TDG Outlines ~12 km Structural Corridor of Copper-Gold Porphyry Targets

0:04 Good morning or good afternoon, depending on where in the world you're signing in from today. Appreciate your time very much. We're joined today by Dr. Fletcher Morgan, TDG Gold's CEO and Director, and Stephen Cramar, the company's Vice President of Exploration. Gentlemen, how are you this morning? Yeah, thanks very much for letting us be here today. We're really excited. Awesome, yeah, looking forward to it. So folks in the room, here's how today's gonna work. Dr. Fletcher and Steven are gonna go through presentation outlining recent news. And then I have some questions for both of them just to wrap up today's event. If you do have a question for the team, I'll make sure that we send out where you can contact them. So you can reach out with any follow-up questions. I'm sure they'll get back to you as quickly as possible. Last piece of housekeeping before we get into the protein. Today's webinar is being recorded and will be available for live replay in the mid-afternoon Eastern time. It will be available

0:47 on both our YouTube channel, but also on six.com's event page. Without further ado, I'll pass it to Dr. Fletcher and Steven to get us started with the presentation today. Thanks very much. Thanks everyone for joining us today. Some of the slides we're gonna be going through, we have gone through before in other presentations. We are hoping to make this one of a series of webinars that we'll be organizing as things get exciting as we head towards the field season. As was mentioned, I'm joined here today by my Dow colleague, Stephen Cramer, who will be stepping you through more of the technical slides. I myself, just a quick intro to me, Fletcher Morgan, CEO and Director. I've been involved in TDG since its inception. We acquired the land package from Talisker resources back in 20 twenty- it's been an interesting 4 years to say the least we woke up on January the seventeenth this year and the world of change for us- and so we're pleased to be out a step you through today- We do have some questions that we're going to be answering at the end- and like I said if we can make this one of the series then we'll be pleased to- carry you with us as we move into what. Could end up being the most exciting field season of all short existence. So I'm gonna put up the slide deck.

2:02 And-

2:05 I appreciate- if people would just bear with me. I hope everyone can see that. So TDG Gold, we're located in the Tutugon district of north central BC, and we're now strategically placed for copper, gold and silver discovery. I will be making forward-looking statements. I do encourage everyone to hit pause on the recording and read these. Specifically, we will be covering some of the information and results related to a neighboring discovery, the Aurora discovery made by Freeport McMorrin and A-Mart Resources. And so you are encouraged to exercise due diligence and caution when hearing information that we'll be presenting today. I just wanna provide a very quick corporate snapshot. Currently just under 177 million shares issued in outstanding, fully diluted 205 million. Most of our options and warrants are in the money. The warrants don't have acceleration provisions.

3:01 That gives us cash and receivables on balance sheet the moment just under 16 million- market cap it. Tends to change I think we're closer to around 80 to 85 million. Dollars right now trading at around 44 45 pennies so just below the price that we did our most recent capital raise which obviously as people are aware involves Skeena Resources getting involved. Skeena owns just over 13% of TDG. Natural Resources funds mainly precious metal focused own around 24%. We've seen some institutions change over the last few weeks as as the information got out there of that gold rich. Copper poor free discovery on our boundary.

3:47 I think the percentage is probably a little bit higher than that, but those are the numbers that we're confident about. And that's matched by, you know, management insiders ownership of around 13% and the rest is distributed amongst private family offices, high net worth individuals and retail owners. I've got 5 key takeaways from today, not gonna be going through them in tremendous detail, but just the first statement is about the vision. We've always suspected that greater Shasta Newbery and our Trident target were likely part of a much bigger system. We've been saying it consistently on the Aurora discovery for us access a proof of concept of that and we're excited to get up now with that new information and start reinterpreting and- advancing our exploration on a larger scale than we've been able to in the past.

4:37 We do have expertise on hand- some of it is world expertise- this bigger potential that we're seeing means bigger programs and the skein of gold and silver investment takes us- big strides in the right direction a lot of work to do but obviously on the dollars that we've now got. Can be focused on that bigger potential. And the opportunity- really the backdrop has improved in terms of the- renaissance that we're seeing. In British Columbia with regards to critical minerals and critical mineral exploration- and you could look at the gold and silver now as a bonus towards that and- really the one of the most exciting things is the 2 to go on. As a district has it all. This is one of the key points that I want to emphasize. We do have an existing mineral resource estimate at our Shasta mineral deposit. It's gold and silver.

5:27 We do have existing infrastructure. And what we'd like to emphasize to people is that that gives- investors. Some downside protection- we were beavering away in the background advancing Shasta and we'll get into this but we've always envisions that was- could be over 2 million ounces. And we see no reason to change that in light of the Aurora discovery- in actual fact we're looking for ways to accelerate towards that- but the existing resource we've got we've always maintained is economic we've never had- the benefit of- so many dollars that we could afford to just. Strike for everything we've always focused on what we thought and considered would be economic ounces and we believe that the the- in the indicated and inferred resource we've got it just already is economic- and- has some other advantages that we expect to bring to the market. In over the coming months and you know people will start to see I think what we're seeing is that this is- an economic resource that really at some point should go into production ideally now as part of something a lot bigger.

6:34 And then our upside is through discovery. We've got multiple targets, we've got near-term catalysts, everything should be beginning in May and my colleague Stephen will get into that. And we're funded for this next and really important stage of work. And so just a few more slides for me before I hand over to Stephen to get really into the technical aspects. The technical team, we're blessed that our chair, Stephen Quinn is a mine builder. My colleague, Michael Koswan is a mining engineer, but I want to focus today on a few other individuals that have really been in the background helping us to really understand that bigger potential and the bigger system. Dr. Adrian King, the former head of global exploration for tech resources. Brad Mercer the former CEO of capstone and Fred Graybill who's made a career out of- poultry hunting for a soccer. And really those have been working with us through- Chris Dale who's been acting as a consultant geologist for us. For several years now he stood up. With Stephen Quinn up at the- Baker Shasta site back in I think it was 20 22.

7:39 And we were talking about epithermal gold and silver. And Stephen and Chris immediately started talking about poultry systems. And We're lucky now as well that we've attracted Jeff Kiber. To join our team- he's a renowned geologist who is an expert at- at mapping large systems the regional kind of picture- Stephen will get into a little bit more about Jeff and his importance to our program this season. But as you can see here, you know, a company that a few weeks ago was obviously valued a lot less still had a wealth of talent. And we're looking to really leverage that. And indeed, those world experts now working with us on an almost day-to-day basis. So it's a really exciting time for us. Next slide. Actually it's a slide that never changes in our slide deck. It hasn't changed since our inception.

8:30 It's the slide that explains how we go about active community engagement and working in a life ship with the First Nations within whose territories we're privileged to explore. There are 4 First Nations. They have in the past coalesced into 2, the Toltan and the TKN. We're very pleased to continue to work with them. A significant portion of all the dollars we spend goes through their businesses. It's the right thing to do. And the nations themselves know this area better than anyone. So again, that won't change for us. They'll be front and center of everything we do moving forward. It's a bigger opportunity not just for us, for themselves and we're looking forward to communicating and working with them to figure out the best way forward so that everyone benefits.

9:17 And then just quickly then getting into the regional picture, I think a lot of people on this webinar will be familiar with this concept of the Golden Triangle. It encapsulates a lot of the work that's been done over decades within British Columbia. A lot of names there that are now actively mining, but really for us, it's about the amount of dollars that have been spent. You're looking at billions of dollars of exploration that's gone into the Golden Triangle with all the success that we're aware of. Whereas over in the Tudor gone, a lot less dollars have been spent around 350 million in modern exploration outside of commiss. We ourselves are a portion of that around 30 million with the new dollars that we've got and we'll be spending this year, we'll go over $40 million in expenditures.

10:04 And then just to emphasize next door, Freeport-McMorrin and AMART Resources, I think it's a 3 or four-year program that they're $35 million into, and obviously now leading to the Aurora discovery on our boundary. And then to our northwest, the Thesis Gold ground that contains over 4 million ounces, a PEA stage heading to PFS. So it's an exciting district. And then obviously down to the south east, the Khmess infrastructure sat there under care and maintenance since 2011, a billion dollars of infrastructure owned by Sentera. And we understand Sentera will be exploring again this year. And so a lot going on in this district, a lot to play for. And then our neighbors just to our east, Finlay, that have some of the targets that seem to line up with our own, which is exciting. And then Sun Summit, I think it was their first season really working up there last year and I'm looking forward to seeing what they're going to do in light of the Aurora discovery this year.

11:12 So there's a lot going on in our district. It's underexplored, it's been underinvested into, and I think really this is now the opportunity that we see- as the lowest hanging fruit in in British Columbia. As we just quickly then to- to zoom in on on our- that specific part of our property that is captured everybody's imagination, and that's Greater Shasta, Newbury and the Baker Complex. It's over 60 square kilometers. There's known structural controls going through it, and my colleague, Stephen, will get into that. I just want to emphasize that we do have a mill, we do have a fully winterized camp, it's all road accessible certainly into the Greater Shasta area, Newbury would be heli access, Trident would be more like heli access, and then right next to Greater Shasta that Aurora discovery that changed our world on January the 17th.

12:07 And so looking at that and why it's so exciting well it's right on our boundary it's a cop- gold rich copper porphyry discovery. We think we can explain it- but I want to emphasize how close it is to our existing Shasta mineral resource estimate- you know over half a million ounces in the indicated category over half a million ounces in the inferred category. Every time we drill- using modern HQ or into cool. In Shasta we not only learn more about it but the great does seem to go up by about. 8 to 14% and so depending on the cut off that indicated great is around at 1.35 grand mark. The strip ratio- looks to us to be very very manageable and of the lowest in the area.

12:53 And within the Shasta footprint, there are high grade lenses that could really be targeted to help form a mine plan, in our opinion, that would yield positive economics.

13:08 And Shasta itself is located within the only permitted mine area in that northwestern part of the Tutugan district. So there's a lot of really interesting features now we've known for. I'm since we've been looking at the historical core and over 65,000 meters was drilled historically across. Greater Shasta Newbury sorry greater Shasta and the Baker complex- I'll mention Newbury in a second. But what we know within this area between Shasta and the Aurora discovery is there is mineralization, there is gold and silver. It was only ever drilled shallow, and Stephen will get into that and explain. But what I want to emphasize to people is that our plan through 2026, 2025 and 2026, was to block and tackle our way to what we were expecting to be over 2 million ounces of epithermal gold and silver within this greater Shasta footprint- and eventually getting to the boundary show the positive economics of it and then earn ourselves the right to take some deeper swings.

14:08 So go deeper and figure out what was going on underneath. We've woken up and the world has changed courtesy of the enormous piece of the jigsaw puzzle that was put in right next to us. We're grateful for that. We think they've done some great work and we've learned a lot. And now things have kind of flipped on their head and what we were planning for 2027, we're now privileged to be able to undertake in 2025. We're gonna go about it in a very systematic way. We've got a game plan, it's still being formulated. But before I hand over to my colleague, Stephen, I just wanna mention, you know, 3 other important features here. At Shasta South, we've always known there was something interesting there, but we were never funded to work on it. There's outcropping down there.

14:56 We do think that this could be a really important piece of the puzzle, and we've never been funded to undertake IP. So we'll get out there and do that kind of work first off this season. And then just to the north of the Aurora discovery itself, there's an interesting topographical feature here that we think we have an explanation for and obviously we need to get out and do more work. And then it would be remiss of me not to mention Newbery because it's my colleague Michael Cosswell and my fellow director. It's been his favorite target for 2 or 3 years, certainly since he's been involved. We've never had the money to go and do the proper work up there. We've known that there's a gold in soil anomaly sitting over the top of Newbury. It's actually multi-element. The Aurora discovery helps perhaps to explain some of that.

15:45 And that will also be a priority target. We were always looking at and asking ourselves whether Nubri could be another Shasta. Now we're actually asking ourselves if it's not just epithermal, but could there be something more interesting going on there? And literally when Newmont made this discovery in the 1980s, Newbery was the priority. They never got to drill it because they only owned half of it. And so instead they turned around and focused on Shasta, and Shasta was the initial discovery in this part of the Tudor Gaunt. So there's a lot going on here, 1 kilometer from us to the boundary and the furthest west hole that Freeport and Amart drilled, we've calculated at less than 60 meters from our boundary ending in mineralization and something that absolutely we're excited to follow up on as we get into this field season which is literally now only 6 to 8 weeks away. So enough from me until the questions I'm going to hand over, stop the share now and hand over to Stephen.

17:02 Sorry, good morning everyone. Just finding the unmute. Okay, so to get into a little bit of a geological context, here's a cartoon of the stratigraphy of the Baker Shast area and some of the important features in regards to searching for mineralization. Perhaps the most important thing of note is the unconformity between the tackle group and the tutor on the group of volcanics. That's coming in as this this red line. This is a large unconformity. With an associated basal conglomerate that marks the boundary between the Triassic and Jurassic volcanic activity. The analog to this is the Stuhini-Hazelton in the Golden Triangle. It's very well documented and our consultant, Jeff Kaiba, that's joined and Joanne Nelson, note that within 2 kilometers of this structural feature, is host to major deposits and prospects.

17:55 KSM, Red Crisp, Bruce Jack in the triangle, and Kamesh, Baker, Shasta, Lawyers, Pine, and now Aurora in the Tutugon and around our area. So we understand the Shasta scintigraphy within the mineral deposit area quite well. Our observations line up with historical efforts of the Tutugon. For simplicity's sake, let's call our mineralized horizons the blue and the purple in the 2 images. They've been drilled down to about 225 meters vertical depth. As Fletcher mentioned, something interesting is happening at Shasta South, which the tackle is mapped with a basal conglomerate. It's dipping north under Shasta. We estimate that this horizon could be 400 to 500 meters depth below Shasta.

18:45 Our resource drilling at Shasta was focused on the 2 blue and purple mineralized lithologies. Our drilling was terminated, sometimes in mineralization, but was stopped because we kind of applied an NPV per metre metric.

19:02 At a depth, A conceptual pit would kind of limit the extraction, but that's not to say it's still mineralized at a long strike in a depth, and it's never been drilled tested past that 225 M. From what we understand. We think Aurora is encountered. In a package of rocks below the known shafts mineralization closer to the red line. There are 3 parts the lower to the gone Saunders, Miss Anton and Duncan members at Shasta. We've observed the Saunders where mineralization is hosted and potentially we poked into the Midsanton, but we've never encountered the Duncan. From historical and surficial mapping, it seems like the Duncan is the host for this Aurora style mineralization. It could be sitting underneath Shasta and it certainly hasn't been tested on our side.

19:56 So to summarize, you need the right geology to be successful in the Tutugon. If we focus on the eastern side of the Baker Shasta 10-year package, the conveniently red line in this map and the black hatched area represent the 2km buffer from the known mapped locations of this Takla-Tutugon unconformity. Stating the obvious, we can see that Baker, Shasta and Aurora are well within this buffer of favorable location. So 2 years ago when we began to evaluate our porphyry targets, we considered the distance to red line into account for our ranking. Just walking through our targets starting at Shasta South

20:40 and stepping north, we can kind of show the slow simmer of targets we've been building for porphyry styro mineralization in the background. So Shasta South, Newberry and let's call it Shasta Deep underneath Shasta. These are 3 targets that are very close and for argument's sake drill ready, And we are potentially going to drill a combination of them this summer. They've been worked up over the last couple of years, and nearly have all the pieces ready for a drill test. What we're calling Aurora West has graduated into this category, and testing the extensions of the mineralized system at Aurora is necessary. The rest kind of follow pearls on a string. They have some historical data, and they were previously flagged as high areas of interest from our 2023 lithic drainage sampling efforts.

21:35 They've now moved to the kind of the next step of expiration to collect the additional data to hopefully at the end of 2025 reprioritize these, many of them or all of them, into the same kind of bucket that we see Shasta South, Newbury, Shasta Deep, and Aurora West, and potentially drill test in 2026, 2027. So we've kind of developed a targeting model and we have a pipeline of targets to explore. And these targets are in a 12 kilometer long kind of structural corridor, which I'll touch on. So kind of zooming into Shasta and Aurora and how it fits together. There's an important and obvious Northwest structural pattern to the district with deposits and prospects along this trend, notably Shasta right there, the Kamez Open Pit, Kamez North, Pine, Lawyers, Baker.

22:31 These structures are thought to be deep-seated crustal faults tapping mineralized fluids at depth. There's a discussion about the perigenesis of these faults, whether they are pre-, post- or syn-mineral. And understanding those structural controls outside of Shasta is going to be a key focus for our 2025 exploration. There's also a northeast indication of structural orientation or fabric, the most evident in the clusters of the northern Kermess deposits south of us. It may also serve as a key control for intrusive emplacement and pore free mineralization. So what is important is the intersection of these features can create dilation zones, and this gives the space and permeability for mineralizing fluids to accumulate.

23:19 So the key takeaway is that you need the right structural regime, which is district scale and documented, and it's ideally cross-cut by Northeast or to a lesser extent, East-West structures. So this is 2017 airborne magnetics, and what we're looking for is that a magnetite-rich core is a good starting point to search for porphyry-style copper-gold mineralization. Using this airborne geophysics as another layer, we looked at those ranked targets shown here again through this 12-kilometer structural corridor. And here are the same 8 targets in Aurora demonstrating a kind of on-echelon, left-stepping, north-trending pearls on the string.

24:06 Some of the displacement and some of the left step could be due to these east northeast east west cross faults inside the structural corridor, which makes these targets very interesting to follow up on. This is just the targets in this 12 kilometer structural corridor. Swetcher said we might have a series of webinars. If you look to the southwest of this image, that big magnetic feature is the Duncan-Pluton. And if you start looking at the edges of the Duncan-Pluton, you're seeing similar kind of mag bullseyes around there. There are also areas of interest.

24:42 So again, the takeaway is we have another layer that is favorable to porphyry copper gold exploration. You need the right geophysics, you need the right geology, and you need the right structure. And this corridor kind of lights up and checks all 3 boxes. So if we zoom into Shasta, this illustrates our starting point. And it just reiterates how impressive this golden soil anomaly is. The darker red circles represent 200 ppb golden soil or greater and the area is about a kilometer and a half by a kilometer and a half. Newbury to the north also has an impressive golden soil anomaly. The drilling in the greater Shasta area historically did encounter mineralization.

25:32 The modern geophysics we did, the MAG VLF in 2022 and 2023, suggests the drilling could be oriented better to hit some of the structures.

25:44 For more gold mineralization, as Fletcher said, the greater Shasta area has more potential in itself. But nevertheless, this large golden soil anomaly represents a good starting point, and it would leave many people jealous to have the starting point that we have. So looking at some other elements and how it relates to the porphyry that we're looking for now, this is showing copper and soil anomaly, but really the moly and sulfur mimic this pattern. If we think about porphyry style mineralization in the search for it, we investigate moly, copper and sulfur. The best proxy to Copper gold porphyry might be Mr. Copper, and a porphyry is essentially just a big sulfur and soil anomaly.

26:36 So we can see that there's something developing in the south at the extents of our data limits that's pointing to a molycopper and sulfur anomaly in soil towards south Shasta. So these concentrations are muted and by some exploration standards they may be classified as weak, but knowing that the pore freestyle mineralization at Aurora is within the older Duncan member of the lower Teutogon. Shasta has 2 subsequent volcanic events, the Mtsanten and Saunders on top. So it's no surprise

27:10 that there is not huge copper numbers coming out of the soils, right on top and around Shasta. This is kind of thought that the presence of copper is suggestive of a leakage halo from something below or close by to Shasta. Shasta itself is a low sulfidation epithermal deposit that's quartz calcite zone. So that kind of represents the tops of these epithermal systems, which you'd expect more distal from a porphyry. So it would be expected that the copper and sulfur be poor or absent. But the fact that we do see it suggests that something interesting is going on, not only south of Shasta, but below Shasta. So here's a couple images from our neighbors that are published in a 2023 ERAS report.

28:04 Magnetotelerix is a good tool for detecting low resistivity zones that can be associated with sulfides. This is the 200 meter below surface model. You can see the Aurora discovery shows response to this low resistivity. But interestingly,

28:18 on the part that was not masked to the property boundary, we can see zones of low resistivity that are starting to go over top of our already picked targets. We have ZTEM over the whole Baker Shasta block. ZTEM is another tool that can measure conductivity resistivity. We've sent the geophysics off to a geophysical firm to kind of reprocess in light of what we've learned over the last 2 years about the structure, the geology, and the controls of the mineralization and what we think we know about Aurora and the surrounding area. IP is a useful tool for detecting disseminated sulfides in porphyry exploration. The Baker Shafts area has very limited low depth, and we're talking 25 feet penetration over some of the old Baker epithermal veins.

29:11 So for argument's sake, there is no IP over the entire property.

29:18 Our neighbors have illustrated that induced polarization is an effective tool for discovering these sulfide systems. We intend to use this tool as another layer of our exploration this year. The obvious is to focus on these these zones in black these near Shasta zones. And then extend extend the lines out, Along the corridor through through some of the other defined targets. So that kind of takes us to the 2025 work plan. We're we're fully funded for the next the next phase. Like I said, we're going to complete the geophysics, the IP, in and around the greater Shasta area and those targets near the border and around the border.

30:09 We're going to follow up with a combination of drilling in our Aurora West target and our other drill ready the Shasta South, the Shasta Deep and the Newberry, some combination of those. Yeah that involves drilling deeper at Shasta to test that lithology at depth. Our timing, we think we can get things going by mid to late May. We're gonna try to send the camp crew out near the start of the May, if the snow is favorable for getting going, get the IP done sometime by the mid-end of May, and hopefully start testing with the drill bit as soon as we can after that.

30:55 And just reminding everybody that we are hunting for porphyry-style mineralization, but the Shasta deposit in Greater Shasta is still a great place to continue looking. So it'll be a big bonus if we hit some epithermal gold mineralization along the way to finding our porphyry mineralization. And I will pass. Yeah, leave that up, please, Steve. That's okay. Don't worry. I can do it. That's fine. So thank you Stephen. Look hopefully people can see my screen.

31:30 All of our existing geophysics has now gone off for reprocessing and reinterpretation in light of the Aurora discovery. So hopefully that's what we're hoping is going to be the focus of the next webinar or webinars that we're able to do. We're running rapidly towards the field season as Stephen mentioned, looking to mobilize in early May and get things going as soon as possible thereafter. I wanted to put this slide up because I think this is what it's all about. This is why We think that we offer a compelling investment opportunity right now. It's the Lassonde curve. I know many of the people participating in this webinar will be aware of it. And I just wanna focus on this part of the curve, which is that concept kind of phase, which can last. 4 to 5 years- you know. No surprise- TDG listed in December.

32:27 20 20 in the first expiration that we undertook was in 20 21 so our version

32:33 of this curve. Is is is- takes that into consideration so if you go back that 4 or 5 years- you get to our reverse takeover which how we listed our listing event in 20 20. Our shafts of rediscovery did it and result in a revaluation I think a lot of people on this call will be aware that the sector has been through a tough period since August, I think, 2022. We're no exception to that. We've never stopped believing. We've never stopped working to try and show that Shasta has that potential to be over 2 plus million ounces. But we find ourselves now, we think at the Aurora discovery point, that's the end of the concept phase. We do categorize in our minds the Aurora Discovery as exactly that, a proof of concept.

33:23 And so where we're headed now as a company is into that really exciting period of the Lassonde curve, which is all about discovery. That's who we are as a company. And we're uniquely placed with a combination of world experts, an existing resource, the infrastructure, the only Mines Act permit in the district, a board that consists of people who have been there and done that, but also now, thankfully, the dollars courtesy of the strategic investment by Skeena Gold and Silver that hopefully now enable us to accelerate through that discovery phase. It can take 1 to 2 years. We're going for it this year, and we're very pleased that people are excited enough to want to attend a webinar with us today as we begin what is now gonna be for us the most exciting period of TDG's existence. So thank you very much and we'd be pleased to answer some questions.

34:28 Awesome, thank you very much. I do have a couple of questions for you, so that's great. First question I'll actually throw to you, Fletcher, if that's all right. Have you spoken to local First Nations groups about the Aurora discovery? And if so, what have their views been so far? Yeah, it's a great question. Aurora was January the 17th. It coincided with one of the major conferences. In Vancouver- every year- companies are invited to present to the first nation groups- we know we were no exception- we were it was obviously hot off the press at that at that moment and so we were able to try to articulate it as- based on our understanding at that particular moment. We did say that we would revert back to all the nations to obviously understand- what it is that they would like to see happen how and when- and- you know obviously give ourselves the time to- make our own plans and digest the new information and reinterpret the geophysics, etc. That's a work in progress. We do everything through our VP of sustainability, Christy Smith. She's a thought leader in the industry. I do encourage participants in the webinar to look up Christy. She's a published author and an MBA holder, as well as being a First Nation heritage herself. She guards our vision and our implementation of that vision in terms of interfacing with the First Nations. I've said that's the one slide in our deck that never changes. We will not deviate from that. And so you'll see us now increasing in our interface with the nations as we

35:58 work, we stride forward to that field season. And we're hoping that they'll want to be integral and intimately involved in everything that we're doing. And we look forward to that. Awesome, I appreciate that extra context. Stephen, I got one for you. How much work do you expect to complete on the portfolio targets outside of greater Shasta New Bay? The short answer is we're gonna let the science drive it. Over the last couple years we've kind of had a model that we're going to build a pipeline of targets and you're starting to see the first kind of iterations of this pipeline. So we have the near Shasta, Newberry, near drill ready. We're gonna drill some combination of it this summer. The remaining targets on that pearl, that kind of string of pearls, the science is gonna dictate how much work we do and seasonal timing. But then I kind of left the hint that there are other targets that are kind of not as far along that we're gonna work up. So hopefully this time next year we'll have a webinar and I'll be showing those targets on the Baker side that are now graduating. So that's kind of our plan is to graduate targets as the science dictates.

37:07 That's great and certainly look forward to that webinar as well. Fletcher, I got one for you. I know TDG said for at least 2 years, as I understand it, that You believe Greater Shasta could hold 2 plus million ounces. I'm curious if you're going to continue to work on it this season, or are you only looking for copper-gold right now? It's a great question, and we keep getting asked this. The short answer is we're in discovery mode, and we're looking for gold-rich copper porphyry. The slightly longer answer is- if indeed- that Aurora type mineralization does extend underneath- greater Shasta towards Shasta itself- then you know Stephen can probably say it better than me- or explain it better than myself but- we'll be drilling through some of that- potential epithermal mineralization on- as we go deeper to test what's going on underneath so.

37:56 I think at the very least we're gonna learn. About what may be in in that top 225 meters- there it that there are historical draw holes. That do hint- that there is- there's more of that- you know- at the thermal star mineralization with veins that's pain hosted or pressure hosted so. We're excited about it I'm not going to say right now that we are gonna be able to block and tackle our way to that magic 2 million ounces this season, but you know, there's a glint in my eye and We're a creative team and actually the advent of Skeena, gold and silver getting involved with us, I think adds some additional strength on that front.

38:42 So watch this space, I think is my tongue in cheek answer. Great. No, appreciate that. Stephen, I got one for you. AWS could be structurally complicated, but there does appear to be outcropping to the south of Shasta. So is that your actual exploration priority and when do you plan to drill it? Yeah, there's no question that the structural story is a key part of exploration in and around Shasta. The Tutugan has long suffered from lack of dollars, and those lack of dollars has kind of equated into very piecemeal work in and around that area. So our key priority is understanding the structure in AU West and then applying that knowledge kind of going outward and I guess arcs for intents and purposes to Shasta South.

39:33 When we expect to drill it, when we have the seasonal window and when the science tells us it's ready to put a drill test on it, which hopefully will be in the earlier part of the season. Paul, the science likes to hear it. Fletcher, I've got one for you. Sentara owns KMS and to my eyes, the infrastructure there is currently, I mean, to put it plainly, doing kind of nothing. Have you spoken to them about getting more involved in your part of the Toutagon? My gosh, That's a great question. The short answer is yes. They visited our property. I know all interface has been on a technical level. I know that they've been looking at what's been going on up in our part of the corridor. I did see an announcement a few weeks ago that they are now prioritizing exploration around Comest this season, but also Mount Milligan is an anchor project for for Centara I guess I'd say we're surprised that they haven't been more aggressive in our part of the Tudor Gon. The door is always open to those kind of dialogues. They know the district.

40:40 They know what's going on there. They know the history of how Khamis was discovered. And as Stephen has mentioned, the number of parallels that we're seeing between Aurora, Greater Shasta, Nubri, and what has gone on at Comess are striking. So I think we're open to all of those kind of dialogues and really intrigued to see how they reprioritize Comiss within their own portfolio moving forward. Great. I'll stick with you, Fletcher, for the next one, actually. The gold grades at your Metz mining lease are, to my eyes, I think the best in the district. I know plenty of investors were expecting you to drill it last season. I was curious, why didn't you and what are your plans for Mets this season? Simple answer, cost.

41:27 We were able to raise dollars last year. We were faced with a tough set of decisions as to exactly how to prioritize and- it. Just to sort of applaud Stephen and his technical team. They don't you know they don't get do things that they can't do properly- and that we set our stall out like that from the very beginning do the proper work- we're not interested in. Trying to show how many ounces here all that we really want everything to fit. Into what we expect to be or something on the at the thermal side an economic picture. And met there's no exception to that but you have to write you know- a shallow high grade gold intercepts. Are from near surface in what's classified as a developed prospect, meaning that there was underground development. And I think from memory, the development rock itself graded something like 6 grams a ton. So it's a really exciting prospect. It's actually a mining lease.

42:24 It's located, it's road connected. But to answer your question, look, we would love to get up there and test some of those targets. Even Stephen's smiling at that. Stephen, feel free to comment, but I think you would agree that all of the epithermal systems in our area are somehow related to porphyry targets. The idea that you could be drilling deeper. And maybe test something a Mets is intriguing but I come back to the fact that if you if you gonna do it do it properly. And Mets itself- not only- at deserves that cut the profit dollars and the proper systematic expiration is actually gonna be what's needed and we can say that you know and- we go off and we could stick a hole here and there. It's not our style.

43:15 We're really systematic explorationists. And like Stephen has said very well, the battle rhythm and everything we do is driven by the science and we won't deviate from that. Great, Stephen, I do have a question for you actually. Obviously answer the best you're able to here, but how actively involved is Skena in your work planning? How active would I like them? Lots, but the Skena is very busy with building their SK mine. So We're still at the figuring out how to integrate Skeena's expertise into our model of how to explore. But that's at their rhythm. Nope, appreciate that. Steven, I'll stick with you for the last question I got here, which is What's your timeline for exploring the Copper-Gold porphyry targets in 2025?

44:05 So just to reiterate, in a perfect world that the weather cooperates with us, we'd like to get up there, start in May, get the camp open around mid-May to get the geophysics going. If the slopes are free of snow, we can get out and start mapping and looking at those structures. But if they're not, the IP doesn't really care about the snow, we can still do it. And then it'll be getting mapping, it'll be understanding the structure and picking drill targets. That'd be the ideal scenario. Awesome. Well, gentlemen, thank you so much for the presentation, running through all these questions today, going through a grilling. I always appreciate it very much. Dr. Fletcher, I'll throw it to you for last words just before we jump. If anybody, last words to the investors in the room before we head out for the afternoon. Yeah, look, firstly, a thank you to all the investors that stuck with us over the last few years. I know that there is, I believe there are some attending today so thank you for that- the next phase is obviously the most exciting- that we will have encountered- we're funded for this next stage of expiration we've got that world class team that's totally locked in and assisting us- the skein of Gold and Silver investment is super exciting. It is strategic. It's also tactical.

45:23 They're a creative and agile group of explorationists who have had tremendous success. And as Stephen has mentioned, we'd like them to be as involved as they want to be, but obviously we're respectful that they're busy and they've got other things, but we say to them, welcome to the Tutugon, or should we say, welcome back. They were up there in 2022 exploring on the Sophia property that we acquired as part of that investment package with them. So we know them and we know how talented they are. Just in general, the Tutugon is under explored. The Tutugon has been under invested. It's attracting attention now for all the right reasons we get it- there's a lot to play for up there. It's not just the epithermal now it's that gold rich copper porphyry- systems we believe that we've always believed with part of a bigger system- and we're now super excited to get up there and crack on with the work and I would say to everybody, watch this space.