Investor snapshot
The current raise is designed to fund Phase 0–2 permitting, startup and working capital—while keeping the path to Phase 2 funding primarily cash‑flow driven.
Raise terms
- Raise amount: $1.1M
- Pre‑money valuation: $17.2M
- Implied ownership for $1.1M: ~6.4%
- Security: Equity
- Entry price (illustrative): ~$0.51/share
Use of funds
- Phase 0–2 permitting and engineering
- Phase 0 startup and working capital
- Phase 2 readiness (milestone‑gated)
Working capital is sized to cover a conservative cash trough and settlement lag during ramp.
Base case economics (from deck)
- Gold price assumption: $4,000/oz
- Average grade assumption: ~0.21 oz/ton
- Phase 2 steady state cash flow: $19.8M/year
- NPV10 total: $50.9M
- Effective IRR/year: 213%
Value creation milestones
Illustrative enterprise value creation through phased de‑risking (from deck):
- ~$20M after Phase 0 permitting complete (month ~6)
- ~$35M after Phase 0 pilot mining complete (month ~13)
- ~$60M after Phase 1 complete (month ~15)
- ~$140M after Phase 2 meeting proforma (month ~24)
What makes this interesting
Most juniors never reach “operating proof.” Our plan is designed to (1) prove the gold exists, (2) prove it makes money, and (3) prove we can operate—without building a mill.
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Risk & mitigation (summary)
- Access / federal interface: road O&M plan and GPS/photo baseline to reduce stop‑work risk.
- SMARA delay / bond escalation: budget for iteration and schedule certainty.
- Toll processing changes: multiple processors; ore sale fallback; option to build plant later.
- Settlement timing / payables: liquidity buffer and metallurgical accounting verification.