American Eagle Extends South Zone Discovery by over 300 Metres

0:03 I'll say good morning, good afternoon or good evening, depending on where in the world you are signing in from. I can see we've got a bunch of time zones represented, so I appreciate that. I'm joined so far by American Eagle Gold CEO Tony Moreau, but hoping to soon have geologist Neil Prause join us as well. But Tony, how are you today?

0:19 I'm doing really good. Thanks for setting this up. Thanks for everyone for jumping on at the last minute. We're supposed to, pretty busy trying to get this news release out. Wanted to stick with the 2 week promise that we put in our last news release. So appreciate all the interest. We're excited to talk about a lot of things. Awesome, as you have today is going to work. I have collected some questions already from people that wrote in over email, but also from just the boards. So I'm going to run through those. Then I've got some questions my own, but this is an interactive event, so if you have a question where you feel like I haven't really captured what you were hoping to get from the question that you asked, there is a chat button at the bottom right of the screen. Please write in at any time during today's event. I'll be monitoring it pretty closely. I think we've got time to get through almost everything today, So please do write in. If for whatever reason I don't get to your question, I'll make sure that the American Eagle team still gets it, and they'll be able to get back to you at their leisure using the email address that you registered for the event with.

1:12 Neil, thank you for joining us. Glad you could make it.

1:15 You come into the room on mute, but feel free to unmute at your leisure. Let me jump right into the first questions that we got. So 1 that came in, this is on co.ca. Tony, is it possible to elaborate on different mine scenarios and timelines? I'll take his questions kind of 1 at a time. I think it's a little bit early to figure out the mining scenario. You know, if this thing's continuous like we think it is, like, if possible, it could just be a big open pit in the south zone. Or the other idea is, like, it could be an initial open pit in the south zone and transitions to underground with ramp access. But that's something that we'll kind of figure out a little bit later on in terms of terms of terms of MRE. I saw a question on the board. We have enough cash to get ourselves to the

2:01 MRE, enough cash to last us 2 years of drilling. I think the plan would be to have a whole full season next year and come out with initial MRE in 2027. We're just starting to kind of understand this south zone, how unique and how big it actually is. And it'll give us some other time to flush out some of the some of the step outs that we've just started to do this season. So stepping out further to the east where the IP embayment area is starting to understand that a little bit and also the Porphyry Stock Area, just a few drill holes there. We'll need more step-outs and more tightly spaced drill holes to actually come up with a resource. That's the timeline for that. I think one thing we're really trying to show investors is that let's not bookend the size of this potential thing in the South just based on our current holes. So our current holes are kind of showing the strike length of this East to West, but some of the holes that we're going to have further on in this season are going to give us a better idea of the depth of it and how big it is north to south.

3:12 The size of this that we see right now, that you see in the model, is not what it's going to be at the end of the year by any means. So just kind of keep that in mind. Fun, stay tuned for that. I think the only part of their question that you haven't gotten to yet is what is a gold component worth in an open pit scenario?

3:31 In the South, and maybe Neil can jump on afterwards, the South has got a high proportion of Gold. I think back to the envelope, it's looking like 50% to 60% of the value of the metal in the ground is looking like Gold. It obviously changes when you're in the porphyry stock, it's high percentage of copper and in the North Stone, both areas we haven't quite, you know, 100% figured out, but the stuff in the South,

3:57 it's Gold heavy. And there's, look, forward looking statements, but there's more than 1 million ounces of gold there at the very minimum. How much that is, I guess the MRE is going to kind of tell you. It's going to be based a lot on your recoveries, etc. But we know the recoveries are going to be pretty good. It's good rocks, a lot of boronite. And I think one thing that we want to do this season that we'll probably save for next season is do some holes that allow us to actually figure out what the processing will be. We'll add that to any future PEA that we do following the MRE.

4:39 Tony is pretty spot on with that Gold. The very near surface out zone was numerous holes where we were getting close to 100m plus of over 1g per tonne Gold. And that's in addition to about 0.3 coffers. So there's a couple of holes that hit those numbers and it's over a pretty sizable zone. And then it more evens out in terms of metal value as we get deeper in that zone. So great. If we were like we could we're looking for something big here. This is this is our this is our focus. Something big, something that's robust, attractive for, you know, South 32, a tech, a BHP, a Rio Tinto, a Freeport, someone for them to mine for multi-generations, which is the only projects they end up buying.

5:24 So yeah, we're continuing to do big step-outs. But if we didn't hit on some of these step-outs, and we just started in the hole 1 area, We probably could have transitioned from something that's more focused on base metals and focused more on attracting the mid-tier miners, and hopefully come up with something that's more Gold-focused and multi-million ounces of Gold. You don't need a lot of tonnage. Look at these Gold deposits. They're not huge. They just have the grade and they support something that's multi-million ounces. But if you get 50Mt of a gram per ton of Gold, you're pushing 2Mt of Gold just right there.

5:58 That's why this sells so well. It's big and it doesn't even have to be that big to be economical, but we want to make it big and economical so that it can support a massive copper mine in the future. So think of it this way, it's going to be first like a gold heavy kind of copper mix, and then it's going to transition to something that's going to be like Highland Valley, where you just put the throughput lower to moderate grade copper heavy tons into the mill. It's going to run forever. The whole point of this thing is to find a centre of gravity that pays back your additional capital as soon as possible. And as we've seen with Highland Valley, it's been mining for what, half a century at least, Neil? Oh yeah, yeah, no, it's, Yeah, I think it was incorporated in like 1956 and it's still going. So, yeah, there's a long history of mining, at least dating back to the mid-60s for sure.

6:56 And I mean, obviously not to say We are going to be a Highland Valley, but in terms of scale, at least we're

7:06 looking like we've got some pretty good legs to this and a pretty sizable surface extent. If you look at the porphyry stock, like what I would be happy with, like look right now, we've got a target area of roughly 2km by 1.5km by 700m. We don't know how continuous the mineralization is, but if it's all continuous, even if it's a 0.2% Copper equivalent, 0.3%, you're looking at nearly 2Bnt of just stuff that could go to the mill. But it's still early days. I think we've put about 8 holes there. A lot of them are clustered towards the Western margin of the stock and then some more clustered in the 59 area, but it's open in all directions there and at depth. So it's early days and I think a big focus of ours.

7:58 For 2026, we'll be flush out the south zone. I think some of these future holes, specifically 1 that's coming from the IP abatement zone, it's going to show that this thing is kind of getting bigger, moving east. And in some of those zones we have kind of in the central of the south zone, it's going to show kind of how big that nice South Zone is, just right in the center. And then our other focus will be just doing step-outs, building it up towards the east, connecting the IP and Bayment Zone is what we call it. And then a lot of those holes next year are going to be going to that porphyry stock to see if we really do have a potential ore body that hangs together. All signs so far point to yes. Awesome.

8:44 There are 2 more questions. Actually, let me tackle the other question that came in on co.ca, because it's kind of interesting. Would either of you, I can throw it to whoever wants to answer, categorize the NAC copper-gold porphyry similar to Maracunga Desert gold-copper porphyry systems? They note the average grades, they note the large resources with average 0.23 to 0.46 copper equivalent across vast tonnage. But they do note that you guys don't have the water supply issues that Maricunga has. So I was curious if you've thought about that comparison before.

9:18 No, I'm not actually familiar with that, Aside from what you just mentioned now with the grades and in that case, yeah, that is actually a pretty pretty apt comparison for for the breakdown of the distribution. We do have some pretty nice high grade pods as well. Though many porphyries do, a lot of these things are kind of an assemblage of a confluence of different events and systems. Right? You've got your big overall fluid heat source, but then we've got some definitely some overprinting at various timings that are resulting in some higher grades. Yeah, not familiar with the... Michael. Nugget, appreciate your perspective. Go for it, Tony. I think all of these mines, they're essentially like snowflakes.

10:06 They're all unique. There's some similarities. There's a lot of differences So those great sounds similar, but obviously a lot different location some water issues, etc I'm sure they have some qualities that are might people might consider better than that, but it sounds like they both have the potential or maybe Miracuga is a mine. I'm sorry, I'm not familiar with it, but NAC has a very good potential to be a mine. Awesome. I appreciate those notes. 2 questions that came in over email when people registered. One is, how many other holes are yet to be assayed and press released in the next few months? So about 25 holes are still to be assayed. Is that right now? I think we have 20 out so far. We drilled 44, 45 this season. True. Yeah, we drove a lot. What did we, we ended on? 83, 84, yeah, we've had 45 holes drilled this year, 44, and I believe we've released 20.

10:59 So 45 more assays left, And what I would kind of say is that, I mentioned this before, and I appreciate that we have new listeners. So we like to put our holes out together so they tell a proper story, and not have 1 drill hole, you know, break you or define you. So,

11:16 you know, I would just say, rule of thumb, if you're looking at from now, if you're looking at news, probably 5 more releases, probably grouped into 5 holes and put it out every approximately 3 weeks till PDAC And that kind of brings you right to PDAC. And obviously, we could have smaller batches, we could have bigger batches, they might take 2 weeks, some might take 4 weeks, but I would say on average, we're looking at consistent news flow, which allows investors to completely understand and digest how the last news release fits into everything. And then kind of put more stuff out. And now that we're not competing as much with the huge drill programs that have gone to BC, we'll be able to have a little bit more, a little bit more consistent on our news flow. It's been tough this year just because BC's been so busy and obviously some of the holes have been delayed, but we expect less delay. So I think we're gonna kind of shut down for the Christmas a bit. And then, you know, for a

12:17 second, we could January put another release and then do it every 3 weeks after that. Tell the story because we really are developing a really good story at NAC, specifically the South area. And then also kind of how we're kind of stepping out like I spoke about earlier. Awesome. One person asked, this is also over email, they're interested in hearing about drill costs per meter for extended winter drilling, January to March, compared to the 450 a meter all in cost you talked about recently. If possible, they'd like to know what you'd need to see

12:47 to green light a winter program in the South Zone. So I'll jump on this first, Neil, and explain to me, explain where my numbers are wrong. So our cost per meter right now is anywhere from, I'm taking out heli drilling, because that adds about $100 to $150 per meter. But if you're just doing skid drilling, your meterage costs anywhere from 375 to 425, all in, all in. And if you're doing it in the winter, you're probably looking closer to 450 to 475, all in, all in. But for us, it's not the meterage cost. Us, it's the cost of capital. And we have a plan and we're very judicious with our money. Our drill program is massive. We drilled more meters this year than we drilled in our entire history since we've been on the project, 2022. And given that we're drilling all the way until March, and a lot of these holes, we can't rely on a geochemist surface. And we got to put, we got to really use a rely on the geochemist of the holes we put in the ground. So it's hard to come up with a really good drill program when a lot of the drills we want to put in, if we're going to do in the winter, would be in some of these areas we don't understand yet.

13:50 So I think this season, get all the Geochem in, do a proper model and figure out, really try and figure out this porphyry stock in this area, but people call the IP and bayment zone and have a robust program for next year. And then because you look, we are, the way I'm operating is that I would like to get to a liquidity event and prove that this can be a mine someday with the current shares that are currently outstanding. So not have to do another raise. And how do we do that? We were able to extend the cash we currently have for 2 more seasons.

14:24 And I know people obviously like news all the way throughout the year and look, I do too. But I think, you know, With the stuff that we're doing on our license to cut and possibly get the loggers to come in, we have the opportunity to actually drill next year without heli support all the way throughout. And the way that we're gonna kind of change things is instead of having 3 drill rigs, The plan right now I have, and we'll figure this out, is to have 2 drill rigs and allow us to kind of drill those 30 to 35,000 meters instead of, you know, within 7 months, drill it within, you know, 12 months. So drill it all the way into the winter. And the extra cost for us isn't that big drilling in the winter. For us, it's spending that extra $6 million that we didn't plan to spend during the winter as opposed to using that for next season. So it's not so much the meters cost, it's more the quantum of how much we're gonna spend. So if we can put those same amount of meters for a longer period of time and give people more catalysts all the way throughout the year.

15:20 That's a big thing for us. Because for us, this is just about the investments that you see that migrate from the North American plays to the South American plays. Obviously people can say, let's sell the AE shares, come back to it in the spring when there's news, and go to ATAX or wherever that has South America. So the only solution we have for that is drill all the way throughout the year or buy a project in South America that we haven't seen or ready to buy. So that's a long answer and that's kind of our idea there. No, appreciate it. It's great drilling holes. It's great having catalysts, but you want to make sure those are good catalysts. So we want to be drilling spaces we're not sure if

15:59 there's mineralization, and then all of a sudden giving people really crappy catalysts and them selling even more. So we're judicious, we're focused, we have a plan and we think that this is something, so stick with us. Awesome. One question came in again on co.ca for Neil.

16:16 How deep is it meaningful to drill and why not deeper than so far? It all depends on what we're hitting. Obviously, we envision this as down the road as an open pit mining scenario, but that doesn't mean that there might not be some possibility for some underground if the grade warrants it.

16:39 So there's a couple of locations on the property I would have loved to keep it going. And there's a couple different things that factor in our decision to shut down a hole.

16:53 The main thing is that the drilling becomes really, really slow at depth, right? And so your cost per meter increases, but then that extrapolates out down into every other facet of cost as well, because you're keeping people on site, you're paying their room, their board, their day work grade, from going from say 150 meters a day to shallow, to 20 meters a day when you're down deep. And so that really, really increases the cost. So the, the mineralization has to be really, really good.

17:25 At this stage, while we're kind of defining the surface to depth footprint, I really don't mind ending in mineralization. That's that's kind of okay. In a in a perfect world with an unlimited budget, we would keep those zones going until we we get through them. But when we're down below a kilometer, you're you're approaching a kilometer, you're kind of at the limit, especially in those vertical holes of where you would be open pitting, and that's kind of our cutoff. I think we have 1 hole this season, Tony, that went over, over a kilometer in depth, and it was an inclined hole, So it's true depth wasn't as deep. But yeah, those are the kind of decisions that are factored in. This south zone mineralization, there's been some holes that are, you know, you're down deep 800 meters-ish, please down hold that.

18:13 But the mineralization is spectacular. It's you know it's gonna return over 1%. In that case, you do keep it going. That's a long, rambling answer to a not so simple question. Let me jump in there, Neil, because I was talking to an investor yesterday and talking about deep holes. If you do a deep hole, the costs go up the deeper you get, obviously, but you can drill a little faster the more vertical you are, but those vertical holes really don't give you a lot of context on the geology. But Neil? Not in this case, Yeah, that's right. You know, we're going to have a lot more holes in the cell zone, which are really good. I think hope open people's

18:52 eyes haven't seen the assays yet, but I saw the core. Do you think that there's a there's a time where now once we have all the geo cam for these future holes that we can then all of a sudden, let's say, listen, this is where we think the guts of the system is. This is where we think it could telescope down and do like an 80 degree hole and just aim directly, for example, right through the guts of where 48 and 57 are. And then who knows, maybe extends to 1200, 1300, 1400 metres. Is that something you think we could be in a position to do next year? Yeah, I mean, that's definitely a possibility. It would be really, really interesting to see where this hot mineralization, this Boronite, this Chalcocite mineralization comes from. Because the zones we do hit, it does appear that they are pretty steeply oriented.

19:41 In the case of 57 and 48, as we continue to drill, those holes, 48 traversed to the southwest, 57 was traversing to the west-northwest. We get out of our favourable sulphide, right?

19:56 So we go from chalcopyrite to boronite, then back into chalcopyrite and then we get into pyrite pyrite and that's where the copper grade kind of drops out. I mean it's not 100 percent the story. There are discrete zones within that pyrite halo that do have like blowouts of chalcopyrite and actually the grade is quite good, but it's less consistent, it's more spiky. And so that's where we've been calling those holes. Knowing what we know now about where the boronite is distributed in the South zone, it's a little bit of a different model than we'd had in mind. Our previous modeling, looking at the property on a larger scale, it was that our Borneight and Chalco site was dominantly concentrated up into the north, where Hole 53 kind of showed that.

20:45 Some of the other holes we've drilled up in that area are continuing to show similar things. We're hitting diking with disseminated Chalcopyrite and Boronite, which is great to see. But there's a bit of an anomaly in that broader trend down in the South Zone. So

21:03 yeah, it would be a few more closer spaced holes in there to really get a handle on the geometry of that sulphide speciation in the South Zone specifically. And I think we would be well poised to do something like that. And I don't think that's a bad idea. I think it would show continuity of the zone from surface to depth and really give us a handle on how deep it goes. But right now we're testing by drilling to the West, which is the best orientation to intersect these steeply dipping veins and our more gently dipping geology. And so, we don't get a perfect handle on the exact location of what is plumbing this system.

21:45 What we do know from this East-West oriented drilling is that this zone has a defined East-West strike length that's somewhat some horizontal line. So it doesn't immediately seem like we're drilling through this really steep sort of finger of mineralization. It looks like there might be a couple of seep feeders and then it kind of reaches a horizon

22:07 for a couple of different reasons. Possibly there's a bit of a geological trap. We've got some units that are much finer grained and probably less amenable to fluid flow. And so if there's something coming from deeper, it hits this horizon and mineralization drops out because it can't continue to go through those units. But there's also an association with diking, which we also know comes on a somewhat sub-zero vertical orientation

22:33 that seems to be earlier stage than the initial porphyry mineralization and that in turn has pre-prepared the rock to accept mineralization. So there's there's pyrite and magnetite horn felsing an earlier stage we think And that has sort of primed the area with nucleation sites for mineralization that seem to then get replaced by chalcopyrite and boronite.

22:59 And so it's finding those zones where there's that sort of perfect storm of conditions for mineralization to develop, that might be key to these zones. Awesome, thanks for that detailed answer, Neil. Tony, I got a nearly impossible one for you from the chat, but I'll throw it to you anyway. You mentioned, you said earlier that you're waiting for a liquidity event before you have to do another raise. He wants to know when do you expect to have such a liquidity event? Oh, 0 well. I would hope yesterday but look, I don't, it's, when, when we can prove that this thing is a mine, which I think we're close to doing but I think we'll have a lot better idea of it after drilling next year. Honestly, a lot better idea of it after all of our drill holes are in and the public understands what's going on probably by March and all of our assays are out. But I think we need another

23:54 solid year of drilling in 2026. It's not when a company would buy us, it's when would a company buy us at the price that we are willing to sell at. We have to work with the market. We have to work with the majors.

24:12 Sometimes the holes they want to drill, they're showing scale. They're not really the sexiest drill holes, but they're really important to them and it doesn't get the stock up. So that's why we're trying to communicate and explain to investors like we think this can be a mine and we're trying to tell a story. So we got to work with investors, give them what they want, which are a lot of high grade, which might not necessarily, you know, move the needles much on a mining perspective. But we need the retail and the funds to buy us to get our stock up for us to be in a spot where we're comfortable, you know, selling without leaving too much on the table. The last thing we want to do is sell this thing and we didn't we didn't drill this area. And all of a sudden the company comes in and they find this whole new discovery. We have an egg on our face. But I would say, just give us a couple more years. And I think in the next 3-months, investors will really kind of, their eyes will open up about this sell zone and it will give us the cost of capital and the leash to be able to drill some of these other areas where we can afford to miss but hopefully be able to hit and prove these other big zones that I spoke about previously.

25:16 But you know this IP and Bayman zone, it's intriguing. I wouldn't say it was, it's not where I think people think it is, but one of the holes we had 79 It wasn't it wasn't awesome right from the top but towards the very bottom We we hit some high grade and it's kind of it just shows the the pure size that this thing can extend at depth so the area that you're seeing with the The cell so we're trying to build out with hole 48 like I wouldn't even say it's 500 meters across. Like there's a good possibility of this thing could be more than a kilometer across. We just haven't proven it yet, but just, just kind of tipped our toe in the water recently on that kind of seeing these, these signs. So we need an off season where we put together the geo chem and have our guys kind of figure and girls figure the self self a sulfides

26:10 Say it Nick Nick. I'm Neil the Association figure out where our where our high tender sulfides are born. I'd a gal because like that really does juice the grade up. Figure out what's controlling the distribution of that, because it's not as simple as a single porphyry center. We've got a couple different events that are all contributing in different ways to the mineral profile. I'm telling you, this thing's big. People are going to understand it at the end of this year and they're really going to understand it after July next year. Nice. Otto from the chat asks, if it's possible if Neil could upload the 3D model somewhere so that it can be viewable by investors. Neil Delhiotte Otto, I just talked to Otto.

26:55 People got to read the news releases. It's there. It's on our news release. Adam Backman It's there. It is up And it

27:00 is a thing of beauty. I know. I'm sure there's gonna be a lot of questions about it. It's best operated from a desktop with a mouse. It's the best way it does work mobile, but it's clunkier. It's harder to harder to zoom in. But everything is toggle bold, You can view all the different layers, all the different news we've released this year, all the historical holes, all the holes of the different programs, the news release cross-sections, our modeled extent of the higher grade south zone is on there. So you can get an idea of her scale and then it's got the UTM coordinates as a grid kind of on the basement floor there. And so you can kind of get an idea of the scale of this. So it's a huge shout out to Nick Dudek who has developed this. And it's remarkable that it's something we're able to host just on a website without any specialized software.

27:56 And it runs in any browser. So yeah, it's a pretty cool tool and we're going to continue to keep expanding that as we release news. Credit to Neil and Nick and our geology team.

28:12 You just saw that question. I think from my point of view, and I'm laser focused on the capital markets, I think I underappreciate, look, a lot of, most people, they don't really get past the title. And people are busy, so sometimes they'll miss the fact and it's buried with 6 other links, but our model is there on our news release. And we're going to put it up on our main page. We have a 2D kind of mapping with all of our drill results that are there too. We're going to have some videos to kind of show people how to use it. But I'll criticize myself. I also didn't really appreciate how important it was to show all of that information, which Neil and Nick and Charlie really said, you'll give people all of the data. We always just show those sections by themselves. And we had a reason for that, whether it's right or wrong. But I think if you're talking about catalyst, forget drill results. The catalyst here is people starting to use the tools that we give them in terms of that 2D and that 3D model and really seeing what NAC is.

29:10 And I think that's gonna be a big catalyst. So in the next couple of days, people are gonna start to use that. It's really gonna open up their eyes in terms of how big and how high-grade some of these different areas are. But just letting everyone know, jokes aside, Auto is always a good friend, a big supporter of AE. We have met our events, but We're going to put those model on our main page. It takes about 2 minutes to load and we're going to have some videos showing you exactly how to use it. Nate was kind enough to put it in the chat right here. So if you want to click on it right from the chat screen here you can jump in with the links up. So quite a few questions have come in. So I'm going to try and tackle these kind of 1 at a time. Some of them are pretty complicated. But 1 easy one, Newfie House asked, has Anglo-American reached out to your team now that they're merging with tech?

29:57 And I've not heard about from Anglo-American. I was actually in London, and someone from Anglo actually set up a meeting with me, which I was kind of wondering to say, but they're just, they're just looking for offtake and, you know, we're, we're not in the position to start selling offtake and we're hoping, I don't think South32 or Tech themselves will want us to be in that position, But that's the only conversation I've had with Anglo. But one thing I didn't know, maybe to tell people because I learned this. So if you look at Glencore, like their whole models are vertically integrated. They have mines. They also you make a lot of money by trading the Copper and stuff. And then they focus on finding the offtake. And what I didn't realize is that Anglo is another company that's kind of taken that Glencore model and that huge trading house. They hire, I think it's between 3 and 500 people work there and they make a lot of extra profit from trading the metal. And I didn't realize this. I don't think BHP, Rio Tinto or Freeport do that. It's really just Anglo. It's Glencore in terms of companies that have mines and there are other trading houses that don't have mines that just trade the copper. But that's a big part of Anglo's business apparently.

30:57 Okay. Interesting. Now some questions from somebody who I think is looking at the 3D model right now. So Neil, they'll be pretty specific. But looking at the model they've got available, he says 78 looks to be collared at 18, shooting southeast across 17 and 31, then goes on to string through 49, 46, and 48. He wants to know if you can comment on this whole. He says it looks like it's trying to achieve establishing the grade continuity from surface to depth. That's exactly right. So that's, you know, we have all of these, you know, inferred zones of continuity that we want to add confidence to. It would also be really nice to have all of that in context, because those mineralization styles, the mineralization in 17 and 31, the mineralization at sort of mid-depth in 41, 49 and the mineralization deep in 48 aren't all the same. They're characterized differently. They're, you know, the best mineralization in 17 and 31, for example, are hosted in these really striking purple and hydrite veins that are just riddled with boronite and chalcocite in places and molybdenite. So it's really a polymetallic profile to it.

32:15 The mineralization down deep in 48 is different still. It's more sulfide dominant veins and really fine disseminations in the rock around the diking. And the mineralization at the middle depth is within the conglomerate. And it's, it looks like a matrix and class replacement of chalcopyrite and locally boronite. So really nice to show continuity between those zones, but also really nice to be able to have a in single hole profile of how those mineralization styles shift and change down hole. And then that can help us target as well. And then that can also help us guide some potential metallurgical holes, because it's reasonable to assume that the different styles of mineralization might have different metallurgical recovery profiles.

33:05 So yeah, it's just, you know, it's a hole that's gonna help us show the market there's continuity, but then it's also gonna tell us a lot of information geologically and scientifically as well. Sure, great. Another question, similar. Given the elevation of the collared location of 77 and 79, did it achieve hitting the structure zone we see hosting elevated grade that we see forming up 48 strike extent now established at 57 to the southeast and 41 to the northwest? Yeah, so 77 was collared from a hole quite far to the southwest. 79 was a little bit further to the northeast and drilled a bit more due west. Both of these holes hit zones of mineralization.

33:54 These were designed to be pretty big step outs. These were designed to test our known limits of what we think the system has potential to host. These were guided by the IP chargeability maps that show a bit of an interruption in the IP signature. And some of the more visually promising holes within that zone, 75 and 73, were designed to go through that IP shoulder. So 77 and 79 were pretty well outside of that. And it was really, really, really interesting to see the mineralization we did in those. But yeah, they were collared at a much higher elevation. And so they did stop short of getting underneath that maybe more flat-lying zone.

34:49 That's still probably about 200 meters down below where those holes ended. That's great. Two-volt from the chat asks, and Tony, this is to the best of your ability to answer, he wants to know would it be safe to assume South 32 is requesting wildcat holes to prove up a higher grade near surface war body to finally decide on making this a mine assuming they're seeing enough from current results as low-grade feed? I wouldn't say I wouldn't say South 32's holes are defined high-grade. I like, Neil, from my perspective, they're putting those holes out to get more tonnage. Like that's what they're doing. I mean, you might view them as wildcat holes just given their distance from everything else. But if you wanted to prove up high grade, I think we have enough of a handle on where we would expect to hit some zones of high grade that you could do that with systematic follow-up, which is how we've designed our program.

35:46 I think South 32's plant holes factored that in, right? I think they would prefer to do a lot of systematic testing. If they saw that we weren't doing that, I think they'd have some questions and probably suggest we do do that. But no, yeah, their holes were designed to to really show scale, I think, more than high-grade. It's really tough to blind target high-grade, but you can blind target bulk tonnage, right? That was the, I imagine, the goal of a lot of those really really broad step outs was to see what are these like big big extents of the of the system are some of these magnetic structures Resulting in in feeding the mineralization or is it purely around these baby porphyry intrusions?

36:35 So yeah, a lot of good information will come out of these holes, but I think that was the intent. And Neil, so a couple of questions I got to follow up on that. So, it's already a little bit of a kind of step on what you're doing here, but like 77 and 79, it looks like they didn't go deep enough. 79 did hit something near the bottom, but the way we look at it, those are drilled towards the end of the season. And we don't know if there's something until we drill it, but we're at a point where you start drilling those things an extra 400 meters, they actually cost you a hole that you're a little bit more confident on towards the end of the season that you wanted to drill. So the thing for us is just finish those holes to what we thought the target depth would be, figure out the analysis on it and then go back next year and maybe target it maybe a little bit further North, etc.

37:24 But all the information you get from it is helpful. But if you look at where 73 is, I think the plan would be kind of stepping out a little bit further south and north of that and drilling due west holes. And then if you look at where 75 is, stepping out continually to the east, drilling on that. I don't know what angle it is. Let's say it's 200 degree azimuth. So I think those are the kind of stuff that we'll do. Yeah. It's a tough balance on that zone because you still have to factor in the, the effectiveness of, of the drilling, right? Like you, you want to be drilling the stratified rocks at a preferential orientation. You wanna be making sure you're drilling at an orientation that's favorable to what we've found from the structural data and the orientation of the veining as well. So you don't wanna be drilling down the stratigraphy and you don't want to be drilling down the trend of the vein system, which is what ended up happening with the number of holes in the 2024 program.

38:25 And that results in the grade looking a lot more spotty than it is on those big centres because you're hitting some zones of really, really nice veining where you're going down a trend and other holes on that trend might miss entirely. And those East-West oriented holes actually return much more consistent mineralization with much more consistent grade as a result. So that trend still holds in the south, but it does look like the trend in sulfide speciation is still following that bigger IP signature, which when we get to the south of the porphyry stock is oriented east-west. So it, you know, those, those westerly oriented holes, those holes step way far out, drilling down to the southwest.

39:13 We can test the zones. We want to test a lot more effectively from some possibly steeper oriented holes, closer into those zones, rather than continuing with these really big step outs now that we know that there is potential there, right? That was the whole idea, these holes, we hit some pretty good visually compelling mineralization, we'll see what the assay results say, and then we'll design everything to follow up on that. It's another reason why it's really nice to have at least a couple of months of an off-season to take in all this data and plan the best holes rather than just chasing visual mineralization on the fly with a heli rig, it can be really expensive and you might not be guaranteed those results. So yeah, that's gonna be the approach to this zone going forward. So if you see this map right here, I don't know, can you see my pointer that's moving around? Yep, we can see that.

40:01 So, Neil, correct me if I'm wrong. So you probably do a hole here also going west. And then you kind of just, you stick around with what you have. So you got 73 here. You also move out a little bit further east called 100,150 meters, drill in the same direction. If you see this hole 75, you also do the step out. So you do a hole here, then a hole over here and you build that zone. And then what we hit here, Neil, correct me if I'm wrong, but we hit some sort of grade down at depth and 79, a blip of it, which kind of shows that you're kind of on the maybe at the very tail end of what this kind of high grade areas, you know, right around here. So yeah, there's some, some nice mineralization in 52. Right? There's a really nice high grade zone deep in 52 that's a big step up from that but then also you see that the thin trace of towards the tail end of 79 there that's the bottom of hole 19 we drilled in 2024 And that started to hit mineralized conglomerate at depth.

41:10 It hit a long zone of dead, quite fine-grained rock that was not a great host of mineralization, but once we punch below that, then the grade increased and we started to see again blips again of chalcopyrite dominant sulfite speciation in and amongst the conglomerate, which is exactly the right host that we see elsewhere in the NAG system. And so to see some high-grade calcified papyrite blowouts down deep in 79, that's really encouraging. And to see the favorable geology is really encouraging. So I think that, you know, it's just more lines of evidence that this zone is open at depth. There's a really, really big gap between where we've tested in 77 and where we've tested in 79, where we've tested in 73 and where we've tested in 75 along that trend. So I see a combination of westerly oriented holes and southwesterly oriented holes acting in concert to define the best orientation going through the geology and veining, but then also the best or a more preferable orientation to go through the IP signature from lower response to higher response.

42:25 If you want to look at a new target zone for 2026, you're looking at this box, so the tail of 79 up and across, like that is, that's all a big area of interest that we're gonna have and continue to build out that zone and figure out what we have, but it's complete blue sky right there. Awesome. There's one more technical question, then I'll throw out some big picture questions to wrap it up. But Nate wanted to know, looking in the north and the results to date with 58, can you comment on the results east drilled to date with 59 and 76? Yeah, we're still waiting for all of the assays to come in from from that cluster of holes.

43:12 It's pretty consistently well mineralized and chalcopyrite does seem to be the dominant sulfide out there. And that's really interesting because that's in a zone of really quite low IP signature. If you look at the rest of the halo. And you might also notice we have a string of holes sort of connecting 53, the tail end of 58, 66, 63, and now hole 82, which is drilled out in that area. And so, I mean, the goal there is to define a pretty broadly spaced test on the continuity of just more consistent low to moderate grade out in that zone. And where we know we have consistent low to moderate grade, we hit some nice high grade zones.

44:04 And so I would say there's still a fair bit of potential out there in that area, but obviously we're still waiting for all the results to come in before we can put out a release that really tells a story. Sorry, just one quick follow up. Are you able to comment on the MT geophysics that we ran this year? Is that going to be reviewed later? What's the timeline on that? We did a few trial lines. They were they were pretty complimentary of the the Z-TEM and the the IP resistivity. But, yeah, we we have yet to to fully integrate that. It's pretty full on season for our geophysicists and just the guys on site with how much core they're getting haven't had time to really, really parse through that.

44:51 But yeah, it'll be interesting to see how that lines up with what we have now drilled, see how the geophysical signature lines up with the geologic controls on that. So that's where Sub32 is really helping out too. They have a really talented geophysicist, Vicky, on their team. And Sub32 and Tech are both great and they'll actually help us with some of that interpretation. That's why it's important to have those kind of partners and you know, have an off season where you can have the geocam and geophysics, you got to take it with a grain of salt. It's really got to align with some of your geocam and given the stuff at surface we can't really rely on, we got to wait till our drill holes come in. So this off season is really kind of going to take that into account. Neil, Nate asked another question too. So if you look at 39 that came out, given that it wasn't the greatest hole in the world, actually, still 32 liked it.

45:42 Why do you fall to follow-ups with 65 and 72 afterwards? Because it's... So hole 15 was a pretty interesting hole. So hole 15 was our, to this date, our, well prior to this season, it was our southernmost test drilling to the west. And it wasn't that stellar. 39 actually returned results that were stronger than 15. And while we were drilling 39, we'd also moved to the hole 41, or shortly after we drilled 39, we'd moved to the hole 41 collar location, which is step back just 100 meters from hole 15 and hit very stellar grade. It was, that was a very, very nice hole over a long interval of very nice continuous mineralization.

46:38 We don't want to close the book on our interpreted extent of the mineralization system based on 1 hole, because we know NAC is pretty noisy and it's a great signal. Testing with 54, testing with hole 50, Hole 50 was another hole that was actually quite decent. That was down drilling to the Southwest. I think we've got a bit more information now. I don't think there's a ton more plan to push it out to the West, but there are tests you have to do when you take into consideration how the NAC mineralizing system is appearing to work. So, you know, just because there's a single hole that is not looking like it's the best hole, some followup is warranted, we know that at NAC. So yeah, we don't wanna write things off based on a single hole. It's good to have as much data as we can.

47:45 Awesome. I just wanna zoom out actually, because you guys covered almost everything that I wanted to talk about today, which is great. But Tony, I'll throw it to you to kind of close us off today. For somebody, let's say new to the American Eagle story, who's just learning about NAC today from today's news, What would you want them to really understand about why this project stands out in the current copper gold landscape? It's easier for me to find out reasons why it doesn't stand out but you know I think you know, obviously the geology has to be there. We're putting the geology together This thing has 2 things that you need. It's got the grade, we believe. We're showing that with the South. But it also has the tonnage. So pretty much everywhere within what, Neil, like 3 kilometer by 3 kilometer areas, got mineralization of different levels. And there's huge pockets.

48:34 For example, there's porphyry stock that pretty consistently graded throughout. So this is one of the unique opportunities to be a potential mine for a major base metal company. So first and foremost, those kind of properties, they're not very common. I think then when you pair it with the location, the jurisdiction, we're in British Columbia and It's a great place in British Columbia to be. So you're not in the mountains, it's easy to access. Most of Prince George and Smithers. So your capital costs to build something like this that can be a mine someday, substantially less than most any other areas you see similar porphyries being. Philo, there's huge Philo fans out there, don't want to upset them and it's fantastic. It's a once in a generation discovery but it's probably going to cost 20 billion dollars to build, 6,000 meters above ground, tough to get people to go work there.

49:33 We don't have those challenges at NAC. Obviously we might, but we probably won't have the grade, maybe have the scale that FIDL has, but probably not the grade. So you gotta kind of trade those off, But with our location, our geology, that's kind of the number 1 thing. And if you look at us as a company, there's very few companies out there that have the cash to protect themselves, do these step outs, to miss sometimes and still stay afloat. And we have a plan right now to drill 2 more years and prove this thing out. And we don't need to take another dollar from investors. Will we take another dollar from investors? Maybe, but hopefully at a lot higher price. And if we do that, we've really got a tiger on the tail and We really want to kind of wrap this thing up. So very unique position on the treasury. Look at any other company, look at any other company, mostly in BC. Do they have cash to last them next year? No, they're going to have to do a raise and we don't have to do a raise. So not going to throw anyone under the bus, but I would say probably 98 out of 100 of the companies out there need to do a raise next year, which comes with warrants, which comes at a discount, which comes at dilution, et cetera. So we have the ability to put out amazing results and let that stock, you know, let that stock rip.

50:48 Awesome. Well, Tony, Neil, thanks so much for going through this today. Thanks, everybody, jumping on short notice and bearing with us for that half hour delay. A lot of you stuck around in the room. It was a pretty big number of you. So really appreciate you joining us. And if I didn't catch any question, I missed something on the boards, please do let us know or you can reach out directly obviously to American Eagle Gold. But this replay will be available probably in about a half hour on Six's YouTube channel, so keep an eye out. Check out that 3D model we have, it's an amazing tool, it's going to open up some eyes. Awesome, everybody, thank you so much. Have a great afternoon.