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2021 | Q2 Update

2021 SECOND QUARTER UPDATE

Greetings from the mine,

We are pleased to share the second quarter report in video with Deb King (CEO), Matt Mason (Mine Manager), and Mike Meter (Mill Manager) with mine and mill updates! You will see we accomplished a lot in the second quarter and looking forward to what is still to come in 2021!


Stay tuned for further announcements. -The GS Mining Company Team


DETAILED LIST OF THE 2021 SECOND QUARTER ACCOMPLISHMENTS

​Bates Hunter Mine Second Quarter Updates240' Level Update

  • Began core drilling operations on the 240’ level – Drilled 4 holes, 2 into hanging wall, 2 into footwall

500' Level Update

  • Blasted concrete bulkhead out on 500

  • Drilled and blasted bulk sample from 500’ East Stope (near Becker-Bates) and transported to surface

  • Constructed ore chute, grizzly, and dump pocket on 500’ level

  • Began widening 500’ east and installing 75 ft ties and rail

  • Completed geologic mapping and sampling of 500’ level east

  • Surveyed 500’ level stopes

730' Level Update

  • Sump excavation of 730’ level

  • Installed guides below 730’ level

  • Successful Kimberly skip and man-cage test run to the 730’ and back to surface

General Bates Hunter Updates

  • Modified scrolls and dump pocket to accommodate modern Kimberly skip dumping

  • Successful Kimberly skip test dump process

  • Surface preparation for conveyance swap system construction, poured concrete footers

Becker Bates Mine Second Quarter Updates

  • Cleaned out Becker-Bates Shaft house

  • Repaired roof of building

  • Moved man door and installed new shaft door

  • Installed shaft door winch

  • Installed utility winch system

  • Constructed timber slide, work benches, and work deck around shaft collar

  • Rehabbed Becker Bates Shaft to approximately 300 feet; removing old debris, installing ladders and timber slide, reinforcing existing timber

Administrative Second Quarter Updates

  • Compiled drill-hole and sample database

  • Digitized 500’ level geology maps

  • Acquired multiple, detailed reports on Clay County property for evaluation of same.

  • Utilizing explosives magazines for storage of explosives.

  • MSHA Q2 inspection completed with one citation (conflicting labeling information – MSHA vs BATFE)

  • Two full-time employees added (Electrician and Mechanic). One summer intern hired.

  • 6 Employees completed Emergency Medical Responder training class (Red Rocks College)

  • Received underground haul truck for Clay County mine.

  • Received telehandler for materials.


Golden Gilpin Mill Second Quarter Updates

  • Completed rebuild of main bank of Denver 18 Sub-A float cells.

  • Completed floating floor around float cells.

  • Rebuilt catwalk in front of office to disk filter.

  • Rebuilt “reagent platform”.

  • Replaced stairs and landing from crusher gallery to mill level.

  • Rebuilt duplex jig.

  • Began re-build of disk filter, including fabrication of new tub.

  • Replaced doors on concentrate bin.

  • Emptied concentrate bin.

  • Re-established exterior windows on north and south side of building.

  • Ordered control panels for ball mill and float cells.

  • Ordered and installed motors on float cells and conditioning tank(pending).

  • Ordered motor for ball mill.

  • Completed processing bulk sample from 500’ level.

  • Continued structural engineering of Grizzly and sand barn/thickener.

  • Traveled to Reno, Nevada to inspect and ultimately purchase thickener tank.

  • Contracted JR Engineering to oversee earthwork, sand barn and thickener construction, bridge abutment construction and bridge installation in addition to utilities and infrastructure construction.

  • Cleaned ball mill feed conveyor and removed belt in preparation for rehab.

  • Built temporary retaining wall inside fine ore bin to keep ore from spilling out during construction.

  • Replaced fine ore bin access door.

  • Dug test pits for structural engineering at sand barn and thickener locations.

  • Set location of sand barn and thickening tank.

  • Procured, upgraded, and installed small thickener tank in mill building to thicken concentrate prior to the disk filter.

  • Removed disused door and sealed hole with recycled siding on north side of building.

  • Cleaned all non-geology materials from Geo Connex to create a secure area for samples.

  • Recycled a large quantity of scrap metal.

  • Installed surveillance cameras in and around mill building.

  • Continuing clean up and maintenance of mill site and building.

  • Completed electrical engineering and 110volt wiring plan.

  • Finalized 480volt transformer installation plan with Xcel Energy.

Black Eagle Mill Second Quarter Updates

  • Closed on Black Eagle Mill Property

  • Replaced doors at Black Eagle Mill and secured building against further theft/vandalism.

  • Completed extensive review of roof structure at Black Eagle Mill in preparation for repairs.



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CAUTIONARY STATEMENT FOR PURPOSES OF THE SAFE HARBOR PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

 

This report may be deemed to contain “forward-looking” statements. We desire to take advantage of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and we are including this statement for the express purpose of availing ourselves of the protections of such safe harbor with respect to all of such forward-looking statements. Examples of forward-looking statements include, but are not limited to (i) projections of revenues, income or loss, earnings or loss per share, capital expenditures, growth prospects, dividends, capital structure and other financial items, (ii) statements of plans and objectives of ours or our management or Board of Directors, including the introduction of new products or services, or estimates or predictions of actions by customers, suppliers, competitors or regulating authorities, (iii) statements of future economic performance and (iv) statements of assumptions underlying other statements and statements about us or our business.

 

Our ability to predict projected results or to predict the effect of any legislation or other pending events on our operating results is inherently uncertain. Therefore, we wish to caution each reader of the report to carefully consider specific factors, including competition for products, services and technology; the uncertainty of developing or obtaining rights to new products, services or technologies that will be accepted by the market; the effects of government regulations and other factors discussed herein because such factors in some cases have affected; and in the future (together with other factors) could affect, our ability to achieve our projected results and may cause actual results to differ materially from those expressed herein.

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