OR Royalties

What is the royalty situation on San Antonio right now?

Yes, San Antonio, there's a stream with Osisko Royalties.

Again, this will, like, I know we want to get into the background of history of San Antonio, so I don't want to take 10 minutes to explain to you the stream, but effectively, San Antonio was actually originally purchased by Osisko Royalties.

Now they call themselves OR, so I'll call them OR.

And then OR spun out and created Osisko Development, who we bought the project from.

But the first $2 million payment is due when we deliver a feasibility study on San Antonio.

The second $2 million payment is to Osisko Development, and that is when we produce first gold.

And then the remaining three payments of $2 million, so total of six, are to Osisko Royalties, sorry, OR, and they are at a production milestone.

That, that, that, that'd be pretty awesome.

Well, the CapEx, y-you know, you've already paid for Caribou, so going by the PEA numbers, the CapEx would be about $58 million, um, which you've already stated w- almost double that in excess, uh, uh, liquidity between cash and the $31 million, 31 and a half million from OR Royalties, which, uh, uh, for the stream, and then Ocean Partners, which is, uh, our largest shareholder as well as will be marketing our concentrate globally.

Uh, they've, uh, it's I think it's $43 million they've pledged, uh, that we can draw.

Um, yeah, it's, uh, you almost get in a situation where you're able to put this into production, uh, with almost no or very little capital cost because of the, uh, the provincial programs and the government programs, and just the cash on balance sheet, uh, and you will enter production basically debt-free.

We'll be hauling, uh, 65 ton ore trucks as long, um, through that 13 kilometers to be then processed at Caribou.

And just to comment on the financing structure, so in terms of the stream, and I know that is, um, people have different opinions of those financing structures.

It's a 20% precious metal stream to OR Royalties, who have been an excellent counterparty.

So we retain 80% of, uh, the silver revenue, and then they're paying 20% of spot for 20% of the silver produced from site.