Yukon Fireside Chat with Banyan Gold, White Gold, Sitka Gold & Blue Jay Gold

0:00 Okay, as folks are filtering into the room, I will say good morning, good afternoon, or good evening, depending on where in the world you're logging in from today. Very international crowd, so I appreciate people joining us all the way from Alaska to Australia, it looks like. I really, really appreciate your time. I'm excited for this conversation today. I've got with me today Tara Christie, CEO of Banyan Gold, David D'Onofrio, CEO and Director at White Gold Corp, Mike Berkey, Director and VP Corporate Development at Sitka Gold, and finally Jordi Marks, CEO of Blue Jay Gold. Everyone, how are you doing today? Great. Excellent to be here. So I'll really quickly do housekeeping so we can get into the good stuff quickly. There is a chat function at the bottom of the screen. I've got some prepared questions, but please feel free to ask questions at any time during today's event. Chances are I'm not going to answer questions about individual securities represented on the panel today, But please do still ask them. I'll make sure the correct teams get those afterwards and they'll be able to reach out to you with an answer. But if you've got anything broad that fits in the conversation, I will certainly try to weave it in, particularly towards the end. I'll also say that there's a

1:00 request meeting button at the bottom of your screen for attendees. You request a meeting with any or all or select of the speakers and their companies that are represented today. So please do feel free to hit that. I'll be passing those along to the team afterwards. The only other thing I'll say before we get into the fun stuff is this event is being recorded. The replay will be available this afternoon Eastern Time. It'll come right in your inbox, be on this exact same link, but then also on Six's YouTube channel. But I know there's quite a few of us here and I got a lot of stuff to go over, but first what I want

1:31 is if you each 30 seconds to give retail investors the kind of 1 line version of your project, where it sits on the curve from grassroots to production. So I'll go ahead and start with you, Tara, if you don't mind. Thank you, Romeo. Great to be here. So Banyan has our ORMAC project. It's an advanced staged road accessible goal project in central Yukon effectively with 8.6 million ounces across inferred and indicated resources.

1:58 And now we're moving from demonstrating scale to demonstrating economics with our 1st PA expected in the fourth quarter. And meanwhile, we're drilling 70,000 meters in 2026, very, very focused on some of the higher grade domains, particularly early in what we believe the mine sequencing will be, resource conversion, and of course, district discovery. So that puts us both on the discovery side of the Lassonde curve, as well as advancing towards development. Awesome. Michael, I'll give you a second shot here.

2:28 Yeah. So the RC Gold projects in the Yukon as well. Obviously, we all are in the same tombstone Gold belt as Banyan. We've been exploring there for about 5-years, outlined 3 deposits with, if you combine everything, about a little over 5Moz of Gold.

2:45 We're in the advanced exploration stage. We're expanding those deposits. None of them are drilled off and we're testing a couple of new zones this year. So, hoping that we'll perhaps have 5 deposits at the end of the year. So, 60,000m drill program, we're over 45,000m into that. So, lots of news flow for the rest of the year. Awesome. David, I'll throw it to you. Nice to be here. Our projects are in West Central Yukon in the Klondike. This was part of the Yukon Meet Phoenix 125 years ago with the Klondike Gold Rush. It is still an incredibly active plaster mining camp. In fact, there's over 20Moz of plaster Gold found in this region, one of the most prolific Gold fields in Canada, probably around the world. But it wasn't until fairly recently when our partner, Sean Ryan, was able to start to be able to discover some of the source of this Gold and other hard rock discoveries.

3:38 To date, the company's delineated a 3Moz resource. We're in the midst of our largest exploration program ever. It's a very high-grade resource, 4 known zones, all of which are open for expansion. And what else is very unique about the companies as Sean Ryan was able to identify these mineralized systems, use that same unique protocol to test, in fact, the entire region. And we now have a land package which is comprised of 21 different properties, over 300,000 hectares. So a true district scale opportunity in an area of the Yukon that is also seeing additional infrastructure and mines being built with the Talamod project used to the South of us under Sharmaine Discoveries. Thank you, David. And Jordi, I'll have you wrap up this intro section. Yes, thanks. G'day everyone. Blue J and the Stellar project, we're an advanced stage explorer. We're really leveraging from historic production on the site.

4:32 We have a high-grade resource, 8g Gold equivalent. Coming up to getting closer to 1Moz, and we just newly listed, started drilling. Initial results came out a couple of days ago. We will continue to drill through October and hopefully later in the season. So lots of results to come on a district scale, high-grade Gold-Silver system.

4:57 Road accessible. So we're actually south of Whitehorse, the capital. We're in a younger set of rocks. And it's really, really nice to be proximal to infrastructure in that sense. It looks like all the projects here are really road accessible and really ready to go. Well, Yeah, exciting. And I certainly have questions about all the roads coming up, so get tuned for those. This next question, I'll throw to Tara, just because you're a multi-generational Yukon placer miner. It's a family deal for you. And you're in one of the territory's biggest placer operations before Banyan. You've watched this territory through a few cycles at this point. What do you think makes the current moment in Yukon different from anything you've seen before? Well, you know, Yukon's always had the geological potential, but I think we're seeing things really coming together. You know, gold prices are great and they're really bringing serious capital, strategic attention from groups and companies that matter.

5:56 And I think we've got some of the largest Canadian deposits now developing, and that is making us really hit the spotlight. We've got governments that understand that we need infrastructure and that permitting is important to actually have timelines. And I think if they can execute that and deliver on all of those commitments and have that vision, it's gonna make a, you know, we have the potential to have Canada's newest minds in the territory. And, you know, we've got

6:28 companies that really understand what it's gonna take to get there, both from the environmental and the social, and our obligations are much higher, higher than ever. So I'd say now our credibility matters more than ever, particularly, you know, in light of all the recent events that have happened in the Yukon, a mind not only is going to have to be technically sound, but environmentally responsible and really built on those durable relationships with our now self-governing First Nations in the Yukon. And I think that's something that everyone in this group is very focused on and Banyan in particular. We think we know what we've got to do to get there, and we are really driven towards advancing ORMAC. Awesome. I'll stick with you just for a second, because I want to put some scale on it. ORMAC is now sitting at 8.6 million ounces across categories after the May resource update. The indicated ounce is up about 60% in a single year, which is, from where I sit, very impressive.

7:21 Walk us through how a deposit gets that big that fast. Well, and we were so invisible for such a long time, partly because we made our, put our 1st resource out in 2020, so that was COVID when you weren't marketing. It started with the geology and then a very systematic drill program to define it, and then getting the geological model. Last year, that 60% increase in indicated was based only on 43,000 meters. Look what we're gonna do with 70,000 meters with our best model and our best targeting. So yeah, it's been

7:58 a long story of just systematically drilling out power line and then now moving to the airstrip deposit, which was always higher grade. Remember, it was always 15% higher grade. And we found some of that even higher grade now, both in airstrip and power line. So of course the infrastructure helped. I know you mentioned roads. Having a road really helped us to efficiently drill that out our all in drill cost. We've added 100 ounces for every meter we've drilled. And that's partly because of the exceptional infrastructure that we have on the project. Roads, power, cell phone service, and that enables us to effectively drill year round. We'll drill till mid-December and start mid-January, and that's gonna let us advance this very, very quickly, and it's really the story on how we got here too. Awesome, There's a quote I often quote from Byron Kang of Paradigm. It says, visible gold is sexy, but a road is much sexier.

8:53 Mike, I got one for you. With 60,000 meters drilling this year, we've seen drill results such as hole 121 at Blackjack that intersected mineralization down below the current resource pit, and recently results from Roscoebell that extended mineralization along strike, an additional 400m to a total of 1.6km. What's the focus of your program right now and how do these results impact the project? Yeah, well, you mentioned Roscoebell second. Roscoebell was really only discovered last year. We only acquired this property in late 2025. That's the project portion that we acquired from Victoria Gold. We just accelerated the payment. We own the Ross Gobble deposit 100%

9:36 now. It's a pretty early stage, but advanced exploration target. We really don't know the footprint. It's near surface. half of our drilling, half of that 60,000 meters is directed at that to expand that deposit, see what the footprint is. And we're working on that. We still haven't found the limit. So we've been getting great results, as you mentioned, to the East, as well as below the current kind of pit limits of that 2.25Moz resource that we have there. So, yeah, Ross Gobble is kind of transitioning into probably the best deposit on the property. Blackjack though is a great deposit as well, but as you mentioned, we've drilled some deep holes there.

10:21 Our deepest hole goes over 1.1km.

10:25 Again, that's got a down dip component that we haven't defined yet. That's definitely later in the stage of these deposits. They're all at surface, near surface deposits, but Blackjack is showing that potential at depth. And then some of our drilling at Blackjack, there was a hole that we drilled that's about 150m east of Blackjack, trending towards the Iger deposit. And we have mineralization there as well. If you kind of go into our press releases, you look at this Lampreferred dike that connects the Blackjack, the Saddle Zone and the Iger, we get mineralization associated in the hanging wall of that dike. And we're starting to follow that geological theory that there's a linkage between these 2 deposits. So the focus is to increase that resource, find the limits of these deposits, as well as we're testing a couple of other advanced targets, the contact Kukumin and the Bear Paw Breccia that are all within a kind of a 5km area. So really to understand those deposits and deposit areas and kind of quantify that and keep the exploration going, but focus on determining the amount of ounces of Gold we have.

11:32 So we can look at the feasibility of bringing this into production as well. Awesome. Thank you, Mike. Jordy, I was excited to see this week. I first asked as a public company came out. 32m

11:45 downplunge extension at Skookum Creek, grading over 8g Gold equivalent. I know that you've compared the system to Fresnillo and Pachuca. Tell me more about that. I'm eager to hear your take. Yes, we're very excited about the results coming out of Skookum Creek and it really delivered into some of the visions we saw and why we picked it up. And we like Skookum Creek within the Stellar project. The Stellar project for us, 770 square kilometres, it truly is a district scale system. And the analogy there that you bring up ultimately is that we get to see a variation in large-scale epithermal systems. So it's a magmatic epithermal system driven by you've got form of production at a site of near surface mineralisation that was in a low-sulfuration epithermal system. And when you're looking at districts, you want to see potential for high-grade mineralization extending across the Linder sections well to depth. And we have that at surface-related mineralization in low-sulfidation systems at Mount Skookum. And at Skookum Creek, this is a lower section of intermediate-sulfuration, high-grade gold-silver mineralization, when we're starting to already see very interesting facets of quartz, molybdenum quartz veins that could potentially relate to the underlying magnetic drive is to depth. So we think we get to see that vertical

13:10 preservation of the geological system with grade. We know we've got the size of the structures to be able to host mineralization along large conduits. And, you know, the new age work that we're actually putting in there with hyperspectral logging, et cetera, is able to really unearth new observations on multiple pulses of hydrothermal alteration that go towards making these peaks. At Skookum Creek and at Mount Skookum, you can see these overprint. Geologists weren't able to do that before because the technology

13:42 wasn't there. So we're really excited about the opportunity to be able to unravel this large-scale magmatic hydrothermal system with high-grade mineralisation that extends across 25km. That's almost 1 million ounces at 8g Gold equivalent. We think there's a lot of opportunity to be able to examine that more predictably going forward. So a great opportunity to get in there, do the framework year of exploration and look to extend known mineralization along the Strait Lake. It's good to see those assay results be edifying. So I was happy to see the news this week. David, I want to jump to you because the market got its first real look at White Gold economics in August, from my view. 1.9Bn MPV, 38% return, payback under 2 years, all very sterling numbers obviously. And you priced all that at 3,600 Gold. While Spot still seems to be playing every day somewhere between 40,300 and 4,500.

14:36 Why did you guys choose to run it conservative when you could have printed a bigger headline, let's call it?

14:43 Yes. Thanks for pointing out. It's a huge milestone for White Gold to be able to demonstrate such strong economics on a very first pass. I'm very conservative. I'm glad you pointed out that was by design. And I mentioned this in the past, and for those that don't know, I'm also a principal at the Power 1 Capital Group. We've been investing in financing exploration projects for over 2 decades now. And we do everything with our investor hat on first. We want to be able to ensure that all of our efforts and all the capital is going to be going towards directing the value of the company to increase the value for our shareholders. And over the years, we've been fortunate to be involved with some of the most successful aspiration development stories in the market. And what we've always learned from that is, you wanna sort of take your time to do things right, stretching yourself in advance, maybe to capture a little bit of attention from the market.

15:36 There's no point in doing that. This project here in particular, it's one of the most exciting companies we've ever actually been involved with. It's been 10 years now. And when we were presented with the opportunity by Sean Ryan 10 years ago, you know, we were almost fell off our chairs. The opportunity to own this enormous land package in this prolific area in Canada, in the Yukon, with so little work that's been done and the work that hasn't been done has been so successful, you know, it was almost sounded too good to be true. And the fact that you could almost own an entire camp in 1 company was unheard of. Our dream here is that this could be akin to owning 80% or 90% of the activity of Valdor in 1 company. I believe that's also what attracted our larger shareholder and partner, Amico Eagle, to be part of our company.

16:22 And we're very pleased to now, after 10 years, to be able to hit this milestone and deliver this 3Moz resource. But frankly,

16:32 as people who have read the PA would notice, we've only actually used 2 of our 3Moz, actually less than 2. And the reason there is, this is just the start. I think us and all these other great companies that are working with you, we're just getting rolling here. There is so much more discovery at the time. 3Moz, 2Moz. That's great. It puts us on the map. This PA now demonstrates that this project is one of the largest and most profitable development companies projects in Canada. But we're in the midst of this big program, we've just built our team. We brought in Dylan Langell. He was part of the Great Bear success story. We have Donovan Pollitt, a mining engineer who understands what it takes to go to the next level. Also great relationships in the institutional community. So we wanted this as a tool to be able to go to speak to some of these more sophisticated and large institutions.

17:19 But if we're right, I firmly believe there is millions and millions more ounces to be found on this project alone and within

17:27 the rest of our land package that it may be better value for us as a company to get this out there. Let's be conservative. Let's leave a lot of meat on the bone. We're not typically here to try and get the pack squeezed every last ounce out of it, because we're very confident that there's so much more value to come. And that will be demonstrated with the drill bit and the additional studies going forward. I appreciate it. One last before I get to a question for all of you, and it is Tara. Why don't we talk about that August hole? 14 metres of 13 grams, including a metre of 142, sits in ground. The research model currently calls unmineralized in the largely undrilled gap between power line and airstrip. So I guess my question is how much deposit might be hiding in the space between your deposits?

18:15 Well, I can't put a number on it yet, but the area is like 500 meters by a kilometer and a half. And certainly our geological model is projecting these high grade zones, you know, up towards surface that intercept was about 100 meters depth. So, you know, lots of potential filling that gap. So mind the gap or mine the gap, I think is an interesting, for us, what it could mean is it changes the mine sequencing a little bit of the grade profile early in the mine plan. And why didn't we drill it off? Well, we kind of thought it was obvious that there was probably mineralization between the 2. Of course, that didn't come through in the actual resource. We didn't really understand that there would be that higher grade zone potentially through there. So until we did our modelling this year. So yes, we have already put a few holes into that area that we can drill when it's

19:10 summertime. A few of those holes and a key part of it will need to be drilled in January when the ground's frozen, and that's one of the reasons why it wasn't drilled is because it's quite swampy through there. So you want a really hard frost and a little bit of snow pack so you don't have to build roads through that area. So that's going to be something for people to look forward to because we are going to drill it out before our next resource update, not before the PEA and all of the 60,000, 70,000 meters that we're drilling this year will not be part of our PEA. And similar to David, you know, we're looking for a credible conservative PEA that demonstrates strong economics. Great. I got one for all of us. I have, we'll call it a bummer question before I think a fun question. And that's, you're all 4 companies at very different stages, which I think makes this conversation so interesting. But you all wake up to one of the same problems. Gold is in the mid $4,000s and junior valuations just haven't kept pace.

20:08 I'm curious for all of your perspectives. I will hit all of you for this one. Jordi, I can start with you. Why do you think the market is still slow to pay for ounces in the ground. And what is there a time or is there an event that helps actually close that gap? Yeah, I think

20:25 this is part of a natural evolution of a bull cycle around commodities, I think. And the natural investor sort of wave and interest generally comes into equities that are larger, more liquid. And that's certainly more paramount in the current sort of sector cycle. So you come into

20:45 streamers, royalty companies, investors go into producers. Producers had a great time in the last 18 months. All you had to do was produce and you'd produce free cash flow growth under the balance sheet. It's not easy producing. I'm not going to say it's not. And you need technology to be able to do it. But free cash flow growth, given the sentiment of commodity price. I think naturally that ultimately gives focus in terms of keep to your knitting. I think the next couple of years are going to be very exciting in terms of, with the commodity price cycle, free cash flow balance sheet is bolstered. Gold producers being in the best balance sheet position they've ever been in as a sector. I think we're looking at a wave now, looking at moving from free cash flow growth from sentiment driven commodity price appreciation to looking at free cash flow growth being driven by production growth. And to be able to show that you need to have the assets to be an asset portfolio to do that.

21:47 So I think the natural evolution is to move into consolidation phase. And I think with certainly the backdrop of geopolitical uncertainty heightening globally into many areas where gold is produced in areas that are less stable, I think tier 1 jurisdiction assets like Canada will have a premium to look at those that are in tier 1 jurisdictions that are road accessible, have infrastructure, and Yukon is a perfect position for that. So I think there's going to be more eyes. And we've started to see that with Agnico, I guess David's partner there, coming in and acquiring and consolidating in Finland. So I think that that'll continue. I think that'll be the canary in the cage, just running to further consolidation because assets are hard to grow. They take time. As Tara said, that 1st resource in 2020, it takes time to do that. You can't just grow it overnight. So, if you're already there, you're close to infrastructure, you're in a really good position.

22:46 Great. David, I'll let you get in on this. I think Jory is absolutely correct. The first thing is, there's a cycle within the cycle. It takes some time for the capital to filter down to the smaller companies. I think we're fully seeing that play out. It usually can take anywhere from 18 months to 2 years or a little longer. We started to see that happen. There's been maybe even a little bit of a reset here. The Gold price ran up in January at $5,500. It came all the way down to $4,000. So now that people got extremely bearish in the sector, some capital left, it's coming back in. It's probably going to start coming back in at the top and filtering its way down. And that just has to play

23:22 itself out. In the meantime, what's nice is companies like ours here, they've been able to be well capitalized, do a lot of good work and continue to build value, which is ultimately the number 1 focus. You've got to be, as a company, as we control the market, it will do its own thing. But you know, Jordi brought up a good point about the M&A, right? As an investor, from an investor's hat on, you want to be skating where the puck is going. So this is probably the area which has the most risk reward type potential within the sector at this point in time, I would think. And then, you know, when do people realize that maybe, you know, what are the other factors? There's been a lot of other competing sectors that have done very well, right? Especially in the US, you have this big AI boom. People have done well with technology for 10 years. So why do they have to go look to a different sector at this point in time? So what's going to cause that shift? Continued performance by the larger companies with production and profits and dividends and share buybacks.

24:16 I think that is starting to get the generalist's attention. And then as they turn their attention, eventually it should continue to filter down.

24:23 But it's also going to be this M&A that really wakes people up. As Jeremy mentioned, it started. We've seen the transaction in Finland. We saw a big transaction in Guyana. And look at the prices that were paid on a dollar per ounce basis. It was significantly higher than the average we're seeing. So that's a good sign where these companies are trading at. And it is a fact that producers, if we're in a consumptive industry, every ounce or pound they produce, they have to replace that on their balance sheet at some point in time. I think they're in a bit of a honeymoon phase, they're doing well, but at some point the analyst is going to say, okay, well, where's your production profile for 2030 and 2035? And once that happens, I believe there's going to be a bit of FOMO amongst that community to ensure that they have the assets in place and in good jurisdictions, as Jordy mentioned. I think in Canada, in the Yukon, that is a very, very favourable characteristic of all of our projects for that as well. Great.

25:26 Michael Threatt, when do you think we'll start getting fairly rated for the ounces they've got in the ground?

25:33 Well, it's a tough call, but a wise investor I know said, I smell an opportunity. And I think that's one of the underlying points here is that there is an opportunity because we are undervalued, but we're also early in the curve. As I mentioned, our very first drill hole was 2020 and we've had a rapid growth in resources since then. So we're starting to get market attention, The style of deposit that some of us are looking at, the intrusion-related Gold deposits are a fairly new deposit type that's pretty prolific through Yukon and Alaska. David's discovery is not all that old either in the White Gold District. That's a new district.

26:19 And Geordie's sitting on what I feel is one of the most under-recognized areas in the Yukon, and it's good to see new life coming into that. So really there's a lot of stories in the Yukon that haven't received a lot of attention. They've gone through cycles, and this is a maturing cycle for the Yukon. Our political alignment, different things going on are really important now. But yeah, plenty of reasons why we're lagging behind, but I think the youth of some of our discoveries is part of it. But going right back to the start, what I said, I smell an opportunity and I

26:59 know that investor is going to recognize that quote. It was his son that told me he heard that growing up many, many, many times. So that was a young fella, a mining engineer that did some soil sampling work with me and my son on a project. So it was fun working with him and getting insight into his dad. And that's a famous quote. I won't tag him, but he knows who he is. That's fun. Appreciate that, Mike. And Tara, I'll give you the last word on this topic. Well, I think higher gold prices we've seen are really, they don't translate into valuation and ounces in the ground. You know, a gold price alone is not going to remove development risk. So, you know, my job is to execute a program and a strategy which removes those risks one at a time. And so market's not gonna pay equally for all ounces in the ground. We've seen that across companies.

27:53 And my job in our plan at Banyan is very systematically to remove that gap. You know, We're converting scale to economic evidence that this project is a credible mine with, we wanna see strong early years of grade and production, sensible use of capital. And I think having this clear execution strategy and it goes hand in hand with our marketing strategy and we got recognized by getting included in the GDXJ, which is bringing a whole new range of institutional and passive investment for us. So, you know, following that plan, executing our strategy, communicating with the right funds at the right time is how we are building shareholder value and we've seen it working in our share price and our strategy through the fall I think is going to continue to get us more visibility

28:43 and close that gap along with some great drill results showing we've got higher grade and following up on our new discovery. So, Romeo, it's a challenge that you've brought down. How do we close that gap? And Banyan's working hard to do that. Awesome. Appreciate it. And these forums are great for helping people understand this. So thank you for arranging it. And the Yukon really has not been on the map like some of the other places in Canada, Ontario and Quebec. That's sort of what people thought and that's where they went. But the geology is certainly there. And what's remarkable, what I love as an investor, the work is getting done and it's extremely productive. Show me another part of the world that's delivering this kind of success per meter drill. I don't think you can, especially in the tier 1 type jurisdictions. So that's going to draw the attention. It's nice to see the brokerage communities now starting to put out more and more research that will help. So all the momentum is starting to build. It's really nice to see. That's great. And for the hundreds of investors in the room, please tell your friends about the Yukon. Tell them to take a look.

29:41 I want to start talking about those sexy roads that we talked about earlier, because I do want to get infrastructure. And Tara, I'll start with you. There is federal backing for connecting the Yukon grid to BC. And every one of you here, I think very correctly, markets access as a differentiator. So how much has infrastructure actually moved the needle on project economics versus just being a great slide to have in your deck? It's moved the needle for how we've got here and how fast we've got here and how fast we're going to move forward into development. You know, I think in our PA, there'll still be a cost for infrastructure because It's not like having a road means there's no cost. It's how much upgrading do you need to do? How much already exists? And I think for us, because there's already some federal funding that's earmarked for the road near us, the highway from Mayo or Stewart Crossing to to Mayo and even up beyond us and across our property. I think we're going to see some additional support in the near term to help us with our infrastructure across.

30:41 Of course we can't put that in our PEA either for power or for roads because you need to actually base that on what exists now. But certainly that infrastructure tie is really important. But the other really important project which puts enough power in the grid for us is of course that Whitehorse Power Center project which the Yukon's already announced, which puts another 160 megawatts into the grid. And we all know that there's hydropower in the grid and we have surplus hydropower now in the summer for projects. So I think getting these important conversations between industry, the federal and territorial government, and then using those funds to really help Canada and Yukon in particular to get some more projects moving forward, to get more tax money to our governments, I think is gonna be really key. So infrastructure has moved the needle and it's going to for all of our projects, but I think you know we need to get some of these federal projects moving and at least the conversations are started and we're starting to see some action.

31:42 Great, I appreciate it. Jordi, I'll throw it to you to talk about Blue Jays infrastructure. Yeah, Blue Jays, we're a little different. Obviously, we're south. And we take advantage of access via, you know, the highways that go from, you know, Whitehorse to Skagway, and we're just a turn off there. So halfway, half an hour down from Whitehorse, we turn off the highway and we've got a public road straight into sight. So, nice, nicely accessible, but an hour's drive away from Whitehorse, a little bit over. So, but really good access there. But for us, Infrastructure is important and there are many facets to what infrastructure represents. You can look at

32:18 where the electrons come from. Road access is important because obviously that gives you economics for transport. Then there's other facets related to workforce and workforce availability in terms of execution and where your workforce is for future operations, et cetera. So you've got to look at a range of things, power, people, land transport, integral components to not only exploration efficiency, but also stepping up on looking at how you go into developing a project and development via viability over the long run. We think we're pretty well positioned there being 60km of the coastline from the Port of Skagway. If you wanted to access the virtues of that in the future in terms of production, I think Yukon will over time for many different projects as it bolsters its mining fleet going forward. So we're good. Port power people are pretty proximal to it. I'd say we found a hidden corner of the Western seaboard of North America in some degree.

33:22 Awesome. Michael, throw it to you. How much does infrastructure you think Impact with SICK is able to do?

33:27 Yeah, it's got a huge impact. I mean, same thing. We've got a road into our project that allows us to explore for a longer part of the year. You know, I think everybody on this panel is pretty happy they've got a road to their project. David, your road's getting upgraded into Tallamore that goes right by your project, but it reduces our cost of exploration. And then obviously, as we move into a development phase, that's going to reduce the cost there. Certainly, power is an issue. As Tara said, you can't put future power into your feasibility studies, but definitely that tie-in, the Yukon Whitehorse Power Plant, that was one of the projects that was just pitched in Toronto the last couple of days. So it's really hitting the map. Yukon recognizes that it needs more power.

34:20 And so between

34:22 building that plant, getting some immediate needs, but then that intertie with BC, that's not a one-way street. That's a two-way street. There's potential power projects in the Yukon that could take advantage of that to export power. So it's a really important component for us, but we're all looking at self-generating power. When you're road accessible, you can get your fuel in for cheaper, you know, and many projects worldwide, Canada, you know, many of them don't have road access. So to have 5 Yukon projects here, or 4, sorry, there's many more that have road access. I think that's probably a bit of a wake up call for people. We're 2 hours away from an international airport, Dawson, it's a small international airport.

35:12 Geordie is an hour away, Tara's, you know, we're all close to pretty exceptional infrastructure. So I think there's a bit of a perception about the lack of infrastructure in the Yukon that's not right. So I think that's a key underlying message here. No, I appreciate that. And David, I'll let you conclude with what you think. Yeah, I think those are all great points and coverage. To touch on Mike's last point, the Yukon is not as remote, I don't think,

35:38 as a lot of people think it might be. Especially if you live in Vancouver, 3 hours, you can basically be at any of these different sites. So That's 1 thing to bear in mind. And the work over the last number of years, particularly by the classroom community, they've actually put a very significant road network. And a lot of the road and infrastructure investment is upgrading the roads that already exist.

36:00 My touch on it in our area, a permit was just given out a couple of weeks ago to upgrade and build a new road that goes from Dawson down to the coffee project. 80% of that's already there. It's these plastic roads just being upgraded. That helps with timing. It helps with cost. We're going to be a huge benefactor of that because not only does it bring us to our flagship project, but it really unlocks the access to all these different projects, which I think is very exciting. And it's really nice to see the focus on this within the, from the governments in terms of, being an area where they can help. In the Yukon, the Resource Gateway Program has been around for almost 10 years now. So it's not like something that they're just waking up to.

36:46 It's in process, it has momentum, we've seen a lot. But just in Toronto this week, the Invest Canada Summit, there was over 1 trillion dollars of capital present looking for ways to invest in Canada. half of those projects that were presented were mining and a number of the significant projects would be beneficial to the Yukon and to all of our projects here. So I think the governments, federally, territorially, are now finally appreciating that Canada has some of the richest resources per capita of any country in the world and we really need to leverage that. It's great to see the conversation started over the last year or so. It's continuing to follow through. But what I'll also add is all of our studies, as Tara mentioned, are going to be on base case, not factoring this stuff in. If our PA was very strong, I'm sure the rest is going to be similar.

37:38 Anything that does happen will just be accretive and sort of great until the base case scenario. So it's really a value that's not factoring in, Just another opportunity for people to consider.

37:52 No, appreciate it. Tara, I want to talk about the PA, because we've referenced it a bunch of times, obviously, already. It lands in Q4, the first ever hard economics on ORMAC, with AMC like a podium and BGC on the file. What should investors be looking for in that document and what would make you personally say this is a win and crack open a bottle of champagne? Maybe just getting it done. No, no. A credible, practical, conservative, mining operation. Maybe not the biggest NPV, but 1 where you can look at it, you can see the strong early grades and production profile, reasonable strip ratios, operating costs, taking advantage of that existing infrastructure, but also setting it up for a very long mine life because we know this is a very big deposit, So it'll probably run for a very, very long time once this gets done. And of course, we will, similar to David, pick a conservative gold price because you want to show that. And then the sensitivities to gold price and other key metrics will show you the upside opportunities at other goals. And I think that's going to be really interesting because, you know, we're at $4,400 goal, but nobody's going to put out a PEA at current goal prices. So for me,

39:14 it is really a robust project that, you know, there's reasonable capital intensity, no heroic assumptions that people are going to criticize. You know we really that's important in this market credible because it's going to impact our ability to move this forward quickly. That's the project footprint that you're using to move forward to talk to governments, to talk to First Nations. And the better that is, the faster your timeline is. And that's really important to me. So I'm pretty excited, And we're putting a lot of work into it. You don't just give it to your consultants and say, here, deliver a PEA. And I know you probably lived it, David. It's a lot of work, making sure that you get a great project in your PEA. So Q4, not quite there yet.

40:04 And you know, that's, I think, going to be a really important milestone for us. And of course, you'll have the benefit of already done doing a lot of that work and understanding the mind sequencing

40:16 to already be making it better for the next study. And every study is a snapshot in time. And with project that's moving forward quickly, it is, yeah, it is gonna be a snapshot that we know will be even better in our next PEA. And with that high grade in the middle, which is currently all waste, you know, being converted potentially, and it might even change the mine sequencing in the next PEA. So I look forward to being able to talk about, and finally having an NPV and IRR like David has to actually talk about where we sit in terms of Canadian projects. Exciting. David, I will go to you next because one thing I wanted to ask you about, roughly a third of your resource ounces, including the whole QV deposit, sit outside the mine plan that you just published. And now that you've spun the critical minerals assets up to shareholders in August, is the strategy now for White Gold just purely about making the Gold story bigger? And where does the next million ounces come from?

41:13 Yes. The short answer is yes. Just to clarify, some of the QV project was included and the spin-out is approved, but not quite completed just yet. So the record date will be announced soon. Shareholders of White Gold at that point in time will be able to receive shares of the new critical mineral company. But to your point, as I mentioned earlier, this is a starting point. We wanted to wrap some economics around. And I think to be able to go to the market and say, hey, look, with only 60% of our known resources, we're able to demonstrate this amazing

41:45 PA with this high IRR and short payback and great NPV at a conservative price. You take that to $4,500 Gold and you're at $3Bn. But that's not really the story. That's good. That's a start. But I think the exciting part is what to come next. And you're asking, where's the next 1Moz? Or in my mind, where's the next 2Moz or 3Moz or 4Moz or 5Moz coming from? And what we know is we have 4 mineralized zones. All of them are open in every direction. And those are delineated on relatively little amount of drill. We've only drilled 90,

42:16 000m between all those deposits, which in this industry is not a lot of drills. The fact that we were able to delineate so much Gold with so little work, I think it leads us to be very optimistic about the amount of growth we can continue to deliver with additional drilling. Now, not every meter necessarily is a linear relationship, but with the known zones and mineralization that we are currently drilling to expand, that's your highest probability for success. Based on the structural interpretations, great geological team we have, we're very excited about the potential there. I think the short-term

42:50 growth, the lowest hanging fruit will be delivered from that type of work, which is ongoing now. However, as big dreamers and explorationists that we all are, a part of our budget this year and every year we'll be looking on finding new zones in our organization. In and around our existing deposits, we actually have another 25 different targets, which have been identified through the same protocol that Sean created, that's led to all the discoveries in the district, including the coffee, which is now moving towards production. So we are going to continue to be drilling these more grassroots type projects. Each of those could be a game changer in their own right. So excited to start drilling on a couple of those this year, the balance of them we'll get to over the next couple of years. And again, we're just talking about 2 of our 21 different projects. So in the short term, expanding our known zones, making new discoveries near our project. And the other point, just to get back to the original, why only put it out, only this couple of two thirds of what

43:51 we have, going through the process, as Tara mentioned, it helps you understand the nature of your deposit, which ounces you should be mining first, which are the most valuable, and that can help direct your drilling in the future. If you know from your study that this part of the pit, because of where it's located, with where you're going to put your facility, any ounce you find there can be mined earlier and maybe it'll drive better NPV than an ounce discovered somewhere else. So it does help with our planning process as well. As I mentioned earlier, we're doing everything with the hats of shareholders on, looking to deliver the optimal return on investment for everybody. I appreciate it, David. Mike and Jordi, I got 2 non-Gold questions for you guys, which I think are really interesting. Michael, I'll start with you. You pulled nearly 14m of 0.383% Tungsten out of a Gold hole at Roscoe Bell.

44:40 And I work with some Tungsten companies. I know Ottawa and Washington are obsessed with critical minerals, particularly Tungsten Antimony now that China's cut off exports. For Sitka, do you consider this an opportunity, a distraction? Where are you guys looking at that? It's definitely an opportunity, not a distraction at all, because

44:58 the Tungsten, the Sheilite mineral reports right along with the Gold. So obviously we're a Gold exploration target and we're following the Gold and the Tungsten is just trucking along with it in this Ross Gobble deposit. We see it in all our deposits, but Ross Gobble is unique. It's a big kind of coarse sheelight that we see. So it definitely has a higher component of Tungsten in it. And Tungsten is recoverable in similar methods that we use to recover Gold. So definitely not a distraction. Just follow the Gold and the tungsten comes along with it. And given that it looks like Roscobble is in addition to a significant Gold deposit, but a large low-grade Tungsten deposit, that if we can produce it as a by-product, I think that's a big advantage.

45:55 I'm always nervous about high metal prices for individual commodities like Tungsten and Molybdenum at times. And so to have it as a byproduct, we're not beholden to the same swings in the price. Although we're pretty bullish on the price of Tungsten for the next while. I mean, China's not exporting as well as their deposits are getting depleted. To have that component is really unique. It adds a really significant component that I think is underrecognized as well in our project. It's something that we'll continue to pursue. We're doing more metallurgical work, different work alongside of that, just exploration drilling to keep finding additional Gold as well as that lovely tungsten that comes along with it.

46:47 Fun. It's a good question, Roman. A lot of people associate the Yukon with Gold and Gold only, but it's really just such a treasure box of mineralogy. We have Canada's largest undeveloped Copper project in Western Copper, the South end of our district. We have the Minto mine, past producing Copper on this big, big Creek fault. A lot of very interesting Copper projects, Zinc, Tungsten, all these different things. So I think the Yukon really does offer everything that the world's looking for. It's the critical minerals, I think that's really getting the government excited, as you mentioned, in a big part of the conversation in Invest Canada.

47:20 And it's just more support, more eyeballs on the Yukon is just going to benefit everyone. So it's great to see. And my congratulations on the Thompson. It's a nice little victory for you guys. I think that's one of the world's biggest Lead Zinc deposits, you know, fireweed up at Tom and Jason. So, yes, the Yukon, the mineral potential is incredible. Like I say, it's a maturing district and we're all benefiting from this most recent cycle in that maturing kind of Yukon. And yeah, it's bearing fruit. So again, smell an opportunity. I like, I like, I like treasure box too, David, as a description. And the silver, don't forget we have the highest grade silver deposits and we've got a few of those silver veins ourselves. So we think it covers the district between us and Sitka. And of course now we actually abut Sitka with one of our projects now. So I think we're seeing this district really come together as we understand the geology more and we discover things that we didn't know.

48:22 Like the Silver veins weren't supposed to be on our property.

48:26 And speaking of stuff that maybe you didn't expect, Jordi, I know you're already drilling a second target at Becker Cochrane, an antimony occurrence where underground development stopped in the 60s, but that's because the antimony price collapsed, not because the geology was in any way disappointing. So what does that target look like at today's, we'll call them much more generous antimony prices? Yes, Becker Cochrane is fantastic. It's testament to the dialogue that was just happening in terms of district plays and large-scale systems that have big drivers for metals, fluids, heat, produce metal concentrations of not only Gold, Silver, Copper, Antimony, Tungsten. They have a lot of capability to be able to produce metals with enrichment. So there are a plethora of opportunities with the NuCon.

49:13 But the Stellar project,

49:15 this actually high-grade Antinomony system is really the predominant driver of exploration before high-grade Gold was discovered in Mt. Skouka in the 1980s.

49:27 These explorers were looking at high-grade and Tinnamoni systems without cropping. They did 500m of underground development, took out 10t of material for metallurgical work, produced good quality concentrates there. And we're looking to emulate that. We think there's a great opportunity to exploit the existing infrastructural advantage that we have to port power, road, rail people. And it's a great opportunity to go and test that and see what that value is. In addition to the main focus is really on the precious metals. You're going to follow 8g plus Gold every day of the week and continue to do that with force. But

50:07 we've got to add value where we see other value opportunities, and particularly in the environment where strategic elements of interest for future production on critical lines of whatever products you want to produce from tungsten or from copper or from antinomy. Very important in that regard. So exciting, but it also just reinforces the strength of the system. But we're still focused on gold expansion. I appreciate it. Now, knowing we only have 10 minutes left, I still have 2 questions. 1 a bit longer, the last one will be very, very short. But I do want to talk about First Nation partnerships because in the Yukon, to me and I think everybody at this point, it's table stakes, It's not a checkbox or a deck slide or anything. And I know that each of you has your own relationships. So what I'd love to know just your perspective on is, and Tara, I can start with you. What does a genuinely good partnership look like day to day beyond what ends up in a press release?

51:00 Well, of course it starts with having respect and good communication and two-way communication, and particularly for the companies, listening to what you hear, you know, doing more listening than you're doing talking, and then taking that and incorporating it into your programs. And so for us, you know, we've been listening and communicating since we permitted the project in 2017. And if you go back there, you'll see we in that original permit, we we talked to the First Nation and we made changes to all kinds of things in regard to our project, which still made our project a really good project, but showed we were listening. And over the years, all of our baseline environmental programs, which are now fairly extensive, you know, we go in early with what our plans are, we get feedback, we get participation during it, and then we get that information to the First Nations, particularly work closely with their Lands Department, and then that Lands, you know, the Lands Department then potentially adds comments, and then we put it into the designs for the next year. So it's a multi-year relationship, and you know, getting that credibility within the community, making sure that you're talking to all levels within the community, from the

52:11 youth to the elders, and then of course, leadership is very important. So, and then using their businesses, we were doing a solar project with the development corp. We're doing, using many of their partnership businesses. And because we're road accessible, we can do unique things. Like We have people that drive up daily to come to work for us and then go home and sleep in their own beds. And so we've created these opportunities

52:37 for jobs. We've got a tremendous number of training positions and we work really hard to train locally. So, you know, I think we're setting ourselves up for success in that regard. And it's never, you can't rest on your laurels. You've always got to keep building that relationship, creating new relationship and community. So, you know, it's our responsibility to earn trust. And that's something that we're working very hard on. And of course, it all starts with having respect. Great. Geordie, I'll throw it to you for relationships with Indigenous communities. Yes, I certainly agree with everything Tara said there. And part of early engagement is a very important component. We did that before we owned the project, try to be able to communicate. We see ourselves as a new member of the community, the broader community. And in that sense, it's seek advice.

53:32 We're participants on the land, and we have – we want engagement and advice about how to best operate in the view set of, you know, 7 generations of water management. So engagement, advice, participation, welcoming anyone to site and activities, as much as we want, and participation in the workforce, engagement, education, training, and a viewpoint in terms of exploration and anything beyond exploration. So if you go into mining and any production, lends opportunities, not directly necessarily with mining specifically, but the indirect job multipliers and qualifications that go into supporting operations and exploration of 5, 6 to 1.

54:24 And those skill sets transcend mining only. So they're portable across businesses

54:32 within communities. So we think we're really good nutshell where I see not only ourselves, but my mining as a natural resources Institute of wealth creation and job creation can really catalyze communities beyond mining itself. It's just something in which we can build and that actually spawns a whole bunch of other things. We've seen that around the world. So, yeah, engagement is very important, awareness and just constant communication is part of trying to be part of the community. Don't hide, just be out there. I appreciate it. Mike, I'll throw it to you for Sitka's relationships. Yeah, I think every partnership, they evolve, right? So they're always evolving. But the first step is building trust.

55:21 In the Yukon, with the recent failure at the Eagle Mine, there's a fractured trust with the mining community, but we're building on that. So gaining that trust is the first step.

55:36 Every mining company, every First Nation views partnerships differently. The First Nations, everybody's different. They have different views of a partnership. So you build that trust, you find out what a partnership means to the First Nation and then build on it. I think the bottom line is we all have different timelines, right? We're all mining industry folks. We want to get going. We have short timelines. The First Nations don't. They're looking many generations down the road, as Jordi mentioned, 7 generations. So we have to come up with partnerships that leave the community better off on the First Nations timelines, so that 100 years out. So really, you know, they'll trust, find out what a partnership means to the First Nation that you're working with, and then look to the future because that is the only way we're going to all

56:27 share in the success of what we're doing right now in the Yukon. So that's, that's the bottom line. I appreciate it, Mike. And David, I'll let you finish off with White Gold's relationship. Excellent points that everyone made so far. And just echo that. And this is what we strive for with our First Nation partnerships. We've been very fortunate and have a close working relationship. And Sean Ryan's been there for almost 30 years now and has a true relationship with the members of the community but we're in their traditional territory and you gotta do everything you can to ensure you earn their trust, complete transparency and you have a real win-win. And the only other real thing I would add is, and a lot of people don't realize, the mining industry has a unique opportunity to truly change the lives of the people in traditional territories or territories where they work. We've seen this over and over again throughout the world where it's not just making it a little bit better, you can transform their livelihood by bringing in schools and hospitals and infrastructure.

57:27 And that is a very altruistic element of this industry that people do not appreciate. A lot of the general community look at mining as bad and that's a whole different conversation for another day. But in the reality is there's a lot of good that has and can and will be created. And that is something that we're very proud to be able to bring to these communities as well. Well, appreciate it. Oh, for my last final really quick question, just want everybody in the chat, I know there were so many people in the room today, obviously so many questions about individual securities. I am passing those through to the individual teams, so they'll be able to get back to you. But I do want to finish on 1 really quick question for everybody and that's just 1 catalyst that people should be looking for that investors all of them in the room and watching the replay should put on their calendar for your company this year. Tara because I think I have a guess what yours is. I'll go ahead and start with you.

58:19 Oh, mute. Oops, I think you're on mute. Our fourth quarter PEA, and followed closely by lots of drill results. Awesome. Mike, throw it to you. Yeah, drill results. We're doing 60,000 meters. We've got a few of those results out already, but they're going to be flowing from now till Christmas time, likely. So yes, hopefully we see

58:45 some new discoveries there as well as a significant expansion of our known deposits. So watch for those drill results. Awesome. David, what's the number 1 thing WGO people should put in their mind? Results, results, more results. We're drilling this year at about 25% of the total amount of meters that we've ever drilled. I'm very optimistic about the potential on our flagship deposit and a number of other targets that we're now getting ready to be able to work on. At the same time, people can watch this district to continue to develop. It's very exciting times.

59:17 Awesome. And finish off, Jordy, people watching Blue Jay, what should they keep on their calendar? Well, you know, we're all explorers and we're looking to expand our existing resources and find more. So obviously drill results and through to, you know, looking into January roundup. So people watching this space. Awesome. Well, everyone, thank you so much for joining me. I think it was really interesting discussion because the crowd was so large. I appreciate everybody behaving. I always say that when the crowd is this big. But thanks to everyone so much for all of your comments. Really appreciate it. And I will make sure all those questions get sent in the team so they can get back to you. I hope everybody has a great day. Talk to you soon. Thank you so much. Bye. Go UConn. Go UConn.