Frederic Bolton

Frederic Bolton followed up on Mount Milligan's recovery, asking if a 'winding circuit' issue was resolved, and also questioned if an expansion of the Öksüt pit from the life-of-mine optimization study would require additional permitting or a new Environmental Impact Assessment (EIA) from the Turkish government.

Answer

Paul Tomory, President and Chief Executive Officer, clarified that the Mount Milligan Pre-Feasibility Study (PFS) aimed to optimize grade, recovery, and throughput by creating a mine plan that blends down pyrite, expecting recovery improvements starting in Q1 next year. For Öksüt, Mr. Tomory stated the optimization study primarily focuses on accumulated inventories within the current footprint, which would require permit modifications for residual leaching. He added that expanding the pit for sulfide material would necessitate further permit modifications, but it is still early in the assessment.

Frederic Bolton followed up on Mount Milligan's recovery issues, asking for more details on the impact and resolution. He also questioned if an expansion of Öksüt's pit from the life-of-mine optimization study would require new permitting from the Turkish government.

Answer

President and Chief Executive Officer Paul Tomory clarified that the Mount Milligan PFS aims to reset understanding on grade, recovery, and throughput, creating a mine plan for optimal blending to address recovery impacts from high pyrite to chalcopyrite ratios, with improvements expected in Q1 2026. For Öksüt, Mr. Tomory explained the study primarily focuses on residual leaching within the current footprint, requiring permit modifications. Pit extensions into sulfide material would require further permitting, but it's early in the assessment.