Canadian Exploration Panel

0:13 All right, well, hello and welcome everyone to the Canadian Exploration Mining Panel hosted by 6. We are joined today with the leaders of 4 mining and exploration companies working in Canada. I'm pleased to introduce Brian Skanderbeg, President and CEO of GFG Resources, Matthew Landry, Vice President Technology at Azima Exploration, Rana Vig, CEO and Director of Blue Lagoon Resources, and Ian Berzines, President and CEO of Braehart Resources. So welcome everyone. In this discussion, we will explore what the different jurisdictions in Canada have to offer for each of these panelists' respective companies. So as a reminder, you can submit your questions on the Q&A panel on the right-hand side of the screen at any point during the presentation.

1:01 And we will open the floor up to the live Q&A afterwards. So to kick things off, Brian, could you just introduce yourself and give us some background into your company and the critical parts of your investment thesis?

1:15 Yeah, thank you very much, Dasha. As she mentioned, I'm Brian Skanderbeg, I'm founding CEO of GFT Resources, and we're a Saskatoon-based explorer, North American focused with assets in Wyoming, where we have a very large land position, it's called Rattlesnake Hills Project, and also in Timmins, Ontario, where we control about 700 square kilometers to the west of the main Timmins infrastructure. So we set up TFT 4 years ago. Our vision was really to control large tracts of ground, put them together off cycle, put our capital to work. We are large shareholders ourselves with a track record of truly, I think, making relevant discoveries historically but also through to developing these into mines and operating them. The vision is to take TFT forward as a leading exploration vehicle, focused in North America with our 2 key assets.

2:09 And I think with us, you get a great team and a great track record. And I'm happy to talk more about it in subsequent questions. Thank you, Dasha. Great. Thank you. Welcome. And, Mathieu, if you can just introduce yourself and your company. Yes, thanks, Dasha. So, I'm Matthew Landry. I'm Vice President Technology and Business Development for Azmit Exploration. We are a project generator and exploration company in Quebec. We're based in Longueuil, near Montreal. We have about 29 active projects

2:39 in the province. So we are a multi-commodity exploration firm, So we have different projects at different levels of exploration. I've started my career with Miranda Falconbridge, survived the mergers and the cycles. And for some time, 15 years with that group, I moved on back to the exploration. And our thesis is really to have a diversified portfolio, to have several options in the pipeline for success maximization. Thank you, welcome. Rana.

3:25 Thanks, Asha. Yeah, I'm Rana Vig, President and CEO of Blue Lagoon Resources. We have 3 projects in our portfolio, but the main project, our flagship, is called Dome Mountain, which is by the Smithers area, northern BC. We are a true near-production opportunity and have a huge blue sky because the property hasn't been explored very much at all. I say near term because the only reason this mine isn't in production, my predecessors had spent $28 million in mine development, infrastructure and permitting. As most of you on this call probably know, it takes about 20 years to get a permit in BC, so we already have that. And only 3 amendments were required. We finished 2 of them already. The third one is expected to be finished in April. And we fully expect to be in a production decision here late summer, perhaps

4:16 early fall. But certainly this year, we expect to be in that scenario. But that's the smallest piece of our puzzle, our picture. The big picture really is to use that cashflow and is 19,000 hectares, very prospective as our recent airborne survey, which was the first ever flown on this property, demonstrated, and we're going to take that cash flow and we're going to drill and drill and more drill, drill more and prove that we have a pretty significant project, which is why I'm a big believer in it. I personally just added 1 million share position to my personal position and now I own about 5% of the company so we're putting our money where our mouth is. So happy to share more as the discussion moves forward later on today. Great, thank you so much. And Ian.

5:04 Thanks Dasha. I'm President, CEO and Director of Braveheart. By training, I'm a mining engineer. I've worked primarily in Canada for over 40 years in a mixture of underground and open pit scenarios. Braveheart as a company listed on the TSX as BHT and on the OTCQB as RIINF. Braveheart, Again, we have 3 principal assets now, 2 are 100% owned. We have 2, our 2 core assets are both past producers, 100% owned in close proximity to infrastructure, such as roads, power and mining communities. So that's kind of a common theme for Braveheart when we're looking at trying to acquire or add assets.

5:56 Our flagship is Bull River near Cranbrook, British Columbia. It's a past producing mine from the seventies. It's been maintained. There's a fully developed dino ground that's been maintained for over 10 years now. We have a unique situation with about 8 months of pre-production in terms of mineralized material on surface that we plan to put through the mill and that will provide an initial fee to the milling operation.

6:27 Again, what's unique about Bull River when we bought it out of the CCAA process is it's got approximately 100 million dollars of usable infrastructure, and we need about $5 million to complete the upgrades. The primary permit we're looking for is a permit to dispose of tailings on surface. In December of last year, we purchased a 100% interest in a past-producing copper and nickel mine called Terry in northwestern Ontario in Pickle Lake. We like the size of it. We like the advanced ore body, if you will, and proximity again to all the attributes I just mentioned. And lastly, we have a property that we've added back. We had an option to acquire a high grade gold property in Nelson, British Columbia.

7:19 And our thesis there is that we'll look to bring that on as a high-grade incremental feed and process that at our Po River Mill. So again, pleased to talk a little bit more again, very deep board in terms of experience in the mining industry as producers. Great, thank you. Welcome everyone. And I look forward to taking a deeper dive into each of your companies. But to get things started, I was wondering, what are some of the primary benefits of operating as a junior minor in your specific jurisdiction within Canada?

7:55 Starting with you, Brian. Yeah, thank you. The operates in the Timmins area, and we really feel strongly that this is a jurisdiction that it has high endowment and for us as explorers it's our first filter. So we're looking at well endowed belts and what I can say is the area we work in is 130 million ounces of historic production reserves and resources. So looking at working in jurisdictions like that, you have high endowment, you have existing infrastructure, and I don't just mean 1, there's probably 4 mills that are within trucking distance of our properties. Infrastructure that means roads and people, a skilled workforce to drive forth. So as GFT's primary filter, obviously we're concerned about finding gold, but the gold isn't really worth much if it's not in a place that we can access it, mine it, develop it. And that's where I really think working in established belts like some of my peers here or myself are, unlocks really strong value for our shareholders.

8:58 So I feel when you combine infrastructure with people supporting province at the government level, Ontario, very supportive of mining, and the applicability of the flow through to the financing window and the financing path which we all need capital for is really key. So to us, Ontario is very, very compelling for all those fronts, and we're happy to have it as a target jurisdiction at the top of our list. Great, thank you. Matthew, what about your jurisdiction? Yeah, I think in Quebec, it's similar to what Brian's saying with Ontario. The government is very supportive of the industry. They've been putting strong programs to improve infrastructure, especially in the north, in the James Bay area where we work. There's an excellent road network, power grids, cheap power too in Quebec, which is a big deal, I think.

9:51 And the geology is good as well, so there's many areas that are interesting in terms of endowment. We're focusing on the James Bay, We have projects in Nunavik as well. And the Granville is, Geological province with, with historical, endowment. That's interesting.

10:13 So I think, That combined with a good public database, we've been leveraging the public database with our predictive modeling methodology and that's our approach to de-risk the initial exploration stage in the province. So it's been, I think it's all the right ingredients, like Brian said, to advance some exploration projects. All right, thank you. And Rana, what about for you with Blue Lagoon Resources? Yeah, we're up in Northern British Columbia, just outside of Smithers, a great jurisdiction. Smithers is a town of about 5,000 people. It has the perfect size for it to support all the supplies and the human capital that we need. The ministry actually has an office right there in Smithers as well, who've been incredibly supportive to help us get this into production and for the exploration play.

11:04 And the beauty is, you know, for us is that it's literally a 45, 50 minute drive on all year round. We can access it

11:12 all year round. So we're not, so elevation is not a huge issue. And human capital, you know, we have a lot of senior people who are working and all of us in our younger days didn't mind being in remote areas or in camps or what have you, but as you get a little bit older and hopefully a little bit more successful, you wanna do less and less of that and be around your family. We were able to retain top talent because many of them live right there in Smithers. Easy access all year round, great ministry support and all great roads and infrastructure, power grids, we have generators on site. I don't think we could ask for more. So we're very pleased in the area that we're in because it of course saves a lot of costs as well.

12:02 So Smithers is a great place to be, or outside of Smithers is a great place to be or outside of Smithers is a great place to be to have a property.

12:08 Great, that's great. And for you, Ian? Yeah, I don't want to echo everything that was said before. I kind of, I agree with all the other speakers. Our 2 primary jurisdictions are British Columbia and then Ontario. And if I look at the Fraser Institute, those jurisdictions are ranked 17 and 20 in the world rankings of some 75 jurisdictions, if you will. So favorable. I like the fact that our projects are brownfields. That doesn't mean that they can be permitted significantly faster, but it does demonstrate that there's been support for the projects in the past. And again, this theme of communities, roads and power. Our Bull River project, we're about 35 kilometers from Cranbrook, about 50 from Kimberley, and then another about 60 from Fernie. So we have access to people primarily in my mind that a lot of the miners that used to work at Sullivan for example, which ran for 100 years in Kimberly.

13:11 There's some of these guys are having to travel up to Nunavut, Hope Bay and some of these properties, and frankly, they'd like to be home at night. Our Ontario property, Pickle Lake, is not a booming community like Timmins anymore, but it's a really active part in Northwestern Ontario, access to the ring of fire. So if anything, we're going to be competing for facilities and hopefully that community will again boom as a mining community as it has in the past. Great, absolutely. So following up on that question, On the flip side, what are some of the primary challenges you face operating as a junior minor in your specific jurisdiction? Off to you, Brian. Yeah, yeah, look, I, not to point out the positive or the negative, everything's really positive in Ontario. So I mean, I've talked about the why we go where we do, there's always room for improvement and that's what all it's used to focus on. Not that these are necessary hurdles, it's just areas where we can improve.

14:15 And I think all of us working in the resource sector have various permitting and regulatory and government relations steps that have to be taken. And the time and the duration to achieve some of those is a hurdle for all of us. Time is money. And if there's some way to improve and the permitting process and relationship with our stakeholders, I would always look for that as an area to help. Ontario is a leader in that front. That being said, we can always do better. And the other side I'd say is the COVID side. So we work in a completely

14:52 foreign time to mineral exploration and mining, which is the COVID challenge we faced last year. And it has had implications on how we operate our business. We've managed those. We put in place great H&S health and safety protocol to ensure, I think we mitigate that risk. That being said, it is a challenge for us and it continues to be a challenge until we all maintain a level of vaccination that is relevant to the space and de-risks us from moving forward. So I think those, I would say, would be some of our larger challenges, aside from the obvious, which is we all need capital, and we're always looking for various sources of capital. But I think we've done a good job at de-risking that as well. Yeah, lots of good points. I hope to circle back to how COVID has affected all of your respective companies.

15:42 Matthew, what about for you? Yeah, for sure. COVID is a short-term dimension that we needed to address. So that was a challenge in terms of operating. The silver lining is that the mining industry in Quebec was still, and elsewhere, was considered an essential activity, so we were able to continue. So I think that's positive.

16:02 But like Brian said, it creates a few extra dimensions or layers that need to be addressed in our processes. So the other dimension I would say in Quebec, and I think it's similar for the rest of the Canadian provinces, it's we're dealing with large territory. And for us, where we're looking at all of Quebec, we are interested in areas that are a bit more remote. So that logistics is sometimes a bit more challenging to get to those areas that have been perhaps less explored, but represent a higher potential. So, and that's compounded with the COVID situation, but we're working through that to make sure we advance our projects. Great, thank you. Ronald, how about for you?

16:49 Yeah, I would agree with almost everything that the previous speakers have just contributed to this conversation. The only really challenge that I've, a significant challenge that I think we've found here is, again, just sort of the movement through the government process of getting approvals and that's not I don't know if it's any fault of you know specifically I think it's just they're just understaffed and overworked and COVID I think is complicated that situation even more

17:19 but hopefully you know the government's in the various and I suspect that's probably the situation throughout the country, but certainly here in BC, you know, I think what we need to do as an industry, stress upon them the need to get the process a little bit more streamlined. A lot of these decisions really should not, in my opinion, be taking as long as they take if you've ticked all the boxes. And I know I've had some discussions with some of the senior people in Victoria here about that and acknowledge that and I believe they are moving to streamline that. So and as somebody said earlier, you know, time is money and you know, as entrepreneurs, you know, and we're also responsible for a lot of jobs so I think that would be you know very helpful if they would look at that and focus more on that but other than that yeah of course COVID you know posed some issues but you know we were all working through it and fortunately for us up in northern British Columbia and Smithers it hasn't been a huge issue and we've certainly put protocols in place where everybody is separated and have their own little bubbles up at the up at the mine site

18:31 but but you know we're working through them all and moving forward. That's great. Yeah, and hopefully we're heading towards a more vaccinated world soon. Ian, what about for you? I'm pleased to announce I get my vaccine tomorrow at 11.10am. So, no, COVID has had an impact certainly in our operation we have been waiting largely on permits we began processes almost 2.5 years ago and so in my mind permit process in BC Ontario they're a little bit different but they're similar in that a lot of the regulators don't have the internal capacity to process all the applications. What we found in BC, there's 2 large coal mines that are going in right on the Alberta BC border and they have more capital, more I guess I want to say influence, but certainly as a smaller operation we're in a bit different position.

19:34 Again, the duty to consult with First Nations is a government responsibility, but as a proponent, you really have to have a dialogue in parallel. So we've engaged with the Tanaha First Nation in Cranbrook. We began that engagement almost 2.5 years ago, and we're just now at the point of signing an engagement agreement, which to me is very exciting.

20:00 But it takes time. And with COVID, unfortunately, the Tanaha office was shut down from March of last year and it's still not open to the public. So although we're able to talk to people, it's had an impact. Fortunately, my understanding is that no 1 in that community has contracted COVID. So that's the silver lining, but it has impacted their capacity to respond to engagement, if you will. And then I guess the other thing with Brownfields operations, I say, is a challenge. You have to understand the potential environmental legacy issues. So we've gone into a couple of projects that were arguably cleaned up to the standard of the day, but then legislation changes in Ontario and BC.

20:48 And so reclamation responsibilities that might've been arguably mitigated back then have changed. So for example, if you have a

20:57 shaft you might have been able to put a fence around it, now you got to put a cement cap over, which is all good stuff, but you can't inherit new responsibilities even when you work in and around a brownfield site. So those are some of the challenges I see. Great, thank you so much. So at the provincial and federal level, what is your outlook moving forward on the attractiveness of Canada and its provinces as mining jurisdictions? Are we moving in the forward and the right direction?

21:32 Yeah, look, it's a good question. I think in some ways the interprovincial relationships and the relationship between provincial and federal bodies has degraded with time, and I find there's a little less constructive interplay between the 2. So I think Ontario and Canada as a whole maintain their position as an extremely attractive global

22:01 sector to invest in and to think towards developing minds within. So I think when you look around the world, Canada still sits on top of this list as this extremely attractive jurisdiction from a tax risk certainty of regulatory environment perspective. That being said, I would love to see ways that are worked together more between the provincial and the federal bodies. I would love to see clarity on and more in differential work as we advance duty to consult. This is a challenge

22:30 and an endeavor we've all entered into within. And I think we can continue to see improvements within that at the more largely at the provincial level as that's where that legal responsibility sits. I think we're maybe moving in the right direction overall. I think the biggest focus I would like to see is more positive provincial-federal relationships and continued improvement on the duty to consult.

22:57 Great, thank you. Mathieu, what are your thoughts? Yeah, I think it's moving generally in the right direction as well. There's a lot of positives at the federal and provincial level for Quebec, for instance. Quebec recently announced a framework for critical and strategic minerals, so they're serious about the outlook for the requirements and all the new technology and we want to help the industry get a better foothold on different commodities in Quebec. There's been some infrastructure

23:32 investments, like I was saying previously, in the James Bay area and other parts of Quebec. So that's positive. At the federal level, there's been the PDC is a great vehicle to advocate for our industry and the whole true share system has been maintained. So I think these are all good things. I think what will need to be balanced is the social approach. There needs to be an equilibrium and I think we need to navigate that. And I think we're going in the right direction in Canada, but we're seeing other countries where it's a bit more tumultuous in that sense. So I'm happy to work in Canada where it's a bit safer jurisdiction.

24:23 Right. Rana, what do you think? Yeah, I don't think I can add much more to what's already been said. I agree. I mean, I think the key is really more dialogue and education. You know, I'm not traditionally from the mining industry and I've been involved in it for about 10 years now. And I didn't appreciate how important mining was until I got involved in the sector. It was not something that was top of mind and I think that is missing. I was speaking to one of the stakeholders recently and I was quite intrigued to learn that their background was in computing where they used to put computers together and work on parts and everything. But one of the things they said was, I hate mining. And I had to bite my tongue and say, well, what do you think those computer parts and all those things come from? You know, so I think it's just a lack of education. Right. And so more dialogue.

25:15 I think that the as Brian said earlier, the provincial and federal levels, more education as an industry, I think we have to figure out ways to make it. Because Canada is, despite all these challenges, I think one of the best jurisdictions to be in. We don't have to be worried about getting kidnapped and getting shot at. I think those are very important, what makes it a safe jurisdiction. But yeah, I think in general, I think we're heading in the right direction. Just need to do more of it. Right, absolutely. Ian? Yeah, I'd echo a lot of the comments. I mean, to me, the main challenge for a junior mining company, not just in Canada, but around the world, is raising, continuing to have to raise money to keep your lights on.

26:06 And so it's a bit different if you're an established mining operation, you could afford maybe to wait 5 years or 10 years to get permits to build your project, but you've already got cash flow. So time is not necessarily as urgent whereas there has to be a sense of urgency with juniors. To Matthew's point, flow through has been a good option but flow through are not hard dollars. So if you're actually trying to build something, you can't use those dollars to actually build infrastructure to a degree. And so we've recently learned that flow or First Nations consultation is eligible for flow through. So that to me is a good situation.

26:53 We're trying to negotiate agreements in 2 different jurisdictions. So that's certainly helpful. But I think most of the lenders, they look at a junior mining company and they want certainty as we'll lend you money but tell us when you're going to get your permit and and then my answer to that is if I knew what I was going to get the permit, getting money would be a lot easier. So, it's a bit of a bit of a catch 22 and but in terms of federal versus provincial, I think that it, the, to add on more regulation, I think is gonna be problematic for juniors. I think it's also important that aspects like small minor permits do remain available. Certainly in British Columbia, that seemed to be a mechanism where you could actually get up and going through a bulk sample and providing you take that bulk sample in a responsible manner, that is oftentimes the really builds the business case for moving your project ahead in the next step.

27:56 But there are less and less small minor permits being issued in British Columbia, which I think is a challenge. I'd like to see that differently. Absolutely. All right, great. So I wanted to take a deeper dive into each of your respective companies and hear of any major catalysts coming up for you in the coming year. And what are you working towards? Off with you Brian. I feel like I get the unfair advantage of going first over my peers here. I'll mix it up next time. Look We're actively drilling in Timmins and if we look where GFG is allocating our capital into the ground, it is in Timmins. We completed about 12,000 metres of drilling last year on these projects. We've launched another program in February of this year, which will be about a 10,000 metre program. So we have an active drill program testing 5 or 6 targets in Timmins.

28:51 We would anticipate carrying that through into mid April. I think everybody is aware of the lag in assay times. So we're probably into mid Q2 before we bring those to market. That's a very strong catalyst for us. We're an exploration vehicle, very much focused on discovery. And for us, what moves the market is truly exploration results. And I think those are in the pipeline. They've gone to lab and are continuing to go to lab. That's the one side of our portfolio is into the Timmons side. The other side is Rattlesnake Hills, which is a large alkaline gold district in Wyoming. Now this large property had been under joint venture with Newcrest until last year. And we drilled some very deep porphyry holes with Newcrest, spent some good money looking for large, extremely large systems. They turned it back to us not in the sense that we didn't find an interest in results, we just didn't find something big enough for Newcrest. We triggered a strategic review, We've made good progress on finding the next path for that asset, and I'm optimistic that we get some clarity on the strategic path for the Rattlesnake Hills asset in the coming month to 0.25, and I think that would be very relevant from a GFG catalyst perspective.

30:03 So, internally, I think the big drivers that really shareholders should look out for, pending drill results and active program attainments and clarity and unlocking value in something that I think is still a really valuable project to maintain leverage to, which is the Rottlesteak Hills. So those would be our biggest catalysts. Wonderful. Thank you. Mathieu, what about for you in Azima exploration? Yeah, we have a lot planned this year. We have a lot of properties, like I was mentioning, And so we have a lot of work programs that are of different scales and with a lot of important partnerships like with SACAM, which is a government branch and other important partners. So there's a dimension of getting success on one of these projects. And we're also advancing our flagship right now, which is the Elmer Gold Discovery.

30:55 So in 2021, we have a 15,000 meter program, drill program, about 60 holes to expand the zone and to discover comparable zone nearby. So our objective there really to get. To a target size of about 2 million ounces of gold. And then go from there. I think that will help us consider next step and really get a handle on the endowment of that property. And in parallel, it's getting on the other projects and 1 challenge will be getting back to Nunavik, which is a very exciting project in Northern Quebec for IOCG type mineralization, very strong copper anomalies. We found over hundreds of new prospects on surface. So we're at the drilling stage now and that should be an exciting campaign this summer.

31:53 So with these fronts I think we'll be busy enough. Yes, absolutely. Rana, there's lots of questions for you in the Q&A so I'm wondering maybe answering this question will help answer some of those as well. Any major catalysts for you? Yes, significant catalyst. That's gonna be a game changing year for our company. The 2 specific things are, 1 is to finish the amendment work. As I mentioned earlier, there was only 3 amendments that were required, and that's the only reason why this mine is not in production. We've already done 2 of those. It was a $2 million budget. I had raised $7.5 million about 6 or 7 months ago, and we deployed that $2 million. The 2 amendments are done. The water treatment plant we just announced earlier this week is now completed and is in operation.

32:40 The underground bolting is all complete as of about 2.5 months ago. And all that's left now is updating the mine reclamation plans, which is more than halfway complete. We fully expect to have those finished by the end of next month, by the end of April, and by May, we'll be submitting everything to the ministry and hope to get a green light from there soon. So that's going to be a major catalyst as it'll put us in a cash flow position later this year. And then of course there's the 19,000 hectares that we have that we recently increased our land package based on the airborne survey, the first property wide airborne survey that was done on this property, which when the results came back, it was amazing. I mean, everything just lit up. It was incredible. People were scratching their head wondering how come no one's looked at this before. So we have, And of course it was because it was a private company and their focus was to keep trying to get this into production, a very bad market for the last 10 years. So we have identified numerous targets on beyond just our main Boulder vein and beyond the 15 already known veins that are there. We've identified numerous targets that are very exciting. We started a 20,000 meter drill program about 2 months ago, which is the largest ever conducted on this property.

33:57 We're about a third of the way complete on that. And as someone else mentioned earlier, the challenge has been the results from the assays. We did finally release 1 result yesterday, which was fantastic. 24, you know, mid twenties, gram per ton over 3 meters. This is a high-grade property, so nothing has surprised us so far, touch wood. And so we have lots of drilling news that we expect that will be coming over the next coming weeks. And our Treasury is healthy. We still have about just under 5 million dollars in in in the bank we have I have no debt I'm very careful I'm really cheap so I'm very careful about how I spend my own money and particularly shareholder money I watch that even more carefully and we have nearly 5 million dollars in warrant money that I can call in at any time.

34:50 We also have another big milestone coming up, which is at the end of next month, we expect to ship about 7,000 tons of mineralized material. It's been sitting in the mine for many years and we finally got permission to take that out. So we'll be sending that to Nikola Mining, which is a state of the art mining, a milling facility that we have a towing agreement with, and they'll be processing that for us. So that's gonna be probably 1500 plus ounces of gold. And that'll also help get not only reload the treasury a little bit, but very importantly show the market that I am committed to executing everything that I've said so far. So those are some milestones that are coming up in the next weeks and months that I think are going to significantly change the picture of Blue Lagoon resources.

35:43 Busy few months ahead. For sure. What about for you Ian and Braveheart? Well we've had some great news in my mind in the last 6 months and the market doesn't love us very much so I'm confused but we'll continue with some pretty significant I think milestones or tablets going forward, the biggest one for us is receiving a permit to mill, begin depositing tailings on surface. So we're looking at using what's called the best available technology or one of called DryStack. So we're looking initially to use DryStack as the tailings deposition. And then going forward, we'll be probably combining DryStack with a paste backfill for underground.

36:30 What's particularly unique is we got a fully developed mine down 350 meters. We've got 165,000 tons of, and I have to use the word mineralized material because I don't have a PEA on it, but it's ore bearing copper around 1.4% copper and I've got gold and silver. So in essence, we've got 8 months of pre-production to the mill, 700 ton a day mill, and that material will net us approximately 8 to 10 million after paying for the capital upgrades of 5 million, plus replacing all of our debt. So I think it's a really unique position for us. All of our investors are waiting for the day that we get the green light to begin milling the pile, which is to me again, very, very unique situation.

37:21 So further to that, we reacquired the Alpine option earlier this year. The thesis with Alpine is that we've got 140,000 ounces in an inferred category, but at 16.5 grams per ton. So we looked at taking that product, let's say to the Nicola mill, but in lieu of that, we're going to take it to our own mill in Bull River, which is about 300 kilometers away. So we'll, it's a very simple addition to add gravity to our Bull River mill, and then we can have an incremental feed with that project. So this year, our intent is to permit, complete a design permit and build a 17 kilometer road up to Alpine, which will then give us permitted access to that project.

38:10 And then the other aspect will be Terry. We're planning to drill at Terry this summer, and we're currently planning a program. There's a Cary Underground which has 20 million tons at about 1.7% copper, but we also have a near surface deposit called K11 That's about 53 million tons at 0.4% copper and 0.1 nickel with platinum, palladium and gold silver. So I'm going to plan to follow up on a couple of deep hole or a couple of long holes that previous operator drilled about 825 feet at 0.4% copper. So we think that that could be an interesting addition. We did complete a PEA earlier this year on Terry, 242 million NPV at 6%.

39:04 We paid 2.5 million for that. So I want to be able to check whether or not by looking at a near surface deposit at K1 that we could lower the capital costs to get the project going because fundamentally the cashflow that we're gonna get from Bow River won't be enough to build Terry. Terry's just too big a project for us as a junior. So we've got, I think we're gonna have a busy, busy period in the next 12 months, very exciting for us. Great, thank you. Busy for everyone here. So I'm heading into my last question before we open the floor up to Q&A. So if you haven't submitted a question, please do it now. We'll try to get to it afterwards. I'm gonna reverse the order here, Ian. So I'm gonna start with you, but just to leave things off, what are some of the takeaways that you want investors to leave this discussion with? Is there anything that you want to emphasize or highlight that you haven't?

40:00 I'll try to be less verbose. I mean, we're a unique situation where we're a explorer, developer, soon to be producer. There's very few companies in our space that are valued at less than a 20 million market cap. And we've got the better part of 2.5 billion pounds of copper at Terry. So there's a real disconnect between how we're valued in my mind and the quality of our assets. So I think the real, as I said, the catalyst for us is getting our permit. Once we start, once we get the positive cashflow and we can show multiples, I think the dam breaks for us and we start to get recognition. So I'll leave some time for the other panelists. All right, Thank you. Rana, what takeaways do you want investors to leave with? Well, I think that the takeaway really for Blue Goon Resources is that we are in a very unique position in that the mine literally is very close to being in production. As I mentioned earlier only one more amendment to go. The only reason this thing is in in production is because as I predecessors just ran out of time there 83 years old and just literally ran out of time otherwise they're wonderful people that were had this into production before I I got there. So that's 1 very important aspect of it. And then, of course, there's this incredible piece of property that has never been explored.

41:27 So we have the ability to really make this a much, much bigger project, which is why I personally believe in it, and which is why I've put a significant amount of money between myself, my family, and 5 or 6 of my closest friends. We put $2.2 million into this company so far. We own about 20% of it, with me owning 5% of it personally. So I think that those are the things that you have to look for is that, have the management been there and done it before? Are they vested in the company themselves? Are the projects good? How close are they to near term? And is the Treasury healthy? And as I mentioned earlier, we have a healthy Treasury, still a little under 5 million in Treasury. We have no debt and we have $5 million of warrant money that's potentially coming in here when I call it. So I think we're, I feel that we are extremely undervalued because the gold pullback, you know, recently markets, people are very short term thinkers and they don't understand that investing is a longer term window.

42:28 You know, unless you're a trader, You have to be thinking at least a year, 18 months, if not 3 years out. I think we're very undervalued currently and I think a lot brighter days ahead, especially in 2021 for our company. Great, thank you. Matthew? Yeah, I would just say that it's a good time, I think for young investors to get into the space and get interested about the mining industry and our domain and learn about it. And the long-term fundamentals seem to be good where technology is headed. And I think that's the reason like Rana is saying is that you need to have that long-term outlook with investing in our space. For us specifically, I would say it's our multiple options that may be interesting to investors.

43:17 It's a multi-commodity, so any one of them can pan out. Elmer was, we advanced it in 2019, there was no drill hole and today we have a small mineralized body that's shipping up. So we have our eyes on big targets, large scale targets in Linovik as well. So I think it can be exciting for an investor to follow us and see what will happen. Great, thank you. And last but not least, Brian. Yeah, thank you, Dasha. Look, I think there's a theme here, and if you listen to Ian or Anna or as you speak, there's new minds are exceedingly rare, and it's not simple, easy, or short duration to put them into production, never mind find them. And if you look at our vision at DFT, we truly are out there looking for new minds. And I think when you look from an investor's perspective at which teams are actually going to go out there and find something new in this type of a market.

44:19 I think there are select teams that you can flag. And so my panelists here, Esmet is a very strong track record of putting things together over the long-term. And I think that long-term cyclical approach is something you see in timing with GFG. You put big belts together, you do a lot of technical work to bring your targets forward. You're working in areas that are well-endowed, that for some technical reason you believe haven't been unlocked. I'm not saying we're not at the high risk end of the spectrum, but I think by looking at the teams, their approach and their track record of finding mines historically, I think there's a good path from an investor standpoint to identify the teams that can truly find the next mine or bring the next mine to production. So I think it's looking closely at those those teams that have done it before and how they go about their business.

45:11 Great, thank you. Alright so well Tim is asking are the current low share prices a reflection of the dip in price of gold and silver? And I know briefly it was touched on but if we can just go into more detail. I can touch base briefly on that. You know the to me as it affects our side, gold prices had a pullback. You're seeing it reflected in all of our share prices. And I think this is truly to do with fund flow. I follow our peers at a mid-tier and major level very closely, and what I can say is the balance sheets of those companies are only going in one direction, and they are extremely profitable and extremely robust in terms of their balance sheet, and that will continue to make this asset class very, very competitive.

46:04 The free cash flow yields are exceptionally strong. So I think there's a good entry point here. I think the pullback in the prices reflect fund flow. And if I was an investor and I am 1, I certainly look at this time to find opportunities. And just to add to that, you know, people forget that just a couple of years ago, certainly when we started looking at this, acquiring this project, you know, gold was sitting at around $1350, $1400 and it's gone up 25% since then. So people always look at the pullback, but they don't look at the overall picture from where it's come, you know, for the last 3 or 4 decades to where it is today and get too focused with the noise, you know, mainstream media that's talking about all the time. And as Brian just alluded to, companies that are producing are profitable and the ones that are about to go into production, like we anticipate to be, will be profitable even at these prices. So I think too much emphasis gets put onto there And people need to understand that this is, as Ryan said, a great entry point for many, most of our companies for investors to get involved with.

47:14 Anything to add, Ian or Matthew? Yeah, sure. I mean, again, with our company, we're a bit diversified. Although we're primarily copper, we're also silver and gold. We have over 4 million ounces of silver in our portfolio, represents 5% of our total metal value. So I think for us, certainly, I know the question was about Gold and Silver, but I mean, Copper has moved up phenomenally over from $2.75 up to almost $4. And so for us, although gold's fallen back a little bit, silver's double what it was just a year and a bit ago. It used to be around $14. So I think that with us, at least with copper, we're part of this electrification mode, if you will. Last time I checked, 8% of batteries are copper. So we like the position we're in, and we see our gold and silver as really byproduct credits.

48:15 That's an excellent point. And Desha, if you don't mind, because I know one of the questions for me was about Silver. That's an excellent point. And you know, my team often tells me, hey, you don't talk about the Silver. You know, we have 1 million ounces of Silver there right now. We run from 1 to 4 gold to silver ratio on the silver, which is great because as Ian pointed out, silver has doubled. You know, I'm excited about that because as we get into production, that's going to pay us. That's a bonus for us. That's like free money. That's going to pay for all my GNA. And also, we have an incredible copper property, which is only 20 minutes from Smithers. It sits right next to our dome monitor project. So Ian, if you're looking for another property, you should talk to me, to add to your portfolio, because I want to stay focused on our gold and silver play. But yeah, these are all these things and I'm sure the others have similar stories. These are all of these is what adds value to our companies.

49:09 And because of the pullback in the market perception of gold and silver, Of course, our market caps suffer, our share prices suffer, but that's the whole point. Most investors buy at the wrong time and sell at the wrong time. And that's something that a little better education needs to be required. And look, this is not easy. Investing in these juniors in companies like ours requires a little bit of, you're going to have to have a bit of a stomach for it, right? But that's why there's a windfall when we make those discoveries, right? Dash, if I can add, I mean, the other thing that we look at is trying to utilize new technology. So when you've got older mines that didn't have the ability to have some of the mineral processing techniques, you can certainly leverage that. And just a quick example, we look at the Terry Mine where we have $100 million of palladium metal in the ground.

50:10 Unfortunately, it's of a grade that's low enough that if you can't convert that into a saleable con, i.e. Over 2.5 grams of palladium, it's not payable. So we're looking at things like ore sorting where if we can increase the quality of that concentrate, you can then translate some of these by-product metals actually into payables. So that way I can keep my G&A cost about the same as Rana's. Great, thank you. And Rana, you made a good point. It's not easy to invest, obviously, so it does take research. And that's why we do these panels and summits to keep our investors or the investor community informed and knowledgeable so they can make the best, you know investment choices.

50:57 I'm aware of time. We have a few questions for you Rana. So I'm going to try to just summarize them so you can answer them all in 1. But I know you addressed the first one, but we have another question here from Jonathan asking about, is there a possibility of an open mine pit on the table? Yeah, look, As an entrepreneur, I never say no to anything. I have to look at the scenario at the time. Currently, we are an underground mine. We have a nice small footprint. It's clean. It's a very limited impact on the environment and my focus is to get that into production and then use that money to, as I mentioned earlier, for the exploration.

51:44 But there is one particular area that the last airborne the airborne identified free gold that vein is surrounded by a classic porphyry signature our team is very excited about that we hit that and that's a complete game changer for this company and then we'll have to look at potential other scenarios like OpenFit but for now you know I'm a big believer of stay the course. I want to get this, I want to execute on the plan that we have that we've laid out and then we'll assess opportunities as things change. Great. Well, I want to thank you all so much for joining us today and for all your great insights and incredible conversation. I also want to thank everyone else who joined and watched this panel.

52:33 If you have any questions that you think of after the summit, we'll be sending out a short survey so you'll be able to leave your contact details and we can put you in touch with the right people. And as always, this is being recorded, so it will be available to watch afterwards on Six.com. And thank you