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The Enigma of Digital Investor Relations Unlocked

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Fri, September 30, 2022 at 12:00 PMendedReplay
The Enigma of Digital Investor Relations Unlocked
Company
6ix, Fireweed Metals Corp. (TSXV:FWZ), Mining Americas Inc. (TSX:MAI), Orezone Gold Corporation (TSX:ORE)
Date
Fri, Sep 30, 2022, 12:00 PM ET
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Watch the replay on this page · 1 h 7 min

On 6ix: 6ix.com/event/the-enigma-of-digital-investor-relations-unlocked

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Transcript

Automated transcript · Written by software from the replay's audio. It can mishear names and figures; the replay is the record.

0:08 Hello everyone and welcome to today's event, the Enigma of Digital Investor Relations Unlocked. My name is Bianca Pachola. I'm the Chief Revenue Officer at 6, and I am so glad to be here with our amazing panelists. I will let them introduce themselves, but today we have Doug Bramshaw, Vanessa Pickering, and Brandon McDonald. So why don't you guys go around and introduce who you are, where you're from, and just a little bit about your company. Ladies first. 0, thank you. I'm Vanessa Pickering. I manage Invest Relations for Orzone Gold Corporation. We are, no, We are not building a mine in Burkina Faso. We have built a mine. We're pouring gold.

0:50 I've worked in the invest relations industry in mining for about 18 years now. And I'm really happy to be here with my 2 buddies, Brandon, Doug, well, my 3 buddies and Bianca.

1:06 I'm Doug Ramshaw. I'm the president of Monero Alamos. We are also a gold producer in Mexico and looking forward to building a second mine to follow on from that one. Probably start building that around the second half of next year, if all goes well. On a capital market side, which I guess is my flavor when it comes to investor relations, I've been a mining analyst way back in the day and really always had more of an interest in the capital market side than the geology that I did 7 years of training at and forgot most of it over the years.

1:47 And yeah, happy to be here with my good friends and their cats. Yeah, no, no cats here, but I can push something off the back like table there if it helps, but Brandon McDonald, CEO of Fireweed Metals. We're a Vancouver-based company, but focused on projects in Yukon and NWT. So our large zinc-lead silver MAC Pass property in Yukon, and our MAC Tung, Tungsten property, which spans the Yukon and NWT borders. So both large-scale, world-class, critical mineral projects that we're happily pushing along. Background as a geologist, But like Doug, I don't get to use my geology in anger much anymore. You know, a nephew or something will tell me, ask me what a rock is, and I'll make something up, because I don't know.

2:41 But yeah, happy to be here, certainly, amongst good friends. Amazing. Folks, before we get into today, as Dasha mentions in the chat here, you can ask questions at any time. There's a Q&A section in the chat panel there, and I will try to get to them.

3:02 But folks, for those of you guys who may not know, this is almost 2 years to the day from our last panel. So we had a digital investor relations panel on October 1st, 2020. And now 2 years later, my first question to you folks is, what's changed since then?

3:23 We're in person again. Yeah. Except for right now, of course. Yeah. It's been good, just with the Colorado conferences just recently, which is maybe one way of talking about change. We all were seeing each other in person a couple of weeks ago.

3:43 Last year, it was a hybrid conference, And that was something we saw as a change as COVID took hold, everything went virtual, then people started an approach to hybrid, which just doesn't work. It's 1 or the other, I think, in my opinion. And so, yeah, seeing each other in person was great.

4:06 But what's really changed? I mean, webinars and town halls and The proliferation of social media, I think, absolutely took off, and I think it's here to stay. It would be wise for companies to think about how they spend their marketing dollars to ensure that there is a virtual component or a social media component moving forward, because it's some of the best ROI over over attending conferences which are great and you get a lot of value out of them but you know I'm a big believer that you're there's probably only 3 or 4 events you need to go to every year. You don't need to there's there are so many you could sign up for and eventually you just start seeing the same people all the time. And you know whilst it's important when you're building trust with your investor community to go back and face them and face the music if you haven't done things right or the like.

5:08 You know, I just don't think you need to go to all of those. So virtual augments the conference schedule that you should be at very nicely. I agree. It was really nice to be back in person. And we did get to meet some new investors.

5:29 And those relationships wouldn't have been built, and the trust in the company, seeing management, hearing the story out of the horse's mouth, so to speak. You know, meeting on a virtual platform, I don't, I don't know if that gets it across as much, but it's certainly

5:51 for us, for Orzone, we will continue to do digital marketing as well. It's just, it's a way for me to preserve my president and CEO's time. It keeps existing investors aligned with your story but I don't wanna do hybrid of events because I think that you're doing one or the other just like Doug said. Well, and you know, you think about pre COVID, and I think some people occasionally use like Cisco Webex. So it was at their platform, which was, I mean, I kind of thought hot garbage, right. And you would do some town halls and you would occasionally have these video meetings with people.

6:37 But, you know, the people had to learn quick and they had to adapt quick. So I think now it's like a Teams or Zoom or whatever meeting is the norm. And an in-person meeting becomes the exception of like, do we need to meet in person? Like, do we need to justify, even sometimes when someone's down the block, you just do a quick Zoom, Teams call, whatever. I think that's changed a lot. But in terms of switching back to in-person conferences, and I think we talked about this 2 years ago, is that what's missing from a virtual conference is the serendipity,

7:18 the chance encounters in the hallway, the conversation. I mean, to be honest, there's not a lot of good conversations, I'd just say productive conversations had at the lobby bar at the Hyatt in Beaver Creek. I think that's probably more chaos than order. But that ability, because I think like a Beaver Creek, whatever it was 2 weeks ago, if I had a little gap in my schedule, you would just go hang out outside and There's people there and you catch up. This last year, I think some of the most productive or best planted seeds were not scheduled meetings. They were like just something that just happened. You bumped into something and someone said like, oh, like X and so grabs your attention and you follow up on it, which would not have been a meeting. They wouldn't have thought to tell you unless they saw you. And you wouldn't have scheduled a meeting because you didn't know that they had some piece of information that was useful for you.

8:18 So I think Doug's right that you don't need to go to a conference every month. I don't think there is a good conference every month. I think there's some, there's, you know, in various places, you know, I kind of think Roundup, PDAC, Beaver Creek, Minds of Money London, you know, kind of the ones that I'll be sticking with.

8:37 But it's it's definitely nice. And we have friends in the industry. Right. And it is nice to be friends again and in-person friends for sure. Yeah, it was getting a little hard, you know, you don't get to socialize. Almost your script about your company is so prescribed when you're doing it digitally in a way, like you have time to think about what you're gonna say. It's not off the cuff or anything. You're not in rooms, you're not hearing, oh did you hear about this company? Did you hear about this company? That's, you know, that is the benefit of being in person.

9:16 I think, you know, when, you know, you can have a slide deck with you in an in-person meeting as you typically do and you might bust out your tablet or laptop or printed version, but I find I tend to rely more on the slide deck virtually when it's like a part of the platform. And I think that makes it less organic and less natural. And I think that instant feedback of looking at people and that, like, are they leaning forward into something? Do you need to talk more about that? You just get such a better, you can deliver so much more of a relevant and targeted sort of pitch to someone when they're right there that you just don't get when they're virtual. Yeah, That's a good point.

10:03 I actually hate slide flip presentations. And virtual often requires that. 75 meetings, I think I had over Beaver, scheduled ones over Beaver Creek and Denver. And I think we got to about the 70th before someone actually asked, well, do you have a deck? I just love, because Bottom line, when you're talking with people, what doesn't come through the screen?

10:35 Ex-colleague of mine, Chris Taylor, that everyone would know, who was an absolutely amazing presenter. You know, when you listen to him in person, you know, the passion, the enthusiasm would come out so well. And in fact, he was able to translate that to the video screen. But I think there is something about looking someone in the eye, for them reading the body language, for seeing the enthusiasm. And the reason I don't want to have a deck in a presentation is because to me,

11:13 everything can be found online to support what I'm saying. But if I'm having a meeting, whether it's for someone for the first time, if they don't like the 10,000 foot view, if the model doesn't make sense or whatever, it doesn't really matter what pretty pictures I have in the deck. I want to have a conversation with people. Virtual can take you more to page flipping and I think you lose a lot in doing that. So that's always been, you know, fun for me. It's just to have a conversation with someone. It's not a pitch. It's not a... It's an informed and, hopefully, an interesting conversation with someone. And even when you're doing it virtually and you're doing the page flip, I mean, that's all you're hoping for, really, is someone who's got, who's prepared to listen to you for 30 minutes to what you hope is not 30 minutes of their life that they're regretting that they're never

12:10 going to get back at the end of it. Good point. No, it's true. And I think, honestly, that's one of the interesting consequences of COVID. On one hand, it accelerated the adoption of digital investor relations, where I do feel as an industry we were kind of lagging behind. But on the other side, it created this false dichotomy where suddenly it's all digital or it's all in person. In actuality, there are some things that are not really well suited for digital and simultaneously there are things that are not as well suited for in person. And so I think finding the right mix of things, you know, really the medium is the message. What do you do on certain things? It's not going to be the same that you do on different mediums. So I guess what are you planning to keep from this era of COVID? And what are you planning to do away with in your view?

13:03 I don't think that we are going to change so much of you know our marketing plan in terms of what conferences we do. We still did the same you know I might have added the Swiss Mining Institute as a conference, which I really liked, virtually. And yes, I might go to their physical in person. But I'm still going to do the one-to-one-based conference, whether that be one-to-one, precious metals, Denver Gold Forum. But I guess I could start to, I will start to look at roadshows again, you know, physical roadshows to meet new contacts. I discovered during during

13:49 COVID, you know, what worked for my boss. He's really, in my opinion, really good at being interviewed. But when we're going back to the slide deck and just going through slides, you know, you could, it's not that organic feel. So I don't think I'm gonna change so much. I'm just going to recognize what works for my company and not get seduced by all the other things that are being thrown at me. I know what works for my company. It might not be what works for Brandon or Doug, but I know what works. So I think I'm gonna keep doing the same things I'm doing, including webinars, because it preserves my CEO's time. And you get to do it on your schedule as well.

14:39 And go forward, just go forward kind of like this hybrid but not hybrid conferences. I think that you hit on something about time and effort levels that testing out a conference, particularly if it's overseas, is a big investment in travel and registration, but probably most significantly in time and exhaustion, right, particularly if you're dealing with jet lag and stuff like that, because I'm sure everyone here, like when you go abroad, you always come back with a backlog of emails, because it's just very hard when you're there to sit down, you're jet-lagged, you're busy during the day, you're exhausted at night to catch up on things.

15:23 So it's really significant to experiment in that area. What's super nice about digital, and this is like webinars, digital marketing, online conferences is that even though sometimes it's not necessarily always a lot cheaper it is a lot easier right so it's like a we can test this out and it's not a big commitment of our time, it's not a big commitment of our energy level. Nobody's burning out doing this thing. You do get some of these like online conferences that people from all over the world are on. If you don't block out your schedule properly, suddenly you've got like a 3am call with someone in London or something like that. But you know, mostly it's just easier. That doesn't mean more effective, but it just means easier so you can get a bit more experimental.

16:18 And we've certainly, you know, taking that sort of COVID area, well, we can't do in person, so let's get experimental with digital, made us realize like we shouldn't stop being experimental with digital. Like, because there's a lot of stuff that has a low entry cost that you can ramp up. So why not test things out? Yeah, I mean, from our perspective, I mean, I'm very happy with, proud actually, of how little we spend on marketing for the impact we get. That should be important to investors because dollars can go into projects. That's where the real meat is put on the bone. That said,

17:02 I think it's dangerous to rest on one's laurels and say fully, I'm totally fine with how things are going because there's always elements that can be added. As Brandon said, there are things that can be tested very cost effectively that they don't work and move on from. But we'll largely, we will add conferences. We're fortunate. We get to, you know, Of all the conferences Brandon mentioned, I would agree. I'm going to take Monero to London for the first time at the end of the year. I didn't think the story was right for London until now. The good thing about a European trip, you can always augment other European centers and enter it. So, I will tend to do 1 trip a year to one of the Swiss-based conferences, but I will tie on to that Belgium, for example, where I have a lot of shareholders.

18:05 You know, I would do Denver and Beaver Creek. It's exhausting to do them back to back, but they're very valuable conferences for us. PTAC is, I would say that's more valuable for my operating team than it is for me, to be honest. If I want to go to Toronto, I don't want to go there when 10,000 people are also there all trying to see the same people on the capital market side that I would like to see. Back in the day when I was an analyst, the fund managers I dealt with in Toronto hated PDAC week because of everyone that was going to be in town. I think that sometimes we should think carefully about when we're marketing, we should be traveling to suit our company's developments rather than a conference schedule.

18:57 So yeah, there's a European component in there. There'll be a North American component. I would rather keep getting invited to the BMO conference a couple of weeks before PDAC than PDAC, and then my operating team via PDAC. But I think everything else will largely stay untouched. I think the only difference for me next year that could see increased travel is certain best presentations I'm doing with the bankers and certain non-deal marketing that the bankers offer, which we've done virtually in the past, will be structured much more about a tour of a couple of centers, New York, Toronto, and wherever. And

19:44 that will be an additional trip in there. But yeah, no, I think we will largely continue doing exactly what we were doing pre-COVID even. All the panelists here were actually pretty active on Twitter pre-COVID. I've been asked, as the company grows, will you stay on Twitter? I love the engagement with people. I want people to be able to feel like they can reach out to us in whichever capacity. I think shareholders don't do it enough. So when you can provide them the opportunity, I think you can build a connection and they can realize that behind, a title or a bio and a website, we're just people after all, and just charged with the responsibility of serving the shareholders' pleasure.

20:43 I love things like Twitter for the engagement. I can quite honestly say there's been no better ROI for Monero. I can probably speak to about 10% of our company that is owned by people on Twitter, including people that own

21:01 very large positions and the many, many millions. That's cost the company nothing, absolutely nothing. If I can do that, then that's less capital I have to think about raising, and it's more money that's available to our operating team to actually develop the company, which ultimately is where the real value is created, not hundred grand, you know, 1 month marketing pumps. Doug, I'm glad you brought that up. I made a joke about it in the first of this event, just how fantastic each of you guys are at Twitter, but it's so true. You are genuinely some of the folks that pop up my Twitter feed the most.

21:49 I can say that certainly doing much more on this platform and getting much more from it than folks I see in this industry typically. I think the personification and the humanization it's been able to generate is something unique. What would you say to folks who are trying to get into Twitter? How has it been effective for you? Why do you enjoy it so much? It was Twitter and posting on CEO.ca that I started in 2016 or 2015, I think. I know I had a Twitter account from before that, but I hadn't really actively been posting. Part of it was that I was very marginally employed at the time, like marginally, marginally, and doing construction labor on the side to make sure I could pay rent.

22:45 I needed people to know who I was because I felt like a big part of the problem was that nobody knew who I was. The path I took was to try to be useful and authentic on Twitter. Really that was following the lead of our good friend Rob McLeod. I know I stole your thunder there, Doug, because it's super relevant, because what happened was, at the time, I didn't know Rob. And I just was kind of posting on both and trying to be useful and chime in on things that I thought I had something interesting to say. Actually, Rob noticed and hired me with IDM. Then Rob recommended me to the team that was building Fireweed.

23:35 I think my continued presence has had a big impact for Fireweed, but actually my whole seat here in Fireweed has been because I made a concerted effort to make sure that I was involved in social media and mining and the people knew who I was, right? And I think for people who are looking to experiment with it, you can't, you know, like just the, we all know that the people who just come in and dump their news releases, retweet them, and every time someone mentions, for me it'd be like, if every time someone mentions Zync, I came in and was like, oh, Fireweed has the best, I'm typing here so you couldn't see my hands, best Zync project in the world, and you just become a bit of a 1 note, right? Like people, you have no authenticity, people are there, you know you're there to promote your wares, right? So I think you have to be useful outside of just your own stuff, like commenting other stuff, understanding that although we all have private opinions on many companies, I find it pretty risky to throw stones when you're probably living in a bit of a glass house yourself. You know, so I don't tend not to throw too much shade at other companies, unless that, you know, it's something egregious, right? But certainly, you know, try to get out there and provide some useful info for people.

25:05 Agreed. You're very useful on Twitter. You have a geology, your background in banking, so you can really look at news releases or technical information and break it down for people. I think that when I joined Twitter, and also Rob was the one who taught me how to Twitter when I worked at IDM, And I think I kind of joined Twitter because it was a good way to get a handle on the pulse of what people were talking about. You know, what were interesting companies, what did people like about things, what did they not like. And It really gives you a good snapshot of what's going on in the industry if you're following the right people.

25:53 And obviously I can't make many technical statements or anything like that, but I can at least show you what interests me in mining or what interests me about my own project. You know it's very it's been very exciting for me. I've never been in mining. I've been in exploration for a lot of years. So being authentic during this process while I'm going through my career, I'm trying to show everyone my trajectory and how it's going. So I think that's, it's really been useful for me. Like I said, I'm not as much useful as I am showing what interests me in this industry.

26:39 Well, I think you hit on something there. Sorry, I'm just going to interrupt for a sec, Doug. I really follow the chatter on my peers. And this is not because I want to comment on my peers, but particularly the ones who are doing well, and sometimes the ones who are not doing well. You wanna see what the conversation's about. What are they doing right versus what are they doing wrong? Because that can guide your own communication, right? So if something another CEO is doing is really resonating with the Twitter sphere, that's a good thing to pick up on, right? There's lessons to be learned there and just ignoring it because you don't want to be involved in that misses an opportunity to refine your communications. Wow, there's a lot there.

27:27 So shout out to Rob McLeod, Absolutely. The OG of Twitter for many of us, and a great mentor. I, of course, only started using Twitter as a news aggregator initially, And largely because I have some crazy interest in pretending I know much about the NFL, I was using it to source a lot of information to help my fancy football teams. And then Mr. Mark Turner, who's listening I know, told his followers when he was on Twitter that I would be a good follow, which I never really understood and to this day I'm still not understanding what huge value I had on Twitter. But my follower count blew up.

28:20 I had maybe 300 followers at that time. My follower count blew up and I realized, oh God, I've actually got to approach Twitter differently now. And I'm glad I did. I'm grateful for that because it has been a fantastic source of information for me, of information exchange. And I think, you know, and to Brandon's point, I'm not, every now and then there's something I'm very proud of that we've done at Monero and I will directly, you know, talk about something I'm about to go on a presentation and do or whatever, but I've never really used Twitter to promote Monero. I'm a, you know, I'd like to think a key part of the Monero team, but it's a team.

29:11 But I'm a bit of the face of the company while the real guys are doing the hard work in Mexico. It's nice for people to feel like they can engage me if they have questions on Twitter because honestly, that just doesn't happen enough. The number of calls you actually get in from your shareholders is remarkably low. Even when you put your cell phone number at the bottom of a press release, I was thinking, oh, this is probably a bad idea. No, absolutely not. It so rarely happens that I look forward to those calls. So the bulk of my Minera Twitter is actually just being available to people that use Twitter as a medium of outreach to management as opposed to calling, and that's fine.

30:00 But Thereafter, it's just a very good, so long as you take time, it's a very curated source of mining information, of market information that I think guides you greatly in terms of what you're thinking about, a strategy. And yeah, to Brandon's point, understanding what peers do and that goes back to not resting on one's laurels. If there are things you can do better, if the things you are doing are the right way, it's very easy to correct oneself. So it's been a wonderful experience and I've met great friends and business associates as a result of Twitter, which I, you know, often there's a lot of stuff we do on the company side that's behind the scenes.

31:02 Some comes off, some doesn't. Lot of it just stays on the whiteboard. But there's a tremendous amount of stuff that goes on. Actually I would look at and say it's sourced from relationships that are built at, rather like those impromptu passpies at a conference on Twitter as well. Sometimes I say that more CEOs should be doing it. I think it's a bit of a balding gray-haired syndrome here that some people are just of an age where it's like, no, we're not going to, this is new and young, but the new demographic of investors are using these platforms. We need to get a break away from how things were done in the past. I mean, 25 years ago, you had to wait till the next day to read what had happened to your stock in the paper.

31:59 We can't live in the past, things are evolving and these social media platforms are part of that. So yeah, it's been a fantastic resource. So kind of a dual shout out to Rob for showing me and for getting me into much more pop culture references early on, which is what we were talking about on Twitter and stuff like that. And then it's become a very, very important tool on the mining side. And I remember the weekend where I suddenly had to change how I approached Twitter so I can blame Mark Turner for that, but actually I'm very grateful for that too. Wonderful. Folks, we have so many submitted questions that I think we have to dive into them now. I'm going to try to get through as many as I can.

32:47 There's a good one here that's probably directly related to what we're... Did I just mispronounce directly? Anyways, Christina was asking, like, do we separate our personal and professional posting on Twitter? I know none of us do. You know, the 3 of us do. I don't think that's a good idea. I think if you're on social media to add authenticity, then it should be your full authentic self, not a censored, curated authentic self. If it's censored and curated, it's not authentic. I certainly get that it's a political minefield. I keep waiting to go broke because apparently I'm woke.

33:37 It hasn't happened yet. But it's who I am. Lots of people who've bought Fireweed on the back of my engagement on social media do not agree with a lot of my politics, because there's certainly a pretty big gap between a lot of classically conservative mining investors and where I usually sit. But they at least appreciate that I'm passionate about it, that I think about it, and that presumably I bring that passion to my work as well. I'm not passive. You're going to alienate some people, I think, if you have any sort of, I mean, I don't know, every piece of politics these days is somehow going to be controversial.

34:27 There's someone out there, it is impossible to be both political and so milquetoast that you don't offend someone. I don't separate it. I don't think it's a good idea. I agree. I'm huge about if someone meets you in person, they should think, oh, you're just like you are on Twitter, maybe a few less gifs. And so I'm a big believer in being genuine. I also think that, well, I approach things slightly differently in that I take the Thanksgiving dinner conversation topics that should not be like George Carlin's 7 little words.

35:15 So I don't tend to get drawn into conversations on politics and religion and the like. So in that regard, I play Switzerland more often than not because I just feel like you can go down some rabbit holes there, which I think then can take away. And it's not meant to be acting like you don't have a position on things, but I just, I treat that stuff kind of like a Christmas dinner conversation topic that's off record, you know, off the list of things to talk about. But other than that, I fully agree. I think it's still important. You know, for me, it's more my, you know, which is why I sometimes wonder why I have the followers I do.

36:05 I just find good ways to have a laugh. Because I think, honestly, I've always been a big believer that the world needs to laugh more. And yeah, so I think we as an industry need to educate more. And I like Twitter for that. And it will be a big part of my post, active management career to feel like, you know, I can give something back to an industry, you know, and hopefully using Twitter and other platforms to be an educator of the rights and wrongs and everything else. And it maybe gets a little easier at that point for me to talk about certain things. But overall, yeah, I mean, honestly, you know, I hope I give people a chuckle once in a while. You know, not just in the last few years, but for many years.

37:00 The world needs to smile more. And so that's my banal way of approaching Twitter most days. I agree. And that's another thing that Rob taught me about being authentic on Twitter and showing your personality. Rob said, he's like, if you're going to write, like, you are doing a press release title on Twitter, and then they meet you, and you open your mouth, Vanessa, people are going to know that there's a disconnect there. So might as well be yourself because the people that do know you that are following you already will be like that's not the Vanessa we know. So it's been important to have authentic communication, funny communication.

37:49 You know this is it's not just a corporate account. I have the corporate Orzone account and that's purely events, news, interviews, etc. I can do both. I can be me and Orzone at the same time. It changes how I comment on things. I agree with Doug. There's certain topics that I just don't get into because it's a minefield, funnily enough. I'll get into those topics. I get into those topics. I try to resist my urge. I know, I know, but I'll just, I'll piss someone off. You know what I mean? I don't want to do that. I just want everyone to, I guess, be able to have a voice on Twitter.

38:41 I have a voice, and I hope that attracts people because I really love, I do love what I do, and I hope that comes across in how I post. And I think that has attracted people to what I do. Awesome. I think Eric Zunscherb's question is very appropriate. We've actually addressed this 2 years ago, but it's worth addressing again. Kind of goes back to when I was talking about 25 years ago, where we get our quotes the next day in the papers. In the early days, stock chat rooms like Stock House and Stock Group, I'm showing my age because there were 2 at first and then they merged.

39:35 The BCFC put guidance out 25 years ago. It's never changed. To my knowledge, it's never changed. The company representative should not respond to people in chat rooms and the like. I think it's archaic. I mean, obviously, the first thing I would say is nothing should be disseminated that is material on Twitter. Because there are rules on how BCSC wants dissemination of news for a mass audience.

40:20 But you can still have conversations on Twitter or in a chat room. The reality is, for all that guidance provided by the BCSC 25 years ago, there was no guidance about if you're meeting someone at the Lions Pub in Vancouver, don't talk to them about stuff that's public information. That's all we're talking about on Twitter or CEO.ca or any other platform it might be. It's information that's out there already. And, you know, when someone comes by your booth at the PBAC, you're having a conversation and giving context to news that they might have been interested in, just the same way that a shareholder or an investor reaching out to you by email or cell phone or Twitter is asking you, and you can provide some additional context.

41:15 And so I'm not going to steal Brandon's thunder. I'm now going to give this nice segue into what his feelings on the archival benefits of what you say on Twitter. So over to you, Brandon. Yeah, well, you could tell I was like, I was gearing up because I've said this before because you approach them at their booth at PDAC or whatever, they can say whatever they want, there's no record of it. You know, BCSC has no idea what has been said. Everything I say on Twitter is because I'm not, unless you're doing it anonymously or something like that, where they don't know it's you, but it's preserved, right? So to a degree, if I'm offside, at least from the Securities Commission's point of view, there's a record of it, right? So like you gotta, when it comes to people asking very specific questions, definitely measure twice and cut once and make sure what you're doing is clarifying or providing context or an opinion, not introducing new information that was material that was not disseminated properly.

42:19 But I think this notion that we should be off it is ridiculous. And I think you're talking about like, they say you shouldn't be on like a Stockhouse or a CEO.ca or Twitter or whatever, because it's all fundamentally the same thing. But the problem is, is then what happens if someone is saying something that is just factually incorrect on these forums? And then you're gonna like, how do you address that? You know, now, if you're active, you can go on and you can say that is factually incorrect. See news release from September of 2018 or whatever, right? Like, or this particular thing. So I think that it's almost essential for the IR teams or in smaller companies without IR teams, the management to be reading these things and making sure that what's being said is accurate, because people take it as gospel.

43:11 So it's important to correct the record. I think that there is way more egregious stuff that goes on in our sector than worrying about what is done on Twitter or CEO.ca or in any form of social media. One example, there was a fine, I'm not going to mention names, people probably figure it out because like, let's just say in the last couple of days, there was a financing announced by 1 company. I got details of that financing sent to me by my broker last Friday. The stock sold off at the beginning of the week. Yes, it was a ugly start to the week. But in reality, that's far worse, far worse, and far more damaging to the sector sentiment.

44:04 That's stuff going on all the time. Those archaic guidance that were put in place 20 plus years ago, going off on a bit of a rant now, what's far more egregious is the lack of oversight on all manner of shady games that happen in this sector on a daily basis, in the structuring of companies, in the structuring of deals, and number company deals and everything else. And they're all largely designed to take money away from the typical retail investor who is the ultimate bag holder of those games that are played. So I think we waste, hopefully we're not wasting too much energy worrying about how we conduct our behavior on Twitter or anywhere else.

44:59 Actually, I wish we would start looking much more at the inner workings and this dark market of behavior that goes on behind the scenes, which I think is far, far more egregious in this space and damages investor confidence on a routine basis, unfortunately. Ramp over. I love it. I'm going to try to thread a few ideas here in an attempt to address as many questions as possible. We have a few questions about both how do you measure the ROI on some of these digital marketing efforts, but also what metrics do you look to? Are you looking at things like cost per eyeball? Are you looking for share price appreciation? So What do you measure and how do you know if you've received an ROI on your efforts in the digital space?

45:51 I get my dashboard from 6. But yeah, like eyeballs and then click through and then time on page and then how many sign up and then when they sign up if you're tracking per campaign are they good or bad subscribers on your mailing list. You can't, volume yes but With the exception of the $100,000 dirty emails to your uncle blasts, you don't see the buying right away. That is such a lagging metric that it's virtually impossible to really know if there's buying coming out of something.

46:38 Not impossible, but it's difficult. So we look for all the factors that approximate engagement. I think it's pretty good. Odds are if someone signs up for your mailing list and is reading all your news releases, that's a good sign. Yep. Again, the 6 dashboard. So if we do a webinar, something like that, I look at who's signed up, who has signed up, the amount of people that have signed up, who is coming back to hear again, how many questions were asked, that's a really good metric. Or then if I'm doing digital ads with 6, you know, what is the cost per ad, how many eyes, like Brandon said, time spent on page. So yeah, I look at all these things, or even on Twitter, I'll look at my metrics, and I'll see, oh, Did they like that picture or that news release? You know what really got people, what prompted engagement?

47:40 And then go from there. I have to be honest that in terms of the social media, if we're talking about that, or the digital marketing, I never correlate that to share price. I never look at the share price in terms of what I've done online. I feel like, yeah, for a conference, I would kind of look, but we're all beholden to the market anyways. So I don't think that's a good metric really for ROI. What I did, I'll cross-reference the attendees here with the people who are currently in Trevor Hall's Twitter spaces right now. And anyone who's there instead of with me is immediately unfriended.

48:31 I guess it's, I think all of us here at companies, where I mean, you know, we're fortunate in that, you know, yes, obviously we always want to have more buyers and sellers in the stock. And it's gonna dictate the movement of a stock on a given day. I think there are companies which are far more in need of designing programs that are looking for the next marginal buyer of their stock at any given time, and there's a certain immediacy factor to how they conduct themselves and what they need to deliver on to get money raised or whatever. I am very fortunate that I'm not, when I'm doing things, it's not worrying about the next marginal buyer of the stock. They will come if we execute at the project level.

49:28 And social media is really there to ensure that as we execute and do things the right way, people are aware of that. And I think that's a bit of a luxury I get against the sector. I was looking at some stats the other day that 50% of the companies on the TSX-V are sub-10 million market cap. I'm not going to go into my rant about there are way too many companies, but there are way too many companies. And Those would be ones that their whole survival is about finding the next marginal buyer. I know I'm not really getting into tricks of the trade in terms of how to get the best ROI and everything else.

50:14 When People have asked me, how are you able to do what you've done? And it was like, because it's taken a lot of time, 3 plus years of a developing story and a developing marketing presence. And it isn't an overnight success. And it's still ultimately gonna be dictated by execution at the company level despite all that effort. There's always, I think, this tendency of looking for immediacy and instead, when you're trying to build something the right way, you have to understand and hope that your shareholders or potential investors understand that the overnight successes can happen.

51:02 That's what most companies seem to chase at the front end of the Lassonde curve. But if you're actually doing good work executing, building gold mines, or great geoscience in an application, a great geoscience in advancing Mellon Pass through its development work, exploration and development work. That is a long process. And I think We often get so hung up on immediacy in every aspect of our lives. So that's my one little comment on that because I think they addressed everything on the ROI. So, thanks for… Yeah, I would note that it's important to distinguish between audience and content, right?

51:53 And good content, which is both things like site tour videos and some of that, but also news releases are content. You need an audience for them. And so part of the act of continuous engagement and some of the digital advertising we do, and Twitter and stuff like that, is actually building an audience and making them receptive for the content when it comes. Right, so it's not always about like, oh, this needs to produce buying right now. It's like, no, I need to remind people that we exist as a company and to keep us on their watch list so that when we come out with that killer news release or whatever that they see it. I think one of our chat groups was talking about how good companies don't need to market.

52:45 That's not true. Sometimes you catch the lightning in a bottle and you get the marketing for free because the Financial Post wants to do an interview with you, the Vancouver Sun wants to do like a hometown boy, does good sort of thing. Everyone's in your chatroom and they're talking to their friends about it. So it's like, yeah, when you catch the lightning in the bottle, maybe you need to spend less on marketing. But you still need the content to keep them there. So I think that's critical is differentiating that and accepting that not everything has to have an immediate impact. I was just gonna jump, because there's 2 questions that could be answered with 1.

53:35 And I think it goes back to this, not 2 people asking Rock 92 and Adrian Cantwell with regard to education in general. This goes back to us talking about how we don't pump zinc every time, and fireweed every time someone mentions zinc as a space and social media and webinars. I've been on webinars which have been educational webinars. And I think it is a failing of our industry. That we're so focused on our specific companies, we forget that we're each collectively part of this ecosystem that needs to be an advocate for the sector at large.

54:30 I think that we should be using tools like Twitter and others to, as just an education platform, about the merits of mining in general. So We're not seen as the boogeyman, but in fact, actually, as a group of people that can actually help in an incredibly positive way through technological advances that can help societal advances and can help climate advances and everything else, all which are such hot topic issues for the very people that push back against our industry. These platforms should be used for the good of the sector at large.

55:19 I think that young blood coming through will be the best advocates for shifting that change because I think some of the bodies like the World Gold Council for the gold space. I shake my head every time I see them trying to approach social media, unfortunately. And I would want to, I'd love to know the average age of a member of the World Gold Council's government body that thinks some of those plans are a good way to excite people about gold. I think there's other ways, and it should apply to copper as well, and lead, and zinc, and even tungsten. But yeah, so I would say to both those people asking about education, that this goes back to the fact that when we have a presence here, we should be advocates for the sector at large, not just thinking about hammering home our particular topics of discussion related to our companies.

56:23 Agreed. I wanted to, Brandon, I think it was you that said it a few years ago, we're probably going through a little bit of a downturn. And you said on Twitter, you know, like if we can't be the cheerleaders of our own industry, why would anyone invest in us? If we're the ones that are like, oh my God, the sky is falling. Why would, you know, if we're the ones saying that as spokespersons for our companies, as people who work for these companies, if we are not educating or cheerleading or creating enthusiasm for what we do, why should anyone follow us, buy us, anything like that? No, yeah, I think that's, it's, you know, you don't want to just put the brave face on. I think it's, You can show that you're suffering when the market's bad, but that doesn't mean that nihilism does not help.

57:23 And I think that reflecting that, hey, the mining's not going away, this is a downturn. In fact, it exacerbates the problem as we have these downturns because we're not getting some significant capital investment, right? So impressing that upon people while admitting that you're not happy with where things are. Because I certainly, you know, look, It's my own personal money in the company, but it's also a lot of people who have put a lot of faith in me. And so I am never in a good mood when the stock's down. Like, it's just very hard to feel positive when you've been pummeled, right? Like, because that is a lot of weight on you to know that people put faith in you and you've cost them a lot of money. You can arm wave it away with like, oh, the sector's down or the markets are down, but it doesn't make you feel any better.

58:12 The same time, yeah, trying to be like, okay, look, let's put this in perspective, I think it's critical. But in terms of Doug, you were kind of talking about something in terms of education, one of the things I think that, I commented earlier that it's risky commenting on other people's companies and stuff like that. But you, sometimes, you know, there's people out there who are quite happy to educate retail and do it poorly. That there's a lot of mining amateurs, There's a lot of mining amateurs out there who quite honestly know better than a lot of the pros, who have some of the most cogent analysis of companies out there, and they're not in the industry. But there's also a lot of mining influencers who are outside the industry and some, honestly, inside the industry, who do a shockingly bad job of educating.

59:09 It's usually by choice because they're trying to pump up their story or a story they're following. And it's a question of whether people like us who want to educate should be chiming in or not and saying that is a bad analysis, right? The data does not support what you're claiming there. You know, And then you get accused of being, oh, you're a hater, you're short the stock. And it's like, no, it's because there's a ton of retail on that, and you're going to lose money, because we've seen this story before. And you might be surprised to learn that we don't like that. Every time a new person comes to the sector, and they get introduced to the sector by some BS pump co and get burned, they are dead to us forever. That money's gone from mining. It's never coming back.

1:00:03 We have a vested interest in not just doing the right thing, but also in trying to convince those people to maybe broaden their exposure to opinions on companies. But it is risky, and I think Doug, you and I have, at various times, the times that I've kind of stepped out of my own little box to comment on another company, man, you can attract a lot of hostility if it's one of the cult co's, right? You just did it for the cheapies. That's the thing. Yeah, exactly. Yeah. Yeah. You know, I'm bashing it for the cheapies for sure. Right. I can tell you, I don't need to do that. Right. And I'm a terrible investor anyways. Right. I just, I'm running my company. I'm not a trader. So you can rest assured I'm not doing it for something else.

1:00:53 Folks, I know we're coming to the end of time. There are so many more questions. If anything, this reinforces to me that We should definitely meet back up again. Let's not wait 2 years. Though I am grateful we got to do this by happenstance exactly 2 years from the last one. I did get, I wanted to give you guys a beat though to, well first off, I want to thank you all. Thank you so much for sharing all your wisdom and also give you an opportunity to share any final thoughts with our audience here about digital investor relations. I won't be on TikTok. Rob set the trend though, Rob. I know, I know, but I just don't wanna feel like I'm always following Rob. So I'm going to let Rob, who will, I'm sure, be a sensational follower on TikTok, like he is on Twitter, take that one. But no, I hope that it does evolve.

1:01:52 One thing I say routinely is, I think that more people should do what we do. And then I also think, No, stay out of our sandbox. It's really, really been valuable, I think, for all of the companies here. It will, I think, continue to be so. And in an industry where the cost of capital is so high, even during good times, really, and anything you can do from a company perspective that can reduce marketing costs by creative efficient use of these platforms is a benefit to your shareholders and you don't so James Qantas is comment it's like on these these platforms being addictive or all consuming, no, only someone who's not got better stuff to do. I mean, we all run, We all work very hard in our respective days.

1:02:49 There are times I get up at 5 a.m. Mountain time every morning, and I go through my Twitter feed at that point. My working day starts, I'll look at it from time to time during the day if I get a notification coming up. But it's not, it doesn't have to be all-consuming. It can be incredibly useful and you do not have to be glued to it. And you shouldn't be glued to it. You know, most of the time I have to look at it is in my evenings or first thing in the early hours of the morning before most people are still in bed. So, you know, if it's become addictive or all-consuming, I'd start thinking, well, what are you missing in your life that should be more important than this right now and you know for all of us we have something which is far more important and this augments it.

1:03:45 I don't know I would just say that about digital marketing, we really kind of got away from digital or in-person and all that, but you know, we are, all 3 of us are very authentic on our social media. We're here to be engaged with. I personally hope that the love of, you know, my love of our industry comes across. If you ever need tips on how to start your company Twitter or your own Twitter. You know, I'm here to be reached out to. I love sharing ideas, as is obvious with this panel. But yeah, have a great weekend. Yeah.

1:04:32 You know, it's it's I think, you know, when we talk about digital marketing, you kind of have to separate it because social media is a bit like just social in person, right? It's the counterpoint to that. If you would find it weird to be insincere and scripted and over-rehearsed when you run into someone on the street, then you shouldn't be doing it on social media. Although we all know people who still manage, you run into them on the street and they're right into the pitch and it's just weird. Then conversely, the digital marketing is a lot like offline or non-digital marketing. Not that print media is a big thing these days for marketing.

1:05:22 To the older management teams out there, young CEOs that live and breathe these things, guys like Dustin and Chad and what have you will eventually eat your lunch because they've got engagement and you don't. So even if your assistant needs to help you, figure it out. You don't have to be on your off. I mean even Robert Friedland's finally on Twitter. At least last time I checked, I still had more followers than him. So that's, I don't think that's gonna hold, but I'm gonna be talking about it for now, right? That I'm more influential in the mining industry than Robert Friedland. You heard it here. But yeah, get involved and get involved in the conversation and be yourself.

1:06:10 Amazing. Thank you again, Doug, Vanessa, Brandon. You know, I mean it when I say you guys are some of my favorite people in this industry and the fact that I can get you and trick you not once but twice into showing up and hanging out with me is just amazing. I am so grateful and thank you to everyone who attended, who submitted your questions. If you had more questions or if you want to resubmit a question that didn't get answered, please send it to friends at 6 dot com. I'm sure we will get them to the appropriate speaker and with the rest you

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Speaker profile Doug Ramshaw

Doug Ramshaw

President at Minera Alamos

Doug Ramshaw is a senior executive and corporate director with more than 20 years of experience in the mineral resource sector. His work has focused on mineral project evaluation, M&A and business development strategies supporting corporate growth. Mr. Ramshaw previously worked as a mining analyst for an independent brokerage firm in London, UK and has served in various executive capacities for a number of publicly listed junior resource companies. He sits on the board of Great Bear Resources. He holds a Bachelor of Science in Mining Geology from the Royal School of Mines.

Speaker profile Brandon Macdonald

Brandon Macdonald

CEO & Director at Fireweed Metals

Mr. Macdonald is a professional geologist with a diverse experience base including exploration geology worldwide and investment banking. In recent years he has focused his efforts in exploration and development as a principal of and consultant to various junior mining companies. In the past he was in the City of London where he worked in structuring financings and risk management at Macquarie Bank. In 2007 Mr. Macdonald graduated with an MBA (with Distinction) from Oxford. He completed his B.Sc. in Geology from UBC in 2000. Mr. Macdonald has a long history of mining exploration work in Yukon, including zinc projects, and originally hails from Ross River, near the Macmillan Pass Project site. He is a Professional Geologist registered with Engineers and Geoscientists British Columbia (EGBC).

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