Yukon Metals: Exploration Update & Upcoming Catalysts

0:07 Good afternoon, good morning or good evening, depending on where in the world you're tuning in from. Did look like a bit of an international audience, so especially appreciate folks signing in from Europe as I know it's getting a bit late in the day. I'm joined today by Rory Quinn, President and CEO of UConn Metals. Good to see you today, Rory. Thanks for hosting, Romeo. Great to be here. Awesome. Now, the way today is going to work is Rory is going to run through a presentation, giving some context to recent news and tell a bit of the company story. Then I'm gonna ask Rory a few burning questions and then we'll get into live questions from the webinar audience. So I'll say speaking of, as far as

0:39 housekeeping goes, this event is interactive and we really do highly encourage you to ask Rory questions at any time during today's presentation. We'll get to as many as we can today. There's a chat button in the bottom right of your screen. That's the place to ask questions. It'll pop up with a notification because I'll write something as soon as Rory starts. I should also say that today's event is being recorded. It will be available in your inbox probably by day's end. Feel free at that point to share it around or rewatch it. It'll also be on YouTube in addition to six.com. But that is it for housekeeping. So Rory, I'm gonna pop off and let you give a quick presentation.

1:12 Thank you, Romeo. And thank you everyone for joining us today. I'll start right off the bat by directing your attention to our newest ticker is YMMCF on the OTCQB.

1:27 That took longer than we hoped for, but we were finally listed on the OTCQB. So I think we've seen that help with our liquidity right out of the gate here. So now trading in Canada, Germany, and the US.

1:51 I will be making some forward, quite a few forward looking statements, so please be aware of that. So Yukon Metals, as some of you will be aware, but I'll go through it for first-time viewers, is the fruit of 30 years of prospecting by the Berdahl family. The Berdahls floated Snowline Gold as their primary Gold assets in their family portfolio. That has obviously gone on to be incredibly successful. They've proved up a resource in excess of 7Moz, looking by all means incredibly economic looking, I suspect targets for a major to acquire at some stage. So tremendously successful and that's just one of their many properties that they have there at Valley.

2:51 So Yukon Metals is a different type of company, more so Copper, Gold and Silver, Lead, Zinc assets. There's some critical metals and tungsten in there as well that may or may not fit in our portfolio at this time. Most of the news or the information we put out there is actually being precious metals related, where we thought we had a, we were looking at a silver, lead, zinc asset. It's proven to be more of a silver asset with lead zinc credits rather than the other way around and some really nice gold. And then we're seeing we've quite a bit of Copper Gold prospectivity as well.

3:38 I've taken over, I took over as CEO when we listed, we put the company together in April, May, raised the $15M. I'll take you through the capitalization a little bit later. Prior to my taking over CEO roles, I worked at Investor Relations for Wheaton Precious Metals, starting out when it was Silver Wheaton. And we did roughly $6 billion worth of business while I was there. As we built out our precious metals business, interestingly, I would say roughly 80% of the revenue of the precious metal revenue enjoyed by Wheaton Precious Metals was from copper, gold and silver lead zinc assets.

4:26 Some of the company makers like Zinkruven, Landin Asset in Sweden, Salobo in Brazil is a huge asset for them. Even Penasquito, which Newmont's gold mine is really a primary zinc mine, producing vast quantities of silver as well. So definitely bullish on the opportunity behind copper, gold and silver led zinc assets and the kind of scale that you can get with these type of assets as well. They're often much bigger than primary gold and primary silver. On to Pat Burke is our chair. He was a long time head of capital markets for Canaccord. He's now taken a step back so he can take this, advance this opportunity with us.

5:17 Darrell Clark is a Senior VP at ISO Energy working in Saskatchewan. He's a PhD level geo specializing in economic geology and adds a lot of technical know-how to our group. Jim Coates is a Yukon-er. He runs his own exploration company up in Whitehorse. He knows a lot of the players in the territory and certainly helps with logistics and techniques as well, exploration techniques that work specifically well in various areas of the Yukon and particularly helped us out with our soil sampling at Birch with our soil drills there that were just a fit for purpose.

6:05 Dan Vickerman is a Senior VP at Discovery Silver, but he was also a long-time head of sales in London and worked for Canaccord and various quality shops over there in Europe over the years. Helena Kwika was really our first major hire. And that was, we hired Helena actually away from Vic Gold, Victoria Gold, a few weeks before the unfortunate event that they had there. And so it was, yeah, it was fortunate timing for us. It really actually was kind of a net positive in some ways.

6:55 We started in July, really. We listed June 3rd. I hired Helena June 3rd. She came on July 3rd. And then, so we have to staff up and build camps and get going in the field. And Helena, when Victoria Gold had to lay off its staff, unfortunately for them, they had to lay off their staff. We were able to pick up all of the staffing, all of the young, hungry, smart, young GEOs that were available and that Helen and knew after working for Vic Gold for 13 years and was VPX at Vic Gold as well. So we've had all the help we've needed, really high quality people at any one time.

7:43 We've had 6 to 7 geologists at our disposal, 3 working at any one time at Star River, we've had 3 at Birch, 3 at AZ, so we've really had some high quality help and I should really congratulate Helena and her team for what we've been able to accomplish so far this year.

8:06 So getting into the Yukon here, you'll see this really a smattering of different assets and quite frankly, we have too many assets here. We've really focused in on 5 and I'll take you through those. As mentioned, we've really focused in on the copper, gold and silver, lead, zinc. There are some other assets. There's, like I said, tungsten assets, high quality. We didn't want to spread ourselves too thin and try to spread ourselves or money too thinly. So I think there's some assets that we could look at from a portfolio optimization perspective and consider if there's other companies that might want to earn in to those properties and spend the money to acquire a position there, if they're more tungsten and critical metals oriented than we might be.

9:07 So yeah, otherwise with the Yukon, what I would say is this is my first time working in the Yukon. I've worked really all over the world, but particularly all over the Americas. So, yeah, Nevada, yeah, Ontario, Timmins, Peru, Brazil, Mexico. And I've never seen the level of prospectivity as I have in the Yukon. And when I started with this company, you would hear people say things like, this is the last frontier in the Americas for this type of exploration. And I would have to agree now, having been on the ground and seeing, particularly, let's say at Star River, for instance, just the incredible amounts of mineralization right at surface, right?

9:56 The multiple outcroppings on the property that have hardly seen any attention over the years, save some old timers mining it by hand in the 50s and 60s. So, yeah, I mean, just vast, vast potential and in the Yukon and in our portfolio, that's certainly across the top 5 to 7 assets that we've prioritized here.

10:24 These are the assets that we've done work on this year. We really focused a lot of our attention on Birch and Star. And we were able to get into AZ at the end of the season, which made us really happy. We were really, really intrigued and excited about that property as well. It's quite vast in size. We wanted to fly it, but due to wildlife migration patterns we weren't able to fly it this year, but we did get there with 4 GOs, did a lot of prospecting, and I think that's going to be a really important asset for us. Fairway is another just south of AZ and Expo, interestingly, was Ron's favourite asset.

11:15 It's a VMS type asset. I'll take you through a little bit later. And not too far away from Star River. We tended to focus more on Birch and Star because we felt we could add more value in the short term there. Expo is probably a little bit further ahead. And so I'll take you through these individually now. So Birch, before it was acquired by the Birdalls, by Ron and his family, It was worked on and owned by Sean Ryan. Sean had raised a lot of money over the years and done a lot of ground-truthing and they approached Birch as a gold target. And so, did a lot of soils work there and got a gold and soil anomaly that looked quite intriguing to us. But the more we dug into this and the more understanding we gained from our team, We really thought early on that this was a Copper-Gold porphyry target, not just a close-to-surface Gold prospect.

12:29 And that has really come to pass. The more we've come to understand Birch, the more work we've done, the more information we've garnered. We believe this is the gold there is an enrichment blanket and it is part of a gold-rich copper porphyry.

12:51 So this is a look at what we've inherited here. And so we didn't, I think I should mention, we didn't get certificates as part of the acquisition. So first of all, we would have wanted to do the giant part of our own work here in any case, but it was necessary certainly for us to corroborate what details we were able to get from Sean Ryan's work here. And so we focused here in the north section, this is where we've done the majority of our work here and we've we've prospected and elsewhere but this is this is where we're really interested.

13:32 So what we were able to do with our soil work here, and this is quite, I think I alluded to it at the beginning here, this is quite intricate work. So we're using soil drills and we're drilling down and it's a bit more time consuming, but you get much better results. So we're getting in below the top level of soil where you can see smearing of the soil right over time and getting down sort of above bedrock, but much further, much deeper than that, the sort of surface soil. And we got some really good results there, some really good readings that we feel very confident about. And what we found there is up to almost a gram per ton, so 0.99 gram per ton gold across 1400 meters.

14:24 Very cohesive footprint, but a large footprint and good overlap between Copper and Gold. And we saw that's the Gold, it was 0.99% grams per tonne Gold, and then over 0.2% Copper across 1400m. Birch is quite a bit different than Star, which I'll take you through. Where Star we have multiple, multiple outcroppings. Here, this is, it's more, there's more relief there. There's more, it's more hilly and you'll see more overburden here relative to Star River. So it's not an area where we did a heck of a lot of, we've done some rock sampling and we'll report that to the market.

15:11 We're excited to provide more detail on birch to the market. But on this first go round, Helena, our VPX was able to do a bit of rock sampling. The rock you can see on the right, that graded 14 gram per tonne gold and over 0.4% copper. So quite interesting off the bat to see that kind of grade in soils, but then supported by rock sample as well. And here's a look at the grid that we did. So you see those 2 centre lines, this print is really small here, but those were pending and we now have those. So I look forward to being able to provide the market with an update to this.

16:00 And we did copper, gold and moly, which we haven't reported yet. But I think we'll be able to provide more of a picture here as far as what we think is there. So, but as you can see, quite good overlap between the gold and the copper. And again, that is 1,400 meters across. And I think we'll be able to demonstrate as we see more soils come in that the potential for this footprint is even larger than we see here.

16:36 Just to wrap up on Birch before I move on to Star, I think as far as what's to come here, as I've alluded to, I think we have at least 1, maybe 2 really important results news releases still to come out of Birch. It was our first news release was on Birch. And then we've come back with 2, I think pretty significant news releases from Star. We will come back with the balance of the soils.

17:08 I've telegraphed before that we think we've got some pretty good-looking rocks by the looks of them. That has ended up being the case when they've gone through assay. And I know we're excited about what we're finding at Birch. And so I look forward to receiving those assays and being able to report on them as well. After that's done, we will, we also we've completed IP induced polarization That will give us a really good sense of the bedrock and what's feeding this system. And so we'll take all of the data that we have at Birch, we'll interpret it, and we'll provide our understanding to the market about what we have here. From there, we'll address how we intend to drill it and delineate it further.

17:58 To be clear with Birch, it's we don't believe there's a heck of a lot more we need to do here. If this wasn't in the Yukon and we weren't dealing with the seasonality there, we would likely be drilling it in the coming month or 2. So this is Birch WeView is a drill ready.

18:17 On to Star River. Star River, we've probably done the most work on. We spent, Birch probably being the second amount of person hours that we've had. The key thing with Star River is it's road access. So, I mean, it's a five-hour drive from Whitehorse, and it's an all-weather road access. So it's cleared and plowed by the government. And so

18:43 one of the reasons we spent a lot of time here was that low-hanging fruit that I talked about earlier. And so we had a 10-person camp at Star River. At any one time, 3 geos and 3 geophysicists there. And the quick turnovers, we had geophysicists in to do a mag survey. They left same day, 3 different geophysicists came in and did the gravity survey. And at any one time we've had 3 geos there as well. So tight camp, it was winterized, We worked as late as we could, well beyond below freezing. And we've now wrapped up. But as I'll take you through, I think we still have substantial news to come from Star River.

19:34 So getting right into the highlights here, yeah, I mean, I think we've had these spectacular results. And as I alluded to earlier, we approached this initially as a base metal with precious metal credits, but it's looking like the opposite, right? The real headline numbers are the precious metals with, in some cases, some pretty spectacular zinc

20:00 readings there, but mostly reasonable levels of zinc and copper, but spectacular silver and gold. And I would say of any of these, I mean, we are seeing good Gold grades beyond the ones demonstrated here. But it's the Silver where we see just a vast depth in quality of these rock samples. The amount of we're seeing well into the multiple double figures, higher double figures here of quality Silver samples. And I would say the most standard sample here is in and around 1000g per tonne Silver.

20:50 And so either very high like we're seeing here, spectacularly high as in the case of the one that's almost 11,000g per tonne and of those 4,000g per tonne, but then we're seeing plenty at just over 1,000g per tonne, just under 1,000g per tonne. I plenty at just over a thousand grams per ton, just under a thousand grams per ton. I think that's one of the reasons why someone like Quinton Hennie

21:11 considered Keno Hill in an analog for 4 star river, perhaps prior to the gold assays, but Keno Hill produced for many decades around a thousand grams per ton underground. So it's a, I mean we're certainly seeing a lot of that type of material. And we're seeing it all over. As you can see here in the map, it's probably, it's a little bit small. And this is actually the gold map. We have one that's silver, but roughly the silver map is roughly similar where we're seeing mineralization up here, up top of this ridge and on the way up it. And so this is the road that comes all the way through. So our camp is down here, but near the road.

21:58 And then this is elevation on this side and on this side. And you can see this is where we're seeing the outcropping, is further up the ridge. And so it's one of the best places to work. We've done, as mentioned, our gravity and our magnetic. And I think that's going to tell us a lot about what kind of system

22:23 is supporting and feeding all of this mineralization and outcrop. But yeah, but this is, we are seeing this type of really high-grade millenarization, not just in 1 or 2 spots, but really

22:39 in many areas and we're finding new stuff as well. We did line cutting to start the year and that to start the season and that uncovered new showings that we weren't aware of before. And so yeah, some of this, the 100 grand per ton gold showing and sample that was from something totally new to us. So very exciting. The stuff on the bottom right, the photo, that is Galena. And so very heavy in the hand. So there's some lead in there, but also lots of silver. That there is the 10,000 gram per tonne silver sample. So very fine grained silver, similar to what you would see at Keno Hill. And that is the most common type of rock of interest to us that I've seen throughout the property, right? That's, this is the type of rock that we're seeing in multiple, multiple locations.

23:39 And then, and in some cases that I've seen, haven't been back on the ground now for about a month, but is this rock on the left of that. And that is the 100-gram Pertanum gold sample. So that is highly oxidized arsenopyrite. And so arsenopyrite quite common in the Yukon. But this very reddish brown rock is highly oxidized.

24:08 And we're seeing this cynopyrite overlap or occur in outcroppings alongside this galena. And so We'll work to understand more of that. There are some closed adits here on the property as well, where the old timers have essentially drifted in when they found this Gold-bearing Arsenopyrite

24:33 and just really gone in where they can work it by hand. So we will learn, I think, a lot more here from doing, interpreting this mag and this gravity and really getting a sense of what's feeding all of this mineralization and the extent to which this continuity. Obviously that's the big opportunity here is that the continuity between all of these showings and all of these outcroppings. We think that there's a powerful system that's sort of implanting all of this mineralization,

25:08 but that remains to be seen. I've heard very positive things from the geophysicists as far as what kind of readings they've gotten. I think early on, they didn't want to over promise what might be there or the readings they were getting. And this was before we had our assays and suggested, well, it could be graphite. They couldn't be certain what was providing all of these readings and potential continuity. But I think now the more we're seeing these rocks and the metal in them, that I'm confident that it's metal that was providing those readings. And I should also mention here too that in Star River, this is a mixture of float and rock chips. When I was there on property, we're pickaxing this right out of the side of the hill.

26:04 There is some that's a float train that's come down from these showings and these outcrops. But a lot of these, as we've pointed out in the news releases, we're just straight out of the ground as well.

26:22 Quickly into AZ. Here I won't spend as much time on AZ. This is a vast property, as I alluded to earlier, many, many mountain ranges. We like this for its copper and gold potential. It was called A to Z or AZ by Ron essentially because he thought it had just about every mineral body you could hope to find in there, whether it be scar, or epithermal, what have you.

26:54 And, but we really like it for its copper porphyry potential. We've spent some time there now. I had, we've had 3 or 4 geologists there doing that prospecting. We've got some rocks that we really like the look of. And again, with some of these, we've we've liked the look of these rocks and been being quite optimistic about them. And, and I mean, that's all pre assay, but the assay so far have proven out our optimism in the field.

27:23 The photo here at the top, that's malachite, and you can see the staining there. I think this is certainly a good sign. And we'll await the assays there and provide details to the market. But this is AZ is another really key property for us. And I think it's gonna be worth keeping your eye on in the future is one of the very core assets in the portfolio here.

27:51 And this is below here, this is Chair Mountain where we've spent a lot of our attention on it that really jumps out as an area that we find quite interesting and prospective. And finally, Expo. Expo is in an area, certainly the past producing Wolverine mine, Kutsukaya, that's owned by BMC, which is a private company. I think they've gone and acquired Fire Lake from what I understand.

28:27 So what is possible as far as Expo in the future is we're going to be, we're working already now on our class 3 permits at Birch and at Star River. So at Star River in particular, what that will allow us to do is instead of a 10 person camp, we'll be able to build a 50 person camp and fully winterize it. It also has the potential, because that's an all-weather road, of working through the winter. So it's plausible and conceivable if the conditions are right and we have the right drilling,

29:05 that will make sense and that it's not costing too much and we're not losing drills, that we could drill through the winter at STAR and we can access Expo through Star. So have a main camp at Star, 50-person camp, could potentially move a drill over to Expo in between mobilizations and work Expo from Star River. But as mentioned, I think very intriguing asset, VMS, silver-lead zinc. It's attracted quite a bit of interest for zinc previously. It was our listing property, and we're hoping to do a heck of a lot more work on it next year. So that really wraps up the technical element, the presentation of the assets.

29:59 Roughly, just getting into the cap table here, 89 million shares out,

30:06 market cap now of about 35 to 40 million Canadian. We're now trading well in excess of 200,000 shares per day. Our shares came free trading on September, I think the third. So that we had quite a bit of liquidity since then. Initially, a bit of selling pressure. We sold down to about 33 cents. I think we're considerably oversold there. And I think we've seen people be opportunistic here and start adding shares, particularly as we've added

30:39 more pieces of the puzzle with this news. Obviously, folks are aware of the high quality nature of the assets, where they come from and how they've been developed when housed in other companies. I think folks can see that we're adding quite a bit of value here. As far as the shareholders go, Insiders, just over 30%. That includes the Berdahl family. Keith Neumeier, who helped put together Snowline and helped put together Yukon Metals here. And Yeah, obviously has been behind a lot of a lot of successes. First Majestic and Snowline was the founding CEO of First Quantum.

31:26 He's been tremendously helpful putting this together and providing help with his network. Commodity Capital, Tobias's group there, and at 5%, Crescat have been a great shareholder. They own us institutionally, and then the principals also own us. And then High Net Worth and Retail, just over 50% of the shares outstanding. And so some of that, roughly 5 million of the $15 million raise was out of Haywood. A lot of really senior brokers there, kind of a who's who. They've been great to work with. I just presented to them earlier this week with Helen, our VPX. Roughly 5 million went to Canaccord.

32:13 Again, senior brokers here in Vancouver and Calgary. And then Mark Wolverton, who's obviously the previous head of Wolverton Securities, he's a significant owner as well. And so I think We've seen some people, some senior folks acquiring the stock of late. I think some of the news we've put out takes a little bit of time to percolate and takes a bit of understanding and sort of almost apologies for the length of the last news release we put out was 15 pages. But there's a lot to understand and a lot to get through to understand not only are these exceptionally high-grade, bonanza-grade, gold and silver assays that we're getting, but providing color and providing information on where we're finding them, right, in relation to the ones previously. And so I think the more that people start to understand what we're finding here, the more they understand that the size of the opportunity inherent in Yukon metals.

33:17 Just finally, with cash, this was, I did this for Beaver Creek just earlier in September. So we're probably just a bit underneath 10 million now. We started with 15, 2 million of that went to the Burrells as part of the transaction. And between April and May, April, May prior to us listing all of the money we raised went into escrow. So I didn't have access to it and essentially beg, borrowed and stole as much as I could up until then. So we'd amassed almost about a million dollars between that closing fees, lawyer fees, everything I got people to do for free pending or in advance pending us having cash was about a million. And so we had 12 million to start the season. We've spent roughly 2 million in the field, which I think is appropriate and a good use of shareholders' money. And So lots of dry powder left going forward here and into next season.

34:19 And with that, I'll wrap up here and open this to questions. Thanks so much for the presentation, Rory. Now I'm going to ask a couple of questions myself, and then a couple that came in on email in the feedback form just in advance of today's event. And then we'll get to those great questions that I see in the chats. Appreciate everybody's patience, but we will, I think, get to get to most of it. So starting off, I do appreciate you running through the bonanza grade gold and silver samples at Star River. I'm curious, are these what you expected and are they in line with historical results and what investors expect moving forward? So the, the, the, it was Certainly that we weren't banking on the 10,000g per tonne Silver. That was a very pleasant surprise because we'd seen 100g per tonne, lots of 1000g per tonne, as I mentioned earlier.

35:18 Just The extreme high grade took us by surprise. That kind of material is being mined in the area, like I said, 100 to 1,000g per tonne. Then on the Gold side, the 10 to 14g per tonne, again, is in that area, the old Quetza mine that was there, that was mined in around 10 to 14g per tonne. So again, it's more just the extreme highs that took us by surprise. Then I don't know if it took us by surprise, but I would say certainly it couldn't have gone much better. With working with what we already knew was there and doing more work with what we knew was there and then adding and trenching.

36:06 And cause we had all the people that we could put on the property. But yeah, just how much of it was there and the consistency between the grade and the silver, as I've talked about in multiple areas. I think so I'd say the gold surprises because, as I mentioned, I was talking to Quinton Henney earlier this week And I said, well, what do you think now? I mean, you were talking about it being like a Keno Hill type analog. What are you thinking now? And he says, well, yeah, this looks different, right? I mean, it's like having that kind of goal as well is a bit different. So we'll learn more. It's, yeah, so it's as far as historically and I think we've seen some things that we expected.

36:58 Like I said, we approached it as maybe thinking it was more of a base metal asset and it's turned out to be a nice precious metal asset with some base metal credits. There were surprises for sure. Yeah, it's Hollywood problems. Yeah, it's all a Hollywood issue. Now it was mentioned in a previous release and I don't think I've seen this expression before, that 2 new mineralized rock float train areas were discovered this season. So just for myself and folks in the room, what is a rock float train exactly? And how are these findings significant? Yeah, I mean, I think it's so seeing the yeah, so we I mean, obviously, the float has been different, different floats have been explored in different areas on the property.

37:44 That's what's key is that we found new areas. So obviously, Ron is a world-class prospector, top 5 out there. I mean, probably right now is as relevant as anyone out there as far as someone that's able to find high-quality assets and obviously across different asset classes and commodities. And so he obviously gave us a huge leg up here, right? And across the board with these properties. And so, yeah, there's areas that he was able to find and float that he was able to point us towards. Early on, Helena, VPX, and Ron got on the ground in Star River and walked the property together. There's areas that he very much was able to help with. But then there's also areas where our team got on the ground and spent a lot of person days there and found new floats, new areas, and new outcroppings and new showings. So we've obviously leveraged Ron's vast knowledge and work over the years, but we've done a lot of our own here as well.

38:55 And that's what I think is so compelling about it. It's just, It's not just what we found, but how much and across such a wide area. Sure. No, I appreciate that. I have one question. I always like to ask people about their portfolio. Is there a project in the Yukon Metals portfolio that you believe the market may not fully appreciate yet for one reason or another? Yeah, I mean, I think there's a few. Yeah, but I mean, so AZ, I mean, I think that one's gonna become more and more obvious, but it's more just that we haven't worked there. And so it hasn't been 1 we've talked about. That one I think is going to be a real crown jewel in the portfolio. Another one is that we just haven't worked on so far and people have asked us, I think there's there's less concern now, much less concern now about the Yukon than there was a few months ago, right? Unfortunately then.

39:49 So we have 1 asset that's in the same community area, like area as Vick Gold, that's called NUT, N-U-T. And that was really the only kind of primary gold asset that we have in the portfolio. Probably it could have gone along with the Snowline assets out of the Birdall portfolio. It got missed, but it's relatively small. But I know that some technical folks out there, they're, well, I'll say, I'll drop the name, Michael Gray, who's really followed the Snowline story early on, and is really, yeah, obviously a thought leader when it comes to Yukon exploration. He really likes NUT. And so that's the one out of the top 7 assets that we haven't permitted yet.

40:40 And so we haven't talked about it. And really quite reasonable, the NND First Nation, they didn't say no to us. They just said, you know what, we've got a lot on our plate right now. Come back to us in a few months. And so that made all the sense in the world. And we have plenty to do with our other assets. So I think Nut could be quite interested in the future. And again, that's more of a more of a gold primary, but in a good area, it's kind of well, it's in the area where Snowline are seeing a lot of success. Great. And this, you've already touched on it, but just love and love an answer for this portion is How did UConn Metals acquire its current assets? Does the company own 100% of projects? In the same vein, who are the previous owners and are there any royalties for investors to keep an eye on? Yeah, so I mean, it was really acquired from Ron And I mean, that would have been Keith's role.

41:33 I mean, I was aware of this opportunity set in October. I mean, it's obviously, it's kind of intuitive that after the success of Snowline, that you're going to float the balance of the portfolio at some stage. And then just the last few years haven't been that conducive to raising money. And we had a really good time of it at the beginning, like spring of this year, we there was a window and we got to work in. I mean, yeah, we're kind of getting getting things together in March. I heard of it, like I said, in October, but March was go time. And so that was really Keith working with the Bernals like he did with Snowline and putting the 2 parties together. And so making the offer that we did there, so 25 million shares, right? So that's really meaningful. They have 20, I don't know how much they have at Snowline, but I gather they haven't sold a share. So very good shareholders.

42:30 It was really Keith that put that together to start with and then populated the board, pulled me in. He's the dealmaker there. That's the pedigree you're dealing with, on the finance side, but also with these assets being in the Bertolt portfolio and almost, yeah, I mean, bootstrapped over the years, just doing a little at a time when the markets were conducive. But that's the reason you go public with these things, right? So you can go raise a bunch of money and take advantage of all the years that Ron's put into prospecting these. That's great. That actually leads right into my next question, which is, what factors influenced the team to go public this year? Was it market conditions, stage of exploration? Just what influenced that decision at this time?

43:20 Well, I think it was very much, as I mentioned, kind of in, it was intuitive that we would do it at some point. And then I think you just strike you. I mean, what do they say is luck is when opportunity meets preparation. Sure. Right? So we probably got a bit lucky there with timing. And so we raised 15 million in excess of 15 million. I left money on the table. I didn't want to raise any more 45 cents because I knew, well, I felt pretty confidently that we could do much better than that. And I think that will come to pass here. So, yeah, I mean, so we left money on the table. We didn't need, certainly didn't need any more than that for this season. We've got Just almost 10 left and a pretty limited burn here. As you can see, I'm not in some fancy office, I'm still working in my home office. We're hoping to secure an office space now that we've got all of our team back from the field.

44:13 Hoping to secure a relatively modest office space here pretty quickly. You got good internet, that's all that matters. Now, yes. I got one question. I'm curious always in how mining companies define themselves. I'm curious if you'd characterize Yukon Metals as a, primarily, as an exploration company or a prospect project generator? And if your view on that distinction between those 2. Yeah, I mean, we're an exploration company, and the bird alls family were prospector generator, right? So that that's the so I mean, so that's, That's really how that works. It's an efficient way to do it. You have experts like Ron and his sons working to develop these prospects. When we're out in the field, sure, we're doing prospecting and we're working. And I think that was the best way for us to add value and really to do quality targeting work.

45:14 We're drill ready at Birch and Starr, And we'll do more interpreting that, but I'm incredibly confident that we'll have very, very good drill targets there now. And that wouldn't have been the case to start this season. Right, So we've done some really good work. Awesome. Yeah, one last question for me, and then we'll get into questions from email and jump into the chat. But I always like to ask this, as we get into winter, what can investors expect from Yukon Metals in the last quarter of 2024, moving into next year? Yeah, As I mentioned, I think we've, yeah, we might not have expected it, but we, the news we've come out with so far, the headlines have been precious metals. I think there's a base metal element to come here.

46:00 That was probably promised early on, that there was going to be a base metal bent here. I think you'll see that. We're leaning heavily into the Copper. We're seeing obviously some zinc there at Star River and Expo, but I think there's a big Copper opportunity here. I think we'll have more to talk about there, as well as the Gold and Silver. I think this will be a Copper story as well. We'll have that to come. Like I said, I think we put news out on Birch first in the first part of September. And then we've kind of gone quiet on Birch since it's been pretty star river heavy. I think we've got a lot more to add there news-wise just on results. And then we'll have the induced polarization work that we've done.

46:49 And that will tell us a lot more with what we're dealing with there. And I think it's a natural to do for a porphyry prospect like that. We'll have a balance of news at Star, and then we'll have all of the geophysics that we've done there to go as well. So we'll have electromagnetic and gravity. And again, what that will do is provide just more data and that will then interpret all of those data points that we've generated and will provide to the market exactly what we believe we're dealing with, what we have there.

47:34 And from there, so tailing, that's taking us at least through really to the end of this year. Then you'll see us, what we'll do is interpret all of that. Once we've interpreted all of that, We'll pull all of that together and we'll put together a drill program. So you'll know exactly what we plan to do, where we plan to do it. We'll budget it and we'll put that out there. So before we get much into the next year, we won't be looking backwards, we'll be looking forward to the next season. So then you're going to see drill company contracts, permitting info right for next year. The key thing, as I mentioned, is we're already working on these class 3 permits for Birch and Star River, that gives us 10 years to work there.

48:22 That's going to increase the value of those properties when you've got 10 years to work there, a permit, and up to a 50-person camp. You can just go to town then. I think that will be really meaningful. And so, like I said, we're not in the position where we need to access the capital markets. We've got plenty of money. If the market wants to be supportive and wants us to get aggressive with these assets once they fully understand them as we're working to, then yeah, we can kind of tailor a drill program according to market conditions. Awesome. That's funny you started your last answer talking about copper, because that is actually a question that came in over email while we were speaking. Somebody asked, is the copper PPM becoming more meaningful as you've continued drilling? PPM?

49:12 That's right, yeah. Oh, I can't answer that. But stay tuned. There you go. I'm very optimistic, let's say. Perfect, thanks so much. Now jumping into questions from the chat, a couple of these you've already answered after they asked them, but might as well ask them again. I don't think there's any harm in a bit of repetition when you've already had it up. I have a BP from the chat asks, how much cash do you have in the bank right now and is the financing necessary this year? So, yeah, I mean, so just under 10 million, not necessary at all. It's all the 10 million we have is hard dollars. We didn't raise any soft dollars. Again, our burn is really in town here. It's just me. We have a contract CFO that works with us, so a part-time CFO.

50:03 The area that we're investing in is in geological talent and putting money into the ground. That's where, like I said, in town we've got a lady that helps us with the geo work. Our VPX is in town here some of the time, but also keeps a home up in the Yukon. Certainly, I view my responsibility here as being having a tight rein on the coffers and being really responsible with shareholders' money. Awesome. TBS, this is a bit of a crystal ball gazing question, so bear with me. But he asked who are potential acquirers for projects? Are they mid-sized Yukon-based companies or are they majors?

50:50 Well, the Lundin sure seem to like the Yukon, right? I mean, I think and Star River isn't a million miles away from Fireweeds assets. I gather, I think that the Lundin's are very smart mining people. And I think they view, I mean, people ask me about the Yukon, right? And the outlook there. And as far as I gather, the Lundins are as bullish on Yukon or maybe more bullish on the Yukon as anywhere else on earth. So yeah, I mean, I think there's naturals there. It was interesting in Beaver Creek, just how much interest there was from companies that are not in the Yukon that want to have exposure to the Yukon, like ones from Australia, ones that are in Indonesia, like folks that are working all over the world that maybe they're in Australia and they want to have a secondary asset, right? They don't want to be a 1 asset company or they want exposure. And then sometimes it could be a mine in a jurisdiction that some folks might feel like has a bit of hair on it, right? That might not be sort of an A1 jurisdiction and perhaps want to sort of diversify their jurisdictional exposure, right, and ranking.

52:10 So I saw, we had 38 meetings in Beaver Creek, we were incredibly busy, like, yeah, over 3 days. And I would say almost a quarter of it was Corp Dev looking to get, getting, like having us on their radar to watch us as we go forward with a potential for whether it be taking a 9.9 or 19.9% stake or something. And then usually that's just to get a foothold to 1 day potentially acquire, right? Yeah, there you go. 38 meetings, 3 days, that's how to turn your brain to mush for sure. We've been busy. It's very good busy, but yeah, we've been very busy. No, busy is good. Everything else, I think we've actually already tackled. Rory, I appreciate your time so much.

52:55 It's a great presentation. If everybody joined us, if you do think of the perfect question to ask right after the event, This is usually something that happens to me. Please do send it in. I'll make sure Rory gets back to you as soon as possible. Really appreciate everybody's time today. The replay will be available relatively soon. And Rory, I'll throw it to you for a last word before we jump today. Well, thank you for hosting Romeo and thank you to everyone that took some time out of their day to learn a little bit more about UConn metals. Much appreciated and I look forward to talking with you again.