What changed in this filing

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Item 2. Properties

2024-03-26 compared with 2023-03-16 · 33 added, 23 removed, 385 unchanged (13% of the section changed)

5 unchanged sentences

Some environmental work is currently in process under the ASAOC.

This work is designed to improve water quality on the Project site and is expected to be

completed prior to the Project’s planned reclamation and restoration activities.

This work is designed to improve water quality on the Project site and is expected to be completed prior to the Project’s planned reclamation and restoration activities.

The Corporation’s plans for decommissioning the site include progressive and concurrent remediation, reclamation, and restoration activities, beginning at the start of construction and continuing beyond the operations phase, through Project reclamation and closure.

5 unchanged sentences

The TRS summarizes, as of December 31, 2021, in accordance with the mining property disclosure rules specified in S-K 1300, the information presented in the technical report titled “Stibnite Gold Project, Feasibility Study Technical Report, Valley County, Idaho” dated effective December 22, 2020 and issued January 27, 2021, which was prepared in accordance with mining property disclosure standards set forth in NI 43-101.

The TRS was filed by the Company on Form 8-K on EDGAR on June 8, 2022 and is included as Exhibit 96.1 to this Annual Report on Form 10-K.

The TRS was filed by the Company on Form 8-K on EDGAR on June 8, 2022.

The 2020 Feasibility Study was filed on SEDAR on January 28, 2021.

6 unchanged sentences

assumptions that the current price and demand for gold and other metals will be sustained or will improve;

assumptions that the equipment and personnel required for permitting, construction and operations will be available on a continual basis;

assumptions that the equipment and personnel required for permitting, construction and operations will be available on a

continual basis;

there are no significant errors in calculations and information used in mineral resource and reserve estimates, there will be no unforeseen delays, unexpected geological or other effects, equipment failures, or significant permitting delays.

For a description of the key assumptions, parameters and methods used to estimate mineral reserves and mineral resources included in this Annual Report on Form 10-K, as well as data verification procedures and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, sociopolitical, marketing or other relevant factors, please review the TRS, which is included as an exhibit to this Annual Report on Form 10-K.

The estimates and assumptions contained in the TRS are dated as of December 31, 2020 and the Corporation has not updated the estimates and assumptions as of December 31, 2023.

See “ Risk Factors ” and “ Cautionary Note Regarding Forward-Looking Statements ” for a discussion of additional industry and business risks and assumptions.

16 unchanged sentences

All numbers have been rounded in above table and may not sum correctly.

The TRS assumes 100% equity financing of the Project.

The TRS assumes 100% equity financing of the Project and cost estimates as of the third quarter of 2020.

Property Description and Location

2 unchanged sentences

The claims are 100% owned, except for twenty-seven (27) patented lode claims that are held under an option to purchase.

The Project is subject to a 1.7% net smelter return royalty on gold only;

there is no royalty on silver or antimony.

The Project is subject to a 1.7% net smelter return royalty on gold only and a 100% net smelter return royalty on silver;

there is no royalty on antimony.

Stibnite Gold Project Location

8 unchanged sentences

Hecla Mining Company (Hecla) retains some surface rights on portions of six of the patented mill sites, but no mineral rights and IGRCLLC has a right to use the surface for the purposes of mining.

IGRCLLC holds a right of first refusal with predefined terms for the OTP.

An OTP for patented lode mining claims covering portions of the Yellow Pine Deposit was conveyed to Perpetua Resources in 2011 by way of a company merger between a predecessor to IGRCLLC and a subsidiary of Vista Gold Corp.

28 unchanged sentences

The owner pays property taxes for these parcels until the OTP is exercised.

Does not include taxes paid on OTP properties, which are paid by the owner.

Not all values may sum due to rounding.

6 unchanged sentences

An additional 126 unpatented lode claims were staked in 2015.

Minor modifications and amended claim locations have occurred since original staking and/or acquisition.

Minor modifications, including amended claim locations and changes in some claims have occurred since original staking and/or acquisition.

In 2021, SGC merged with IGRCLLC becoming the sole surviving entity and landowner of patented and unpatented mining claims and mill sites and various optioned properties.

In 2022, 53 of the Corporation’s unpatented lode mining claims were relinquished and re-staked with 203 unpatented mill sites over areas non-mineral in character and suitable for mill sites should a development decision be made.

In 2022 and 2023, 53 of the Corporation’s unpatented lode mining claims were relinquished and re-staked with 205 unpatented mill sites over areas non-mineral in character and suitable for mill sites should a development decision be made.

Currently, IGRCLLC owns 1,421 unpatented lode mining and 251 mill sites totaling approximately 28,483 acres (11,527 hectares).

1 unchanged sentence

This was completed for the most recent filing year.

There is no underlying royalty on these federal lode-mining claims and mill sites other than the Franco-Nevada Corporation (“Franco-Nevada”) royalty.

There is no underlying royalty on these federal lode-mining claims and mill sites other than the Franco-Nevada Corporation (“Franco-Nevada”) royalties.

None of the claims are subject to back-in rights;

however, Franco-Nevada holds a right of first refusal should mining claims, mill sites or other mineral properties be relinquished.

however, Franco-Nevada holds a Right of First Refusal (“ROFR”) should mining claims, mill sites or other mineral properties be relinquished.

Stibnite Gold Logistics Facility

1 unchanged sentence

The property is situated in Section 7, Township 14N, Range 5E, Boise Meridian.

The sale was closed on October 26, 2016.

The sale closed on October 26, 2016.

The property’s metallic and non-metallic mineral rights, apart from aggregate materials needed for construction purposes on the property, were retained by the previous owners.

4 unchanged sentences

Option Agreements

On May 3, 2011, a predecessor to SGC entered into an option to purchase (“OTP”) 27 patented lode claims totaling approximately 485 acres from the J.J.

On May 3, 2011, a predecessor to SGC entered into an OTP 27 patented lode claims totaling approximately 485 acres from the J.J.

Oberbillig Estate (the Cinnabar option claims).

This agreement was modified in an Amended and Restated Real Property Purchase Agreement effective December 1, 2016.

The amended agreement also includes an option on a Right of First Refusal to purchase the surface rights associated with portions of certain patented mill site claims that J.J.

The amended agreement also includes an option on a ROFR to purchase the surface rights associated with portions of certain patented mill site claims that J.J.

Oberbillig Estate sold to Hecla under a Real Estate Purchase and Sale Agreement effective December 30, 2002.

The ROFR for the Hecla tracts is vested with fixed terms should Hecla decide to sell the parcel.

The agreement also includes granting of a renewable easement for a communications tower.

8 unchanged sentences

Under the agreement, Franco-Nevada has the right, but not the obligation, to extend the property subject to the royalty to the Cinnabar option claims upon notice that the OTP is exercised by Perpetua.

On March 21, 2024, Perpetua Resources and its subsidiaries granted a perpetual 100% NSR royalty on the future payable silver production from the Project to Franco-Nevada.

The silver royalty agreement applies to the same properties as the gold royalty.

The silver royalty agreement provides a mechanism whereby Franco-Nevada can receive minimum payments equal to 100% of the payable silver from the sale of dore commencing in the seventh calendar year following commercial production and ending upon the completion of the fifteenth calendar year following commercial production.

The silver royalty agreement also provides Franco-Nevada an option upon the occurrence of certain conditions precedent (including achieving commercial production) to pay the Company a contingent payment and receive a royalty on any silver payable from the production of antimony concentrate from the Project.

The Company’s obligations under the gold and silver royalty agreements are secured by a continuing security interest and a first priority lien on certain collateral including the land and mineral interests comprising the Project.

Geologic Setting and Mineralization

Bedrock in the region can be subdivided into the pre-Cretaceous metasedimentary “basement,” the Cretaceous Idaho Batholith, Tertiary intrusions and volcanics, and Quaternary unconsolidated sediments and glacial materials.

The SGP is situated along the eastern edge of the Idaho Batholith, on the western edge of the Thunder Mountain caldera complex and within the Central Idaho Mineral Belt.

The Stibnite Gold Project is situated along the eastern edge of the Idaho Batholith, on the western edge of the Thunder Mountain caldera complex and within the Central Idaho Mineral Belt.

Large, north-south striking, steeply dipping structures exhibiting pronounced gouge and multiple stages of brecciation occur in the district and are often associated with east-west and northeast-southwest trending splays and dilatant structures.

10 unchanged sentences

Following the release of a DEIS on August 14, 2020, followed by a public comment period, the USFS published a SDEIS on October 28, 2022 for a 75-day public comment period which closed on January 10, 2023.

The Corporation expects that a final EIS and draft Record of Decision will follow in due course.

The Corporation expects that a final EIS and draft Record of Decision will be published in the second quarter of 2024.

Work on other required ancillary permits and management plans continues.

92 unchanged sentences

The Historical Tailings would be hydraulically transferred to the process plant during the first four years of operation, concurrent with mining ore from the Yellow Pine open pit.

Mining at the SGP would be accomplished using conventional open pit hard rock mining methods with a production fleet consisting of two 28-yd3 hydraulic shovels, one 28-yd3 wheel loader, and a fleet of approximately eighteen 150 ton haul trucks.

Mining at the Stibnite Gold Project would be accomplished using conventional open pit hard rock mining methods with a production fleet consisting of two 28-yd3 hydraulic shovels, one 28-yd3 wheel loader, and a fleet of approximately eighteen 150 ton haul trucks.

Mining is planned to deliver 7.30 Mt of ore to the crusher per year (nominally 20 kt per day) and approximately 22.1 Mt of development rock per year to DRSFs.

44 unchanged sentences

A maintenance facility along the route is designed for a location on the southern section.

A through-site public access route will replace the current access through the SGP site during mine operations.

A through-site public access route will replace the current access through the Stibnite Gold Project site during mine operations.

A new 12-foot-wide gravel road is planned to provide public access from Stibnite Road to Thunder Mountain Road through the mine site.

30 unchanged sentences

Vendor quotes were obtained for all major equipment and operating consumables.

Most costs were developed from first principles, although some were estimated based on factored references and experience with similar projects elsewhere.

Most costs were developed from first principles, although some were estimated based on factored references and

experience with similar projects elsewhere.

Reclamation financial assurance costs are not included in the capital costs.

69 unchanged sentences

Non-GAAP financial measures

To provide investors with additional information in connection with our economic analysis as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), we disclose certain projected non-GAAP financial measures.

GAAP”), we disclose certain projected non-GAAP financial measures.

The projected non-GAAP financial measures include Cash Costs and All-in Sustaining Costs estimates and related calculations.

4 unchanged sentences

We believe the projected non-GAAP financial measures included in this Annual Report on Form 10-K provide additional meaningful comparisons between the Company’s economic analysis and its peer companies.

These projected non-GAAP financial measures are not historical measures of financial performance and are not presented in accordance with GAAP.

These projected non-GAAP financial measures are not historical measures of financial performance and are not presented in accordance with U.S.

Therefore, these measures should not be considered in isolation or as an alternative or superior to GAAP measures.

You should be aware that our presentation of these measures may not be comparable to similarly-titled measures used by other companies.

The projected non-GAAP measures included in this presentation cannot be reconciled to comparable GAAP measures without unreasonable effort.

The projected non-GAAP measures included in this presentation cannot be reconciled to comparable U.S.

GAAP measures without unreasonable effort.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 2. Properties