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21:19 And I'm really looking forward to see you know a market like that and and one of the reasons for this as well is you know these projects take a long time You know average average timeline from discovery production globally 17 or 18 years supply response Projects Metal prices is very very long and this creates, you know Oh, you know a very long cycle industry that basically has a few years that are extremely depressed with excess capital. And then when the bull run starts, basically it's a frenzy. So I think capital discipline has been the focus for these majors, but also the world, especially compared to the 2009-2011 cycle, has become a lot smaller.
22:12 And there's not a lot of discovery. So I think the setup is actually very, very exciting for juniors and developers, because the world again is much, much smaller from a political risk perspective. And when the big shareholders of the big mining companies start demanding growth in terms of ounces, not in terms of the gold price. I think the gold price will continue to climb, but you know, really expand their operations and use capital to grow their production profile as opposed to just replace. I think we can have a really explosive returns in advanced explorers and developers because I think we have a lot less options these days And I'm waiting patiently for that time to come.
23:04 There you go. I think industry requires a bit of patience at its best, a little patience at its worst. I know in the same vein, we are seeing acquirers start to pay premiums for permitted assets with infrastructure, with processing facilities, roads, power, camp, et cetera. And environments for new mines can, depending on jurisdiction, obviously, take a decade to get permitted. How do you quantify this advantage and how should investors be factoring it into their valuation model? Brian, I'll start with you if you don't mind. Sure. A couple of simple ways. If you're taking a deposit in a system forward and you don't have this infrastructure-based benchmark, look at what it costs to build a mine these days, there's enough feasibilities out there and get that capital number and then just say, is this achievable for this company to take it forward?
23:56 And when you think about it, if you've got a Greenfield project and you've got a billion-dollar capital spend ahead of you, and you've got a $30M market cap, is this a realistic scenario or not? And so I think there needs to be a piece of realism built in there in the non-infrastructure bearing greenfield projects. And that can be built in proper capital assumptions, it can be built in a risk profile that's applied to a project, by that I mean discount rate. There's no way you should run a financial model at a 5% project, you know, for Greenfield project, capital risk profile is just far higher than that, 8%, 10%. And the final thing I might say is just really understand a project's sensitivity to gold price.
24:46 And by that I would say there's lots of projects that look poor at $1,500 and those projects are looking very, very rosy at $3,000. And so understanding a project's scalability, ability to handle the capital hurdle and get built in this gold price environment. So taking the understanding of gold price sensitivity. So I would flag those 3 things, you know, appropriate capital forecast, discount rate and sensitivity to properly understand the financial risk of a project. Great. Mark, I'll throw it to you. Same question. Yeah, no, I think it's The timelines are very important. Time is money.
25:33 And of course, at the end of the day, you're looking at the NPV or the discounted cash flows that you project for any project. So timeline for production really kickstart that expected cash flow that's basically able to reward the investors, the equity holders, and service the bets, and all the capital that is required to put the project into production. So it's, again, as I mentioned in the beginning, There's a lot of factors you have to look at. Time is money and the permitting timelines are very important, but also the existence of the infrastructure. As Brian was mentioning about the developed camps or brownfield projects, When you already have roads, when you already have power, when we already have, you know, mine permits, when you already have a mill, when you have a lot of these things already in place, or we have, you know, where you have the past producing mines or tilling facilities, these significantly not only, you know, basically provide with already existing infrastructure that significantly reduces the capex but also can increase the certainty of being back into production in a timely manner.
26:45 So it's certainly very important and it's just part of the many, many aspects and many factors that any capital allocator or any mining company or any mid-tier or major needs to look at as they decide where they're going to allocate their next chunk of capital to maintain production or grow their production profile as well. That makes sense. And Bob, I'll throw it to you for what investors should look for. Yeah, it's, you know, the time frame is certainly an interesting one. It's something that we're very cognizant of because our whole business model is really fast-tracking our project to production and getting there as quickly as possible. And this is one of the reasons why we're focused where we are in Mexico because we're only 13 kilometers from the topia mine that's owned and operated by Guanajuato Silver and so you know much like Brian was saying you know having that infrastructure close by being able to develop something quickly you know it's a past producing sites you know we think we can fast-track to production get through the permitting stage fairly quickly on a relative basis. So, you know, if we can advance to production in 2 to 3 years, then, you know, that's compared to a lot of other projects that are looking at 5, 10, 15 years before they get there.
28:11 That's something that we're really trying to educate people on. It's something that is extremely important, I think. And it should ultimately play into the valuation of a company because, yeah, I mean, if you're looking at something that can't be in production for another 10 years or more, then why would you be valuing that at a similar price to something that only has a few years to go? So it's, I think, a key component of the whole valuation formula and something that we're certainly very focused on. Great. There's one question from the chat that I think you'll all appreciate because it gives you a chance to promote your company, But it bounces off of something Marco said, which is agreeing that with the majors given their bad capital cost discipline during the last bull run and resulting poor shareholder returns, the market's not keen to reward the sector with fresh capital until the companies repair that poor shareholder return history. And he notes that it appears to be impacting juniors more than in previous cycles.
29:22 So what he wants to know is, and Brian, I can start with you here, what are your companies doing to complement this objective by the majors and show them how your strong project economics can replenish their grinding reserves and actually enhance their objectives. Yeah, I mean, for us, and GFT has 3 corporates in our structure, so we're averse to playing this path. You know, it's really important to cultivate relationships and have active dialogue with your peers and the producer landscape. In the end, they need to understand the risk of what we're doing and the stage with which we're at from a project perspective. And they also need to in detail understand the competence of the team. And you really only get to that by having, strong technical 1 on group on group meetings and dialogue.
30:12 So for us, LMO is our largest shareholder, super strong supporter. They need to believe in A, the people and B, the assets. And that's really where they start. Keep them really engaged, ask them what they would like as a shareholder. And if they, you know, believe in our strategy, being super open on strategy, you know, to the point where maybe if a belt is still open or overly competitive, that may not be in your interest, but in much more mature camps, the land is pretty, you have the land you have, and there's not a whole lack of opportunities. So being open about strategy, particularly with a producer, probably allows them to come into your structure earlier.
31:06 And we've had good success with that. So if we talk to about, you know, our shareholders in the corporate registry, we're like, here's why we went to Timmons. Here's when we, how long we've been there. Here's where our competitive advantage is. Here's why you would invest in us now, and here's an exit path down the line that if we're successful, makes you guys money as shareholders. Appreciate that very much. Bob, I'll throw it to you for what is Pinnacle doing to be attractive to majors who are cautious after the last cycle? I think, well, our first project really is relatively small. So I'm not looking at this one to attract any major attention to be perfectly honest.
31:53 Our whole focus right now is just in getting to cash flow as quickly as possible. And so that's one of the things we're really keen on. But at the same time, we're looking at the next acquisition which I intend to be larger than the first one. And I'm hoping more silver dominant than gold. But that's because I'm a silver guy and that's where we are in Mexico. But that said, the idea is just to keep acquiring new and larger projects to really build a mid-tier producing company. I mean, that's really what we're all about. So we're not so much, at least at this stage, focused on the concept of acquisition and being bought out.
32:42 We're just looking towards building a company, getting to cashflow and building it that way. So that's really, it's just trying to convey that concept to potential investors, because it's not the norm. And we don't want to spend years and millions of dollars building out a big resource. And yet that's what a lot of retail investors are looking for. And even some of the larger companies, they want to see a resource, they want a bigger operation. And that's just not really where we're at at the moment. So it is a bit of a niche model, I guess you could say. And for us, it's largely a question of educating on people on that and trying to get across why it is a viable business model as opposed to the standard drill it and build it kind of thing.
33:45 Cool. No, I appreciate that, Bob. And Marco, I'll throw it to you for what Cassia is doing. Absolutely. So I think, first and foremost, every asset is unique and the asset is the asset. And we have a lot of advantages because we have, you know, mine permits, infrastructure access, roads, tailings facilities, a fully unpermitted mill, we have all of these good things. But more importantly, you know, it's really about the people and the quality of the work that you do. And we have basically, you know, a world class team that does work at the level that the mid-tiers and majors expect us to do the work. And at the end of the day, we're advancing and growing a project, Not to have great drill results and you know that you can basically excite you know retail investors with but actually growing expanding a resource that actually can become mine either a mid-tier or you know the mid-tier size producer or bigger or eventually get taken out at a valuation that would be attractive for both us and our shareholders.
34:54 So it's really about doing the work, focusing not on the shiny objects that might get people excited in the short term, but focusing on the larger picture that really derives and advance the project in doing the quality of work that basically the big producers expect so that you don't have basically negative surprises as you do sometimes have in the industry when sometimes new mind developments don't go so well. Yeah, appreciate that very much. I now wanna talk about jurisdiction because I do think we've touched on it in a couple of different questions, but I want to get right into it because I know each of your companies operates in a different one. Brian, obviously you're in Ontario, Marco in British Columbia, and Bob in Mexico.
35:41 I want to tackle, I'll start with the Canadians and then Bob, I'll go to you afterwards. How do you guys weigh the premium for tier 1 Canadian jurisdictions against potentially higher grades available or shorter permitting times, etc., available in other regions? Brian, I'll shoot it to you. Yeah, for me, I think about a jurisdiction like Timmins, obviously tier 1 from a mining perspective, historic production point of view, but what I'm most interested in is the character of the systems that are there and of that population, how many of them reach economic criteria and thresholds. So having ran an operator in Saskatchewan prior to GFG, very familiar with the systems in Saskatchewan, if you just took the average gold system you found in Saskatchewan, you might find something that's 100 or 200,000 ounces and marginally economic. So you need to have to find that sort of P80, P90 system before you get something that's economic. Whereas if you go into Timmins, you know, and you start looking at the average deposit, the average discovery in Timmins, you find things that are half 1000003 quarters of 1 million pretty regularly, and all of a sudden you're already at that economic threshold. So this piece about jurisdictional premium for GFG, exceptionally relevant and really core to our strategy.
37:01 We're a high risk end of the business. And if we're gonna be successful at finding, you know, a 50th percentile or body in a jurisdiction, we wanna know that that thing has a reasonable chance of being economic. And in Timmins, the statistics tell us it likely is. So This piece for me really goes down to character of the systems. How many million ounce, 3 quarters of 1 million, million, 2000005 million, 10 million ounce systems are in the belt you work in and how mature is it? There's lots of cover in Timmins. We're still finding new systems right at surface under 30m of till that you could open pit. You're not going to find that in certain jurisdictions where there's lots of outcrop. The jurisdictional premium, lots of different ways to view it. The simplest for me from an exploration point of view is really the nuts and bolts, the technical character of the systems and what's our probability of success.
37:58 Great. Marco, I'll throw it to you for how you think we should, people, investors should think of jurisdiction. Absolutely, no, just on back of Brian's comment, of course, like the geological endowment and the geological setting at a more regional scale or more districts or local scale of the deposit is very, very important. You know, when I think about jurisdiction, I really think about sovereign risk. Do we have rule of law, property rights, et cetera, because the last thing you wanna do is spend $500 million building a mine and, you know, whatever government from, you know, a less reputable country decides to take over your property. And that's, you know, obviously catastrophic for any investor and for any mining company.
38:49 You know, To be quite honest, up until maybe 2020, I always saw political risk as a bit of a factor, but I think Starting in 2020, I actually turned quite negative, or for me, political risk became something a lot more digital. As before, I might have a preference for, oh, Canada is a better jurisdiction, or Australia is a better jurisdiction, and maybe going to Sudan where I've been looking for projects is not so good, and maybe I would pay a much bigger discount for that. I think right now, in the world that we live, with the money printing that has happened since 2020, inflation, and basically natural social unrest, you know, civil war and hot wars that started, and a completely geopolitical, global setup that's changed completely, I became a lot more digital.
39:52 So right now I have Go No Go zones and as I mentioned in the beginning, Go is North America and Australia And basically for the most part, no go is the rest of the world. You know, I kind of like, you know, some parts of Scandinavia. But you know, I was, you know, I was a shareholder, for example, at Barrick many years ago. And you know, just, you know, The political risk in Barrick is just, you know, a massive, you know, I want to speak about, I guess, maybe the strategy for focusing more on copper than in gold. And I think we kind of see the results of that. So, you know, I think I think I become much more risk averse in terms of political risk. And if you really look realistically around the world, I mean, look at what's happening in Mali. They're basically taking hostages over there. So.
40:44 That's a fair point. And certainly about Mali, It's a risk that we're seeing the results of. Bob, I'll throw it to you because Mexico, I think obviously has changed the most out of the jurisdictions here recently. So I'll throw it to you for how investors should think about Mexico and jurisdiction generally. Yeah, certainly. I mean, Mexico is, it's a mining country. It's, and It's the largest silver producer in the world. It has a lot of great features going for it. As a geologist, that's really one of the first things I look for globally in terms of a place to go because if a place doesn't have prospective geology well then why would you be even there in the first place? You sort of narrow it down you know from that and then you know when you start to look at other aspects of jurisdiction politically, you know politics change every 4 to 6 years depending on where you are in the world and you know with the sort of timelines and time frames that we've talked about in mining, that 4 to 6 years easily overlaps in pretty much any project's development.
41:54 And so you have to factor that in and where, not just where a country's political views are at the current time, but where you think they might be with the next administration and where we've come from and what the trends are and so on. So you mentioned that Mexico has changed a lot and it has. The previous administration was certainly not mining friendly. Prior to that, it wasn't bad. I've been working in Mexico for 30 years, so I've seen a lot of changes. And from a regulatory standpoint, We have seen changes definitely. I think changes for the better. You know, environmentally, things are starting to become more aligned with a lot of other countries in the world.
42:43 And I think that's a good thing. You know, mining companies do need to be more responsible, more aware and so on. And so I think that's all positive and just something we have to work with. The current administration in Mexico, I think, is more pragmatic than the previous administration. They are showing signs that they recognize the contribution that mining makes to Mexico. And they have just started to permit operations now. We saw Silver Tiger get their permit a few weeks ago which I think was the first one in like 6 years or more. So that sent a pretty clear signal that Mexico is open for business again from a mining standpoint.
43:30 And so I mean that was huge for the industry at large because there's been this kind of a cloud over Mexico for a while. People wonder, gee, are they going to change? Should I or shouldn't I? So, I mean, we've kind of stuck it out and we thought it was going to change for the better and it has. So, we're just trying to work through that environment now. And I think Mexico does have a pretty bright future. And we're in a mining district, a very well-known mining district that dates back to the mid 1500s. So, you know, it's not like this is a new area or anything. And yet our project has never seen any modern explorations or development. So it's a somewhat unique opportunity in some respects, certainly compared to other jurisdictions.
44:25 It's not that unique in Mexico, and that's one of the reasons I like the country, and there's still lots of opportunity there. And we're looking for, as I said, another opportunity like this to continue to build the company there. Great, I appreciate that. And it's certainly a Mexican politics are fun to watch. And this year, I think you've definitely seen those signs that you're talking about. I want to talk about generalist investors for a second and Brian I'll start with you here. I've been hearing in panels over the last 2 years that for a real re-rating generalists need to get back into the mining sector. I'll say somebody runs a mining webinar outfit, I see them, they're coming in actually for the first time in the last 3 or 4 months. And they do have different struggles with the technical complexity of evaluating mining projects. It's not like investing in Nvidia or Coca-Cola or IBM.
45:12 So what's your approach at GFG to making your story accessible to generalists who may not understand geological nuances or the Lausanne curve, but recognize the macro tailwinds and want to get interested in the sector? A couple of things we do. We start by making sure a given investor understands us as people. And so if you can understand our track record, you can understand what we've done historically through our career, finding mine, building mine, operating mine, selling mine, whatever it may be. If you can build that personal relationship and endear a given generalist investor to you as a person, very key in getting them over the line. Second thing would be talk strategy. And so when I think about it, a given investor may not understand the details of mineability and dilution in Timmins, but they can understand a macro landscape of why do we go to Timmons? What's our philosophy in being there? How do we allocate capital? And what's our exit strategy?
46:10 So we talk about those higher level strategic pieces. And I won't say we simplify it, we just keep the dialogue out of the details for a non-technical investor. Me being a technical person, often I have to get dragged out of the mud because that's where I kind of like to play at times, but that's what we have, investor relations and peer group and communication experts to help us out is to get your pitch at the appropriate level. So those are 2 really key things that I think we focus on is people and strategy talk. Great. Marco, as generalists are coming into the sector, how do you think the industry should talk to them and how does Casio talk to them? Well, I actually think that there's a lot of education that is needed for generalist investors because I think it's a unique, not only it's a unique industry that has you know a few more risks or a little bit more complex than you know your average Coca-Cola or IBM but it's also at the end of the day not rocket science either so I think I think Education is very important and I think there's a wealth of people that are surrounding the mining industry that provide some level of education there.
47:26 I think people really need to put the effort as well. Although I feel, I've been in financial markets for over 20 years. We also kind of live in a time in history where people's attention spans are very small and they just want a fast formula to make money without actually putting any effort. And I think that's a very bad idea. So I think people really need to put some efforts in really understanding things and asking questions and spending time as opposed to just buying a stock that they saw a guy on YouTube recommending. What relates to CASSI, our goal, I think what we're doing is really provide all the information that we can in the most digestible manner.
48:14 We have short presentation, long presentation, technical presentation, so kind of adjusted to different knowledge levels, so to speak. You know, try to simplify it as much as possible, although it's also like a very regulated industry as well. So there's, you know, a few things that are kind of funny that you cannot say and some that you can say, many of which is allegedly done to protect investors, but I think it just you know kind of limits the ability of companies to communicate properly in a simple matter, you know, what they have and what's the potential and what, you know, we're trying to achieve. So, you know, I think there's a lot of work that needs to be done on the educational side from, you know, the general industry on all the people or the financial services side surrounding the mining companies. I think on the government and regulatory side, I think there needs to be a little bit more thinking about the limits or the lack thereof, which you can communicate with investors as well.
49:20 I think investors need to put in the effort because without it, you're not going to understand anything. And the companies, I think, can always do a better job as well at communicating what they have and explaining in a manner that is simple and easy to understand, while at the same time making sure that we comply with the regulatory requirements as well. Those requirements are around. Bob, I'll throw it to you. One additional quirk I'll add to yours is, in previous cycles when generalists have gotten in, did you communicate differently or was it about the same as you always tried to? I don't think it's that different, really. I think demographics have changed, certainly.
50:07 I think that's a big part of what we're seeing now. That and the whole aspect of how we communicate now, social media and panels like this. You wouldn't have done this 10 years ago. And as probably maybe the, the only positive thing to come out of COVID was the rise of this type of interaction. But I mean for our story, at our size, we're still largely a retail story. So when you talk about generalists, it's not so much generalist funds that we're talking to, it's more the generalist retail investor and that's where the demographics come into play.
50:58 Because how do we reach out to the folks that are more likely to buy stock on their phone because of something they've watched on YouTube or seen something on Instagram or whatever. How do you reach those folks? And so, I mean, from a marketing strategy standpoint, it's completely changed from the way it used to be. So this is something that we're just constantly talking about and trying to develop it. And it really is an educational challenge because the mining industry is not known for having a lot of influencers that are out there trying to convince people to buy mining stocks.
51:50 If you know of any, please tell me. But, you know, I mean, I saw there's a video on YouTube that I watched, and I think it was called something like a world without mining. And it's really quite well done if you haven't seen it, but I would encourage people to just Google it and look it up because it starts with sort of standard scenes and office building and city and then you start to strip away everything that is either made of metal or is somehow related to mining or is produced from things that are made of metal and so on and so on. And at the end of the day, after everything, at the end of the video rather, after you've stripped everything away, you're essentially left with a bunch of cave people sitting around a campfire with no clothes and you know, no buildings, anything, because everything comes back to mining.
52:48 And it's a fantastic little video and I would certainly encourage all the viewers to have a look because it really does emphasize how important this industry is to everything, to everyone, to our societies, no matter where you live in the world, what you do. So I think there's that educational aspect of it that really has to be pushed. And for us as an industry to let people know that we are and can be responsible and we want to be. We're not these big bad guys that people want to believe. And the unfortunate thing is, a little bit like plane crashes or something like that, that you only hear about the bad news. So if there's a big spill or something, yeah, it gets the headlines and so on. But, and then the entire industry gets gets painted with that same brush when when really it's you know it's unfair and and it's it's not reality. So I think education is a huge part of it and that's something that I mean I personally I believe in and you know my wife's a teacher so I you know I kind of have to say that anyway, but no, it's something that's it's very core to, to what we do.
54:14 Awesome. Now, as we come towards the end of the hour, I've got a question for each of you individually, just really specific to your projects. But there's a question from the chat that I want to add on. So when you go for my question, try to add on this one too. And that's somebody wants to know if you can share why your company is shareholder friendly. So I think it's actually a really interesting question. So throw that on to the end of the one that I asked. Brian, I'm going to start with you on these individual questions. I know GFG has assembled a pretty impressive portfolio in the Timmins camp with multiple past producing mines, plus proximity to major infrastructure. So how do you see GFG fitting into the upcoming M&A landscape? And given the camp's existing mill infrastructure, what path to production is really going to make the most sense for your assets? Yeah, look, as I talked about before, we have several corporates in our structure. And that's because we've cultivated strong corporate relationships over the last decade when we've had GFT in the public domain.
55:06 That dialogue is key. Strong relationships, existing CAs, understanding that we work in a belt in Timmins and in reality, discoveries in Timmins are acquired by producers. The likely path for us is if we're successful at what we do, hopefully we can unlock value for an existing mill. If we're maybe we find the next Cote and it's 20 million ounces and we go build a mill. But the likelihood is that, you know, given the balance sheets and the scale and the size of the producers in the belt we work in, is that we're acquired. So, those strong relationships, integrating yourself, having them in your share registry, active dialogue and being open to partnerships too. So when I think about, you know, it's not just an acquisition of the company level, sometimes partnership involves risk sharing at an earlier stage level.
55:56 And so we might take a portion of one of our properties and partner it, and that might be the right path for both sides. It might be the right path for a producer to say, look, we don't mind partnering. We get a foothold in the Abitibi, we get a good team to partner with and we can put some capital in the ground because we don't actually have good earlier greenfield stage ground. There's a variety of mechanisms to trigger one of them's, you know, the partnership model, other ones, just integration and having open CAs and dialogue and building that people relationship. So there's lots of different ways GFG go about cultivating that. Sorry, on the other side of the question, Romeo, just refresh me. The really the final piece that doesn't work from the chat. One of those share why you're shareholder friendly. So this is this is key.
56:43 And I do think it comes down again to the people. So, you know, if you took our top 10 shareholders, GFT, and we talked to them all pretty regularly, and I would hope that you would be able to ask them say, are they available? Is management available? Do you get management's time? And are they, you know, credible and straight and transparent with you? So one of the things I think GFT really strives itself doing is having a very open dialogue, always making time for those shareholders. Joe in Iowa might have 100,000 shares and Joe can call me anytime and you know it's happy to do that. You know Mr. Staples and you know down in the States he has you know 30 million shares and you know what he can call me anytime too. So I think it's just having that bandwidth to say shareholders are important to us, we need to spend some time with them.
57:35 And also understanding that sometimes I might not be the best guy to talk to them, sometimes Mark and BD and IR is the best guy to talk to them. So website, you know, have a proper website that's functional. Sometimes people's websites are pretty dated and not efficient. So the web access component and social media presence, 6 does a great job of putting this out there. And so there's lots of different things that GFG does to increase our exposure and attractiveness to shareholders. Thank you very much, Brian, appreciate that. Bob and Marco, does either of you have a hard stop at the hour? Cause I'll start with you if you do. Okay, perfect. And I'll do so randomly. Marco, I wanted to throw it to you.
58:20 I know Cassia has delivered substantial resource growth with the 2025 resource estimate showing that 410,000 indicated at 1.43 grams per ton, 1.9 million ounce inferred at Taurus, plus tons of drilling this year with results still pending, which obviously we're excited about. Catalysts, I'm on shows a PEA and I think Q2, Q3, 2026. At 4100, 4200 gold, which we seem to be settling around for at least for now, What kind of economic profile do you expect tourists to deliver? And how does the combination of the mill, permits, infrastructure potentially compress the timeline to production compared to some greenfields product project? Well, there's a couple of questions there. I'll try to answer them all. I mean, the economic profile, I think it looks very good. I think a project with this size, you know, combined the combined total resource is already over 2.3 million ounces at over a gram per ton starting at surface, you know, with an overburden of on average 10 meters and with 90% of the ounces occurring within 150 meters from surface.
59:23 So I think a project like this, I cannot talk about specific project economics due for regulatory reasons, But you can easily compare with other projects with this kind of grade. And when you look at projects with this kind of grade, with this kind of context, I think the cost per ounce is nicely below $1,500 per ounce. So that's actually, it looks like a very nice number. That's, you know, US dollars. So, you know, I think it looks quite good, but we're not satisfied. We want to grow this. You know, we've only drilled a very tiny portion of our project. We want to continue to expand it and grow it and de-risk it and advance it. So we want to do more expansion drilling, which is what we'll be doing. And we'll also do more infill and upgrade the resource over the next few years to eventually get to a mine decision, say in about 5 years, on the bolt-on side of things.
1:00:21 Having that infrastructure that we have, paved roads, the grid power, water, having the full unit permit mill, having the mine permits significantly cuts that path to mine decision in production, obviously. And we're very happy with that. It's very rare to find something like this. And it's a massive competitive advantage. You're seeing some conversation by the Canadian government that's going to fast-track some projects. I guess we'll have to wait and see if that actually materializes in practice. But for what concerns us, we don't need that kind of help. We are in a very, very lucky and blessed situation. So we're, you know, very, you know, very eager to continue to advance this.
1:01:07 And, and also, you know, as you mentioned, like we will have met studies in the PEA coming actually in the first half of 2026. So, you know, there's a lot of drill results that we're actually going to be starting to release imminently. And then some more catalysts and, you know, project de-risking and advancement with the Met Studies and the PEA. And you know, going to the question you were throwing about how we're shareholder friendly, I think, you know, going to the PEA is a way to also help educate some investors. You know, we have a lot of regulatory or, you know, very technical disclosure that is required. And, You know, for a lot of, you know, I have a lot of shareholders that, you know, are good friends of mine and they're just looking at the numbers on the press releases and, you know, what does it all mean? You know, and sometimes it's hard to get your head wrapped around even if you're more motivated, even if you put a significant amount of money.
1:02:00 Sometimes you know, just explain to me in layman's terms. So I think, you know, PEA and translating all of these, you know, infrastructure, permitting advantages, you know, grades, resource size, et cetera, tonnage into dollars, it becomes a little bit more understandable to the average investor. And I think the other aspect as well, or 2 other aspects that make our company very shareholder friendly is really our key advantage, at least right now, I don't think is going to be here for a long time, is really how undervalued we are. We're trading at the enterprise value per ounce on the ground below $15 Canadian, when the gold price is over $4,000 US dollars per ounce. So that's a very good way to be shareholder friendly if you're buying shares on the open market right now.
1:02:48 And also the last one is really, you know, alignments of management in the boards. You know, board and management have put millions of dollars into the company, including myself. We participate in every single private placement. We think as shareholders, where everything that we do is to create value for shareholders and always thinking of shareholders in mind. So I think that that alignment is also critical and I think makes us very sure, you know, investor and shareholder friendly as well. Awesome. Appreciate that, Marco. And Bob, I'll throw it to you. Silver, obviously, broke through $58 this week. Pretty remarkable, exceeding an all-time high. It stood for 45 years. It's also up 80% year over year, even outperforming gold, which in this year is very surprising to see and interesting.
1:03:33 And I know Pinnacle's got those high-grade silver project in Mexico, I think 2,280 grams per ton silver. How dramatically does this price environment change your economic assumptions? And are you looking at El Potrero through a different lens given silver's kind of wild momentum right now? Yeah, it's an interesting project in the sense that with the mix of gold and silver and these vein type deposits, you can get variations across the project. And with those high grade silver results we're finding on surface above some of the old, those historic underground workings, where the highest grade we've achieved underground was 520 grams, but on surface we're getting up to 2280.
1:04:22 So there may be a vertical zonation there where silver is increasing upwards. And that's something that we're certainly going to be pursuing as we get further into drilling and testing some of those targets. So it's difficult to say at this point in time what the average grade for the deposit is going to be at the end of the day. Right now it's sitting at about maybe 75%, 80% gold and 20, 25% silver. But I would say that could change. And, you know, as I mentioned earlier, you know, I'm looking for another project that may be more silver dominant. But we certainly want to take advantage of this. And having the high grades is something that is really something that I've always focused on. I mean, I've spent pretty much my entire 45-year career in high-grade underground vein type deposits, including 15 years in Timmins, by the way.
1:05:27 So, it's something that's kind of dear to my heart and I know how important grade is and so that's something that we really like this project and I think it can really help us going forward. So that's key, whether it's gold or silver. I mean, as far as communicating with shareholders, we find with Pinnacle, I mean, much like the other guys, I mean, we're 27% owned by insiders. So, you know, we've got a very large stake in this ourselves. And so we're very much aligned with the rest of the rest of our shareholders.
1:06:14 And our largest shareholder is in Munich, Germany. And it's largely through his network, we brought in a lot of other shareholders from Central and Eastern Europe. And admittedly, there's a bit of a language barrier there as well at times. And so, you know, not only are you dealing with a situation where people are sort of, you know, generalist or non-technical, but, you know, English is probably not their first language either. So when it comes to things like news releases and presentations, you know, and particularly for a technical guy like myself, you know, I find that I have to communicate in a way where people can understand what I'm saying, you know, I focus on the relevant points and try to keep things, you know, as Marco says in layman's terms, where people can understand it and you provide enough sort of background information to provide enough credibility, I guess, that people can see that you know what you're talking about and give them the opportunity to reach out should they want more information and have it available on the website or presentation, whatever it might be.
1:07:32 But, you know, and you need to do this, I think, in a regular fashion as well. You know just putting out a news release once every 2 months and and expecting that that's going to reach everybody it's just not you know that doesn't cut it. So you have to be communicating regularly with people in a variety of different formats, whether it's news releases, presentations, video calls, whatever it might be, and roadshows. And so it's, yeah, it's something that, I guess for me personally, it's something I really believe in. And then on a local scale, maybe not so much for shareholders, but communicating with the local people, local communities.
1:08:18 And this kind of comes back to what Brian was saying too, is super important, you know, and especially in places like Mexico, you know, where there may be a cultural language difference and, you know, 100% of our people in Mexico are Mexican. And I'm rebuilding the team that we had before with Great Panther and because of that we've got already a great relationship with people, communities in that Topia district. So we have a bit of an advantage there and a bit of a headstart. And so having those people there on the ground goes a long way in building those relationships with local communities and with government organizations and so on. So it's a bit more broad based than just shareholders, but communication is critical.
1:09:07 Awesome. Well, Bob, Marco, Brian, this was a great conversation. Thank you so much. To everybody joined, when there's an audience this big, I always thank you for behaving as well. It was very Nice of you in the chat. Your debates were very kind and gentle, so I appreciate that very much. And I really appreciate everybody's insights. If you have more questions or want a meeting with any of the executives that were here today, please do send out meeting requests that you can do retrospectively on the registrar or as you've already done when you registered. But Thanks everyone so much for joining. Gentlemen, hope you have a great end to your day.
