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20:45 You know, that's a really loaded question here. Yes, we are fully financed. 91.5 million took us a bit to do it with our bankers and investors that came in on the financing. And yes, the first 11 million of the 91.5 went to Newmont Mining Company to buy the royalty. Now that was a real key in basically capturing what capital could go out the door into the future. And what did we say to the investors? Let's just throw a number out there, 250 million over 11 years. So to buy a 3% royalty for 11 was a really good buy at the time, but we worked on it. We worked on it with Dumont for roughly 4 years, and we finally got it done. And they exited the camp with Tony McCooch coming in with Discovery Silver, which was great for the Timmons camp. But when you really look at the camp, you say, OK, what synergies does the camp have us? Number 1 is custom milling of ores. You target mills that actually have capacity.
21:43 The first thing I did a year ago is I called the Pan American Silver guys who I knew and said, geez, you got the Bell Creek mill, it's only 35 kilometers away. Do you have room? And they said, Yes, Dave, we have room. And we will mill your ore. So what we're targeting number 1 is utilizing capacity in the camp, at least for the first 86,500. Or let's say selling 20,000 ounces of gold is our target here, but really getting the data for the bankable feasibility. The other very large keys I look at is the people. People, people, people. Without that, you don't have a mine. And the Timmins people are mining people. And so within the surrounding areas, there should be enough people. If we can present ourselves as the new mine and the mine to work at, that's one of the biggest keys. How do you do that? Then you take on the materials, the services.
22:33 We're only 13 kilometers from town. And I might be able to know that Horton's coffee shop is 13 mile, 13 kilometers from our turn onto our property. So we're well positioned. I've never had a mine my whole career that is this close to town, which is great. And we also have the First Nations. We've got 5 First Nations. All of them are on our side. They love our project. They know there's gonna be employment and there's gonna be help for their projects of what they can do for us, which is really tying in to the contractors that we're bidding. All the contractors are bidding, one of the criteria is, what is your relationship with the First Nations? So that really helps. Now when you optimize within a camp, Number 1, let's just talk about the savings when you're going to use somebody's custom mill.
23:20 I'm not going to say we're going to save it all, but roughly up front to build a mill is $125 million for us. Now, we don't really know until we get the feasibility done how much ore will be from underground, how much will be from open pit, but we will have both at the end. And what it's going to do is really drive the size of the project where the ores go. Right now I can see Bell Creek, you know, Pan American being the major player for us, shipping ore into it. So we really enjoy working with that group. They've also offered other things which are engineering geology, so we don't reinvent the wheel in camp. So there's a lot of synergies right there at hand that we can use. Now, where do we go into the future? Do we build a mill? Well, right now, if I can get by with the bulk sample at 86,005 and we can continue on as we build this mine out with additional development ores and maybe into production for the next, let's say 3 to 5 years.
24:20 That is really gonna save on the upfront capital. We're targeting 150 million to build the project, which 75 million spent up front on this piece of the project, which in the feasibility will be about 40% as built when we turn the feasibility out, it's called de-risking. So there's a lot of key points here on the synergies with the Timmins camp. And it's just great working with the Timmins people, the contractors, Pan American Silver, everybody in that camp, they know mining and they really target, how can they help you out? So from the ministry on up, we've done very, very well. And it's something the investors really need to look at is where are you and who is supporting you? Yeah, talking about supporting and close by neighbors and everything, Michael, what the PEA highlights strong after-tax metrics, including a base case average of an annual after-tax pre-cash flow of 85 million Canadian.
25:17 Building on that, if the initial 51 million investment phases is advanced, how do you see those cash flow figures playing out in practice? And what sensitivities around gold price costs or toll milling agreements could further enhance them. Thanks Kyle. As you mentioned, the $51 million CAPEX is a manageable number for us to get this started. How I really see this, the US$85M a year that we're generating in this PEA is really based on open pits and an underground that's based on a US$2,400 Gold price for the optimisation.
26:05 The reason we chose this was to generate pits and an underground that essentially went after the higher grade parts of the deposit to generate as much cash flow as we can in the early years. And then this cash flow can be used to do the drilling and development of the project. So that's how it was designed. But in practice, once we start into mining these small pits, we will have the opportunity to look at the Gold price at the time, and if it really is still at $5,000 an ounce, those pits will grow in size. And when they grow in size, that provides an opportunity to mine more tonnes out of those pits. Currently, we have a 2,000t per day plan in the PEA, but we'll have the opportunity to increase that production and increase cash flow. How we can do that is that the cut-off grade now is almost a gram per tonne for the pits and that generates a lot of revenue, but that's at around US$3,500 Gold. If price is US$5,000 when you get in reality, you will end up sending a lot more lower-grade material to the toll milling plant because you're not displacing higher grade. The toll milling has capacity so you can send more trucks.
27:25 In that way, we'll have greater production and more cash flow. That's really the option, I think, with the small pits as it provides that opportunity. And since we completed the resource estimate last fall, this resource was used in the PEA. But since then, we've actually been working on a lot of the drilling in and around those small pits, particularly in between. We know that from previous optimisation results that those 2 small pits we currently have in the PA could join together. Currently, the mine life on those 2 small pits before we go underground is 3-years. We believe with the drilling that we've done, we could extend that maybe to 4-years or 5-years. Again, for a small junior producer, this is really advantageous because it gives you more time. You're generating US$85M a year. Instead of now 3-years, maybe you can get it to 5-years. That gives you a bit more time than to say, hey, look, I've done my drilling. I see what this project really has. It looks like a bigger underground.
28:30 Maybe it is a scenario where you say, I want my own mill now because I have so many ounces on site or maybe even start to look at a super pit. Not that that's really our target, but that certainly the potential exists there for that. So the small pits are really the key to get started. It's low risk, it's a truck, it's a shovel. You haul it down the road and you toll mill it and you're generating revenue. You do that for 3 or 4-years, that really gives you the time to decide what you're going to do next on the property. And it's a scenario using contract mining, contract trucks to haul the ore, toll milling, so that keeps the capex low and the risk low to us. And also, depending on the price as it goes up and down, because we are sensitive to Gold price, you have the option to increase production or slow it down because you don't have your own mill and your own people there. So, I think that's a real advantage as well, but the opportunity is really, I think our PA plan is 67,000oz a year for 9-years. It's really once we get these small pits started, that's what's important.
29:34 And then we'll drill off more and then maybe that production rate increases over time, as we do the drilling to find out what's really there on the property. Thank you, Michael. As Bill, as Michael shares his PEA results and strategy, drawn on your 35 years of experience in Ontario, how do you see the structural and geological similarities between moray and other activity successes translated into resource growth? And what drill or geophysical results would you view as transformational for advancing toward an initial economic study? Well you were polite Kyle in 35 plus years because it was actually longer than that. Hemla was 1982, and I graduated in 1981.
30:22 So what I tell my colleagues is I don't have another 44 years to make another discovery, so this one needs to work. As I indicated earlier, we went into the Moray project based on, to quote again, the Young-Davidson model. It's not specific to Young-Davidson, it's applicable to a lot of intrusion-hosted Gold deposits in the Archean. And our drilling, particularly this round, is now proving that that model is correct. So we have the continued expansion of the Xalit Discovery zone and we have a lot of, you know, we know the characteristics of what we're looking for.
31:15 We've already done quite a bit of work around, you know, around the cyanide and to the North of cyanide where we've other Gold zones. And also in all the ground that we've acquired, you know, we're now up over 20,000 hectares of ground. And we, you know, we picked ground. There's a lot of showings on the ground that we picked that have this characteristic of cyanidic dikes and small cyanide intrusions, Gold mineralization associated with that contact. So it's not only the cyanide that's on Moray, but a lot of the stuff that we've added to our property block.
32:07 It's a question of continuing to drill our discovery and go after things that we've now identified based on our understanding of the discovery and based on geophysical and geological stripping work that we've done leading up to our discovery. We have a lot of work to do. Great. David, looking at your 2025 year in review and 2026 roadmap, how do the recent milestones position West Cash to potentially unlock the next major gold opportunity in the Abitibi Belt? And What additional drill results or studies would be most impactful for shareholders in the near term? Okay, that's another loaded question here.
32:54 Any positive result these days are gonna help. Let me just talk about the impact of 2025. I think we were at about 15 to 18 cents a share. We finished the year off well above a dollar. Let's just say we increased 500%. That was a major impact. And what it really had to do with is permitting, financing, mill agreements with Pan American silver. This started defining the roadmap as we take this project forward. And as we mentioned to start with, the first permits for the Ministry of Mines, and you have subsidiary, but really it's the water permit that really kicked us off here in the last couple of weeks to actually set the stage for 2026. And what we're targeting really is the ramp system, development of that ramp down to the bulk sample area, internal drilling underground, as well as drilling on the surface. This drilling on the surface is major because it will redefine areas in the number 9 ore zones, the south zone or they could be the 10, 11, 12, we have parallel systems to it.
33:59 That's going to add a lot of nuances to the books. And as I mentioned, if you let's look back and say, okay, in 2022, when we did the PEA study, we did it at $1,700 gold, we had cash costs that were looking like say, roughly about 1100, maybe it's a little more with inflation now, but we can take an awful hit at gold and price and we're still going to do very well. And that was just done underground. We will have an open pit eventually, but we've got to define that. A lot of drilling needed on that because you've got bigger waste dumps and that sort of thing. But doing this bankable feasibility study with all the infill drilling from the surface, the underground, the test mining, the milling, everything will add to the database. And if we look at it right now and say, okay, at $4,500 gold, your valuation really, when you rerun the model is about 2.5, 2.6 billion pre-tax.
34:54 I mean, that's a big number. You divide that by the number of shares outstanding, which we look at and say, you know, are we a $10 or $15 stock? Well, obviously, we're at about a dollar. So we got a long ways to go. So I've got a lot of retelling the story. Our inception of the company was during COVID. Everybody wants to sleep. Nobody cares. Now I have to reintroduce the company to say, hey, we're a major driver in the Timmons camp, we add new ounces to this current database, we do the development, we do the feasibility and we get the final permits to bring this mine online in the Timmons Abitibi Greenstone belt, That's going to be drive you to the newest mind that will come online from square 1. I said we're Greenfields and we're taking it all the way through. And we've got great cornerstone groups such as Pan American Silver.
35:45 We've got Michael Gentile in there. We've got Eric Sprott. You know, the actual probably 50 percent of our shareholder base is very tightly held. The rest of the 50 percent really is tradable. And we've got some good bankers behind us. And I might mention the Cormark just pick it up. Coverage this past week on us. So if you'd like to take a look at that, you'll see their target is 3 dollars and seventy-five cents a share. So I'm not talking out of school here, I'm just saying that we have great value for the investor and we're going to keep driving this forward with additional data, nuances on the books, feasibility study, and bring a mine on mine. So that's really our achievements from 2025 and our clear roadmap to 2026. So it's not an easy haul. It's a 2 or 3 year process to get this done.
36:32 Excellent. Thank you for sharing. Michael, how does the combination of the new high grades, drill potential, the PEA's phase plan and shared regional infrastructure position RPX to become Ontario's next near term goal producer, while create an upside for the inferred resources? Thanks, Kyle. The production, quick production pathway generating cashflow is really a key to driving forward this project. The fact that we can use toll milling provides a fairly quick, low-risk, low-CAPEX way to start getting cash flow. When I look at these projects in the area.
37:18 We've got West Storm's Eagle River mine and Alamoster Island Gold mine and Hemlo, as Bill said, 1982. These are all mines that have been going over 30 or 40 years and we're really just getting started here. We've only really drilled this deposit down to 300m and of that only about 2km of a 6km trend has actually been tested. So there's a lot of upside. We really want to get into production, generate that cash flow and then start to do the drilling. That drilling is important. We are in the same rock types as what we find at Eagle River, being the diorite, the old Renabi mine that Berwick had, the Magino mine, all host in diorites. These are big Gold systems.
38:04 Imagine they're in a big compressive environment and plates are crashing together and cracking rocks and this rock cracks nicely and allows the Gold to come in. This is a really great area. We always think as geologists that we drill a hole and that's the best part of the deposit in the first few holes we drill, but really, from what we're seeing in the drilling and how things are changing at depth, we really believe that the best part of the deposit is still waiting for us to be discovered here. That's why we want to get to the drilling and really define what the next steps are. This first stage of mining, these small pits, is really key to generating the cash flow that we can then use to find the rest of the project. So, when I look at this region and that ability to be able to generate that cashflow, it's really key to our plan of taking this project forward.
39:04 Thank you. Last question, Bill, and then we'll wrap it up here with the upcoming catalyst. As an early-stage explorer in the Timbans camp, how could shared infrastructure with neighbouring producers help de-risk and accelerate more A's path from discovery to potential development? What near-term milestones are you most excited about? Well the advantage of being in the Timmins camp, the advantages are sort of well known. I mean, as I mentioned earlier, we're quite close to the Young Davidson Mine Mill Complex. We're also certainly within trucking distance to go up Langmuir road to the Redstone Mill or up to Dome, which is not a discovery.
39:52 Also, the main power line that comes down south from Timmins to ultimately Southern Ontario is about 5km away. Compressed natural gas is not being used by producers around Timmins fairly commonly, so that's an energy source. The other big thing about working around Timmins is I've had a lot of experience in Timmins. It's a very, as my co-participants, particularly David, have talked about in terms of Timmins and also Mike in terms of Walla Walla. The infrastructure people, we have a couple of Timmins-based geologists that are working on this program who are incredibly knowledgeable and who I worked with for a long time about the geology of the camp.
40:53 You just get a lot of, whether it's the Geos, or Korshak is just south of the airport. It's owned by a fellow who's a big shareholder I've known for a long time. Labs, like all of that ecosystem is highly developed in Timmins. And I've been around Timmins since my first summer as a student in 1978. So, it makes working, even at the exploration end, significantly easier. We know the government people very well. We have a very good relationship with First Nations. First Nations are incredibly well-tuned to mineral exploration and mineral production.
41:47 So it's a terrific place to work. And in terms of the catalyst for the market, it's drilling. It's the expansion of the Zavitz zone, both long strike and now at depth, and it's discovering new zones, which we're quite confident about based on our discovery model at Zabit. Excellent. Gentlemen, let's just wrap it up with a nice bowl here. I'm going to ask you in under 60 seconds, recap, what are the key upcoming catalysts in the next 6 to 12 months investors should be paying attention with your respective projects? Again, David, with you.
42:33 Okay, thank you, Kyle, for the wrap up here. The next 6 to a month catalyst is multifaceted really with our project. Number 1 is the surface drilling. You're going to see data coming out on the surface drilling from the number 9 structure from the south zone and then the infill drilling on the one through 8. But you also see going to the southwest toward the west mine boundary, we got 2 kilometers to drill, we're expecting great results from that. From the underground work, you will see data coming out as the contractor, whoever we select here in the next month, we'll be doing the 2500 meters of ram target that watch what they're doing, how quickly can they get in the ore, we're targeting next 10 to 12 months, they will be in the ore, then you'll have ore being shipped into the Bell Creek mill. That'll be turned into gold. It's just normal crushed iron cyanide leach poured dore. We've got that and then underground, you will see data coming out from the the close in drilling from the number 9 structure, the south zone, and at the end of the day, once you sell the gold in the project, will it pay for itself? Well, right now, if the gold price still holds up there, we probably should have a pretty good cash balance and it will infill more data underground, more development, build out the bankable feasibility study. So really what they need to look at over the next 6 to 12 and even 18 months out is the development of the mine, the drilling, the advancement of the ounces. We've got 1.56, we're targeting hopefully up to 3 million ounces and how evaluation
44:04 that says, Hey, we do risk this project for you. The valuation should be up in the $3 to $4 range. We're sitting at about $1. So take a hard look at ggo.v that we're the next up and coming mine closest to Timmons in the Greenstone Belt, specifically the Abbott Tibi area. That's very exciting because people in that neck of the woods understand mining. This is what they do for a living. So we were in the best of all worlds here bringing a brand new mine online. Thank you. Michael, a lot was said today, 60 seconds. What can people look forward to in 6 to 12 months? We're continuing our drilling. We advanced the PEA to PFS. We hope to have that done for the open pits and for the underground within the year.
44:56 Again, we believe it will be a robust project, particularly given that we will be incorporating a toll milling and no tailings on site, so the risk is low. The other thing that we'll need is a letter of intent or MOU with one of the mills in the area. We'll need that as part of our PFS. So, we're working on that agreement. We'll have that done later this year. That'll be a big catalyst. We know from some of our peers, the small producers that are toll milling, such as Radisson, such as Amex, such as Talisker, They really achieved an increase in their valuation in the market once they were able to secure where the ore will be processed. So, we're going to be working on that. And then we'll also be continuing to work on our permits and updating our closure plan. I think that will be also a big catalyst.
45:50 That combined with drilling results, good news flow throughout the year. We're also doing a lot of marketing now that we have the PEA done. We haven't marketed the company a lot in the past. We have some plans to do that. Being here today as part of that, getting the word out, really showing people how an explorer gets to be a higher value in the marketplace as a producer. So that's RPX Gold. Thanks, Scott. And Bill, last but not least. Well, I'm having personally a huge amount of fun being involved in a new discovery. It doesn't happen very often and our catalysts, milestones are expanding our existing discovery, which we're doing now in the current drilling, and applying the discovery model to the rest of the contact with the Cyanide.
46:44 And the size of the land position that we have, which has a significant number of historical showings, a lot of which have similar characteristics to what we've discovered. So it's all drilling and results. No, Definitely. Straightforward. Love it. Gentlemen, it was a great conversation today. Thank you so much for taking the time out of your morning to have this discussion. But with that, enjoy the rest of your day and until next time. Okay. Thanks for your time, Kyle. Thanks, Kyle. Thanks, Kyle. Bye now. Next time. Okay, thanks Kyle.
