Cassiar Gold - Exploring. Expanding. Delivering.

0:03 I'll say good morning, good afternoon, or good evening, depending on where in the world you're signing in from today. See it's a pretty international audience. Really appreciate everybody's time and joining us. I've got with me today Marco Rox, CEO of Cassiar Gold to explain how the company is exploring, expanding, and delivering. Marco, how are you today? I'm great, and you, Romeo? Good, thank you. So here's how today's going to work for the folks in the room. Marco's first going to go through a presentation outlining the opportunity at Cassiare. For those who are familiar with the story, it should have a couple updates and be a good refresher. But for the large number of you in the room who I think are maybe not familiar with the story or hearing about Castro for the first time, be a good look into the opportunity for the company. Once he's done with his presentation, I'm going to go through a number of questions that I've got just based on that presentation, but then this is an interactive event and I'm eager to hear from you guys in the room. That chat button on the bottom right of the screen, enter your questions anytime during today's event and I'll get to as many as we can today. If for whatever reason I don't tackle your question, whether it's way off topic or we ran out of time. I'll be sure to get those questions to the Cast Hero team either way, I'll send them the full transcript, but I'll try to get to as many as we can today. And I reckon we'll get to most of them if you plug them into the chat earlier in the event. The other thing I'll say for housekeeping is today's event is being recorded. It Will be available for replay. You'll probably have it at about 4 p.m. Eastern, as my guess. It'll pop right in your inbox, but also be available on Six's YouTube channel. But enough out of me, I wanna get to the protein of today's event. And Marco, I'll throw it to you to share your screen and get us started.

1:32 Thank you, Romeo. And let's see. Thanks for organizing this and everyone for joining to listen to this presentation and Q&A as well. I would just like to bring your attention to the disclaimer and the forward-looking statements that I will definitely be making today. Can you see the slides rolling clearly, Romeo?

1:56 Everything good?

1:59 Looks great. Awesome. Thank you. All right. So, you know, for those of you that don't know, you know, Cashier Gold is a Canadian gold explorer focused on our flagship asset in northern British Columbia in Western Canada. I believe this to be one of the most undervalued and exciting advanced exploration projects in British Columbia, which is a great jurisdiction.

2:25 Starting with a high-level overview, what makes Cassier Gold unique? First of all, it is really the people. We're led by a team of executives or members that have a track record of discovering, permitting, building, operating, selling mines across Canada, across the world, billion-dollar-plus projects. We definitely have the skill set to advance this project and eventually take it to production. The other key aspect about the company, especially in today's world, where you're seeing geopolitical risks everywhere, we are in a tier 1 jurisdiction. And More importantly, we have 2 mine permits already in place, which is very, very valuable and full community support. Again, a great jurisdiction so we have the right location.

3:12 We also have already a quite nice foundational resource. We put out an updated mineral resource estimate a few months ago, early in the year. So we now have a new category indicated 410,000 ounces indicated at 1.43 grams per tonne, with an additional 1.9 million ounces inferred at 0.95 grams per tonne. This resource starts at surface. It's so profitable, it constrains with 91% of the ounces occurring within 150 meters from surface, with a lot of room for expansion laterally and at depth. This resource occupies just over 1 square kilometre out of the 590 square kilometre land package. So although We are advanced exploration and we have a lot of pre-development or development assets, given that we are past producing.

4:09 We really only started to scratch the surface on this very, very substantial district. In talking about historical production, within our project we control 5 past producing mines. The Torres deposit, which I just highlighted, sits just around one of the past producing mines. We have 4 additional ones and a 15km trend with a lot of room to grow. The other key aspect of our project and company is unlike most projects we have paved highway access to the deposit in the project itself. We have a grid power, we have water access, we have a full unit permitted mill. I mentioned mine permits already and 160 kilometers of access roads that really allow us to operate very efficiently today, but also lower significantly the barrier for development when it comes to time for mine decision and production as well. And lastly, in the last 5 years we've raised $15M.

5:14 We've got our project and resource from 0 ounces to a million ounces to 1.4Moz and 2.3Moz combined over the last few years, significantly advancing the project and raising a significant amount of capital. But the real kicker for the company is not only the potential which we have, a tremendous amount, but really the valuation. Our market cap right now is around CAD$40M, just under CAD$3M. We're well cashed up and We've done quite a bit of drilling over the last few years and just completed a 7,300m drill program for which all the results remain pending. So stay tuned for what's coming. Now, talking a little bit about the market is what we're seeing in M&A. So we're seeing geopolitical risks rise around the world. A lot of companies are taking refuge in safe jurisdictions like the US, Australia or Canada. And Canada has, you know, The M&A cycle for gold mine development hasn't really kickstarted, but we're starting to see a few.

6:20 We saw just recently Fresnillo making an offer to acquire Probe, which has 10 million ounces for 780 million Canadian dollars. Curr mining with new gold, Newfound Gold acquiring Maritime, We can go on and on. But the M&A is starting to pick up. The high gold price is creating perfect conditions for basically a new M&A cycle to really kickstart. We're starting to see the early innings of it, but as I mentioned, I think we're just getting started here. And that becomes really quite relevant when you look at our project and evaluation on an enterprise value per ounce on a ground basis compared to some of our peers. This is already getting a little bit dated given that probe has just been taken out. You can see Castergold here on the left with the grade of the indicated as well as the inferred resource in line with a lot of our peers within the region.

7:19 But with a valuation at enterprise value per ounce on the ground of below $16 Canadian, which is extremely attractive compared to many of our peers. With many of our peers trading anywhere between $50 to $200, in some cases $500 per ounce on the ground. So we're really undervalued with a lot of room to grow. And we provide a tremendous subside to the gold price in this environment where gold is trading at $4,000 an ounce or almost $6,000 Canadian dollars an ounce, and trading at $15 an ounce, providing a really great opportunity to get exposure to this sector for a company that is very, very fast growing like Casio. So moving on to the slide, just to give you a sense of our cap structure so Cassiar Gold has you know around 147 million shares outstanding.

8:13 I mentioned the market cap, I mentioned the cash. We have you know a little bit of newsletter coverage and some analyst coverage, but we're significantly under the radar. And that's actually one of the reasons for us being so undervalued. What you also see is actually very significant insider ownership, just over 12% actually getting close to 15% right now. Insiders participating in every single private placement by regularly on the open markets. I've personally put in $300,000 of my own cash this year into the company via those 2 mechanisms and also around 1.3 million in the last few years with an average cost that's slightly above the current share price.

8:58 So, you know, definitely skin in the game, definitely committed to the project and we'll see this to eventually production at Camp Hell or High Water. Another key aspect of the company is, as well, we've been able to add in the last 5 years a decent institutional shareholder base focusing on specialist mining funds and junior gold funds as well. That really, you know, highlights the potential of the project that we have. And one thing that is also important to highlight is the liquidity we've been having in the last few months. So in the last 3 months alone, between the exchanges where we're listed, we traded over half of our share registry. So we had a complete renovation in our share registry.

9:44 And I think Given that we are just

9:49 immediately pending news with drilling, math studies, and PEA that's coming over the next few months, I think we're in a really good setup for a potential re-write. I think it's quite important to highlight that as well. Zooming into our region in our asset base, we have 2 districts. The Caster Gold Project, which is our flagship in northern British Columbia, just 200km north of the Red Crest Mine. That's majority owned by Newmont. That's along Highway 37, the main highway that connects BC into the Yukon. So great access. And we also have this Sheep Creek District in Southern British Columbia, also very, very prospective.

10:35 It produced until 1951, nearly 3 quarters of a million ounce at nearly 15 grams per ton. So it's certainly a very exciting project as well. But as mentioned before, we're 100% focused on our Cassiary Gold Project in northern British Columbia, just north of the Golden Triangle. So, zooming to the Cassier Gold Project, to give you a quick overview, it's a massive district, 59,000 hectares, 590 square kilometers, 27 by 25 kilometers contiguous land package. We have highway 37 there by secting our property in half, which you see this black line. That highway is what we use to separate the Cassier North project area, which is north of the highway from the Castier South project area which is south of the highway no clear geological boundary but actually we have 2 so far 2 dominant styles of mineralization there at Castier North what we see is both tenants both pitable with you know mineralization typically starting at surface running at around a gram to a gram and a half, disseminated, and with open pit targets there.

11:42 And in the south, where we have this very discreet, high-grade underground veins that are on average 3 meters wide, with grades running between 10 and 20 grams per ton. Very high grade with a lot of potential there. You know, especially because those 2 areas with the 5 best producing mines are within mine permit as well. So it's a very, very clear advantage for us as an operator. Some things that are worthwhile mentioning in terms of our asset base. 1, the road access, We have paved roads straight to our deposits. We can drive from anywhere in North America to the top of the resource and park your car on top of what is now 2.34 or 2.6Moz depending on the cutoff grade starting at surface, which is what you see with this pickup truck here at the Cassia Road.

12:33 So great road access year-round and also the great advantage that we have in our district is topography. We have ideal topography. The Golden Triangle is very famous for the geological endowment but the Golden Triangle has very steep mountains, glaciers, heavy snowfall, and comparatively, we are in a much, much better environment to operate, which is also another key competitive advantage for our district and for our project as well. We have additional infrastructure that is extremely valuable. 17 historical burrows, 25 kilometers of underground workings connecting the surface through the end mine sections of the high-grade vines, power lines, we have access to grid power, we have fully unpermitted mill, All of this infrastructure is extremely valuable, especially for the high grade underground vines. We have tilling facilities, 160 kilometers of access roads, in addition to the paved roads, as well as a 48 person camp. So a lot of infrastructure already in place and again, massive competitive advantage for us as an operator compared to most exploration projects that are, you know, most of them in the middle of nowhere with access only via, you know, airplane or helicopter.

13:44 So It's really, really great to have this already in place. As I mentioned as well, we have 2 mine permits already in place, very valuable. So we have the Torres Gold mine permit, which is highlighted here in orange, overlapping the salmon colored resource at Torres. So that covers most of the Taurus resource and 2 tailings facilities there. We also have the table mountain mine permit roughly 20 square kilometres, covering the 4 pest-producing high-grade underground vein systems, 2 tailings facilities as well as a fully owned and permitted mill that you see here in the picture, which is in good condition, and last operated in 2007, and then partially refurbished in 2010. Another really great competitive advantage that we have as an operator now as I mentioned before We have kind of 2 dominant cells of utilization in mostly in the castor where we see is that open Open pit of all you know around a gram gram and a half per ton disseminated gold in the south the high-grade veins So in terms of the high-grade veins just to quickly highlight what we have, the grade is extremely high. You can see the production table here in blue from the 4 past-producing vein systems that operated mostly through the 80s and 90s with grades between 10 and 21g per tonne, over 300,000oz of historical production.

15:10 These veins are 3m wide, east-west trending. You can see Volokh, for example, here can be traced up to 3 kilometers. All the vein systems remain open along strike and down dip. We've extended them very very successfully through drilling over the last few years. We have extensions of you know over 100 grams per ton intercepts over 200 grams per ton very very high breadth And there's a lot of room not only to extend the known veins to the East and to the West, but also potential for the blind discovery of parallel as well as stack vein systems. In a 9 kilometer trend where periodicity suggests every 4 to 600 meters as a parallel vein system so big potential here and actually an area of the property that not only has very high grade but also provides an optionality to bootstrap this project into production leveraging the permits, leveraging the mill, leveraging the portals, the underground workings, the tailings facilities, as well as the skill set that we have as an operator.

16:15 Now the real, you know, you know, meat and potatoes of the project is really the bulk tonnage. This is where we have the entirety of the resource. This deposit sits at Cassier North, just a couple of kilometers north of Highway 37, but accessible by the Cassier Pave Road. At 0.4 cut-off grade, we have 410,000 ounces indicated at 1.43, with an additional 1.93 million ounces inferred at 0.95 grams per ton. That's combined resource 2.34 million ounces, just over a gram per tonne, starting at surface with 91% of the ounces occurring within 150m from surface. On average, overburden is 10 meters and the footprint of the deposit is just over 1 square kilometer.

17:08 And not only open for expansion laterally and at depth, but also with a lot of room to expand and infill within the footprint of the deposit as well as within the different pits that we have here. At a 0.3 cut-off grade, which is what most Gold exploration companies are using these days, our resource is already almost 2.6 million ounces. That's close to CAD$14Bn worth of metal, all very close to surface. This is just a very small footprint, just over 1 square kilometre out of 590 square kilometre of land package. This is quite valuable. Also worthwhile mentioning, this is also an area where there's an historical mine where 35,000 houses were produced here in the 80s with gravity flotation and cyanization circuits and that gives a lot of comfort into the metallurgical profile of the deposit as well.

18:08 Here in this slide you can see some of the drilling we've done in the last few years. Actually these yellow dots that you see here is the location of the drilling that we've conducted between most recent as well as the previous resource updates. We drilled just over 3,000m around the Torres deposit. We were able with that kind of drilling to increase our resource by around 900,000oz, a very substantial increase. With a very high hit ratio last couple of years, we had a 100% hit ratio cutting Gold and expanding mineralization, which is really what you want to see. And there's a lot of room to continue to grow, as I just mentioned so far. So we have the Torres deposit, which remains open. We believe that we have the potential to connect the different bids and continue to expand laterally as potentially at depth as well.

19:02 So you already have a substantial foundational resource. We don't know how big the Torres deposit is going to go. But something we've been also focused on in the last couple years is the New Coast targets. New Coast is roughly 2 to 2 and a half kilometers south of the Torres deposit. It's within that 15 kilometer belt that I mentioned before. Part of what I can call the plumbing system into the Cassier district that brought Gold throughout this area. The last 3 years we put 9 drill holes there, all mineralized with a highlight last year being 141m at 0.89g per tonne. So similar widths and similar grades to what we see at Taurus. And New Coast is a target that we believe has the potential to become another Taurus.

19:49 So we have kind of a corporate objective of getting this to 5Moz. We don't think it's very ambitious given the geology of what we see. And these 2 targets alone, New Coast and Taurus, could get us to that target And that's something we're quite excited, especially because of the 7,300 meters we've drilled this year, and we haven't released anything. About a third went to the Taurus area to continue to step out and about 2 tours into the new coast area where we have very significant step out so we're really trying to pursue and define what might be the potential there at new coast but the potential for expansion of the bulk tonnage material does it in at New Coast.

20:33 Snow Creek, which is roughly 3 kilometers to the east, northeast of Taurus, we see similar style of mineralization and quartz veining in the same orientation as the Taurus deposit, so we believe to be a big center of gravity and potentially connected to the Taurus deposit itself. Lucky we've drilled there and we find mine mineralization. The main mine which is roughly 5 kilometers south of Taurus and 2 and a half kilometers south of New Coast, we hit the 237 meter intercept at 0.69 grams per ton, which is also, you know, looks very promising as well, but we're seeing consistently in the very, very large footprint that is many, many times the current footprint of the Taurus deposit. We see similar cell evading, alteration, and mineralization,

21:19 which is, you know, indicating that we have potentially a much, much larger system. Late last year, to really help us and provide some more data and really help us, you know, guide drilling and, you know, help us prioritize different drill targets, We've conducted quite a bit of work. We completed 2 soil risk surveys, 1 to the south and 1 to the north of Torres, provided anomalies on both sides, which is indicating potential extensions of forests to the north and to the south. We conducted quite a bit of mapping exercise for roughly 11 square kilometers around the Torres deposit, including the New Coast target with excellent results as well, and geophysics for over 70 square kilometers, centered both around Torres as well as the high-grade vine systems in the south that providing it provided us with very exciting anomalies as well that we're looking to follow up as well Not wanting to get too much into the geology, but just wanting to highlight some of those results, especially the mapping and sampling. So if you remember, Torres has on average 10 meters of overburden, but everyone's going to have the bedrock that carries the mineralization,

22:32 the minerals sticking out of the soil. And we've collected graph samples in most places we could, find the outcrop. What we're seeing consistently is that similar cell evading, alteration in mineralization with grades similar to the Taurus deposit. A lot of stuff is half a gram to 2 grams, although you have some outliers of 23745, 25 grams per ton. You can see

23:01 These white dots that you see here are the 9 drill holes we have at New Coast historically. You can see the outcrop with the grades. It looks like this area looks pretty exciting in terms of the grade of the outcrop that you see around there. And this is exactly an area where we put two-thirds of the drilling. And as well as here at Hopeful and Orock, as well as Snow Creek, we're seeing that outcrop with a great depth in the mineralization, veining and alteration that we love and like that we see at TORUS. So a lot of similarities and potential expansion for TORUS deposit and or potentially different pits as well. So pretty exciting. So in this same area, Just to give you a sense of where we drilled the 7,300m.

23:50 We've allocated just over 2,000m with step-outs at the margins of the Torres deposits. We continue to expand mineralization there. And about 2 thirds of the drilling, just over 5,000m at the New Coast area. Again, we already had 9 drill holes here. We put 11 more here.

24:07 This is an area that we see a lot of promise. We put out a press release in September with a core picture from our deepest drill hole to date at the project as an operator at New Coast, 720 metres long. Remember, at Taurus, 91% of the ounces are within 150 metres of the surface. The visual indications were very promising. It looks like what we would love in La Catorce, hydro thermal alteration, quartz vein, pyrite, and the results are pending. So stay tuned for that. And we also pierced through a sedimentary layer, which kind of adds another evidence of the stacking concept that we have. We believe there's stacking of mineralization within our district. So that has implications not only for New Coast, but also areas at Torres, where we pretty much only drilled to the first stack layer and not below that sedimentary layer at Taurus which is roughly around 300 meters below surface.

25:11 So this is very exciting. This is coming out soon. In addition to the drill results that we'll be releasing starting, you know Imminently and probably up to January or maybe even February of next year right after that We're gonna be releasing metallurgical studies at Taurus

25:29 Although we have historical production from the Taurus area and it will also looking right after that to release our first PEM in a project as well. A lot of news flow. This could be an excellent catalyst for investors as well. And Right after, we're going to go back into the field and continue to advance and de-risk this project through drilling, through economic studies, and eventually to a mining decision over the years as well. Just to recap, a lot of catalysts ahead of us. We have a great project that checks all the boxes, we have great infrastructure, we have permits in place. We already have a very significant resource that is growing, a lot of room to expand and discover when there is massive land package. We have a team that has done it before and has the potential and the skillset to take this to production.

26:23 We operate by the highest environmental standards in the world where we operate. We have full community support. We're extremely undervalued and we have a lot of upside not just by rewriting to similar valuations to our peers but also via the catalyst that we are delivering over the next few weeks and months coming. So maybe with that, I thank you for listening very patiently and maybe we can go to some of the questions.

26:58 Awesome, thank you so much, Marco. And there were a lot of really great questions in the chat. If you don't mind, there's a couple I wanted to go through too, just based off the presentation we just saw. So I'm going to run through a couple and then we'll get to those great questions in the chat, but I think we should have time for all of them today. If you do have additional questions in the chat, please shoot them through. I'm happy to get to as many as I can. So I know the timeline shows that PEA delivery in Q2 of 2026.

27:21 Given you've already got 410,000 ounces indicated at 1.43 grams per ton and own that permitted 300-millimeter mill, What are the economic sensitivities that you're modeling in the PEA right now?

27:34 Well, I think, first of all, I think it's important to highlight we have 410,000 ounces indicated, but we have an additional 1.93 million ounces in furs for a combined 2.35 million ounces at a 0.4 cutoff rate, for a combined 2.6 million ounces at a 0.3 cut-off rate. So that's really substantial. That's close to $14Bn worth of metal, starting from surface and open. And this is just on what we have. We don't know what's coming there in the drill results. I mean, obviously, we don't have a PEA out, so technically, I cannot be commenting on the economics of the project until that's out.

28:16 But you can look at similar deposits that are this close to surface, with this level of infrastructure, with this grade. And the cost assumptions for this type of deposit or the all-in sustaining costs Metrics for some of the comparable projects are very, very attractive. It's very rare to see anything below or above US$1,500 per ounce, all in sustaining costs. I think

28:46 this is the beauty of the current gold price. The margins have just expanded for everyone so nicely. Obviously, that's also going to impact us. I think it couldn't be a better time to come up with a PEA and translate

29:02 these grades, this topography, this infrastructure, you know, you know the deposit is this close to surface with also a very beautiful geometry if you look at the cross-section here and you know you can you can imagine what the you know cost metrics and CapEx metric will be. And I think we have a very exciting, very compelling

29:28 project here that I think is going to really translate really well when you see those numbers. Now, you know, I can't be speculating on numbers, but I would advise everyone to look at some peers with similar grades, similar type of deposit, and you know, you can get ahead of the game by looking at those and making some assumptions, especially when you consider the valuation. Just checking on your strategy, are you looking at a phased approach that would leverage the existing mill for early cash flow from that high-grade Castillo South veins while developing tours is the larger open pit operation. Is that broadly the plan?

30:09 Well it's we're definitely considering that so it is a massive advantage. Now so like the real I think the real value obviously you know from the project is the bulk damage because we have the size potential. We have an ambition to be able to eventually define a 500,000oz production district here per year.

30:31 Now, we're still, Of course, it's a forelooking statement, but we're still only around 2.6 million ounces. That is a lot of work that needs to be done. But given the fact that we have, as you mentioned correctly, mine permits are already in place. And a fully-owned and permitted mill that's specifically well-designed for the high grade, that gives us a bootstrap optionality that almost no 1 in the exploration space has. So the mill is in good condition. We have mine permits.

31:05 The mill is also not only in good condition but it's fully owned and permitted for 300t per day. The grades are between 10 and 20g per tonne there, so very high grade. We don't have a resource there but there are several sections that we've extended.

31:24 There is a potential to put a resource here on the high-grade. You wouldn't be anywhere close to the scale that we have on the bulk tonnage. But it could give us an opportunity. Imagine if you assume a 20g per tonne material going through the mill, that mill could be producing around 60,000oz a year.

31:47 We've been looking internally at what could be a capex for something like this. To basically refurbish the mill, dewater the portals, do a bit of screening and bolting on the underground, drive the underground for a few 10 more meters to get to the end mine sections of the high-grade veins. That's probably like around a $20 million exercise, $25 million exercise.

32:13 But of course, what we really need to do here at the Castor South is extend these veins because we don't have more than 2 years worth of fees for that mill. It will be important to be able to extend that to over 5 years there.

32:27 There's quite a few steps that we need to get there to be able to, and of course, more importantly, have a solid mining plant. So there's a few steps that we need to get there, but we certainly see the value there, especially with a Gold price where it is.

32:44 Being in production is fantastic with these Gold prices. We're very, very seriously looking at that potential and we're studying that internally. We'll be communicating with the market as we assess these opportunities for a bootstrap. It could be a very attractive bootstrapping opportunity because it could give us cashflow that then we can use to fund the growth of the bulk tonnage and eventually

33:11 the acquisition or building of a bigger mill to process the bulk tonnage material where we have the entirety of the resource right now. Great. I appreciate that context a lot. One thing I wanted to ask is the historical recoveries of Cat's Ears have averaged 93 to 96%, but the Torres deposit, as I understand it, represents pretty different mineralization style.

33:34 What gives you the confidence in processing efficiency against both those deposit types?

33:42 2 things. 1, the best metallurgical study is particle production. The high-grade underground best metallurgical study is production. And what I recall, you know, with the high-grade underground mines with this mill, their recoveries averaged 93% and up to 96%.

34:01 And it's like multiple companies operating at the same time, the mill receiving ore from different parties and not probably tuned up to the best potential recovery. I would assume there's some upside here on the high-grade vans in terms of the recovery. Over 314,000 ounces produced on the high-grade vines in the South. So a lot of comfort there. And it's golden quartz

34:30 vine, so it's very straightforward processing on the high-grade underground veins. On the bulk tonnage, we were also very comfortable because one of the past producing mines was coming from this area. There was actually a very similar mill on site right next to the Torres deposit, and that similar size. That mill processed the material from this Torres East mine. So 35,000 ounces were recovered out of there, mostly in the 80s. So that's a substantial amount of production. And, you know, like we don't, we, you know, we have historical records, which are imperfect because it's only a few,

35:15 you know, pieces of, you know, metallurgical recovery and assays from production, but they demonstrate between gravity, flotation and cyanidation recovery is over 90% as well, which, you know, demonstrates that there's, you know, certainly, you know, a lot of easy processing material, if not all here. So, this gives us a lot of comfort.

35:38 And, you know, on top of that, we're going to be doing this metallurgical we're actually undergoing a metallurgical studies right now to really make sure we're comfortable with all the domains and the entire resource, to translate that into an analytical study that also is going to feed the PEA. And I'm pretty excited to get that and eventually announce the results, because I think that will be also a big catalyst for the company as well. Awesome. Now I know you've positioned Casio as having an M&A exit strategy, and M&A obviously is heating up right now. But as you mentioned, at

36:17 $11 an ounce EV, you're trading right now to discount to big Canadian gold M&A transactions like Probe, Northern Superior, etc. So my question to you is, what catalysts beyond resource growth do you think are going to close that gap and make Cassia really hot to the majors and intermediaries that are looking to consolidate right now? Well I think Cassia might already look very hot for a lot of the intermediaries and That's all I'm going to say on that front. You know, it's obviously the catalytic, you know, just on what we have right now, I think there's a potential for the rewrite just just by creating awareness of what we already have. There's no reason for Casiar to be trading at a significant discount to peers.

37:05 When we have similar grades, we're closer to surface, we're literally at surface, we're all cropping. We have pay road access, grid power, water, mine permits, infrastructure, mill, underground working, spores, selling facilities. So we actually should be trading at a period. So just on what we have, awareness could be the catalyst to actually drive our stock price up. I'm seeing deposits similar size and lower grade to ours within our region, like British Columbia or the Yukon, which are trading 200, $300 million or more market cap. So that's 1, just awareness could be the catalyst. Now, second, we have all of these catalysts coming. We have drill results. We have metal or just a little bit of PEA And I think this our catalysts and de-risking activities and that you know could really help you know provide a catalyst in narrow that have Net gap or actually potentially put us at a premium to some of these peers.

38:05 So everything we're doing has a potential to do that. And also there's other activities that I cannot speak right now that are confidential that can also generate catalysts that could take us there as well. Sure. No, I really, really appreciate answering that to the best of your ability there. One thing, look at the tourist deposit cross sections. As you know, there are gaps in the resource model that are attributed to lack of drill data really more than anything right now. I'm gonna ask you a bit of a forward-looking crystal ball gazing question here, so bear with me. But can you quantify the expansion potential? Are we talking what, 500,000 ounces, potentially more based on 2024 drilling and geological modeling? I mean, if I mean like in these gaps that are within the pit constrained resource, I would be conservative and say, you know, definitely less than, you know, 500,000 ounces.

39:02 Now, the pit is, you know, you can see here in the black area, the areas of the pit or in the cross-section as well, that currently don't hold any resource blocks here. There's quite a bit of potential there. But it's not only within the pit, which there's a lot of room and we have a lot of drill targets within the pit constraint resource, including some that are in some soggy areas that we would like to drill in the winter. And we have a lot of targets for a winter program. But if you look outside of the pit constraint resource and within the different bits that we have here in this map view, for example, there's actually, I don't know if you can see it, there's some drill hole traces. Most of the drill holes are mineralized.

39:50 So we believe we clearly have the potential to connect these pits and expand mineralization and step out there and connect the dots. And as well as the potential to continue to expand laterally, and the potential at depth for the depth stacking concept that we've seen again and again throughout the district as well. So when we're talking about that, then the potential is way bigger than 500,000 ounces, but within the pit shell, it's probably below 500,000oz. Great. I appreciate that. One thing I want to throw at you is that you've drilled 141m of that 0.89 at New Coast and identified similar bulk tonnage characteristics at Lucky, Boric, and some of the other regional targets.

40:36 So I just want to throw a hypothetical at you. If even one of those prospects develops into deposit, let's say even 25 to 50 percent the size of Torres, How does that change the district scale story and economic proposition for Cacero? I mean, I think, you know, I think one of these barriers, you know, especially New Coast, I would be extremely disappointed if it just becomes like 25% of the size of Taurus. When you look at the footprint of new coasts here and the amount of outcrop that we see around new coasts, I certainly see the potential for being as big, if not bigger than Taurus. Our ambition, for example, just for New Coast is higher than the current size of Taurus.

41:25 And again, Taurus remains, as I just mentioned, there's a lot of room to grow a Taurus. We haven't really sterilized any significant part of the property. I believe just New Coast alone together with Taurus could get us over 5Moz. But we have other targets that we're really excited about like Snow Creek could be 1. Lucky could be another as well. Even the main mine with the intercepts here. But most of our land package hasn't really seen boots on the ground. So these are just some of the targets. And of course, as we drill and expand and prove it up, we certainly have the indications of a much larger system through outcrop with mapping and sampling or geophysical anomalies through IP or drone mag or VLF.

42:15 We're looking to really prove that up. And to be honest, we have a corporate objective of getting this to 5Moz. Honestly, with the geology that I've seen so far, I think that's a very, very conservative corporate objective for the company. There's potential for a lot more than that, but you can't put the cart ahead of the horse and we're systematically going through the different systems. Some of the drilling that we've done at New Coast, for example, if you look at the distribution of the drill holes right now, we clearly see the potential to, depending on the assets, which we're going to have to wait for, for a big system there at New Coast. And we're looking forward to not only see the asset results, but also going through the different areas and targets, for example, OROC or Snow Creek or Hopeful, that we believe have the potential to add a lot of ounces and multiply our resource space as well.

43:18 Okay. I just wonder if you ever put pen to paper here. I know you guys have all that existing infrastructure, mill, permits, roads, power, camp, airship, the whole run. Any sense of what it would cost for another company to replicate what Cassia already has in place? Is there like a sense of what that amount is? Yeah. Yeah. So between, you know, paved roads, power, mail, underground workings, portals, tailings facilities, camp, access roads, it would be definitely north of $200 million. And that's actually another way to really highlights how undervalued we are.

44:18 It allows us to operate very efficiently today. It also significantly lowers the barrier for the development itself because most of the infrastructure is already there. Okay. One more from me and then I'm gonna throw it I know there's a whole bunch in the chat I'm gonna try to get to as many as I can today but Casio has completed extensive IP surveys, drone magnetics, the VLF in 2024. I'm obviously not asking you to break disclosure rules or anything like that, don't need to release anything before there's a release, but Can you discuss what you're hoping the surveys will reveal? Are you looking for extensions of known mineralization or could these identify whole new targets that haven't been drill tested in the big district? It's really all of the above. So we completed that field program, which is very wholesome and comprehensive with several techniques and a lot of data collection from there.

45:11 As I mentioned before, we really haven't sterilized any significant part of the property. So we're just wanting to, you know, and if you look at the drill results, we've pretty much, you know, been hitting every single drill hole. So definitely in the last few years and, you know, and to a certain extent, to a large extent, the years before too. So, you know, you know, what we have, for example, with IP, IP, you know, measures connectivity and resistivity. We did our first orientation survey in 2023, covering roughly 12 square kilometers centered around Taurus, so we can, you know, see what, you know, what the resource looks like and what side of the resource looks like and and see you know what potential extensions and indications it could provide given that we have you know a high correlation of pyrite to gold, and the pyrite, the IP has a potential to highlight the pyrite there. So we've extended that for another 6 square kilometers covering the new coast corridor, and it provided anomalies throughout the entire system. The same with DroneMag as well, providing another layer of evidence that allows us to better target and prioritize the different drill targets.

46:29 The mapping and sampling as well for roughly over 11 square kilometers where we're basically sampling the bedrock and we're seeing consistently the same style of veining, generalization and alteration as we see at Taurus in a very, very large area. That's indicating that the system keeps on going. And you know the VLF as well provided us with anomalies for the extensions of the high-grade veins that we know exist, for example, a few second vein on the castor, self high-grade and ground veins. Soil grid surveys as well to the north and to the south with soil anomalies that are relatively well defined and you know highlight you know these trends that you typically see that are east-west trending for the extensional planes where you see typically higher higher goal content in these in these corridors as well so it all it was an excellent you know it gave us like you know 4 additional tools great data sets you know it confirmed our thoughts about you know a lot of things you allow allows to to prioritize the different kill targets And all of them are pointing to the same direction.

47:35 We see a much, much larger system that is currently defined. And we're working on it to systematically go through these, as we have been doing for the past few years. No, appreciate that a lot. Now, Baron from the chat, I'm into the chat questions now. And I know there's a whole bunch, like I said, if we run out of time, we've got 13 minutes left. I will make sure the CastShare team gets them. So don't worry, those questions will still be it. But Baron asked right at the beginning of the hour, basically, why doesn't Castor enter into a JV to take the tailings and cut a deal of revenue share to raise enough funds to drill the property without dilution? It's just a business strategy question. Yeah, I mean, so we have tailings running like around the gram, the gram and a quarter. There's about 35 to 40,000 ounces in the tailings that we estimate we have.

48:27 So, we're actually looking into that possibility of getting a partner to process the tailings. When we have a feasible project, we'll be the first to know. $40,000 is not that much. It's a couple of hundred million dollars worth of gold in those tailings. But yeah, it's it's we certainly have that potential, but, you know, it's something that we've we've been exploring. And once we have a partner that can execute on that, because, you know, our team is very much focused on expanding what we have and looking at the more sustainable and long-term opportunities for the company. The tailings, I think it's an interesting potential, But I think there's a lot more opportunity elsewhere.

49:23 I think it will be a much higher priority, for example, looking at a bootstrapping scenario. Looking at the mill that we have, the mine permits, the high-grade underground veins, or even high-grade material at surface. We have interceptors, for example, 6.6m at 22g per ton at the Torres East area. So there's some juicy grade right at surface as well. Great. T from the chat asked, a quick one, are you cashed up through to the end of the current drill campaign? Yes. Awesome. Yeah, there you go. Perfect. Baron from the chat also asked, why not lightly refresh the very extensive old drill hole data from the 50s onwards for free to lift the MRE for little costs so you can boost profile without dilution?

50:14 We have access to all the circle. There's a lot of data. We've been using it in some parts but you gotta first of all you've got to make sure that the data is you know solid and can be used safely typically not only you want to see You know all the data in the state of the data and validate it, but also Which is what we did at TORS You know have you know drilling that you know confirmation drilling that actually You know supports the data that you have because you know if you're using old data and you're not 100% sure, that actually could jeopardize the quality of the resource, and that's something we will not compromise on. We're growing this deposit for deposit that can be mines, not something that we just want to put on a PowerPoint. We want to make sure that we cross all the T's and all the I's and make sure that the data is sound and can go through a scrutiny of mine development or a senior producing company as well.

51:31 Great. Next couple of questions I think were tackled during the presentation. Tony B from Napanee asks what community groups are stakeholders at your main project? So We're in the traditional territory of the Cascade University, so it's the only group that we have. We have an excellent relationship here. I think I don't have a slide on this, but we really have a wonderful relationship. Right from the start, we meet regularly every year, either in our mine site, in the community, in Vancouver. We spend a lot of time together. We do a lot of work together.

52:16 All of our drilling, since the beginning, is procured from the community. We establish partnerships regularly. A lot of services are provided by the community as well. You know, garbage hauling, septic hauling. We all have always hired from the community as well. We're very proud of the work we do with the community. And we're very blessed by the excellent relationship that we've built together. And we're really looking forward to, you know, really, you know, bring more opportunity to the community through employment, to economic development and by sharing the benefits of what looks to be a pretty massive, you know, or, you know, potentially one of the biggest, you know, gold development opportunities in British Columbia as well.

53:10 I got a couple of tough to answer questions from Daniel, but I'll throw them to you and let you tackle them as you can. The first one is a classic, I hear it on webinars all the time. When are you going to sell the project and to who? Well, we don't know if you want to sell the project. I think, you know, we have a project that's, you know, so our chairman, Steve Levin, you know, we were just having a conversation about this, you know, for the right price we'll sell the project you know for in my mind that number starts with it be you know a billion dollar this is you know reasonable given you know the size of our deposit and what we've done so far. That's really our corporate objective.

53:55 Now, everything is subject to negotiation, but we have a project that is quite unique. When you have something good, you really have to hold on to it. It's very hard to find a deposit this big anywhere in the world, let alone in Canada in the same jurisdiction. With mine permits, with infrastructure, with pay-off road, with grid power and all the good things that we have. And we've only scratched the surface on this project. So there's a lot of room to grow here. So we have the skill sets within the company. We have people that have a track record of discovering, permitting, building, operating, selling mines. So we can do a deal at the right price. If not, we have the skillset to take this to production. I appreciate that. Glad I asked, actually. That's why I like to ask the weird questions.

54:43 Sometimes you get some interesting answers. So thank you. Couple more, I think we've gone through. This one's worth just repeating. I know we talked about it today. But what is the current guideline for when the PEA will be released? Yes, so first half of 2026, so probably around the second quarter. So we wanted to get it out for PVAC but we don't know if it's going to be right. Perfect. And early days of course, but looking for in the chat somebody wants to know what the broad timeline for going into actual production is. Well it's a good question. So internally what we're looking at as a reasonable timeline for the bulk donation for Torres and the areas around it that could be included in the resource and eventually into a mine plan, we'll be looking at 2030.

55:34 Now we also have a part of our property, which I mentioned before, the high-grade underground veins. They are very, very juicy and we have already a full unit permit mill design for that. We have mine permits, infrastructure portals, underground workings, tailings facilities, etc. Power lines connecting all the portals as well. That could put us in a position to bootstrap production in a much, much shorter timeline. That would be a bootstrapping scenario, much smaller production profile as well, but it could get us to production as a company and as a district much, much sooner. And then we, in that scenario, we'll use the proceeds and the profits from that production to then turn to the big price that we see, which is the bulk financial.

56:22 Okay. I appreciate that very much. 1 from the chat is how are you thinking about just generally financing strategy for the future? How is how how you plan to finance into production basically? Well, I mean, there's a lot of ways. I mean, you know, right now, I mean, I'm not looking at the financing anytime soon. So For the people that are waiting for the private placement, don't wait for a private placement. That's my first message. So right now we're trading around $0.20, $0.28, $0.30 Canadian per share. We're extremely undervalued. We have 147 million shares outstanding. There's about 50 million warrants that are priced at 50 cents. So the stock needs to double to see, at least double to start seeing those warrants getting exercised.

57:13 So that would get us around 25 million to the treasury. These warrants all expire within the next year and a half. About $7 million of these warrants expire in December of this year, about $20 million in May, June of 2036, and then the rest later in the year. So that would be my preference to see the share price go to where it should be and get those warrants exercised. My second best preference would be to have potentially some sort of, you know, PE or strategic investment that could, you know, help us progress the project to where we want to see. Now, more long term, if you're looking at production, Typically what you see is 75% of the capital is financed by debt.

58:07 So we might be looking in, we don't have a PEA, but something in the food, 3, 400 million, you know, CapEx, 75% of it financed by debt. You can always do a little bit of streaming. You can pre-sale, say, 100,000 ounces, which at current gold prices, over several years, that's 400 million US dollars. So pre-sale with this kind of gold price is also quite helpful. And obviously, you always have to have a substantial equity component. But you got to go through the bridge when, you know, when the time comes. And I think, you know, right now we're still quite undervalued. You need to revalue the company and then assess what are the best options that are the least dilutive and generate, you know, you know, the best value creation for our shareholders as well.

59:06 Awesome. Well, Marco, thank you so much for both presentations. We get to the end of the hour and for letting me grill you and the audience. I know a bunch of questions. I got to almost all of them. There's only a couple of hangar on questions. I'm going to make sure that the team at Cassiair gets those. Marco, these were really very thorough. I hope everybody in the room has a much better sense of Cassiair now. Appreciate your time very much and hope to talk to you