The Road to Tier One Status: The Quest for 10M Oz

0:08 Well, hello everyone and welcome to Goldshore Resources live summit today hosted by 6. I'm very pleased to introduce Brett Richards, Goldshore's CEO and Director. Brett's going to walk us through company presentation and then we will be accepting questions live. So you can submit your questions at any time on the Q&A panel on the right-hand side of the screen. And we'll try to get to them after the presentation is over. And as always, the summit's being recorded and available to watch afterwards on SIX.com. But without any further ado, Brett, I'll pass it to you to kick it off. Thanks, Dasha, and thanks everyone for taking the time to hear the presentation.

0:40 This is really just an update as to an extension of kind of the last presentation we gave here at 6, and really to highlight some of the things we're working on in the spring and summer and fall in the months to come. I direct everyone's attention to our disclaimers and forward-looking statements. You'll find them on our website at GoldShoreResources.com.

1:03 As I have said for from from some time I was interested in this project because I felt that it had potential. I felt that it had lots of upside as from a resource standpoint and you know it's how we entered into the transaction, it's why we entered into such a big program and our capital raising last year and you know what if nothing else I still hold that view is that you know this has tremendous potential to the point where I think we can create the next tier 1 asset in Ontario. So a tier 1 asset is defined by the majors, but they say they look for 10 million ounce deposits with 10-year mine life and big production profiles of 500,000 ounces per annum or greater and they need to be lower half of the cost curve.

1:56 And by designating this as a Tier 1 asset or the criteria for a tier 1 asset, it means these mines are generational. They're around for 20 or 30 years because of the size and scale of them. As everyone will know, we put together a pretty extensive team of people to get the story out there and to support the project along the way. We are in Ontario and we are starting with a 4 million ounce historical resource and this is the starting point I'm going to talk about the economics of quite shortly. We're well into our 100,000 meter program, we're about 21,000 meters into it and we will get through this program this year and we are kind of ramping up to 7 or 8 rigs by July and 8 to 10 rigs by August, we're gonna get through this program as quickly as possible so we can unlock that potential.

2:55 And I need to kind of raise this last point as well. We've raised $50 million in the last 18 months, and that's material. And I can say, there aren't very many junior mining companies who have been able to raise that level of money over that period of time. And quite frankly, it was in a very, very difficult market last year and continues to be difficult this year, but we have tremendous shareholder support and I wanna thank our shareholders for that. As you know, the team is quite small, it's limbo, it's limber, It's myself. I've been in this business for around 35 years, probably closer to 36. I need to update my bio, but I've worked for majors. I've started companies.

3:41 I've run billion dollar operating companies with multiple minds. Pete Flindell has been with me for almost 20 years. He's been with me as a senior executive in all of my companies as the lead geologist. He is a world-renowned VP of exploration, world-renowned geologist, and he understands this style of mineralization quite well. Maros Yassine is our CFO, she works out of Vancouver. And then we have a fairly serious board of CFOs, CEOs, and individuals who can really kind of tell the story and get behind the story. And a balance between kind of youth and old guys like me, but a balance between kind of the age demographic because we all target different audiences and these guys who run their own companies, whether it's Galen, who's our chairman, or Sean or Brandon or Victor or others, you know, and Doug, you know, that we all have different reach, we all have different resources and investor bases. So I use their collective network to get our story out there. As I do our advisory board, who, you know, well-known groups of guys who have got behind this story because they see the same thing as me. They believe in it, they see the potential, they see the size and they see the scale.

5:01 Now we need to unlock that potential and you know what Gold Shore is a low-grade kind of bulk tonnage style deposit it's mirroring the likes of kind of a detour which was a you know acquired by Kirkland Lake and then merged with Agnico back in November. But we're on that same pathway. We have the land package to support a much larger resource. And I'm gonna show that to you a little later. But I'm gonna jump right into the economics because in 2013 Moss Lake Gold Mines did a PEA or a preliminary economic analysis of the asset. And they had 4 million ounces in their resource statement. They pulled everything, measured, indicated, and inferred into a model.

5:51 That model had 3 million ounces contained as far as the input goes so that's what got pulled into the mining shell as we call it and 2.5 million ounces came out based on 85% recovery in the QES zone, 80% recovery in the main zone. So around 250,000 ounces of production a year for 10 years and $922 cash costs, which is lower half of the cost curve. And I make those statements because when I go back to the framework for a tier 1 asset, you'll recall I talked about 10 million ounces, 500,000 ounce profile, 10 year plus mine life and lower half of the cost curve. We have the makings of this, and this is what we're starting from. This is our starting point before we add any ounces to it. But the economic outputs of this base case, 2013, updated in 2020 from the historical resource. The base case was run at 1546 gold and has an NPV of $334 million.

6:56 And companies like ours trade on a valuation about 0.3 times NPV at this stage of development. And you can see today we're up around $1,900 gold. When I did the slide, it was 1950, but you can see it's pulled back a bit. But My view, again, I can go back to January of 2021, my view is gold's going to trade between $1,800 and $2,200. I stay steadfast on that range. We've stayed within that range for the last 15, 16 months. We have gone outside of it once in both directions, but it's come right back into this range. So I see the potential for new shareholders getting in at $1,900 gold, our starting point is an $800 million after tax NPV.

7:51 That's a $240 million market cap company. Today we're at 60. So there's a lot of growth, 4 times growth to grow into the economic valuation of the resource we're starting with. That's before we add anything to it. So I say that because this is important. The market will calibrate us along the way. It's just that our trajectory will be much higher as we get to put out a resource statement that we have achieved our goal of tier 1 status and a PEA to support that on a much larger base. There won't be a 3 million ounce input, it'll be much larger than that. And I don't know how much larger than that, but I'll start to show you some graphically kind of what that looks like. But again, you can see the potential. And if you think gold's gonna go up to 2000 or $2,100, we've got a potential for a 280, $300 million market cap company, which is a $2 share price today. And we're trading at kind of in and around 50 cents. So 4 times money on our economics.

9:03 And when you translate that into our peer comparison, I've showed this slide many times, we've updated it up to April the 20th, so a week ago. We've pulled back a little bit, we're probably more like $15 an ounce or $14 an ounce or $60 million cap, but our peers have kind of stayed robust. And the mean of our peer group is around $45. So again, from a trading perspective to our peers, we have a 4 times multiple to get up to our mean. So this really again describes the shareholder potential or the investor investment potential of coming into GoldShore today. Cap structure, 3 weeks ago we announced a financing for $10 million.

9:49 And we now have that in treasury, we have $20 million in the bank, which is going to go well down the road in our program. I talked a little bit about accelerating our program in the news yesterday, and it's our intention to kind of wrap up the spring summer to not only get through our program but get through everything metallurgical test work okay get through everything we can so that we have all the data we need by the end of the year to do the resource estimation update, as well as the new PEA we're going to do in Q1 next year. The project, and you know I look at these things as from project viability, how many boxes does this tick? Are we in the Northern Arctic? Do we have to fly everything up there?

10:35 Are we gonna have to use diesel power for fuel? How are we gonna get people up there? Well, we answer all those questions. Our location is prime location for building a district scale mining camp. And this region has been under explored, under developed, under drilled, because of its low grade nature. 1.2, 1.3 grams a ton has not been economic at 1000 dollar gold or 1200 dollar gold or even 1300 dollar gold prices. You just couldn't build a project on the back of it. But at 1800 dollar gold prices you can see from our economic analysis how robust this is and going forward you know bringing more size of that nature of deposit to the table is going to deliver some tremendous economic output results when we do our PEA. But we are right near Yonge Street, Highway 11, the Trans-Canada Highway, four-lane highway, major power corridor from Ontario Hydro, High End Hydro 1.

11:39 We have 10 cent kilowatt hour power going right by our doorstep. We have CNCP rail. We have, as I said, four-lane highway, access to contractors, access to people, government in Thunder Bay, 120 kilometers away. We have water, we have natural gas supplies, we have everything to build a district scale mining camp and that should not be underestimated because these are the boxes that somebody will tick when evaluating the viability of our project. I have put the historical drill results up in the past and I've talked about them. We're getting kind of that very similar correlation at Moss Lake, but I really want to get out into Iris Lake and East Cold Stream and Hamlin Lake and I'm going to show you graphically in a second why. This was a drill result that we put out 58.8 meters at 6 grams, one of the highest grade holes I've seen this year in the junior space in Ontario, and it's from 100 meters. So this is all open pitable material, the entire hole here is 274 meters deep and runs about a gram.

12:47 So great mineralization, some high-grade shoots here, 4 meters at 61 grams and 9 meters at 8.7 grams. Really, really good, strong high-grade material here that will bring optionality down the road. If we find more of these, there could be potential starter pits and it all forms into kind of the basis of the project at the end of the day. We're still got a bit of snow up at Moss Lake up in our camp but again we are right you know right at sight. We have continued to advance and develop our ESG profile both with the discussions and relationships we have with our indigenous groups on our First Nations host communities.

13:34 And again we still expect to have an exploration agreement with our host community to be signed this quarter. But our focus is not just on our Indigenous groups and yes we do provide employment opportunities and priorities to them and contracting priorities to them. But we also have expanded and Pete has done a really good job interfacing with the community in Thunder Bay and also interfacing with Lakehead University and various educational institutes. Various educational institutes. I'm a primary kid and we're going to be attending the Thunder Bay Minerals Conference in the next couple of months. But the collaboration that Pete has worked on and supporting the local community has been quite tremendous.

14:19 And we also are carrying on with our environmental baseline study and getting through the key points of that so that we can quickly get through the environmental impact assessment when we go to kind of permit this in a couple of years time. So I'm gonna show you now, I've talked a lot in the past about the VTEM survey and about what that means at the end of the day. And I'm gonna show it graphically to you because this survey has revealed 29 previously undrilled high priority targets that expands kind of our view of this and it just continues to support the original view that I had. So this is kind of our land package.

15:09 We have defined 3 different domains here, conductors on the east domain and conductors on the west domain, with a whole central area of the central domain Having completely different kind of signatures more of a mag low signature where we have mag highs in the East and West domain more conductors versus resistors and different charge ability and and when I kind of look pull in Moss Lake here and you can see Moss Lake is kind of hosted, the mineralization is hosted through these blue, through these diorite intrusions up against kind of a folded, these folded magnetite and sulfide cherts, but the historic mineralization is right here and again this is just our land package.

15:59 So these drill results here, the red illustrates, you know, intercepts a greater than 1 gram, the yellow and orange less than 1 gram but above cut off, and you can see there's 3 distinct areas. There's an area up in the north here, there's an area kind of to the northwest which is the main zone and there's a small little area down here. And when we model this it looks something like this. This is 3.5 million out of the 4 million ounces And this has its own distinct chargeability, has its own distinct IP or geophysical signature. And when we had Technoimaging take that exact geophysical signature and extrapolate that over our land package so we can see where we have the exact same mineralization elsewhere in our land package.

16:54 You find it here and this is when I talk about the size and scale and potential of Moss Lake, this is it. This is the historic 3.5 million ounces and we're going to be kind of looking to go into this pod here and this folded nose and this pod here and this folded nose and we're going to be trying to bring as much of this into a new resource as possible. And why am I so confident? It's because there is a lot of drill holes out through this area where it is mineralized and we're getting 1.2 grams over 150 meters and it just didn't get pulled into the resource because of the spacing. It's too far away of the existing resource or where the concentration of drilling was so it never got pulled into the resource. So not only do we have drill data for it and we know it's mineralized, We also can see it now from its distinct IP, its distinct geophysical signature. So this gives me a lot of confidence that this 2.5 kilometers is going to expand. This is 11 kilometers here that we are going to be able to expand. It goes all the way up to the north here, you know, almost 20 kilometers, but this is going to give me confidence that we will achieve our goals. Again, it's about execution.

18:14 We got to get drill holes spaced close enough so that we can get pulled into the resource and then hang it all together on a project pitch shell. But we have 11 brand new gold targets. And I didn't even talk about the one down to the Southwest here. There's a large one down here and then 1 embedded in the Hamlin Lake deposit. But that's not all, you know, we have East Cold Stream also has A0A million ounces of historical resource. And we take that geophysical signature and extrapolate it over our land package. And we can see the exact same signature in 6 brand new areas that we need to test. And then we talk about, I want to talk about the North Cold Stream. We've done some work on it because there's been a historic mine here and it ran in the 40s and 50s and into the 60s and in 1982, 1992 it was closed by Xtrata simply because the copper price was too low and they used to make a copper gold silver con here concentrate.

19:19 And again, we've modeled the historic production. It's quite low. It was in an adit. So they went in a little, for layman's terms, they went in a tunnel and kept going deeper in the tunnel. And it was just a small operation, but it has its own IP signature as well, and we've modeled it here, and there's still a little bit of ore, probably, well a lot of ore still left here, but the takeaway for me is that IP signature, that geophysical signature extrapolated over our entire property looks like this. And that is very, very significant because this area down in in Hamelin is just popping out like like something else. This area in the middle Adjacent Moss Lake up against this magnetite.

20:06 These sulfide cherts as well is also You know has the same signature, but it's never been drilled. We've never drilled these 2 up in the northwest So we have a lot. I have a lot of excitement here for what this copper gold target is going to look like. In North Cold Stream, we also assayed some of the historic core and we found anywhere from 0.1 to 0.5% cobalt. And that again is a game changer because 0.5% cobalt is a mine in itself. And again, we have to figure all of this out geologically in order to see whether there's consistency in it. But again, really, really encouraging results here.

20:51 So when I take all of this out and lay it all out in our land package, we have 29 brand new targets that we need to get through between now and the end of the year. You're gonna be seeing a lot of drill results come out between now and Christmas. So the key timeline for us is quite simple. We're gonna drill up until the end of the year and we're gonna continue to drill beyond that. But we're gonna start the resource update, the estimation update in Q4 and we're going to kind of run it, take its course. We're going to do a number of permutations on it, but when we have you know a core resource that we can use in a PEA, we will start that process and it will take around 3 or 4 months to to do a PEA so that at the end of Q1 next year we're going to be sitting here and we're going to be talking about the economic outputs of a much larger resource and a brand new And then I put on the bottom here, what I think, what I call a corporate decision point. We need to then make some decisions. And although I'll be preparing for those decisions in advance of the end of Q1, we need to understand where we go from here.

22:06 And the option I have talked about the most is an alternative to partner with somebody who has the balance sheet, who has the, I'll say the financial team capacity, has the project team capacity and the construction team and the operating team to put this into production for a long period of time. Will we be looking for that type of partnership in some form of M&A or earn in or farm out? The answer is yes. We'll be looking to try and give our shareholders an off-ramp or some sort of liquidity event to realize the value that we will create. And I fully appreciate that we haven't created any value from our IPO. In fact, the market has been very punitive to gold companies over the last 15 months and continues to be very punitive. Even in this big macro situation where we have this geopolitical tension between Russia, Ukraine, but really the rest of the world.

23:05 We have China sitting there watching, and we have North Korea sitting there watching, and we have the US trying to play a bit of a backstop to supply and support to Ukraine, as is the EU. This is a situation that has progressively got worse. This war has created a lot of market uncertainty. There's a lot of risk off right now and the dynamics are quite unique and we are in a market now that is very, very challenging. And on the economic front, we are in a hyperinflationary environment, 7-8% inflation currently and the outlook for the remainder of the year goes to a maximum of 10 and you've got a lot of dysfunctional kind of let's call the monetary policies as a result of that. A 10-year Treasury at almost 3% with 8% inflation to minus 5% yield that's not sustainable.

24:05 There will be outflows of capital that leave those sectors and those sectors impacted by inflation and $100 oil today, but potentially going to 130 or $150 oil, there are asset classes that are very negatively affected by the hyperinflationary environment. We're going to see a rotation of capital out of those. Traditionally, that rotation of capital has come into a safe haven. It's come into precious metals, specifically gold, as a storage of value while economies and countries and investors ride this out. Because in a volatile market, you need some sort of storage of wealth. Because in a negative yield bond environment, in a negative yield savings environment, and a very volatile equity environment, it's very difficult to preserve value.

25:01 And that's why I think GoldShore is a leverage play to the gold price. It's a leverage play to the size and scale of what we have potential to achieve. And it's not being reflected in our share price, but it will. It's just a matter of time. These things will normalize. We will calibrate to our economics. We will calibrate to our peer group. It's just simply a matter of time and we need to put our... Execute as fast as we can. And that's my mantra is getting us to speed to market is one of my mantras you'll hear often,

25:39 but I wanna get through this program as fast as possible to understand and realize what that potential looks like. Because there are very similar companies to us trading at 2 300 million dollar market cap with resources much less than what I think we're going to achieve at the end of the day. So there again it's about investment potential, it's about entry point and And I think this is the entry point for us. So, you know, I think we tick a lot of boxes here. I've talked about them all today. And the way forward is just consistency. We're seeing consistent results in drilling. We're seeing consistent correlation to the historic resource, and the results from the VTEM survey have been tremendous in us trying to validate what we think and validate our thesis and our concept on this. And the investment thesis will follow along as we get through a PEA and as we can demonstrate the value of this project, it will be attractive to many, many gold companies.

26:44 And it's why I say, we'll come to this corporate decision point around this time next year, and we'll make some decisions as to how we move forward. But my first and foremost priority here is about creating shareholder value and also about realizing shareholder value. We can realize it in some form of event that I think that is gonna be first prize for all of Goldshore shareholders. And if we continue on, we continue to create more value beyond that, that's great too. I just think that the most amount of value is created in the shortest period of time. And it's not magic, this is the Lassonde curve. And at this stage to the next stage we're going to be to is when you create the most value in a company. So, you know, I just, I think that, as I said, I think we tick a lot of boxes and this is 1 really good, great entry point for shareholders looking for relief from this volatility and looking for relief from, you know, looking at the markets all day long. I think this is what we'll deliver for shareholders.

27:55 So Dasha, that's really it. I'm happy to take some questions. Yeah, great, thank you. There's a few questions here. Lots of support. Thanks for all the support everybody. There's lots of lots of people here you know supporting the you know certainly supporting the the project and and the presentation so So thank you for that. One of the questions here talks about

28:22 the current environment and why we announced that we're going to accelerate, why we are going to accelerate our program. And I think we have enough treasury right now that we're able to kind of ramp up. And these kind of situations don't last forever. And I think we're well positioned, and coming out of the summer and into the fall, knowing kind of the size and scale of the resource. So I think there's very limited risk in ramping up to 678 drill rigs at this stage, there's a lot of drilling companies that are preserving cash, and I get that. You know, if you got 1 million bucks in the bank or 2 million bucks in the bank, then preserve your cash and try and ride this out, but you're not creating value. And I don't wanna stop creating value for the sake of what's going on around us. What's going on around us is going to go on for some time.

29:27 And I had a lot of shareholder support

29:34 to raise the $10 million back in March and early, closing early April. So I think we're well positioned with our balance sheet, we're well positioned to ramp this up and yeah, I'm quite happy to watch this closely but to be very cautious and very humble as we move forward. Great, thank you. So Mark's asking, are the diorites and charts visually distinct? Are they easy to follow the structures?

30:06 I think they're easy to follow the structures because I think the way technoimaging has done this, we can certainly see it in the lithology as we are logging core, but you can actually see it in the chargeability and the response back from the survey. So it is actually fairly easy to detect and follow and it's modeled quite well. I just think that this has never been done. Nobody's done any geophysical airborne survey over the property. And I think they were probably working on their drill targets through topography and mapping and other kind of exploration means, geocadmet, et cetera. And they kind of missed it.

30:52 And they missed it because, doing a comprehensive program is quite expensive. This VTEM survey was quite expensive, but it gave us that map that is perfectly aligned with what our thinking was. So hopefully that answers the question. We have a very detailed answer to the VTEM survey

31:11 on our website in a press release that I think was put out on March 10th. Got it. Thank you. Next question here is, how are you able to ramp up your program when you hear about all the kinds of shortages with labor machines rigs all around? Yeah, it's a great question. I tried to answer it earlier. There was, you know, somebody asked me, oh, how can you do this in this economic environment when things are so bad and markets are off so much?

31:41 And the reality is, you know, we have the balance sheet to stay the course for the next 8 months. And I'll watch this month by month, and yeah, maybe we'll change gears and slow it down a bit. But our plan was to ramp up to this. Our plan was to get through the 100,000 meters this year. And by The fact that everyone else is shutting down and there's drill rigs coming available, there's people coming available, very good people coming available. So I think that this is an opportunity. And when markets are at its most difficult, Sophisticated investors find opportunity and this is where great wealth is made, great money is made at the bottom of the market. When things appear to be the worst that they are, it is when sophisticated investors enter and make a lot of money.

32:31 When people are trying to look for a flight to safety, investors are coming into stuff that they think that can do multiples through this period. So for us, it's an opportunity because there's equipment, there's supply chain, there's people available. We're gonna use that, but I'm cautious, okay?

32:50 I'm gonna do this month by month we're gonna walk this through if things get worse we'll calibrate accordingly I'm not I'm not reckless I just I just want to take advantage of this opportunity. Right, thank you. John's asking are there any drill holes outstanding to be announced soon? There's too many drill holes outstanding to be announced and I apologize for that. We're going to have a release out probably next week. We should get it done and get out next week. You know we're still very happy with what the results look like. It's getting them turned around in the time period we need to. We have made some kind of changes, we've mitigated the situation a little bit

33:37 and it's still live so I can't get into it too much but what we're trying to do is get assays turned around more like 6-8 weeks. Right now we're getting 16 weeks, 14 weeks, It is still difficult out there. Initially, we got quick turnaround because we paid for it and I didn't wanna pay for it anymore. So I thought maybe there'd just be a regular stream and there will be a regular stream coming in soon. We hope to get press releases out every 3 to 4 weeks on drill results. So maybe 3 or 4 holes a week for, or 3 or 4 holes every press release coming up. Great, thank you. Chris is wondering how much potential do you see for the high grade part? Sorry, I missed that, Dasha. How much potential do you see for the high grade part?

34:23 Sorry I missed that, Dasha. How much potential do you see for the high grade part? Chris is asking. Yeah, good question. I think we're going to be targeting on the north side, we're going to be targeting some areas that we think are high grade shoots based on the survey that I showed you. And we have that survey in a little bit more detail than what I showed you. So we think we've got some good correlation. We've got some good high probability areas. Where that'll lead to, and again, this is very speculative. It's why we're trying to target them. Grade drives a lot of things. And the higher the grade, the more tonnage you can pull in. So that's a size thing, but higher grade starter chutes, starter pits can also drive, you know, the economics and bring cash flow forward quickly.

35:17 And those are those are, it's very attractive to try and find them. Yes, we're gonna target them, but it's not the sole thing we're doing. We're not looking for, you know, we're not looking for that flash in a pan with another, you know, 6 meters at 61 grams, or we're not just looking for that. We're not, what we're looking for is consistency. And if we can find the high grade shoots along the way, I think it'll help with the economics and it'll help with the mine planning when we get to put a mind plan around this.

35:50 Great. Robert's wondering, what about a possible copper play?

35:57 Yeah, originally I said, you know, that this had the potential of maybe be a copper spin-up, and I'm not saying it doesn't. What I'm saying is that every gold company is a copper company too, every one of them. They all have to deal with copper. Some of them have copper businesses, 1st quantum, Barrick, They have large copper businesses. Others have copper gold projects and others have copper gold, gold copper as a byproduct. So you know is the sum of the parts going to be more valuable than the actual parts? I don't know the answer to that yet. Let's get through our program and let's see. I think these copper gold, possibly cobalt up at North Cold Stream, I think these opportunities, we need to drill them. So I can't give you my view until we drill them.

36:45 But we need to drill them. But from everything we've seen, they are going to be very exciting and meaningful.

36:54 Thank you. Sandeep would like to know the correlation between high chargeability, low resistivity and EM conductors in the case of copper and gold?

37:07 In our area, in our Western domain, our Eastern domain, we have big conductors there, so big carbon and big conductors there with low chargeability. In the central zone we have more resistors with high chargeability and again we have because we have this lovely footprint of historical drilling we're able to kind of correlate that very quickly with where mineralization lies and it's quite easy to identify what that looks like in these intrusions. It's very easy to identify and then extrapolate it over the entire land package. So that's easily enough done, but it is more, geophysical analysis is a little bit outside of my paygrade.

37:57 This is probably more for Pete to describe, but when we get into ore bodies that are very structurally controlled like this one is, then you know, this is VTEM surveys are very, very useful. But, you know, there's a number of other facets that you have to pull all in. This is about data collection, data analysis and coming, you know, having geological theories and then working with that and either satisfying them or, you know, or terminating them. And I think everything that we've done so far, Pete has had this theory about what this looks like structurally in this corridor, and he's been pretty bang on. And we're bringing in experts as you saw in the press release we were bringing in Brett Davis.

38:44 And Brett and Pete and myself, we have worked together in the past and we've worked in some of the most difficult structural environments in the world. One being in the DRC, another one being in West Africa. And Brett was able to not only figure it out, he's there and he trains your people to how he thinks structurally and from a structural basis. So it is geophysical, it is structural, and you know, going forward it's going to be, that's going to be the basis of providing us the probability in our results. Thank you. We have a question here. Can you give an overview of the MET testing we can expect in the updated PEA?

39:33 Yeah, absolutely. So metallurgical testing is quite simple and it's quite complicated. What we're trying to understand is how the gold liberates from the host rock. And there's a number of, I'll say, types of geology, so we're coming up with a number of geometallurgical domains, I think there's 22 of them, and then we're going to isolate them so that we can understand the metallurgical properties of each of them through bottle roll testing. So leaching the actual ore in a bottle roll and finding out what the recoveries are. And then assimilating each of those geometallurgical domains into how that represents the population of our ore body so that we can bring up that 80 to 85% recovery to something that's more closer to what will be actual. And in our view, that's north of 90%, which is free upside to our economics.

40:28 So there is a lot of work. There's a lot of repetitive work that needs to be done. And, and then we'll be doing size distribution. So we'll be doing kind of crushing, grinding and, and, and size distribution of ore, so we can get the grind size correct, probably going to be 75 microns, but we need to prove all of that stuff up. So there's just liberation testing and leach testing along the way so that we can design a plant when we do a new one or a PEA, we'll design a plant that is supported by the metallurgical test work. So primary crushing, secondary crushing and grinding, and then leachability and what the leach circuit will look like, the time and resonance, et cetera, so that we can maximize recoveries and get the most output.

41:19 Thanks, question here from Ben. If the goal is to achieve 10 million ounces, will the majority of it be included in the upcoming PEA or is a significant portion too low grade and deep to be mined economically? Yeah, so there's a real balance here. When you're drilling, we can drill this out and wave our arms and say we got 10 million ounces, but if it's not an economical 10 million ounces, it doesn't make sense. So we're trying to drill this with the probability that most of what we're drilling is going to come into the pitch shell and come into the actual resource, whether it be an indicated or an inferred is going to rely on spacing, but we do have some historic results where we can triangulate off of those historic results and we're going to have step out areas where we go outside the existing resource laterally and a long strike. And you saw the the lovely diagram in 3D there where we have historical holes that we need to kind of infill in order to bring that data into the resource.

42:27 So the thinking is more lateral than it is at depth or vertical. I don't want to have AA2 kilometer by 0.5 kilometer pit that's 700 meters deep, it doesn't make sense, it won't be economic. I need something that has some strike to it, that has some width to it, maximum width to it, and then bring in the resource at depth as large enough to make it economic or to support a project. So this is about making something at this stage, thinking about what that's going to look like in real terms in putting real mind plans together and real projects together on that because that will be a credible resource at the end of the day. Do I bring in all 10 million ounces?

43:13 The probability is probably no. I probably bring in 7, 8. If I had a 10 million ounce resource, maybe I'd bring in more. And if I have more than that, maybe I do bring in 10 million. It's going to be a factor of how much of this program we get through at Moss Lake and how far that we can extend it. And you always need to kind of leave some upside on the table. I think this project scale at 7 or 8 or 9 million ounces is world-class and tier 1 and will be very attractive. So I don't have any preconceived ideas. I just know that we're going to be in that tier 1 status some way, shape or form, however much we bring into a pit shell for the PEA, that will be determined on how we drill and the spacing and the results we get.

44:06 John's wondering, do you think you are fully funded until the corporate decision in about a year? The answer is no. You can do the simple math and I'll be frank about it. We need about $20 million to get through our program, maybe 22. Are we close? Sure we are. Am I gonna run this thing down to 0? No. We'll go back to the market later. And I'm not sure it'll be a private placement. It may well be a strategic, it may be something else. It may not be market accessible. So, if we need to put together a small amount of money, we'll do that until we get to that corporate decision point.

44:53 Because after that, we're really looking at what those results are going to be and what the capital is going to be required for us to take it further. And taking it further is a significant commitment. That's probably $25 million a year for 2 years, or maybe more, maybe $30 million a year for 2 years, and that's multiple raises a year for the next 2 years if we were to continue to do the drilling. So I just don't like to run, certainly in this economic environment and capital market environment, I don't wanna run, I don't wanna fly too close to the sun here. So I'll be very cautious and I'll be very strategic as to how we do this because you know I also hate dilution but it's inevitable and it's it's it's one of those things of life.

45:45 And in closing here unless there's any last-minute questions what does success look like for you and GoldShore for 2022? Yeah, I think if we can get through our program, and we can get started on the resource estimation, and we're comfortable with what the results look like, and we can get through all of our metallurgical test work between now, and it's already started, between now and the fall. So we have all of that data ready, and we engage with a very, very first-class, reputable engineering firm to start to prepare all this work for us, then I think that's what success looks. I'd love to say our success looks like $2 share price, But all I can control is the stuff we do on the ground.

46:34 I need to raise the capital for Pete, Pete needs to execute on the ground. We need to kind of get the metallurgical test work done. We need to be included. The ESG standpoint with all of our hosts, whether that be Thunder Bay, whether that be our First Nations and indigenous communities, whether that be other stakeholders in our business, that's what we control. We don't control the gold price. We don't control the capital markets. And if our share price is $2, that may be, that may be, that may sound good today, but it may not be a good result. Maybe the market's gone crazy and we're still lagging and maybe we're at $1.20 and that's a great result because the rest of the market's behind us. So I don't have the answers to that. So success doesn't look to me in the form of gold price or share price. Success to me is it looks like what we can control and what we can execute on and getting all that done. Right.

47:29 Well thank you so much Brett for taking us through the presentation and the Q&A. There's lots of really great comments in the chat. So thank you everyone for attending and submitting questions. Of course, if you do think of another question following this summit, feel free to reach out directly to the GoldShore team. I'm sure Brett will be happy to follow up with you. There's more information of course on their website, GoldShoreResources.com. And again, you can watch this on Six.com. The recording will be up shortly. But Brett, I'll pass it back to you if you just have any final closing remarks. Yeah, Dasha, thanks for this. And everyone, thanks for the great questions and for sticking by this. We're going to have another one. We're going to do this on a more frequent basis. I find that engaging with everybody kind of in this type of form is very helpful and very useful. I do this with investors, I do this every day, I have 4 or 5 Zoom calls a day, I do this with investors and I want to do it with this audience as well because it gives them the opportunity to hear it from me first but also hear, ask their questions and get them answered and get straight answers. So anyway, thanks everyone.