Positioned for Discovery: Inside GFG’s Expanding Timmins Footprint

0:03 Good morning, good afternoon or good evening, depending on where in the world you're signing in from. I'm lucky enough to have with me today, President and CEO of GFG Resources, Brian Skanderbeg. Brian, how are you today? Great. Thanks very much for the opportunity today, Romeo, and great to have the opportunity to talk to some shareholders and potential shareholders. Awesome. And here's how today's going to work just for the folks in the room. I've got some questions for Brian. We're going to do this interview style based on recent news, but also just on what's up next for the company, just so we can get a kind of good market update for folks who are joining us and those on replay. But this is an interactive event, so there's a

0:35 chat button at the bottom of your screen. Please feel free to press it. At any time during today's event, you can engage in the chat, but also ask questions. I'll try to get to as many as we can today. If for whatever reason I don't get to your question, run out of time, it's not exactly on topic, etc. I'll still make sure the GFG team gets that question afterwards, but I'm sure we can get to most of them while we chat during today's session. Another thing I'll say is there's a request meeting button there at the bottom. I know there's quite a few of you in the room. If you would like to request a meeting with the GFG team, please do press that button, and we'll be sure to help you organize a meeting with some representative of the GFG team, if not Brian himself. The only other piece of boring housekeeping before we get into the meat and potatoes is this is being recorded and will be available for replay. It should be around probably 4 p.m. Eastern. It'll come right in your inbox, but it'll also be available on Six's YouTube channel. Okay. Enough out of me, Brian. Let's get into the good stuff. The headline that I want to talk about today is 474 new mineral claims at Goldarm, growing the property by 57% to about 263 square kilometers.

1:33 Love, you could walk us through the strategic logic here. Why was now the right moment to move on this much new ground? And how does staking compare to other ways of growing the footprint at this stage of the cycle? Yeah, look, I mean, this was a good big step for us that we took about a week ago. We've been planning this for going back several months. It really comes back to some of the regional programs that we were doing out on Goldarm and that generative work. What we were seeing was really encouraging on the regional side. We went about building a model in terms of where we want to take some of this targeting and we ultimately had some vulnerabilities in terms of open ground and things we liked around us. For us, adding about 50% to the land position was a key piece.

2:21 It comes with a good suite of targets that we like and closes off some of the areas we were seeing anomalies on that remained open. For GFG, it puts Gold Arm as one of the biggest land positions now in the Timmins camp. It's almost on par with Penn. Penn is about 400 square kilometers. Gold Arm is just less than 300.

2:45 You can see it on a regional map and it comes across very clearly. I'll just throw a quick map up there for any of the groups that maybe didn't see it. What I show you here in brown is the upper area that we acquired. Obviously, if we staked it, it was open. So we did add about 96 square kilometers of land to the existing Gold Arm block. And you see up here some interesting geology. We'll have some other questions maybe on that later. On this map, we also show some of the regional dataset layers that were collected and were part of the rationale to stake and acquire this. But this was a really logical and cheap way for GFG to grow the Goldarm position.

3:34 The best analogy is for literally $20,000. We've added a pipeline of targets. We've expanded areas we really like the geology on. We think this is just a great value build for GFG. So that's a bit of the picture about why we did the staking and what it added to Goldarm. I appreciate that. I love getting a look behind the curtain after these kind of decisions, so I appreciate it. One thing I know you've pointed to the regional Sonic Base Attil program as the driver behind the expansion with 82 holes completed across WWCC, Montclair, and Aljo. Without getting into unreleased data, don't think I'm gonna do that for folks in the room, What is the program actually telling you that gave the team that conviction you described to scale up like this?

4:24 When we put Gold Arm together, we fully recognized, and this was through the consolidation with IEP and some staking we'd done back in the 2018 timeframe. We put a model together at that point. We staked some ground. We had it covered what we liked there. When we thought about it, it was clear that the methodology that we had to apply was something different. We came up with a basal till program. The 82 holes we talked about was our first push into some of these areas. Kilometre spaced Sonic Drill Holes gives us a very good sample of the overburden. It also gives us a very good sample of bedrock. From that data, and it's certainly not all back, we have a third to maybe half that data back from an assay at the bedrock. And certainly the bunch of the till isn't back yet and there's other components of the data.

5:24 But we were seeing good anomalism and we designed this program to go out here and look for new Gold systems in areas we felt could be prospective but were really immature. If we're out there and we're seeing 0.1, 0.2, 0.3g, even 50ppv in a bedrock sample, this is kilometer space drilling. You're just looking for a Gold system. That's highly anomalous. Those are the types of things we're seeing. If you can see Gold in the till and if you can see 10, 20, 30, 40, 50 grains of Gold in a 10 kilo sample, that's 10, 20, 30, 40 times background. We're seeing those. And then we have the base metal signatures, which we haven't even got back yet, which might show VMS style settings occurring here.

6:10 At an early stage, we're seeing encouragement in the regional sampling that substantiated our structural model and led us to take the next step, which is, there's a nice panel of rocks north of us that we thought were under-recognized, under-explored.

6:25 Some of the research that was done through Metal Earth, which is a government industry collaborative research group, did flag another structural corridor up there. So you kind of put it all together and we're like, you know what, there's more up here that fits in our wheelhouse. And for a relatively small amount of capital, we can go and really build the Gold Arm and build our pipeline. So the basal till sampling combined with the structural model was really what flagged us to increase the land position. There's another data layer that we use, which is a bunch of biogeochemical sampling. So simple way of, we send vegetation or bark or whatever we want to go and get the areas and even that data later was flagging quite interesting anomalism in areas so when you put all these layers together you do just really flagged a very obvious area and a body of obvious group of areas and targets that we hadn't recognized when we staked this ground 3 or 4 years ago and built the Gold Arm Block.

7:22 Awesome. Now, one thing I noticed is the North Stone Pipe or North Pipestone Fault Corridor keeps coming up in communications. I'll see it over and over again. So for investors still building their understanding of the Timmins setting, why is the structural trend considered so prospective and how does GFG's position along it stack up against what other operators in the camp are working with?

7:45 Yeah, And I'll just share this briefly here. Romeo, you can see my screen, correct? I can, yep. Now, what we're talking about is, and originally was this breakdown in here. And that break was something we acquired and staked back a number of years ago. It existed within our entirety of property. But as you start thinking larger scale and looking further North, there's other parallel breaks. These breaks do host historic drilling. They host anomalism. They host interesting structural settings and intersections. Part of our methodology is really looking at this Northeast intersection, structural intersection with some of the other litho contacts and basin controlling structures. When we think about the geology up here and the north Pipestone area, it's actually a group of structural corridors that are north of the Pipestone.

8:39 You have the Monroe Fault, which is further to the east of us. You have something called the North Pipestone Break, and then you have another big structure even further north of there. Part of the logic of putting this land position together was these are all very immature structural breaks. They all have the same similar characteristics in the sense that they're under big swamps. They have some interesting geochemistry. They're all extremely immature. But yet they're all relatively close to infrastructure. So when you follow this break, and I would flag even this structure up here, these 2, and you can follow these 2 into Quebec. You can follow them over to the West as well. They're associated with Gold mineralization deposits tracking West of us all the way North of Timmins. You can track these off 50, 80,100km into Quebec and they're also associated with Gold mineralization and deposits as you move these systems into Quebec.

9:36 So this structural corridor really does just add to what we see at the Pipestone. And for those that maybe not recognize it, this is the Pipestone Breakdown here, and this is the Porcupine Duster here. So you have 3 or 4 different fault zones. You know, there's some really good government work that was done imaging these, and if I do a quick line through them, there's actually a road that comes down through here, kind of like this. And that road has some very interesting research that's completed by government. It's called the Matheson transect, and a bunch of geophysical work was done. And ultimately, it imaged a number of structural corridors north of the Pipestone that are quite relevant and highly under-explored. That's really what we added here, and some of the rationale to add it.

10:26 I appreciate that a lot. I do want to zoom out from Pipestone to the full camp itself. I did ask a similar question on a recent event with Red Pine, but I love making you gaze into a crystal ball if you don't mind, Brian. Timmins, obviously at this point, has produced over 70Moz of Gold, but is clearly to me going through a phase of land consolidation among majors and mid-tiers, or at least that process has started. How do you see that consolidation thesis playing out over the next couple of years? And where does GFG fit in, given the size and the quality of the package that you've now built?

10:57 Yeah, I mean, it's an interesting question to think about the camp and where it's came over the last 5-years and where it will be in 2, 5, 10 from now. I break it into groups and obviously there's those infrastructure hosting companies, the producers, there's the developers out there that have resources 1, 2, 5, 10 million ounces and then there's the explorers. I think there's M&A to be done in all those. And I'll stay away from the producers in the sense that producer, producer, there's probably logic to work and optimize the infrastructure. But what's interesting to me is there's 7 mills here. And Any of those mills have the opportunity to displace feed. They might look at a developer, they might look at a Mayfair, they may look at a Stellar, they may look at a Galleon, guys that have resources and are moving forward. They may look to an explorer that has massive land possessions like TFT, where we're now pushing 900km2 in this belt under tenement.

11:52 I think that's some of the logic that you see in the M&A space, is producers playing in the share structure, supporting explorers to move forward. We have 3 producers in our share structure. Our neighbours beside us have 3 producers in their share structure. There is very much support of the explorers by the producers here. Logically, with success in time at an explorer, you move to be a developer and I think you'll end up on somebody else's infrastructure. There is an angle also where there's literally millions of ounces in this camp that are non-conventional metallurgically, and these are refractory. What Discovery Silver is doing with the Kidd complex, metallurgical complex and mill there that they acquired off of Glencore is quite key and quite interesting to how refractory processing

12:44 advances in the camp. Why is that relevant to GFG? GFG is Montclair. Montclair is something that's actually really interesting. It's not conventionally metallurgy, but it is optionality for us. I think there's lots of different ways to see Timmins unfold. If you stand back and look at the balance sheet of these groups, the balance sheets of the producers, there's literally billions of dollars of free cash flow being generated in this map, in our sandbox every year. And for something the scale of a 50M market cap company, we are a very small fry in the landscape, but we are quite networked. We are very close with it. I think we have the respect of our peers and the producers in the camp in terms of our methodology of going out here and finding something different, looking for the next relevant discovery in Timmins.

13:34 And, you know, I just think Timmins as a camp has evolved immensely over 5 years. And I think if you're gonna look at Timmins in 5 and 10 years from now, you'll see a more consolidated producer landscape. You're probably going to see some of the explorers into the producers. You're probably going to see consolidation of explorers. Part of the methodology of how we explore is you need large tracts of ground to go do it. In some ways, merger of eco with some of the explorers, there's rationale there.

14:08 It's always about people, but you'll probably see some of those take place in this camp as well. That makes sense. Certainly see more and more rows at PDAC every year. People keep telling me exploration, consolidation is coming. I wanted to zoom in on drilling at Aljo for a second because I know drilling has resumed there with the 6,000 metre program planned for this year, including 7 holes for about 1,300 metres in Q2. Now You've described Aljo in the past as moving towards resource scale definition. At this point, what does that pathway actually look like in terms of milestones in 2026? And where does Aljo sit in the Goldarm portfolio relative to the other regional targets? Aljo is top of our pipeline. For us, that means we'll drill about 60% to 70% of our metres into that target this year. For us, that's between 6,000 and 7,000m of drilling in 2026.

14:58 It's a good amount of drilling. What we'd really like to see at Aljo is continued depth extension.

15:06 The deepest hole we drilled historically had an economic intercept, 30 plus or minus gram metre product. It also had a broader interval that was quite interesting. It's sort of gram to gram and a half material. That's the deepest hole underneath the Aljo hanging wall zone. Step out drilling along to the east, which was a press release we put out in Q1, showed 5, 10, 15g material in step out holes 200m away. I'd love to be able to tie that drilling back to the demining that we've done in the main zone and the hangwall zone. Generally, if you mapped us through this year, 6,000m, We would love to see us take the demining and grow this system at depth and along strike and take some of the metallurgical testing to the next level. We've done some preliminary testing so far, which at this stage is just a simple cyanidation test on a pulp from an assay, a gold assay, and that gave us good numbers, 90s and 95, so reasonable and not a surprise on that side, but we do need to do some more met testing as well. So for us, get the number of meters in that allows us to confirm that continuity, test the step outs, revisit the domaining and update some metallurgical side.

16:21 So those are sort of the stages and steps we'd like to see at Aljo for 2026. Great, I appreciate that. I know on the Pipestone fault zone, GFG's wrapped 4,295 meters across, Nahanni, McChristy and Fournier with the majority of assets still to come. Somebody in the chat's asked about it, so we'll get to that

16:39 soon. But without getting ahead of the data, how would you frame what success looks like at each of those targets? And which, this is just a question for you personally, which are you most curious to see results from first? Yeah, let me just show this again here. I'll just zoom a larger view here. What we're actually talking about is a group of targets that are west of Eljo. Fournier, McChristie, Nahanni and Carr, these 4 targets sit anywhere from 5 to 15km west of Eljo, and they sit about 10km east of Montclair, which is on the east side of this map. GFT had never drilled any of these targets before this year, and we did like them.

17:25 And if we talked about them individually, Nahanni is a 6.5km strike length target. It's actually 3 or 4 different target areas when you get into the local environment. Fournier and McChrystie are also areas where there was a little bit of historic drilling. And on each of these targets, what we saw was with a very limited amount of drilling, and I'm talking literally 1 or 2 or 3 holes, you could see interesting signs of a system. And most of this drilling, and now I'm talking only a half dozen holes on these 3 targets historically, were done back in the 80s. And when you looked at the methodology and the logic behind it, many of them were BLF or conductor driven targeting. So they were looking at BMS or conductivity data and not necessarily focusing with the same structural mindset or stratigraphic mindset in terms of targeting the GFG.

18:23 For us, we wanted to step out and test some of these regional targets. On this map, just to locate yourself, Small black circles, those are the 82 sonicles. The squares on here, the small squares, I don't know, I think that's about 500 bark samples. And the coverage is kind of intermittent, but they kind of show the data layers we have.

18:47 And there is a number of sonicles that we drilled down in the Nahanni area, as well as in McChristie and Fortier target areas. For me, what is an area, if you looked at the regional pipeline, that the first priority for us, it was Nahanni. Nahanni is a really interesting area right on the break. In those historic drill holes, there was interesting anomalism. I'm talking sort of half gram to 2g material. There was the right signs of mineralization, broader anomalism. And they weren't really that well-oriented holes in terms of testing a geological or structural model as we would have designed in today's targeting. Nahanni sat at the top of the pipeline.

19:33 As you started this off with, we drilled about 15 holes in these 3 target areas. Most of those holes were in that Nahanni corridor. We drilled actually 3 core target areas within that 6.5km. That drill program wrapped up

19:51 about 2-weeks ago. The program started in early to mid-February. We took some core to PDAC from some of the initial holes and that showed highly altered rocks, good veining, the right style of system. And at this stage of exploration, That's what we're out there looking for is a system. So far, in looking at the Nahanni target, we really like what we've seen. We've definitely seen a lot of the right intrusive rocks. We've definitely seen a very broad alteration system. We've definitely seen some really good shear zones developed. We've seen broad scale alteration.

20:37 We're seeing some gold come back in the preliminary assays. When you think about news flow for us, Nahani is the one that probably is going to come to market next, And I'm really keen on some of these results to market. They're just coming back from the lab now. Generally, we're kind of seeing 6, 8 weeks turnaround time, sometimes a little more, sometimes a little less, Not super quick with the lab, but we're going to get there. And Nahani is an interesting one where I think we're seeing the right hallmarks of a good system at work there. Great.

21:13 Now, again, zooming out just a little bit, I know GFG runs 3 projects in Timmins, but most of the news flow that folks I'm sure are familiar with has been on Goldarm. How are you thinking about Penn Gold and Door Gold right now? Is there a scenario where one of those projects can jump to the front of the queue over the next 12 months? Is there a Black Swan or White Swan event that will move one of those up to the top of the box? Sure. I just flipped to this regional map and I think it's important to think about all the components that GFT has in its portfolio here. And The Gold Arm map, as I showed you previously, is out east of Timmins. On this map, it starts to look not that big, but that's 300 square kilometers in the Gold Arm block. And now you can see its location to infrastructure controlled by McEwen and obviously Pan American Discovery Silver.

22:07 As you go west to Timmins, Pan and Dory, and this is where we started the land position and the consolidation of this belt, and we haven't been as active on these properties in the last couple of years as we were in this sort of 2018 to 2021 period. Your question about how do we see these projects evolving in our portfolio is, I'd love to find a way to advance these projects in a partnership model.

22:33 We've been talking about having some dialogue on that over the last several queues. I can say we're making progress on that and I'm optimistic we get something to the market in the next quarter. These are great properties. You can look at Dore on the bottom and you know, Cote is like 20 to 30Moz. Borden is out there, it's 5Moz plus on system. Underground it's a couple million ounces. But in the end, these are big, long-term productive mines owned by mid-tiers and pushing majors in the terms of some of these. It's already strategic. It's like 200 square kilometres sandwiched in between here. Evolution is working right next to us, drilling as we speak today.

23:21 I am Gold working West on a target called Jerome, which is this little mine down here. That's the Jerome mine that's actually on the Cote land position. There's active project work ongoing all around Dore And I really think that that's a great land position. Penn is so big, it's a standalone project on its own. And out of the entirety of this map, There's only one land position that's bigger than Penn. It's that that's controlled by Discovery Silver on the Borden block. Penn is about 400 square kilometers. And we worked it intensively as GFG for 3 or 4 years. We had some good results, nothing that was going to move to resource. We paused it. We added Gold Arm. But I'm still really excited about targets on Penn. And even in terms of our thinking and logic, we still are finding new areas and new thought processes. And we have not stopped thinking about PIM.

24:18 It's just we're taking it through a different strategic route. So are there avenues where you can see either of these properties move back to the top of our pipeline? Absolutely. And I think the path is likely to be through a partnership model. I think there are great ways where value can be unlocked for a shareholder through a partnership model where GOT can retain a relevant portion of it, spend somebody else's money

24:47 and still participate in an exploration success, albeit not in 100% ownership. It doesn't mean you can't unlock immense value by owning 25 or 30% of a significant discovery. That's what we really think about in terms of Penn and Dore. But I think it's important to stand back and look at this map and think about what GFG owns here. 900 square kilometers and 3 big belts. There's nobody that holds land positions like us in this belt. And even with respect to what we just added, now a Gold Arm, adding another 100 square kilometers, many companies would be happy to have 100 square kilometers. Yeah, sure. I know lots of it, Jeff.

25:33 So that's where we are. And that's a bit of an update on Panadora. I wish I could say more, but at this stage, all I can say is we're active and I'm really optimistic we can get to this stage talking more definitively to our shareholders in the next Q. Awesome. I appreciate that I asked. Now, there's one question straight out of the gate. Soon as we started talking, are you funded through the end of the year? So I will talk about money for a second because I know an exploration program at this scale. Costs do add up. So my question is, where does the Treasury sit today? Are you funded through the end of the year? And generally how are you thinking about balancing the pace of work you need against dilution? The last corporate update that we have on the website showed a beginning of the year cash balance. So I'll start with that. That showed around $7.5M at the start of this year.

26:21 Yes, we've spent through the Q1 and into now Q2. And so we've seen that cash balance decline. That being said, we've seen our equity position in Roxmoor continue to increase and die. So today that number would be around $5M cash or equivalent in terms of equity holdings. Reasonably well financed for this year. I'm happy to say I'm pretty comfortable with our hard dollars for 2027 as well. If we looked at financing later this year, it would be for 2027 expenditures. So everything we're doing this year, which is about $4.7M in the ground, is covered within the balance sheet that we have at present.

27:07 Great. I appreciate that very much. Now, looking forward over the next 2 to 3 quarters, so through to at least the end of this year, what are the catalysts you'd point investors to? Are we looking at sonic grain counts, pipe zone assay results, next round of alga holes? Help everybody in the room and folks watching the replay, map out what's most likely to land and roughly when, obviously you can't tell us exactly. Yeah, no, sure. You know, the next piece of news for us is Nahanni drill results. Whether that's several releases or 1 release is yet to be determined, but that's one that we're actually getting relatively close on in terms of getting enough number of our assays back where we can speak towards what we're finding there. So expect that in the next kind of weeks to month.

27:53 Summary update on the honey. On the back of that, you know, I think talking with more granularity around the Sonic and sort of the targeting within both Goldarm and the extension of Goldarm now into the area of Utah Staked is a relevant news piece. If we can show a new pipeline or deepening of our pipeline of targets within the Gold Arm block, That's also a very relevant news catalyst. Pair those 2 drivers with Aljo. We have the rig back at Aljo now. We'll be drilling half a dozen holes now before we have to break for a bit of a dry out session here. Timmins has a lot of snow and now it's getting quite wet.

28:39 And then we'll be back at Aljo later in the year into Q3. So I think the catalyst from Aljo, expect 2 or 3 releases this year from Aljo as well. I think any of those could be quite material when you think of what Aljo has delivered in the past, an update on Nahanni, or talking about regional targeting pipeline. I think the market kind of yawns if we talked about grain counts, but those show and I mean, we are really excited about what we've seen in the data to go and add 100 square kilometers. So sometimes the market's got to trust in management to say, look, you guys are sophisticated. You understand what you're doing. And, you know, we really believe in what we're seeing in Goldarm to add to the ground.

29:27 On top of that, I'd love to see us find and talk definitively around how we're going to advance Penn and Dore. And I think that could be a really sizable catalyst for the company as well, where we haven't necessarily been seeing momentum drivers come out of the portfolio of those 2 properties. Whereas, if I think about later in 2026 and 2027, I think each of those properties could be material catalysts in terms of generating results, whether they're with GFT or via a partnership model. Those are some of the catalysts that I think could be really newsworthy for us. Gold arm focused, but also updates on Penn and Dory and where we see those things going.

30:13 No, appreciate that look to the future. But one last one from me and then we'll get into the questions in chat. If you and I are sitting here a year from now, and I hope we are in May 2027, what does success look like for GFG? What are the boxes you'd want checked, say the company executed on exactly what it set out to do for the remainder of 2026 and 2027? It always does start with ensuring you maintain a flexible and reasonably robust balance sheet. So, you know, when we think about a cash position and we mind ourselves into later 2026 or 2027, this company needs to remain well-funded. If you remain well-funded, you have flexibility to expand, you have the ability to find the right window and timing in the market. So this company needs to find that financing piece. I'd love to see Aljo advance to a stage where we're comfortable with continuity and we can talk about scale and metallurgy and those pieces to us. That's also a box we need to check.

31:09 I'd love to say we went out to Nahanni and said, there's a Gold system or 2 or 3 or whatever it's going to look like in Ahani. And say, here's a Greenfield project that's generating new relevant discoveries and new slopes for GFG that are at the drill stage and maybe we're going back into second phase drilling or something like that in Nahanni. And based on what we've seen so far, I believe we'll be back there as conditions allow us. Third fold, I would say I'd love to see a pipeline of targets on the greater Gold Arm property come to fruition and get locked down. So we've added some ground. We have a bunch of till data to come back from. Preliminary data on that till is very encouraging when you pair it with the structural model and the biogeochemical sampling that we've done. So I'd like to see that pipeline fleshed out so the market can say, ah, look, this company has Daljo, they've got Montclair, they've got something called Nahani, they're moving back towards it.

32:08 And then they've got 3 or 4 other targets here that look very interesting as well within the Gold Arm Block. So I'd love to check that box and say, yeah, that pipeline is robust and has been there. And I really hope we can come back and talk with more clarity around the portfolio in a time frame that aligns with what you've indicated. So those are kind of the boxes and milestones that really want to get checked. Awesome. Appreciate it. Jumping into a couple of questions from the chat. Just a reminder, before I get into it, there's a meeting request button at the bottom, or sorry, it's called request meeting. Please hit that if you'd like the opportunity to meet with the GFG team. I'll make sure to pass this through after the event. Wesley asked, and you've already went over this, so I think it's just worthwhile reiterating. He asked, when do we see next results this summer? So I know you mentioned Nahanni results are kind of up next. What's the timeline people can look forward to?

32:56 You know, I think if not in May, then early June. So we're in sort of the week's period for Anaheim. I think we're probably still maybe June, July for receiving enough of the regional generative data from the Basal-Til sampling, the sonic work to put that to a release. Obviously we wanted to stake the ground, ensure we had everything covered that we wanted. It is a competitive landscape, so we needed to get that done, but there's a relevant news flow piece there in terms of catalysts. You may see drill results back from Eljo even before we got to some of that regional one. So, you know, I think those would be the 3 biggest catalysts. If we talked about really newsworthy items, you know, and, you know, at any point in the next queue, if we can get some clarity on Penn, that's probably a really big catalyst too. So those might be the 4 catalyst that an investor might look for in the next queue.

33:56 Perfect. Always worth reiterating, I think those. WG from the chat asks, back when you're talking about exploration peers in the region, he just wants to know, in your opinion, who are the exploration peers that GFG has in the region? You know, there's not many groups that are actually trying to do what we're doing out here in this belt. A, they don't take the philosophy of looking for something new and early or B, they don't have the land position to go do it. You know one of the groups that's been very successful and we have a great relationship with our neighbors at Onyx, super good guys doing solid work, Discovery at Argus, you know brought in corporates into their structure, great balance sheet, good land position. And yeah, we're competitors on the land position side, so we gently tease each other.

34:45 There's a lot of mutual respect there for each of the groups. And I would say Onyx is one of the real groups that's doing generative work on the front end. You know, outside of the 2 of us, I wouldn't say there's any groups that are on par with us in terms of the philosophy, the approach, the magnitude or the caliber of work that's being done. There's quite a few other groups that I would say might have small positions or maybe they're at the developer stage and you might take a Mafer, you might take a stellar or a galleon and throw it into that basket. But they're doing different types of work than we are. They're doing, they are truly developers where there's a resource and they're running economic studies and they're trying to grow that resource. From a pure peer group analysis, I really think Onyx and GFG are the guys that are doing the big programs here and have a lot of the ground tied up.

35:43 Awesome, appreciate it. Ashwani, I've got a technical question for you. In your regional bot and structural interpretation work, are you seeing the strongest vectors primarily confined to the main Pipestone corridor itself, or secondary structures and adjacent conductive trends also emerging as meaningful targets? Yeah, I mean, when we designed the Bazel-TIL sampling program, it was exclusively focused within the Walker-Wilkie-Carr Option Agreement. That's how it was designed. The Walker-Wilkie-Carr Option agreement was about a third of Gold Arm. And so we did most of our Basel sampling within there and it was meant to vest the option agreement with IEP, which we've already released now at 100%. But what we are seeing is anomalism, both tied to the Pipestone, but also other structural corridors.

36:34 And that's the exciting thing about what we're seeing is that we're literally up there, you know, 3, 4, 5km North, nothing to do with Pipestone in terms of its spatial location. And we're seeing the right rocks, We're seeing anomalism, you know, both in the till and in the bedrocks and really encouraging. And we can compare that to what we saw and what we see at Aljo. And we can compare it to what we see at Nahanni, where we're actually drilling, you know, what looks like an interesting Gold system. And we can see what its signature is in the Sonic as well that we're doing. So yes, we're seeing anomalism tied to other structural corridors and other structural settings that have nothing to do with Pipestone. Great. I got a tricky question for you to potentially wrap up here. This is everybody's opportunity to ask a final question. As Mike Seliger from the chat asks, do you personally consider GFG stock to be undervalued, overvalued or correctly valued and why?

37:33 Yes, it's a good question, Mike. When you think of us, we're a 60M market cap, 50M to 60M. Let's just do that. We stand back and we look at that. I think we have a lot of value to be unlocked. And with that, the mindset is to say, we have things like Algea, we have things that can get to a resource and that has, you know, obviously dollar per ounce valuation allocated to it. We have things like Nahani and a portfolio of targets that are potentially generating grassroots discoveries. And then we have Penn and Dore where I just think that if we can execute on what we have designed here over the next 6 to 12 months, we've got a lot of value to be unlocked.

38:25 And so based on that, I would say, you know, we're undervalued. We're not a 5 or 10 million market cap company, so I wouldn't say like, yeah, these guys are extremely cheap. We have a reasonable valuation. We have some level of heft to allow us to go do something, and I think I see a reasonable to start with, but there's a lot of value to unlock in this. And Mike's been a good long-term shareholder for us. And he's one of the guys that pushes us to say, you guys need to do something sooner than later. And Often you have shareholders like this where they have been supportive for quite a long time and they remain there and there's an urgency to them. So I can appreciate Mike's question and I still just think there's immense value to be unlocked in this. And when you look at the free cash flow and this generated in this camp. And here, TFT sits with 900 square kilometers and one of the most productive belts in the world.

39:22 I think we can build great value for our shareholders. Awesome. No. And on that note, I think that's where we'll wrap on that mental image of that zoomed out land package that you showed us earlier today. Brian, thanks so much for letting me grill you on both recent news, but also the future of the company. I really appreciate your time. For everybody in the chat, thank you so much. Really, really appreciate it. You joining us, if you do think of the perfect question to ask right after today's event, please let me know. I'll make sure that we jump to it. One question came in real sneaky at the end here, Brian, so I'll shoot it to you. Somebody wants to know, would you say the Ontario Abitibi does truly have a premium for Gold ounces? Absolutely. You know, I think the biggest acquisition, dollar per ounce that you see, you know, many of these are happening in belts like this. And as much as anything, premium values come from competition.

40:12 Competition for assets in this belt is high. And it goes back to your question about who's in this belt, but equally about who wants to be in this belt and who's willing to pay to be in this belt. And you can take an example like Windfall, Cisco, Goldfields buying them at an immense price per ounce that was paid, but they got a world-class ore body and they can go build it and that'll be a mine for the next 30 years. So that's why ounces are at a premium in this camp. Competition, comfort of jurisdiction, margins, it ticks every box there is. And the more corporate dialogue we have, the more you realize it's not just the parties that are here, it's the parties that want to be here.