The Dryden Camp Heats Up: Three Companies Betting Big on the Region

0:04 Hello everyone and thank you for joining us today for this live event where we will be discussing the Dryden Gold Camp. We're joined by Noah Komovly, President of Ashy Gold, Mark Kruh, President of Dryden Gold and Kevin Bullock, President and CEO of NexGold. Before we begin a couple of housekeeping items, there's a chat box so please feel free to submit questions throughout the conversation. We may not have time to get to them all, but still ask them. I'll be sure to pass them along to their respective companies afterwards and they can follow up. When we wrap up today, there's also a meeting request pop-up that will appear. You can select on any of the companies you'd like to connect with, if you're interested, and I'll be sure to share that information as well with the companies. As always, this event is being recorded and the replay will be made available shortly after we conclude. So with that, let's dive in.

0:55 Kevin, I'll start with you. Gold prospecting around Dryden dates back to the 1880s. So the area has a long history, but comparatively little modern exploration next to other regional Gold camps. Which route each of you 2 tried in specifically, and why do you think it hasn't attracted the same attention as some of its neighbors?

1:15 Well, I think, you know, first off, from what you said, there hasn't been that much modern exploration. So there was the ability to be able to stake quite vast land holdings. So I know we're up over around 300 square kilometres. And what attracted me the most though was the geological endowment in the area. And I remember when I went to West Africa in the early 90s, everybody said, don't go outside of Ghana, there's no big deposits found out there. And that's exactly why I wanted to go. So it's about money spent for discovery. And I think as as we do more and more work, great work like like my colleagues here do, there'll be more discovery and there'll be more people coming in. The thing that attracted me most beyond the geology though is infrastructure.

2:04 So our deposit being right on the Trans-Canada Highway with power, natural gas, train, I mean everything that you'd want is there. So the grade that you require to have an operation is less than you would if it were not easy access, not infrastructure in place.

2:25 Yeah, no, exactly. Maura, what drew you to Dryden specifically? Well, I spent about 8 years of my career in Red Lake, and what I got excited about was the potential geologically, and again, the fact that it's so underexplored. So to really be almost going back 100 years and be the first people on the ground making these discoveries and finding the next big Canadian gold camp, I really felt there was potential for that. And it's a great district. All of these projects that you're hearing from today have a lot of potential. And again, the infrastructure allows for a hub and smoke type of model. So we can really start to grow this camp quite quickly. It's just got a lot of opportunity, a very exciting place to work. And Noah, what drew you to Dryden and why do you think it hasn't attracted the same attention as some of its neighbors?

3:14 I think those 2 answers were excellent. I don't have much to add other than the fact that if you look at some of these older prospects or occurrences that were found, some of them were found just before World War I and World War II. And I think what probably happened was some of those individuals never came back. So I think there was some knowledge lost and we are certainly seeing that on our attack patterns. Those trenches that were dug were dug just before World War I, World War II, and then they were never reworked after that. So I think that's contributing to some of that loss of knowledge or rediscovery in some potential, in some regards. I'll stick with you Noah and as you guys know I'm Thunder Bay based, it's about 4 hours east of Dryden and wildfires have made national news, global news even, that they've hit Northwestern Ontario hard specifically, beyond the usual concerns like financing, permitting and drill results, what's other risks that actually keep you up at night?

4:13 I don't have too many. I think we're very privileged to be working in an area with rich infrastructure like Maura and Kevin have highlighted. My main concern executing drill programs and quick succession is working with really skilled contractors, which luckily we have access to. I've worked with Rodden Drilling and 518 Drilling, both of which are sort of run by Kevin Norberg, an extremely talented individual and he's been drilling I think for the better part of his life. So In terms of managing capital and drill programs, that's my largest concern and working with really strong vendors has handled that. And Maura, what's the main concern front and center for you?

5:02 Well, you know, again, I echo we're in a very lucky place, great infrastructure that makes a lot of things that have been, you know, challenges in my past career much easier here. I think the market today is what keeps me up at night because that's one thing I can't control a lot of the other aspects, geology, I mean we have a great strategy there, we work hard to be part of the community in Dryden and really build the social license that we need to keep exploring. But the market's hard to control. I mean, there's a lot of crazy things going on across the globe today. They're impacting what everybody's worrying about and how they're reacting is hard to predict. So I think that's what really worries me. We're very lucky that we raised money kind of before this slump and we're ready to keep exploring but it's, I can't predict exactly what will happen next and how that's going to impact the future years because I feel we're at such a great place for more discoveries, but that's the only thing that really keeps me up.

6:06 Great answer. Kevin, anything that keeps you up at night?

6:10 Yeah, I mean, look, as we're all seasoned CEOs here, and it's got nothing to do with Dryden specifically, but it's about driving. A lot of sites that companies have are not close to airports, and therefore there are many hours and many kilometers of driving. And the Trans-Canada Highway obviously is not clean and clear of accidents and troubles. That combined with fire that we're seeing recently and being prepared, Being safe and ensuring that all our employees are safe at the workplaces is our biggest thing that we want to do. It's the biggest risk I can identify being so close to infrastructure. You don't have the other risks of being isolated, but you have other risks and a lot of it. In our industry, driving is probably one of the main risks anywhere.

7:07 So that keeps me up at night. The actual technical merits and everything else, those are things you work through at markets, as Maura said, no matter how hard we try, we can't control them. So those things don't keep me up at night because I can't change them. I can only keep pushing forward. Right. And there's plenty of things we can control Kevin, sticking with you, beyond formal consultation and permitting, how would you describe the work in relationship with Wabagoon Lake Ojibwe Nation, Eagle Lake First Nation and other local communities? And how would you characterize their view on exploration happening in their backyard? Careful, I think that the First Nation groups, rightly so want to ensure that they're respected and that their lives are respected and their rights.

7:58 As far as their relationship goes, Ours is growing significantly in the right direction.

8:03 In the last little while, people may have noticed a press release we put out. We signed a memorandum of understanding with Eagle Lake and Lac Seul First Nations to move towards how we will negotiate the IBA. So we've had a really good back and forth with the First Nations and it's becoming quite a good relationship. But we start from the premise of being open on as transparent and accountable. And I think if we continue to do that with the First Nations and treating them as a partner, which they are, that we'll be able to move forward quite reasonably. So you know, they have, I can't speak for all First Nations, but there are leadership that have views

8:50 that this will create good jobs. It just needs to be done right and it has to be done carefully and a sound program around sustainability. And Maura, do you have anything further to share about your experience with local First Nations and communities? I'll echo a few things. I think it's just very important to build the relationships early. And for our team, being here in Dryden has helped that because we run into people here at the grocery store, we kind of have that bond that we're in the same neck of the woods trying to protect our home as well. But it's also really important to be very transparent about the business that we're in. We're a little different than NexGold. We're still at early stage exploration stages where we don't know what exactly we'll find.

9:39 So just being very transparent about that is important and trying to build the programs together, looking at how we can explore environmentally friendly and protect the waterways here. It's very important probably to all First Nations and all people, but especially here with the history from the Dryden paper mill. So just reiterating that.

10:03 No, I'm gonna switch topics here. And there's been in the news, Dryden officials have flagged that a mining boom cuts both ways. Good for the local economy, but a strain on housing, contractor capacity, skilled labor and infrastructure, if the town isn't ready. How are each of you factoring that into your planning? So I'll actually stay a little bit on the First Nation topic just to highlight something here to the audience. There's actually been an increase, And this is just from my observation, but there's an increase in First Nation involvement in infrastructure projects, specifically in the Dryden area. Very recently there was an announcement, I think it was the Eagle Lake First Nations, working on power storage in the Oxdrift area, which is just west of Dryden.

10:48 So that's going to be a very substantial infrastructure project, and it'll help accumulate excess energy storage to be used when demand exceeds grid capacity. Another thing is the Wabigoon Lake First Nation built probably the nicest hotel on the main strip in Dryden. And it's not open yet, but I mean, I would personally love to stay there. So I think, you know, while Dryden officials might flag that there's not enough infrastructure, it seems like the First Nation groups are taking an active involvement to make sure that the infrastructure is there. So I think that's an interesting perspective to have. And then in terms of how I manage my exploration programs, we're very lucky to have trailers and local provincial parks that we can use. So it keeps our costs very low and we're very close to our project sites.

11:42 I'd love to pass it over to you, Kevin, cause you are the largest company on the call today and nearest to production. What are your thoughts on the local strains on the town? Well, I think just building off what Noah said is that, we have to work with all stakeholders. I think the First Nations and the progress that they've made with infrastructure combined with us and helping support the town of Dryden and talking to the town of Dryden. I mean, we were chatting earlier before this call started about the airport and how it used to be open. It isn't anymore. There's currently a program in place of trying to get that back and running again.

12:28 And I think it's needed because it's a long, I think you can get to, if you drive from Thunder Bay or you drive from Winnipeg, it's about the 4 hour, 3 to 4 hour drive. So there is a case to have the airport reopened and dried. And that actually just snowballs into having better healthcare and other things opening up and that creates the infrastructure around that for housing, et cetera. But the town has to be a part

12:54 of that as well. So I think all stakeholders need to work together and we're seeing that first and foremost, the First Nations are stepping up and doing things. So it's, you know, as Noah said, it's fantastic to see. And Maureen, unless you have further commentary, I'll move on to the next question. I was just going to add quickly, I mean, living here this summer, we've seen several different buildings popping up, a lot of homes more for elderly, but there's a lot of building going on, which I haven't seen in the several years I've lived in Dryden. So to see that the city is making this push, they're already prepping for, you know, next goal to open their mind for us to make a discovery for some big company to come in here and, you know, would this be

13:40 the next mining camp? I feel it anyway. It's nice to see because Dryden, I would have said when I lived in Red Lake was kind of a slow town and it didn't have this vibrant energy that it really has started to see. Living here in the past, I've lived here about 5 years and that change has been great. So Dryden's definitely pushing for that. And you see more contractors popping up and just a lot more activity going on. So I think that people see it coming and it's actually starting to prep ahead of time. So I've certainly talked with the city myself and There's a need for it, but I think people are stepping up to the plate and starting to prep already. Great answer. I want to stick with you more because you mentioned markets in an earlier question.

14:28 With gold trading at the levels it has been, We've seen all-time highs recently and also some pretty steep corrections. How does a junior manage this environment, whether it's how aggressively you drill or how you raise money or which markets suddenly pencil out that wouldn't have a few years ago?

14:47 Like Kevin said, carefully. With this kind of market, it's touch and go. You're kind of watching how things are changing. And the way we've always approached exploration is each phase, We're looking at how it changes our exploration targets, what makes the most sense. You have to be constantly reevaluating everything from your exploration targets to what's gonna be most economic based on today to where your social license is. So I don't think that it changes much. We're always evaluating a kind of a plethora of different reasons to go explore, different reasons to drill which targets.

15:22 And so it's just, you know, one of those check boxes on my criteria when I'm assessing what to spend and how to go about the targeting. But it certainly is an important factor as we look at timing of things and we always have a summer slowdown, but that also is a great time for us explorers to really get boots on the ground and figure out what's next and what will hopefully excite the market as I'm hoping and hoping it picks back up here coming into the fall. Noah, how are you navigating this gold market with your boots on the ground approach? Oh, well, I certainly echo Morris' comments and sentiment there. I think, you know, ultimately our exploration can't stop because gold pulls back. One thing that we tried to do just before it got really bad was execute a couple of raises back to back. And even though it was really slow, we did see some pretty significant demand. We had to open another financing, which we'll close shortly here.

16:21 But in terms of how we spend that money, you know, like Kevin said, carefully. So we're picking the best targets that we can with the IP and the ground truth thing that's been done on the ground. And then in addition to that, we're also weighing some step-out holes that are a little bit more exploratory in nature. And Kevin, for NexGold, how are you guys navigating this turbulent market? I could spend the next 4 hours and get through a 10% of what the Gold market, but generally I think that people, investors, at least retail investors and some institutional investors, are not investing in companies because of the price of Gold.

17:09 They're investing based on direction. And when you see a Gold price hit a peak and then bounce around, changing sometimes US$80 to US$150 a day, up and down, you cannot figure out a direction. So if you're an investor thinking you're going to buy this, because I think it's going up and you're looking at it daily, you can't get a direction.

17:32 So I see that being part of the problem of a bit of liquidity going down. It's also summer too, but I also see it as, if you're investing in Gold because of risk and you don't understand the risk because the war is on, war is off, war is on, war is off, everybody gets confused. So, that will sort itself out one way or another. And I think the timing might be perfect for the fall. And I think we'll have a market back again in the fall. And when I say a market, I mean not a better Gold price, but a rising Gold price and a directional rise. So that's Gold. And then

18:06 what we do is ensure that we're spending our money wisely and developing the best or the most amount of value for our shareholders. And that would be moving everything forward in phases. In other words, when we're searching for new targets, it's doing the right work up front, ground-truthing everything else, geophysics, geochemistry, and all the work prior to sticking a hole in. That way you can limit the amount of drilling to test something instead of moving too quickly. Then when you found something, it's really about keeping the excitement going, keeping the drill turning, not as Noah said, not backing down just because the Gold price is off on a day or down or tracking down, but having a plan over time and getting things done to prove something up and create value.

18:57 That value will come when the market turns. As long as you keep doing the right things, telling people you're gonna do the right things and coming back and telling them you

19:05 did do what you said you'd do. And that's an ongoing process. Sure, great answer. We've already seen strategic capital and consolidation move into the district from major stakes and juniors to early acquisitions. I'd love to get everyone's opinion on this one because you all are at different stages. We'll stick with you, Kevin. Do you see the Dryden camp heading toward further consolidation and where does each of your companies see itself in that picture? So I think there's always room for consolidation.

19:34 As Maura was saying earlier, as you develop these things, it's going to get the attention, as we move, all of us move these things forward, it's going to get attention from others that are bigger and more significant than us because of the infrastructure and because of everything else in place. I think that we're going to see some more movement in that M&A space. I think where we fit in that is we're a little different because we have 2 projects. We used to be 2 companies with our own single asset projects, but now that we've got 2, it's someone liking something in Dryden really is,

20:18 they would have to also like what we have in Nova Scotia to talk about any kind of merger or acquisition. So, the way we fit in would be more at a, maybe at a project level than a corporate level, if somebody wanted something in Dryden. But we always want to move things forward to create more value before we have someone talking to us about that. And we think there's a long way to go in Dryden in our projects because we haven't seen the true value there yet. Right, Right. And Maura for Dryden Gold, where do you guys sit in terms of potential consolidations?

20:55 I would even speak to the whole Dryden District. I echo what Kevin just said. I don't think the whole true value has really been found yet in Dryden. I think we have a great indicator. I mean, correct me if I'm wrong, but I think you have 3 million ounce resource there at your project. Dryden Gold, we don't have a resource yet, but I think we're building towards that and showing the potential. Those geologists that can do their back of the envelope calculations may already have a guess of where we sit, but we want to really grow something significant. It's no secret that that's always been our goal as Dryden Gold, that we know we're good explorers, we want to show a pathway to a big discovery and a pathway to a mining camp, really, in the Striden District. So we've always felt that, that's kind of how we put together this large land package we had, all that always thinking, you know, it makes sense for a strategic. And we do have 2 strategic partners with Alamos and Sentara. So I'm happy that they're invested in us in this district. And I think there are more strategics watching and it makes sense to me.

21:56 I haven't spent many years working for Goldcorp.

21:59 You wanna look for projects like this that won't have the high infrastructure costs that many do. This is a lot easier to turn on than something that is only remote access, only by airplane. You can drive everything that goes through Canada goes through Dryden because we're the center. There's only 1 Trans-Canada Highway here and the railroad goes through here. So you know it's a really unique place to be exploring and I think it'd be a little bit crazy if people weren't looking at this as the next possible district from a strategic perspective. And Noah, same question for you for Ashley Gold. Those were great comments by Kevin and Maura and I certainly echo them. I'm not an analyst by any means, but I think Dryden Gold and NexGold having significantly larger market caps than ours, which is now sub 5 million. I think there is room for consolidations

22:53 in the sub 5 million camp, because merging multiple small companies together gives you better access to capital. It allows you to move faster and have a greater impact for your shareholders. So I think that we haven't seen that yet, but I do really think there's a strong business case to see that, especially in this camp. And I think we're one of few with that market cap here. Great. I do wanna get into a few company specific questions before we talk about upcoming catalyst, et cetera. And I'm gonna refer to the chat because there is a few questions in the chat and I'll leave this open to the group and you guys can all address this one question. Wonder if you could give us a quick update on the forest fire situation, how acreage in your property has been affected.

23:42 So if anyone has any effects from the fires, you can share, if not, we can move on. Yeah, no impacts. Yeah, we've been really lucky. It's all east of us or south right now, but we're all watching closely. It's dry here, my grass is turning yellow. Hopefully rain is coming, So we were chatting about that before we jumped online. The key for us is to ensure that we have a proper evacuation plan and safety measures in place. But right now we're on standby. We'll go to you, Maura. Question from Tim Williams at Bund Capital. Do you believe the Dryden Gold Camp, oh, I guess it's for anyone rather, I just read Dryden Gold in the Sindoz for you, but we'll start with you then. Do you believe the Dryden Gold Camp has the scale to support multiple standalone deposits or do you see it ultimately evolving into a consolidated district with shared

24:38 infrastructure? Well I think it would make the most sense to be a consolidated district with shared infrastructure. I just think that If I was the strategic looking at this, there are so much potential for growth and a long-term mining camp here, but there are several owners, so that would take a bigger price tag, but I think that's how I would attack it. Build 1 central mill, You have all of these excellent logging roads. I mean, you can, I can drive to every target I have? I've driven to a lot of the targets of these gentlemen as well. So it's very easy to get around. And I think that's a huge benefit. So that's what I think would happen. But I'd like to hear what the other guys think if they agree. I'll go next. I think that I agree with Laura to a point. I think that it depends on

25:29 infrastructure. Obviously, deposits can have different metallurgy and different hardnesses and sometimes blending them don't work and all those kinds of things that you'd have to look at technically. Also, distance of travel. So, haulage of, when you think of hauling something, you have to think of the re-handling components of it as well. I think there's a case for certain different deposits within different companies that may make sense to work together with 1 central hub and swoke kind of opportunity. But then there are others that that just doesn't work. For instance, at our deposit right now, we're looking at where's the best place for our infrastructure because at this long-term consensus Gold price, There are ounces at one of our 2 deposits at Goldland.

26:19 We have Goldland and Goliath. So at Goldland, we have a lot of ounces that are waste if we have to haul them south

26:28 or if we put them right next to them. So that haulage is that difference of the low-grade ounces. So there's a lot of moving parts about putting things together. So there's a case for it and there's a case, not against it, but there's a case where it doesn't work as well. So I think you're going to get both. We will bring Noah back into the conversation, but this is really for everyone. Kevin's asking, are you seeing the same main mineralized trends extended directly across project boundaries between NexGold, Dryden, and Ashley?

27:00 Well we're on the northeast of NexGold's claim package, which is the central volcanic belt, which is probably a little bit different than certain areas like Maura's company's working. And then obviously another claim package Ashley has is in that main or office splay of the Manitou Fault. So I think to answer that question, it's all sort of different geologies and Ashley's projects at least. Do you have anything further to add to that, Maura?

27:30 Looking at the district regionally, there's certainly a few different gold-bearing events. We've been working on that quite to a tart ourselves to try to understand what to target because we do have 90,000 hectares, so it's a lot of the camp. And there are definitely different gold-bearing structures. There are different styles of mineralization. Kevin has a VMS kind of style, 1 that's more Gold related to Plutons or intrusions. We see high-grade and veins, but we're also looking for other similar structures, similar to Kevin's deposit. So a lot can be found here. And I think that you see similar structures having worked also at NexGold previously, it's very similar structural domains. So I think we can use that thesis for kind of all of our exploration targeting across the camp, but there's a lot more work to do. If you look at this district, there's been so little research and most of it is very recent. Metal Earth studies, like just a few years back is about the most research that's been done here. So we really need to drive that forward as our companies can help to understand what's going on here.

28:39 Question for you, Kevin. You paused the Goliath feasibility study to reassess the project's configuration and are running infill and discovery drilling at Goldland instead. In practical terms, what would need to come out of this year's work to restart that Feasibility Study? Yes, thanks for that question because

28:58 we often want to explain why we do certain things. So we didn't pause the Goliath Feasibility Study to reassess. We actually had 2 projects and the Goldboro project in Nova Scotia and the Goliath Gold complex were competing against each other internally on which would go first. So it was the project that decided

29:19 whether we were going to halt or not. So when Goldboro got all of its permits and its First Nations Agreement signed and is ready to build, we obviously want to do that 1 1st. That allows us the opportunity to see how much better we can make the Goliath Gold complex with more drilling at this price of Gold. As I said about Goldland, there's a lot of ounces there. So look at it differently, see if we should change the way the infrastructure is, etc, because we will not build 2 mines at once. We have a good 2.5-years to really optimise and permit that optimised project capital P at the Goliath Gold complex. It wasn't us stopping and reassessing, It was us having the opportunity to be able to do that, to optimize the project.

30:08 So I think what will come, it's not what's needed to come out of it. I think what will come out of it is a better project at the end of the day that's easier to permit and I shouldn't say easier, that's more reasonable to permit and more reasonable to get an IBA in place. Noah, I believe you mentioned you are currently undergoing a capital raise, if I'm not mistaken. There's a question from Robin. What is the climate like for capital raise at the moment? It's pretty weak actually for, well, it's the summer. So it's a little hard to get people's attention. The reason we opened that second raise was because of excess demand from a raise we opened in June, mid-late June.

30:56 So that was the main anchor of the secondary placement and the rest of it was just fill-in that we've been gathering up. So that's actually expected to close very soon. Great. A question for you, Maura. Kenora Land Minerals is also active in the district, correct? Yeah, absolutely. So they hold the southern to southwestern portion of the trend that we're on, budding up to the south part of our property Sheridan. They're also partnered with Sentara. So it's good to see Sentara being so active in the camp. Certainly has a lot of money invested and they spend a lot of time with us too, looking at what we're doing exploration wise. Yeah, yeah, it's good to see Canora Land here, they are good prospect generators.

31:43 And I don't know who I want to address this question too, but I do want to address it. Kevin just asked it in the chat. Do you share information at this point? I'm assuming between each of the companies, if you're allowed to disclose that or not, I'm not sure. I thought I could start by saying we don't have a formal sharing agreement or sharing information. However, we do chat at conferences, etc. About what's going on and anything we can do to help discovery and advancement in the area helps us. It's not like we're all selling chocolate bars and trying to compete against each other. Gold is pre-sold. As I said earlier, we all have to work together to make the area work.

32:30 I think that companies sharing what they can to a point is a good thing, but we don't have anything formal in place. Gotcha. Ike's asking for Dryden Gold, how close are you to have an initial resource estimation on any of the deposits on your district scale land holding? Well, I get this question a lot. I feel it's really early and we would be disappointing people if we went to do a initial mineral resource estimate right now. Like The news we put out earlier this week, we're just still expanding the footprint. Every time we look to test the strike length or the continuity, we grow this thing. So I think it would be silly to put a number on it just now when we're still trying to understand how big Gold Rock's footprint is specifically. That's where we'd be closest to a resource. And we just received permits for Mud Lake, which is like, you know, our idea of a string of pearls. So 1 deposit here, another just, you know, a little bit to the north and potentially 1 to the South, that sort of thing. We're trying to show that this could be huge, not just a few million ounces, but like something very significant.

33:38 I often use the red lake, which I have a photo of red lake behind me, as an analogy. If you have Red Lake, Campbell Mine, and Kosher, you get to 30 million ounces. That's the kind of footprint we want to show because that will certainly get a mine built here. We're a junior explorer, so we're not gonna drill that off to a resource, but we want to show how big it can be and hopefully generate the excitement, be able to raise the money to get there. It's a bit of a game when you don't have the money coming in, you're not a producer that can pay for your own exploration. So we really want to show that and try to add the value that way before we spend the money on a resource and a study, because it gets expensive and I want to make sure it adds the most value for our shareholders.

34:25 Great answer. Noah, over to you. For people new to the Ashley Gold story, The NTZ has no drill history but returned grab samples up to 398 grams per tonne gold at surface, while the 67Z is backed by historical intercepts and your Phase 2 holes. How are you splitting Phase 3 meterage between stepping out of the known zone and testing the untested one? It's a great question. It's probably a 90% split, 90-10% split with the 10% being allocated to the NTZ. That vein looks like it dips shallowly to the north. We're not gonna allocate big meterage to it yet. We're gonna test it with maybe a few short holes. We're gonna see what's going on. We're gonna see if we can replicate a percentage of that grade in the vein at depth in a drill hole.

35:14 And then really the rest of the meterage is centered on the resistive body around the 6-7 zone. Great, thank you. Another question from the chat, are there VMS mineralized systems in the area? Which ones stand out? I don't know who to direct that to. I can answer. Yeah, there's 1 west of the next gold Goliath cold complex the center fire which is operated by cascade copper so I feel like I know also maybe who asked that question well and Goliath itself has some VMS relation. You see the VMS sort of minerals, Galena, I'm having a brain fart, but Svalorite.

36:01 So it has an association, maybe overprinted by Orogenic Gold, that's how you get the geometries, but I mean, that's one of the other targets we're looking for on our property as well with the soil program that we did across the district. We want to see what other types of deposits we might be able to find. And again, it starts to indicate that you're looking at a bigger camp when you have multiple styles of mineralization. I can say that I feel like a speck of sand in the desert right now because, you know, I'm not a geologist and I'm on a call with 2 geologists. So whatever Nora, oh yeah, not, whatever Nora, I agree with Nora and Nora, whatever they said. Great. I think I'll ask one more question for each of you and then we can close things off here. We'll start with Noah, you're launching phase 3 before the phase 2 assays from 67Z, including TAC 2607 and TAC 2608 are back.

36:59 Why not wait and could those results reshape your phase 3 targets once they land? They might have but we're not going to be drilling in that area so we did have the historic data from 6 7 zone so one of those holes was a twin of that zone and one of them backed up north and undercut it. And it was a fairly deep hole. We're not looking to do any deep holes in this program. So that data wasn't necessary, would have been nice to have, but waiting a few weeks with the labs backed up for us it wasn't really feasible getting a crew out there to drill when a crew is available. That was a nice move. Thank you. I had a question prepared for Dryden Gold but I see Mr. Trey Walsert is asking a question for more so I better ask that one. Can you comment on the gold intel sample results you published recently?

37:52 Yeah, I think it's a great driver for us. We've been talking a lot about GoldRock since we started this company back in 2024 and started trading. And we have so much more. So, you know, a lot of people ask, well, why don't you just focus on Gold Rock? Why the whole huge land package? And I think it's really important part of our approach to exploration. We really feel that this is a district play. And I think it's backed by Alamos and Sentara being strategic investors in the company, that they also feel that this could be a next mining camp. And so it's very important for us to show a path for a long-term future here. So we really believe in Gold Rock, but I want to show that there are other targets as well on the resource pipeline, that this is a place where a big company could set up camp and continue to find new deposits and you know, in the next 100 years, so to speak, something like Timmins. We want to show that kind of potential in this district, so that's really why the soil program, the till program is so important, and the ground we picked up over the last year based on last year's program, you know, we're doing the same work on that right now so that we have a full geochemical suite of data because not all the rocks are exposed and that gives us the ability to see kind of through the forest and what could be underneath. We couple that with the geophysics and we're off to the races on a bunch of new targets.

39:15 So it'll be exciting to get some of the field work out here coming in the fall. Great. Thank you. Now, Kevin, you might have already addressed this a little bit with the last question, but feel free to reinforce it here. With the FS paused and 2026 drilling split between Gold Lund Infill and Broader Discovery, Is the goal to grow and firm up the resource before you re-engage Feasibility? And how do you weigh that against advancing GoldBorough at the same time? Yes, I'll address the last part of that question first. Goldboro is its own entity, really with a project team. We've hired about 25 people that we've hired on the project team with about 5 more to hire in the next few months. So that's really got its own engine of different style of people in construction to get towards starting to build that at the end of this year.

40:07 With that happening, as I said earlier, it gives us the opportunity to improve and enhance the Goliath Gold complex. So part of doing that, and only one part of doing that is infill at Goldlund to turn some of the inferred into measured and indicated so it can be used in a Feasibility Study because inferred can't. And there's a lot of ounces and there's a lot of lower-grade ounces. So firming those up is one part of a multi-part plan to get to the point of starting a pre-feasibility study based on moving of infrastructure, etc, based on all that. So, we plan on having our internal studies done to find out if we're right about moving the infrastructure around while we're drilling to make Gold land even bigger, as far as ounces go.

40:54 And then starting a pre-Feasibility Study in about the end of the third quarter, beginning of the fourth quarter of this year, and moving towards a feasibility study on that. So it's about defining the project with a capital P for permitting and IBA purposes, and then doing a pre-feasibility on that. And then continuing to drill regional targets as well. So it's a multi-phased program over the next 2.5 years to just ensure that we've got the best project we can have. Thank you everyone for the call. I have one last question, but I do wanna talk to the audience for a second. When we close off here, there will be a meeting request button. Feel free to hit that for whichever companies you'd like to book a meeting with, and I'll be sure to pass that information along with their respective companies.

41:49 But just a nice way to wrap it up, a nice easy question for you all. I'll start with you, Noah. Looking out over the next 6 to 12 months, what specific results or milestones, whether from your own program or from others in the district, Do you want investors watching as things that would meaningfully shift the investment thesis here? Well, I'll just briefly talk about Ashley. I'm really looking forward to our rolling drill assays coming in. So that's something that excites me. For next gold I'd like to see some more results out of the infill maybe even some deeper holes showing some underground potential that would be very interesting and then for Mora the the Hinman I don't know I can't I don't know how to say that, but that's sort of a very exciting project. So I'm looking forward to seeing some more results there.

42:39 Moira, over to you. Next 6 to 12 months, what are you excited for? Well, I'll start with Dryden stuff I'm excited about. I'm really excited about expanding Gold Rock, getting up to Mud Lake and testing that to see if our thesis about multiple deposits on that string of pearls is true. I can't wait to see what comes back from Hinman. I don't know, I think that's how we say it in Min. What all is out there, we've expanded that land package significantly from last year's work. Initial boots on the ground in the beginning of summer, spout mineralization where there was the soil anomalies. So visually anyway, so we're excited to get those results back and start talking about that and planning what makes sense there. It was really great to be on this call with everybody because I of course follow the district closely and hearing some of the things Kevin said about looking at Goldland. That's very exciting to me. I think there's a lot more on the north end of this camp as well, along the Manitou Genomic Deformation Zone and you're well positioned there to expand that and grow that deposit as well. So that's really good to see. So we'll keep watching for good results there and NOAA keep making discoveries too. So it's an exciting time.

43:52 Thank you. And last but not least, Kevin, any closing remarks? I think that, you know, this is called the Dryden camp heats up. So For the camp in general, I think positive results coming from out of these and other companies are something that's going to heat up the area for sure. That rolls into all the questions you've asked about consolidation, etc. I think that's something that's exciting is seeing actual multiple companies with positive results. As far as next goal goes, we'll be having constant drill results from infill drilling, some regional drilling, development milestones as far as technical reports and even resource updates. So I think, you know, as these 3 companies that are at different phases in their growth, all put positive results out together, I think you'll see the heating up become quite hot.

44:45 Great. Noah, Maura, Kevin, everyone that asked questions and joined us live here today, thank you so much. It was a really great event and keep an eye out for the replay. It will be ready within the next couple of hours here if you came in a little late, but thank you all for this great discussion.