RPX Gold: Market Update

0:00 Hello everyone and thank you for joining us for another live market update from RPX Gold. As usual, we're joined by President and CEO Michael Michel to hear his commentary on the latest update regarding the company's latest assays and MET results. I have prepared a few questions to kick things off, but I would love your participation. If you have any questions, please submit them using the chat feature, which can be located at the bottom of your screen. And as always, this event is being recorded and will be made available for replay shortly after we conclude. With that, Michael, welcome back. You just released assay results from 25 holes, totaling 4,336 meters, putting you at roughly half of your planned 20,000m program and about two thirds of the meterage needed for the PFS. How would you characterize the program's progress against your own expectations at this stage?

0:48 Thanks Kyle. Great question. It's great to be back here. It's pretty exciting times at RPX Gold. 2 drills are running. We're collecting data. We're working on the PFS, we're working on IBAs, we're working on a toll mill. The geotech, we're doing all that. We're pretty excited. Lots to do, but exciting times because we're really transitioning this company going forward into a development phase. There's a lot of work to do. We've had to build the team a little bit. That's really helped us a lot as well. As far as the drilling goes, as you said, we're about halfway through the program now and we're really making great use of the drill core for metallurgy, environment, things like that.

1:34 Every inch of drill core seems to be analysed in some way. I think that's been really positive. The results of all that, I would say the first thing is it's confirming all of the previous results, certainly in the area of the open pit and of the underground. All the drill results are confirming what was already known, particularly in Gold grade, but just in continuity and what we see in the alteration. We're really happy about that. The second big thing is that there are a lot of areas outside of those initial starter pits that we defined in the PEA, which we released in March, where we're finding good Gold mineralization. That's changing everything. If we can make those pits even a little larger, they're very robust. They generate a lot of cash flow, as outlined in the PEA. If we can make them bigger, generate a little longer mine life, that just helps that cash flow in those early years of production before we need to reinvest into the underground portion of the project. So, pretty happy about all of that.

2:39 As we've been going and drilling, collecting the data, we've been analysing it, doing the updates to the resource internally, the pit optimizations internally, and making sure that the drilling is telling us what

2:54 we want to understand. It tells us then if we need to go back and drill a few more holes, we've found more minimization, we've got to go back here. It's really significant. It helps draw down the pit or make it bigger. We need to make sure. Then we'll go back and do the drilling. It helps to do all this work iteratively, which we're doing. We're really happy with the results. I think it's going to show that we're going to find more mineralization around those pits than what we had in the PEA. I think the third thing from all this drilling is all of the other studies that we're doing. We've been collecting the data. We've done the geotech analysis. We've collected all the data. We have a really good consultant guiding the process. Initial numbers show that the slopes, particularly the hanging wall side of the deposit in these open pits, is going to be significantly steeper than what we used in the PEA.

3:43 As we collect more data, we're able to optimize. Same with the metallurgy. We had the results that came out a couple weeks ago in the pit areas. It was up as high as 93%. Overall, for the whole deposit, it's over 90%. I think that's really fantastic. It gives us options because now as we have more metallurgical data, if there is variations across the deposit, we can track that now and we can optimize that. We can use a stockpile strategy. We can send it to a toll mill. These are all the things that really come out of having this additional data. I think we're really happy with the drawing. We're really happy where it's going. And I think the most important part, or the most exciting part, is really coming up because at the end of this program, we do have allocated some meters, the program, to test some of our really great exploration targets. That's probably going to start in about another month, another 6-weeks or so. We're excited to get that started.

4:41 A couple of hits in those areas really sets the stage for something pretty exciting on the exploration side. It's been a really fun program so far and we're looking forward to it continuing on for the next 3 to 4 months of drilling. You touched on a lot there. I do want to add more context to 1 thing you mentioned about mineralization beyond the PEA mine plan. The results at the Southern end of the Jubilee deposit extended mineralization beyond the 2026 PEA mine plan with a hole worth mentioning, 676 returning 1.87g per ton over 35m and the zone remaining open down plunge. That's excellent for open pit. What does that continuity tell you about the ultimate size potential of that part of the deposit?

5:32 I was really happy with that hole. In fact, right beside it we drilled a couple more holes and had similar results. It certainly is real. I think one of the most important things is that it confirms our model and what we believe is controlling the trend of the mineralization.

5:51 That's really important because it helps us to define the different domains of this higher-grade mineralization within the deposit that we can use for the resource estimate. It also gives us trend lines that we can follow for future exploration drilling. On that South end of the deposit, it's completely open for about 600m before you get to what we call the Park Hill Fault, where it's been offset to the South and continues down on the South part of the property where we drilled 2 holes in late 2024, actually intersected great mineralization, somewhat comparable to what we're going to be mining in these open pits that we've been able to define. We have a lot of room for finding additional resources in that area. These holes just continue to show the continuity of this deposit.

6:41 That drilling is only down around 300m and

6:45 most of the deposit has only been drilled down to that depth. There's been a couple of deeper holes. We found some great mineralization, but those are long holes to drill. We've been focusing on the near surface, but we're going to get back to that drilling. We'll probably drill maybe a couple of larger step outs as we get to the end of this program to follow up on some of those results. But if we look at some of the mines in the area, you look at the Hamelow mine and the Eagle River mine and the Island Gold mine, These projects have all been going for 50-years and they're all down a kilometer, over a kilometer. We're at 300m, we're still finding good mineralization. I'd like to think that we're in a similar Gold system, similar host rocks, big Gold system that with more drilling, we're going to continue to find more as well.

7:35 So I'm excited about that part of it. It'll be nice to stop and drill all this off, but we do have a double-pronged approach here. We want to continue with the PFS study for the starter pits and underground. At the same time, we still want to be exploring because understanding how big this deposit could be would certainly have an impact on our future development plan. We want to get to that and continue to do that. That's really an exciting part of the story that we've never forgotten and something that we're going to continue to test as we go forward. It makes sense to target the near-surface stuff. In the press release, it highlighted near-surface results in the Sirluga mine crown pillar and at the South pit that could grow the open pit resource.

8:22 How meaningful could the addition of near-surface ounces be to the phased early cash flow strategy you've described with us countless times?

8:32 It's really the backbone of the initial years of mining on this project. Right at surface, small starter pits that can produce in the order of 50,000oz a year and with a higher grade generates a significant cash margin, as outlined in the PEA. It's really starting with that approach where it's a low risk of development to get started, being only a capital cost estimate of about $51M, a quick payback, And it really helps to put money in our bank account that then we can use to do more drilling and can use to further develop the rest of the property after more drilling is completed.

9:27 And really looking at the extra resources that we're going to be able to build near surface allows that those years of cash flow generation from those open pits were very robust, very profitable, allows us to continue to build our cash flow base

9:47 and the funds in our bank account so that we can use that for other parts of the project that we want to develop. To us, it's really important. The fact that it's so robust, we've been looking at this now for over 2-years. We've looked at different Gold prices, we've looked at different grades and different recoveries, and it's very robust. That is really a great way to start for this project and it lowers the risk, minimizes dilution and really eliminates a lot of the long permitting time and capital costs of construction that we can avoid by using a tool mill in the area. When you put it all together, these recent results combined with your December and May results, this new drill supports the potential to connect the North and South pits in an updated mine plan. What would connecting those 2 pits change about the economics or the mine design when you get to that PFS?

10:41 It really actually would help a lot because small pits, big ramps to get equipment in often results in a higher stripping ratio. You're just a lot more optimal if you can have 1 pit that you're in. That's long, almost 1km long. As you're developing, you're ramping in, you're developing a ramp into the footwall side of the deposit, it keeps the ramp development out of the hanging wall, which is mostly barren rock. You can steepen that wall up as much as possible. It also gives you the opportunity to expose more ore. So that helps a lot in flexibility for, you know, if you have different grades or different environmental concerns or metallurgical opportunities, You might say, hey, you know what? I'm gonna utilize a stockpile of strategy. I'm gonna mine this lower grade, put it aside for now. I've got access to this high grade now. I'll send that to the toll mill.

11:41 So these are all the things that you can do to really help your cashflow. And it's just optimization. And really We're starting to get into that now, but that's really going to be a big part of the PFS, looking at what is the optimal way to mine those starter pits, particularly given that you're looking at putting in a truck and set it down road and tow milling. You have the opportunity to optimize that as much as possible. Because of this deposit has some very high-grade areas within a low-grade halo, you always have the opportunity to blend or to use a stockpile strategy to optimize your cash flow. So that's really what I like about this project is that optionality. I just want to take a moment for people that joined a little late. We are taking questions and there is 1 in the chat so I'll bring it up. Tim has a question here. Can you get a portable mill to mill materials on site?

12:41 Oh I'm sorry I missed the last part there. No problem. Tim from the chat is just wondering can you get a portable mill to mill materials on-site?

12:52 Good question. That would be something that we're going to be continuing to look at. They actually have some really unique opportunities now for small mobile milling equipment. So that might be an opportunity and you could do it to different degrees. I think there's ore sorting is something we're looking at now. Maybe that's an opportunity since we have to crush that site anyway to be able to put the material through a sampling tower before we could send it to a tow mill. I think that's

13:27 really important. There's opportunities then, maybe it's making a concentrate, which we know our initial metallurgical recovery said over 90%. That's great. Maybe there's an opportunity with some of that. There's a certain stream of the material that maybe you could do that at site. It's something that's an optimization that is really going to be part of the PFS. I think that's what I like about this project and it's going to be here for a long time. Once this gets started, I expect to have this along my life. How you start with something as a toll mill might change over time to a small mill or different ways to process it. That might be more economic or there might be mills in the area to purchase that we could work with or expand or modify. So I think there's gonna be a lot of opportunities and how we get started may just be at just the start and we'll optimize it going forward. But we certainly looking at all of these options now.

14:31 Here's a follow-up question here and this is new to me. And so I'm interested to hear the answer as well. Tim is wondering, what happened with the earthquake at Alamos?

14:44 I don't have the details on that. OK. I didn't even I missed this news. Interesting. Another question, it's regarding well, are putting a lot of money into drilling, which you are supposed to do as an exploration company.

15:02 How long will your current treasury last until you need a new financing? Right now we have, we did a financing in July, it was July, no actually May, sorry yeah, May, so we had, forgot already, time goes by fast when you're busy. But the, We did a financing there and we did that financing with $14M. We did that financing with the plan to execute the 20,000m of drilling, which we're doing, and to cover the cost of our work we need to do for the PFS. That includes

15:47 A lot of data analysis for geotech. We sent out 200 samples for that. We did a lot for metallurgy. We sent out 74 samples for that, which we're getting back now. The baseline studies, we drilled the geotech holes, so We're analyzing that to get the slopes for the pits and the underground slope sizes.

16:07 We're collecting a lot of baseline data. We drilled boreholes for the underground water movement, surface water samples, flora and fauna. A lot of those things. Plus, keep the corporation going and the marketing and drilling and to be able to complete the Pre-Feasibility Study. That's all going to be included in what we'd be able to fund with the current money that we have. The PFS will be completed by the middle of 2027 and the funds are available to do all that work and complete that Pre-Feasibility Study. The financing after that, depending on how quickly we could go in to make a production decision. Maybe the next finance would be something more like a project finance or something for the mine going forward, or some component thereof, or some part of equity financing. But for right now, we are heads down doing the work that needs to be done and executing.

17:05 As we complete these various tasks, we're de-risking the project and we'll be announcing those. There are some very specific catalysts for the value of the company that will be coming in over the next several months, such as nailing down the toll milling contract, down the IBA terms. These are all things that we want to be able to use to complete the Pre-Feasibility Study.

17:30 Yes, You're doing a lot of work that needs to be done. Roughly 63% of open pit ounces and 86% of underground ounces are in the 2026 PEA, where classified is indicated. How confident are you that this drilling is converting the remaining inferred material to indicate it the way you need it to for the PFS? Yes, we're very comfortable with that. We had a very good surgical drill plan for most of that inferred resources. We're executing that. As I said, we're doing live updates with the consulting firm. If we do expand the resource model, which we've done with the drilling in some of these new areas, then we say, We've expanded it, but do we have enough drilling there? We might go back and drill a couple more holes to make sure we can get all of it to indicate.

18:22 Certainly, that's our goal. There are some areas that we are drilling that the gold grade was known with enough conch to be considered as indicated, but other things like the memory in that area or the geotech or the environment samples weren't. Some of that drilling is to collect that information. We actually know all the characteristics of the deposit to that same level of confidence as what we know in the Gold grade. I think that's really important. We're looking at that holistically. What is our confidence? One of the areas is, because this deposit does have some very high-grade areas, which was what people tried to mine a little bit in the past, is when we do get a high-grade hit, we certainly go in there and drill around it to make sure that it's there and that we can very well map out where that higher grade mineralization occurs.

19:25 Some areas just require a lot tighter drilling to make sure we have that same level of confidence in the resource estimate. It's a very surgical, very well thought out drilling program. Great. There's a little bit of a lag there at the end, but we'll move on. Since we last spoke, you also released metallurgical results. You touched on that. With cyanidation recoveries averaging 93.4% on the open pit samples versus the 88% assumed in the 2026 PEA. How significant is that improvement as you refine your recovery assumptions?

20:15 It's excellent. 5% on the recovery is very substantial. That's real money. Bottom line addition. I think we're really happy about that. As important, there have been some worries in the past about metallurgical recoveries here, and you can see that after all of the sampling that we're doing, the overall recovery is coming up over 90%. We're really happy about that. It's cyanidation, which is the common methodology that's used throughout the region in most of the toll mills that we'd be looking at. We're certainly happy about that. We're happy with the recoveries we're getting.

21:03 We don't see that being a problem to be batched or blended into a toe milling stream at another mine. That's certainly a very positive outcome for the metallurgical work that we've been doing. Now we've chatted about the strong local infrastructure for some time, excess regional mill capacity and potential compatibility with toll milling. Where do things stand on securing a toll mill and arrangement and how central is that for your development plan?

21:37 It's key to our development plan. I can certainly say that. There are other development plans that are possible, but this is the one we prefer. Again, because of the time to production and the low-risk approach for us, because of the lower CAPEX and the short period of time to cash flowing. Even with a higher operating cost, it certainly outweighs the cost of waiting for permitting and construction. When the Gold price is as high as it is, we certainly want to leverage that high Gold price as quickly as possible. As far as that goes, the $12M is very important. Those discussions have been ongoing and one of the things you really need to advance them more quickly is the results of metallurgical sampling.

22:29 We had some from 2019, we've had some from 2025, but really the 74 samples that we just sent out for metallurgical sampling, that's everything. It's a full suite of grindability and bond work index and the environmental part of that. We really now have a lot of information and that's what we're using for more detailed discussions with hole millers. Also, we've been doing a lot of work with this additional drilling, at least internally, updating what we think these starter pits look like, what the underground looks like, then we can get a better feel for the tonnage, the average grades that we'd be able to produce so that we could send to a total mill. We really needed all this information.

23:20 Now that we're getting this information, this drilling has been really important because it's provided the material to do all this analysis. Now that we're getting in, it's showing really good and we're using that to host the discussions.

23:36 We're confident that we're going to nail something down within the next several months. That would be really important because I think when you look at some of our peers who are also following a toll milling approach, nailing down the toll milling or confirming the toll mill is a big part of developing the project, at least the plan that we want to develop. It's a big part of having the confidence of those numbers as opposed to assumptions for the completion of the Prefeasibility Study. So yeah, it's really important and we're happy with the discussions that we've had and we're going to continue on and have those detailed discussions. Hopefully have some really good news, you know, in the short term and then we'll be off and running because I think that's a really important one and we're getting confidence in all this now and having all this metallurgical results back showing that it is amenable to cyanidation is a positive aspect of the project.

24:41 The most logical question would be Given progress on the drilling and the metallurgical results, do you see a tow milling MOU in Q4 of 2026? Is that how short-term we're talking?

24:55 I would certainly think that is our goal. Absolutely. And sticking on the regional areas, there's a question from Lester and I'm curious, you must know what property he's referring to, but he says, is RPX interested in purchasing additional gold property directly in your 6 square mile radius. Gold taken off in 1920-1924, never prospected since. Certainly we're aware of the surrounding Gold properties and we've had an interest in that. Obviously our focus has been on really focused around where we plan to mine right now. Even our exploration has been in the past limited to this area, only now we're starting to look up elsewhere on our property.

25:48 And as part of that, we certainly may consider going forward you know, bringing in another property that, you know we understand the geology of, and maybe it could be something that could be added to some stage of resource or satellite deposit for us. We're certainly aware of that and there are possibilities. We've been in discussion with everybody in the area because I think there are opportunities there because of that great infrastructure that's in the area to utilize other properties and other infrastructure. There are mills in the area, roads and power. Having that gives us some opportunities going forward.

26:36 And again, when you're making cash flow and you have money in your bank, there's going to be more opportunities available to us because we'll have the funds to do that. Definitely. Now, the regional map in the RPX September slide decks show 4 mills within about 150 kilometer radius of your property. Now, I'm not sure if you're able to answer this question or not, but how many of the companies in the area have you spoken to regarding a toenail arrangement?

27:04 Oh, that's a very good question. I'd say all of them at some stage. I mean, we've been contemplating this for, you know a couple of years now and, you know sometimes it's about availability, how much feed and, and, you know, what process works best for our ore body. And also, you know, what kind of arrangement you can make, which often, you know, depends on the availability, excess milk capacity in the region. I think that is maybe not how we finish. We start somewhere, we can toll mill somewhere for a year, 2 years, then there's other opportunities for mills that might be closer or other mills that might take a certain part of our stream. We might use 2 mills at the same time.

27:59 There are a lot of different opportunities.

28:04 I think we're always looking at ways to optimize. As I said, I think there's other mills in the area that are sitting or will be sitting in the near future that might become available. That may be something that we can partner with that company and run those mills ourselves. Then we'd be a little bit more in charge of our own destiny. Then we can modify it as needed, depending on our war body. There are a lot of things and opportunities down the road. It is important for us to get started now as soon as we can, start making cash flow and continue to evaluate all these other opportunities as we go forward. There's lots because when you are in an area with so much infrastructure and so many mills in the area, I think that it gives you some options.

29:05 We really like that. That's what I love about the project. Especially with a pit, you can increase productivity or production rate based on what you have for toll mills and where they're located and what kind of material works best there. You can even split the streams. For instance, if you had a flotation mill in the area, which there is 1, maybe your more sulfide-rich material could go there for a concentrate. You know, your more visible Gold and quartz veins could go to a different mill or different stream. I think there are different things that we need to look at and that's what takes a bit of time.

29:53 We want to be able to get started, but always keep in mind that we will have some opportunities to optimize. Let's address Edward's question here. I've been an investor for a number of years and I've patiently been waiting for the market to recognize the value. I thought the open pit starter pit with toll milling outlined the PEA would be very compelling in terms of value creation for investors, but the market hasn't reacted. Why do you think, sorry, what do you think will be the key re-rating moment in the coming 18 months? And when do you envision raising the capital necessary to get the project into production? Given its relatively low capex requirements, also what are the key permitting milestones?

30:41 Great questions and thank you for your patience. We certainly have had a plan. We believe, based on what we see with our peers, that we are undervalued. Some other companies are following the same toll-milling approach as we are. Some of those companies are at a slightly more developed stage than we are at. Maybe at a PFS stage, or they have a $12M contract and have already broken ground on some of those projects. That's great because we know that as we continue to de-risk the project, continue to develop the project, we will continue to add more value to the project as well. And we've seen that with some of these other companies. So we know, head down, keep focused on doing the work we're doing will benefit us as far as the share price. We brought in a new market maker a couple of months ago to help with some of the buying that we believe was holding the share price down. We also brought on a marketing firm, Target IR, to do some of the marketing that we're doing. So they're really just gearing up this month because we'll have a really good news flow. So I think we're doing things, we recognize that the share price

31:57 needs attention and we're giving it that attention now, where I don't think we have over the last year or so. The other things, I think we have some really great catalysts, we believe, for adding value this quarter. And that's really, toll milling is a big one. IBA, we've been working very hard on that. We have a very good relationship with our partners in the area. We hope to be announcing something on that as well. And I think that's really big because with IBA negotiations complete, that certainly helps with the permitting process. A lot of times the administrative environment is looking for First Nations support in those areas, so IBA certainly shows that. That's another big thing. The PFS is going to be a really big one as well because it takes the PEA, which we believe was done a good quality, but what the PFS does is look at all these options that we've been talking about here over the last 5 minutes and says, this is the option that we're going to go with to get started.

33:07 And that's important to get that out. So that'll be a big catalyst as well. And then a production decision, I think, after that production decision is made, then it's a matter of how do we finance that? Obviously, project financing is a way that we're looking at now, but maybe there's going to be other opportunities there. One of the things that I found different than previous projects that I worked on is the MECP now has a phased permitting approach. What that means is before you have the final permit to start mining, there are things that you could do on the property, such as tree removal or earthworks, roads, building shops and things like that before you even have your final permit. What that means is you can start getting your permit and start doing some of the capital projects before you even have the final permit to mine.

34:06 I think that's really great and that's why we have a short timeline. This is a project, patented claims. There's been mining here since the 1890s. So, it is a Brownfield site. We still have a closure plan on file here. We have a permitted tailings area and a polishing pond. We have roads, we have some shops already. So we have a number of permits already. We're going to require more and some need to be updated with updated baseline studies. That's why we're doing those studies. So, we're certainly confident in getting those permits

34:51 going forward. Like I said, I think the most important one is probably the updated closure plan, getting that approved through the ministry with support of the First Nations. And so That's what we're working hard on to do that. One of the great things about this project, maybe one of the reasons why it is a priority project is with the Ministry of the Environment, is the fact that our approach is no-mill, no tailings. It's a way to develop the project, bring it into production with the least amount of disturbance as possible. I think that really goes over well with the First Nations, the community and the Minister of the Environment. And that is the way that we'll be going forward with this project.

35:38 So I think that will help a lot in the timeline to achieve all of our permits and just the overall acceptance of the project, which has been really great so far from every stakeholder group that we've been touched with. So happy with that. And we look forward to progressing that as fast as we can, but it's all coming together in a very short period of time. So like I said, This is the time period where we're going to have some great results coming out of all the hard work that we've been doing over the last 2 years. We're excited to complete those milestones, get them out in front of the marketplace and in front of the shareholders have been supporting us for all these years. So again, we really appreciate that support and we look forward to sharing some of those milestones with you.

36:27 Yeah, it's funny. A lot of milestones coming up and the market's forward looking, but Augustine would like to know, why do you think the share price remains stuck around $11 to $13 USD given current progress to Newsflow?

36:46 It may be a couple of things. Maybe haven't marketed enough, so that's why we've changed that. There were a lot of older retail shareholders that I think We've slowly been turning over to new people that wanna come in and invest. You know, when I first started a couple of years ago, we had very little institutional shareholding. We're probably somewhere close to about 50% of the shareholding's institution now, so that's in good hands. We're also starting on a campaign, more of the retail side because retail investors are certainly important to us and we want to make sure we get out there and explain that story to people so they haven't forgotten about us. Also, as we've been heads down over the last year doing a lot of technical work to advance the PA, I think people have really forgotten about what this project is. It's a project with really great exploration potential and we don't want people to forget about that. That's why we want to, what really drove us in the first place to go with the top milling is to generate some cash flow that we can use for doing this drilling and really get the momentum behind us and say, yeah, okay, This is a great start, but how exciting and how big can this thing be? We know the shear zone goes for 6km long. We've tested it down to 300m in the very smart plot of the deposit.

38:13 It has a long history of good mineralization. We're excited to showcase that and the value will come.

38:23 I've been with a couple of other companies like Westom and St. Andrews, and they were a little bit stubborn on the share price for a while as well. Once you clear a couple of hurdles, a couple of milestones and you get some momentum, then the values can come into the company. Based on that thesis of those 2 companies, which have done very well over the years, I'd like to think that we're following a similar trajectory as those projects. We're looking very excited about the future. Well said. Given the strategic nature of the asset and current valuation, RPX could become an acquisition target before the full value is recognized. With modest insider ownership, what mechanisms are in place to ensure that management remains focused on maximizing long-term shareholder value rather than accepting an early takeout?

39:18 Good question. Those things are always tempting. We have a plan and that plan is to get into production. As we continue down that path, especially the de-risking and complete the milestones and get into production, we're going to see the value continue to come in. We want to make sure that that value goes to the shareholders and that's realized by the shareholders before we would bring in a large partner. At some stage, maybe it makes sense. If we go down the road and our share price is considerably higher than it is today and everyone's happy with where we've made it to. Maybe it makes sense for the next stage of going into an underground or merging with another project or something.

40:14 That would only be after we had the ability, the opportunity to get some value out for the shareholders. That's really our goal. That's what's driven a lot of this. This is why the production to generate cash flow to pay for the drilling, so we didn't continue to dilute the shareholders unreasonably. With drilling and dilution, we wanted to get out of that cycle and say, let's generate our own money. Then we can do our own work with our own money and add value that way without adding more shares. This was the whole focus behind this approach. I have a few rapid fire ones here. I don't think they require as much explanation as some of the questions we've asked.

41:01 If you're ready, we'll do 3 or 4 that are pretty quick in order here. What is the RPX pit strip ratio? From the PEA, it was just under a 10 to 1. And, okay. Go ahead. Which, you know, a lot of people might think that's substantial and it does seem, you know, they are smaller pits. Of a lot of people, it might seem that's substantial. There are smaller pits, so we added a couple of parts of waste rock for wider ramps so we could keep our production really high in the PEA study. Also when you use a toll mill, you have a higher cut-off grade because you have to pay for the extra fee for toll milling and there's a surcharge, and then also for the shipment of that ore, as opposed to having your own mill.

41:54 It adds a couple of parts to the waste rock as well. What we do in the waste rock where the low grade is that might occur something between what your onsite mill will be versus a toll milling fee. You stockpile that for a future time and that's part of your strip ratio as well. But if the price is really this price when we go into production, based on the PEA, that you would probably send all of that to the toll mill as well. But in the scenario that we used in the PEA, the price we used was $3,500 and we had a pretty high rate of return. You can see that of 99.7%. We have a stockpile strategy, we are putting the low grade aside, but when you get into production, that's where you can optimize with the stockpile strategy and say, hey, look, I have extra material of this low grade at our current price That makes a lot of money. So let's send that as well.

42:47 And maybe it goes to the same mill or maybe it goes to a different mill. But I think that then starts cutting into your strip ratio because now you're converting that waste component to low-grade, essentially, which you're getting revenue from. I think that's where the opportunity is. Plus, we're doing the geotech and as I mentioned, the slopes will be quite a bit steeper than what we envisioned in the PEA. I think there's opportunities there as well for some of those improvements. A lot of that will come out in the PFS study. Right. Do you have any standing agreements with nearby mills? Any standing agreements? You mean the existing toll mill agreements or confidentiality agreements?

43:38 Let's go with confidentiality because I think we're all pretty aware of the toll milling situation. Yes, we certainly have a number of CAs in place with various companies in the area and outside the area as well. As we've progressed here from Explorer to potential producer, we've certainly seen an increase in companies that are interested and wanted to look at some of the data that we have. Yes, we have a number. What is the current marketing spend? What is the projected spend with the new marketing company?

44:19 We want to give it some time to get the new program up and running and working. Given that We see Q4 as being very news rich, I guess you could say, or press release rich. Some of them may be major catalysts. We want to be able to market that a little bit more, either with analyst calls or some other activities. We certainly want to be able to market hard in the next 4-months. Then we would reassess things after Q4.

44:59 We always do and see the benefit or what we need to change to do better. Do you have accurate maps of the legacy underground work-ins? Are you conducting underground sampling along the perimeter work-ins? Great question, because You're right. It's a very important thing, even though it was fairly limited. We want to make sure we understand those locations with a high degree of confidence. There are a couple of things that we've done. We've used a lot of the old data that existed as the first stage. Then we drilled and we're still drilling right now, very detailed drilling in some of these areas to make sure that we know exactly what's there. In the last PEA, that was all considered inferred because we didn't have enough confidence in that. Now that we've done that drilling, we have that confidence and everything's lining up where it's supposed to be. We have done some down the hole surveying in areas where we've hit stokes just to make sure that we can link up the workings that we intersected with the workings that are in the paper detail that we have. So yeah, we have done a lot of work there, Recognize the importance of those, particularly when a lot of the old-timers or the previous workings were after the high grade. We want to make sure what's remaining in those areas.

46:26 Great question. Is ore sorting applicable to RPX ore? Is that offering applicable to RPX ore? I'd like to think yes, but I think we actually just this week have sent out a number of samples to an ore sorting company in Saskatchewan and they're doing that testing. From my understanding of ore sorting, I've used it a couple of times in my past. Sometimes it can work great and really make a substantial difference, particularly if you're separating, I used a diamond mine where we had really white looking, nice post rock and a black Kimberlite. And that was something that worked great on.

47:16 Maybe this is not going to be so black and white, if I can say, as that, but even making a difference, since we're going to be crushing it down, we're going to be running conveyors, we've got the power there, an order that separates even 10% or 15% of a certain material, whether it's on the waste side that we separate, upgrades the product a little bit. That in itself is a lot when you're paying for trucking and you're paying for the toll milling charge. That's substantial. In the PA, it's essentially a little over $100 a ton. Every ton you can leave at site because it was waste rock, it's beneficial.

48:02 That's why we are starting to look at this now. Is the game plan here to sell RPX Gold to Alamos or any other company in the next 18 months? No. Okay, last question. I think that's it for time. What are some of the things you think can go wrong in the next 12 months?

48:28 I don't know that things can go wrong. The technical part is pretty straightforward. I think we understand the geology and the project. Obviously, we have some contracts to sign and negotiate. I don't think there's anything fatal there. If anything were to slip, it would be timing because things take a lot of time. I'm finding now in this market where consultants are very busy and the permitting offices are very busy. I don't think it's a technical issue. I couldn't get it done. It may be a timing issue.

49:18 If there's anything, that's probably what would keep me up at night is thinking about some of that. Overall, we're trying our best to manage all that. Because we've been a small team as an exploration team, We have brought on someone to help with the

49:36 community relations, help us with oversight on the environment, continue to look for people on the engineering side, our own person. Marketing, we've added people there. We're briefing up the team to make sure that we're in the best position to execute on our plan. That's where we've been heads down lately, but now we're starting to get in the info and accomplish some of these milestones and we can start getting out into the marketplace now. Michael, thank you for addressing all of our questions. This might've been the most interactive one so far. Appreciate your transparency and I appreciate the audience for asking all these questions. A lot of great questions today.

50:21 I will give you one more and take this as your closing remarks. I like to conclude with a question like this. If you did come in late though, people, There is a replay available probably within the next hour or 2, so keep an eye out for that if you did come in a little late. Also when we close off here, there will be a request meeting button. Be sure to click that if you do want to meet with Michael or the team. But for closing remarks, Michael, what are the key milestones you want investors watching for between now and the updated resource in PFS, which I believe is the first half of 2027? Yes, that's correct on the timing. I think the big thing, The drills are turning, so there will be results that we'll be releasing, which is great because I think that's going to continue to show well in being able to expand the resource base that we have and potentially impact the starter pits and the underground for the PFS study. I think that's really great. I think it will be exciting when we get a chance to put some holes into some of our really exciting exploration targets, both at the north end of the shear

51:28 zone, at the south end where a couple of years ago we found that faulted extension, and just a couple of holes at depth. The sand hasn't been drilled at all, so the hit down there maybe changes the company a lot. I think that's exciting. That's all going to be happening this fall On the PEA side and the PFS side, I think the toll milling will be pretty substantial to nail that down. Also, First Nations and community support and the completion of some of those agreements will be very substantial. Also, some of the information that's going to feed into the PFS, the geotech work, continued metallurgy, all of the meat and potatoes of the PFS.

52:17 That's going to be really great. And having the PFS come out in the first half of next year, I think really pins everything down and says we've de-risked this project and this is what it looks like going forward. And you can kind of take that to the bank. So I think those are all very, very substantial developments for the growth of the project and development of the project and for the growth of this company as we transition from where we are as an explorer into a development company and then into production without ever losing sight that we had a great project here. This is going to give us the opportunity and the cash flow to do out and test some of these really great targets that we have.

53:05 Great. Thank you so much, Michael, for the update. Congratulations on the news and have fun at all the upcoming conferences. Great. Thanks, Kyle. No problem. Have a good one everyone. Bye now.