GFG Exploration Update on Pen Gold Results & Current Drill Program

0:12 Hi, everyone, and welcome to GFG Resources live investment summit today, hosted by 6. We are joined today by Brian Skanderbeg, president and CEO. Brian will walk us through a company presentation and then we'll be accepting questions live. You can submit your questions at any time on the Q&A panel on the right-hand side of your screen. And as always the summit is being recorded and will be available to watch afterwards on SIX.com.

0:38 Without further ado, I'll hand it to you Brian. Thanks very much Dasha and good morning everybody from Saskatoon, Saskatchewan where GFG is based in. As mentioned, we're going to talk to you today about what GFG is doing in Timmins and with our assets in the US and in more detail and granularity, specifically an update on the drill results and press release we put out this morning from the Penn Project, which I think are quite exciting and really something that we're happy to share with our shareholders and audience. Just a cautionary statement here. I am a geologist, an explorationist, and an optimist. And I will make forward-looking statements, so please read through thereof. In general, if we look at GFG, and this is something that our team put together 4 years ago, we're a district-scale explorer, and we're based in Saskatoon.

1:26 We brought the team from Clode Resources together, and kept our group together, And that's a theme you see in this industry is successful teams staying together. And that's really what we are at GFG. We put ourselves together to be district scale explorers and we work in belts that I think are really key and have potential to yield world-class systems. You're gonna see each of our systems and properties have that characteristics. And we're being aggressive while we do it. And this is really also key to the exploration sector. So this is the high level overview of what GFG is about. For this purpose of today, I'm gonna focus mostly on the Timmins position and the area, which is you can see out in the right side and in the eastern flank of Ontario. Before we go into the technical details one thing that's key to this success of this industry is how you manage your shareholder base, who owns you and how much money you have And I think that's key to review with yourselves today. So we've got 133 million shares out. We trade on the TSX under the simple GFG. And we also trade OTC under TFGF SF in the US.

2:29 In terms of cash position, we would have about $4 million at the end of the December 31st, so reasonably well financed going forward for 2022. And when we talk about the press release being fully funded, that funds our G&A and it funds our budget for this year. So I feel confident that the balance sheet reflects our ability to execute the program. When you're looking at a team like us, one of the things I'm most proud of is our shareholder base. This is a very broad and sophisticated shareholder base, inclusive of groups like 1875, which is the Lundin family. SSI is a very best performing precious metal fund in Europe, last 5 years they own 9.9% of us. Alamos came in and wrote us a check for 9.9% of us in the last financing. So We have a strong suite of institutional investors, we've got corporate backing and insiders still in a very relevant position to us. I show you the trading chart on the upper right, this is a 12-month chart and you can see our discovery last April in Timmins, which is when we announced the very high grade drill results from Nib. I'm going to talk to you more about that today. You can see the sector performing well through Q2 and into Q3 and then softening and then trading generally flat since Q4 to where we are today.

3:43 I think that chart is very typical of many of our peers where last year was pretty solid and now we've came off and softened a bit. As we move forward, also I wanna introduce the team and talk a bit about this because this is really key to your success. You're investing in people. This team has done it before. We found ore bodies. We're not afraid of operating mines. I was the CEO of Clode Resources, as well as the COO at times. And so this team can build mines, operate mines. And I'll also share with you the board of directors, Patrick Downey, Arnold Klass, and Brian Booth, who have been successful at building and operating mines. So what I can say is it's a technically driven team and executive and board that's been in this business for decades, and I think our track record is being very transaction oriented and building very strong value for our shareholders.

4:37 This is the problem with the industry today, and I don't want to spend a whole bunch of time because I really want to get to the technical details, but this is the crux of why we set up TFG. This is discovery trends on a 30-year time frame and if you're a student of the sector and discoveries this graph is relevant. The yellow bars are how much gold is found every year and you can see it's generally on a declining trend And the red line is how much money we're spending in the ground. So you can see cyclically driven expenditures in the ground, generally being less effective as time has gone on. That just goes towards maturity of exploration. Surface outcropping ore bodies have been found and you've got to look differently to make new discoveries.

5:22 So that's the challenge. Discovery efficiency is declining. And dollar per ounce to find those things is going up. So What do we do differently and how do you be successful in investors of finding the right team that's gonna find that next door buddy? I think you have to look at a few key things. People that have done it before, teams that have a track record, natural buyers, who's gonna buy what we find? Okay, Where are they working? Big land positions, recognition of the cycle. And I think these are all really key things that GFG has put together. We've gone into Timmins, we've put a huge land position together. We recognize it as being prospective for undiscovered deposits, those that are under significant till cover. And we've got a team that's done it before. So I think we're one of the few teams out there that has a really good chance of finding something new and exciting. And that's really why we set up TFG.

6:15 And we went to Timmins and Timmins is a really fascinating area geologically. And this area in this map I show you, I refer to it as a sandbox, about 200 kilometers across. There's 120 million ounces of gold in that map, historic production or current reserves and resources. That's the first reason we went there. Endowment, big deposits on every side of us. Okay, that's very, very key. Second thing is cover. So this area is extensively till covered, not 50,100, 10, 20, 30 meters. So manageable from an exploration philosophy. We are surrounded by the groups of Newmont, I am Gold, Pan American and Alamos. And that is the other key piece here is that established infrastructure decreases the cost of building the mine, and it increases the probability that somebody's gonna buy you. So this is why we went here, endowment, cover, natural acquirers.

7:13 And you're gonna see this theme in successful companies that are acquired is that working in belts like this. So we control the area in red here and this is about 700 square kilometers, a massive land position and we're very focused on the Penn Block and I'm going to talk to you about that today. The other key piece of this map is IM Gold on the south which is the Cote mine being built as we speak for 1 billion dollars. That is a key piece of infrastructure for this belt and it will lower the regional cutoff grade. Alamos owns 2 mines 1 on either side of us so you get the theme big guys are all here they're all active They control infrastructure and GFG sits here doing its work in the middle of everybody and I think we're going to find a mine here and that's why we're focused here. This is the target map of the Penn Block and really similar geologically to what you see in the main camp at Timmins. Porcupine duster comes across the map in the central part of the land position.

8:13 Then outlined in red and gray are some of our priority targets. And that's really key for us is looking at these areas and I'm going to draw the Porcupine Dester fault zone across here. So this would be the Porcupine Dester fault zone and that's really a controlling structure in Timmins. I'm going to talk to you about targets at Slate Rock and R66 and ones like Broadway and Boundary and Nib. These are areas where we focus drilling on in Q3 and Q4 of last year. It's where we're active on as we speak today and that's really what excites me. For reference, Timmins is 20 kilometers down the highway to a mill. Newmont's Borden Mine is about 40 kilometers down to the west of us, and the infrastructure at Cote sits about 50 kilometers south of us. So very, very compelling land position and really attractive geologically and a lot of similarities to what you see in the systems at Borden and in Timmins.

9:11 So when we put this belt together, and I talk about cover, I talk about prospectivity and endowment, How do we go together to put the exploration model together? Well, one of the key blocks we use is till sampling and it had not really been extensively applied in this belt until we came along here and we have about 800 till samples. Now, This shows the area of anomalous golden till and that it reflects anomalous golden bedrock. And what you see is that the areas that we are focused on are a number of them are largely derived from till. That is a massive till anomaly. It's about 7 kilometers from end to end and we've traced it back to source. The boundary area is an area we certainly focused on because of till and likewise up at Broadway. So those are areas of how we use till and a really key area for, and a key data layer for us as we advance.

10:09 Now, I'm gonna talk to you mostly about the drill results. And this is the summary of what we've drilled. And today, GFG's drilled about 25,000 meters over the last 3 years in this property. We've made high-grade discoveries at something like Bibb, Crawford was a new discovery, Sewell North was a new discovery, Slate Rock was, Boundary was. So we went into a belt that was very immature. We did the work. We built the till layers. We built the model. We successfully drilled in. We found new gold systems. And we're continuing to expand those systems. And we're continuing to make new discoveries as we move forward. Specifically, I'm going to go through some of the targets now. And Nib was one of the areas we had strong success in last year. And the Nib area sits right in here. It's at the east end of this porcupine basin. There's a bunch of Temiskaminga glomerates that are structurally controlled immediately to the west of us. There's a talc mine up in here that also hosts some gold that we're quite intrigued by as well.

11:06 So we made this discovery at Nib at the east end of this basin, 71 grams over 8.5 meters was a very compelling intercept on the Nib target. And we put 4 holes into it in Q3 and Q4 last year. So this was the discovery hole, Pen O 47, and it hit 71 grams of right now feeders at a very shallow depth. Very, very exciting when you can find that kind of 10 or 500 gram assays and shallow depth system looks robust, stacked vein systems, we were very excited. And we came back last fall, we drilled some holes underneath it on 25 and 50 meter step outs and we released these in December And I think the market was quite disappointed by those because ultimately we didn't find as high a grade as we did in the first pass of exploration.

11:54 We found 1, 2 gram stuff and these foot wall vein systems still continue, but we didn't find the 500 gram stuff. That is gold, That's exploration. These systems aren't simple. What we also did was drill a long strike to it. And today, we put out a couple of holes that show 50-meter step boats on strike. And by that, I'm referring to this hole and this hole. These are subparallel holes drilled. The discovery intercept projects to surface right in this environment. Okay, so what the strike holes showed us was we could trace the system to the south very broadly, a gram over 13 meters. Picace was about 3 grams in that interval. So we didn't find the high grade, we found more of the system, sulfides and veining, not visible gold.

12:39 And to the north of us we found these football vein systems host up to 6 grams. So at this stage I think we're showing the system has scale, has character, and we got to spend some more time understanding the structural controls. And I put this map here for a reason. The red are the quartz veins, which host the gold, and the little squiggly lines are your faults. And what happens is often you get gold at intersections like this, and that creates plunging shoots. And I think this is the real control of what we have to look at it, at something like Nib, is get more tightly spaced drilling, continue to focus on the structural understanding of this target, and I'm optimistic we can keep finding it and tracing that higher grade. The results released today were okay, they're a gram over 13 meters, they showed the system continued but we've got to do some more work to keep showing scale of this target.

13:28 Other areas we quite like here and moving to the eastern flank of the land position is the Deerfoot Corridor and the Deerfoot is essentially the Porcupine Duster fault zone. This controls almost all the gold in Timmins, just the belt next to us. And about a six-kilometer map I'm showing you here it hosts things like the Sewell deposit, the HGM and the Crawford areas, which are really local occurrences, you know, 2, 3,400 meter strike lengths of interesting looking gold. And we spent a fair bit of time drilling this over the last couple of years. And just last fall, we stepped out into an area called Sewel North, which we're quite excited by. I'm going to talk to you a little more about here. Here sits the Sewel deposit itself, which was acquired by Alamos. Modest sized.

14:15 We stepped to the north of it in Q4, based on some geophysical and structural modeling, and we found a new system, 5 grams, in the first drill hole into this environment. No drilling up here before, and all under some tilled cover. So we really got excited about this. We went back and permitted a number of new target environments, flew this area with drone mech, rebuilt a structural model, and now we're going to go back here and test some big step-out holes. We're not talking about a small area in terms of extent. These things have never seen drill testing. We'll be back out here in Q1 of this year, and we'll be back out here later this year as well. What I can say is we like the character of the system. These are good looking veins, very limited drill testing so far, and we like the scale of the system. We're gonna be back here doing more work in it.

15:03 2 other targets that I think are relevant from an understanding and philosophy perspective and some of those releases were published today in the release. The first one I'm gonna talk about is boundary and boundaries up in the Northeastern quadrant of the land position. We came here because of Golden Till. These red triangles all reflect highly anomalous Golden Till and the red are surface rock samples. So winding us back a year, we put the first hole as a step foot hole in here. We found up to 7 grams in a 200 meter step out hole. I show you the core on the bottom there. This interval ran 7.5 grams. Good looking quartz veining, biotite altered, carbonate altered, diorites, the host rock. So we were in Thursd, we stepped out 300 meters and we stepped out 600 meters last fall and into December.

15:50 And the big step out hole actually hit 5 plus grams, look only only half a meter, but we liked the character of that veining. There's certainly no drilling around it. We liked the alteration. And in exploration and philosophy, we look for the system and then we find the mine. And what we're seeing in this one is a system that's working over a large scale. That's a kilometer, 1.2 kilometers, only a couple of holes into it, and we're seeing gold in all of them. So I really like this target. One of the other areas that I think was the most relevant release that we put out today was from Boundary. And Boundary is in the northeastern part of the land position, discovered by GFG from golden till sampling. The red circles here are all new showings we found last year.

16:37 Of the holes released today, 4 of them were from this target and most relevant was this western one. This is an area where we had an 11 gram sample on surface. So our prospectors found this area, working in a golden till anomaly, worked down to the rocks, found some good looking vein at surface, sampled at 11 grams. Okay, well, what do we do with that? We drill underneath it, obviously. And we can trace that system to depth, modest grades. But what was really interesting is as we worked into this football strat, we found multiple 5 plus gram intercepts tied to shear zones, tied to the sediment contact, tied to the diorite contact. Good looking rock, silica, biotite, albite flooding and alteration of the rock, which is a good sign, something we like, and first pass testing. So this is a great example of taking something from concept to drilling to discovery and now to follow up again. We'll be back at this target. I'm really encouraged by the fact that you can put multiple 5 plus gram intercepts in your first pass drilling underneath this target boundary, something you can certainly keep your eye on. That's the backward looking data. This is what we released today in terms of the drill results. I think I'm most encouraged by what we've seen at Boundary and Broadway and North Sewell, but I'm also not giving up on things like Nib, which we've got to understand the structural controls on. The other half of the release was forward looking.

18:01 What are we doing now? Well, we announced a week ago, we kicked off the drill. And we kicked off a 4 to 5000 meter program. We're focused on the western flank of the property and a couple key targets R66 and Slate Rock and also back in the eastern on some of the targets I just talked about. Slate Rock is an interesting area. I'll show you the map here. And ultimately we came here because of gold in till, and these triangles again are highly anomalous gold in till. We fenced it off the lake, fenced drilled it last Q1. And what we found was this and highly anomalous gold over hundreds of meters in a diary. So visible gold hosted in this year's zone in a large intrusion hosted gold system. We found a really good gold system.

18:48 And we came back here now, we've built ice platforms and the rig just completed this hole, which is a Western step out hole. We're gonna work from West to East through the targeting here, drill underneath the showing, drill laterally to the visible gold bearing interval and then come back to the eastern side here. So there's going to be 4 or 5 holes into this target. It is a large gold system. I can tell you when we talked to our peers and mid-tiers and majors, We had 6 offers to JV this target. It's a really compelling target and it's a big gold system and we're just getting into it. So I think this is a great place to make a new discovery and the rig is sitting here on this target as we sit today.

19:28 One of the other targets I really like is R66 And if you wind GFG back 3 years, we built our structural model for this whole belt and we built where we thought we could find gold, regional targets. And this intersection of a regional MAPFCC, ultra MAPFCC corridor with the edge of the Porcupine Basin was one of those first targets we came across and built. We thought that's an interesting area. Nobody has ever done work in that area, no record of historic. So we finally got there last year and we had our prospectors wiggle down a little creek down here and they came back and they sampled this veining. And lo and behold, we show you what it looks like. We got up to 66 grams in this stuff. Everywhere where we sampled the veining, it graded. The wall rock grades,

20:18 very small outcrop, 10, 12, 15 meters wide in the middle of a swamp. That's why nobody had ever been there before. But it was right on the structure we liked and targeted in looking at the big picture. So from big picture to small picture, this target really ranked high. We've mapped it, done a lot of work on it and we've now permitted to drill it. So there's a prominent demagnetized portion of this contact. We will drill it directly underneath the showing that has high grades to it. We don't think this is the only amount of veining that's there. There's probably veining off the outcrop in front of us or behind us and we're encouraged to test it. We're going to step out broadly to the southwest and probably to the northeast because this intersection with Porcupine Sedimentary Basin is often a very prominent control of gold mineralization when you look at the district examples.

21:07 R66 is a very, very compelling initial and early stage target that is going to be drilled this quarter.

21:15 That's what we're doing at Penn. The other part of the block we have is down at Dory. Dory is a large land position in the south. It abuts or very nearly abuts the Coté land position of I am Gold. And I think it's a compelling block of ground, about 200 square kilometers. Still immature from an exploration philosophy, but we're excited to get down here and do some work. To date we focused mainly on the northern block, the Penn block, but this is good ground too and we're going to get down here this year to do some preliminary work on building the targets up. It's not drill ready yet, still early stage, but I like this area as well and it's completely controlled by GFG. So if you stand back and look at GFG, we're gonna drill about 10,000 meters this year. We're gonna spend $3 million. That money's in the bank.

22:01 These are sound targets that have been developed over the last 3 years. A number of them have economic drill intercepts already and some of them are early stage. When we look at our philosophy, I like to take 70 or 80% of our meteors, put it in more targets that are a little more advanced and have had some drilling and shown good results, and then take some of

22:19 the remainder and allocate it into real conceptual early stage targets. So I think there's good momentum here. I think these are really sound targets that have a relevant chance of driving the next discovery in this belt. Looking at GFG though, the Timmins is where we put our dollars right now because bang for a buck for our shareholders, it offers the most return. We also have 100% control of the Rattlesnake Hills district in Wyoming. This is about 100,000 meters of drilling in it historically. It's an alkyl and gold porphyry and epithermal district in central Wyoming. Lots of geological similarities to the wharf at Cripple Creek Mine and we have the whole land position tied up. It is a big belt. Here we show you a lot of 1 to 200 meter wide, 1 to 2 gram intercepts. Oxides go down to about 130 and 150 meters.

23:09 If you looked at these 2 areas, there's no resource published here, but conceptually

23:15 I can tell you there's plus or minus 750,000 ounces at 0.5, 0.6 here. And I think that's really a good building block. I think there's good scope to grow this system. I think it's amenable to heap leach. And our challenge and our task is where do we allocate our capital. So what we're doing with this asset is really undertaking a strategic review. We've had a lot of dialogue over the last kind of 8 months and I'm optimistic over the next quarter we can get a deal done on this. Good scope to grow it. Here's the last hole drilled by GFG. It's 100 meters at about 0.8 grams from 40 meters depth in oxide. Lots of targets regionally that could be developed. And here we show you some of our greenfield and brownfield targets and the land positions about 135 square kilometers.

24:02 Book value in this asset for GFG is about 10 and 500,000 Canadian so that's much GFG has tied up into it. I think it's a great project.

24:11 We'll continue to put our dollars into Timmins. We will maintain and look for leverage to success in this project and try to find the right partner to advance it and that's what we're really focused on. I'm optimistic we can find a deal to move this forward in the next quarter or so. So when you look at what we've talked about today and why an investor would look at somebody like TFT. It's not because we have a flashy name, go for gold, or gift from God, but it's because we have 2 really key district scale end positions. Those are rare to come by. And they're how I believe you'll unlock value in this market We're focusing our dollars and Timmons, but we have optionality and leverage to success at rattlesnake to You're betting on a team.

24:58 This team has done it before we found the Santo a gap or body, which I believe will be the biggest coal deposit to schedule.

25:06 And now we put 2 land positions together, continuing down our path to find the next deposit. I think our shareholders are really keen to continue to support us. Ability to finance. You're not going to find a mine unless you can find some money. And the groups we have amongst Alamos, the Lundin family, shareholders like Florian at SSI are extremely critical for us and they believe in us. We put our dollars in the ground. You can go look at our GNA. We spend about 1 million bucks on GNA a year to run this company and to market ourselves and everything else goes in the ground and that's quite efficient. I believe growing our discoveries is something we will continue to do in this quarter and in this drill program. And I think finding the next mine in Timmins is really a distinct possibility for us. And most of all, fully funded, aggressive program. Be aggressive, get out there, get doing it, drive some catalysts.

25:57 Catalysts to look forward from us, drill results coming as a follow-up to this program. The drills are turning now.

26:04 I'm optimistic we can find a deal in Rattlesnake and get that towards the market and have that also be a positive catalyst. So there's a lot of really good reasons to invest in GFG and I thank you guys for taking the time to listen to the story today. And I'm also very happy to be able to answer any questions that you may have. Thanks very much and I'll turn it over to Dasha. Great, thank you so much, Brian. Yeah, let's just jump right into the Q&A portion of this summit. So continue to submit your questions under the Q&A tab. We're gonna start with some questions that were emailed in. So Brian, can you explain how you prioritize your drill targets? Yeah, this is a really important parameter that you have to think about. And the opportunity is for DFT is we have 700 square kilometers. So we've got literally 50 targets.

26:53 But how do you rank those? How do you prioritize those? And I think holistically, I look at it and say, look, we need to ensure we're advancing our best targets and we're continuing to test conceptual targets. So if we look at our budget, we take 70 to 80% of the meters and the dollars and we put it into direct follow up of areas where we know the gold system

27:14 has been found and we're proving continuity and scale of that system. So things like NIMB or things like State Park, where you found the system, okay, and you've proven it's fertile and working, and now you're trying to get it scaled. And then we take the other 20 to 30% and we build it into what I call just conceptual targets. And these are earlier things that I've never seen at Johul. R66, Boundary, Broadway, things like that, North Sewell, where you think there's a good gold system there based on geophysics, geochemistry, structural model, whatever you want, and you're going to find that gold system. So it's finding the gold system and then proving the mine in that gold system. And that's how we choose to very simply allocate our budget.

27:56 Great, thank you so much. Your focus seems to be mostly on the eastern portion of your land position, any reason for that? This really is driven by ultimately logistics and maturity of the exploration. So if you looked at logistics of the targeting environment, the eastern flank of the land position has a couple big eskers, big sand banks, bigger till mounds, less swamp. So from an access perspective, it's easier in the east, so you can drill it up most of the year around. Now the eastern side has also seen more historic work, so the targets are generally a little more mature. So you've got this maturity of targets, western side more immature. So something like R66 was just found prospecting last fall. So it went from nothing to discovery now to drilling, drilling some showings. And so it really is combination of western side being wetter and for the most part more Q1 based drilling because of that, and the eastern side being more mature. That's why we've weighted it as we have in terms of more focused on the east, but I believe the western side is just as perspective.

29:04 It's just a little more immature yet. Great, thank you. John is asking, what is

29:09 the nature of the sulfide mineralization? Yeah, good question, John. It varies on each target. Generally, when you're looking at this land position, if you're proximal to the sediments, you're seeing a little more of aenopyrite. So something like Nib has aenopyrite pyrite being your main sulfide phases. Whereas if you're looking along the Deerfoot corridor, or if you're looking out at slate rock or an R66, you're dealing with largely pyrite as a plus or minus calico pyrite pyrite. So generally most of the targets being pyrite based in terms of sulfide assemblage, with the exception of something like Nib, we're seeing a little more arsenal come in. Great, thank you. These are generally low sulfide systems, I should say. 1 to 2% sulfide is kind of what we're seeing. We're not seeing 5, 10, 15% sulfide on any of the targets. So it's a little lower sulfide systems in general.

30:02 Great. Glenn is asking, due to the sheer scale of the Timmins West landholdings, is GFG open to optioning out portions of it in order to increase exploration coverage? Yeah, that's a really good exploration philosophy question. We have interest from parties. Is Dory open for option? Yeah, I mean, we have dialogue around Dory and what that might look like. It's a reasonable one. We've been averse to carving up Penn from an option perspective of saying, let's option east or let's option west or let's option north because we really like the scale of that land position. And if ultimately your goal is discovery and building a mine, you want that scale around it. So if we do look at optioning portions to drive more momentum into the story, it would probably be driven on a block basis.

30:56 And yes, that's something we've had dialogue on historically. Wonderful, Thank you. When should we expect the next catalyst or drill results from GFG? Yeah, this is key, right? Assays have lagged, right? We all know it's a theme to the story. And if you look at GFG, we're no better, we're no worse. 6 or 8 weeks is what we've seen. So the results we put out today, they got to the lab in early January. So here we sit, 7 weeks down the line, we put out all the drill results, that's what we're seeing for assay turnaround time. 6, 7 weeks, and that's been proven from performance in Q4. I'm optimistic we can do better. And as we look at this program right now, I'm hoping maybe we can see something closer to 4 weeks. And we've gotta see it.

31:42 So we're gonna get these assays to the lab as soon as we can. In the current program, I'm optimistic we can start seeing things as early as month and you know it may be still 6 weeks but it's in that range. We're into Q2 and before we have a drill result coming out but I think that that's a reasonable time frame to look for some more relevant news from GFG in terms of the drill results is into the April time frame. I do think there's a relevant catalyst in the background that could come at any time and this is what we do with Rattlesnake and that can be another very strong catalyst for GFG depending on the type of deal or structure we may find. But I think most of the market generally forgets we have this and it's a key asset. It's a good asset. And I think it's another momentum creator for GFG. So our goal is to find a home and a structure and have that contributing to the momentum of this story and creating catalysts. I'm optimistic we can find that the next quarter.

32:39 Great. Wonderful. I was wondering if you could elaborate more on the impact of Ion Gold building the Cote project. Huge. Yeah. One word. Huge. If you look at the history of the Timmins Belt, it's always operated largely as an underground mining environment. There's not that many open pits that work there. And it drives the cutoff grade and philosophy of how you look at systems of the belt. And IM Gold is building a 35,000 tonne of 8 mil and it's going to cost them 1 billion dollars to develop that project. Now when you look at the technical report and what they're trying to do, They're running a cutoff grade that's about 0.3 into that mine and a 20 year mine life, 350,000 ounce a year producer. So you're taking a very well endowed camp, remember 120 million ounces in that sandbox.

33:30 And you're taking a historic cutoff grade, which in an underground environment is typically 2 grams per ton, and you're lowering it down to 0.3, 0.4. So everything in that window is now available to be milled incrementally in some existing infrastructure. So think of the value of a 1 gram per ton ore body before that mill was put in place, limited. When that mill is built, you actually have higher grade ore and you can displace ore in a production profile. So it is very, very key. If you're in trucking distance to that piece of infrastructure, which Dory is, which pen is, and it drives the cutoff grade of what I refer to as this camp that we work in.

34:15 So a very, very key piece of infrastructure. There are very few mines at that scale being built these days. And I think that's exceptionally positive for how this camp works, for the degree of competition and for the value of land and for the value of any discovery. Great, thank you. Claude is asking, what is your current burn rate? When we look at our budget for 2022, our budget into Timmins is about $3 million. And that's driven by a Q1 drill program, a summer work program, and a Q3 drill program. So you can see $3 million over the year is driving into plus or minus 300,000,250,000 a month. That's generally what we have going into Timmons. If you look at our GNA, our GNA to run this company is about 1 million bucks a year. It's actually 1.1, 1.2.

35:13 So you're running about 100,000 bucks a month to run the marketing, the salaries, exorbitant salaries of all the executive officers. I'm just joking there. But it's about 1 million dollars a month for the GNA. So that's really what our burn rate, the Rattlesnake Hills 1 is quite modest. It's a bigger land payment in August, but I'm optimistic we can find a deal before then. So very limited, you know, tens of thousands, 10,000 bucks a month, there's something to maintain that. So burn rate, if you want to talk holistically, Just the GNA is about 1.1 million, 1.2 million per year. And this year it's 3 million bucks in the Timmins. So our budget this year is right around $4 million worth. Great, thank you. John is asking, how many First Nations do you consult with?

36:02 When you look at the the landscape in Timmins there's a couple of key groups that are key. The one is the Wabun Tribal Council and Wabun really is more central to Timmins and north and directly west of Timmins and east of it as well. So there's a number of 1st Asians under the Wabun Tribal Council that we have MOUs with. And so we've established an MOU relationship with those and we currently contribute 2% of our exploration expenditures under an MOU with the Wabun Tribal Council. So secondary First Nation tied closer to Borden, it's called Shaplo, the town down there, and Shaplo also has traditional rights with overlap within both the Dory and the Penn block. So we have dialogue and ongoing consultation with the Shaplow First Nation. We have no current MOU, but we're having good dialogue and consultation, and I'd be happy if we did reach an MOU phase for them. They certainly provide constructive feedback on our exploration efforts and they're engaged through our process.

37:06 So 2 main tribal councils and there are a number of First Nation bodies underneath each of those. Very, very important to keep that relationship strong with all our stakeholders and your First Nation Aboriginal partners have to be in those stakeholders as well as the community and then obviously your shareholders. Great. Victor is asking for more information on the Wyoming project. When will the drilling be done and what's the reason to not go ahead with it? Yeah, really interesting philosophy down there. Wyoming is a very interesting project. It's obviously something that you could grow into a heap leachable system. So it's permitted. It's we could drill drill it What it takes to make a relevant impact to that project is probably 3 or 4 million US a year and so when we think of let's just say 5 million Canadian And so when we think about our allocation and how we want to do that and capitalize this company, Rattlesnake's a big project.

38:12 And with big project comes big money. And so at this stage, we've chosen to look at strategic alternatives to Rattlesnake. And we're ongoing with that for the last 0.75. And I'm optimistic we'll get to a path that can be found. And I guess the short answer to your question is that at this stage, we're not planning to drill more in Rattlesnake ourselves. We're planning to find a partner to commit capital to it and maintain leverage to it, whether it's through equity or partial ownership or taking some cash out of it, any and all of those may play part of the deal. So at this stage, paying for a buck is best to put our dollars into Timmins, and that's what we're focused on. And it's simply driven by having to choose where the best place and return of capital offered for our shareholders is. So at this stage it's more a strategic review than an exploration plan in Rattlesnake.

39:12 Great, yeah, when was the drilling done in the past at Rattlesnake? 2008 was the first drilling by Evolving Gold. Prior to that it was Newmont back in the 90s. There would have been about 85,000 meters drilled pre-2012. The asset went dormant for 2 or 3 years. GFG acquired the asset, consolidated the belt into a private co in 2014. We brought in management, including myself in 2015. We took it public in 2016, where we started drilling it. We did some drilling in 2016 and 2017. We brought in Newcrest as a joint venture partner in 2019 and they were there for about 20-months.

39:58 They were really focused on drilling a block cave target underneath those gold zones that I showed you in section. We drilled holes up to 2km long and spent $5M USD with Newcrest. They turned it back to us because they didn't see a Newcrest sized system there, which is 5, 10, 20Moz and they weren't interested in a plus or minus million ounce heap leach. So from an exploration maturity perspective, it's been active since the 90s. The bulk of the drilling was done in the 2008 to 2012 and then 2016 through 2018 period. And the biggest groups to drive that expenditure in the crown were a company called Evolving Gold, formerly ran by Quintin Henning back in the day, and then GFG as a follow-up to that, and then a bit by Newcrest in the last round. So that's when it's been explored.

40:50 Great, thank you. Well, thank you so much, Brian, for taking us through your presentation and live Q&A. I also wanna thank everyone who submitted all these great questions. If you didn't get a chance to get your question answered, or if you think of 1 after the summit, we'll be sending out a short survey where you can leave your contact information and the GFG resource team will reach out to you directly. There also is more information on their website at www.gfgresources.com. And so I'll also hand it back to you, Brian, just for the final word. Thanks very much, Dasha. And everybody, thank you very much for joining GFT today. If you don't know us, we're a very approachable team. Pick up the phone, call us, mark the page, or myself. Always happy to talk to shareholders. We want to build a relationship with you and have you understand how we work, how we conduct our business.

41:41 So please do feel free to visit the website as Dasha mentioned or call us at any point and please follow up in terms of the draw results. We expect to have them coming in a while. So everybody keep safe, be healthy in these very interesting times and join us as we go for gold. Thank you very much.