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10:08 surface exposure. The surface exposure at the main Gossan zone was just a big, rusty crop. You really couldn't see the proper sulphide mineralisation from surface. When we started to drill into this and was and started seeing some of this core coming out, we were seeing sections of like massive Chalcopyrite. We're seeing banded Pyrrhotite and Chalcopyrite together. I think we shared quite a number of visible core photos on previous press releases So people can have a look at that on our website. But that was what was impressive. You just never know the first drill hole you're going to get underneath these things.
10:57 But we were very pleased to see that. And It wasn't just in 1 drill hole. We were able to step out along strike and at depth within the system and we're able to see a lot of Copper mineralization as Calcum Pyrite throughout all 5 holes. Very, very encouraging. We just can't wait to get back there and do some more drilling. Nick, you guys are looking at starting drilling here at Fish Pot. You mentioned it sits in Blackwater country, but virtually untested with modern drilling. I believe only 378m in my notes here from 2 old holes. With permits now in hand for up to 2000 meters, how do you decide on where the first hole goes? Yeah, good Colin. And unlike my colleagues here, we're on the early stages of the exploration side.
11:47 But our objective isn't simply just to drill the first anomaly that we see. What we're doing is we're stacking multiple independent data sets on top of 1 another to get an understanding of the deposit. And so far, we've completed airborne geophysics, geologic mapping, some surface geochemistry, magnetic inversion work, as well as we just completed a 3D IP survey. And then what we do is we look at areas within our land package that tell a consistent story that where all this work is consistently pointing to something. And when we see that, that is an impetus, if you will, for where we might be drilling.
12:33 Now, we're also evaluating virtual drill as a targeting layer, and this is a new technology, but we're not treating this technology as a substitute for conventional and proven exploration. For now, we're looking at a virtual drill as a complement to our IP surveys and the other exploration work that we're doing. Our first hole, like all holes, is going to test our highest conviction target. Importantly, this hole is going to provide us insights into the mineralized system, and then we're going to use that to pave the way for additional drilling and additional analysis. With only 378 meters of historical drilling from 2 holes in this area, we still have a lot to learn about our project.
13:19 So we think of our process as a probability stacking approach. The first hole isn't necessarily targeted because it looks interesting on a map. It's only there to test the multiple independent datasets we've developed with the ultimate goal of maximizing the information we get from every metre of every hole that we drill into the future. Over to you, Noah. The 67Z keeps rewarding you from the visible 9.2g per tonne gold over 0.5m in TAC 2608 to your new twin hole TAC 2607, now the best 43-101 compliant interval in the patent's history. What are these results collectively telling you about the system and where does that point to drill next?
14:08 A great question. TAC 2607 came in better than the highlights that you just stated from 2608. We had 2 intervals pretty close to surface of about a third of an ounce each, 11.3g per tonne Gold. And it was overall about 0.86g per tonne over just above 60m from surface, essentially from surface. That's bulk tonnage material all day. What it's telling us about the system in general looks like there's a good probability that there's a mixing zone between the chargeable body, which is on the north side of the pavents and the resistive body, which is on the south. There's a mixing zone between those 2 units. That's where we're getting our tonnage.
14:54 In terms of where we're pointing the drill next, there's 2 main zones on the property right now, the 6-7 zone and the D-99Z. They're about 350m apart from 1 another. In phase 3 drilling, we already stepped out about 50m east. We had good visual success in those holes. We're awaiting assays. In phase 4, we're going to look towards completing that infill ultimately. We're going to try to link up the 6-7 zone to the D99Z. We're hoping that the assays prove out that there's some type of continuity between those 2 structures. You just picked up the Hindman Flank project inside Dryden Gold's ground. For those of you who don't know, Dryden Gold is a large company in the same Dryden complex as Ashley Gold.
15:44 How does that acquisition fit into the bigger portfolio vision, especially with your focus next to NexGold's Goliath Gold complex? Yeah, great question. So this was, it's not really a core focus. It's more of like a call option on the success that Dragon Gold could have in their Heinman project. It's a really large anomaly present on their claims and it very likely extends onto what we've captured. 31 mining cells with no NSR. So they highlighted a 12 kilometer long by 2.5 kilometer wide golden till anomaly. And it does look like there's some really high values right against the border where our claims sit inside their Heinman project. We don't see it again as a core focus.
16:32 Ultimately, it might be leverage for some type of deal-making in the future. That's how I see the claims. And overall, if we have to maintain them in the portfolio, it's not a lot of money per year. Probably about US$12,000 of exponential, which isn't a big ask for us at this time. But like you said, Kyle, our core focus will remain on our 2 projects that are abutting and within close proximity to the Goliath Cold Complex, which is the TAC patents and the Alto Gardener. Thank you. Over to you, Nick. Now, you are the newly listed company on the call. You listed on the TSX-V in July and were putting capital to work at Fishpot within weeks. Now that you are public, what are the near-term milestones you want investors watching?
17:20 Yeah, so we're very deliberate about the IPO. Our objective was to raise enough capital to immediately advance our flagship asset, Fishpot. And that's exactly what we did. We closed the IPO at approximately $1.5 million, and we've already moved into the exploration phase. We just completed the IP survey. We've added virtual drill as a possible targeting tool. Our permits are in place for our first drill program and we've expanded our land package to over 5,500 hectares. So now the rubber hits the road as we transition from target generation to drilling. So As investors, we would recommend that you watch the completion and interpretation of our IP work, which will be pending. You'll hear about that very soon here.
18:11 The mobilization and commencement of our drilling and ultimately, the first modern drill results that we're going to get from fish. And Jeff, sticking on the Ontario project, you talked about a 10 kilometer strike and a possible borehole EM survey to chase hidden conductors. If the September assays land the way you'd like, what does the next phase at Centrefire look like? Well, it looks pretty perspective as far as I'm concerned, even without the assays in hand. Typically these VMS systems, a little bit of geologies, if you want to call it that. These VMS systems are usually in cells or in prospective areas along these regional conductors.
18:59 And we see that regional conductor, like you say, going 10km within our property boundaries. And we have indications that there could be mineralization along that trend. Now, the downside is that there's a lot of glacial till and sand sitting on top. So we don't have a great exposure of outcrop. But one of the plans is going forward with or without some good assays, I think we're going to still look at that prospectivity along strike, meaning we'll do a little bit of more EM work. EM work has really helped us out at the main Gossan zone. So we'll extend that electromagnetic survey further along strike. And Another innovative thing that we're going to try, and it's been proven in a few areas in Ontario, is basically a biogeochemical survey.
19:56 So instead of taking samples from the soil, we'll be taking samples from the plant matter that's growing in the soil and is exposed up to surface. So instead of digging a hole in the ground, we'll be taking samples either of leaves if it's in the, you know, the summer, fall or tree bark, which is another application of this biogeochemistry. So a little bit innovative, but something that we'd like to try and see if that works out. So the idea being we'd get the anomalism as shown by the geophysical survey, look at the hotspots that we see as high potential areas, get on the ground and do some biogeochemistry, see if it creates any kind of anomalism, whether it's copper, gold, silver, which we see in all the VMS that we've intersected so far.
20:49 But also there's some tungsten in the area, a little bit of zinc as well. So we'll keep those pathfinders in mind as we look at that extension, that 10 kilometer extension. But if our assays come back, which I think they will, very, very high, it'll just put more focus on getting that stuff done quicker. Over to you, Brian. You and I have discussed this at length, so people on the call familiar with Kupany knows this, but for people new to the story listening today, a lot of your targeting leans on the magmatic river concept and downhole EM to keep poles productive even when the first pass may miss.
21:35 What drew you to that interpretation of Blue Lake and how is it shaping where you point the rig this summer? What drew us to that concept? The idea of lava flowing across the land 1.9 billion years ago. That is how the Labrador Trough was created. At the top of the trough in northern Quebec, There's a huge mine, a very productive mine for nickel and copper called the Raglan Mine. It's owned by Glencore. And it was one of the first mines, it opened in 1997, if my year's right. It's one of the first mines that instead of having 1 giant block to mine, you know, they would have a string of pods or pearls spread out across, you know, 3456 miles.
22:30 And so. They run a central processing station and then they just move things back and forth. They move things from the deposits that they find into the central processing station. That's because they have the same river-based or magmatic flow-based deposit system. We're in the same system. We're just about 700km away from that. And so it's the right geology for us. And one of the things that took Raglan from a who knows if it'll work idea in the 1940s when it was first found to, they actually stopped work for decades in the, well, maybe a decade in the 60s and 70s. And then this new technology came along, Kyle, where you could put a magnetic or an electromagnetic probe down the drill hole you've made, and in a radius of about 200 meters around the hole, it would, almost like a radar, be able to put out a signal which then gets reflected back by copper or nickel that it passes through or that signal reaches and so that meant that instead of drilling 1 hole and Nothing else they could drill the hole and then see in a Diameter of 200 meters around the whole thing and that allowed them to find their lenses and that's how they got from You know, whatever was non II whatever was Almost economic for them to clearly economic. That
24:01 was the technology that came along for them in the 90s that made that work. And we're applying it here. We're applying it here for the first time. This kind of work has not been done on our project at all because the last time the project was truly worked was 1987, long before that technology came along. So yes, we're using that. The guys from the geophysics team are actually arriving today. The chopper flight I'm on to take me out is going to bring them back in. So that'll be underway very, very, very soon. The technology is proven and we're expecting it's going to show us things that are close to the holes we've already drilled. And even more important, it'll show us things that are close to the holes that were drilled in the 1980s. And those holes might be just outside of the known historic tonnage.
24:51 And so you might be able to find something that was just missed by the guys in the 1980s. So that's why we're doing it. And then, you know, in addition to that downhole, I mean, we are hitting things when we drill. We've talked about the things that we hit in March and eventually we'll get around to doing an update on what we're doing right now. And we are finding the Copper, Nickel, Platinum and Palladium by using aerial surveys that were done in the past and reinterpreting that data. We've got a lot going on. And yes, the downhole EM, downhole magnetics are going to be important for us. Absolutely. Thank you. I have a question for the group because you are all junior explorers here. Junior exploration lives and dies on capital. In today's market, what actually is working when it comes to funding drill programs and keeping investors engaged through the long gap between results? So I want to open up to the group. Maybe I'll pick on Noah to start.
25:57 It's a good question. I think Initially when I started with Ashley Gold, it's my first time in a big role in a pub co. So I actually had to fund a lot of the early exploration myself. And that led to the results that allowed for greater market attention that's subsequently allowed for funding to be a lot easier. So that's one way that I've got a lot of funding into Ashley Gold. And the second thing is when I came into Ashley Gold just over a year ago, we had a very large portfolio of projects. So I've divested of our BC projects entirely for quite a sizable amount of 1.4 million in equity and cash as well as some of our non-core Ontario assets for about 475K in cash and equity. So pretty sizable transactions. And that's another way of keeping the lights on while you maintain your focus on your core assets.
26:58 Anyone else have a commentary regarding funding drill programs, keeping investors engaged through long gaps between results? Yeah, maybe I'll just pop up or pipe up here. I think, you know, we're lucky. This cycle of the business seems to be pretty frothy or getting there, especially the first of this year, like last of 2025, early 26, people were happy to write checks for anything to do with gold, obviously, and critical metals. So I think we're lucky that we're in a bit of a boom in that respect. It's still not super easy going out there and getting funding, but I think you have to kind of look at lots of different ways of doing it, like Noah has done with maybe getting rid of core assets.
27:48 The other way to do it is just to, to look at some of the opportunities in the flow through share market. That's one of the reasons why we're focused in Canada, with our company is to take advantage of that. So flow through, I haven't done any charity flow through, but that seems to be very frothy these days. Tax regimes seem to be conducive to, you know, continuing with that program. One of the other things that we can do, and Brian had mentioned it as well, is the government grants and incentive programs. And we've been able to take advantage of that within Ontario with the OJEP program.
28:35 It's not quite as lucrative as the Quebec, near North and North, East distribution programs, but it's still a pretty healthy system. And we've been able to take advantage of that in the last couple of years and we've been approved for up to a $200,000 rebate for this year's and early next year's program. So those are kind of the things that we're doing to kind of keep things going. And then as Noah touched on just quickly there was to keep people engaged. It's important to keep the communications flowing. I mean, press releases are good. Things like this with 6 people can refer to these, look and hear what the company is doing.
29:21 So the investors attention span is pretty small these days. There's so much going on. You do really have to keep them engaged with continued communication and just it works. Nick or Ryan, any comments before we move on here? Well, Jeff, you took a lot of the wind out of my sails there. You did a great job with that. But let me just add a few things, just to add to what you were just saying. Look, the capital market is much more selective than it was in the past. We all know that. And what investors wanna see is capital efficiency and a clear path to a meaningful catalyst. For an early explorer like us, I think the key is to demonstrate that every dollar you raise moves the project materially closer to answering that fundamental geological question.
30:13 For us internally, that means keeping the initial program focused rather than trying to drill, say, 10 or 20,000 meters to define a resource that we don't even really understand yet. Just to make a statement that's how efficient is that right? And in our initial program, So we're thinking about drilling about 2,000 meters. We're planning on that. And that'll allow us to test multiple high priority targets, but still preserve capital for follow-up work as it comes up. And again, like you were saying, Jeff, the other side of this is communications. Investors shouldn't have to wait 6 months and wonder what the company is up to. And there are a lot of meaningful milestones that happen between when the money is raised and the assays are reported. And that information needs to be communicated and very succinctly and very often. And that's important to us, as I'm sure it's important to everyone that's on this call here. But ultimately, though, the drill results are going to do all the talking.
31:11 And however successful that is, it's going to be successful for the next capital raise. We all know that. But for us, capital efficiency means spending the right amount of money to answer that next critical question. And that's an important thing we need to communicate to our investors. Pass it over to you Brian Excuse me. Sorry Yeah, yeah, so Nick said that the the drill result is gonna Set things and he's right and and we drilled we found copper we proved the whole thing is at least a mile longer than anybody knew. And we've also at the same time simultaneously proved that the whole thing is probably 10 miles longer than anybody knew.
31:57 And we're trading lower now than we were then. And a couple of things about us, I'm the largest shareholder. And so we're trading at prices where I don't know why anybody's selling the stock. In fact, I was buying just before the drill program started. And I own so much now that I had to put out a notice reminding everybody that I'm a greater than 20% shareholder and I had been buying recently. So Kyle, you know, sometimes you just need to follow what the CEO is doing. If he's buying it and the stock is down after they raised money and they drilled and they found something, you should probably buy it too. That's a lot of good indicators. And then to Jeff's point, there's a short attention span.
32:46 Yeah, I guess that's true. You know, exploration is not a short term thing, as everyone on the call here will tell you. It takes years to accomplish something, but I'm always reminded of that. I don't know who said it, somebody early at Microsoft, Paul Allen or somebody like that, he said, we're disappointed at what we can accomplish in 1 year, but we're amazed at what we can accomplish in a handful of years. So that's kind of how the exploration game goes. And then for us, I know we're in good hands all the time because we have a large insider ownership. We've got just under 40%, so I think it's about 37% that is owned by either directors or insiders of the company. We have a stable base. When it gets too low, I just go buy some more from people who are not interested in learning what we have. So, it's my opportunity.
33:43 I have a couple more questions for the group. Gold has been strong and Copper sits at the center of the energy transition. How are the commodity prices and the critical minerals shape in where each of you spend the next dollar this year? Maybe I'll pass it to you, Brian. Yeah, man. Copper. I've got the hat. I've got a t-shirt for it as well. But there you go, my copper hat. All time highs last week or this week, $6.73 a US pound. And no reason it's going to stop going higher. You know, it just it might take a breather. It's earned a breather. If you're not if you're interested in Copper and you're not following Robert Friedland on Twitter, you should be. He's out there banging the drum about what is it, 20 percent, 25 percent of the world's Copper is coming from Chile.
34:36 Chile is having problems sustaining its own output. There is an almost empty pipeline of projects for Copper that are of size that matters to the world. Chinese smelters are now processing Copper concentrate for 0 fee because they're scrambling to get ore. The U.S. Is talking about tariff because they want to make sure that they have enough in the world. Globalization, free trade is a little bit over right now. Everyone's got to look after themselves. And as that grows, everyone else in the world, every other country is going to need their own strategic supply. So, yeah, higher prices for that, I think, Kyle. And even if the price just stays here, this is a great price for companies like ours.
35:22 And even if the price stays here, but everyone else has to do their own strategic supply, that's great, too, because volumes will go up. And then before we leave, before I hand off the microphone, Nickel. Everyone should be watching Nickel. Indonesia, the country has gone from a handful of global percentage of global supply to I think there is 50 percent in rough number right now of supply. And they did that by using government money, Chinese mining and a lot of heavy influence. It's great jobs, it brings in hard currency. It was a decision they made. They wanted to do that as a country.
36:09 And after 15 years of that, in December of 2025, the Indonesian government actually said, yeah, We haven't made any money at this yet, which means that going forward, the Indonesian government is going to want to act like an OPEC cartel, but not for oil, but for Nickel. They're going to want 3, 4, 5, 6% price increases every year to get their money, make their profits. And if somebody tries to open a giant Nickel mine, they will probably push the price down to prevent that opening from happening. So, a very strategic situation in Nickel. And for us, that's fantastic because Nickel will be 40%, 45% of our revenue stream. So, We're immune from the Indonesian government messing with the Nickel price to hurt us because we have everything else, but we'll get the benefit of their 4, 5, 6 annual lift every year.
37:00 Perfect for us. And I'll hand the microphone back. Thanks, Kyle. Thank you. I want to hear Jeff's opinion on Copper and Gold. I want to hear your opinion on how you're spending your money regarding the commodity prices and if it affects it at all. You have 5 projects. We've only touched on Centerfire because it's the first one you're drilling in Ontario. How are you thinking about sequencing the BC ground, like Copper Plateau and Fire Mountain to get Centerfire's momentum? Our philosophy is not to have just 1 project, but a pipeline of projects. And the ones that have sort of come to the top are the Centerfire and the Copper Plateau. Centerfire because permitting was easy, access was easy.
37:49 Copper Plateau, because it's sort of our flagship, it's got the highest number of drill holes in it, 100 drill holes, there's a small block model. So we see an entity there that we can follow up on. So the pipeline is sort of, you know, with those as the 2 priorities, and then a couple of other ones that are a little bit further down because of the exploration, what would you say the lifespan or the evolution of those projects are a little bit premature. So for instance, Fire Mountain, which we just finished an airborne geophysics program on and got some great looking targets. It hadn't seen very much at all. It hasn't seen any drilling, anything like that. So back to your point though, back to your point about how do you prioritize? How do you sequence? What does the copper price do to change that, if any? But I don't think it changes our philosophy and how we attack each of the projects.
38:51 But what it does is it brings a lot more interest into the Copper market. It brings more interest into the companies that are developing the maybe the future deposits, you know, down 10, 15 years down the road. And what it also does is it makes the big producers hungry and attentive to companies like us and like Brian's company and anybody that's working on a Copper project, making a new discovery, they're going to be waiting there and they're going to say, well, let's see who we can pounce in on and establish a relationship so that we may have access to that down the road when we need to fill our coffers with more Copper resources.
39:41 Companies like Amark have brought in Freeport and McMorrin up in the North, and there's Centeras and a few of the big, big producers have come into British Columbia and are putting their footprint and their thumbprint on some of these smaller deposits. So having a high Copper price means the fundamentals are right for that. It means the big companies are looking at the smaller companies like us to take a position down the road. All of that is good for our shareholders, I believe. Thank you. We're coming close to the end here. So I think I want to start with Noah, but I want to ask everyone looking at the rest of 2026, there's only 4 months left in this year. What's the one catalyst each of you is most looking forward to?
40:32 Yeah, good question. Probably the same answer I gave a few months ago. It's drill, drill, drill. So we already have, I think, still 9 assays pending from our phase 2 and phase 3 programs. We're gonna be getting back out into the field in a few weeks here for phase 4. Minimum 600 to 700 meters, maybe up to 1000. We'll see what we can stretch out. That's going to be a big catalyst for us. It'll be assays rolling in consistently to the end of the year. Thank you. Over to you, Nick. Yeah, thank you, Kyle. Exactly what Noah just said. For me, it's seeing the drill turn the bit at Fishpot and ultimately seeing what those first modern drill holes are going to tell us about the system. We've spent the last year building the geological model. We've completed modern good practice exploration programs.
41:27 We've secured the drilling permits to expand our claims. So the next step is putting the drill into the ground. What excites us is that we're testing a property that only has 378 meters of historical drilling that dates back for decades. And we're in an emerging district. So whether the first holes hit what we hope they hit or they tell us where we need to look elsewhere. This program is never gonna is nevertheless going to generate an enormous amount of new information that's critical to our success. So the ultimate catalyst of course is a meaningful discovery hole but for a property with the scale and this geological setting, the drill results will have the potential to fundamentally change the understanding of fish pot. We're really excited to see where that's all going to work out here in the next couple of months.
42:16 Thank you. Over to you, Jeff. What are we looking at for the rest of 2026 with Cascade Copper? Yes, we've got assays pending from Centrefire. I think those will be a big catalyst for appreciation in the project, but also appreciation of the stock price of the company. It will give us the targets for following up at Centerfire with some new geophysics and geochemistry. Another catalyst for us, we've been waiting for this, we were talking about this off mic here earlier, is the permitting in British Columbia. We've been waiting quite a while for our Copper Plateau permit. We just can't wait to get on the ground and drill that one because we've got some fantastic looking drill targets, some great intersections of Copper. We're seeing Chalcopyrite and Boronite in the core.
43:19 We're not sure exactly when that's going to happen, but fingers crossed it'll be sometime this fall for Copper Plateau. Maybe another thing that we can keep an eye out for is We are re-logging some of the Copper Plateau core that was historic back from the early 2000s that we've been able to sort of preserve. And we're going to have a look at that probably within the next couple of weeks. So that could be another catalyst is just getting people interested again about Copper Plateau, get them up to speed on what's been hit in the past, what the potential is. And then if we get that permit, then it paves the way for us then to do some drilling. So Those are the key catalysts for us.
44:06 Brian, you have the Blue Lake project as we speak. What can we expect in the next 4-months here? I'm looking forward to drill results. I want to see new discoveries. I want to see them in that space between the historical tonnage and the 1.4km first hole step out. And I just want to see pepperings of success all the way in between there. And that's going to show us and show the world that this thing, this structure, this 10 mile long flat line is immense. There's going to be a lot here and the world's going to notice. Thank you. I hope I did my job and I got people interested in all these different stories. You guys definitely did your part So thank you for that and thank you everyone for tuning in live when I close off here There will be a meet and request button Feel free to select which companies you'd like to book a meeting with and I'll be happy to pass along the information. The replay will be available here within the next hour or 2, so keep an eye out on YouTube.
45:07 But thank you gentlemen, great discussion and all the best for all your companies in this year and the next. Thank you very much, Kyle. Have a great day.
