How Are Markets Behaving?

0:08 All right, as folks are filtering into the room quite quickly, I'll say good morning, good afternoon, or good evening, depending on where in the world you're signing in from. Very international audience today, So really appreciate you guys joining us. I'm joined of course today by Paul Morris, former broker and current director of investor relations for FirstMine and Gold. Paul, how are you today? I'm very well, how are you?

0:24 I'm good, I'm good. So here's how today's gonna work just for the folks in the room. I'm gonna grill Paul on a bunch of questions so we can get to the bottom of why markets are doing what they're doing. So, Paul, no pressure, but that's what I'm hoping. Shaking. Yeah, there you go. There you go. Be good grilling. But today is an interactive event. So please do ask questions during today's discussion. There's a chat button in the bottom right of your screen. You can use it at any point during today's presentation. If we don't get to your question, if it's off topic, et cetera, I'm obviously going to make sure Paul still gets it. And of course, you can contact Paul at any time. I'll throw his email address up into the chat during today's event. Yeah. And if anyone does contact me, I will get back to them. That is true, which is fairly unique in the industry, as I have no shade to your colleagues at other companies. But I will say this for the last piece of housekeeping, today's event is being recorded and will be available for replay. It should be in your inbox this afternoon. It'll also be on Six's YouTube channel, but we'll make sure it's on First Mining's channels as well. But enough out of me. I want to get into the protein of today's event. I know there's some folks in the room who probably don't know about you, Paul. So I'd love if you could just give us a bit of your background.

1:24 Yeah, absolutely. So, you know, I was a stockbroker in Toronto for many years. I worked with one of the big bank owned firms. And actually, we call them investment advisors, primarily up here as opposed to stockbrokers, which is I think used a bit more in the in the US. But it was while I was a stockbroker, I met Keith Neumeyer, who is the chairman and founder of First Mining. I got involved in a couple of his other companies that he founded. We co-founded First Quantum, which was a huge success. It's grown into

1:59 a very, very large copper producer. And then First Majestic. And I did very, very well for my clients. In fact, I think every client I had, except 1, had a position in First Majestic. So, yeah, it was tremendous. So naturally when Keith put together First Mining back in 2015, I became an investor, some of my clients became an investor, and then things changed a bit. The industry was changing, the firm I was with didn't really want me buying mining companies, you know, compliance and regulations were getting a bit too much, or maybe a bit too much for me. And so I left the brokerage industry and I was a few years off.

2:51 And then I approached Keith and I said, look, Keith, I'm an investor in first mining. Why don't you bring me on? Bring me on to let me talk about first mining. I'm an investor, I can speak with investors. I was a stockbroker, I know what investors are looking for, what's important to them and I'll cut a long story short because I can make short stories long, but to cut a long story short, he introduced me to Dan Wilton, the CEO. And after a little while of begging and pleading, Dan brought me on at the beginning of 2021.

3:31 And yeah, it's been great. I'm sure we'll get into some of my experience over the last couple of years. Yeah. And I know we're going to be talking about markets today and precious metal sector specifically. I'm sure you're gonna be relating some of it to First Mining Gold. So I'd love, before we get into some of that stuff, let's just give for the folks in the room a synopsis of First Mining. Absolutely. Yeah. So, you know, First Mining, we are a developer of gold projects in Canada, great jurisdictions And when he put the company together back in 2015 in the space of around, I think it was 15 months, he bought 8 different projects. Since that time, we have monetized or sold some of the monetized some of those projects, We sold some, brought in partners to help develop some of the smaller projects.

4:28 And what that did, firstly, it gave us some cash. In fact, I think probably over about $70 million, which we largely used to focus on our, to put towards our 2 flagship projects. Springpole and, sorry, I should let me step back a bit, these are both multi-million ounce projects with actually pretty robust economics as detailed in some economic studies that have been completed over the last couple of years. And yeah, great jurisdictions. So we have Springpole in northwestern Ontario. This is a project with I think it's 4.6 million ounces of measured and indicated, and then a couple of hundred thousand in inferred. This is a project capable of producing over 300,000 ounces of gold a year.

5:21 And when we did this pre-feasibility study back in 2001, all in sustaining costs, I think net of silver were less than $600. Now we've got inflation now, so those costs are going to be higher. But at that time, we assume for that study, that pre-feasibility study, we assumed a gold price of $1,600. Gold is more than double that right now. So I would imagine that the margins have either been maintained or are even greater. At $1,600 gold, and there's a reason I'm going through this, we'll get to a chart shortly or a slide, but the leverage is huge. So for every at $1,600 gold, the after tax net present value was just under $1 billion US and every $100 that gold moves up translates into another 150 million US.

6:21 So huge, huge leverage. Very excitingly, you know, this project is in the permitting process. But, you know, the latter stages. Back in 2022, we submitted a draft environmental assessment document to the regulators who came back to us with a slew of questions, I think probably 16 or 1700,

6:44 questions and comments. We took the answers to those questions and the comments and incorporated them into a final environmental assessment document that we submitted last November, current question and answer period going on right now. And I'm looking forward to a decision from the regulators. I find it difficult, I'll tell you one thing as a broker, when you try to give a specific date as to when something may happen. You can set yourself up a little bit for disappointment because there's always something, some sort of unexpected delay, something maybe completely unrelated to the project, But it's something that we are expecting, hopefully, in the very foreseeable future.

7:37 Du Parquet, this is a project in the very mining prolific Abitibi region of Quebec. Fantastic. It's mining, mining, mining. This is a project with 3.4 million ounces in the indicated category and about 2.6 million

7:57 in inferred. And Right now, we're drilling there. Management and our geology team feel there's potential to really expand this resource. Now, we did a preliminary economic assessment on this project towards the end of 2023. We used $1,800 gold. Actually, I should step back a bit. Also, this project that's able to produce over 200,000 ounces of gold a year at cost. Back then it was around $1,000 an ounce. So also good margins. But we assumed $1,800 gold. And with that, we came up with an after-tax net present value of $588 million. Great leverage also to the price of gold.

8:48 Every hundred dollars that gold moves up translates into another 100 million US. Yeah, that's it's the leverage is super after after tax net present value. Yeah, and that's, you know, that's it. So, you know, 2, 2 very large multi-million ounce projects in great jurisdictions. One is, you know, The Springpole project is one of the few projects right now of that size in the permitting process. And with the permitting process, we're collaborating obviously with the regulators and the surrounding communities.

9:35 Great. Yeah, absolutely. Hey, no, appreciate it. And for folks who have additional questions about FirstMining, obviously, we'll talk about it more throughout today's event, but obviously you can reach out to Paul at any time. But I know you were a broker. So my question to you is, what are the things that were important to you when you were looking at a mining company specifically before deciding to invest in it or recommend to your clients almost more importantly? Yeah. I mean, obviously you've got to feel very bullish, very optimistic about the commodity. You have to like the projects, obviously, that's really important. If it's an exploration company, you got to do your homework, feel, hey, does this look viable? If it's a development project, you've got to look at all the information. Have they done any economic studies? What stage in the Lassonde curve are the projects currently?

10:34 And yeah, so obviously, before you invest, you've got to like the commodity and the projects look on the surface to be, I shouldn't say on the surface, that's a pun. It's to tell the local. On the surface of where it is. Of the goods. I think obviously very importantly, management has to have a good track record. And, you know, we've got Keith, who I mentioned before, you know, tremendous, tremendous track record here with First Quantum and then First Majestic. Dan Wilson, the CEO, has been in the industry in corporate financing, banking for many years. He absolutely

11:12 knows what he's doing. And the rest of the team, they're very, very experienced. The other thing, why do we invest and this is me as a stockbroker, what used to drive me was I wanted to if I recommended an investment, whether it was a mutual fund, whether it was a stock to my clients, I wanted to make them money. In fact, if they had a certain expectation, I wanted to exceed, you know, I wanted them to get a return that actually exceeded that expectation. That's what drives me. So you have to feel that the project, oh, sorry, the company, the company shares have sufficient appreciation potential to meet your expectations.

12:01 And they've got to be sort of commensurate with the sort of risk. So one will expect a greater return, should expect or want a greater return for a riskier stock than if you're buying a blue chip, let's say insurance company or a bank. Actually, you know what?

12:24 Honestly, we invest because we want to make money. I think I sent you that slide on the re-rating potential. Yeah, yeah. Let me throw that up. Give me a second. If you don't mind. Yeah, no problem. There you go. So I hope everyone can see this. This is my favorite slide in the deck because it talks about the potential for the stock. And If we look towards the left side, we'll see that Springpole project net present value at $1.326 billion. And remember that's assuming $1,600 gold, which was used in the pre-feasibility study. If we go a little bit to the right, we see the DuParcay project net present value, assuming $1,800 gold. And that gives us a net present value of 588 million Canadian, and including some of our other interests, you know, cash interests and other projects, securities that we own, our total net asset value is around 2.13 billion or a dollar, sorry, you know, I'm squinting trying to see, it's a dollar 67 a share.

13:37 Now, we are trading, let me just look, I've got to my right, We're trading at 17 and a half cents Canadian right now. So we're trading at less than 0.1 times net asset value. As you can see of the short beige block where it says 0.17, we're trading at less than 0.1 times net asset value. Historically, a developer would trade between 0.4 and 0.6. If you look over to the last column on the right and the second last column, 0.4 to 0.6. So assuming a $1.67 net asset value per share, that number that's

14:19 in the gray box, our stock should be between 0.667 or 67 cents Canadian or a dollar a share. Well, we're currently trading at 17 and a half cents. So that in itself shows some very good appreciation potential. However, I mentioned, and this is, you know, there's method to my madness when I was talking about the leverage to the price of gold. Gold is no longer $1,600 or $1,800 as the numbers used in the pre-feasibility study for Springpole and the preliminary economic assessment for DuParcay. And by the way, I'm just going to add all that information is available in the corporate presentation on our website.

15:09 But if we were to assume even 3000 dollars of gold, I would I would hazard to guess that that $1.67 per share net asset value would, I think, conservatively be around $4 a share. So if we now apply the multiples of 0.4 to 0.6 times $4 a share, that gives a, I'm going to do my math now, that gives a potential price of between $1.60 and $2.40 a share. Well, you know, when the shares are trading at 17 and a half cents, that kind of seems, you know, does that seem realistic?

15:57 Well, absolutely. It can happen. And, you know, it does seem a bit silly right now. But I think there are certain reasons why the stock isn't or why they're not trading at those historical multiples. And we'll get into that. But the potential is huge. And you know, I speak to investors every single day. And I get asked constantly, Paul, do you think this could be a 10 bagger? Do you think this could be a 20 bagger? Absolutely. Now, I've always been an eternal optimist. But look, I'm an investor. I've been an investor for many, many years since 2015. I bought more shares over the last little while.

16:45 Actually, I don't mind saying a couple of hundred, probably over 300,000 shares more in the last couple of weeks. Obviously, you know, I believe in it. And I think I'm going, I think I'm speeding off a bit too, jumping ahead.

17:00 But anyway, look, lots of potential. So, going back to you asked the original question was, what do I look for? So obviously it's gotta be appreciation potential. So hopefully that slide just went over shows that there is some great, great potential. I think it's important that management has a good understanding of the capital markets. And I think in regard for investors, I mean, we work for the investors. And we're all on the same page. You know, I think everyone would love to see a much, much higher stock price, but we're all we're all invested. So so that's that. What else do we need? You've got to know that the company has sufficient financial resources and the ability to raise money when needed to meet your, to do the work you want to get done. You know, we actually got to tell you this, I'm sure you know, we just closed the financing. We had initially announced that we're going to raise $20 million.

18:05 Do you know we had demand? I think it was for almost $50 million, which in itself, yeah, that is a great sign, I think both for the company, And I think maybe the sector. Yeah, sure. Yeah. I'm not talking about the sector.

18:22 Oh, and I think probably the most important thing, I just mentioned that I bought some shares and I think it's absolutely crucial that someone who is a director of investor relations has their own money, money invested. But Keith Neumar in the last 40 days, and this is all inside of it's all an insider reports has bought I think, has a total of 4 million shares. In fact, he took 2 and a half million shares in the last financing. I think he has around 39 million shares, maybe just over. Dan Wilton just, I think, took 450,000 shares or 455,000, and other insiders and directors participated.

19:07 To me, that is that is so important. And, you know, obviously, It's such a good endorsement. Obviously, they believe in the future success of this of this company. I certainly wouldn't have put money and I wouldn't be working at the company if I didn't believe in the in the potential. Sure. It was always fun to see Keith buying in the open market over the last year. And if you'd post on the forums, I don't know why you guys are selling to me. I'll take it. Well, you know, honestly, look, I joined the company in 2021. What is the question that most comes up? Yeah, please. Yeah, Paul, gold has moved up and the stock hasn't moved. Why has the stock not moved? This is this is ridiculous.

19:59 And you know, I mean, it's simple. The sector has the gold, the precious metal sector has been out of favor since around 2012. It had a couple of short-lived blips. I think 1 in 2016, and I think, and very short-lived, and 1 in I think 2021. Yeah, something like that. And yeah, but gold has moved up. Why aren't people buying? You know why? Because they were more interested in the NVIDIA and the Teslas and the Amazons, Apple, all great companies, but that was where the money was going. Oh, and not to forget Bitcoin and other cryptos.

20:45 And I know, and I will say to investors, and I know Dan Wilton, our CEO, hears me say this all the time, but I think one of the most important catalysts for our stock is the sector coming back into favour. And while higher gold prices don't necessarily translate into an immediate improvement in the sector, the more it continues, the more likely that's going to become. And I have to tell you, I've been actually was particularly excited last week. Why? Because some of the companies, I think Kinross, Barrick, I think Agnico reported their earnings. Do you know at current gold prices, these companies are making phenomenal profits and huge free cash flow.

21:44 And one of the things is, and their shares, I'm sorry, their share price all hit 52 week highs. And I think that is really encouraging. You know, historically, when the sector comes back into favor, It starts off with the producers. They see their share prices run. Then it trickles down to companies like us, companies with projects under development. And then to the to the explorers. But I think the very fact that all these producers

22:23 have hit 52 52 week highs, I think that's going to help get that whole sector noticed a bit better. You know, we have We have a tremendous, tremendous shareholder base, very, very supportive. But a lot of these are gold investors. What we need now is a more sort of the generalist investor to say, you know what? Okay, I think it's, I just saw, look at all these gold stocks doing well, I think it's time to put a little bit of our portfolio into gold. And the other thing before I forget to mention, and I do go off on tangents for which I apologize, but all these producers, every ounce of gold that they produce means 1 less ounce of gold they have left in the ground.

23:17 And they're going to have to replenish those resources. And you know that because I don't think they're really doing exploration. So they've got to look really for the companies with development projects in their portfolio whose resources meet with

23:38 their requirements. So would a Barrett look at a company with a million ounces? Probably not. But I mentioned that Springpole has 4.6 million ounces in measured and indicated. We also have 70,000 hectares of land surrounding that. So I think that makes it more attractive too. And it's capable of producing 300,000 ounces of gold a year. So I think, you know, we've got some projects that could absolutely be ideal for some of these producers, whether it's that, you know, they want to form a joint venture, whether they want to buy them outright, become a strategic investor.

24:24 But, you know, we've got 2, you know, very, very attractive projects, I think, with just massive, massive potential.

24:32 Sure. I got the Scott in the chat just before you go on says he just bought 100,000 shares going for the ride. Good luck. So thanks, Scott. I hope I'm not, am I blushing? Let's see.

24:51 You know, so the other thing that investors have said, you know, come out with news and come up with some, you know, some very good news on DuParc. We've come up with attractive drill results, discovering new zones, because as I said earlier, this is a project with 3.4Moz in the indicated category, 2.6Moz in inferred for 6Moz. But we think there's a lot more gold there. And we've come out with news that supports that assertion. With Springpole, we're working diligently in the permitting process. We just signed an agreement with one of the communities, if I can pronounce it correctly, Mishka Gogoming. And, you know, after years of working with them to give them a really good understanding of the project and the benefits that the project can bring to the members of the community.

25:50 But people say, yeah, but you come out with good news, but the stock hasn't reacted. And once again, I go back to the sector. Well, for the news to be really impactful, we need the sector to be

26:09 back in favor, or at least the developer segment of the sector. Because I said, the producers' share prices have moved already, even though I think there's lots more room, but we need the sector to be in favor for that news to really have a positive impact. Now, when the sector comes back into favor, and I'm, obviously I've really, over the last little while, couple of months, I really am sensing an improvement in the sector. I'm with investors that I'm speaking to, they're also getting a lot more optimistic. To my right now, I'm going to look and I can see our stock is actually, it's moving up today, which is great to see.

26:57 But I think, I really think the potential is absolutely huge. Obviously, if I didn't think so, I wouldn't have bought more shares myself. But yeah, lots of good news. This is a company, you know, 2 great projects, great jurisdictions, management with a great track record that has tremendous skin in the game, robust economics. And sorry, and I started to talk about this and realized I didn't finish my thought, which is just typical of me. You know, we did this financing that we raised 20, we were going to raise 20 million, we had demand, I think it was just under 50 million. And we closed around 36 million.

27:45 So you know, we've got money to do

27:48 lots, lots more work. And that work, I'm going to talk about it because I did have some say, oh, but you issued more shares. And that's dilutive. And I loved listening to what was his name, Peter Moroney of Yamana, and then Keith always says this, and I completely agree that it's when you're issuing new shares, it's, it is dilutive. If you if you waste the money, you throw, yeah, I think the last time I spoke to Keith about it, He says, you throw the money out the window. But this is money going to advance these projects. And while that extra work that you do may not immediately be reflected in the stock price, When it does get reflected, and first, when the sector starts improving, and the investment community will recognize the fact that, oh, look at all this extra work they've done. But I think also,

28:43 if and when we get a strategic investor or someone wants, decides to form a joint venture, let's say on SpringPolar, buy it, the more work we do, the more attractive those projects come in the eyes of a potential suitor. And theoretically, the higher price we will be able to realize. Does that make sense? Yeah, I think so. No, absolutely. I know one thing, and this is from questions we get. So I just wanted to throw 1 out just so we can keep up with the chat as much as possible. Somebody asked just for timelines. I know we're going to get to those soon, but they'd love just a general update on what's up next for SpringPulse. If you don't mind jumping into that and then we'll get back to our regular schedule. Yeah. I mean, timelines always is, I've always found it tough on even when I was a stock broker. You know,

29:37 I would, other companies would say, yeah, Paul, we're expecting this contract in 3 months time, or, you know, the mining companies are expecting a decision in, in 2 months time. And there are often delays or unexpected things, sometimes completely out of your control, unrelated, sometimes completely unrelated to the project. So I always find it very difficult, you know, permitting decision. We're expecting that, I think it will be next year.

30:25 But I would love to say, I'm not even going to go and give a firm time. Let's just say I'm very optimistic that it's foreseeable future. And that's, that's really it. Once we get that, you know, that decision, we then have to get permits, Yes, things like construction permits, road permits, those are things you just get. I mean, assuming we get the approval. And yeah, and then Lots more, lots more work. And talking about, I'd love to get into some macro timelines too, if you don't mind, because I know we talked earlier about people putting money into Nvidia, into cryptocurrency, into a million things. When do you think we're going to see a rotation of generalist investor capital into precious metals?

31:16 When is that going to start to show up in the market? Well, I actually think it's going to happen soon. And it's just, it's, you know, just because my eyes, I'm glued to the screen during the day. If I'm chatting to investors or potential investors on the phone, I'm still looking at the screen. And I think gold's going higher. I really do. I think central banks are still buying. I could see rates coming down, which I think will be good for gold. I think weakening the US dollar will be good for gold. I think we'll see gold go higher. Now, oftentimes I have investors say, yeah, but, you know, we said that the stock would move and the sector would move when gold goes from 2000 to 2500 and nothing happened now, 2500 to 3000. But now I'm seeing things really starting to pick up. And I've got to go back to my experience from last week, just watching all these producers start to, start to, you know, hit record highs. They're making such record cashflow, record cash flows.

32:31 And I think this is gonna really start to attract people. Right now, we're still in the summer. I'm very much looking forward to seeing what happens when everyone's back at work, kids are back at school and so on. But I can see, I hope no one's going to hold me to this, but I can certainly see $3,500 gold before the end of the year. And I know there are people out there, I think it was at Citibank or whatever, thinks $4,000. JP Morgan. JP Morgan, I can't remember. $3,500, you're actually in the conservative group, I think, of most banks and analysts. Yeah, well, I'm trying to be trying to be conservative. And then, you know, just going back to that re-rating slide that I showed you before, you know, at $3,000 gold, and I said maybe, maybe the net asset value is 4 dollars a share. Well, at 4000 dollar gold, it's a it's a lot more. And I think that, you know, the sector, We've not had a mania in the sector for years and years and years.

33:35 And I could honestly see that happen where people just suddenly start rushing into gold. And, you know, it can change overnight. I've seen that happen not just with sectors, but with with individual stocks. And oftentimes investors will miss the first 30 percent, 50 percent of of an upturn. Sure. Sure. So did that. Yeah, I think so. I think so. One thing I wanted to ask just before, and I know there's questions that came in an email, there's lots in the chat. I do want to get to them before we jump today. But I'll end asking you just for my questions of what is keeping you up with excitement for the rest of this year and into 2026? Is it the macro stuff? Is it project stuff? What are you most excited about? I have to tell you it's a bit of everything because I really do believe that the sector is going to turn. And I think all other things being equal, all other things being equal, we come out with any more news, I think we see our stock react very positively.

34:33 We come out with more news, let's say, more news on the permitting front, decent drill results, discovery of more zones at DuParcay. And this is, we're drilling, we're doing I think 18 or 20,000 meters at DuParcay this year that, you know, we will have drill results coming out. This is really exciting me. But what, look, I'm an investor too. All I want to do is see a much higher stock price and I think it's going to happen. You know, lately, I've had a whole bunch of friends in Toronto who have invested. And, you know, I want them to make money. I want all the investors that I speak with regularly to be very happy investors. I think it's going to happen. But I will tell you, I understand absolutely why an investor, you know, gets, you know, why the patients might be wearing a little, little thing. And I completely understand.

35:39 You know, I've been in this for many, many years myself, but I think we're really getting, things seem to be really coming together. Sure. Awesome. I appreciate it. So look, I know there's a lot of questions that came in over email and a couple in chat. Let's get to a couple just before we jump today. I think we tackled a lot of them, to be fair. We got into timelines, we got into the financing. So a lot of stuff has been covered, but I'll try and jump around to some of the ones. So one came in on email. Somebody said, are you noticing an increase in M&A across the industry? And of course, only answer to best your abilities. Is first mining noticing an increase in M&A inquiries in recent times? You know what? Honestly, only because I don't have the slide up in front of me, but we have been actually over the last couple of years. But I think that is 1 indicator that the sector is going to pick up.

36:27 The more M&A activity that we see, I think the more alive the whole sector becomes. So we have seen some big acquisitions lately. But the other thing is now, look, as I mentioned earlier, the huge free cashflow that these big producers are gonna do, and they need to replenish their reserves. There aren't many big, massive new discoveries these days. I think they're going to have to, they've got so much cash and I think they're going to have to start deploying that cash. Could first mining be a beneficiary? We've got great projects that I think, I'm sure they all know the projects. Oh, that's in the ground. Yeah, absolutely. Somebody wrote in, and this is a tough one to answer because with the current political environment, stuff changes every day. But they asked, could tariffs play any kind of consequence as a possible negative outcome for Canadian gold miners? I think the gold tariff was just dropped yesterday, though it's impossible for me to keep up. I think that, Matt, noise.

37:30 Yeah, noise is my instinct, too. But I thought I'd ask because there are a couple of questions on that. Going into the chat, I'll try to tackle a couple of these for sure. So WCW Warren says, Bill C5 aims to boost economic competitiveness with streamlining major projects. How could this benefit first mining? If you want to in general speak to the Canadian allergies towards mining. Well, you know, look, you know, the, the, the, the one thing with development projects I get in the past, It's getting, if you want to build a mine, you got to go through the permitting process. And it was such a long process. So, you know, it's got to be sort of fast, fast tracked.

38:17 As far as, that's a tough one. Yeah, I'd like to apply it to first, to Springpole, but that's a project that we're well on the way to getting some sort of decision. And you know what, yeah, and Warren, obviously you're listening, I'll give you a ring after, because we can talk about this. I know we talked about the what's up next timeline wise for SpringPool, but there are a couple questions Diego from the channel used theirs. When is the resource update for Duke RK with ongoing exploration? Yeah, that's a good one. And we're continuing to drill. I'm not sure what I'm allowed to say. Obviously, we've got to do a lot, quite a bit more drilling before we can have those numbers.

39:16 Would I like to see, I would like to see something next year. I really don't know. But I'd love to see an update and I think that would be very bullish. Obviously if it grows, which I'm sure will for the company. Koff in the chat asks, how high is the value for gold versus silver within FirstMiningGold? What's the ratio in projects? Oh gosh. I don't have it in front of me. We can get back to you. I'll pass you that question. You know what I have to tell you? It's, yeah, no, it's the vast majority. Yeah. I'll send it to you. We can get some math. I think it's like 24 million ounces of silver, but I haven't done the calculation. Yeah, that sounds right.

40:07 John from the chat asks, what's it going to take for FirstMoney to get more analyst coverage? How do you get more discussed within the analyst community? Listen, all I can tell you is that we're working on it and I'm very optimistic. We yeah, that's, you know, Hayward's analyst, gosh, I think it was back in March initiated coverage on us. But back then, I think that his target price was 65 cents. That was based on stuff back then. Keep in mind that those target prices And I always used to have to mention this to my clients when I was a broker, those are not static target price. As things improve, or even as gold moves up, maybe they modify their model as we come out with news that if material enough, that the analysts will then modify the target price. And even for myself, I've got certain aspirations where I'd like to see the stock.

41:17 But even that, as we progress, I could say today, oh, I'd like to see $1.50 a share and I'd be happy. But as we continue working, we've come out with more good news. Let's say great results out of DuParcay or making lots of progress at Springpole. I can then re-evaluate those aspirations. Say, well, $1.50. No, I think I'm selling myself short a bit there. I think this thing can go to 2. And I did this, by the way, with my clients who own First Majestic, which I was buying at around a dollar Canadian. I thought to myself, you know what, this would be great if I can get a double. And then Keith was making more acquisitions and the silver production was growing.

42:07 And the stock was now at a buck, let's say a buck 50, buck 60. And I go, $2? No, I think this thing can go to 3. And then it went higher. And there was more news. And yet a lot of my clients sold some or all of their positions back in 2011 over 20, which was way beyond my initial expectations, but I kept reevaluating my... Yeah, it's those those numbers really aren't static. Every day's news can affect where your target is. Now, I got one question from the chat from Wittenfam where I'm sure the answer is it's complicated, but I want to have a discussion about it anyway. It's complicated. We can go to the spoiler there. I would ask, relating to M&A, how does a buyout price relate to NAV and market cap? So what's the relationship between buyout prices typically in mining companies between their net asset value and their market cap? You know, I have to be honest.

43:03 I was never in sort of M&A stuff and that would probably be a much better question for our CEO, Dan Wilton. I mean, I talked before about a developer would trade between 0.4 to 0.6 times NAD, but I would say in a buyout, it could be higher than that and the closer you get to production. Sure. It's going to, yeah. And whoever asked, by all means, you know, if they want to reach out to me, you know, I can always come back to them with a more definitive answer. Absolutely. That's the beauty of the platform is we can get back to you with any questions that we don't get to. But I will say, Paul, this is a great discussion.

43:54 I appreciate your insights on the market and also how first mining relates to it. Because I think that's a useful example point as we kind of discuss this and go through it. And everybody in the chat, thanks for your questions. Like I said, anything that we got to or couldn't give a firm answer to, I will be giving your question to Paul and he's actually going to get back to you, which I can say with confidence, which I can't say of most people that are in the industry. Yeah, absolutely. And please, anyone, well, you'll probably hear from me anyway, because I normally like to send an email to everyone who's registered and attended with a link to the replay. But by all means, feel free to send me a question. I'm happy to arrange a call either on the phone or a Zoom call, but you can reach me at Paul, P-A-U-L. I have to spell it because my English accent people say Paul. What's that Paul? At firstmininggold.com.

44:46 I've just put it in the chat too so everybody can take it. Oh, okay, thank you. Perfect. So, Paul, thank you so much. I know there are a lot of you in the room. Thanks so much for joining us today, for asking questions, for keeping the chat lively. I appreciate it very much and you'll get the replay in your inbox probably within a couple hours. So thank you so much for joining us. And Paul, have a wonderful end of your Tuesday. Thank you very much. You too. Thanks for having me. Bye-bye.