What Are We Learning at Pecoy? Exploration, Geophysics & Development

0:00 Hello everyone and thank you for joining us for this live presentation with the Pukoi Copper team. Today we're joined today by the President and CEO Vincent Metcalfe and Chief Geological Officer Vincent Cardin-Trembley. They walk us through a presentation after which we open the floor to questions. So if you do have questions, please submit them using the chat feature, which you can find at the bottom of your screen. Ask them throughout the presentation. And once we conclude with the presentation, we will address all the questions you have. As always, this event is being recorded and will be available shortly after we conclude.

0:31 With that said, Vincent, welcome. The floor is yours. Thank you very much for having us today. We're pretty excited to do a bit of a different presentation today. For those of you who are going to be listening to the Picoi story for the first time. Don't worry. We're not always this technical, but today is really, it's been a year now that we've been in charge of this deposit and this asset base. And we felt it was the time for us to really explain what we've learned in the last year. Through the last 12-months of operation, we've done a lot of work on several fronts, but today's I would say presentation is going to be focused really more on the technical front, on the drilling, on the geophysics and on the various development stages and facets that we're working at the moment.

1:25 So if it's the first time you're listening to the PCORI story, I urge you to go on our website or online. There's definitely a few more, I would say high level corporate presentations. I'll spend maybe a few minutes really to give you a quick highlight, but if you want to go in more detail, There's definitely a lot more information out there on the Internet. So a few forward looking statements. Obviously, we're going to be doing some of them today. However, you know, be cautious that some things may change and you could read the forward looking statements at your leisure following our presentation. The important thing here today is that Picoi Copper has 2 main assets.

2:13 You have the Picoi Copper deposit, which is the more mature project at the moment. We also have Torume, which is a blue sky target, a very big target, a very interesting target, which we're going to be working on shortly here. But today's presentation is really going to be focused on Picoy and what we've learned in the last 12-months. There was a historical 49,000m of drilling done at Picoy. We're now in the process of doing 35,000m of drilling this year at Picoy. We've now drilled just over 17,000m and we're up to hold 21. Things are going very well at the moment. This week we just announced that we are now with up to 4 drills at the site.

3:02 So things are going very, very well. As I said, it's been a year now that we've been trading on the TSX Venture. What we managed to do just prior to going public was to really consolidate the asset base. And that's really what unlocked the opportunity here. We now have an asset base that for the first time in 15 years has been consolidated for 1 full year. We still have access to basically 80% of that consolidated

3:36 asset base at Picoy. We're waiting for that remaining 20%, which we've acquired, but which didn't have drill permits. However, we'll be able to talk to how that's going to change in the coming weeks, because we expect to work on that portion of the deposit by the end of the year. And it's going to be an aggressive program on that portion. And that's really, again, going to unlock the full nature of Picoy. We're located in Southern Peru, so we're part of the same belt that has major Copper projects like Cerro Verde, one of the top mines in the world. Tia Maria, which is the only, I think, greenfield development project being built in the world at the moment, and that's due to be in production in 2027. We also have Qualeveco, Tokepala.

4:28 We have Zafranal, which is operated by TEC in Anglo now, which is on care and maintenance at the moment, but is very close to receiving its permits.

4:38 But importantly is that we're in a great province. We're located at a very low elevation. We're close to, you know, Arequipa. We have trucks going back and forth from our operation to Arequipa on a daily basis. We're close to the coast and we're in an area where mining is really part of the culture and we expect and the surrounding communities understand what is mining. Most of the activity around us is either informal or formalized mining. As I mentioned, there was 49,000m of drilling historically done on the asset. What that gave us when we started our operation last year was a very good base in terms of resources.

5:24 865Mt at the moment in an inferred category at 0.34 Copper or 0.43.5 Copper equivalent.

5:34 That's at the moment. We currently believe that with the work we've done so far this year, with the different commodity prices, the different commodity environment, that will scale up a lot within the next few months, years and 0.25. From that point of view, we expect a much bigger resource once we're done here. With the work that we've done so far, we see that being the case. Just to really set the tone in today's presentation, as I mentioned, we started with a very good base at Picoy, 865Mt.

6:15 With the work we've done so far, we could say that Picoy is getting bigger. And importantly, it's getting bigger in several different areas. We've talked about the South Breccia a lot and we'll talk about it a lot today. The South Breccia continues to grow. We've now drilled 3 holes or released 3 holes. We're now at our fifth hole in the South Breccia, but really it's always going to be a growth priority, especially at depth and to the West and to the East. There's a lot more to be found there. And on our first hole, on hole 65, we found a brand new Copper Moly zone. So that's going to keep on growing. Now with last week's news on the Northwest, as we pointed out on this slide, that's a potential step change. There's a few different areas.

7:05 We've got the geophysics that are helping that. We've got our recent Hull 67 that's going to help. But really, and on top of it, we have a lot of good near-surface

7:16 Copper, whether it's in the South Breccia, in the Northwest or other areas around the Picoy deposit. Importantly, over the last year, we've incorporated a lot of different things, Whether it's geophysics, whether it's oriented drill core, structural interpretation, geochem analysis, we've re-logged a lot of different holes. That work hadn't been done in the past. For the first time, we now have a complete set of data and that's helping us really execute for the next 6 to 18 months as we're really aggressive with the drill bit. As I mentioned, we're at 4 rigs, we're going up to 5, we've drilled 17,000m, Our first hole we released was hole 65.

8:05 We're currently drilling hole 86. Things are going very, very well. At the moment, we're fully funded for that program. That's going to be pretty exciting in the next 6-12 months. We expect the 1st resource under Picoi Copper for the Picoi deposit to be released in the first quarter of 2027. On that note, and now we'll start sharing the mic, I'll start sharing the mic with Vincent Carlin-Tremblay, our CGO. On that note, what you see here is the Picoy deposit

8:46 as per the previous information, including 49,000m of drilling and that historical work. What's important to understand with the Picoi deposit is it's a big porphyry. You have some hydrothermal breccias that are cross-cutting the deposit. And as I mentioned, the South breccia will always be

9:12 the center of gravity of our deposit. It's the richest part of our deposit. It's where you find the highest portion of gold as well. And we expect that to continue. But importantly, we also expect to see different and new discoveries in the future. So Those breccias are really important because they owe the stronger mineralization. They also sit within, as we've seen, a much broader mineralized porphyry system. They're not alone. One thing we've been looking at is that into that broader mineralized system and these different breccias, we do see different centers of the porphyry. Right now, what we're looking at in yellow on that slide is the north breccia, which we, as the current interpretation right now is that that's a contact breccia between different centers. We do see 1 to the right where we have the central and the east breccia, and then we see another center where we have the south breccia, and then we see an under 1 right now to the Northwest, where we do see that big MT anomaly we've talked about, but also some of these EDM zones.

10:26 It gives us multiple opportunities here and potential higher-grade mineralization in different parts of the current resource and deposit.

10:39 On that point, also importantly, you can see what we've put on this slide here is the old boundary between the Menandex claims and the Pembroke claims. So the richest portion of the deposit at Picoy was literally on the border of the 2 claims. Now that that's been consolidated For the first time, we're going to be able to really be aggressive on the exploration to the South. As I mentioned in the intro, at the moment, we could drill on these 2 claims here to the North. This portion here, we applied for an FTA and we expect to start drilling this area

11:19 in the 3rd or 4th quarter, but things are getting closer and closer and we have the drills at the moment ready to go. At the current state, the 4 drills that we've announced this week are all drilling this area here or to the North. But as soon as we have that FTA, we're going to come and explore towards the South and also to the East here on the top of the hill. Another thing we've done in the meantime, while we're waiting for the drill permits, is that we re-logged the entire Sodom claims or Menandex claims drill core. So we do have all the drill core, we re-log, we obviously applied our current interpretation and knowledge of the deposit and what we acquired over the last year. So all this will be integrated in the coming month into our database,

12:05 and we'll be reviewing some of these targets as well. Okay. And prior to maybe going into very much of the, we'll call it the technical stuff, Vince, could you just spend, you know, 2, 3 minutes on your backgrounds for the audience to understand what's your experience in terms of geology and exploration?

12:31 Sure. Yeah, I'm a geologist by background. I've been in the industry for the last 20 years or so. I started my career in northern Quebec with Xstrata at the time, Glen Cornell, worked on different sites such as Raglan, Metagami on the exploration front and on the mine geology and operation front. I've spent time in Southwestern United States in Arizona with Freeport McMurray as well, been exposed to these big porphyry deposits before. Then I've spent 7 years in South America with IAMGOLD in a role where I was overviewing all of operational geology, resource estimation and exploration. Spent some time in Ghana with Golden Star.

13:18 And then I finally moved back to Canada back in 2019. And then, you know, we've been done quite a few different projects since. This is one of our main one, but I was also part of the Nomad Realty Group that which we sold back in 2020, 2022. Thank you, Vincent. So on that note, I just answered one of the questions. So today's presentation is meant to be an interactive presentation. So if there's questions in the chat, please add them and we'll try to answer them as we go here. Going back to the presentation, what you see here on this slide is basically the historical drilling that was done both by Menandex and Pembroke. And as Vince mentioned just before, when you look at the Southern end of the deposit,

14:10 these holes here were very shallow. There were quite a good density of holes, however, very, very shallow. On average, they were only about 120m deep. This is definitely something that as we get the permit, we're going to go and attack very, very aggressively. Most of these holes ended in mineralization. They would basically hit the contact

14:33 of the breccia and stop them because at that point they were really just looking for oxide material. And as soon as they would hit sulphides, they basically stopped the drill. This is definitely something that as a milestone, we're going to see as being one of the very important ones in the weeks and months to come, because as soon as we get that permit, that is something that we're going to be looking at drilling aggressively. On this slide here, you see the current drilling that's been completed. And basically the highlighted areas of those holes are the areas of the holes that are going through the historical pit. And that's very important because as we mentioned, with the current work that we've been doing, we strongly believe that the resource is going to grow significantly.

15:22 Testing the depth is something very important. As I mentioned, on one of the first few holes, 65 here, We hit a brand new mineralized zone of 450m. We'll look at 67m later on to the Northwest, but same thing, brand new zone that was not known in the historical model. I think here, the other thing is,

15:45 We're extending beyond the historical drilling envelope and our current pit shell, but basically this is giving us more geological information as well. It's not only because the current pit shell bottoms out to the last piece of information. We do see the mineralization being open at depth and laterally, but also it gives us additional data and that's really important in what we're doing now in terms of all the victoring work we're doing towards defining some not only new targets but some of these higher grade zones.

16:16 Excellent. So on that note, I'll pass it over to Vince to really explain what we've been doing differently and things we've been implementing in the last year with regards to, we'll call it the science behind the exploration program. So Vince, please go ahead. Sure. I think one of the first thing we've done is looking at the structural geology. So we've implemented oriented core. That's something that was never done at Picoil before. Really, the idea is that we can capture

16:47 all that precious information in terms of the vein direction and contacts and all the different structures. The other thing we've done as well, especially in the South Breccia, in the first few holes in the South Breccia, we've done the acoustic televiewer to get some of the additional structural data. Now, the oriented drill core is fairly simple. It's just you actually draw a line to give you the exact orientation of your drilling. So when you actually, If we can go to the next slide, if when you start measuring the data on the core, you can actually orient it properly. Now that's what we're seeing. We have all the different

17:27 veins, contacts, faults, orientation. We're obviously using this in our vectoring work. This is obviously just one of the layer of information we're adding, but we're also using it from a geotechnical point of view, where, you know, as we've mentioned before, we're also advancing some of the more, you know, technical studies in terms of geotech, meteorological studies. This is also important as we do all of our geotechnical logging. Just to give you a little bit of an idea of what we're seeing so far, one of the main structures we see is a northeast-southwest structure, you know, dipping to the northwest. Really, this is driving by some of our early aloe veins, some of these veins that are bringing most of the mineralization at Picoy.

18:16 We also see a second system where it seems a lot more secondary, which is more northwest, southeast, as you can see here. So that's a lot of the structural data we've been incorporating in the vectoring work we're doing. The image to the right, this is the kind of structural model where we've started building. This is all a lot of the data we've been acquiring since the start of this real program, obviously didn't have anything from the historical drilling. But this is really going to be driving And that's one of the layers that's going to be driving a lot of the drilling in the coming months. But it's also helping us ensuring that we're drilling in the right direction with the optimal drill orientation and dip so we're not sub parallel to any of these structures and we can hit most of these ADM veins bringing most of the neuronalization properly.

19:07 So this is just as we've mentioned a lot of these early allo ADM veins that we're seeing where the main orientation is southwest northeast. A lot of it is actually also, as we're advancing towards the northwest area, I mean, we're capturing more data and we do see that we have a really strong system in the Northwest area where we have that ADM center. Now, to the South, in the South Breccia, we see a system that is actually, we see North-South structures as well, but also something that is a little bit more east-west. So again, it's helping us because we're not drilling, you know, a lot of the drilling was done vertically in the past. Now we've reoriented that drilling just to make sure it's optimal drill angle.

20:00 But again, this is, I think the approach we want to do is be systematic in advancing all of these different exploration targets, but also we do like that multi-layered approach where all the structural data is another set of data we didn't have in the past. And then we obviously add this to all the geophysics data we have, so the MT, the IP, the MAG data, and now the geological interpretation, the geochem data as well. We've reviewed all the assaying part of our work to ensure that we have all the right detection limits and all the right elements as well. All right. So obviously this is going to help us find more high-grade shoots, us find more high-grade shoots, really also vectorize into new areas or areas that we think we should be putting more holes to really grow the resource and increase, perhaps, the grade in certain cases.

21:04 But importantly is while we do all this, our focus, as we mentioned in the intro, is always also going to be on the South Breccia. The South Breccia remains the at the moment and who knows what happens in the future, but at the moment remains the richest portion of the deposit. And when we looked at hole 65 here, obviously we knew we had a good, based on the historical data, we knew that the initial part was going to be a pretty good Copper-Gold zone. However, what we did find below the pit was that big Copper-Moly zone.

21:45 This is really interesting what we're seeing in the South Breccia here. Much more work will need to be done, but we do see a zonation where we have more of that hydrothermal Breccia at surface where we do see the higher Gold content, where actually at depth it turns into more of a molly copper breccia where the gold content decreases a little bit and We do think it could be 2 different phases of the intrusion 2 different intrusions the timing of it is hasn't been defined yet. We'll have to do some datation on this. But this is going to be one of the main focus for us to understand what is actually controlling that zonation and how it behaves through the deposit. But we really see this where it gets to more of a magmatic breccia at depth with that moly copper content extremely high. And then as we get closer to surface, we see that change and it's fairly somewhat drastic in terms of gold grades.

22:49 And then our second hole here, 66, was important as well, because especially when we looked at the MT data following our work, And we'll talk about that in more detail in a few minutes here. But that hole was basically more in the middle of the historical breccia. But again, we wanted to test the depth, which we found another zone and we finished in 0.5t type material, which visually we thought we could perhaps be out of the zone. But when we got the assays back, the last 20m were actually quite mineralized.

23:27 So from that point of view, we know that there's a tremendous amount of upside as well. But importantly, is another thing we're going to be talking about here. And one of the themes is the near surface ore. And you can see here on this hole, we have 48m of 1% Copper almost and 0.2 Gold. So those are going to be areas that we're going to be targeting also to make sure we understand that near-surface mineralization.

23:53 Whether you're in the South Breccia or to the North and to the Northwest, those are going to be areas that we're going to be looking at defining more supergene, more enriched, more near-surface mineralization that's going to help us in the future for the build-out of the economics, because obviously having high-grade mineralization on surface is going to help the economics of that deposit. And then last week, we also announced hole 72, which was 166 meters west of hole 66. So you can see now we really have a nice broad area within the South Breccia, And you can see all the holes are going through the pit shell. And then we've also have hole 78 that's currently pending, which is going West. We've now commenced hole 82, which is basically coming up.

24:45 Sorry about that. It's more kind of in this direction here. That's going to cross, not necessarily in the same section, but it's going to be coming across to really test those structures that Vince talked about earlier.

25:00 So maybe Vince, you want to talk about hole 82 and what we expect on that? Yeah, I think, well, there's 2 things here. The first one is that, you know, all these drill holes we're seeing right now in the Salbreccia, it just continues to demonstrate the continuity of the Salbreccia and the mineralization and higher grade content of the South Breccia, which is really important, obviously. But also what we're doing now is what we've seen when we did the acoustic televiewer in these South Breccia holes, that there's a really strong north-south component, structural component in it. So We'll be testing that drilling

25:37 from the east to the west, cross-cutting the entire side ratio. Again, continuing to validate that mineralization, but also understanding a little bit better about these different zonations and the structural component controlling it. So just based on 65 and 66, Obviously, as you saw, we've now drilled 72, we've now drilled 78. We're going to be building out those tons now this summer. We're actually building towards the East. These holes are going to be coming in, but you can see there are some very good zones right below the pit. So these are going to be coming in most likely in the future.

26:22 So that brings us now to the Northwest and the second theme we talked about. As we mentioned, the Northwest right now is a potential step change in the Percoy story. First off, the first hole that we looked at, 67, so the third hole we drilled, we just released last week. The first component of it, very high-grade, and we'll look at it in more detail. But importantly, the last 500m of that hole is pretty much mineralized over 0.2, which means it's all future mineralization that will be payable. You can see how deep it extended below the pit. This was really a first one to test the Northwest area of the deposit. And importantly, when you look at the topography, you know, versus when you're looking on to the east, where the South Breccia is, we strongly believe that that's, you know, the South Breccia is likely going to extend east and this is going to come in as mineralization.

27:29 But To the West and to the Northwest, what's interesting is that there's nothing in the area. So from a stripping ratio point of view, it's a very interesting area to look at because we expect a lot of that mineralization in the end to become economic. Yeah, I think especially the near surface mineralization, obviously, extremely important for future, you know, pit optimization and mine plan. But one thing we knew from the start is that, you know, that project was divided in 2 and the group to the south, its main focus was actually defining that enrichment all the way up to the enrichment zone. They would stop when they would get into the primary sulfide. Now to the north, that was never done. There was no focus on defining any near surface or per se. So we're starting to see that, you know, there's good, and there's a good enrichment super gene zone to the North West as well. And we've seen that with our last, you know, our last press release, where, you know, a lot of these holes have actually hit decent mineralization near surface.

28:38 And as Vince mentioned, this is lower topo, easy access. We'll be extending that zone And that's going to be definitely a focus of ours in the coming months. As Vince was mentioning, as you can see here right now, this was based on the historical data from Pembroke and Menendex, but this is your near surface, pretty much between the first 200m of enriched material over 0.4. And importantly, as you can see in the recent drilling that we've done, we're making these areas much thicker. And same thing here, Some of them were not included in the previous estimate. These are going to be areas which ultimately we'd like to grow between 150 to 200Mt of true near surface mineralization over 0.4, over 0.5.

29:33 And again, this is 0.4 copper only. So that doesn't include potential byproducts like gold, silver and libidin, which we also have. The interesting thing is from a domaining point of view, as I mentioned earlier, the South Breccia area is very much a Copper-Gold area. But what we've seen recently also in the Northwest is we see a big kicker of Moly as well. And we've got grades up to 0.03% in that area. The other thing I would add to this, especially for the near surface ore, is that most of it, even though we do have an oxide zone, most of the mineralization will come from the Chalcocite.

30:19 There are some oxides in the oxide zone, but for the rest of the near-surface ores, especially on the Copper front, all mainly driven by Chalcocite, which can be floated or leached. As we mentioned, the South Breccia will always be the center of gravity of Picoy. Obviously, as we've talked about a lot of the new science that we've been doing, like drilling into the core of the vectoring, which hadn't been done in the past. But the reason why we're doing all this and why we also started doing a lot of geophysics and taking the oldest geophysics reports was to figure out, is there another ore body out there similar to the South Breccia? Because when you look at it, the South Breccia, again, if we could find another one of these, obviously it changes the dynamic of Bitcoin.

31:13 So It's a major focus of ours. And obviously, as we did the geophysics and the anomalies came out, one of the things we wanted to do is to test whether or not we'd be able to calibrate those anomalies. And that's one thing that with the stuff we press released earlier this week, when you look at the anomalies we came out with, you can see that the MTP3 calibrates very well with or is calibrated by the Saldbreccia. And one thing that's important is that these anomalies are not just empty anomalies. We've really layered the IP, the MAG, the Geochem, and the historical drilling, and the new drilling.

32:07 And that's why we have a pretty good or that's why we believe MTP 1 is incredibly interesting. It remains geophysics, but again, it's a layered approach. And maybe Vince, you know, if you add to that, For sure. Like, I think, especially with that slide, you know, we're kind of moving from like the the core scale vectoring to deposit scale vectoring. And the subretro was, you know, it's really useful. It's non-mineralization. And then the center of it, as we can see on that slide, corresponds to a very low resistivity MT response. Now we do think, we understand that, you know, the cell breccia, that kind of response comes from, you know, the hydrothermal alteration, the breccia itself, the brecciation, the fracturing and the sulfides.

32:57 Now, what we see with MTP02, which is an ADM related center, it shows somewhat of a moderate resistivity response and signature. So it's potentially reflecting, you know, not only the alteration, again, outer thermal alteration, the vein development, some of the disseminated sulfides. But it's not the same intensity obviously and connectivity of the salbretia. So there's a little bit of calibration to be done here. And that, as Vince mentioned, this is another layer of information we're adding in terms of our vectoring work. So we'll be targeting some of these zones when we do see actually other layer of information bringing different anomalies or more to these targets.

33:46 Because at the end of the day, it is that the geophysics is a vector, you know, the MT, the MAG and the IP, but it's not an answer until we've drilled it and we've added all these other layers of information to it. But what's interesting here, as we said, it is not just an empty anomaly. There's evidence of mineralization around it. It's really a corridor towards a potential target. That's what's interesting here. That's why we've layered some of these holes in there. You have hole 67, which we just pointed out that was just in between those 2 anomalies. But when you look at some of the historical holes, like 63, for example, that returned 190m of 0.35 and 0.024 moly, including 0.4 of 107m of 0.4. So you including 0.4 of the 107m of 0.4. We're going from non-mineralization and then towards those holes that were just on the edge of the historical pit. And then we have that geophysical anomaly.

34:51 We have known Copper mineralization stepping towards the Northwest. And then we have that large multi-parameter target, as Vince likes to call them. And, you know, we're going to test that target imminently. And maybe just to answer one of the questions I see in the chat here. We want to be really systematic in how we do this. We want to make sure we understand Picoille really well. Then we're going to be expanding and we'll start stepping out and looking at more of the broader regional geology and adding some of that additional data as well. We're just really going step by step. So we started by drilling the center of the pit, the Northwest zone, the South Breccia, just to acquire some of that additional data. We've done the MT, but we're going to keep adding all these layers of information in the near future as well.

35:58 So now just to talk maybe about that multi-layer approach, Vince. So these are obviously some of the completed holes in progress, in construction and some of the planned holes. You can see here to the north, we'll be testing that anomaly from some of the pads we've already prepared. And you can see that anomaly is actually just below the camp. So it's good that we're testing it. But it'll be, look, if we start hitting that anomaly, that anomaly is kind of in this area here. So as we mentioned, it could be a potential step change. And one comment on the drilling here, as we mentioned, we're waiting for this area here. You can see all the holes that we've re-logged.

36:45 These are the ones that we've re-logged here, but this is the area for which we're waiting at the moment for the FTA. And as soon as we have access, you can see all the South breccia holes have been directly on that border. As soon as we've got that permit, we'll be coming into this direction to come and drill this aggressively towards the South and the West and the East also on that hill. So Vince, go ahead. Yeah, okay, so just to come back to that big MT anomaly to the Northwest, I mean, what we've seen, and that's why we say it's not only an MT anomaly, some of that vectoring work, such as, you know, like some of these structures are pointing towards it. But we also see that from IP or a chargeability anomaly and a MAG anomaly, these signature are seen. For example, the MAG anomaly we see here is somewhat similar to what we see in the South Breccia as well and the chargeability as well.

37:48 It's kind of a, like we said, it's a multi-parameter anomaly here that we'll need to test, but it's not only driven by the MT. There's all of these things lining up. And obviously, we're going to be the next phase of drilling is stepping out towards that anomaly systematically. So we're not going to go on day 1 and drill right in the center of it. We're going to be stepping out from the current resource and drilling we have. All right. So with all this new data and acquired data and analysis that we've done over the last year, this has really been focused on Picoy.

38:35 As I mentioned in the intro, Picoy is the more mature asset, which still has a lot of discovery potential. So that's why we've been very aggressive in layering out a 35,000m program this year. One of the other areas I'll just touch on very quickly, and maybe we'll go into more of a Q&A type discussion following that, is Torumet. It's one thing that we don't want to forget here Because in the context of everything, you can see here, Picoil to the South, but then we've got 8km to the North, we've got the Torumet target, which from a potassium-thorium ratio or a geophysical point of view or structural point of view, or geochem point of view, you could see that it literally lights up. So this is an area where we currently have the drilling permits.

39:27 We're finalizing our final water agreement, And then we'll be able to drill that very shortly. But importantly, given the scale of this, it's a very, very interesting target that we'll be taking what we've learned at Picoi and applying to Torumé. But when you look at Torumé, there's only been 9 holes ever drilled at Torume. However, all 9 holes have intersected mineralization. And for example, 0.7 here is basically 500m of 0.31 Copper and 0.01 Moly. But maybe Vince, if you wanted to just comment on what we've learned over the last year and where we think the potential lies for Torumé at the moment.

40:14 Torumé is really interesting. The main focus is Pécoy and then next will be Torumé. We're also obviously working on the regional geology and we'll be starting a regional program. But Torurume is interesting because at surface we've mapped some of these breccias, which have never been tested. And when we did, we know, obviously, before we started the drill program, back in December of 2025, we did a full geological comprehensive study. And when we look at Toro Rumi, one thing we've seen is that a lot of these holes, especially the ones we see to the right right now, if mineralization, but they have all this signature of, you know, something that would be just right on the fringe of a big porphyry system. We've seen good moly grades, propolytic alteration. And then when you move to that 0.7 drill hole, I mean, we're right into, you know, into the EDM system. And we've seen it in the core. We've seen it at surface there.

41:12 So we'll be, like we've mentioned, we'll be applying the same approach of, you know, being systematic, adding all these different layers of information and then vectoring towards these potential porphyry centers. But there's much more to be done. It's obviously a big land package with the current footprint of the geochemical and geophysical signatures is right now 3 times the size of Bicoy. And maybe I think one thing is also with there's a lot of breccias that have been mapped on surface that have yet to be drilled here. That's another interesting area which we're going to be looking at aggressively. The plan here for 2026 was to plant 5,000m, so 500m holes or so with 1 drill.

42:02 We're aiming to complete that and trying to be as aggressive as possible on that front. So that's something to keep looking for because it's definitely gonna be kind of creating that 2 head monster. Obviously the focus being on Picoy, but we strongly believe that Torumé has a big potential in the future as well. So on that note, obviously, we want to do a lot of different things. So, you have to be well-financed and have a good shareholder registry. We've got a great shareholder registry. That's something that we're very, very proud of. And we thank our investors for the support. At the moment, we're currently closer to $34M in the bank. This was as of April 30th, our last financial statements. But with the aggressive drilling program, we're now around $34M.

42:55 We expect to finish the year with around $17M in the bank. We could potentially pull some of these warrants that are in the money, which would bring in another $4.2 million on that front. We're covered by 4 different brokers at the moment, and we expect a few others to launch coverage here in the next few weeks. So On that front, we're very well capitalized to be aggressive and to keep being aggressive. With regards to the next steps here, as I mentioned, we've got a very aggressive exploration program at Picoy. We're doing our phase 2 metallurgy, which we expect to complete by the end of the year. And then with the revised or updated resource for the first quarter of next year. And then in parallel, we've been working very diligently on everything that's engineering related.

43:52 We would expect to have 1 year from now, a PFS or PA slash PFS study out in the market as well. But importantly, everything that's in relation with geotech, metallurgy, drill hole spacing study, power evaluations, hydrology, all of those studies have been commenced because we want to be very aggressive on the development and on the advancement of this. We strongly believe that at the moment, especially in Peru with the current government and the movement and support, we see Picoid being a very interesting project. As I mentioned in the intro, we have something that is low elevation, close to infrastructure. You've got the ports, you've got everything in the area.

44:47 You know, we've got something that's that's rare for an operator, a large bulk tonnage, low strip ratio. You could go on our website and look at our 3D. Picoy literally sticks out of the ground. So it's from an efficiency point of view, this is something that is very, very attractive for potential operator. Importantly, also, whether it's Picoi or a lot of these mines in Southern Peru, it's a, you know, from what we've seen so far at Bico, it's a very, very clean concentrate. Phase 2 metallurgy is going to support that even more. But, you know, with the first phase, there's no antimony, there's no arsenic. So we expect to have a very clean con and a very attractive product for potential operators.

45:40 So, yeah, so maybe on that note, we'll stop it here and maybe we can take questions or perhaps, you know, just continue the discussion. For sure. We'll give people another minute here if they have any questions. I did wanna make sure, I might've missed it, but this gives people more time to ask questions. So did you address Steele Consult's question? What do you see as the long-term proven resource target before Pocoy would attract a strategic development partner? Yeah, well look, this is something we've been pretty active on. We've had a lot more visits to site this summer. There's definitely a lot of attractiveness in the deposit. We've had a lot of different visits from different types of potential strategic partners, whether it's a corporate, whether it's traders, whether it's just large investors. But those have been discussions we've been advancing, I would say, diligently.

46:39 At the moment, you know, especially with these big projects, we want to make sure we choose the right partner or the right partners to advance the development. So this is something that we expect to be active on, we'll say in the 4th or 4th quarter, first quarter of next year. And that will, you know, I would say, advance well with what we're trying to plan for 2027 with regards to the exploration and development program. And I think it's not only a matter of size of the current resource or proven resource, it's really the grade distribution. That's why some of the focus is the near surface, higher grade ore bodies such as the South Breccia. So you have, you know, and then the starter pits. So, you know, you have a good mine plan afterwards, something that has strong economics for anyone who wants to build such a project.

47:35 So with regards to the question on logistical challenges, so at the moment, you know, from Arequipa, which is the second largest town in Peru after Lima, Arequipa is a true mining town. It's got all the proper expertise in terms of labor, in terms of equipment providers, labs. There are 3 different labs in Arequipa. From our point of view, this is a great place to have your centre of operation. And that's where we have our 2 core shacks at the moment. So that's really the centre of operation for us, separated from from Bicoy and Torumé.

48:22 However, with regards to road access and so on, at the moment, you could either go and take the highway to Oconia or to Chukibamba to the north, And then you could take a gravel road from Chukibamba up to Picoy, or you could take a paved road from Maconia and almost to the end near Picoy. And then there's a bit of a gravel road here that you have to go around. However, at the moment this is one thing that we've been working on for the last few months is getting that last piece of road connected and we expect to have that road connected within the next few say weeks or months. So That's going to give us even more flexibility for the future and so on. This is something that we're doing in conjunction with the communities around us.

49:15 That's with the road access. With regards to the ports, there's the Maturani port here, which deals with most of the Copper from Constancia, Las Bambas, Cerverde. And you also have the Gilo port a bit to the South. We expect that when these roads, for example, are fully updated or upgraded for this mine in the future, it takes around 4 to 5 hours to get the ore from Picoy to Matarani. To give you an example, the last bomb bust between rail and trucks is usually around 15 hours. This would be very close to infrastructure and at a much lower altitude at 1600 meters above sea level.

50:07 Perfect. And maybe the other thing is grid access. I mean, that's something we do recognize that is extremely important for a remote project like this one. And we've already started working on grid access. We started that 2 months ago. So we're doing a full study on, what are the different options and what we should be looking at activating or how we should secure the power access as soon as possible. The interesting, there's been a few interesting news on that front. And one of them is on this plateau here near the coast, there's a potential new solar farm that's getting built. So this is one of the studies that we've started recently is to potentially connect to that solar farm and bring power to the project and potentially to some of the surrounding communities as well.

51:02 So That's something that we've already initiated. It definitely has sunshine there. What about contractors or workforce? Maybe touch on that while we wait to see if there's any more questions. As we mentioned a year ago, we had no drills, 1 geologist. Today we've got around 70 people on site. We're up to 4 rigs. We're going up to 5 rigs. We've mentioned that we've been pretty aggressive on the development track as well. That's an area where this summer we spent a lot of time on the HR. We have new department heads for pretty much all the various departments that we need.

51:50 And as I mentioned, whether it's from Arequipa or from Peru, you know, the expertise is there. So this is something that, you know, we're very proud of is this is a Peruvian company. You know, All the meetings, everything we do is in Spanish. I think that gives the flexibility to whoever wants to work with with Picoy can apply and we've had a tremendous amount of resumes and CVs sent directly to our website and directly to us. We've been able to hire very very good people and again we make sure that they know this is a Peruvian company and we wanted to keep it that way. And so from that point of view, we've been able to attract very good people.

52:42 And that's what also allowed us to move this project very quickly and aggressively. But most importantly, I think, you know, whether it's the people, it's also the people and social aspects of things. So we want to make sure we stay present in the communities. We want to make sure we stay present with the stakeholders around us. So that's something and somewhere we spend a lot of time on, making sure we have those relationships covered and make sure we keep on working with our stakeholders. I don't know if you wanted to say something, Deregan. No, I was going to say Peru is probably one of the best countries to be in in terms of mining. It's a big mining country. There's no, there's, you know, high quality skill workforce. There is no lack of it. And then same thing for contractors, you know, like just for example, drilling contractors, when we go through the tendering process, you know, we have like 12 companies in the process. So this is, you know, like that's a big advantage of being in Peru.

53:44 You know, the skilled workforce is a big advantage for sure. Again, and I've worked around the world and you don't see a lot of countries like this. Great. Well, we only have 5 minutes here and it looks like we've exhausted the questions. So I'll pass it back to you, Vincent, for any closing remarks here. Just remind people what they should look forward to with PCOI. And if you did come in a little late, there is a recording of this and the replay will be available shortly after we conclude. I should also mention when we close the tab off here today, there will be a meeting request. So if you do want to learn more and want to chat with the Vincents in a more personal environment, feel free to hit the request meeting button. I'll make sure to connect them with the Picoite team.

54:32 Well, thank you very much, Kyle. So yeah, so On that note, I think something that's important to note. We're in a Copper environment where obviously we've seen the Copper price move at record highs in the last few days. And there's definitely a difficulty within the industry to increase mine supply. So a project like ours, as I mentioned, that has scale, exploration and expansion potential, great geology that's accessible, that's low elevation and great infrastructure around it is something that is definitely very, very, I would say, attractive. So from that point of view, we're quite happy to have something like Bicoita really advanced.

55:19 With regards to what comes next, a lot of drilling results, a lot of drilling results within South Breccia, the Northwest. As I mentioned, we're up to 4 rigs going to 5. And Especially when we open up that Southern portion, that's something to really look forward to results because I think that's also going to be another step change as we deepen those shorter holes. The Metallurgy that we mentioned, that's going to be particularly important, especially around the gold side of things, because at the moment, our gold recoveries are around 40% or so, 43%. We believe that we're going to be able to get that up to 70 plus percent. And really just integrating all that new data that we've talked about. So the NT, the IP, the MAG, the new 3D model with the vectoring work that we mentioned. So that's they're all little things, but when you combine all of these things, you could see a tremendous amount of increase with regards to resources or grade and so on.

56:23 So really, just to recap, Picoi has a lot of scale. We have a great system that, as on that slide, you can see Picoi is getting bigger by the day. And we have a lot of different things that could definitely represent something new, like the Northwest. There's a lot of drilling to come. As we mentioned, we have over 17,000m of drilling already completed and we've basically, I think, released only 6,000m or just over 7,000m. A lot of news flow to become. We're still very early and I think there's a lot more to come. Thank you very much. Thank you. Thank you both. Have a good one. Thank you. Bye now.