Exploring for the Next Major Gold Discovery in Timmins

0:04 Hello everyone and thank you for joining us for this live GFG event. Today I'm joined by Brian Skanderbeg, President and CEO. He'll be providing a more technical presentation today, and following that we will open the floor for a live Q&A session. So please do submit your questions in the bottom right corner in the chat box if you have any. As always, this event is being recorded and will be made available shortly after we conclude. With that being said, Brian, the floor is yours.

0:30 Thanks very much, Kyle, and welcome everybody today. As Kyle mentioned, I'm the president and CEO of GFT Resources and I'm gonna talk to you about 2 things at GFT. One of those is drilling out in Eljo and the other one is our new Muskego target. So we'll spend about half of this presentation talking about each of those. Just a cautionary statement here, I will make forward-looking statements. I'm an optimist. I don't think anybody in this business in terms of geologists and investors isn't an optimist here. So please review and refer to our forward-looking statements. So when we think about GFG, our mission and vision, I think this really tells us about holistically what the company is about. We're operating here to the benefit of all our stakeholders. We're an exploration company, but I really think the second statement's very valid. Be relentless in the pursuit of discovery. So today I'm gonna talk to you about our push in Timmins and the push for discovery. And I think you're gonna see it come through at both Alto and at Muskego here. So we're a team that's done this before, certainly seasoned veterans, both technically and financially in capital markets. What we have in Timmins is about 800 square kilometers. It's an exceptionally large land position and Timmins is a great belt to work in. It's truly a tier 1 belt.

1:48 And when you think about those teams that are being successful these days, I think you really have to look at teams that are using technology that are being aggressive, that are well funded and well backed and well aligned. And I think GFG is one of those. Before we go into the technical details, I'm gonna talk to you about, you know, a bit about the corporate structure here, because there's been some relevant changes to the company here in their balance sheet over the last 2 quarters, and I think that's very positive for the story and positive for our stakeholders. So we're about a 50M market cap company today. And there's been a strong move the last 2 quarters, both in market cap and liquidity. And this really relates to a transition that occurred last August.

2:33 That event was drill results from Aljo. What that did is it brought many more eyes to the story. It certainly brought the share price back up and created some good volume. Drill results were followed up by further drill results that were also exceptionally good. We peaked here back in October of last year. We exercised warrants. We used to have about 30 million warrants in our structure. They were accelerated and we exercised in Q4, bringing in a fairly good cash influx into the company. What that meant was about $4 million came in, we added to the cash on hand, we also sold Rattlesnake. So this company is very well funded right now with about $5.5 million cash in the bank at the end of the year. We also have future payments in cash and equity coming back to us. Total liquidity available to us in the next 12 months or cash on hand is about $7.5 million.

3:30 So, good, well-funded company. I'm very proud of our ownership structure here. We have Alamos as a key cornerstone investor, about 11% of the company. Number of other institutions, the Lundin's over in Geneva as well, good shareholders too. So this is a good structure, very competent and seasoned investors. Technically on the right side, the chart looks great. We broke out multiple times, volume continues to be very strong. We have a number of buyers in the market and I think we're on the verge of breaking out even further as we speak today. So very happy with the charts performance volumes and the technical merits around our share structure and balance sheet. When we think about exploration, I think this is very valid for Timmins and for our land positions here.

4:16 Why investing in gold explorations And how do you do it as an investor? So the graph on the upper right shows a declining discovery profile over the last 3 decades. And that really is the challenge of the industry. So if you're an investor here, it's very key to find those groups, those companies, those teams that are making those discoveries. I think if you look at those teams and their strategy, there's a few out there that are implementing very good strategies with success these days. And I think GFG is one of those. We put big belts together. We're looking in areas that are well endowed regionally. We're looking for a reason why the discovery there hasn't been made. Lots of cover is generally our thesis. And so we're one of the teams out there, very successful and motivated technical team that has a track record of discovery. We've done the work of putting the land together, and I think we're showing those great results.

5:04 The bottom right landscape is really the evolution of the thought process and technical data around the Penn project. So when we think about Timmins, and this is the sandbox we play in, No place on earth has more Gold per square kilometer. It's about 150 million ounces of Gold in this map. And on top of that, lots of recent discoveries, whether you're looking at Cote or Borden or Lakeshore Gold, which was the Timmins West mine. These were all discoveries in the 2000s and they really exemplify the opportunity that exists in Timmins. There's lots of mills here. Cote ended up being built. Pan American. We have a new owner at Timmins, Discovery Silver with Tony McCooch. So these are all very, very positive for this camp and GFG controls 800 square kilometers here. I'm gonna talk to you about Gold Arm off to the east of Timmins. I'm gonna talk to you about Penn and Muskego to the west of Timmins. Those are strategically located. They're on the major breaks. They are extremely large land positions.

6:03 You lose yourself in the scale of this map. Penn itself is 60 kilometers in strike lane. Many companies have portions of one of these properties as their land tenements. We are an exceptionally large land holder in a belt that's very productive and fertile. We're sandwiched between Borden to the west of us, Kote to the south of us, and the main Timmins Camp back up to the northeast. So it's a great land position to have. Lots of infrastructure here. I think the statement at the bottom, which is there is a need for feed, is very relevant given the infrastructure here, given the highways, given the mills, there are 7 mills in this map, I think there is a very direct path between discoverer and natural acquirers and ultimately that's why we selected this belt to target consolidation of a large land position is infrastructure endowment and a reason why gold deposits still exist at a discoverable level, which is most of this area is covered in till.

7:00 And I'm gonna get back into that in a little later in the presentation. First of all we're going to talk on Goldarm. Goldarm is a property that's out east of Timmins. It's along the highway, truly 5 kilometers from several mills. There's 2 key targets here, one's Aljo and one's Montclair and that land position itself is about 30 kilometers in strike length. Very large land position, fertile belt, good infrastructure and we're showing very high grade results at Aljo in particular. So this is a map we've showed you a couple of times if you follow us regularly. The bottom right is the plan map of the Aljo environment. This is an old mine site from the 1920s and 30s, about 20,000 ounces produced here, 15 grams per ton. So there's a good high-grade system that was working here back in the day.

7:51 You show these mine footprint on Planview map and ultimately what it was, was there's some northeast oriented veins that are generally in this orientation and some northwest oriented veins that are off on an orthogonal orientation. Limited work had been done in the 90s and GFG acquired this about 4 years ago from a couple of prospectors. We've drilled about 5,000m on this target and we've had some exceptionally good results. So for reference up here, we show 23 grams over 7.6 meters, 14 grams over 7 meters. Those were results we published in Q4 of last year. And ultimately what they, what were they related to was the main zone, as we call it, directly under the old mine workings, and also a hang wall zone. The figure on the upper right is a cross section through the mine.

8:40 And what we're showing you here is generally the area where they worked the old mines. And there's not a lot of data that exists, but we believe the mining went down to about 100 meters. And in 2023, we drilled underneath that and we found stacked veins. This was the first hole we drilled, but we saw 5, 6 different veins down this hole, good visible gold, 15 plus grams in a lot of these intervals as well too. So it cued us in to say there's more going on here than just a single vein environment, there's actually stacked veins. Exploring into the footwall was something we felt was merited and with that first hole in 2023 we found 13 grams over 4 meters in a new vein at depth as well too. So we showed a system working quite well, we had good results, we came back in 2024 and undercut it, drilled deeper down underneath these workings and drilled laterally. And this is about a 5 hole program that we drilled in 2024.

9:38 And it returned the results that we published in Q4. So here's the 23 grams over 8 meters and the 14 grams over 7 meters really up in this direction and down in here as well. So the takeaways out of this program was, there's actually 4 distinct vein swarms that are forming the algal mine. 2 of them are in the hangwall, off in this direction here. One of them is the main vein or the main zone, which was mined historically down to about 100m. Then there's actually a footwall zone as well. This was very encouraging to us to step out here and see some exceptionally high grade results, still only down about 150m in terms of what was drilled historically and obviously potential to find things along strike and in other orientations as well in the footwall. So this was the 2023 program. This is what some of the core looked like. Good visible gold.

10:31 We showed the market some of these photos that we drilled in the last go around and just exceptionally good core. We could see visible gold, there's lots of visible gold in these vein systems. So even when we drill it we can generally tell if we found something that's going to create and be relevant. So moving into late 2024 and early 2025, we proposed a follow-up program that was about 12 holes, 2,500 meters. The white holes on this map show that proposed program that was executed in December and into January. It just wrapped up about 2 weeks ago. The completion of the program had 12 holes, 2600 meters. The mandate of the program was really testing deeper under the main zone and the angle zones. Also looking for some of these oblique veins that are north-northwest oriented because there's 2 structural orientations that are controlling veins here.

11:22 And also to look off to the western flank of this system where we had good numbers in a couple of holes we drilled historically. We had up to 30 and 40 gram meter products out here on northwest oriented veins. We actually modeled some of these to be more east-west oriented veins as well too. So we saw veins warm off to the northwest. We've tested all these holes. We completed this about 2 weeks ago. Certainly some really interesting veins. Visible Gold logged in quite a number of holes. We're pending assays on these and we would expect to bring these assays back to market. Hopefully within the next month we'll get a couple of releases out, but very encouraging in terms of the visuals on the core. Liked what we saw, both related to the main zone, the hang wall zone, and even the stuff we drilled off to the Northwest.

12:11 So Aljobe to me, great program. We're following up on high-grade results. The expectation is we continue to grow this system at depth and grow it along strike and get this thing to scale. As we mentioned off the start, it's in a great environment right next to infrastructure and we're still drilling relatively shallow holes into a high-grade main system here. Algal, first priority, assays pending, 12 holes completed up to about mid-January, expect those results to come out over the next month. So that's the Gold Arm property and what we've executed on it. If we migrate about 120 kilometers west of Timmins, we're going to go over to Penn. Penn is the property that GFG initially went to when we came into Timmins. It's along the highway going out to the Borden Mine. So if you drive west out of Timmins, It's in a great environment.

13:01 There's actually a highway that comes directly across here and down into Borden as well too. So this is great environment. Muskego is the target that we're most focused on in Penn and it is on the Western flank of Penn property. So there's a lot of data here. And when I think about Pan, this is what really excited us off the start, like 5 years ago. And we set about doing a whole bunch of till sampling. And these triangles here reflect pits that we dug looking to sample the till to get an idea of, where's the new gold system? And the red and the warm colors here are more gold in the till. And the larger the triangle, the more gold and the warmer the colors, the more pristine the gold grains are, which means they haven't moved very far. Now, we drilled a lot of targets here. These black targets are things we drill tested.

13:47 We had success, but we weren't getting anything that moved to be a resource in 2021. So we paused the drilling here. We added Goldarm to the portfolio, recognizing that greenfield discovery often takes time. And it isn't necessarily easy to float a company solely on a greenfield project like this. Now we revisited this in 2023 when we changed our VP exploration and we went back out here to say this Western flank of this property is really interesting to us. We had some sonic transects. These are the blue lines that you see off on the western flank, and it really needed to pull this data together. So it was revisiting that data with a new VP exploration, looking at this area and saying, how do we get in to test this tough target? Because it is a very tough target under a very large swamp.

14:34 And that's what attracted us back to the Western flank of this. So here's a little blown up map. And just the crude geology on the North side here, these are porcupine sediments. So the same basin and sedimentary rocks you'd see in the named Timmins Belt, greener volcanic rocks. And the breaks are the big structural breaks that control the golden Timmins, like the Porcupine Dester fault zone or equivalent to the Pipestone Fault Zone. So for us, we were keen on this area. These blue squares represent areas we went out and did a sonic sampling program. The next slides I'm gonna show you about what the sonic grid looks like and how we go about it. The end result is with very wide spaced samples, 250 meter space samples, 1 kilometer space lines, we were trying to assess the fertility of a 30 square kilometer area and is there something hiding under this swamp that nobody had looked at before. There's no outcrops out here. It's under about 20 meters of swamp or till, and it's in a great geological environment.

15:39 And the first thing that Qt has done, aside from a great structural model and some good structural corridors going through this break, was this particular sample here. That was a sample of the bedrock at the bottom of the sonic hole and it graded 5 grams per ton. So think of the probability of walking out into a swamp, drilling a hole. You're not trying to drill a hole looking for the deposit, you're trying to sample the till. Now we got 1 sample of rock that went along with it and that sample graded 5 grams. That was a really important change for us. It showed us we had high grade gold under this swamp in bedrock And when we looked at all the other data around us, a number of these other sonic holes and till profiles and the samples underneath them had all the pathfinders we wanted to see as well. So I'm gonna spend a little time talking more about the data around this area, why it excites us most, and where we're going with it.

16:34 So before I go into that, let's just touch base on Sonic, what a Sonic rig does and what it samples. So down here is Bedrock, and this is ultimately what the gold deposit is hosted in. What we're trying to do is sample the till as a reflection of what's in bedrock. If you had a gold deposit down here and you saw the ice direction moving in that way, you'd expect to have an anomaly of gold and pathfinders in the till somewhere down ice within a kilometer of that deposit. So this is our methodology. You can see in this upper section here and I think it's quite relevant here with some sand and gravel above the target horizon very much applicable to what we're seeing at at Eljo or sorry at Muskego where we have some transporting cover and what do we get out of these holes? We get little sausages.

17:25 Sausages are about this big and they're holding the till, they're holding a sample of bedrock and we log that and look for gold and analyze it for gold. So that's a bit about the process we're using and we're using it because we need to sample something underneath 3 meters of swamp. So we've got to get a deep sample and we need a sonic rig to do it. Now with the 20 holes, or I think there's 26 actually, we drilled them in 4 transect lines and here's a cross-section through the swamp. The organics, That's the swamp sitting on top of this, of the till. And as we go out into the swamp, the right side of this map is an area where it's not swampy and the left side is out into the deeper swamp. And you can see what the profile looked like.

18:15 So 20 times vertical exaggeration, A few things to point out. The swamp's about 3 meters deep. Okay, this is what the swamp is. Grey here is fluvia glacial. Now sand, gravel, till, this, if it's sand and gravel and even partially small layers of till, they're not really a basal till. What we want is that basal till that's right on the bedrock. That's really what's going to reflect the chemistry of the deposit and the dispersion train of the deposit. So what we're trying to find is golden till or golden bedrock with these holes. And we drilled 250 meter space holes. And one of those holes, this hole, the Skego in particular B05, was the one that was quite relevant. It started off with about a 2 and a half gram assay. We realized it was sampled improperly.

19:09 We went back and sampled just what was bedrock and that's what you get to the 5 grams. Important to see a few things of this. The till profile above the bedrock also highly anomalous in gold in your pathfinders. That's a great sign to say you hit bedrock and you have a dispersion train and you have more of it up ice. Great first thing. There's a few things that were disappointing about this section. If it's yellow it's a melt-out till or if there's no color to it there was no till. So about half our holes in this swamp returned in proper material to go take a sample. But those that did had some very interesting results. So this particular sample, the bedrock's graded 5 grams per ton, and the till sample was highly anomalous in the number of pathfinders of it. Particular, I'll point out a few, because it tells us what type of system we're looking at.

20:03 The till and the bedrock had not just gold but it had silver and copper and zinc, bismuth, tungsten, tellurium and cadmium. So we were seeing a signature that had both gold, precious metals and base metals both in the till and in the bedrock in that first sample. That's a key thing that I'm going to bring us back to as we move through the presentation. So this was our first sonic profile line B, high-grade gold in bedrock. And you know, interesting, I'm going to get to what we're doing next. We never even got across the swamp. We actually got about halfway out here before we didn't have good conditions to complete the program. So I'm going to come back to you later in the presentation about what we're doing to further explore this area. Now, I moved a kilometer and a half north from that line up to this line.

20:50 So we've shifted the area quite a bit and this is what the till profile looked like. So what do we take out of this? A few things. When we went out into the swamp, which is out in here, we didn't have good till to sample. When we went just off the swamp we actually had a pretty thick good profile and the entire profile was anomalous in gold. We didn't have gold in the bedrock but we did have good gold in the till, in both these till holes actually. And that was a kilometer and a half up ice, so what do we interpret from that? Different source. So now it's showing us there's a couple sources of gold in this area. I'll step down to a third line. Now I've moved 2 kilometers south. And same thing, when we go out into the swamp, we found a lot of this gray material. This is fluvioglacial, the odd basal till.

21:43 But what do I really take out of this is this sample was interesting. This sample had high grade, highly anomalous gold in the till, but it was also the singular most enriched in tungsten. Tungsten is a great pathfinder for gold and this sample had 330 grains of tungsten in it and out of our 1200 till samples that was the highest. So 2 kilometers south we also had a really interesting anomaly. So what do we make of this now? So we went through 4 gold transects, or sonic transects, and we found anomalism in each of these. So let's go back and think about that one sample that was high-grade gold, and What can we make of that? So when we drilled the sonic hole, this was what we found at the base of it.

22:37 So this rock has a really interesting history. And we were quite enthusiastic when we pulled this rock out and logged it and looked at it. What is it? And what grade is it? The average of these are about 5 grams per ton. These are each about fist-sized samples and they were bedrock samples at the bottom of the sonic hole. We get 1 sample of rock at the bottom and we get a bunch of the till above it. Now when we looked at these samples you can photon assay a surface and it'll tell you the grade of each of these rocks and they were between 2 and 10 grams. We went back and looked at them and sure enough we could find visible gold in a number of areas in these 4 samples. The beige, brassy mineral here is pyrrhotite. Pyrrhotite is really important to this target.

23:27 This rock is about 20% sulfide. Pyrrhotite is an iron sulfide. And most importantly, when we looked at these areas with the pyrrhotite and took an XRF gun, which just tells you is there gold or is there not gold associated with that pyrrhotite, We saw gold with the pyrrhotite as well. So we could see gold in veins, we could see visible gold, we could see through the XRF there was gold tied to the sulfide, and we had a very highly strained rock. So we had a shear zone, this rock is an iron formation, it was our 1 sample at the bottom of this and it created 5 grams. Really, really encouraging when you can do this. Now we took it another further, here's a different view of those 3 images.

24:14 3 rocks, we have petrography on these rocks, These are highly altered iron formations. There's a lot of carbonate in this. There's lots of silica in this, and there's lots of strain in this. Those are all great things for gold. Here's the assays from those individual rocks based on a photon assay of the surface. Then we went and we did some more SEM work. And SEM is say, where is the gold when you look in detail? And what's important to us is like, is the gold in these strain bands? Because that's what we wanna see, gold tied to deformation and we understand its controls. So we look at it, lo and behold, here's about 15 fine grains of gold and they are directly tied to a few minerals. Svalerite, back of pyrite, pyrite, There's actually a bit of electrum in here. So we're seeing the gold tied to some base metal signature and we're seeing the sulfides in these strain bands. This is all very encouraging. This is out of 1 rock that was literally like this size.

25:18 So this was very encouraging work. We're doing more work on it but what does it tell us? It's telling us we've got a highly altered rock that's very iron rich that hosts gold and it's associated with pyrrhotite. So let me go back to what Pyrrhotite tells us. And we pulled out our geophysical data for this. So here's a map of the whole area. That map in the upper right is 60 kilometers across. We zoomed in and the pink square right here is where we took the sonic sample. We have EM data. What is EM data? It gives you the conductivity of the rock. Somebody had flown this whole area in 1989 looking for VMS deposits and out of that data set is a 600 meter long conductor. This really was the critical step for us as well. We know the gold was tied to the pyrite. We know the pyrite is a conductor. We look at the geophysics, and we actually have a very strong conductor with scale directly tied to this till hole. That gives us scale of a target.

26:17 We look at the mag data. Here, it's also magnetic. Here's the location of that sonic hole that we drilled, and there's the 600 meter long magnetic anomaly tied to a conductor and a second MAG anomaly directly associated with this. So this was really encouraging to say out underneath this swamp we have high grade gold in a rock, that rock is tied to something with scale and it has a signature that we can see geophysically. So this was a really really well refined target. We went back about here and modeled this in 3D and came up with this model as we sit today. And we would have modeled something that is south dipping based on the geophysics. And if you asked me where the rig was sitting today, this is a little drill rig sitting shown where the rig is focused today.

27:11 Now what does the area look like? And here's a good image that we took with a drone in the summertime. You can see there's no outcrop anywhere here. There's a creek off to the west of us. This was the sonic sample that created high-grade gold. This sonic sample here actually had no till in it, and then we could not get any further out here when we drilled it or when we took the sonic rig here before. But let's show you where the trace of that shear is that we've modeled. That's the trace of our shear zone as we would model it from geophysics. That's the location of the V10 anomaly directly up ice by about 50 meters. And that's the location of the magnetic anomaly tied to this, also of scale, and directly associated with it and up ice. So this is a very, very compelling geophysical target. This is what it looked like back in the summertime when we were advancing some of these targets.

28:09 So I'm gonna go through and talk about some of the other data now. And one thing that's important to consider is, you know, the bedrock geochemistry. Now the take-homes for this is very relevant when we're thinking about targeting. So what we did was we took the sonic bedrock samples, there was 23 of them, and we ran geochemistry on all of them, and it told us a really, really relevant piece of data. So these are the samples that exist, and as I've plotted them up now, I'm showing you the geochemistry of them, and I'm showing

28:40 them in 3 baskets, 3 groupings. If they're dark green, We call it a mid-ocean ridge. This is 1 type of basalt. If they're yellow, they're a backart basin. So we have 2 different types of basalts and rocks here, and those are very different geochemically. And then we have some rocks that are so altered, we can't tell what they were. Those are the black dots. So a couple of things to take away out of this. Our North Muskego Shear that we modeled off the magnetic data is actually a break between 2 major geochemical affinities of volcanic rocks. That is a very key piece of data. It tells us there's a break there, whether it's structural or whether it's geochemical.

29:27 Something changes across our shear and that's very positive because when we look at the data along that shear,

29:34 this one in particular is black. That was the high grade gold sample. We can't tell what classification that rock is because it's so highly altered. These ones were so highly altered we couldn't classify them. Likewise down in here and down in here. So in each of our profiles we're seeing very, very strong alteration tied to the gold pathfinders, tied to our breaks, and this is very compelling in terms of shaping up the nature of the story and why this North Muskego Shear may be a relevant gold system. So that's one piece is the bedrock geochemistry. Now let's put the structural framework around this too, because that's so key in exploring for gold. So we show you some of the main structural framework breaks.

30:21 We talk about the Porcupine Dester Fault splay. Now this one in particular, I'm gonna zoom in on it here, North Muskego Shear, Porcupine Dester Fault at the bottom here, This is the big break. This would be the same thing that hosts the Golden Timmons. And then we go up to the north and this is an interesting one because this is the bounding with the sedimentary rocks to the north. So here we sit, we're on a secondary order structural break, we're between 2 major geochemical affinity rocks and we're seeing high gray

30:54 gold in that system. Now let me show you some of the more detailed structures. So we put more structural framework to this And we see all these finer scale structures segmenting some of these bodies. Some of these are later, some of these are earlier, but there's a very good structural preparation going on here. Then we stand back and we think about our data right now and talk about the areas from a targeting point of view. So what do we like? We want to be on the break. We want to see alteration. We want to see the geochemistry. And these are the areas that Anders and team, our exploration group, have developed. So Muskego is an area, but it's 30 square kilometers. And When we think about drilling in 30 square kilometers, you better go out there with a much more refined target. We broke this into 6 key areas right now. We've named them Alpha, Bravo, Charlie, Delta, Echo and Foxpadron.

31:48 Some of those have very strong golden bedrock, other ones are golden pathfinders, other ones are a little more conceptual or strict extensions. So these are the ones that we really like. They sit on great structural breaks and These are our 6 priority targets that we're going out here to drill test as we speak today. We're not just diamond drilling though. There's a whole other half of this swamp that we have no data on. And What we're also doing is completing another 30 sonic holes. So these yellow dots are all sonic holes that are being completed as we speak today as well.

32:27 So when we think about this, our vision is to take this area, 30 square kilometers. We've tested about half of it with SONIC. We found 5 or 6 targets that look really compelling and we're gonna move and drill test those. And at the same time, we're stepping out to find what else is under this other half of the swamp. So that SONIC program, 215 meters space samples on 1 kilometer space lines will be done in the next you know 4 to 6 weeks. It's active as we speak today. And we're doing an IP survey. So When you're looking at tracing gold mineralization understanding structures, IP can give you conductivity, can give you resistivity, it can give you a structural interpretation and it's based on geophysical data on the ground, not an airborne survey.

33:13 So 50 square kilometers, 50 line kilometers of IP is being completed also in this winter condition. So this is a busy area. We have a drill rig, we have an IP crew, we have a line cutting crew, and we have sonic rig out here. All going on right now. So Muskego has shaped up into an area where we have a very compelling drill target, a suite of them, named all the way alpha through Foxtrot, and a regional targeting philosophy that will bring in the other half of the swamp. Now it's important to say, and I want to share with you guys what this looks like today. So I showed you a picture off the start which was in the summertime. That one road ended about here and that's as far as we got out into the swamp with the saunic lines. As we sit today, The drill rig is sitting right here and it's drilling a Northwest oriented hole and we've prepped a number of pads that will be available for testing as follow-ups.

34:11 We've also pushed the road all the way over to cross the creek. And as we sit today, we have about 30 inches of ice on that creek which is sufficient to take a sonic rig or a drill rig or skidder across it. So we're well prepped. This is the access road into the swamp so very good you drive a truck in here this is a little more blown up view of the rig on the bottom giving you a feel for the terrain

34:41 and as we move through the next month we're going to continually expand this program in terms of some of the road networks that we're pushing and continue with the Sonic. So here's a feel for some of the activity that's going on at site. Very active out here, lots of programs, really exciting to get a drill rig sitting on this area and starting to turn. So let's stand back and think about this now. So Muskego Gold target the 30 square kilometer region. It could be an X-Greenfield discovery for GFG. And we've planned a very large first program testing a number of these. We anticipate drilling 3000m and about a dozen holes as a first pass exploration test. I'd love to see us go out here and test 3 or 4 of these key regional targets that we've named Alpha through Foxtrot.

35:31 Some of those have high-grade gold embed rock, other ones are structural models with gold in till or pathfinders associated with them. And we also have permitted a lot more holes. So we have 50 drill collars permitted out here. So should we like what we're seeing?

35:48 We'll certainly push to be more aggressive on this. Initially we're going to start with 3,000 meters and a 12-hole program on Muskego. When you think about the area there's also other ideas and this is in the back of her head as explorationist is what don't we know yet? So we know there's other areas out to the west that if we have fertility on these structures and the sonic there should be continuity of these somewhere else So let's keep exploring and keep developing. And that's why the Sonic and IP to the West of us is so key because there are other conceptual areas that really look attractive.

36:24 So those are ones we're going after with the Sonic or Geophysics. So we have a pipeline of targets that really build up and define what is the Muskego Gold region. So 2025 has just started here. We've had a really exciting 2024 where we've taken our share price and valuation from about $15M to $20M, up to $50M. We have lots of cash in the bank to fund us for the next 12 to 18 months of drilling. We have a program where we've refined and proposed a two-pronged approach. Goldarm is pushing on Eljo. Eljo is showing us great results. It's open, it's stacked veins, it's near infrastructure and it's showing very good grade. Pending results, Corelux is good.

37:10 Penn and Muskego is something we're really excited about as well too. We've got the right pathfinders, we've got base metals, we've got gold, we've got very altered rocks in a highly prospective area. We're going to go out here and drill 4,000. You might ask what's the difference between 4,000 and 3,000. 4,000 is what we budgeted for the year within the $3.6 million in the ground at Timmins. It's going to start with the 3000m program that we can complete here in the next couple of months. Then we'll review the results and see where we want to take it. So, a two-pronged approach in terms of the drill meters. Dore sits at the bottom of our pipeline. Not that we don't like it, it's more that just things aren't drill ready yet. So 2 core areas for drilling, 1 for generative work at Doaring.

37:57 So in terms of GFG, I think we've had a really important transition over the last 6 months. We're quite excited about what we're seeing at both Aljo and Muskego. I think the consolidation of the land position is paying off now where we've understood these belts now. We've been working here for a number of years. We found some really relevant gold systems and now we're pushing on those 2 in particular. You're never going to do it without a technical team. Anders and team Monica and Connor and David are all GEOs that are out on the team and our support staff Sarah and Riley and Brad in terms of the technical side, very good technical team and Timmon's here. You're never gonna find something if you can't finance it. So the important thing for GFG was address the balance sheet issue that was done in Q4, give yourself some runway and that's what we really have right now. Maximizing the dollars in the ground is a reflection of corporate culture. If you find aligned management to want to spend in the ground, not G&A, that's what you want. Most money in the ground and that's what this company is doing. These 2 statements at the bottom I think are so valid. This is an opportunity to find the next great Timmons Gold mine.

39:02 And it may come at Muskegon or it may come at Eljo and I'm really excited about both. And I think when you talk about new slow and building value for our shareholders, it's catalysts. We have a great catalyst rich 2025. We've got a balance sheet to go do it and we're on the cusp of drilling a really, really exciting target. So with that, I'll finish the presentation and happy to take any questions you may have. Excellent. Great presentation. We do have a few questions and we had quite a few submitted upon registration here. So I'll kick off with some of those. How do you intend to modify the program should you have success? What would that mean for your exploration plans for the remainder of the year? Yeah, look, exploration is always fluid And we might propose a dozen holes and 3000 meters and permit 50.

39:52 And it might all change after you build the first one. So, you know, if we've got to build our knowledge and we've got to be on, be fluent and be on our toes, be ready to adjust. If we like what we're seeing, we need to be more aggressive too. 3000 meters is a single rig for about 7 weeks. So if we like what we're seeing, we would prefer to add further to this. Maybe it's another rig. That's one way to step up the pace of exploration. This target in particular is most ideally drilled when it's cold. It's certainly cheaper to drill it when it's cold, not with helicopter support, which we'd have to do in the summertime. So if we can understand enough to drill aggressively and even be more aggressive based on what we're seeing in core, that's what we'd love to do.

40:42 Can you elaborate on being more aggressive and what would be deemed a success? It seems like you're rather confident in these targets already. What would make you jump to that next step to be more aggressive and perhaps add another drill rig? Going back to this piece of rock here, this is the key piece. The gold is in the pyrite. It has a base metal signature to it. If we like what we're seeing in that core and we can get a feel for if it's a gold-bearing, That's the piece we'd like to see to get to be more aggressive. To say, we've got 5 grams in a rock, but is there something of scale there that we can match to the geophysics? If that's the case, then we need to be more aggressive with this.

41:30 That's the steps we'd like to take and maybe how what that decision might be based on. Ultimately, we've got to get this program going. We're on the first hole, we've colored it. We're partially down the first hole. So we're really early stage yet. And I would expect us to learn a lot more as we drill this first, second, third, fourth hole and revisit our assumptions, revisit the data where we've actually now done a lot more in adding our understanding from not just having some rock and till data, we actually have several core holes. So I'd love to see us get, you know, a couple of holes under our belt and get a thorough understanding of those and then evaluate if we wanna be more aggressive and what that might look like and adding a second rig. Thank you. We have a couple of questions regarding Aljo and I'll just Start with the rather vague one. What are your expectations for our job?

42:21 Yeah, I'll Joe is an interesting one. I mean, it's it's high-grade is stacked veins What I'd like to show is that we can show mineable grades mineable widths with continuity So taking something from 5,000 meters to 10,000 meters of drilling, adding another dozen holes, can we shape this up to say the hanging wall zone, the main zone and maybe the football zone have relevant continuity to start demonstrating mineability and scale. So if we can take Aljo with this program and say publish a number of 20 to 100 gram meter intercepts with some width. Showing continuity, that's my expectation. That's what I'd like to see come out of ALJO. And if that's the case, then ALJO sits there as something that we can move forward with reasonable probability of resource.

43:18 There's also a few questions in the chat. So I'll interweave those as well regarding ALJO. ScanFix said, on ALJO, the cross section shows the ore bodies pinch off with depth, yet see no drill holes lower. Is there a reason to think they pinch off? I'm looking at the 1217 question. It's just simpler to draw that way. And I think it's quite valid. When you create that cross section, it just by the nature of the mechanics of drawing it, you know, you kind of pinch them off to create the form. There's no data that's closed the image off. All those vein systems are made wide open. We're drilling underneath them now on between 50 and 100 meter step outs. And so Our belief and understanding is that these veins have potential for continuity and that's what we're trying to answer with this question.

44:10 Perhaps you can read the 12.15pm question submitted. I'll read it verbatim for just the listeners out here, but on Aljo it seems quite shallow depth. Is the drilling mining method, I think the name of the company is Nomura, where shallow deposits under 500 meters deep can be mined from the surface using the tunneling technology that can remove 3-ish metre holes to mine the deposit. Do you know what he's referring to? Not sure, but the crux of it is that Aljo is quite shallow. It is a relatively steeply dipping vein system. What we'd like to be able to prove here is that there is enough continuity and scale for this thing to be mineable. We're not there yet, but any time you're seeing 20, 40, 60, 80,100 gram meter product intercepts, you're figuring, that's a good sign.

45:08 And that's what we're seeing there with the number of Bain systems. What operators in Timmins would have interest in ALGO? Well, as I said on the previous slide, when we did the introduction, there's 7 mills in that map. Now, not all the mills are maybe close enough or maybe over the right scale for something like Aljo to be interesting to them. But just take the closest ones. You can take Holdhollow, which is owned by Agnico Eagle. You can take the Stock Mill, which is owned by McEwen. You can take Pan American's Bell Creek Mill, you can take the Dome Mill owned by now Discovery Silver which was formerly in Newmont, and you can even take something like Young Davidson owned by Alamos Gold which is our largest shareholder.

46:00 So those are groups of companies that control 6 mills around us. And Alto could fit with any of that list. If you're seeing 3 gold, 3 million gold, and you can shape up this something of reasonable scale with reasonable grade, you know, it should be of interest to any of those parties. Okay, I have quite a few questions regarding Muskego now. We'll start with Ken's. With the swamp, what are the environmental obstacles that could bar or greatly raise the all-in sustaining cost? Dealing with gold under a swamp is pretty common because most gold deposits are formed in altered and structurally deformed rocks and they're generally recessive weathering.

46:48 So lots of gold deposits are under swamps. You can go look at Kote, you can go into some of the main ore bodies in Timmins, you can go look at lots of examples where you're dealing with something that's recessive weathering and it might form a swamp. From a permitting point of view, you're dealing with overburden. So, there's lots of examples of dealing with overburden and how you might deal with it. Kote had to move a river and portions of a lake are under that ore body and they're advancing it as well too. So, in terms of the ability and the impact cost all in sustaining cost data, too early to say. Maybe you find an underground ore body and the swamp becomes somewhat irrelevant because you don't have to move it all. You're mining underneath it. You have a crown pillar.

47:40 So too early to say, but what I can say is that there's lots of gold deposits under swamps and generally I think that's where you have to go look. You have to look at tough targets now. And Muskego is an area where people ignore it because it is under that swamp, but that's what preserved the opportunity for us. So I don't see the swamp as a major barrier right now, but it's too early to comment on what impact might be on cost structure. No, yeah, it is early at Muskego and ScanFix has another question here regarding if you could speculate on what you think the type of deposit would be like geology wise at Muskego? That's a good question.

48:27 And 1 we beat around internally a fair bit because the Pathfinder signature reflects the character of and the association of the gold. Now we see things that have this base metal kick to them. We see copper and zinc and pyrite. We see veining and we see tungsten and tellurium and bismuth and silver. So in the signature of the till and in that bedrock, we almost see 2 systems. We see a system that has precious metals and veining. But we also see this base metal system. And maybe there's 2 systems out here. I don't know. But we're going out into an area where we know we've got strong precious metals. We've got highly anomalous base metals. We've got a conductor there. We've got the Gold tied to that conductor and to pyrite.

49:21 So first things first, we went out there and we're following up empirically where the Gold is. Now from a model perspective, let us get a few holes under our belt, I wouldn't be surprised to see a couple different systems of working here because the Pathfinder signature tells us it's just not a conventional system. There's complexity to it. You don't always see these metal assemblages together. There might be more going on here than we understand at present. Exciting. David says, Brian, apologies in advance if you covered this. With your EM survey data, have you or are you considering Maxwell plate modeling? And I personally don't know what Maxwell plate modeling is, or maybe explain to the audience who might be like me and don't know what that is.

50:13 EM data is giving you conductivity and certainly EM data can be inverted to model the source of what that Conductor is its geometry its depth its orientation things like that now Maxwell plate modeling and 3D inversion modeling or computer calculations and inversion models you do with the original data, the data has to be of a certain quality to be able to do that. Unfortunately, the data we have is from your mid 80s. So we get conductivity data but we don't get all the pieces of the data that would allow an inversion model or a Maxwell-Platon model to be developed. That's our understanding at present. So at present we haven't undertaken a Maxwell-Platon or inversion modeling of the EM data And we have talked to some geophysicists about that and had them look at the data.

51:09 So I sense that the data just isn't enough quality data, or new enough data, to allow for that 3D modeling. If it were, we would certainly be doing it to help us understand the geometry of the conductor, thickness of the conductor, depth of the conductor. At this stage, we haven't done that and the data doesn't look like we can. Thank you. SJ Foster here is asking a question. Now you mentioned you're well-funded during the presentation. He or she is wondering, what are your plans in terms of financing? We have 5.5 million in cash since the start of the year. Another million dollars that comes in Q4 cash of 2025 to us through the Rattlesnake sale.

51:58 And we have about $1M combined in equity or bond refund out of the rattlesnake sale process. Add all those numbers together you get about 7 and a half million. If you took a 3 and a half million burn plus our GNA of a million you end up with about a 4 and a half million dollar corporate burn for the year. So we're well funded for this year. If we execute the program we're proposing, which is about $3.5 million to the ground, if we want to be more aggressive, if we really want to step out there and push harder, we would spend more than $3.5 million, and we would weigh how we want to do that. So right now, comfortably funded and at the pace proposed, we can go out here and explore for the next 18 months and not have to raise any money. If we find something relevant, obviously we're going to have a higher share price and we would likely raise more money at that point.

52:50 But at this point we have no plans to raise money. Excellent. This individual has 2 questions here. I'll start with the first one. Could you elaborate on the reasons behind redirecting exploration efforts away from Montclair to Muskego and Aldo targets any specific findings or strategic considerations that influenced this decision? Yeah good point. We drilled about 12-14 000 meters at Montclair. The last hole we had was 13 meters, about 5 grams. It was interesting. Now, we also were aware in drilling at Montclair that we had a sulfide-based ore body. Now, when we ran some preliminary meth on that, and we didn't take it through to like a benchmark study or anything like that, we saw some relatively modest recoveries coming out of Montclair. So it pushed us to shift, right? We have other targets, we have a pipeline. Let's take a more broad distribution and exploration philosophy to our other targets. Aljo had a lot more free Gold to it. In all the drilling we drilled at Montclair, we never saw 1 occurrence of visible Gold. We saw 9 in 1 hole at Aljo.

53:58 That's reflective of metallurgy. I think the more balanced approach to our exploration reflected our desire to want to push Muskego ahead as a greenfield target. Things we liked at Aljo and things maybe we didn't like as much at Montclair. So it forced us to revalue the portfolio and shift some of the expenditures. Montclair is still interesting. Montclair is open, it's expandable, it probably has the right home to be found from an energy point of view, but it's not like the conventional in terms of a metal, whether it's fully refractory or partially refractory, it's on that spectrum. So when you find some of that data, I think it's important to reevaluate your capital allocation, and that's really what we've done.

54:44 Thank you. And The individual's follow-up question might have you repeating yourself from the second last slide here, but how do you currently plan to allocate resources between Muskego and Aljo targets? Additionally, is there any additional technical work being planned at door beyond the phase 1 drill program mentioned? Of the 3 and a half billion dollars, I think we have about 2.3, 2.4, maybe 2.2 into Muskego. We have about, you know, maybe just less than a million dollars going into Aljo and a few hundred thousand going to the Dore. So that's the approximate splits that we'd seen the 2 between the 3, because there's more geophysics and more geochemistry and alga is really at this stage, it's a drilling exercise.

55:29 So, you know, we have about 4,000 meters planned for each, but the support programs to grow the Muskego pipeline is really essentially taking another million bucks out there as we propose that. So, if you had to weigh it, you're kind of like a 50, 40, 10 in terms of dollar weighting over the $3.5 million. Excellent. Now I saved one of the registered questions for last because I think it's a good way to wrap up. You haven't issued a news release in a couple of months. What are the upcoming catalysts that investors can look forward to? Yep, good point. We drilled in December, we completed 4 holes, 3 holes before Christmas, and we started drilling in early January, we completed another 8 holes, 12 holes on Aljo.

56:15 So In terms of news flow, that's the first piece of news flow that's probably there is some results from Aljo. We've started drilling at Muskego. We're on our first hole. In terms of being able to talk publicly about any results or assay results at Muskego. We're quite a ways off yet. What I'd like to see us do from a catalyst perspective is shape up some results, likely 2 or 3 releases on Aljo. Hopefully we get some incremental news and an update that we can talk to the market about in terms of Muskego path, and we can shape those both up. So I would expect Q1 to be relatively newsy for us, both from an Aljo and Muskego perspective. And certainly as you move into Q2, you're gonna see continuous news flow as we drill through to March and the end of March and early April, then those results are Q2 related.

57:10 So good point in terms of catalysts. And I'd love to see us get the bond back on a rattlesnake and really just move on from that asset. Focus on Muskego, focus on Aljo and I think both of those can be real strong catalysts for the company. And I think they've been successes and they've been the true reason why you're seeing more interest in this company and an improved market cap and valuation is the expectation of being able to deliver good results at Aljo. And hopefully we can go to Muskego and say, yeah, it's just not 1 sample at the bottom of a Solana Coal, it's part of a much larger system. That's what we really want to go out there and find is a much larger old system of Eskego and hopefully we can talk about that in the next coming months. Excellent. Well, Brian, that's it for questions. Great presentation, great Q&A session. Thank you for doing this and thank you everyone that joined and submitted questions and participated.

58:02 This has been recorded and our team will have it up within the next couple of hours here. So you can find it out on YouTube here shortly, but I'll pass it back to you, Brian, for a final comments. No, Thanks, Kyle. And thanks everybody for listening in today. Do know that anybody at GFG from the corporate office here, myself or Mark are always willing to talk and engage with shareholders. Give us a call anytime. I would also refer you to our website where there's some great information at gfgresources.com or to the webinar links that 6 publishes. We will also have presence at the PDAC. And so love to have anybody come by the booth and look at it. We'll probably have some core from Muskego there or some core from Aljo. Pretty exciting time to talk to management. So look, if there's interest, please reach out. We're a very approachable company and love to talk to our shareholders. And thank you again very much for your time today.