Defining a Sizeable Resource in Quebec’s World-Class Gold Belt

0:00 We are now live. Hello everyone and thank you for joining us for this live event featuring Caprock Mining. Today we're joined by Executive Chairman Daniel Cohen and President and CEO Vishal Gupta. They will walk us through a presentation as this is a new story for most people on the call. Following the presentation we can open it up to questions. So if you'd like to participate in the Q&A, you can submit your questions using the chat feature, which is located at the bottom of your screen. And as always, this event is being recorded and will be made available shortly after we conclude. With that said, Daniel, Vishal, thanks for joining us today. The floor is yours. Thank you, Kyle. Thanks for having us. Thanks, Kyle. My name is Daniel Cohen. As Kyle told you, I am the executive chairman of Caprock Mining and love to tell you the story today. So if we can go to the first main slide, please, Kyle.

0:55 The next one, sorry. So Caprock Mining is a company that's got a really high quality asset in one of the one of the best gold districts on the planet. It's in Val d'Or, Abitibi area. We have a an asset called Destiny on it. We already have 1 million ounces and the grade is you know there's indicated just under 200,000 ounces at 0.91 grams per ton and just under 7 800,000 ounces at 0.87 grams per ton. We that Those resources are actually that resource is pit shell constrained. We do have more than that outside of the pit shell defined by drill holes.

1:44 There's been almost 200 holes drilled on the deposit since it was first discovered in the early 2000s. We also have on the property some deep drilling that indicates there's some high-grade mineralization below the pit. Actually, the initial discovery was made with 2 deep holes back in 2000 by Chemical Gold. And this past winter, we actually took the opportunity to drill 8 deep holes below the pit to show that or to look for that high-grade mineralization. We've had some really very interesting results. 1 hole had some spectacular grade. We'll expand on that later. And this winter, right now, we're actually just finished a small drill program.

2:30 And this winter we're planning an expansive drill program and the aim will be to expand the pit. Like I said, we have about 1 million ounces of pit constraint resource right now. However, we believe that that pit can actually be a lot larger and we believe there's already mineralization that could be made to go into the pit at some point. And we believe that the pit extends to the West and also to the East. And we'll talk about that later on, but throughout this winter, we'll be able to show that the pit resource itself should grow significantly over the next 6 months. Next slide please. I'll hand it over to Vishal. Hello everyone, thank you very much for joining us today. Perhaps I'll just start with a quick sort of an introduction to myself, give you my background. My name is Vishal Gupta, I'm the present CEO of Caprock Mining Corp.

3:22 I'm a professional geologist, I've got a master's in geology from the University of Toronto, and I've worked as an exploration geologist for several resource companies in the past. A few years ago, I jumped into capital markets and started working as a mining analyst and as an investment banker covering the mining space. And for the last 10, 11 years or so, I've been, I've taken senior leadership positions for several resource companies, some of them public, some of them private. Caprock, I joined about 4.5 years ago. This was a concept that was incubated by Daniel, along with a couple of our key shareholders. The company was private until 2021, and that's when we launched on the CSE. Just with that background, I'm going to jump into the slide that's right in front of us. Just to show you on this map where our project is actually located. You'll see that the Destiny project is denoted by that red triangle.

4:20 But it's a very interesting location because you can see above the Destiny project, you'll see a trend where there's the Casa Berardi mine that has been denoted by a yellow dot. Now, that trend is called the Casa Berardi fall zone. Below the Destiny project, you'll see there are 2 very prolific Gold trends that are running. One is the Cadillac Lauder Lake fall zone And the other one is the Porcupine Dester fall zone. And those 3 trends, the Casa Verde, the Porcupine Dester and the Casa Verde fall zones is where you've got some of the largest Gold companies with some of the largest Gold projects in the world that are situated right there. And so you can see Destiny is squeezed in between those 3 major fall zones. The fall zone that we are on is called the Jacobi fall zone.

5:09 Now, the Jacobi fall zone has not been explored to the extent that the others have. And the reason for that is that there's a small layer, there's a very thin layer of overburden covering the Gold mineralization on the Jacobi fall zone, because of which there is no Gold that is outcropping on surface. And so it's a little bit harder to find. However, the Gold is definitely there. And we believe that destiny will be the key to unlocking the Gold potential of the Chikobi fault zone. Now, that's a very lucrative thing for us, should be a very lucrative thing for all investors, because this is a very, very prolific gold district. The Val d'Or district is probably the best gold district in the world. And to find a completely new fault zone there that has not had the exploration that some of the other fault zones have had, I think That's a very, very lucrative thing for everyone.

6:02 So with that- I actually wanted to add in 1 thing also, because it is such a prolific gold district with not just past producing mines, but a lot of gold being produced at the moment, there are 5 mills, major mills in the area that are functioning within a couple hour drive or 3 hour drive of our location and that's something key to note. One other quick thing I just wanted to mention just specific to the property itself, we've got over 5,000 hectares encompassed in this property that we have called the Destiny Project, and we've got an option to acquire 100% of the project. Kyle, next slide, please. This is a very interesting map. So this is a bird's eye view. We're looking from above down onto the property.

6:53 On the right hand corner of that map, on the upper right hand corner of the map, you'll see in the red is the property outline. And so from left to right of that property outline, we're looking at about 12km. We believe that entire 12km of strike is mineralized with gold mineralization. Now The bigger picture that we're looking at, the larger picture that we're looking at, is all encompassed within that small yellow square in that top right corner inset. So just to give you an idea, you can see the red squiggly lines that are running on surface. That's basically the mineralized domains that constitute the gold resource. The resource that Daniel mentioned in the opening slide, we've got almost 1 million ounces of gold that is sitting right on surface.

7:46 And so those gold, that gold mineralized resource is sitting in those red squiggly lines that are running from left to the right of that of that larger image. And that's about 1.5 to 2 kilometers strike. So just to just to re-emphasize that point, we believe we've got as much as 12 kilometers of mineralized strike. And the resource right now is sitting on only 2 kilometers out of that 12 kilometer potential strike. We've got multiple mineralized domains over there that you can see, and that all constitutes into almost 1 million ounces of gold. About 20% of that resource is sitting in the indicated category, about 80% is sitting in the inferred category. The Gold resource was published last year, in March of last year.

8:37 And the engineering firm that did the resource calculation for us is BBA. BBA is a very well-known resource consulting firm in the Canadian mining space. The Gold resource was calculated at $2,100 an ounce Gold price. Obviously, the price of Gold is much higher now. The cut-off grade that was used was about 0.3g per tonne. And we're coming in, the average grade is coming in just below 1g per tonne, as Daniel mentioned before. But this is a pit-constrained resource. So there was a conceptual open pit that was engineered by BBA to constrain the resource, which means that we may have a much bigger resource in general, if we were just looking at the gold mineralization there, but what falls within the open pit, the conceptual open pit that BBA engineered on this project, there was about 1 million ounces that fell within that conceptual open pit. So that's what the open pit constraint means. The resource starts very close to surface, I think about 10, 15 meters below surface, and goes down to a depth of about 300 meters or so. So it's a pit constrained near surface resource at about a gram per ton going down to a depth of about 300 meters.

9:44 Next slide, Kyle, please. This is what we call a cross section. So on the left side, the image that you're looking at is basically we're looking east into the page. We're looking east. So to the left of the image is north. To the right of the image is south. And you can see those pink squiggly lines that are running almost vertically down at about maybe 65, 70 degree angle. They're running down on that image. Those are the mineralized packages that I was mentioning on the previous slide that you could see on the map. Now we're looking at, into the ground, we're looking at those squiggly lines, how they trend into the ground. And you can see that they're dipping at about 65, 70 degrees to the north.

10:35 Now it's a very well-defined mineralized package. As Daniel mentioned before, we've got over 200 holes that have been drilled on this property since the late 90s, early 2000s. And so the resources is very well understood from the perspective of the open pit resource that we have. And you can see some of the mineralized intersections. I know it's a little small here on the screen. And we're very happy to actually invite you to go on our website and take a look at some of these images and make them a little bit larger so you can see. But there's some very high-grade intersects, even close to surface, that this minilized package is showing. And so, very well-constrained resource. We've got a lot of drill holes that have gone into this. And so it's a very, very well-defined resource as well.

11:25 Now, one other thing I just wanted to, sorry, Kyle, just one quick thing. I just want to mention that the resource package, the minimalized package together, when you take all of these different domains, when you take that package together, it's a very thick package. It's not a thin package. Those individual domains might be thin themselves, but when you take the entire package together, it's a very thick package. And at times, we're looking at 100 to 150 meters worth of thickness that we can see in this package. So it's not a veiny kind of a deposit. This is a very well established, you can see that there's a lot of mineralization that extends over a pretty decent sized area. And the thickness is a proof of that, where we have somewhere between 100 to 150 meters of thickness.

12:15 Next slide, please, Kal. Now what we're looking at, and I don't mean to confuse some of us who may be new to gold exploration, but what we're looking at now is what we call a long section, which is short for a longitudinal section. So where you see the top of that image is basically the surface. And we're looking down into the ground. And we're looking basically north into the page. So from the left of that image to the right of that image is about 5 to 6 kilometers or so. You can see these colorful lines that are coming from the surface and they're going down. Those are all drill hole traces. And the reason that there's colors there, excuse me, is because those colors denote different grades that were intersected in those drill holes. And so you can see those those grades in the drill hole traces that are trending down from the surface. Now there's a very high density of drilling that was done in a very concentrated part of that image. You can see that there's a whole bunch of these drill hole traces that are bunched up together in that leftmost, And maybe Kyle, you could probably just circle that area where the drilling density is pretty high. You can see that. So the resource is essentially sitting over there. Okay, so that's about a kilometer or so in strike.

13:42 So the resource is essentially sitting over there. You can see the rest of the property has actually had some exploratory drilling as well. So you can see that over that 5km strike, and even beyond that 5km strike, we've got additional drill holes, exploratory drill holes that were drilled by previous operators of the property where they've actually drilled some holes along the rest of the strike. And pretty much every hole has come back with gold mineralization. So the reason why we've come up with that initial 1Moz resource is because the density of drilling was high enough in that one concentrated area of about 1 to 1.5 kilometers where we could actually wrap a resource around. But we can clearly see that there's a lot of gold mineralization that's running along the strike. And all it's going to take is a dedicated and systematic drill program to actually increase the density of drilling in those other areas as well. And we should be able to substantially increase the resource along strike.

14:41 Now, another thing I just wanted to mention to you is, as I mentioned to you on the previous slide, that the resource goes down to a depth of only about 300 meters or so. Look at those arrows, those golden arrows that demonstrate where we can actually expand the resource at depth as well. So it's not just about expanding the resource to long strike. As You can see this vast open spaces where we know there should be mineralization and all there's 0 drilling done at some of those slightly deeper levels. So especially when you see the bunched up, you know, drilling that is done in the resource area, just to the right of it, you'll see there's a whole bunch of these holes that have been drilled. But they're all very, very shallow holes in the top 100 meters or so. So there's a lot of open space where even open pittable resources can be calculated and can be added by just drilling a little bit deeper than that 100,150m where all those shallow holes actually stopped. And so there's a lot of potential to expand this resource.

15:43 I hope it is very clear that the 1Moz initial resource that we have is just the beginning. I think there's a lot more to the story. We can expand this along strike. We can expand this at depth. And in the next couple of slides that we're going to show you, some of the results that we have gotten from some recent holes that we have put in at depth, they've been fantastic results. And that was a bit of a punt that Danny and I decided to take, but I think it paid off really, really well. And we can demonstrate that to you. Next slide, please, Kyle. So we're back to a cross-section, folks. So I'm sorry about the flip flop. I hope you're following me here. So just to set the scene, that image on the left side, yeah, you can see the surface, the top of the image is just the surface, and then we're looking down into the ground.

16:32 This time we're looking west. So you can see the Mineralize package is actually trending to the north, so it's trending to the right, and so we're looking west into the page. So you can see the Mineralize package again, the green and the red is where the minilized package is. Now, a couple of interesting things I just wanted to point out on this slide is you can see that, you know, there's like 5 or 6 holes on that cross section. There's 5 or 6 holes that are fairly bunched together. Those black lines that are coming at an angle down from the surface, those black lines are drill hole traces again. Okay, so you can see there's 4 or 5 holes that are fairly shallow, just fairly shallow, bunched up fairly close to each other. And then there's a big gap. And then there's this black line by itself to the right, that's going down pretty deep and intersecting the mineralized package at 5 or 600m depth. There's a pretty big gap there.

17:31 So that's about a 200 meter gap where there's no drilling. There's absolutely no drilling. But what we saw was that's the drill hole trace from a hole that was drilled in the early 2000s. And that deep hole returned some fantastic numbers. I mean, so there's only a handful, maybe 2 or 3 deep holes that were drilled historically by previous operators that went down. The majority of the drilling was in the top 300 meters. There's just like a handful of holes, maybe 2 or 3 holes that actually went down to 5 or 600 meters depth, leaving a whole wide gap in between the shallow drilling and the deep drilling. But those deep holes return some fantastic numbers. So on the right, you'll see some of the grades that were intersected by some of these deep holes, a couple of the deep holes that were drilled. So this drill hole DES-0160 returned grades up to 26.6g per tonne. I mean, that's like what we, in geology, we call that a Bonanza grade. So you've got some very high-grade Gold that was intersected, multiple zones that were intersected. The highest zone was 26.6g per tonne in that hole. And then you look at the next hole, which is DES0159, just below it, and that had like 17.6g per tonne. That's over half an ounce per tonne grade that was intersecting.

18:51 That was just 1 zone, but there were multiple zones that were intersecting. You can see the results there. But that gave Danny and myself, Daniel and myself, that gave us the confidence that that big gap that we see between where the shallow holes are, that define the near-surface open-pit resource, and the high grade that was intersected by these deeper holes that were drilled historically, That gave us the confidence to actually design a very strategic drill program that can put in some holes in that gap. So in that 200,250 meter gap. And so when we go on to the next slide, I'll, Kyle, why don't we do that please? I'll just take you through that very, very quickly. So I'm sorry to do this to all of you, but we're back at a long section, folks. So we're looking north into the page, and you can see the surface is at the top of the image, and then we're looking down into the ground. So we're looking north into the page and the surface, and then we're looking down at the ground. And so all those black lines that you see, the straight black lines, slightly curved black lines that are coming down from the surface, those are all drill hole traces.

20:00 So one interesting thing also I would like to point out is that on this image, we've actually got the trace of the conceptual open pit that BVA designed and engineered to constrain the resource that we published in March of last year. Okay, so thank you, Kyle. Thank you very much for that. So you can see the bulk of the resource is just sitting in that one concentrated area that I mentioned to you before. So the 1 million ounces is the amount of gold that is actually falling within that open pit. There's a lot of gold outside of it as well. But just to constrain the resource, we asked BBA to engineer the pit, the conceptual pit, and whatever fell within the pit is what we report as a 43-101 compliant mineral resource estimate. And that's about 1 million ounces. So you can see that the pit is strategically placed where the highest density of drilling took place.

20:52 But what you can also see is the bulk of the drilling that was done was all very, very shallow. So it's like all in the top 300 meters. And as you go a little bit to the left or a little bit to the right of the resource area, it's all even shallower, you know, about 100,150 meters or so. And there's like wide open areas where we can just, all we have to do is just go and put some drill holes in and we should be able to come up with many, you know, many more ounces, a much bigger additional resource as well. But one of the things I wanted to point out is the deepest holes on that image, you can see there's actually a couple of holes that go down to a depth of about 500,600 meters or so. And I know if we could blow this image up a little bit, you'll see that on the right side, oh, there we go. Thank you, Kyle. So you can see, sorry, I think we just skipped slides, a couple of slides. If you go back, please.

21:47 1 2nd, gentlemen. Zooming in. Let me fix this. No worries. Take your time. Shouldn't have messed with it. Okay, we're back on track here. Let me share the screen again. Awesome. Yeah, you don't need to blow it up if that's going to cause problems. All right, there we go. We're back. So you were talking about the blue arrows. Is that where you left off? No, I was talking about the deepest hole. So there's hole 60 and hole 59. So I think not that one, sorry, just to the right.

22:34 That one's hole 60 and then go diagonally to the left, diagonally to the left a little bit. That's hole 59. Okay. So you can see, so you know, those red dots that you see, that's where the drill hole actually intersected the mineralized package. So we call them pierce points. So that's where the drill hole, it goes through barren rock and then when it hits the mineralized package, that intersection into the mineralized gold zone, that's what we call a pierce point. So those red dots denote where the pierce points are for every hole. So you can see a red dot associated with every hole there. So hole 60 that Kyle showed us before, and then hole 59, those are the 2 holes that I was talking about on the previous slide, where hole 60 came up with bonanza grades as high as 26.6 grams per ton. And then hole 59 returned grades of 17.5 grams per ton, or something to that effect. So very high grades were intersected by these 2 holes.

23:30 And there's a big gap between the 2 holes themselves laterally when you look east-west, because we're looking north into the page, so the left is west and the right of the page is east. When you're looking east-west, there's like a 200-250 meter gap between those 2 holes, between hole 59 and hole 60. And then there's also about a 200,250 meter gap between the shallow holes and where these 2 holes were drilled and intersected the mineralization as well. So it's almost like you can almost draw like a square, 200 meter by 200 meter square, where there's very little drilling that was done. And so what we decided to do this summer, actually, towards the end of last winter, what we did was, you can see those green dots, those are new holes that we drilled.

24:17 And so that was the first drilling that our company did in that CapRock did after we acquired the project, after we signed the option agreement to acquire the project. And so that was the first drilling that we did. And we could have very easily gone and be infatuated with just increasing the resource. But we wanted to see what kind of depth potential this project actually has. And there's a reason for it. And I'll explain that in a bit. But those 8 holes that we drilled, each one of them hit mineralization. Each one of them. Now in the Abbott Divvy, and Danny can attest to this because we've spoken to a lot of senior geologists who work in the Abbott Divvy for many decades. They say that the rule of thumb is like 1 in 4 or 1 in 5 holes will actually hit mineralization when you're doing blind, you know, untargeted drilling.

25:03 And from our perspective, the fact that each one of those 8 holes hit mineralization was amazing. That was the best that we could have ever hoped for. And some of the grades that we encountered, you can see that We had a hole that intersected 38.5 grams per tonne. I mean, there's another hole that intersected 8.3 grams per tonne. I mean, another 1, 6.4 grams per tonne, 18.3 grams per tonne, 5.4 grams per tonne. Now, typically the rule of thumb when it comes to grades is that an open pit can go into production in that 0.7 to 1.5g per tonne sort of range. And we're well within that range. But from an underground perspective, you want to have 2g to 2.5g per tonne as a minimum for you to be able to say that, yeah, we've got a demonstrable underground mining operation here. So over here, we're hitting some really, really high grades, which actually gave us a new insight into the way that this project is going to pan out. So what we believe, and this is what I was alluding to before when I said that, you know, there was a reason why we want to actually go and drill those deeper holes. What we believe is that what we see on top where the resource actually is, is the smoke, is the lower, relatively speaking, lower grade halo. And the real fire is actually sitting underneath. And so we wanted to test the fire. We wanted to test that high grade mineralization that is slowly rising up towards the surface

26:35 where the low-grade halo of that mineralization is sitting, where the resources are. So we've already got 1 million ounces near surface, which we can expand quite dramatically along strike. But very, very importantly, that fire, we have tested the fire with the first 8 holes that we have drilled. And by the way, junior companies typically don't like to drill deeper holes because they take longer, they're much more expensive. And so it's a much higher risk associated with that. But I think our risk paid off. And that speaks to the robustness and the high quality of the project that we have here. If you don't mind me stepping in for a second, I think what's really key to understand here is that we're sitting on 1 million ounces. And if you look to the west where that little ellipse, that egg turquoise figure is, that's where we're gonna be. We just started drilling, we drilled 3 holes. We're gonna be drilling significantly over the winter. We believe that the pit can extend significantly in that direction.

27:36 A lot of space that is now deemed as waste rock, we believe is not waste rock, and we can actually grow and expand the pit. Also, if you notice that in between the bottom of the pit and that area where we drilled those deep holes where you start to define that higher grade veiny type of mineralization which can add a whole different element to the deposit you see there are a bunch of holes that were drilled and that did hit And the reality is that that pit is only to about 300 meters and pits in the area can go deeper than that. We can actually, you know, it was just the initial pit but as we continue to do more drilling and as we continue to do more rock mechanics, we'll probably be able to make the pit deeper. So when we're talking about being able to expand the pit, it's not just to the West. It's not also to the east where you see there's the beginnings of some other pits, but it's also by making it a little bit deeper.

28:31 So there's plenty of room to expand that pit over this next year. Next slide, please, Kyle. I'll just I'll just take a minute here just to explain that image on the left. I know it kind of looks weird. That was, you know, in geology and mining, we use a software called LeapFrog. So that's just a snapshot that we took from a 3D model that has been generated for our project in LeapFrog. And what that shows, we're basically looking at an oblique sort of an angle, maybe at like 60, 70 degree angle looking down onto the mineralized zone. So just to simplify things a little bit, so you see that gray sort of almost like a circular thing that is towards, in the background, that's, yeah, there we go.

29:22 So that gray mesh is basically the 3D pit that has been designed by BBA to constrain our resource, just to give us a bit of an idea as to what we're dealing with. Now, the green and the red slabs that you see, almost like planar features that you see, those are the mineralized domains, okay? So you can see that the mineralized domains obviously are captured in the pit, but then they also extend beyond the pit as well. And so what we asked BBA to do, and BBA is the same company, the same resource consulting firm that that did the mineral resource calculation for us last year. We asked them to actually design a very specific drill program. The minimum amount of holes that would be required for us to extend the pit a little bit to the west. And so just if you look at the image to the right, again, that's the same image from the previous slide, but just to give you a slightly better idea. So that's that turquoise circle that Daniel was referring to on the previous slide.

30:24 So that's the area where we want to go and drill about 10 holes or so. And those 10 holes are going to give us the minimum amount of drilling for the maximum bang for our buck, which means that we're expecting a pretty decent size resource increase once we complete drilling those 10 holes. And so the idea is, where we are in the Abertibi, it's very swampy during the summer. So, you know, it's like, yeah, you can walk through it and everything, but to actually stabilize a drill rig and keep it steady, the drill rig just kept on moving. So we decided to only drill about 3 holes or so, but there's another 10 holes that we would like to drill And that you know We're basically waiting for the winter for the freeze up once it's all solid then we can actually drill very easily through it Make our lives easier to make the drillers lives easier as well So the idea is to actually go and drill those 10 holes this winter, and that should result in a pretty significant, I mean, I can't put a number to it because I don't know myself, but the expectation is that we should have a very decent size resource increase once those 10 holes have been completed.

31:31 Danny, anything you want to add to that? Well, yeah. The whole point is that, you know, we're going to be drilling 10 holes to expand to the West, the way Vishal just explained to you. But if you look at the image on the right, if we expand it to the west and we make, you know, the pit shell have a little bit of a wider angle and we go a little bit deeper. There's also a lot of ounces that we might be able to include from there as well. So, you know, this drill program is going to be able to expand into the west, But as well, probably getting wider pit angles and a little bit of a deeper pit will be able to add ounces that actually already have been defined. So the pit shell itself can get significantly larger over this winter. And then towards the second half of the winter, maybe before, you know, before, as we say, spring breakup, if there is an opportunity, we may, and we're contemplating this, we don't have, you know, specific drill holes designed yet, But we are contemplating potentially putting a similar amount of holes on the eastern side as well, because you can see on the eastern side on that on that right side image, you can see on the eastern side or on the right side of that resource pit, You can see there's a whole bunch of shallow drilling that's been done, but the density of drilling is not tight enough to give us resource numbers. And so maybe we go and do some infill drilling over there and we can actually generate, you know, we can expand the pit a little bit to the east as well. So That program has yet to be designed.

33:04 We're still contemplating it. We're in initial discussions with BBA to help us design that real program as well. But so we could potentially have 2 phases of drilling this upcoming winter. This is where I come in. So you know this this this cap, this evaluation table, comp tables, I put it together a few months ago, but I just redid it this morning and it looks more or less the same. As you'll notice that Amex and Radisson are trading at about $200 per ounce. That hasn't changed much. And there's a reason why those are trading there. So we're not saying that we should be trading in that range. But the reality is Most of the companies that are in our stage of development in the area are trading between $30 and $50, maybe even $60 an ounce. The average is about $40 an ounce. The lowest is about $30. Right now we're trading at $10 an ounce. So it's just because we've been under the radar.

34:01 We just got the deposit. There was this belief that maybe this deposit couldn't grow. We've shown over the winter that there's a significant potential at depth. But what we're doing right now, what we're going to be doing over the next 6 months is we're going to be showing that the pit itself is likely going to grow significantly. And so right now we're trading at about $10 an ounce versus the lowest in the range is 30 and the average is 40. And so we believe that if we can grow this thing significantly, plus we get a multiple that is even at the bottom of the range. We're talking about a tripling or a quadrupling of our market cap over the next 6 to 9 months, potentially, based on these metrics. So there's, you know, not only do we have a lot of growth in front of us, but we're actually on a comparative basis, extremely cheap. And I think part of the reason is that we're still under the radar and people didn't have the understanding of us, whether this is the positive that can grow.

34:57 We've already shown that it can grow depth, but where we're going to be showing over the next little while is that the pit itself can grow significantly. And I personally believe that, you know, this is my own view and I think the view of the shells as well. But, you know, once we get to show that we can get to at least about 1 million and a half ounces, then the market's going to have to start pricing this in the same zone or in the same range as some of the other ones who have moved a little bit more forward. I think that we've already done our math. We have again, if you have a pit shell, you have a pit constraint shell, then you have some preliminary economics. The reality is that BBA doesn't just do resource updates. It does actual PEAs as well. And there's a lot of mines in the area. We know what the rock mechanics are like. We know what the production styles are like. And there's a great, very good understanding of what the average construction looks like and what the average operating metrics look like. And so we already believe that we're in a zone where we have enough ounces to make this an economic mine. But if we were able to actually show this this is more than 1 million and a half, maybe at some point potentially 2 million ounces, who knows? We don't know yet.

36:04 We believe that the market is going to have to pay attention to this and that it's just going to become that much more economic. So again, I guess the main part of this slide is that we're trading at a significant discount, a third of the valuation on a per ounce basis than cheapest in the sector, in our zone, in our area. And we also believe that our actual ounces can grow significantly. So that's 2 forces that can push the stock price a lot higher over the next 6 to 9 months. We do have 3 holes that we've drilled that we expect results from over the next month or so. And we think that's going to be the beginning of showing the market that the pit itself can grow. We haven't actually shown results from drilling in the pit. And like I said, we've drilled 3 holes from the pit and there's going to be the first holes that are going to show that or we believe potentially can show. We haven't seen the results yet, but that potentially can show that the pit itself can grow significantly And again, show to the market that this pit actually has very, very long intercepts, very long widths, something they call metal factor. And the metal factor, which is the grade times the width, the metal factor in this pit is actually quite strong.

37:17 And the market's going to pay attention to that once we put out those results. Yeah, those are the 3 holes that we were able to fire off before the drill rig became unstable because of the swampy conditions. So we'll continue that in the winter once everything freezes up. But I just want to also very quickly mention that, you know, based on what Daniel was saying, you know, 1.5 to 2 million ounces in the middle of nowhere might not mean as much as 1.5 to 2 million ounces in the heart of the gold country in Canada, in Quebec, where you're surrounded by You need 5 mills. That's right. You've got 5 mills in the area. You've got some of the largest gold companies with some of the largest gold projects in the area. And So I think that goes a long way. Go ahead, Danny.

38:03 This is a very interesting slide. The reality is that up to now, like I said, we've been under the radar. Not many people know about our company. And to a certain extent, we're almost incubating. We had put the structure together, the public company. We acquired the asset through an option agreement, and then we got some very large early investors. And you'll see that right here, right now, about 75 to 80% of the shares are actually held within a very, very tight group. And everyone in this group are long-term holders and people that know of own mining and believe in the asset and its long-term potential. The founders and the board and the management together own about 20% of the shares outstanding. Big Ridge, which is who we actually optioned the asset off of and who has 2 members on our board of directors.

38:53 They have a long term belief in this asset, really believe in this asset. They own 16 percent of the company. We have a Frank Gilliamet. This needs to be updated. If you look on CDAR and on Sedei filings and some of the press releases, he owns close to 20 percent of the company right now. Frank Guillemette has been a long term investor in the mining industry in Quebec. He was most recently a board member and one of the largest shareholders of Northern Superior that was sold to IM Gold. So he knows the mining industry and specifically the Quebec mining industry really, really well. And he really believes in our asset and has taken a very large position in our asset. There are a couple of retail groups in Vancouver that own significant portions of our stock. People that we know quite well and that we've been working with for years.

39:49 And of course, the Power 1 group owns 10%. You know, individually, they might even be, I think they might be well over 10%, you know, in terms of individual holdings, as well as Power 1 as a group. And so I think this stands to, you know, to show that there's some really, really intelligent mining people who have a very strong conviction in the value of our assets and what we can deliver with this asset over the next 2 to 3 years. And so because of that, we also believe that as the company gets revalued, you know, the share price should be able to move forward quite well, given the fact that there's not much of an actual float sitting out there in terms of free trading shares or free trading shares sitting in the hands of shareholders who are not long term.

40:47 Any consideration for InfoTC, Liston? Sure, we'll do that at some point. We think at a certain point it makes sense. I think in the short term, I think we want to focus on the Canadian market because we think that there's a lot of value to be had over the next 6 months with drill results in a market where people understand what those drill results mean. But for sure, at some point we're going to go with an OTC listing. Executive team, you got myself. I've been a long term finance person. I spent 20 years in investment banking, a lot of it in junior mining. And I've spent the last 5 years putting companies together, shells, RTOs and things of that sort.

41:32 And the concept of putting this public company together with a high quality management team and board and as well a shareholder base that would be focused for the long term was something we put together. And we're the first person I brought along was Vishal Gupta. He's already introduced himself. Kyle Nazareth is our CFO. And these are some of the board members. Mike Bandrowski and Jim Kirk are from Big Ridge Gold. Mike Bandrowski is the CEO of Big Ridge Gold and Jim is the CFO. Jean-David Moore, JD Moore is a very well known, very successful Quebec investor in mining and he actually ended up on the board because we met with him about a year and a half ago, right when we picked up the project. He was so impressed by the project that he went out and bought millions of shares straight on the board, not in a financing. He did subsequently buy some shares in a financing, but picked up millions and millions and millions of shares just buying them on the board because he believed in the project.

42:36 And he's been a great help to us since he's joined the board. I have a question, just I assume it might come up is for people looking at this project, why did Big Ridge decide to option it to you guys? So Big Ridge itself was basically an amalgamation, you know, during the dark years of mining, some companies went, you know, went defunct. And there are lots of companies also merged in order to be able to find some survival strategy. And Big Ridge was the product of a 3 way merger. And Big Ridge ended up picking up their Hope Rook asset, which is a very exciting asset. And the company's been revalued significantly over the next year, over the past year. But we believe there's a lot of upside there. But usually companies of that size focus on 1 asset.

43:23 They had optioned it off back in 2020. Someone drilled 10, another company drilled 10,000 holes, 10,000 meters. But then there was that downturn in junior mining and in junior stocks overall, and they ended up not being able to continue to finance the program. So the asset went back to Big Ridge. It was actually Big Ridge that approached us because they already owned 25 percent of the shares outstanding at the time and basically said, we love this asset. You know, it doesn't make sense to do 2 assets in 1 company. And so we actually optioned it off to you. We can do it at a price that makes sense for you guys and that makes sense for us because we already own 25% of the shares outstanding. So that way we keep it in the family and the shareholders of Big Ridge get to benefit by the success that Caprock can have with this asset.

44:18 And that's the presentation. Great. Thank you so much, gentlemen. You guys are great presenters. It was thorough and much appreciated for a first-time one here. Just looking at the chat, and for people that tuned in a little later, we are taking questions, so do feel free to submit them in the chat. I see there's a very active individual with at least 3 questions in the chat. So let me look at this. The 2025 mineral resource estimate was calculated using a conservative Gold price of $2,100 an ounce US. Given the sustained strength in the Gold market today, does management plan to update the MRE soon with a higher price baseline? And how would that impact the cut-off grade and the total near-surface ounces? So I'll start with that and I'll let Vishal continue. The truth is, yes, we'd probably like to do a resource update in the spring, sometime in that timeframe, for a couple of reasons.

45:07 Number 1, obviously, we believe that with some extra drilling and some rock mechanics that we do, we'll be able to get better angles and a deeper pit shell. Number 1. Number 2, we're going to be drilling significantly, as Vishal pointed out before, to move the mineralization to the West and add some potentially significant more ounces in the pit over the next several months. So for those 2 reasons alone, we think that it's time to put out a new resource. The truth is that until we get the results, we don't know where the cutoff's gonna be because It all depends on what makes the most sense. You can always lower your cutoff significantly to get more ounces, but if you end up lowering your grade too much, then that's a trade-off you have to think about.

45:57 And so we're probably going to want to keep the grade in a similar area. But if we get feedback from investors and from larger holders and maybe even other people in the industry that the market's willing to take a little bit of a lower grade and a lower cutoff, then we'll think about doing that. But in the meantime, probably want to keep the cutoff at the same level, but Vishal has some to add on that as well. Yeah, so, I mean, great question. And Danny answered, I mean, I'm just gonna add a couple of points to it. That was a great answer, Danny. So absolutely. I think when you look at some of the new resources that are coming out, some of the new PEAs that are coming out, some of the new PFSs that are coming out, they're coming out, you know, they're being calculated and generated at much higher Gold prices. And yeah, Gold is trading at US$4,200-4,300 an ounce right now. I think it's US$4,340 as of this morning, and slated to get even higher. And so, yeah, I think it's very natural.

47:00 It's not something that we're striving for, but I think it would be very natural when we go to BBA again and ask them to recalculate the resource based on the new drilling that we have done and the expansion to the West and slightly steeper slopes that will give us a deeper pit and add some ounces, I think it would be a natural thing for BBA to use a higher Gold price just because that's what the industry is using. And so, yeah, just to answer that question, it will be a higher Gold price, definitely will be higher than the $2,100 that was used last year. But then we have to do a cost benefit analysis as Danny just mentioned. Follow up question, the cross section of the deposit clearly shows the system is open at depth below the 300 meter conceptual pit. Now you, they may have asked this question before we got to the slide, so you may have already addressed this, but while the immediate focus is the 10 core surface program, what is the timeline for testing these deeper extensions to follow up on the previously encountered high-grade intercepts?

48:01 So I'll answer that question again. And the reason I'm doing this is because we actually do have a plan to go back deeper at some point. So I know we have drilled 8 holes. And perhaps this question was put in the chat before I showed that cross-section and the long section with the deeper intercepts that we got earlier this year. However, we do plan to go back at some point. The way that the weather patterns in the climate in the Val d'Or region works is that, the area where the shallow resource is, that area is very swampy. The area that is, that you know, when we're looking to drill a little bit deeper down, we can start further north because the whole system is dipping to the north. And so we can start for the north. That is firmer ground. And so perhaps this winter we will be focusing on the shallow resource expansion because the swampy area will be frozen. And then perhaps in the summertime of 2027, we will actually, when the shallow area is all swampy, we'll go to the firmer ground and actually put in some deep holes. So that's we have that in the back of our minds.

49:11 But the drill program for that summer has not been designed. To add a little bit to that as well, I think we've heard from a lot of shareholders and people that we've spoken to over the past year is that they now understand the potential of depth, but the depth is more veiny. And as Vishal explained, the open pit is more smoke. And, you know, and so I think there was also a belief that we should focus right now on expanding the pit and taking the pit to at least 1 million and a half ounces and to get a revaluation based on that because the company is not trading at the value that it should be trading at. And so once we get a valuation that's higher and we've shown that the pit is much larger, then it might make sense to go back and drill depth as well. As well, like I was alluding to before, you know, it's more pervasive in the pit and, you know, longer widths and at depth, you know, you get much more veiny type structures, the type mineralization.

50:13 What we've done is that we've taken those 8 holes and a lot of the holes that were drilled historically. And we've been refining our geological model. And when we're drilling in the pit, it doesn't matter as much. But when you're drilling at depth, what we showed last winter was that, and this is extremely significant, and it should not be underestimated. And Vishal did mention it. Every single hole we drilled hit mineralization at depth. We know exactly where the structure is. We know exactly where the gold bearing quartz is sitting. What we need to refine is where is the higher grade mineralization? And we're working to refine that right now. And we've been doing some intense modeling, even with the help of some third party sources, some third party experts who are experts in structural engineering in Eastern Canada.

51:10 And that's going to help us really pinpoint a much more targeted deep drill program when we're ready to do it probably next summer. A couple more questions before we sign off here guys. The peer evaluation slide that you shared made the discount clear. But as we all know, discounts can persist for a while in the junior space, to say it nicely. In your view, what is the specific catalyst or set of milestones that can actually force a re-rate and rather than just narrow the gap on paper? That the pit's getting bigger, that the pit's getting bigger. You know, people are just thinking that we have a 1 million ounce pit. That's it. Now we're going to go do a PEA on a 1 million ounce pit. That's not enough. First of all, that wasn't enough 5 years ago. It's actually enough today at, you know, $4,000 gold, forget 5,000, but it's already enough today at $4,000 gold to have an economic PEA with 1 million ounces.

52:08 But the market still didn't want that because they feel that that's not enough ounces. What's going to change everything is when people realize that that's not the pit, that's the starter pit. We're going to significantly grow that pit. And so once the market starts to realize that not only is the pit going to grow this winter, but that this is a deposit that can significantly grow the pit and we may even have other pits on the property, that's going to be the catalyst. And so I think... Sorry, Danny, I thought you were done. No, and so I think, you know, we have 3 holes that are coming in the next month and if we show long intercepts of very good grade in an area that's new. And then we follow that up in the winter, this winter with another 10 holes that are going to be clearly outside of the current resource.

52:58 I think that's that there's there's no way, you know, no way. There's always a way. But I think that will be what will make the market realize we have to revalue this because this is a real project. I think one other aspect is that, you know, when we first got the project in towards the end of 2024, we hadn't really sunk our teeth into it. So we were actually focused on gathering more information and getting more knowledgeable on the project itself, using that data to actually build our own knowledge based on the project. And so we were focused a lot on execution, not so much on marketing. And so we have not had any significant marketing campaigns. We have not been out there spreading the word on this project and on our company. I think this is basically our first step here, where we're partnering up with Kyle and his team and actually starting to tell the word. So I think with the results that we're expecting, with the execution of the drill programs that we've already laid out, and parallel to that, once we actually get out there in the market and spread the word, I think it's going to have a positive effect. That's right. We've been in incubation mode and now we're in marketing mode.

54:08 And we're going to have the drill results to help that marketing mode. I have one last question and then we'll pass it back to you for closing remarks, but I think it's an important question when you're looking at it as a junior. You stated a few times, sit in elephant country surrounded by producers and a lot of development stage names in the avid to be as well. So how do you think about Caprock's optionality between building this out yourselves, partnering or positioning for a strategic exit? And does that change the way you run the exploration program? I mean, I'll start with a little bit and I'll let Vishal continue, but I think it drives our exploration program a lot. I think first and foremost, we want to grow the ounces. We want to grow the resource, and that's very, very important. But what needs to be understood is that we are on a fault that is just as viable in our belief than any of the other faults. And the only reason why it hasn't been properly explored is because there was an overburden and the other faults had much more outcrop and it was easier to explore.

55:09 If we can define the model for the mineralization on this fault And within our property, we have 12 kilometers and what we're working on right now is on just 2, 2.5 kilometers. And we show that you can grow this at depth. And then once we have a model, a geological model, which There's a lot to talk about, but we didn't get into on this on this presentation today. There's a very specific structure that we're defining right now. And once we can define that to the next stage, we'll believe that we'll show the ability to replicate it over and over on that model throughout the Chico B. So for a major to be or a larger gold company to come in there and take a part of the Abitibi that's actually relatively untouched and have had someone who has unlocked the key for the model on that fault. That's extremely powerful.

56:08 I agree. I mean, it's great points there, Danny. I think, you know, the fact that there's the overburden is only about 10 metres or so. So it's not like it's a very thick overburden, but it's just because of the overburden, the Gold mineralization just does not outcrop at our property. And that seems to be the case for the entire Jacobi Falls zone. And the Jacobi Falls zone runs for hundreds of kilometers. Our property has this east-west width of about 12 kilometers. But when you look at the Chicobee Falls, it runs for hundreds of kilometers. And so we've got the most advanced project on the Chicobee Falls zone. There's other junior companies that actually have some land packages over there as well, but they haven't done any work on it. We've got the most advanced project. And so for a major, and we are, as you mentioned, Kyle, we are in elephant country. We're surrounded by all these different majors.

57:01 They're actually eagerly awaiting to see the results of the next stage of drill programs that we have planned for our property. Because I think that to them could be the key to the entire Jacoby Falls zone. And they should, I mean, by all means, by all measures, they should be starting with the most advanced project. That seems to be ours. Great. Gentlemen, great presentation. Thank you for addressing our questions here today. Looking forward to more in the future. For people that came in a little late, This is being recorded. Our team will have it up in an hour or so here, maybe 2. But when I close off today, there is a meeting request. If you want to learn more about this and meet the team further, just submit that meeting request and I'll make sure to pass on your information to the Caprock team. But I'll pass it back to you guys for any final commentary before we close off here.

57:52 I think we're good. Thank you very much. Look forward to hearing from you and you'll be hearing from us. Yeah, thank you for joining us today. It was a pleasure. Thank you so much guys. Enjoy the rest of your day. Bye now. Take care, bye.