From All-Time High to 25% Correction: Where Does Gold Go From Here?

0:04 Hello everyone and thank you for joining us for this live event. Today we have Brian Skanderbeg, President and CEO of GFG Resources, Michael Ferrant, President and CFO at New Break Resources, David Russell, President and CEO at Gallium Gold, and Manish Grigo, Corporate Development at RPX Gold. We'll be talking macro today to try and get a sense of where we are in the gold cycle. From an all-time high to gold hovering around $4,000 an ounce, Where do we go from here? As always, this event is being recorded and will be available for replay shortly after we conclude. So, gentlemen, welcome. Let's start off with a big picture moment that brought us all here. Gold hit an all-time high over 5,500 an ounce in January. Now we're sitting around 4,000 to 4,500.

0:52 Did any of you actually expect gold to get that high? And when it did, how did your company's position to take advantage of that environment And are those same opportunities still on the table? David, we'll start with you. OK. One is, years ago, early 2000, I wasn't a believer in gold going up and made some major positioning mistakes. But did I expect it the last year or 2 to go up? Yeah, I did. A lot of things were going obviously you got Russian and Ukraine and you've got Iran, US now. And when you get these wars going on, who's most unstable, both countries will run to gold. So I expect the gold to, you know, between hedging and whatnot to start moving up. I didn't expect to go to 55, 5,600, but I expected it to push the 4,000 mark and it did, and then it hit the 5,500.

1:46 So all in all, yeah, we thought it was going to go up, but we knew what goes up will come down somewhat. There's always a retracing and that's what's happened recently. And did we position ourselves for, you know, the gold run up when it runs back down? And the answer is no. We're juniors, we're the guys that are developing and whatnot. The worst thing I've found in history over my last 35, 40 years is go ahead and hedge gold out and see which side on the coin you're going to be on. And you will probably have guessed wrong. And if that's the case, if you try to position yourself, let's say at 5000, when it was going through 5000, and you're going to forward sell, what's going to happen? Well, if it goes way up, then you're going to lose out on that for the investors. What I like to do is say, okay, no forward goal, no streaming of any sort, until you're in production.

2:37 Now, if you get a bank loan from a bank, they're going to say, Hey, you know, we'd like you to forward sell 130 year production or 25% or whatever it's going to be. So I will wait for that day. But right now, I don't want to put my company in position on the high side of the low side. I'd like to ride the wave. Let's see where gold goes. And I'm a believer that

2:56 we're gonna have a turnaround by the fourth quarter of 2026. And you will see 5000 again or better. So we'll be able to take advantage of that. And that's about the time we'll be actually full well down underground. And this time next year, we should be in a position to produce gold and sell at a higher price. Great, thank you, David. I am getting a little bit of reverb, so maybe we'll go muted if we're not grabbing, or if everyone can lower the volume just a little bit. I'm just getting some reverb is all. Minesh, we'll jump to you. Were you surprised with the all-time high price in gold and how did RPX position during that time? Sure. Well, I didn't expect 5,500 to move that quickly if I'm being totally straight.

3:46 But we were positioning ourselves to take advantage of high gold prices even at $3,000 last year, because as you know, we were an exploration company. Now we're pivoting towards getting towards production to use existing infrastructure. So even at $3,000 gold, it looked very appealing to us just on the financial metrics alone. From 3 years ago, gold's still twice what it was. So the cashflow component of it, even on small production profiles would be great. So we positioned ourselves, started doing it like early 2025 when we started seeing that we weren't getting that much love for just being an exploration company.

4:28 So all in all, I do expect gold in line with what David said. I do expect gold to go much higher because the macroeconomic teams are still the same. You still have the tariff floors, you still have geopolitical uncertainty and you have sovereign wealth funds that are trying to get away from holding it in US Treasury. So all of those things still hold well for gold in my opinion in terms of where gold will be. And like everyone else on this panel will tell you no one tells you exactly, but based on everything else, those conditions are still ripe and they still look very appealing. At these levels, at US$4,000 Gold, we can see the profitability has gone up. So, all in sustaining costs are around US$2,000, if you say, even for mid-tier producers.

5:18 So profitability has never been that high. And I think it's becoming more compelling, if not anything else, from a junior producer or junior miners perspective. No, certainly. Brian, Let's jump over to you. Same question. Yeah, thanks Kyle. From GFG's perspective, I mean, we're explorers, so to me the gold price impacts the capital availability and strategy. I wouldn't say that GFG necessarily responded at the peak time, but I think we use it and think about it a little longer term in terms of our strategy and we've been active building a portfolio in Timmins for the better part of the last 8 years.

5:58 I think that's positioned the company in an extremely good position to have acquired assets, built a portfolio and have a really strong land holding and a productive belt when gold has moved to all-time highs. So that's how I think it's impacted GFG the most, is longer term strategy and our movement. The other side is balance sheet. So although none of us can time perfectly, we can all choose to address balance sheet when there are periods in market availability and the capital markets are stronger. And GFG did do a financing in the last year and then that's positioned us well in terms of having enough balance sheet to be aggressive and move our exploration forward. You know one's never sure when the window is going to close in terms of capital markets but I'm quite bullish now.

6:45 We're at technical support levels around the 4,000 US and I'm not going to debate whether we hold that or don't, but I do think long-term still gold looks very strong. So we've positioned ourselves in a great spot given where gold's moved and even where we sit today. Great, thank you. Michael, if I'm not mistaken, Newbrick made a game-changing discovery in September of last year. We'll get your thoughts on, did you ever think, maybe Michael, if you could lower your volume just a little bit, I think it might be on your end. Did you ever think it would get to over $5,500? And how did you position for that move? I look at it more in terms of the volatility and timing. What I mean by that is, this will be my 30th year in the industry. I joined Barrick in August 1996, and I remember when the day the Bank of England sold all their Gold and drove the price down to 250oz.

7:50 In 2001, when Placer Dome closed out, they announced they weren't going to hedge anymore. The Gold price that day went up US$30 an ounce from US$300 to US$330. That was considered volatility. Today, in this environment that we've been in, Gold's been moving over $100 in a day, which was something that was virtually unheard of. When I was at Kinross, the New Britannia mine ran from 1995 to 2002-ish in one of the worst Gold price environments I'd say in history. So when I look at it, I look at it at New Break was, or Morey property that New Break owns was first drilled in 1964. Somebody could have made a discovery back then.

8:38 Instead, we've made a discovery at a time when the Gold price is over US$4,000 an ounce And with the exchange rate, more importantly,

8:50 $6,000 an ounce in Canadian dollars is all the operating costs for an acquirer who puts it into production would ultimately be in Canadian dollars. In some respects, timing is everything. We made the discovery in a great Gold price environment. Somebody could have made it 20, 30 years ago in a much lower Gold price environment. I don't get too fussed about

9:14 how high Gold got or whatever. We're just incredibly thankful for the environment that we're in. And I do agree with everyone in terms of the macroeconomic factors that have underpinned this price level and think that that will continue. So I think as an explorer, looking for Gold and making a discovery, we've been given a tremendous opportunity that just didn't exist for companies like ours 20, 30 years ago, vis-a-vis the Gold price. And the volatility, it is what it is. It's for something for producers to deal with. As a junior explorer, it doesn't really affect us on a day-to-day basis.

9:59 Great, thank you. For the next few questions, I want to open it up to the room. If you have any commentary, feel free to chime in. Maybe I will direct this one to Brian just to kick it off. Gold's run was fueled by very specific cocktail drivers, as many of you have brought up. There's been central bank buying, a weaker dollar, tariff fears, geopolitical tensions from the Middle East conflict. Now with the Fed holding rates steady and real yields climbing, which of those tailwinds concern you most if they start to fade? And which do you think are structural and here to stay?

10:35 You're speaking to a geologist here, so I'll give you my 2 cents on this. The real interest rate piece seems to be the most directly correlated now and guidance around that. So I think gold's performed very well and there's lots of drivers as you pointed out and I think those are generally all holding the debt levels and things that Manish had talked about earlier. The real balance is just perception of interest rates and the cost of holding gold. So, you know, I think what we're seeing now is, you know, hopefully a short-term pullback driven by interest rates and perception around interest rates.

11:18 But all those macro pieces remain intact and those drivers that moved us to $3,000, $4,000, $5,000 are all still there. So, you know, I just I think of you this is maybe a healthy correction and you know this price is still extremely positive for anybody that's producing gold or even exploring for gold. So I think it's a great entry point for investors to think about and it's great to try to understand the drivers here. It's quite a complex commodity we work in. So thanks.

11:53 Anyone else has further commentary? I can jump in just a little bit on, first of all, capital is quite interesting. He brought up, you know, gold's up, capital's up. And if it's not, it's not. But one thing we do know is the gold price, let's say, it's not really driven by the US. But if the Treasury Department decides they're going to push gold down, what are they doing? They're trying to raise the US dollar valuation, which is that manipulation. Maybe you can consider that. But the other big ones you really need to watch out for is when capital starts fleeing the political instability. You got these wars, that sort of thing. If it's an unstable country, and it's going to have a major impact And there's sovereign debt you got a problem. I mean gold may blow through the ceiling it may go to 06/07/8000 But is it real? That's the issue you got to worry about is get it starting to panic when it gets goes too fast too high. And I always do myself saying it's got to come down sometime. But, you know, the tariffs are there. But, you know, there's a lot of speculation out there.

12:58 People love to speculate is crypto going to

13:00 back the dollar is going to back the dollar. But, you know, everybody says, well, by 4th of July, the gold is going to back the US dollar and everybody and that's why they're all accruing gold. I don't think so. But that's a good speculation. So there is a big driver in the market. It's called speculation. And, you know, investors love speculation. So anyway, just a 2 bits on that end of it.

13:24 And this, I think you wanted to add on to something. Yeah. Typically what happens is like when you see the treasury rates go up, people tend to go towards the US Treasury holdings. And kind of the odd thing is this time we had a war, we had inflation, all of those things are typically good for gold, but you saw gold go down. And that could be, if you want to listen to, in relation to theories in the sense that, you know, US government does try to put gold down in certain markets just so that it doesn't debase the dollar entirely, but all the macro themes are still the same in terms of countries, you know, geopolitical uncertainty is obviously helpful for gold in the longer term.

14:09 And I don't think any of those things are unwinding at any time soon. Michael, let's bring you into the conversation with a new question. There's an old saying in markets, sell and may and go away. We're into summer now. Historically, gold tends to see lower volumes and some seasonal softness. Given everything going on geopolitically and with the Fed, do you think the summer breaks that pattern or are we in for a quieter few months before any real move?

14:38 Well I certainly think you've seen a pullback in the share price of quite a few companies, including New Break. We released our drill results in May from our first round of 2026 drilling, and we had recently hit a 52-week high, an all-time high before that, and the stock sold off afterwards. So,

15:06 it doesn't concern me too much in the sense that we're going to stay the course, keep doing what we're doing. We put out a news release this morning announcing the resumption of drilling at our Moray property. But I do think it's been a little quieter.

15:23 Gold's pulled back, crypto's pulled back, the oil price has pulled back. Stock market's still doing pretty well. And You've seen some big IPOs, but I think outside of that, from my perspective, it's been a quieter period for the juniors. Anyone else's thoughts on the summer, the next few months here? Is it going to be a pretty quiet few months?

15:52 I'll add a bit to it. I think there's validity to the adage, but I do also think that relevant news in this gold tape is still going to garner the investor interest that we'd all like to see. So I think there is a little bit of a difference this time in the sense that given where we are in the gold space and given the eyes that are on the gold space, should any of the companies on this panel come up with some relevant news, discovery, advancement, underground bulk sampling, you know, things like this, that it will gain traction and there are a lot of investors that are paying attention to material news.

16:29 So I'm a little more optimistic that there are still a lot of eyes on the space and that news can drive interest even through the summertime.

16:40 Great. Let's move on. Let's start with you, Manish. Central Bank buy-in looked like it was cooling until you dig into the data, you see China quietly tripled its Gold imports quarter over quarter. Meanwhile, the official narrative is that the rally is losing steam. Do you trust the headline numbers or do you think there's a much bigger and less transparent accumulation story happening beneath the surface that the market isn't pricing in yet?

17:06 I would agree with the latter. Yes, I do think there's more accumulation happening without necessarily putting it out there. I mean, if you were trying to buy gold, you would want to highlight that just in case the price runs off just on your news, right? So they wouldn't highlight that. So I understand that. That makes a lot of sense. And I think, again, you know, going back to all those macro tailwinds or is essentially the US government has used, weaponized the dollar in some senses in terms of frozen accounts and things like that. China no longer trusts the US. So if you have that surplus, where would you store your value? You can either put it back into your economy and that would increase inflation or you'd have to slowly store it and then resell it at certain points. That being said, so there's only real store of value is gold or maybe silver at some level, but the gold has been a store of value for thousands of years, and I think that's going

18:04 to continue. So the more uncertainty you have, central banks in general would want to hold something that they can choose to sell or buy when they want to, especially if the US dollar gets weaponized against them. So all in all, I think the central buying, central government's buying would continue, not just in China, but other Asian countries as well, who, as the US rips apart this previous world order, you know, adds more of a certainty that gold will be better used as a store of value. David, do you have any theories or thoughts on an accumulation during this correction? Do I believe what's published? To a certain extent. But do I believe China or Russia or some of the other countries, whether Turkey, India, Poland, whatever, they're all buying. That's what I believe. And it's all off book. Not all off book. Let's say they'll report 20%, 30% of what they actually are buying. But they are buying gold. Otherwise, you wouldn't see a stable gold price. You'd see it actually coming off very quickly.

19:10 So I believe China, Russia, Turkey, India, Poland, they're all the big keys that look at them and say, what did

19:18 they buy during the time when we thought it was going down or we're told people weren't buying? Well, they are. That's just my opinion. And a lot of your other merging market countries, they're buying also. They know something else is coming. And if you're going to have a US dollar, whatever the world currency is going to be, they're going to back it by gold. So that's what I believe. So anyway, you believe partially what you read, but not all of it. Let's go to Brian here. One thing that doesn't always get talked about on these panels is the disconnect between the gold price and the junior gold equities. Gold has been up massively over the past couple of years, and yet many juniors are still struggling for attention and market cap. Why do you think that gap exists and what does it take to close it?

20:07 Yeah, we'd all love to move in tandem with GoldPrice as an explorer, but the reality is that our companies are designed as, you know, we're risk vehicles and the risk is, you know, development discovery. And so for GFG, and I think for many of my peers here, we trade on material discovery and material advancement of our projects. And those drivers may or may not align with what the gold price is. And I do think we're all striving to make a discovery or bring a divide as it into production of peak gold. And I think investors are doing quite well at that. So I just think the companies on the panel today are more at the risk end of the spectrum.

20:51 For us in particular, we're an exploration vehicle and our stock has performed especially well this year on the basis of good discovery, good drill results. And I do think that will hold true that the biggest driver is us, it's just results in a supportive macro environment, not necessarily the macro environment driving our share prices. Michael, do you want to add anything to the disconnect between Juniors and the Gold Prince? I agree with what Brian was saying. I think we've all been in this industry a long time and When you start a company and you bring a project into the company, you do it with the conviction that you believe in the project, you believe in your ability,

21:44 and you generally bring a few good supporters along with you to finance the early stages of the company. And while you go through that process of trying to prove up what you have, you hope that those supporters stick with you and continue to finance you. And with Newbrick, we've been very fortunate. We've got 1 large shareholder and his wife that own about 25% of the company and have provided capital all the way along until we made our discovery. They continue to provide it, but we've been able to broaden things out there, which is really to Brian's point. You ultimately attract capital as a junior by having success. And without showing that success, you're like the thousands of other stories out there where people can arm wave and tell the market what a great team of people they have and what a great property and what a great jurisdiction.

22:43 And while all those things are important to position you until you have that success and have shown the market that you know what you're doing and that your property really does have merit. You rely on the same investors to, or somebody new who believes in your story to come along and support you. So I think we've had that success now and we are looking to grow our shareholder base and access to new capital. And one of the things that New Break hasn't experienced yet that I think many of the others have is to have a strategic investment from a major company. I know with others, Alamos has invested in Discovery Silver, may have invested, or Goldfields in some instances, and the company is operating in the Timmins camp, but we haven't had an investment like that yet. So I think if we stay the course and continue to have the success that we've had, that's one of the things I think the New Break shareholders can really look forward to.

23:56 Staying on the topic of new investors, and I'm not going to ask anyone, if you have this experience, please share. But tech has genuinely made people a lot of money and AI is still the loudest trade in the room. Are you finding it harder to get in front of new investors? Or are you starting to see some of that crowd rotate as gold has had its own monster run. What does your investor type look like today compared to a few years ago? I'll jump out and say that's a very difficult one. AI is around for a long time. Gold can be around for a long time. But you know, if you think about it, I think whether it's Brian, Michael, Manish, we all use AI 1 way or another.

24:43 And we're using that both in the mining, the geological world, services, people. You know, you go in there like this morning, I asked AI some questions because I needed some information and it spits it out. So we're all involved in using AI. It's really how you present yourself to the market of how you can be tied to AI, and that's gonna drive your share price up, whether you're a big major company or you're a junior, that sort of thing, but it's all intertwined. But I haven't found it directly in competition with out in the market raising money. It is true, Brian mentioned, if gold price goes down, the dollars, it's a little harder to find. Gold goes up, all of a sudden the dollars show back up. But AI is kind of the same. A new AI company starts up, the money shows up into that new company because everybody wants to be the front runner within that company but So I think it is 2 parallels, but I don't think they're in direct competition yet But is anyone seeing overlap with the type of investors these tech investors in the gold space? Have you been meeting any new investors like that? There's- I have talked to several myself, but I'll let somebody else answer.

25:55 Yeah, we're seeing a little bit fewer, more generous come in, a little more, I would say, a little bit of a younger audience. We haven't seen maybe the 2008 to 2012 bull market and the gold days. So that's why I think we are still early days. We're nowhere close to the peak because when you have much closer to it, you have a lot more generalists come in who probably don't understand mining business at all. Right now, a lot of the questions are kind of in between. We've seen a few of the generous funds participate in financing, too. To me, it tells me that it is being it is noticed. However, I think most people don't understand how mining works, especially in the younger generation. I think for them, the tech resonates a little bit quicker, but once the profitability starts showing up and those numbers start coming out and it's more well understood, you'd see the money come back.

26:53 Anyone else have further commentary or shall I move on? I'll just add in, I mean, we've just done some recent marketing over the last month and I would say there are certainly new investors to the space, although I wouldn't qualify them or quantify them as guys that would be tech derived or tech associated investors. I think generally that basket of investors probably stays where they play and there's no shortage of opportunities in that sector. That being said, I think as gold has now stayed higher for longer and the financials are looking better, you do find this basket of new investors and I would say there was maybe a third of our meetings at a recent conference that I would qualify as relatively new investors to the space and trying to educate themselves on the opportunities, trying to understand how the gold space works, how to understand how exploration works And there's a journey through that path, but I think we've been actually reasonably successful at engaging new investors over the last couple of quarters, but they're coming from other spaces. And I think Minesh's comment about maybe engaging a more generalist market is relevant, although I think at this stage it's still a relatively small piece of the space.

28:13 One more macro question here and then we can move on to company specific. It's actually from an individual in the chat, Anatol is wondering and it's always a fun question. What is your gold price target end of this year? And maybe I'll start from bottom right and go up. So Manish, Do you have one in your mind? 5000, you know, I just throw it out at the board. But what I do know is that gold is double of what it was 3 years ago. And when we look at our PEA, you have over 50% margins from the all-in sustaining costs. So I know even $4,000 gold is a really good number for us from a Canadian developer's perspective for sure.

29:00 David, I think I recall you said $5,000 during this discussion at end of year wouldn't surprise you, right? You're talking about the income? Yeah, I believe you said that $5,000 at the end of year wouldn't surprise you. My mark is $5,000 by the end of the year. And the reason I say that is you're going to come out of the next 6 to 8 weeks. You know, we got the May doldrums, obviously. We've got other factors involved. They're keeping at about 4025 or whatever it is. And once you hit September, I think a lot of those factors are going to start disappearing quickly. Everybody comes back to work and says, okay, how do I reshuffle the deck? And I think they're going to move more toward gold. They're going to move toward juniors, where they can reap the benefit of the juniors. All of us here talking today came down all of us did and I think you're going to see that go up with the gold price, but I will say 5000 is a good mark for the end of the year. And then I think you better watch for it to start going vertical after that.

30:01 And Michael do you have an opinion? Have you put much thought into it for the end of the year Gold price? Oh, you know, I'd certainly love to see the Gold price stay over 4,000 and just, you know, play devil's advocate here. I'll go somewhere in the middle of, I'll say, US$4,500 for the end of the year. But I think more importantly than the USD$Gold price, one of the things I really look at as a Canadian junior explorer, and I was historically at one point operations controller at Kinross and oversaw the Porcupine joint venture in Timmins and the Canadian mines that Kinross had, and almost 100% of the costs were in Canadian dollars.

30:53 And so I look at it from the perspective of, as long as the exchange rate differential between the Canadian and US dollar remains where it is, and you've got about, you know, $6,000 plus Canadian dollar Gold, you're looking at the Canadian producers making a ton of money on Canadian assets. And if our long-term goal is to get bought out by one of these producers, as we continue to have exploration success, they're going to be looking at those margins in Canadian dollars. I'd be far more concerned if the Canadian dollar strengthened as it did in 2011, And it was US$1,800 Gold in US terms and US$1,800, in fact, a little bit less in Canadian dollars when the Canadian dollar was stronger than the US.

31:46 So I think in Canadian dollars, we've got an extremely healthy margin. And that's what I think is more attractive to investors of Canadian assets. Brian, anything about the price for the end of the year? Yeah, you know, I like David's comment about the seasonality piece. I think there's validity to a seasonal trade in gold and, you know, the latter half of the year is definitely a stronger half. And then there's the endurance of the geolitical piece that is a big driver right now and I just think some of that's got to settle down. The world cannot handle oil prices spiking to $100 US a barrel and for long.

32:33 So I do think there's a necessity to settle some of that down and the end result of that would be maybe a moderation of some of the interest rate forecasts which would be positive for gold. So I think all that said, I would be on the, you know, 4500 to 5000. I think to retrace the all time 5500 mark, you probably have to bring some more of that speculative piece back in. And that probably only comes back in, you know, with time, maybe into 2027, as the prices are pushing to all-time highs again. So I'll sit around with my peers in that sort of 4,500 to 5,000 range, but feel very good with the prospects of where we sit. I think that's enough macro discussion. I think we've covered everything there. I do want to get into a couple of company-specific questions for people that might not be familiar with your story.

33:30 Take this as an opportunity to toot your own horn. I'll start with you, David. Gallion had a massive 2025, raising $91.5M, bringing in Pan American Silver as a strategic partner, wiping out the Numlont Royalty, and now the box cut is underway at West Cash. With the project now fully funded and the bulk sample program approaching, what is the one milestone in the next 6 to 12 months that you think will be the most meaningful re-rating event for the stock? Obviously the biggest re-rating will be us going from the exploration development company to a initial developed producer. And that will come say 12 months from now when we're delivering ore to the Bell Creek mill. But right in between, There's a lot of different factors that come out. 1, we're still along the 18,000 meter program of drilling. We've had great success there and we put out, you know, some holes. We call it the Bam Hole, the big ass mine hole.

34:28 Our geologist renames it instead of 237 Bam. Anyway, there it was roughly about 12 and a half meters of 12.7 grams or roughly about 10 meters of about 16 gram gold. That alone starts moving your stock and it did And we've got many more holes to come out of that program over the next 234 months. So stay tuned. But we're only drilling the number 9 structure because we're now of the mine that can be a mine in itself, you can fit a couple million ounces into one or shoot and we've got 10 different or shoots to deal with. But the number 9 old number 9 will be very good for us over the next 12 months. But in saying that we've got to get down to it for the test mining for the bulk sample. That'll take roughly about 1250 meters of direct ramping.

35:16 And we're just getting that started over the next 2 weeks. You'll hear about that and who the contractor is that's going to get started. But the box cut, if you go on our website, it's almost done. We started 4 or 5 months ago and very spectacular. This is the first time in my career I haven't had a hillside or outcrops actually drift into or drive a ramp from, we had to create our own rock source, there was no outcrops on this property at all. Even though we're right next to the West Mine of Pan American Silverbell Creek area that they ship their ore over from the West Mine, and that's what we'll be doing. But they've got outcrop, we don't. But anyway, what you will see is the data coming out that says, hey, let's say 9 to 12 months from now, we've hit the ore zone, we can put our hands on it right there, here are the grades, we're drilling internally to that, and we're doing real well. I think the rewriting starts about halfway down when you start telling me, we're only 600 meters from the or we're only 400 meters from your then we hit the or zone will pepper it with short holes will say 50 to 60 meter holes actually define it. And then we start knocking down the big blast hole stopes that are about 20,000 tons a piece. And there'll be roughly about 789 gram gold, we'll say an average of 8 delivered to the mill. Once you do that, you've now got the scenario for a high grade template for your mine. And you can move on with feasibility and final permitting on that. So at that point in time, we'll be transitioning from the explorationist to the developer and the producer. So it's all in about

36:47 12 month period, watch out for that within the announcements. And so far everything's working out as planned. We've got some very, very good people. You can't do it without people. So I'd like to thank the whole staff and the people that are working with us because they're doing a spectacular job. Nice, exciting times. Thank you. Michael, New Break just expanded the Moray land package to over 28,000 hectares. Your 2026 drilling has extended the Zavit Zone into Cyanite for the first time and you've recently received a $200,000 OJEP government grant for the discovery drilling that started it all. For investors who are just now hearing about new breaks, how do you frame what stage of discovery curve you're at And what does the next round of drilling need to show to really accelerate the story?

37:36 I would say that we're still fairly early in the story. And as I said, that is borne out by the fact that we're one of the companies here that still doesn't have an investment from a major now. Having said that, I think the work we're doing will certainly get us to that point. But The land package started off 1,900 hectares. We acquired that in 2020. We've grown it over time. We took our time to do the exploration work, I would say, properly in the sense of really developing our targets such that when we ran our maiden drilling program last year, 1500m program, we hit on 2 holes and we made a discovery.

38:30 Nobody had done that in over 60-years of drilling the property. We were able to do it on the first 2 of 6 holes. I think that spoke to the development of our targets. We did it with a fairly low share count at the time of 57M shares outstanding. So I think where some of these companies end up with the hundreds of millions of shares outstanding is it takes them a very long time and a lot of drilling to make that discovery. We were fortunate to do it very early with a low share count, got the benefit of an increase in our share price, which means as you finance your future drilling going forward, you incur less dilution than raising that money at lower share prices before you make your discovery.

39:20 One of the things I think we really benefit from is we've got a Young Davidson that sits about 30km south of us. And what I mean by that is when Young Davidson was discovered, they didn't have an analogue to look at, so they had to figure it out. Morey, the discovery we made was in the Mafic volcanics, but next to a large cyanide intrusive. What really attracted the market to the Young Davidson model was the fact that the majority of their reserve, mineral reserve estimate is contained within the cyanide intrusive and that is the Gold is widely disseminated. The average grade of their reserve is only a little above 2g.

40:09 In the first quarter, they mined at 1.7g per tonne, but made just under US$100M of free cash flow off about 31,000oz of production. It doesn't take a lot in terms of grade when you've got a competent post rock like a cyanide intrusive. We know that our big value proposition here is to see if the Gold mineralisation that we've seen in the Mafic Volcanics extends into the Cyanide. In our last round of drilling in the first part of this year, we did encounter 2 significant intervals of Gold mineralization within the cyanide. The one thing that the retail investor has to realize is that the grade of this mineralization is going to be lower than what you're seeing in the Mafic volcanics where we had about 3.5g over 39m.

41:08 But it's that widely disseminated Gold mineralisation within a cyanide intrusive that gives you the possibility of having a multi-million ounce deposit. When you look at geographically the area in which we operate, you've got Alamos 30km away with an 8,000t a day mill. You've got Agnico Eagle with their Makassar mine to the east, Discovery Silver with Porcupine complex to the north and Timmins, McEwen with the Fox complex. We've got a whole host of potential acquirers that are very interested in what we're doing and the potential to prove the Moray project up to another multi-million ounce deposit.

41:55 We resumed drilling today and this round of drilling in addition to filling in the area above the known mineralised zone, is going to begin to test whether or not Gold mineralisation has disseminated into the cyanite. If we have success there, then I think it's game on. It's going to be a game changer for Newbrake and for the Moray project. And it really points towards the potential for something much, much bigger. Great. Thank you. Manish, RPX Gold just published a PEA show in an after-tax NPV of CAD$523M and an IRR of nearly 100% at a base case gold of US$3,500 an ounce, and then followed it up with CAD$12.3M financing.

42:48 Given the Wawa Gold Project's Phase 1 open pit approach and the toll mill and infrastructure already nearby, what is the biggest misconception investors have about RPX right now? And how do you think the market is undervaluing the project at current Gold prices? A couple of things. First of all, what people don't understand is that PEA is not the end all of the entirety of the deposit. We embarked on this journey of getting into the PEA to get to these small open pits and then to the underground was more to show the economic potential and to sustain our own exploration activities because in 2024 and early 2025, when we were doing the 600m wide apart drill intersects and they came up with good grades, over 10g, the market didn't give us any credit for it. That's when we decided as a company to move towards maybe a full phase approach to production, to 12-milling, just to take advantage of the high Gold prices at that time at around US$2,000.

43:58 So all of these things were done to explore, give access to the wide expectations. Behind me, you can see the underground has a lot more value to add in terms of the ounces. So this is a good way for us to get to a phased production, to generate cash flow, to explore the wider property without extended share dilution. So that's kind of the big misconception is around the 1.7M could be widened much further And that's what our internal belief is. The 3 main catalysts that would be important for us to get to production for the next 12 months would be to get an MOU with a mill.

44:47 The other one would be an IPA and to have our PFS done hopefully before the end of Q1 next year. So keeping that in mind, that 523 million is just kind of what I call a small portion of the deposit. It's, and It's just for us so that we can explore it in a self-funded way. Thank you for that. And lastly, Brian, GFG just reported first pass results from Nahanni with high-grade intercepts up to 11.2gpt Gold across 3 target areas along a 6km segment of the Pipestone Deformation Zone. Following up drilling in Nahanni is planned for the second half of 2026. For investors trying to understand how big this could get, how do you frame the Nahanni discovery relative to what ALGA already represents?

45:38 And what would a successful follow-up drill program need to show to convince the market that Gold Arm is truly a district-scale system? No, thanks for that, Kyle. Yeah, look, first half of 2026 has been really exciting for GFT and part of the rationale to put the entire Gold Arm property together was to go out there and apply some new techniques to find new gold systems under cover. I think what people don't realize is that much of the area that we work in is untested. And when I say untested, 6.5km of perspective shear zone and there was 2 drill holes in it. And This is in an area extremely proximal to mills. It's an area where gold systems are known to be working quite well. It's an area where neighbours have made prominent discoveries.

46:25 Nahanni is a great example where we stepped into an area, we built a structural model, We did the base geochemical work to target there and when we went out in the first test and found 5, 10, 10 plus grams. So in terms of follow-up, what we'd love to see is a, now we've demonstrated the system has grade, it's got the right alteration. What we need to show is some thicknesses and gram meter products that are economic. To show 10 plus grams is a great start on a greenfield target. We have seen quite broad, thick, altered packages and the right types of rocks that we would like to see. So when we go back out to test in Lake Lenani, East would be the area where we go into later this year, because it's the driest of the 3 target areas that we drilled.

47:11 You know, we'd love to see, yeah, look, structural continuity. We see the right alteration, we see more of the right rocks and we see some thicknesses to it as well. As a first pass test, collaring into 11-gram material, which is what we did underneath 40m of till on a greenfield target was great and we're really excited to get back out here. In terms of demonstrating Gold Arms Path as a district play, and when I say district play I would say multiple deposits, you know, one of the things that also excites us is we're working 2, 5, 6, 8 kilometers north of the Pipestone, which is the main structural corridor we've tested. And we're still seeing very strong and compelling targets with good till anomalism, good historic results in the area, the right characteristic systems, and again under till, where I think historical exploration would have been very limited.

48:11 So I think stay tuned for GFG for the rest of the year. Our goal is to do a follow up on the Hani and prove it has some some scale and some breadth. And it's also to drive the next phase of discovery. GFG is driven to prove the merits of Goldarm, not just at Algo and Monclera, which are the 2 advanced systems, but also from Nahanni and the next phase of targets that we plan to test this year. So that's what I'm optimistic for in the latter half of 2026 is further follow-up results from ALDO, which is at the lab now, follow up Nahanni, which is in the queue, and first pass testing of other greenfield targets that are equally as priority as is and as compelling as things like the honey. Great. Gentlemen, thank you so much for sharing your thoughts on the gold price where we're going as well as a little bit about your company.

49:02 For people that came in a little late, this is being recorded. The replay will be available shortly after we conclude. And also when I close the tab, you will get a request meet-in button where you can select which companies you'd like to meet with. So if you are interested in learning more about any of the companies, just tap and check off which companies you want to meet and we will pass along that information to the respective teams. But thank you everyone. Thank you Kyle. Thanks and everything today and the investors. I know.