Galleon Gold Market Update

0:00 I'm very lucky today to have with me David Russell, President and CEO of Gallium Gold, to talk about the company for a little bit. So David, thanks for joining. How are you today? I'm doing great, Romain. Well, that's great to have you again, and hopefully we can fill the audience with a lot of gold today. Good, good. That's the dream, because there's a lot of things I want to talk about. And if you don't mind, I'm going to get pretty much straight into the protein. I'm just going to do housekeeping for 2 seconds. Folks, I got some questions for David, but this is an interactive event. I already got some questions over email. Please use the chat button at the bottom of the screen to ask questions at any point during today's event. I really appreciate hearing from you. You can also press that meeting request button at the bottom of the screen to request a meeting with the Gallium team. If you press that, I'll be sure to pass on your information. And the last thing I'll say before we get into the good stuff, this is being recorded, will be available for replay before end of day Eastern time.

0:51 It will come in the exact same link, but you can also find it on Six's YouTube channel. But David, let's start macro, if you don't mind. Sure. The elephant in every room in this industry to me. Gold has spent 2026

1:03 bouncing around between US$4,000 and US$5,000. Some days I don't understand why it goes up or down $100, but it does. Central banks keep buying. The big banks are publishing targets north of US$6,000 now, which I got to say only a couple of years ago would be basically unthinkable. But you've been building and running mines through several full cycles, not to not to say anything about your age, more your experience. But I'd love to know what feels genuinely different about this gold market compared to what you operated through before? Well, thank you for the age discrepancy here on what we're talking about. But, you know, let's just talk about 30 years in this gold metal cycle. Yep, we've been up and down and that sort of thing. And, you know, I'll just quote 1, March, 2001, we hit 260 an ounce, 259 or whatever it was. It was way down there. And then it's gradually come up and down and that sort of thing. But during that time, I was buying gold mines. Everybody was selling gold mines, shutting gold mines down. And, I bought a Florida Canyon, Montana Tunnels in the US, rebuilt those mines. Then I bought this little property called Glimmer up in the Timmins Camp in Timmins that's on the east side, about 70 clicks from Timmins itself.

2:13 And that went into production by 2007 or 8. So it was an opportunity

2:18 why it was sitting in the bottom for me to buy gold mines very cheaply and bring them into production. So I thought it was a very positive note. But on this cycle, we're looking at it and saying, OK, we headed to $5,000, and the consensus says we're going to be at $6,000. Yeah, OK, I'll go along with that. But the gyration between now, because of the world factors, I look at the interest rates, US dollar, central bank selling inflation, geopolitical, and while a war going on. So this morning went down 45 or $50. That's gonna happen. So you're gonna go through this seismograph activity and it's gonna happen that way. And I firmly believe that, yeah, it's gonna push by mid 2027

3:01 to 6,000. Then everybody's gonna get euphoric. I think it's going to 7,000 and then it's going to backtrack back to 6. That's what always it goes up and then it comes back down, but you've got to be able to weather the storm going up and down. I'd recommend high-grade gold mines. Do not deal with a really low-grade low-grade because you may got caught short with something that costs a lot on a per ounce basis. And you can't, you know, that's why mine shut down and they get sold. But the main factors when you're looking at them, whether they're interest rates, US dollars, inflation, whatever it is, Pay attention to those factors when you start doing your investing on where the Gold price is going. But I am a believer it's going to the $6,000 mark by mid-2027. Yeah. Hey, first of all, thank you for actually giving a price target. Most people are far too afraid to.

3:49 These do get clipped on Twitter, so I appreciate it. But I want to stay on macro for a second, because when Gold runs like it has, let's say since the end of last year, when it pulled up to $5,000, producers start really printing money. And Timmins is a camp full of producers. From where you sit, what does a gold price like where it is now actually change for a company that's sitting on tons of ounces in the middle of the camp but isn't selling any yet? Well, you know, the perspective on what the value of something is obviously goes up but capital costs are going to go up and that sort of thing. But yep, if you're in a camp and you've got some main producers, you know, we'll just say Discovery Metals, you know, that's Tony McCooch's group, great group. My hat's off to him. You got Pan American Silver, those guys. And what does that do for them? Well, when you got a group like us, we've got ounces of gold, we're building more ounces of gold, we're actually starting to build the underground decline ramp to the number 9 ore zone.

4:49 Sure, they're looking at us and they're going to be looking at us, but it's not just them. There'll be other companies looking to say, hey, don't leave us behind. Don't leave us out of that sort of thing. But, you know, being I guess closest to Pan American Silver, the West Mine, and then the Bell Creek, they're gonna actually do our milling. So, are they a shoe in? Are we for sale? No, we're not for sale.

5:12 But if somebody comes to make an offer for us, we'll say, we'll take it under advisement. What I'd like to do is flush this out first. Let's get enough drilling, enough work underground to say, do we have another mega mine and how quickly can I get the new MRE out? Now, that's so, you know, it's like a track meet, put your track shoes on, see how fast you can build your company. And I'm not trying to entice the other companies, but I'm trying to build a gold company. So if I'm building a gold company and then somebody comes along, I know what fiduciary responsibility is. And that says, take it to your board,

5:46 pick the phone up, call Pan American Silver, call Eric Sprott, call Michael Gentile and say, hey guys, what do you think of something like this? And they say yes or no, or maybe or whatever. So the real drivers are our major shareholders And they'll have a say in this. So, you know, if somebody else needs ounces of gold, I've been through this in Nevada back in the late 98, 99, and a little company called Plaster Dome came to our door knocking where we had the gut show and said, hey, we need ounces of gold. Well, the big guys, Barrick, Newmont, Placer, all were underwater on their hedge books. We had at least 12 million unhedged ounces. They needed those ounces. So the same thing's happening here. We don't have any hedged ounces. We have no NSRs on our property. So we're a very clean, brand new company building ounces of gold, and we're pretty proud of it. And we're going to keep doing that until we can't anymore.

6:40 Hey, sounds like a plan. And yeah, all the big guys, they are running out of ounces. So they do got to come from somewhere. That is kind of how this game works. One thing I wanted to point out from the chat, kind of 2 things. One person said directly, Pierre Lassonde forecast $15,000 an ounce for Gold. So some people are going very aggressive with their estimates for the nearer future. But Claude from the chat, when you said avoid low grade, he wants to know what you personally consider low grade. Low grade means if you want to bring an underground mine online under 1 gram, that would be low grade to me. Now, if you're at 1 gram or 0.8 of a gram, 0.6 in an open pit and you have volume, that's okay. That's great. If you're dealing with a 0.25, 0.3 gram gold grade in a pit, well, you better have a very high volume to make up for that. So that's kind of how I differentiate it here. No, I appreciate it. I agree with those numbers.

7:35 I got my hats off to him. He is a stellar financial guy. He's really wrong. I mean, he's looks at the big picture. And you know, is it gonna be 15,000? Well, good on him if he's correct. You know, I watched different people predict gold prices way back when. And if I would have listened, man, I'd have the same crystal ball. But you're right. But I'm willing to step out to the 6000 mark, say it'll run to 7, then backtrack to 6, but 15, let's see what the world economics, what I say is in world economics, if you've got $15,000 gold, what is our cost? What is the problem in the world? I mean, there's going to be a serious problem if you got, you have Gold at that price. That's $15,000. There's some issues. Something's gone very seriously wrong globally. I'm inclined to agree.

8:24 But I do want to bring it down to the site level for a couple of questions. Because 2026 has really been the year, in my opinion, West Cash stopped being a permitting story and became a construction story, which is, that's an exciting time. So for someone who last checked in around Christmas, let's say, give us a snapshot. What's physically different at the project today compared to January of this year? Well Santa Claus didn't bring me my gold bar on Christmas Day, but that's okay. You know, what we did during October, November, December is we've got the plan together, we got the financing together, that sort of thing. But we also thought ahead is, okay, what do you need to run your pumps and everything you have? Well, it's power. So the first thing we did during December is we have Hydro 1 or the power group actually start helicoptering in the poles. And it was frozen.

9:14 That was a great time of year to do that. So we actually, during December, January, February, we brought in the 27.6 volt power line. And this is for not just our current project, but future projects. So we'll have enough power to do all the projects, whether it's open pit, milling, underground, or several underground mines, that sort of thing. We also ended the year banking-wise, where we had roughly about an extra 35 million on top of, I think we had 7 or 8 million in the bank at the time. And then we did a $45 million debt credit line with Pan American Silver. And one of the things I had to do is I had to pull some of that credit line within about a 3 month period to kick it into gear. So I pulled $11 million

9:58 and I bought the NSR 3% from Newmont Mining Company. Now, when we started, gold price was way down there. It was $1,100, $1,200. And they went through management changes. So it took us 4 years to actually get them to say yes. So I offered them $6 million. They said, Dave, it's not enough money. And I said, OK, how about 11? And they said, OK, we're there. We

10:22 bought it for 11. But you look at today's gold price, you know, holy cow, at 4000 dollars plus, we're dealing with something up in the ozone layer. If you look at an NSR, that would have been worth $350 million. So we got a hell of a buy. So, you know, essentially, if you look at what our market cap is, and you say, well, gee whiz, you bought that, shouldn't our market cap double just because you took the NSR back? Well, it should. So, those investors are listening, hey, help me get that price up. So, then we started, the other thing is in January, or actually December, we contracted Caron, they're the construction group out of Timmons itself. They're a very large group, and we contracted them to actually take off the organics, then the sand and gravels that the glaciers dump behind. That's where our system was where it was. It was buried in 8 to 20 meters of sand and gravel. And it's been there since 500 million years ago. And the reason it was not put into production or anything was looked at there. Zealotimers couldn't bang on any rocks. There was no gold there. There was no outcrops.

11:32 Well, Karen had to come in and actually do what's called the stripping and the box cut to get us to the hard rock. And that way we could develop our own face. Now just keep in mind a lot of companies have mountains, they have faces, they can actually drive a tunnel in or a ramp in right from square 1. They don't have to do this. The cost of this, just the excavation would be, well, let's say about 25 million for that excavation with Caron to get that done. So we all started that very early on. So for those that have been following, you know, we did not only the power line, we did the excavation, we got ready, we're down in the box cut now. And we're also doing water ponds. Now we've got modular treatment plants in right now to treat all the water coming out of the box cut and which will be treated out of the tunnel, but you'll have to be able to shut all those off and go to these mega ponds which are decanting the water and sedimentation and everything else, then we discharge into the Montogamy River.

12:30 Now our position is that in we'll say 2 weeks or 1 week, we'll be driving full speed that ramp going underground. This is where Dumas comes in and they're actually working on all the finalization of the bolting, scoring the face up and all that sort of thing. If you go online, you'll be able to see some of the face samples that we've had. The other biggest thing that we did is we started another drill program and that drill program, we bought run rig on MPLH out

12:57 of Timmons. They're great drillers. They're right there in town. They supplied the drill rig, the crews, and they're very good drill crews. And we contracted them with 18,000 meters. I believe we're at about 12 or 13,000 of that program. And we've been very successful. Tied in with what I call the top of the number 9 to the middle and then heading to what's called West Deep. And I think what we're seeing is that we have the number 9 structure and we have another structure starting up parallel to us. And that's probably the West Deep. But I'll leave that firepower for the geologists on the next round, that sort of thing. But we've got nothing but stellar assays coming out of that project. So, you know, just as a wrap up for those that weren't following us, it was power, it was money, it was financing.

13:45 It was doing the box cut, getting the stripping all done, the water ponds, and then getting ready for Dumas, the contractor, to really get rock and roll on this project. Exciting.

13:57 I want to move to 1 thing, because I think retail investors get wrong a lot. And I used to make this mistake myself. I think when people hear bulk sample, they picture kind of a bag of rocks, but 86,500 tons is a small mine. So to me, once this thing is up and running, if you wouldn't mind indulging us in some crystal ball gazing. What are you actually operating day to day? Give us a sense of the crews, the equipment, the rhythm of the operation. You know, all I can say, it gets really exciting once you start drilling and blasting, you hear the fire in the hole. Boom. Okay, what it looks like is there'll be about 6 to, I'll say 6 meters, they'll probably beat that, they'll probably be 6.7, 6.9 meters average a day, as they go down, roughly 2 blasts a day. And there'll be 2 full crews, They'll have to have 3 crews rotating for days off and things like that. So you'll have a couple of jumbo operators on each crew, 2 loader operators, 2 general miners, I call them.

14:57 And then you'll have support, another 6 man support crew that does all power, water, fans, ventilation, that sort of thing. Then you'll have a walking boss on each shift. And then you'll have your actual maintenance crew. So the actual crew count that you'd see on a site total will be 45 to 50 men, maybe 55 at full speed when you get down there a ways.

15:23 So it'll be an actual, you know, 5 to 7 day rotation depending on the crews. But the galleon side, we will have roughly about 7 and then up to 10 or 11 people on site. And this will be, you know, the CEO manager, Ryan Lohede. Then we'll have a couple of geologists, engineers. Now, these geologists will be face geologists. They'll be mind geologists. They'll be a little bit different than the ones that handle the core and the modeling and the bullfrog, leapfrog,

15:51 into things and that sort of thing. But, you know, everybody gets into their cycle every day. And what the rhythm starts with is drill blast, mock waste disposal, water pumping, and then ground support, and then start the cycle. So every 12 hours you see that cycle, then you'll get the next cycle for it. Now what they've got to do on this contract is 1,250 meters from the surface box cut on down to what's called the 210 meter level. We'll stop at the 150, the 180, the 210. Now, don't be surprised if I jump in a little later and say, hey, we're coming off on the 120 meter first. We are gonna be putting some more holes into that area. We didn't have enough holes to model it. So we will get that d hits that area.

16:37 But the one just say at 78 months tim it to the bottom. But in another 1250 m everybody the ramp, you have muck based diamond drill stations, power stations, you'll have a lot of cutouts and different things. And those will be called multiple headings. Contractors love that, because they get paid by the meter, but if they have double headings and they can double the actual productivity, they're gonna make a bit more money a little quicker. So altogether, we've got 2,500 meters to do. And I guess at the end of the day,

17:17 safety, what I can say, is one of the biggest things on our site. Of course. We want to make sure that we're completely safe and some of the big key people both the Dumas and our side will be safety people to make sure that all this ramp, all the work done, everything is not in vain that you have accidents and things like that. But the other ones is First Nations, they're directly partnering with the Dumas Group and they're right with us too, both on the drilling side of it and the mining side of it here.

17:48 So anyway, every day, you know, it's exciting. It's new. And we'll be talking to the market every week or 2 about a press release that says, Hey, we're 300 meters down. We're 700 meters. And then we'll get down to, we're 100m away from putting our hands on the ore. We're almost there.

18:08 An exciting day. I'm certainly eager to have that news pop out. One thing is, eventually the material meets a mill. And that's kind of the moment of truth for a resource model. So when the first tons get processed and you reconcile what the mill says against what the block model predicted, what are you personally watching for and what would a great result look like?

18:29 Okay. The great result says that we mined 8 gram rock and the Bell Creek mill says, my God, you shipped us 9 gram rock. That's the better of the other part of the world. But yeah, that the whole reason to go down and do a bulk sample is for modeling comparatives, just like you said. And where do we sit with what was drilled? Now, let me give you a couple of scenarios. A lot of people think you can drill an ore body off from the surface, model it, take it into production. That is sometimes okay and sometimes not okay. Because gold does not, and especially in gold. Now, if it's base metal, that may be a little bit different. Sure. Sure. Gold runs all over the map. You know what I tell everybody, take a napkin, take a pepper shaker and shake uniform pepper, black pepper on that, and then take that napkin and wad it all up and open it back up. That gold is not in alignment where you put it. It's someplace else.

19:26 That's what mother nature did. So you really wanna know what the gold grades are for what you mine. Now, to start with, when we go to the 150 meter level, 180, and 210, there will be short diamond drill cutouts. We put a diamond drill on each level, you know, the underground rigs, and they will drill across the ore body. So we'll have a great cross sectional view. That will probably be a little bit better than what was drilled from the surface. We'll take that model it compare it to the surface drilling. And then as say the top cuts and the bottom cuts are put in will be blast open stoping. Then you'll have the blast holes down of the structure. Now when they're drilled, you're actually going to do a centrifuge blast hole cutting sample. That will be a very good sample of homogenous sampling within the ore body there. So you take the sampling from the top cut to bottom cut, the blast hole, put that together and say, okay, how did that compare with the drilling you did across the ore body and with the original drilling from the surface? So that's your third set. Then the fourth set is the mill itself.

20:32 You know, that really is the telltale of how did it come out. So that's what we're doing. Now, there's another thing we're gonna do because they're gonna have to be some co-mingling of ores in that mill of Bell Creek. Not all of it can be just, you know, our ore going through from start to finish. I'd like all to be like that, but it's not. You have to have sampled it and, you know, through your own crushing circuit tower sampling. So we're actually building a tower sampling setup. Now, at the Bell Creek or the actual mill itself, they do have a similar setup, but to actually use the data within a, let's say a PEA or a pre-feasibility or final feasibility, you have to have control of your sample. So you have to do it on site. So when it comes out of underground, we'll actually crush it out to about 3H minus material. It'll actually go through the tower sample.

21:23 We'll have a sample. The Pan American Bell Creek guys will come over and sample. And then we'll have third party sampling. So we'll have a very good sample right there. So that sample then will actually be try to be correlated with all the drilling, you know, again, the surface drilling, the cross drilling across it underground, and then the blast hole sampling. So now you're at a 4 set of samples, and then the fifth will be the actual mill itself. So if you're actually just drilling and you say, we're going to build a mine and you're going to actually try to correlate, sometimes in gold, it just doesn't correlate very well. And it can go plus or minus. It could be you end up with a lot more gold than what you thought you had. That's always on the good side of that. So it's data reconciliation with block models. That's what gets you into final definitive feasibility and a real mind that you can actually depend on when you go into production.

22:17 And that's where the fallacy comes in with not enough data to build a bankable feasibility. So we're trying to take the error out of it or the risk out of it for the investor.

22:26 So we're doing all of the above. I love it. Claude, I'll get to your question in just a second, because I think it leads after my next one quite well. But I know your July drilling news extended the Zone 9 corridor to more than 500m of vertical extent. And historically, as I understand it, this zone has barely been tested below 350m. And this is a camp where all the great minds went down a kilometer or more. How deep do you think this system goes and how does the underground platform change your ability to chase it? It goes in the middle of the earth as far as I'm concerned.

23:02 Right to the core. Yeah, I'm gonna get a little bit hot down there. But you know, if let's just take the Hollinger mine, the Hollinger mine as a structure, like our number 9, that's what they started the mine on. It had a certain strike distance, 250 to 300 meter strike. And then it had widths of about 240 meters. We've got that in various places from 20 to 40 meters on ours. So when you look at it, you say, okay, are we comparable? They went well over a kilometer deep there. Okay. Right now, what we've got is we have, we had the top drill of number 9 and we have what's called the West deep. It was always a theory that would they connect or are they parallel and echelon structures? And we're getting down there to say, we think they are somewhat the same, but they're national and structures. So we may be able to have a best all world. We may have 2 structures by side by side when we get deeper here, and I think we're seeing that in a drill hole that we're drilling this week here.

24:01 What happens here is you let's do just the math. Okay. Let's say we're only 10 meters wide. Most of our drawings, 10 meters, 20, 30, 40, depending on where it is within the strike. And then you got, let's say 250 meters of strike and you got 1000 meters in depth and then use a 6 gram gold grade. You're going to get about 101, 1.8 to 2 million ounces of gold you can hide in 1 or shoot. I think that's what we're dealing with here is a mindmaker. That is the mindmaker. You know, there you can have, you know, 1 through 8, which is of course, feldspar porphyry, the sediment units are great. But what we see right now is that, you know, the whole variable nature of modeling and putting mine in production is changing with the number 9. And that's good news.

24:50 You know, would we hit another one? Well, we know the South Zone is sitting right next to us, but we'll have to wait and see on that one. We got enough holes to say it looks the same, it acts the same. But what happens is we've got the number 9, where we're drilling down through it. We have to drill through there. We have to go onto the south zone. So we're talking holes that are 1,000 to 1,200 meters in length, and that's getting a little much. What I'd rather do is as we bring the ramp down, let's take it on as we get underground. Okay, that's great. And Claude, the question that they had in the chat that I thought fit right here, if you got it, what's the cost per meter all in or an estimate of close enough? On a per meter drilled is right about 200. The direct, you know, somebody always says, well, the contractor charging us 120,130 a meter.

25:40 What they forget is you've got geologists, you got assaying prep. So let's just say it's about 200. It could be 210 with the deeper holes. That's about what it is. Yeah. Okay. Great. Thank you. One thing I want to ask you about the 2026 program is also been expanding the South zone footprint. And your resource area only covers, as I understand it, about 10% of the property that's 11,000

26:02 hectares. So beyond feeding the mine plan, which is awesome, what's the exploration thesis for the rest of that ground? Because there's so much of it. Well, you know, I hate to say this. If I was a Barrick Newman, I'd have 5 rigs on this property.

26:17 I've got to deal within my budget. And what I am looking at is an expanded program and probably bring in another rig onto the property. 1 for what I call a wildcat drilling. It's areas that have geophysics, have soils. It says we ought to drill it. Then drill infield drilling. N count surface rigs. The u will be a secondary to dr and as we bring the ramp it turns to the on the South side. We did that purposely so we could put a muck bay, which would become a diamond drill station. And we'll have 80 to 100 meter holes is all right into the South zone. And that's what we plan on doing is coming across the South Zone that way. But we're fairly certain that we're gonna have another parallel system. Now there's a 1 structure, 2 structures.

27:07 So do we have the number 10 or 11 right there? We probably do. And we'll just have to stay tuned as we bring the ramp down and put a drill into each one of those bays. But our focus right now is the number 9, getting the ramp in, continue drilling, but the South Zone, we're not gonna forget about that because that one has decent grade. Some of the areas are up to 34 meters width on the upper areas that we drilled in the last, last drill campaign. And then we verified that early on with this drill campaign. Good grades, good mineable, you know, widths and that sort of thing on the whole thing. So if we can reach out to the South and add that in. Now, one thing I will bring back is in our PEA, that was February of 2022, 1.56 million in the MREs.

27:57 Okay. We only use 940,000 ounces in that PEA. And that ended up, you know, being 387 million

28:09 pre-tax on that end of it. That's $1,700 gold. Okay. Well now It's totally different, but I fully expect with the number 9, the South Zone, infill drilling, what are we going to be pushing? I'd be really disappointed if we're not at 3M or better. Yeah, there you go. That's funny. I talked to so many people whose PAs came out in 2018, 2020, and you couldn't even have your chart maxed out at $4,400. People would make fun of you. This chart maxed out at $4,400. Now it's right in the middle. It's funny. So one thing, and we've already talked about this a little, but I really want to impress it on the audience. You went into this build with the financing already done to some degree, the equity raises, Pan-American facility, the whole package arranged before the shovels moved. In

28:57 hindsight, what did locking that money down early let you do that companies who are financing hand to mouth, like most mining companies I know are, what they can't do. You know, having the whole package in place, it does one big thing for Lisa Bucca and myself, the COO, we can sleep at night.

29:20 You get your 6 hours. That's not bad. On MPLH or DUMAS or Caron, they hand us a bill and we can pay that bill. And basically what it says is that we're good stewards of money, that you put it together, you only bid what contracts that you actually can cover. And I think that's an important lesson. A lot of times, yeah, a lot of, you know, they'll say, well, geez whiz, we can produce gold, we'll have cash coming in, we can pay the bills. Don't believe that's going to happen because you better be ready with the money. When the cash does come in, that's always great. You know, that'll add to the bank account, but be careful. So my philosophy always is don't issue a contract unless you have money to back to pay that contract.

30:06 So my whole team is of the same mind and that sort of thing. So that's why I say it helps us sleep at night, but we can be good stewards of the investor's money and we can keep our company solid. Yep, that's great. That's your number 1 job. Appreciate that. I know in January, Gallien graduated to the OTCQX. So American investors, I know there's some in the room now, can buy the stock easily under GGOXF. But between that Pan American on the register and Eric Sprott's long involvement, has the character of your shareholder base changed this year and who are you trying to reach at this point? You know, one of them we did reach was Michael Gentile. He's out of Quebec, but he's a very big investor all around the world in different things. And he was on conferences of his lead companies. He always invites us along. We don't always come, but we come to some of them. But, you know, really what our goal was going on the OTC QX was to allow the US shareholders specifically to be able to more easily buy on the market. They can always get a cross-listing, Canada Corp will help you or anybody else

31:15 where you can buy and you buy on the Canadian market. But we thought, you know, it's gonna be much easier. Now, do we wanna become a US issuer? Absolutely not. You know, I think for me, I love Canada. I wanna stay there. So you keep your shareholder base lower than 49.9% US, you know, and probably a lot less. You know, am I looking for other investors within the markets?

31:39 You know, we've got, like I said, Eric Sprott, Pan American Silver, Michael Gentile, We've got 4 family funds out of Toronto that are very good. They don't like us to use their names. And then we have a lot of 1, 2, 3, 4% owners that are spread somewhat from the US, but mainly in Canada and some up in the Timmins area and then our management group at 4. So we have over probably 50% that we can account for in Canada very easily. Now, would I look at a larger fund like out of New York or more of the larger funds out of Toronto? Absolutely. I could use another cornerstone. So the answer is yes. Okay. No, appreciate it. I want to talk about the sector a bit, but then we'll kind of zoom into Gallium on it. Because Gold equity is famous, and we're seeing it right now, for lagging the metal price and then catching up kind of all at once. That's typically, if you look at the charts, that's how it goes.

32:33 Developers usually tend to move last. That's why I always say look at developers to investors whenever they ask for advice. Where do you think we are in that cycle right now? And what typically triggers the catch up for a story like Gallium?

32:45 You know what I've seen happen is the big guys don't get beat up as bad as the gold runs up and then it runs down. They don't retrace as fast. You know, I hate to say this, but the small junior junior investor, he panics a little too quick. That's the panic mode. And they say, oh my God, we're over the runs over, you know, you know, run away, sell your stock. Well, they do. And that's going to happen. And I always say it's volume first price second. So the little guy needs to hold on because you will get a retracement back up. But some of your retracement has to do with how you keep the market informed. If you keep the market informed, what you're doing, how you're doing it, what do you think your MREs are gonna be? Turn out a new MRE that's actually showing a growth strategy within your company.

33:32 You're going from hopefully the junior and trying to get toward the mid-tier basis. If you can do that, you're gonna get drug up a little quicker. So there is a reconciliation day coming where your equities are gonna catch up on the juniors. But like today's an example, you know, a lot of juniors are getting smacked because gold came up 45 or 50 bucks. Well, it comes down faster than it went up. Yep. And then you just have to find your time and then it is going to come back up. So, you know, I'm a believer that as long as gold's moving in the right direction on the bigger, not the macro, but the bigger scale going up, that we're going to catch up. But like you say, some of the catch up has to do with the company itself. How are you managing the weird on the street? How are you

34:18 telling everybody or conveying to them? What are you doing? How are you doing it? What's the future for them? They want to know what's the future. They always want to know is, who's going to buy you out? Are you a takeover target? I tell them the same thing. I'm not for sale. I'm not a takeover target. I'd build it and they will come. Yeah, there you go. That's a great answer.

34:39 And speaking of, you know, what the where on the street is looking into the future. This is my last question. Then I'll get to the stuff in the chat and the ones came in on email. But I'd love if you could take us 12 months forward. It's we'll call it Labor Day 2027. You and I are doing this exact same webinar again. What does Westcash look like? And what are you and Gallion shareholders are going to know that you don't know today? Okay, let me get my crystal ball out here. Okay, what what we're going to know is, you know, let's talk theoretically. Dumas does exactly what they're supposed to do. And 12 months from now, they are already almost down to the 150, the 180 level. They maybe still have the 210 to go.

35:24 We will have a drill drilling across the zones. We will have taken the top cuts on the 150 level and would be getting ready to drop the first big blast hole stone. So by then we will have shipped some ore over to Bell Creek. Now they'll pile that up. I don't know when they're gonna run it or if they're gonna actually start with co-mingling and then we'll go to a separate run later. A separate run would be 20,000 tons or more out o

35:51 like I would like to have at 21,625 tons or somethi wishful thinking sometimes shipped or over the door to that. We should have an additional, let's give it 20 to 30,000 meters of drilling completed by then. Like I said, we're going to expand the program. The first one was 18,000. We'll be done with that in the next month and a half. And then we're going to have to spec and go to the market and say, hey, we've got another program. We were so successful in this last one. We need to keep drilling.

36:22 And within the 12 month period, we should be at least 70 to 80% done with MRE, if not done. And we'll start feeding that into the feasibility study for that. And then the other, you know, we'll say the wild cat one is look for how we make a decision. Are we going to expand the current permit with the ministry to add to the 86,500, maybe go to 250,000 tons to set up other stoves, or we go into final permitting. One thing I might mention, the final permits for our project won't be any different on the surface except an expanded waste dump. And we put all the water monitoring wells, everything in on that to actually make that happen. So we could theoretically go to final permits and yes, you're gonna expand underground, but a permit really is the disturbance on the surface, how you reclaim that, how you bond that.

37:14 And that's what we're facing. And so don't be surprised if right now you're saying, how's the final permits coming? Well, we might be, we might be at that stage, but I'm not going to tell the market yet. We've got a lot of homework to do between us, the ministries, the consultants, everything to get on board with how do we do this? How do we step through the process and get this done? And we're very successful on our first permits doing this exact same thing on the bulk sample where like you said, a lot of sampling, bulk samples are 5,000, 10,000 tons. Here's our 85,000, 6, you know, tons. We just said, Hey, why don't we go big or go home? So we did. Ministry said, just fine. That's great. Well, I appreciate you crystal ball gazing with me. I always really, really appreciate that very much. 2 questions from the chat that I think we've already touched on, but I'll let you reiterate. One person, Trevor, wanted to know, where are you on permitting right now?

38:12 On permitting right now, we've got all the permits for the projects, you know, as stated and what we are. What we'd like to do is come up with a scenario on permits. So this is more of a scenario that says, are we going for final permits this next round and just larger waste dumps? I really doubt as long as there's mills in town, what's called the Bell Creek Mill or the Porcupine Joint Venture, we'll call it, Tony McCooch's group Discovery. They have mill capacity too. As long as there's mill capacity, I'd like to use that rather than permitting a full mill. Now, a mill isn't hard to permit, it's the tailings pond and the closure of the tailings. That's where the big rub comes in the timeframe to get that done. That would take me longer. Now, final permits, if he's asking, when are we going for them? During this year, we will make that decision whether we're gonna expand out on a larger and set 86,500 tons, we expand to 200,250,000 tons or more, or should we just go to final permits? I think the answer probably is gonna be, let's go to a final permit, put the mine into a semi-production or a smaller production, and then build it up as you go.

39:24 Great. Nope. There you go. Appreciate it. And Wesley asked right out the gate, I think 30 seconds after this webinar started, when are you funded through to? So I'll let you answer that one. Okay, the current project we're funded through to is the underground development.

39:38 That's 2,500 meters of development. We're funded with the 18,000 meter program and everything else on the surface we need to take care of. Okay, we're funded 100% right now. Okay, and that, you know, I'd like to thank Pan American Silver. They gave us the credit line for 46.

39:59 Okay, one of the things everyone looks at is, when are you gonna go for money again? Well, right now, what I can tell everybody, if you look our warrants, our warrants, all 3 sets of them are way into the money. And a lot of those would be coming due in 2027. So they either exercise and we should be bringing in 18 to $20 million more on that end. So if we have any slight overruns, we can do that. Now, if we want to advance things faster as far as drilling and exploration, then we'll have to make another decision on how we do that. So technically right now I can say everything we brought forward and said we're doing we're funded for. Okay, great. Thank you. One question from the chat, also the mills in the region, do they have the tailings capacity for you right now?

40:47 You know, what I know is the Discovery has capacity, depending on which mill we're talking about here. Pan American Silver has a capacity. It's how they mill or how they manage the tails on that one. There's a couple other mills that I know have permits in on tailings right now. There's 2 different mills, but we haven't proposed going to those mills. So the ones we're targeting in Pan American Silver is the mill right now that we were doing business with. They are permitted on their tailings. Okay, I appreciate that. I'm gonna give everybody one last chance to ask a question. And in the meantime, I'll ask you, David, what are you most excited about for this fall season? What's keeping you up at night with excitement?

41:33 You know, the excitement is obviously getting the ramp and going full speed, full tilt, cycling through, you know, love that. So every day I'll be looking, did they make the rounds? Did they make the rounds, you know, that sort of thing. But the next one is what's the drilling showing? What are you doing?

41:50 I'm a mining engineer. I'm a mine design guy, company building guy, that sort of thing. But I love geology. I love putting numbers on books. And that way I can go design mines. But looking at drilling coming off of the number 9, you know The the one the first hole that we hit The lady calls me up. She's a VP of exploration says Dave the BAM hole hit and I said great Define BAM and she said big-ass mine. She goes it's a monster hits

42:23 That's what we're allowed for. That's what gets my blood up. These big hits, these higher grade hits and that sort of thing. You know, I always get to hit the big, big zones, but some of these holes are pretty enlightening, you know, and they look real like the Hollinger mine, like they described it. So, what I'm looking for, you know, it's going to keep me going is building a mine like the Hollinger that had about 19,500 ounces of Gold production.

42:50 That's what we want to do. That's what we're after. Awesome. And I'm going to be stealing BAM from you because it's too good an expression. I really appreciate it. Great one. I couldn't believe she said that BAM hole was great.

43:02 Describe that to me, will you? Big ass mind. Big ass mind, I love it. Well, David, thank you so much for the update. Really appreciate your expertise and sharing with me and everybody who's in the room. I know there were Quite a few of you here today. If you think of the perfect question to ask right after the event, as I often do, please do still reach out. You can either reach out obviously to Gallion directly, or if you just respond to any of the 6 emails about this event, I'll make sure those questions get passed on to David and the Gallion team. But David, thank you so much. This is really fun. I appreciate it. Well, thank you,

43:32 Romain for having me and thanks all the investors. Like you said, if you got questions, please bring them forward. I will answer one way or another the questions or find the answer for you. There you go. Thank you very much, David. Everybody have a great afternoon. Thank you.