Big Copper Target Next to a Major in BC, But Will it Hold Together? | Oreterra Metals CEO Interview

0:00 This video is sponsored by Tara Hutton who makes the invisible invisible. Today on CEO BBQ copper and gold exploration in the Golden Triangle of British Columbia together with Orterra Metals Corp. But if you're short on time, subscribe to our free newsletter and once week we'll send you a 5-minute summary of all interviews we put out. Resourcetalks.com for free weekly newsletter. Now although this company has not paid us for the production of this video, you should still understand that we are not financial advisors and this is not intended as financial advice. It is a broad general and impersonal piece of information intended only for those who know and understand the risks of junior mining of which there are many. Before moving on, read the company's official filings on sedarplus.ca and do your own due diligence. Pause the screen and read all the disclaimers I've shown you because your capital is at risk. If this isn't clear, go to the last section of this video for a longer explanation of the risks and biases and do not consume this content if you don't agree with everything said therein. Moving on, the flagship project for Orterra is the Trek property in Northwestern British Columbia's Golden Triangle with Trek South now being the flagship target specifically and it's something that we'll spend most of our time talking about today.

1:16 Property sits about 160 km northwest of Stewart, roughly 60 km west of Highway 37 and less than 10 km southeast of the Galore Creek copper-gold deposit that's currently owned by Teck and Newmont. The geological target there is as you might expect for this part of the world a porphyry copper-gold system with associated skarn mineralization. Orterra just got done drilling their first-ever drill program at Trek South in September and drilling 13 holes for about 4,500 m including 11 holes at the A zone and then two interesting holes at least in my opinion at the toe zone with results expected before the end of the year and if I'm being hopeful next month all of which I'm hoping for some more color on later on this conversation.

2:01 >> >> The main secondary asset that's receiving active work right now is the 100% owned Kincaid copper gold project. It's actually copper gold and silver if I'm not mistaken in Mineral County in Nevada but 18 km east of Hawthorne. They've found some epithermal gold mineralization there above several targets that they think are buried porphyry centers which I can also also ask a few questions about that in a latter part of the conversation again if we have the time. And I'm saying if we have the time because BC really is the focus here.

2:31 They've got some other projects or targets at least as well as even some royalty interests but they're definitely not the focus for the company so maybe just a brief update on on those in a latter part of the conversation again if we have the time. Now for some numbers and more details Orezone is listed as OTMC on the TSX Venture Exchange in Canada where the average daily volume of the last 3 months have been about 100 thousand units. The 52-week high is 70 cents and the 52-week low is 2 cents with 53 and a half million shares outstanding and a 19 million dollar market cap. Today this is a 36 cent stock. There are over 25 million warrants outstanding and over 5 million options so the diluted securities combined represent about 36% of the 84 million shares on a fully diluted basis.

3:19 Last time they raised capital was in March raising just under 10 million Canadian dollars split about halfway between flow-through and hard dollars respectively at 50 and 45 cents per unit. Both of which actually had a full warrant on them at 60 cents for 3 years. Flow-through and non-flow-through matters here because part of it can be spent on Nevada and part of it not. And of course that's something that we'll talk about today as well as how much money have they got left after that drilling? How far does it get them? When will they have to go back to the market?

3:48 All kind of questions about capital later on in the conversation. But for this to actually become a conversation though I will have to shut up already and Kevin I'll give you the word here but first of all thank you for sitting down with me today. >> Well great to be in front of you here, Tony. It's been a really intense 12 months with this company, just more than 12 months now, but we had a good reason for taking on the job of restructuring the former Romeo's, and that was mainly because it has some terrific assets. It also had a lot of baggage, but I thought the assets really outweighed the issues with that company. So, I would just say that we laid out course in June last year that we followed to the T and got out the door, as you mentioned early in the year.

4:40 totally fresh company, fresh in all respects, recapitalized, no debt, and all of that was done mainly for that Trex asset, which we believe was really the best porphyry copper-gold prospect undrilled in the province. And now we've drilled it, and I think it's delivered pretty well everything we thought it would, but it's really the first inning, and we look forward to next year, where I think we're really going to be burrowing down into the guts of it.

5:14 >> Good summary, and we'll definitely talk about all these things. There's one thing that I like asking when I'm sitting the stage here, though, Kevin, and that's how are you going to make me money? If I bought the stock today, what has to happen over the next 12 months in order for me to make money? >> Well, we need to have some great drill results. I mean, our goal, and I'm pretty straight-up with people about this, we are a capital pool, right? We're not miners. We don't ever really anticipate becoming miners.

5:41 So, we don't have any revenues at the minute. The only way we can make you or me or any of our shareholders money is through capital gains, >> >> right? So, you can get those two ways, maybe trying to play the inevitable volatility that's going to be associated that is associated with this stock, or you can like myself typically just stay with it because you've got confidence that over several years you'll be able to end up much higher than we are presently. And I think if if you go back and I've been pointing people to this lately, Tony, the GT gold story that you know well. If you had look at how volatile that story was, it's really rather instructive. And a lot of the volatility had nothing to do with the underlying asset, a lot more to do with market sentiment, warrants, so on and so forth. So, I just warn people you got to have to you must have a real appetite for risk, and you must be able to handle volatility. So, as far as the next 12 months is concerned, as I mentioned, we've only completed phase one of the two phases we laid out in our technical report for Trek South at the beginning of this year, and barely completed phase one. And yet we have delivered what we delivered, and we had hoped to do both phases this year. I would argue that if we had got into phase two, we would have really hit it out of the park on this project. So, what's going to happen is next season, phase two's going to happen, and maybe well beyond phase two as well. So, really look for some great results. We know we need to deliver that, and by great results I mean we have to demonstrate because it is porphyry copper gold, we have to demonstrate that we've got hundreds of meters of let's call it ore grade.

7:58 that would be anywhere greater than half a percent copper equivalent, preferably 1% greater. that's what we need to demonstrate. So. >> Mhm. Good summary. We're definitely going to talk about it all that, but this is a barbecue, so we're going to have to do a smell test before we talk about all that, before we get into the actual grilling, if you will. First part of the smell test, how do you like your steak? >> Sorry, I repeat?

8:27 >> How do you like your steak? >> Well, my steak, I like my steak medium rare. >> Good. You said well there for a second, like my heart skipped a beat. I was like, well what? What do you mean? But I'm I'm glad it was just a question. I was hoping you're not going to say well done. jokes aside, I in the smell test, Kevin, I want to get to know you better. Ask a couple questions about yourself and the rest of the team.

8:52 I asked you how are you going to make me money on this thing, and now I should ask you, have you done it before? Have you made money for shareholders before? >> Yes, most definitely. well, going back even further beyond the or prior to GT Gold, I used to run Pickle Crow, which that was PC Gold. we had the old Pickle Crow Gold Mine Northwestern Ontario. That was on the Toronto Stock Exchange, and we went public in 2008, and that asset we knew at the outset it would deliver some terrific numbers, because it was a long life high-grade vein producer. It was in fact the property that generated many of the dividends that the Keevils used to grow Teck in its early days. It was the Pickle Crow Gold Mine up in Pickle Lake, Ontario. So, I took that on in 2008, and I know some of our shareholders did very well on that. We promised at the outset that we were going to deliver some great numbers, that it would be volatile, but we would get some great numbers, and we did. And I had one of them tell me later that he bought a helicopter with the proceeds shall we call it his winnings from Pickle Crow.

10:17 So that asset was taken on by the Australians and various others in the years since. So yeah, people made money there. More recently yes, GT Gold. I was the founding CEO of that company. I also ran the private company prior to that. I was acting CEO of it for much of 2014. oversaw much of the the geochemistry work done by a guy by the name of Clinton Smythe and Emily Miller his sidekick. That really generated the the target that led to the saddle group of discoveries.

11:02 And then I knew Ashwath and Mick McMullen wanted to get public with that private company and I proposed how they would do it through a RTO process and I structured that deal. I wrote most of the filing statement and we got out public in the fall of 2016 as GT Gold and the rest is history there. I brought Charlie Greig into it in the spring of 2017.

11:32 We did a financing that summer. got public then late in the year and unfolded the work program that firstly demonstrated the saddle south high-grade vein system. We found that in the summer 2017 and late in the season 2017 not 2018 but under my tenure in December we announced the saddle north porphyry discovery. So I left actually GT in 2018.

12:08 We know the history there. Basically Newmont came in, staged their investment, and eventually bought the whole asset out. So, that was a big success for all shareholders. We really think we can do it again with Saddle South, and that's why I'm doing what I'm doing currently. >> It sounds to me like you don't like sitting still, given it sounds to me like you like doing stuff and and and moving around. Do you do anything else right now? Do you have any other C-suite positions or or board positions?

12:37 >> No. I've no conflicts. I'm totally focused. That's always been the way. It was the way with GT. We had actually set up Evergold prior to GT, and I parked Evergold to focus on GT Gold, and then went back to Evergold later. So, that was another one of my roles in recent years. In any event, at the current time, I've got no other directorships, no chairman roles, nothing like that. I like to be 100% focused on whatever it is I'm doing, and that's that's the status currently with Orterra.

13:19 >> Mhm. How many shares of Orterra do you own? >> I own, you know, it between options, well, I put in about $400,000 in total. 20 cents. that was I might add last during the restructuring process, Tony, last summer. We went through a very high-risk financing because we weren't sure that we could actually successfully conclude the restructuring of the company, right?

13:49 Had a lot of problems, had about $1.4 million of debt, and a lot of baggage. So, we had to change the directors, clear the debt, and as part of that process, we did a And the shares were trading at 2 cents pre-consolidation. We did a $750,000 financing. I put in over $100,000 into that. I was supported by people out of Europe on that effort, which impressed me because it was very high risk. And then later earlier this year I put in another How much did I put in? About a hundred and fifty thousand, hundred sixty thousand dollars this year. So And in addition I've got a lot of exposure in terms of potential options on the upside. So put it all together I've got exposure to several million shares and it's meaningful to me, right? I'm not dabbling at this. I want to make a success of it. So >> Mhm.

14:57 >> >> What I'm looking for there is is getting skin in the game and I'm looking for factual skin in the game and not only technical words like you you know, I owned 20 million shares, but someone might have paid 20 bucks for those shares at the forming of the company whatever. So that's what I'm checking for here. I know that's not the case for you or based on what you're telling me here, I'm assuming that's not the case for you. Does anyone out there those still have cheap paper from the forming of the company still?

15:22 >> I would think that Well, the biggest single shareholder in the company right now is probably the long time president and CEO Tom Drive us who is probably owns less than he must own around 9% I believe now. He's not a no longer an insider. I might mention as well that probably Mackenzie Investments, the fund also owns just under 10%. You know, going back for many years, Tony, I mean the company was founded Romeos back in 1995, right? So yeah, there are a lot of smaller legacy shareholders that you might assume are are out there. I don't know the half of them. I don't know most of them.

16:13 we certainly must have several thousand shareholders in total just just based on the long history of the company, and although many of them probably went away over the years, you know, some of them are still around, I'm sure. but there are no really large positions from the old days that I'm aware of, and even Tom Drive Us came in on the last financing, right? So, even though he's no longer an insider, he's still a steady participant putting up current money. And much of the money I've put in, of course, was at the 45 cent level in our financing early this year. So, there's real skin in the game with me.

17:00 And I think the other thing shareholders have to or would-be shareholders have to ask themselves is, you know, how motivated and how focused are the people that are running the company, right? I'm not distracted. I don't have a big ego. I'm focused on making a go of this company, and it's a full-on focus for me, right? So, it's all I can say. If you must have motivated management, I'm motivated partly because I really like doing this work, right? I mean, I wear a lot of hats, and I do cover a lot of bases just from my experience over the years, but I've got no intent on on retiring.

17:48 I'm just going to keep going, probably till the day I die. But this is a great I really like this industry, and I especially like discovery. I like the discovery for the the excitement of it, right? I once thought of becoming an archaeologist. And maybe if you were in a laboratory setting, but there are very few sectors where you can actually discover things, right? That's what's really exciting, and it's not a boring industry because of the diversity of sciences that you deal with and so on.

18:25 So, that gives you some sense of what motivates me. No. >> Mhm. It does it That's why I want to do these long interviews to get to know you better and get a little bit more detail on the background that we typically get in the shorter interviews. If I gave you to go back to the share structure here cuz that's really what we're talking about in the in this part of the smell test. If I gave you five phone calls, Kevin, how much of the stock do you think you're going to be able to trace?

18:54 >> Gosh, >> >> I would think that I could put my fingers on at least 40% of it. >> Okay. That would be in how many how many people's hands? >> Well, that's coming from for example, on the last financing, we had some significant institutional shareholders. I did mention Mackenzie as as an important one.

19:26 but also Maple Leaf funds. Dennis also Middlefield. Dennis De Silva, that group. I mentioned Tom Drive us. There are also several other well-heeled individuals that are involved in the company whose names I won't mention, but they have been very steady participants including on the last financing and even open market.

19:57 some of them are American, but I would say that the vast bulk of our current shareholding in terms of the percentages they own, the bulk of it may be I would think over 80 maybe even 90% of the company is Canadian and European at the minute. >> Mhm. >> So, >> >> Yeah. >> Yeah, and I mentioned as well to you, Tony, the gentleman from Belgium that's been a big supporter of ours from the get-go.

20:31 you know who he is. We have European none other than Belgium, of course, we've got significant amount of money came in last summer out of Germany. that was some talking about the high risk $750,000 financing closed last summer. There was over 100,000 of that came out of Germany in particular. and we also had participation in that low-cost financing at the time.

21:04 from Switzerland. So, yeah, maybe maybe 50-60% frankly, if I spend a little time on it. Oh. >> Yeah. I well it I I know it's popular to believe that Europe is pretty small, and actually it is. I don't know everybody in Belgium. I do think I know who you're talking about, but it's interesting to hear that you would have shareholders out of Belgium. It is a pretty small place. There's not many of us who care about mining here.

21:34 Most people when you mention mining in Belgium, they think you're talking about crypto mining in the first place. >> I understand. >> So, to to to continue on to the smell test here though, Kevin, do you or anybody else within management personally own a royalty on on Trek or on the other project? >> No. Nada. Totally clean that way. >> Good. >> Yeah. When I do a company, every all my effort go into that company. They don't go into any other projects. I don't need to wear any other hats to feel good about myself.

22:08 >> Mhm. >> All right. >> That's which it it that's that's the way it should be on the royalty subject for sure. what about ROFRs, clawbacks? Does Is there anything else on the project or any other projects where the vendors are related to the company and they get a clawback or any other conflict like that. No. >> no, and no. No, it's totally clean that way. there are royalties, of course, underlying on projects like Track, for example, 2% but there's absolutely no connection between those royalty holders and the company either either professionally or through a corporation or any other way.

22:51 >> Mhm. So >> It's very clean. >> Mhm. Wait, from a royalty perspective, is no royalties at all or just no within management? >> No, you're you're talking about Track. All of the properties that the company has at the minute carry underlying royalties, right? held by the original vendors going back many years. In the case of Track, for example, that's 2% and I believe it's actually I'd have to check the names. It's a group of three individuals who you know, had had the property at one point like prior to 2004 and that's where that royalty ultimately could go. We typically have the right to buy those down. I'd have to check on the details and that's true. I believe if we look at Kincaid, it's a little different because part of that property would have royalty but we've staked quite a bit of ground as well. There are cells that has no royalty at all on it. So Lanmark Lake Northwestern Ontario, that's actually a very good property.

24:04 It's near the Musselwhite mine and has I I really like it. I've known of that property for many years but it's kind of down there in terms of profile at the minute but it has a royalty and that royalty would be payable to I believe Tom Dryfus who was no longer any kind of role in the company other than as a shareholder. So. >> Good.

24:35 A couple of more points on the boring part of the conversation then we'll move on and talk about the project which I know you're itching to talk about and I am too but what are the change of control fees here? What happens if you guys sell the company tomorrow? What's the payment to your management? >> Well, my case it's one year leave it's one year payout one year and all my options and everything would vest, right? They'd vest. So I could execute those and that's it. There's no big golden handshake or anything else. So.

25:08 >> Yep. Good. That's exactly what I'm taking for here. You know, a $10 million payment $5 million. No. What's okay, but what's a what's a year of salary then for you? >> At the minute it's 240. 240 plus allowance for a bonus. But I'm pretty straight up with the directors. I tell them listen, if at the end of a 12-month period our our market cap is below where we set out at the beginning. I'm not expecting a bonus. I frankly don't expect a bonus ever unless we and in my view maybe that's one of the best ways of evaluating management performance is yeah, comparing the pre the start of the period market cap to where you may be at the end of the year.

25:59 Share price obviously comes into that but you know, I do believe in providing value for what I do and the other thing I would tell you is I'm a workaholic. I mean, I like to work and I mean, I'm not joking. I don't I really don't ever take any freaking holidays ever which is kind of bizarre but I am I work at this every day of the week as required.

26:30 Things get done efficiently. like with the project this summer, I will go to the project and spend weeks and weeks on site to make sure things are happening properly. but I do like to work, so I mean, I'm good shape, so don't worry about that. But I work even if I'm not working in the office, I work in the bush. I mean, it's pretty nuts, actually. >> How how How old are you, Kevin, right now?

27:00 >> I'm 67. >> Okay. Wow. well, work has treated you well. Maybe that's the secret to your longevity, just work. Just never stop. >> Yeah. >> To go back to what you said, the bonus. What are the KPIs? Does your contract say anything about that? Like does it say Kevin's got to get the share price up or Kevin's got to discover an X million amount of or X amount of ounces? What does it say? >> Yeah, believe it or not, we just went through a strategic planning process this summer. We hired somebody independent to do it, well-known person.

27:32 And in fact, I've been dealing with KPIs and all of that recently. And yes, we've got a whole series of goals that have been laying out for the company in different categories and then the various steps we think we need to take to achieve those. I concluded literally in terms of KPIs that most of the KPIs in our early stage of the business have to relate to whether in fact the objective whether that step that you say should be taken has been taken, right?

28:09 For example, and there is a subset which you can link to dollars, but it's a subset of the overall goals. Like you might talk about building out management. Well, okay, have you built out management? You know, have you hired somebody fill up Those sort of things don't have dollars associated with them, but the ones I've focused on that I think are practical is, you know, what value added have you added to the company over a 12-month period? Like, how do you demonstrate that, right? Well, it goes back to what I was saying about market cap, right? If I think it's fair to say if you start the period and your market cap over a period of time at the outset is this, and you end the period with a much larger market cap or a significant significantly greater one, there's obviously been some value recognition in the market, right? For what you've done or what results you've delivered through the course of the year. And of course, you can focus as well on on share price, which would be part of that.

29:19 and the there are other KPIs such as whether you've maintained the company, I'm talking about KPIs that are associated with dollars. have you maintained a 12-month cushion, for example, at whatever you think your 12-month burn rate will be? Have you maintained that through the course of that period, right? No matter and that's another dollar-linked KPI that we have. So, yes, we have KPIs and the key ones are linked to whether or not the company grows in terms of value over time over that period.

29:58 Mhm. Again, good overview. It's good that you're thinking about these things. I do care about them as well. Has the company had a have a roll Have you Have you guys done a roll back? Yeah, we did a big roll back, of course. you know, that was part of the restructuring process. That was an issue, right, for Romeo's prior to the restructuring. we did a ton of things. I mean, not only cleaned up the debt. there were amounts owing to CRA. It was a mess, quite frankly.

30:33 the we changed the some of the directors, moved several of the old ones left and we replaced them with some pretty good people. did all of that then the rollback yes took effect early in the year along with the name change ticker change. You know, for all intents and purposes I'd have to speak to a lawyer but I they're basically treated as two separate two totally distinct entities for trading purposes now. There was Romeo's and even though we're the kind of carry on company, it's really a different company.

31:13 If you go to stock watch in places like that you can't even find the historical stuff for a lot of Romeo's it's kind of disappeared. Anyway radical reshape and the rollback was 10 for one. So we went from like 280 million shares out down to 20 27, 28, you know. coupled with the financing and by the way of course we pointed all of that out that that was known to the market the prior summer last summer 202025 that that was the plan. We're going to do a rollback and even on the $750,000 financing that was the you know, the participants were told about that in addition to other all the other foreseen changes. So I guess I'd just say that that whole process is complicated and risky as it was came off very smoothly.

32:13 It was a lot of work though. >> Mhm. Yeah. >> What about the share price though here over the last 6 months? How do you how do you explain that? Is that has do you think that's got anything to do with any of what we've talked about so far and this is my last part of the smell test question but yeah how what's going on? >> >> Yeah. There was I gave an interview to a guy not long ago. He's one of these bloggers that I won't mention his name, but he was inquiring about all of that. You know, why the share price weakness after we got up we did the financing, we traded up into the 60 60 cents range, and then we experienced a sort of steady down track for, you know, past quite a few months actually.

33:01 In my view, much of that was warrant related. we do have that's another key shareholder who put in quite a bit of money, hard dollars I might add, last summer. A fund well known to the market. but a their model is and they're quite forthright about it. They will give you money if they like the team and the prospect. They will give you money when no one else will.

33:33 Even in the high risk situations, but their objective is to capture a modest or some would say even a minor return. If they get it, sell the stock and hold the warrant. Cuz then they've got no more risk. And I can tell you that that one fund had over 8 and a half million warrants. So, if you look at the selling, I know for a fact that's where a lot of it came from.

34:03 we have had since of course our first news item in Aug late August about Trek South, we got a tremendous amount of buying, new buying that came in and the stock shot up again. And then it was hit with a lot of this, I believe, warrant related selling. And I'm okay, you know, in a way with that model. Like when you're starting out as an exploration company, it's a luxury to be able to say, "Oh, we're not going to give any warrants, right?" But then you probably won't have much money either. So, my view of these situations, Tony, these early stage exploration situations, I don't like to have to give warrants, but you need the money or you're not going to do or achieve anything. And my view is if you achieve something that's good enough, you're going to in time overcome all of these negatives that you're kind of faced with in the early going. And that's the the view I've taken. I knew at the outset of the restructuring there'd be all kinds of challenges, many of which will be beyond management's ability to control, but what you can control is what you're doing in the ground and try to ensure you get the best out of it because ultimately that will allow for overcoming all of that. So, that's really where I think a lot of that came from. And I might add as well, we had, for example, one of the old directors that retired. He actually died. And I know his estate had to sell stock, right? so, we have those things.

35:46 the volumes were not huge, mind you. It's kind of trickle down, trickle down. And then, as well, I had an update even from our market maker yesterday. And we do have a market maker that they were just talking about the general state of the industry for the last couple of months. And you know, maybe the lack of risk capital. people have been a little cautious. And I think a lot of the downturn as well has been experienced by other explorers in our space. So, I believe we're beyond all of that now. I meant we've seen the lows and we'll carry on from here. Doesn't bother me too much. I just figured you've got to just deal with it and carry on.

36:37 >> Do you think that paper has been worked through then in that case? >> Yep. I'm not You can never be sure whether it's all been worked through, right? I mean, the other thing people don't understand with us little companies you're talking about a public company that has very limited human resources, right? I mean you might think that you're going to have somebody digging around trying to find out exactly who's doing the selling, this that. I have some sense of that, but you just don't have the time to do a lot of that. That's one of the shortcomings of a little company is that, you know, there's just human resources are limited. you've got to wear a lot of hats and the focus for me is a geologist and really has to be on creating the value, the underlying value, which is only kind of going to come from the assets. So, in a way I view all these other things that are going on as games, you know market participants will will play their games and do what they do, but your focus should really be on delivering the very best you can out of the ground because if with some luck, if you really hit it, you're going to overcome all these other games, right?

37:58 So >> Yeah. I do want to talk about the history of the asset, so probably a good idea to wrap up this the smell test and and go and talk about the history as well as the future of the asset here, Ken or Kevin. What is the What is the history of trick? Because the broader property has been explored intermittently since the 1950s. None of the operators did any serious work really on it. Specifically, your flagship targets are trick south. How come? How did they miss it? What What's the limiting factor?

38:29 >> The main reason I guess they missed what we drilled this summer for the first time was because of the ice sheet that was sitting on top of it. So, you when there's been a lot of talk the last few years about, you know, the benefits, global warming. I I'm not worried about global warming, but to the degree it's happening, and certainly the glaciers up in that area have been melting by and large. It has been a big benefit to this company because the track south glacier, Tony, has we we've got the satellite photos back to 2010. Most recently, basically it's gone back 200 m in about the last 16 years, 16 18 years. So, back in the sort of 2008 time frame, there was some scattered sampling outboard to the toe of the then glacier. And they got, you know, they obviously didn't get enough in the way of goodies out of these scattered samples they did to really make them focus on it, but at the time, the best of what we've just drilled this summer, the whole area was still ice covered. And we can demonstrate that. We have actually in many of the images that we put out. So, that's where track south is a prospect has come from. It just so happens that the glacier really has receded that far, and it happened there to be sitting the part that's cleared off is really the best of it right there. It's not all of it by any means, because we've seen lots of evidence that there's a quite a bit more probably under that glacial basin. So, on track, the wider track property, as you may know, has got a number of other prospects. And where the only significant previous work occurred was across the valley to the north of track south. There's a very steep valley to Svalar Creek. Then up the other side, there's a prospect called track North.

40:50 And Trek North was drilled by Romeo's prior company in the 2008 to 11 time frame. And they got confirmed a lower creek porphyry style copper gold silver in that in their intercepts. But if I was to show you where that drilling occurred, it's pretty hairy terrain. A very steep dangerous slopes, eroding slopes. But they did achieve in most of their holes, they hit porphyry. The problem why it didn't go anywhere was not not the topography so much as the fact that they appeared to have sheet like tabular bodies plunging steeply down. So it wasn't one big body that all held together. It was more more like thick tabular structures, 50 m true widths for example, but not hundreds of meters. And you had different horizons.

41:54 So with good grades, you know, this was upwards greater than half a percent, 1% sometimes better over shorter intervals copper equivalent grades, right? Outcropping actually. So the way we That's Trek North. Trek South is 3 km due south across the valley from it. And of course the topography at Trek South is really attractive. It's not the side of a mountain stream slope. It's great actually. So that's Trek South. There are a couple of other prospects that were identified historically on the property, the Tundra Zone, which is about a kilometer and a half west of Trek South, which is looking really good mind you.

42:46 We'll talk more about that maybe later in the season. and then the Toe zone not to be confused with the where we've been drilling, which is obviously off the toe of the glacier, but there was a former glacier in the valley just to the west just half a kilometer or so another glacier. So, there is a zone that we have drilled there and we announced this first ever drill holes. So, most of the with some very encouraging looking results, by the way, but it's more of an Eskay Creek style, we think. So, yeah, Track is a big property and I've got to emphasize it goes for many miles east-west and it's kind of sandwiched between Skeena to the south and Teck and Newmont to the north. So, but it's a great swath of ground east-west and then Track the immediate Track property itself kind of injects itself into the ground held by Teck and Newmont.

43:50 So, there's a Track South, I think it as a prospect is where we we all can hope to make some serious money over the next while as a prospect, but I might say immediately adjacent to it, there are some pretty good looking things developing. Probably more porphyry style, although I mentioned toe zone as a Eskay Creek style exhalative style. It does appear to be that.

44:21 >> Mhm. >> A bit of a mixed bag. Structurally though, you know, it's a really good area and we've demonstrated right there on the property at Track North years ago that there's Glor Creek porphyry style and I think we've just done that as well or just about done it at Track South with the last program. >> Mhm. >> So, that's a bit of the history. >> And I appreciate those details. Teck and and Newmont on the ground that's close to you, about 10 km as I said, but Teck also held parts of this property in the '80s. They did soils mapping, some geophysics on the ground south of Spaler Creek in the in '80s, I believe. But in in in in in actually 1980 and 1981, so like early '80s. But in their reports, they say that those showings are monzonite-related systems and have no size potential. That was their takeaway back then. Were they wrong?"

45:19 >> I think there's like this is geologically it's rich real estate, right? And I'm talking just about the current Teck property, which is part of our larger, you know, land holdings continuous there. there's a multiplicity of showings, and I might say for example, we did mapping this summer, quite a bit of it at Teck South that and Tundra Zone. a lot of the historical mapping, you can't really make much sense of. Like, you know, one geologist will map it, they create these beautiful maps, and the next team, years later, goes over the same ground and sort of can't see what what the heck exactly they, you know, they have a divergence of views as to what what those rocks are. You see that commonly.

46:10 all I would say is that it is possible, like Teck and Newmont, they never actually owned Teck proper, the current Teck proper. There are some inliers that we surround that go way back to the 1950s. There's rectangular inliers. and they are owned by Teck and Newmont, so we surround those, but you know, again, I think with Teck South, which we just drilled, we've demonstrated that we've got hundreds of meters of porphyry style alteration continuous.

46:54 Right? It's not, you know, fragmented little bit a rock monzonite or or and then into something else. We're getting this huge intercept blanks that show us that we're right on the system and it's got scale potential. So. >> Fast forward to the early 90s and you had Warner Ventures drilling six holes for about 450 m there. So, very shallow, but they did hit some great there. So, there's like 10.4 m at 1.5% copper and 1 and 1/2 g of gold in there. So, it's 1.5 1.5, right? Which is typically these days you might in the Golden Triangle might go looking for 0.4 0.4.

47:38 And there's even one intercept that had 6 m of 1.3% copper, but it had 3.1 g of gold. And they basically the shallow mineralization what what they saw happening is that the shallow mineralization continues for at least over 110 m of strike. 140 m of depth. That's what what their conclusion was. But the mineralization in their reports is described as that narrow sulfide veins and shear hosted zones. Again, potentially a warning sign against a large bulk tonnage deposit. So, how do you interpret those historical results today and and what do they tell you about the the again the size potential of the system?

48:18 >> Well, again, they're actually those historical results, they're nowhere near and they're not part of the track south system. They're actually down I I think the ones you're referring to the only drilling was down in their a lot of historical zones and sometimes the names of those zones change, but it's down more into these Fowler Creek Valley. Probably a good kilometer and a half northwest kind of around the Inlier claims that I told you that Teck and Newmont have, which we can't really see a lot of potential on there in any event, but so just be clear there's a multiplicity of historical zones although on the south side of Valor Creek there is no drilling other than probably the few you you've just indicated and they have nothing to do with Trek South for example nor do they actually have anything to do with the Tundra zone or the toe zone it seems Tony that there is a big fault which is a good thing actually running down Trek Creek and then it goes cross Valor Creek and then it goes northwest and it all of those zones including that one forget the name of it exactly we're drilled kind of along or outboard to that fault maybe that fault had something to do with the emplacement of some of the known zones they are I I I know for a fact yeah there were a lot of narrow high grade sulfide rich intercepts in these holes but that's not what interests me obviously it's great to get high grade narrow intercepts but it's going to be tough to make a mine of it so that's where Trek South totally separate never drilled nobody ever drilled anywhere near it it's shown already to have the scale potential just from our own visual results and I think frankly Tundra zone based on work we've done this year might actually evolve that direction too it seems I'm always looking for the scale potential I'm not really interested in narrow high grade veins or even five or 10 meters unless you think that thing is going for a hell of a long ways I want to find the hundreds of meters of bulk tonnage grade that's what I'm looking for >> Mhm.

50:57 >> Yeah. >> I understand that part is that's basically what I'm wondering like is there is there the the potential for that there? So, that's where I'm coming from with trying to figure out what historically happened. If you look at what happened after Warner, the project was basically dormant for 12 years, I think. So, until Romeo's gold actually came along. drilled it in 2011, some pretty decent hits. So, that's where you were getting those hundreds of meters, right? 131 m of 0.64% copper, 0.4 g of gold.

51:24 >> So, you're talking about you're talking about track north in that case. That's what Romeo's came on. So, that's again, that's a cross. I thought you might have been talking cuz there were two or three holes south of Spanner Creek. But, what they drilled clearly was track north, and that's where Romeo's came back in. Yeah, it outcrops, you know, you can see it. It's beautiful outcrop. And yes, they got I they got a broad halo, and I'm talking about Romeo's work between 2008 and 11.

51:57 They put a lot of holes in up there. But, basically they got a broad halo within which they had these apparently, it's a bit hard to understand. tabular bodies or breccia bodies that you know, there's a debate over exactly where that stuff is going, but they didn't get hundreds of meters of really strong value. They got within this broad envelope, and it was all kind of loosey-goosey the way it was modeled, you know, leapfrog. You can kind of generate a shape around anything with that stuff. it seemed like the best of it was tabular somewhat and going down deep to the northeast. part of the problem up there with track north beyond that, the fact that you don't have the hundreds of meters in those drill holes of ore grade, shall we say, part of the problem was it it's going down steeply probably off off the Teck property into Teck Newmont ground. that's And so, Teck North, we had a look at it and I decided right out the gate that's not something you want to go back to because it's going to be a hell of a challenge to drill given the extreme slopes and proximity to the boundary of the property. Teck South is like just a different planet in terms of its situation geographically and geologically.

53:33 >> Mhm. There was a Teck and Newmont that actually did consider or maybe still are considering your ground for a tunnel that works for the air deposit. Is that south or north? >> That's actually so yeah, I don't know if you looked at some of the GCMC imagery. They they have some of this published and they show on the one I last saw generated last year, I believe, a map, you know, and it's showing the route of their proposed tunnel.

54:07 And yes, if you look at the cone that they've drawn on their their map, it shows cutting through Teck North, our property. but not Teck South. But I would sort of discount that. I don't imagine they would There's a problem there is they need to find you know, solid ground to put that tunnel through. What I can tell you is it appears cuz I spoke this summer with some of the drillers that actually worked on drilling some of these so-called tunnel holes. So, there were drillers working for us that actually worked for Teck and Newmont drilling the holes where they were testing the ground for what they called the tunnel holes.

54:55 And those holes are to the northeast of us. You can see where those holes were were drilled from our camp, but it's on their ground for sure. And it's let's say it's a crow flies maybe 3 km from us up up the the valley. So, Yeah, and that I do understand as a long you know, that's going to be mined. The lower creek their challenge all these years has been the they had a initially thought that they would run their their road down Saler Creek Valley, this creek that bisects our property track.

55:46 But it's pretty hairy down in that valley bottom especially in the winter. I was no way you'd keep it open given the avalanche hazards. So, but that's they cleared the path of that road right across our property. But I believe because I have spoken with one of the engineering companies involved in that bridge work for Teck and Newmont. And their plan as it's currently shaping up as supposed to get changed would be to complete the road that we can see from our camp, complete it.

56:22 And they're going to build a bridge and a tunnel machine and they'll tunnel through from just up up the watershed from us at some point up there. And I don't know that they've settled on exactly where either. I just do know that they've drilled the for ground purposes those tunnel holes I talked about. So. >> I wonder how how come they haven't just try to buy you yet? I mean, wouldn't that be easier? And wouldn't wouldn't it even make them kind of the only possible suitor here?

56:59 >> >> Oh, you know, hard to say. we just get this question all the time, you know, even even before Newmont came into GT, right? you know, why hasn't it so great? Why has somebody bought you out? You have to understand the mentality of many of the people working for, to begin with, for these big companies. Those big companies are bureaucracies, and although if they have a very high comfort level and basically don't perceive much risk, some of them will get involved really early stage. As a rule, that's not the way they work. They would like to They would like to see your project at least somewhat de-risked in terms of actually having drill hole results.

57:50 And because many of the people working in those companies are bureaucrats. They're not risk-takers. They're not people like myself or some of the other people I know running these junior companies, right? They're They're with a big company. The company is to get perks and benefits that you don't get with any of these little companies. and they're attractive. So, you know, they're part of a bureaucracy. They'd rather you bring your prospect to us when you've drilled a bunch of holes into it and confirm that what you've really got. And then they don't mind buying you out at some higher multiple when, you know, you might argue if they had moved some years before, they could have bought you at pennies. But, that's not the way it goes.

58:41 >> Mhm. >> Right? So, that's the main reason it's they don't have the appetite for risk that we do. And that's the niche we occupy, right? We do the really high risk, prove it, find it, define it, prove it, sell it at whatever point. That's sort of what we do. Right? >> Do you feel like there are other suitors though that would still work in this setting given the Nevis? >> I can confirm that there are other suitors.

59:12 >> Okay. something that you you look at at a later stage as well. Where does all So, all that historic work and that history and drilling and everything, where's that left you right now? What's the biggest unanswered question for Trek as a property today? >> Yeah. Well, I think we I sort of dealt with that even in my last letter to shareholders in terms of what we what we accomplished and what we've not accomplished. Like, we have not yet drilled at Trek South into what we believe to be the intrusion that's actually supporting all of that huge area of alteration on surface, right? So, we have we have some of the most beautiful porphyry style alteration anybody's going to see in the province on surface, visible to the naked eye, recently exposed by glacial ice ice melt over a a length, Tony, like it's 850, 900 m in length and it's several hundred meters wide of intense and by intense alteration, I mean, the rock is totally green with epidote, like really green. It's crosscut by garnet rich veins, you know, rich massive garnet. Look, I've got some of it right here, eh?

60:39 Just massive garnet like that. The veins of this stuff crosscutting all the green epidote. And in addition, you get a lot of crosscutting quartz pyrite stockwork. So, there's multiple multiple generations of alteration going on there and it all carries value, metal value. so, what we didn't accomplish last time, we'd not yet got to that root. We think we're above the root now and the way we did that is we described in the news releases.

61:19 we had the big alteration, call it the alteration pathway, right? We set up a drill fence along it, and we started to drill it systematically with angle holes to the southeast based on our interpretation of the geophysics and what we could see on surface. And so you drill angle holes to give you more geological information than you're going to get drilling a vertical hole, right? You want to drill angle, it gives you much better sense of where things are laterally in the ground as well rather than just vertically. You get the vertical, too, but so we did that. And as I said, every hole we drilled into that huge area of alteration hit hundreds of meters of a of generally a bedeau quartz pyrite alteration, right? So they all hit all those holes, right? Some of them though at depth moved out, and the alteration dropped off at angle holes.

62:26 So as we went along, we rapidly determined what we got a much better sense of where that alteration, you know, in which direction was it getting richer looking, getting more intense. And that actually proved to be toward the center of the drill fence. So as we moved in from the from the limits, we came into the very best of what we drilled in the last season. And and that was the last really these holes, hole six, nine, 10, right where we started to see bornite and chalcocite.

63:03 this like people don't understand the difference, but these are very high copper content minerals. Like bornite is like 65% copper. Chalcocite's, you know, 80% copper, much better than chalcopyrite, you know, but so we started to see the very most intense alteration coupled with the visible high temperature copper bearing minerals. And that told us clearly that, you know, that's where we want to be, that's where we need to be, and maybe not it's a it's down. We have a sense now that that intrusion, which will be the key focus, drilling into what we believe is there will be the key focus for phase two.

63:52 And so that's a key thing for that's really fundamental to next year's program is is drilling that intrusion because we believe that that's where we're going to get the best grade. And having said that, couple of other items we absolutely will have to do for next year. We mentioned we found just to the southeast, it's part of the Trex South system. We're calling it C's hole.

64:25 It's >> >> nobody at it's it's it's got just up next to the glacier. It's glacier's melted back from it, too. It had a large area, huge area, fan-shaped crushed crushed and rock suit very highly altered rock bearing a lot of the the best looking visual copper weathering products that we've seen at Trex South. That's just to the southeast, so it could well be when I talk about, you know, alteration and roots.

65:01 Well, there may be several hypotheses now. We're getting a sense there could well be more than one root, basically. Now, this site C, by the way, would we will drill that next year because it's there's some great drill setups right next to it. that should be very good. So, the picture is growing in scale. I did mention the toe zone, we drilled it. We should get some fine numbers out of that, I would think. But, if it's exhalative style, it may have to me less potential than the porphyries, right? I want to find the big mine-making body.

65:46 which is where just to the west of toe zone, we've got the tundra zone, and this is one that we've done the most work on of anybody historically. It sort of was identified long time ago as a series of zones. We think it's all one big zone now, and our results here are starting to look really encouraging. We could well have, you know, multiple bodies. porphyry style bodies, of which track would probably be the track south would be the link linchpin. But, mhm there could be a lot going on yet that could prove really exciting. And we'd get to some of those next season, too.

66:34 >> What about this season? Is this round of drilling the assays that they're hopefully going to be coming out soon? Is that going to answer some of those questions for you, as well? >> Oh, yeah. Listen, I as that's partly why I put out the visual the kind of guidance I did early in the month. Like, we know I might add that a lot of the copper in the system, even though I talked a lot about seeing visible this or that, bornite, chalcocite, chalcopyrite, a lot of it we know is not visible. I e. maybe it's fine, maybe it's sub-subeconomic over a huge area. I We don't know. What we do know, though, and we'd prospected up the glacier a great deal.

67:17 any time you've got really good-looking alteration, and by that I mean strong epidote, maybe some of the veining, maybe the garnet. If If you leave that material or well, when it's fresh, you may not see any copper in it at all when it's just broken open. Leave it sitting out like we found on the glacier this summer. leave it sitting out for a few years weathering. And the stuff that appears barren of you know, chalcopyrite or or copper weathering products here, the very same stuff here has got green and every you know, so we know that there's a copper signature across a huge area here. I would surmise that much of it's going to be as typically is in these systems subeconomic.

68:11 you got to find the best of it. And you know, we are hunting basically for Galore Creek alkalic or freestyle. And they do tend to be, you know, smaller footprint on surface, deep running. Galore Creek they're actually deposits, you know, people that's just across the mountain range. They talk about Galore Creek as a deposit. It's actually a series of them that'll be mined. And they're alkalic style and they tend to be actually at a fairly low angle to Anyway, we think that's what we've got at Trek South.

68:54 just just emerging. But we need to just keep doing the drilling. >> Mhm. Well, and I asked you that way because you initially had set out the drill about 580 m 580 m deep holes, but the phase one that you've now completed was 11 holes for 4,100 m. So, I guess if you if you had to average that out, that's not 580 m, but 380 m on average. So, was this Was it enough to to test the thesis and give you those answers?

69:24 That's really what I was asking. >> Well, it didn't give us all the answers. Of course, it didn't. As I said, it didn't give us the intrusion yet. Why it ended up being that way, like we started with a the big alteration pathway and we had we had announced and demonstrated all of that in the technical report at the beginning of the year. We laid out the plan as it was then conceived. This is what we got. This is where we're going to put our holes grid basis.

69:54 But you know, you have to be flexible. We ended up with quite a few more holes, not just the eight that we anticipated for phase one, but as you said, 11. And that the reason we had 11 is because it drilling in theory, we were going to drill them all at the same depth, let's say 600 m or whatever, eight of them. But with the when we're at the extremities of the alteration pathway, this is where I said you would drill several hundred meters south, for example, at an angle to the south. You'd get your lovely alteration in the top of the hole and then it would die out in that direction. That's what happened on some of those outboard holes. So, that quickly told us, well, we're not just going to drill a 600 m hole just for the sake of 600 m. if it's dying out, we're going to move over. So, we used more holes than planned basically to find out where we needed to be. So, we're using that's why we ended up with the 11 on Trek South proper.

71:05 and yes, plus the other two at the toe zone. So, and I would say that the phase one program was highly effective at at helping us zero in on where we really need to be. So, we one thing I haven't mentioned and a lot of people may not be aware, but of course this year we had to start the season rather late, Tony.

71:35 we were not allowed to start the season till about the 16th of July was the first date that we were allowed to mobilize in there. And therefore it meant we couldn't even start drilling to to August 1st. And it was, you know, first year you face a lot of these issues. getting out the or a little late like we did post restructuring, it makes it difficult to get drillers for example. It's a very busy area of the world and most most if you're in the service business you ideally get your drill programs lined up at the beginning of the summer or actually early in the season.

72:14 And in our case we were behind the eight ball a little bit starting late and it was a struggle. We we had announced we'd start with two drills. well, you know, we got the one drill on site and then it was a struggle to get that second drill, right? It came in 10 days later. So we had initially hoped we could get both phases done this season, but that just proved impossible. we wrapped up around the 15th, 16th of September. And then we just thought you don't want to push it too late there first season because the weather goes south then it can be a nightmare to demob the camp.

72:58 And you know, we have to do so we thought to be cautious we demobbed systematically. It all worked out well. But we left a large amount of the infrastructure, the tall tan First Nation and the ministry allowed us to leave eight drill pads. We could have probably left more. They that wasn't called for in our permit. The permit only said three, but I think everybody's been encouraged by by the results to date. So we left those pads.

73:30 We can go right back on them. We left all the camp infrastructure without the without the canvas, of course, but So, next and we also did a number of the studies that the ministry required us to do. the key reasons we could not start the program in June because we had to demonstrate that our camp or the drill sites weren't going to be affecting any of them. And so, we had those studies done and we are clear that way, which means next year, assuming the weather cooperates, so we could start as early as June 15th.

74:12 So, we've de-risked this project a lot. I might say that's a key undertake a key outcome is that we've really de-risked it a lot with this first phase program. not just the drill results, but also the just understanding what's required to build drill pads there. You know, what's the local weather really like on that site? Is it going to be fogged in all the time that you can't fly? You don't know any of that stuff till you get on site and live there for a period of time, right? So, we know all of that now and that's set us up really well for next season.

74:54 >> Yeah. What would you consider success in those assets? What would a a real discovery look like from a grade and width perspective more specifically? >> Yeah. It's got to be honestly, we've got a drill like I don't know, 500 500 plus meters of ore grade. That kind of thing. 1,000 meters and you really get stuck into it, right? One thing about the drilling this year is you know, the drills we ended up with because as I mentioned, we started late.

75:28 They would not be capable of drilling that deep. So, it was another factor, right? so next year we'll make sure we've got, deep, really deep capable drills and now we know where to put them exactly. And that'll be right there in that huge volume around our And by the way, the the talk about zeroing in on the on the place we need to be. we were able to hit this volume like in hole six, nine, and 10.

76:02 We were able to hit It's let's true widths. It is certainly north of 200 m in any direction in terms of width. So I'm talking about a volume of rock that we've been able to hit from opposite azimuths and then from another azimuth perpendicular to that section. that's bearing bornite, chalcocite. it's got that intense alteration.

76:32 That's a big freaking target. We've been able to hit it from multiple directions. So again, it de-risks it. You know there's a big volume there that you can target systematically with the drill and follow it down. We always said and phase two would be, you know, focused on following and bringing up the drill density. And I might add, we'll see what the assays come back with, but within the within what we've drilled, I think you'll see we'll broad intercepts of, copper copper values, metal values. It's going to be there. There'll be, that signature and I would think based on the visuals that subeconomic us, subintervals in this big zone we've come into are going to be north of 1% copper equivalent, that kind of thing.

77:36 Because and I'm basing that just on visuals and that's speculative obviously, but we've talked about this. we are getting, you know, we got 10s, 20s meters of visual disseminated bornite chalcocite, chalcopyrite. You often get them intergrown with each other, you know, you'll see a beautiful thing of bornite and there'll be chalcopyrite intergrown with it or chalcocite.

78:08 So, we see that. and you know, when we eventually get the drill density up, it's quite possible that some of those let's call them {quotation marks} potentially economic intervals may come right to surface. We just don't know because the drill density is still very far apart, right? These holes that I told you we were able to hit it from, they're like 200 m apart.

78:39 Right? So, it's quite exciting and you know, you know that that stuff, that intensity, that those minerals have come up from below. So, in theory we should be able to follow them down. And that brings, by the way, one other point that's very interesting. We can make use of the topography very much so to our advantage there because not only is it moderate on surface, I mean, the surface it's very rugged in terms of shattered rock, but it's, you know, more or less undulating and it's not the side of a mountain.

79:20 But, that Spahler Creek Valley is like it's like 600 m below. Right? So, the Espa camp tech Tech Numont's Espa camp and the last bridge is 1.2 km from our camp. It's just down slope, but the level the elevation down there is like 600 m below Trek South. Therefore, we'll be if it if it it emerges as a viable development project in the future, the prospect of actually coming in from much lower elevation with development akin to what, you know, if you look at Collective Mining, we're talking about Ashwathi sits on that board, right? If you look at what they're doing down there, what they're proposing to do with some of their deep ore bodies is come in from making use of the topography, right? That scenario sets up beautifully if Trek South continues to develop the way we think it it is because we believe it probably is a it's a inclined body running to depth. So, with the broad halo over top of it.

80:41 >> Well, it was the visuals why I asked that question in the first place. actually this year at least the visuals don't really have a great track record. I mean, more often than than not they create expectations that are hard to meet by the actual lab assays. So, in your visuals specifically, what gave you the confidence to put those away or put those out? >> I would say frankly, if if you're good at estimating the the mineral and we do have some people are pretty good at this in terms of estimating what the percentage of bornite, for example, might be in a given interval of core, you know, I think my approach and our approach to communicating these things to the public, I do want the public our shareholders to understand and what we have seen, and we provide our best estimate of what we have seen rather than not saying anything about visuals. I do think it's important that they understand that you can see actual copper minerals in there.

81:55 I think we've qualified all of that in our in our releases that, you know, they are visual estimates and assays will tell the tale. I don't think, frankly, given where our stock ended up the last little while in terms of price that it we're being assigned any any real value based on visuals. I know there was a bit of the kick in August when we put that out and then we got assaulted by the what I stated was probably the warrant-related selling.

82:31 I think there's a very good case that based on what I know to be made that that maybe we would have held up if we had no warrant-related selling, in which case I could tell you, "Oh, yes, we actually been given quite a bit of credit by the market for those visual estimates." But where we are, I don't think we've got any kind of value in there for or much at all for the visuals. I can only say that at as we always have that visuals are important. They give you encouragement. They give us encouragement as management. They should give shareholders encouragement as well.

83:08 I'd be really worried if we didn't see any any copper weathering or fresh copper bearing minerals the kind we see in in core, but that's not the case. And I think announcing the the we combine, as I mentioned, the the estimations of the intensity of the alteration with the visuals. The two go hand in hand. The greater intensity and the greater preponderance of copper copper minerals. So we tried to give them as much color as we could. So, >> Mhm.

83:47 What about after that? What would the second analysis question be like in terms of phase two? What would that look like? When you think you're going to be drilled? How many meters are we talking about? Or do you want to see the analysis before before that? >> Oh, we definitely you know, I think we have a good understanding now. I mean, planning the the details of the program, we haven't done that yet. Not phase two. Although, as I mentioned, we did have the sort of scope plan in the 43-101. It's fair to say that all of this thinking has evolved a lot based off the phase one.

84:24 Yeah, so we will wait to see exactly what the analysis give us. If If it confirms as we kind of expected will, that, you know, we should be focused there in the vicinity of holes, you know, 6 9 10. That area. then we will plot up or plan up a planned to basically really, I never like to go back. You know, you you need to advance these projects. So, it has to be a big enough plan that you start to define potentially with the results of that work, you can see a resource potentially starting to emerge.

85:10 So, we've That would be kind of a grid-based approach. We would go back and I might tell you that we've already pre-cleared we've pre-cleared for archaeological and environmental purposes a whole bunch of additional sites. Like, we've got 20 at least 20 other sites all based kind of on a grid in the vicinity there. So, we would expand and and we'd bring up the density maybe to 100 by 100 m.

85:43 we don't necessarily have to go to a greater density than that if this is a poor freestyle. and the so that plan will come and it will be significant. In terms of what the cost will be at the minute, I honestly can't tell you. We haven't worked it out. it'll cost billions. They always do. >> What was the cost this year per meter? >> Oh, you don't want to know the number. But it's over a thousand dollars per meter.

86:13 >> Cuz helicopter supported? >> Oh, yes. So the thing about it, it's always of course this is a a remote project. We can't drive using that road yet. The road's not totally finished yet. although as I said the bridge nearest bridge is just 1.2 You can see from our camp, you can see Tech Newmont's camp down there. Right there standing on our helipad, can see their camp. That's how close that partially finished road is, right? Which the Canadian government by the way no year and a half ago said they're going to contribute some money to finishing it.

86:54 anyway we have the you know, we we've got everything in place. I've kind of lost my train of thought there again Tony but >> I interrupted you cuz you were talking about money and how much that's going to cost. You said it's going to be millions. when do you think you're going to have to raise that capital? >> We'll have to raise it in the first quarter. >> Yeah. How much money do you have right now?

87:20 >> Right now we have about 2 million. >> Okay, so that's enough to cover G&A I would hope. >> Oh, yes. Well, I said that we're talking about KPIs, right? So one of our dollar linked KPIs is retaining enough money in the till. We don't have a high burn rate at the minute. You know, obviously I am even speaking to you we're trying to spread the word but it's not you know, we don't have a high-polluting office.

87:50 We are all distributed. We don't have expensive offices. Our burn rate at the minute, I would think, is about a 115,000 a month. That's for running the whole company, and I'm talking about paying salaries, you know, everything, filings, TSX, so on and so forth, marketing, we're going to try to be visible between now and the end of the year, but I've I've kind of come to favor, you know, the online approach rather than the we will go to, of course, some of the big shows in the PDAC. We'll be there, too.

88:33 but yeah, so we've got all the money we need in terms of carrying forward for the company, over the next 12 months. I can tell you that we have been told This is just I've been updating a number of our fund shareholders and all, and they're very supportive. I expect we'll be able to raise more without any particular issue. I think at the minute we're waiting, obviously, to see what benefit, in terms of stock price, we might get from the assays when they come.

89:07 but I have encouraged the market, again, with the letter to shareholders, to view what we've just done and and partially accomplished in the context of the the longer plan, the plan here, the fact that we need to get the phase two to really drill into that intrusion, and we need to drill a lot more just to bloody well advance us along that development pathway. And I mean, a key outcome for us, a season or two down the road, would be to demonstrate, as we did with GT, at some point, that we've got a viable resource there. And I'm talking you about a compliant resource, you know, that's what we'll work toward.

89:57 and to do that, we need to really, yeah, get in below the alteration. For all I know, it's possible the alteration halo above this thing that may well be parts that are uncompetitive. We just don't know at the minute, but I can foresee a situation where you do have a viable hit on top, and then underground, you've got, you know, whether it's a block cave situation akin to what they're doing up at Red Chris, or whatever. But I mentioned topographically, it sets up well that way. So, we'll we'll try to just basically expand define and then expand on what we've currently got.

90:48 Yeah. >> What I'm asking about money is is again related to what we've talked about there, the share price essentially over the last 6 months. Raising here or lower, especially with the market how it's been behaving recently, it wouldn't be preferable, I assume. So, if the drilling doesn't work out from a market perspective, and I know nobody likes talking about it, but you probably thinking about it as you should, you got to have contingencies, but again, if if the drilling doesn't work from a market perspective, but you do have the geological success that you're looking for that you just described here to me, how do you finance phase two? Is there something else that you can do to raise less dilutive capital?

91:27 >> Well, theoretically, yes. I mean, we haven't talked about Kincaid as yet. Now, I do like to be focused, and you know, a little company can't do too much, right? I'm not keen on that. We're not a prospect generator. I've never been keen on that model. Of course, you do need to have a cluster of properties, a small number, I guess, that support you, provide. So, thing about Kincaid is although it is US dollars, right, to do the work down there, it's like whatever that multiple is at the minute.

92:02 Anyway, it is very accessible and, we the key step we need to finish there, which we've not done yet, is IP. We want to do some lines by IP, that's all been planned. so that we hopefully can prove that we've got some good sizeable targets below these very encouraging values that we get on surface over quite large areas. So, this is why it's got definitely got a porphyry flavor, what's going on there. It's copper, gold, and silver, and with a porphyry flavor. So, his and a lot of historical workings, they appear to be just shallow above water table kind of, vein workings.

92:55 so, and I think it's looking like we will have some viable, fairly substantial targets. I don't want just veins, we're looking for that those underlying bodies that have real width to them, you know? So, we could theoretically get into, Kincaid at probably significantly lower cost on a per meter basis, but we'll have to weigh that, you know, it's it's a tough one. So, yeah, you're right, we're thinking about it at the minute. The other thing is, of course, it can be easier to raise the money for the Canadian, flow-through eligible place.

93:42 although, you know, as I mentioned on maybe I didn't mention, on our last financing that the bulk of that financing was actually hard dollars. It was 4 million of flow and and the rest was hard dollars. So, let's just see where it goes. you can't If you can't, you know, you're dead in this business if you're not working, right? If you don't have money, we'll take it step by step, see what value we get from the market for the assays to come.

94:15 And it may be coupled as well with a better tenor in the market first quarter. But we will definitely I don't hide that from anybody. That's no surprise to anybody. We will need more money. So, >> This program what do we say it was over 1,000 bucks a meter? So, was it like 5 million bucks cuz I think the original budget was like 3 and 1/2-ish. So, so it's a little it's over budget this one. Is that right?

94:40 >> Not over actually. So, the plan that you might have seen in the 43-101 at the beginning of the year, right? That was published on January 20th. So, I think it's fair to say that everything was more expensive. We did a By May, June, we had a proper, you know, current cost estimates prepared. So, yes, it was over 5 million bucks for that, but it we actually and I've I mean, we came in actually on budget. On or slightly under. We'll see. Under on the revised budget. So, that's just the way it is. First year, especially up there it's And this year there was inflation. No surprise to anybody. It's affected And that that is the shortcoming of BC, you know, to be honest is that is you were talking about maybe being a little hesitant about BC. my view is BC is a good place to be if you're in the right area.

95:49 And it's we are actually in a very good area. You know, we're in the best And I'm not just talking geologically. I'm talking about from a regulatory and acceptability First Nation standpoint. You want to be in the Golden Triangle, and especially in the Tahltan part of it. No matter what you may have heard in the past, you know, the Tahltan our area has only got the trick south. That area has only got one First Nation involved there.

96:23 And the Tahltan have been mining obsidian and selling or at least trading it, rather, all over Northwestern BC and the states for a long, long time. They have that history, and they they are very accepting of mining. There are divergences within the communities. You know, that like any community, you have a diversity of views, but the fact is and they they will actively work with you. They'll even promote your company in their yearly literature. I'm sure that they put out they put out some pretty slick literature, you know, highlighting their partners. So, I just emphasize that. And at the provincial level, the all of its an NDP government, which a lot of people think of, you know, as anti-business.

97:14 They're actually very supportive of mining, especially in the interior BC. It's different if you were down on Vancouver Island or somewhere. You don't want to be there generally. But, so just bear that in mind. You've got to be BC is about being in the right area of it, and we are. And they're spending a lot of money as well to boost, for example, their they're expanding the provincial hydro grid, electricity grid. They're going to supply a ton of new power to this area of the Golden Triangle. They have that all approved. they also had built a the Northwest Transmission Line a few years ago to get the Red Chris mine up and going that Newmont operates.

98:00 They're going to bolster all of dramatically, so good place to be and we're in it. Yeah. >> You're good. We've been We've been talking, I think, for over an hour and a half at this point. What am I What am I not covering here? What did you come here hoping to talk about that I failed to bring up so far? >> Oh, gosh. Well, we've really covered a lot of ground. That's true, Tony. I would say simply that and I always like to talk to or maybe it's a bit of an educational thing, just to make people understand that there is a lot of money to be made in this space, but the Yeah, and you cannot in in our space, we can only do it through capital gains, right? So, we don't like to misrepresent ourselves as miners.

98:58 or as producers, and you'd be surprised how many retail investors, for example, sort of have that You talk about being in mining, and they think you're actually producing. So, it's a bit of a misnomer. So, we're not there, but yeah, if you find an ore body that has the makings of a mine, a deposit, shall I say? I suppose I can't use the word ore, but a deposit is is one that's been demonstrated to be economic. If you can find a viable deposit of the type we are hunting, this porphyry copper gold, they are worth a huge amount of money, and you can make a lot of money either trading the stock or staying with the story till you work through all the inevitable volatility.

99:56 I will give you a few metrics just to describe in the case of GT Gold, you know how much money we actually spent in Canadian dollars to define, find and define the Saddle North porphyry. It was about because I've updated all the numbers. So, I'm talking about then it was about 17 million dollars on just the Saddle North. I'm not talking about the vein deposit that we spent a lot of time and which by the way Newmont has not even bothered to resource Cal con. It will add to it, but this 17 million bucks we put 42 drill holes into it.

100:45 42 and about 32, 33,000 meters of drilling. You can get these figures yourself if you go to GT Gold's profile on Cedar and go through their published resource. And then they delivered the the resource they did depending on the the you know 13, whatever, 14 million gold equivalent ounces or maybe it's 10, whatever, huge compliant resource, a lot of it at indicated level.

101:15 So, and then they bought that thing for, you know, current dollars. I'm talking current inflation-adjusted dollars. It's like 456 million bucks cash for 17 million dollars of outlays. And they were interested in the porphyry, right? What kind of return is that in like two seasons because they really only drilled it for a couple of seasons, right? Anyway, a huge return. If you contrast that with the amount of money that you got to pay to find and define and obtain a a current 43-101 compliant resource in a vein deposit akin to some that you might have heard about in recent years down east and various other places. New Found Gold is a good example.

102:09 it is like night and day the amount of money and the number of drill meters that you have to deploy to the one versus the other to end up in a much different place. Huge resource, viable, you know, modest, lower grade than anticipated on the other hand. So, that's something to be aware of, you know, and we think we're on to one at Trek South.

102:39 >> it's it's interesting when you think about the returns in junior mining and then you you kind of adjust them for the risk, which is and that's something that I like saying, but failure is the norm and should be the expectation actually. You know, people talk about one in 10,000 anomalies becoming a mine. There's probably one in a thousand projects or one in a thousand anomalies that becomes an actual project. So, if you adjust it for the risks as well or for the for the probabilities of success, that becomes different there.

103:08 How do you judge the probabilities here? again, we talk about the size of the price, the cost of the test, and the chances for success. Chances for success here, obviously understanding that you would be biased and all that and forward-looking, but when you look at the recipe here, what are the probabilities that you end up baking this cake and it tastes good? Well, yeah, you would expect me to say, you know, I think probability is high and so on and so forth, but guess maybe what I would say is we walked through all of the restructuring we did this last year because I thought visually and based on my analysis of the data that Trek South as a prospect was very highly likely to give us a discovery.

103:56 And that was one project. I think a lot of the time, Tony, it has to do with the evidence. like I think the probability of success is way higher than that, you know, broad-based statistic you might have mentioned there. It's way higher if you can see physically on the ground what you've got and couple it with the geophysical results. So, that's a big contrast with Trek South. Trek South had some of the best exposure of any prospect in the province.

104:40 And why I mean by that, it it's it's a huge area of bare rock, covered with shattered rock here and there, too, but it's basically bare rock. And I thought based on that, you know, it had a very high likelihood of success. And I think we've demonstrated with phase one that it is exactly what we said we thought we had. And that's just from the phase one result. So, you you might want to separate I know there's people go out there and they're hunting, you know, they a lot of the BC plays are covered in overburden or dense trees or you know, if you can't see it with your naked eye, then your likelihood is much lower because then it's just a geophysical play or maybe a geochemical play.

105:34 so, we could see it on the ground. And we are our s- our confidence has been supported by the the results. So, I would argue our chances of success have been very high with this project, and we demonstrated that. And now with the drilling, we demonstrated that we do have metal and we've got the right metal at the right high-temperature minerals, and we have a focus. We know that there is an intrusion there. We know it it is there.

106:07 You don't get what we've got on surface without under trut- an intrusion there and what may be a little different funny enough about Trek South so far is that it appears we've got maybe the whole alteration package on top of this El Calico porphyry maybe preserved all in British Columbia many of these deposits that's partially true like at Glor Creek saddle for example there was very little left on surface of the alteration the propylitic zones above it right? At saddles at Trek South we've got the skarn we've got these hundreds of meters of intense alteration green as can be some of the photos of that we put into the news releases right? So we appear to have the whole system preserved which will make it somewhat unique for a British Columbia that's great to see so what can I say we we proposed what we had and I think we've we've demonstrated that that what what we thought was there is there and I do think that's going to evolve toward even better things than we've seen yet we just need to do more drilling.

107:34 >> The when we talk about the when you talk about the geophysics and whatnot the pre-drill model that you had it it it treated the what is it an 850 by 850 meter magnetic high that you have as a possible potassic intrusive core but your strongest central drill holes are now in in the visual description that you have they're described as intensely altered and generally non-magnetic. So what stops the magnetic destruction or or unrelated entries of geology from making the magnetic target fundamentally unimportant?

108:08 >> I actually think the magnetic target is still important but it is commonly the case with these systems, porphyry and other like even epithermal systems, that they have a magnetic low associated with them. that's true, for example, up in the Tujidgon. If you look at Thesis Gold and you know, many of the epithermal systems are drilling are in magnetic lows. So, that the alteration destroys the magnetism in the rock. Now, we've shown in the letter to shareholders specially that I put one of the major outcomes of our drill program was that it gave us information not only about the lithology and where they are in space. Like, where is that package of alteration down there? Where does it stop? Does it drop off in that direction or this direction?

109:08 And but it also gave us the geophysical characteristics of the core itself. You know, pull the core out, well, it's got no magnetic signature. That caused us to rethink because we've modeled both the induced polarization and the magnetics for tracks out. We've modeled that, right? That's been modeled for a number of years. And and we set up one of the reasons we set up the drill program the way we did was because we kind of interpreted from the IP chargeability and the magnetics that the system was going out that was an intrusion, but it was going out to the southeast, but closer to surface, right?

109:59 When we determined that the core is non-magnetic, but we went back and had a good look at the modeled magnetism in particular and realized, as I talked about it, that there's a prominent ship's prow, I call it, cuz it looks like that bulbous bit that is here on these ocean-going freighters, you know, that sticks out at the bottom ahead of the hull, right? So, that We can see that clearly in the magnetic data and when we model where our drill holes are above it, we can see clearly that we've been drilling through the alteration up there where there's no magnetic associated with it and then out to the southeast.

110:45 So, just you know, now we're pretty confident that that intrusion is just not up right where we thought it was near surface. It's actually sitting there just below and it's at an angle and it is going down to the southeast and we've just been drilling over top of it. And I think the the drilling that we did do indicated that close to surface, it's not going this way or that way. It goes down and then you pick up the intrusion. And so, as I said, the intrusion has to be there. We have the alteration package. It's not gone. It's all there. So, it's got to have there's got to be a source below it.

111:28 And it's a big package, right? So, it's got to be a pretty substantial body down there. Now, it's been a bit of detective work and that's why I thought it was important to for me and for John Bitsak, our VP exploration, we spent the whole summer all the drilling we were there every day. We would check the core when it came in in the morning, help help unload it. You know, review it late in the evening.

111:58 There would be another shipment of core. We would go there and check that out. You know, we were running from we'd start each day at about 6:00 a.m. with the meeting and we were often still at at the core shack by 8:00, 8:30 at night, right? That's how long the days were, you know, doing all the things in between, so Yeah. So, it we're truly just in the first innings here, but I think next summer we could have some blowout success out of what we're doing there.

112:35 >> Mhm. The original attraction of Trick South included that IP chargeability anomaly. I think it was above 40, so above 40 mV/V, but IP responds to sulfides generally, and and your surface system contains pyrite as well, a lot of it, too. So, what what makes you think that the anomaly is, you know, could be copper-bearing sulfides rather than it being just, you know, a very large pyritic alteration system? Like, could that happen, or have you seen enough evidence that you >> has It has happened.

113:09 so, just to be clear, you know, it's it's commonly the case with these porphyry systems that you've got a pyritic halo, right? around them associated with them, and yeah, anything any of those disseminated sulfides are going to give you nice chargeability highs. So, and we have that there, and that's actually a normal part of a system like this, especially if most of it's preserved. You're going to be drilling through pyritic this and that.

113:40 so, we have that. I think what I would simply say is that the the IP chargeability that we do have, and it's a whopping big anomaly, right? Kind of a wrap-around anomaly. it is it is definitely a lot of it is pyrite, at least where we've drilled it. There's a lot of sulfide, and it's disseminated. not massive, but it's basically what you'd expect to see. It's just that we think it's masking the it's masking what's below.

114:17 And I think the potassically altered core zone, which I is what we're really hoping for, where presumably we get the best grades, is represented by that magnetic ship's prow that we talked about that's down and just covered by basically the overlying alteration, which is not just the alteration we drilled, but yes, the the pyrite halo that's kind of part of the alteration, too. So, mhm.

114:51 >> What about the source of those boulders? I mean, the the southern expansion that you had last year or that you thought was expansion of the system, that was partly because of the some copper boulders essentially from your boulders that had copper in them and and shattered material was carried in a in a in a I wrote it down somewhere, but I and I got to stop pretending to be a geologist cuz I'm making a fool of myself, but it was medial moraine from beneath the glacier. So, where's the source of that? Where where is where is that coming from?

115:23 >> Well, you know, so we debated this quite a bit this summer when we're up there. Now we're thinking that some of the shattered some of the bornite bearing boulders that are on surface, right there, they happen to be near one of our drill sites, right? We think they may actually be from the surface, right? I mentioned before that we zeroed in on where we think the root is below, right? That was holes six, nine, and 10. We even started another hole, a deep one that we'll finish that next year.

115:57 anyway, it's it's entirely possible that the high grade I mentioned we saw visually in some of the drilling, like in hole six, the bornite chalcocite, that may actually come to surface, right? In some of the boulders on surface. It's just that our holes are 200 m apart. And there is, although I mentioned it all being kind of bare rock, well, it's it's outcrop, large areas of bare rock, but there's also a lot of smashed up just angular material sitting on surface right from the glacier. So, you know, those particular boulders, bornite bearing boulders that we had talked about, they could be actually derived right from close by where we found them on surface.

116:51 But, I think you're as far as what's coming out from the glacier, again this summer, we prospected back up the glacier to where I we're calling it the B zone, the B zone now. and that's a zone I found last summer by prospecting up the glacier, and that material is actually on the surface of the glacier, yes, a moraine, and it's copper mineralized the whole way up glacier, and that's about, you know, 6 or 700 m up the glacier.

117:29 And so we went back there, prospected the whole thing again this summer, and then really had a good look up higher even with one of my colleagues. And we think now that actually up there at the head of the glacial bowl, it's basically being plucked out by the glacier from probably there's a ridge or a cliff just underneath. So, the glacier itself, we don't think is very thick anymore, but it goes back there, there's a glacial bowl, fairly gentle, and then there's an uptick at an angle like this.

118:09 So, basically there's good stuff happening up there, and it's garnet, epidote bearing, copper bearing, very similar to what we have down there at the toe of the glacier. so that's B zone. I mentioned C zone, which is this new zone this summer. You can see this on the plan views that we put out recently, but C zone is is really attractive looking zone just few just few hundred meters southeast of where we've been drilling on the edge of the glacier where there's a huge fan of really rich looking copper weathering products, right?

118:56 malachite, azurite, all of that visible, a lot of it on this material. So it C zone, we think is related to B zone on the other side of the glacier because there is a there a break in the glacier and we think there is a a cliff under there. Basically, it's who knows for sure, Tony. It's very hard to say at this point, but there's quite a bit more going on than just crack self proper, right? It's like we've shown now that all the way around that hole, you've basically got mineralization, copper.

119:39 So >> How old do you think these rocks are, by the way? Cuz you gave the the comp earlier and and age matters when you when you do comparisons as well, so I should have followed it up, but now you're reminding me of it. How old are these rocks? >> About 200 million years. You know, sort of typical age for that area. And we were actually waiting but you know, there'd be a variation. We haven't done a proper yet. The BC government was so supposed to do some age dating for us and then they informed us during the summer that they weren't going to do it. So anyway, we don't have a firm date yet, but I would presume we we do think it's all in that range, 190 maybe to 210, something like that.

120:24 >> When you look at Galore Creek, how old is that? >> In that range. Yeah, I'd have to double check with the guy. >> be Eocene or >> Sorry? >> Would that be Eocene? >> No, I think it's at at the Triassic-Jurassic boundary back then. >> And then yours would be that too, so at least not like yours are Eocene. >> No. Oh, no, no, no. Eocene is much more recent, so >> Yeah. >> Yeah. >> And and you do get Eocene in BC though, right? So that that's where >> Oh, yeah. Sure you do.

120:55 >> Right. >> and we got it actually right there. I see where you're getting. We do have what we think are Eocene age intrusions on surface right there at Trek South. In fact, we mentioned that in some of our release. We actually drilled into some of that this summer just to see what was in those and it's We're thinking now and again, we're not even sure where the key controlling structures are at Trek South. we did a lot of detailed mapping, hired some people to do that this summer right there at Trek South, the upper to the toe. There's a lot of faulting going on and we saw faults even when we're doing helicopter surveys of the cliffs quite a way to the south, so Usually these porphyry deposits are related somehow to faults of a fault or more than one of them and there is as I mentioned the major Trek fault which is just to the west of Trek South and it's along which you get Trek North as well and all those other prospects we talked about earlier, but there's probably more than that going on. It's just we haven't found those faults yet.

122:10 And we think the intrusions including the Eocene intrusion which is there, it's kind of on the east side of Trek South is probably taken advantage of one of those zones of weakness, right? And maybe the original intrusion that we are No, it's got to be there. It's probably taken advantage of a zone of weakness, as well. So, in time you get different episodes, intrusive episodes.

122:41 So, >> Mhm. Yeah. So, what still keeps you up at night? I think it's 2 hours at this point that we've been talking. So, I don't want to steal your entire day. We want to start working toward wrapping it up. What's still the biggest risk here for you? >> I actually appreciate the the interest Tony, very much so. I don't leave lose any sleep at night. I sleep very well. So, we do give and I've given a lot of thought about what what we've achieved this summer, what we didn't achieve, what we need to do, which I said is we need to find that intrusion, which I would say we are sure {underscore} is there.

123:24 I'm excited by, you know, what we have seen and what we drilled. we'll wait and see what we get from the assays. That's both for Trek South, as well as the Toe Zone. Yeah, we had a very strong intercept, a lot of chalcopyrite at the Toe Zone. I'm just keen to keep the program going and and get really get stuck into it. You know, if next summer, with an adequate program, we find the core, we find the intrusion, and we follow that thing as deep as we can go with the drills. You know, you may recall we drilled the better part of I think it was about 1,800 1,900 m at Saddle North. We followed it down systematically.

124:14 And we will plan to do that. And we're going to be drilling the C Zone, this new one, which is probably related to probably again, and Hondo for the first time ever. So, it could blossom. And that's all just about Trek South, right? Kincaid, honestly, it could be a big thing. We haven't talked about it too much yet, although we have had a couple of good news releases this year about it. we just need to sort of before you we can speak with a lot more confidence. I think we need to understand what kind of geophysical targets we've got associated with the obviously attractive-looking metal values on surface and all those old workings, right? But it Kincaid may be one of those classic situations where the old-timers kind of found the found it for you, but they only had interest in the high-grade veins and generally would go to the water level and that was it.

125:24 So, that'd be very exciting if we we drilled into something significant next year there, too. And I think we will plan to drill Kincaid for the first time next year contingent on financing. We will get that scoped out. >> Well, I think Kincaid can use its own episode. So, maybe I have you back on once you have assets from that and then we talk about about that. Yeah. let's do a bit of a recap here at the end just before we close it off.

125:57 What what's what's the catalyst calendar going to look like for the next 6 months here, Kevin? Walk me through what else we might see coming in terms of news releases. If I didn't know about OTMC and I started paying attention to it right now, what am I going to see over the next 6 months? >> Well, I guess the first thing would be that if you're looking for early stage exploration with assays pending, well, some people consider that a good time to be into a stock, obviously before assays come back. And then you're going to need to understand what the scale of the program is going to be next year. I'm talking about the drill programs, both at T-Rex South and Kincaid. That'll be the next thing. What and and what money is the company going to need to so that'll be those will be key events. The assays, the market response to those assays, followed by the plan for 2027 and the financing required to make that happen. You know, with those key events out of the way, then you can look forward to a program that should be very exciting next season. I mean, as I said, we have we have substantially de-risked Traxys out and we can go back there at much lower cost next year, knowing a lot more. And and and so you should be in the story.

127:28 So that's really it. >> Mhm. Good Well, good good summary. I I've been through it all. Last question, because this is a barbecue after all. What are some of the better barbecue chefs grilling you on? What's the biggest criticism? What's the biggest pushback you've gotten off this story since you've been pitching it? >> I have honestly haven't gotten much pushback from anybody. I What I will say is there were Okay, the the one thing that's concerned people over the last few months that it has been the decline in the share price, right? And you know, you get questions about, "Oh, why is there nobody stepping into the story? Why you know, where is the buying?" Well, of course there's been a lot of buying to suck up all the stock that came at us over the first last several months.

128:20 I I tell people I'm philosophical about it. You can't go out and spend, you know, hundreds of thousands of dollars on marketing because ultimately, in the absence of results, the market really cares about, you're just blowing your money. The only thing that'll make a success of this company going forward is really great results out of the ground and the prospect that you're on is something that could become a mine, right? Otherwise, everything else will be just a blip and then back down. So, we need to unfold like we did at Saddle North, a prospect that from its earliest days shows a likelihood of following a development pathway. I think we've just started that process, right? So, that's the blowback I've had has been, you know, share price depreciation. Why is nobody stepping up?

129:16 Why is Eric Sprott or some of these huge names not in the story? I mean I mean, they're all valid questions, but frankly, we've never approached Eric Sprott or anybody. They usually I'm going to tell you to get those guys in, they usually want a discount on your stock and maybe a pretty big one, which some of shareholders view as unfair. so, you know, I think we can we should point shareholders to the fact we've already got like 30% institutional investors in this company and some of the very best names, I'm talking about the best hard dollar fund names in the country, and that should tell you something.

130:04 But, all of the other ups and downs are just, you know, market games. I wish we didn't have to offer warrants on any financing. Maybe in future we won't, right? And we'll avoid that if we can, but you know, when you are starting out fundamentally, you're dead if you don't have money. You need money to do anything. So, again, I think we're on to something here that can overcome all of the negative market we just have to do the work and we need money to do that work.

130:39 And we'll do our best to deliver really, really great value. I think the fact we spent and it was unusual for the CEO to be on a project all summer long basically like I was. That's unusual. I mean, I know many CEOs are not maybe technically trained, but that just underscores the kind of of understanding we've got that that project tracks out is really important and we're darn sure we're we're going to do our best to apply shareholder funds the best effect. And one of the ways to do that is to be on site when it all the key stuff is unfolding. So >> >> We really do appreciate your time, Kevin. Thank you so much for sitting down with me. I'm sure I'm forgetting to ask you a bunch of stuff, but that means all the more reason to come back. So for people watching and listening, whatever I'm forgetting to ask, let me know and I'll ask it in our next conversation.

131:35 For now though, Kevin, thank you so much for sitting down with me. >> Great. Thanks a lot, Tommy. >> And before everyone leaves though, I still have a couple more things to say. The fact that this company was interviewed here today doesn't mean they're necessarily a good nor a bad company. We're not here to endorse or attack anyone. We're simply here to ask a few questions. If you find that we have failed in asking a question that you would have liked to hear an answer to, please let us know by emailing antonio@resourcetalks.com and we will try to correct that mistake in a future conversation.

132:08 If you made it that far, you probably know this, but I will remind you nonetheless, mining is a risky business. Losing money is the norm and should be the expectation as mineral exploration, development, and extraction is an extremely risky industry where the performance of individual companies typically depends on many different moving parts, including company-specific factors like geology, financing ability, hiring methods, and many others, as well as other things that are outside of the company's control like geopolitics, macroeconomics, commodity prices, and many more. Too many to list here, really.

132:42 Moreover, these companies are typically in the pre-revenue stage, which means they rely on the public markets for the financing of their operations, which after results in shareholder dilution. They raise money by issuing new shares. Even if the CEO promised they won't have to raise capital anymore, I've seen it over and over again. It still can and it does happen, which is why you need to stop and think. You need to do more research and not rely solely on what the company tells you.

133:12 Furthermore, as a general rule of thumb, you'd be better off understanding that all company communications, albeit this interview or their website, their presentation, their news releases even, and of course their social media, and everything else, all of that is intended as marketing. And although we at Resource Talks do not make buy or sell recommendations, even if you ask us, we just don't do that, because there is a clear conflict of interest given the nature of our business, which sells content producing services to these companies.

133:43 Even though we don't do that, many accounts and channels out there do do that, exactly. They do give out their rec- recommendations, even though they are often paid for opinions and they're worth just as much as you paid for them, which is to say nothing. And you should be aware of that inherent bias. You should not blindly trust people on the internet. That bias is not always going to be clearly disclosed with everyone out there, so it's just safer for you anytime you're watching any type of company specific content to approach it with a dose of skept- a big dose of skepticism. And just assume that the party telling you about it is biased, often times in multiple ways. They might own shares, they might be paid by the companies, or I should say they often are.

134:24 And that bias is not always going to be clearly disclosed with everyone. So, always ask yourself what the incentive of your counterparty is and never rely on them regardless of their incentive, but instead double-check if what they're saying is true by using cetera.ca. Unfortunately, at least in my nobody out there has any special predicting abilities. The CEOs don't possess any superior knowledge and they cannot know about what's going to go up, what's going to go down, or what's going to go in circles.

134:56 And none of us know whether any of the companies' activities that we discussed today will result in a success. Again, given that we're talking about very high-risk activities where most of the times it ends in failure. The vast majority of the times it ends in failure. Also, unfortunately, try as I may, we won't always catch all red flags or all challenges with the company. So, even if we did ask a few tough questions in in this conversation, don't rely on this being all of the important and tough questions. Again, these are complicated startups with many moving parts. They require regular rigorous I'll try that again, but they require rigorous due diligence.

135:34 Resource Talks and its hosts cannot guarantee the quality of anything presented in this video and you cannot hold the company, the channel, or its host responsible for any losses or damage stemming from the way you decide to use the information you were just presented with. Viewers, listeners, and readers acknowledge and agree that the information presented herein does not constitute a solicitation or an offer to buy or sell any security or instrument or to participate in any trading strategy. Resource Talks and all parties involved in the management of this business strictly disclaim any and all liability for losses and or damages whether direct, indirect, special, or consequential, or other consequences howsoever caused arising out of any use or reproduction of the content published and distributed by Resource Talks or any decision made or action taken in reliance upon it. By consuming this content, all viewers vow to release Resource Talks and all parties involved in the management of the business from all claims, proceedings, or consequences.

136:38 You know, this is all to say it's a lot of lawyer talk, just saying you should not blindly trust us or anybody else on the internet and you should always do your own research as cliché as that may sound. Once again, social media is meant for entertainment. SEDAR+.ca is where you do your research. That's an official government website. That's where you find the companies' official filings. And I encourage you to read and analyze the management information circular, the financial statements, the management discussion and analysis, and whenever available, the NI 43-101 technical documents, at the very least.

137:10 If you don't understand everything in those documents, the chances of you losing money are even higher than they normally are in this space. As mentioned earlier, the chances of even the best analysts in this sector losing money are very high, since this is venture capital, and it is not for everybody. I'll leave you with one of Charlie Munger's quotes, which I wish I'd listened to more often earlier on in my career, which says, "Quote, if you don't understand it, don't do it. Unquote." Thank you all for listening, and I wish you a great day ahead.