Excelsior Mining Corp T.MIN

From Dougnill

[dollpartz]

Listened to the 6/24/21 PI Financial webinar about Cu explorers-developers-producers.

Excelsior mining was the only "producer" my notes are:

- Produced 185,000 99.999% cu cathode in Q1
- Still wrestling with the CO2 problem
- In their initial engineering test they knew about the CO2 and thought it would just flush out, but it gets trapped in the ore fissures and reduces the Cu solution process.
- Showed the previous acid - water flush cycling as the current solution.
- But they have found that the rate of gallons/minute (g/m) of extraction trends up after each acid - water flush cycle.
- They start off at 10g/m - 30g/m - 75 g/min - 110g/m
- They are learning how to operate the well field under these constraints.
- No mention of any other possible solution, other than water, to the problem.
- Water availability and recycling and evaportation may be an aspect of the process that was not anticipated.
- Still thinking of skipping the Phase II but may have to pull forward some of the investments forward.
- Overall still being able to produce but a a slower rate, or having to have more wells in operation for the projected rate of Cu production.

- M+I resource is about 5 billion pounds of Cu. This process will recover only about 50% of that.

douginil Nice overall summary of today's call. Please note that it was always assumed that only 50% of copper would be recovered. That is built into the original financial estimates.

[Lenny1K]

As an Arizona resident, I see the magic word: water. As we are all aware, Arizona is suffering through a horrific drought, with wild fires being the most obvious evidence. Beginning in 2022, we will enter a Tier One Water Shortage. Arizona's allotment to water from Lake Mead and the Colorado River will be reduced. As you stated in your summery of the presentation: "water availability and

[dollpartz]

That would an 18 percent cut? The Tier one thing ... whats the Salt-Verde ... in-state rivers .. geez, to be a farmer in Arizona .. I didn't even know they had farms. First it was acid and now it's water ..

[IgnacioCashmere]

Getting industrial water wont be a problem as long as they have access to rail, i dont know where they stand on that or the closest siding they can use. But rail is excessively cheap for transport. They can buy industrial water in places where its almost free like Louisiana & ship it in a 30,000 gallon tanker for something like 12-15 cents per mile. That isnt free, it is a cost outside