Financial Data and Key Metrics Changes - Gold sales totaled approximately 8,400 ounces for the quarter, an increase over the prior year period, with total revenue from gold sales rising to approximately CAD28 million, driven by higher ounces sold and a higher average realized gold price of CAD3,301 per ounce [21][22] - The company concluded the quarter with a net loss position of CAD0.05 per share, primarily due to the ramp-up and development stage of operations [21] - Cash position was approximately CAD134 million at the end of the second quarter, a significant increase from the previous quarter due to net proceeds from equity offerings [22] Business Line Data and Key Metrics Changes - At Granite Creek Underground, mining volumes during the second quarter were ahead of the prior year period, with approximately 24,000 tonnes of oxide material mined at a gold grade of 11.4 grams per tonne [12] - Company-wide, the expectation is to extract between 30,000 to 40,000 ounces of gold in 2025, including 20,000 to 30,000 ounces from Granite Creek and approximately 10,000 ounces from heap leach pads [14] Market Data and Key Metrics Changes - The company has a significant resource base with 6.5 million ounces of measured and indicated gold resources and 7.5 million ounces of inferred resources, along with approximately 100 million ounces of silver [10] Company Strategy and Development Direction - The company aims to establish itself as a Nevada-focused mid-tier gold producer, with a clear three-phase build-up in average annual target production to over 600,000 ounces of gold by the early 2030s [7][8] - The first phase focuses on high-grade underground projects, with expected production increasing from less than 50,000 ounces per year to a target of 150,000 to 200,000 ounces by 2028 [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving steady-state production at the first mine and advancing infill drill programs to support upcoming feasibility studies, indicating a transformative period for the company in the next twelve to eighteen months [24] - The management highlighted the importance of the Lone Tree processing facility refurbishment, which is expected to significantly increase recovery rates and payability on refractory material [19] Other Important Information - The company raised gross proceeds of CAD186 million through a bought deal offering and private placement to strengthen its balance sheet and fund development plans [22] - The company is pursuing the sale of non-core assets and potential royalty sales to enhance liquidity [23] Q&A Session Summary Question: Expectations for tons and grades at Granite Creek - Management indicated that ore tonnes have not been affected by water issues and are on track for development [28][30] Question: Timeline for dewatering and waste development - Management stated that meaningful progress is expected once dewatering wells and water treatment facilities are in place, anticipated by the end of the year [30] Question: Autoclave refurbishment CapEx - The expected CapEx for the refurbishment is in the range of CAD350 million to CAD400 million, with final numbers to be confirmed soon [54] Question: Revenue expectations for Q3 and Q4 - Management expects total production for the year to be between 30,000 to 40,000 ounces, with a potential step change in production in the latter half of the year [46][47] Question: Recapitalization and liquidity - The recapitalization plan aims to address existing liabilities and fund the autoclave refurbishment, with potential liquidity from asset sales [48][49] Question: Updates on drilling results at Granite Creek - Early results from the South Pacific zone are consistent with expectations, with preliminary results anticipated in early September [59]