Significant Exploration & Strategic Update

0:04 Good morning, good afternoon or good evening, depending on where in the world you're signing in from. I saw at least a couple of time zones today, so I really appreciate everybody making time. I've got with me today Ian Bliss, CEO of Northern Shield Resources to talk about both recent news, but also just an update of where the company is at with its projects. Ian, how are you today? I am very well, and thank you very much for that introduction. Awesome. I'm going to do a bit of housekeeping, just so you guys are aware. I know there's a mix today of people who are new to the story and people that are already familiar with what Northern Shield is up to. There might be some replays for the folks that are new to the story, but there will be some new information as well. I'll also be asking some questions just following his presentation, but after that, this is an interactive event, so There's a chat button at the bottom of the screen. Please do ask questions throughout today's event. We'll be getting to as many as we can. If they are off topic or really, really specific, I'm still going to hand them through to Ian and the team at Northern Shield, and they'll be able to tackle them at their leisure afterwards, but I'll try to get to as many that are on topic today as I can. There's also a request meeting button at the bottom of your screen so if at any point during today's event you decide you'd like to meet with Ian or the team at Northern Shield, please do press that button. I'll make sure to get you guys connected shortly following the event.

1:16 Weird last piece of housekeeping, this is being recorded and will be available for replay probably about 1.30, 2 o'clock PM Eastern time. It'll come right into your inbox, but also be available on Six's YouTube channel. And one last thing before I throw it over to Ian and get us started, there will be some forward looking statements during today's event. Without further ado, Ian, I'll pass it to you for our presentation. Thank you very much, Romy, for that introduction. And thank you everyone for taking the time to get an update

1:41 or an infill on Northern Shields root and cellar property in Newfoundland. As I say, we really think we're onto something quite large here, not just in the context of the Root & Solid property on its own, but in the context of perhaps a whole new porphy Copper district in Newfoundland. Before I begin my presentation, I do have to bring your attention to this forward-looking statement advisory. You can read it in your own time, but this presentation will contain forward-looking statements. What are we looking for? We're looking for both epithermal Gold and porphyry Coppers, and these are really end members of the same systems. Typically, the precious metal portion, the Gold and the Silver are deposited near or at surface, and that's all being driven by a magmatic intrusion at depth. At the top of that, you often get what we call a porphyry stock, and on top of that you'll get your Copper mineralization.

2:34 These form relatively near surface. Even the Copper porphyry is considered near surface. It may have been 1 or 2km deeper than the low-sulfuration Gold, but this is relatively near surface. Why do we like epithermal Gold? Well, especially low sulfidation, you can get bonanza grades of Gold and Silver in these systems. And Copper Porphyry, obviously, it's the size of these ore bodies. They produce a lot of the world's Copper resources, often associated with either Gold or Molybdenum. And the whole system at Rudin Seller also contains Tellurium. But they're basically these magmatic bodies at depth. That's the heat engine driving the Copper. The further you get away, the fluid is cool and you're getting what we call intermediate and low-sulfidation Gold. It follows a general trend.

3:19 You get a lot of volcanic activity, you make it as diatrium breccias, which we now know we have at Rutan Cellar, but relatively near-surface deposits. That brings in one of the dilemmas we have at Root & Cellar, or in the Birramton Stub Neupholan, there's been a lot of scepticism about the existence of the porphyries and even epithermals for years. That scepticism is based on a preservation argument rather than a formation one. We know the right rocks, the right processes have happened here. It's simply a matter of if these things formed at relatively near surface 575M years ago, which is the age of these rocks, how can they still be preserved? Because normally over that time period, these rocks would have been eroded. But the avalanche terrain has always been very conceptually positive for these systems, but it's been completely ignored simply on the basis of its age.

4:12 But if we think our porphyry epithermal model is correct, we certainly do. The Bureum Peninsula represents a whole new porphyry copper district and epitome of gold and hence we think it's right to sometimes challenge conventional wisdom. So where are we looking? The main project, Root & Cellar is about a 3-hour drive from the capital of St John's. That's our flagship property. More recently, we've acquired Fortune just to the north and Capes and Marys across the Bay from Root & Cellar. I say the benefit of working in Newfoundland, particularly Root & Cellar is its access, it's minutes from a paved highway, and there's a deep water port within Maristown as well that's being underutilized. So vastly underexplored yet easily accessible. And on top of that, it's a very money friendly jurisdiction. I've never worked in a place where I felt quite so welcome as an individual or as corporation as Maristown.

5:03 Everywhere you go, you bump into people once they know what you're doing out there, they're almost asking you, what can they do to help you succeed? So a very, very favourable area to conduct exploration. This is a summary of the Root & Sell project. This was rediscovered by a prospector back in 2012. The Copper mineralization that we'll talk about in these quarries and later some of the Gold mineralization. The way up is 5 Gold zones surrounding this large Copper target in the southwest portion of it. These northern Gold zones are characterised, they have a very distinct signature and that is very high Silver to Gold ratios and the presence of Tellurium. We have Tellurium also in the conquest, highly anomalous but so much lower grade than we do at drops on Windfall and Braxton Bradley.

5:53 The main focus the past few years has been at conquest following the Gold, but since the middle of last year we wanted to bring up the Creston Copper target up to speed. Our work has really been focusing on that the last few months. If you step away from the Gold grades and the Silver grades, it's important to try to understand what we're dealing with. I said these Northern Gold targets have a very distinct signature, high Silver, high Tellurium, Moly, Lead and Zinc sort of come and go. These are what we call intermediate sulphide epithermal Gold systems. What we now know we have is a porphyry Copper system, which we'll take a closer look at. And then on the fringe of that, we have the conquest zone and some of these other Gold occurrences represented by these red dots. So this is a classic zonation of a porphyry Copper and epithermal Gold system.

6:43 You have Copper, you may often go to a Lead-Zinc zone and then you're getting into your Gold zone. You can see that same sort of zonation here at Bingham Canyon, a very large Copper deposit, Porphyry deposit in the United States, where you have your Copper-Moly shell, and then outside of that you have your Lead-Zinc and then you're getting into your epithermal Gold. So that's exactly what we see here at Rutten Cellar, perhaps over a little bit more of a linear trend that trends to the East Northeast. So I will of course look at this later, but this is your conceptual model of a perfect Copper epithermal Gold system. We mentioned Tellurium. Tellurium is widespread at Root & Sell. We associate both with Gold, Molybdenum and the Copper occurrences. It is a key component of Solar panels and that's why it's deemed a critical metal by both Canada, the United States and the EU.

7:35 More recently, the Defence Logistic Agency, which buys a number of the military goods for the US military, is looking to acquire Tellurium for its stockpiles. You really only find Tellurium in minable quantities as a by-product of these type of epithermal Gold and porphyry Copper systems, particularly what we call the alkalic-driven systems, which we think Rutan Cellar is. It's critical metal, But why I like Tellurium as well is it's often associated with these very large deposits. These large porphyry Copper and Gold systems are often driven by alkalic fluids, which create the Tellurium. And so you're often associated with very large deposits. And so we see that both in our footprint at Root & Cellar, as well as the sort of circumstantial evidence of having Tellurium there, which often is associated, as I say, with these very large systems.

8:25 So we've been focusing the last few months more on the Creston Copper target. What is that Copper anomaly? Well, we have a 2km diameter zone that's highly anomalous both in soil samples, anomalous in Copper, represented by the green dots, and both by rock samples, the green squares. Some of these ones are very high-grade, 10.5%. It's actually a Copper mineral called Chaplisite, often formed when you get what we call super gene enrichment. So after the Copper is formed at depth, the fluids are fluxing through and enriching some of the rocks in Copper, but a very, very distinct zonation of Copper. And you go outside of that. And as soon as we go outside, we start getting Gold. Here's the drop zone Gold occurrence and here's conquest. We don't see a lot of high-grade Gold mineralization in the Copper zone and vice versa. You don't see a lot of high grade Copper in the Gold zone.

9:11 It's a very distinct zonation. On top of that, we have, again, if you look outside the Copper target, you have what we call shoulder anomalies. These are very classic indicators of porphyry Copper systems, where on the edge of the Copper, you may get anomalous Lead, Zinc, Antimony and Arsenic. You tend not to get those in the target itself, but that's a low-grade elevated anomalies on the fringe. It forms a very classic zonation of a porphyry Copper system. And on top of that, within that Copper zone, these blue dots are Tellurium anomalous soil samples. You can see a very strong correlation between the Tellurium and the underlying Copper target. At the core of this Copper zone, outlined in yellow here, we have a diatreme breccia complex, which we'll take a closer look at, and that's where we're seeing a lot of the Copper mineralization to date.

10:05 What are these diatremes? These are simply very large carrot-shaped bodies coming up from depth. They're caused by when the magma, superheated gases get in contact with groundwater that creates a steam explosion, fracturing the rock and blowing it out like a bottle, acting as a pressure release. These diatremes are important because they basically give us a window into what's happening at depth. They often break up fragments, some of them are mineralised, some of them are unmineralised, but at least tell you what rocks are at depth. But they also, I say, critically, they indicate the original interaction between hot magma and water, and of course you need those interactions to get hydrothermal mineralisation to begin with, and as a benefit, as a very fractured and porous rocks to begin with. They also enact as sort of chimneys or conduits for vapours or fluids to escape later.

10:57 But they are a bit of a double-edged sword. I mean, Dijon breccias are often associated with some of the world's large Copper and Gold deposits in a pore-free and epithermal environment. They are at a double-edged sword because they form a really good Copper deposit. You actually want to contain that pressure and contain that fluid, but every time these things erupt, these diatreme breccias are basically a nest of them. It's not just 1 diatreme, there's a whole complex of them. Every time you get that eruption, that's releasing the pressure and that could cause the whole hydrothermal system, basically the heat to collapse. There's always been a concern that, okay, we have these diatreme breccias, but have they actually killed the hydrothermal porphyry Copper system that we're looking for? Well, we have clear evidence that that didn't happen. We see actually 3 phases of Copper mineralisation within the diatrium breccia.

11:47 Here's the first one. Here's actually a fragment of what we think is primary porphyry Copper type mineralisation. You have a rock and brought up from the depth, very siliceous, high in Potassium and it contains Copper pyrite, Copper sulfide and a little bit of Molybdenum. And that's within this fragment and that fragment has been ripped at depth and it's now hosted within the diatreme. So you know that that mineralisation formed prior to the diatreme breccia exploding. We then have a second type of mineralisation, which is the most obvious to see in the pits where you get these very chunky blebs of chalcopyrite, copper sulfide. This is actually a little vein of chalcopyrite following another intrusion. And so you get these very coarse void fillings and veins within the diatrium breccia. So when that diatrium breccia came up, there's a lot of voids and fractures in that, and then the copper fluids filled those voids. This is copper mineralization that formed at the same time as that diatreme breccia did.

12:42 We have a third type, and perhaps the most important one. We're actually seeing quartz veins with chalcopyrite and molybdenum cutting both the fragments and the matrix to the diatreme. So these veins had to come in after this thing cooled. And so there's 3 phases there, which number 1 tells us we have a very long-lived system, which is what you want. But more importantly, because we see it after the formation of the diatreme, we know that that pressure release did not kill the system or didn't kill it for very long. It kept on rebuilding to form these copper veins after the formation of the diatomium breccia. Again, indicating a very robust magmatic and hydrothermal system that no matter how many times this thing exploded and released the pressure, it kept on wanting to build back up.

13:30 Other than the Copper in the pits, we've also been finding these hydrothermal vent breccias, late 2024, I believe that was, 2025. And then more recently, we announced the presence of Gleanus Phalorite Pyrite or Lead Zinc mineralization, up to 4% Zinc and nearly 4% Lead within these diatrium breaches. So another confusion is why are we getting this Lead-Zinc mineralisation when we're technically in the Copper zone? We expect the Lead-Zinc more to be on the fringes of the big system. So what is it doing right next to the Copper and even within the core of what we think is the perfect Copper system. And so when we take a closer look at the chemistry of that Lead Zinc minimalization, which we have the other day, it's very high in Mercury. Mercury is one of the most volatile metals. It travels almost exclusively or very well as a vapour phase or as a gas.

14:22 We also see fairly low Silver content with that Lead Zinc and Lead Zinc will often carry some high Silver, but we don't see that high grade Silver with this mineralization. So that tells us that this probably travelled as a vapour phase. We actually see more evidence of that in the neighbouring quarry where we see these bubbles and in the bubbles we have lead and Zinc at the core of those. We know those bubbles are usually created by a gas phase. So that lead zinc is a vapour phase. Within that hydrothermal breadth share, which is right next to the lead zinc, we also have elevated molybdenum on these. And this molybdenite is also associated with arsenic and tellurium. So again, phases that prefer vapour rather than liquid. Moly can travel both as a liquid and a vapor. But when it's associated with these elements, it typically suggests it's a vapor. And again, we can see that in these little spherical bubbles.

15:12 And in the center of that, we have moly and pyrite, and then quartz on the outside. That would have been a bubble and first you had your Silica forming and then at the last stage, your Molybdenum crystallized. Pretty clear evidence that both the Lead-Zinc mineralization that we're seeing is a vapour phase and along with the moly. What does that tell us? It tells us, again, this is travelling as a vapour, so they're cooler medium than the hot fluids that would typically carry the Copper and any moly and any Gold at depth. This is like a chimney. You can clearly see it on the geophysics, but there seems to be 2 intercepting structures there. And that's where these mineralization and the fluids of these gases are coming up. So if you have a chimney leaking gas, it tells you somewhere below you have your firebox or your fireplace, and that's the heat engine of this whole system. And that's where we expect to see the Copper.

16:03 Copper doesn't travel very well as a vapour phase at all and that's why we don't see it in this mineralisation. This is just a little bit of smoke or gas coming off from your firebox at depth, which is where we expect to see the Copper mineralization. We have a big zonation of the Lead Zinc and the intermediate Sulphide showing the zonation of this thing. This reinforces that interpretation of saying somewhere below here is your firebox, which is where we expect the heart of the Copper porphyry system to be. Now talking a little bit about the conquest zone. Conquest was one of the very odd zones that has various phases of Gold mineralization. Again, 3 phases of mineralization that we seen several years ago and we've been working on that more recently.

16:50 Conquest has a very large footprint, about 4km2 of Gold, both in surface rock samples, drill core and also soil samples. A very clear dispersion range. We've yet to find Gold up here, but these very linear trends suggest there's more to be found. Up to 111g per tonne in some boulders. Again, we haven't found the source of that, but they're extremely close by, but 78g per tonne in some of these trenches, but a large footprint of Gold minimisation. But the problem we've been having even in 2025 when we went back and drilled in the Southern Conquest zone, again, we hit some of the venting structure over to the western portion. Finally, at depth, we hit what we call custom, called from abandoned quartz fans. So these are clear evidence of low-solidation Gold minimization. But What we didn't really appreciate was the fact that we knew there were 3 phases of Gold here and we were chasing the Gold sort of ensemble as a group.

17:44 Now, by looking at certain ratios, we can now distinguish that there is both an intermediate Sulphide phase of Gold, a low Sulphidation phase and a Gold dominant phase, which we don't really know what's related to, but we clearly see 3 phases right now. So, instead of trying to chase the Gold sort of en masse, we broke those out and now have a very distinct trend on the low-salt predation. It's the low-salt predation Gold that's carrying some of the better grades, including the Colquham, Possible, Brandenburg, and Quartz veins. When we break out those 3 phases and just start chasing them individually as a population, we can now see a very clear trend of East North East or 73 degrees and it's plunging shallowly to the East North East rather. And we see that clearly on the geophysics.

18:29 You can see these linear trends that match those trends on the low-solidation analysis. Again, when we throw on the IP, we can see very distinct IP targets along this trend. These are more like horseshoes. They are intersecting structures with a higher grade. We expect where those 2 structures intersect and the orientation of those structures is about 10 degrees, so a very shallow dip towards the East-Northeast. We now know where to go and target those in the follow-up drill program.

19:00 This star here is over here and that's where we have a very strong IP anomaly as well. So it begins to match up with what we see on other geophysics. So what we have is a classic text porphyry copper epithermal system, a zonation. As I begin to explain a lot of this right now, once we understand that as a donation, it's like peeling back all the layers of complexities of the system. We do have competing porphyry Copper and now multiple porphyry Copper systems plus multiple Gold systems so it's very hard to unravel all that alteration on donations. But we've done that the last few weeks and as you do that, it sort of reveals, sort of peels back the layers of complexity

19:46 and both as an entire system and individuals. And so Conquest is one of those systems now that when we look at the bigger picture, we understand it a lot better, because we now know Conquest has 3 phases of gold. Let's just look at 2 of them, low-sulfidation and intermediate Sulphide. We remember from the diagram at the beginning, intermediate Sulphide forms a little bit closer to the porphyry and low-solidation is the furthest away.

20:11 Conquest sits right on the edge of the Creston porphyry target. It's actually too close, the low-solidation cannot be coming from this system because it's too close and there must be another source. That began to tell us there must be another porphyry centre somewhere on the property, creating a low-solidation system, a goal that we see at Conquest Zone. We now know, as you've just seen, that those

20:33 ore chutes dip to the East-Northeast, and that's exactly where we're beginning to see indications of another porphyry Copper system. So again, we begin to understand individual components as well as the whole system once we understand that zonation. And even drop zone. Drop zone is some of the highest grades we have in the intermediate sulphide realm, up to 700ppm Tellurium, 1400 silver and about 46g Gold. That was probably the fluids travelling northwest off this porphyry Copper system and then very, very quickly condensing and creating that small but high-grade pockets. What we do see is because we know the corridor all these systems is trending east-northeast, there's a lot more fluid flow in that direction, so it's more so diffuse going this way, but when fluids leak off to the north, they very quickly hit a boundary and that's why we're getting a high rate at drop zone.

21:28 I say even the understanding of the geometry and the geochemistry signature at Conquest, not only does that give us the ability to pinpoint where to go and drill this target next, but I'd say it also points that there may be another porphyry centre up to the East North East. We've always assumed that, but now there are more and more indications of that happening. That's also why we acquired the Kelstone property a few weeks ago when we did our big area land grab. We bought some claims here from some prospectors that had Lead, Zinc and a Gold occurrence

22:03 right on the outside. We think there's a second porphyry centre up in here. We think Root & Cellar on its own represents a porphyry Copper camp with multiple occurrences, both Porphyry centres and Gold occurrences. One example of similarity to this could be Cadia in Australia, a very large Porphyry Copper with considerable Gold endowment. It's also alkalic driven. We have a lot of indications, I won't get into that too much right now. There's a lot of indication that Root & Cellar is an alkalic system similar to KDO in Australia. There's a number of examples, but KDO is one that we're drawing similarities, not necessarily based on the size, but on geological model.

22:49 Where we have one, we probably have more porphyry Copper systems and obviously root and cellars are sort of very densely packed project on its own. So it's a camp in its own right. But once we started understanding Root & Seller, we then began to look further afield. There's a bunch of other known occurrences up in here. The yellow basically epitomizes Gold occurrence, sorry, the red or epitomizes Gold occurrences. The green are Copper occurrences or alterations. The yellow are alteration systems that we're not sure whether they're Gold or Copper related. But again, you can see the trend of these clusters matches a trend we have at Root & Cellar. So again,

23:27 we wanted to understand Root & Cellar before going further in the field because this area up here is much more deformed. Root & Cellar is essentially undeformed. It's upright, whereas everything up here has been tilted on its side. But once we got a better understanding of the Bearing Peninsula, Root & Cellar, we began to apply it elsewhere. Some of these are projects that are owned by prospectors that we've now signed option deals with. And then we linked it together by staking our own grounds in between those targets. But there's a 40km trend here, so a significant land package of known epithanol and porphyry Copper systems is bound to be more about within here. And we'll take a look at one of these, Stuart, which is really the most advanced of these projects in the fortune trend.

24:13 So what is Stuart? Well, we have this very large, what we call a lithocap. So this is the advanced argyllic alteration, which forms on top of a porphyry Copper system. The one at Stewart is about 5km long, up to 850m wide. Here's a picture of it, very gauzous, a lot of pyrite, quartz, cereosite, schist with anomalous Gold and Copper.

24:34 These Lithocaps, here's a theoretical cross-section of a Porphyry Copper system and it's Lithocap, the Porphyry, you have a giant intrusion at depth, then you have the little apophases or stocks coming off of that, which is where you're getting a copper mineralization. And these form these very large lithocaps may extend quite a wide area beyond the Porphyry copper system itself.

24:55 Say the one at Stewart is huge, even by a global scale. It's about 5 kilometers long and perhaps even over 850m wide. It's important to understand the geometry and the relations of the Lithel cap to the actual porphyry itself. Here's a good example taken from the Kingfisher Metals website who are working in the BC's Golden Triangle.

25:19 We go to the websites of all these people working in the BC Golden Triangle, they have these great pictures on the website of these rusty, gossamous mountain tops. Those are the Lithelcaps. They are equivalent to the Lithelcap we just showed you at Stuart. But here's where they're drilling and here's the Copper Porphyry. It's well below the Lithocap.

25:39 Because of the mountains trained in BC, you get a really good 3D exposure here and a much better visualisation of the relationship between the Lithocap and where the underlying porphyry copper may be. At Stuart, this thing's all been flipped on its side. What we're seeing is this running along on surface and somewhere to one side of that, perhaps a little bit of depth but not too deep, you should find your Copper ore for you.

26:04 Here's a little bit more detail of that. Here's that Lithel cap, that 5km by 800m Lithel cap. This is a magnetic depth slice from 700m down. This is a drilling by a previous company that did work on the Stewart Prospect in the early 2000s.

26:23 This magnetic map was actually a survey completed by the government in 2022. After all that work was done, what you see is very interesting. Now everything has been tilted on its side. This unit is vertical. We are essentially looking at a cross-section in plan view. So this is what we think we're seeing. The core of a for-free stock is often magnetic and we see a very strong magnetic anomaly here that's almost perpendicular to this little gap. All the drilling took place in here that never really touched the core of this magnetic anomaly. This represents the target that you want to be testing for this porphyry system, which would be down in here. This is almost drill ready, perhaps do a little bit more geophysics. There's been IP done over this area, but not over the main target, but a pretty compelling Copper porphyry target just waiting to be drilled.

27:17 That's more advanced than the other prospects along the fortune trend. We do have other ones, 40 Creek, this is a little bit like a drop zone, very high Gold, very high Silver and Tellurium, lots of Gold tellurides, lots of Silver tellurides and that. Again, it's an intermediate Sulphide, which I expect just on the flanks of the porphyry system.

27:38 Point Rosie is at the Western end of that 40km trend. Again, this is prospector discovered, never really seen any methodical exploration whatsoever. It's anomalous in Gold, Copper, Antimony, so all these sort of indicator minerals for porphyry systems. And then at the eastern end, this is again, very, very early stage prospect to discover, no drilling on this project either, but all the indications of that halo that you expect to see around a porphyry Copper system. Just moving across very briefly to Cape St. Mary's, again, the original focus here was for porphyry Copper. The Burin has seen very little exploration. Cape St. Mary's is again exponentially lower than that. Very little work has been done on the Cape St. Mary's Peninsula.

28:29 There's not a lot of outcrop compared to the Burin, But they do have these till samples detected by the government. You see the strong cluster of Copper. They're coincident with Somali and again, Arsenic. So this is kind of a typical indicator of maybe a porphyry Copper system. So the focus was porphyry Copper and nearby there is description from our prospectors occurrence of Malachite, which is Copper staining, quartz stockwork veining. This is exactly what you want to be looking for in a porphyry system, quartz stockwork with Copper minimization in it. The focus was pore-free Copper, but when we delved into the data a little bit more, we also noticed that some of those Copper targets also have Nickel and Cobalt associated with them. The blue squares are Nickel anomalous till samples.

29:14 The hot pink dots are Cobalt. When you have Nickel, Copper, Cobalt together, that's an indication of obviously magmatic massive sulphides. On the geology map, they have this mafic Silt mapped in here. Sometimes it's mapped as Basalt, which we believe is wrong. More often it's seen as a gabbro. This is a classic host rock for magmatic Nickel sulphides and you've got a clear indication on the surface with Nickel-Copper-Cobalt that there may be a Nickel component around. So the focus was Copper-Polvery, but this is very much a signature of potentially some Nickel-mass sulphide. When we start exploring that, the next phase will probably be airborne geophysics. We'll keep in the Nickel target in mind as we explore that region. So, sort of a two-component to keep some areas, both Copper, porphyry and magmatic Nickel.

30:06 The next stage will be undertaking 3D IP geophysics of a Creston target later this month. The contract has actually been signed with the geophysics. We're just preparing the survey lines right now. That will help define a target for a drill program. The idea is we'll start earmarking in a 2,000m to 3,000m drill program, mostly planned for Creston, but because of that new interpretation at Conquest, we may test that shallow plunge of that system there with the same drill program. We're also acquiring hyperspectral data. This is a good way. Obviously, a lot of these Gaussians like Stewart are pretty clear on surface and using satellite imagery is a pretty good way of identifying those that may even be more subtle.

30:53 That data is being acquired right now and as soon as the weather allows,

30:58 we'll get boots on the ground. We've had a lot of snow here in Newfoundland this year. We keep thinking it's going, but then we get another snowstorm, but it's just about gone. And so we hope that in a couple of weeks we'll get boots on the ground, first on Root & Cellar and a new ground at Kelstone. And then we'll do a reconnaissance on Cape St. Mary's and up on the Fortune trend. Along with that, we have tenders out right now from an airborne survey over Fortune. This is more what we call airborne MT, Magneto Tallurix, good at finding the very resistive pore of these porphyry systems. We're looking at an airborne MT survey over Fortune. Capes and Marys will be either a higher resolution mag or perhaps a mag EM. Obviously, if you're looking for Nickel, you want to do an electromagnetic survey.

31:46 We've got tenders out for all those right now. The focus is getting that geophysical program done at Conquest, which will lead into a drill program as soon as we get the data from that geophysics. It's been a very busy year. We now have a pipeline of projects, obviously root and cellar is the most advanced. Then we got Stewart and a mix of the new 40 Fortune trend along with a pipeline of other projects at various stages. And that's what makes this jurisdiction so exciting is, you know, it's really shaping up to be a brand new porphyry district that's untouched. And where there's 1, I say there's often, it's often more and that's probably acquired that bigger land position. So I say we do have now a commanding about 450 square kilometre land position in Buren in the neighbouring peninsula. It's a pipeline of projects.

32:38 They all have strong similarities to other known occurrences around the world of intact porphyry Copper and epithermal systems. And I say We do hold strategic advantage as first mover in the area. Other people have come and gone in the past, but we've held out the longest. We understand the geology better now than we did when we started 5-years ago. That's why we partly acquired these new land positions because we began to realize that other people were beginning to poke around with the noise that we were making. And finally, we were making a believer that everybody else that the Buren Peninsula was home to potentially a new copper-pore-free district. So we've 100% interest in these projects for the right to earn 100% in the entire 450km2 package.

33:29 Of course, We're in a mining-friendly jurisdiction, minutes from a paved highway and a deepwater port. So we think with the technical aspects and the indications of all the porphyry and epithermal gold plus easy access, we don't think early stage exploration gets much better than what we're seeing at Boonton Cellar and the Bering Peninsula of Newfoundland. So that concludes my presentation. If you have any questions, I'd be happy to try to answer them. Thank you very much. Awesome. Thanks, Ian. I know there are a lot of questions in the chat. There's a couple that I wanted to go through first, if you don't mind, just before we get into them. But the folks in the chat don't have long to wait, I promise, I'll be about 10 minutes max. And one thing, the quarries at Creston keep exposing new mineralization as they dig for road aggregate.

34:16 Walk us through what you're seeing there now, because it's a little frustrating almost that I think the lead-zinc discovery with the Mercury Association is something the market hasn't fully connected the dots on yet. So I'd love if you could just kind of walk us through what you're seeing there a bit more. Yeah, as I say, even to us, it threw us for a loop. You're expecting to see more Copper minimization and then it was like, why are we seeing Zinc there? So it threw us for a loop as well, but it wasn't until we kind of looked closer at the chemistry and start piecing that together that we realized it's a vaporous phase. So it's looking like you're looking down a chimney. The reason why we're not seeing Copper with that is because Copper travels as a liquid phase in the hotter environment, but these are relatively cool metals being carried by vapour at the time that then condensed and crystallized.

35:05 It's important because it tells you you've got an active hydrothermal system in place. At first it threw us because there's no Copper in it, but we understand why, because it's gas. It's a smoke coming up the chimney and what we're looking for is the fire in the fireplace beneath it. And so, even though there's no Copper, it tells us that there is an active hydrosoluble system present and it's basically pointing down to it. Now, it may not be right below those gases can sometimes travel a little bit laterally, but it's telling you that, you know, this is smoke coming from a fire and the fire is where we're going to find the Copper mineralization. I appreciate that and help on what Vapor Signature means for folks in the room, I think is helpful certainly for me.

35:50 I want to shift over to Conquest for a second because I know you did drill there and hit that high-grade Gold, but it's possible the market was expecting more continuity between holes. But now you've gone back and reinterpreted the data using Silver-Gold ratios and identified 3 separate mineralising events. So just to clarify for folks in the room, how did that change your understanding of conquest? And where does the next drill hole go there? Well we actually kind of began to, we recognised that a few years ago when we were drilling that in the war, we did see these different episodes of high Silver to low Silver ratio Gold, but we didn't really know what to do with it. Then when we started looking at, realising we had a porphyry Copper system right next door. We went back to have a look at that. We were saying, wait a minute, there was a low-sulfidation signature there. You see the epithermal veins there, but we're too close to this heat engine to create low-sulfidation Gold. So we knew it must be coming from somewhere else. And that's why we decided to say, okay, let's really separate out what we have here. Let's pull out the low-sulfidation Gold signature samples from the intermediate. And then there's a Gold dominant 1 too, but forget about that for the moment. Let's pull out those 2 and see how they plot up. That's what we very clearly get when plotting up the low-solidation sound, so we get this trend in here.

37:10 And funny enough, hole number 5 over here, we missed it by about 5m if our triangulation of that plunge is correct. We did hit low-grade Gold higher up, but the end of that hole stopped about 5m short of what we think is the main plunge line. That helped us. On its own, years ago we saw that signature, but we stepped back and looked at the bigger picture and sort of saying, okay, well, there is 2 phases there. Where do they come from? Because one of them can't come from the Creston target. And that's what it's really when we started to say, triangulate it, understand the geometry, and we very clearly get a trend off of that ore chute. It matches the magnetics. We look at IP, we have IP sitting on those lines.

37:58 And then stepping back again, it's like, okay, well that's now plunging over towards the East-Northeast. And so, like we said, it can't come from Creston, those fluids, so it must be coming from somewhere else. And there's another target somewhere over to the East-Northeast. So it has a double implications of now knowing where and how to drill the conquest zone to follow the better Gold grades. But also reinforces a story that there's probably multiple porphyry Copper centres at Root & Seldon. Certainly when you look at the very high drop zone, windfall and Braxton Bradley on the North side, these are pretty distinct zones. So that's your kind of your buffer. That's where your fluids are trapped as the fluids are flowing very nicely East and Northeast along the trend.

38:47 But when they flow sort of Northwards, that's where they kind of concentrate into these potentially mineralised pockets of intermediate sulphide Gold and Silver. The thing about this is both a matter of looking at it in detail, simply at conquest, which had implications for how to follow Gold, but it also has implications of it. It helped to reinforce the bigger picture here that there's another system within root and cellar and a very robust system. Exciting. I know I want to talk about the land package, because I know you went from 32 square kilometers to over 420, just a matter of weeks back in February, acquiring Fortune Trend and Cape St. Mary's ground. What was the We kind of talked about the time, but I just want to remind people in the room, what was the trigger that told you it was time to go big on the land position?

39:37 Well, we've been talking to a number of institutions, particularly at Root & Cellar, who are beginning to be a believer in obviously major big companies, like later stage projects, but they were interested enough to have a close look at it. They still are, several of them, and big companies also like big land packages, rightly or wrongly. Then it was like, okay, We began to understand Root & Stellar. We were aware of these other prospects, but they are complicated by more deformed geology. We didn't want to rush up to those past few years because we were still trying to get our heads around Root & Stellar. But once things began to get a critical mass at Root & Cellar, specifically indicating that the porphyry potential was real.

40:23 We felt we were close to it. We decided we better go and protect our first mover status by acquiring this land position rather than losing it and having someone else come in there and acquire those targets. Because where there is 1, there are more. We thought originally maybe we should just focus on that really tight cluster of anomalies at Boonton Cellar. But obviously looking at Stewart, in the end it was a pretty obvious target. You have that massive Litho cap, you have a beautiful magnetic anomaly below it because it's tilted on its side, exactly what you want to see. And so, I don't think it's going to be quite that easy at the end of the day, but it's a very, very compelling target. And then these prospectors are finding more and more indications of alteration systems, and not just alteration systems, but Gold, Copper, Bering, Quartz vein. So There's a lot more out there. They can't do it on their own. We felt it was time to step in there and start to sort of blow the lid off of this thing. We really got the impression that we felt very comfortable. We were getting involved in the new Porphyry Copper District.

41:30 Awesome. I appreciate that. One thing I want to ask is a comparison you made, because you talked even in this presentation about Root & Tiller's donation being similar to the architecture at Cadia in Australia. It's obviously a big deposit. So it's a Bingham Canyon, which you referenced as well. What are the geological parallels that give you the confidence to draw those kinds of comparisons at this stage? I want to be careful about just comparing it because of the size. So I throw in the Bingham example there simply because it has a very nice zonation going from your Copper moly core through your Lead Zinc into your Gold. And some of those areas too in Nevada and Colorado, a lot of those deposits are kind of pushed on its side so they actually understand them a lot better than other systems. You get a cross-section through them. So the big comparison was simply to say that Zonation, which you've seen a lot of deposits, but that one was just a very good example of it.

42:25 The KDA comparison is for several reasons. Number 1, It's fairly old. It's about 420M years, and the root seller is 575M. A lot of these systems are much younger. I mean, all the ones in Chile and Colorado, Nevada are typically 40M-50M years. The ones in BC, the middle of the road, around 200M. If people are sceptical about all the terrains hosting Palfrey Copper deposits, well, Katy is an example of a relatively old terrain hosting a preserved porphyry Copper system. The other thing about Cadia, which is quite important in the case of Rutan Seller, is it's also an alkalic system or a high-potassium sub-alkalic system. We're pretty sure Rutan Seller is also alkalic.

43:15 They behave a little bit differently. We showed you that Lithocap at Stewart. We don't see a Lithocap at Root & Cellar. Either that could be because it's eroded and we're now below it. We're getting much closer to it. These Alkalic systems often don't have that classic Litho cap. They go right from the propolytic alteration, which is our outer zone, typically in a Pulpy Copper system, a lot of Greenrock, Epidote, which we see. And then it starts, it acts right up against what we call the Potassic core, the Potassic alteration, which typically is very close to your copper mineralization. And we see that at room cellar. It's often been puzzling to us. We see the propolytic which is typically on the outside, and then we start seeing Potassic, which is the indication you're getting near the centre of the system.

44:02 And that often threw us, but now we understand it because you see that same phenomenon at Acadia, for example, where you don't have some of the intervening alteration zones. You jump from the outer to the inner very, very quickly. And They also have something called reddening. A lot of the rocks there are hematite stains. They're both hematite and potassium stain. Again, we see that at Utensilver. Often the geologists are off in the field, not sure whether there's something as potassium alter, which is sort of a pinkish-orange colour or hematite. We're actually seeing both on top of each other. We're seeing hematite staining on top of Potassium alteration. They have the exact same phenomenon at Cadia and they call it reddening. We see it very clearly. We see it in some of the fragments in the quarry, where the original fragment, the rock type is very dark. And then you're seeing this reddening Potassium and Hematite alteration on the fringes of it. So there's a lot of technical similarities to Cadia.

44:59 It's a little bit different because it doesn't really have a separate Gold occurrence. It has a handful, but it's really a porphyry Copper-Gold system, a lot of Gold there. Maybe that's what we'll get into once we start drilling into the system. In some ways it's different. It doesn't have that intermediate sulphide zone. Maybe they've been eroded because it has been eroded a little bit deeper. You've got to be cautious about comparing these things to other. They're all models. You've got to lean on something. There are a lot of similarities to KDA based on some of the technical aspects. Hopefully the size too. We'll find out as we start drilling this, but there is a lot of technical similarities to KDA.

45:44 I appreciate it. I know 50 minutes left. I want to get through a bunch of the questions in the chat. One of them is a question I had too, so I'll loop it in. It was deleted, but I think we discussed in the chat that we still kind of want to ask it. I know Tellurium keeps showing up across all your zones. And what I think 90% of global supply comes right now from China and Canada. So that matters as the global markets are about to bifurcate with the US, EU. Everybody's classifying it as critical. How does that angle factor into the story for investors looking at Northern Shields for Gold and Copper Lens? And the specific question in the chat was, will Tellurium be included in future resource estimates? In future resource estimates, down the road, quite possible, especially with the worldwide need for Tellurium in the Western world.

46:31 Its price has been all over the place, again, largely because it's controlled by China. I think you can see that stabilised and based more on supply and demand. So once we get into drilling, I assume we're bringing that into the resource calculation. But as I say, I particularly like it and I think more why the shareholders would like it right now is the indication of a very large system. It, of course, is an added value, right? And maybe it brings more eyes on us from those wanting critical metals. But I really like it because it's an indication of, number 1, typically alkalic systems and very large systems. I've got one quick question. This is just to talk about risk, because obviously with any drilling program there is risk.

47:18 What if there's no Copper at depth? What's the next move for you guys? Well, I don't think it's a risk that there's no Copper at depth. It's just a matter of how big it is and what the grade is. We're getting Copper at surface, seeing an indication that you're right, we're not into the porphyry system, the true Copper porphyry system yet. We have all the indications of it. Could deformation in that root and cellar be a little bit more pronounced than what we think it is. And that Copper porphyry has been, you know, the deeper portions and sliced off and moved somewhere potentially. But we already have, when we look at the zonation on the property scale, everything seems to be intact. It seems like a big system. So I think there is going to be a Copper-Free-Copper minimisation at depth. The hope is not too deep. It doesn't appear to be.

48:11 Of course, there's always a risk but I think it's down there. It's just a matter of how big and the grade, but certainly by what we're seeing on surface, when you see that sort of 6km, 5km, 6km trend, I think this is a robust and large system. I don't think it's just all at Creston. I do begin to feel more and more, And as we've been in the field, there is probably another system out there, at least one more Copper Center, maybe more. And that's just within Bruton Cellar. So there's always a risk, but we like what we see so far. And I think the risk is more, it's going to be there, but how big and the grade is the question. Nope. Understood. One last one from me and then we'll speed run through. I think we can get to every question in the chat today. So bear with me. One last one. I just want to zoom out because you got 3DIP kicking off at Creston this month. 2000, 3000 meter drill program planned for early summer.

49:05 Airport geophysics tenders out for Fortune, Cape St. Mary's. For investors watching, what does the news flow look like for the next 6-9-months? What's coming up? I think this is where, again, all these new properties are going to help everyone. We now have a pipeline of projects. Before we just had a root and seller, so everything was hinged on whatever's happening at root seller, drilling or other surface work. Now we have a pipeline of projects. Any of these regional projects, we have the ability, because they're underexplored, of having the prospectors and geologists go in the field and come out with mineralization. And so I know everybody always likes drilling, but you can still find something on surface, especially in this portion of Newfoundland. And so For a relatively low budget, I think we're going to get news flow over the year and hopefully that's something significant being found on surface in one of these new project areas.

49:55 Obviously, the focus and the big wind is going to be drilling into Copper Porphyry under Creston. That's going to be a catalyst, but at least we now have a pipeline. And I say some of those are sort of lower budget, they're boots on the ground compared to drilling. You know, the geophysics itself, this is why we're debating about flying a mag only survey over Cape St. Mary's, which is, you know, often you're feeling poor if you want a very detailed, high-resolution mag survey. But if you're looking for Nickel, you want to add the EM. So do we add the extra cost and fly the EM, which you often would if you're looking for Nickel. We're debating that and the benefit of flying an EM is it gives you, if there is Nickel, MassaSulfur and Nickel around there, it gives you more of a direct pinpoint target to drill at or go and prospect in the field where airborne magnetics is more of a tool when it comes to perfect Copper. It might give you a bullseye of some sort, say go look here, but usually it's just another layer of data that you use to build up to find a target, whereas with a Nickel Mag EM, there's often a lot of, let's say false anomalies, but at least it can give you a data map, say go look here, and that could really speed things up quickly. If there's an EM target near surface that we can either trench or take soil samples over, or perhaps even find outcrop on it.

51:20 And even if it takes drilling, at least it's a very defined target. So things can move really quickly this year. The focus is still on the porphyry side, But as I say, that area of Newfoundland, Cape St. Mary's has not been looked at very well at all. And there's an opportunity for relatively low budgets to come up with some significant news. And I say these airborne surveys are again, a way of focusing the attention on the ground. If you do these airbornes, whether at Capes and Marys or the back MT survey up at Fortune, it can give you a target that stands out and says, okay, we need to go and investigate this right away and potentially gives you results either from exposure on the ground or potentially defines a drill target fairly quickly.

52:07 It's going to be a busy year and I think a lot of news flows with that. There are really nice pipeline of projects now starting from the most advanced at Creston, Root & Cellar, maybe even getting back to drilling the Gold at Conquest, more advanced on the regional projects, you have Stewart and then all the other ones are at fairly early stages. But again, opportunity for quick returns. Great. I appreciate it. Now let's do a quick speed run of the questions in chat. Let's see if we can get through all of them in 8 minutes. Most of them are pretty straightforward, so I'll try to shoot for those. Baron Bill asks, right at the top of the hour, what's the current Treasury and what are plans to finance exploration? Right now we have, from my action on the beginning of this year and late last year, including the lab gold financing, it's about US$1.5M.

52:55 That's really focused on the geophysics at Conquest and either drilling or drilling in a little bit on the airborne survey. I don't really want to do another financing right now. We will at some point fund an expanded program at the end of the year, either a second drill program or more work on these peripheral projects. But the idea right now is we'll use what we have now. If there is, you know, a strategic investor, we would look at that differently. But I don't really have the ambition to run to the markets right now. I appreciate that. There's one question from Greg in the chat. So previously, there was a need or desire to have heavy equipment in the quarry moved for the IP survey. Has this been negotiated for the upcoming survey?

53:43 Yeah, we don't think the equipment, I mean, talking to the geophysics is a problem at all. I mean, the less the better. There's also a junkyard on the southern end that may create a little bit of interference. But in the pits, I understand that the equipment will not be creating an interference. Great. One question from Greg. What, if any, impact input is the lab investment and involvement having outside of the obvious monetary benefit? Well, especially early on, I mean, it got eyes on the story. When we announced this, that's when we immediately started moving up from US$0.05 to US$0.08, unfortunately the world conditions have changed since then, but it got a lot more eyes on us, first and foremost, the last few months, both in the retail space and then even in the institutional pace, either people that were following them or simply wanting to know what was happening, why were these guys getting involved?

54:41 It was a big catalyst for Northern Shield. Unfortunately, with the world conditions, we've abounded, but it got a lot of eyes on the story. I think that's still going to be important for us moving forward. Now we know we have those eyes on us. PDC was again good with a lot of institutions wanting to know more about root and cellar. And so it got a lot of eyes on the project. And of course, their technical expertise as well, we can tap into. Great. Rock asks, since you're so close to an ocean port, is it an option to direct ship ore to an existing mill instead of building 1 on-site? Well, we haven't gotten the ore yet to ship, but thinking down the road, of course that's an option, right?

55:28 Even if it's not processed, whether you process it in the province, you can still perhaps ship it somewhere else in Newfoundland that has capacity for smelting, whether it's Gold or Copper. So, yes, you have the benefit of potentially shipping it elsewhere. You also have the benefit of big components to any mine being shipped in. Sea transport is some of the cheapest method of transporting large goods around the world. You have that ability to, when hopefully building a mine and getting all the equipment in, there's no better, cheaper way to do it than sea transport. This is why I say this may be strategic, having a perfect offer in Newfoundland, because it's on the Eastern seaboard.

56:18 I was reading something the other day of a report coming out in the EU and they're talking about, yes, the net 0 when trying to get all these critical metals in their supply chain, the problem with Europe is they just don't have the amount of deposits. They don't have the geology or the geography to know whether the opportunity for these deposits to be found. So, you know, really the next closest thing is Newfoundland. So that's why we're going to talk about this being strategic, is maybe, you know, that we get more eyes from potential investors, institutional investors down the road, simply by potentially having interest in Europe. Great. One of the things with the Atlantic seaboard that we often forget, there are known epithermal Gold occurrences here in mines, and that's specifically thinking down in Carolina, the Hale deposit for instance, which is an epithermal Gold system.

57:17 They actually have now more recently started finding indications of the very tops of the porphyry Copper systems down in there. So that's kind of again, bringing eyes back onto Newfoundland and Northern Shields with what we're doing is, okay, we've been finding the Gold, Now they're finding the indications of the porphyry copper down there too. And it sort of reinforces again, what we're doing up here, it may be the right approach and these porphyry systems may truly exist in these older terrains. Great. And one last question, I think it will take us right to time. So thanks everybody in the chat for keeping us busy. But Bayer asks, where are you with permitting right now? I think we've got all the permits in place right now. I was just talking to the geologist who was gathering all that information this morning. So we've got the permits for the airborne geophysics as my understanding, we have permits for drilling in around the quarries from last year. Now, based on the geophysics, we may have to move the position of certain drill holes and get those permitted.

58:20 The geophysics we got is permitted, the ground geophysics. It's just a line cutting and we got permits on the ministry. There's just a few other side permits, cutting trees and things like that that we got to get, But we expect that very, very shortly. And I don't think that will slow anything down. So nearly all the permits are in place. Great. Appreciate it. Well, Ian, thanks so much for the update and letting me grill you and the audience here too. I know there are quite a few of you in the room, really appreciate your time. If you do want to request a meeting with Ian and haven't done so already, you can use that request meeting button at the bottom of your screen. But really appreciate everybody's questions and time and Ian as always, great to chat and catch up and I hope to see you for upcoming news in the near future.