Post by
TELEMARKER on Sep 15, 2022 11:25am
from MD&A
Mine Development and Expansion Project Expansion:
During the second quarter, the Company applied to have the Elk Gold Mine Expansion (as defined below) be designated as a “reviewable project” under the British Columbia Environmental Assessment Act. The British Columbia Environmental Assessment Office ruled that the project was not a “reviewable project” meaning that the anticipated expansion in production to increase total mining to approximately 324,000 tonnes per year, which is anticipated to produce approximately 64,000 ounces of gold per year (the “Expansion”), will not require an Environmental Assessment. The result of this decision is that the Expansion will require amendments to the Company’s current permits. The Company intends to move forward with the necessary permit amendments and is aware and acknowledges each respective Indigenous Nation’s decision-making process will continue independently from the Province of British Columbia’s regulatory regime.
Underground Decline Rehabilitation and Development:
A majority of the proposed expansion of the Elk Gold Project involves conducting underground mining. In order to do so, the Company must rehabilitate the historic underground decline that is currently flooded and was developed by previous owners as well as develop new underground infrastructure. Timing of underground mine development will be evaluated in the first half of 2023.
Mergers & Acquisitions The Company is currently evaluating M&A opportunities with a focus on assets with near term production potential.
Transactions
The Company has identified the CEO and President (Mr. Kevin Smith), Vice President Permitting (Mr. Ronald Woo), CFO (Mr. Braydon Hobbs), COO (Mr. Grant Carlson) and General Counsel and Corporate Secretary (Mr. Alex Bayer) and the Company’s directors as its key management personnel. During the three and six-month periods ended July 31, 2022 and 2021, the following amounts were incurred for key management personnel of the Company:
Three months ended July 31, 2022 Three months ended July 31, 2021 Six months ended July 31, 2022 Six months ended July 31, 2021
Management, director and consulting fees $ 245,125 $ 217,625 $ 400,250 $ 726,091
Share-based payments $ 426,906 $ 966,596 $ 486,094 $ 2,155,376
Total compensation $ 672,031 $1,184,221 $ 886,344 $ 2,881,467