The Truth Machine: Junior Explorers Testing High-Conviction Targets

0:03 Welcome, and thank you for joining us today. We're sitting down with 3 early stage exploration companies that all share something in common. They're currently drilling their flagship projects and they're here to explain exactly why. We have Bill Love from New Break Resources, Chris Huggins from Collective Metals, and Brian Boss from Compani Metals. Think of today's format as 3 interviews in 1. We're live and recording, so if you have any questions specific to any of these companies, please feel free to put them in the chat, which is in the bottom right corner of your screen, roughly. Now, I do want to open with one question for all 3 of you, because frankly, it's what every investor wants to know before a drill program. What was the single most important piece of evidence that gave you the conviction to pull the trigger? And how do you de-risk the target before spending the money? And I'm just going to start from right to left. So Brian, over to you.

0:53 Okay, the project, by the way, there's lots of speakers here, so I'll keep myself brief. The project conviction comes from knowing what has already been found. There's a historical amount that's been done and that had attracted some really smart people and they put in time and money to consolidate the region. So I'm speaking about Douglas Macquarie, Ned Goodman, and people before them that did a lot of work based on what was found in the 1980s. So that's copper, nickel, platinum, palladium, starting near surface in Quebec. So that's the conviction part, if you can stand on the shoulders of giants you'll probably see farther. So that's what we're doing.

1:42 And then the de-risking is, we've done a lot of detailed mapping, examination of the various geophysics.

1:50 And then we've chosen our spots to be the best blend of all those results. And part of that de-risking and that blending comes from having the first new geological interpretation of what Mother Nature did to create that mineralization in the last 40 years. And that interpretation points the way for us on where to put the holes, how deep they should be, what direction, that sort of thing. So with that as an opener, Kyle, I'll be brief and head it back to you. Appreciate it. Chris, Collective Meadows started their inaugural drill program. What made you guys pull the trigger?

2:30 And Also, same question, what did you do to de-risk the target before spending the money on the drill? Well, with this project we optioned it from our operating partner in the option or standard uranium in September of 2025. They'd already done it. The reason we optioned the project was because they'd done a significant amount of geophysics, they'd done the historical work, and it looked quite prospective at the time. There was some historical high-grade uranium numbers of 5% and the geophysical targets were very strong.

3:06 What really kicked it off was we had a immediately upon essentially deciding the option we had had a team go out, go to the ground and really kind of verify the results that were on the ground. There's an initial discovery of rare earths that was phenomenal. A big part of it as well was going around and getting to understand what the ground looked like, access, how can we really put together a drill program and be successful at it and make sure that we were able to get to the places we wanted to based on the historical work and the targeting that we had. So it wasn't really any one thing specifically, it was how well all the pieces fit together and the confidence that we had following the field program to

3:57 really push forward and get this drill program completed within, you know, we have the drill program is, will be done in almost 7 months from signing the option agreement. So we really wanted to move fast and it's our, you know, grateful for our partners at Standard to have such access to excellent teams and geologists to really help us move very quickly. And that's, so those are the key things that really helped us move with confidence and know that we've got something that's worth putting the money into. Thank you. And Bill, with Moray, what gave you the conviction and how did you de-risk the target before spending money drilling?

4:43 Well, to borrow Brian's expression, the conviction comes from the deposit model, which is modelled on Young Davidson, which is the Alamos mine, which is located 45km from the Moray project. Young Davidson of course is cyanide hosted and there's mineralisation in the major wall rocks. And we went into Moray with the same conviction. What pulled the trigger was that there was a discovery of Bioshecks Resources immediately adjacent to the Presumed Cyanide Contact in 2012.

5:27 They had done some stripping. They found a shear vein, a lot of good Gold values. We expanded that stripping in 2022. We did a lot of work with Thorpe Geoscience, a geological consulting firm, as Chris said, mapping, a lot of structural work. And so the decision to drill what became the discovery hole was actually pretty easy because it was quite, you know, it was an obvious target that had good surface results. What we didn't know…

6:06 Can you still hear me? Switch to your phone for a second there. I'm not sure why. Go ahead and take a moment to come back to us, Bill. Okay. Weird, apologies for this everyone. But we hear you, you can continue. Oh, you can hear me, okay, all right. Yeah. Okay, So the decision to drill was based on historical surface work. We expected Gold values. We didn't expect the widths. So it was not a very complicated decision. It was based on

6:46 the work that we had done and the original discovery. Thank you. Go ahead and take a moment to figure out your camera set in there, Bill, and I'll pass it over to Brian in the meantime. Brian, Kupanyi's Blue Lake project covers 682km2 in the Labrador trough, and you're explicitly targeting a next Raglan mine thesis. Can you walk us through what geological similarities you see between Blue Lake and Raglan and what the current winter drill program near Shefferville is specifically designed to test? Sure, thanks for that. So

7:23 Raglan, as many will know, but not all will know, is a copper nickel PGM mine in Northern Quebec up near the Arctic coast. It's owned by Glencore. It's been operating since I think 1997. And what's super exciting about Raglan is they have more material in reserve now than when they opened in 1997. Even though they've been making production, I think it's 1 and a half million tons a year. So how do you do that? Right. Mining is supposedly a finite thing. And the answer is that they are on the Their location is at the site of a former collision or rip apart of 2 pieces of what are now North America.

8:08 So think of continents moving against each other, we're all familiar with that. These would be smaller pieces that made up a continent. So that event, of course, brought the Copper-Nickel at Raglan, the PGM at Raglan, up from the mantle. So it comes up from very, very, very deep. And so you can follow, as they've done, They've been following that mineralization deeper and deeper. Of course, they paid off the infrastructure of the mine in the first few, probably in the first decade. And it's been great ever since in terms of finding new things and not having to build a new mine each time. So what we are, our site is in the same geological event. It's about 600 kilometers down the event line.

8:58 Both things, both events, or the event that we're describing happened 1.9 billion years ago.

9:05 And in both cases, in the Raglan case and in our Blue Lake case, the mineralization, the copper, nickel, PGM, is in lenses. So cigar-shaped bodies or disconnected pieces that are sulfide mineralization, so the metals are trapped in sulfides, and so they got heavier than the lava river that they were in or the magmatic flow that they were in, And they sunk to the bottom of that river and they're now sitting on the bottom edge. And that's a

9:41 fantastic set of circumstances for us to understand now how that happened because it allows us to use the Raglan exploration model for what we're doing. And I pointed out in my earlier answer that, you know, we're standing on the shoulder of people who've done work before us. This project was truly last worked in the 1980s. And in the 1980s, Raglan hadn't opened and the theories that now underlie geological science weren't in place then. So our project is almost like a time machine, Kyle. We get to go back with today's 2026 theories and technology and go apply it to something that was last looked at in the 80s. So, you know, the setting's the same. The timelines are the same. The mineralization style is the same.

10:27 This flow

10:29 is the same. And like Raglanars, hopefully we'll prove to stretch out over a really long distance and thus giving you all the mass you need to make something fantastically economic, we'll see.

10:45 And that surface, when you're walking around at surface, you see the same kind of surface indications of something called columnar jointing, which is a sign that the magmatic river cooled quickly. You can see that at Raglan, when you're standing on top of the deposits, you see this hexagonal shape of rock, because when that rock type cools quickly, it makes hexagons. And we have the same thing.

11:12 So that's just another example. And then you see little pieces of blebs or indications in the rock that there's sulphide bubbling up down below. You can see that in some spots, or sorry, had bubbled up 1.9 billion years ago. So that's the general idea on why we think we're on the right road when we're looking for a raglan type of deposit. Also for the Australians in the room, Cumbolda would be something similar. Okay, sweet. Thank you for sharing. Over to you, Chris. Collective Meadows is targeting a 7 1⁄2 kilometer EM corridor that has never been drilled tested despite historical surface grades up to a half percent U308. What are the first holes designed to test and what would a meaningful result look like in this phase 1 campaign?

12:03 Well, yeah, so this is a property that truly hasn't been drilled. There's been a bit of work on it historically. There are some lake bed samples, I said the half percent, and with this recent field campaign, going out and being able to verify those crops, verify the results, identify radioactive metasediments on surface, pegmatites, structured orthonite. These are all things that are key in kind of the package of the uranium unconforming deposits that we're seeing in this part of the world. And so what we're looking at is, with this drill current campaign is really to go through and, and test these these structural features, test the understand what we're seeing a surface, the geophysics working with our geophysics partner, and and Standard Uranium have come up with a series of targets that are quite shallow. I mean, 60 to 150, maybe 200 meters are some of the deepest targets that we have, which is in this part of the world, quite shallow. So we're fortunate on that side.

13:22 We're excited that we have the U-308 and RAEs at surface. And so what the ideal results and meaningful results would look like are verification of those in situ, being able to identify and have a strike length so that the drill campaign is testing kind of along. So there's a series of parallel structures that we're testing. And so we're really just looking to get a sense of what do we have, what do the structures look like? What does the mineralization look like? And as we start to understand what we're looking at and what we have on the property, is a meaningful result would be to obviously tie mineralization from hole to hole and start building towards discovery.

14:21 So that's what we're excited about. Our first holes are just being completed and we're excited to move on. And the fact that we'll have all this drilling completed within the next 6 weeks or so is extraordinary. It gives us chance to, the nice thing with uranium of course, is we get the centimeter readings straight out of the ground. So we know kind of immediately if we have an indicative result and so that's exciting that we can release that news and be able to move forward quite quickly And the goal of course is to really advance and move this project forward.

15:07 And that would be the meaningful result that we're looking for is verification of these results in situ and be able to tie them up along strike. That'd be great fun. Great, yeah, it would be great fun. Bill, welcome back. We got your camera back working. You're back. Your 2025 mating program at Moray produced intercepts including 86m graded more than 1g per tonne Gold and the best hole of 3.17g per tonne over 43m in the Zavitz zone. For people just learning about New Break, What is the Moray project and why does the Timmins district make it a compelling address for a Gold discovery?

15:53 As I said earlier, the Moray project is just kilometre 45 on the Matajewan Road, which is just west of Alamosa's Young Davidson mine. We picked the project because of what I referred to earlier, the cyanide hosted historical mineralization within the cyanide and mineralization around the cyanide. With respect to Timmins, the advantages are obvious. We have producers all around us. I've been working in Timmins for many decades. It's just a great place to work. I know the people really well.

16:39 First Nations are terrific. It's a highly mining-oriented camp. The provincial government, the resident in Timmins is very proactive, very engaged. It's an extremely active mining community. And with Tony McCooch now coming in and taking over the Newmont ground with Discovery Sober. It's a very, very active camp, so it's a very good place to make a new discovery. And sticking with you for a second, now that you're into a 10,000m 2026 follow-up program, What has the early drilling told you so far about the size and geometry of De Zavitzone and are there any indications it could be part of a larger system on the property?

17:29 What we have learned in this drill program, which we started in January, we are now on our last hole, is that the mineralisation, I can't refer to the Gold assays yet because we haven't received all of them, but we have a pretty good idea of where, you know, what the characteristics of, you know, Goldberry mineralisation look like. And what we have now determined is that the mineralisation is within the cyanide, is within the wall rock, maybe volcanics. And as of yesterday, is within the ultramafic, which we thought was a bottom to the Gold zone. Well, that's not true. So the mineralisation transects and is younger than all of the host rocks.

18:25 And in the case of the cyanide, which is the youngest host rock, you know, in this, typically in the Archean, in the Abitibi, that's very similar to Young Davidson, where the mineralisation is in fact younger than the cyanide in the surrounding volcanic. So, that's the most important thing. It opens up quite a bit of ground around the margins of the cyanide and the mineralisation definitely is related to the intrusive vent. So what we originally went into the project with in terms of a model, now appears to be borne out with what we're seeing in the drill core. Great.

19:13 Shifting over to Chris here. The 2025 prospect in Narrowcast also turned up pegmatite outcrops grading up to 9.83% total rare earth element oxides. A result that wasn't originally focused, wasn't the original focus of the project, rather. How significant is the rare earth angle to you or does it change the story at Rokas or is uranium still the primary prize? Well, it was an extraordinary discovery by the field team to have the rare earths. The fact that we have, there was a number of samples that were approaching or over 1%. So it wasn't a one-off float in the middle of a bog somewhere, it's something that seems to be pervasive across the property and something that is absolutely going to be tested there.

20:07 And the fact that we have rare earths in with samples that are also showing uranium as well is really exciting and not something that's been documented in the Saskatchewan database previously. So this is certainly new for this part of the southern, southeastern end of the Athabasca Basin. So we're again we're really excited ostensibly the program and the project is is focused on uranium but to have a bonus of the rare earths is is phenomenal something that we will be testing for sure but the majority of the holes that we're looking at are going to be focused around the uranium and really understanding the structural aspect of the project, making sure that we have a good sense of validating and verifying what we've seen on through the geophysics, and then so we can advance and move things forward with the project.

21:11 Brian, your background is capital markets rather than geology, and you've noted you're the largest shareholder of Kupani. How does that investor first perspective shape how the company allocates exploration dollars at Blue Lake and what does a successful drill program look like on a per share basis for someone buying the stock today? So there's a lot in there. So yes, I'm the largest shareholder and I paid 6 cents, 7 cents for all my shares when I got involved in the year 2018. Most recent purchase was I bought some of the last financing we did at 12 and a half cents. And Before that, last year, I think I was buying stock on the market at 16, 14, something like that. So I'm a believer based on everything I see.

22:00 And Look, companies need a blend of skill sets, right? We have an excellent geology science team. That's Jacques Gauthier and we have a director, Danielle Giuvenazo, who are fantastic at this kind of exploration. But companies need to be able to tell their story. Quebec companies need to be able to tell their story, both inside Quebec and outside Quebec. And we work really hard at presenting ourselves as a team that has a lot of skin in the game. Because I think that makes a big difference when somebody is choosing, you know, there's dozens, hundreds of great exploration companies out there.

22:46 But if you see a management team that has 1% and the management team that, well in our case the insiders are 39%, you know that people aren't flying first class when they don't need to. Money is going to be spent in the ground and that ground money is going to hopefully give you the results you're looking for. And so I guess on a per share basis, there's more efficiency. The more the dollars that get raised are going into the ground because as the owners of the company, as the largest owners of the company, we're very I don't want to say cheap because that things were not we're not farsighted. We're personian person.

23:33 We think ahead and we plan ahead and spend according to that. And we try to keep the bills low because the money needs to go in the ground. Definitely. Parsimonious. That's it. There you go. Chris, Collective holds its interest in ROKAS through a three-year earn-in with standard Uranium, targeting a 75% stake. What are the key milestones and timelines under the agreement? And how does the structure protect shareholders while the project is still at this early drill stage? Well, the way the option agreement is structured, it's really focused on, there isn't a large cash component, There is a share component to it. But the biggest aspect is that over 3 years, we're to spend 1000001 half annually for a total of 4 and a half.

24:31 So it's, which is why from my perspective, getting out of the gates, hitting the ground, literally immediately on signing the option, getting to the ground, working with the extraordinary team at Standard, who have helped advance and engages with the local indigenous communities, achieved, get drill permits in time. The fact that we're able to get all these things together, get permitted and get financing from both hard and flow so we can get the drilling going. And having have drilling starting kind of 6 months after starting or signing the option agreement is those are the key things that we're really working on to, so that we have a clear understanding of the property that we're getting into the commitments and spending and understanding the property as quickly as we can, so that we can really understand what the next couple of years look like.

25:37 And so we're optimistic that this drill program, if that as things go well, we can really just kind of fold into and plan for another drill campaign once we've gone through breakup or kind of through midsummer. I mean, again, with uranium, we can get results from a scintillometer quite quickly to get the acetate results and our ease, that'll take a bit more time. So we've got the fact that we have a couple of months or a number of months window before and an opportunity to have a second and hopefully a much more vigorous drill campaign and a much more advanced drill campaign based on these results within that same year is something that I'm really excited about.

26:26 Also the fact that we have, we raised a 1.4 in a private placement at the end of January. We've just closed the first tranche of 1 million of flow-through capital to help fund this drill campaign. The fact that all of those, all of that investment is, and all that paper won't be free trading until after we've completed this drill campaign is something I'm excited about. So we have an opportunity to build the market, build the story and really work with the investors that have come in at this stage to make sure that we've got something exciting for them to stay with and hopefully grow as we advance moving forward.

27:14 So Those are the, from our side, it's, the option in itself was, I think is strong, but the fact that we were able to hit the ground and get to work quickly so that we're not waiting until the very end to spend that money and figure out what does year 2 or 3 look like. Those are the key things that we've done to really de-risk and hopefully build value for shareholders as quickly as possible. For sure, Definitely. Staying on the funding conversation, Bill, Newbrick has now received over $836,000 in OGEP grants across 5 rounds. For those of you that don't know, it's essentially exploration funding without dilution. How has that capital discipline shaped your strategy and what milestones in the 2026 drill program would you consider a genuine game changer for the stock?

28:07 Well, the OJIC funding has been immeasurably valuable. In the early days of the company, 2022, 2023, we didn't really have a lot of results. And aside from our largest shareholder, we weren't attracting a lot of interest in the marketplace. So, having the non-dilutive OG grants allowed us to expand and finish off the surface work at Trench 12, which directly led to the discovery. So that funding was incredibly valuable and credit to the Ontario government for what they've been doing for exploration because it's very friendly to the shareholders. It's non-dilutive and it's been incredibly valuable It directly relates to a discovery.

29:09 In terms of a game changer, where we're at now, as I mentioned earlier, we're now seeing mineralisation to be confirmed with assays that we're waiting on, throughout all of our rock types. And that means that we believe we're on to a very big system and it's not constrained, which we thought originally, particularly by the Ultramathic. And it appears at this stage to be very similar to that that hosts an extremely large gold mine just down the road in Young Davidson. One more question for you, Brian. The Blue Lake project is in a remote part of northern Quebec near Shefferville.

29:55 What are the logistical realities of operating there and what's your timeline for having results in hand from this program? Sure. So, yeah, we're in Quebec. The nearest town to our site is Shefferville. Shefferville is connected by a railway to the Gulf of St. Lawrence, the Atlantic Ocean. There's a port there called Satele. And Sheffield was built by mining in the 1940s. The railway was built by the mining company, the airport, the town site. And they've been doing iron ore mining almost continuously since the 1940s and it's still going on today. So remote, yeah, it's difficult to drive there because there's no paved road, there's no road to Sheffield, but the train serves that purpose.

30:49 And the logistical realities are, yeah, you need to plan ahead. You gotta move things up. If you're moving a drilling rig up, you're gonna do it on the railway. So you'll send your gear to Satele, go up on the train, And then it'll come off the train and you'll have to, as we're doing, chopper or ski plane it out from town to the site. We find ski planes actually pretty good. It's less expensive than chopper per pound. And because there's so much snow and ice where we are, right now, this time of year, ski playing can get pretty close to what we want in terms of locations. So, the logistics are you need to keep warm in the wintertime. It's a long, cold winter up there.

31:36 But you know, there's a mining town nearby, 65 kilometers. Yeah, it's far, but it's not that far. And there's a lot of positives in the land in terms of what's been seen. So we plan ahead and we think about things in advance and that's really the hard part, just making sure you're thinking 2345 months ahead. Thank you for that. One last question for you all before we wrap up here today. I'll bring it back to you, Chris. If you had to name the one outcome from your current drill program, a specific intercept, depth, grade, or geological confirmation, what would completely change how the market perceives your company? Well, it's, I mean, if we're able to, if we had, ideally we have a nice shallow, high grade, contiguous mineralization across multiple drill holes. I mean, that's something that I think every company on here is looking for, that we can identify a structure. We have mineralization and high-grade results that are close to surface that we can build into a discovery. That would be the ideal scenario and the drill campaign that we're doing

33:08 is really focused in, so it's not a series of holes scattered all over the property, It really is, it's quite a focused campaign at this point. There are other areas of the property that we can test. We're going after areas that have, where we've had results at surface and we're looking to verify those results that we anticipate through the geophysics. We have, for most holes, we have at least 2 different target depths based on what we're seeing from that analysis. So that would be the real difference and how that would change the company is, you know, we'd go from a company with a nice perspective property to a company that's moving towards discovery. And that's of course the whole name of the game here and where things get really exciting and spicy. So where we're trading right now, I think there's, as we're moving forward, as we move through this drill campaign, and it's only a 1500 meter program.

34:21 This is really just the first first test of a piece of ground that we're quite excited about and has ample opportunity for for discovery. So that's but yeah that would be the that'd be the nice thing if we can, we can tie a few holes together with a nice shallow, high grade, wide piece of mineralization. That's, I mean, I think that's what every company is looking for here. Definitely look forward to keeping an eye on the story. Bill, you already had discovery success. What would completely change how the market perceives new break resources? Well, I think that In the core, we're waiting a lot of assays, but again, we have a pretty good idea of what is going to run from the mineralisation.

35:09 So we have a core that's going to grade very well. We see mineralisation now into the cyanide and into the ultramafic, particularly the cyanide because that's, you know, the whole, the sign offers a very competent host rock, which is very cheap and easy to mine. Hence, Young Davidson or Cote Lake is another example. So, we're now seeing the system broaden out across different rock types and the core, there's some really strong numbers in the core part of the zone. We haven't exhausted the strike length, northwest, southeast.

35:58 It's proving now to be, it's starting to turn into a big system. So that's the most exciting thing. And Brian, the outcome from your current drill program, how would it completely change how the market perceives your company? Yes, I can think of 2 things. 1, the drill program proves the current geological model is correct, which would be fantastic because it supports the comparison to Raglan. And then the next thing that flows from that concept would be, as you said at the top, we've got a large claim block, I think it's 682 square kilometres.

36:44 And the historicals, right, all that Copper, Nickel, Platinum, Palladium that's been known about since the 1980s. That's in maybe 8km2. It's got 300 drill holes in it, so we know it's there. But the company theory now and what the market would love to see suggests that there's a lot more to be found on the rest of that 682 square kilometres that isn't the 8 square kilometres with the tonnage. So, Our drilling is at a small distance from that tonnage in order to see if the concepts are right with, I'll call it step-outs, not exactly step-out, but stepping a little bit down the line, and the line that I'm talking about is what we've communicated to shareholders as our high priority corridor.

37:39 And this is where we have a 15 kilometer long geophysics response that tells us that this 15km is the former magmatic flow and it's pretty much horizontal to the surface. It only dips about 2 degrees along that 15km. And the 8km2 with the historical tonnage in it is in the first 3, 4km of that 15. So our drilling is going to begin to test the rest of that. So we will drill it in a kilometre 4, 5, 6. And if we get the results we're looking for, it implies that the whole 15 can be a great target mineralization.

38:24 So that would be 1 layer of huge success for us. And the next would be to realize that that 15 kilometer long high priority corridor might be just the first of multiple to be found on the land package that we have, the claim package we have. And the reason why we have that much of a claim package is because when Douglas Macquarie, the guy who started the Asante Gold, when Douglas Macquarie and I were looking at this in 2024, and we realized that if the ultramafic visible on surface is an indicator for what the mineralization footprint could be, we might as well lock up the entire region so that if we're successful, we own all the rights and we're blocking someone else from coming along later and playing the closeology game.

39:17 And we did that because, if we're right, I mean, this is going to be really big, really complicated to move forward for a small tiny company. So if you own all the perspective land in your exploration block, then you've got hopefully some really good bargaining power when it comes time to negotiate with somebody larger. So that's why we've done that. And that's why these drills are designed to begin to test all that theory. Excellent. Thank you for sharing. Thank you all for sharing. It was an exciting and interesting conversation. A lot of exciting stories here. I hope it piqued the people watching on the call to be more interested and reach out to the companies. I know you guys like when investors reach out, so please feel free to reach out to the companies.

40:05 Our team will be having this on YouTube within the next couple of hours here. You can watch the replay there. But gentlemen, thank you