6ix Virtual Spring Conference: Breakout Room 2

0:07 Today, I'm joined by Luke Alexander, President, CEO and Director of Nucor Gold, David D'Onofrio, CEO and Director of White Gold Corp, and Sean Major, CEO and Director of Course Metals, as well as Anil Warich, Executive Vice President and Director of Stepgold. Over the last 2 days, you've had the opportunity to watch these companies' presentations and pose questions to them. Today, we'll be addressing not only those, but also any questions that come in live. Feel free to ask questions of our panel at any time during today's session using the Q&A tab found on the right hand side of your screen. With that being said, let's get started. And to begin with, I'd like to ask

0:38 a question of the group. Between inflation hedging, green industrial demand and a nuclear market about to realize its need for fuel, basic materials sector is poised for growth. Has historically outperformed other sectors during recessionary periods. So what are your predictions for the metals and mining industry in 2022? I can start if you want, Cam, or do you want to suggest?

1:08 I think if we look at the metals market so far in 2022, it's actually had its best start since 1915. Overall, the commodities are up about 140%. And I think a lot of that is obviously a result of inflation, but also supply constraints that we're seeing globally. Specifically from a gold perspective, which I think most listeners today would be focused in on given, you know, the gold companies that are on this panel. One of the interesting things that I've been looking at recently is what kind of move have we seen post rate rises in the US. And I think it's been interesting to see Gold up $20 on the back of the Fed increasing rates by 25 basis points yesterday. And if you look at that over the last kind of 20 years, the World Gold Council actually put out a very interesting chart that looked at the last 4 rate increases going back to 1994.

2:04 And on the back of each of those tightening cycles, you ultimately saw Gold outperform. So I think we're in a very good environment for Gold and ultimately that should be reflected in the price throughout the end of this year. Great. Thanks, Luke. Emil, I think you have something to add. Yes. No, I was just, thanks Luke. Very well said. So you did my job. But yes, certainly I think this year is off to a great start. You know, pent up, you know, I think going into COVID, we already had great fundamentals for precious metals anyways, as well as some other base metals as well. And obviously it's been exaggerated as supply chain issues, which we're all encountering obviously. And of course, with the new geopolitical issues as well and news.

2:54 We're certainly in a higher price environment and yes, it can go higher, but we're certainly happy with where it is today as well. It's very strong and allows for a lot of businesses to come online in a very high margin.

3:08 Yeah, I would add that producers are they are happy at these prices and they have been for about a decade, I think, filling coffers with good gold prices behind them after a round of acquisitions, you know, in the 2010 era. So Our company is trying to serve their demand for using up their reserves over that period of time by providing new discoveries. And so that's something that I think When you're exploring and producing, it's a longer term cycle than 1 year. But I think we will all benefit this year because the attention is on hedging for these things and certainly Gold remains a strong hedge and Gold stocks are the way to leverage that.

4:04 Absolutely. Yeah. I think those are all great points. You know what? It's just amazing that what we've seen in the last 10 years or what we haven't seen in the last 10 years, there's been a dramatic underinvestment in exploration. That's the job of guys like ourselves to help these majors and the producers replenish their pipeline. And that hasn't happened. And maybe this is sort of a little bit of an eye opener to people that these companies, that they need product to be able to mine, to be able to do their business. And if they don't have visibility, and these are big companies, not looking out 2 years, looking out 10, 20, 30 years, I think they're going to need to play a little bit of catch up here. We were already starting to see some of that before the pandemic. The pandemic really put a crimp into those plans. People just weren't able to travel.

4:49 That's how these guys got to do their due diligence, check out the companies, look at things. So I think they're what you start to see positive traction in terms of M&A in the Gold sector. I think that's going to continue. We've seen a lot of very high profile transactions.

5:04 The market is starting to wake up. I don't think they're there yet. We're starting to see it reflected in the commodity prices. But from an investor's perspective, in terms of investing in companies like ours, I think that's the real fundamental catalyst that's going to drive a lot of value in the coming number of years here as well. And obviously, these commodity prices just help to accelerate that. Wonderful. Thank you all. And speaking of catalysts, I'd like to go around the horn now and just talk about specifically your companies. What catalysts have been your most looking forward to in the coming year? I think let's go back in reverse order. So David, if you could start us off with that. Well, I think we're going to have 2 really big catalysts that people can look forward to. Our company is really unique in that we have just an incredibly large land. We total over 1 million acres. We basically own an entire district.

5:59 We've been doing a couple of things. We're fortunate to have partnered with Agnico and Kinross, who are our largest shareholders. And when we did our deal with Kinross, they rolled in some of their existing deposits that were in that district. So we have defined Gold resources. We're sort of up around 1.8Moz now. We've done a little bit of work in the last few years, trying to very efficiently grow those resources. And we've been very successful in making a number of new discoveries around our flagship deposit that we are very optimistic will continue to add significant ounces to what we think is going to be a very, very robust project. So good Gold grades in the ground. This is 2 plus gram peg material, open pit stuff, which that sort of calibre of undeveloped asset, there's just not that many of them around. So obviously this is going

6:43 to be a very highly focused on asset in a great jurisdiction like Canada. So we're going to continue to be able to grow that, which I love because every ounce you find that's more value for the company. But the other thing, which I think is the most exciting, why a lot of people are investing in this industry is for the new discoveries. And we had a tremendously exciting new discovery last year on a property called Arbetti. It ties onto Newmont's coffee deposit, which I don't know if you saw it just today, they announced that they received the green light from the federal, territorial and first nation governments to proceed with their development of that project. That's absolutely huge. So now, again, you're talking about geopolitical risk. This is the government of all 3 levels saying, guys, go ahead, build this mine. We understand the benefits here. We have our discovery, like a truly world-class 50m of 3.5g right along the same fault system. We think this could be another coffee.

7:35 Western Coffee is right down there with their 14Moz huge coffee, Gold 4.3oz. This is a truly elephant country. We're right in the middle of it. That was our 1st mining program ever. So to have that kind of success That early was incredible. We spent the last 6 months doing our research. We're going to follow up on that. We're expecting some really big things out of that as well. Thanks for that, David. Sean, what about you? What's happening with Qortus? Qortus Metals is in the early stages. We've got early stage projects. People might be surprised to know that we've got 15 to 20 at any given time as we add new ones and work our way through evaluating the portfolio that we acquired. It's based on a new methodology or a new target area in Nevada. We're looking in the basins.

8:26 There are only a handful of companies doing that. As we advance, we've got 3 stages of projects available for joint venture. And our catalyst is going to be forming those joint ventures to carry out drill programs during this year and next year. So you will see numerous projects with drill programs, results and fingers crossed, multiple discoveries. Wonderful. Thank you for that. And Neil, you're up. Sure. Yeah, We have quite a few milestones and catalysts this year.

9:06 Obviously, the biggest is announcing a restart of production this month. What that means is cash flow, pretty much immediately. We've been very lucky that we built up a stockpile close to 85,000oz on a recovered basis, sitting on our leach pad unprocessed, our ROM pad and blasted in the pits. This is material that's close to 2 grams oxide material. So it was turning out to be one of the highest grade oxide mines in the world. We never had any operational issues when we were in production. Obviously, COVID

9:34 caused some delays and reagents, but the biggest one is this month announced restart of production, which means restart of cash flow. The market can sit tight and not worry about an overhang of some equity raise because we weren't in production. We have US$60M of debt untapped for our Phase 2 expansion. Now we have cash flow come back online, starting at the 1st Gold port at the end of this month. So that's a huge one because this thing is a cash cow. It produces US$650-700 all in costs. We have already built up the inventory. So we're hitting the ground running with a lot of cash buildup on our balance sheet and we're going to strengthen our balance sheet right to the end of the year here, while expanding on our phase 2. So we announced that Feasibility Study at the end of last year, added 10.5 years of mine life, that double our current production profile. That's going to come online in about 2-years. We already have US$60M of that debt lined up 2-weeks after that announcement. And so we're starting to expand already.

10:25 The fixed question circuit is already being installed. Earth Works is doing all the last engineering work and long lead items being ordered. We're going to expand that debt package to closer to US$100M by the end of summer with the cash build-up. You can see that they are fully funded

10:40 for that phase 2 expansion. And in all that, you have production expansion and we have exploration to start on both our projects. More importantly, the UK projects in the Southwest of the country, we have never drilled. Nobody has drilled that license. We have 4 discoveries we made that we want to drill. They are drill ready and our colleagues, Urdeen Resources, have had a lot of success on their 2 licenses that are joining ours. So we're really looking forward to actually drilling that because exploration is important, like our colleagues pointed out. And now we have that. So we have a lot to offer between exploration, production and expansion. Thanks, Anil. And Luke, over to you. Resource growth really is the focus for us at Nucor. We've currently got the largest ever drill program happening on the project, 90,000m.

11:28 We did put out a PEA in 2021 that fundamentally underpins the value of the company. After-tax NPV of $300M at an $1850 Gold price. But really the focus is resource growth. And that's a combination of making new discoveries as well as expanding at all of our existing resource areas. We do have a very large district scale land package so 212 square kilometers in size. We've identified 25 targets to date, of which our resource only sits on 4 of those 25 targets. We've also made a number of new discoveries. We've announced those in the last couple of months, but really continuing to grow the existing resource areas, as well as now that we've made some additional new discoveries, start to do additional drilling to push those towards resources over time to ultimately get to our goal of building this to a 3Moz to 5Moz resource.

12:27 If you look at the other mines along trend from us and deposits along trend, you've got Toronto, 50km to the North. They sit at 5.5Moz.

12:37 Endowment, Bibiani to the North of that. And then you've got one of Newmont's 2 producing mines, the Ahafo mine at 15.5Moz. So very large deposits, mature deposits, a long trend, and we're really looking to grow the overall size of the resource to push it to that kind of size and scale. Great, thanks for that, Luke. Listen, gentlemen, Jane in the audience has asked specifically of White Gold. So We'll begin with you, David. Do you plan on having any financing activities happen this year? We actually just recently closed the financing at the end of 2021. It was actually on the backs of that big discovery on our Betty property. Our partner Agnico called and basically wanted to top up their investment in our company to 19.9%. So on the backs of that, we financed ourselves and we are fully financed for what we're contemplating to do in 2022.

13:30 Wonderful. Jane does have a follow-up question for the entire group. So I'd like to go around the horn again, but she wants to know if you're considering for your costs, planning figures based on inflation currently. Maybe David, if you want to take that one right away and we'll go through. Yes, listen, inflation is real. You need to absolutely factor that in. You'll see where it all shakes out, but I think it would not be prudent to assume inflation is continuing. From our perspective, in an exploration company, there's a look at driller costs, fuel costs, transportation costs, that sort of stuff. If you're involved with development or PEA level type things, then I think you're going to see cost increase on CapEx, etc. As well. So it's certainly something that needs to be considered for sure.

14:23 Yeah. And if anybody else wants to hop in there or talk about their specific.

14:28 Yeah, I would just point out that being in the early stage where we're doing field work and desktop work that leads to drill targets and very near-term drilling, our biggest cost inflation-wise is going to be the drilling program.

14:49 And Our operations are entirely scalable and based on working with joint venture partners who may have their own capacity or they may rely on us to manage exploration. But either way, it's collaborative and they would have targets to meet on their drill programs in terms of meters, but certainly it's a range and it's flexible. So we can respond with our partners to any changes in costs. It doesn't affect us in this year as much as it would a producer perhaps.

15:29 I'll jump in there too. As a producer, certainly our consumables, diesel, reagents, even construction of planned equipment, you've certainly seen some of those rise in pricing, but we do have the offset of a higher Gold price. So as we produce now, we're getting the luxury of a higher Gold price. So that's the benefit of being in production here is we get an offset usually if Gold moves away. It does. And it has. And when we bought the project on a US$1,250 assumption and built it on a US$1,250 assumption, So we haven't had to pay for the extra $600 a margin. And so it's become a bit more immaterial, thankfully, if gold continues to perform as it does and is. Absolutely. I think the last, I mean, just from a from a new core perspective, without a doubt, inflation is something that we monitor closely.

16:20 One of the advantages we've got in Ghana is that it is a very competitive market. So there are a lot of service companies in-country who are ultimately headquartered there servicing all of West Africa. So as a result of all of that competition that helps from an inflation perspective when you've got multiple people bidding on the different contracts that you're doing from a drilling perspective, as well as from an assay perspective, multiple labs in country, which for us, again, as an exploration stage company, those are our 2 key costs. So that competition really helps. Absolutely. Luke, Mark in the audience wants to know, you previously mentioned an updated PEA for 2022. Could you give any timing on that?

17:04 At this stage, we're looking at getting a resource update done by the end of this year. And then we look at, you know, based on what that resource is, you know, what the new size and scale of the project would be. So we're looking at doing an updated PEA more likely in 2023 than end of this year. Fair enough, thank you. Sean, question was asked during your presentation, but You were talking about JV. Could you give more colour to that? I've covered a little bit of that today. We've got projects at 3 different stages. Roughly, these are rough numbers, but call it 3 projects at the drill targeting or drilling stage.

17:59 They've got their targets. The second stage, there's about 10 projects there where they were part way through the targeting stages And a lot of news still to be made in reaching those drill targets and validating the model.

18:22 So that might appeal to partners who are looking for a project to go public with. And then our final stage is where we have a desktop concept on something that where the story is marketable and there needs to be roughly 100,000 dollars spent in order to reach the drill target stage. So joint venture partners that we are looking for include, or speaking with actually include private groups that have 1 million or $2 to spend over a year or 2 in their quest to go public. And they would take on more than 1 project with the hopes of increasing their odds of a major discovery.

19:16 Another target includes a group where they require an exploration portfolio. That's been addressed here by some of the producers. And we're in a very safe jurisdiction, so we have a stage of project where that same investment of 1 million dollars could be spread across several projects and reaching the drill targets and choosing 1 to drill. So our whole model is built around the odds of discovery and making multiple discoveries so that we have the benefits of those curves for our shareholders.

19:55 Anyone who's interested in joint venturing or evaluating, looking at our properties can contact us. Can contact us. We have 3 to 4 discussions in progress at the moment, and that will result in some joint ventures, but certainly every one of these projects, regardless of the stage, was intended to be a significant scale. That's the nature of the methods that are used. And they're near or on structure from existing deposits and mines. So these are exceptional opportunities

20:44 and kind of an unusual portfolio for a small company, not to mention a $0.10 stock that's just starting up. Absolutely. Thank you, Sean. And Neil, during your presentation in the last 2 days of the conference, a question was asked about when phase 2 is ending. Is it ending in 2022 or 2023? It's actually ending in 2033. Phase 1 is currently running for the next 2 years. That's the oxide mine. And phase 2, we expect to come online in 2024. It has a 10.5-year mine life at about 100,000oz run rate. And we think that will grow both from a production profile and from life of mine. But I guess

21:27 2034 is the answer from when phase 2 currently will run out. Fair enough. Thank you. We have a couple of questions about the same topic. So I'll make sure that it goes out to the group. There's a little indication that white gold may have a stake in it to a degree or may be able to shed light on it, But what's the impact to the district on the Coffee Gold project approval by federal and local government up in the Yukon? And what are the thoughts about the climate improving for mining in Canada? Do you think it is? So David, Maybe if you have any insights to this topic, you could lead us. Yeah, I think, as it relates to the district specifically, it's very, very significant news, right? As it touched on earlier, this was a green light for the advancement of the project by all levels of government.

22:17 That's the federal government, the provincial government, and the First Nations. So once you have that, now basically it's just a matter of going through the permitting process, but without that there's nothing. So from an investability perspective, you really can't get a better vote of confidence. I think that's what every investor should be looking for when they make an investment. At the end of the day, you want to show that these things can be put into production. So that's incredible. The fact that it's the largest Gold mining company in the world that's working on this project. I think that people can look into that and get a lot of confidence in our territory, in Canada as a whole. Obviously, it's different, but these guys do their homework. Now, recall this asset was inherited through the acquisition of Goldcorp.

23:08 Goldcorp paid $500M. This is a Sean Ryan discovery. This is the second biggest big discovery in the district. Goldcorp paid $500M for it. Newmont comes and buys it. Over the next couple of years, Newmont sort of divested some of the Gold Corp assets. They kept this one. It's a little bit smaller. It was about 4Moz at the time. A little bit small for a huge company like Newmont, but they kept it, they worked on it. And now to see that they've gone and made the effort to put it, to take it to this level, that should show them people that they've really done their homework. And this is an area that they want to invest in. And from a macro perspective, you see Newmont there, but you also see is their neighbour to the sort of Southeast,

23:49 Rio Tinto, the second largest mining company in the world, has also made a very significant investment in the district, putting US$25M to partner with Western Copper. So you have 2 of the largest mining companies in the world there. Our partners, Agnico and Kinross, are obviously very much invested in the district. So that should tell you what these guys, the best of the best in the world, view as the investability of this district.

24:12 So I think that should be clear that that's hugely positive from that perspective. As it relates to us specifically, we basically own 80% of all the known targets everywhere else around these companies. So, I think from a prospectivity and probability perspective, we are very encouraged to know that we think that with these investments, the district will continue to be developed. There's also a program known as the Resource Gateway that the federal and provincial government announced in 2017, where they will be investing hundreds of millions of dollars to upgrade infrastructure in the territory,

24:48 specifically for the advancement of mining and exploration. And about a third of that is focused directly on our district. And a big chunk of that is putting a road system in from Dawson right down to the coffee mill. So again, anytime there's infrastructure investment in a district, that's huge. But this is particularly incredible for us because this road basically comes right through our entire land package, which as I mentioned, is probably one of the biggest I've seen. It's about 4,000 square kilometres. And it really unlocks the economics of any ounce of Gold you find anywhere. If you look at a mature mining camp like Timmins or Valador or anywhere else, any amount of Gold you find, you put in a trough and you bring it to one of the mills in the area. So now luckily we're going to have one here. I think our project is getting close to ready to be developed. So as this camp, this is a very significant step in the development of what I think will be one of Canada's most exciting emerging gold camps. So it's a huge, huge step and milestone for the district.

25:48 Thanks for that, David. Questions come in for the whole group. If you had to point to 1 thing that you believe sets you apart from your peers in regards to value potential, what would that be? Luke, maybe you could answer for Nucor. You know, new discoveries and resource growth. I mean, I've spoken about it a little bit, but as an advanced stage exploration company, ultimately building this to a 3 to 5Moz resource, I think at that stage you've got the size and scale that becomes attractive to any mid-cap or major company out there. And as we go through that process of growing this to 3 to 5Moz, de-risking the project by putting out updated PEAs to fundamentally underpin the value of the company is kind of the focus.

26:36 One thing I might just add to David's comment from a Ghana perspective, he's obviously focused in on Canada, but similarly, Newmont in Ghana, we're seeing them invest another $800 million into the country. That's a deposit that sits about 200 kilometers to the north of our Enchi project along the Safui-Bibiani Belt. I mean, for the largest gold company on the planet to be taking their production in Ghana from 14% to 20% of their total global production is a huge kind of vote of confidence for the company, both from a security perspective, as well as from a political risk perspective. So I think David's comments are very valid 1 in terms of when you're looking at jurisdictions, when you're looking at countries, it's important to look at what are the majors doing in those areas.

27:24 The fact that, you know, as David's highlighted, that Newmont's, you know, pushing this project forward, that the governments have all signed off on it is a huge vote of confidence. And when we look at that from a Ghana perspective, we've got 4 of the top 10 largest gold producers on the planet operating in country. Newmont's growing their, their production at 20%. As I highlighted, you've got gold fields at about 35% of global production. Kinross and Anglo are both at roughly 10%. So, I mean, again, that highlights what a great jurisdiction it is to be operating in. So just to add to David's comment that it is really important to look at what major companies are doing from that perspective. Absolutely. Thank you, Luke. And Neil, what's 1 point that separates the step gold apart from your peers in regards to value potential?

28:14 Well, yeah, I mean, obviously, we are significantly undervalued as a producer today. Given our cash flow generation this year alone, my guess is cash flow to current market cap, we're probably one of the cheapest. And I don't think that Mongolia discount is a reasonable reason anymore. We don't have any violence in Mongolia. You can build world-class mines. Rio Tinto just made a $5B bet by a $2.5B cash offer for shares. And obviously the follow-on CapEx that they'll spend there, that Turquoise won't be. So certainly undervalued. There's not many producers, I think, that can offer still a return of multiples. And that's what we offer without having to raise money to get there.

29:01 Absolutely. Thank you for that. Sean, what about Cordis Metals? What's the 1 point that separates you? Well, Cordis Metals is a new company with early stage projects, but it's got several of them And that is unusual. But I think the other thing we have that others don't is we're part of the metals group. So the metals group has several companies under its banner, including, well, first of all, the principals have been at this for 20 years. We were on the board and part of the discoveries at Kamenak and Coffee. We've been a part of Committee Bay and North Country Gold, as well as brilliant resources in mining. We've worked in Western Australia as joint venture partners that increase the reserves for our mining partners.

29:55 We've been in Africa and some pretty gnarly jurisdictions, learned some important lessons there about mining laws and barriers. And we're also in the Golden Triangle. Well, as we call it, the Golden Horseshoe, because it actually wraps around to the east on the east side of the Bowser Basin. In that project, we've dealt with 4 First Nations groups that have their traditional lands where our projects are. So We've taken all of this experience with these jurisdictions and we're applying it in Nevada to get a foothold there. We've seen our companies go from pennies to dollars and we've sold our projects for 500 million dollars as well. So there's a lot of experience here.

30:52 And I think that is what you're gonna see with Cordis Metals. Every week we've got an entire panel of technical people and at our disposal. We're at a low cost jurisdiction and a low cost overhead with our company. But what we deliver is a high-end capacity in technical marketing and corporate ability. So I think we're onto something here in Nevada and people should be looking closely at us. Thanks, John. And David, what separates white gold? I think fundamentally, the one main thing is just opportunity.

31:40 We're in this district that's one of the richest historical plaster mining districts on the planet. Seen over 20Moz of gold literally just sitting in the creek beds. And it really wasn't until 10 years ago that the first diamond drill got put into it. It's just people couldn't figure it out or weren't willing to invest. And it wasn't until Sean Ryan went there with some different approaches, utilizing different techniques to try and figure it out. And in that time, I truly believe he's cracked the code. He's figured out how to find these mineralized systems, shown an investment thesis and a little bit of work that's been done so far, the success rate is almost unheard of in this industry. He's had 2 major discoveries and these are literally from surface. So you have 20Moz of Gold.

32:28 The probability of having a lot more Gold beneath the earth are tremendously high. I think these major mining companies we've touched on share that view. The district is a great place to work. And as we continue to explore, I think, and as we continue to learn, our optimism is just increasing about the opportunity for more and more new discoveries. We see what works. We see what it leaves. We see what everything else has. We're talking surface exploration. We've had these 2 big discoveries. We've made our Betty discovery this year. The situation for that couldn't be better where it is. And on our 4,000 square kilometer land package, we see many, many, many more opportunities for that. So I think the upside of the opportunity to be able to basically own a district, which what we think is gonna be one of Canada's newest and most exciting emerging Gold camps to get in basically at the ground floor. It's like going back in time and buying 80% of Timmins 70 years ago or parts of Nevada or Quebec. I think those opportunities are very few and far between. That's what got us so excited as part of the Power 1 group to back Sean Ryan and this portfolio.

33:38 And then everything we've envisioned happening is continuing to happen. Right now, we've got to get out there to help people articulate the story. Unfortunately, we're still very undervalued here. We have some great analysts that cover us with targets close to US$3, and we're down at US$0.65. I think that the fundamentals are there. We have ounces in the ground. They're very high-quality ounces, Like I said, over 2g, open pit type stuff, those types of assets are getting more and more rare. But it's really this just unbridled exploration opportunity that we've shown our technique is working and we expect a lot more of that is what is getting us most excited and really what differentiates us from a lot of the companies out there. Great, thank you, David. Luke, another question from New Corp. Are there any concerns with the Ghanaian presidential election in 2024?

34:27 Do you think the NPP is likely to win again? I mean, if you look at the history of Ghana, it's been a very safe, stable jurisdiction for a number of years. You know, about a year and a half ago, we had an election in Ghana by all international observers. It was another free and fair election and that's consistently been the case in Ghana over a number of years. I think Ghana unfairly sometimes gets roped into West Africa and obviously We've seen a number of political issues and coups in West Africa in recent years. But again, Ghana has been removed from that for a long time.

35:14 And as a result, I would expect the next election, again, to be a free and fair election. And that's consistently been the case. And I would just go back to the point about, you know, 4 of the top largest gold producers on the planet with significant operations in country. You can listen to me all day say how great Ghana is, but look at what major companies are doing. They've got huge political risk teams internally, security risks teams internally. So the analysis that they do, I think should give investors that added level of comfort in terms of what a great jurisdiction it is. Oh, absolutely. Thank you for that, Anil. And you touched on this just just a few minutes ago, but with Rio Tinto's recent 2.7 billion dollar play in Mongolia, What do you think that means for others operating in the jurisdiction and for the future prospects of Mongolia as an investment jurisdiction?

36:09 I think it's great. It's the endorsement we need. I spent a few years spending a lot of time on meetings at the beginning talking about the Rio Tinto saga with the government. And it's explained that it wasn't a country-specific issue, it was an asset and a company-specific issue, which has been going on for 10 years. Yet that mine still got built, it still came online and expansion still moved. So it was too big to fail. And it's always continued, but a great endorsement in terms of that amount of capital, which is basically double that ticket price. We may end up going up as well because it seems a little opportune in terms of pricing and de-risking of turquoise over the last year. But a great vote of confidence. Obviously, that's a super major. It's the second biggest mining company in the world, making a bigger bet on Mongolia.

36:54 That's one of the biggest Copper mines in the world. When the expansion is complete, We tried to be the poster child to say that you can build and show us poke holes in our story. We built a mine with the government support and capital. So clearly it is a very investable, but now we need a big headline like that to help sway people. And so that's gonna make our job a lot easier when we're talking to people. It's obviously you can do things in Mongolia a lot quicker than and still with quality, by the way, than you can sometimes in Canada. Right. What we've accomplished in just a few years as a public company would probably take a decade in some jurisdictions that are tier 1. So a great vote of confidence. Really good news for Mongolia for us. And I think for you know in the future you're going to see others follow and hopefully the only way that they can make and follow is coming through the platforms like us as we continue to grow and de-risk our own pipeline and build that pipeline.

37:48 Fair enough. Thanks, Anil. Sean, a question is coming out. You had a PR go out last night, but is there anything that you wanted to highlight about it? What do you what do you feel is the most important there? Well, just the press release last night was about repricing warrants, which is something that we submitted to the exchange in December. I think that we could all agree there was kind of a...the market was not kind in the fall and we're a new company. We had, we saw our stock go from, you know, around 15 cents to 10 or 12 cents.

38:36 And so this news release yesterday is the exchange approving the repricing and extension of those warrants. That means that all of our warrants outstanding, which is about 24 million, are repriced to mostly 15 cents. Some of them, the lowest possible price was 15 and a half. And so these will, if they are all exercised, they would bring in nearly $6 million for us for our treasury, which is more than enough to, far more than enough to finance our business plan in Nevada. And there's a trigger on them, a 20 cent trigger.

39:24 So this is entirely achievable. People would see normal returns from discoveries in that range, I would think. And, you know, they would have a fair shot at exercising their warrants. This is also, we're raising money with similar units. So a 10 cent unit with 0.5 warrant for 2 years, the same accelerator at 20 cents. It's an opportunity for people to come in at the IPO price and follow our success as we enter these joint ventures and produce the drilling results in the near term. Thanks for that, Sean. David, question from Jane. You mentioned that you're undervalued.

40:14 Did you analyze or could you analyze for us why and also what you want to do? I think there's a couple of reasons why I think we're undervalued. The easy one is you can look, and I think we have this slide on this in one of our presentations on the website, just based on our defined ounces that we have, that's a very common valuation metric for companies with defined resources. And on that spectrum, I think we're one of the least expensive companies based on the ounces in the ground, which as I mentioned before, I think they remain open in all directions. The work we've done, I think we're quite optimistic that those will continue to grow significantly and really based on these new discoveries we're making in very close proximity And the fact that they're on a 6km trend, which has seen almost no expiration ever.

41:08 We are incredibly optimistic about the upside potential of that project. That's our golden saddle, Ryan's surprise area. But then you look at the other side of our portfolio, right? And this is our challenge. You asked the question why? White Gold is a bit of a super junior, right? In 2010, when this area of the Yukon was the frenzy of junior investment, when the Kaminak was first getting set up before they had their investment. The properties that we own now were held by about 7 or 8 different junior companies. There's Sean Ryan, he had this entire portfolio, helped these companies work with it. You know, when the market went soft in 2012, 13, 14, he ended up getting it all back with the benefit of about $25 million worth of work had been done. He cherry picked what he kept was the best. Right. So now it's a high graded part of what's been out there. You know, the value of those companies at that time when gold was at a lower price, The district didn't have these majors in their investing. So I would say a lesser of an investment thesis was probably $7 or $8. And that's not even including the ounces that we have. So it's a little bit confusing maybe. And sometimes that is an issue where you have too much going on in a company.

42:18 We're very much looking for ways to unlock that value. We do view ourselves as a project generator. We view White Gold being here for the next 20 years, making discoveries and vending those to the different producers in the area. Obviously, Nico and Kinron are our partners. They're the ones that take the golden saddle, move it to the next level, which would be feasibility and development. And as we continue to go on and make these new discoveries, we can then look to monetize each of these different assets for the value, for the benefit of the shareholders, which our group along with Sean Ryan are the largest shareholders, which we need from Kim Ross, and continue to do it. And we think we can do this over and over and over again for this period of time. Because like I said, I really believe that, we have cracked the code to discovering these mineralized systems in this prolific district that has not seen any real exploration work.

43:11 It's just a matter now of starting to execute on that a little bit more, helping people understand the opportunity, the fact that there's so much going on here. It does make the story a little bit complicated, but as management, shareholders, I think it's an incredible position to be in, to have this such a unique opportunity, such a great jurisdiction with the great backing that we do have. Thank you for that, David. A question to Anil. Your protection was offline for a few months. Could you tell us about your cash flow position now and how you're going to mitigate the reagent risk in the future going forwards? Yes, sure. On the cash flow side, we managed to bring in US$65M between the debt package and a US$5M repay, which was basically our working capital to get to the winter without production, as we knew we wouldn't restart till now anyways, even if we got cyanide in December or January.

44:08 Cash-wise, we're fine. That cash was about US$3M starting production this month. And while the 1st Gold sale won't be a full run rate, by the end of this month, we'll be probably in the millions and will be mostly coming into the till because we already paid for all this material last year. So we had the benefit of cash cash flow coming online almost immediately out of the gate. So next month will be another one, April. So cash flow, no issue. Cash on hand and future cash from monetizing this inventory immediately builds up very quickly. I think I mentioned you know probably about 20 million bucks US over the next 3, 4 months. It builds up that quick. So no issues there. And I'll continue. On the reagent side, we've obviously expanded that beyond one country and 1 vendor, relying on China with the land border that still has not opened up today for hazardous materials. Now we've got a crusher across in the fall, but it has not opened.

45:06 We've been working on it for 6-9 months now with other supply channels and we have about 4 open to us now. Even if that land border does open up, great, That's the fastest and easiest and cheapest. It has not. We have 4 channels opened up and we're actually building up an inventory. We expanded our storage on site from 200t to 400t. 400t is basically about a year's worth of consumption anyways, But our goal is over this month and next month to have a six-month inventory build-up. So we'll always have 6 months ahead of us for not just reagents, but even other key supplies, including fuel. So I've certainly learned to have multiple countries, multiple suppliers for this key chemical that we do need to get to production online. So we've certainly learned and we've grown our base. That's why we're very comfortable going forward with the top-ups that are happening.

46:01 Absolutely. Thank you, Anil. David, another question for you in White Gold, but could you speak to or continue with elaboration on the unique methodologies that White Gold uses to explore for Gold in the Yukon? And what do you think makes these strategies so effective? So the Yukon is a little bit of a different territory than most of Canada from a prospecting perspective and the reason that is because this area was actually not glaciated. So most prospecting is done at least in Canada by sampling outcrop. The glaciers come down, when they did, they basically scraped all the topsoil away as they were moving and exposed the underlying bedrock, which is known as outcrop. And traditionally, your prospector would be walking around in the bush and with their little chip hammer, take a sample, send that to a lab.

46:48 And that's what you use to identify what could be a potential that could validate additional exploration like trenching or drilling or geophysical work or what have you. Because it was not glaciated, there's very little outcrop action in Yukon. It's about 2%. So that technique just did not work. And that is my belief as to why nobody really spent the time looking at it. It's kind of a no-brainer. You have 20Moz of Gold sitting on the surface. Why aren't people going up there with modern exploration? Just that first step of prospecting, the tools that people use in this country to do that just don't work. So that was an issue. But Sean, when he went there, he used another approach, which is based on soil geochemistry. Soil sampling, if you've watched any of our videos, you see, you know, the guys got basically a tulip planter where they sample into, you know, a couple of feet deep into the soil and they use that as their sample. Now it's not necessarily so simple as, hey, I found a little bit of gold in my sample. There must be gold here. A lot of the times, and Sean, he's done a tremendous amount of research.

47:52 And I believe now, you know, starting on the work that he started in 2005, our district probably has one of the largest geochemical databases on the planet. I think we're up to almost 500,000 samples now. So that really helps you understand the mineralization of the entire district. And often it's other pathfinder elements like Bismuth, Tellurium, Arsenic that help you sort of vector in to where the Gold might be. And once you found a mineralizing trend, then you look to advance your exploration. And there's other tools that Sean has sort of developed, which have been actually incredibly effective and environmentally less disruptive. One of them is called the geo probe. So as opposed to trenching, you put a hammer drill into the bedrock, you know, a few feet into the bedrock. Now you're starting to see what that outcrop actually does look like. And this does not leave any impact at all. It's like a 3 inch hole.

48:48 And it's also no bias in the sampling, right? If you're in a trench, people look, maybe they pick a better sample, maybe they don't. This is going blind into the ground. It helps you out. So Sean has developed these techniques over time, shown to be effective. But as a researcher, he's continually looking to see how can we do this more effectively and efficiently from a cost and time perspective. So he's developed different protocols to help people do that. He's incorporated modern technology. We use a lot of droning now. First the drone started to just help you know look at the topography but now we've actually brought it to start to use some of our other you know geophysical sampling, LiDAR, MAG, etc. So instead of having you know people, planes, helicopters in the air consuming you know fuel, you have these rechargeable drones doing a lot of that work. Right. So these and that's how they through Ground Truth have coined the drones to drills methodology.

49:42 And on our website, there's a few videos that go into a little bit more detail, but at a high level, it's been very effective. Number 1, most important, but it's also helped save time and also helped save a lot of cost, which is as a junior mining company, these are imperative to optimizing the value creation of your company by minimizing your need for capital and thus minimizing dilution. Thanks, David. Listen, as we begin coming to a close today, I'd like to go around the room once more. And, Sean, I'd like to start with you. Same question we posed to each. If an investor could walk away knowing only one thing about your story, what would it be, Sean? We are an experienced group with a new company in an established jurisdiction.

50:31 This jurisdiction is target-rich in terms of projects. We are first movers in the basins of Nevada. Most of the work and discoveries and production in Nevada has been in the ranges, we are in the basins. We're looking for large discoveries. We've got multiple projects, and we expect to be making news in the very near future. This is an excellent opportunity for people at 10 cents. It's a ground floor and I really encourage people to get involved. So we hope to generate the kinds of returns that we've been known to do over the years.

51:21 And we're just getting started. Thanks, Sean. Luke, what about Nucor? What's something an investor should know if it's only one thing? Nucor is a district scale exploration project on a proven trend, the Cefuibibiani belt that has multiple 5Moz plus deposits along trend from our Enshi project. The company is fundamentally underpinned by a PEA that we put out last year that outlines very robust economics for the project. Fair enough. All right. Anil, what about Stepgold? Yeah, I think I've already beat down the cash flow, the double of production in a couple of years and expiration, all funded from cash flow.

52:07 I think the main point that I haven't spoken about is alignment. Our board and management team own 20% of the company, roughly. We've never issued an option lower than our listing price in 2018, when we hadn't even built a mine. That was at US$2. In fact, our stock price was US$1 when we issued the options for the first time ever, and we did it at US$2. 100% premium. So we have alignment with our investors. We share the pain and that grief with you. We don't necessarily dilute. We always take the first steps in the business to protect it. It's our own business, just like all our investors. So I think That is a key point to focus on as well. Thanks. And David, what about White Gold? What do investors need to know? One other thing I would touch on that I haven't mentioned yet is, although White Gold is a relatively new company, that Sean Ryan and the Power 1 Group formed in 2017, It has the benefit of almost 20 years now of work that Sean Ryan and his team, along with other companies have been doing in the region to understand the systems and have invested over that time north of $100 million.

53:19 So you're coming in sort of at the tail end of that initial reconnaissance period. The money's gone in, it's demonstrated the success. There's now ounces in the ground. This company probably trades the cheapest of any of its peer group in terms of those ounces alone. But what's the most important thing is they've proven that the system works. So we believe that they've cracked the code. And what we foresee is many, many more of these new discoveries. And we're at that drill phase now. The early work has been done. The targets are lined up. There are a lot more. We have some other credible targets. They're sorely staged. But we have these real new targets in elephant country. We've demonstrated great grades. We have the reason to believe why they could be substantial new discoveries in their own right.

54:09 We're actively diamond drilling them right now. So to be able to have all of that in 1 company, in a great jurisdiction, with these amazing partners, with other majors continuing to invest. All it really does, check all the boxes of what will lead to success in this industry. With the Power 1 Group, we've been fortunate to be involved with a number of companies that have been tremendously successful. And we really see all those characteristics here so much so that, you know, we're actually part of management working kind of together with Sean and his team to build what I think is going to be one of Canada's most exciting and prolific Gold Camps in the coming years. Thanks a lot, David. Listen, that's all the time we have for today at this point. I'd like to thank everyone for joining us and especially those who participated by asking questions. As a reminder, if you'd like to book a meeting with any of the speakers you see here now or throughout the rest of the conference, you can do so using the link sticking to the top of the chat, which can also be found by going to our site on the conference page and navigating to the meetings tab. Join us again for the next breakout session starting at 2 PM Eastern today.

55:13 Look forward to seeing you there. Cheers.