Minera Alamos: Looking Forward into 2026 Town Hall

0:04 Okay, as folks are filtering into the room, which they're doing quite quickly, I will say good morning, good afternoon, or good evening, depending on where in the world you're signing in from. I know we've got a lot of geographical representation today in the live audience. I really appreciate everybody making time before the holidays. I've got with me today, Darren Blasutti, the AVP Corporate Development at Monero Alamos to talk about the company's transformative year and what's up next in 2026. Darren, thank you so much for joining me. Rami, I'm happy to be here, thank you.

0:30 Awesome. So here's how today's gonna work just for the folks in the room. I've got a number of questions that'll just help guide Darren as we talk about the most recent year and what's up next. But this is also an interactive event, so there's a chat button in the bottom right of your screen. Please feel free to enter comments at any time during today's event. We may not get to all of them, because we are aiming for about 30, 40 minutes for today's event. So in the case that we don't have time or they don't quite fit with today's conversation, I will still make sure that the Monera team gets all those questions. I'll send them the full transcript, and they'll get back to you either by phone or by email, depending on the information you gave on registration.

1:04 The only other piece of housekeeping is that today's event is being recorded. It will be available for replay likely about an hour after it ends. It'll come up on the same link, but it'll also be available on Six's YouTube channel. But Let's get right into the protein. So Darren, as we close out 2025 for Monero Alamos, can you reflect on the year's kind of most significant accomplishments? Sure. Well, I'll reflect for the year. I've only been here for 2 months. So

1:28 I think if you broke out 2025 into 3 parts, first part being the transaction that brought Copperstone. I think that was a significant transaction for the old Monero Alamos in the sense that for US$40M roughly in stock, they acquired an asset that we hope to be putting into production in 2026. So that's very important. So that was a key piece. The second key piece, obviously, for everyone was bringing Penn in and doing that kind of transformative deal that brought us cash flow in the fourth quarter. And I'll get into a little bit of that. But we've said that we're going to produce about 9,000oz of Gold at around $1,700-$1,800 an ounce.

2:14 That transforms us from effectively being held to task by the market, having to raise equity constantly. We're hoping the equity dilution, well, I'm expecting, not hoping, I expect the equity dilution is behind us, of going to the market. But that asset has, it's an interesting asset because it's been in the hands of a junior, then a senior, and back to a more junior intermediate producer. What the senior did for us after buying it for $145M when Caliber bought it, is they put in a great operating system, which we wouldn't have had. They put in a management structure that's going to suit us well, not only for Pan, but as we build Gold Rock and Copperstone, that US infrastructure is very helpful to us in the sense that we have a full controller team. We have geologists, we have mining engineers all on site at an operation and they can be used at more than 1 site.

3:16 That was important. When you look at the asset, obviously producing cash flow, our objective is this is a company or a mine at Pan that hasn't had the love that it used to have when it was in a junior, it was the smallest asset, it was the least important asset. And now it's a very important asset for us because it builds the growth and the cashflow, the cashflow from Pan will build the growth that we're gonna talk about later in the segment. And then the third part

3:49 was the changeover. And what I mean by the changeover, which is changing from the old Monera Alamos and the team and the board into a newer team and board. And, you know, I mean, I knew Doug very well. Doug Ranshaw, he's a great guy. We've known each other for 20 years. So it's always hard to come in and take over for somebody like Doug. But, you know, we brought Jason onto the board as

4:15 the chairman. He's very strategic in how he thinks about things. We're going to continue to change that board and continue to get it more independent and bring in people that have the skill sets of doing this because we've got a very, as you know,

4:36 difficult, not difficult, but expansive plan to expand the assets. But it's also, we've got to get on the TSX big board, which we're doing. We've got to get onto the US exchange and we've got to have the systems in place. You've got to have the corporate governance in place. So all of those things are ongoing as the mining guys are worrying about the mining assets. Dave Stewart and I and the team are doing those things and understanding how we can build all these assets without equity dilution. So you've got kind of the copper stone piece, then you got the pan, which is the most transoriginal. And then on the back end, you've got a new group of people coming in that are gonna take, who have experience in taking these assets to the next step. We have this experience in going from the Venture Exchange to the Toronto Stock Exchange to the US institutional at the NYC.

5:28 And so we've got the 3 of those. And of course, with that, and I'll just get some of the questions out of the way that I'm sure you've got on the back end, there were a lot of stock options issued and compensation. And of course we understand that that's hard for people to understand. And I would just say, there's very few juniors that don't have 75% of their stock options issued, but you have to reward the people that were staying in the new organization for doing those transformational deals. Cause there's no cash compensation at Manera Alamos from a bonus perspective, right? It's all based on options. And then you had to get the new people into the company

6:06 who bought stock as well in the market, not getting free stock, but to also get some options. And so when you think about where the company was, we issued 40 million options. When the 10 to 1 rollback happens, you know, on the 29th or 30th of December, that'll be 4 million options, right? So everybody's, you know,

6:29 but we needed to get the compensation packages in place for all the new people and the people that are staying so that we can get people properly aligned with shareholders. So myself, I bought obviously 1 million dollars of stock. David owns a lot of stock. Jason bought $2 million worth of stock. Darren Conaghan bought $750,000. So everybody's been buying in the deal. David and I have been buying in the market outside of that. But that third piece came along with some compensation I know that people weren't happy about it in the sense of the number of options that are issued. But again, we need to get the proper people in the company properly aligned to get the stock where we think it can be. And so that's kind of a bit of a summary about 2025.

7:18 No, I understand. Thank you for that very thorough explanation of the year. Actually, I appreciate that. One thing I want to zoom in on. So the Pan acquisition closed on October 1st with the first Gold Core under Monero Alamos ownership days later on October 7th. Just excited. And October production coming in at 3,093oz.

7:35 How has the integration been progressing and what early insights can you share about operations at Pan? Okay, so a couple of things. And again, if you look at our website, I would say that Pan's been operating continuously since Q2 2017. And when it started, the reserves at Pan were 19 million tons of reserves at about

7:58 0.51 grams per ton gold. And over the last 7 and a half years, they produced 36Mt, found 36Mt more, and now it still has 19Mt of reserves. And instead of mining 0.51, we're mining 0.36. And so the ounces have come down a little bit. But when you think about PAN, what hasn't happened is that they basically placed about 18 million tons a year on the PAN. And so the crusher isn't any bigger, They're not putting more tons. So as the grade drops, the production drops. So one of the ways to kind of increase production, keep production up, are to effectively increase the crushing capacity and move more tons. And so, so think about the integration was relatively easy because they've been through it twice.

8:50 It sits inside its own entity in the US. It has a general manager and all of the people that you would expect to have in there to run an operation of that size. And it reports directly into corporate. So on their side, they're just producing gold for somebody else. So the integration is pretty simple.

9:08 It was a great team. I would say that if I had to say anything about the team is they have a lot of experience and they're probably underutilized. And what I mean by that is they've been doing this thing for 7 years and I think they can take on Gold Rock and they can take on some administration at Copperstone as we build it. So I think there's value there in the sense of the platform that's been created can take on more. And I think that's important. What I can tell you about what we've been forecasting and talking to investors about is that we expect to produce more in 2026 than we did in 2025. I expect that the cost will be similar, slightly higher, because as you mine lower grades, you know, costs go up a bit because you make potentially moving more tonnes. But again, I expect it to be a very big cashflow producer for the company as we go forward. It will drive the growth. We expect to have around $25 million U.S. In cash on the balance sheet at the end of the year, somewhere around that number. Could be $20,000, could be $27,000, depending on what gets paid, what doesn't.

10:17 And so if you look at that, it's something the company hasn't had before. I mean, when the transaction was done, there was $8 million of debt with Normet and a small amount of cash. And so now We're starting to generate that cash flow on the balance sheet. You know, we told everybody that we're gonna produce the 8,500 to 9,500 ounces that was in the budget for Caliber slash Equinox for the fourth quarter. We're gonna do that. That's gonna put cash flow on the balance sheet. And then next year, again, if we're going to produce more ounces than the 36 or so that we're going to produce this year, then and you expect that gold prices at 4300 and you expect, you know, costs that are relatively close to 1800, it's going to generate the cash flow that's required to help us build Copperstone, help us permit, final permit push on Cerro Duro, help us get Gold Rock ready to be done out of that cash flow next year. And there's going to be a bunch of exploration drilling and we'll talk about that as we go forward. But Pan itself is the linchpin that transforms Monero Alamos.

11:24 And again, I ran a company that had assets in Mexico. I know how difficult it is to operate there. I think we got a great collection of assets. I think right now Cerradoro is the focus. But I think without Pan, we'd be talking a very difficult. So I think for everybody who was involved in the stock before, felt like 380 million dilution, 380 million warrants. It's a lot of dilution, but I think it transformed the company. And, you know, Copperstone was something the company had in its stable, but it couldn't really finance it. Now, different market now. And now, as we go in our option to announce Copperstone and Q1 for production on the underground, then I think we're moving forward very quickly to be able to fund that without equity dilution, which is where we want to try and keep the company.

12:26 Awesome. No, I appreciate that. It's certainly a good time to be in the gold production business. I do want to talk about you personally, actually, if you don't mind, because I know you recently joined as EVP Corporate Development in October, alongside David Stewart coming on board in November as VP Capital Markets and Strategy.

12:41 Really, just from your perspective, how do these additions strengthen the existing technical team, and what corporate enhancements are you guys focusing on? Is it non-dilutive financing options, research coverage, institutional outreach? What's the focus for the new team? Okay, so again, David is a mining engineer and so I think His real strength is he was a mining engineer for 5 or 6 years, then he went to GMP, then he went to Desjardins, who was an institutional analyst. He can really translate from Darren, Connigan and Kevin, who are mining experts to the street on what we're doing, how we're doing it, why we're comfortable doing it, you know. And he's very helpful to me in that regard because

13:28 he's built financial skills, but he was actually a mining engineer, actually was a miner, actually worked underground in these operations. So when Darren Conaghan and Kevin get frustrated with me asking questions and when we're going to do things and when we're going to get studies done, Dave's there to help me figure out a way to communicate between the technical and the financial side. And so from my perspective, our job, David and I's job, is to leave those guys alone and let them build the 3 mines we wanna build very quickly and sequentially. We want to be able to get the money for them so that they can build it, whether that's out of cash flow, whether that's being creative and doing

14:12 off-take agreements for Copper at Copperstone. I could go in later when we talk about Copperstone, why we do that, talking about, we've got 3 big banks right now talking to us about revolvers. Like 3-months ago, that was a dream that never would have happened, but given my background with Barrick and others and other companies, we're talking about putting a revolver in it at Monero to help us build these assets, to ensure that we don't have equity dilution. So these are the things that we're focused on.

14:42 I've been in a company where it was small, and again, the USA experience for me, America's Gold Silver, it was $0.30 last year. Now it's, you know, they did a 2.5 to 1 rollback, which we're doing a 10 to 1 rollback, 2.5 to 1 rollback, that stock went from $0.70 to $7. And I put my money in this company, and I'm continuing to buy stock in this company, because I feel it's the same story. You've got a transformational asset, you've got the proper technical team in the company, it just needed some assets that were actually permitted and could be built. And we've got the capital coming in with Pan and our ability to leverage our backgrounds and the Pan operating experience into cheaper capital that we can put into these mines and so to me and we're going to get the corporate governance side because as we go from the TSX Venture to the TSX Big Board to the New York Stock Exchange American, which is where we're, that's the transition, you know, that's where our experience lies. Letting those guys run the assets and allow us to take care of the rest of the things that need to be done, as opposed to them having to focus on things like that. And so I think that's the value we bring.

15:54 I mean, Dave, you know, we've are, you know, we expect stifle coverage on top of bank, on top of National Bank and Desjardins. We've got 4 or 5 other

16:04 houses in town, whether there's smaller brokerages or bigger banks talking to us about coverage. And so those things will come in time next year, but I think we expect 5 or 6 analysts covering us at the end of 2026.

16:20 And so I think that's where we expect to be. And I think one of the hardest things for the company is, I want to move faster. And I experienced this at Americas when Paul came in, because Paul was ready to spend money. And I'm like, hold on, we don't have the money. We actually do have the money. And so getting the guys to say, let's start drilling Copperstone, because there's so much potential underground, and there's an open pit potential there. And, you know, it's like, well, let's start in the first quarter after we have a little bit of cash flow. And I'm like, let's start now. Like, let's add ounce, right? And so I think that's kind of where we come in and kind of, again, try to push the mining guys who are really talented to kind of be able to have confidence to move forward with what they want to do.

17:08 So that makes sense. Appreciate it. One thing I didn't want to talk about, you did mention it is that 10 for 1 share consolidation before your end. Can you update us? Is that timing still accurate? And what's the rationale? We're talking about the 29th or 30th. Great. If you could just give me the rationale, just so people understand why companies do that. Yeah, so again, I think for the rationale is, it's funny, I had a conversation with Eric Sprott a few months ago, and you know, he doesn't buy all these things with cash, he buys these things with margin. Okay, so he's not, you know, he's not every, whatever, every time you see Eric, he's put 50 million here and 60 million there, and 5 million here and 2 million there. He's not doing it based on the background and all these junior companies, based on putting

17:52 cash that he's got in his bank. He's margining the positions investments he has that are above the $3 price in Canada, right? And so to us, the logic is at $4 versus or $4 and 20 cents or 30 cents versus 43 cents, people can buy the stock institution by the stock and retail, anybody

18:15 can buy these shares and margin off the back of them. So that's the first value. And the second value is when we go to the New York Stock Exchange, you need to have a minimum US price of $2, need a minimum share price of $3 Canadian. So these things are done, getting on these exchanges increases liquidity, Liquidity increases your ability to get into indexes. Indexes makes people buy your stock and drives the price higher. So it's not like we're doing it for fun. We're doing it because there's an actual business reason to do it. And so that's why I make the comment, yes, 40 million options sounds like a lot, but it's really 4 in the new 10 to 1 rollback. Right. So you just have to look at the number of shares that stay in the company and look. And so but the real value is are those 2 things, the getting on the exchanges and the marginability of the of the of that stock for investors. That's why it's appealing.

19:13 OK, great. Now, I know a lot of investors have written in in advance of this event. It's obvious that they're eager for upcoming news flow. So what should we expect in early 2026, starting with Q4 production results from Pan around mid-January, followed by guidance? Just what's up next, basically? Yeah, so I think what you'd expect is kind of, you know, we're planning to have board meetings the 25th, 26th of January. So I'd expect around that time, you're going to see you'll see the production come out from from pan as soon as we can get it out with cash costs. So call that mid January, it's going to be x 1000 ounces at these costs in January. I think at that end of January timeframing, you're looking at guidance for Pan for 2026. And then what we're hoping is,

20:03 before BMO, which is a big conference, which is the 23rd of February, we're really trying to get all of our ducks in a row to announce Copperstone.

20:13 And Copperstone Underground, Again, the one thing that you have to think about when you look at Monero Alamos, you had the Mexican assets with Monero, then you had the acquisition of Sabre, which brought in Copperstone, and then you have the acquisition of Pan and Gold Rock. None of these assets have been under the same umbrella. They've all been done at sub $1,700 goal prices. None of them have really been reviewed from what does it look like at $3,000 as reserves and $3,200 as, $3,250 as a resource number, for example. Well, we're going to take all of those assets and we're going to put them, we're going to do new resources on them and put them out so that investors can see at a higher gold price, how many ounces are there? Like, you know, if Cerradora was 790,000 ounces at 0.37 grams, it could be 1.3 million ounces at 0.32 grams.

21:10 And that's a very material change for the company because it's not a, because one of the things that, you know, I think if you looked at the company, you'd say, okay, well, Pan's got 4.5 or 5-years left, then Copperstone, when they did the PEA, it says there's 5-years there. Well, 5-years was based on the indicated 300,000oz, but there was an inferred 200,000oz, and there's probably another quite a bit more at depth. So as or within that body, if you draw if you increase the cutoff grade to say 2 and a half grams of copper stone, there's a lot more than 500,000 ounces there and the mine is a lot longer than 5 years. So these when you talk about how much news flow there be in the first quarter, talking about the first quarter of PAD, talking about the guidance for PAD, you're talking about a copperstone construction decision, but you're also talking about all of these, the 4 major assets having a reset on their on their resource and reserve and resource calculations, which will be quite material.

22:10 And so all of those things are all in process, as well as, you know, technical studies new to so all of the pan is obviously an operating mine. But for example, Gold Rock, when it was done

22:28 by Fiore back in 2021, They were very focused on getting recoveries up because they were using a $1,500 gold price. So they put this VAT leach recovery in the back end and they increased the capital. Well, we don't need that. We've got $4,000 gold. We're just gonna put it on the heat leach. So the capital is not gonna be 64 million, it's gonna be 34.

22:48 And we may get less ounces, but it's gonna be a really high value because it's twice the great pan. Well, these are the things that you need that updated resource for. So you can make decisions on where to go with those assets. So I think the first quarter will be filled with I think continuous positive news flow. I think one of the things that I think again, while where the company was and where it is, I think we'd start building Copperstone today, if we could, but we're gonna finish the studies and we're gonna get these positive feasibility studies out to the market so they know that we're not, we're building using proper capital allocation to build these assets out. And so Copperstone's, you know, a $40 million build.

23:34 There's 4 miles of underground development. There's a, we're putting the mill back together and we're putting the mill in. And so, but we're gonna do a study first. We're gonna try and move as quickly as we can, but that study helps the market. I think when you see, we're trying by the end of March to have the banks come in and give us a revolver. That gives the company an air credibility that a major Canadian bank has looked at our production plans and been willing to give us 30 or 40 million US as a revolver, right? Those are all things that we're trying to get along with. You know, the TSX, we expect by the end of the first quarter to be on the TSX piggy board. So again, there's a lot going on in the company. We probably haven't been as reachable as we'd like to be given there's so much going on in a very short period of time. A lot of new people working to get the things that we need to get done, but we have a very ambitious first quarter. And then beyond that, it's obviously going to be, you know, do we get a permit on Cerro Doral? You know, we've been seeing the Mexican stuff happening.

24:40 Do we get because if we get a permit, that's the best, you know, that asset is $30 million for almost 60,000 ounces of production, right? So again, there's many things that could occur, but it's really the build out of Copperstone next year and looking at Pan and Gold Rock through the eyes of a much higher Gold price. And then I think the last thing is drilling the extension of the underground at Copperstone and the open pit, which maybe we'll talk about later. But there is a pit embedded in Copperstone that is not in the resource that we're quite excited about. So maybe, maybe I don't know if you guys can hear me, Romeo, but you're kind of blocking out for me. I want to talk a little bit about Copperstone. And, you know, This is a mine that was operated in 2012 and 2013.

25:43 It was run at very low Gold prices and it had a very difficult… you had to deliver a 20% Copper con in order to get the material processed. Ultimately, you got relatively low Gold recoveries because you were talking about trying to deliver to the concentrate market a 20% Copper con. We're in a very fortunate situation now where The smelters will take a relatively low concentrate grade, even as low as 6% or 8%, and that allows us to effectively increase the recoveries on the gold side of the business that they couldn't do in 2012 and 2013, because there's such a shortage of copper concentrate.

26:41 So we're going to go out and we're going to be able to deliver 90% recovery as a result of being able to be able to sell a lower copper concentrate. As a result of that, we hope that market will last forever, but we'll do some funding on Copperstone, which will be non-dilutive, which will be like an offtake loan for so something like US 15 or $20 million. And we think that will allow the, it'll make it either Trafficker, Ocean Partners, or one of the offtakers, it'll be make their problem to place the con 2 or 3 years from now if that situation changes. But what it allows us to do is basically get 90% recovery on the Copper that's brought into the mill. We also have a leach circuit at the back of that and that will then be taken to Pan.

27:33 So again, another synergy of the transaction is that Pan has a gold, back-ended gold plant, which can take the carbon from not only Copperstone, but also from Cerro Duro. And then I think the last part of the, hold on a second here, just making sure I'm still being, the last part of Copperstone is the underground, the open pit that nobody talks about. So in the late 80s and 90s, a company called Cypress, I can't remember if it was Amex, Peggy Whitty had the company. It produced an incredible amount of gold over the 5 or 6 years, 600,000 ounces, from the open pit at 2.2 grams.

28:27 And so right now we've got, We think that from the historical drilling and the work that was done, we think there's substantial Gold resources, somewhere between 500,000oz and 1Moz of Gold that we're looking to put the work into to create a new open pit. And that pit will be closer to 1 gram, but obviously 1 gram in today's environment is very high grade heap leach ore and it's oxide. It's not transitional or sulfide. So we think we can process that ore through a heap leach, given that Copperstone's on permitted ground, we'll be able to get a heap leach permit to build a new pad, likely on top of the old pad in relatively short order.

29:21 When we talk out there, there's a PEA and Copperstone. It's for the very small part of the resource. It's for a five-year mine and it takes in only the material, the highest grade indicated material. We think we're going to have substantially more than 500,000 ounces in the underground plan. And we think there's going to be considerably more of that in the open pit. So that's our excitement around Copperstone. And so the 2026 objectives are to get it announced and funded and built in 2026, and to spend about $3 million drilling to increase the underground resource and to get the open pit resource into a proper resource calculation, which I think we can, we may be able to get that done in the second quarter next year.

30:11 Sorry, Bianca, we're switching. No, no, so I'm sorry, Darren. Hi folks, My name is Bianca Pusciola. I'm the Chief Revenue Officer and co-founder here at 6. Our good friend, Romeo, had a power outage. And so now you're stuck with me. The good news, bad news is, I apologize, I missed the little bit of the overlap. So I apologize if you brought this up already. But I do know that we wanted to talk about the TSX listing in Q1, 2026. So insofar as the first full quarter of financial results and a producer in late March, you have this TSX listing in Q1. How will these steps enhance visibility and liquidity for shareholders? Well, yeah, we touched a little bit on it in the previous section, but obviously, I had a call with the TSX listing group at 11 this morning, Toronto time. And, you know, when we look at the timing, what they need from us is a property of merit, which we have with PAN.

31:07 They need an 18 month plan, which we definitely have, again, as a result of PAN, that we can keep ourselves to stay in the operation for 18 months. And the hardest part is we need some draft financial statements from 2025. And the reason we need that is the PAN acquisition was done on October 1st and not September 30th. So there's nothing in our September 30th financial statements that talks about PAN. So what we're looking at is kind of end of February to go into what they call their committee with all of the things that we have. The great news is we meet all of the requirements on paper. We just need some financial statements that represent the pan quarter that will occur in the fourth quarter. So we're looking at that. And as we discussed before, 1, There's a lot of European and US people that don't buy venture exchange companies. But the most important reason, as we talked about, was both the margin and being able to margin the stock.

32:12 And again, having a minimum requirement to go from the TSX Big Board to the NYC American, which we're trying to get done by the end of next year. So all of these things require us to do the rollback, which puts us on the exchange and then allows us on the Big Board, I think to show that our governance is in the proper place in the sense of where we've graduated from being a Explorer Co. Venture exchange rules to a producer and a developer. So again, I think all of that drives, I think, but I think, I don't think the TSX necessarily drives more liquidity. I think what drives more liquidity is the number of catalysts and the story, because I think what we try to explain to people is that if you looked at just purely the old Life of mine pan report and the old PEA for Copperstone, we're going to be producing 80 to 90,000 ounces in 2027.

33:07 And that's a material change in the current environment. It's how much revenue and free cash flow we'll have. So I think that's a bigger driver of liquidity. But the TSX Big Board is just a step, a part of that stepping stone. And can you reiterate for folks, especially folks who are just joining in, the positioning of the new Monero Alamos, a junior gold producer with a robust growth pipeline and how that sets you guys apart from your peers? Okay, so again, I think it's been a bit of a shock for the long-term Monero holders, of which I was kind of 1 before this trans, in a very small way before this transaction happened. And it was, you know, as I do, knew Doug and Darren, it was about, you know, it was about low capital assets in low cost capital assets in Mexico.

34:01 And that story just got derailed by the AMLO government, like many stories in Mexico, unfortunately, where a permit was very difficult to get. So I think as you look forward, we're going to have an operating base of over, call it 120,000 to 140,000 ounces, even before the open pit at Copperstone in the United States. It's our focus sequentially, we're building these mines. And I hope we get a permit on Cerro Doro tomorrow, but if we don't, in 2026, we'll be building the Copperstone underground. 2027, we'll be building the Gold Rock project. And hopefully, by the end of 2027, we're building an open pit at Copperstone. So between Nevada and Arizona, there's, as I said, multiple, at least 120,000 ounces coming out of those mines.

34:58 And so that's been the shift again. And if Mexico plays ball, then we got probably the cheapest production asset in Mexico, $30 million to generate 60,000 plus ounces. And again, we talked earlier, Bianca, about all of these PEAs and studies have been done at sub $1,700 gold. We take 3,000 or 4,000, Cerro Doro is going to go from, you know, 800,000 ounces to potentially multiples of millions of ounces, but the grade may go from 0.37 to 0.3. But when you have a strip ratio of 0.2 to 1, so again, we still love the Mexican assets. We have to determine, we can't be building 7 of them. We've determined that Pan is operating, Gold Rock is a necessity, it's 7 miles away. We may start trucking from that asset before we build the leach pad. And in 2026, we're gonna build the Copperstone Underground. So the great news and what differentiates, David does a good job explaining this because he used to be an analyst, is that lots of juniors have these hockey stick type growths stories, but almost none of them have permits.

36:16 And so the advantage is you've got a permit at Gold Rock, you've got a permit in at the underground at Copperstone. We know on in the US right now, it's a lot easier to permit. We've got a brownfield site. So we know as soon as we have a plan of operation for the open pit and we get that resource in place, and we're gonna be able to, we know that it's an 8 month process to get a permit. And so I think the story there is that HockeyStick is funded, is completely funded, we think out of growth, and it's permitted. And so, you know, we're starting to see movement on the Mexico permitting side. I don't want to be overly, you know, optimistic and be waving my arms as a promoter. But we've seen Silver Tiger, we've seen McEwen Mining's El Gallo project.

37:08 We've talked to regulators. You know, the thing that's interesting is most of these projects, including ours, has been approved by Semernat at the Zacatecas level. What we're waiting for is political sign off by the federal government. And one of the things that shifted in Mexico is, it's not so much that they have a ban on open pits anymore. What they're very concerned about looking at is how much water you use and where that water usage is and how that affects agriculture and other things that happen in the region. And so they changed it from really being a ban on open pits to, you know, they've set up a new water ministry, which, you know, they had Conagua, which was the monitoring stuff, but they have a new federal group that basically looks at all these project permits and says yes or no, but it's really based on water now. And if you think about what we have being north of Penosquito and Camino Rojo, which are much bigger assets than us that are already permitted, once you build it, you put it all put in place, you need water to get the cyanide solution to work, but you're capturing almost all of that water back and reusing it. So the amount of water usage is not like a mill where you're constantly using it.

38:24 We're basically recycling a lot of our water, so the water usage is very small. So we're very optimistic about our permit in 2026. But again, if we don't get it, what we didn't have before at Monero Alamos was the ability to go from 40,000 ounces to 80,000 ounces to 120,000 ounces within our own capability. And we've got a great market to do it in and we've got cash flow coming from PAN and so you know we're very excited about it. Fantastic. I know you talked about it a bit just now. We have a number of questions that were submitted about Copperstone. Maybe you just rehash, I know you went through it in the context of your answer on the estimated timeline and also whether or not the permit status was affected in any way by the federal government.

39:15 So there was a little bit, so again, if we wanted to start building Copperstone tomorrow, we could, okay? So we can build everything. The operating plan is, the final permit is an operating permit. Given we're a year away from operating, there's no rush on that permit. That permit was affected by effectively the shutdown of the US government. So we're still expecting within the end of the year or within the first 15 days of January to have that final final operations permit. We have construction permits. So by the time we get out in kind of the first quarter, the mid first quarter on that announcement on Copperstone, we'll have that permit, that final operation permit in place.

40:03 And then it's the build. And the build is really, when the mine was closed down, it was closed down in ore, in development and ore, with 4km of underground workings. So the mine was dewatered, there was, you know, All the electrical was working. Almost all the capital we're talking about, this $36M or $40M roughly, That capital is all about the mill, putting an existing mill back into the mill plant. All the infrastructure still sits there. The underground is there. So this is going to be a relatively quick build. We're talking about 10 or 11 months and so, and maybe faster. And so we expect to be in full production in 2027 on Copperstone.

40:54 And if you looked at the plan from the PEA, it says roughly 42,000 ounces. That 42,000 ounces was only based on the 300,000 ounces of indicated. We think it'll be closer to 50,000 ounces in year 1. And so that's what you're coming out with. Again, only the underground, not the pit. And the underground, instead of having a 5-year life, is going to have a 9 or 10-year life, right? These are the things that occur with the Gold price doubling. And so the good news is, before the Gold price really moved, we were able to buy Pan for a relatively reasonable price. There's 30,000 ounces on that pad that will eventually be leached. And at $4,000 Gold, that's $120M US in revenue. Well, we paid $120M for it. And they paid only $40M Canadian for Copperstone.

41:42 And you can see how much value that is. And so Ultimately, at the end of the day, the timing is we're moving as quickly as we can. We expect the technical studies to be done by the end of January. Early February, we expect to go to the board with a financing plan and come out to the market with a go decision in the first quarter. And then if we do that, we've got production, we've got a route to almost a full year of production in 2027. Amazing. Folks, I know there are so many questions in the chat and there is even more submitted ahead of time. So I'll say, Unfortunately, we won't be able to get to all of them. Do know that every one of your questions, they will be sent on to the Minera team. So don't worry about that. I'll have one more question before I give it back to you, Darren, for the final word.

42:29 The question here was pre-submitted about when are you going to change the name and image of the company to further enhance your Nevada and Arizona obvious successes? Yeah, so again, and I put the success on Darren and Doug and Jason for all the things that they put together. Dave and I were very opportunistic to realize that what a great company this was and we put our money into it. So again, I would say that we have 5 or 6 names that are on a whiteboard? And there's a lot of debates. Do we stay with something? And again, I'll just use examples. Do we keep MAI and say GMI and call it Gold Mining America Zinc? Or do we, you know, National Gold or, you know, whatever. We wanna go full mega, we'll go Freedom Nevada Gold Mines, whatever, whatever, you know, but I think the answer is, it's difficult to, you know, when we're doing the rollback, and you're going on to the TSX, you can make the assumption that somewhere, there's going to be a name change that, you know, again, and I, again, I understand, it was company was much loved, but I think it's a bit time for a change.

43:38 When you say a growing Gold producer in the United States and the company's name is Bonaire Alamos, it's a little bit mismatched. The problem is, you've got to spend money to have a special meeting of the shareholders to change the name. And I was hoping that we could wait till June or July, whenever the AGM is going to happen, but I think we're going to do it faster. So again, I think we're going to do that as part of all of our new governance features. So that's the answer on the branding. We brought in an X6 specialist, Max, to help us with the social media. And so all of that's done. And just so you understand, Monero almost didn't even have like a soft, like a hardware platform. So we're kind of start, we've been starting from scratch. Took me 8 days after I started to get a Monero Alamos email.

44:33 So again, these things are all being fixed very quickly and getting us in the right place, but it's been a bit difficult to communicate with the shareholders. And so we're trying to get out and do these kinds of things with you guys and with Trevor from, you know, buying stock and make sure that we can get there. And again, listen, what I do understand is there's a lot of frustration among long-term shareholders of Bonaire Alamos. There's been a lot of dilution. The company's thought process always was, let's pay for this cost with stock. Let's, you know, why are you giving these executives so many free options or, you know, any of these things that you get, and I can understand why you're frustrated, But if you want these plans executed, we need to bring in people that have experience doing it. And you need to reward the people that have done these deals.

45:23 And going forward, the objective of the company, and we talk about it in every Friday management meeting, is how do we do all of this stuff without dilution to shareholders? Like The dilution stops here has been our way we're thinking about the company. Sometimes that slows you down because maybe we would have drilled Copperstone in the fourth quarter, but we've got to be there to build the underground mine. And so we got to have enough capital. We don't want to try. We're trying not to trying to avoid dilution. And so it's been frustrating because the opportunity cost of owning Monero Alamos for a long period of time by watching all these other gold companies go up has been frustrating for shareholders. And I get it. I was at USA last year and the stock was at 30 cents. We did a trans-emotional deal. We raised money at 30 cents with a big warrant at 40 cents.

46:13 And you know what? It took a while to churn through stuff at Orla. Took many, many, it almost took 6 months at Orla to churn through all of that. And then they had like literally a hockey stick. And so we feel that way too. It's frustrating to be caught in the crosshairs. And that's why I said every time Dave and I see the price start to drop, we kind of roll in, buy another 50,000 shares, it's just like frustrating for us too. And every time, just so you know, we get on with a shareholder or we get on with an institutional investor and they give us the minute to get past the old story, and they see the new story, they're all talking about, oh, this is a great story, I'm gonna buy more. Our frustration as management is we say that, and they say that, and we run 42 cents. And so ultimately, we feel that too and we want it to move. And we're going to do everything in our power, whether it's 10 to 1, whether it's TSX, you know, get the resources and reserves done so people can see how many ounces we have in the ground, millions of ounces we have at these current gold prices and try and be nibble and fast and get these things out to shareholders. And I said, I think there's a solid flow, news flow that's going to occur in the first quarter.

47:28 And I think it's going to be very exciting for shareholders. And so, you know, I'm excited about the prospects of the company. We all are. But it doesn't mean that we're not frustrated. That's management too. Totally understand. Darren, I want to thank you so much for introducing yourself to our platform and also to reintroducing yourself to shareholders. Folks, everyone who attended, thank you again so much for your attendance and participation. Darren, I want to give it to you one more time for your final word before we close things off today. And thank you, by the way, for letting me intrude on the party here and close this off. Okay, great. Well, listen, Bianca, I think for all of us, again, maybe it's not in my voice, but I'm 57 years old and I've been doing this from Barrick as a real junior to reporting to the CEO into USA through 10 or 12 years of really difficult metal prices and then seeing a 10 for 1, a 10 bagger.

48:33 When I was gonna come on the board with Jason, I was really excited about that. And every day that I've been in the company, I keep finding more and more latent value that just as a result of having no money, the company could not pursue. And I used to think, you know, how many wrong decisions you make when you don't have money? Well, now the company has cashflow. It's gonna manage it very efficiently from a capital allocation perspective, but we're gonna start making the right decisions Because we have the ability to do that now. And I think that was never there to the old management team. So of course, we can always, you know, complain about what happened in the last cycle. The only thing that we can do as newer guys in management is, we've been here since Dave came in November and I came in late October.

49:21 All we can do is show you the path forward. We're extremely excited about the path. We're putting our, yes, we got some options and yes, we got some RSUs and yes, you know, we also put millions of dollars into the company because we believe in its future and we're gonna work our butts off to kind of see that through. And, you know, and I would say this, as I said, it's a very changed company. We're in the process of that change from the fact that I think we've alluded to it, new board and that board will continue to evolve. There'll be new board members come on. There'll be more and better corporate governance. We've got the social media and the platforms to get out to that's being put in place. So many things going on now. I don't think we've done a great job communicating yet. And we're going to do more of these as we go forward. And again, we're going to try and be as transparent as we can be on what we're doing.

50:21 And ultimately, we think the view of the transparency and just the late value, we think we trade at less than 0.1 times anything. And so either we're going to get the stock price up or another corporate's going to buy us. Those are the 2 options we have. And I'd like both of those options to occur. I just like to get the stock price 300% higher before I sell the company. So before we sell the company, like That's what we have in front of us because there's so much value. The corporates always figure it out before everybody else because they're looking for, this is the time when everybody in the market's looking for stories. And we wanna surface all of that latent value to shareholders to give them the proper view of the company to value it properly. And that's what really what we're focused on and going to spend our time on. We can't make the gold price go up. We can't make the share price go up other than having great meetings and doing all our work and buying a little bit of the market that we buy every couple of weeks, but ultimately at the end of the day, the story will speak for itself. We just got to get the transparency of the story out there and you'll start to see a real change in Q1.

51:26 Darren, very well put. Yeah, we appreciate everybody's patience. I know it's been difficult. Thank you so much, Darren. I really appreciate it. It's been a pleasure having you on. Thanks and happy holidays, everybody. Happy holidays. Folks, if you guys want to check out the replay, it should be available later today. Thank you, each and every one of you who joined us, and have a wonderful rest of the day.