KORE Mining Provides a Corporate Update

0:08 Hi, my name is Bianca Peschola. I'm the CEO of 6 and welcome to Core Mining's Live Investor Summit. We will begin with a pre-recorded presentation and then Core Mining CEO Scott Treblecock will answer your questions live. You can submit your questions in the Q&A panel on the right-hand side of your screen. Now without further ado, let's begin the presentation. Hey, good morning and good afternoon. Thank you for taking some time to spend with Core Mining. I'd like to take you through an update on our recent activities and talk a little bit about some of the milestones we've achieved and what we have coming up at core mining in the next couple of months. It's been a really exciting time for the company this year, and it's really exciting to be a gold company in this market.

0:56 I will be making some forward looking statements. I do always encourage any interested or current investors to read our full disclosures available at CDAR and on our website in order to fully understand the risk of investing in an equity like core mining. I'd like to start just as always giving a brief introduction to the company and talking about how we're trying to generate value per share and value for our shareholders. A primary value in the company is the preliminary economic assessment for our Imperial project in California. We delivered a great PAM, the project earlier this year led by Mark LeDuc, our Chief Operating Officer. And this has led to an increase in

1:36 profile of the company. We've seen a couple analysts come out covering the company. We've got PI and Cormark out. We're on a couple other watch lists at Echelon and Laurentian Bank. And we're super excited about some of the traction we're getting. But I encourage shareholders to always look at fundamental value. And when you look at the valuation of Core today, Despite the share price appreciation over the last couple of months, which we're really happy to see, the company still trades very cheap compared to our peers. If you just look at the very simple NPV 5% at 1450 gold for ourselves and several of our peers that also have development projects in the United States. You look, their average is 0.6 time and Core is still trading at a 0.3 times now. So we've still got a lot of work to do to demonstrate that we are an average or above average company. I think with our portfolio, our growth potential, we should be trading on the high side of peers because we have the potential to significantly grow like some of these other higher valued stories. So we got a lot of room to run in core equity.

2:46 If you look at the other assets in the company, we have a total of 2.5 million ounces of measured and indicated and 2.4 million ounces of inferred resources. That gives us a large resource base of ounces in the ground. This is what has attracted Eric Sprott as our major shareholder. And when you look at our valuation of Core, Core is currently trading at about 25 dollars per ounce in the ground. And if you look at a basket of peers, you know, that being B.C. In the United States, they're trading closer to 100 dollars per ounce and in some cases up to multi hundred dollar per ounce in the ground. So that just shows you we can still generate a lot of value from the valuation point we're at today. And we'll look in a few secs what we're doing on the ground to demonstrate value and get more value for those assets.

3:33 We recently attracted a $7.5 million investment from Eric Sprott. Once both tranches of that investment are closed, he'll be a 26 percent shareholder of the company. I mentioned we've seen the great analyst coverage coming out behind the company. Currently, as of this presentation, somewhere around 130 million market cap. And as I showed in the last couple of slides, a lot of valuation to deliver from our base of assets. So great time to invest in core mining. Now, give a brief update on our Imperial project. Imperial is the project in Southern California that's subject to the preliminary economic assessment. Imperial is a great looking project. It stands tall against other gold projects that are in single asset, Canadian listed companies, the likes of Liberty and Gold Standard, Integra, Corvus, Midas.

4:25 These are all companies trying to develop projects in Idaho and Nevada. And our Imperial project stands tall right next to those projects. I think one of the differentiators though is Core does not have a strategic mining investor on the balance sheet. That's something certainly we're taking inbounds on. And you also look at the valuation point Core still, as I said earlier, trades very cheaply compared to these other stories, which are all multi hundred million dollar market caps. So we'd like to be considered as strong in this peer group and we're gonna continue to de-risk our assets to show that we deserve those types of valuations as well. A couple months ago, Equinox Gold, which owns the Mesquite mine just down the road from Imperial, put out an update, a new technical report on their mine. I'd like to give a little update on that and how it relates to Imperial.

5:13 If you look at the claim map just here on the right side, you can see our Imperial projects in the middle of a historic gold trend that includes the Picacho mine on the east and the Mesquite mine, which is still operating on the west. Mesquite mine produced about 126,000 ounces last year, guidance 125,000 ounces this year 2020. But most importantly, it is in Imperial County, which is the same county in California where we're working to permit our Imperial project. Mesquite over its 25 year operating history since it was built in 1985 has an incredible strong environmental and social record in the county, and it is a very respected in high paying employer in Imperial County. And I think one of the, one of the changes that came out in that recent technical report by Equinox was that, you know, Mesquite is going to be at least in their current mine plan, reducing their mining rate in 2022, which will put some pressure on their labor force coming up. And I think that is a big issue in Imperial County where this mine again is a long history of funding that, you know, families that have built their, you know, economic futures off the mining business in Imperial County.

6:25 So, bridging into our project, you know, we are proposing the next mine in the history of gold mining in Imperial County. That would be our Imperial project. You know, with the potential closer of Mesquite in coming years, that puts pressure on the politicians in California and in Imperial County to look for economic development. And we think we've got a great project to add value to the county and it is that political support we believe we can garner to help us move through the permitting process in a timely way for this project. You know Imperial County already faces 15 unemployment and there's going to be pressure on the employment numbers, you know, through and post COVID. And we think all of these things sort of line up to create a perfect storm for permitting a new project in this jurisdiction.

7:10 So we're really excited about what we're seeing on the ground to get support for our project. We also think there's some other good characteristics right now. California has been in the recent years permitting other mines with Solidad, Castle Mountain and Sutter all getting permits to proceed. We're fully complying with very strict both labor, environmental and reclamation laws in California. We think that, you know, it gives us great defense against, you know, potential NGOs that typically challenge mining projects. So with that local support, we believe we've got a nice shot at permitting. And I'm happy to say that the team on the ground at Imperial is growing. We're opening an office here in the coming months. We've hired several full-time employees to support the plan of operations, which is planned to be submitted later in 2020 to kick off our formal permitting process for the Imperial Mine. We're also continuing to de-risk the infrastructure.

8:04 We've had consultants on the ground, even in the face of COVID, because you're able to go out in remote jurisdictions and work safely to open up and check our water wells. We're continuing to pursue and de-risk the infrastructure that generally as a result of having Mesquite nearby is great for the Imperial project and gives us a very clear path to development on the project. In parallel with that, for those that follow CORE, We've got a great exploration story emerging around Imperial. We've spent a bunch of time in the end of last year developing drill targets in the west part of our claim block, labelled as current focus. If you recall, we put out a news release a few months ago announcing that we'd been able to trace the fault that controls the imperial mineralization up towards Mesquite.

8:54 And we're in right now with a soils team honing some of those targets, following up with a geophysics team that's also mobilizing to infill some of that structure to try and hone our targets. We've also submitted a plan of operations to the Bureau of Land Management to support a large amount of drill pads so we can get in there and hit some of these targets later in the year. And we can't wait to get the drills out there once drill season opens up in the fall and early winter and start hitting some of our amazing targets out here on the Imperial Regional Exploration. Moving now into the exploration portfolio of the company, just give a brief update on FG Gold. We put out a news release yesterday and about 6 weeks ago announcing the first 8 holes from a program we started earlier this year.

9:43 The drill is turning and has currently completed 3 new holes with the assays pending. I, myself and the chairman of the company are heading up to the project next week, or maybe by the time this is published this week, to visit that project and get a briefing on what we're seeing coming out of the ground. Why we're excited about FG Gold is it is a district scale opportunity in the Caribou region of British Columbia. It's low elevation, road accessible, easy shallow drilling. And that historic shallow drilling has left a lot of opportunity on the table. This diagram shows how only a little chip of the host rock has been currently explored with the drilling to date. And we're going in and trying to open up the entire 20 kilometer trend to drilling.

10:30 If you look at the map over on the right side, you can see that horseshoe shape, which is the syncline of host rock coming to the surface. We've currently got a soils team up on the southwest limb, the south zone and the cusp zone, trying to define and map where that rock comes to surface and look for anomalies that we can drill later in the year. While in parallel to that, the drill is currently turning on the existing main zone opportunity, which you've seen the drill results come out in the last couple of news releases. We've seen some great hits. We drilled 32 meters of 3 grams, only 22 meters below the surface. We've hit some of the highest-grade intercepts, even with all of the past drilling, because of the scientific techniques we're using. We're using wide-diameter core. We're doing something called metallic screens to properly assay the coarse nature of the gold in this deposit. And I think we're really excited about the potential to upgrade that historic resource and make new discoveries, both down plunge in the untested upper zone and in the newly discovered lower zone where we're seeing mineralization outside of the historically known mineralized envelope.

11:36 So lots of exciting things happening in FG. We can't forget that we do also have the Long Valley project. In Long Valley, we're currently permitting a drill program to step out and drill more oxides to grow this great resource. We're considering options for economic assessment of this deposit because it probably is enough mineralization already to support an economic assessment. But what we're currently permitting the drilling to go test the step outs and the oxides and the potential for sulfides underneath. So, you know, keep your eyes peeled for a third project in core coming to the fore later in 2020. When you wrap all that back around, The recent $7.5 million investment by Eric Sprott has fully funded us for our aggressive exploration and development programs in 2020.

12:24 And these programs are designed to deliver a continuous stream of drilling and news flow into the market to support our increasing the awareness of Core as an equity investment. In parallel to that, we're submitting the plan of operations to start in permitting our flagship Imperial project. We've got lots of different shots here to hit some great holes and generate real excitement and value for our shareholders. And I think expect a lot of news flow from Core for the balance of 2020. We're super excited. And I'm going to turn it over to Q&A period to hear from investors and shareholders about what they think about and what they want or interest in Yearbook Core. All right. We are back and we are back live with Scott Treblecock.

13:16 Scott, can you hear me? Hi, can you hear me, Bianca? How about me? Yeah, you sound great. Great. Awesome. So at this point we're going to be taking questions. As a reminder, you can submit your questions in the Q&A column on the right hand side of your screen and we will get to them together. To kick things off though, COVID continues to grow in California. I'm curious, has this impacted your operations at Imperial or at Long Valley? Yeah, great question, Bianca. We continue obviously to watch developments in the US carefully. I'm actually coming to you live. The live Scott is actually in Williams Lake, British Columbia up here doing a tour of our Gold Creek and Fraser Gold drilling program. So it's been awesome. Down in California at Imperial, we've had good fortunes in the face of COVID so far in that we've been able to use a lot of the technologies every company is using to communicate with the bureaucracy, which We've been pleased to see that the bureaucracy that it will be receiving our plan of operations to start permitting has been receptive to meeting on Zoom and going back and forth on using technology as opposed to having to go into their office. So that's been good.

14:30 We've also been able to do a lot of engagement on the ground. We've been meeting lots of politicians and local organizations and local stakeholders

14:39 in Imperial County because that's the most important thing to do ahead of permitting the project. We've been able to get consultants and contractors on the ground. You know, that said, things have been slower. We do need some face-to-face engagement with stakeholders in the coming months. So obviously we're monitoring to see how things go. Our chief operating officer, Mark LeDuc, is based in California. So, you know, he's been actually to site within the last month. Over at Long Valley, perhaps a little bit of impact for the first time we've seen the bureaucracy in the Forest Service move very slowly in COVID. They've don't seem to function as well all remotely, not in their offices. And we've not seen a lot of traction on permitting our drilling up there. That said, we're working with them to use independent contractors both in the field and help them move forward. So I think we're optimistic that as things go, keep going the way we're going, we'll be able to generally stick to our plans.

15:39 Excellent. Eric Sprott owns 26 percent of Core through several rounds of financing. Tell us, what do you think Eric sees in core and what should we be also seeing?

15:53 Yeah, it's a great question. We're developing a better and better dialogue with Eric and talking to him about strategy. The company, obviously, he made a commitment to us that he wanted to get to a significant stake in the company. Now it's 26% of the company, and he's got a control position, as they call it, in securities. So it's a very significant thing. And we're happy to be collaborating with Eric on a lot of fronts. I don't want to speak for him necessarily. He obviously thinks he's going to make a lot of money investing in Core. One way or another, I think specifically, he really likes ounces in the ground. He thinks that as we move into, we're still in the, what do you want to call it? The first inning of a 9 inning gold bull market here.

16:39 And he expects to see continued high returns from be investing in a lot of different names early in that cycle. And hopefully Core will be an important one of those. I think he wants to see us grow the resources in the ground. He wants to see drilling and geologic de-risking of projects but I think all shareholders want to see that. So I think There's an alignment that Core just needs to get out there, deploy capital, do work, generate excitement about the name. And that's how you get value for ounces. And as the market matures, you know, maybe there'll be monetization events. Maybe the company gets taken out. You know, that's all possible for crystallizing value in a gold cycle.

17:20 Absolutely. Since your webinar a few months ago, you've raised some capital and you've accelerated some warrants. How long will your treasury last at core and how will it be deployed across your portfolio of projects? That's a great question. We just had a board meeting last Friday. I am actually out here in the field with our head of exploration, chairman and second largest shareholder, Jim Hines, to answer just those questions. Now, I'll refer shareholders back to the, you know, I'm quite proud that we have put up the same work plan slide, subject to a few things just moving a little bit, you know, over the last almost year of the company. And I'm proud to say we're just going to stick to the plan. We raised some flow through, so we're going to be drilling at FG Gold. I think we'll get probably somewhere between 12 and 15 additional holes into that project.

18:13 Most of those are going to be step-out and exploration holes, So we're trying to show that there's a lot of growth in addition to the resource upgrade there. So you should see that coming out in a little bit. We'll probably do a little bit of work at Gold Creek for our plan later in the year. We've obviously got to fully fund the permitting at Imperial

18:34 and subject to getting permits, you know, do some drilling at regional exploration at Imperial or Long Valley. So we're going to stick to the plan. We've got plenty of financing to fund that plan all through what's been published so far, which is 2020 and well into 2021. So I think we're in a great position to deliver a good, strong string of news flow. Speaking about Imperial, Andrew Serafini wants to know, please comment on how long you expect the permitting to take at Imperial. Yeah, correct. We've got some other presentations on our website and if you want to reach out to our IR group, we can, you know, point you to those on our website. But We're expecting from, you know, the key event that starts the formal process of permitting is submitting the plan of operations.

19:23 And our team down in the United States and in California is currently putting together that plan. We expect, you know, even in the face of COVID, to be submitting that to the Bureau of Land Management, the federal agency later this year. That will then start the EIS and public review process. We expect that will result, if it goes well, in a record of decision from the BLM in about 2 years. We would then expect another year to get our local permits. You have to go to other agencies, the water board in Imperial County, and the other things to actually then make a construction decision on the project. So all told, we'd expect to be 3 years from

19:59 submission of the plan of operations later this year to a ability to make a construction decision to start building the mine. Excellent. Question here from Stuart Joinson. He says, can you please comment on any political risk in California? And then he had a question about the permitting in Imperial. So perhaps just sticking to the political risk that you see in California. Yeah, well, you know, I mean, I guess that I guess that's almost asking a general question about political risk in the United States. Maybe he's referring specifically to the election. So, you know, the upcoming election in November, you know, a continued Republican administration would just mean status quo, right? So we are dealing with a bureaucracy. There is a well-defined legal process for permitting projects in the United

20:50 States, California included, and that process will be more stable with a continued Republican administration, with a perhaps Democratic change. There could be changes at the Department of Interior, which is the head department that actually, you know, where the BLM reports in the hierarchy. However, you know, particularly in the face of COVID, I don't see even a democratic leadership taking bold steps to quell economic development in the United States. You know, CORE is putting forward a project that is complying with some of the highest standards on the planet for reclamation, for environmental management, and we believe we have a very strong support of local communities. So I'm not sure what politician is going to fight a local community who wants to build a very responsible environmental project that actually could be used as a flagship for out of mine across the United States. So I don't, I think we're in a, we're in good shape. You know, the other political risk, and this is for anything you do in the United States, from building a solar farm and a shopping mall to a mine, has got to be, is, you know, NGO activities. NGOs have, you know, various purposes, you know, and various interests, and they can challenge projects, and they challenge, at some level, almost everything, Solar farms and wind farms and everything included.

22:06 And the best way to work through the process, the process is designed to listen to those people and make decisions rationally, is to have strong local support and to

22:15 stick to high standards. And I think we've got those things. So, you know, I don't see any of those groups getting a lot of traction in this case. So I think we've got to, I think we've politically, the United States is stable. It's a great jurisdiction. There is a legal process we're following. We're obeying all the laws. And I think there's a, there's a nice clear path and logic why there should be a clear path to developing this project. Very good. A question from John Christensen. He says, is 1 gram per tonne a good level of gold, I guess, at FGP Gold?

22:47 Yeah, and, you know, short answer to that question is, at current Gold prices, yeah, you could build a mine on a gram per ton, probably in the way that this deposit is configured. But you know, 0.8 grams where the deposit is current. So the current resource at FG Gold, there's 0.8 grams per ton. We are currently drilling the deposit because we believe that because of the style and technology used in the past work, They did a lot of RC drilling. They didn't do what's called, they didn't do metallic screens. They use fire assays. And the gold in this deposit is very coarse. So in order to properly define the grade and the ounces in the ground there, we're kind of redoing the work in the upper zone of the deposit with the current drilling to show statistically that we can upgrade that resource to something significantly higher. And I'd like to think we can get significantly higher than a grand per 10.

23:40 James Carl asks, he's saying, if all the plans for Imperial come together and Imperial permitting is finalized, during what year does Core expect to be actively pulling gold out of the ground?

23:53 Yes, yep, a similar question. So we'd expect a three-year permitting timeline for this project in order to make a construction decision, that'd be a fully financed core, actually breaking ground on the project. There'd then be a 8 to 12-month construction period where in the early days of that, you'd start stacking ore on the pad and you'd expect to see actual cash flow from gold sales somewhere in month 12 or 14. So we'd be 4 years from revenue in Core. But I think I want to point out to a shareholder, that's not to say that you can't deliver value on a per share basis much earlier than that inside the company. Core is a portfolio company.

24:38 We're looking to make new discoveries around Imperial to de-risk that project. And at 120 million Canadian market cap, that's like, what, 130 million, that's like $100 million US dollars.

24:51 The value creation from that permitting juiced up by the exploration is very significant. And we don't expect to see a four-year wait to generate shareholder value. Very good. Second question here from John Christensen. He asks, have you considered EnviroLeach to help with permitting since they do not use harmful chemicals and is FDA approved rather than mercury cyanide etc. Might get permitted sooner and without the extra fees? Yeah, actually that's a good question. I can't answer that. I'll actually put that question to Mark LeDuc, our Chief Operating Officer. Our PEA contemplated the use of cyanide, which is the most common reagent. It's the reagent being used, you know, 9 miles away down the road at Mesquite. So it's known to work well and de-risk the metallurgy, but that's certainly something we could look at as we, you know, continue to do our own metallurgical program heading into a feasibility study and ultimate financing of the project. So I'll

25:52 absolutely take that back to our chief operating officer. Ted Clarkson of BMO is asking generally, what is permitting like in BC? In British Columbia? Yeah, I mean, you know, I think you know, everybody always has, you know, very specific questions about permitting, you know, is it California? Is it BC?

26:15 It really comes down to in, you know, subject to being in a, I don't know, a third world nation where there's not rule of law or something dramatically different, but in countries like Australia, Canada, the United States, where there is a legal process, it is very much about the local conditions. So In our specific case at the FG Gold project and our GC Gold project, we are on low elevation. We're in the Caribou region of BC, which has got a long history of mining. We're about 20km from 2 large porphyry Copper mines, the Mount Polly mine and the Gibraltar mine. Up in the just to the north of us on trend is a Cisco's Barkerville and Caribou Gold Camp, which has mining, which basically BC was built off of lumber and the Caribou Gold Rush in the 1870s. So, this is an area with long history of mining. The locals, I've just spent, a little fly bitten from being out in the bush with the locals that are working our drill program, running our infrastructure on the project.

27:22 And I think it is a place in British Columbia where you can get support for mining and therefore the regulatory and legal process supports your ability to permit things in a reasonable timeframe in BC.

27:35 But like all jurisdictions in the world, mining takes time. Right now, core is the exploration stage. We're super excited about the ability to grow the ounces in the ground and put forward a real project. And if we get to that point of permitting, that just shows we've created a ton more value and we're gonna be super excited to move it into permitting or move the project onto someone else who's better equipped to build projects in Canada. A question here from Rob Rubley. He says, the PA in Imperial County, what gold price was used?

28:10 For the PA in Imperial County, we used a $1,450 flat long-term gold price. That generated the $343 million NPV and the 44% internal rate of return on invested capital. I think that's a reasonable Gold price if you think that you'll be making a construction decision of this project a couple of years down the track, you know, large companies and those that I know are already using $1300 to $1400 gold for their long-term planning. So if CORE gets acquired or CORE builds this project, I think it's going to be done at a price probably even higher than what we used in the PEA. Queena Chu wants to know, do you have a plan in place for capital raising beyond 2020 that does not include private placements? Yeah.

29:05 No, I guess the answer to that is no. I mean, private placements are a standard way of issuing equity in Canadian companies. We're well financed to deliver all our objectives for the foreseeable future, probably for up to up to 12 months. So we don't have and we haven't contemplated what our next financing is going to be or what the structure is going to look like.

29:32 You know, so we're not going to take private placements off the table. It is a normal way to issue up to 20% of your stock, even if that stock is more widely distributed from say a strategic investor, you know, like Eric or other strategic investor, Macquarie Bank. So no, we don't have any future financing plans right now. Florian Champion asks, what will be the number of ounces produced during the first years of Imperial?

30:01 Yeah, I think the Imperial project is a fairly evenly graded deposit, so there's no real change. It'll produce about 150,000 ounces a year, pretty much for its entire life. It's a very flat production profile. So in that way, it's actually very positive. I have 2 questions here from Milton Andres Bernal. First question from him is, are you planning to complete further economic studies like a PFS or BFS to incorporate potential future ounces that are found in and around the deposit at Imperial?

30:39 Yeah, yeah, that's a great question. And I think the exact answer to that question is kind of baked in there, it depends. You know, If we step out, which there is the potential from the current mineralization and discover a new pot of mineralization, chase it along strike, we very well may do either an updated PEA or, depending if we're infilling at that point, to move into a PFS to demonstrate the value for that discovery. In our current plans, we don't see the need to do a PFS from a technical perspective. We will probably just do a feasibility study in order to attract the financing to construct the mine. And we don't need to even start that till in the permitting, you know, late next year, early the following year.

31:26 So I get it depends. I'd love to be able to do more studies in this because That means we've made some discoveries in the regional exploration. Second question here from Milton. He says, is there further room to optimize the economics at Imperial in terms of recoveries, OPEX, CAPEX?

31:46 No, I'd be absolutely frank. I don't think so. The great thing about this project is it's very well-defined. Glamis did a lot of technical work on this project back in the 90s. They took the project all the way through feasibility study. They believed at the time they had a real project. You know, we've got the benefit of that work. We've got infrastructure, we've got a mine right down the road that mines at a similar rate, we know exactly what the costs are going to be. The metallurgy is very simple. So there's not actually a lot of levers to pull, nor we believe significant risks in the cost estimates to dramatically change them. It is what it is. And that's great because we've got a very strong business case and economic return to take this project into production.

32:31 And then from here, it can only get better with the drill bit. So getting out there and hitting those exploration holes later this year is top priority in parallel with starting the permitting process. Another question from Millie. They say, you've described 3 separate projects. Do you plan to be the operator of these eventual mines or would you sell off a project to fund mine building instead of doing capital raises and share dilution? Yeah, great question. That comes to the fundamental strategy of the company ultimately. For the Imperial project, because it is right on the verge of moving into development, and as you go through the permitting process, you obviously need to bring the skills and make sure you've got the infrastructure in place to actually build the mine. So for Imperial, we are doing everything on the ground right now with our Chief Operating Officer, Mark LeDuc, who's done it before, to build a company that can construct that mine.

33:32 As far as what happens corporately to core, as we go forward, the company is practical to adding shareholder value. We as management are large shareholders in the company. And if there are opportunities down the track to monetize assets, to bring in capital, fund the rest of the portfolio. If the whole company is bought out by a great developer and they're going to look after all of our stakeholders in the ground in our projects and advance them and build them and deliver shareholder value, we're open to those transactions. So going down the track, I guess the short answer is we are practical about delivering shareholder value, but we need to do it right on the ground and make sure that if we can make it through the cycle and end up building Imperial, that we do it right and have the skills in-house to do it.

34:23 Fair enough. Hugo asks, do you have any other minerals in your projects?

34:31 Yeah, that's a good question. We only talk about Gold. We don't have any base metals. Core is purely a precious metal company. There has never been Silver tested for at Long Valley and there is silver associated with the gold and that mineralization, it has just not been quantified. And that is something we will start doing when we get in there and doing our own drilling. So there probably will be some silver emerging in the portfolio, but core is right now effectively a 100% gold cutting. We've had a question here from James Wood around how many fully diluted shares are there after all current findings have been completed. And I know that I think this answer is on the capital structure slide that you had presented.

35:21 Yeah. Any further light you can shed on that? No, I don't want to get the number wrong because I did just put up Something around, what is it, 105 million?

35:33 117.3 is. That's fully diluted. I think the simple diluted, the top number is 105 million, I guess. Something like that. But yeah, so after Eric's financing fully delivered, there'll be 117 million shares out. Perfect. Short answer. Fair enough. Fair enough. Switching gears here a little bit, Let's take a look at the FG Gold project. So you've upsized your drill program at FG Gold this year. Why did you do that and what has you so excited about what you're finding at FG Gold? Yeah, I'm actually coming from you live in Williams Lake from the glorious Best Western, where I actually toured FG Gold yesterday. I was up at the drills, watching the latest core come out of the ground, and obviously spent a lot of time talking both with the team and the on-the-ground geologists.

36:32 I think what's exciting about FG is the fact that you have what's called an orogenic Gold system, which represents some of the largest Gold deposits in the world are orogenic. You've got a huge untested rock group associated because this rock group we call this knotted fill light it's a sedimentary rock unit that hosts the current million ounces. However, that rock has only been tested average 93 meters from surface and That rock continues at depth for hundreds of metres. It continues on strike on the surface. We can trace the signs of it for almost 20km. That has never been explored. It's scale. When we come back, we talk about districts and things like that. What we're really trying to say is that 100% owned and contained in core, there is the potential for a very, very large Gold system on this project.

37:28 We're in the early innings of drilling it. The first step is to show that there are better grades in the current mineralization to show that there's reason to chase economics in this mineralizing system. And then from there it's about stepping out on strike and at depth and showing that it can get bigger and we can generate that scale. And I think it's that scale that gives us the real excitement. So, you know, the drill should be cranking out another 12 to 15 holes between now and the end of October. That's the current plan for the drill horizon. And we'll see where we're at from there. I think we're going to be investing in advancing FG for a long time in the future and the potential is very bright. Question here from Igor. He asks, hello, can you please advise on what your plan is for drilling?

38:19 So plan and drilling. So it's 5000m is the current budget for drilling at the FG Gold project. We are drilling longer holes because we are exploring down dip and in our newly discovered lower zone to show that that mineralization extends on new fences out along strike down that deposit. So expect results from that over the next 3-months. We also have in our budget about a million bucks of drilling at our regional exploration at Imperial later in the year. So the drill season after the heat dies down in the desert, you know, in the fall and drill, we'd expect to have a permit to drill at that point. So another million bucks should give us another 2,500-3,000m of regional exploration where we're looking to make new discoveries on some of these great anomalies that we've currently got a soil team out there honing those anomalies and deciding which drill pads we're going to drill.

39:20 We've got the motto between myself and the chairman of the company is always a drill turning in core. We will always be exploring. Excellent. Well, that's it for the public Q&A. A big thank you to everyone who submitted questions. And if for whatever reason your question wasn't answered or if you just thought of 1, feel free to contact CORE directly. I just put up the contact information so you can email them at info at coremining.com or you can call them and they will be sure to answer your question. Scott, I have a few closing questions for you. Why do you think Core is still undervalued relative to your peers? What is the market missing here? Yeah, I mean, I spend a lot of time on these type of events and talking with shareholders and peer companies.

40:10 And I'm confident a lot of it is just maturity of the story. We've only been capitalized in this company for about 11 months now since Eric Sprott's first investment in August of last year. So the company is very new from showcasing its assets through doing work. If you look at a lot of the other high profile stories, you know, these are assets that have been in the companies for multiple years, perhaps even through the last cycle. And people know what they're investing in. Core has a lot of new aspects of it. The assets are new. Some of the people are new. So I think getting out there and demonstrating that we can add value to this portfolio of assets will unlock some of that latent valuation gap.

40:59 And final question, as a shareholder, what news flow can I specifically expect over the next quarter? Yeah, yeah, I mean, we've we've teed up the work pro the work programs across the portfolio, specifically to ensure this is the kind of gold market you want to be putting out news releases and talking about your story and showing people how great your assets are. And you know, I think we think we've got a great program to do that. So I would look for an FG Gold news release every month, you know, for the next 3 months, follow that with A little work over at the Gold Creek project. We also have some other things cooking in the background that we're excited about here in BC to make these projects even better. So keep your eye out for that. Down in California, you're gonna see, Right now we're working on some honing of the drill targets for the regional exploration, soils and geophysics. See that in September.

41:52 We are contemplating doing a PEA at Long Valley. So the timing of that is yet to be determined and we haven't completely decided whether we're going to do that. We've got enough mineralization there already that potentially could be even a greater return than Imperial. And it'd be just great to keep banging the table that, you know, this company's got projects that can be mine. So And then just following along the Imperial drilling, we'll continue to draw results for the back of the year. So we're gonna have a couple, I'd say very strong news releases a month now through Christmas and that's great. Excellent, I'm looking forward to it. Thank you. Thank you so much. That concludes today's summit. Thank you everyone for attending and thank you Scott for the presentation and for answering these questions.

42:41 Bianca, thank you very much to 6 for hosting us. Again, shareholders, please reach out, call us, email us. We're a small company, we've got a very tight share register. We know most of our large shareholders, so call us and talk to us. I think we've got a great story to go through the balance of 2020 here. This is a really exciting time to be a gold company as I opened with I think we're in the first innings of a big gold bull market here. You haven't seen anything yet in valuation so really exciting time. Thank you