CEO projects IAG value appreciation through completed feasibility studies, the $400M autoclave upgrade, and production scaling to 200k oz.

So, this is a perfect introduction. We have fully covered how you, I believe, saved the I -80 from the brink of financial collapse, and I have spoken with you previously about individual projects.

As you know, we have those five projects for which we have issued preliminary evaluation reports since last year. Therefore, we will have feasibility studies or preliminary feasibility studies for those five projects within the next twelve months.

We believe that in our initial valuation reports, we included the cash flows at the end of the press releases. So , we believe that as we continue... we are using a price of $2200 for gold, I think? $2175 or something like that .

We believe that we will complete the feasibility studies or preliminary feasibility studies over the next twelve months. We will confirm the quantity of ounces reported in those initial valuation reports, with the possibility of achieving additional gains.

Again, as you move from the initial assessment to the study phase, the engineering level of excavation spacing, metalwork, geotechnical work, and costs is at a much higher level that will confirm the value.

And look, this administration is pro-business and pro- mining. Therefore, there may be an ability to move Mineral Point, our most valuable project that was in Phase 3, to Phase 2.

I believe that will substantially benefit our shareholders in terms of the company's value.

On the other hand , as you know, while we are carrying out supplemental drilling programs for the three underground mines , they will feed that central plant which is currently being renovated .

Two years ago, we thought we needed to operate the three mines to feed that factory.

With the drilling programs underway, we now believe we only need two of them. This will allow us to postpone the third development project, which was currently scheduled for 2028 and 2029, for approximately a decade.

Again, this saves capital and improves our cash flow as we move forward. So, it was very positive. Over the next twelve months, we will certainly have technical reports for all five projects.

So, these are very important indicators , aren't they? In other words, you don't have one initial feasibility study, but rather five upcoming studies. So, over the next twelve months, these will be the big news stories that people will react to in one way or another .

Secondly, the upgrade of our "Lone Tree" processing facility will be completed . Do you mean an autoclave sterilizer? Yes, it is an autoclave. We are one of only two companies in Nevada that have a licensed autoclave.

The other company is " Nevada Gold Mines". We are spending over $400 million on that upgrade.

As you know, most of the work will be in the pilot operation phase by the time of the conference or shortly after next year. Will you be processing for others in that autoclave or will you be using it entirely for yourselves?

We will use it entirely for ourselves. This facility will be fully occupied for at least the next 20 to 25 years.

Well, our exploration program this year is about $85 million, and it's to support ... How does this compare to previous years? This is the biggest program we have ever run. This is the biggest program I've ever been involved in .

I think that includes all my years working at "Barrick". This is for three feasibility studies we are working on. Therefore, this represents the pinnacle of our achievements to date.

As I mentioned earlier, this will largely confirm what was stated in the initial assessment reports. So, as you know. This is actually a fill-in-the-blank exploration program, and as we move into 2027 and 2028, there will be expansionary and exploratory exploration programs, and as you know, these were non-core assets for Barrick and Newmont.

Typically, assets belonging to " Barrick". "Granite Creek," we owned it when I was in "Barrick". We never talked about that project. I don't even know if we know the name of the geochemist in charge .

The problem was that there were some prospecting programs that were not pursued because they were not considered important enough to make a difference.

The same applies to " Ruby Hill," another project by "Barrick". So, as we move on and complete these feasibility studies, there were some very good prospecting results that were not followed up at both sites.

As we enter the years 27, 28 and 29, we will continue those programs. It won't be expensive, but it could be of great importance.

When you look at the shareholders, what timeframe do you think IAG shareholders should keep in mind? What is a good and suitable type of shareholder for you? Great question. First, perhaps I should start with our current shareholder base.

We have some organizations led by Sprout and Orion, but we also have...Sprout and Orion. Sprout? Do you mean Sprout or Eric Sprout? Sprout. Good. Um, John Hathaway. Orion, with you.

As you know, we have some institutional support, but what is interesting is that Condor is our main shareholder, and we have a number of wealthy individuals who have bought large quantities of the company’s shares, and they are not looking to double or triple their investment, but rather tenfold .

Therefore, they are focused on our team's implementation of our plans until the end of the contract.

Look, I believe there will be specific periods for reassessment. I thought we would see a revaluation after the shares were issued. Sorry, after the recapitalization, but the markets were rather turbulent. So, I think that's still to come .

I believe that as we progress through the first phase, and during the feasibility studies, there is an opportunity for reassessment. I believe that completing the first phase by upgrading the autoclave, and moving from 50,000 to 200,000 ounces, will be an important milestone.

Then, with the permits completed and construction beginning at Mineral Point as early as late 2028 or early 2029, it will be a milestone for shareholders. So, as you know, I can see opportunities for revaluation right up to the end of the contract.

Your ultimate goal is to produce 600,000 ounces annually in the early 1930s, is that correct ? correct. Ideally , we should be able to demonstrate a production trajectory at this level well into the 1950s.

This is our goal. And all of this is without taking into account what I believe are very optimistic forecasts for the price of gold as well. Isn't that so? Okay, that's right. This depends on current gold prices .

I-80 is definitely at the top of the list of companies I want to be associated with over the next three to five years, and we look forward to staying in touch and monitoring your progress.