6ix Virtual Spring Conference: Breakout Room 7

0:08 Well, hello everyone and welcome to the last day of the 6th spring virtual conference. At this point, you've seen all the presentations from the participating companies. And now's your chance to ask any questions that you have to the CEOs of the participating companies. So I'm really pleased to introduce our panelists today. We've got a great lineup for you. We have Adrian Fleming, CEO and Director of Gold Island. We have Chad Peters, President and CEO and Director of Ridgeline Minerals. We have Laurent Eustache, Executive Vice President of Bior. Oliver Turner, Executive Vice President, Corporate Development of Corora Resources. And last but not least, we have David Christie, President and CEO of Orford Mining. Before I jump into the attendee questions, just a reminder that you can submit your own questions at any time on the Q&A panel on the right-hand side of the screen. We'll try to get to as many as possible.

1:00 And as always, the summit is being recorded so you can watch it again on six.com. But I'm interested to know between inflation hedging, green industrial demand, a nuclear market about to realize its need for fuel, the basic meta sector that is posed for growth and has historically outperformed other sectors during recessionary periods. What are your predictions for the metals and mining industry in 2022?

1:24 I'm going to kick it off with you, Adrian. Thank you. Thank you, Dasha. Well, we work in the gold space. And so I see gold continuing to oscillate quite dramatically. That may or may not be a good thing. I also think given the turmoil we're seeing in Eastern Europe that the capital markets might pull back a little bit and it may become more difficult to raise money. Raise money for exploration, that is. Oliver, what are your thoughts?

1:57 Yes. So, you know, also obviously heavily focused on Gold, but now foraying into the Nickel space. You mentioned the demand for the green energy transition. We are becoming a more significant Nickel producer here, so certainly excited about that market. I think what you're seeing is with a lot of these metal price movements combined with restricted supply, you're going to see demand for new projects to come online. So maybe not the traditional capital market sources, but I think we might be seeing capital coming in from other sectors. A lot of the

2:27 EV producers are going upstream to the deposit level. So a lot of new investment from alternate sources as people start to realize that we've got all these great green transition plans, all these climate goals. However, we do not have anywhere near the metals required for electrification and all the infrastructure required. So at some point in time, the general public and the larger investment public will realize that. So I am encouraged by that side of things and gold will remain a very important part of any portfolio with respect to hedging the turmoil that Adrian just talked about. So optimistic on several fronts. Great. Chad, what are your predictions for 2022?

3:06 A little boring to say I agree with both of the previous guys here, but I really do. So I think from our side, There's a big disconnect right now between the junior markets and the metals prices and stuff. And like Adrian said, it's probably going to be a lot of volatility over the next little while. So we're focusing on just going out and making discoveries and hoping that the market catches up to the junior space here in the next sometime in 2022, if we think it will. Great. Laurent?

3:37 Yes, I would say I agree with what has been said. I mean, it's difficult and no one can really predict the futures and the fluctuation of the market. But given the increase in demand and cost inflations, I believe we enter in a circular bull market cycle for most of the commodities. So it will be good for the mining industry. I hope so. And David?

4:04 Yeah, I hate to say it. I agree with the previous 4 speakers, but I do. As a Gold and a Nickel explorer, we've seen the funds that Oliver talked about coming into our Nickel project from groups, very large investment funds in the world. And the gold investment industry is definitely going to see some volatility, but I think a general uptrend because of the uncertainty and the inflation that we're seeing. And As a geologist and an ex-analyst, I'm optimistic on both fronts. So the demand for battery group metals and

4:37 the hedge that gold provides in uncertain times I think will be good for all investors involved. Thank you. I'm interested to know, with the COVID restrictions lifting, what impact, if any, have you seen on the industry? I'll throw it to you, David.

4:55 Well, for us, at our remote projects, we've had to spread people out, and so costs have gone up because of that. And, you know, testing and nurses in the camp and all these types of things and isolation before entering our camps. And so there's definitely been more costs involved.

5:14 Hopefully this year, that part of it is sort of gone in a bit, in a way. But definitely there's been some more costs involved in operating remote projects. Laurent, any changes you've seen? Yeah, I mean, we've been also had to take care of that. But the main aspect we've encountered is the lag time for the labs. And we had some issues associated with that. But I think we've been able to manage that pretty well.

5:48 That's great. Pat, any changes since COVID?

5:53 We've been pretty lucky. Our whole team is Nevada-based, all our projects are Nevada-based. So between working socially distancing, I guess, working from home and getting out in the field, which is social distancing at its finest, I guess. So, you know, we haven't had a really big change in our productivity or our costs from that perspective. I think like anyone can say is this inflation, everything going on right now has given all the drillers and every other service industry in the group to just automatically

6:23 go, what? We're increasing our rates 40 percent or 50 percent, right? Because of so I think that's where we've seen the greatest cost increase has just been as a result of all of our people, the contractors we rely on deciding that their cost has now gone up anywhere from 50 to 100% depending on who you talk to. So.

6:42 Thank you, Oliver, anything that you've seen? Yeah, for sure. So, you know, additional costs, just like David at his camp, we've had medical staff on our camps as well. So a significant annual cost there, similar to the Murrah Assay Turnaround times in Western Australia, been 7 to 9 weeks for us, which is a joy when you're exploring. And then, you know, certainly being in Western Australia, our investors have heard us talk about this a long time, Western Australia was sealed off for 627

7:10 days. So for, you know, maybe 300 of those days, it was good because the rest of the world didn't have the vaccines yet. Obviously that's changed now. So the labor market was incredibly tight. And as of March 3rd, those interstate borders have finally opened up where you no longer need to spend 14 days in a hotel room in order to get in and out of the state. So 40% of the workforce comes from outside of state in Western Australia. So we're hoping over the course of this year, it's not gonna happen instantaneously. A lot of that captive labor force outside of WA will be coming back into the state to get back to work. And hopefully we see some rationalization of salaries

7:47 and contractor costs. Although these things tend to be a little bit sticky. Usually once they go up, they don't go down as quickly. So we'll see what happens. Thank you. And Adrian. Thank you, Desha. Yes, as an early stage explorer working in Newfoundland, what we found with our work last year was that COVID slowed down the rate at which you can get work done. So it's costing us more per unit to get activity undertaken.

8:18 And I do share with the previous comments on this topic. The other thing that I'm looking forward to, of course, is being able to travel. New Zealand has had a very closed-door policy about travel that's opening up. We really have had severe limitations on being able to go from 1 part of the world to another.

8:41 I used to just drive out to the airport, hop on a plane, fly overnight to Vancouver and go to meetings. You know I haven't done that for 2.5 years and so hopefully that will come back soon. I believe it will. I hope so. I'm eager to hear more about each of your projects and company and I'm wondering if you have any upcoming Catalyst events that you're most looking forward to this year? I'll throw it to Laurent to start. Yeah, sure.

9:11 What I would say is that once we initiated the consolidation of our Beltar flagship project, let's say 12 to 18 months ago. So really recently, we've been excited by the geology with the high grade component and the large footprint of the historic mining camp that we've consolidated with up to 12 kilometers stride. So that's that was suggesting that there is an important metallogenic system underneath the high-grade mineralization

9:40 at surface that we know. So we're looking forward with more exciting results and be able to victorize on potential and economic result by the drill bit.

9:54 Great. David, any upcoming catalysts you want to highlight? Sure. So we've just started a drilling project at our Châtel-Égle project in the Abitibi. So We're eagerly awaiting getting some drill core there and getting it to the labs, which will probably take longer than it should, as we've all just mentioned.

10:13 That's exciting. And then this summer, we've got 2 big drilling programs up in Cape Smith Belt. So at our Nickel Copper project with Wailu Mentals, approving a $5M budget. And then at our Kigabit project, we're doing 3,000m of drilling there as well. So lots of drilling in the next number of months.

10:31 Adrian, anything you want to highlight? Yes, thank you. As I said, we're working in Newfoundland, Gold exploration, fairly early stage. We conducted about US$1M worth of first pass geochemical sampling last year. Results have come back and we're pretty happy with those. I think the main thing we're looking forward to in Gold Island is 2 things. Firstly, to continue our geochemical work and our field examination of interesting targets commencing in May this year with the summer. And then more particularly taking Gold Island public. We're still private. We've raised over US$8M thanks to Eric Sprott and our colleagues from Power 1, Pat DeCapo and his team in Toronto.

11:20 And so we're planning to take this entity public probably in the third quarter of this year. And hopefully the markets will be kind to us And our results to date will support a lot of interest in Gold Island.

11:37 Chad, any upcoming catalysts for Ridgeline Minerals? Yes, we finally have some to talk about because it's been quiet over the winter time here in Nevada. We're starting drilling at our Salina project early April. And that's a really exciting CRD target that we identified over the last few years. We've made a pretty substantial oxide Silver-Gold discovery, but in our holes that are down dip, we actually drilled some pretty substantial Silver, Lead and Zinc intercepts. I think the best we hit was 5m of 400g Silver,

12:08 4.5% Lead, 3.5% Zinc and 0.6g Gold. We think that we're on to a CRD discovery, which with the markets, we think that having something that's not just Gold would be a great addition to our portfolio. So we'll start drilling that in the spring. And then we also have our partnership with Nevada Gold Mines, where they'll be continuing to drill at our SWIFT project starting in mid-May. So lots of catalysts from a few different projects. Great. Oliver, any upcoming catalysts for Karora? Yeah, for sure. We'll be updating our Gold resource base here in just a few weeks, which is great. And then we'll be also updating our Nickel resources by mid-year and then continued execution on that growth plan that we've got going on, taking us from 120,000oz to 200,000oz by 2024.

12:54 This year that involves continued driving of the second decline at Beta Hunt, which is well underway. And then of course, the expansion of the mill to 2.5Mt per annum. So we'll be placing orders for long lead time items there in the next month or so. So continue to execute on that. On top of that, we continue to spend about $20M on drilling right across our properties, a significant amount of both exploration and resource definition. So lots to come there. And at Higginsville specifically, we'll be focusing on a couple of key target areas. So stay tuned for updates there.

13:29 All right, great, Thank you. I want to jump to some attendee questions that we got over the course of the conference. And then, of course, if anyone has questions, feel free to submit them. We have some already. I'm going to just go around the room. Starting with you, David, How far will the drill program go with the current cash that you have on hand? Well we have about $5.5 million on hand, but the beautiful thing about Orford right now is that our partner, Wyaloo, is going to be putting in about $5 million of drilling on our West Raglan project as part of their earn-in. And so they're gonna drill about 3,000 meters there and at Kigabik we'll drill about 3,000 meters there this summer. And at our Chautel project which we're drilling right now there's about 1,500 meters of drilling to do. So We're fully financed to do all that drilling this year. So we'll take it to the end of the year.

14:23 Thank you. Adrian, why has Newfoundland attracted so many new exploration companies recently? What makes the jurisdiction so strong?

14:33 This is a very interesting question. I'm still puzzling as to why Newfoundland has been overlooked as an exploration destination for Gold for a long time. I've worked in Canada on a number of occasions from the early 80s. And we all used to focus on the Abitibi. And then of course,

14:54 the BC became a popular part of Canada to work in. Then Nunavut. I've worked in all those areas. There's something about the Canadian mindset that what's back East, way back East, isn't somewhere you should put your money. And I think with Newfound Gold's discovery and then Marathon and Matador, who are doing great work there, all of a sudden people have realised, my heavens, Newfoundland's got really interesting geology.

15:28 And these orogenic systems, Gold systems, which we understand very well from Western Australia and Canada and other parts of the world, they're sitting there waiting to be found. And there's high-grade and low-grade deposits. So the light bulb has popped on and the Newfound Geological Survey, who've done a great job in the past, have this enviable treasury of data from past work, which you can lever off. So there's a

16:00 rush for Gold to Newfoundland. I hope it lasts. And if you just look at the companies that are working there and the rate at which ounces are continuing to be found and built, and the new discoveries that have been made, And the most interesting new high-grade 1, I think, is Labrador Gold with their big vein deposit.

16:25 Newfoundland has a terrific amount of potential. And so I think the money that's being poured into that part of Canada will create value. Thank you. For you Oliver, a question came in saying, Carrera's been an early mover in the junior gold producer space through reaching net 0 carbon emissions in 2021 and its commitment to reduce greenhouse gas emissions moving forward. While obviously the social and environmental benefits are obvious, can you provide an overview of the

16:56 benefits that we as investors should expect? Yeah, sure. Absolutely. And I guess the first thing I'd say is if we reach carbon neutrality, which is very different than net 0, we are going to be developing a plan to get to net 0 over the medium term here. And we'll be putting that out in our inaugural or we'll be elaborating on some of the plans to develop that in our ESG report, which comes up for the first time ever under CORA here in just a couple of weeks as well. So a significant difference there, but it is a new landscape, which we are sort of being a pioneer in. With respect to the investment side of things, so, yeah, we all understand the importance of those initiatives.

17:33 It has led to significant new investment, not the least of which are some very large US institutions. A lot of these ESG criteria are becoming precursors for investment or prerequisites, I should say. Typical mining funds, which could invest in anybody 10 years ago now have additional checks and balances. New generalist flows that we're seeing going into ESG focused funds have to have these sort of metrics checked off before they can look at the attributes of your business. So It has led to a significant additional buying. We have 2 new large institutions that have bought us off the back of this and expect that to continue over the course of the year. Obviously, we're moving right on to the GDXJ now, which puts us onto the radar of a different class of generalist investor. And if you don't have your ESG work in order as a more mature producing company. Not everybody is expected to meet the same sort of standards.

18:22 You know, you won't be first to be selected for their investment dollars. So this is all in anticipation of those next moves. Thank you. For Chad and Ridgeline, the question is, you mentioned that your Q3 2022 work program will be success-based. In a perfect world, what does success look like for each of your projects? And from there, how will you determine what's due next? Well, maybe I'll just focus on kind of the main projects that we'll be working on this year. Success of the Salina project is confirming our CRD target and hitting some significant intercepts there. If we do that, then we would certainly be doing a follow-up core program in the fall, start working towards some tighter drill spacing. If we don't have success, then we would pivot to our Robert Gulch, which is a new acquisition in Idaho, kind of a Black Pine lookalike, like the Liberty Gold deposit that they have.

19:18 For us, success, we're an early-stage explorer. It's purely just discovery. That's success for us. Hopefully one of these projects is going to deliver something this year. And then on top of it, we have the partnership with Nevada Gold Mines, which success for them is also new high-grade drill results. So we'll see what comes out of this year's drill programs. Great. Thank you. For Laurent, this is a large perspective land package at your flagship Belterra Gold project. Take us through your process on determining your 2022 exploration program and beyond. Yeah, for sure. Yeah, it's a really large land package, 300 square kilometers. It's huge. It's the first time it's been consolidated, that particular land package was, like I said, 12 kilometers of ground field exploration already known with high-grade mineralization.

20:12 So we have various approach there to work the whole property with more greenfield area where we did some deal survey on which we will be able to vectorize in prospection this summer. We also just last, I mean, last year in August, late in the summer, we just got an option with Osisko Mining on the second half of the brownfield area on which we didn't tap the exploration last year. So it will be another focus there. We hope we will be able to define some high-grade gold mineralization at surface, especially with good structures, which will lead to drilling targets basically for the fall. And we will also continue to vectorize out of the result that we will get from the 2 1st phase, drilling phase that we've, 1 we've completed before Christmas and one that we are doing at the moment at the old mine. So basically that will provide some result on which we will be able to vectorize and eventually generate some economical result for the coming year.

21:21 Great. Thank you so much. All right. Back to you, David. Another question here. How similar is the geology and mineralization on your West Raglan project, the neighboring Raglan Mine operated by Glencore. Well, if you took our core samples of West Raglan Nickel intersections and compared them metallurgically to what they have at Raglan, they'd be identical. People would not be able to tell the difference. It's very high-grade, 3% Nickel, 1% Copper, 3-4g PGE, plus a bit of Cobalt. This is very high-grade material. The Raglan mine itself is one of the lowest cash cost Nickel producers in the world. I think they're negative cash costs right now. We have the same type of material. We're just a little earlier stage. We're still trying to find more pods. Raglan is very much a potty type of embayment style mineralization.

22:13 So we're looking for more pods to put together to create a deposit there that's worthwhile to be mined. And this summer we're going to drill 3,000m of drilling on the best conductors we found last year. We used a method of exploration that they've used at Raglan for the past number of years as a squid sensor on an EM, moving loop EM, and it helps identify the difference between formational conductors and sulfide conductors and helped increase their discovery rate by 58%. So we use that same method. We had 450 or 440 conductors. We've identified about 70 of those as high priority and we're going to drill probably the top 15 of those. It's going to be a very exciting summer on our West Ragland project. I think the similarities between the 2 projects will become very apparent to people.

23:01 Great. Thank you so much. Adrian, my question is, can you talk about your previous work with Sean Ryan and what led you to both team up again? Thank you. Yes. I started a company called Underworld Resources back when the 1st Hobbit movies were coming out. And we, with a colleague of mine, Rob McLeod, we listed that company on the TSX-V. And we began work in New Zealand and looking at opportunities in South America, specifically Chile. Rob came across some of the early sampling work that Sean Ryan had done south of Dawson City in the Yukon in 2007.

23:48 And Rob showed that geochemical work to me. Sean Ryan had undertaken ridge and spur sampling, first of all, and then followed up with grid soil sampling. About 1 hour south of Dawson City by helicopter, an area which had previously seen essentially no systematic modern Gold exploration. So we abandoned New Zealand, we abandoned Chile and we jumped into the Yukon. So in 2007, we optioned those properties from Sean, conducted some field work, a little bit of trenching, and one of those trenches returned, I think, 3g or 4g over several metres.

24:34 That was the end of the season and we didn't come back until 2008, our first drill holes, and we drilled 5 targets in the first period, first year. And 2 of those hit at Golden Saddle. We had 20m of about 4g of tunbrek close to the surface and then a second discovery at another geochem anomaly called Ark. We had difficulty raising money because that was 07 going into 08, global financial crisis. But by the end of 08, having put 3 drills on the property, we had been able to define 1 million ounces of Gold, a little better than 2.5 grand per ton. Very few exploration programs develop that quickly and we kept pinching ourselves saying, is this a dream? Is this really happening?

25:28 And then at the PDAC in 2010, a person handed me a letter and I opened the letter and it was an offer from Kinross to acquire Underworld Outright. And I said, you have 24 hours to say yes or no. And they thought, oh gee, yes, okay. So all the shareholders made money and the principles of which I was 1 did very nicely from that. And so that was my first experience working with Sean. Several months ago, I had a call from Sean and his wife Kathy and they said, we've got this new company and we'd like you to help us. I said, well, I'm already a director of 4 Canadian listed companies. I'm a bit loath to take anything else on. I'm enjoying my semi-retirement.

26:22 And they said, no, no, no, no, we want you to be the CEO. And I said, well, I've never worked in Newfoundland and I don't know anything about the geology. And Let me have a look and see what's going on. I spent a couple of weeks doing due diligence. I got very excited about what was happening in Newfoundland. Sean had staked a lot of ground and our colleagues from Power 1 were looking at optioning several different properties from Shorn, which we did. And so I've come back, boots and all, saying, well, I've got some other things going on in my life and other commitments. I can commit about 50% of my time to this. So that's kind of what happened.

27:12 And it's interesting how your life changes from time to time, given what opportunities pop up. But Sean's a pioneer in the exploration industry. He's brought some different ideas and different methodologies to exploration. And We're doing greenfields exploration. One of our properties has a little bit of previous drilling and some quite nice Gold values at the surface, but the rest of the portfolio is greenfields. We have Thunderworld Resources in the Yukon and also the coffee project, which was defined on the back of Sean's work by Kamenak. They are a testament to the fact that greenfields exploration does work. It's risky. It's probably higher risk than brownfields, but many of the world's great deposits have been found using that from the grassroots up exploration approach. And so we're excited to be in Newfoundland and we're excited about what we might be able to deliver in this 2022, which is really our first full year of working on the ground there. Awesome. All right. Thank you so much. Oliver, a question came in for Karora.

28:25 With such a nice cash position, why not spend more on exploration drilling? And they're referencing the Nickel. Why not explore more in Nickel? OK, yeah, so I mean, first and foremost, it's sort of 20 to 24 million dollars that we've got slated for this year. That is the largest budget that that collection of properties has seen in well over 10 years. We spent 20 million last year and it parlayed into some very nice returns. So we are a company that rewards, you know, additional capital expansion or expanded budget it's based on success. So success is always the determinant of our budget. It will, depending on the results that we return with our program. So we do have the ability to increase that dependent on success. What is not the constraint for us is budget. The constraint for us is not budget, it's not drill meters, it's assay left. As Laurent said at the beginning of the call, assay turnaround times are what's holding us back as well. When it takes you 7 to 9 weeks to get your assays back and there's lots of drilling capacity, we've got anywhere between 6 and 8 drills drilling across our properties as we speak. So certainly cash should deploy based on success, but we need to see those as a turnaround times compressed a little bit. And with respect to the Nickel, we do have an allocation in our budget today for Nickel. It is aggressive given the size of the price so far, but if we continue to have success there, we have the ability to expand as well. Not in any of the last thing I'll sort of conclude with here is we have a growth plan to finance at the same time. So got

29:56 a lot of projects on the go and then capital allocation is something we treat very seriously. So success dependent, but stay tuned. We can always expand. Thank you. Great Chad. What are some things that you look for when acquiring a project and relate that back to what you saw at your most recent, your recently acquired Robert Gulch project in Idaho? Sure. Well, we we look for scale is the biggest thing we look for right at the start and evidence the system. So we find that there's a lot of dogma applied to exploration in the Western US. So, you know, refusing to look at certain rock types or ages of rocks, etc. Because they're historically perceived as poor hosts. If there's areas that are written off, that's the first place we go and look at first because we feel that's where maybe the biggest opportunities might lie.

30:49 For example, Robert Gulch, we came in there, saw historically this project had seen maybe 20 drill holes, I believe, over about a 15-year period in the 80s and early 90s. Almost every drill hole returned Gold intercepts. And at the time, it was Pennsylvania and Permian rocks, so I won't get too sciencey here, but essentially they've been written off as good ore hosts. Since then, you've now seen Gold Standard Ventures make major discoveries at Darkstar. Liberty Gold is now the 3Moz resource, the exact same age host rocks. This is the exact same rock package as Liberty Gold. Strong evidence of over 4km of mineralized surface extent to the Gold system and had been very poorly underexplored. We looked at it and it was an obvious choice to come in. And we think that it's a great complement to portfolio and a very cheap acquisition. So that's why we picked it up.

31:41 Thank you so much, Laurent. Ferry, Bjor, what excites you most about the Belter and why was that the chosen project out of all the projects in your portfolio? Yeah, good question. In fact, we were looking for a flagship project about 18 months ago and we were, we kind of defined a, some corporate criteria to generate and acquire project. And a little bit of what Chad said before as well. I mean, size, we needed to, we like to be located next to advanced project, a hybrid gold project, or mine, past producing mine. So basically that project was fitting all these criteria, which is located next to Val d'Or and Rouen, which is the heart of the mining industry in Quebec. So great location, great infrastructures, easy access year round, as well as some.

32:40 I mean, we have access to to qualified workforce as well. And these are these competitive times to to acquire good good workers is also challenging. So being in that location is a plus that allows us to have a low cost of exploration. And so we can do more with less, basically. And we do not need to find a 3 million ounces standalone project to generate some value for our shareholders. We'll attract a producer with a fraction, I mean what has been produced in that old mining camp is about a 750,000 ounces. So if we just find and repeat what has been found in the past, I mean, we will create a tremendous value for our shareholders. So that's all these aspects that attracted us here. And we're really pleased to work there, to have some success since the beginning.

33:38 And we intend to continue to do so. Thank you. We have a question here from Eric, and it's for all of you, but he's referencing the Neobay metals that stopped their drilling program that was announced yesterday, even though they had all their permits. So he's asking, shall contemplating giving First Nations a participation interest early on, 5 to 10 percent, on mineral projects. Is that the way of the future? And can each participant elaborate how this is an issue in regards to their project portfolio? I'll open the floor, maybe Laurent I'll give this to you to start. Sure, so given we're located next to Val d'Or and Rouen, we're next to, I mean the town of Belter is basically in our project, So that's the first thing we did. Basically, we took the phone and met the people, make sure that they know who we are, what we want to do, and be clear with them that we are explorers and we want to create some value for the area basically.

34:52 And we took as well the same strategy with First Nation. And so everyone knows us, they know our phone number, we have good relationship with them. And I really think it's critical these days to be really proactive on that front. We will also open discussion for synergies with them as we are on the field, we could work together, they could help us, we could help them as well. So these are those things. So, and I mean, about the investment, I mean, it's evolved as the project evolves as well. And as the project will move forward, we'll see how we can advance with this aspect.

35:43 Does anyone else have anything to add? Sure, I can make a couple of comments here. Let me reflect on 2 different jurisdictions and 2 different times in history. My childhood was spent in the centre of Australia near Alice Springs, which is right in the middle of that country. But in more recent times, there's been some interesting Gold deposits found northwest of Alice Springs in the desert. And of course, that's a traditional Indigenous, traditional Aboriginal land. And so the communities, these remote Aboriginal communities that continue to live in that part of Australia have benefited significantly from the royalty stream that they have received from these Goldmine developments.

36:40 And I think that's important. I think it's fair and I think it's very reasonable that if you're exploiting a resource on somebody else's land, that they should benefit from your success. So that's one example. The other example is that I worked in Ontario on a number of different occasions. And I guess in the last decade or so, there's a trend developing in that part of Canada, some other parts of Canada from First Nations groups where they have said, well, you know, we think you should pay us a percentage of what you're spending on the ground. And that doesn't sit comfortably with me because, you know, In the early stages of exploration, you're using other people's money. It's high risk.

37:37 The more of your treasury you can commit to the exploration process, the better chance you have of making a discovery, a mine developing, and then the many benefits that would flow to communities and people in that area from a mine development. I think what Lauren was saying is really important. It's as soon as you embark on an exploration program, you should take note of where you're working, who you're impacting with that work and have dialogue with them. I mean, you know, you don't jump across the fence into your neighbour's backyard and start digging a hole next to where the kids trampoline is. So that sentiment should be applied to exploration activity. And I think we're improving in the way we behave in the exploration business, in our dialogue with landowners and other people that we have an impact on.

38:35 But I think that true benefit comes from exploration success, which employs a lot of people, and particularly from mining development. And we've seen in many different parts of the world where there are significant benefits accruing to the residents in that area from the natural resources industry. Any, Chad, Damon? Yeah, sure. I'll add to that. You know, we were active in Nunavik, which is the northern part of Quebec, and we've had representatives from all the local communities and the Catawbak regional government, which is the government that sort of runs that part of Quebec to our site and to our camp. We employ as many people as we can from those areas and I think 10 to 15% of our exploration expenditures have been with Nunavik-owned enterprises in the past number of years. And we continue to try to do that whenever possible.

39:37 And of course we talk to them before every program and after every program and during the programs. And so we're quite active with our local communities. I think you have to be, I don't think it makes sense not to be. We do the same thing in the Abitibi with the Picogan. So I think being active with your local communities, whoever they may be, is the only way to operate in any jurisdiction. And if you don't do that, you just are going with laggers on. Yeah, I think we're a bit unique being in Nevada and Idaho. So the US certainly lags probably behind all the rest of our peers here on the panel, as far as First Nations consultation. And you're starting to see more involvement and more issues with whether it's pipelines or mining sites being slowed down, especially in the Northern States.

40:27 So I think things are gonna be changing in the US. As of right now, there's no effect to our exploration activities or anything like that for Ridgeline. But we always try to, if there is parties involved, we always try to consult with them first before moving forward with programs. Oliver, do you have anything to add? Yeah, for sure. So we're in a very established mining camp in the Calgorlie Belt. We've got 1900 square kilometers covering that area. However, 97% of our land is on Naju lands who are the traditional landowners there, the indigenous people that own that property. And so there is a long history there of mining in the district. So we have agreements in place with them. Every time we go to disturb a new area, we do a heritage survey. We have a quarterly implementation committee set up or regardless of what we're doing, We're consulting them on a quarterly basis and obviously on an ad hoc basis for any new projects.

41:21 In 2021, $123M went into the local community area, a large portion of which went to the traditional landowners. So a well-established relationship and something that we take very, very seriously. We are mining Gold on their property. And not the least of which, if you take this to another level, I mean, there's 3 components to ESG. So this is important all the way up through corporate right from the drill bits all the way through up to investors. So it's important you take it very seriously. And we do. Absolutely. That's great. All right. I'm aware of time. I do want to ask you all one more question. If If an investor could walk away knowing one thing about your story, what would it be? I'm going to throw it to Chad first.

42:08 Me first, I was going to copy everybody else. So if you were looking at Ridgeline, I think we're the one thing you should take away is we're the kind of company that has multiple kicks at the can. We have probably, I'd say, 3 potentially company-making projects in our portfolio. Only one of them has to work to make this a big win for our shareholders. So we have big partnerships with some of the biggest gold companies in the world. And I think we have a lot to offer. Great. Laurent? Yes, I'd say given the what we just consolidated at Belter, the vast untapped project never been consolidated under 1 entity. Its location next to Val d'Or and Rwanda.

42:54 And the fact that it's that that project is basically basically sitting on a proven mining past mining camp. Belleterre represent an advantageous risk reward potential. And at the end, that will generate great value and great opportunity for our shareholders. Thank you, David, or for mining. Yeah, sure. So, you know, with a company that's $25 million market caps, we're quite small, but this year we're going to spend about $9 million, including our partners money on 3 key projects and all of them drilling. And, you know, we've got over 1300 square kilometers of land. I think the potential of hitting success on these projects is huge.

43:39 So there's a lot of irons in the fire for anyone. And lastly, I'd say we're a gold exploration company with what I'd call a huge Nickel optionality. So that's the way to look at this. Great. Thank you. Oliver, what's the one thing you want investors to know about Quora today? In 10 seconds or less? What we have is a large land package as well, you know, 1,900 square kilometers. Actually, interestingly enough, that's now the largest land package on the Calgary Belt, even larger than Goldfields. But if you want to take a quick snapshot of Cora, what you have is a free cashflow generating company with a fully financed growth plan to double production to 200,000 ounces a year by 2024. Self funded exploration on an underexplored property for the last 10 years due to onerous royalty structures.

44:27 Gold and now ironically given the heritage of this company and an interesting nickel kicker as well. So lots to work with there. That's almost 10 seconds. Adrian, what is the one thing you want investors to know about your story? May I have more than 10 seconds? Yes. Thank you. The one thing I would like to emphasise about Gold Island is the team. I believe we are a team that has a track record of making discovery, creating value for shareholders. And let me just mention the key people in that team. Clearly, Sean Ryan, who staked these properties.

45:16 The people at Power 1 Capital, who have a long track record of taking small companies and creating value. Our exploration team led by Paul Robinson, Grantruth Exploration, who is the entity associated with Sean that does really excellent first pass sampling. And the old fellow sitting here in front of you who has been doing this for 40 years, who has had more than perhaps my fair share of success, but that's led to an addiction. And I'm very proud and happy to confess to that addiction. And the addiction is that the next company and the next project that I'm involved in may well bring home the biggest leg of bacon that the Fleming family has seen to date.

46:11 All right. Well, thank you. I want to thank our speakers today so much for your time and insight. I also wanna thank everyone who joined us today. This actually does mark the close of our 6th Spring Conference. So I just wanna give a huge thank you to all the issuers who participated over the 4 days and a thank you to everyone who attended and who's been watching, participating, and asking all these great questions.