New Copper-Gold Explorer in Quebec | Kintavar Exploration CEO Interview
Summary
Market Insight: The podcast discusses Kintavar Exploration's recent restructuring and strategic pivot towards a Volcanogenic Massive Sulfide (VMS) model, focusing on copper, zinc, gold, and potentially silver in Quebec's Shabbug district.
Company Strategy: Kintavar's acquisition of the Roger Copper Gold project and appointment of Peter Cash as CEO marks a significant shift from an intrusive model to a VMS project, aiming to leverage in-hole geophysics to identify massive sulfide targets.
Investment Considerations: The podcast emphasizes the speculative nature of mining investments, highlighting the inherent risks and potential conflicts of interest due to the interviewer's personal connections and financial interests in the company.
Financial Overview: Kintavar is listed on the TSX Ventures Exchange with a market cap of 14.5 million CAD, and the stock is currently trading above its 50 and 200-day moving averages, reflecting recent positive momentum.
Operational Goals: The CEO outlines objectives for the next 12 months, including completing geophysical surveys, drilling to confirm the VMS model, and potentially expanding the property footprint based on exploration success.
Challenges and Risks: The podcast discusses potential financial challenges and the importance of securing investor support, as well as the technical complexities of the project's geology and the need for detailed geochemical analysis.
Future Prospects: Kintavar aims to position itself for a potential regional play in the VMS space, with the possibility of attracting interest from mid-tier companies or larger players like Glencore, given the strategic location and infrastructure advantages.
Transcript
Today on the CEO barbecue, we're looking for copper and gold in the Shabbug district of Quebec together with Kintar Exploration. For a bullet point summary of this and all other CEO interviews, go to resource talks.com and subscribe to our free weekly newsletter. The company you're about to hear from has paid us for the production of this video, which means there is a level of bias, and this video should not be treated as a recommendation, nor as research. Research is conducted by reading the company's official filings, which you can find on setterplus.ca. This interview is intended only for experienced speculators because mining is a very risky industry where failure is the norm. All conversations are general and impersonal in nature and they contain forward-looking statements. I am not a licensed financial adviser and my business sells content producing services which also makes me biased. So before continuing on, please talk to an unbiased independent investment adviser with a good long-term track record because your capital is at risk. For this company specifically, you should understand that there is an additional level of bias because the company's chairman, Steven Stewart, is a friend of mine as well as an investor in my company and I'm often an investor in some of his companies. And although I don't own shares of this one yet, I might own them in the future without a prior warning. If you're not 100% sure you understand 100% of the disclaimers I just showed you, please go to the last section of this video and do not consume this content unless you fully understand and agree with everything said herein. That all said, Kentar is listed as KTR on the TSX Ventures Exchange, where over the last 3 months, the average volume has been about 162,000 shares. The stock's 52- week high is 7 cents and its 52- week low is 1 cent. With a market cap of 14.5 million Canadian dollars and just over 222 million shares outstanding today, this is a 6.5 cent stock with a 50 and a 200 day moving average at respectively 2.5 and 1.8, which means the stock is now trading well above both. Now, this is where I normally start giving you a bit of um or diving into the insider ownership and a bit of an overview uh as well as the company's financials to tell you how much money they spend on marketing versus how much money they spend on drilling and so on. But Kintar has just recently been restructured and refocused really. So, that overview might not make too much sense on a historic basis, but those are still important topics. So, I will be asking about them later on in the conversation. In a nutshell, after recently uh resetting the story really by closing the Roger Copper Gold project acquisition and appointing Peter Cash as CEO on September 16th, that was this year, Kiver essentially pivoted from an intrusive motto on the project to a VMS project. So we're talking copper, zinc, gold, and potentially silver. It's a VMS thesis with inhole geophysics on legacy halls targeted for completion by the end of this year. In the deal, by the way, the vendors of the property, ORCAP and XXIX each took 20% of Kintar and Kintar is just now part of the OR group of companies, which again, as a reminder, I do have multiple conflicts of interest with some of its members. So, do keep that in mind. And as always, I would like to remind you to be cautious because your capital is at risk. And uh because I've not been able to go through their financials now, please do that yourself. Go to setterplus.ca and look at the company's full financials. specifically pay attention to their fullear financials once available. But the quarterly ones are important as well. Um that as well as more detail on timing and everything else between um between now and and and whatever else is happening by the end of this year will happen later on in the conversation as well. But for this to actually become a conversation, I'll have to shut up already. And Peter, I'll give you the word here. But first of all, thank you so much for sitting down with me today. Thanks, Santonia. Pleasure to be here. Pleasure is mine. And since this is your first time on a barbecue, we will have to go through the smell test. Uh but just before we start doing that, I want you to talk to me about this restructuring of the company. How did it come to be? Why is now the right time to do it? What are you seeing in it? And yeah, just why? Yeah, our group is always looking for opportunities for good properties, good deals. Um um one of the one of the present CEO of one of our sister companies XXIX was on the board of Kintar and and basically they were liquid and they they weren't going anywhere. They didn't seem to be moving. There was no interest in their stock. Um so the suggestion to Stephen uh Stewart was that hey this is an opportunity for us to roll a non-core asset and Roger was a non-core asset in XXIX with their focus mostly on Opam Misca. Um so uh that got rolled in and the suggestion by the or group of of a transaction whereby uh Kindervar would acquire XXIX and in turn uh the OR group would take both management and board control of uh Kavar and and it's Kavar for now. Ultimately, we're working towards a rebranding which is a renaming of Kavar into original metals corp and that will happen over the next 30 days. Mhm. What about the the purchase price though and and Kafar does have shareholders. Kafar I believe itself was a spin out so we'll talk maybe a little bit about that later on. But why do you think Roger is worth the I believe it's almost 90 million new shares that are being being issued of Kintar. So what about that purchase price? 85 to be closer. Um, it was an all share deal. I think I believe the the the transaction was valued at about 2.3 million equival that's that's fair value for the asset. Um, Roger has in com combination about 535,000 ounces of gold equivalent. So, um, that's a reasonable shake on the valuation of the property. We will definitely be back to some of those things as well as as the org group's involvement in everything that you're talking about later on. But this nicely ties into the first of the tensel questions, which is you because you're essentially going to be leading this company. Why you why are you the right person to run Kentar or original and and have you made money for shareholders before? Um, I'll go through my history. I've been in the mineral exploration sector now for for in excess of 40 years. I've worked for majors and juniors. I worked for about 10 years for Inko. I ultimately uh uh ascended to become the manager of Eastern North American Exploration for Inko. I left them. I did some corporate development for gold companies. That's where I met Philip Puse of of Cartier. Um then my mentor brought me in. and I I um founded a company by the name of Quest Rare Minerals. It was Quest Jurim at the time in 2008. Um whereby uh we made a significant rare earth discovery in 2008 2009 just just in advance of the big rare earth uh run. uh we moved uh the stock price of Quest at the time from about six cents to $9 Canadian or about half a half a billion uh market cap Canadian. So that was a significant success. I made our my investors a lot of money. Um we did a large financing in 2010. Uh but basically we double up the share price for our investors within 6 months of of the close of a $100 flow through financing that we had. It was uh syndicated. So uh I left Quest. I'm really an exploration guy. You know I find things when I was with Enko as a manager in Quebec. We found additional gold deposits outside of the Castari mine. Um, I had a regional exploration program in north northern Quebec on the Troy Belts. It was we made a base metal discovery. It was small, mind you, but it was still in support of the model that we had established. Um, Quest was a success. And then I rolled uh when I left Quest in 2015, I brought a second property with me that I had discovered while with Quest. We called it Cradle Lake. So, we rolled it into Imperial Mining Group and I I founded and and launched that thing. we took it uh to a PA um and at that point in time they were moving to a pre prefeasibility feasibility stage um that was a Scandi earth project which is interesting and I really delve deeply into all aspects of the development of a of any kind of mineral deposit including engineering, metal energy, geology, structure uh even down to number crunching and value attribution to assets. Do you currently held any other um positions uh board or or executive positions with any other companies? Yeah, I'm well I'm director with a rare earth company helping them out with a financing. Um there's a I'm actually the chairman of a private company that has a porefree copper Molly project in northeastern Quebec. um that's not really an operational role but my full focus is on Kintar and developing uh shareholder value in it. So So what you you think like 100% of your time goes toward Kentar then in that case or how do you see that? That's correct. Okay. Do you how much of the company do you personally own again you just came in so have you gotten any shares? I've got about 100,000 shares. I mean and my intention is to increase my position over time. How are you going to do that? Is it is it through incentive plans within a company or do you want to be buying in the open market? Personally personally buying shares out of the open market. Okay. And then of course there's a um there'll be options from uh my joining the group. Yeah. Yeah. Of course. Well, what I'm looking for here of course Peter is is skin in the game especially with new CEOs important because you just came in. So how do you build that out? Is there a target? Like do you want to make Kentar a specific percentage of your portfolio? would you want to put a specific number of you know amount of money in it or how how do you see that skin in the game just to give context uh the Imperial Opportunity was the largest single shareholder I had in excess of 8 and a half million shares in the company which was at the time of inception it was about 13% of the shares in the in the in Imperial Mining so I I I don't know if I'll be build my position I don't know if I have the opportunity to build because a lot of those shares came from the transaction of me rolling in and do uh my my crater lake scandium earth project and we did an RTO with a Quebec gold and base metal company which again was a liquid. So the kinds of transactions we undertook with Kindervar was very similar to the one that I did to create Imperial. Right. Okay. So, you do essentially plan on what you what you're saying here and and and correct me if I'm putting words in your mouth, but are you planning on building a significant significant to you position uh or a significant amount of skin in the game here? I am. Okay. Well, also why I'm asking this also important to me here is to understand who owns your shares and how much of that can you not control but at least understand like is it is it being bought, is it being sold? Obviously um ORCAP and XXX are each taking what 20% if I'm not mistaken round it up 19.9 so they off the reporting issue where um the the parent company of the original Kintar uh G Omega has about 16% of the shares. So right off the top we we're controlling about 56% of those shares. What's happening to those 16% shares with Gomega? I thought they were supposed to be spun out when Yeah, I don't I don't know the I don't know the details of the transaction. I saw that there was there was reference to somewhat of a class action suit on the part of uh of Gomega um shareholders, but I I I don't know really the details behind that yet. I mean, we're just getting to understand uh the the the internal obligations of Kintar right now. I mean the transaction just happened this Tuesday or you just we just got control of the bank account um and uh today this afternoon actually in Canada so over time we're going to you know have a better handle on exactly what the obligations are but that's really out of our hands that's that's completely independent of Kinder right now. Yeah. Well, but it's so I mean to your point, it would be good to understand um those shares, you know, what are they what are they planning for those shares and then if something happens and they want to let go of them or uh you know issue them to their shareholders, are you going to be able to mop up any potential additional supply that comes into the market? Yeah. Uh, we know that there are about 20 million there's a group of shareholders in around one of our properties in in southern Quebec that that control about 20 million shares and we're already in conversation with them of the possibility of of either acquiring those things or securing them. Anyway, so across essentially that would be um Okay, that's interesting right there. Um there's Peter there's two things that I often wonder about with groups like the or groups uh like the or group but but one of it is of course how how independent is the board really when you you know a new group comes in takes control of a company so that's one but also maybe more importantly how much how much support or how much of their time do you get as as Kintar right given how how they're like they're involved in multiple companies right Charles is and uh Gilabel he also is he's the CEO of xx so how does that work are you are you getting any are are you getting decent support from them essentially is what I'm asking. Yeah. Well, by back by way of background um notably the imperial opportunity that I started up I was basically the head cook and bottle washer on that one. So I I was doing everything uh and the one of the one of the criteria for me to join the R group and and accept this transaction opportunity was the kinds of back office support that I would get from the group and I so far so very good. Um, you know, I get to fi support on the financial side. I Stephen's very supportive of what I'm trying to do going forward. The back office people are great to work with. And I I really like the environment. Um, do do them or you or any of the other insiders personally own a royalty on any of the projects that you have? No, there are no royalty holdings on certainly on Roger uh uh Roger and and we're just we're not there's a there's a couple of small holdings on other properties other than our principal flagship properties within Kintar. Uh but those are we're not likely to uh to hold on to any of those or certainly we're looking at the potential of vending them or optioning them to other parties. That is a topic that I did want to talk about and hopefully we'll get to that later on in the conversation. Still on the same topic though and still within our our smell test if you will Peter and still talking about incentives specifically 2025 incentives um because well 2025 is almost over. So maybe talk about 12 months given that you've just restructured this company as you said last Tuesday. How are you going to measure success internally from here on out? And specifically why I'm asking that is because I'm trying to better understand how executive compensation and directory compensation that we just talked about is going to be determined to reflect that potential success as in what are the KPIs going to be based on? Well, I've got I've got a milestone with which to address uh within my uh contract of employment uh and it's over a 12-month period and I I have personal set personally set a series of objectives. Um and what Steven has set is on the basis of uh share price performance and as well as the ability to raise additional capital on the the on the markets. So, um, and then that would usually lead to either additional options or RSUs, DSUs, which haven't really been specified, or, um, a cash bonus, right? Okay. What what is what is that success going to be based on, and this might be, uh, or how you define success is an interesting part because this might be a good segue into talking specifically about the business plan. What are your objectives here for for call it the next 12 months? Where do you want to get Roger to in order for you to consider that a success? Well, just to talk about the model a little bit and I think that's the big driver here. Um, I worked Roger in the early parts of my career. It was called MOP 2 at the time. I did a lot of the original journaling. I brought the project underground. I formulated the initial model and it seemed to have stuck. So um when reviewing the data I recognize that there is a possibility a strong potential for um massive sulfites and none of the necessary tools that were required to fully evaluate that possib possibility were use utilized by the project uh managers prior to us. Um I I'm measuring success on the basis of number one the work that we're currently doing will identify a massive sulfide targets number two diamond drilling of those targets and looking to looking at e an economic deposit and I'm I'm setting a threshold typical average size of a of an economic mass of sulfide is between five and 10 million tons. Mhm. So I'm setting myself that as an objective. Uh but more importantly, I think if the model works and it seems to to be certainly applicable right now, the model works is we're opening ourselves up to a regional play here. Um even like a mining camp level play uh because in the area that we are inu um it was never really evaluated for massive sulfide potential. Mhm. And if you think about massive sulfism at the early parts of my career in the 19 up to the 1990s was an extremely uh attractive model, but then rares hit and lithium hit and and gold hit. Gold's always popular, of course. So I I think I think I'm looking at the upside. you know, we're using Roger as a bit of a an anchor and if our model success is successful, then the idea being is to expand our our property position to secure equivalent type geology uh with the with the view that we think that there's other deposits because usually massive sulfides don't occur in in isolation. They tend to be clustered. So, if you've got one, the chances are you're going to find others and and that's kind of like the objective here. Well, it seems like you'll be essentially attempting to eat an elephant and the way you do that is is bite by by it, right? Uh how maybe talk to me about the specific milestones in that process like if we're talking say three months from now, what will you have done for shareholders and how do you see that step-by-step process going? Well, it's I'm I'm trying to be systematic and I I've my history is that I provide full focus on the work to evaluate the the opportunity first and foremost. Um promotion uh investor relations uh all these promotional support aspects I leave at a later date. I I want to make sure that I'm convinced that when I present to shareholders that I've created something of great value for them. So um certainly the first three months or to the end of the year the objective here is to complete uh I went I've gone back twice now into the onto the property. Uh we've gone back into the historical core done supplemental u sampling and logging. Uh we're applying some geochemical tools that are critical for the for the assessment of the fertility of the rocks in the on the property. Um we've we've relocated a number of the deepest holes across the entire width strike length of the Roger project which is about 1.8 km to undertake downhole gezics. So the idea being is looking for offhold conductors or giving trying to develop vectors of where the center of the the system is and that would take us to that would number one confirm our model. Number two is in the early part of 2026 is go back with diamond drilling kind of like use the same approach that or resources did at Louisore uh a deep set of widely spaced holes because of the the search radius of downhole geop physics is about 150 m from the axis of the hole. So in undertaking about a 250 m uh drill section down about 500 meters I think would allow us to fully assess the potential of that the interface that we've developed given where you are in in Quebec. So accounting for topography and infrastructure and everything. Um what would Roger have to look like both from from the grade but also from the size perspective? You were touching upon that earlier on. So it might be interesting to talk about that now. But and why I'm asking that is because I'm thinking what does it look like in order for it to be potential potentially interesting to potential buyers here. Um you know like I say in terms of size of a VMS you're looking at five to on average 5 to 10 million tons. Um probably rock value in the order of about $200 a ton $250 a ton. Um if not more. uh what what I find particularly attractive uh and if you were to look at an analogy um with the kinds of gold grades in the mass of sulfite sections that we've observed within the historical core um it's extremely goldri so unlike most typical massive base metal sulfide which are copper zinc and silver the addition of grade and I'm not just talking small grade I'm talking up to 27 g per ton gold with some in some of the base metal sections you can deal with a much smaller deposit and make significant returns. So I think as a bare minimum calling a $250 a ton I think is a bare would be the the the minimum value proposition of this kind of material. Mhm. because you could add the premium of gold onto that value and that of course would be 250 U bucks of recoverable minerals which is an important part with VMSS's as well. I am hoping we'll do a geological deep dive sometime soon, but you've probably already looked at this metallergically. How does this look? Is it is it looking like that would that would work? Well, it's yeah, VMS metallergy is extremely understood and and you know, I I compare that to my experience with the rarers where each different deposit has has its own formula for recovery of your pay minerals at least metals. It's fairly coarse coarse grain. uh the metal energy and there's lots of analogies that within the AB built for recovery of economic recovery of metals. Um I if if anything geologically and geochemically we're probably very comparable to the environment that created the Lauron deposit. Um, and Lauron deposits a 59 billion ton VMS, but it's an 8 billion ounce gold resource as well in addition to copper, zinc, and silver. Um, so I, you know, I and Laurent is extremely unique compared to a lot of the other VMS minds within the abativity itself. And we we're seeing some strong strong analogies to to Luron right now. Hopefully, we'll be back to this. I know Charles know knows quite a bit about Roger, so maybe get him on as well and uh we can talk about that. What about potential suitors up in in Quebec where you are? Are there any large companies already active in the region? Well, because the VMS may be a mid-tier company, so not necessarily a major, but companies that might be interested in that kind of an an asset or would you and I understand this very very forward-looking, but if if you had to guess to the best of your knowledge right now, who would an asset like Roger fit with? It's it's interesting. I I I Glenn Cora gave a presentation at an investment conference in Quebec City in June and they have the horn smelter and the government, you know, if that were to shut down because of lack of feed. Um that would there be a significant environmental liability and the government just doesn't want to get stuck with a bill. Neither does Glenford for that matter. So, um I think we in that scenario, I think we'd be able to negotiate a fair, you know, a favorable uh smelting toll smelting arrangement with Glenor. Um and that would so from there's two things that are happening right now. They're the Quebec government's considering there used to be a rail line from the Shiva Mushapp area down to the Abativi directly. uh that was that was removed I would think in the 1990s. The government's now looking at reestablishing it. So ultimately we would have a concentrator. Um there's even talk about the possibility that if Opa Misca were to go into production and a new concentrator would be built there that we would be able to toll feed our material into that into that particular flowheet. And then from there the concentrates the cons would be moved down to RUA Nanda for processing bike by land cork. Well that's actually bringing up an interesting topic maybe in and of itself um the history of the asset as that may generate some some more questions and that'll make sense in a second but who discovered Roger in the first place and what work has been completed on it since? Um it was discovered in 1979 by it was a joint venture between um Metagamy Lake Mines which at were the discoverers of course of the original Metagamy Lake VMS deposit and a junior by the name that I work for Flann McAdam Scotch Resources. So um it it really we really intensified the amount of work when I came into play in 1985 onto the project. So we did uh about three years of diamond drilling. Um by 19 the end of 1987 um it got to the point where we had a lot of mineralization. Uh different structures we didn't understand the the structural context and the direction of the mineralization. Uh it was buried by under a sand plane. So they the they said my recommendation is let's go underground on it. do some underground drifts and and uh do some sampling, do some structural uh mapping and geology and try to understand what the principal structure is and and some of the more recent work that we've done if indeed we believe that there's a VMS here but it's a gold rich VMS um all of the gold copper gold deposits in in Shbukmar and northwest northeast southwest structures or sorry uh northwest southeast structures and back in my early days on the on the Roger project, I recognized that there was one of these structures right in the middle of the thickest part of mineralization at Roger. So, the thinking is, you know, we might be dealing with an original VMS with a gold overprint. And that's cuz when gold's running through along these structures, it's looking for either a structural trap or a chemical trap. And Roger is so loaded with sulfides, there's your chemical trap, and it probably caught up all the gold as it was running through the system. Mhm. Well, also a mandatory question here, uh, Peter, especially when I see assets that have worked before in stable and and desirable jurisdictions. The question for me always is why did anybody let it go? And and if the thesis that you have for it now is workable and and could be economic, you notice the could um why hasn't someone developed it by now? it for the most part it was run by soquenim which is the um Quebec government's exploration entity they and really their objective is to take assets develop them up to a point where advanced studies are done and then they usually send it off to interested parties um you know the the corfree model which is you know I established in the 1980s I think carried through and and sometimes um you know you're so said on a specific model you you you've had the blinders on and that's where the focus is and that's what you look at. So because it was a porefree it's not a it's not a high grade deposit it's like a gram per ton goal. So I I you know it's not a certainly up at today's gold prices it's interesting but uh your when your average price was you know $1,000 an ounce doesn't make for a very attractive acquisition target. Mhm. And so you think it if it was a different market it would have been it would have been worked or or sold by now possibly. Yeah. How are the uh the community relations up there? How many groups are you dealing with and what are you allowed to do under the current structure or agreement that you have with them? Um the the principal first nations community is the Aji Bugamo uh Ajigree. um they they have a a a settlement not far from the property. They would be ultimately our primary uh group with which to undertake you know public consultations if indeed well well we have to do public consultations to obtain an expiration license. But certainly as if we were to advance that we would have to have more more comprehensive discussions and then we have to under the new regulations of of permitting we have to have uh communications with adjacent communities. So we're talking sheep and where those those discussions have already started to happen. Um, Aji I I I used a lot of some of the elders of the community. I I used to do use intensively uh in support of the exploration program when I was there in 1988 and I have a very good working relationship with them. Certainly even a personal relationship when I when I left Shabamu. Um um one of the one of the clan came and offered a gift of moosehide the beautiful moosehide gloves. And that's that's usually a sign of appreciation of of the years of support that we gave them in terms of providing them with uh solid solid employment. How far away are you from Shape? Uh Shabum was actually closer 5 minutes drive or just as a matter of fact when I lived in Shabumo uh I used it was at the northwest northwest corner of Shaboom and it's about a five minute drive. So it's it's accessible directly by forestry roads and and uh principal uh forestry activity roads. How would or could that be a a challenge though with the community? I know for example opamisca xxas's project is is very close to chappe and so that's something that they've had to work on for a while now. How does that work for you? Could could the community be that close? Quite no look is adjacent to the to the edge of the town. So, um I mean they obviously have a different circumstance um in terms of you know public sensitivity. We're well away from from the center of the city. So we're about 5 km proper from the edge of town. Okay. So I certainly we're at a you know a significant distance from from Shugo relative to Opameca and Chappet for I understand that also means uh your proximity to roadwater power is there but for a potential and again that's very forward-looking but for a potential mining operation you would need different power right it would it would need to be heavier power lines and so on and uh heavier roads high tension wires coming down from James Bay in substations. Uh the Willm was a fast producing mine. It's it's within five 5 km of the property with power line to it. We'd be able to draw off of that. Um there are um there's a large sawmill about 2 and a half kilometers which which is uh you know significant power to run the uh run the plant. So I mean from a base from a base case the infrastructure is very well developed around the property right. Um how is it in terms of permitting? Can you go to drilling immediately or whenever you want or is there still more paperwork to be done? No this it's because we're a new project and we're a new entity. Uh Roger hasn't been worked since 2018. Um, and under the old rules, we didn't require the intensity of of uh of approvals for work permits. And and it's it'll be in the order of 3 months from if I were to start now um to in anticipation of a diamond drill program start up in in February, March. Um Okay. So, if you start in February, you should be able to drill by May. That's what you you're thinking. No, I'm if I No, I'm talking very soon. We don't have to be very very detailed, but we have to at least outline the area of interest that we would undertake work and the kinds of work that we intend to undertake. Once we get closer to the startup of the project, we've when we have preliminary approvals of of that that application at that point in time, we'd have to be a bit more specific sight specific of where we intend to under undertake the work. And so you're thinking that the probability of you drilling next year is that how's that looking? It's high. I mean, like I said, we're starting on the permitting process now, right? For anticipate because the plumary work that we're undertaking doesn't require permitting approvals. U you know, prospecting and resampling of existing core and even down doing the downhole geohysics on existing holes doesn't require that level of approval. M it's the diamond drilling that will require the the the much more detailed approval process. I know it gets very cold in Chape. How do how's the uh weather for you up there? Lovely. I mean uh matter of fact, you know, January, February isus 35 degrees and uh I lived there for three and a half years and I actually enjoyed it much more than the winters in southern Ontario which are minus15us 20 degrees. Right. So, but is it I mean for exploration I suppose it's workable but it would probably be much more expensive to work it in in the winter or how do you see that? It's the other way is the other way is true actually. It's um access is much easier like you can literally drag the machine on on any any conditions swampy conditions uh etc. How is topography in the general lay of the land there? Is it swampy mostly? Is it any lakes that you're dealing with close to you or anything like that? You know, we walked the property to spot the historical holes that we under plan to undertake downhole geophysics and I call it parkland. Uh the underbrush is very sparse. Uh the the trees are very widely spaced. It's quite dry. There's one area in the property uh off to the south and west that's a little bit on the swampy side, but that would we could overcome that with in winter conditions. Mhm. Um is what about um like rivers or protected daisies or protected mosquitoes and moose or anything else that's protected on your property that we know of. I mean I I haven't done that intense a study. Uh but for all my years that I was on the property and I never saw a large game on the property at all. Is there no hunting seasons? doesn't mean for the first nations that you're dealing with, would they require you to stop for a certain period of time so they can they can do their thing? Yeah, that's natural in in the fall, but we we don't plan to undertake any work in the fall. Um the diamond drill will be done in the winter and there's no hunting or fishing in that period of time. So, it's optimal for for a diamond drilling. What are or what do you expect the um the drilling costs to be then in that case? I mean, with the land that you're describing here, what would that look like? We've uh did some preliminary inquiries and and of course I'm I'm piggybacking off some of the proposals that our sister company XXIX is getting for their property. The the circumstances of of Roger in terms of distance from town and logistics and are about the same as Opamisca proper um it's sub just drilling cost is sub $100 a meter. So my estimate is about anywhere between $250 and $300 a all up. That's assays, geologist time, sport infrastructure, transportation and storage of the car, right? Um you would be asking then in that case uh where would you be asking? Sorry, where would you be sending the assays for uh results? Let's see. Well, there's a prep lab in Vdor with uh we've we've got a contract with commercial lab that that I've used uh intensively in the past. Uh once it's within their infrastructure, then they handle all the all the handling of material. So, they prepare the pulps, they prepare the rejects, the pulps get sent down to the laboratory in southern Ontario uh for analysis. Southern Ontario. So, that would mean 6 to 8 weeks for assays. Is that right? No, actually I I we had a batch of analysis that we undertook for the core at Roger and it was uh less than three weeks. Oh, interesting. Um because what I'm trying to understand here, Peter, is when when when do you think we're going to see some some assets? And I understand there there's more work to be done before that. But it is drilling that really actually moves the needle. So So just directionally when do we see assets? Well, ultimately if undertaking the diamond the downhole geophysics this fall identifies a target, you know that our first drill holes are going to be into it. And the the benefit of of massive sulfides is you can actually do visual estimates of grades certainly of copper and zinc. Um so I mean at least we'd be able to have pictures and report out the we're seeing visually in the core. Um and then the so if we start in March or February, you know, the first assets would come sometimes in March. Interesting. Um what are there any legacy liabilities on on Rogers either from the government or community or environmental perspective? Anything that you might be liable for? Um well, when we undertook the uh the downhole program in in 88, this there's some some muck piles, but they're fairly inert. Um there's one area that's uh it's a little bit sulfidic. Um I don't know if that's been assessed for its environmental impact, but it's not we're not talking large volumes. Mhm. What what I'm really trying to do here, Peter, is trying to understand what could your Achilles heel be? What do you think is the biggest challenge or risk for the whole strategy that you've talked to me about so far today? What Yeah. What worries you the most? we get to if we get to a production decision, it's it's you know that's I'm thinking down that down that road. I mean, and that that to me is the the the if you're going to talk an Achilles heel and a massive sulfide operation, it's the it's the the uh the sulfidic tails, but there I mean there's engineering that be undertaken to to contain that in the first, you know, and uh so that's and and you compare that to legacy massive sulfide projects where they didn't have the level of understanding of the long-term impacts of not appropriately fencing off sulfidic talents and a lot of that you had a lot of acid runoff that gets into the environment and that's just that just doesn't happen anymore. What about between now and that though? Cuz I I I understand that part is is solvable and doable and if you have something of merit that is economic, you make it work. Um if it is within the the if it is within reasonable boundaries. What about now and between now and then though? Is there what worries you the most? I mean I ask about timelines of whether earn infrastructure and everything else seems like it's not those things. What do you think could you what's the biggest risk between now and then? I you know I think it's more on the financial side the ability to get support financial support to but from an I don't think there's a there's anything related certainly at the expiration level that could cause a significant delay or a kill of a project and and you know I say we're not if you have sulfidic tails returns from your diamond drill you can certainly contain that I mean there's there's obviously means by which to contain that in secondary uh uh tanks, containment tanks, but I I don't foresee any potential problem. I do want to talk about the financial side of things. We definitely will. I know you have some money now, but we'll get to that. Um so, but just project level from the technical perspective, what would you let me put it that way. What would you change about the rocks if you had a magic stick? What's what's something you would want to see that that would make it better for you? Well, the problem is it's not a problem, but I think the the lack of understanding of the true environment uh as a result of Roger is sitting between two principal fault faults and anything in between, including Roger, has been so transposed and altered and faulted to the point where it's anybody's guess as to what the original mythology was. and and and if I didn't have that constraint, I think I think a VMS, if there was one there would would have been found by now. What are you doing to solve that challenge or how are you tackling the challenge of the of better understanding the lithology? Um well the first thing I'm doing is undertaking detailed geochemistry which is like I said that it's a it's a critical tool in evaluating the fertility of a of rocks and you know favorable to VMS's. Um I've already reached out uh to look at university research and sponsoring some some P uh masters or PhD students to undertake studies and that would include the minology and all the other aspects and truly trying to you know use the tools that can bring back and gain a better understanding of what the true environment is. from from what I had seen in the rocks uh from the from the nature of the of the chemical signature that I've seen in Roger so far. I firmly believe that the interpretation of the model we've we've assembled right now is a much more accurate representation of what's going on on that property. Well, you are doing uh as I mentioned at the beginning if I'm not mistaken downhole geohysics which one you want to have out relatively shortly. What is that going to look like? Um if if we see the presence of a VMS, it will be a conductor that you'll an electromagnetic conductor. Um if we're lucky enough, we'll we might see it just off off hole from where the the historical holes are. Um, one of the one of the issues about geohysics in the area is the the back stop to the Roger is a rock that is extremely magnetic and it actually c acts as a as a sponge to any geophysical signature. So uh there's a means by which to overcome that what you do is I went part of the program is sampling for geochemistry. The other part was actually sampling the core. So we undertake physical measurements of the nature of the m of each individual rock type that makes up the package. And what you can do is you're looking at magnetic characteristics, electromagnetic characteristics, the chargeability, the uh the density. Um, and then you can then put that into the hopper and act if there's a specific rock type that's causing you difficulties and and you know masking the signature a much more signature of of much more subtle signature of a VMS, you're able to see it because you can filter out the impacts of that particular that might actually once you have that data that might be a good point to sit down with you and Charles and talk through what this thing really is and kind of the history, the geological Lots of work that had to be done. Yeah, that's something we can um we can definitely schedule for a later date running the company. Peter, as I mentioned earlier, uh the historic GNA numbers are not really accurate for what you plan on doing. So, not much point in looking at those. How much are you budgeting for GNA during the process that you just described to me? Uh GNA I think I've estimated to be in the order of about uh $30 a month, $25 a month. Okay. Um that's on the low end. So 25 um well 25,000 essentially. Well, don't forget we have shared services here at the the or group. So I'm able to take advantage of that. Uh the first year like I say my focus is on the rocks and on the property. Um there will be an aspect of promotion but we can do that a lot a lot of that internally in house. Mhm. Um in the instance that we get I think look I've always said we're going to let the rocks speak for themselves. So um that the whole focus of my whole focus is really in uh developing the project and confirming the model and ultimately hitting off on a uh significant VMS. What so so conferences and stuff like that is that going to be in the mix for you? I know you're in Toronto so PDC makes sense but something else is it is it are you going to be doing something else essentially? Correct. Well there's a number of exploration conferences in Quebec. I'd like to focus on Quebec uh because uh there's it's called Explorer. It's the uh the Quebec Mineral Exploration Association has their conference in Montreal. Uh the likelihood is I'm going to be invited to present uh Kintavar or Roger uh during the conference. Uh there's another one in Quebec City and that's at the end of November. uh that's the Quebec government's uh show where they basically provide overview of their activities but also they have industry participation and an opportunity to present wares. So those are the kinds of projects initially certainly um in the first year that you know get get us onto the map talking to you uh doing doing our own internal webinars and and uh presentations up constantly updating uh shareholders or activities through uh press releases and updates on our on the website of our corporate presentation. Those are all things that we can certainly do in that in the first few months of the year. Um, are you originally from Quebec? I'm a Montrealer. Yes. Okay. So, it's not Peter Cashian, it's uh Peter Cash. No, it's Cashashan, but my my mother is French Canadian. Okay, that makes sense. Um, but so you do speak French essentially. Why? This is where I'm coming from with this because um I'm not. Okay. Yeah. Well, because it is I mean, you know, we're joking here a little bit, of course, but it is important actually. I've been told when you want to go in, you know, and try to find those Quebec funds, uh, which can be relatively deep, but when you go to these conferences, you do actually have to speak French. So, it is, um, it's important. That's why I'm asking. No, go ahead. Well, I was in Shibu, which is a unilingual French town, and and, uh, um, up to that point, although I had a near for because of it, it was spoken in the home, uh, I really never had an opportunity to practice it. and and basically it forced my hand once. So I see the sinker swim and and so you you uh you overcome some of the uh the shyness and and you know and you start conversing and and with practice you improve on it. That certainly is true. I am um I do speak French myself being being from Belgium. So but I don't use it all that much because I'm on the Flemish side of things. Uh but but still um you're definitely right. What about also why I'm asking you about marketing here really Peter is because I'm thinking about raising capital of course and and how much how much you might have to do that. Remind me how much cash do you have right now? Uh 4.8 million came along with the transaction. Um and then you know that's hard dollars and in this market hard dollars are probably the hardest thing to raise uh in any financings. um the likelihood and whereas uh Steven Stuart, myself are already starting to approach uh uh major major investors uh high net worth and and the Quebec funds about the potential of of a raise uh before the end of the year. Okay. And that would likely be flow through like um charitable flow where you you can see if a significant premium to your share price as long as you bring in a back end. So you have your own shareholders that come into the back end to to buy the shares off of the charitable organizations usually at a discount to market but at least you know that they go into firm hands whereas flow through conditional conventional flow through you don't have that control and the the worry is always after four months and a day hold it it blows back in your face. So it's it's a much better circumstance. Yeah. Um, why raise capital this year though before the end of I mean you said four and a four 4.8 million bucks that's a lot of money uh at 300 bucks a meter but you don't really want to be drilling this year anyways um or but we want to be ready for early in the year and and the best time of the year to look at flow through raises is before the end of the calendar. So usually the the the funds themselves the the amount of money that they have are maxed is usually maxed out about this time of the year because people are looking for you know reduction of their their uh their income tax obligations. Mhm. Knowing what you told me about the sort of the complexity of the lithology and everything else how much how much drilling would something like that need? And then again forward looking and this is to the best of your ability a guess that I'm asking for. How much drilling would a VMS like this need in order for you to figure it out? Um, once you lock onto a VMS, you know, obviously the size will dictate the amount of diamond drilling that's going to be required and and the depth of of it, you know, of the depth of the deposit itself. And I'll use as an example um I mean there were known smaller deposits in around Lon but the real big deposit was about 800 meters vertical and that was that was the number 20 zone. So that was the big 58 million ton BMS that's in my view made uh made at Nico eagle. Um what's nice about these deposits is they're such high value is their company makers. So, uh, the horn, like I said, made made Niranda. Uh, Kid Creek made Texas Golf. Uh, the Luron made really made Agniko Eagle what it is today. Hud Bay, of course, their activity in the Lin Lake, Manitoba area for VMS. So, they they if you get a good one, it's a company maker. H why I'm asking you that is because I'm thinking what is the money they have right now plus additionally the charity flow through that you're potentially looking to raise here before the end of the year. How much of an answer is that going to give us? Are we going to know whether the project is worth continuing on once that money is spent or or or not? Yes. Absolutely. I mean like I said I'm not looking for a small deposit. It's not going to hide. Unlike a gold deposit where you really require a very high intensity drilling to define a resource because of the nuggy effect of gold, a VMS once you lock into it, you know what you're dealing with right off the top. Mhm. Um it's there's absolutely no guessing what the value proposition is when you see it in the drill car. Yeah. So, right. Uh that's kind of like my perspective here. But but that's so you do you do think that spending that money is is eventually going to get to that point where it's like you know oh are we on to a VMS or are we not on to the VMS that you're looking for and then you know where to pivot or kind of um you know not double down but just increase your efforts. Correct. No this I I think my intention is to have a very cost-effective program to properly assess potential. I mean if the next phase the diamond drilling we undertake I think will be down about the the deepest drilling right now on the uh on the Rogers is about 325 m vertical. Mhm. Um I think effectively if we see an awful anom awful geophysical anomaly we're talking 500 m 200 m spacings in in eight holes covers about 1.6 six kilometers of strike length of the favorable horizon. There's a big step out 200 meters for um or spacing for for VMS you typically see 50 radius of downhill geysics is 150 mters from the axis of the hole. So really if you there'll be once you do geopysics in each of the holes you the the signals overlap or the or the detection limits of the system overlap. So really you're not going to miss you're not going to miss anything. If there's anything there, you'll see it between 200 meter holes. Great. Going back to raising capital again, it you've touched upon it, charity flow through that makes sense for now or the way that you've explained it to me, but but in this market that we're in right now, what do you what would you want to be doing in terms of raising capital in the future? Is it just straight equity and continue doing charity flow through? Or is it maybe an asset level, you know, a JV or a royalty or stream or something else entirely or getting in a strategic partner? I'm glad you asked that question. I mean, we've got properties in portfolio that we acquired as a result of the transaction with Kintifar. Um, they're noncore. um they don't necessarily have value to Kentavar but they would might have value to other other companies that have an interest in them. So that can bring non-dilutive cash uh shares. Um in the instance of our anic gold property it's a 75 25% joint venture with IM Gold. They're the operators. Um uh ultimately it's whether or not we want to decide to participate in the joint venture. Worst case we get diluted down to a 10% net present royalty net and then net profit royalty. And if we don't participate at all we have a one uh 1.5% royalty uh NSR which has a buyback uh equivalent of about $4 million. So that again there's there's avenues for non-dilutive cash that we can bring into uh kind of art. What is the timeline for for making that happen though? Because again you have a lot going on. You just did that transaction. There's some work that you want to be do. So it's kind of like a lot of stuff are up in the air a little bit right now. What's your timeline for potentially monetizing some of the uh legacy assets? We're we're already having those discussions between myself and Stephen. and I we're talking to individuals that have expressed interest in um in uh some of the properties in the portfolio. Um we're looking at the possibility to expand our footprint at Roger because I truly believe that we're not just dealing with a single oneoff. Like I said, there's these deposits tend to cluster on a regional on a regional basis. And if we have success at Roger, I think the next step is to look along what we consider to be the favorable horizon to expand our footprint. Are all of these um other projects that you're mentioning here, the what I'm calling the legacy projects, are they all uh work ready as in permitting community relationships, infrastructure, and everything else? Is that taking care of? The Kendar did a very good job with establishing favorable community relations. As a matter of fact, in the instance of our sedimentary copper projects, which we call the Mishi and the Wobbash, um there's significant local share participation um in Kindervar and and they're very supportive of the work that was being undertaken at the time. Um there are other properties within the portfolio that might, you know, that haven't been worked. Uh they're small. um they might be they might have uh they might be of interest to either adjacent share land holders or companies that want to get involved with those specific areas. Right. That's uh okay. That's something that we could probably talk about as well uh if and when you have some of those news releases. Um Peter, typically what I'd ask sort of toward the end of a conversation is what's the most fair criticism of your company? What's the most fair criticism of Kintar right now that you've heard? But you probably haven't heard all that many because you've only been in the position for a couple of days. Uh what about yourself? What's the most fair criticism that you had of of Kentar or the deal or the situation or the project or anything related to the company when he entered? I've been in the I've been in the the exploration game and running companies and and knowing the sensitivities of uh shareholders and one of the biggest criticisms they usually have of companies is when they become too diversified, too spread out and Kintter is, you know, no disrespect, it was a model that they had established. But, uh, they had they had their sedimentary copper projects. They spent a lot of money on them. uh what they got day one expiration to to to the end of the expiration plans never changed. It was always sub economic. Um uh they had a fishing camp because it happened to be close in close proximity to one of the properties. So as opposed to building a camp, they they they bought a fishing camp and they use that as they as a revenue stream um for to in the offse for them. uh they had a a combined uh so they had a crew that uh undertook consulting not only for kind of properties proper but for outside parties and then uh when I think what happened is when they realized they weren't getting traction from their flagship properties they started going on a staking rush and uh every imaginable type of commodity we're looking at lithium and nickel and gold and copper and lead and so share shareholders like nice simple focused expiration strategies. Is it a gold company? Is it a base metal company? Is it a lithium company? And I think got a little bit spread out. So I think the idea being is always have a specific focus of where you want to spend your money. That's uh that is a fair criticism. That's a criticism I have of a lot of companies I I um I look into myself or my personal portfolio. So, it's a good point. I'm starting to get a better idea of Kintar. There's a lot more that I probably have to know and there's probably a lot that I'm forgetting to ask you. So, for people listening, if I'm forgetting something, please let me know what it is. I don't shy away from asking. Whatever it might be, send me your questions. I'll ask Peter about it in our next interview. Peter, about what about yourself? What do you think I'm forgetting to ask here? What did you come here hoping to talk about that I failed to bring up? No, I think we covered everything. I I didn't know if we'd be able to get into the nitty-gritty of of the aspects of of Roger, but I um I'm very excited and I think our shareholders would be very excited for once we come out with some of the results of what we've seen so far and what we anticipate going forward. So, well, when you do come out with these results, we will sit down and we will go into the nitty-gritty on the project. So again for people a reminder let me know what I should be asking in those interviews and um yeah I am looking forward to seeing how you push this forward and I'm looking forward to our next conversation but thank you so much for sitting down with me today. Thank you. A pleasure. Have a good day and as always thanks to everyone for watching Resource Talks. I have a couple of more things to say though. The fact that this company was interviewed here today does not mean that they're necessarily a good or a bad company. I'm not here to endorse nor attack anyone. I am simply here to ask some questions. If you find that I have failed in asking a question that you would have liked to hear an answer to, which will happen as I'm not an experienced interviewer, please let me know and I will try to correct that mistake in a future interview. As mentioned at the beginning, please understand that mineral exploration and development is an extremely risky business. 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New Copper-Gold Explorer in Quebec | Kintavar Exploration CEO Interview
Summary
Transcript
Today on the CEO barbecue, we're looking for copper and gold in the Shabbug district of Quebec together with Kintar Exploration. For a bullet point summary of this and all other CEO interviews, go to resource talks.com and subscribe to our free weekly newsletter. The company you're about to hear from has paid us for the production of this video, which means there is a level of bias, and this video should not be treated as a recommendation, nor as research. Research is conducted by reading the company's official filings, which you can find on setterplus.ca. This interview is intended only for experienced speculators because mining is a very risky industry where failure is the norm. All conversations are general and impersonal in nature and they contain forward-looking statements. I am not a licensed financial adviser and my business sells content producing services which also makes me biased. So before continuing on, please talk to an unbiased independent investment adviser with a good long-term track record because your capital is at risk. For this company specifically, you should understand that there is an additional level of bias because the company's chairman, Steven Stewart, is a friend of mine as well as an investor in my company and I'm often an investor in some of his companies. And although I don't own shares of this one yet, I might own them in the future without a prior warning. If you're not 100% sure you understand 100% of the disclaimers I just showed you, please go to the last section of this video and do not consume this content unless you fully understand and agree with everything said herein. That all said, Kentar is listed as KTR on the TSX Ventures Exchange, where over the last 3 months, the average volume has been about 162,000 shares. The stock's 52- week high is 7 cents and its 52- week low is 1 cent. With a market cap of 14.5 million Canadian dollars and just over 222 million shares outstanding today, this is a 6.5 cent stock with a 50 and a 200 day moving average at respectively 2.5 and 1.8, which means the stock is now trading well above both. Now, this is where I normally start giving you a bit of um or diving into the insider ownership and a bit of an overview uh as well as the company's financials to tell you how much money they spend on marketing versus how much money they spend on drilling and so on. But Kintar has just recently been restructured and refocused really. So, that overview might not make too much sense on a historic basis, but those are still important topics. So, I will be asking about them later on in the conversation. In a nutshell, after recently uh resetting the story really by closing the Roger Copper Gold project acquisition and appointing Peter Cash as CEO on September 16th, that was this year, Kiver essentially pivoted from an intrusive motto on the project to a VMS project. So we're talking copper, zinc, gold, and potentially silver. It's a VMS thesis with inhole geophysics on legacy halls targeted for completion by the end of this year. In the deal, by the way, the vendors of the property, ORCAP and XXIX each took 20% of Kintar and Kintar is just now part of the OR group of companies, which again, as a reminder, I do have multiple conflicts of interest with some of its members. So, do keep that in mind. And as always, I would like to remind you to be cautious because your capital is at risk. And uh because I've not been able to go through their financials now, please do that yourself. Go to setterplus.ca and look at the company's full financials. specifically pay attention to their fullear financials once available. But the quarterly ones are important as well. Um that as well as more detail on timing and everything else between um between now and and and whatever else is happening by the end of this year will happen later on in the conversation as well. But for this to actually become a conversation, I'll have to shut up already. And Peter, I'll give you the word here. But first of all, thank you so much for sitting down with me today. Thanks, Santonia. Pleasure to be here. Pleasure is mine. And since this is your first time on a barbecue, we will have to go through the smell test. Uh but just before we start doing that, I want you to talk to me about this restructuring of the company. How did it come to be? Why is now the right time to do it? What are you seeing in it? And yeah, just why? Yeah, our group is always looking for opportunities for good properties, good deals. Um um one of the one of the present CEO of one of our sister companies XXIX was on the board of Kintar and and basically they were liquid and they they weren't going anywhere. They didn't seem to be moving. There was no interest in their stock. Um so the suggestion to Stephen uh Stewart was that hey this is an opportunity for us to roll a non-core asset and Roger was a non-core asset in XXIX with their focus mostly on Opam Misca. Um so uh that got rolled in and the suggestion by the or group of of a transaction whereby uh Kindervar would acquire XXIX and in turn uh the OR group would take both management and board control of uh Kavar and and it's Kavar for now. Ultimately, we're working towards a rebranding which is a renaming of Kavar into original metals corp and that will happen over the next 30 days. Mhm. What about the the purchase price though and and Kafar does have shareholders. Kafar I believe itself was a spin out so we'll talk maybe a little bit about that later on. But why do you think Roger is worth the I believe it's almost 90 million new shares that are being being issued of Kintar. So what about that purchase price? 85 to be closer. Um, it was an all share deal. I think I believe the the the transaction was valued at about 2.3 million equival that's that's fair value for the asset. Um, Roger has in com combination about 535,000 ounces of gold equivalent. So, um, that's a reasonable shake on the valuation of the property. We will definitely be back to some of those things as well as as the org group's involvement in everything that you're talking about later on. But this nicely ties into the first of the tensel questions, which is you because you're essentially going to be leading this company. Why you why are you the right person to run Kentar or original and and have you made money for shareholders before? Um, I'll go through my history. I've been in the mineral exploration sector now for for in excess of 40 years. I've worked for majors and juniors. I worked for about 10 years for Inko. I ultimately uh uh ascended to become the manager of Eastern North American Exploration for Inko. I left them. I did some corporate development for gold companies. That's where I met Philip Puse of of Cartier. Um then my mentor brought me in. and I I um founded a company by the name of Quest Rare Minerals. It was Quest Jurim at the time in 2008. Um whereby uh we made a significant rare earth discovery in 2008 2009 just just in advance of the big rare earth uh run. uh we moved uh the stock price of Quest at the time from about six cents to $9 Canadian or about half a half a billion uh market cap Canadian. So that was a significant success. I made our my investors a lot of money. Um we did a large financing in 2010. Uh but basically we double up the share price for our investors within 6 months of of the close of a $100 flow through financing that we had. It was uh syndicated. So uh I left Quest. I'm really an exploration guy. You know I find things when I was with Enko as a manager in Quebec. We found additional gold deposits outside of the Castari mine. Um, I had a regional exploration program in north northern Quebec on the Troy Belts. It was we made a base metal discovery. It was small, mind you, but it was still in support of the model that we had established. Um, Quest was a success. And then I rolled uh when I left Quest in 2015, I brought a second property with me that I had discovered while with Quest. We called it Cradle Lake. So, we rolled it into Imperial Mining Group and I I founded and and launched that thing. we took it uh to a PA um and at that point in time they were moving to a pre prefeasibility feasibility stage um that was a Scandi earth project which is interesting and I really delve deeply into all aspects of the development of a of any kind of mineral deposit including engineering, metal energy, geology, structure uh even down to number crunching and value attribution to assets. Do you currently held any other um positions uh board or or executive positions with any other companies? Yeah, I'm well I'm director with a rare earth company helping them out with a financing. Um there's a I'm actually the chairman of a private company that has a porefree copper Molly project in northeastern Quebec. um that's not really an operational role but my full focus is on Kintar and developing uh shareholder value in it. So So what you you think like 100% of your time goes toward Kentar then in that case or how do you see that? That's correct. Okay. Do you how much of the company do you personally own again you just came in so have you gotten any shares? I've got about 100,000 shares. I mean and my intention is to increase my position over time. How are you going to do that? Is it is it through incentive plans within a company or do you want to be buying in the open market? Personally personally buying shares out of the open market. Okay. And then of course there's a um there'll be options from uh my joining the group. Yeah. Yeah. Of course. Well, what I'm looking for here of course Peter is is skin in the game especially with new CEOs important because you just came in. So how do you build that out? Is there a target? Like do you want to make Kentar a specific percentage of your portfolio? would you want to put a specific number of you know amount of money in it or how how do you see that skin in the game just to give context uh the Imperial Opportunity was the largest single shareholder I had in excess of 8 and a half million shares in the company which was at the time of inception it was about 13% of the shares in the in the in Imperial Mining so I I I don't know if I'll be build my position I don't know if I have the opportunity to build because a lot of those shares came from the transaction of me rolling in and do uh my my crater lake scandium earth project and we did an RTO with a Quebec gold and base metal company which again was a liquid. So the kinds of transactions we undertook with Kindervar was very similar to the one that I did to create Imperial. Right. Okay. So, you do essentially plan on what you what you're saying here and and and correct me if I'm putting words in your mouth, but are you planning on building a significant significant to you position uh or a significant amount of skin in the game here? I am. Okay. Well, also why I'm asking this also important to me here is to understand who owns your shares and how much of that can you not control but at least understand like is it is it being bought, is it being sold? Obviously um ORCAP and XXX are each taking what 20% if I'm not mistaken round it up 19.9 so they off the reporting issue where um the the parent company of the original Kintar uh G Omega has about 16% of the shares. So right off the top we we're controlling about 56% of those shares. What's happening to those 16% shares with Gomega? I thought they were supposed to be spun out when Yeah, I don't I don't know the I don't know the details of the transaction. I saw that there was there was reference to somewhat of a class action suit on the part of uh of Gomega um shareholders, but I I I don't know really the details behind that yet. I mean, we're just getting to understand uh the the the internal obligations of Kintar right now. I mean the transaction just happened this Tuesday or you just we just got control of the bank account um and uh today this afternoon actually in Canada so over time we're going to you know have a better handle on exactly what the obligations are but that's really out of our hands that's that's completely independent of Kinder right now. Yeah. Well, but it's so I mean to your point, it would be good to understand um those shares, you know, what are they what are they planning for those shares and then if something happens and they want to let go of them or uh you know issue them to their shareholders, are you going to be able to mop up any potential additional supply that comes into the market? Yeah. Uh, we know that there are about 20 million there's a group of shareholders in around one of our properties in in southern Quebec that that control about 20 million shares and we're already in conversation with them of the possibility of of either acquiring those things or securing them. Anyway, so across essentially that would be um Okay, that's interesting right there. Um there's Peter there's two things that I often wonder about with groups like the or groups uh like the or group but but one of it is of course how how independent is the board really when you you know a new group comes in takes control of a company so that's one but also maybe more importantly how much how much support or how much of their time do you get as as Kintar right given how how they're like they're involved in multiple companies right Charles is and uh Gilabel he also is he's the CEO of xx so how does that work are you are you getting any are are you getting decent support from them essentially is what I'm asking. Yeah. Well, by back by way of background um notably the imperial opportunity that I started up I was basically the head cook and bottle washer on that one. So I I was doing everything uh and the one of the one of the criteria for me to join the R group and and accept this transaction opportunity was the kinds of back office support that I would get from the group and I so far so very good. Um, you know, I get to fi support on the financial side. I Stephen's very supportive of what I'm trying to do going forward. The back office people are great to work with. And I I really like the environment. Um, do do them or you or any of the other insiders personally own a royalty on any of the projects that you have? No, there are no royalty holdings on certainly on Roger uh uh Roger and and we're just we're not there's a there's a couple of small holdings on other properties other than our principal flagship properties within Kintar. Uh but those are we're not likely to uh to hold on to any of those or certainly we're looking at the potential of vending them or optioning them to other parties. That is a topic that I did want to talk about and hopefully we'll get to that later on in the conversation. Still on the same topic though and still within our our smell test if you will Peter and still talking about incentives specifically 2025 incentives um because well 2025 is almost over. So maybe talk about 12 months given that you've just restructured this company as you said last Tuesday. How are you going to measure success internally from here on out? And specifically why I'm asking that is because I'm trying to better understand how executive compensation and directory compensation that we just talked about is going to be determined to reflect that potential success as in what are the KPIs going to be based on? Well, I've got I've got a milestone with which to address uh within my uh contract of employment uh and it's over a 12-month period and I I have personal set personally set a series of objectives. Um and what Steven has set is on the basis of uh share price performance and as well as the ability to raise additional capital on the the on the markets. So, um, and then that would usually lead to either additional options or RSUs, DSUs, which haven't really been specified, or, um, a cash bonus, right? Okay. What what is what is that success going to be based on, and this might be, uh, or how you define success is an interesting part because this might be a good segue into talking specifically about the business plan. What are your objectives here for for call it the next 12 months? Where do you want to get Roger to in order for you to consider that a success? Well, just to talk about the model a little bit and I think that's the big driver here. Um, I worked Roger in the early parts of my career. It was called MOP 2 at the time. I did a lot of the original journaling. I brought the project underground. I formulated the initial model and it seemed to have stuck. So um when reviewing the data I recognize that there is a possibility a strong potential for um massive sulfites and none of the necessary tools that were required to fully evaluate that possib possibility were use utilized by the project uh managers prior to us. Um I I'm measuring success on the basis of number one the work that we're currently doing will identify a massive sulfide targets number two diamond drilling of those targets and looking to looking at e an economic deposit and I'm I'm setting a threshold typical average size of a of an economic mass of sulfide is between five and 10 million tons. Mhm. So I'm setting myself that as an objective. Uh but more importantly, I think if the model works and it seems to to be certainly applicable right now, the model works is we're opening ourselves up to a regional play here. Um even like a mining camp level play uh because in the area that we are inu um it was never really evaluated for massive sulfide potential. Mhm. And if you think about massive sulfism at the early parts of my career in the 19 up to the 1990s was an extremely uh attractive model, but then rares hit and lithium hit and and gold hit. Gold's always popular, of course. So I I think I think I'm looking at the upside. you know, we're using Roger as a bit of a an anchor and if our model success is successful, then the idea being is to expand our our property position to secure equivalent type geology uh with the with the view that we think that there's other deposits because usually massive sulfides don't occur in in isolation. They tend to be clustered. So, if you've got one, the chances are you're going to find others and and that's kind of like the objective here. Well, it seems like you'll be essentially attempting to eat an elephant and the way you do that is is bite by by it, right? Uh how maybe talk to me about the specific milestones in that process like if we're talking say three months from now, what will you have done for shareholders and how do you see that step-by-step process going? Well, it's I'm I'm trying to be systematic and I I've my history is that I provide full focus on the work to evaluate the the opportunity first and foremost. Um promotion uh investor relations uh all these promotional support aspects I leave at a later date. I I want to make sure that I'm convinced that when I present to shareholders that I've created something of great value for them. So um certainly the first three months or to the end of the year the objective here is to complete uh I went I've gone back twice now into the onto the property. Uh we've gone back into the historical core done supplemental u sampling and logging. Uh we're applying some geochemical tools that are critical for the for the assessment of the fertility of the rocks in the on the property. Um we've we've relocated a number of the deepest holes across the entire width strike length of the Roger project which is about 1.8 km to undertake downhole gezics. So the idea being is looking for offhold conductors or giving trying to develop vectors of where the center of the the system is and that would take us to that would number one confirm our model. Number two is in the early part of 2026 is go back with diamond drilling kind of like use the same approach that or resources did at Louisore uh a deep set of widely spaced holes because of the the search radius of downhole geop physics is about 150 m from the axis of the hole. So in undertaking about a 250 m uh drill section down about 500 meters I think would allow us to fully assess the potential of that the interface that we've developed given where you are in in Quebec. So accounting for topography and infrastructure and everything. Um what would Roger have to look like both from from the grade but also from the size perspective? You were touching upon that earlier on. So it might be interesting to talk about that now. But and why I'm asking that is because I'm thinking what does it look like in order for it to be potential potentially interesting to potential buyers here. Um you know like I say in terms of size of a VMS you're looking at five to on average 5 to 10 million tons. Um probably rock value in the order of about $200 a ton $250 a ton. Um if not more. uh what what I find particularly attractive uh and if you were to look at an analogy um with the kinds of gold grades in the mass of sulfite sections that we've observed within the historical core um it's extremely goldri so unlike most typical massive base metal sulfide which are copper zinc and silver the addition of grade and I'm not just talking small grade I'm talking up to 27 g per ton gold with some in some of the base metal sections you can deal with a much smaller deposit and make significant returns. So I think as a bare minimum calling a $250 a ton I think is a bare would be the the the minimum value proposition of this kind of material. Mhm. because you could add the premium of gold onto that value and that of course would be 250 U bucks of recoverable minerals which is an important part with VMSS's as well. I am hoping we'll do a geological deep dive sometime soon, but you've probably already looked at this metallergically. How does this look? Is it is it looking like that would that would work? Well, it's yeah, VMS metallergy is extremely understood and and you know, I I compare that to my experience with the rarers where each different deposit has has its own formula for recovery of your pay minerals at least metals. It's fairly coarse coarse grain. uh the metal energy and there's lots of analogies that within the AB built for recovery of economic recovery of metals. Um I if if anything geologically and geochemically we're probably very comparable to the environment that created the Lauron deposit. Um, and Lauron deposits a 59 billion ton VMS, but it's an 8 billion ounce gold resource as well in addition to copper, zinc, and silver. Um, so I, you know, I and Laurent is extremely unique compared to a lot of the other VMS minds within the abativity itself. And we we're seeing some strong strong analogies to to Luron right now. Hopefully, we'll be back to this. I know Charles know knows quite a bit about Roger, so maybe get him on as well and uh we can talk about that. What about potential suitors up in in Quebec where you are? Are there any large companies already active in the region? Well, because the VMS may be a mid-tier company, so not necessarily a major, but companies that might be interested in that kind of an an asset or would you and I understand this very very forward-looking, but if if you had to guess to the best of your knowledge right now, who would an asset like Roger fit with? It's it's interesting. I I I Glenn Cora gave a presentation at an investment conference in Quebec City in June and they have the horn smelter and the government, you know, if that were to shut down because of lack of feed. Um that would there be a significant environmental liability and the government just doesn't want to get stuck with a bill. Neither does Glenford for that matter. So, um I think we in that scenario, I think we'd be able to negotiate a fair, you know, a favorable uh smelting toll smelting arrangement with Glenor. Um and that would so from there's two things that are happening right now. They're the Quebec government's considering there used to be a rail line from the Shiva Mushapp area down to the Abativi directly. uh that was that was removed I would think in the 1990s. The government's now looking at reestablishing it. So ultimately we would have a concentrator. Um there's even talk about the possibility that if Opa Misca were to go into production and a new concentrator would be built there that we would be able to toll feed our material into that into that particular flowheet. And then from there the concentrates the cons would be moved down to RUA Nanda for processing bike by land cork. Well that's actually bringing up an interesting topic maybe in and of itself um the history of the asset as that may generate some some more questions and that'll make sense in a second but who discovered Roger in the first place and what work has been completed on it since? Um it was discovered in 1979 by it was a joint venture between um Metagamy Lake Mines which at were the discoverers of course of the original Metagamy Lake VMS deposit and a junior by the name that I work for Flann McAdam Scotch Resources. So um it it really we really intensified the amount of work when I came into play in 1985 onto the project. So we did uh about three years of diamond drilling. Um by 19 the end of 1987 um it got to the point where we had a lot of mineralization. Uh different structures we didn't understand the the structural context and the direction of the mineralization. Uh it was buried by under a sand plane. So they the they said my recommendation is let's go underground on it. do some underground drifts and and uh do some sampling, do some structural uh mapping and geology and try to understand what the principal structure is and and some of the more recent work that we've done if indeed we believe that there's a VMS here but it's a gold rich VMS um all of the gold copper gold deposits in in Shbukmar and northwest northeast southwest structures or sorry uh northwest southeast structures and back in my early days on the on the Roger project, I recognized that there was one of these structures right in the middle of the thickest part of mineralization at Roger. So, the thinking is, you know, we might be dealing with an original VMS with a gold overprint. And that's cuz when gold's running through along these structures, it's looking for either a structural trap or a chemical trap. And Roger is so loaded with sulfides, there's your chemical trap, and it probably caught up all the gold as it was running through the system. Mhm. Well, also a mandatory question here, uh, Peter, especially when I see assets that have worked before in stable and and desirable jurisdictions. The question for me always is why did anybody let it go? And and if the thesis that you have for it now is workable and and could be economic, you notice the could um why hasn't someone developed it by now? it for the most part it was run by soquenim which is the um Quebec government's exploration entity they and really their objective is to take assets develop them up to a point where advanced studies are done and then they usually send it off to interested parties um you know the the corfree model which is you know I established in the 1980s I think carried through and and sometimes um you know you're so said on a specific model you you you've had the blinders on and that's where the focus is and that's what you look at. So because it was a porefree it's not a it's not a high grade deposit it's like a gram per ton goal. So I I you know it's not a certainly up at today's gold prices it's interesting but uh your when your average price was you know $1,000 an ounce doesn't make for a very attractive acquisition target. Mhm. And so you think it if it was a different market it would have been it would have been worked or or sold by now possibly. Yeah. How are the uh the community relations up there? How many groups are you dealing with and what are you allowed to do under the current structure or agreement that you have with them? Um the the principal first nations community is the Aji Bugamo uh Ajigree. um they they have a a a settlement not far from the property. They would be ultimately our primary uh group with which to undertake you know public consultations if indeed well well we have to do public consultations to obtain an expiration license. But certainly as if we were to advance that we would have to have more more comprehensive discussions and then we have to under the new regulations of of permitting we have to have uh communications with adjacent communities. So we're talking sheep and where those those discussions have already started to happen. Um, Aji I I I used a lot of some of the elders of the community. I I used to do use intensively uh in support of the exploration program when I was there in 1988 and I have a very good working relationship with them. Certainly even a personal relationship when I when I left Shabamu. Um um one of the one of the clan came and offered a gift of moosehide the beautiful moosehide gloves. And that's that's usually a sign of appreciation of of the years of support that we gave them in terms of providing them with uh solid solid employment. How far away are you from Shape? Uh Shabum was actually closer 5 minutes drive or just as a matter of fact when I lived in Shabumo uh I used it was at the northwest northwest corner of Shaboom and it's about a five minute drive. So it's it's accessible directly by forestry roads and and uh principal uh forestry activity roads. How would or could that be a a challenge though with the community? I know for example opamisca xxas's project is is very close to chappe and so that's something that they've had to work on for a while now. How does that work for you? Could could the community be that close? Quite no look is adjacent to the to the edge of the town. So, um I mean they obviously have a different circumstance um in terms of you know public sensitivity. We're well away from from the center of the city. So we're about 5 km proper from the edge of town. Okay. So I certainly we're at a you know a significant distance from from Shugo relative to Opameca and Chappet for I understand that also means uh your proximity to roadwater power is there but for a potential and again that's very forward-looking but for a potential mining operation you would need different power right it would it would need to be heavier power lines and so on and uh heavier roads high tension wires coming down from James Bay in substations. Uh the Willm was a fast producing mine. It's it's within five 5 km of the property with power line to it. We'd be able to draw off of that. Um there are um there's a large sawmill about 2 and a half kilometers which which is uh you know significant power to run the uh run the plant. So I mean from a base from a base case the infrastructure is very well developed around the property right. Um how is it in terms of permitting? Can you go to drilling immediately or whenever you want or is there still more paperwork to be done? No this it's because we're a new project and we're a new entity. Uh Roger hasn't been worked since 2018. Um, and under the old rules, we didn't require the intensity of of uh of approvals for work permits. And and it's it'll be in the order of 3 months from if I were to start now um to in anticipation of a diamond drill program start up in in February, March. Um Okay. So, if you start in February, you should be able to drill by May. That's what you you're thinking. No, I'm if I No, I'm talking very soon. We don't have to be very very detailed, but we have to at least outline the area of interest that we would undertake work and the kinds of work that we intend to undertake. Once we get closer to the startup of the project, we've when we have preliminary approvals of of that that application at that point in time, we'd have to be a bit more specific sight specific of where we intend to under undertake the work. And so you're thinking that the probability of you drilling next year is that how's that looking? It's high. I mean, like I said, we're starting on the permitting process now, right? For anticipate because the plumary work that we're undertaking doesn't require permitting approvals. U you know, prospecting and resampling of existing core and even down doing the downhole geohysics on existing holes doesn't require that level of approval. M it's the diamond drilling that will require the the the much more detailed approval process. I know it gets very cold in Chape. How do how's the uh weather for you up there? Lovely. I mean uh matter of fact, you know, January, February isus 35 degrees and uh I lived there for three and a half years and I actually enjoyed it much more than the winters in southern Ontario which are minus15us 20 degrees. Right. So, but is it I mean for exploration I suppose it's workable but it would probably be much more expensive to work it in in the winter or how do you see that? It's the other way is the other way is true actually. It's um access is much easier like you can literally drag the machine on on any any conditions swampy conditions uh etc. How is topography in the general lay of the land there? Is it swampy mostly? Is it any lakes that you're dealing with close to you or anything like that? You know, we walked the property to spot the historical holes that we under plan to undertake downhole geophysics and I call it parkland. Uh the underbrush is very sparse. Uh the the trees are very widely spaced. It's quite dry. There's one area in the property uh off to the south and west that's a little bit on the swampy side, but that would we could overcome that with in winter conditions. Mhm. Um is what about um like rivers or protected daisies or protected mosquitoes and moose or anything else that's protected on your property that we know of. I mean I I haven't done that intense a study. Uh but for all my years that I was on the property and I never saw a large game on the property at all. Is there no hunting seasons? doesn't mean for the first nations that you're dealing with, would they require you to stop for a certain period of time so they can they can do their thing? Yeah, that's natural in in the fall, but we we don't plan to undertake any work in the fall. Um the diamond drill will be done in the winter and there's no hunting or fishing in that period of time. So, it's optimal for for a diamond drilling. What are or what do you expect the um the drilling costs to be then in that case? I mean, with the land that you're describing here, what would that look like? We've uh did some preliminary inquiries and and of course I'm I'm piggybacking off some of the proposals that our sister company XXIX is getting for their property. The the circumstances of of Roger in terms of distance from town and logistics and are about the same as Opamisca proper um it's sub just drilling cost is sub $100 a meter. So my estimate is about anywhere between $250 and $300 a all up. That's assays, geologist time, sport infrastructure, transportation and storage of the car, right? Um you would be asking then in that case uh where would you be asking? Sorry, where would you be sending the assays for uh results? Let's see. Well, there's a prep lab in Vdor with uh we've we've got a contract with commercial lab that that I've used uh intensively in the past. Uh once it's within their infrastructure, then they handle all the all the handling of material. So, they prepare the pulps, they prepare the rejects, the pulps get sent down to the laboratory in southern Ontario uh for analysis. Southern Ontario. So, that would mean 6 to 8 weeks for assays. Is that right? No, actually I I we had a batch of analysis that we undertook for the core at Roger and it was uh less than three weeks. Oh, interesting. Um because what I'm trying to understand here, Peter, is when when when do you think we're going to see some some assets? And I understand there there's more work to be done before that. But it is drilling that really actually moves the needle. So So just directionally when do we see assets? Well, ultimately if undertaking the diamond the downhole geophysics this fall identifies a target, you know that our first drill holes are going to be into it. And the the benefit of of massive sulfides is you can actually do visual estimates of grades certainly of copper and zinc. Um so I mean at least we'd be able to have pictures and report out the we're seeing visually in the core. Um and then the so if we start in March or February, you know, the first assets would come sometimes in March. Interesting. Um what are there any legacy liabilities on on Rogers either from the government or community or environmental perspective? Anything that you might be liable for? Um well, when we undertook the uh the downhole program in in 88, this there's some some muck piles, but they're fairly inert. Um there's one area that's uh it's a little bit sulfidic. Um I don't know if that's been assessed for its environmental impact, but it's not we're not talking large volumes. Mhm. What what I'm really trying to do here, Peter, is trying to understand what could your Achilles heel be? What do you think is the biggest challenge or risk for the whole strategy that you've talked to me about so far today? What Yeah. What worries you the most? we get to if we get to a production decision, it's it's you know that's I'm thinking down that down that road. I mean, and that that to me is the the the if you're going to talk an Achilles heel and a massive sulfide operation, it's the it's the the uh the sulfidic tails, but there I mean there's engineering that be undertaken to to contain that in the first, you know, and uh so that's and and you compare that to legacy massive sulfide projects where they didn't have the level of understanding of the long-term impacts of not appropriately fencing off sulfidic talents and a lot of that you had a lot of acid runoff that gets into the environment and that's just that just doesn't happen anymore. What about between now and that though? Cuz I I I understand that part is is solvable and doable and if you have something of merit that is economic, you make it work. Um if it is within the the if it is within reasonable boundaries. What about now and between now and then though? Is there what worries you the most? I mean I ask about timelines of whether earn infrastructure and everything else seems like it's not those things. What do you think could you what's the biggest risk between now and then? I you know I think it's more on the financial side the ability to get support financial support to but from an I don't think there's a there's anything related certainly at the expiration level that could cause a significant delay or a kill of a project and and you know I say we're not if you have sulfidic tails returns from your diamond drill you can certainly contain that I mean there's there's obviously means by which to contain that in secondary uh uh tanks, containment tanks, but I I don't foresee any potential problem. I do want to talk about the financial side of things. We definitely will. I know you have some money now, but we'll get to that. Um so, but just project level from the technical perspective, what would you let me put it that way. What would you change about the rocks if you had a magic stick? What's what's something you would want to see that that would make it better for you? Well, the problem is it's not a problem, but I think the the lack of understanding of the true environment uh as a result of Roger is sitting between two principal fault faults and anything in between, including Roger, has been so transposed and altered and faulted to the point where it's anybody's guess as to what the original mythology was. and and and if I didn't have that constraint, I think I think a VMS, if there was one there would would have been found by now. What are you doing to solve that challenge or how are you tackling the challenge of the of better understanding the lithology? Um well the first thing I'm doing is undertaking detailed geochemistry which is like I said that it's a it's a critical tool in evaluating the fertility of a of rocks and you know favorable to VMS's. Um I've already reached out uh to look at university research and sponsoring some some P uh masters or PhD students to undertake studies and that would include the minology and all the other aspects and truly trying to you know use the tools that can bring back and gain a better understanding of what the true environment is. from from what I had seen in the rocks uh from the from the nature of the of the chemical signature that I've seen in Roger so far. I firmly believe that the interpretation of the model we've we've assembled right now is a much more accurate representation of what's going on on that property. Well, you are doing uh as I mentioned at the beginning if I'm not mistaken downhole geohysics which one you want to have out relatively shortly. What is that going to look like? Um if if we see the presence of a VMS, it will be a conductor that you'll an electromagnetic conductor. Um if we're lucky enough, we'll we might see it just off off hole from where the the historical holes are. Um, one of the one of the issues about geohysics in the area is the the back stop to the Roger is a rock that is extremely magnetic and it actually c acts as a as a sponge to any geophysical signature. So uh there's a means by which to overcome that what you do is I went part of the program is sampling for geochemistry. The other part was actually sampling the core. So we undertake physical measurements of the nature of the m of each individual rock type that makes up the package. And what you can do is you're looking at magnetic characteristics, electromagnetic characteristics, the chargeability, the uh the density. Um, and then you can then put that into the hopper and act if there's a specific rock type that's causing you difficulties and and you know masking the signature a much more signature of of much more subtle signature of a VMS, you're able to see it because you can filter out the impacts of that particular that might actually once you have that data that might be a good point to sit down with you and Charles and talk through what this thing really is and kind of the history, the geological Lots of work that had to be done. Yeah, that's something we can um we can definitely schedule for a later date running the company. Peter, as I mentioned earlier, uh the historic GNA numbers are not really accurate for what you plan on doing. So, not much point in looking at those. How much are you budgeting for GNA during the process that you just described to me? Uh GNA I think I've estimated to be in the order of about uh $30 a month, $25 a month. Okay. Um that's on the low end. So 25 um well 25,000 essentially. Well, don't forget we have shared services here at the the or group. So I'm able to take advantage of that. Uh the first year like I say my focus is on the rocks and on the property. Um there will be an aspect of promotion but we can do that a lot a lot of that internally in house. Mhm. Um in the instance that we get I think look I've always said we're going to let the rocks speak for themselves. So um that the whole focus of my whole focus is really in uh developing the project and confirming the model and ultimately hitting off on a uh significant VMS. What so so conferences and stuff like that is that going to be in the mix for you? I know you're in Toronto so PDC makes sense but something else is it is it are you going to be doing something else essentially? Correct. Well there's a number of exploration conferences in Quebec. I'd like to focus on Quebec uh because uh there's it's called Explorer. It's the uh the Quebec Mineral Exploration Association has their conference in Montreal. Uh the likelihood is I'm going to be invited to present uh Kintavar or Roger uh during the conference. Uh there's another one in Quebec City and that's at the end of November. uh that's the Quebec government's uh show where they basically provide overview of their activities but also they have industry participation and an opportunity to present wares. So those are the kinds of projects initially certainly um in the first year that you know get get us onto the map talking to you uh doing doing our own internal webinars and and uh presentations up constantly updating uh shareholders or activities through uh press releases and updates on our on the website of our corporate presentation. Those are all things that we can certainly do in that in the first few months of the year. Um, are you originally from Quebec? I'm a Montrealer. Yes. Okay. So, it's not Peter Cashian, it's uh Peter Cash. No, it's Cashashan, but my my mother is French Canadian. Okay, that makes sense. Um, but so you do speak French essentially. Why? This is where I'm coming from with this because um I'm not. Okay. Yeah. Well, because it is I mean, you know, we're joking here a little bit, of course, but it is important actually. I've been told when you want to go in, you know, and try to find those Quebec funds, uh, which can be relatively deep, but when you go to these conferences, you do actually have to speak French. So, it is, um, it's important. That's why I'm asking. No, go ahead. Well, I was in Shibu, which is a unilingual French town, and and, uh, um, up to that point, although I had a near for because of it, it was spoken in the home, uh, I really never had an opportunity to practice it. and and basically it forced my hand once. So I see the sinker swim and and so you you uh you overcome some of the uh the shyness and and you know and you start conversing and and with practice you improve on it. That certainly is true. I am um I do speak French myself being being from Belgium. So but I don't use it all that much because I'm on the Flemish side of things. Uh but but still um you're definitely right. What about also why I'm asking you about marketing here really Peter is because I'm thinking about raising capital of course and and how much how much you might have to do that. Remind me how much cash do you have right now? Uh 4.8 million came along with the transaction. Um and then you know that's hard dollars and in this market hard dollars are probably the hardest thing to raise uh in any financings. um the likelihood and whereas uh Steven Stuart, myself are already starting to approach uh uh major major investors uh high net worth and and the Quebec funds about the potential of of a raise uh before the end of the year. Okay. And that would likely be flow through like um charitable flow where you you can see if a significant premium to your share price as long as you bring in a back end. So you have your own shareholders that come into the back end to to buy the shares off of the charitable organizations usually at a discount to market but at least you know that they go into firm hands whereas flow through conditional conventional flow through you don't have that control and the the worry is always after four months and a day hold it it blows back in your face. So it's it's a much better circumstance. Yeah. Um, why raise capital this year though before the end of I mean you said four and a four 4.8 million bucks that's a lot of money uh at 300 bucks a meter but you don't really want to be drilling this year anyways um or but we want to be ready for early in the year and and the best time of the year to look at flow through raises is before the end of the calendar. So usually the the the funds themselves the the amount of money that they have are maxed is usually maxed out about this time of the year because people are looking for you know reduction of their their uh their income tax obligations. Mhm. Knowing what you told me about the sort of the complexity of the lithology and everything else how much how much drilling would something like that need? And then again forward looking and this is to the best of your ability a guess that I'm asking for. How much drilling would a VMS like this need in order for you to figure it out? Um, once you lock onto a VMS, you know, obviously the size will dictate the amount of diamond drilling that's going to be required and and the depth of of it, you know, of the depth of the deposit itself. And I'll use as an example um I mean there were known smaller deposits in around Lon but the real big deposit was about 800 meters vertical and that was that was the number 20 zone. So that was the big 58 million ton BMS that's in my view made uh made at Nico eagle. Um what's nice about these deposits is they're such high value is their company makers. So, uh, the horn, like I said, made made Niranda. Uh, Kid Creek made Texas Golf. Uh, the Luron made really made Agniko Eagle what it is today. Hud Bay, of course, their activity in the Lin Lake, Manitoba area for VMS. So, they they if you get a good one, it's a company maker. H why I'm asking you that is because I'm thinking what is the money they have right now plus additionally the charity flow through that you're potentially looking to raise here before the end of the year. How much of an answer is that going to give us? Are we going to know whether the project is worth continuing on once that money is spent or or or not? Yes. Absolutely. I mean like I said I'm not looking for a small deposit. It's not going to hide. Unlike a gold deposit where you really require a very high intensity drilling to define a resource because of the nuggy effect of gold, a VMS once you lock into it, you know what you're dealing with right off the top. Mhm. Um it's there's absolutely no guessing what the value proposition is when you see it in the drill car. Yeah. So, right. Uh that's kind of like my perspective here. But but that's so you do you do think that spending that money is is eventually going to get to that point where it's like you know oh are we on to a VMS or are we not on to the VMS that you're looking for and then you know where to pivot or kind of um you know not double down but just increase your efforts. Correct. No this I I think my intention is to have a very cost-effective program to properly assess potential. I mean if the next phase the diamond drilling we undertake I think will be down about the the deepest drilling right now on the uh on the Rogers is about 325 m vertical. Mhm. Um I think effectively if we see an awful anom awful geophysical anomaly we're talking 500 m 200 m spacings in in eight holes covers about 1.6 six kilometers of strike length of the favorable horizon. There's a big step out 200 meters for um or spacing for for VMS you typically see 50 radius of downhill geysics is 150 mters from the axis of the hole. So really if you there'll be once you do geopysics in each of the holes you the the signals overlap or the or the detection limits of the system overlap. So really you're not going to miss you're not going to miss anything. If there's anything there, you'll see it between 200 meter holes. Great. Going back to raising capital again, it you've touched upon it, charity flow through that makes sense for now or the way that you've explained it to me, but but in this market that we're in right now, what do you what would you want to be doing in terms of raising capital in the future? Is it just straight equity and continue doing charity flow through? Or is it maybe an asset level, you know, a JV or a royalty or stream or something else entirely or getting in a strategic partner? I'm glad you asked that question. I mean, we've got properties in portfolio that we acquired as a result of the transaction with Kintifar. Um, they're noncore. um they don't necessarily have value to Kentavar but they would might have value to other other companies that have an interest in them. So that can bring non-dilutive cash uh shares. Um in the instance of our anic gold property it's a 75 25% joint venture with IM Gold. They're the operators. Um uh ultimately it's whether or not we want to decide to participate in the joint venture. Worst case we get diluted down to a 10% net present royalty net and then net profit royalty. And if we don't participate at all we have a one uh 1.5% royalty uh NSR which has a buyback uh equivalent of about $4 million. So that again there's there's avenues for non-dilutive cash that we can bring into uh kind of art. What is the timeline for for making that happen though? Because again you have a lot going on. You just did that transaction. There's some work that you want to be do. So it's kind of like a lot of stuff are up in the air a little bit right now. What's your timeline for potentially monetizing some of the uh legacy assets? We're we're already having those discussions between myself and Stephen. and I we're talking to individuals that have expressed interest in um in uh some of the properties in the portfolio. Um we're looking at the possibility to expand our footprint at Roger because I truly believe that we're not just dealing with a single oneoff. Like I said, there's these deposits tend to cluster on a regional on a regional basis. And if we have success at Roger, I think the next step is to look along what we consider to be the favorable horizon to expand our footprint. Are all of these um other projects that you're mentioning here, the what I'm calling the legacy projects, are they all uh work ready as in permitting community relationships, infrastructure, and everything else? Is that taking care of? The Kendar did a very good job with establishing favorable community relations. As a matter of fact, in the instance of our sedimentary copper projects, which we call the Mishi and the Wobbash, um there's significant local share participation um in Kindervar and and they're very supportive of the work that was being undertaken at the time. Um there are other properties within the portfolio that might, you know, that haven't been worked. Uh they're small. um they might be they might have uh they might be of interest to either adjacent share land holders or companies that want to get involved with those specific areas. Right. That's uh okay. That's something that we could probably talk about as well uh if and when you have some of those news releases. Um Peter, typically what I'd ask sort of toward the end of a conversation is what's the most fair criticism of your company? What's the most fair criticism of Kintar right now that you've heard? But you probably haven't heard all that many because you've only been in the position for a couple of days. Uh what about yourself? What's the most fair criticism that you had of of Kentar or the deal or the situation or the project or anything related to the company when he entered? I've been in the I've been in the the exploration game and running companies and and knowing the sensitivities of uh shareholders and one of the biggest criticisms they usually have of companies is when they become too diversified, too spread out and Kintter is, you know, no disrespect, it was a model that they had established. But, uh, they had they had their sedimentary copper projects. They spent a lot of money on them. uh what they got day one expiration to to to the end of the expiration plans never changed. It was always sub economic. Um uh they had a fishing camp because it happened to be close in close proximity to one of the properties. So as opposed to building a camp, they they they bought a fishing camp and they use that as they as a revenue stream um for to in the offse for them. uh they had a a combined uh so they had a crew that uh undertook consulting not only for kind of properties proper but for outside parties and then uh when I think what happened is when they realized they weren't getting traction from their flagship properties they started going on a staking rush and uh every imaginable type of commodity we're looking at lithium and nickel and gold and copper and lead and so share shareholders like nice simple focused expiration strategies. Is it a gold company? Is it a base metal company? Is it a lithium company? And I think got a little bit spread out. So I think the idea being is always have a specific focus of where you want to spend your money. That's uh that is a fair criticism. That's a criticism I have of a lot of companies I I um I look into myself or my personal portfolio. So, it's a good point. I'm starting to get a better idea of Kintar. There's a lot more that I probably have to know and there's probably a lot that I'm forgetting to ask you. So, for people listening, if I'm forgetting something, please let me know what it is. I don't shy away from asking. Whatever it might be, send me your questions. I'll ask Peter about it in our next interview. Peter, about what about yourself? What do you think I'm forgetting to ask here? What did you come here hoping to talk about that I failed to bring up? No, I think we covered everything. I I didn't know if we'd be able to get into the nitty-gritty of of the aspects of of Roger, but I um I'm very excited and I think our shareholders would be very excited for once we come out with some of the results of what we've seen so far and what we anticipate going forward. So, well, when you do come out with these results, we will sit down and we will go into the nitty-gritty on the project. So again for people a reminder let me know what I should be asking in those interviews and um yeah I am looking forward to seeing how you push this forward and I'm looking forward to our next conversation but thank you so much for sitting down with me today. Thank you. A pleasure. Have a good day and as always thanks to everyone for watching Resource Talks. I have a couple of more things to say though. The fact that this company was interviewed here today does not mean that they're necessarily a good or a bad company. I'm not here to endorse nor attack anyone. I am simply here to ask some questions. If you find that I have failed in asking a question that you would have liked to hear an answer to, which will happen as I'm not an experienced interviewer, please let me know and I will try to correct that mistake in a future interview. As mentioned at the beginning, please understand that mineral exploration and development is an extremely risky business. 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