Briefing
CK Gold Project S-K 1300 Technical Report 309 May 2026 Table 19.9: Annual Production and Cash Flow Forecast Period End Date Unit LoM Total 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 Tonnes Mill Feed tonnes 74,527 0 0 4,869 7,253 7,299 7,282 7,282 7,282 7,282 7,282 7,270 7,261 4,166 0 0 0 0 0 Copper Grade in Mill Feed % 0.17% 0.00% 0.00% 0.22% 0.20% 0.18% 0.18% 0.18% 0.20 Key points: CK Gold Project S-K 1300 Technical Report 309 May 2026 Table 19.9: Annual Production and Cash Flow Forecast Period End Date Unit LoM Total 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2; 21.2.5 Resources and Mine Life Mine aggregate resources and reserves were analyzed with the following outcomes: ● 32 million tons of proven aggregate reserves identified from mine waste. ● ~160 million additi; The practical significance of this finding increased between the PFS and the FS for the Project as a result of higher silver prices assumed in the FS resource and reserve economic parameters; Therefore, it is the QP’s opinion that the mine plan, including the chosen economic pit limit, the chosen cut-off grade and the mine production schedule, is robust to within the scale of these input differences; Oxide Ore (11% of the planned LoM tonnage): ● Copper Recovery – 22.0% between 0.10% Cu and 0.40% Cu head grade. ● Gold Recovery – 66.5% between 0.20 g/t Au and 1.50 g/t Au head grade. ● Silv; CK Gold Project S-K 1300 Technical Report 15 May 2026 Table 1.5: Feasibility Study Parameters and Results Item Unit Value Mining Total Tonnage Mined k ton 140,597 Total Tonnage Moved (includes stockpile and waste rehandl. This brief is based on the cited source artifact and is intended as a research entry point, not a replacement for the original source or EGM canonical data tables.
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CK Gold Project S-K 1300 Technical Report 309 May 2026 Table 19.9: Annual Production and Cash Flow Forecast Period End Date Unit...
Extractive summary evidence · source
21.2.5 Resources and Mine Life Mine aggregate resources and reserves were analyzed with the following outcomes: ● 32 million tons of proven...
Extractive summary evidence 2 · source
The practical significance of this finding increased between the PFS and the FS for the Project as a result of higher silver...
Extractive summary evidence 3 · source
Therefore, it is the QP’s opinion that the mine plan, including the chosen economic pit limit, the chosen cut-off grade and the...
Extractive summary evidence 4 · source
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# CK Gold Project S-K 1300 Technical Report Summary Feasibility Study Source: https://www.sec.gov/Archives/edgar/data/27093/000149315226023905/ex96-1.htm Published: 2026-05-15T00:00:00+00:00 Fetched: 2026-07-30T16:27:17.41+00:00 Source artifact: da234a52-3252-40df-9a42-1d34391de632 Normalizer input: text ## Content # CK Gold Project S-K 1300 Technical Report Summary Feasibility Study Source: https://www.sec.gov/Archives/edgar/data/27093/000149315226023905/ex96-1.htm Published: 2026-05-15 EX-99 2 ex96-1.htm EX-96.1 Exhibit 96.1 Table of Contents 1 EXECUTIVE SUMMARY 1 2 INTRODUCTION 19 2.1 ISSUER 19 2.2 TERMS OF REFERENCE 19 2.3 SOURCES OF INFORMATION 20 2.4 DETAILS OF INSPECTION 20 2.5 QUALIFIED PERSONS 21 2.6 PREVIOUS REPORTS ON THE PROJECT 21 2.7 LIST OF ABBREVIATIONS AND UNITS 22 2.7.1 Abbreviations and Acronyms 22 2.7.2 Units of Measure 23 3 PROPERTY DESCRIPTION 24 3.1 PROPERTY LOCATION 24 3.2 MINERAL TITLES, CLAIMS, RIGHTS, LEASES, AND OPTIONS 24 3.2.1 Mining Leases 24 3.2.2 Option Agreements 24 3.3 OTHER PROPERTIES 27 3.4 ENVIRONMENTAL IMPACTS, PERMITTING, OTHER SIGNIFICANT FACTORS, AND RISKS 27 3.5 ROYALTIES AND AGREEMENTS 28 4 ACCESSIBILITY, CLIMATE, PHYSIOGRAPHY, LOCAL RESOURCES AND INFRASTRUCTURE 29 4.1 TOPOGRAPHY, ELEVATION, AND VEGETATION 29 4.2 ACCESSIBILITY AND TRANSPORTATION TO THE PROPERTY 29 4.3 CLIMATE AND OPERATING SEASON 29 4.4 LOCAL INFRASTRUCTURE AVAILABILITY AND SOURCES 31 4.4.1 Power 31 4.4.2 Water 31 5 HISTORY 32 5.1 HISTORICAL EXPLORATION AND PRODUCTION 32 5.1.1 HISTORICAL DRILLING DETAILS 32 5.1.2 OTHER EXPLORATION 33 5.2 HISTORICAL MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES 34 5.3 HISTORICAL METALLURGY 35 5.4 QP COMMENTS 35 6 GEOLOGICAL SETTING, MINERALIZATION AND DEPOSIT 36 6.1 REGIONAL GEOLOGICAL SETTING 36 6.1.1 Local and Property Geology 38 6.1.2 Lithology 38 6.1.3 Alteration 43 6.2 MINERALIZATION 47 6.3 DEPOSIT TYPE 52 6.3.1 Discussion 52 6.3.2 Interpretations and Conclusions 55 CK Gold Project S-K 1300 Technical Report i May 2026 7 EXPLORATION 57 7.1 SUMMARY OF EXPLORATION ACTIVITIES 57 7.2 DRILLING 57 7.2.1 Historical Drilling 57 7.2.2 Saratoga 2007 – 2008 59 7.2.3 U.S. Gold 2017 – 2020 59 7.2.4 U.S. Gold 2020 Drilling Campaign 59 7.2.5 U.S. Gold 2021 Drilling Campaign 60 7.3 HYDROGEOLOGY 60 7.4 GEOTECHNICAL DATA 61 7.5 NON-DRILLING EXPLORATION ACTIVITIES 61 7.5.1 Geophysics 61 7.5.2 Geochemical 63 8 SAMPLE PREPARATION, ANALYSES AND SECURITY 64 8.1 INTRODUCTION 64 8.2 HISTORICAL SAMPLING 64 8.3 SAMPLE PREPARATION 64 8.3.1 Saratoga 2007 – 2008 64 8.3.2 CK Gold Project 2017 - 2021 65 8.3.3 U.S. Gold 2021 65 8.4 SAMPLE ANALYSIS 66 8.4.1 Legacy Campaigns 66 8.4.2 Saratoga 2007 – 2008 Campaign 67 8.4.3 U.S. Gold 2017 – 2020 Campaign 68 8.4.4 U.S. Gold 2021 Campaign 68 8.5 RESULTS, QC PROCEDURES AND QA ACTIONS 69 8.5.1 Saratoga 2007 – 2008 69 8.5.2 U.S. Gold 2017 – 2020 69 8.5.3 U.S. Gold 2021 Campaign 71 8.6 QP OPINION 71 9 DATA VERIFICATION 72 9.1 PROCEDURES 72 9.2 DATA VALIDATION 72 9.2.1 Drilling and Sampling 72 9.2.2 Resource Dataset Overview 75 9.2.3 QA/QC Independent Verification 75 9.2.4 Observations and Compliance 75 9.3 PREVIOUS AUDITS / OWNERS 76 9.3.1 Historical Exploration, Sampling and QA/QC 76 9.4 HISTORICAL ASSAY QUALITY 76 9.5 QP OPINION 77 10 MINERAL PROCESSING 7 8 10.1 INTRODUCTION 78 10.1.1 SGS Program 11868-001 (2008–2009) 78 10.1.2 SGS Program 11868-002 (2010) 7 8 10.1.3 KCA Program 8276C (2020-2021) 7 8 10.1.4 BML Program BL-0789 (2021) 79 CK Gold Project S-K 1300 Technical Report ii May 2026 10.1.5 BML Program BL-0835 and 0882 (2021-2022) 79 10.1.6 BML Program BL-0980 and 1066 (2022) 79 10.1.7 BML Program BL-1702 (2024) 79 10.1.8 BML Program BL-1859 (2025) 79 10.1.9 XPS Program 4025701.00 (2025) 80 10.1.10 BML Program BL-1990 (2025) 80 10.2 METALLURGICAL SAMPLING AND HEAD ANALYSIS 80 10.2.1 SGS Program (2008-2010) 80 10.2.2 KCA Program 8276C (2020 – 2021) 81 10.2.3 BML Programs (2021-2025) 82 10.2.4 XPS Program 87 10.3 MINERALOGY 87 10.3.1 SGS Program 11868-001 (2008) 87 10.3.2 KCA Program (2020-2021) 88 10.3.3 BML Programs (2022) 88 10.4 COMMINUTION 90 10.4.1 SGS Program 11868-001 (2008-2009) 90 10.4.2 BML Programs (2021-2025) 90 10.4.3 Hazen Research Programs 91 10.5 FLOTATION 92 10.5.1 SGS Programs 92 10.5.2 KCA Program 93 10.5.3 BML Programs 95 10.5.4 XPS Program 4025701.00. 106 10.6 GRAVITY CONCENTRATION 107 10.6.1 KCA Program (2020-2021) 107 10.6.2 BML BL-0789 Program (2021) 107 10.6.3 BML BL-1990 Program (2025) 108 10.7 CYANIDATION 108 10.7.1 KCA Program (2020-21) 108 10.7.2 BML BL-0835/0882 Program (2021-22) 108 10.8 FINAL CONCENTRATE CHARACTERIZATION 108 10.8.1 Dewatering 108 10.8.2 Chemical Analysis 108 10.9 TAILINGS CHARACTERIZATION 112 10.9.1 Dewatering 112 10.9.2 Geotechnical 116 11 MINERAL RESOURCE ESTIMATES 117 11.1 INTRODUCTION 117 11.2 MINERAL RESOURCE ESTIMATE 117 11.3 GEOLOGICAL MODEL 117 11.4 OXIDATION ASSIGNMENT 122 11.5 BLOCK MODEL ORIENTATION AND DIMENSIONS 122 11.6 COMPOSITING 122 11.7 EXPLORATORY DATA ANALYSIS 123 11.8 BULK DENSITY DETERMINATION 127 11.9 GRADE CAPPING/OUTLIER RESTRICTIONS 128 11.10 VARIOGRAPHY 129 CK Gold Project S-K 1300 Technical Report iii May 2026 11.11 ESTIMATION/INTERPOLATION METHODS 131 11.12 CLASSIFICATION OF MINERAL RESOURCES 133 11.13 GRADE MODEL VALIDATION 134 11.14 REASONABLE PROSPECTS OF EVENTUAL ECONOMIC EXTRACTION 137 11.15 MINERAL RESOURCE STATEMENT 139 11.16 RELEVANT FACTORS THAT MAY AFFECT THE MRE 145 11.17 QP OPINION 145 12 MINERAL RESERVE ESTIMATES 146 12.1 BASIS, ASSUMPTIONS, PARAMETERS, AND METHODS 146 12.1.1 Pit Optimization 2021 146 12.1.2 Value Per Ton Cut-Off Grade Calculation 147 12.1.3 Differences In Input Parameters from Final Financial Model 148 12.1.4 Dilution and Ore Loss 149 12.2 MINERAL RESERVES 151 12.3 CLASSIFICATION AND CRITERIA 151 12.4 RELEVANT FACTORS 151 13 MINING METHODS 152 13.1 INTRODUCTION 152 13.2 GEOTECHNICAL PARAMETERS AND GENERAL RECOMMENDATIONS 152 13.3 BLENDING AND FINALIZING DESIGNS 153 13.3.1 Benching Trials 153 13.3.2 Transitioning from Single to Double Benches 153 13.3.3 Controlled Blasting 155 13.3.4 Changes to the Slope Design 156 13.3.5 Bench Scaling and Cleaning Catch Benches 157 13.3.6 Slope Monitoring 157 13.3.7 Visual Inspection Monitoring 157 13.3.8 Ongoing Data Acquisition, Verification and Updating Design Criteria 157 13.3.9 Slope Depressurization Measures 158 13.3.10 Hydrogeological Monitoring 158 13.3.11 Surface Water Control 159 13.3.12 Contingency Planning 159 13.4 HYDROGEOLOGICAL PARAMETERS 159 13.5 MINE DESIGN 164 13.5.1 Mine Design Parameters 165 13.5.2 Waste Rock Facility and Ore Stockpile design 165 13.6 STOCKPILE STRATEGY 165 13.6.1 LG Ore strategy 165 13.6.2 HG Ore Strategy 167 13.7 MINE SCHEDULE 167 13.8 WASTE ROCK MANAGEMENT 168 13.9 MINING FLEET REQUIREMENTS 168 13.9.1 Trade Off Study Contractor vs Owner Operated 168 13.9.2 Equipment Productivity and Usage 168 13.10 MINE PERSONNEL REQUIREMENTS 169 13.11 MINE END OF PERIOD PROGRESSION MAPS 171 CK Gold Project S-K 1300 Technical Report iv May 2026 14 PROCESS AND RECOVERY METHODS 176 14.1 INTRODUCTION 176 14.2 PROCESS PLANT DESIGN 178 14.2.1 Process Design Criteria 178 14.2.2 Operating Schedule and Availability 178 14.3 PROCESS PLANT DESCRIPTION 178 14.3.1 Primary Crushing 178 14.3.2 Crushed Ore Stockpile and Reclaim 179 14.3.3 Grinding Circuit 179 14.3.4 Flotation and Regrind Circuits 180 14.3.5 Concentrate Dewatering and Storage 182 14.3.6 Tailings Dewatering and Storage 182 14.3.7 Reagent Handling and Storage 183 14.3.8 Water Systems 184 14.3.9 Air Supply Systems 185 14.4 PROCESS PLANT LABOR 185 15 INFRASTRUCTURE 187 15.1 ROADS 187 15.1.1 Project Access Road 187 15.1.2 Ex-Pit Haul Roads 187 15.2 ORE STOCKPILE 193 15.3 WASTE ROCK FACILITIES 197 15.4 TAILINGS DISPOSAL 200 15.4.1 Chemical Characteristics 200 15.4.2 TMF Design and Construction 200 15.4.3 TMF Environmental Management 209 15.4.4 Pit Backfilling 209 15.5 MINE INFRASTRUCTURE 209 15.6 PROCESS PLANT 209 15.6.1 PLANT FACILITY EARTHWORK 209 15.6.2 Layout 212 15.6.3 Equipment 216 15.6.4 Building 217 15.7 BUILDINGS 217 15.7.1 Admin and Change House Building 217 15.7.2 Warehouse 218 15.8 POWER AND WATER 219 15.8.1 Power Supply 219 15.8.2 Power Distribution 219 15.8.3 Water Supply 220 15.8.4 Potable Water 221 15.8.5 Waste Disposal 221 16 MARKET STUDIES 222 16.1 FLOTATION CONCENTRATES 222 16.2 GENERAL CONSIDERATIONS 222 16.2.1 Accountable and Deleterious Metals 223 16.2.2 Production Schedule 223 16.2.3 Metal Pricing 225 16.2.4 Smelting and Refining Charges 225 16.2.5 Transportation 226 16.3 MINING CONTRACT 226 16.4 OTHER CONTRACTS 226 CK Gold Project S-K 1300 Technical Report v May 2026 17 ENVIRONMENTAL STUDIES 227 17.1 INTRODUCTION 227 17.2 ENVIRONMENTAL STUDIES 227 17.2.1 Baseline Characterization 227 17.2.2 Groundwater Modeling 238 17.2.3 Tailings Seepage and Stability Analysis 243 17.2.4 Geochemical Characterization of Mine Rock and Tailings 243 17.3 REQUIREMENTS AND PLANS FOR WASTE AND TAILINGS DISPOSAL, SITE MONITORING, AND WATER MANAGEMENT 246 17.3.1 Waste Rock and Tailings Management 246 17.3.2 Site Monitoring 250 17.3.3 Water Management 251 17.4 REQUIRED PERMITS AND STATUS 261 17.4.1 Approved Jurisdictional Determination 261 17.4.2 Public Water Supply Permit 262 17.4.3 Exploration Permit 262 17.4.4 Mine Operating Permit 262 17.4.5 Air Quality Permit to Construct and Operate 263 17.4.6 Industrial Siting Permit 264 17.4.7 Water Quality Division Permits 265 17.4.8 State Engineer’s Office Permits for Water Use and Related Facilities 266 17.4.9 State Historical Preservation Office 267 17.4.10 State Fire Marshal Permits 267 17.4.11 Laramie County Permits 267 17.5 LOCAL INDIVIDUALS AND GROUPS 267 17.6 MINE CLOSURE 268 17.7 ADEQUACY OF PLANS 269 17.8 COMMITMENTS TO LOCAL PROCUREMENT OR HIRING 270 18 CAPITAL AND OPERATING COSTS 271 18.1 CAPITAL COST ESTIMATE 271 18.1.1 Initial Capital Cost Summary 271 18.1.2 Direct Cost 272 18.1.3 Indirect Cost 276 18.1.4 Contingency 276 18.1.5 Owner’s Cost 277 18.1.6 Assumptions and Exclusions 277 18.1.7 Initial and Sustaining Capital Cost 277 18.2 OPERATING COST ESTIMATE 278 18.2.1 Mining 279 18.2.2 Process Plant 285 18.2.3 Lubricants 290 18.2.4 Contracts (Support/Maintenance, Fixed and Variable) 290 18.2.5 Abnormal/Miscellaneous Items and Contingencies 290 18.2.6 Fresh Water 291 18.2.7 Tailings Fixed Cost 291 18.2.8 Training 291 18.2.9 Assay/General Laboratory - Plant Costs 291 18.2.10 General and Administrative 291 CK Gold Project S-K 1300 Technical Report vi May 2026 19 ECONOMIC ANALYSIS 293 19.1 INTRODUCTION 293 19.2 CAUTIONARY STATEMENT 293 19.3 ECONOMIC MODEL 294 19.4 MODEL PARAMETERS 294 19.5 PRODUCTION AND SALES 296 19.6 CAPITAL EXPENDITURES 299 19.7 OPERATING COSTS 300 19.8 AGGREGATE PRODUCTION AND SALES 301 19.9 TAXES, ROYALTIES, DEPRECIATION AND DEPLETION 301 19.10 BASE CASE CASHFLOW 303 19.11 SENSITIVITY STUDY 306 19.12 CONCLUSION 307 20 ADJACENT PROPERTIES 308 21 OTHER RELEVANT DATA 309 21.1 AGGREGATE PRODUCTION 309 21.2 AGGREGATE MARKET STUDY 309 21.2.1 Aggregate Quality 309 21.2.2 Market Opportunity 309 21.2.3 Production Scenarios 310 21.2.4 Economics and Pricing 310 21.2.5 Resources and Mine Life 310 21.2.6 Strategic and Environmental Benefits 310 21.3 AGGREGATE PRODUCTION AND SALES 310 22 INTERPRETATION AND CONCLUSIONS 312 22.1 METALLURGICAL TESTWORK INTERPRETATION 312 22.1.1 General 312 22.1.2 Sampling 313 22.1.3 Mineralogy 314 22.1.4 Comminution 314 22.1.5 Gravity Concentration 318 22.1.6 Rougher Concentrate Regrind 318 22.1.7 Flotation Parameters 319 22.1.8 Concentrate Dewatering 319 22.1.9 Tailing Dewatering Parameters 320 22.1.10 Metallurgical Recovery Prediction 320 22.2 RISKS AND OPPORTUNITIES 324 22.2.1 Risks 324 22.2.2 Opportunities 325 22.3 OTHER RELEVANT DATA AND INFORMATION 327 CK Gold Project S-K 1300 Technical Report vii May 2026 23 RECOMMENDATIONS 328 23.1 PROJECT ADVANCEMENT 328 23.2 PROJECT DEVELOPMENT 328 23.2.1 Deposit Understanding 328 23.2.2 Future Metallu [Excerpt trimmed for readability. 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