Core Insights - Arizona Gold & Silver Inc. announced positive results from column leach tests at the Philadelphia Project, indicating the effectiveness of HPGR crushing for gold and silver extraction [1][2] - The company is resuming core drilling to further explore the high-grade intercepts previously identified [1][8] Metallurgical Work Highlights - After 119 days of leaching, the bulk sample crushed by HPGR to -6.3mm achieved a 76% recovery rate for gold and 40% for silver, which is 16% higher for gold and 12% higher for silver compared to conventional crushing methods [2] - Initial recoveries were 51% for gold and 26% for silver after 4 days, and 60% for gold and 32% for silver after 20 days [2] - The goal is to achieve an 80% recovery of total contained gold within 150 days at the -6.3mm crush size [2] Exploration Update - The core drill is set to target the Perry Vein, aiming to drill 60 meters north of a previously reported high-grade intercept of 20.43 meters grading 9.04 gpt Au and 34 gpt Ag [1][8] - The exploration drilling has established substantial volumes of stockwork material above the high-grade zone, which carries gold grades of 0.4-1.5 gpt [4] Processing and Economic Viability - The metallurgical program aims to demonstrate the potential viability of heap leach operations alongside underground development of high-grade material [4][5] - The company is evaluating the material from mining, processing, and economic perspectives, with comparisons to other open-pit heap leach operations in the area [5] Quality Assurance and Testing - The bulk sample was collected and tested by Kappes, Cassiday & Associates, a respected service company in the mining industry [6] - All data gathering and analyses are performed by KCA, with weekly reporting and review by company personnel [6]

Summary of Arizona Sonoran Copper Company Conference Call Company Overview - **Company**: Arizona Sonoran Copper Company - **Industry**: Copper Mining - **Location**: Arizona, USA - **Market Cap**: Approximately USD 350 million Key Points Project Details - The company is focused on producing copper cathode for the U.S. industry from a former producing mine in Arizona, which is classified as a Tier one jurisdiction [5][6] - A Preliminary Economic Assessment (PEA) indicated an after-tax Net Present Value (NPV) of USD 2 billion and an Internal Rate of Return (IRR) of 24% [6] - The company is advancing towards a Pre-Feasibility Study (PFS) and aims to replicate the PEA results [6][7] Resource and Land Acquisition - Current copper resource exceeds GBP 11 billion, with plans to increase indicated resources significantly [10][12] - The company has expanded its land holdings from 4,000 acres to nearly 8,000 acres, ensuring sufficient land for at least 30 years of mining [11][12] - Recent land acquisition involved a payment structure totaling USD 100 million, with an initial cash payment of USD 2 million and shares [13][14] Permitting and Community Engagement - The permitting process is advanced due to the project being on private land, with no federal nexus [7][14] - A community perception survey showed an increase in favorable ratings for the mine's return to production from 83% to 87% [15][16] - The company has a strong social license, rooted in the community's historical connection to mining [16] Financial and Market Position - The company has engaged with 15 potential financiers for project financing, aiming to narrow this down to 5 or 6 by Christmas [18][19] - The project financing is expected to conclude by Q3 2026, with a Final Investment Decision (FID) anticipated in Q4 2026 [19][20] - The stock has increased over 70% in the past 7-8 months, with a strategic investment from Hudbay [22][24] Future Outlook - The company expects to produce over 100,000 tonnes of copper cathode in the first 20 years of operation, positioning it as the fifth largest copper mine in the U.S. [21] - Analysts project a potential doubling of the stock price if the PFS reflects the PEA results, with current valuations at 0.3 times price to NAV [25][26] - The company has a tight share capital structure with 179 million shares issued and approximately USD 50 million in the bank, fully funded through to FID in 2026 [26][27] Infrastructure and Environmental Considerations - The project benefits from significant existing infrastructure, minimizing capital expenditures [28] - The site is located in a desert environment with no endangered species, facilitating easier permitting [30] Additional Insights - The company is exploring additional areas on the property that have shown promising drilling results in the past [29][30] - The simplicity of the open-pit mining method aligns with industry practices in Arizona, where 90% of copper is mined this way [30]