TDG's New VMS Copper Discovery In BC's Forgotten District

0:03 Hello everyone and thank you for joining us today for this live TDG Gold event with Fletcher Morgan, CEO, and Paul Geddes, Business Development. Since we are live, please feel free to drop your questions in the chat and just note that this session is being recorded so the replay will be available shortly after we wrap up. Gentlemen, thank you for joining us today. With that said, I'll pass it over to you 2 to kick us off the presentation.

0:26 Thank you very much and thanks for everyone for joining us today. We're very excited because this is the first webinar to introduce our progress at our ANIOX VMS project located in the Golden Horseshoe of British Columbia. Before we start, I'd just like to do 2 things. First thing is to introduce my colleague that's joining us today. Some of you may have crossed paths with Paul or seen his work before. Up until July last year, Paul was the SVP, the Senior Vice President of Exploration at Skena Gold & Silver. As I'm sure a number of you are aware that Skeena Gold and Silver is a strategic investor in TDG. We're very, very lucky that Paul was able to come and join us.

1:11 He has a dual function for TDG. He's our business development lead, but Paul also is our lead on our Aniox VMS project. In fact, Paul has worked on it for a couple of years before he joined TDG and he'll go into more detail on that. And then the second thing I'd like to do is just to address the work that's been happening with TDG in the Tudogon. I'm sure as many of you are aware that there was an incredible discovery right on our boundary of our Greater Shasta Newbury project last year in January by the AMARC and Freeport teams. We've been drilling Aurora through last year, obviously publishing results. We're very pleased with the progress that we've made there. Right now, the program up in the Tudor Ghan is on pause. We're replanning it.

2:00 The focus is probably going to be a split focus this year. It will be partly Gold and Silver focus, but also alongside the other companies around us, we're also focused on trying to find and graduate targets for additional copper-gold porphyry discoveries. I think all of us would like to see another Aurora up there. Obviously, as you can appreciate, that takes an amount of work.

2:25 And so with the results and information we now have, it's the right time to try and think about those things and synthesize the information that we've collected. So with that, we won't be answering questions on the Tugon today. I do invite people to go and visit our website for the latest information, download our corporate deck. We won't be covering corporate aspects today, other than those that relate to Aniox. But feel free to reach out to us. And on that note, I'll now hand over to Paul to introduce everyone to the new discovery that we've made at our Aniox VMS project. Thank you. Thanks so much, Fletcher. Appreciate it. It is truly a pleasure to be able to present this today. This is a brand new discovery in what we consider to have been an overlooked and largely forgotten district.

3:16 Essentially, our thesis is very simple. We want to generate returns on investments as quickly as possible for our investors through accelerated discoveries. And this largely comes down to pragmatism. And the second thing is avoiding the doldrums in the first portion of the Lassonde curve. The way to avoid that is to have a starting point, whether it be a retired asset, an overlooked distressed resource, looking at things through a different lens, a la Escape Creek. Same thing if somebody happens to discover a deposit on your property boundary. Guess what? They saved you considerable time and capital. Same thing here. A forgotten mine circa 1935 in a forgotten district.

4:07 So again, we're a platform. I explained to you our thesis. What it comes down to is capital efficiencies, organic growth, and an accelerated delivery on timelines, saying what we're going to do and delivering on them. I personally am a very impatient investor. I want a return and I want it yesterday. So I basically try and portray that and push that forward to our investors. And our watchwords, you know, new mines are discovered quickly in the shadows of headframes. That's exactly the case at Antiox and it was a great story up until it was, and it is. So again, as Fletcher had mentioned, we're unfortunately not going to discuss GSN today. We really want to focus on Antiochs.

4:54 Antiochs, by the way, is a Nishka word that means hidden. I think that's really appropriate. The Nishka are the people that we work with in the territory and there's already been a relationship developed with them, courtesy of the relationship through our sort of big sister, which would be Skeena, again, who has an 11% interest in the company. The Antiox project, off to the lower left, highlighting with my cursor, is boasting something that most projects don't actually have, and that is deep water port access. That is how it was originally found. That is how it was accessed historically, and we're very proximal to existing infrastructure. As an example, road networks, power is just a hop, skip and a jump away, potentially even closer if something gets advanced by our local third party partners, as well as, you know, we can take a helicopter flight from Terrace to site and be there in 45 minutes.

5:55 Great, great place to work. And the other thing that we can boast too, is that it's coastal temperate climates. So there's only 1 month out of the year where you probably wouldn't want to be there, but that's all right, you're on Christmas break anyway. December and January can get a little hairy just with the ice, but that's about it really. So for those that may not be as aware, it's good to sort of do a quick review here. We are the first mover in a forgotten district. Antiox was a past producer in between 1914 through to 1935. It was discovered in 1901. So imagine if you will, everybody's migrating North towards Alaska for the gold rush.

6:40 Somebody had the wherewithal to stop off at this hidden area and discovered a massive outcrop that was just bleeding copper. Ultimately, what happened was, is that became an underground developed mine. And again, in between 1914-1935. If you were to look at a map of British Columbia circa 1918, you would only see 4 major points on the map. Victoria, which would have been the capital, Vancouver, obviously, Prince George up in the northeast corner because it was a centralized hub, it was a crossroads, And if you can believe it, Antioch's. Antioch's was the crown jewel in the British Empire for blister copper production at the time. And again, remarkably, no one knows about it. Even in the background, you can see in this image, town ultimately came up to 5,000 people.

7:33 Now, the historical production ceased in 1936. The mine went into receivership. It got taken out by Cominco. Why? It is not because they ran out of ore. It is because of the commodity prices and the Great Depression. So essentially you had a town of 5,000 people exiting stage left literally overnight and has been forgotten ever since. Kaminko ultimately then became Tech Kaminko and now Tech, performed piecemeal programs throughout it. Keep in mind with Kaminko, that deposit, that area was competing for exploration dollars amongst all other properties in Western Canada, things such as the Sullivan Mine.

8:20 So again, with an opportunity like this, as we said, getting back to our thesis, you have a starting point. You have an old mine that's never been tested below 300 meters. So if you follow Firefly or 4N or any other exploration development company that works in VMS territory, you'll know that these things possess a cyclicity, they cluster, they repeat, they essentially go to the ends of the earth. They're very large systems. Okay. Now on the right hand side of the sheet, we're going to take a look at Bousquet-Laurant. That had 47 years of work done to it. That's how long it's been producing. Keep in mind, though, it started with something small, and that something small is that little blob that you see up in the right-hand corner.

9:12 But then you give it time, you give it exploration dollars and obviously it becomes very, very large. A lot of these deposits are still open at depth and they're still finding more bodies. One of the things that we bring to the table and that is commonly used in exploration for massive sulphides, VMS deposits, is electromagnetics. Now, I don't have to get into the guts of it, but electromagnetics are basically a geophysical technique that is extremely reliable in finding the needles in the haystack. So we're going to go into long sections again, just for comparison's sake. On the left-hand side of the page, that's Hyniox. Again, drilled down to 300m max, developed to 300m max and geophysically surveyed down to perhaps 200m to 300m max. McIlvenna Bay was a singular drill hole that was performed by Cameco in 1983.

10:12 They intersected Copper. Cameco was looking for Uranium. They were testing an electromagnetic conductor. It sat there until it got developed. Look at where Foran is today. The Tesla zone is still wide open. Kid Creek, similar fascinating story. 1960 to present. That was again, 1 drill hole. It was a geophysical technique. If anything, what's hilarious is that airborne EM, electromagnetic systems were surveyed over Kid Creek as a calibration area until somebody had the wherewithal to actually drill a hole Kid Creek is reported to actually shut down next year. It keeps going like the mineralization will continue running beyond 4 kilometers But they just cannot haul it up at a profit anymore. If you can't haul it up at a profit, it's not ore.

11:08 Now, Paul, where are you going with all this? On the left-hand side of the page, we're just going to look at a simulated Buscay. There's a little blue area at surface. It's basically representing depth penetration of investigation. So again, 300m investigation from the mine, 300m depth of maximum drilling in the general area. Keep in mind, it's a 13km long trend. We're just going to look at a very small portion of it. The geophysics only seeing down 2 to 300m. So if there was a body, You would never see it. However, what we did this year, this summer in fact, was we flew the entire area using a new geophysical technique.

11:57 Again, don't want to get into it, but it was electromagnetics and it could see down to 800 metres. It did in fact see down to 800 metres and it generated an anomaly. We now saw, or what we believe to be seeing, is the tip of an iceberg. So that's why I say it's a story until it's actually proven. Let's take it another long section. This is the actual discovery of the zone that we're calling the 4,300. The surface at the top of the page, there's the actual workings of the entire Hidden Creek Mine, which was only developed to minus 300 metres vertical depth. We had a huge anomaly that was sitting down here in this general area from the airborne survey that we had performed. Unfortunately, the resolution of that anomaly wasn't good enough that we could go in and instantly drill it with any certainty, I guess is the best way to say it. So what we elected to do was take a few of the 2024 drill holes and extend them.

12:59 Now The purpose of extending them below 300 meters

13:03 was to investigate the geological contact, the framework, basically reach out and touch someone for the very first time in the entire history of this project. And the second reasoning is, in the event that we didn't hit mineralization in these extensions, we would be able to survey basically the same electromagnetic technique with a probe and light up the area. That is exactly what happened. And to be honest with you, we got even luckier. We extended a hole from 2024, number 03, went down, serendipitously, we also intersected massive sulphide. Massive sulphide being the ingredients of what you see up at the mine and every other style of VMS deposits.

13:49 It had the zinc, it had the copper. So basically 1.1% equivalent over about 5 meters. That's great, that's a great sign. But what got better is that after we drilled it, we probed it and we ended up getting a plate anomaly. Basically, what is a plate represents a 3D geometrical interpretation of the EM signal or the anomaly. So it gives you a rough idea of the dip, the strike, but not the thickness. And it does tell you the conductance, How conductive is this anomaly? How metallic is the stuff that's sitting in the ground around this anomaly?

14:38 So again, it was considered what we call an off-hole anomaly because we clipped it. The plates, which you see 2 of them here, are basically double responses from this area. And it was a situation whereby you could not pause in your drilling. When you get something like that in a VMS environment that's further corroborated by actual massive sulphides in the drill hole itself.

15:08 You'd be a fool to turn a gift horse in the mouth. You know what I'm saying?

15:12 So we stepped out 80m from the original hole. We pierced into the plate, as you can see here, and we ended up with 2.1% Copper equivalent over 25m, 100% massive Sulfides. You can see there's significant by-product credits that are associated with this. And we also drilled another hole, another step out, 80 metres. So grand total, we've traced this over a 140 metre strike length. And assays are pending on that second hole. So if you're looking for a catalyst moving forward in the short term, We have additional assays coming out of another drill hole in this plate. Keep in mind this announcement which was put out on Monday is literally hot off the press. We only drilled this 2 and a half weeks ago, Put the analyses on rush, managed to get it out on Monday and really happy about it. So, the steps going forward now, what we'll be doing is probing these holes.

16:13 We're going to try and refine these plate anomalies, See how much larger they get, see which direction they go. And then once that's complete, we're gonna take a short hiatus. We need to do a resupply up at site. We also have to do the interpretation of the new plate models. And then once that's been firmed up, probably either wedge off of these existing drill holes or depending on the size of the plate anomalies, we'll be able to drill a platform hole from which we can wedge all around. Now, that's 1,000m down. Paul, that's pretty damn deep. The grades are good, that's going to work down there, but that's expensive drilling. And I would agree 100%. However, that extension hole, the first occurrence of massive sulphide, the plates and now what's happened and how this is progressing does not allow us to walk away from this.

17:09 Having said that, shallow ounces are cheap ounces and we have other anomalies basically inside the mine in the top 300m that have never been investigated. We have anomalies to the sides, to the north and to the south, as well as in other areas of the property package. So ultimately, in a perfect world, if it was utopian, it'd be great to throw 10 rigs at this, start doing exploration. However, with $16M in the Treasury, we're fully funded to do the next phase of this program and we'll move forward from there. It's basically results driven. If we want to put this into perspective, this is a plan view now of the entire mine. So, the mine is sitting over here in grey.

17:57 Here's our plate anomalies. Here's our drill holes that came through. And we were, well, we'll look at a section here in a second. There's the actual discovery hole, which hit the 5m of massive Sulphides. It was a vertical hole. For comparison's sake, this is the number 1 ore body that I'm circling on the bottom right-hand side of the page. The number 1 ore body, maximum depth, 300m down. Its strike length was approximately 300m to 500m, and at its thickest was 75m thick, running approximately 2% Copper. Not Copper equivalent, just Copper. They did not factor in the by-product credits or account for them or take them when they were doing this. They were after blister Copper. They might have taken out a little bit of Gold.

18:47 Again, the date is old. It's hard to reconcile exactly what happened. But what we can expect out of this style of mineralization based on other Bechy deposits is that we will be seeing Copper. We will be seeing a small percentage of Zinc, some Gold, some Silver, as well as ultimately some Cobalt. We're not necessarily sure at this point whether the Cobalt has sweated out, but there's the potential that it exists. Now do I believe that we've hit the core of this thing yet? The answer is no. The reason why I say that is, here's the anomaly down here, okay? Relative, and there's the contact that comes down. Untested above, obviously untested below. This is completely brand new.

19:33 What these drill holes have not hit yet is the feeder zone in the footwall, which would produce this massive sulfide lens. So in my mind, what that means is that we're still sitting on the fringe. We haven't intersected the core of this body yet. Now, that's also further corroborated by it getting thicker. We started with a 5m intersection. We've moved to a 25m to 30m and very close to the same that we'll see in the drill hole with the assays pending. The other thing too is in one of these Copper-rich Beshe VMS deposits, your central portion of the lens will be entirely copper from a commodity standpoint.

20:22 You will not see any zinc. And as you can see from the intersections that we have to date, we still have zinc in the intersections. The zinc tends to be mobile and the zinc tends to create a halo and be more distal from the central point of the lens. So stay tuned. One of the end members on Beshe style VMS deposits, and I'll be dating myself here, 1991, I believe it was, there was a project up in Northwestern BC, close to Atlin, the Yukon, Windy Craggy, if anybody remembers that. Windy Craggy was the ultimate Bechy VMS deposit. It never got fully drilled off.

21:12 Resource estimates at the time, because again, this predates Bre-X, approximately 11 to 12 billion pounds of Copper. They never found the limits of it. I'm not saying that we have a Wendy Craggy on our project here, but we're in the right geological environment. It's a brand new discovery and we're advancing it. And we'll be advancing it again as per our thesis, pragmatic, high return, exploration and getting it going quickly. The larger picture, Here's the Alaska border. This is the Antioch project as it stands right now. For those of you that know Kitsault, that would have been the former Mollie mine sitting over here. That's the nearest road and power access.

22:00 And the Hidden Creek Mine, which is what we were just talking about, where the new 4,300 zone is sitting, is right exactly here. There are other occurrences along strike. If you remember that Buscay Long section, that was multi kilometers in strike length, but there were numerous plunging lenses that occurred all over the place. So let's put this into context, this double-ed occurrence. If we go and look at the numbers that are coming out of this, they're not exactly astonishing, but you have to put that into context. Double-ed found in the 50s, 60s, couple of guys heading up the mountain, tunneling in just a couple of hundred metres, using the winky drill, finding some mineralization and then running away because again, commodity prices at the time didn't warrant those types of grades.

22:48 However, that could be another tip of the iceberg. Should that require additional work, we'll talk to the landowner, we'll make the decision, we'll move on. However, We do have the crown jewel and we have plenty of room around it to work with that. So at the end of the day, news flow, you can expect to get results from the next drill hole. We will be again, remobilizing back to site once everything is complete and after we perform a short hiatus, approximately March 15th. As it stands right now, we do not have the holes planned because again, we're waiting for the full response from the probing of the existing drill holes. And then we will be going forward from there. And turnaround time, you can expect more drill results coming out within, I would expect 45 days, 50 days or something on that order.

23:44 Luckily enough, the labs are not as busy anymore because the main exploration seasons are complete at this point in the game. Again, fully funded for this, US$16M in the bank, half of which is hard dollars, the other half of which roughly is flow-through. And yes, we're looking forward to advancing what I consider to be potentially a world-class or even tier 1 deposit in the making. Fletcher, do you have anything to add? Well, fantastic progress, Paul, in a relatively short space of time. But as you mentioned, building on a historical data set and obviously things that had happened in the past that you were able to leverage. Related to that, I don't think I'm out of line in saying that there is a 1992 Renn study that we're aware of that has been published that the participants in this webinar can go and find online and that indicates a tonnage and a grade of what may be remaining in situ, real shallow, aside from obviously the targets that you've mentioned that you now know potentially around those historical workers. I don't think we're in a position to speak to that, But what I am, we are in a position to do is to mention that we have acquired some historical data, which we're fortunate that took a number of months to negotiate it. We've received that data and information now and we're synthesizing that and hopefully

25:16 some interesting things will come out of that. And also Paul did mention that there was a 2024 drill hole that was extended as part of the new technique and new approach that we've adopted. Now those 2024 holes, I think there were 22 of them, they were all shallow and they are listed with assays in our 43-101 technical report which is available through our ANIOX project page on the TDG website and we'd invite people to go and download that specifically if you want to follow up on all the kind of items and information you'd expect to read in a report of that nature. So I think It's an extremely exciting starting point that Paul and the team have made some rapid progress and more to come, obviously.

26:10 The other thing then to mention is that this was an important project for us to acquire because it took us towards becoming a project – sorry, platform. I know that obviously with the Aurora discovery and the Tudigon, it was obviously an important thing to get up to the Tudigon and draw on the boundary there. But TDG's ambition is to become a preeminent copper-gold exploration company in British Columbia and the Antiox acquisition. I feel very fortunate that we were, that BMO and the Clarus teams introduced us to the idea. And I feel even more fortunate that Paul was able to come across and join our team in order to spearhead it. So a really, really interesting point in the progress of this project with an awful lot more to come and obviously as Paul mentioned, the potential for accelerated returns, which is what as a platform we are all about.

27:07 So with that, I think it's head over to some Q&A if there are questions. No, I think we'll just wrap it up there, gentlemen. Just a lot of positive commentaries. Paul, thank you for the thorough presentation. Congratulations on your recent success at Antioch. But I think we're good enough to close it off here, Fletcher, unless you have any further closing remarks. No, nothing for me. Paul, is there anything you'd like to add? You know what? I just want to end on a high note. I'd rather be lucky than good. I can't tell you this was skilled. Thank you so much for your time. Really appreciate the update.