Timmins - Ontario's Premier Mining Region

0:04 Hello everyone and thank you for joining us today. We're here to discuss Timmins and why it stands out as a premier mining jurisdiction in Ontario. I'm pleased to introduce our panelists today. We have Brock Cotijan, President and CEO of Onyx Gold, Brian Skanderbeg, President and CEO of GFG Resources, and Bill Love, CEO of New Break Resources. Before we dive in, a few quick housekeeping notes. While I have prepared questions for our panelists, we strongly encourage audience participation, so please feel free to submit your questions using the chat box in the bottom right corner of your screen. Due to time constraints, we may not be able to address company specific questions. We will see, but I'll make sure to forward them to the respective companies afterwards if we don't address them all. Also, please note that this event is being recorded and the replay will be available shortly after we conclude. With that, gentlemen, welcome. I'd like to start by getting each of your perspectives on this question. What unique geological features makes the Timmins Gold District a premier mining region in Ontario?

1:00 I'm just going to start from my screen left to right with you, Bill. I just lost some connection there, so why don't we pass it over to Brock for now? Yeah, sure. No, thanks, Kyle. And thanks to everyone for joining. Yeah, I mean, what What makes Timmons Gold Camp really stand out is the fact that the district lies within the Abitibi Greenstone Belt. That's one of the largest and most significant Archean greenstone belts in the world. So that's really important to have that world-class greenstone belt setting. And then within there, you end up to have these bright ingredients. And so in our case, you have these several major crustal-scale structures. So the famous Porcupine Duster fault zone. In our case at Onyx, our Monocreases property, We have the Pipestone Fault, which is a northern splay of it. These are regionally extensive crustal scale, deep-seating structures that are key to bring up

1:54 the fluids from deep down below, these mineral Gold-bearing hydrothermal fluids. Then you have the structures, the conduits. So then the last kind of thing is you need that ideal kind of host rock environment. So in these key, gold mineralization kind of occurs within these theolitic and comatiate salts, these ultramafic flows, you know, felsic volcanics. So you have all of these right host rocks that provide that chemical trap. You have the structures that allow the fluids to come up, but then you also have those ideal host rock environments. And then the last thing I think as well is that you need that multiple stage, these repeating deformation and fluid events that keep on increasing the size of these deposits. And that's why Timmins is famous to host some of these deposits that have been mining for 100 years, because of that significant structure of geology and that multiple episode of fluid flow.

2:51 Brian, do you care to add anything about what makes Timmins a premier jurisdiction?

2:57 When GFC thinks about these belts, we look at both the side of it, which Brock alluded to, which is kind of geological systems that are bringing the Gold to embed these deposits. But ultimately, the other side of it is how these rocks are covered. And that's also geology. And so on top of bringing a bunch of Gold into these shear zones, I think the great thing about Timmins is there's lots of cover, cover rocks, cover tills, cover soils, swamps. And what that's done is it's still preserved a lot of deposits in a very near surface environment. And I think what you're seeing with many of the companies here today, of our peers and ourselves, is that we still continue to find good new Gold systems, new deposits in a near-surface environment. And that is because so much of Tivins is under 10, 20, 30, 40m of till.

3:46 And it's not so much that it precludes exploration, it just makes it 1 step harder. And the benefit to the company of ours is we can still drill 100m at a gram, a gram and a half, like Onyx or like ourselves at Aljo have very good results in this sort of 0 to 250 search space. So I think that's a really critical other piece is that outside of the geological systems that are bringing to it is that what's the surface environment that we're exploring.

4:15 And Bill, we lost your connection there for a bit when I was doing the introduction, but I was just asking the fellows here, what makes Timmins a premier mining region in Ontario, if you care to add anything further? Well, Brock and Brian have really described the major structural breaks in some detail. In our context with Morey, we're on the Galar Lake fault, which may or may not be the Western extension of the Cadillac Larder Lake break, But it's a little less explored than other areas of Timmins, which are close to or on the major break structures. So it offers a bit of, you know, there's the model that we have used at Moray is based on Young Davidson.

5:09 And I was a shareholder of a prior company that held Moray. And,

5:16 you know, We have a very large cyanide intrusion. We've studied Young Davidson at length with the assistance of Alamos. And our discovery is right on the margin of this large cyanide, and it's extremely early days, and we don't know to what degree there's maybe a contact metamorphic effect, or whether it's a standalone structure, it's too early to tell. But It hasn't been explored to the same degree as some of the other areas around Timmins. Thank you. Now going from right to left, I'll start with you, Brian. How does the Timmins Gold District contribute to the local economy and community development? And how are companies collaborating with local stakeholders to enhance exploration and development opportunities?

6:08 Yeah, look, great question, Kyle. Gold mining's been the backbone of this community, really going back to the 30s. And so the better part of 100 years, Timmins has also been there because of the gold mining. For us at GFD, we try to engage all level of stakeholders, whether they're community members in a conventional definition from Timmins, whether they're our First Nation partners, whether they're our neighboring peers,

6:37 business development opportunities, whether they're through contracting environments or through shareholder participation, we have each of these mechanisms and I would say that that's the best thing we can do for the community is go out there and find a new ore body and find a new mine that hopefully can be there for the next 10, 20, 30, 40 years. And while we're doing that, bring the best to have local employment, to have employment, you know, participation in it, and to bring forward the educational piece as well, training opportunities. So those are some of the ways with which, you know, I think the community at large and stakeholders in the Timmins area participate in the exploration space and benefit from it?

7:20 I'll leave it at that, if that's your answer. Sure. Brock, why don't you go ahead and give us your 2 cents? Yeah, no, absolutely. Just to piggyback on Brian's comment there, gold mining and exploration is the single largest economic driver in the Timmins region, supporting thousands of direct jobs, indirect jobs, and a lot of those jobs that we know are very high-paying jobs as well. That really develops a big economy, a big industry within the area. But also, I would add also that beyond the economic benefits, a lot of the Gold mining is supported infrastructure. So highways, roads, a lot of electricity, A lot of these things were education, schools were funded via mining and mining projects.

8:10 So that has a big shape on Tindin's identity as a whole, But also for us as explorationists, we can benefit from that long history of gold mining, the infrastructure, the existing mills, the highways, the electricity, and also that well-developed

8:29 labor industry. So for us, that dramatically reduces the resource threshold that we have to discover. And in the case at Onyx, we just made a new Gold discovery, probably the most significant Gold discovery in Timmins' scene in some years. And it's 2.5km away from a highway, right? And it actually projects to surface. It was sitting under, you know, 5 feet of dirt when we just uncovered it at a trench and getting up to 21 meters of 2 and a half grams, including 20 and a half gram individual

9:00 samples. So, you know, for me, it's like, that's gonna be mine at some point because it's right beside a highway. Just whether are those ounces going to go down the street to another mill or through a mill on the property at some point? So, it's a question of how big can we grow this as quickly as possible. Certainly exciting times. Bill, any further commentary on the local community and the Gold industry in Timmins?

9:25 Yes. We've sort of assembled, We did a lot of work with Earth Geoscience from when we acquired the property in 2020. And they did superb work. But now we're into the drilling phase. And I always felt it was important to engage the local geologists. I have a lot of history in Timmins, so I know a lot of the geos. And when you do that, you get, you know, you get an incredible encyclopedia of knowledge of projects around Timmins and different stratigraphies and, you know, different alteration styles, et cetera. So we have a Timmins-based GEO who's doing our logging, our Korshak's just south of the airport.

10:14 We have the fellow that owns the Korshak, who's a major shareholder of New Break. So we've engaged, you know, our whole team now is basically Timmons based. So you just get, you get such cross fertilization, you know, 1 geo knows another Timmons geo that knows this project. And this is how the project that he knows compares to what we have just found. So I find that if you get, particularly geos, if you get this sort of cross-pollination

10:47 of local geos, you just get so many ideas and, you know, thoughts on, you know, what we've just discovered. And that's incredibly important and helpful, you know, as you move your, you know, we have a target we're chasing now. And as my colleagues on the session would know it, you know, sometimes it's easy to find it, then you got to, you got to chase it. So, you know, we've really shifted to a Timmins based team. And,

11:17 you know, it just You just get a lot of ideas. The First Nations, as the other guys know, are very cooperative, very mining-oriented infrastructure. You've got producers around. It's really an ideal environment to develop an exploration project. Going back to you, Brian, you mentioned a lot of swamps in Timmins and overburden 20-40 metres. How have recent advancements in exploration technology impacted the discovery potential and targeting efficiency in the Timmins region?

11:54 Yeah, look, this is something that we always try to think about is how we be more efficient on the exploration fronts. And if we want to go into these terrains and these blocks of ground that maybe are underexplored, they're typically underexplored for a reason. They're harder targets. And so when we think about it, we're looking for technologies that allow us to see through that cover rock and to vector and find new Gold systems within it. So we're using a lot of till analysis. Till analysis has been around for a long time, but they can do it

12:25 much more quickly, much more efficiently, and they can give you a better fingerprint of what that Gold system might look like. So there's been good advancements on the analysis of Gold geochemistry as it's reflected in the till. And that's something that's quite key for GFG as we're exploring where we work, there's almost no outcrop or very, very limited outcrop And we need to find a way to see through that. So good advancements in tillage, geochemistry is something GFG uses.

12:54 The other piece that I would say all of us are using maybe differentially is the AI piece. And that's a whole new gamut. And it's probably the biggest technological advancement the exploration space has seen in a long time. So I do think that as your AI systems and software evolves over time, it will become more and more effective and hopefully makes your geologist smarter. It's never gonna, to me, be running without a geologist, but if you can make your geologist, you know, seeing another layer, integrating your data layers more efficiently, That's a big, big piece for us too. Lots of exploration companies collect realms and realms of data and geologists just, it's hard to synthesize all that. So this synthesis piece is evolving and that's new technology related to the eye. So those are 2 of the ones that I would say most applicable, most evolving in this belt and to these types of companies like ourselves.

13:55 Brock, you mentioned the recent discovery with Onyx. How did you target that specific region and care to add? Yeah, for sure. So ours is a bit of a unique one. It's

14:07 less so dependent on the advancements of the technology, but it's more the advancements of our geological understanding of different host rocks for new gold discoveries. What I mean by that is, in that area, on Monroe Crecyst property, we control the highest-grade past-producing mine in Ontario. It's the Crecyst mine. It's spectacular, high-grade, with an orogenic vein. For almost 100-years, that's what a lot of people were looking for.

14:37 And they were basically walking right over a discovery that outcrossed on the surface. And what's unique about it, and why it was kind of previously missed, was this is a gold discovery posted in a bariolytic basalt. Basically, it's very iron rich. And when these hydrothermal fluids react with that iron, it creates pyrite stringers and disseminated pyrite. So there's no obvious vein that stuck out of the ground and said, hey, this is a high-grade discovery. That would have been mine. So the opportunity was a little bit of loss until basically 2022 when Highgold, our predecessor company, recognized this area as a potential bulk tonnage discovery. And that's when we drilled it in late 2022 and got 136 metres of 0.54 within this very unique host rock that's just loaded with stringers of sulphide.

15:26 So that was the evolution of the geological thinking and the opportunities of the camp.

15:32 And then through systematically drilling was the best way. Geophysics helped a little bit, but it all crops on surface so you can map it, do a little bit of channeling, geocam. And then Argus North was discovered in April of last year. We were able to announce the results in April this year.

15:53 And that was basically discovered just through systematically drilling the old school approach, drilling grids across Argus Main. We discovered in Argus North, 100 metres to the north of the Argus main zone. And that was just sitting, like I said, under 5ft of dirt. There's nothing geochemically or geophysically from our results that told us to drill there. It was just through good exploration, drilling systematic that we discovered it. But as a whole, why it was previously missed was because of that dogma

16:23 psyche in the camp of you have to chase these orogenic high-grade veins. That's what's Tim is famous for. And then the last time this area was worked was in the early 90s, obviously, commodity prices significantly lower. So when you see multigrams sitting on surface with no obvious veins, kind of people overlook that opportunity. And that land position was significantly smaller than it is today. We've done 32 deals to grow this land position from less than 4 square kilometers in 2019 and now it's over 109 square kilometers. So significant growth, that fragmented ownership led to that under-expiration as well. Interesting. Bill, New Break made a recent discovery too. What about your systematic approach for targeting your project?

17:13 We don't have the overburden issue on the Western side of our property. We do on the Eastern side, but where we made the discovery that there was, we just, we did some stripping, but we did a lot of, you know, using drones to, you know, we did drone mag, but we did a lot of mapping with drones, which was surprisingly surprising to me, you know, the depth of resolution and, you know, what you can see, particularly in a structural sense. So we were able to, you know, to do some really good structural mapping of the areas that we exposed. And that ultimately

17:54 led what we discovered on surface, which was a narrow,

18:00 quite good gold number, but very narrow sheer vein into what we've now discovered with holes 4 and 5, which is much broader, up to 30m. So that mapping work was invaluable and the structural interpretation to getting us to where we are now. The other thing that I'll comment on is the AI area because before AI became so popular, there was machine language work that was done in mineral exploration by a company called Diagnose out of Montreal going back to 2005.

18:38 And I did some of that input of large amounts of data. And even back that far, it was able to parse huge volumes of data into

18:52 targets. Now, as an individual, one of my colleagues is a real AI expert, what you can do now with feeding Microsoft Copilot, for instance, a volume of technical data that have an output that would take as an individual or even a group of individuals, a huge amount of time to do so you get, you know, it's it's so quick, and you have to you have to train the system. Otherwise, it tends to give you what it thinks you want.

19:31 But I've started, you know, individually and with my colleague, doing a lot of, you know, feeding vast amounts of data and asking the system questions. And it's pretty interesting, you know, how quick you get responses and how, you know, detailed they are. So that's very new. Yeah, it's exciting. All that prompting. I'm going to take an opportunity here to ask a question from the audience and for people that joined before the intro, feel free to submit questions. We want to keep the engagement coming here. Mike is asking, with Gold at US$4,000 and big boy miners flush with cash, are each of you guys being prepared or peppered these days with acquisition feelers from the big mining companies?

20:18 Perhaps Brock, I'll let you answer this one first. Sure. Yeah. I mean, we have the largest land position for an exploration company in the camp. Canada's largest single gold producing region and for an explorationist who's just making a brand new discovery, is obviously drawing in interest.

20:43 We have a strategic investor, We have 3 Gold producers in our stock right now. Goldfields is the name one who owns 99 of us. We also have a senior Gold producer who owns 5% of us and another mid-tier Gold producer. So we have those strategic investors who are interested in

21:04 supporting an exploration company to go make a new discovery. And obviously in a place like Timmins where you do make a gold discovery, you know there's infrastructure, people and a richer permitting regime and a good consultation with First Nations that you can actually take a discovery to production quite easily. So, you've also seen a bigger picture, not really, There's been a big kind of renewal interest in Canada, the redomalization of, you know, there are a lot of producers went abroad to places around the world to chase brand new greenstone belts in West Africa and North, South America and elsewhere around the world to find the next big deposits. But we've seen it's been very challenging in some regions around the world. So in the cases, there's no place like home for a lot of these producers. So we

21:56 just recently saw Iron Gold buy Northern Superior, consolidating the Shibubu mine camp. We've seen that happen in Val d'Or, the expansion, obviously evolution with Red Lake. So these are a lot of Canadian regions, coal producing camps have gone under significant consolidation in recent years. And that's just not by mistake. You know, that's a clear re-interest of coming back into safer jurisdictions. And you know, Timmins is, like I said, it's the biggest single coal producing camp in Canada. So obviously that draws a lot of interest for producers looking to come back to Canada.

22:32 Well said. Brian, has the phones been ringing on GFG's end?

22:38 I think we're in a very similar position to Onyx. We have 3 corporates in our registry, the largest being Alamos, which is a strategic shareholder of ours. And so what I see is, yes, there's a lot of free cash flow in the space and the producers are certainly keen to have their finger on the pulse of discoveries that are being made or even funding those groups that they feel are going to make the next one. I think we're benefiting from that strategic alliance that we have with a number of the producers. That being said, I think most of them will want to buy an advanced deposit that is drilled off sufficiently to understand the scope and scale of what they have in hand. So I think the preferred path for many of these groups is to say, let's develop a relationship.

23:28 Let's fund these guys to support them as a shareholder. Hopefully we build the relationship so when this deposit grows to a size and confidence level that they could acquire us. I don't think it's the norm right now for producers to be acquiring exploration stage ground, exploration stage companies. It does happen. There's some good examples out there, but for the most part, they want to step in when discovery has been made. It's already been advanced to a resource or very, at least a pre-resource stage where they can put their hands around what they might be buying in a financial model.

24:01 So yeah, The phone's ringing. We have good relationships with all of the companies in the belt. We have lots of CAEs that exist and we have shareholders there. Super good time to be working in the exploration space. It does make capital more available and GFG is well positioned with a number of strategics in our registry.

24:21 And Bill, do you have any further commentary on Mike's question? We've had several producers that have inquired since we made our announcement. We're just really providing people with information, showing them the model.

24:45 We're not at the stage that Onyx and GFG are at. We don't have a strategic producing investor. We have a key shareholder who has kept us funded over the years. We're at the early stage of that cycle.

25:04 Brass tax. Where do you see gold price going from here? And how do you think that impacts the district? I get the toughest question.

25:17 You know, the run up in gold was, you know, it was very rapid and I had a cycle in the investment business and usually, whether it's a commodity or a stock, you get such an explosive upward move, it's going to fall back. It just has to. So the technical trading pieces that I've read, you know, pointed out it was really overbought. And so he was going to correct that that was inevitable. You know, The impact of the US administration is unquestionably reflected in the gold market.

25:56 I think that unless there's an end to global uncertainty in fiat currencies, gold will still keep moving. I mean, if it moves at the rate it did, it's gonna crack, that's just trading. So I don't see anything changing in the global environment to suddenly have peace all over the world and

26:28 a free economic picture. That's not what we're seeing globally.

26:35 And Brock, what about you? Yeah, no, I agree with Bill. Short-term overbought, I'm not surprised. This pullback, we went $500 basically in October, right? So I think this pullback was was an actual part of this. But so short term, I think it would be a little bit volatile. But long term, I think there's a lot of secular tailwinds. You know, we're going to still the Fed is just finishing its quantitative tiding. We're starting to see interest rate cuts continuing, still heightened geopolitical risk, strong Asian buying that's still supporting it, and also a big central bank line as well. So there's a great diversification here. And so I think longer term, this is a great setup and a $4,000 gold, what it does to the camp itself is quite significant because there's a tremendous amount of ounces that I wouldn't say are already an official numbers.

27:32 But with this type of gold price, you can start to incorporate what was traditionally a marginal, you know, ounce, you know, that didn't

27:39 have, you know, enough grade or maybe metallurgy or something like that, that what this gold price, you can actually start to bring that into the model. And even some of these big larger projects like our neighbors, like Mayfair Gold or Stellar, you know, these sub-gram big projects that these type of price environments, they become quite economic. And, you know, those are big mines that support hundreds of jobs for decades. So that's a very material,

28:10 positive long-term impact. And I've spent some time, when I was a younger geologist, we've spent all spent off time and the activity through thick and thin. When times are tough, low commodity prices, you can see it's tough times up there. But this price environment, if it sustains like this, can really bring in a lot of new deposits into production that would sustain a lot of high paying jobs for the foreseeable future.

28:38 And Brian, any further commentary? You know, everybody that's buying Gold and has participated in this run is generally still there. I would argue that, you know, as my peers have talked about, you know, corrections are overdue. But when you look at who's buying the gold these days and why they're doing it, those factors all remain very similar. So, you know, I think Brock's very much right on it to say, you know, short-term volatility, longer-term trend preserved. And I would still just highlight, you know, consensus gold is $2,200, $2,300, $2,100, right? Consensus gold is a long ways below spot. And so the longer we maintain even a $4,000 gold price, the consensus and the price decks catch up to it, valuations continue to move up. And there's a massive amount of margin. And if you just took Timmins as a whole, there's 1.2 million ounces there.

29:32 At $4,000 Gold, you have a lot of margin or 6,000 Canadian, you might have $4Bn coming out of this camp per year in free cash flow. And any sort of stability at these prices is

29:45 just a huge amount of free cash flow for the camp and for the companies that are operating here. So Timmins is exceptionally well positioned, lots of infrastructure, lots of margin. I think we're really bullish for gold price yet, you know, being relatively

30:02 on the same trend going forward. But yeah, there's volatility there and a day like today is a reminder to all of us that volatility will be there in the short term. It's not a bad thing at all, but all the drivers are still to say Gold will continue to be strong for a very long time ahead of us.

30:21 Well said. I want to narrow down to a couple of company-specific questions here and I'll start with you, Bill. How are your September 2025 maiden drill results, including the 4.11g per tonne Gold over 31.3m MRA, inform plans to expand this new Gold system and test additional targets in the Timmins count? We've announced that we plan to resume drilling and we've now resumed drilling just very recently. And this is a new system that we have to try and figure out what's going on. Does it relate to the intrusion, as I said earlier, or is it a standalone structure that there's a need for proximal older

31:06 sulphide horizons that become recrystallized. We notice the difference in the appearance and texture of where the pyrite is recrystallized, that carries Gold, and the older, massive,

31:23 likely distal VMS pyrite does not carry Gold. So, it's a brand new thing. We're not sure exactly what we're dealing with. It's going to take more drilling to figure it out. It's a pretty broad system, but something new, you learn by every drill hole. We're in the very early days. That's what we're doing.

31:53 You addressed the individual's question about drilling to resume in the chat as well. For Brock, with your October 2025 drill results confirming broad high-grade intercepts like 99.5m at 1.5g per tonne Gold at Argus North, how are you building on this momentum to prioritize step-out targets and expand the zone's potential across the Monroe Crocess project?

32:20 Thanks, Colin. I think In order to talk about the future, I just want to take a step back. We announced the first discovery hole in April 2025. It was close to 70m of 3.4g.

32:35 It was a one-hole discovery, so very early days. But given the proximity to this Argus main zone, which is about 800m by 200m, a big zone, And in addition to being hosted by the same structure as Fenn Gibb, located 6km away, 4.5Moz, it gave us encouragement that Argus North could be turning into something quite strong. So we started drilling here in May 6th and we've subsequently done about 70 holes

33:06 around Argus North and around it peripherally a few hundred meters that's stepping out and we've announced 32 to date and basically as part of this 25,000 meter program which are about 90 percent done we've really been stepping out defining this system and gone from 1 hole to confirming that this is quite a broad system here. Those 32 holes that we announced to date define something that's almost 200m of strike, 50 to 100m thick, and extends right at surface. We have, like I said, trench results that are 21m to 2g in addition to really nice high-grade sub intervals. And we chased it all the way down 350m and it's completely open. So that's the thing is with this new drilling that we've been able to complete today, we've built up a tremendous amount of data and we've actually been able to fingerprint the subunit. Basically it's a big volcanic package and there's a favorable subhorizon within there. It's this very lithic basalt, as I mentioned, and we've been able to identify it geochemically.

34:12 So through our previous field mapping and channel graph samples throughout this multi-kilometre stretch of the pipestone, which we control, we're like, hey, we've learned and found Argus North. Can we leverage this data and the ability to finger-pick this favourable subunit? Can we apply that knowledge across multiple kilometres of the structure that is virtually untested by the drill bit? And can we find more Argus North in addition to expanding Argus North currently? So that's what it is. Since May, we've raised US$41.5M, including over US$26M of flow-through. We have a lot of money to spend between now and the end of next year.

34:57 You can bet that you'll be seeing an announcement of a significantly increased drill program with up to 3 rigs. We're really excited about continuing to find and expand not just Argus North, but being able to start to test this multiple kilometers of this trend that is virtually untested with the drill bit. So, and that whole context is important because you bring it back to the fact that we're 3.5km away from a producing mine, we're 6km away from Fangit, which is hosted by that same structure. So, you know, this is a very fertile, well-endowed area that gets us really excited. But we're not just going to have blinders on as well about just focus on this multiple kilometre trend, which we ultimately own 8 kilometres of. But as we've been consolidating, like I mentioned, these done 32 deals as we were consolidating, we've been inheriting a massive pipeline of targets that haven't seen basically virtually any work in decades. And some of them have bulk tonnage opportunities, 1g over 43m, never followed up since 2003.

36:04 And then we also have these high-grade targets on the eastern side of our property, close to that Mud Grove Crescence mine. So we have a huge pipeline of high-grade targets and bulk tonnage targets that basically haven't been looked at at all. With our cast position, we're really excited to finally lift off that capital constraint approach and just really hit this property hard because all these targets have shown that this has got a tremendous mineral endowment. It's a rare combination to have extremely high-grade in addition to bulk tonnage on 1 property. There's lots of work to do here and we're fully funded and got a very attractive valuation ahead of a very busy time. We're just going to be drilling for the foreseeable future. And we can drill all year here.

36:52 We're like I said, our targets and discoveries are all proximal or underneath the logging road connected to paved roads and the highway, only a couple of kilometers away from the infrastructure. So it's no better place to make a gold discovery. Very exciting pipeline indeed. Brian, building on your July 2025 results of an extended high-grade mineralization in the HW and main zones while discovering the new FWA zone at Aljo. How are these successes shaping the design of your upcoming 3000 meter follow-up drill program and comment on your regional approach and programs outside of the Aljo drilling? Please and thank you. Yeah, no, GFT is definitely being pretty aggressive with Aljo.

37:38 We have 3 zones defined, as you talked about, the preceding results that were released in Q2 and in Q3 were all very positive. And what we came out on the back of that was about a 3,000m program. We're just wrapping that up at present. And part of the program we did in the first half of this year did highlight the potential in the football environment, completely untested area where we saw the right rocks with good Gold mineralization and completely open. When we think about how we're designing our 3,000m program, we have a nice system at Aljo. It's near surface, it's high-grade, it's 3 or 4 or 5 different veins in 4 different domains And we can continue to grow that. So there's an infield component within the current program. There's a step-up program at depth, which really looks to test that footwall environment along strike.

38:30 And there's even a couple of holes we've designed even to go even further into the footwall because completely open there. We have the right rocks. We have the right system. We're still at a relatively shallow depth. We really do need to penetrate further into the footwall. So 3 main goals of this program. There's some infill exploration at depth and then there's some strike out holes along strike, particularly to the east where we see the system continues, the anomalism there, the right rocks, the right systems and just no drilling. So that component and those goals are all part of the program we're completing now and those results that come to market in Q4. Outside of that, though, we're also kicking off this big regional push and TFT owns 800 square kilometers in this belt. And Many of that is completely immature. And when you're going into these environments, you need that base data later. For us, that's till data. We're doing a big sonic program on sort of half kilometre by kilometre spacing further to the west of Aljo.

39:30 So the right rocks 20, 30, 40m of till. Let's go out there. Let's do the sonic work. There are some showings out there from historical work, very broadly spaced drilling that have 5, 6, 7g. And as Brockwood alluded to, It's amazing what calibre of targets haven't been followed up since the 80s or 90s. And we have a number of those that we can step out and diamond drill here in Q4 as well. So I'd say GFT is taking a very balanced approach. We're pushing alga, we're growing that thing towards a deposit scale, towards a resource. But we're also doing the groundwork to build the next suite of targets. And that's really exciting to me, where we can step out over the next 10km and say, this area should have a couple more deposits in it. And let's go take the first stab and build the data layers to explore there and generate new targets and to generate the next suite of targets for DFT's pipeline. So that's the twofold. We'll spend about $5 million in the ground this year and drill about 10,000 meters in Timmon's portfolio as a whole. And I'm optimistic we can grow Alto towards a deposit, towards resource.

40:35 And I'm also optimistic that there's a lot more out here to be found on the Gold Arm property. Staying with you, Brian, Given that you have undergone a recent financing during this 2025 precious bull market, how do you decide on the optimal size for these raises to balance exploration ambitions in Timmins with factors like dilution, investor demand and upcoming program costs? Yeah, good question. I mean, I think the junior space has been capital constrained for most of the cycle. It's nice to see some more capital become available to the space. That being said, there's a cognizance about what the right level of spend is. So for GFG to go out here and if we, you know, maybe we don't have the target pipeline or specifically the deposit that's going to take 3 rigs yet.

41:28 So for us, you know, a 5 million a year budget is I think is appropriate. So When we look at targeting our raises, and we have one in the market right now, we're going out to raise $4M and $4M to $5M. This is really defined to say, what do we feel is an appropriate budget for 2026? We obviously have flow-through or hard dollars that cover the G&A, So I'm really just talking about in the ground expenditures. So for GFG, you know, to me, the right size of our targets, the right meters in the ground is around 10,000, 15,000m per year. If you're moving something towards a deposit where you can really see a resource hanging together and getting a lot bigger and you can put 3 rigs on it, then obviously you're going to be looking at a 50,000m program and a much bigger budget. So it really depends on the stage where the deposit is in terms of what the company is comfortable raising with. We'd always like to make a return for our shareholders with the minimal amount of dilution. That's the end game.

42:27 Well said. And Brock, how did you decide on your number for your raise? Yeah, so when we first did our May raise, it was on the back of announcing that discovery where we were trading 25, 26 cents when we announced the discovery on April 10th. We had some warrants that were priced at 30 cents, but then accelerated 37 half. So that accelerator actually brought in $2 million, which allowed us to let the stock breathe and run a bit. And so We started actually drilling before we even raised some cash. And so later in May, we did a 77 cent deal. And then we raised about $8M brought deal.

43:16 And then our strategists came in with a non-broker and kind of the right size was we'll start with 10,000m, but ultimately that financing, if we are successful, we have that flux to go up to 25,000m. So that's what we did in May. We started with 1 rig, 10,000m. Throughout the summer, we scaled up to 2 rigs and 25,000m. And then we just recently completed, like I said, $26.5M financing because we're now at the stage where we're ready to scale up again. Now that we've completed base of that 25,000 meters, we're looking at do something more sustained here for the foreseeable future. And that's just on the back of that, de-risking each step and not getting too far ahead of ourselves. And now we're feeling comfortable given the results to date that we're ready to scale up, but also start to test, drill test some other parts of our areas as well.

44:13 Which is an exciting time for it. So we have the good macroly within the camp. You know, we see a lot of good changes, you know, our 2 colleagues here, you know, with New Break and GFG making discoveries and in addition with us. And then you also, you have, you know, Discovery cylinder coming in on the operational side of things. So, you know, it's a really exciting time where you got good macro backdrop, you have some good company specific news is with new discoveries. And now it's just, how can we, you know, bring in finally access to capital as Brian alluded to. So can we actually bring in additional dollars here and really start to move things faster? You know, that's been, you know, for Onyx, you know, we spent, you know, a couple of years where you raise a little bit of money and then you drill 1,500, you know, meters. And it's hard to move the needle with that type of scale drilling.

45:05 Now we're at a point where we can actually raise more dollars and accelerate the timelines of discovery because we're at a point where there's hungry mills. How can we rapidly find as many ounces as possible, put as many ounces on the scoreboard before maybe there's interest. Thank you. And Bill, what about your idea of the optimum size and maybe even comment, I know I was just looking here last month, September 24th, you guys announced acceleration, warrant expiry dates, maybe touch on that strategy as well. Yeah, we had 100% take up on the warrant acceleration, also raised $2 million. And we're still at, Again, this is a very new discovery. We don't know exactly what's going on in terms of structure.

45:59 We're drilling now. We have more than enough to sort of gingerly step forward and try and figure out our system. So we're not at the stage of Onyx and GFG where they already found large systems. We've just discovered it and we're drilling it now. We have time for a couple more questions here. I'll stick with you, Bill. What role do strategic investors play in driving Timmons exploration and why are they important or not for advancing projects in the district? Well, we do not have a strategic producing investor yet. We have been talking to 1 producer sort of down the road from our property for quite a while and now there's been some other producers that you know want to be briefed so you know I think it's it's still early for you know we need we we would like to be able to figure this out ourselves in terms of the system.

47:08 And we have the funding to do it. And I think that, you know, bringing a producer in, you know, we need to advance what we have found already a little bit further before we take in the producer because we're not again at the Onyx and GFG level yet. So we've got the funding that we need. We're doing a lot of briefings with different producers to explain what we know now, but we need to learn more in terms of what's going on. I'm going to ask you the same question. What role do strategic investors play in driving Timmins exploration? Access to capital is the biggest thing. For a strategic, especially if you are strategic with a mill within 100km of your discovery, they're interested in access to capital for exploration has always been difficult.

48:06 That hand-to-mouth type of drilling, can we give you additional capital to increase the amount of meterage being drilled, compress timelines? Because frankly, a lot of these mines are very great mines, but they're a later part of their lives. So they're getting deeper, they're getting a little less economic for various reasons, less diminishing returns on exploration. So there's a brand new discovery that is truckable. That's the importance of strategic, is do they come along and say, in exchange for an I9, can we give you that capital and rapidly compress these timelines? Because, Like I said, frankly, ounces needed to be discovered years ago. Most of the mills are half full and you can already see there's a clear hub and spoke evolution that's already happened in Timmins, like Porcupines being fed by 3 different mines. You've got McEwen trucking ore 45km to their mill.

49:08 You even have Alamos talking about trucking, you know, 1 plus grand material from a deposit right beside a highway, 100km by road to Yonge-Davidson, right? So you know, basically the threshold to discover something is pretty low and exciting. So Strategics, when they come along, it's helpful for a company because obviously that's long-term sticky money and they can help you increase budgets and compress timelines for discovery. And Brian, any further commentary on strategics? The only other thing I'd maybe add is there's the credibility stamp piece. So whenever you're trying to talk to the market, you have a group of investors that might be very savvy and sophisticated and understand the nuts and bolts and details of geology and exploration.

50:01 But there's a large group of investors that aren't as detail-oriented or maybe understand the risk inherent to the exploration process. And having a strategic command and make an investment in a company like TFT and say, yeah, we want to own 9 9. It's a credibility piece, too. So, you know, having a group, they've done their due diligence. They operate mines near us. They believe in these guys allocating capital efficiently. And we want to be a shareholder. So that's another key piece that I find out of the strategics is, yeah, available capital, accelerated compression discovery, sticky money, all those ones that I think are valid. And then there's the credibility piece that all of us want. And I think it just makes your pitch to an incremental shareholder that much stronger. So that's something else we would leverage quite a bit as well.

50:51 Yeah, I agree. So the last question I have here is more like for an elevator pitch for people on the call that might not have been familiar with your story before the call. I'll start with you, Bill. What are the most exciting untapped opportunities for Gold exploration in the Timmins Gold district? And I'm assuming you're going to be talking about your own projects for this question. As I've commented, we have made a recent discovery that's a bit different than a pure vein style traditional orogenic system in Timmins that everybody's used to. This is a much wider breccia zone that may in fact relate to the Simon intrusive, which is very close.

51:39 So it's broad, medium grade. The area that we're in, we really don't have any appreciable cover. So it might be open pitable, it's way too early to comment on that. So with Moray, we have a target, we're going after it. In a broader sense, we have staked up a lot of ground, so the northwest, southwest of the Moray property as ground has come open. We just announced a property acquisition deal. And there's a lot of the ground in this area, you know, is there really isn't the Canada Nickel has the the textbond trend to the northwest of us, which is, you know, is a Nickel based trend.

52:32 But on the Gold side, there is a lot of the ground is primarily held by prospectors who are always interested in transactions. So we've expanded our land position significantly And we've just started to work that position. A lot of showings, you know, the whole interaction between these ultramafic belts, intrusives and felicity mafic volcanics is, you know, is very, is ideal for gold mineralization. So in our broader sense, we have a lot of ground to look at. We're aware of some other exploration pieces in the Timmins camp that are very similar to what we have now, intrusion related, intrusion hosted, gold mineralization.

53:27 So we have an ongoing campaign to grab ground as it comes open. And that's, I mean, it's Timmins, it's very competitive, but we've been reasonably good at it. And we have made a ground with someone that's been quicker than us, then we acquire the ground and we just announced that. So, We have a model that we're chasing, again, intrusion, ultramafic trends and volcanics, and we've expanded significantly. We have a lot of ground for us to work. We're starting to go out of season now, so it'll be next season. And Brian, what are the most exciting untapped opportunities for Gold exploration in the Timmins district?

54:16 Look, it's some of these big structural corridors that remain really immature. And the great thing about Timmins is there's actually a number of them that are out there where you might have 258 kilometers, and there might not be a lot of work done on it and there's a particular reason for that or this hampered historical exploration. But those are the areas you can find the next dome sitting there, the next system like a Mayfair, the next Cote. And so to me, when I look at this belt, it is amazing how large of corridors that are fertile are still completely underexplored. And you could look at something that may sit within an Onyx or a new break or a GFG. And I think each of us has some of these structural corridors that we're working on, that could unlock the next relevant discovery, you know, within us and specific to GFG story, it's the central part of the Goldar block where we're doing a bunch of Sonic and there's 6 kilometers that has literally 3 holes in its entire history.

55:19 And that is to me, one of the brightest opportunities that sits out there for a new discovery in this belt. So finding companies that have claims, that have perspective structural corridors, untapped undercover, I think that's the night, one of the most exciting things for this, the Timmins camp is really focusing on belts like that. Secondary piece I'd say is this semi-refractory path in the camp. And right now there's probably 567, 8 million ounces to be processed here and there's not an appropriate mill for it. So as you see, you know, a Discovery Silver or a Pan American advance and really commit long-term to this camp, should they develop a more efficient refractory processing path. I think that unlocks a whole different avenue for this camp, that you have a resource sitting there that's just not being looked at in an appropriate economic filter because there's not a good mill for it.

56:16 Those are 2 things that I think are really critical and new opportunities for this camp that we try to focus on at TFT and leverage. Excellent. Brock, last but not least, exciting untapped opportunities for Gold exploration in Timmins. I totally agree with Brian on the refractory angle. That would be really important. That would unlock the next generation of deposits there. But also for us, I was going to say the exact same thing about the structure. That's what gets me the most excited. At Monroe Creases, as I mentioned, we have a brand-new discovery associated with the Pipestone. We own 8km of the Pipestone before you hit Fenton Gibb. That's virtually untested. Can we expand Argus North, find high-grade plunges within Argus Main 100m away, and then can we leverage that knowledge to find more Argus' along that structure?

57:12 And then without the property too, is that consolidation that creases mine 100 years ago, created that fragmented ownership. So I've got 32 deals to consolidate this land position. And finally, I have a company that has the capital to unlock some of these properties that were frankly bought by locals who bought it for logging and hunt camps and stuff like that. These patent claims have never been explored for Gold, despite the right geology and the proximity to structure. So can we start to leverage that and drill, explore those properties as well? But then this other property that we have is called Golden Mile and Golden Mile is about 8 kilometers away from Boyle Pond. It's the highest grade producing mine in the camp that discovery owns now.

58:01 And this has got, it's about 200 square kilometers, a giant property, multiple kilometers of structures, all the right geology. But the problem is it's got 40 meters of overburden. There's a shallow man-made lake. So, you know, dome mine and all that stuff. The reason why it's called dome because it was literally a dome of quartz with visible gold in it. That's how they called the name. Like these were outcropping discoveries that ended up being 100 years of mine life. You go 12km, 15km away and strange structure, similar type of geology. And there's 14 holes on this whole property of 200 square kilometers. So, you know, that's the next generation of deposits. Can you leverage new technology with geophysics, basic till, you know, that evolution of geological thinking to camp to find the more challenging discoveries.

58:50 We've seen that in Val d'Or, for example, in West Val d'Or, that's where all the producing mines are. East Val d'Or, you've got companies like Pro who are making discoveries. The structure continues, just one side of the camp is outcropping discoveries where the mines are and the other one has overburden. So it's blind drilling. It's much more technically challenging, but also when you're a small exploration company, it's hard to raise a little bit of money and you can't afford to miss. These types of properties require budgets, but when you hit the smoke, you're sure you're going to find fire because it has all the right ingredients. You just need to do the work to systematically drill it through the bottom. It's a fine discovery. I'm really excited about that opportunity. Definitely.

59:35 Gentlemen, amazing discussion today. That's it for time though. I want to thank you all for joining and providing your insight on the Timmins District and for everyone that attended, thank you. If you came in a little late, the replay will be made available within the next hour or 2 here, so keep an eye open for that. But thank you for the great discussion.