Nova Minerals Corp (NVA) Earnings Call Transcript & Summary

Hello. This is Craig Brelsford with RedChip Companies. Thank you for joining today's event with Nova Mineral Limited, which trades on the NASDAQ under the ticker NVA. With us today, we have Christopher Gerteisen, Executive Director and CEO of Nova Minerals. We will begin with a brief presentation in a moment, and then we will answer your questions. Users may submit a question at any time by using the Q&A tool at the bottom of the Zoom window. Before we begin, please allow me to read the safe harbor statement. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results along with other statements about the future expectations, beliefs, goals, plans or prospects expressed by management constitute forward-looking statements. Any statements that are not historical facts should also be considered forward-looking statements. Of course, forward-looking statements involve risks and uncertainties. I now turn this webinar over to Chris. Please go ahead.

Thank you. And in the interest of time here, we got a lot of content to go through. This might be the first introduction for some people. So we'll get straight into it. Exciting time for Nova Minerals, just listed on the NASDAQ, ticker code NVA. What we have is the Estelle project, where we're developing North America's next major gold and critical minerals district here in Alaska, and it truly is a district. We've been focused on the gold. That story is strong, getting stronger, but we've also made very significant discoveries now of antimony, drawing a lot of interest, silver, copper and some of these other critical elements. They are so highly sought after these days. At a glance, 200 square mile claim block here. State of Alaska mining claims were to date. We've defined almost 10 million ounces across the project. Now within that, according to S-K 1300 guidelines to list on the NASDAQ, we have economic resources of 5.2 million ounces inside of a $2,000 economic pit shell that can be converted to reserves as we move forward with our production scenarios. That's across 2 deposits, bulk tonnage system up north at Korbel, and then down south, what's really become the jewel in the crown at RPM, very high-grade deposit there. Twenty other known prospects at various stages of advancement across the property. I want to point out there is Stibium, where we've made one of these high-grade antimony gold discoveries that's drawing so much interest. So just to lay the foundation, it is a larger project ultimately. We've been called the Carlin trend of the North. Not many projects like this left in the world. Of course, the Carlin trend made companies like Newmont and Barrick. So already, we have almost a 20-year mine life out here with -- at current gold prices -- NPVs over $1 billion at current gold prices. The problem is, at this stage, for a smaller company, is the price tag. So that comes at quite a considerable price tag. And so the project benefits from having the option on how we attack this, how we develop this, and we have the option to go straight after RPM, smaller mine to start up, much lower CapEx with a very high-margin material and then grow ourselves into the much larger project as we move forward out of that cash flow and/or taking on a strategic partner like one of these majors or mid-tier companies who we're on their radar. They're knocking on our door. They may get into our data room, having some discussions about that. Major companies require projects like this. They have that depleting gold reserves from production. They need to fill that gap. It's the kind of project where ultimately you could be producing 0.5 million ounces a year, hundreds of thousands of ounces a year. So there's a lot of interest there from the major companies. And with that RPM material, of course, once we get into that high grade and our target there is 500,000 ounces at 2 grams per tonne including an internal core zone of about 150,000 to 200,000 ounces at 5 grams per tonne, very high margin, very quick payback. So that's the gold story. Another opportunity has presented itself in terms of the antimony. So with the antimony, we produce no antimony in the United States. It's used in all the clean tech, green tech, all the technologies. It goes on and on solar panels, batteries but also used in all the munitions, artillery shells, even small arms you buy off the shelf. All requires antimony in the primer. And so because we produce none in the United States, this project has drawn major interest from the U.S. government like the DoD, and we've been advancing -- quite advanced now with our Title III DPA grant funding to pursue that antimony, particularly urgent now because China just announced that they are curtailing all antimony exports. China and Russia control the market of antimony, and we're reliant on those foreign imports for our antimony. And we can't produce munitions unless we have our own domestic supply source. And so we're well advanced with that grant funding, and that presents an opportunity to produce antimony. And there's also gold in that for gold credits, produce antimony and have cash flow in the very, very short term. So that's the starting point. We're laser-focused on getting RPM into production as soon as possible. Here, best-case scenario within the next 24 months and be producing gold and have cash flow. Moving along in the Tintina Gold Belt, one of the most prolific belts in recent decades. It's the land of the intrusive related gold system. Here's our neighborhood. Some names you might recognize: Kinross-Fort Knox here in the belt, been operating successfully for over 30 years now there; Newmont over on the Yukon side; Barrick Gold with their Donlin Creek JV, almost 40 million ounces in that deposit. So 10 million-plus ounce deposits, not uncommon in our neighborhood, and that's certainly what we're onto at Estelle. Zooming in South Central Alaska. We're looking east from the project towards Anchorage. Anchorage is about 100 miles away out here in terms of infrastructure. The first thing to note on this is this is all state land. There's no federal land, and there's no native corporation land to contend with. What that means in terms of permitting, it's a much more streamlined process. In terms of infrastructure access, we have a 4,000-foot plus air strip on the site, support the project year round. That pink line, that's our winter road, very common in this part of the world, do a lot of heavy freight haul on that. It is seasonal though. And now we're getting very excited about the red line. This is the West Susitna Access Road project, state-funded project. There's a whole economic corridor through there. We're only one of many beneficiaries out here in the mining district, looking to break ground on that next year. That's already in the Department of Transportation infrastructure plan and budget. So that will become an all-year all-weather road. In terms of power, lots of options. The blue line is the proposed gas pipeline heading out to Barrick's Donlin project to the west of us, passes about 10 miles to the north of us, potential offtake there. We'll also look at an option of our own transmission line, the yellow line that goes off to the Beluga Power Plant. All gas fields here that feeds anchorage in the valley where I live. That's a 70-mile transmission line. And now along that route, also gaining momentum is this coal project. So this -- not averse to coal in Alaska. 60%, 70% of our power does come from coal. The most recent coal-fired power plant in the United States was built in Alaska. And also that's one where the federal government is looking to subsidize for carbon capture and sequestration technology, 1 of 3 or 4 new coal-fired power plants in the United States. So that would take our transmission line down to 20 miles, probably one of the most cost-effective solutions. Also interestingly, we're looking at micro nuclear reactors. A big push for that in the state of Alaska. All the remote native villages want these things. We've been talking to Westinghouse, NANO Nuclear out of the U.K., Radiant here in the U.S., all the technologies there. It's just a regulatory issue right now. The first one of those is set to go into the big Air Force base in Fairbanks here in Alaska in 2026. So all those options I just presented are longer-term options where the CapEx is borne by the power provider. And for the company, it just becomes a long-term power purchase agreement, becomes part of our OpEx. Also, of course, there's diesel generators. This is how most mines do it. And so with the diesel generators and the winter road, we can do that very quick start-up, our strategy currently just to get RPM into production for that early cash flow as soon as possible. So the project, 35-kilometer long mineralized corridor here. We've been focused on 4 main areas at Korbel and RPM where we have our resources defined and the main exploration across Stoney and Train. There's some outer line prospects there like Stibium, but those have been our main areas of focus, spinning around and looking north. Our direct neighbor there is U.S. GoldMining Inc, NASDAQ-listed company with the Whistler project on the porphyry copper gold systems. We also have the same geology, and a number of our exploration targets are large porphyry systems. It's interesting. That project there have been dormant for about 10 years. And they're also NASDAQ listed, just now getting out there, starting some work. And they're running like 3, 4x our market cap, and we're much more advanced. So I think once people appreciate what we have here, the potential rerate in order. Let's take a look down south at RPM, a closer look. To date, our work is defined in 3 main zones, North, South and the Valley, all have the potential to merge together as we continue our drilling. Only been working on this about 2 years with great success. Currently at the RPM North zone, 780,000 ounces with a very high-grade measured and indicated high confidence core zone there over the last resource update was 330,000 ounces at 2.4 grams per tonne. So that's that zone we're focused on right on the surface for a quick startup and get cash flow and going as soon as possible. And then we've made another discovery right next door at RPM South. Initial drilling yields 350,000 ounces. Here's the actual drilling, and most of it has been focused around RPM North close-space drilling. That's that zone. We're trying to get into production here as soon as possible, working on a feasibility study right now to deliver by the end of 2025 to start production out of that RPM North zone. And then we keep chipping away from south at South and Valley zones, all potential future upside. Here's some drill intercepts. And these are just spectacular world-class intercepts, some of the best intercepts globally over the last 10 years, for sure. I'll read one off, like RPM-005, 400 meters at 3.5 grams per tonne, including 132 meters at 10 grams per tonne. And I could go on and on here. We repeat those type of results over and over as we drill very typical of RPM North, RPM Valley. And then at RPM South, like I said, we've just discovered this zone, and we're on to it. Here, RPM-023, 333 meters at 0.9, including 94 meters at a gram, 15 meters at 2.3 grams. That's pay dirt, for sure. And we have a lot of infill drilling to do there to continue to grow that zone there and link it into RPM North. So here's a cross-section looking north I have the 1 gram per tonne cutoff grade shell on. And even at that very high-grade cutoff, you can see RPM North zone still hangs together very nice, thick, broad, continuous zone. That's the zone we're working on with our current feasibility study to get into production as soon as possible, right on the surface, very low strip ratio. We can get straight into that high-grade material and get that cash flow. Now we've drilled down into the valley. You can see in the Valley zone another high-grade zone starting to take shape as well, and we continue to infill that zone and build it out. Putting on the 0.3 gram per tonne grade shell, much more aligned to a mining cutoff. And you can see some rocks on the right-hand side, the light-colored rocks. That's what we're after, intense veining visible gold in that stuff, the mineralized intrusive. And then the dark color rocks on the bottom, hornfels, tends to be barren. So it's a very visual deposit. We know we're in the right stuff when we're drilling it. We generate economic pit shells, and this one here in particular is an $1,800 gold price. And you can see that when we report the resources for the NASDAQ, we report in-pit resources. But you can see the deposits are much larger. Hanging outside the pit here, more resource outside the pit over here. That's all upside. We continue to infill drill those areas. And then, of course, with the rising gold price currently over $2,600, these pits will just get larger and deeper and will capture more and more of that resource, will become economic as we move forward with the rising gold price in our drilling. Resource classification, a very high confidence measured a2nd indicated resources at RPM North, that zone we're going to get into production as soon as possible. And then you can see this drilling here, this is from last year's drilling. And also this year, we've done more drilling. We just completed here. This is not included in the resource yet, and that's why our current target for the next resource update to be released before the end of the year is 500,000 ounces at 2 grams per tonne, and of course, with that really high-grade core in the middle there of 5 grams per tonne. The remainder of the deposit remains inferred, still work to do there to prove that up and infill. And those zones are wide open. All of our geological data shows that we map the mineralized intrusive between South and the Valley zone here to 600 meters of strike length. Big volume of potential upside there, and also Valley and North is still open. And that's what we've been drilling this year a bit here to link those together. So currently, the deposit is 1.2 million ounces with the current resource. We see this easily as a 2 million, 3 million-ounce deposit. Just got to get in there and prove that up and do the drilling. So that's RPM. We're laser-focused on that to get that into production there at that RPM North zone. Now take it for the exploration upside. This is what these major companies really appreciate about this project. 5 kilometers to the north is the Train area, another one of these massive intrusive-related gold systems, lighting up. You're looking at surface sampling. This is how we do our exploration rock chips from out crop, soil samples. And you can see the Train prospect proper up to 80 grams per tonne high-grade gold over the entire area, Train 1 kilometer to the north. We think Train and Trumpet actually link together as well. We mapped that intrusive between both. But same story, high-grade gold up to 132 grams per ton. And here, we're starting to see the multi-element potential coincident with the gold, hundreds of grams per tonne silver, percent of copper, antimony, many of these other critical elements there and with the gold. Shoeshine up on the east side. Here's a rock chip 1,290 grams per tonne, the highest rock chip we've ever received at Estelle. But it shows you the extreme high-grade potential here at the project. Again, multi-element potential here, silver, copper, antimony, other critical elements. And then on the north side, Muddy Creek. This one tends to be gold only, a little bit of silver but very clean metallurgically. And you can see up to 127 grams per tonne, 90 grams per tonne. On average, the rock chips there are running 18 grams per tonne, even the soil samples, which just tend to be an indicator, target generator. They're running ore grades, 2.5 grams per tonne just in the soils there at Muddy Creek. So all those are very exciting targets, all upside potential, massive upside potential here as we move forward. And we'll start to drill these areas and establish a third, fourth resource to join RPM and Korbel, which I'll take you to now. So that's the South area. Again, laser-focused on getting RPM into production as soon as possible and starting here and then growing ourselves into Korbel, which we'll fly to now. Heading north past our fully winterized 80-man camp, all the facilities, air strip. You see on-site prep lab. Year-round operation and heading north to the Korbel Valley. So Korbel, same story, lots of things we're working on, but let's focus in on those black dots where we define our resources. At Korbel main deposits, 2.7 million ounces of in-pit constrained resources defined to date. And then Cathedral, new discovery here, initial drilling yields 1.3 million ounces. And that's this knob here we're after. That's the Cathedral deposit. Korbel main bulk tonnage system, 2.5-kilometer strike length. It's not just one of these narrow vein things. It's a sea of mineralization. The entire host rock is mineralized with the sheet advance, lends itself to a very low strip ratio right on the surface. Almost everything you dig up there is some kind of pay dirt, ideal economics and 500 meters away, the Cathedral deposit. Early days, I said, at a minimum, we see in the Korbel main taking shape here. So here's a long section looking east through Korbel Main, 800 million tonnes at an average grade of 0.3 grams per tonne. So bulk tonnage, lower-grade system. Now there is a higher-grade feeder core that goes through the center of that. And what do I mean by that? Some of these intercepts, you can see, 94 meters at a gram, 101 meters at 1.3 grams, including 30 meters at 2.4, 113 meters at a gram. That's that higher-grade feeder core, which when I put on the 0.5 gram per tonne grade shell, it encompasses that core. Very continuous down along strike of the deposit, putting on the 0.3 gram per tonne grade shell, really bulks out now. 800 million tonnes, as I said. What do we intend to do with this? So of course, we start at RPM, get that high-margin material, get the cash flow and grow ourselves into this deposit. I mentioned the high-grade feeder core that's right on the surface. That's our starter pitch straight to the mill, the remainder of the deposit and the lower-grade portions to understand there's the sheeted veins going through there. When you selectively sample those veins, they're running ounces per tonne. So our intention is to take the lower-grade portions of the deposit where the vein density is less and send it off to a heap leach pad, very low-cost recovery method. Then we'll classify a medium-grade material and utilize ore sorting. So ore sorting, XRT density ore sorting to be exact. We've done quite a bit of test work, and we're seeing a 10-time upgrade. Our test work shows we can take 0.4, 0.5-gram material and upgrade it up to 4, 5 grams per tonne. And utilizing those processing methods is why we include all that in our resource because we're going to make good money on it. Most of the in-pit resources here are high-confidence indicated, working on these years before we even discovered RPM, lots of inferred still there for upside as we continue to step out and grow this deposit. And there in short distance away, Cathedral, all inferred, as I said, early days. Here's some rock chip samples at Korbel just to show you 114 grams per tonne, 98 grams per tonne. That's what we're separating out, that type of material with the ore sorters. And you can see at those grades how we readily achieved that 10x upgrade as we use those ore sorters and separate out those high-grade veins. More on the process. We've done quite a bit of metallurgical test work and developed our flow sheet. It is particulate gold, very easily liberated, conventional off-the-shelf technology, nothing fancy going on here. We crush. We mill. We float to produce the concentrate. Then we regrind down to 22 microns, where we get really good gold liberation at that grain size, and already in scoping level test with over 96% recovery. Now we're in the feasibility study, doing that next-level test. We're honing in, finding efficiencies. These numbers are only set to improve. So to recap the processing, of course, we start at RPM, straight to the mill. Then we grow ourselves into the Korbel deposit, that starter pit higher-grade material to the mill, lower-grade portions of the deposit off to the heap leach pad. And then we'll have the medium grade, mainly at Korbel, hundreds of millions of tonnes of that. We'll utilize the ore sorters, focus on maximizing the grade out of the ore sorters, the accepted portion coming out of the ore sorters running 4 to 6 grams per tonne off to the mill. And then the reject portion out of the ore sorter, which still have some gold in it, off to the heap leach pad. So a very efficient resource extraction, lots of processing options to maximize the total gold recovery over the life of mine. All that's straight to the bottom line, of course. So that's the process there, another exploration area, no shortage of those, south of Korbel in the Stoney area. A bit of a different beast, polymetallic stacked vein system, high-grade gold at numerous prospects but also the multi-element potential here. Thousands of grams per tonne silver up to 12% copper, antimony, other critical elements. I mentioned porphyry copper early on. We believe we're on to one of those here at Wombat. You can see high-grade gold and high-grade copper here ore up to 6%. And then the last prospect, our most recent discovery is the Stibium prospect. We discovered gold there. We found the gold, and you might say the antimony found us. What we see there on the surface are massive stibnite veins, and that's this photo you see here. That's stibnite ore, and this has drawn major interest from the Department of Defense. As I said, we're pursuing those grants to exploit this deposit and get it into production as soon as possible to bring -- to reestablish and secure U.S. supply chains. And like I said, the U.S. government is considering -- considered our project to play a major role in that. So big opportunity that we're pursuing. So there's the project, district scale. As I said, we'll be out here for decades and decades with multiple mining centers producing multiple commodities as we move forward. I mentioned some of the other critical elements. What do I mean by that? Golden antimony, of course, but I'm talking about bismuth, cobalt, gallium and indium for the semiconductors, lanthanum and some of the rare earths. We're seeing now scandium. DoD is all over that one for stealth technology, F-35 jets. Tungsten to harden steel for tanks and war ships. Again, same story with all of these elements. China and Russia control the markets. China and Russia, we're import reliant for all of these elements. We're bringing this production back to the United States, and our project can play a major role because we have highly elevated concentrations of these other elements in our deposits. Here's the flow sheet. We've been through most of this for the gold. But after we already have spent the time, energy, work to produce gold, process this material, what we're talking about with antimony and these other critical elements is in our flow sheet, we have the opportunity to take off critical minerals concentrates. That's like antimony in these elements and then off to a refinery. Once we've leached the gold out, you have that waste stream, which just goes off to a tailings facility usually. We can divert that waste stream into a critical minerals extraction plant. This is the piece we're working on with the Department of Defense, for the developments -- grant funding for the development studies and the CapEx to put this in place. This is what the Chinese do and how they control the markets. In our minds, we just tend to focus on the primary element and throw the rest away. We're talking about putting this in and bringing those supply chains back to the U.S. The company is all in on that, but of course, it also provides significant byproduct credits for the overall economics of the deposit. Working on grant funding for that. This slide, we've already -- to recap, larger project, we'll grow ourselves into it. RPM, we're laser focused on that to get the feasibility study, to be producing and making cash flow here as soon as possible with the gold. And then there's the antimony opportunity. We're pursuing DoD grants and other grants to get that into production here in a very short period of time for potential early, early cash flow. We're in the right place, at the right time with the right commodities, no bull market like a gold bull market, but the antimony market right now might even top that. We're at record high prices in both commodities and with the antimony and gold rising rapidly as we move forward here. And we've got both of them in copious quantities that we're that we're pushing towards development here. Here's the time line and the value opportunity. Currently in that feasibility study. We can get RPM into production. We just finished our drilling program. We'll be coming out with a resource update here before the end of the year. And also at the same time, we have all these technical studies happening as we speak and everything converging now on the feasibility study to be delivered to the market by the end of 2025 for RPM. We're also well advanced with our environmental studies. And so being on state land, we're in a position to be permitting and get that permitted within 12 months being on state land. Also then we just work on our bridge finance after that, our construction finance, fill in any gaps with the definitive feasibility study during that time to be in the production here at RPM, best-case scenario within 24 months. 24 to 36 months is our projection. And then, of course, with the strategic partnership and cash flow coming out of that production, we'll be looking at growing into the larger project and having that running by 2028. And then in the interim, in the very short period of time, we have the antimony opportunity as well, and we're working on those grants to get that antimony going and getting that into the U.S. supply chain. This is really the opportunity. Here's a peer comparison, similar projects, North American assets, North American listed companies. And you can tell our direct neighbor here. This is actually quite dated now. Our direct neighbor there is running at $170 million market cap right now. Some of these companies are 10, 12x our valuation. Big discrepancy there and they're not even close to being as advanced as we are. No resources reported, many of them. No technical studies commenced, many of them. And so once people appreciate what we have here, and this is one of the reasons we came to the NASDAQ, and they do this a simple peer comparison. We believe that this is the opportunity for the investor and a re-rate is in order as we move forward. Here's our team. All the bases covered myself. I'm an economic geologist, mineral economics background, been around the world 30 years, taken resource-stage projects and bringing them into production, a long list of those. Richard, Rodrigo, mining experts on the engineering and metallurgical side. Louie, construction on the civil side. Craig, doing our governance, finance and compliance. Avi, working those capital markets in New York. And then the secret weapon, Mr. Hans Hoffman, our exploration manager. He's been working this terrain for 15 years, making all these discoveries and advancing these prospects that you've seen today. A quick corporate snapshot. Brutal over there, was on the ASX. Currently, our market caps -- actually, it's come up a bit. It's about AUD 40 million. Our resources are valued at less than $5 per ounce in the ground. Our peers are anywhere between $50 and $100 per ounce in the ground valued on their resources. So we're less than $5 per ounce in the ground valued. So there's big upside potential there once people appreciate this project. Cash and equivalents, almost $7 million. Half of that is in cash. The other -- mainly our holding in Snow Lake Resources, also a NASDAQ-listed company, lithium and uranium explorer that we actually built and spun off. So that's there as a liquid asset we can tap it to. Main holders, top holders, directors and management. We've always participated in the capital raises along the way. Lots of skin in the game, hold almost 10% of the company. Main institution, there's Nebari Gold Fund, sizable equity piece, also hold this debt piece, which isn't due until the end of in 2026. But they really got involved to get a larger slice of the pie when the time comes. Bridge finance, construction finance, that's what they do. Very committed to the project. And so we have that relationship for the financing as we move forward with Nebari. Just to wrap it up here. With all the geopolitical and sovereign risk in the world today, much more of a consideration to be in a favorable safe jurisdiction like Alaska. Also the tenure here in Alaska being on state land. I can't say it enough. No federal land, no native corporation to deal with. So it's a much more streamlined permitting process. We're an aspiring gold producer. We're not here to flip the project. That's not part of our strategy, although everything has a price, of course. But we would consider a strategic partnership, and we're talking to those companies to come on board because they would ramp up what we're doing here. They would quadruple. You get 10, 12 drill rigs out here and really ramp things up and prove up these resources and get to a stage where you can be producing hundreds of thousands of ounces a year. Myself, I'm from Alaska. I'm back home, live here, work here, pushing this project forward day and night in the trenches. Low discovery cost per ounce. Anything less than about $10 in this business is amazing. We're doing it at less than $5 per ounce currently just because we're just going after the low-hanging fruit and there's plenty of it. It doesn't require deep search and complicated, expensive exploration techniques just yet. We're just going after that open pit, low strip, thick high-grade zones we're seeing all over the surface. Demonstrated that at RPM, for sure, which we're going to get into production here as soon as possible. But there's plenty of resource upside, not only at the deposits, which are wide open and both at depth, the underground potential for the future, but this pipeline of additional prospects at Stoney, at Train, at Stibium. It just goes on and on. Multi-element potential. Like I said, the gold story is strong, getting stronger. But now with -- the multi-element discoveries at some of these prospects is really adding value, particularly in the case of antimony, which we're looking for those DoD grants, and silver and copper and some of these other critical elements as well as we move forward. So that's the presentation. And with that, I'll open it up for any questions.

Thank you very much, Chris. To speak to Chris, press the raise hand button. To type in your question, click that Q&A button and then type in your question. Many people already have typed in questions, Chris. What does the permitting process look like? What does the permitting process look like, Chris? Is the federal government involved at all?

Right. Okay. So as I mentioned, we're on state land. So that's a much more streamlined permitting process. Okay. What does that mean? The federal government is only involved at the very beginning. It's called a 404 application, and the Army Corps of Engineer looks at it. And they determine -- the biggest factor there they look at is wetlands impact. And being in the mountains where we are, we have very minimal. We've already done the wetlands mapping, and we have very little wetlands. It's basically just ephemeral streamlines. When I say that, these streams only run a few months out of the year. And other than that, we have basically very little to no wetlands in the areas that we'll be mining. And so the Army Corps of Engineers makes a determination of that. And then they decide whether you have to go through an EA or an EIS process. And what it looks like right now is we can go through the EA process. And we've also been advised by our environmental consultants who themselves are private consultants who themselves were the Commissioner of the Department of Natural Resources here in Alaska and the Commissioner of the Department of Environmental Conservation, those agencies that we have to do the permitting with. Now those guys are private consultants, they set up the whole mine permitting process when they were working for the state. And they're helping us navigate that, and they're advising us. And they're saying that, yes, basically after the 404 application, we don't believe that we can see it. We've already done the mapping. We don't even get close to the threshold there to go through any type of federal process or any further federal process. So it's mainly state entities after that.

Chris, from a timing perspective, what is the first opportunity you expect to start generating revenues?

Best-case scenario, 2027. Yes, 2027. That's with RPM. Remember, we're focused with our feasibility study right now. We're focused on RPM, getting that high-grade pod right on the surface there. As I said, our target there is 500,000 ounces at 2 grams per tonne. It's right on the surface, and it's on top of a hill. So it doesn't even require a matter of knocking off the hill. So very low strip ratio. Don't even create a pit really until you get a little bit deeper in like year 3 or 4. And that's our objective with that feasibility study by 2027 to be producing and having cash flow.

Okay. And this person wanted to know when did you expect the feasibility study to be complete, that would be...

End of 2025. We're driving towards the end of 2025.

I see lots of -- sorry, I see lots of opportunities across a large property. What synergies exist or don't exist between these different deposits?

Well, synergies. So when we start up RPM, of course, there's great synergy there because the CapEx for the larger project is much larger, hundreds of millions of dollars. And so every time when we start up RPM, the synergy there is we'll have completed a lot of that CapEx infrastructure and these type of things. So to grow, we're taking it in bite-size pieces, so to grow -- to go to that next stage, that next growth phase, won't be hundreds of millions of dollars. It will be much less than that than the initial larger CapEx. So there's great synergy in that. Of course, any type of infrastructure we have to build to get to one deposit allows us to, say, access another deposit, of course. Also with the antimony, same story. If we get this DoD grant, and we feel very positive about that, that will get us closer to some of these -- getting some of these gold deposits and have the infrastructure in place once we start up a smaller deposit that has great synergy with growing into the larger deposit, obviously.

Following up, this person asks, how does the company intend to remain focused and able to take advantage of the opportunities as opposed to distracted and spread thin?

Like I said, we are. We're laser-focused. Our strategy is cash flow, production out of RPM as soon as possible. That is our prime objective right now, and we're laser-focused on that. The antimony opportunity, we would pursue that with the Department of Defense grant, right? So we're not getting diverted. Our attention or our resources are not being diverted towards that right now. We're waiting for that DoD grant. So we are laser-focused on RPM, minimizing dilution to the shareholders and getting RPM into production. That is our focus. There's no diversion from that.