the southeast with the pebble crusher in the foreground.
Pulling the oversize or pebbles from the SAG mill combination back onto the feed belt. Next slide. Just stepping out a little bit, this now shows one of the changes that we made recently, the incorporation of a filtration island provided by Jord. That now is, w e've moved away from the plate and frame filters to the agitated belt filters for the dry stack tailings. The next slide. Again, what we're seeing here is just another view of that area. In the foreground, the truck ready line with the primary crusher off to the western side. All of that plant is tucked behind the height of land and shielded from our neighbors and also from some of the wind.
Next slide. Moving into the plant, we're looking past the grinding section along the plant toward the east. The SAG mill, followed by the ball mill, and then onto the cyclones and the flotation section. This image really shows that we, Halyard, have done a great job developing 3D design, allowing for better visualization. We know that the liner handler works. A single liner handler serving both the SAG and the ball mill and also allows us to have a much more accurate off-takes for steel platework, piping, electrical instrumentation. Next slide. Just zooms into that cyclone bank and the Jameson Cells sitting up high with gravity feed down.
To the right-hand side, you can see the Vertimill. Next slide. This is a view looking to the east in the filtration island with the Viper filters to produce the filter cake for stacking on the tailings management facility. The next slide really talks to the fact that, you know, while we have put our initial plan together, moving from 10 to 11 years, we are only really defining the reserves in the sort of central area. You can see another pit shell. That shell reflects the resources, which at current prices, we mop up all of the measured and indicated.
For this initial mine plan, which is currently fully permitted, we just focus on that initial reserve of 1 million ounces of gold and 260 million lbs of copper. The remaining measured and indicated resources, and if we throw in, you know, what we anticipate with the inferred as we convert that with additional drilling, you know, we will be looking to extend the ore body, continue and extend the mine life. A lot of the holes bottom out in mineralization. We elected not to deplete treasury and drill that out, firstly, deciding to pursue the initial permitted mine plan, securing those permits, so that we can move into the additional resources at a later date.
The next slide really talks to the closure plan. In order to accomplish the fully permitted project, we had to put a closure plan together. That closure plan at the moment envisions backfilling the pit so to avoid a pit lake. We fully anticipate that the plan will extend into the resources with additional permits to expand that. Ultimately, we hope that the closed pit will become part of the water storage infrastructure for the city of Cheyenne, saving the city a great deal of capital cost and securing a more efficient storage scenario than is currently the case in the Crystal and Granite lakes.
Much more to be seen in terms of expansion of the pit and the post-mining scenario in the future. Next slide. You know, we have identified beyond the fully permitted plan, which we are now ready to move into the execution phase, that we have several beyond the resource expansion which I've just touched upon, you know, the resources are there, they just need to be incorporated and permitted into the operating plan. We've got several years in order to obtain those permits, and we fully expect to do that during the course of the next of the initial mining operations. As we mine the mineral resource and we buttress the tailings, the dry stack tailings, we have rock left over.
We've determined that rock is a great aggregate and rail ballast source, and it is our intent to seek the additional permits to provide that rock into the local market, to fulfill the needs of what is turning out to be a very voracious appetite for rock in the area as Cheyenne and the surrounding area is in the midst of constructing things like the data centers that have been planned or in the planning phase in the local area and also to serve the local community. Being next to rail lines, we can initially serve that rock through truck transportation and then ultimately, if we can get it on the rail cars, we'll be moving it further afield.
The aggregate opportunity will develop as the project develops and will outlast the copper-gold mine, providing decades of aggregate to the local community. Now, beyond the resource expansion and the additional copper and gold reserves that we will mine and plan for flotation, there is a potential for improving the gold recovery. Initially, we did not include any additional process steps beyond the flotation to produce a concentrate where the gold and copper concentrate is sold off to smelters. Initially, we didn't include any further processing steps. We enjoy about 70% gold recovery, and there is potentially up to another 25% gold recovery available with post-flotation processing.
That's something that we're gonna look into as a huge value add to the project. There are always different opportunities with respect to tailings placement. We elected dry stack tailings because we wanted to be responsible with the local water resources. You know, that is something that could be revisited. We also look to shortening the project schedule and as we look at the feasibility study and the capital cost associated with that, that's all brand-new equipment, list-price equipment. There is a lot of equipment which is available which may well suit our needs, which could further make a positive impact on our initial capital cost. Next slide. Really, I'm just going to summarize. We've got a great project. It produces really good economics. We are fully permitted.
We are ready to go. We are well advanced on the engineering. We really need to essentially establish the orders for the major equipment so that we can proceed into detailed engineering. We're starting off on a really great basis. We have advanced our aggregates market studies and we believe that is a significant opportunity for the project. Interestingly, at the moment, with the price of copper, gold, and the need for those metals, we're getting some very attractive financing, which is the next step in the process for us. We look to developing the additional resources and the ultimate closure and water development opportunities and move forward into construction. With that summary, we've got certainly experts on the line, and we'll open it up to questions.
Certainly. George, what I'll do, a lot of the questions have been posed by way of chat or text, so I'll read through them as they've come in. There's multi-part questions from several of the analysts, so I will actually do them just in order. I won't maybe address each question. For example, Don, you've got several. We'll start with Don Blyth from Paradigm. His initial question was, George, you have pointed out several sources of upside. I think one of the biggest is increasing gold recovery. By only producing copper gold concentrates and shipping off-site for final processing, you avoided having to permit use of cyanide on-site. It would be very common to process the flotation tailings through a cyanidation circuit. You could probably go from 70% to in the, you know, 90% range. Are you discarding...
Oh, sorry. You are discarding 25,000 oz, close to 25,000 oz per year in your tailings. Realizing it might be a bit of a sensitive subject, what is your plan moving forward to secure those ounces?
Okay. During our initial metallurgical testing, we tested you know cyanidation of the tailings, and we found that we get very rapid recovery with a short residence time because the residual gold in tailings is very fine. Initially, when we looked at the project and defined the project that we were gonna permit back in 2021, we essentially said, "Look, at those gold prices, we may be trading dollars by the time you add the CIL, CIP, cyanide destruction and the lined facility." The world has changed. Gold price is much higher. There is a great opportunity for the company to benefit from that additional process step which would benefit the state.
They would garner more royalty, and we will pursue the notion of adding that process step in the future. Now, that might take some time, but we know where we're depositing the tailings. We could certainly pick them up. They're all crushed and ground, and process them at a later date. If there was an appetite to move and make that addition initially, we could pursue that. It's something we need to discuss with the authorities and the regulatory agencies.
Not to mention there are other sources of extraction that we can deploy and test on our tailings and not use them front and forward in a feasibility study. There may be access to other forms of recovery rather than cyanide. Okay. Over to Heiko . Just talking about the lateral extension in our resource, have we seen anything surprising? Are there certain areas that may deserve some additional focus? We clearly currently only need state approval, but can you give some color as to the additional approvals that might be required to move outside of those constraints? I think he's referring to the dry gulch and potentially talking to the Army Corps of Engineers, of course.
Ultimately, once our site is in operation, obviously the costs we face should be fairly irrelevant in the grand scheme of things. I'll let you just answer the resource expansion and how we'll handle that.
Okay. Well, we do have Kevin Francis as a geologist on the line, but I'll see how I do, Kevin. Essentially, you know, as I've explained, we know that we've got additional resources at depth. It's merely a question of expanding the pit. We do cross a dry gulch that will involve under current rules of the Army Corps of Engineers. We currently have a buffer to that dry gulch, but that's an easy bolt on. We obviously have to drill and test the depths of the deposit. We have run geophysics. There is some interesting anomalies down to our southeast.
I mean, you know, I think for us, it's beyond question that we're going to go deeper and to the southeast to pick up additional resources. Remember, we're also in the you know what was the historic Silver Crown mining district. Just to our west was the old London Mine. You know, we're researching the opportunities in and around the area. We had Dick Sillitoe come in a couple of years ago. He felt that it was a porphyry deposit. There's some debate about that, but it certainly, you know, there were a lot of excavations in and around the area. There may well be beyond the known resources and expansion to the resources, additional feedstock in the area.
Yeah.
Gonna be a focus.
Okay. Well, that'll segue nicely to Paul O'Brien from Velocity Trade Capital Partners. He had asked. It was a two-part question. One was, "Can you describe further the inferred conversion?" Ultimately, he was wondering about the district scale potential. I think that the district scale potential is answered in your previous answer, which is of course, you know, there is, where there's a porphyry there's usually many, numerous. There is past production in the area, so we are taking a look at some of those. We are also acquiring additional ground around the project, Paul. George, I'll hand over to you the answer for, "Can you describe further inferred resource conversion? How the ounces will convert over?"
The inferred conversion is merely a question of adding additional drill holes. On our resource statements, you can see the measured and indicated beyond the existing reserve. Then there's an inferred category. We merely need to put additional holes in to be able to add to the confidence and be able to convert those inferred ounces. Kevin, just a quick word on our criteria for reserves and resources.
Of course. This deposit's been around for many years, and as you can imagine, most of the opportunities were at shallower depths. A lot of the historical drilling was at shallow depths. Our drilling has been focused on hydrology and metallurgy, so we've got a number of deeper holes. As you can imagine, the drill density drops off with depth. The inferred blocks that we're referring to are those that are defined by widely spaced drilling. The initial phase would be to basically grid drill to a greater depth and then infill so that we could elevate them to measured and indicated. Also exploring the trend that goes off to the southeast, George had influenced some drilling program a couple years ago.
We drilled some additional holes to the southeast and we found some encouraging mineralization of similar grade that currently lies outside the pit simply because the drilling density isn't there.
Okay. You know, our lease is with the State of Wyoming. You know, we have that lease renewable for our project area. We're also investigating some of the, you know, old mineral leases in our adjacent properties. There's certainly opportunities to pursue.
Yes. All right, we're gonna go on from these easy softball questions that we've been launching you guys and get into the nitty-gritty here. Don Blyth, of course, back from Paradigm. There was some cost creep in the feasibility study, but no real blowouts. Still a solid, economically robust project. The huge advantage you have is the short potential timeline to production being a permitted shovel-ready project. There are not a lot of development projects that can be in production before 2030, and a bit of a glut of projects in the pipeline after that. I think it should attract bidders. If we don't see a bid you like, how long would you wait before making a decision to build the mine yourselves?
Look, the only thing that we have got under our control is the opportunity to move this thing forward. Putting together the feasibility study, we've engaged a couple of contractors on early contractor engagement. We've developed a great degree of comfort with the engineering and that Halyard Micon International have done. We have local project management expertise with Samuel Engineering. We have elected to use a contractor for contract mining. You know, with the $30 million-odd that we have in treasury at the moment, we want to essentially secure an avenue to financing. Then as soon as we are proceeding down that road, we can start moving forward.
We already started the access road at the beginning of the year to get the traffic off of the County Road 210. Just as soon as we've got eyes on a financing package, we can move forward with the access road and moving into the project to develop the aggregate that we need. Relying on our engineering colleagues, the firms that we've engaged, the contractors who have been very interested in helping us, we think that we can make that decision fairly quickly, once we have eyes on a financing package. We see financing opportunities which can turn around fairly quickly. We think we've got a very robust study which will support due diligence. You know, we are in a jurisdiction which we know the rules of the game. There is fairly low risk, so the appetite for investment is there.
Yeah. Even to simplify it further, just back to that, Don, is we're building this project. If somebody comes to us with an idea or concept that maybe merging with them or with production already in hand makes sense, and it makes sense obviously, ultimately to an equity standpoint, then we'll consider all options. This project is U.S. Gold Corp., and we are building it. Jake Sekelsky, of course, out of Alliance Global Partners, he's asking: It seems the aggregate sale potential continues to serve as an overlooked second revenue stream. Are you able to provide any color or discussions with purchasers, et cetera? Jake, I'll jump into that one quickly for George.
Absolutely, we have been. Right down from when we put out initial tender for contract mining, all the way through to we were approached by a large U.S.-based rail company who came to us with a letter of intent to purchase. We've always realized and recognized that value, but we also learned about 12, 18 months ago that the investor capital market participant in U.S. Gold Corp. is investing in us because of our gold copper assets. They found the aggregate discussion, albeit so valuable to this project, they found it as a distraction. I think it's very clear that we're non-undistracted. We've pursued and followed up. Just a simple first initial 10-year or 11-year mine life through this definitive feasibility study.
Ultimately that material, which is still classified largely as waste material, is gonna be monetized, and ultimately that's gonna bring down some production costs. Back to Paul O'Brien out of Velocity Trade . You have referred to our all-in sustaining costs after byproducts and AISC, all-in sustaining cost again, on a co-product basis as well as AISC gold equivalents in February 2025. Which AISC reporting method will you continue to use and refer to going forward?
You know, we're looking at our all-in sustaining cost per gold equivalent ounce so that we can make it simple. There has been changes to that, from the PFS, we've increased from $937 to $1,785. You know, we see that as a consequence of mining cost increases, largely due to adopting contract mining and some additional rehandle within the pit. It's kind of interesting that, as we look at the gold equivalent ratio, we now see that, on a gold equivalent basis, that jumps our denominator up, the amount of ounces that we have to denominate into the cost that we see. That has increased some of our costs. You know, we're very comfortable with the AISC that we have identified in the pre-feasibility study. It certainly accounts for the copper, a little bit of a contribution from silver.
Yep. Okay. From Paul O'Brien, Velocity Trade, what net savings were actually made use and benefits came from from using the Jameson Cells and as it was guided?
You know, we were approached, we looked at the Jameson Cells. Gosh, that was back in September of 2024. We were going down the conventional flotation path. We got the pitch from Glencore Technology. We decided to pursue it. It took us a fair amount of time to test both in our base metal labs in Kamloops, British Columbia, and then in Sudbury at the test facility owned by Glencore Technology there. We see a 2% recovery.
I think we booked only about 1%, but we certainly saw that the Jameson Cells and the way they work with that intimate mixing, as the slurries are infused into the chamber with air, that we do see better recovery. We tested it, we adopted it, and it does, as you start looking at those 3D visualizations of the plant, we can see that it's in a very efficient layout, which has probably saved us some steel and plant space.
Back to Don Blyth here, of course, from Paradigm. Have there been advanced discussions with smelters for final processing of the copper gold concentrates? Do you have any guidance of what portion of the required initial CapEx might come from offtake agreements or presale agreements? I'll answer the back end of that. On the front end, George, and then you can get into the smelters and concentrates discussion. Don, one thing we've been very mindful of is not immediately just going. There's been the first capital that was offered to us, of course, was from offtake providers of purchases, then, streamers, et cetera. You know, you encumber an asset with an offtake or a stream some people see as an encumbrance anyway.
You know, you're basically hedging some of that real upside in the metals value. We've been very coy to want to just engage with that without taking some of the more non-traditional but typical sources of capital. You know, debt equity type ratios are improving dramatically on our side of it. From our side of things at least, you know, we're looking at term sheets with 80% debt, 20% equity type exposure. I think looking at it as a pure just mine finance opportunity before we dive into wanting to take streams or discuss any royalties or offtakes. George, if you wanna touch into the processing and where that
Well, look, you know, in a market where there is certainly a scarcity of concentrate, we are going to produce a very clean concentrate, a copper gold concentrate. We don't see any deleterious elements within that concentrate. You know, I'd like to thank some of the off-takers who have been very, very helpful in providing us information on smelter terms and potential for financing. You're right, we haven't cast the die. It's not only the smelters, off-takers that we've been in discussion with, but also metal traders. So, you know, as we now look forward to, you know, moving towards development, we really need to exercise some additional horsepower on that. We've got some great consultants in the wings to help us navigate that. To the extent that it could help with financing, yeah, we'll look at the options as we move forward.
Yeah. Now, a couple of broad questions, more capital markets questions from Jordan. Hi, Jordan Hymowitz, of course, from Philadelphia Capital. I'll just summarize those, and we can answer them and see if any more questions come in after that, because we are getting close to the end of the question and answer session. It's more pertaining to, of course, will we explore sale of mine simultaneous to construction, and are we receiving any value for Keystone? I'll just touch on those both quickly, Jordan. No, we are certainly not pursuing any kind of sale. We're not out there talking to people to sell this project. We're advancing developing this project.
If a sensible opportunity came by, again, you know, I'll repeat myself that someone who already had production online, had cash in the bank, we didn't have to go through the debt process, and it looked like it was gonna be accretive to our equity shareholders, that's something we will consider on a case-by-case basis. By all means, you know, we are pressing ahead with, well, first an open door policy to all business project financing, ultimately construction. In the works, while we're doing that, while we're doing project financing, of course, we're gonna start looking into bringing in more ounces.
We're gonna look into partnerships or some kind of role that we can bring in the aggregates and bring that resource stream into obviously bringing down our cost of development production further, and then all the other myriad of blue sky opportunities that we put in the press release today. There's a lot going on beyond just our definitive feasibility study with this project. I think that's what makes it such an exciting opportunity.
You know, George pointed out very early in the presentation that the location of the project being just 20 mi outside of a captive audience of employment that work actively in the resource sector, everything we need from metal fabrication, electrical engineers, every specialist that is required for the building of a project like this and to keep it going, those people are coming in and out of site on a gig employment. You know, it's not like we're competing against the Newmont and Barrick in the state of Nevada, having to convince people to come and live in Elko or, you know, other parts of Nevada. We have. You know, we're 1.5 hours outside of Denver International. We have so many ultimately benefits to this project that it would be crazy to just look to sell it.
Now, steady on. I lived in Elko for seven years when I was doing Goldstrike. You know, that is probably the jumping off point for our Keystone project. The Keystone project is phenomenal, and we're getting zero value for that. We have been holding back some, you know, some of our information, looking forward to you know revealing the work that Kevin's been doing on additional geophysical work, and putting a massive data set into the AI sausage machine to see what comes out. Really, what we're looking to do is confirm the drill targets. We're ready to drill in Nevada, but our focus is on CK at the moment. The Keystone project and Challis in Idaho will live to fight another day.
Yeah. Look, highly likely, you know, we've talked about this quite openly and publicly, that it makes a lot of sense to spin Keystone out to not take the dilution over at our development stage project. It is, as George gave it already, great color. It's an extremely exciting project sitting across from the largest gold endowment now on the planet in the Cortez Complex, where they continue to make new, huge discoveries. They've got the same geological package, same setting, same environment, and, you know, 10 mi across the valley. That will get its own time in the sun here in this bull cycle for sure. You, as investors in our company, will be a part of that.
All right. " Please quantify the percentage of CapEx that might come from additional sources such as state bonding or any other federal sources, just the potential of it." That's from Chris.
Okay. Look, you know, we from the federal perspective, we have put our name in the hat. Really, the federal government works at a timeframe which really doesn't conform to what we wanna do, which is to get into development and start generating cash flow. You know, obviously, if it's available and it's opportune at the right time, that'd be great. You know, we've spoken to the treasurer at the State of Wyoming. He's very interested in investing and maybe could be a part of a consortium on a debt financing package. That is part of the challenge, but you know, we would love for the State of Wyoming to further benefit by being a part of the financing community.
Right. That wraps up the questions that have been posted thus far. If anyone has a last-minute one, great, pop it in as I do kind of the wrap-up here. Ultimately, we've got a whole slew of investors from everything from, you know, some of our largest investors here, of course, to new investors and the analysts. You all know how to reach out and get in touch with us if you have questions above and beyond what was covered today. For us, exciting times. We are in a secular bull market in this gold space. Here we go with a fully permitted and shovel-ready project, and now it's onto construction. I'll hand back to Romeo.
Awesome. Luke, George, Kevin, thank you so much for letting the audience grill you here and for going through our presentation. If anybody has any additional questions, please feel free to shoot them in to the Request Feedback button. You can also request a meeting with the team at the bottom of your screen, just to the left of the Leave Room button. Luke, Kevin, George, thank you so much for joining us today, and I hope everybody has a wonderful end of their week.
Thank you.