American Eagle Reports Breakthrough Drilling at NAK

0:03 Good morning, good afternoon or good evening, depending on where in the world you are signing in from today. I know it's a bit of an international crowd, so thank you so much for joining us. I'm lucky enough to be joined by Tony Moreau, CEO of American Eagle Gold, and Neil Prowse, Geologist extraordinaire, Project Geologist for the company. Gentlemen, thanks so much for joining me today. How are you both doing today? No complaints. Yeah, doing really well. No complaints is good. Here's how today's gonna work, just for the folks in the room. I've got a couple of questions. Obviously, this is about the exciting press release from this morning, so that'll be the focus of today's conversation. I'm going to start with some questions, but this is an open forum, so I please do encourage you to use the chat function at the bottom right of the screen. You can ask questions at any time during today's event. If we don't get to them because of time, they're way off topic, etc. I'm still going to make sure that the AE team gets them, and they'll be able to get back to you at their leisure. But hopefully you'll be able to cover most of your biggest burning questions in today's event. Last boring piece of housekeeping before I get into the good stuff. This event is being recorded and will be available for replay very quickly, probably by, I would guess, 3pm Eastern at the absolute latest. It'll be on Six's YouTube channel and also right into your inbox for the folks in the room. But enough of the boring stuff. Tony, I love hearing the word breakthrough in mining And you're using it to describe what just happened inside the Babine Porphyry stock.

1:19 So walk us through the moment you and the team realized the rock everyone assumed was barren was actually mineralized. What what happened there?

1:28 Yeah, it was obviously pretty exciting time, very exciting time. I was I remember exactly where I was. There was a little bit of Menbi there before, but we did not expect for it to be continuous the way it is with Copper. It just completely unlocks everything. It just shows that there's mass scale. And finding other high-grade zones is just really a fraction of time and drilling. There will be other ones. We found 2 so far. You know, we have about 80 percent of this area we haven't done kind of systematic drilling. So we're going to fall into those other areas. So that's a given. I think anyway, forward looking statements. But I remember I was at Beaver Creek, and Charlie and Neil were getting pretty excited, specifically Charlie, and I remember Steve was just on the couch. We had a share room, for better or for worse, and I was just showing him some of the XRFs. I'm like, I think there's something actually here.

2:17 Because cell 32, what happens is we designed all the holes and what usually happens is these big companies, they like to do big step-outs, super risky holes. So they just pick the holes farthest from any drilling and hoping something hits. So we kind of always just count that as almost like a 0 because they're trying to go somewhere where there's 0, like little chance for something to hit. Sure. And, yeah, it hit. So we're like, yeah, so 32 really, really good target. I think our team actually had that target too, but still 32 is the one that kind of put it on the map and it's kind of off the races after that. And we went from only planning 1 drill hole in that area to having. I think there's around 6 holes in that in that vicinity, still relatively big step outs. It's still really early days. Like, sure. If this was a drill hole that you came out with, with nothing else in the area, people would just lose their mind over it.

3:05 Look what Kingfisher put out. This is a new discovery in a whole new mass area of rock. But the only difference is, it's right next to all our other discoveries. So it's not like we're gonna have satellite deposits that we're gonna have. All this stuff's actually gonna come together. And I got a call from a really big investor, really big gold copper bug today. And he said, he's told me he's like, if those guys before just drilled this area bed He goes I bet this would be a mine by now and I think that they're right and we I guess we have to thank Whoever did that original mapping just there's very little holes They just thought it was barren and we didn't drill there either for 4 years. So this shows that kind of sliding doors creates opportunities for American Eagle goals. So long story short, everyone was pretty stoked. No, I bet. Yeah.

3:54 Like I said, love the word breakthrough. And that's actually quite a good story for it. Neil, I want to bring you in here for the geo involved crowd watching. And I know a lot of folks in the room do follow the specifics of the geology quite clearly. Hole 70 hit 901 meters of 0.43% Copper equivalent from surface with a higher grade core of 521 meters at 0.58%.

4:17 Now that's to my eyes, and I think almost everybody watching an impressive intercept by any porphyry standard. I'd love if you could talk about the style of mineralization you're seeing in the stock itself and how it compares to what you already know from the main zone and the south zone. Yeah,

4:35 hole 70 was a very encouraging hole to see come out of the stock zone. The mineralization style and it is actually pretty similar to what we see elsewhere in the stock, it's just got a higher frequency of veining in it. So the bulk of the mineralization is these fracture coatings and sulfide dominant, usually sulfide quartz, but typically just sulfide veins, chalcopyrite, boronite, knows me, deep perchalkosite, that cut the relatively unaltered porphyry stock rock. What's a little bit different about Hole 70, and I think is responsible for bumping up the overall grade, is that there's these local zones of what look to be later stage, maybe a bit more clay rich now, alteration, that are associated with sulfide mineralized vein breaches.

5:33 So those are cutting things as well and kind of enriching and juicing these things. Everything seems to be fairly steeply dipping. And so the shallow drill orientation has been pretty beneficial to, I think, getting a bit more of a true representation of

5:54 the bulk, you know, the bulk picture of what this volume of rock looks like. But yeah, specifically the first 700 metres of hole 70, or sorry, the first 600m of hole 70 were within Porphyry Stock. When we punched out of the Porphyry Stock, it was because it was oriented shallowly to the west. We did get back into our main zone drilling and saw, again, consistently good mineralization in the abutting conglomerates. But the really exciting thing about 70 was the long traversal through porphyry stock rock, intrusive rock, that showed much greater grade consistency than we had seen previous to this. This was a follow-up originally to hole 53, which we released earlier in the summer, which was 900m of 0.3 Copper equivalent.

6:44 Now, this was a steeper drilled hole. It was almost entirely within porphyry stock. And it was about 300m to the west of where we call it 70. So 70 was following up on that. We knew there was some potential as we got up in this area for the stock to host a bit more consistent, better mineralization grades. This is just a lot better than we were expecting. I would have been really happy with another 900m of 0.3 in this. You know, getting 500m of 0.58, I'll take that any day with 0.3. So yeah, no, it's, yeah, it's again, the mineralization is consistent with what we've been seeing elsewhere on the property. Just a higher frequency of veining and more consistent.

7:31 Yeah, also really shallowly inclined hole, I think it was around 45 degrees. It was a 45, yeah. So it was designed to cover some lateral extent. But true distance to surface isn't what you see downhole. I think people have got to realize that. When you see something starting at 200m, it's not 200m below surface. You got to do the trig calculations, but it's a lot less. Well, and there's some pretty strongly anomalous Copper and Gold right off the top of the hole. And throughout the hole, we're seeing these later stage dykes as well. It's a bit less of a constituent of the hole, but we view that as the driving source for the mineralization in the stock. We get these later stage monsonitic dykes, they bring a lot of portite mineralization.

8:18 We see that throughout the central stock area that we drill, we've seen that throughout these holes. So I appreciate it. And actually, I got through my next question too. So that's quite helpful. Tony, I want to get you in here for a second, because I know the release says the perspective footprint is effectively quadrupled, which obviously that puts it in a monster category. So how does that change the way you're thinking about NAC in terms of where it sits among the globally significant porphyry Copper deposits? It's big, like really big. Like 4 looking statements, if you were to say this thing's going to be 3 to 4 billion tonnes, resource someday, I wouldn't be surprised. It could be bigger.

9:04 I don't think it's fair to say on the global scale how big it is. I haven't done that research. I know a lot of stuff on the Canadian scale and BC scale. It's up there. It has potential to be some of the biggest. And I just look at, you know, I look at our comps. You know, I look at North Isle Copper. I look at Surge Copper and I say, you know, how big are we compared to them? You know, they got a lot of good things going for it, But I think we have a lot of really important advantages at NAC.

9:34 I've said this before, you know, we have South 3 in tech, give us credibility on the technical side. But it just seems to me that a lot of investors need someone to do their homework for them. And they need that, you know, that big follower like a Michael Gentile for North Isles and then it all started to go as like 10X. We don't have that. But I think that creates a big opportunity that for people to actually do their homework and look at American Eagle Gold. I don't think there's any reason why we should be a lower value than the Surge Copper North Isle. And I'm watching a show right now. It's called Industry. It's on HBMI. It's a good show. It's about portfolio managers, investment bankers, and guys on the sales desk. And they always talk about this word called alpha. They're always looking for alpha, seeking for an edge. And American Eagle Gold, if you want alpha and edge in the junior mining space, your alpha is just knowing about American Eagle Gold because a lot of people don't know about us. So just knowing about our play and having conviction in your investment gives you an advantage over everyone else. And if you look at North Isle, it's 1 billion dollar market cap. We're 130 million market cap.

10:38 That's a huge Delta we can make up there to give people some of that alpha. So I think that's a huge advantage that we have. And one of the things I've always said is we haven't done that big deal with the banks. We didn't have to. So 32 came to us. They sought us out on their own. Tech sought us out on their own to invest. So we haven't had them do a deal with any of these big banks. And without doing that, They don't put you in their marketing cyclone where they have to keep that stock up because they put all these millions of dollars and their investors in it. So we're kind of doing that alone. But we're going to keep putting news out like this and people won't be able to ignore us. The banks won't be able to ignore us because they also have to find

11:14 Alpha for their investors and the Alphas in America. Legal goals. OK, great. No, appreciate that answer. Neil, I want to get back to hole 70 for a second because I know it was drilled at a shallower angle to the West and the release mentions that the orientation is more favorable relative to the major veining trends from the 2025 core or orientation work. How much of an impact in your opinion has drill orientation had on grade? And does that suggest some of the earlier vertical holes underestimated really what's actually there? I mean, not necessarily underestimated. With the quantity of steeper holes and holes oriented to the West, or sorry, holes oriented to the East, there were some zones of really, really nice grade in them. They just ended up being a bit more punctuated. Some of the holes in that area are still very good, right?

12:04 Hole 12 averaged out to be 900m of almost 0.4. Hole 4 was, again, once we got into the mineralised zone, very, very strong results. It's just a little bit more punctuated. So we're seeing a bit more consistency with this orientation to the West.

12:24 And when we're skirting through some of these zones by vertical holes, the grade is a lot higher than we would have predicted by the few holes we have in that area. So when you're drilling these steeper orientations and these orientations to the east, you're kind of ruling the dice on whether you're going to be going across one of these a bit more mineralized corridors or if you're going to be drilling down a vein or you're going to be missing some of the veins. Drilling shallowly to the west has shown to be a bit more reflective of the, you know, maybe a bit more the true nature of the distribution of the mineralization in the system. So, And again, it's not fully consistent. There's some variation to the dominant veining orientations as we traverse around the property. It's a very large area.

13:10 We're doing some more work now on domaining the structural data and seeing where, you know, on the property, the most optimal orientation would be to drill. But so far, broad strokes, the Western orientation at a shallower inclination has proven to be pretty successful. So, 70 was quite good. 56 was drilled shallowly and that was quite a bit better than the neighboring holes as was hole 60. Those are separated by almost 400 metres each as we step down to the south.

13:44 Like Tony said, it's still early days with this. We're gaining a better understanding as we have time to digest this data. And thankfully, it's worth the more robust investigation. We see a really, really broad zone of mineralization across a huge area. And our job now is to figure out the most efficient way to push us forward. That's good. Is there a champagne problem? Certainly, too busy with that kind of work. One question I always like to ask geologists, and especially here where the system is described as open to the north, east, south, and to depth beyond 700 meters. So Neil, my question to you is, where are you most excited to point the drills next and what geological indicators are guiding that prioritization?

14:30 Well, we've got a really nice trend of rock that's actually marginal to the porphyry stock with some diking that predates the porphyry stock that seems to be quite well mineralized as we get further to the east. So we've got this sort of central zone of porphyry stock mineralization that, you know, the bottom of 59 put into the bottom of 82 hit into pretty much all of whole 70, 63, 66, save for some narrower intervals of mineralized diking it was all poor free stock.

14:58 The bulk of the mineralization in 52 or 59 and 82 was actually in either earlier finer grain intrusive phases or pretty altered sedimentary phases, or sedimentary units. And the alteration we see in that is very consistent with the alteration we see down in the south zone, on the main zone, way, way, way off to the west. It's this dark, shreddy biotite, magnetite alteration, and there's sulfite, mostly chalcopyrite, locally a little bit of boronite, very finely disseminated throughout it. So, and then some associated veining. That's really, really interesting to see. And we know where we see larger volumes of that, we have these higher grade blowouts as well.

15:44 So I'm really excited to do a bit more systematic follow-up, holes oriented to the West-Southwest, trending from where we drilled hole 61 way outboard and further Southeast even of that, along that sort of Northwest-Southeast trend on the Eastern side of the Porphyry stock. It follows up favourable IP signature. It follows up right now what we have is really favourable geology and alteration,

16:14 and then work out from there. So work into the porphyry stock to the west of that trend and continue to work further out to the east. Awesome. No, I appreciate that. My favourite question for John is what are you excited about? So I always love to hear the answer. Tony, I want to give you, as you said, you got tech and so 32 sought you out as strategic investors. You've got over US$25M in the bank, I think right now, but this kind of expansion in the mineralised footprints, how are you thinking about the pace of exploration heading into the rest of the 2026 drill programme? Well, We're going to be starting in May and I think we'll have a similar pace as we had last year. What would you say, Neil? About 60% of our drilling was done on areas that we'd never drilled before.

17:04 Next year we'll actually be drilling in these unknown areas now with information that we actually know and can model and drill off. I think the question is not if we're going to have more drill rigs during the season, and the question is can we finally drill through the winter?

17:18 And is our cost of capital going to be there to allow us essentially to have very little down season? I think we will finally be in that position where we can keep those 2 or 3 rigs and drill them past Christmas, et cetera. So I think that's the kind of proper question to have. That's my goal. It's our goal for people to properly understand the story, give us value for it, and then essentially just never stop drilling. Okay, great. I've got a follow-up strategic question for you, Tony, which the South Zone described as the centre of gravity for the higher-grade mineralisation. I want to get in your head for just how you're thinking strategically. Can you explain how you're balancing the near term focus on delineating that higher grade core against that, what I'm sure is temptation to chase the much larger mineralized envelope that's now opening up? Yeah, it's a good question. It sounds like you should be in the meeting with us and South 32 and Tuck as well.

18:10 Yeah, so I would say probably, and don't take my word for it, things obviously change, especially in the season, but I would say probably around 65% of our drilling is going to be in these step-outs, this new area that we put out the release for today. And then the other 35%, if we do a 30,000m program, 10,000m in the South Zone, 20,000m outside the South Zone,

18:35 to kind of delineate things, find more high grade, you know, bulk it out even more and kind of prove that that can be a mine that stands on its own. So I think that's that's kind of how we're going to break it out next year. Awesome. No, appreciate that. Yeah, I got one for you that is honestly just my curiosity. So people in the room, I hope you have similar curiosity. But then I'll get back to wrap it up with Tony afterwards and we'll get to the great questions that are already in the chat. But Neil, the grades in the Bipin stock are described as broadly consistent with the North and South zones, which obviously, as we've talked about, to some degree today, surprise people given the old assumption that the stock was barren. What do you think the historical programs missed? And what did American Eagle do differently to unlock it? I mean, there's just very, the spacing of historical drilling in this area where we drill that there was none. So there was a little bit of drilling that was very poorly documented by Noranda in the central stock. And these were vertical holes, a very narrow core that just got through overburden.

19:40 Basically, like I think the deepest one was like 130 feet. Right, so We're talking like 30 meters. The reports from that are sparse. So we only have information from several holes. We know where the holes were drilled, but we only have information on about half of them. And I think in light of the difficulty of access back in the 90s when the historical drilling was done and the lack of excitement from those historical programs prior to that, back in the 60s and 70s, I don't know if that was a priority. And the historical operators, their first few holes hit in the South Zone, hit that really nice near-surface mineralization,

20:27 walked the trend up to the North along big step outs, marginal to the stock, continued to have a bit of success there. And their really, really broad step outs were a bit more hit and miss. And they didn't have as much money. They did not have the 3D understanding that we have right now. It was a lot harder to model that back then. And so their priorities were where they knew the mineralization was, and they were a little bit less prone to take risks on these bigger step outs and do more modest, smaller step outs from the zones where they did hit a little bit of mineralization. So there was some mineralization hit in the 90s out hole 33 was about 300 metres north of where we drilled 61 and further to the east still a hole 59. And that wasn't bad. That composited out with decent stretches of 0.3, they drilled another really shallow follow up about

21:21 350 or 300 meters to the east, sorry, to the west, and didn't really hit very much. It was a lot noisier, so they, you know, there wasn't as much immediate encouragement there. And that's been kind of the same reason we were a little bit hesitant to do that as well before we were as funded as well as we were. You take a lot of risk when you sink a lot of money into zones where you're not guaranteed to hit mineralization or at least be expanding on what you know. So, you know, we were fortunate, but we know the NAC system has legs. We know the footprint is very large. We know the geophysical expression is very large. So there's prospectivity over the whole property. Sure. We've done a lot to confirm that now with these releases showing that the stock and host mineralization, there was some decent mineralization within the stock, but then there were also historical holes, shallow holes that didn't hit mineralization right away and ended possibly a little bit too early. We've been pretty good about sticking to our guns and not ending holes early and also putting these through to depth to fill out understanding.

22:31 That's kind of how I see it. Look, it's easy. It's like copper is 60 cents a pound. Gold is $350 an ounce. Midnatties, no infrastructure, like we exactly you have to hit is a lot higher than we have to hit now. Right. And then when the next people, the last people that drilled there before us, 2008, well, we all know what happened 2008, 2009, like the whole financial

22:54 industry just on the floor fell out. So pretty much everything shut down. And then the next people that had it was, I think it was Copper Ridge. And then Copper Ridge had another property called Marathon and that's now Generation Mining. So just sliding doors, I said, and sometimes it just creates opportunities for others. But you see this all the time with these huge deposits. Usually it takes 5 or 6 different people to have it and a little bit of luck. And man, I don't know if we didn't hit on that first hole like we did, we might not be here either. It just takes some luck and it takes some really good geologists and it really is a team. It's Neil, it's Charlie, it's Dave Hoke, it's Nick Dudek, it's my uncle who passed away. It's all people focused on this. So yeah. Awesome. Appreciate that. And Tony, I've got one more real obvious one for you before I throw it to the audience.

23:40 You've now got continuous mineralization over a massive area. 31,500 metres drilled last year. Assay is still coming in. Investors in the room. There's quite a few of them. What should they be watching for over the next 12 months as we keep moving forward? A lot. So we have news. We have news probably to be coming out in the not so distant future. But look, we'll be drilling in less than 90 days and we'll be starting off there. I think the one thing we've never been able to disappoint with is we've always been able to provide some sort of surprises, whether it's coming up with that new South zone that's deep, that new discovery that we made this year, bringing South32 out of nowhere. So, you know, expect the unexpected with us for us to get that stock up. And then you just add the fact that I think

24:26 we're finally kind of getting our sea legs, as my buddy Hunter says, and we're understanding all this other new mineralization. And we talked about earlier how we have the centre of gravity in the South Zone. I want to kind of premise that's the centre of gravity as we know it right now. I think there's just as good of a chance that, You know, with all this other drilling, this 80% that we haven't really drilled at, with the news that came out today, it's a good chance we find another center of gravity. So I think that's one thing that investors really kind of have to keep their eyes out for. For me, it's just a race to get this thing to a value where we're comfortable selling it. So getting the market to understand this diamond that I think that we have to get us to evaluation where we're not afraid to give it away.

25:11 So I think it's a bit of a race against time for us to be able to market this, to kind of hold off the other people that really do understand what we have. And look, South32 and TAC, when they saw some of those holes, they were extremely, extremely excited because we know we got the high grade to pay off this

25:26 mill. And now we know we have the tonnage here to allow it to run for 50, 60, 70 years. Awesome. No, appreciate that summary. And as you said earlier, find the alpha. I'm a big industry fan too. So good phrase. Yeah, it's an awesome show. Everybody should watch it. I got some questions from the chat, And then a couple that came in over email. So Johan, and some of these we've gone over already, but I always think it's good to reiterate just to make sure people were caught on to the answers. But Johan asked, what holes more than hole 40, or 80, sorry, are left this season? What holes besides 80 are left? Yeah, that's right. Yeah, thanks, Johan. I think I know what Johan that is. Swedish guy, very nice. Yeah, so we have the holes in the IP and payment zones, so 73, 75, 77, and 80.

26:19 Just a function of just, we want to put out holes that are together. They were able to tell a story. And we're also kind of at the mercy of the labs. And like this last release, we probably should have put it out 2 weeks ago. We're just waiting for 1 hole, about 200 meters of it. And then we got

26:33 slowed down by about 5 days because we were just waiting for 10 samples. Like I said, we pride ourselves for not being a leaky ship and leaking any information. So I think what investors have got to realise is that don't worry if you're waiting an extra week for information to come out, because guess what? You're gonna be wanting more information that when we're done, all of our assays being released. So we're not a leaky ship. There's reasons why we sometimes have to delay. So let's not sell that stock because you're waiting an extra 5 days. Like this is probably look at this as a 12 to 24 month play, have some conviction in your ownership,

27:05 and if we can do what we think we can do, you're gonna be a very happy investor. So, yeah. Awesome, I appreciate that. Nate from the chat asks, can you comment on how today's results impact the initial planning for the 26 drill program design? We've already touched on it, but feel free if you've got any extra comments. I can speak to that. We've known about the tenor of mineralization, the style of mineralization, what we're seeing in the rocks since we initially drilled Hole 59. That was quite a bit earlier in the season.

27:43 That dictated our follow-up to that during the season. We've always had an idea that the 2026 season was gonna be a bit more on the expansion side than we were this season. I think we did a very good job this season of proving up the viability of the South Zone and the rest of the main zone drilling. I think there's work to be done there to show that that can kind of pull together by itself.

28:16 Everything else that we're doing is going to be supporting that. Right. This is this is as Tony said, this is appearing to be 1 fairly cohesive system. When you look at other deposits on this scale, Like Tony said, these are not pods separated by a bunch of completely dead rock and little isolated systems. These are all subzones within a much larger, fairly cohesive looking system. And so The 2026 program is going to focus on largely following up that with pretty well-reasoned, pretty modest step outs, working outward from what we know, and then building on those results. There's probably still gonna be a few, you know, big further field tests as well. There's a couple zones I know we'd like to test, but, you know, we still have to be responsible and efficient with it. And that's kind of how we've approached every exploration season. So it's gonna be similar to how we've continued to operate, which is going the best available data we have and being systematic with how we step out from what we know and how we again, infill what we know, right? There's still some info we want to get in areas where we have drilled to help tie things together geometrically. So there's going to be a bit of all those facets in 2026.

29:42 If you look at a grid for the areas that we really haven't drilled in the Portfrey stock, If you want to have an idea of what the plan is going to be, look at 200m to 300m step outs and square grids and strategically positioned, but that's more or less what we're going to do. We've changed a lot. The expectation in this industry is always to miss, But I think now, after seeing what we have in this porphyry stock, the expectation for me is to miss a lot less than most other properties, almost all other properties, specifically in BC. So we're just

30:13 going to go for it. And sure, we'll miss some holes, but we're going to hit a lot more and we're going to prove that this thing hangs together. And along the way, the plan is to find some other high grade areas, but we're going to stick to a plan more than we have in the previous 4 years and just go for it. Awesome. I appreciate that. Matt from the chat has a CFO question, but Tony, if you got the answer handy, that's great. He wants to know approximately how much will the company get in tax refunds for last year's exploration expenditures?

30:40 Well, Joel loves a microphone, so I wish I brought him on there. I don't know per se, but what I do know, Joel told me, is that we're going to have around US$25M in cash in our bank by the time we start drilling. I usually get about 30%. When you put hard dollars into the ground, and all we have right now is hard dollars, you get about 30 cents for every dollar you put in the ground. But it's a little bit different. It's a little different this year. So we spent $15 million approximately. So that doesn't mean actually we get 4 and a half million back. We had some leftover charity flow through from our 2024 raise that we had to use. So we actually won't get that 4 and a half million bucks back, but probably more about $2 million we'll get back from the government. But next year, because we'll be spending all hard dollars, we'll be getting around 4 and a half million dollars in tax rebates in 2027 from that estimated spend in 2026.

31:35 Hope that answers your question. But one thing everyone has to realize, it's not that much bigger of an advantage to do flow through versus hard dollars. It is good to get that you know, that Delta and actually have that headline price that's a lot higher, but you do have a lot more flexibility with the hard dollars specifically if you raise it towards the end of the year, where you actually have 1, 2 calendar years to spend it. So we did that South 32 deal in December, 2024. That means we had to spend all that money if you convert in charity flow through 2025, which we wouldn't have been able to do. So there are a lot of huge advantages for having those hard dollars. Sure, great. That makes sense. One question from Rob in the chat, he asks, how has today's results validated work in 2025 by Garwin VMI and the IPMAG imaging?

32:24 The IPMAG, sorry, the MAG data specifically, there was a lot of data that was generated out of that survey, the three-axis magnetometer survey. It identified a lot of different structural trends, so many, in fact, that 1 or 2 of them are bound to be correct. So we have a bit more info now from the rocks. It's pretty difficult to accurately invert magnetic data to see what it does at depth. But at least surface trend-wise, there is some validation with that. There's definitely a northern trending fabric, which appears to be steeply dipping in the rocks. That is definitely evident in the Viking.

33:10 The zones of alteration seem to be mapped out by some of the structures, especially as we get further to the east of the stock. So it's validated a bit of that mag data, but there is, it's still quite a noisy survey and that has a lot going on with various different intrusive phases, local zones of magnetic destructive alteration, pretty magnetite rich alteration zones, and then also primary phases of intrusives that are also quite magnetic outside of any alteration. So it's still a pretty complicated thing to wrap together. It's good data to have once we add a bit more of a North-South component to the drill trend. As always, trying to extrapolate out from a single direction trend and drilling is difficult to do accurately. So It's good data to have going forward.

34:04 I wouldn't say it's any one of these geophysical surveys as being a silver bullet, it's unlocking it. It's kind of trying to work with all the data. You're on mute. Happens once a day, embarrassing every time. Somebody from the chat who's familiar with regulations, so notes this is a forward-looking statement that this will be a mine someday, asks, how do potential mining advances come into how you set up your drill program design? If I was to answer that question, I wouldn't give you a very good answer. So I'm gonna pass on that one. Neil, do you wanna pass or you gotta go on that? I mean, Yeah, obviously it's too early stage to start engaging With you know potential pit design, you know, we're we're at the mineral inventory stage We're not at a resource stage yet. We're designing the drilling so that the drill holes can be factored into a resource.

35:07 But then beyond that, there's going to be another phase where we'll be probably working with some engineering firms to see if we get some geotechnical holes. Again, this is all very, very forward-looking. Of course. So right now, I guess the answer is no. We're not designing the program with a view to mining. I think that's putting the cart before the horse a little bit. Let's figure out what we have. There are lots of creative ways to get what's in the ground out of the ground. Once we figure out what is in the ground, then we can design programs around that to figure out how to get it out. Perfect, that makes sense. Duval from the chat mentions, he says, Tony, you mentioned fund managers were in contact with you after you announced 1278. Just curious if you can comment on that, if you're able to comment on that.

35:55 I can't say which fund managers they are, but it's a longer sales process. So Neil and I meet with them, usually meet with their head guy that we meet with their dear geologists. And, you know, it takes takes a month for them to pull the trigger because they're not just buying like they're not buying retail size like thousand, 10,000 shares or buying. They're buying big sizes. So they're trying to find opportune moment to buy. And you saw 2 million shares traded today. I bet you it's one of those funds coming in to buy. So that's really all I can comment on that. But they continue to come in. And the more information we give, like once we get over that dollar amount, I think it gives an opportunity for a lot of these funds to come in. A lot of them have dollars like the minimum threshold for them to invest in some of these companies. Another threshold is 100 million dollar valuation and we're past that. So, you know, I expect as we continue to go up, there'll be more and more funds coming in.

36:50 And those funds are a lot more inelastic in terms of the price that they come in. They think it's going to go somewhere. If they see this thing going to 5 bucks, they don't care if they buy it at 80 cents or a buck 50. It's still game for them. So it's good. Cool. Makes sense. I think the next 2 questions we've to some degree covered. So I'm going to get to Eric's question. He goes was the South Zone envelope generated with a specific copper equivalent cutoff grade. And if so what threshold was applied there? Copper equivalent grade, it's. This is this is taking in the zone of where we can confidently interpolate mineralization, it works out to be about 0.15 equivalent for the entire thing.

37:36 This wasn't decimated into individual cells as a resource estimate, it would be this was rough back of the envelope, right? So don't, you know, cautionary say, but don't take this as a resource model. There is gonna be some changes within that. Obviously there's also some much, much higher grade zones within that too. So yeah, It's a quick way for us to convey to ourselves and to the market of where we have confidently intersected mineralization and mineralized holes. And it shows where we can expand to that and how we can continue to build on it and drill within it to add more confidence. So yeah, it's a rough back of the envelope right now to for illustrative purposes to again, show where we have our mineralization.

38:31 Good, makes sense. People have to keep in mind that a cutoff grade is different than what the actual grade will be of the rock. So usually your grade of the rock, specifically for the South, which would be multiples higher than the 0.15, but that's just the cutoff grade. Sure, no, That's a helpful clarification. I got 2 nearly impossible questions for you, Tony, specifically. So to the best of your ability, obviously. Jacques wants to know, are you considering making this a career project or I presume the alternative being selling it to a major? What do you mean a career project? I think he means bring it all the way through to mining and reclamation yourself. Oh, yeah. Look, let's let's be honest. I'll kind of take it day by day. If copper goes to 10 dollars a pound, like maybe things can change. But The 1 thing that I do know, we have a huge problem with people, I think. It's very hard for mining companies whose jobs it is to build mines to build them. So I'm going to stay in my lane, which is managing my team, working with Neil and having really great geologists to prove that this thing can be a mine and getting the value of American Eagle as high as possible to sell to another company to develop it.

39:39 Having said that, things can change. Maybe we will develop it. But if we can prove that this thing can be a mine, I would probably bet there's a better chance that we sell it for someone else to develop it, but you never know. Perfect, no, appreciate that. And 1 particularly difficult question that came in over email, so obviously word it however you need to, but somebody asks what your price target is for American Eagle Gold in the near future? Yeah, look, price target's a lot higher than it is right now. The price target's constantly changing, obviously. You're looking at the price of copper and gold and your comps. I just look at comparable companies. And I look at a few companies right off the start. You look at Surge Copper's $225 million. I think we could be higher than that. Then after we get past that, you gotta walk before you can run. After you look at that, it's like, let's get past DoubleView. I think that's over $300 million market cap.

40:32 And I think the big target for us is look at North Isle, look at Osisko Metals, both around 1 billion dollar market cap. Sure. Look, I don't see a lot of arguments to say why we should be worth a lot less than them. So my target, I'm not saying that they're not worth that. I think we are equal to them. We have a lot of advantages over what they have. I'm not going to get over into the specifics, but I don't think 1 billion dollar valuation for us is too lofty. And if you look at investments, What do you think there's a better chance of? Is there a better chance of North Isle getting into $2 billion valuation? Or is there a better valuation, better chance of us getting to that $1 billion valuation of North Isle? If you were to ask me, I think it's a better chance of us getting to that $1 billion valuation. Now, if you look at a multiple of what that stock is, that means we're gonna go 7X versus the better chance, versus the chance of North Isle going 2X. So if you're looking at alpha that I talked about earlier, that's why I like American Eagle Gold as an investment.

41:25 And I constantly get asked the question, it's got to ask right now. It's like, you know, why? Why are you undervalued? Why are you undervalued? I don't have an answer for that. There's a bunch of different reasons. I don't think we have the time to go over everything. But all I have to say, if you have the conviction and you are so certain that you want to ask me why we're undervalued, look, consider it a present. Buy more of the stock. That's why we're undervalued. It's about more people buying than wanting to sell. So I think we'll get there. And look earlier late Christmas present however you want to see. But I think American Eagle Gold's worth a lot more. And we're going to have the drilling that supports it. And we have the funding. We have the partners and we're drilling in less than 90 days. So giddy up. Look at that on that note, Tony Neil. Thank you so much for letting me grill you and for going over this morning's press release. Audience, I know there were so many of you. Thanks for all of your great questions. If you have any additional ones sent through I'll make sure the American Eagle Gold team gets them. But Tony, Neil, thanks so much. This is great. Yeah, thanks. Thanks for having me. Have a wonderful afternoon, everyone. Cheers.