Goldshore Resources... Off and Running!

0:08 Hello, everyone, and welcome to Goldshore Resources Live Investment Summit today, hosted by 6. We're joined today by Brett Richards, Goldshore Resources CEO. Brett's going to walk us through a company presentation, and after we're going to move to a live Q&A session where we'll be accepting questions. You can submit your questions at any time using the Q&A panel on the right hand side of your screen. And as always, this will be recorded and it'll be available to watch afterwards on six.com. And without further ado, Brett, I'm going to hand it over to you to kick things off. Can, thanks very much. Thanks for having me again on the show. Lots have happened, lots has happened since we last spoke and last we reached out to the audience. So I appreciate everybody taking the time today.

0:50 I need to make reference to the fact that we have forward-looking statements contained in this presentation, and we have disclaimers and our sources of information, and you can find these on our website and please feel free to review them and take comfort in them. We, as I said, a lot has happened since we kind of last spoke. The transaction that we spoke of in the last time to acquire the Moss Lake project from Westdome. It closed on May 31st, as did the concurrent financing of $25 million, and as did the reverse takeover of Sierra Madre Developments and the name change. So a lot happened last week and the TSX Venture Exchange approved us for trading and we commenced trading last Friday.

1:46 Out of the gates, great volume, great start to this week as well. And I think it's a testament to our story, of which I'll hit the highlights again for everybody. As you know, the Moss Lake project is 132km west of Thunder Bay, so it's in a very low-risk jurisdiction. We have assembled kind of one of the, what I like to think is a very, very top quality management board and advisory board. And you know, these are men and women who have been there, done that, and who can help Goldshore get to the next level with myself and Pete Flindell as well. We have a tremendous land package. We have a very large package of land with a huge amount of exploration potential. I'll speak to that a little later in the presentation.

2:40 We've already started planning what we need to do. A lot of pre-planning went on before the approval process and we have laid out about 100,000m over the next 18 to 24-months.

2:54 I'm pretty excited to get drilling on the property. I'm going to talk a little bit about the historic PEA that was done in 2013. Just to recap, I've been in the mining space for around 35 years and Pete, who is my VP of exploration, has been in that space as well for about the same time. I've run a number of listed companies, both in London on the main board, London AIM, Toronto on the main board and Toronto AIM, or sorry, Toronto Venture Exchange. And Pete has been with me on my last 7 or 8 projects, both private and public companies. For the past 8 or 9-years, we've been working together on a number of projects in Africa.

3:40 Pete started out in Newmont, I started out in Kinross. We have that big company experience as well as the entrepreneurial side of junior mining. Gavin Cooper is our CFO, he's based in Vancouver. And we have a really great balance of board. We got a lot of youth, a lot of great professional GOs who are running companies in their own right, are CEOs of various junior mining companies in their own right. And they're very entrepreneurial, and they bring a great dynamic to our team. And you get some, you know, some guys who have had a little bit more experience like myself and Doug Ramshaw and Victor Cantor. We also have Joanna Pearson, who's just joined us on the board. She is the CFO of Endeavor Mining and the 2 West Dome appointees, which are very solid board members in their own right. Mike Michaud, who's the VP of Exploration for West Dome and Heather Laxton, who is the Chief Governance Officer for West Dome. So very, very experienced group of men and women.

4:48 And the depth keeps going with our advisory board, starting with David Garofalo, Craig Perry, Brian Slusher, Chuck, Leo Hathaway, Daniel Coonson, Adrian Rothwell. Again, A lot of guys, just a group of people who really need no introduction. I am excited about the drive. I'm excited about the capacity this team brings. Everyone has a role here. There's no free rides. Everyone has a role, both by participating in the support financially for the company along the way, but also using their vast network of capital and access to capital. I think it's just a great marriage between all of us.

5:36 Looking at the project, Moss Lake is, as I said, 132km northwest of Thunder Bay. And The project today, to me, feels like a few other projects I've followed over the years, Detour Lake, Rainy River, Cote Lake. This feels like those projects when they were at this stage and the profiles are identical. The sizes are roughly the same. These projects went on to become world-class tier 1 projects. They are low-grade. They are big tonnage, bulk tonnage, large earth moving exercises for lack of a better word.

6:21 But I think at the end of the day, we intend to follow in those footsteps and the footsteps of the detour lakes, etc, Simply because we have the same potential, we have the same profile. For us, it's about executing and demonstrating that we have very similar sized deposits. We are in this band, this belt from Red Lake to Timmins to the Abitibi camp, we are in this belt of very, very strong Gold mineralization. As I mentioned, the transaction to acquire Moss Lake already started us off with a very good head start. We have 4Moz of a historical resource, 1.5Moz indicated, 2.5Moz inferred, and our job is to increase the quality of this resource and also the quantity of this resource.

7:18 That's what our drill program will be doing over the next 18

7:29 to 24-months. It goes without saying that the style of this deposit is Moss Lake is going to be most likely a low-grade big tonnage deposit, much like those I've just spoken about. You can see our land package here from toe to toe, it is around 30km and we have known mineralization outside of the deposit, which encompasses a 20km long trend. In addition to that, and contained within that, there's an 8km long IP expression associated with the Moss Lake deposit. So we really need to kind of delineate this further. We need to understand this better. It's going to come with drilling. It's gonna come with information from drilling. You know, the more information we can collect, whether using orientation tools, whether it's, you know, larger, larger drill core, triple tubes, etc.

8:24 Relogging core, whatever we can do to gain as much information as possible so we can move this forward is absolutely essential. So that's the plan. You'll see we're very close to Highway 11, which is Yonge Street here in Toronto. And if you look up to the Northeast, you'll see North Cold Stream. It was an actual mine that produced Copper and Gold by-product in a con some time ago, back in the 80s and 90s. Looking at some of the historical drilling and the historical drill results, Moss Lake, I would expect as we move forward, we're going to see more of the same. We're going to see intercepts that are 1g to 2g, 100m, 150m of intercept.

9:16 I expect that's what we're going to find. Again, low-grade over really long intercepts. The initial hole that we show here, 11.3g over 70m, a very special hole. It's very close to the Western boundary near another Explorer who's doing work over on that side and is drilling currently into a number of kind of stack vein, narrow vein hosted system. And I think What we need to better understand is the origin of the disseminated Gold at Moss Lake and the system that drives that, but also is that an outlier? Is that an anomaly? Or is there more of that towards the Western boundary of Moss Lake, more of the high grade 11 gram type material?

10:06 You'll see mineralization at East Cold Stream and down at Hamelin Lake as well, where there have been some scout holes. But the distance between Moss Lake and up to East Cold stream has really only been delineated every 2.5 kilometers with drill holes. So I would fully expect that we're going to, we're going to need to kind of infill that, understand that a bit better. And there's a number of things we're doing, which I'll talk about that will help better understand all of that. I've turned the slide a little bit here. The map to the right, north is facing right here. The reason I do this is I want to show the differentiation here between where the Moss Lake deposit is and where some of the hits we've had both at Iris, East Cold Stream and the historical drilling here at North Cold Stream.

10:56 This whole trend around 20km is heavily mineralized and we can see it in the drill results. We need to pick our targets and understand an approach as to what we want to achieve and then start drilling it. There's an area here of almost no exploration for about 7 or 8 kilometers. And that'll be interesting to get into fairly quick. Down in the north, the southwest up here where my cursor is near Hamelin Lake, you will again see, you know, big wide intercepts at kind of a low grade, very, very consistent with Moss Lake. However, there's a number of things going on here.

11:43 First of all, Moss Lake is very under-drilled so We really don't even know the extent of what is required and what we need to do here. Ultimately, this will be our focus. 60% of our drilling will look to infill this deposit, increase the quality of the resource, bringing inferred up into measured and indicated, and also adding some inferred. And given the geophysical survey we're doing currently, we may have some targets to hit deep that the VTEM survey will deliver for us. And I think again, exciting exploration and geological potential for the future. I would like to drill this down at least 350m, maybe 400m. That does touch the boundaries of open pit operation in this part of the world.

12:34 It will be a very big pit, but it does test the boundaries of depth. I would suspect that if there is mineralisation worthy of exploiting at depth, beyond that, and whether that is done through underground methods or not, time will tell. We'll try and identify geological potential at depth and maybe throw a couple of deep holes in there to see if we can better understand the plumbing system or the origination of this mineralization. I had said that Moss Lake has a very long history dating back to over 100-years ago. I think specifically, the takeaway for me is there's been a lot of people do a series of drill programs on this property.

13:27 Nobody has ever stopped to really figure out the geology and figure out how it all hangs together. And that's our job this time around. That's what we need to do. And Moss Lake is now, I think, kind of beyond that critical path, critical size, that critical mass, whereby I really do believe this is going to be a project. I think the differentiation is how big the project is going to be and how much potential can we demonstrate on top of that. But you'll see a number of players who have been here. And West Dome earned into this in the 2010s and Moss Lake Gold Mines, the sub, conducted a PEA in 2013. It was done at a time when the Canadian dollar was at par with the US dollar and the preliminary high-level economics of that study was done at 1650 Gold.

14:22 The CapEx was just under $800M and the NPV was just under $500M Canadian dollars. So if I take reasonable estimates and increases for CapEx, given the nature of the 8 year period that has gone on since then, and I adjust this to current gold price in US dollars, this project currently has a CapEx of over 1.2, $1.3 billion, which is quite significant. It also has an NPV just under 750 million US dollars at 1900 gold today. So That's the starting point. And I've used it so many times, people are getting sick of it, but I use this alphabetic metaphor saying, you know, we're not starting at A and going to Z.

15:10 We're already at L. And we've got a 4 million ounce historic resource that's had a lot of work done to it that is economic in its own right at today's numbers. We now need to demonstrate that this is a real project. When I go back to the Moss Lake deposit, we need to put a shell around this and build a geological, a geometallurgical grade model that we can mine to, that I can put pit shells around this at reasonable Gold prices so that I can demonstrate this is a real project. And that'll be the focus and the emphasis I'm getting this through PEA. With a lot of history comes a lot of data. And the very first thing we wanted to do was compile and consolidate all that data into one location, which we've done, and which we're just completing as far as putting this on a proper data server.

16:01 And we've done all this to a very, very high QAQC standard because at the end of the day, Pete and I have worked for major companies before. We understand the requirement to maintain high standards of both technical diligence and financial diligence, but we need to do this to a level that will be to a major or mid tier standard, simply because those are the partners we're gonna look to strategically somewhere down the road for a possible exit or a possible partnership. Oryx Geoscience has done the work for us on the data consolidation, done a great job. And quite frankly, I'm looking to hit the ground and start adding to that data.

16:47 One of the things we were able to do in the interim was we ran a VTEM survey over the entire property, 50m space lines over the deposit and known resources, but also 100m lines spacing over the rest of the project. All the flying has been done. We're now going to take a couple of week period and do the interpretation of that and prepare the 3D maps. Again, this is going to give us the geological context as to come up with really high-quality drill targets. When we're drilling 100,000m at the end of the day, we need to hit this right. We need to hit this with a high degree of accuracy and hit ratio. The whole purpose of this is to hang all of these layers of data that we've accumulated and overlay this with that data to come up with priority and high-quality drill targets. I'm quite excited to see the results of this survey.

17:49 When I start and talk about, we've already started at L, on the ground, building up capacity and infrastructure, we really did start at A. I think Pete has done a really good job organizing the required infrastructure. We've got over a dozen people working on the site now and we're in a very good position to start drilling in July. Our permit is in and We have tendered for 2 contractors, both who have First Nations partnerships, and we expect the drilling to start sometime in July once our permit is approved. There'll be other permits going in as well for other areas of our concession and land package. This will be a bit of an ongoing project, but at least we can get started on some target drilling fairly soon. I think the first piece of this is more verification of the historic resource because we're going to need to make that a current resource 1 day.

18:47 I think we also have the opportunity in the summer season to do quite a bit of scout drilling out towards Iris and out towards the cold stream area and possibly down towards Hamelin Lake. A lot of the infill drilling that's required, and Although it's going to make up about 60% of our program, a lot of it won't start until the wintertime. We need to do this on the ice when the lake's frozen. There will be a bit of an imbalance initially. There will be a lot of scout drilling and then be a lot of infill drilling. But overall, I think the balance will be a 60-40, 65-35 favoured in infill drilling. This is the program. I would like to be in a position in 12-months time to start considering a resource estimate update to the existing Moss Lake resource, trying to make that historical resource a current resource, and increasing, as I've said, the quality and the quantity of that resource based on the results we'll have from drilling. I'm pretty excited about that.

19:50 From there, we will start the work on updating the 2013 PEA.

19:57 We will be using new economics, new Gold prices, be using new costs, but we'll also be using a larger resource based on our results. I'm extremely excited about that because that will take us and demonstrate that we are walking the footprint of those companies I talked about earlier. There's a couple of things that I think are very important to do at this stage, although junior mining companies don't normally do them. I classify us as more of a junior developer than a junior explorer because we're starting off at L, not A.

20:36 At this stage in the game, we need to think about things a little differently. We need to be very inclusive with our First Nations host communities. We need to bring them inside. We need to try and assist them in building some capacity. We've done that with our drilling contractors. We've done that with other contractors. Our environmental contractor also has a partnership with our host first nation community. But we're also going to be doing something else that's a little different, and we are going to be starting a baseline environmental study. And that is required for long term permitting, it's also required for a feasibility study. And I think by doing it now, and the quantum of information required in a baseline, more time related than quantum related, but how long we need to run these baseline studies to determine environmental impact and do an assessment of that is much longer than, you know, 1 or 2 years.

21:36 So if we start the process now, we could potentially assist a strategic partner in getting permitting or getting a construction decision, maybe up to a year, maybe a year and a half sooner than normal. And I see this as tremendous value. We'll spend a few hundred thousand dollars over 2 years to do this, but the return on this is substantial. If we're pulling cash flows forward of an operating mine based on a model, and we're pulling that forward even 1-year.

22:05 This pays for itself in spades. I'm very supportive of doing this and I think it's important to our project. But the real takeaway was last Friday. We entered the market last Friday and we entered at a $65 million market cap and we've had some good trading days and some good volume days early this week. We're probably sitting around $75 or $80 million market cap today. So our trading comparable to our peers is something I really hold close to demonstrate to the market of where we're initially calibrated and where I think we should be calibrated. And this is, yes, it's about re-rating to the market, it's about re-rating to our peers, but it's re-rating to historical information. It's re-rating to something that's a known quantity.

23:01 So even though our peer comparable of market cap to attributed resource is probably closer to $20 today, maybe $21 today, we're still at the bottom of the fourth quartile. And we're still, of our peers, we're still at the bottom of the pack. I think over time, the market will get it and the market will calibrate us to be somewhere at median or I would hope maybe even greater than median. That puts us at around $55, $60, $65 at the end of the day on a per ounce basis, starting where we're starting. The value that we're going to create by this drill program

23:39 and the results thereof, we will be able to increase that number based on increasing the size of our resource. I'm quite excited about the potential of this for our shareholders and for potential investors, even today, even next week. There is a lot of room for this company to grow.

24:05 I'm not going to take my foot off the pedal as far as driving this company and putting it through its programs. I tried to take a lot of companies that were very similar in profile, low-grade depositions, tier 1 jurisdictions like Ontario, Quebec, United States, and East Coast. I've tried to place us in the same category of development, whether that's old PEA, new PEA, but the development stage and resource growth and resource development stage. This is where we land. That is one of the number 1 takeaways for

24:52 an investor. When I talk about the companies who walked in our shoes before us, and I talk about the detour lakes and the Rainy Rivers and Cote lakes, and there are others as you can see. But you get around that 1g per ton deposition, you get big tonnage, you get big resource statements. I can see where we are today and where we're going and where we're taking this. Yes, I really do feel like we're walking in those same footprints and walking in the same shoes as those who have walked before us in these projects that Kirkland Lake and New Gold and IAMGold and Simitoma have. These are extremely good parallels. And these projects transacted, and as you can see, transacted for large multiples of where we are trading today. But I get it.

25:46 We're not in the market today. I need to add value. When I talk about our alphabetic metaphor of starting at L, I may take this to O or P or Q. I don't know where we're going to take this over the next couple of years. Time

26:01 is one of the most important things and precious things that we have in addition to capital. I wanna be able to compress our timeline as much as possible. And yes, will I look to see if the market will bear a transaction? Will I look to see if there's a partnership that we can do? I'm focused on the investment return for my shareholders. And it's not just playing the stock on the way up and playing the stock as we grow. It's also about off ramps and exit strategies. I fully intend to look for project number 2 and project number 3, because I believe I have a role here. My role is from L to O, add as much value as possible, and then let the big guys take these through the capital building, the construction, the permitting, and ultimately running these long-term, multi-decade operations.

27:00 And they're doing it on the same premise I hold. I believe gold is gonna trade between 1800 and 2200 for the foreseeable future. You'll read all kinds of stuff that, you know, gold's going to 3000 and more.

27:14 And it may well be that the global macro economy supports a very, very strong Gold price. Our competition in cryptocurrencies is weakening and people are starting to understand that this is not an asset group. This is not an asset class. It's not substantiated. It's not regulated. And it's very, very volatile and very, very risky. This is an asset class. And as we start to feel, and as recently as yesterday and today, as we start to feel inflation building, this will create a very, very good haven for a Gold price and a range for Gold price to trade.

28:01 I believe in this mantra that it's going to trade in this range. These projects trade in that range and are significant with economic benefits. Again, I need to prove this. I need to increase the statement up to where we have critical mass, where we have a project of that caliber, and I'm able to demonstrate that. That's our job from L to O. Our job is to be able to demonstrate that. High level, it's a bit of the past now, but we acquired Moss Lake from West

28:38 Dome for a $57M headline number, only 12.5M in cash. The balance was in shares over a period of time and they hold a 1% NSR. The transaction was really a win-win-win. I say a win for West Dome, a win for Moss Lake stakeholders and a win for Goldshore shareholders and investors because this project sat idle for a long time. It was not economic at $1,100-$1,200 Gold. Quite frankly, West Dome had capital priorities above and beyond that. Eagle River is one of the formidable underground mines with the highest grade in the world. I think it's the third highest grade in the world. Their new Kiana complex that they've just announced and updated their NI 43-101, this is again a very high-grade, low-tonnage underground operation And Moss Lake is completely the opposite. So it didn't make any sense for them to prioritize capital for it. And it does make sense for them to transact. And they felt that Gold Shore and the team that we have built, and the group that we have built is what were obviously the least risky to get a deal done and could provide the most value, which I believe this is a fair structure at the end

29:58 of the day. Westdome stays on as a 30% shareholder, and then they continue to receive shares over a period of time. During this last round of, I'll say, transactions with Westdome, the RTO with Sierra Madre, We ran a concurrent financing of $25 million, which is now closed. And I think the takeaway from this is about our cap structure. We have 100 million shares outstanding now, but only 23 million of those shares are free trading for the first 4 months. And after 4 months, the next 13 come on board. And after 6 months, some of the 63 million start to enter the marketplace at 15% every 6 months. So those 63 million shares today that are held by West Dome and held by Goldshore and Sierra Madre are not free trading. They are held in escrow for a period of time to allow the

30:59 subscription receipt holders who played in the financing back in February to allow them those shares to free trade initially. So I'm quite excited about this cap structure because it just brings in shares over different milestones and different periods of time. And it really does help the whole story at the end of the day. It allows for that floor to be raised. So the 65% shareholders, obviously, were trading over the past few days. And we saw our share price kind of run up a little bit on Friday and settle down a bit with the market yesterday and the day before. But you know, we're trading good volumes and those volumes now are going to raise that floor. So when new shares come in, we'll see again, they'll see that same kind of dynamic happen and again and again. So I really think this cap structure is it works to our advantage and works to the advantage of our shareholders.

32:02 So, I've talked a lot and I've updated everybody kind of as to where we are today. But again, this is a story that is not like very many others we tick a lot of boxes, jurisdictionally, size, stage of development. The group that we put around us who have been there and done this before many times, built many mines, rehabbed many mines and we're in Ontario and we have an extremely, extremely tight share structure with an attractive valuation of the blocks. So again, I'm excited for the long term, but I'm excited for our shareholders in the short term. So, Cam, I'm going to probably wrap it up up there.

32:48 I'm happy to take some questions and really appreciate everyone's time today. Great. Thanks, Brett. That was great. We do have some questions that have come in, but I will remind everyone in the audience right now that you can submit more questions using the Q&A tab on the right hand side of your screen. To begin with, Richard asks, acknowledging that you just listed on the TSX feed, do you have any plans for a US listing? The answer is kind of. We are going to make an application for OTC and allow it to be DTC so we can do so. The US can do electronic trading. So that's 1 positive. We are going to look to Frankfurt as well. We've already started trading on Tradegate over in Germany. So, we're gonna look to see if we can spread out the story and allow for trading platforms outside of just the venture exchange. So the answer is yes.

33:44 Great, thank you. Warren says, are there any concerns with First Nations in the area? Duty to consult has led to hurdles depending on which First Nations groups are involved. We have 4 host community First Nations. We actually have reached out to more than 4. There are no First Nations on our land package. There are some claims that some of the First Nations previously occupied the area or continue to do hunting. There's always a link, but there isn't a First Nations within 100 kilometers of Moss Lake. But we are still, you know, we are still, you know, consulting and engaging with them because we respect and want to be extremely inclusive with our host communities.

34:36 There are no actual communities that are fairly close to Moss Lake. These are kind of our historic nations communities. And I'm going to do everything we can to assist them in building capacity, running training programs, hiring people and continuing to support them in every way commercially possible. So I'm a very inclusive type person. I want them to feel like that they are a part of this process and they are a part of this project. And it's why I think it's very important we enter into agreements with them so we can put these things into paper.

35:25 Thank you for that. Richard has also asked, how many shares, what percentage are available for trading on the TSX-V as an example, the public float. As I mentioned in our cap structure, the public float today is only the $15 million sub receipts that were raised at 65 cents. So out of this 36,200, Only 23 million shares are trading today. Another 13 will come due in 4 months when the $10 million flow through shares are released. That's a natural hold. So today only 23 million shares are available. So we've traded almost 10 or 12% of our shares since we opened. And that's a good sign. But some of the other shares will start to come out of escrow in 6 months, 12 months, 18 months, 20 months, 24 months, 36 months, etc.

36:13 Awesome. We've also had some questions come in ahead of time. And the first one reads as such. How do you feel the opening went last Friday when you opened to trading? I was excited and we, you know, you can look it up on YouTube, but we, our team, we closed the markets yesterday and it was quite exciting to do that. We did it virtually, but it was quite exciting. I've done it a number of times in my career and it's always fun. But last Friday was kind of something special. We had overbooked, we had more interest in our fundraising than we actually had a paper available. So we were quite oversubscribed. So there was a lot of appetite entering into Friday. And I think as our share price performed extremely well, Some of those people took money off the table and I'm happy for them and that's great.

37:07 We pulled back a bit because normally you have that natural backdraft when you have a big run-up, you have a little bit of a backdraft. That was all natural. But I think it was mitigated from the standpoint that we don't have 100M shares out there today. We have 23M shares out there today and I think that's the important difference, getting back to the cap structure. Why we didn't pull back even further is because of our cap structure. I suspect we're going to see really strong volume and we're going to see just gradual progression. I think slow and steady wins the race and wins most races. So I'm not a crazy volatile guy to see this thing blow up to a buck 50. I wanna, sure, I wanna get to a buck 50, but I wanna do it in a well-balanced way so that it reduces volatility and continues to raise the floor of where the stock could pull back to.

38:01 Awesome, Thanks, Brett. What are the news drivers over the next 3, 6 and 9 months? Yeah, so I think, you know, if the long-term news drivers are obviously going to be drill results, I don't expect we're going to have any drill results until September. I'm just being completely transparent. If we get going in July, we get some assays turned around. Again, there are inherent delays today simply because of COVID, labs and restrictions that they have. People are going further afoot for labs. And let's face it, this market is as hot as it's been since I've seen it in a long, long time, and labs are full. And so people in Northern Ontario are going to South America to get assays done. Sounds crazy, but that's the reality of it. So I suspect that the normal 2-4 week turnaround on assays is going to be 4-8-12 weeks. But so the long-term generator of news is obviously going to be drilling and hopefully to start in September. And as we ramp up and get into kind of 2 rigs, 3 rigs, 456 rigs, et cetera, that news flow is going to be pretty prevalent.

39:10 Leading up to that, we're obviously going to put out updates on the V10 survey. I want everyone to know what I know and how excited we're going to be once we see these 3D maps and where the drill targets are. I think it's something we can describe in layman's terms and we can get out there in the market. But I also think there will be other updates along the way for GoldShore, just so people can stay tuned that we are progressing, we're doing everything we say we're doing in as short a time as possible. Speed to market is one of my number 1 mantras. And it is just absolutely critical that we do things as quickly, but as disciplined as possible, both financially disciplined and from a QA, QC standpoint.

39:59 So I think, you know, we're gonna see a little bit of flow over the next few months, but when we get into drilling, we're going to see a lot of news. Awesome. Thanks, Brett. What are the challenges and opportunities with the project? Well, The challenges are what a lot of people are challenged by today. And yes, this global pandemic has really, really made it difficult. Setting up capacity in Thunder Bay, it doesn't sound like a big deal. And we had to go out and buy a number of things for setting up a core shack and a camp and catering and safety equipment and all these things that core saws and all these things that kind of go with initial operation. You just don't go to Canadian Tire or Home Depot and go buy these things now because of the lockdown. So it's made things extremely difficult.

40:47 Pete is mobilized, he's living up in Thunder Bay now. And again, it was just very difficult to kind of get situated because of the pandemic. I think we're gonna grow out of that, that those challenges are going to get, you know, fewer and fewer as time goes on. Social distancing when we operate and operating with masks while we're re-logging, these things again, they do hamper some of the performance of the work, but it will get better with time. Normally we have capital challenges, who in the junior mining sector could raise money from 2015 to now? Well, over the last year, everybody can raise money. So Capital is not a challenge anymore, but demonstrating that you are the best return on capital in town is going to be the next challenge.

41:42 I think we are well positioned to do that. We have a historical resource. It's de-risked from that standpoint. I see that as an opportunity for us to, to be a leader, to be a peer group leader, not a peer group fourth quartile where we sit today. And, And there are tremendous geological opportunities with the project, as I have said, as you start to take a look at, you know, the land package and the size and degree of, you know, the under explored areas that we have here from Moss Lake all the way up to Iris. I'm excited about this. You know, this could be, you know, this could be something very, very special. There could be multiple operations on this land package. So our job is to delineate and define and demonstrate all of that. And that's what we're here for.

42:38 Great. Thanks, Brett. Another question that's come in ahead of time. I see that there was a historic Copper mine run by Miranda and then Xstrata on your property. Could you tell us about Copper opportunities that you might have? As I go back and look at it, I've been to the North Cold Stream mine. It's been fully decommissioned, but they ran it for some time. It's up in this area here. They ran it for about 12-years. They made a Copper-Gold concentrate. There is a lot of Copper and we're finding that some of the cores that we're looking at at East Cold Stream and North Cold Stream, we're seeing that there most likely is a high degree of Copper prevalence.

43:24 Now, after North Cold Stream was closed and decommissioned, there was some drilling done up in this area. They never assayed for Copper and I think there will be some samples that we'll have to send back out and get assayed for Copper. They probably did it because there was no real economic return for it because Copper was probably trading at $1,000, $2,000 or $2,500 at that time, or $3,000. There was just no impetus to do it. But Copper punching $10,000 now, that is very meaningful. We have mineralisation of 2 of the hottest commodities, both precious and base, in the marketplace today. So again, we're gonna use as many tools, as many kind of sources of information to best understand all this so we can really understand the potential.

44:16 And yeah, it may not just be in Gold, it may be in Copper as well. Are there any thoughts about expanding the project portfolio and looking for project number 2 or 3? There is, And this might sound premature, but I'm looking now. I need to start and feel the landscape out and see exactly what is out in this kind of target marketplace I'm focused on and Goldshore is focused on. That is Northern Ontario, Quebec, possibly other parts of Canada, possibly the US. And would we go down somewhere else? Would we go into a jurisdiction that may not be tier 1? I think, ask me that question in a year's time if we haven't found anything that fits this mantra, this ideology of being highly economic and highly geared and levered to the gold price. Like these big volume projects, the MPVs of these projects moved by 100, $150 million every time the gold price goes up 100 bucks. So you can imagine what happens if it goes up 500 bucks, these projects become tier 1 top quartile economic producers because of how big they are.

45:37 The original PEA from Moss Lake Gold Mines had 15,000t running through a plant a day. I see the scope and potential of this as being closer to, as those who I said had walked in our footsteps before, the detour lakes and the rainy rivers being north of 20,000t a day, because I think we'll end up hopefully having a resource that will support something like that. So in my head, that's kind of where I'm going with it. And that size of project also being heavily geared to the Gold price, will certainly deliver substantial economic benefits. Project number 2 needs to look and feel like that. That's what we are. We're an L to O company. We're not an A to Z company. So if I can find something in that jurisdiction, great. If I have to look outside of that jurisdiction, we'll talk about it at that time.

46:28 Fair enough. Chidi Masunda asks, Brent, thanks for the update. Exciting project. Have you looked at Saturn? It's the alternative to traditional assaying, which promises to be more real time. Yeah, I think actually Pete has looked at this and I would have to say we probably haven't explored it as we need to. He's been focused on other priorities, but as all of these things start to take shape and we need to look for as many alternatives as possible, then yeah, you know, naturally we're going to look at what is out there from a technology standpoint, from an assaying standpoint, you know, as long as it falls within the scope of a national instrument and the quality standards as set by the exchange, then we're willing to look at many things.

47:22 Awesome, Brett. Well, thank you. I think that's all the questions we have for today. So I'd like to thank everyone that's in attendance, as well as you, Brett, for the great presentation. To the audience, if you didn't get a chance to ask a question or if you think of 1 after the presentation is over, don't worry, we'll be sending out a short survey where you can leave your contact information and the Goldshore team will reach out to you directly. You can also find more information, of course, at GoldshoreResources.com. And Brett, I'll hand it back to you for the final word then. Great Cam, thanks. And everyone, I really appreciate the support and the time that you guys took today to hear the presentation and hear the update. I will be speaking to the market regularly to try and keep everybody along with me. I don't want people to get ahead of me. I don't want people to be left behind. I want everybody to kind of come on this journey with us and I look forward to it. So thank You