Project Generator Panel

0:11 Hello everyone and welcome to the Project Generator panel hosted by 6. Today we're joined by Tim Termundi, CEO of Eagle Planes Resources, Greg Beisher, CEO of Millrock Resources, and shortly we'll also be joined by Sean Major, CEO of Cordis Metals. In this discussion, we'll be covering what a project generator is and what advantages or challenges they face. You can submit your questions using the Q&A panel found on the right-hand side of your screen at any time during this presentation. As always, this summit is being recorded and will be available to watch afterwards on six.com.

0:42 So without further ado, Tim, I was wondering if you could leap into the first question. For any investors looking to learn, could you give an introduction yourself, your company, and speak about what exactly a project generator is? How is your company 1, and what are the differences between yourself and typical junior explorers? Okay, Thanks Cam. Yeah, I'm a professional geologist. I went to university at UBC back in the 80s. I started out my career with Kaminko, Kaminko exploration, focused on Western Canada, different deposit types in Western Canada. My father and I started Eagle Plains back in 1992. We listed in 1995. We've been a publicly traded company for over 25 years now.

1:28 We learned early on in the business, They're pretty stark mathematics to mineral exploration. It's very expensive to do mineral exploration and really the odds are stacked against you. I've read it in places that one in every 1,000 mineral occurrences might turn into an economic deposit. And typically, statistically, it costs about US$100M to find an economic mineral deposit. So the lightbulb came on many years ago that the best way to operate in a very risky business and stay in business is to shed the risk somehow. That's how

2:05 we very quickly evolved into a prospect generator. We've been doing it after our 1st or 2nd year of mineral exploration. We've been in a long time and seen a lot of cycles. We've also seen that through deal flow and through continuous revenue generation, we've been able to avoid dilution and able to avoid rollbacks. We're still about 100M shares 26-years in without a single rollback over the years, So we're really proud of that. And we've also along the way spun out other companies that had successful projects, which have effectively been sort of dividends to our shareholders. So we've stuck to our game plan over the years and it's been working. We've been around for long enough to prove that. Great, thank you for that wonderful introduction. Greg?

2:51 I'm going to interrupt, if you don't mind. I mean, I think that's really admirable, Tim, that you've been able to avoid rollbacks and have that few shares outstanding over that length of time. That's really well done. I could pick up on the same question, Cam, what differentiates project generators from most normal exploration companies. Most Normal exploration companies raise funds from investors, they buy shares in the company, but the company pretty much gambles the entire treasury on every set of holes that they drill. It's a huge risk given the odds And let's face it, most of those companies, they don't survive. But I think us generators are sort of survivors.

3:37 And like Tim, we, Milrock, adopted the business model out of survival in 2008, just a year after we started the company. And it defined us, really. We've stuck to that model rigorously ever since. We come up with projects, numerous projects, in fact, but we always, always get a partner to fund them at the earliest possible stage in the exploration process. If we've got 5 or 6 projects, that allows us much better odds, 5 or 6 times better,

4:10 1 would hope, to make that discovery that increases our share price. You know, there's some people, investors that don't like the generator model. They think, oh, you're giving away too much of the project up front. But, you know, at Milrock in particular, we focus on deposit models like porphyries or bulk mineable disseminated intrusion hosted gold deposits. These are the giants. That's what the major companies are looking for. And let's face it, if we find a deposit with 30 or 40 million ounces of gold in it and Milrock has retained a 30% interest. We've still made a huge bonanza for our shareholders and rewarded them. So that's why we stick to this model.

4:58 Absolutely. Thank you. I was wondering if there's a history to project generation. How did your companies decide to go down that pathway? Actually, maybe this is a really good opportunity. Sean, you're with us. Before we get into the nitty gritty, Sean, I was hoping that you could introduce yourself, introduce your company, Cordis Metals, and talk about maybe what a project generator is from your perspective.

5:26 Okay, yeah, it's Sean Major. I'm the CEO of Cordis Metals. And Cordis Metals is a member of the Metals Group of Companies. That is a management group that has started several companies. They all run independently.

5:47 Cordis Metals is a project generator concept for us in Nevada. And our concept there was We were looking for projects in Nevada and we wanted to find them inexpensively. When we spoke to other project generators, it was difficult to find a reasonable price in reasonable terms. In going through that process, we came across a private project generator. This is Clay Newton, who is a PhD and has a 30-year history in Nevada.

6:37 And so he had a well-established project generator concept where he's using his own methodology and proprietary data to work up targets. So we were able to make a deal with Clay where we would wrap our corporate piece around his project portfolio and we've come away, started up this company with 20 projects already in the bag and generating more. So

7:12 in our mind, a project generator is a company that has a portfolio of projects that are early stage, that have great potential for significant discovery. And in this market, we're seeing juniors and mid-tier companies looking for these early projects that they can have access to and potentially make a big discovery. So we are looking to provide access to windfall for our investors, but also for our partner and the partners that we would bring in to fund these projects. We would likely be spinning things out

8:02 and see our value stack up there as well. That's how we see a project generator at this stage in the market. Wonderful. Thank you. So now that we're all a little more familiar and introduced, I was just asking the question about what's the history behind project generators. And I'll pitch that to the whole group. If anyone wants to leap in, please do, feel free. Well, I think, you know, from our part, sorry, Greg, go ahead. Well, I don't really know the full history. I know that certainly generators have been around for quite a while, but it really is a niche. There's probably less than 2 handfuls of true generative early stage explorers that are here today.

8:50 But certainly, I think it's always been a model that people have fallen loosely at least. I can speak to that. I know, you know, as we were doing it early in the 90s even, you know, there weren't a lot of prospect generators around and there are more and more seem to be, you know, realizing that that is a good model to follow. And I see that as we mentioned earlier, Greg, there's groups like Rick Rule that actually appreciate

9:22 prospect generators and the companies that do that. But there are other newsletter writers that don't really like it so much because it's a slower motion move in what might be a hot market. It's clearly because you've shed the risk, you've also shed the magnitude of the reward you might get. But we've

9:41 found a way to get both and we've done it a few times in the past, was by spinning out successful projects. Back in 2007, we spun out Copper Canyon, which was our probably flagship property and we had a great partner in it in NovaGold. NovaGold had actually earned 60%. We were in a 60-40 joint venture, but the project was attractive enough to Nova Gold that they came in and took out Copper Canyon and what started as a hostile takeover and turned into a friendly merger. But that

10:17 exercise basically generated a $65M dividend to our shareholders. And we've done it a few times since. Our most recent was Taiga Gold Corp. But our market cap right now is a measly $16M, $17M. But over the years and through the spin-outs, we've actually effectively dividended about $70M for our shareholders. So, we're keeping on course. We're doing our thing. We kind of lay low relative to flashier companies, but we're still, I think, delivering those kind of rewards to shareholders. It just takes a little longer. I tell people, you know, be patient. It'll take a few years, but hang in there. We're healthy. We're not going anywhere. We've proven that by the fact we are still here and you just have to be patient. It's a different game. I think that's a great, you know, over the years, Milrock has partnered probably with 7 or 8 different major companies.

11:10 And of course, when a major company invests in a generator, it's a great stamp of approval and a badge on your shirt that shows you're capable of coming up with early stage exploration ideas that can attract some very smart money. But on the other hand, and especially right Now for Millrock, we're much more focused on making agreements with junior companies, taking equity, taking shares in their company as partial or even complete payments sometimes for the project. Because we know in a hot market like we've entered,

11:48 that those shares can become extremely valuable and set our company up for decades to come maybe and truly reward our shareholders. So We make agreements with both majors and juniors, and we've not done a spin out, although exactly the way you have, but I'd be certainly looking to that in the future as a way to benefit our shareholders.

12:18 Sean, I was wondering, because Cordes Metals might be a newer project generator, but how do companies, how did your company decide to go down that pathway as opposed to maybe a more standard pathway?

12:35 Well, I guess, you know, we've been in the business, our group has been together for 20 plus years. And as We were going through, we've been through all the same cycles, had projects internationally, we were partners in operating mines, and we were able to add value for exploration and then have our partners acquire our interest. And by doing that, we saw a lot of transactions and we were returning the proceeds to our shareholders through various mechanisms, tax free if we could.

13:22 And we gained a lot of experience, I guess, in the transactions and seeing how things can be done from the ground up. I mean, a lot of the opportunities we were involved with started either early stage or in historic areas that had been consolidated.

13:43 So we were familiar with the process and had never really taken advantage of that to the full extent. So looking at Nevada, similar situation, you've got a historic jurisdiction where in a downturn, our partner was able to gather up these land positions in places that he had determined would be excellent targets.

14:09 And when we met him, we thought, okay, this is an opportunity for us to work with an existing portfolio of projects and use our expertise in transactions to move forward with this kind of model where you have to spin outs and consider where the best value is for the shareholders.

14:33 So yeah, we're a new company, but it was an established project generator, private person, with an excellent model. We have our in-house crew of half a dozen geologists, And we see this as being, in a way, we're able to take advantage of succession planning as well. I wouldn't say at the end at all, he's in the prime of his career

15:09 and he's looking for a way to capitalize on what he's done over the course of his career. We've got guys in-house that are superstars who can take what he has and run with it. And we're seeing the opportunity in what his portfolio brings. So we're in the second or the final third of our careers, but our personnel are, I would say, in their 30s. And so they just love having the ability to look over so many projects, evaluate them, prioritize them, and consult or advise companies that are coming in.

16:03 So in a way, it's a succession plan for us, a way to take over for people that are looking for a way to move and to bring people into the industry, keep the projects moving,

16:19 build value for a long period of time. Yeah, Cam, I think that's one thing to point out is the one thing in common about generators typically is that there's a focused jurisdiction where the generator has a particular expertise. For Millrock, it's Alaska, though we have a very good expertise in Sonora, Northwest Mexico as well. Tim's expertise is in Western Canada primarily, I believe, but that's very typical. What you're doing is capitalizing on geologic knowledge of a particular area

17:06 and turning that into value for shareholders. Yeah, if I could just add to that, Greg, I think being geographically focused, not only, you know, keeps a company knowledgeable about the geology of an area, but about the politics, about the local prospectors, about the local First Nations, about just the local flavor of the population, if they're welcoming or not. And, you know, you only learn that over time. And, you know, sometimes you learn it the hard way, but you definitely have a leg up on people that come in from another area and try and establish themselves where you have already been for a long time. It takes a long time. I don't know, Tim, if It's the same for your company, but what we've found is a big part of the attraction to Milrock is not just that we come up with quality ideas, projects that have true geologic merit and discovery potential, but We've got the team on the ground that connects you to exploration, whether it's a major or a junior.

18:07 We operate to really high status. We have technically sound people. And so they trust us with their money. And, you know, that makes a big difference with the juniors, whether they're from Australia or elsewhere, it's very meaningful to the backers of those junior companies that there's people on the ground, that they're not going somewhere new, having to learn from scratch.

18:35 That's a bigger part of the attraction on how we get partners. You know, let's face it, that's the more important part of the business. Probably like you and Sean, we find it fairly easy to come up with new projects. It's coming up with a, they're gonna put millions of dollars into it. That's a lot harder, but it's our people really

18:56 that is the attraction to majors and juniors alike. Yeah, couldn't agree more. To that point, I'm wondering if, Greg, I'll pass this right back to you, but what does make a good partner for a project generator?

19:11 Do more robust relationships matter? Absolutely. You know, at this point, after 15 years of operations and joint venture arrangements with probably 7 or 8 different major mining companies, we've seen, and it's surprising, the difference in culture for one major mining company to the other. I'll tell you, you know, it all trickles down from the top. It has to, but it's amazing the cultural difference. And for the most part, absolutely excellent relationships. We particularly enjoy working with the majors because they too have sound people, they've got depth, they've got high-end specialists, geochemists and geophysicists that we may not, we don't have on staff, but we collaborate.

20:00 Great round table collaborations as we develop exploration programs. And there's only been a very few where it hasn't been an enjoyable experience, but mostly it is. We like dealing with the juniors because of the aggression, Because in a good market like this, they're able to raise a lot of money and put a lot of money in the ground, more aggressively than a major typically.

20:27 But it's all good. We always find a good way to collaborate with people. It's funny to just add to that, to Greg's comments there, that the deals with the majors are quite often different than the deals with the juniors, because the majors typically won't give you any shares to start with, but they'll spend more money. Whereas the juniors don't want to put a lot of cash in, but they'll give you a lot of shares.

20:53 When we look for a junior partner, we look for juniors that are good marketers and good in the market and have a track record. We found over the years too that a lot of our deals have been repeat with the same partners that keep coming back. Maybe they're now looking for a Copper project or something else, but they keep coming back and we get a good rapport with them over the years.

21:22 We've had several private groups coming to us who are looking to start up new juniors. And They're exactly what you sent to me. They're all into the promotion. They've got their avenues. That's the real forte.

21:40 Several of them also have technical competence, but they really need a project to get started with. And they're not looking for something that's really advanced or a sure thing. They want something that is relatively inexpensive, but has been evaluated, prioritized to be a high potential for discovery. They want to ride that discovery wave in their stock price and generate the news that leads to that. So, you know, we're trying to find these groups that are not necessarily just trying to, you know, work on something on a small scale privately. Privately. We're looking for private groups and junior companies that

22:37 are looking for their initial project that want to spend probably 1 million and a half dollars on some exploration, some drilling, significant program on these targets. And with that, they'll generate news toward a discovery. And through the terms of our deal, we will participate in the outcomes and be flexible in the terms because they're all in different scenarios. So we don't have a fixed way of doing a deal. We just know we want to get to the end game.

23:21 And we feel that in this jurisdiction there, it's possible with the infrastructure and history there, and government, that we can get to production relatively quickly. So if we're able to work with our partners to get to that stage, we think in about 5 years, the majors will be looking to reinvest by acquiring assets. So there's a window of time here for new companies to get good projects, get rolling and have an exit strategy as well. You know, Sean, I think that's a great indication that times have changed for the better. If you've got private firms coming to you wanting to invest in a particular project, that's a great sign because, you know, it's, let's face it, it's been 8 very long years.

24:11 5 years ago that just simply didn't exist. But, you know, I think it goes to show that us project generators are truly contrarians and

24:22 it's those down cycles that can really pay off for us. It gives us the opportunity to stake up more land because it comes available to us, or we can make deals at good prices with prospectors and other junior explorers that are having trouble keeping their claims. But it's when times start to get good, that's when everyone comes in. And if you've got that good portfolio of projects, then we're going to take them up. And I think you did well to capitalize on that technical knowledge from a person specializing in Nevada, bring that in and your timing's perfect. Yeah, lo and behold. I think when we made the initial deal, it was 2019 and it hadn't turned yet.

25:14 So During the year that we worked on the terms and got the deal consummated the company formed That's when you saw a similar spike in the price of gold like $1,300 spike over the course of a year similar to the last the last

25:35 So, yeah, I guess it was just it was good timing, the right place, the right time, right, the right arrangements. But, you know, things are volatile right now. You look in the markets and various opinions on what's going to happen, but gold's hanging in there. And, you know, depending on your jurisdiction,

25:58 when their producers are looking at their economic studies, a lot of them were using 1200 gold. Maybe it's crept up a little bit, but certainly Nevada and other jurisdictions, the current price of gold is easy to get things into production, even if it moves a little bit up or down. So, you know, knowing that there's a range here where where projects can reliably move ahead over the course of a few years. And we certainly look forward to the future of the company and the fact that we can manage these good times here.

26:43 Awesome. And speaking about this, but if you primarily give the majority of your company shares to your larger partners, how do you not only increase shareholder value, but do so reliably? Tim, I'd love it if you could field this question to start. Well, I'm not sure I understand the question. Typically, we're bringing in shares when we do our property deals. What we've done with our spin-outs is actually create another company with shares

27:10 already established. When we created Copper Canyon years ago, we did it on a one-for-one share basis. We had about 50M shares outstanding and we created Copper Canyon as a standalone company with 50M shares. All our shareholders of Eagle Plains got a full share of Copper Canyon, so it was essentially a free share. In the end, when we got our merger with NovaGold a few years later, those shares were worth about US$1.20 a share. So they were free shares. People didn't have to sell their Eagle Plane shares. And I think that's a big part of our model too, and the spin-out models is, I think all of us in the junior mining market can agree that liquidity is always an issue. I mean, we typically don't trade huge amounts of shares.

27:56 And if you've got a company that's got 40M to 60M to 80M shares out, For people that want to buy in, they wonder how they get out if they've got large positions. But the reason we do our spin-outs is that we expect these spin-outs to be taken over by a major, by a partner of ours, and that basically affords automatic liquidity to our shareholders. Their shares convert to big company shares, which the last company we spot that the market cap of that company is traded almost daily in some of the bigger companies. So easy for shareholders to get an exit. And more importantly to us too, they still usually retain their Eagle Plane shares because they don't need to sell them. They get exposure to the spin code and they get exposure to liquidity through the spin code. So I hope that answers your question.

28:45 I think it did. Thank you. We were asking if all Milrock shares are sold to a major company, but that's not really the case. There has been cases like that for us where we've had strategic alliances with bigger companies, major companies, where they invested in Milrock, and we used the money invested to explore a particular area that was of interest to that major company. Those deals worked out quite well for us because very typically the major invested at a premium to our market price. What we found in both cases that our share price immediately moved up 50 or 70% whatever the premium that had been paid. So we like those alliance type arrangements with majors.

29:40 But the reality is most of our financing through selling shares in our company, through equity placements, comes from investors, retail investors and brokerage firms, not from nature. But you know, all generators, I think that's part of the model. Eagle Plains, Tim's company, is a glowing example of this, where they really avoid dilution. For every dollar that we get invested by selling shares in our companies, we stretch it out. For Milrock's case, it's at least 10 times. For every dollar that comes in, it's 8 to 10 times the amount of exploration that gets done for that $1 of investment.

30:30 Absolutely. No, thank you. And we've been leading, certainly, to this theme the entire conversation, I think. But a project generator is clearly something of a specialist in the world of mining companies. But I'd love to ask the panel what do you believe the overall contribution of project generators to be? And I understand that's a broad question, but if you could try your hand at it, I'd love to hear your answers. Sean, maybe you could start. Okay, well, we are public companies and our mission is to generate a return for our shareholders. I don't think any of us got into this for small returns. So we try and structure things in a way that would deliver multiples, I guess, is always the target.

31:20 But I think in doing that, the idea of spin-outs is excellent, where the shareholders are rewarded. They may be diluted after that with the financing in the specific company, but they really do retain their strong interest in the outcomes. I think there's a way to do that as well, with what we're talking about, And we don't rule out those kinds of arrangements. We've seen in Nevada, the Long Canyon project was in the last round. They had several projects in the company that included Long Canyon. If we could generate those kinds of multiples for our shareholders, we'd be happy with that.

32:13 That's a situation like Greg is talking about, where a major takes you out at a premium. I think there's many ways for this to come. As a project generator, our experience in the past with other companies that we've run, including Kaminak Gold, is that you have a portfolio of projects, you advance them as best you can with your expertise and bring in partners, and you adjust your strategy depending on technical outcomes. It's driven by market as well, the availability of capital, but you're always making the best deal you can in whatever structure makes sense going forward. Yeah, we're, Kaminak found the coffee project in the Yukon while it was a project generator with a portfolio in other places.

33:10 We are focused in Nevada. We think that this portfolio has really got some upside to it. And we will do that with small partners, medium partners, and then targeting bigger ones in a few years when they're located. Absolutely. Greg, Tim, do you have any thoughts about the importance of project generators or the role that they serve in being something of a specialist? It's a pipeline business, really. It starts with grassroots and a lot of major companies don't have the appetite for grassroots or it's very risky.

33:57 So you gotta kiss a lot of frogs for anything to sort of light up and take a shine. But a lot of majors don't like doing that. And you have to be nimble too. You have to be able to move quickly. You have to be able to act without a lot of bureaucracy. And I think that's the ultimate frontline is a prospector. And quite often prospectors have a hard time getting funded, frankly. And we've over the years worked very closely with prospectors. We really consider ourselves as a publicly traded prospecting company. That's what we do. We prospect a lot and we have to be prepared for disappointment a lot. And again, a friend of my dad's told me years ago that this whole business is about risk management and that's all we do is manage risk. It's very risky and we figure out how to de-risk it as much as possible, but keep reward as an end game.

34:51 The generator's place in the mining business is the earliest, highest risk part of exploration and then development if a discovery is made. There's always going to be a need for that. Like Tim says, the major companies, they aren't the same as they used to be. When I came up through the ranks of Inco, there was probably 100 or more geologists on staff that would do early stage exploration work all over the world, but that doesn't exist anymore. And the reality is junior companies hardly do any grassroots exploration. Their investors want them to drill holes and make discoveries. And so that's our niche is developing projects and getting them ready to drill, moving forward until they're ready to drill when they're attracted to majors or juniors.

35:45 Wonderful, And so you say it's a niche. Where do you, where does the panel see project generation in the next 10 years? Greg, you just mentioned that there's clearly been changes in the history of mining itself. But do you think that project generation is only going to remain where it is now? Do you think it'll become more popular, less popular? And do you think that the niche it fills will always exist? Yeah, I think the niche is always going to be there, that this particular model's always going to be successful for sound technical geologists with business act. It's not the easiest business model, I'll tell you. You've got a lot of balls in the air at any 1 point, juggling prospectors and lawyers and so many projects at one time, and especially if you're the operator of those projects on behalf of the partners.

36:34 And, you know, it's, it seems to me that when the mining cycle is down, nobody's investing and it's hard to raise money or get any interest in the project. But now, like it is now, and when times are better, investors are more apt to take the bigger risk and invest in the drill hole play exploration company that's going to make the home run hit and get 10 or 20 times return if they're one of those ones that's successful. But I think generators truly are contrarians, have to make the best of the bad times and get ready for the good times. It's a long haul approach to exploration and I think the business model will remain as long as we're looking for minerals.

37:24 One thing is, I think it's going to be a long up cycle and I think for us generators it's going to get hard to generate because there's going to be a lot of competition out there in the years to come. Claims are getting staked up again by new junior companies. And so the luxury, I guess I would call it, that we've had to be able to stake up big tracts of open land is disappearing and probably won't be around for some time. Yeah, I completely agree with you that The project generator model is very scalable and allows you to survive the cycles. And acquiring good projects in a downturn is essential. It's a way that you start with the right price. You can build on that through the various partnerships.

38:22 Who knows how many you need to get to the end game, but you have to start at the right place. So, You know, I think in this moment, we look at ourselves as an accelerator. So certainly 10 years from now, it's hard to say what it's going to look like. We think within 5 years, there's going to be buyers for these projects if we advance them enough. And we're looking for to deliver a payoff. Kind of like, well, It's an educated guess. So I view it as better than a lottery ticket, but you can use that analogy and say we've got, in our case, maybe 20 shots at the lottery and you might win 1 or none or a few of them.

39:16 And so, you know, that, I think that opportunity is what investors are looking for. And if you if you do it through 1 junior, that's 1 junior, maybe 1 or 2 projects. If you invest in a project generator, you've got many projects and you participate in the outcome. What I've used is a better shot to ride that discovery wave. I've heard people use the term that generators, project generators, are like mutual funds of the exploration business. A basket of projects. Yeah, I mean every company wants to be the next great bear resources, you know, with a big discovery and attention around the world. But for every great bear, there's probably 100 companies in the corporate graveyard or have been rolled back or have gone on to other commodities or other industries, other sectors altogether.

40:14 So, you know, you play the risk. It's risk management. It's that simple. Fair enough. Sean, I'd love it if you could walk us through some upcoming catalysts for your company. What should investors and potential shareholders walk away with? Oh, okay. Well, you know, we were listed last fall, and we have done some exploration work and evaluated the project portfolio. So we are getting to the point now where we're going to be able to generate news on those projects. And that'll, I think, demonstrate the opportunities that people have, show that it's credible.

41:04 We will be consummating our transaction, which was an auction at some point where we have to make a decision on that. And going forward, we'll have things to promote. It's going to be an exciting year, I think, that will include forming our partnerships with the private groups and junior companies. So I expect all of those things to be happening in 2021 and going forward. Our current agreement is a two-year agreement, which we're partway through. And we will be doing our best to make these projects come to fruition or set them up to do that in the years coming.

42:00 Thank you. Tim, what's your company? What's on the horizon for it? We've got 3 or 4 drill programs planned this year. We've already carried out 1 in Saskatchewan on our Olson project. You know, in this frothier market we're in, our partners are well-funded and very aggressive. So we're expecting 3 or 4 drill programs this summer in addition to our grassroots work that we're doing on our own projects as well. We're also evolving to a bit of a hybrid model in this market anyway, that we are going to drill a couple of our own projects and keep them 100% in our control, risk our treasury on it. But we're in a position now that we're very healthy and we think we can afford that risk. So We're trying to please various types of investors that want the home run hits or some that are happy with base hits, a few at a time.

42:56 Absolutely. Last but not least, Greg? Similar for us. We've got quite a few active partnerships. We're looking forward to drilling on at least 3 or 4 different projects with partner funding this year. We're generating, you know, we're moving very quickly. We raised money a couple of months ago and aggressively staking claims while we still can before times get too good and the competition's too intense. So those will all be good projects for the future, but lots of opportunities to make that drill hole discovery this summer and then in the winter in Sonora, but this summer in Alaska and then reward our shareholders with that discovery share price increase. You know, we've done it in 15 years of operation.

43:49 We've seen our price fluctuate from a low of 5 cents to over a dollar, and then from 7 to 10 cents, up to 30. We're back at 10 cents now. And, you know, we've had this good price movement at times on anticipation, but if we pull that right drill hole in this market, it'll be another, you know, a good benefit for our shareholders. So really looking forward to this summer's drilling. Great, well, thank you guys so much. I think that's all the time that we have for today. Sean, Tim, Greg, I'd really like to thank you for all being a part of this panel. I'd also like to thank everyone that watched, everyone that's in attendance.

44:35 If you didn't have a chance to have your question asked, if you think of a question after this, please feel free to submit your questions to any of these companies or 6. And with that, I'll be closing things off. One last time, I'd like to thank the panelists again. I'll pass it to you guys for the final word, any final word you'd like to say. Well, it was a pleasure and great to speak with other project generators. And maybe I'll just close by making the distinction between project and prospect generators. I think the 2 terms are used interchangeably, but I really prefer project generator because On any one project that companies like ours create, there could be a dozen or even 50 different individual mineral prospects.

45:24 This is really what we do, is generate the project. That might be consolidating claims over a larger area, picking up claims to make a cohesive land package. And that's an important skill that generators possess. But just having one little prospect doesn't do it. And so I think project generator is the right term. That's a good point, Greg. It is interchanged quite a lot, and there is a distinction for sure. One thing I could add, and I think we're seeing more and more project generators doing this, is we're always now keeping a Royalty on all the projects that we partner with other companies. I think none of our Royalties are paying right now, but it only takes one of those to be a home run.

46:13 We normally keep a 2% Royalty now on any deals we do with anybody. Companies that are partnering with us don't seem to mind that. It's not a real encumbrance on them. It doesn't hurt their marketing, but it just gives us another iron in the fire and another pathway to success. We're always throwing a lot of darts, doing a lot of work in a lot of different directions and a lot of commodities. One of these Royalties could be the big payoff we're all looking for. It's a sleeper. They don't cost anything to maintain. I know you're fixing to close things out, Cam, but I think Tim raises a great point. You look at some of the most successful generators like Altius Minerals or EMX Royalties, that's what they've done. They capitalized on an initial discovery, but they've changed themselves into royalty companies, still using their geological expertise.

47:07 But they've built fantastic companies that are very strong royalty-owning companies with great cash flow. I think that's mostly what we aspire to become. I'm just going to leave a final thought here on on Cordis is that as a project generator, it's got well over 2000 claims in Nevada across 20 projects. And they are in all the major trends. All of them are road accessible, and we anticipate making deals on these projects. Looking forward to it, and I hope to be where these other gentlemen are when we're coming out of the next downturn.

47:56 Tell them what you wish for. That's it. Yeah. Yeah. Yeah. Well, thank you guys. Wonderful conversation. Thanks for coming on today, guys. And with that, I will be closing things off. So again, have a great day and thank you for coming. Thank everybody for watching. Thanks very much. Cheers.