Mining in Ontario Panel

0:10 Well, hello everyone and welcome to the Ontario Mining Panel hosted by 6. We're joined today with the leaders of 3 companies operating out of Ontario. So I'm pleased to welcome Brian Skanderbeg, President and CEO and Director of GFG Resources, Jamie Levy, President and CEO of Generation Mining, and Brett Richards, CEO and Director of Goldshore Resources.

0:32 In this discussion, we're going to explore what mining in Ontario has to offer for each of our respective companies. And as a reminder, you can submit your questions at any time on the Q&A panel on the right-hand side of the screen, and we'll make sure to try to get to them after the discussion. And as always, the summit's being recorded and will be available to watch afterwards on six.com.

0:53 But to jump right into the discussion today, if each of you can just introduce yourself and your company and describe some of the goals you're excited to share about your company. If I could start with you, Brian. Thanks a lot, Dasha. I'm the CEO of GFG Resources, and we're an explorer based in Saskatoon, Saskatchewan. But our real focus is out in Timmins with our exploration properties immediately west of Timmins West in the main camp. We also have a large asset base in the US where we've partnered with G11

1:25 trying to bring in-situ mining to gold. So we're a Canadian focused early stage explorer and market cap about $20 million in trading on the TSX and the OTCQB. Thank you. Great. Welcome. And Jamie? Thanks, Dasha and Sykes for hosting this event. I am Jamie Levy, President and CEO of Generation Mining, and I'm happy to be here. Good afternoon, and I guess goals coming up are some exploration results that,

1:58 as we're waiting for the lab to come back, we're starting detailed engineering, and we're hopeful for permitting, like get our EA by the middle of the year and then hopefully construction by the end of 2022. I'm in production 2023. But thank you for having us. Great, thank you for being here. And Brett. Hi Dasha, thanks for having us here as well and good afternoon everyone.

2:20 My name is Brett Richards, I'm the CEO of Goldshore Resources and Goldshore holds the Moss Lake Gold Project which is about 130 kilometers northwest of Timmins. It is a long-standing property that was acquired from West Dome Gold Mines back in January of this year. We did a transaction to raise $25 million and commence a 100,000 meter drill program.

2:48 And we those transactions were approved by the TSX on May 31st. And we were admitted for trading on June the 4th. So we're pretty early stage, what I would call explorer slash developer. And yeah, so we're 3 months into it today and we have a market cap of about 60 million. Great, well, welcome everyone. I'm looking forward to this discussion today. So Brian, what do you think is the most attractive aspect of mining in Ontario?

3:18 Yeah, look, I mean, when you think about why we went to Ontario and we're an early stage explorer, so, you know, we start with the basics of, you know, is there something there that's really valuable? And if you looked at Ontario for the endowment purpose, there's big deposits all over and you have a couple of companies here today that have some large deposits within their portfolio. So endowment is so key,

3:40 it's a great place to work and when we think about policy,

3:44 lots of stability. So we think about that side, government policy and does mining really want to be there? And I think a relevant piece today is can you find the people and are the people skilled? And we really feel strongly about the human capacity available in Ontario. Infrastructure is so key. Nobody's going to be able to build a mine if you can't power it, if you can't find people, if you can't find roads and rail. So all these pieces are so key to why GFG has chosen Ontario as a destination.

4:17 You know, So many positive things going forward, it continues to rank extremely high in the Fraser ranking. So, that's why it's very relevant for groups like GFG to make home in Ontario. Absolutely. And Jamie, what do you think is the most attractive aspect of mining in Ontario?

4:37 I love what Brian said, but you know, first of all, selfishly, I'm based in Toronto, so it's always nice to have an operation in Ontario. I don't get all the air miles, but it's nice that we can fly our drive to site. And going back to this infrastructure, is having a stable government, whether it's the Ontario government, as we all know, Premier Ford and Minister Rickford are very pro-mining.

4:58 Ontario government, sorry, the federal government is the same. So having power, having roads, having that infrastructure is very, very key. And for us being close to a town is very, very good as well. So thank you. And Brad. Yeah, I think over the last kind of 35 years of being in this business, I've worked in a lot of jurisdictions, probably over 40, 45 of them. And most recently being in Africa, you know, Ontario is a bit of a breath of fresh air when you look at probably not just the Fraser rankings, but you look at other geopolitical and risk factors, Ontario tops the list. So it's quite refreshing to come back home, not have to deal with military coups and political uprisings and mining codes changing every 6 months just because the commodity prices change and governments need to want to find a way to generate more revenue. The consistency

5:58 is good. And I think I'm quite comfortable on this jurisdiction and geologically, let's face it, we're in a great area to go to, all of us. Great, well I'm gonna throw this next question to you then, Brett, based on your experience. How does Ontario compare to other Canadian or North American jurisdictions?

6:19 You know, early on I cut my teeth with a company called Kinross and, you know, was fortunate enough to work outside of North America and lived in Russia and South America for a period of time. And, you know, certainly South America jurisdictions are challenging and you know can be problematic from a geopolitical standpoint. U.S. And we had many operations at the time, we had several operations, 3 large operations in the US, both in Alaska and also down in kind of, you know, the 48 states. And those jurisdictions, albeit they're all different, state by state, they're all challenging.

7:02 They were actually, you know, I'll call it medium mining friendly, whereas I think Ontario is actually, you know, more, I'll say even heavy mining friendly. And other provinces, although I don't have a lot of experience outside of Ontario, simply because we never had any projects outside of though, but some of my board members and certainly some of my investments are outside of, they're in British Columbia and they're in the Yukon.

7:29 And they have their own nuances about them, whether they are environmentally or within kind of, I'll say the provincial attributes which they have, maybe they are like British Columbia and are heavily forest or like Ontario and heavily forest, maybe they're like the Yukon and not. So they all have their own kind of nuances about them, but Ontario is in my view, kind of certainly top of the list. Great, thank you. Jimmy, how do you think Ontario compares to other North American jurisdictions?

8:04 All I can say is that Ontario has been quite supportive of mining as of late. We had Maginot, Hard Rock, you know, Rainy River that got permanent and are getting built now. Cote Lake, just down the road, I am Gold, I guess, Ford, Premier Ford and Trudeau went there for the opening. So, as you can see, Ontario is a booming area. As we all know, Noorant is coming up to the northern Ontario. So, you know, we do have a mining friendly government who's supportive of mining. They realize the importance to mining to the community. So I think that Ontario is one of the best places to be and the infrastructure, call it South of Thunder Bay, going all the way East, it's very nice to have. And we know that the government has to, it wants to focus on trying to get more exploration out there, so.

8:53 Great. And Brian, what do you think?

8:57 Yeah, look, supportive across the board. We've ran into very few challenges working in Ontario and we have looked at a number of advanced assets across Canada And moving into Quebec or my home is in Saskatchewan So I'm a little biased and say Saskatchewan is a great place to do business, too But this panel is about Ontario so, you know as good as it is, you know, as good as there are, you know, Ontario is at the top of the list and,

9:24 you know, that's why we're all making this hope. Yeah, it's actually positive. Great, of course. And I guess on the flip side, what are some of the challenges that are faced by companies operating in Ontario?

9:37 Jamie, do you wanna start? Some of the challenges, I guess, for some of the companies to the north in Ontario, I don't wanna speak for them because I don't have a project up there, but I guess there'll be some infrastructure up there. I think the biggest challenge is permitting. It takes a lot of time to go through an EA process and then some of the provincial and federal permits. It's quite time consuming. I know the government has been trying to work on ways that they could reduce the time that it takes from exploration to studies to actually development to production. So I know they're working on that. The First Nations is obviously a concern. Our team has been very focused on making sure we have good relationships with the Métis groups and the indigenous communities in the First Nation. So it's very hard to,

10:24 it spends a lot of time dealing with the First Nation and the government. But I think that's the biggest challenges out there other than infrastructure. And again, we check those boxes of having good infrastructure. So thank you. Brett, what do you think? Yeah, I think there are certainly challenges.

10:45 Infrastructure is one of them as you get quite a ways up north, but certainly not impossible. And Noron's a good example of that.

10:55 But I think from a geopolitical standpoint or a regulatory standpoint, there are always going to be hurdles and there's always going to be kind of work that has to be done and to a certain standard in Ontario, unlike, you know, just like every other jurisdiction. I think the real things that keep probably me up at night or others up at night aren't related to that. They're related to other activities within the business

11:21 that can affect things. So, you know, it really is provincially, it's a good place to work And the challenges are, I think, in other areas, the focus is in other areas. All right, and Brian, anything to add?

11:40 The only thing I'd add is that, with any great jurisdiction to work in, which we believe Ontario is, and a number of projects moving through development, whether you look at Stakote or whether you look at some of the examples that Brent alluded to, is this concept of labour competition and how it impacts our business and how it's driving our cross-structure of a business. So I think that's one of our bigger challenges right now is where you look at whether you're at an exploration stage like GFT and you're trying to find a drill rig or whether you're looking at like a gen mining or these guys which are actually at the stage of building or moving through feasibility analysis,

12:17 this concept of can we find all the people we need and what's it going to cost to do that is one of the bigger challenges I think we face. Because it's such a good jurisdiction there is competition on the front.

12:31 Right, well so Ontario is one of the safest mining jurisdictions in the world and mining is one of the safest industries in Ontario. And I was wondering why you think that is. Brian, if I can throw it back to you. Yeah, I think this goes to a culture developed over decades and Ontario has always been a great mining jurisdiction. And if you look at the policy that's in place and you try to run a mine in Ontario, and we've operated a mine in some of my previous career paths, and The established expectation from a government is very high. Let's just look at an example from Sudbury where 40 miners are trapped underground. Well, anybody that works underground knows there's an exact path to deal with that situation and it's mandated by government.

13:19 I think safety is ingrained in many of our steps as we go through, whether it's in a safety share or a board meeting or these components.

13:27 The long history of mining translates to a nationally safe environment and it is a priority for all the companies working there. So ESG is front and center for all of us, but safety has always been front and center for all of us. So I just think long history of mining really does translate to really good policy.

13:47 Great. And Jimmy, why do you think Ontario is one of the safest mining jurisdictions?

13:54 It's had a tremendous history as Brian was mentioning. So I mean, Timmins, Sudbury, Kirkland Lake, Red Lake, Detour Belt, our neighbor Hemlo. I mean, tremendous history going back, you know, 75,100 years, whatever it might be. So I guess history has taught them to be safe and the communities know how important mining is to their economies. So they're gonna do all they can take it to make sure that everybody is safe in those areas. Great, and Brett, any last thoughts? Yeah, not much to add. I think, from what the guys have said, Ontario and to a partial degree or the same degree, Quebec, they really set the standard for kind of underground mining and underground mining safety practices and standards and being in a tier 1 jurisdiction, those standards were quite high and they were maintained over a long period of time. When you look around the world for where you want underground miners to come from, you wanna look at Ontario or you wanna look at Quebec.

14:59 And Alternatively, you'll find a lot of really good underground miners in South Africa. Outside of that, there's nobody else on the podium, those 3, and that's really about it because of the skill sets, yes, but also because of the standards that I worked to in Ontario are certainly of some of the best. And the testament is, as Brian said, there was a clear, clear path to getting the miners out who were trapped in Sudbury. Excuse me, there was a clear path to doing that. And that's all part of the regulation. So the regulation is the platform as to how all this starts. Well, so looking to the future, how do you see the interest in Ontario evolving? What should investors be most excited about in Ontario?

15:48 And Brett, can I start with you? Yeah, thanks Tasha. Yeah, you know, jurisdictionally, I think we've talked it through quite a bit. I think now we need to start and talk about geology. And when you see, you know, Ontario has probably taken out 200 million ounces from the Red Lake, all the way stretching from the kind of the Red Lake camp to the far west out of the province and all the way to the Abitibi belt out of the province in Quebec and everything in between along Northern Ontario. And I've actually looked at a deposit recently that is in Southern Ontario, just off Highway 401, which is an odd place to find depositions. But I think along this camp, there's been a long history, 200 million ounces of gold, along with other precious metals as Jamie has latched on to.

16:40 And there are other commodities as well, we're not just exclusive to that, but we're known for gold and certainly precious metals. I think we're going to start to enter a kind of a macroeconomic global period where I think we're going to see gold trade between a new range of 1800 to 2200. I've said it many times and I'll continue to say it. I believe that's where it's gonna be. I think Palladium is going to kind of do the same thing. Welcome Jamie's kind of view as to where those numbers will be. But there's certainly going to be well ahead of historic consensus or kind of an average of the past 20 years, they're gonna be much, much higher. So when you put all that together, you see the, I'll say the macroeconomic drivers between behind pricing and you say, hey, that's a great opportunity for Ontario. There's no 2 ways about it.

17:37 Great, thank you. Well, we've gone to Jamie, do you agree? And how do you see the interest in Ontario evolving? I agree, and thanks for the shout out for Palladium. Let's hope it goes higher. I guess important note is, I don't know if we're gonna talk about it later on, but I think it was in March of 2021, the government had put out its first ever critical mineral strategy. So they're promoting investment in these critical metals from palladium to platinum to copper to a bunch of these ESG metals, which are here to promote a low-carbon economy in the future. So that was from the provincial government and the federal government has done that as well. I don't know if Quebec or other provinces have done it, but Ontario had done it, so I think that they're trying to create investment for that.

18:24 And then the other big thing is the, you know, Noronta and Wailu, as Fred had mentioned, the geology, There's a lot of people interested in some of these areas that have been under explored or never explored. And it's nice to see that the largest mining company in the world is coming to Ontario to look for future exploration. I don't think they're there to develop a mine. I don't know, I can't speak for them, but there's a huge exploration potential up at the Ring of Fire area and I think everyone there to further so, even in our area and I'm sure in Brett and Brian's areas too, there's exploration everywhere. Great. And Brian, what should investors be excited about? Yeah, I think there's a couple of things that would reinforce my peers is that there's a number of deposits that are at this stage to be built and this move in macro move in metal prices will continue I believe and that will drive construction of these. So I think that's really something to be exciting. Building a new mine is always a huge accomplishment.

19:21 And so on that side of it, that's great to look forward to as a province. But as an explorationist, I look at it from the other side and say, we went to Ontario because we believe there's big mines to be found yet as well. And if you look at our thesis, there's a lot of cover. Exploration maturity remains pretty low in vast areas. So, I mean, you just look at the numbers where big deposits have been found in the last 20 years, Ontario sticks out. And I believe that will continue. So I'm excited and I think Ontario should be excited about the prospects of mines being built and mines being found. Great, thank you. Well, so obviously the past almost 2 years has been unique with COVID. And that was an open question for whoever wants to answer, but how has your company managed to navigate the restrictions and the new guidelines during COVID-19 and how things changed, if at all, as things start to open up? Brian, I'll throw it back to you.

20:18 Sure. I mean, look, it's been a hurdle for all of us. And I've just started the travel schedule again here, which many of our CEOs and peers will go back into, whether it be Berkeley or Denver or Europe. And that's a refreshing step to not have been traveled for 2 years. That being said, we've done our best to tilt our medium out there and build our audience and marketing that we need to do. Aside from that, COVID hasn't had a huge impact on specifically our business. We're still executing our dual programs. Our permit still comes through. Our news is a little delayed, so we have 8 weeks instead of maybe a preferred 3 or 4 weeks, and that's a turnaround time. And modest cost inflation associated with maybe more people or different travel or more hotels or things like this, just a little less efficient. So I'm happy to say that GFT, I think we've managed it well, putting good practice in place, transparent communication with our employees and our stakeholders, and that we've been able to manage the COVID risks recently.

21:17 Great, thank you. Does anyone else have anything to add on how things have changed during COVID? Great. All right, well, so just a reminder to attendees, Please feel free to submit your questions, because we're going to be moving on to attendee questions soon. But just to wrap up this part of the discussion, what are some upcoming milestones that you're looking forward to this year that you'd like to get investors excited about before we move on to the Q&A session? Jamie, I'll start with you. As Brian had mentioned earlier, some assay turnaround, we completed drilling about a month or so ago and we're still waiting for our final couple holes to come out. So hopefully we'll have some good drill results to announce. We announced a couple last month that we engaged Endeavor to help us have a project financing to help us through the bridge to the project financing for construction. So hopefully we can have some news that we can tell our investors by hopefully the beginning of the fourth quarter, if not the end of the third quarter.

22:22 Some news on some detailed engineering work that we're beginning. Big stuff will be hopefully by the 2nd or 3rd quarter of next year, receiving our environmental assessment and some of our provincial and federal employment. And long-term will be construction, hopefully by the end of 2022 and construction, end of 2023 and commercial production sometime in 2024. So it's a tight timeline, but we've a lot of work's been done on this project since Stillwater's had it. And then we took it over from Spanning and we got the team that's gonna do it. And hopefully it will be the next critical mineral mine in Canada. So, or at least in Ontario. So we're pushing along and we think we see the light at the end of the tunnel, so we're almost there.

23:10 Great, thank you. And Brett, what about for Goldshore Resources? Yeah, you know, obviously we're a very new company, just admitted for trading on the 4th of June. So we've just commenced our 100,000 meter program, started in July, we're getting assays back now on the first few holes, and we'll start to kind of get some news flow out within the next week or 2. And that news flow will be, obviously with a program of that nature, we're gonna have news flow every couple of weeks to kind of not only validate with the historical resource at Moss Lake, but also improve upon it, both in size and in quality as we move forward. I think the more medium-term goals are if we get through our program expeditiously, we'll look to do a mineral resource estimate update around September of next year and look to put together an updated PEA to build on the already kind of really stellar economics of the Moss Lake project, which at today's gold number has an NPV of about 1 billion dollars pre-tax.

24:17 So, our job is to build a larger resource, put a project around it and demonstrate the value. Great, thank you. And Brian with GFG Resources? Yeah, like, like, Brett was alluding to, you know, we're all in the drilling business, and many of us are awaiting some assays. GFG is no different. We will be drilling here in the second half, kicking off a nice program in Q4 here. I think for GFG, what we try to do is ultimately we're out there finding the next date for Timmins Goldmine. And so we're really excited about some of the target drilling that we're doing in Ontario and rolling through Q4. You'll see that program kick off and translate through to assays coming to market. The other leg under a stool and it's not really the focus of this panel is our partner and a project in Wyoming where we're working with a private group called G11.

25:12 G11 is the first group to try to actually in-situ mine gold and What we're working with is a very unique partnership down there, a very unique methodology, but we truly believe that there's a path to not have just in-situ mining in Uranium and Copper, but also be in Gold. That's another leg to our stool with our partner down there and a carried interest on the Rattlesnake Hills project is trying to develop the most relevant and only in-situ gold mine down in Wyoming. So those are the real drivers. You would expect to see some metallurgical test work and initial data related to our partnership in the US come up in Q4 as well. Great, thank you all so much. So we're gonna jump right into some of these attendee questions here. We have a question for all the panelists.

25:58 What is the impression of the panel regarding the future of critical mineral supply in Ontario. And these questions are just open format. Whoever wants to jump in, feel free. Jamie, it's probably more your bend with your concern and things. Okay, so sorry, Dash, my thing just kind of clicked off the volume. Can you just ask the question again? What is the impression of the panel regarding the future of critical mineral supply in Ontario? We hope it's positive. I think I mentioned it earlier about the potential investment of some sort of breaks that the government might give, but they haven't really announced too much right now. So I think it's a little bit of smoke right now. To be honest with you, they haven't really given too much meat to what they actually would like to do. But I would hope that they could assist some exploration of these critical metals. I mean I would hope that they could expedite some of the permitting but that's a completely different department so I think it's going to come more on the investment side where they could allow some sort of flow through breaks or some sort of advantage for exploration in those areas. But again, I haven't heard much on that. It was just announced a little while ago. And sometimes it takes a little while for the government to announce what they really intend to do, but at least they're supportive of mining.

27:16 If they do put out an announcement like that, would be by synopsis. Great. Anyone else have anything to add? I just think we have a very supportive government and our status quo is exceptionally positive as it relates to both exploration and into the development phase of it. So any furthering of whether it's a flow-through credit or more competitive NIFs on the flow-through side is always welcome because it just decreases our cost of capital. That being said, the status quo is very good. Great, thank you. Another question here for the group. How difficult is it to find drillers for your projects? Yeah, it's been difficult. And to Brian's point earlier, the human capital piece of our business is what makes a successful project successful and what makes a good project unsuccessful.

28:11 You've got to have good people at the end of the day. I think because of, let's face it, I wouldn't say we've had a bit of a strong run, I guess is the best way to put it, in commodities and in Ontario. There's a lot of activity out there. There's a lot of drill rigs deployed right now. And getting crews to man them, experienced crews to man them, has been extremely difficult. We're actually bringing in people from the east coast and the west coast and on southern Ontario in order to meet the manning needs of our project. We're only 130 kilometers away from Thunder Bay, we could be quasi residential, but we are doing fly in, fly out, because the demand for people is so great. And that goes from all the way from our senior geologists all the way down to our drilling crews and drillers.

29:01 Thank you. Anyone else? It's just a big hurdle. There's inflationary costs there. I had a good chat with a shareholder yesterday about the concept of macro fees with the gold, but ultimately it comes back down to inflation and measure inflation for us. How does that translate to a unit per meter cost? So we might have a budget, and we might be seeing 10, 15, 20, 25% overruns on that unit cost meterage for a drill budget. So, manageable, TFT, look, we're a small fry. 1 rig does us very well. We don't need 10 rigs drilling, so it's manageable, but a very significant challenge to ascertain and to fill that rig availability to the level of saying, we wanna drill 100 or 200 or 500,000 meters. Those are huge and challenging goals to set out.

29:53 Thank you. So we have some specific questions for each panelist, so I'll just ask each of you your one question. Starting with Jamie, there's a question for Generation Mining. What is the status of your talks with smelters? We have engaged, we put out a press release a little while ago, JP Deco, John Paul, he's helping us out discussing offtake deals and concentrate payables and marketability of our concentrate. They're going well. It's all I can say right now. So we're in discussions with the smelters, and we're awaiting a more formal deal. So we're in no rush on that, but it's nice to have that. And once we get the final results, we'll let the public know and investors know what they are.

30:43 Thank you. Question for Brian. Dana's asking, in oil exploration, some people estimate how much oil is likely on a land package before it's drilled. For you in Lansing, Ontario, has GFG ever internally guessed at the likely number of ounces and do you have any related comments? Yeah, well I mean I'm not going to talk barrels of oil on a land position, but I understand the thesis. Look, I mean we're an explorer, you know, company on, you know, scale of resource is premature. We don't have a resource. We're out there trying to find the next great mine. What I can say is we're surrounded by extremely large deposits. And that's why we went to where we go is that the 2, 5, 10, 20, and I'm talking millions of ounces are literally surrounding our property. And so we think in 700 square kilometers, which we control next to Timmins, surrounded by majors with great infrastructure, that we have a good probability of making a relevant discovery.

31:45 And that relevant discovery, given the endowment and scale of deposits around us, we think could be very relevant. So I won't speculate on scale. I just think we go there because there's big deposits all around us. Great, thank you. And for Brett, we have a question from Russell. Being aware of the potential gold ounces that Goldshore brings to the table, what is your opinion on the Shibandawan Gold Camp? Yeah, the Shibandawan kind of greenstone belt kind of wraps around kind of where we are and goes all the way towards Lunder Bay. And I think, you know, geologically, it's pretty under, it's underdeveloped, it's not very well known or understood.

32:31 And I think that it's the reason we took the approach we did where we wanted to start really back at basics, use all the historic data, but really start back at basics. So we ran a complete VTEM survey over our property. And it did tell us a lot of things. In addition to the historical data overlay, the LIDAR data, the drill set data, everything kind of was laid out there. And I'm not saying that Moss Lake Goldmines got it wrong. What I'm saying is they missed a lot of opportunities. And I think that's where the Chabandawan belt where I am, and there are lots of high grade kind of sheer zone kind of style deposits. And there's also a lot of disseminated deposits like Moss Lake, where you get a gram to a gram and a half, and you get 2 or 300 million tons of that, not dissimilar to Detour, not dissimilar to Cote Lake, etc. But I think that's what Chabandawan brings to the table at the end of the day. There is some really, really strong mineralization, not just Gold. We have Copper mineralization on our land package as well. So I think the belt needs to be better understood and it's a really, it's actually an exciting place to be because we're always finding positive correlation and positive opportunities from what we originally saw.

33:50 Great, thank you so much. So we have another question here for all the panelists. So whoever has an answer, Dr. Johnson is asking, does Ontario still offer the funding for roads to resources? Does anyone have an answer? I'm not sure. I'm not sure. I don't believe they do. Yeah. You can Google it quickly, but I don't wanna, I don't know the answer. Yeah. All right, well, I figured I would ask, but in closing, another question for all of the panelists. Russell's asking, in the past, the prospector has played a major role in exploration. How do you see your role in supporting them? Yeah, I mean, I can I guess give my 2 cents on that? We're an earlier stage explorer and we still use prospectors.

34:40 It is a lost art and a diminishing art, But I do see that's validity to it. And depending on where you work, there's certainly usefulness. I think all the teams here are very cutting edge on the science front. So we're very cognizant of using the 8 or 10 different layers, which we would use in understanding geology and our methodology to find the next Gold or BGE deposit. And prospecting is one of those layers. So we try to do our best with filtering an area and understanding where we might find something that's relevant and we do still find that a prospector can go out into a piece of ground, and we're only 40 kilometers from Timmins, and find new showings that have never been drilled. There is limited outcrops, you have to be cognizant of how you use them.

35:25 And if you wanna find a good one, you have to pay for them these days. So we pay a prospector as much as we pay a geologist. But I actually do find them for us to still be very valid in a role of finding clauses because the area we work in is still quite immature. Thank you, anyone else have anything to add? Yeah, I think Russell is right. Prospectors play a key role. Moss Lake wouldn't be around. A lot of our deposits that we all have on this panel, that we wouldn't be around without them. It takes time and it takes energy and it takes small amounts of capital, but mostly it takes time. And that's the role they have historically played.

36:11 And then things start to accelerate once they start to have, you know, an understanding of things geologically and they start to find and have some good hits. So yeah, I think we have to support them and where we can and how we can relative to each of our companies. And it's no different than the mid-tiers trying to supporting us or the majors supporting us. You know, we are the pipeline that feeds the next generation of projects that get built and go into construction. The prospectors are the pipeline of projects that actually become deposits. And I think that's their role. They'll always have a role. I think that's just the nature of the beast. So, we are here to support them.

36:58 And one more thing to add, I think The prospectors nowadays have different technologies than they would have had 10 or 20 years ago. So whether it's artificial intelligence that they want to use, or some sort of different sort of geochemical sort of, whatever they want to use right now. So there's certainly different technologies. And just for an example, our project is fairly large. We did some prospecting this summer. It's never been prospected before. So we had about 20 kilometers of strike that has never been looked at. And we're right next to a town, right next to a Hemlo that's never been prospected. So it's nice to see that prospectors are still around because we certainly need them. Great. Well, I want to thank all of our panelists today for all your incredible insights. And thank you for everyone who joined us today and asked questions. There are some more questions that are direct for a specific company.

37:46 So I will pass those on to each of the CEOs and they can hopefully follow up with you directly over email and get your questions answered. But as I said, this panel has been recorded and will be available to rewatch afterwards on SIX.com. And that's it. Have a great rest of your day. And thank you all so much for joining us. We'll see you next time.