Radisson Mining (TSXV:RDS) - Pitch Perfect, October 2025

Key Concepts

• O'Brien Gold Project: A historic, former producing gold mine in the Abitibi region of Quebec, Canada.
• Resource Growth: Rison Mining's strategy to expand the existing gold resource through aggressive drilling.
• Preliminary Economic Assessment (PEA): A study outlining the potential economic viability of the O'Brien Gold Project as an underground mine.
• Toll Milling: Processing ore at an adjacent, existing mill on a contract basis.
• Abitibi Region, Quebec: A well-established gold mining district in Canada.
• Hub and Spoke Operations: A mining model where a central mill processes ore from multiple satellite mines.
• Net Present Value (NPV): A financial metric used to estimate the profitability of an investment.
• Market Capitalization: The total value of a company's outstanding shares.
• Share Structure: The composition of a company's ownership, including management, insiders, institutional, and retail investors.

Rison Mining: O'Brien Gold Project Overview

Rison Mining is focused on the O'Brien Gold Project, a historic gold mine located in the Abitibi region of Quebec, a significant gold mining heritage area in Canada. The company's investment thesis is built on a growing resource base, a fully funded 140,000-meter drill program with up to eight rigs, and its strategic proximity to established mines and mills.

Business Facts and Figures

• Current Resource: Approximately 1.5 million ounces of gold.
• Drill Program: A 140,000-meter program is underway, fully funded and utilizing up to eight rigs to aggressively explore deeper portions of the deposit and new areas.
• Financing: Recently completed a $35 million equity financing, providing sufficient funds to operate through the current year and the next.

Preliminary Economic Assessment (PEA)

The company has published its first modern economic study for the O'Brien Gold Project, a Preliminary Economic Assessment (PEA). Key findings from the PEA include:

• Project Development: The PEA envisions the project being developed as an underground mine.
• Toll Milling: The ore would be trucked to an adjacent mill on a toll milling basis.
• Financials (based on PEA):
  • NPV: $532 million at a gold price of $2,550 per ounce.
  • Gold Price Assumption: The mine design and resource used a gold price of $2,000 per ounce. The current market price is significantly higher, at approximately $4,300 USD per ounce.
  • Capital Investment: Characterized by low initial capital requirements.
  • Rate of Return: High rate of return.
• Production Profile (estimated): 70,000 to 80,000 ounces of gold per year.

The PEA highlights the project's potential for healthy value creation through a low-cost entry strategy and integration into existing regional infrastructure.

Company and Location

• Board of Directors: Composed of experienced mining professionals with a combined nine mine builds. Notable members include Pure Bodan, Peter McFale, and Michael Jentilli, a significant investor and shareholder.
• Location: Situated in the heart of Quebec's gold mining country, the Abitibi region, specifically between Rouyn-Noranda in the west and Val-d'Or in the east. This area is characterized by numerous operating gold mines and mills.
• Hub and Spoke Model: The Abitibi region exemplifies a "hub and spoke" mining model, where established mills process ore from successive ore bodies brought into production. Examples of nearby operations include:
  • Doyon (Westwood) with IAMGOLD.
  • Laron with Agnico Eagle.
  • Malartic (Canada's second-largest gold mine) with Agnico Eagle.
  • Sigma-Laron with Eldorado Gold.
  • Kiena with Wesdome.
  • Goldex with Agnico Eagle.

Strategic Land Position and Infrastructure

Rison Mining's land position is highly strategic, offering exceptional proximity to existing mining infrastructure:

• Adjacent to Laron: The O'Brien Gold mine is located directly adjacent to Agnico Eagle's Laron mine.
• Proximity to Mills:
  • 7 km by road to Laron.
  • 21 km by road to Westwood (IAMGOLD).
  • 3 km directly to Laron, "over the back fence."
• Surrounding Landholders: The company's land is largely surrounded by major mining companies like IAMGOLD and Agnico Eagle, with Goldex being the only other junior company in the immediate vicinity.
• Infrastructure Access: The property is located directly on the highway, power line, and railway, facilitating efficient logistics and operations.

Resource Growth and Exploration Upside

A significant driver of investor interest is the potential for substantial resource growth beyond the current PEA estimates.

• Historical Mine Depth: The historic O'Brien mine reached depths of approximately 1 kilometer.
• New Resource Areas: The current resource is located on the eastern side of the old mine.
• Aggressive Step-Out Drilling: Rison Mining has been conducting "big, brave, aggressive step-out drilling" below the old mine and the existing resource.
• Undrilled Depths: For 70 years since the mine closed in the late 1950s, no drilling had occurred below the final stopes. Rison Mining initiated this exploration last year.
• Drill Results: Recent drill results have shown promising intercepts, including "an ounce over eight meters" at depth.
• Exploration Target: The company believes the "floor" of their exploration potential is at 2 kilometers depth.
• Targeted Resource Estimate: Based on this targeted exploration, Rison Mining believes the deposit could host between 3 and 4 million ounces of gold. This is the primary objective of their current drilling program.
• Drilling Focus: Approximately 90% of the company's treasury is dedicated to this aggressive exploration effort, with up to eight rigs and the 140,000-meter program focused on chasing these ounces.

Company Structure and Shareholder Base

• Market Capitalization: Approximately $250 million on the Venture Exchange.
• Share Structure:
  • Management and Insiders: 7% ownership, with the CEO actively buying shares in the market.
  • Regional High Net Worth Stakeholders: 27% ownership, representing a long-term and stable shareholder base.
  • Institutional Shareholders: A growing block of institutional investors, particularly long-only precious metals funds, are increasingly showing interest in Rison Mining as a potential growth story in the Abitibi region.
• Capital Structure: Described as "tight," with limited warrants and options.
• Cash Position: $35 million in the bank.

Conclusion and Contact Information

Rison Mining is pursuing a dual strategy of aggressive resource exploration and development of the O'Brien Gold Project as an integrated part of the existing mining ecosystem in Quebec's Abitibi region. The company's strong financial position, experienced management, strategic land package, and promising exploration results position it for significant growth.

For further inquiries, interested parties can contact Matthew Manson or Christina Pilong.