burning cash like its on fire During the three-month period ended June 30, 2024, the Company invested $14,896,000 towards exploration and evaluation
activities for its Shaakichiuwaanaan Property. The more significant additions during the period were as follows:
• Drilling and geology expenditures of $4,539,000 and $2,393,000, respectively, are associated with the completion of
the infill program required to support the MRE of the Shaakichiuwaanaan Project. As a result, 13,957 metres of
drilling were completed during the quarter ended June 30, 2024 compared to 9,368 metres during the same period
the year prior.
• Transportation and accommodation expenditures totalled $3,106,000, in line with costs for the same period last year
despite the fact that 11 rigs were in operation at one point during the quarter compared to 6 rigs last year. The cost
savings are attributable to the utilization of the Company’s exploration camp for a portion of its crew as opposed to
relying solely on the Mirage outfitters camp, as well as CV5 now being road accessible.
• Assays, testing and studies costs totalling $3,409,000 are essentially composed of assays expenditures of $766,000,
and environmental and engineering studies costs totalling $1,356,000 and $1,287,000, respectively. These investments
were required for the completion of the Preliminary Information Statement, starting the permitting process, and to
progress the various components that feed into the PEA expected to be published in the second quarter ending Sept 30 2024