Treasury Metals – Your Newest Investment

0:07 Hi, good morning, slash good afternoon, everyone. I'm Dan Wilton, CEO of 1st Mining Gold and joined by Jeremy Wyatt, the CEO of Treasury Metals. And we're delighted that you've joined us here for our latest update and summit. Listen, with the distribution of Treasury Metals shares going out to our 1st mining shareholders over the course of the next couple of days.

0:37 We just really wanted to make sure that all of our shareholders had a chance to understand the game plan at Treasury and get a sense for why we as shareholders

0:52 remember that 1st Mining is going to continue to be, I think, the largest shareholder of Treasury metals after the distribution, but why we're so excited about the great work that Jeremy and his team are doing in advancing the Goliath Gold Complex. So Jeremy, thanks very much for joining us today. Excellent, thanks Dan. It's great, it's a great opportunity. There's so much happening in both our companies. It's an absolute pleasure to be able to join you and update everyone on where things are going. Oh, that's great. And listen, I think first and foremost,

1:28 we sometimes forget that you haven't been on the job here that long. And I was part of the fortunate crew that had a chance to go through the process to bring you on board. And it's now been what, 6 months, a little bit over 6 months? Almost 7 months, Dan. Yeah, it doesn't feel like that when I look at what we've achieved, but it's literally only 7 months, correct? Yeah, no, that's amazing. So, you know, one of the things I think that you've done in this first 7 months is really made some significant additions to the team. And can you just talk a little bit about that? Let people know if they haven't been necessarily following it day to day, you really made some significant ads.

2:15 Correct Dan, you know, to me and this, you know, we've all been down this road before, we need to set ourselves up for success. And the team was very small and understandably so. The company, you know, up until 9 months ago, didn't have critical mass. So we were a small company looking to get going.

2:36 First thing we did was we brought on Oren Baranowski as the CFO and it was the first time Treasury had had a full-time CFO. We'd always shared the CFO, So that was really good to have. Oren comes with more than 20 years in the industry. He was an analyst. He was involved in investor relations, was part of raising 1 billion dollars to build a mine

3:02 in Canada. And then he took over as the CFO of the operating mine. And to me, that's what's really attractive here is that we're actually already setting ourselves up for what we know will be the future. We're not, and to be honest, a lot of the time in the capital market side, people go through that pathway, and they haven't run an operating mine. And when you get, I've seen that before, where you get to the mine, and you've got a lot of changes to make. So we don't plan to go down that road. Soon after that, I brought in Clinton Swimmer, who joined us also more than 20 years. I had worked with him before. He's done a lot of the study work. And then he's also, for engineering companies, built a lot of operations for different clients and some pretty big clients as well. So again, not needing to change, literally get on board, go through the studies and be able to take it right through to an operation.

4:06 We definitely took advantage of the Battle North buyout and I managed to get 2 really good resources out of there. Moira Kolb joined us. She's lived in northwestern Ontario, Red Lake, the area she's just moved to Dryden. Lots and lots of regional

4:26 exploration experience in the region right there. She's been on board probably 6 weeks now already. We're seeing a lot of opportunities and changes she's making and that's really exciting to see. And then most recently I brought on Rachel Pino. Rachel and I also worked together many years ago when we built the Victor Diamond mine. I know she started 3 mines from scratch, literally from 0 to full operation, so she's been through that from an HR perspective, but she's also negotiated and implemented more IBAs in Ontario than anyone else I know. So again, just that great experience, a team that have been there, done it, really excited about taking this through the next steps.

5:21 And, you know, again, taking the team we had on board as well. There's a lot of good people there. I was really fortunate to be up on site last week. Really good to see the whole team together, the whole infrastructure, both sites, really good. And I think we set up now really well to take us through the next phases.

5:45 Well, I mean, I think there's got to be a common theme around what has all of the new team excited about this opportunity. Like, what are the things that drew you to this company? And then what's allowed you to recruit this team to come and join? Yeah, we get asked that question as a team quite often. For myself personally, I built 1 mine in Ontario. I didn't expect to get an opportunity to do it a second time. You know, I looked at the fact that we had critical mass for the first time, the fact that we have a federal EA, The fact that we are, and let's put this in perspective, the last mine I built was at the end of a 400 kilometer winter road. So being right on absolute world-class infrastructure was really exciting.

6:44 And then looking at the team and the opportunity again, the industry is small, Dan, as you know, and you work with people and when you finish 1 job, you all say, we'd love to do this again. So the opportunity to again, build a team, pull them together, take, and I often refer to it as the puzzle pieces. All these puzzle pieces have taken a while to come together, but for the first time now, we're actually at the point where we can move it forward. And, you know, chatting to the rest of the team, Moira has said a similar thing. She really likes the area. She sees the potential, the 65km of strike. The fact that really Goldland and Goliath have had work done on each of their resources, but not much in between.

7:33 Guys like Clinton really excited about actually being part of an operating mine for the first time, having done this for so many other people, now wanting to do it for himself. And then Rachel, again, her whole life in the North, lived in Timmins most of her life, really loves the area. And here's another opportunity to go out and go from exploration through development into an operating mine. And I think just that opportunity to make a difference, Dan, to be able to influence what's happening, make a difference in the region, see the region prosper. That's, I think that's what drives the bulk of this team. Yeah, that's great. And I think, you know, what you what you have as a starting point, you alluded to it, but, you know, 2 deposits with good grade in an area of unbelievable infrastructure, with 65 kilometres of, of strike potential, And really what has always been, I think a really under explored

8:41 region in this Wabagoon Greenstone Belt. But why don't you just sort of set the stage for the people joining us today just around kind of what the base case economics were that came out of the PEA. Because I think it's just really important that people understand that that's the starting point, right? And I think if you think of that as the starting point and the optimization then, and exploration then makes it bigger and better, I think it gives people a sense of the risk return of this opportunity.

9:18 Absolutely. I think if we look at it, really important for me when I looked at this was getting that what I call critical mass, million ounces in a mine plan, 100,000 ounces a year, 10 years. So we've got that, but I really don't see that as the end game. You know, when we look at it, we took a conservative approach to the resources. We brought in probabilistic and statistical approach to the previously geologic modelling, and That did have an impact where we saw in some areas, we lost continuity in some of the modelling, but I don't see that as a major issue. We've got that critical mass. It's now a process of using the information that we've got from the resource geologist. We've put in a 60,000-metre drill program, which is the largest ever done on the combined properties, and we're targeting those areas where we had challenges.

10:19 Again, it's not a property that is challenged by lack of targets. It's a property that's challenged by where do we prioritise. So, we're looking here, How do we prioritise around the near-term answers?

10:35 I'll go through a bit later and talk about some of the results we've had and show you some schematics on that. But if we look at that PEA, 1.1Moz, 328M NPV, 30.2% IRR, all post-tax

10:53 at $1,600 Gold. So really solid numbers there. The capital expenditure $233M, two-year payback. You know, If you look at those numbers, there are not a lot of those in the jurisdiction we're in, right on the infrastructure we're in. And To me, Dan, the other thing that really I'd like the listeners to understand is it's not a complicated process. It's a gravity CIL gold plant. There are lots of them around. Northwestern Ontario knows that. We're in a gold belt. The communities know mining. It's something that just you don't often get all those puzzle pieces coming together. So, to me, it's really positive that. Those are the numbers that if you look at it from a PEA, are driving us to take it as a base case, as you said, and grow it from there.

11:51 Yes, and let's talk a little bit about the growth because you're in the middle of a 60,000m drill program that's part infill, that's part extension. Why don't we just talk a little bit about where the initial exploration priority targets are? You know, you've got some of that drilling that's starting to come back. And listen, as 1st mining, this was one of the things that I always found really frustrating. Like it was here when we discovered Miller and we put out, which I think is a good example of the fact that there's gonna be a bunch of Millers up and down this 65 kilometer corridor. You know, we were putting out things like 150m of 2g. Some of the results that you put out in the last few weeks are some of the better open pit drill results in Canada right now.

12:44 Not to mention the fact that they're just kind of beside where it wouldn't fall into the PEA pit, but it helps expand that. So let me just talk a little bit about the exploration plan,

12:57 what some of the early successes are and where you think it goes from there? Absolutely, I think let me put up a few slides here that can help with that.

13:08 You know, if we look, let's talk about Goliath first. We started the year, we were actually drilling at Goldland. We had 1 drill running. Couple of months later, we brought in a second drill. We had 1 running at each Goliath and 1 at Goldland.

13:27 This is the main area. If you look at how this was originally started, there was soil sampling done and there were 3 signatures that came out. All the soil signatures were all almost identical. So we've drilled the first one and we've got some results on the nose fold and the Far East. If you look at those results, we're talking 3m at 2.3, 7.6m at 4.2, 3m at 4.7, 4m at 11. This area here is pretty good. The only thing is we've never had the funding to do other than drill at the main zones. If we look at the Far East target, drilled many years ago, 2m, 2.6g, again, never been followed up on. So,

14:19 that to me is good potential for near-term ounces. It's open pittable, it's available, we can get it into the mine plan early. So definitely drilling in those areas. If we look down below over here,

14:36 in the PEA, we mine to 600m underground and the only reason is we don't have any holes below 600m. There's nothing that says the mineralisation changes, we just don't have holes. So we're now drilling right now in this area and we're getting some, we're waiting for results, we're just starting to get back some of the assays from the labs. Because they're much longer holes, it takes quite a bit longer for us to drill it and get them cut and logged and away and back. But again, you know, to me, there's nothing stopping this deep area coming in. So we've got

15:16 the close by areas all within about 10km, then we've got the deep areas. If I just take those off and I go to the next slide, we can look at Goldland. We started drilling earlier on in the year. Let me just get the drawing tool back. We did a whole lot of drilling in this area. We've done a whole lot in this area. What we're targeting here is in between the pits and outside of the pits. So we're going to grow this resource. We need to do the conversion from inferred to indicated. But we're also seeing opportunity to link these satellite pits. And none of this, most of, in fact, Virtually all of the intersections we're seeing are above resource grade.

16:04 We're planning for an increase in grade, tons and ounces here. And we've had good results. We've had 5 press releases out, 3 from this area all look very good. Then we went across to Miller and I'll talk to Miller a bit later for you. But if you look, you know, if you look at the intersections we're getting, you mentioned it, they, they're pretty good. And, you know, if you look at those, Then we came back off to Miller, drilled this area. And the exciting news is we've actually moved this drill down to Goliath so that we can now put a lot of focus on Goliath, the shallower targets and the deeper ones. And this week we have a third drill arriving at

16:48 Goldland. I don't know when last we had 3 drills running on this property. So it's exciting. The team are gonna be working on both sites, cutting and logging at both sites, and then really harassing the laboratories to get all the results back. Therein lies the challenge. We're all dealing with that right now. It's a busy exploration environment for sure. So good work on getting that third drill. So here again, now we're looking and you mentioned, Miller, I can only imagine, you were there when they did this, 30 holes, we added 79,000oz to the resource, 49,000oz to the mine plan. We've drilled 3,000m there of a 5,000m program and you can see there's some pretty good results there as well.

17:38 We saw within the open pits, we've seen additions and some opportunity for conversion.

17:45 But then, you know, if we move out on strike, we're seeing in these areas too, we're starting to get intersections which we anticipate. And, you know, you mentioned lots of millers. I use that phrase often. I think

18:01 if we go back and we look at this area and we look at this area, I think those are millers. I think we've gone 10Ks from an existing area. We've already got good results in it. We've never followed up on it. And to be honest, Dan, in my career, I haven't often put 30 holes in and seen, you know, quite a significant addition to a resource like we've seen there. So, you know, 5 press releases, we're hoping for some more news soon. We're getting some information back

18:34 from the laboratories as we speak, but all very positive. Something for me is, you know, we always said we wanted to grow the resource from PEA to PFS to FS. I don't want this to be an arm-waving resource. It's a grounded, structured resource and it will grow. We can see the results of showing that already. Yeah, just the fact that a lot of that exploration success is happening on the edge and outside of the pits that form the basis, the resource and the PEA, and it tells you all you need to know this is and if you keep having hits with grade like you have, you know, that's should augur well for conversion. So now listen, I think it's exciting, you know, you have 60, that's the 65 kilometers of other stuff. Like the total amount of strike on this project that's been properly tested of that 65 is about 5 kilometers of it, right?

19:30 And the rest of it, there's no shortage of geophysical targets all up and down that 65 kilometers. And so the real question that we always had around Miller was, you know,

19:42 where's the next one? And after that, which one of those are you gonna find that are gonna be like the Goldmine Main Zone, where they happen to blow out and provide, you know, 345 parallel areas that then come into kind of 1 contiguous pit operation. So, it's very exciting. That's what drew Moira to it. She said to me so many times is that, I just see so much unexplored territory here. It becomes a senior exploration geologist, absolute dream. Just go in, She's already busy with it. I mean, we're managing 3 drills, we're doing a lot of work at the moment. You know, one of the decisions we took after the PEA, we had 3 QPs on 3 different resources, and that becomes tough to manage different ideas, different ways of doing things. So we actually took the person that

20:36 did the reviews for us very, very well known person brought them on board and they now looking at all 3. So we starting to be moving it into leapfrog, we starting to use stuff that is software that is more conducive to getting really good graphics on, you know, being able to show. I'm hoping in the next 4 to 6 weeks to have a lot of information for our listeners just on what we're doing, where we're going, why we're doing it, and what we've seen so far. The other thing, Dan, that we're doing, which I've done before, which works well, is we've set up live resource models.

21:13 We're not waiting to the end of the year to input these results. We're inputting them as soon as we've cleaned this up in LeapFrog. We're actually inputting it as we draw. So now we're actually looking at what did we expect, what did we get, and do we still have areas where I need an extra hole or 2 to get the continuity. I don't want to find out at the end of the year when the resource geologists say, Jeremy, I need 2 more

21:37 holes, but we're at the end of the year. Sorry, can you do it for the next resource update? We can do that now. We can literally move the drill tomorrow and put it back on that zone. I agree, lots of upside, lots of opportunity. We are halfway into the year, we're about halfway through the drilling. We now have 3 drills running, so I see no challenges at all reaching the 60,000 meters. Maybe the only thing challenging us right now is we've got a pretty active fire season in the area, as you know, which is- As we know well, yeah. Yeah, so We're being very, very careful on that. The whole region seems to be doing well with COVID. So we've managed that well as both of our sites we've done, and we've managed to keep operating.

22:28 No, absolutely. So I guess maybe just give the folks here today a bit of a layout of the game plan going forward, kind of what's left to do, what are the next milestones, kind of what are the catalysts in the next year and talk a little bit about the permitting process, provincial permitting process, and how that's gonna progress. Absolutely. We've kicked off the PFS, as everyone is aware, and the first 6 months of that are a whole bunch of trade-off studies that we're looking at as to how can we strengthen the designs, improve the designs, and at the same time look at the financial model and improve the financials on the project. So I'll give you some examples here. We've got things like the metallurgical recovery at Goldland and Miller is in the high 80s.

23:23 And it's

23:25 primarily because we have a lot more tests done in Goliath than we have on those 2. So we've now sent all those samples off, they're being redone and we see that as low-hanging fruit and opportunities to add a whole lot more Gold and a whole lot more economics to this. Similarly, Dan, and you're aware of this, we don't have silver credits at Goldland and Miller. So we've got, I think it's 3,500 samples that we're sending away to actually test that out because indications are we should get that, those credits, you know, not only for Goliath, but for Goldland and Miller as well. So a whole lot of work happening. And that the silver at Goliath is pretty meaningful, right? I can't recall exactly, but it's about like 10 grams silver, isn't it, in

24:15 the resource? It's adding some good numbers. We've run it at different scenarios, and we need to do some more work now moving forward into PFS to keep it in, because at PEA, we need less data. As we move forward, we need more. But It adds tens of millions of dollars if we start looking at the revenue line. So it's definitely worth us looking at. You know, we've got other areas that we're looking at as far as transportation from Goldland through to Goliath. We're looking there at things like rail there, we're looking at conveying, we're looking from an ESG perspective, are there

24:53 opportunities for us to improve the design? We've got a lot of work streams working at the moment on the tailings design. We think we found some ways to actually end up with a stronger technical design and we're busy with that at the moment, looking at where that can take us. Other opportunities, things like the infrastructure. I've really in my 35 years in the industry seen 2 sites with infrastructure like these 2 sites. And we feel we can take significant millions out of the PEA costs just by reusing some of the facilities we have. These are the opportunities.

25:35 You asked about catalysts and where we're moving. With another just over 30,000m of drilling coming, we're pushing for at least 1 a month, a drill release on results,

25:50 all depending on how quickly we can get it out of the labs. But with 2 drills now at Goliath, that's definitely gonna help us, 1 at Goldland. We would actually like to, as we start getting the results back on the Silver and the recoveries and the trade-offs that we're doing on transportation and those sort of things, we're actually going to start press-releasing those as well so that people get an opportunity to see, You know, I want us to get an understanding of, we had the base case and what has changed on the base case as we've moved through the year. You know, we spending $10 million on drilling and we spending a lot of money on studies and things and it's important that we showcase that. It is a tough time in any study when it's just drilling and a few studies and you want more news, but we're dealing with that in the sense that we just have to push to maintain regular news flow so that our listeners don't feel that we've maybe stopped doing stuff.

26:50 No shortage of stuff going on, but that's driving toward an economic update, call that PFS, around what timing? What's the current guide? You know what? Towards the end of the year, we should have the bulk of the data in and then it's a matter of when do we actually draw the line in the sand and update the resources. With the live models, I actually have the opportunity that if we finished in an area, I can update it earlier. It's not a 3-month process. So we would be looking at into the first quarter of next year for a full PFS update. And I think we will be able to, even before that, look at some of the runs in the financial model and what the deltas, the changes are to what's been done previously. But so far, you asked about the permitting side of things.

27:45 Really important with permitting and with the community agreements is that we actually get the trade-off studies to a point where we know what we're permitting and what we are working with. I've, I learned the hard way. I changed the design on Victor Diamond Mine after we'd started the permitting and I lost 12 to 18-months on it because you've got to go back, change the designs, reconsult. So we're pushing really hard to Q4 of this year is when we'll have all those trade-offs done. And at that stage, there's a lot of work going on in the permitting and in the communities all the time, and there's good relationships there and it's working well. But it is really important for us to actually have that defined project description, which we'll have roundabout Q4, and then things ramp up considerably on that.

28:39 And timelines, we're looking at no real change from what was in the PEA, from when we start that process in Q4, about 2 years for provincial permitting

28:51 and 18 months to 2 years to build this. The way it pans out in the schedule right now, we would be commissioning around about October

29:02 2025. I'm already looking at how I can change that. I don't want to be commissioning close to winter. I've done it before, it's possible, but we're looking at all ways of making instead of a two-year build, maybe an 18-month build, So we can actually get this thing up and running in the good weather rather than battling in the winter. Yeah, the great thing about this part of the world, though, is it doesn't matter if it's plus 40 or minus 40, people put on their boots and go to work, right? Like it's,

29:33 Dryden's just such an exceptional town and, you know, great, the hard-working folk who work in the, work in the resource industry, a lot of people in forestry and, you know, no stranger to getting out when it's, when the weather is inclement for sure, so. Yeah. And, Yeah, go ahead, Jeremy.

29:55 I was going to say, we've had a lot of communication with Thunder Bay Dryden Sioux Lookout, and the folks are extremely supportive. They see this as a great opportunity for the region and you know the important thing for us now is to work really closely with all the communities there to see that the region benefits from this because you know it's this is a Northwestern Ontario mine and that's the region we wanna be part

30:23 of that region, that area and see that the benefits go local. Yeah, no, absolutely. And obviously we have a great interest in seeing skills bases build out in the local communities as well and continuing to provide opportunity for as many people in the local communities and the Indigenous communities around us as possible. You know, We're advancing spring poll on some pretty similar timeframes as you know. So yeah, but there's some really great work going on already in building skills capacity. Certainly the municipality of Sioux Lookout is doing a great job and starting to secure some real resources for building skills training capacity.

31:09 So no, I think there is a real opportunity for the communities. Yeah, absolutely. Okay, well, we're about half an hour in. Any other last kind of, well, I guess the one last closing question I would ask, and we'll shift it from, why do you think the stock price is so undervalued to, why don't we just talk a little bit about, you know, the, the target prices that some of the research community has on the share price. I'm, I'm, I'm often quite jealous of the breadth of your research coverage, which I say obviously means people have much greater faith in you than they have in me, because you started in like 4 research analysts started publishing on the company right away.

32:00 But just talk a little bit about, you know, those, the values that the analysts are targeting and what some of the key value kind of levers are there, you know? Dan, I think, you know, for us, we started off with 2 publishing analysts and we got it up to 6 very quickly. We put a lot of work into it. We did a lot of meetings. We got a lot of interest on it. Consensus numbers around 2 bucks 50. A share, you know, we're trading around 80 cents at the moment.

32:36 To be honest, in chatting, there are a couple of things in this, in chatting to some of the institutions, a lot of them have said they're waiting for this week, literally this week, for the distribution to happen and to see what, if there is any volatility. But to be honest, I've had the privilege of chatting to a lot of your shareholders that are soon gonna be our shareholders, and we're pretty excited about that. And to be honest, the bulk of the people I'm chatting to have done their research and they joined you because they wanted a development

33:12 story. They're getting a second development story at the same sort of stage with great financials, good opportunities, you know, the critical mass for the first time, a team that's been put together, a really good drilling campaign this year to grow it. And I've been, I've actually been really impressed with the research they've done, how they've looked at it.

33:36 They've gone through pretty much every interview, every presentation, and they have a good knowledge of what's coming. We're excited, they seem to be excited, and I'm not sure why people see the distribution as a negative necessarily. I think it could be a real positive. I totally agree. We've had a bunch of conversations with our shareholders over the course of the last couple of months leading up to this distribution.

34:05 And I've yet to have anyone say, oh, well, treasury, as soon as I get these shares, I'm gonna sell them. I think there's this perception in the institutional market that the 1st mining shareholders are kind of a weak set of hands. And I think nothing could be further from the truth. We've got such a great dedicated group of shareholders, many of whom are, you know, dialed in here because they're engaged, because

34:35 they're looking for this kind of exposure. And I think they've followed this story along. So I think there's gonna be a potential for a huge rebound when people come to realize that they're not gonna see 20% of the company's shares put on the market on day 1, right? I think you're as likely to see, you know, a lot of buying come out of this shareholder base. Now they have exposure, they've come to see it.

35:03 If there's any of this kind of weakness, you know, I think you should, you'll see it moving up quite quickly because I think the other thing you're likely going to see is more share trading liquidity out of our shareholders who, you know, many of them are, you know, very active in the market. So no, I think it's a very positive thing. And I think when people come to realize that, that gap's gonna close pretty quickly. And, you know, I've been watching some of your shareholders have even put together videos and they've gone and researched our project. And, you know, these are seriously well-informed people. They've done a lot of research. They've gone out, they've looked at everything. And what I like about it is it's not promotional. They've gone out and they're using hard facts and they're putting it together and building a story as to why they like it. And to me that, I think down in the markets, I think we're still being rated as a single entity.

36:06 I don't think we've been rated yet as the combined package. I mean, we went from 50 square kilometres to 330. We went from 10 kilometres of strike to 65. We didn't just add on a little piece. This is a significant change to the company and I think maybe the legacy is we've been around for 13, 15-years as something that was seen as too small. And I just think that there's a lag and maybe this distribution has been something that has just held people back on it. But I think, I'm seriously hoping that we now get that recognition as being something with critical mass for the first time. And as I tend to agree with you, I think we could see a lot of upside in that rather than what people were seeing as downside.

36:59 Yeah, I think that's right. I think anyone who's following the story closely and we know that there are a number of eyes, as you said, people who have been waiting for the next couple of days because they're concerned about the outcome of this distribution. I think we'll see this change pretty quickly afterwards. And there's a lot of 1st mining shareholders, a lot of 1st mining, even some 1st mining warrant holders who've been exercising shares or exercising warrants and options in order to get exposure, increased exposure to Treasury. I exercised a bunch of options on Friday so I could get more Treasury shares and as you know, I participated in the last 2 financings as well. And yeah, listen, I'm a director of Treasury. I'm, you know, I'm bought into the program. And like, you guys are doing a great job.

37:52 But this is, this is, I think, a real opportunity for our shareholders to benefit from, you know, whatever this kind of perception issue is. So we'll, you know, we'll, we'll drive on. But listen, at this point, why don't we, why don't we hop to take a couple of questions? Absolutely. All right. Here's one question here for Jeremy. In a recent interview, you said Treasury was cashed up through 2021. How will Treasury raise cash for operations for 2022 and beyond? And I just add to that kind of what's the, what is the current runway of cash in the bank look like? Yeah, we've, we've got money through to the end of this year. So we've all our programs this year are funded. We were very careful to make sure we did that.

38:45 We didn't want to be a serial raiser going out for small amounts, so we raised sufficient. We raised the $17.6 million in March. Looking forward, we have, as always, we've normally got an average of 2 to 3 companies in our data room. There's quite a lot of interest. We're looking at all options, Dan. We're not just saying it's gonna be an equity raise. We're looking at, we have quite a few royalty companies showing an interest in us at the moment. And then we have some of the mid to, sort of the mid-tier companies that are in having a look as well as a potential cornerstone or investor in the company. So we're looking at all options and, You know, depending on how the next 6 months go, we'll start looking at the timing of that, but you know, we would need to look to fund for next year.

39:40 But there's no, you know, we funded to the end of this year, so it's not a major rush for us at this stage. Yeah, and a number of opportunities. Although I think anyone who comes to talk to a royalty is going to need to remember that 1st Mining still has an outstanding royalty on Goldline where we continue to watch the exploration success with keen interest and how that's going to ultimately contribute to that royalty portfolio. Because we did the same thing with a SilverStream at SpringPool last year, as you know, which gave us that kind of critical mass of funding to kind of give line of sight to getting to those key catalysts. And I think the more clarity we have on the timing of those key catalysts, and it sounds like we've got a very good sense of the timing here.

40:33 Sometimes that large chunky funding can get there, but the Silver is a pretty interesting opportunity as well. And Dan, just on that, I mean, we started looking at the Silver because it's a no-brainer from the financial model and the credits and the additional revenues. But then we actually saw some of the royalty companies showing as much interest in the silver as they were in the gold. So it's, you know, it's, there's just reinforcement that it really makes sense to go and get that information out there and have it available not only for our project, but for other potential investors. Yeah, no, absolutely. One other question that's come in here is a question to me from one of our shareholders asking for an update on the forest fire situation at Springpole.

41:20 And I appreciate the question, John. At Springpole, the forest fire is still ongoing. You can actually see the outline of the fire on the Ontario Ministry site. If you search for forest fire map Ontario, you can go through and find Springpole Lake. We have been absolutely blessed with the quality and attention of the firefighting crew from the MNRF that's been up fighting this fire for a week and a half. So far, knock on wood, we haven't lost any of our infrastructure. So all of our physical infrastructure is intact. We've actually got a few forest fire fighting crews that are based out of our camp now.

42:09 And they're actually using our camp to fight a few different fires in the region. So it's still a tense situation because the winds change. Not a lot of rain in the forecast and I don't think anything is gonna change much until we start getting some rain. But that could be, you know, that could yet be a while. The whole area of Northwestern Ontario, you're gonna start seeing more challenges around Red Lake and there are some very, very big fires burning kind of closer to the Manitoba border. So it's a challenging situation for sure, but as of now, I think it'll cause a delay to our programs this year for sure, because we're just not going to be able to get back out into the bush to do some of the work that we need to do, but we actually are working at camp right now and catching up on some of the work and processing some of the drilling that we've done up to this point.

43:11 So still a bit of an evolving situation, but Again, knock on wood, so far all of our infrastructure is intact. Jeremy, here's another question kind of directed to both of us, but just on the impact of COVID restrictions lifting, which we hear a lot from investors. Do you see exploration and operational benefits with the COVID situation improving as it has in Northwestern Ontario? Dan, I would say to that question, you know, we've, I think both of our sites have done a really good job of keeping going during COVID. Have we seen reduced efficiencies? Yes, we have. Have we seen reduced or increased costs as a result of testing and possibly delays getting people in and out, yes, but we've managed to continue our programs.

44:10 I think probably the hardest hit we've been has been the whole assay labs where we found initially things got quite snowed up in there and then we've seen durations probably change by a week to 2 weeks for the worse. And we've actually found that for the first time, we actually starting to look wider afield and we sending to laboratories that have capacity rather than distance, distance to the site or nearness to the site. So I think with things opening up, I think it is gonna make it, the other thing we found just on drilling on drills and drill crews were extremely difficult to get hold of. I don't think that's a COVID issue. I think that's just purely the fact that the whole region is booming.

45:04 We've been lucky, we've managed to get the third rig in and right now that's our plan for the year, but you know, depending on how the market values the results we're getting, we might look at additional moving forward. But I don't see major changes coming on that. I think improvements in efficiencies and maybe from a cost perspective. Yeah, I think I'd say the same thing from our perspective. You know, we were able to move employees and consultants in and out of camp, really all the way through the pandemic. Got very robust processes and never had an issue with COVID outbreak in camp. So I think that just kind of speaks to the robustness of the processes. But it also means that it's not like there's some great inefficiency that has crept in.

45:52 I mean, I think you're still gonna have people being tested when they go in. The tests are quicker and cheaper now. And most people are vaccinated, certainly in this area and the area where we're drawing a number of our drillers from, but people working in remote camps, I think almost all of them would be fully vaccinated at this point. So it's just kind of business as usual. Another question for you here, Jeremy, and this is an interesting one that kind of comes to the timeframes on permitting and development, but did the acquisition of Goldland delay the speed of mine construction for Goliath? No, no, I wouldn't say it. I think, you know, we've the important thing for us here is we actually have 3 projects.

46:38 We have Goliath, Goldland and Miller. And we have the federal EA for Goliath. So what we do in the process of doing now is getting that project description together of exactly how everything fits together. And then as long as we remain within certain thresholds, they all form part of the same setup. So I don't see that as being a change. It's typically a two-year process to provincial permits, so typically a two-year process, and then construction is a two-year process. So that 4.5 years timeframe is about the same for us. We do need to look at how the 3 projects fit together and exactly what is required for each of them as we move forward. But at this stage, I don't see any changes or any delays in that.

47:35 Okay. And another question kind of along the lines of timeframe, and I'm sure you get asked this question all the time because I get asked the same question on SpringPool, but this is from Thijs in the Netherlands, one of our super engaged, about to become one of your super engaged shareholders. What's the plan on financing the Goliath Gold Lund Gold Complex when you get to that construction decision? And just to reiterate, when do you think the construction phase starts? Well, you know, as we've said in all our presentations, we're looking at Q4 2023 as being the timeframe of a construction decision. It's the same sort of timeframe that we see provincial permits coming in for Goliath.

48:24 Financing, we would probably look at, you know, we've still got some time to work on it, but we would be looking at the standard debt equity type structures that take us through that. There might be streams in it, there might be something else in it. But that was, again, one of the main reasons we brought Orin in, who's been through a lot of that already. He's raised 1 billion dollars previously to build a mine. So a lot of experience in that. And, you know, we've we've got 2 years, we probably probably 6 months, maybe 8 months before that timeline, we need to start those processes of working out how we get there. Yeah, and I think it goes to another question from Ray, one of our shareholders, another one of our shareholders in the Netherlands who's asked who's the first one to start production, TML or FF.

49:22 So the race is on. Our permitting timeframe I would say is likely, we're aiming for environmental assessment approvals, kind of the end of 2023, beginning of 2024, and then we're going to have a bit of a period of permitting behind that. But I think it goes to a pretty interesting point, Jeremy, that when we think about the timing of kind of the build opportunities here for all that it might raise some kind of concern and consternation, the reality is that both of these projects are in a really unique window in the gold industry. In that there are in Ontario right now, 3 major projects that are in construction or about to start construction, right? You've got Cote, you've got Magino, and you've got Hard Rock.

50:19 And so all 3 of those big projects, 2 of them similar size to Springpole, one of them a little bit bigger than what you'd be building at Goliath. But those projects, if they are in construction now, are going to be rolling off and the resources that have been employed in building those mines are going to be rolling off and looking for their next opportunities right about the time that we're going to need project build teams in in Goliath and at Springpole. So I think there is actually a very nice sequencing in that, you know, particularly if you're thinking about it from a province-wide perspective, even just keeping in Ontario, I think you and we have an opportunity to keep those resources employed, building capacity in Ontario as we move forward.

51:14 Absolutely, and I mean, how many, how often do you have the opportunity say that we've got 5 rolling off in the next 4, 5 years? I mean, it's fantastic for everyone involved and I agree with you. Now it's a matter of you and I will be competing for resources. We're gonna be competing for resources to build these things and that's a great position to be in rather than trying to bring resources in from anywhere else. We have them local, we keep it local. It turns those dollars over locally in Ontario, which to me is what you and I are busy with. Yeah, and I think the important point is that, with our partners and particularly, with the province and with some of the municipalities and with our Indigenous communities doing what we can to help prepare for that, right, to make sure that we can help train and build a skilled workforce that's going to be able to benefit and participate and actually help with the build here and the operation of these mines. I think, you know, it is a massive opportunity for the Northwest. So we're very excited to be kind of playing that role. I know you are too.

52:35 Yeah, we've seen some great opportunities where, you know, I know the Sioux Lookout Friendship Accord has raised some funding for training and we're working with them. This is the time to be working with them because we've got 2 years to prepare for construction and 4 years to prepare for operations. And the one is lots of jobs over a short duration. And the other one is less jobs over a longer duration. So we've got this opportunity to, we've actually got, we're assisting where they're bringing out some people for training on the Goldland site coming up, where they're actually going to be doing some drill training and we're helping with, you know, We've got people that are going to be assisting with some guest lectures. So it's really exciting to be able to be part of that.

53:22 And in most circumstances, Dan, people are too late with that planning. And then the opportunities go elsewhere because you're not ready for them. So I agree totally. This is the timing, you know, we're both busy with it and you know, the idea is to keep everything as close to home as we can. Yeah, absolutely. Absolutely. Another question that's come up a couple of times in the questions here is just around the forest fires. Obviously, we're talking about the impact at Springpole, but have you had any direct impact of forest fires yet at Gold Liner Goliath? No, we haven't. Obviously, we're keeping a real eye on it and the emergency levels are moving up and down as to what people can and can't do.

54:11 I think we are going to start having some restrictions maybe on equipment out as the areas stays dry with equipment in the bush. I was saying to you, Dan, earlier today that we're quite fortunate that a lot of the drilling we're doing at the moment is reasonably close to established infrastructure, so we're not too remote on that. And we can pretty much get to everything directly from a road. We're keeping a close eye on it, but we've had no direct impact yet on that. Yeah, no, and I think it's gonna continue to be topical over the course of the summer because it's been very, very dry and really no relief in the immediate forecast. So we'll all, it's gonna be heightened level for security, obviously.

55:01 Just a couple of administrative questions here on the part of a few of our shareholders around the distribution. So there's one question as to what's the record date for the distribution. That record date's tomorrow. So to the question of if you buy shares now will you receive the warrants? If you were to buy shares today, I don't think they will settle into your account before tomorrow. The shares actually need to be in your account tomorrow, the end of the day tomorrow to be qualified. Or you have to be a registered shareholder of 1st mining. The record date is tomorrow and then that distribution starts, the push out starts on the 15th.

55:52 We're still working through some of the mechanics of how quickly that distribution and the push out is gonna happen in the US. Certainly for our Canadian shareholders, we are anticipating that, you know, this happens on the 15th. So if you held the shares in a brokerage account, you may, you would receive those shares on that day. In the US where it may take a little bit longer just with some of the settlement processes and mechanics, but they'll be pushed out on that day. How long it takes to move through depends a little bit on some factors a little bit out of our control. And then with respect to registered shareholders, there's just a process we are going to need to go through, which is essentially giving a list of the registered shareholders, generating direct registration statements and sending those out to our registered shareholders, which you can then deposit those in a brokerage account or hold them as you hold your shares. So, but that whole process is coming on us, as of Thursday. So we're very excited and I know Jeremy's very excited to welcome the 1st mining shareholder group as shareholders of Treasury Metals. And we collectively are looking forward to holding Jeremy accountable to getting the share price up to those levels that we think it starts getting

57:24 somewhere near fair value. But really, in my mind, as a shareholder, personally, as 1st Mining, we're going to continue to own 20 million shares of treasury after this happens. You know, I think we are going to have a, we're going to have a really clear runway to the catalysts that are going to see this value surface. So I think it's very exciting and we'll continue to watch with great interest the work that Jeremy and the team are gonna do as they move it forward. So any last parting comments, Jeremy? No, Dan, I'm looking forward to the competition you and I have. I see our shareholders are already starting to stir that up.

58:10 And let's hope the bulk of it is resources when we're constructing, because it means we've both been successful. No, absolutely. Absolutely. Well, listen, we really appreciate everyone joining us today. If there are any other questions, you know how to find us at 1st Mining, info at firstmininggold.com. Jeremy, for people looking for more information on Treasury, what's the best way for them to reach out? Either through straight through our website, either Orin or myself, just get hold of us. Anything that comes in through the website, we get within minutes. So it's the best way and we'll be more than happy to provide whatever we can to. And I want to say welcome to a whole bunch of new shareholders and enjoy the ride. It's going to be a fun one.

58:59 Absolutely. Well, thanks everyone. And with that, we'll say thank you and sign off.