Gold, Uranium, and Copper Potential in One Junior Mining Company | Fortune Bay CEO Interview

Summary

Investment Focus: The podcast discusses Fortune Bay's focus on gold, uranium, and copper exploration, with a primary emphasis on gold assets in Saskatchewan and Mexico.
Market Position: Fortune Bay is a junior mining company listed on the TSX Ventures Exchange, with a market cap of over 47 million Canadian dollars and a stock trading above its 50 and 200-day moving averages.
Financial Overview: The company has a tight share structure with insiders holding about 17% and is currently funded to complete key milestones, including updated PEA and exploration activities.
Gold Assets: The Gold Fields project in Saskatchewan is a 100% owned asset with a 2022 PEA showing robust economics, and an updated PEA is expected to further optimize its development potential.
Exploration Strategy: In Mexico, the Pomar Rosa project offers significant exploration upside with historical gold resources and potential for copper-gold porphyry discoveries.
Uranium Assets: Fortune Bay holds uranium properties in the Athabasca Basin, which are being advanced through partner-funded exploration agreements, providing non-dilutive upside.
Community and Permitting: The company emphasizes responsible community engagement and permitting processes, particularly in Saskatchewan and Mexico, to advance its projects sustainably.
Capital Strategy: Future funding will focus on equity raises, with openness to strategic partnerships, as the company aims to unlock value from its gold and uranium assets.

Transcript

Today in the CEO barbecue, we're looking for gold and uranium in Canada, Saskatchewan, as well as copper porefree in Mexico together with Fortune B. If you want a bullet point summary of this conversation and all the other CEO barbecues in your inbox once a week, go to resourcealks.com and subscribe to our free newsletter. Now, the company you're about to hear from has paid us for the production of this video, which means that this is not research. It's an advertisement, and you should treat it as such. Research is conducted by reading the company's official filings, which you can find on setterplus.ca. And please only watch this if you absolutely know what you're doing. This interview is intended only for experienced junior mining speculators because mineral exploration development and mining is a very tough business where failure is the norm and should be the expectation. This is going to be a conversation that is general and impersonal nature containing forwardlooking statements. I am not a licensed financial adviser and my business sells content producing services which also makes me biased in multiple ways. So, before continuing on, please talk to an independent investment advisor with a good long-term track record because your capital might be at risk. 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 therein. That said, Fortune Bay is listed as four, so that's FOR, on the TSX Ventures Exchange, where the average three-month volume is about 25,000 shares. The stock's 52- week high is 87 cents, and its 52- week low is 20 cents. With a market cap of just over 47 million Canadian dollars and just over 40 uh or 58 million shares outstanding today, this is an 81 cent stock with a 50 and a 200 day moving average at respectively 65 and 46 cents, which means the stock is now trading well above both of them. Moving on to the share structure, insiders here are noted as owning about 17% of the company. Uh again, just over 58 million shares are outstanding and there's 9.3 million warrants as well as 3.8 million options, bringing the number of fully diluted shares to 71.2 million, meaning an increase of about 22.5% in shares outstanding could happen if all the dilutive securities get exercised, which would then result in about an 18% ownership dilution. If, and that's always a big if, but if all diluted securities actually get exercised. And of course, none of this accounts for potential share issuance down the road, which is not unlikely given that this is a pre-revenue company that operates in what is a very capital inensive industry. Talking about capital, I'll now go through their latest financial statement, which shows me the numbers as of June 30, 2025. At the time, the company had in total about $2 million Canadian dollars in current assets, mostly in the form of cash and cash equivalents to the tune of $1.7 million, as well as some restricted cash and some marketable securities in the form of 2.6 million shares of Aero Energy today valued at about $65,000. In terms of liabilities, the current liability side of the balance sheet had about $550,000 on it. And uh there's also no long-term debt on this balance sheet that I could see. Moving on to the P&L for the 6 months that ended on June 30, the total amount recorded as operating expenses shows up as $562,000, but that includes just over $12,000 of sharebased compensation as well as some depreciations, all of which are of course non-cash expenses, leaving the actual out-of-pocket cost at $458,000 Canadian for that 6-month period. So, that's an average of about 60 uh or $76,000 a month. Again, specifically for that six-month period ending on June 30 this year. The biggest chunk of that expense were at the time the salaries combined with the consulting and professional fees which represented about 60% of the spend. That might change though uh because although the marketing costs for that period was low, I did see that Fortune Bay um has signed a couple of marketing contracts and of course they're paying for this video as well. So, we'll talk about that later on in the conversation. Exploration expenditures here get capitalized. So, we'll have to go to note six of the financials where the additions for the period show up as $574,000 or an average of about $95,000 a month. That would put Fortune Bay at an exploration to administration ratio of about 1.25, which means that about 55% of the money spent during that period was spent on exploration and so 45% on administration. Worth pointing out though, the company also got about 73,000 as operator feed recovery and Aero Energy also put about $685,000 into um a Fortune base partner project and uh we'll talk about that of course later on as well. As always though, I would like to remind you be cautious out there. Your capital is at risk. Please visit setterplus.ca CA where you're going to find the company's full financials and double check my numbers because I could be making mistakes and specifically pay attention to their fullear financials once they're available. Enough accounting for now though because I've got a brief overview of the company here and ultimately the story of Fortune Bay is one of gold but also somewhat uranium. And I say gold first because they have a 100% owned gold asset in northern Saskatchewan. It's called Gold Fields where uh a 2022 open pit pea calculated at 1650 gold showed an after tax NP5 of 285 million and a 35% irr following a 234 million initial capex resulting in a payback of 1.7 years and an LOM of 8.3 years for a total production of 835,000 ounces of gold. Now, I'm kind of running through these numbers because they might not matter much longer after September because an updated PA is scheduled to be completed by the end of this month. And that of course will be part of the conversation today as well. But it also promises to show economics based on an optimized scope and um and development timeline. And of course, the gold price is way way different than it was in 2022. Permitting communities, weather, metal, energy, and everything else in between. a whole lot of thing a lot of other things are hopefully going to be part of the conversation later on as well. Then there is the Pomar Rosa project. It's located in the Chia State in Mexico. This is a copper gold project. Well, it's actually technically now a gold project. Uh it is also 100% owned and uh containing a historic gold resource on it showing 1.7 million ounces of which a million was at 1.8 g and then 700,000 ounces was at about a gram per ton in inferred. But again this a historical estimate and uh the company will try to renew that talk about that of course. So historically drilling has been focused on the gold part that's why I said it's technically a gold project but Fortune Bay has or wants to go chasing the copper gold pfrey that they believe is buried underground here since nobody went looking for that system before and there's no significant work that's been done on the project since 2009. So they're currently um they're talking to the locals here really in order to hopefully gain approval and then go and do some field work. And of course that will definitely be part of the conversation. That's the gold and a little bit of the copper story uh here if you will. And then the uranium portion of the story is in the Aabaska basin or in Saskatchewan as well specifically in the Aabaska basin. So back uh to the north where Fortune Bay has three 100% owned properties, two of which are option two Aero Energy which I alluded to earlier. And then there's another property along the Greece river shear zone. It's also 100% owned but also optioned uh out to New Horizons. And both of those option agreements are operated by Fortune Bay for a 10% management fee. More about the structure of those agreements and the uranium exploration plans for this year later on in the conversation as well. But for this to actually become a conversation, I will have to shut up already and uh Dale, I'll give you the word here. But first of all, thank you so much for sitting down with me today. Yeah, thanks Antonia. Thanks very much for having us. Pleasure is mine. And since this is your first time on the barbecue, we'll have to go through the smell test first. But ju just before we kick that off, uh, and start talking about the basics. Going a bit further maybe on my intro here, there's there's two very different commodities, the UF, maybe potentially three here with the copper, but there's three different u geologies essentially that we're talking about here in two different parts of the world, very different as well. How do you deal with all all of that as a you know relatively small startup without you know letting it dilute your focus from the main goal here? I think it's really important to note we are gold focused company you know in Saskatchewan we have the gold resource at gold fields just over 1.2 2 million ounces and then if you go down to Mexico, it's a it's primarily a gold project with 1.7 million ounces in historical resources there as you mentioned. So we are gold focused and that's where we allocating our company's spend. You know the the uranium assets were something we picked up during a difficult period in the market through lowcost acquisitions. So those were just staking with a view to farming those out. Um obviously we um also bullish on uranium. It's a great commodity to be in as a junior and have some experience um in that commodity. So we saw some clear opportunities to create some additional upside for our shareholders um by you know staking those projects and then having them partner funded which is non-dilutive but our focus is squarely on our gold assets at the moment Saskatchewan and Mexico obviously in Mexico offering an additional upside opportunity there with respect to that pfrey system that would likely be a a gold copper system. Mhm. Well, that's a neat summary and I will touch upon a lot of the things that you said here. Well, hopefully on all of them. Um, but we'll we'll put that aside for now because the barbecue is at temperature and we'll have to kick off the smell test. I'll start off with yourself as the CEO of the company. Who are you and why do you think you're the right man for the job? Yeah, I'm a I'm a South African by background. You probably picked up the accent. Some people confuse me with Australian, but um yeah, I'm a a geologist. So, you know, I've got a master's degree in exploration geology about um just have about 25 years of experience in the mining sector. Um starting my career with gold fields. So, a lot of gold experience there where I was a gold fields person worked across gold projects um exploration and development projects. Then transitioned into a consulting contracting group and really worked across the commodity spectrum but in in Africa as well as Canada. Um that that led to a lot of gold work in in West Africa in uh places like Zimbabwe. Um and then you know worked through different commodity projects eventually onto the uranium side in Namibia and that led to an opportunity to make my way over to Canada um about just over 10 years about 12 years ago where I joined Dennis Mines. Um shortly after joining I became the VP exploration and that was a incredible time with the the team there where we made some significant discoveries. Obviously Dennison's a develop well in the development phases now looking to to build a mine and has done extremely well. But you know the those years were foundational for Dennis in the discovery phases and it wasn't just on the exploration side it was also on the development side where I got well versed in developing projects in Saskatchewan um and with the communities in Saskatchewan. So the, you know, the reason why I'm the right man for the job at Fortune Bay is really the combination of my gold experience as well as the development experiences in Saskatchewan and really having a, you know, strong technical background, but obviously working in executive uh, you know, management roles over the last 10 years. What did you like better, working Canada or Africa? I guess you're a little biased though there, but still. Yeah, both. You know, I enjoy travel. I enjoying being outdoors. I enjoy kicking over rocks still though more of my time is spent uh behind the desk these days. But um Africa offers some really unique experiences and Canada uh those two just very different. But I think the the key thing is you know Africa does expose you to to a lot of jurisdictional risks which in in this job with fortune is very important. You know Mexico um has its challenges at the moment. we're not afraid to admit that and that's really important in terms of how you take responsibles uh or or take projects forward responsibly and how you you deal with a community. So it's I think it's important to have that diverse set of experiences cuz they all culminate in a being better positioned uh for for the job. And you know, I think we, you know, beyond myself, I think we have a team that's really well suited to what we're doing in Fortune Bay, focusing on advancing our gold assets, but also having these partner funded uh uranium projects where we can offer technical expertise. Well, the Mexico side of the story is of course interesting and and we'll get to talking about the locals there as well as the government with everything that's going on a little bit later on. Going back to yourself here though, they do you currently hold any other executive positions or board positions with other companies? I have one board position with a a company called Antler Gold which has um gold projects in Namibia. Is that taking up any of your time or how do you split your time? No, not significantly. Um, Antler Gold is really part of sort of our broader group of companies um, which you know is all links back to Wade Door who's the executive chairman of Fortune Bay and we've got Antler Gold in there um, ET Techch Resources another company focused in Namibia on a rare earth element project and then as well as Fortune Bay. So it's a it's a group that's um quite tightly knit and al and also shares um office costs in hel in Halifax where our corporate office is you know allowing us to really streamline our GNA and not um be too heavy you know our mandates really to be lean and mean and and and put the money into the ground. Well Wade who you're mentioning here he's your exec chairman I believe he owns a large chunk of that 17% uh insider ownership that I mentioned. What about yourself? What percentage of the company do you personally own? Um I have a I have just over 1% of the company um but obviously incentivized through um stock options as well. I've put some of my own money into the company buying shares uh when I joined and participating in uh several of our financings over the years. So obviously I've got skin in the game to the level I can afford as a as a family man and and still paying a mortgage. What uh the uh is that that 1% is that all shares you've bought um kind of in the open market or or exercise of options stuff like that or is that part part of it is is founder shares or something like that? No, that's shares I I bought through you know various private placements that Fortune Bay has completed right. What do you think is the average cost of those shares? Around 65 cents. Okay. Um essentially what I'm checking for here is whether there's you know 1 cent papers something like that. What about Wade again? He's one of your directors. I think he owns 15% of the company in total. Any idea of how much of his own skin he's put in the game? Yeah, I mean he's, you know, participated in all the placements. He's normally takes uh, you know, funds the company, takes a large position in those private placements. So, he's he's a big believer, you know, he's had the Fortune base since 2014 and been very patient with his assets, watch the capital structure, put in in money over time to keep the company going. And you know, now's the time. We're really excited about where things are going, where the gold market is, and we've aligned these assets for this cycle and uh you know, ready to execute. Talk to me a little bit more about the board here. That that's always something that's not discussed enough out there in my opinion. And those are the people essentially running the company. So, who who's on your board? Have they made money for shareholders before? Yeah, you know, we've got a a really well balanced, experienced board. Um, you know, obviously Wade is is on the board. We've we've spoken about him, extensive capital markets experience. We also have Michael Gross, a strong capital markets uh background. He's actually in the medical profession, but has always um, you know, founded or or participated in in cap venture cap venture capital companies. Uh, Rick Gil, um, he's very strong in the community side. has a a company called strategic concepts that's um been involved with community engagement consultation very involved with Voise Bay during the discovery and development phases uh he brings a lot to the table in that regard then we have uh Bob Shaw who's who's really a key uh board member he's also a technical adviser for the company he's he's been involved with numerous junior companies over the years but eventually joining Anglo-American in South America where he actually put together the properties in Colombia that Anglo um took over and where 40 million ounce of gold was discovered and that that's largely credit to to Bob Shaw's work. So he is very involved in the technical side with me lives um close to me and obviously going to be also a key part of our exploration plans going forward particularly in in Mexico. And then we have Melinda um Lee on the on the very strong on the governance and accounting side um you know lending a lot of support to our CFO Sarah Oliver. So overall a very well balanced board and I think a a board that's you know well suited to executing on on the projects where they sit at the moment and they're how how handson are are they really? I think a lot of times where I'm coming from with that question Dale is that a lot of times board members are really there to just you know sit pretty in the presentation. How is that for you? How how active are they with you? Yeah. No board is is is active. you know, it it comes in waves where where we're needed, right? When, you know, there's a community issue, you know, Rick's on hand. Um, if it's a capital markets, you know, Wade's involved. If it's a governance, financial, Melinda. And then on the technical side, you know, Bob Shaw has a is probably the most active role in the company working alongside me on um technical aspects and, you know, bigger picture uh decisions for the company. So, yeah, an active board and yeah, great team to work with. So it's you and Bob who point the rigs essentially. That's right. And work closely with obviously Gareth Garlic, our VP technical services. Bob's more, you know, high level. The the day-to-day decisions get made, you know, between Gareth and myself. And and Gareth's just a tremendous asset to the company. Um just so well versed across the mining cycle from expiration to uh development. Strong in resource estimation. So between us, I think it's a good compliment. you know, Gareth I've worked with um for probably 20 years of my career going back to days in Africa. Um so we we work extremely well together and efficient as a a lean, you know, small team that can get a lot done. Yeah, it' be good if we can get them on on camera as well. We're going to do a meet the team type of episode if you will. Just sit down with you and Bob and Garrett and and talk rocks maybe next time as well. That'd be a good idea. I'm writing it down. Do you um do do any of them or any other of the of the insiders personally own a royalty on any of the projects that you have? No. Okay, that's the right answer. Um do any insiders or or or board or executives or whoever provide services to the company outside of your regular like management and consulting activities? I'm talking about camp, drilling, helicopters or something else like that. Yeah, absolutely not. Okay, that's an even better answer than just no. Uh, I know how that goes sometimes. So, no. Well, still on the same topic and still within our our smell test, talking about incentives here and specifically 2025 incentives given that you're planning an updated PA um and a bunch of other things kicking off potentially exploration down in Mexico across the portfolio as well with uranium. How are you going to measure success internally? And and specifically why I'm asking that is because I'm trying to better understand how executive and director compensation is going to be determined to reflect that potential success and what your KPIs are for determining it. Yeah, you know, we've got a number of catalysts we identified on our gold projects a while ago and it's really about executing on those um in the short term and then longer term catalysts as well. So there's numerous uh you know my my option package a lot of it is milestone driven in terms of reaching certain targets along along the path for the projects and then you know the the directors and you obviously management are incentivized through largely options we have also a small smallish DSU plan so that's really where um you know the company the the executives can participate but you know be very clear it's all through incentives you know we've in 5 years since joining Fortune We've never taken a cash bonus for for management. Um, you know, the market's got we had a a reasonable start in 2020, a bit of excitement, but as you know, the market's been tough over the last 5 years, and it's just not in our nature to to take cash off the table when when the company's not performing well. And in it's only in very unlikely scenarios, we we perhaps would pay those types of cash bonuses. So, it's all incentive driven to get the share price higher. when shareholders money make money then then after that um you know management should also be able to participate um in that success through through the hard work that that we do dayto-day well but deal this is Canada you're supposed to recognize a bull market and then give yourself a bunch of cash bonuses for your stock price going up on the back of the bull market isn't that how it works yeah not yet Antonio we we want to you know really realize those gains solidify the company get some volume going on our stock um you can get more widely recognized in the market. You know, we still largely under the radar. So, the time will come and the belief is there that we will, you know, as we work through the catalyst, we will demonstrate the value of these projects. We'll build real value and when that real value is there and we can start to, you know, monetize assets or through um certain transactions, you know, that's that's the time when when management should benefit, not not before that. Totally agree with that. And I I I only said that half jokingly. Uh unfortunately it is half jokingly because it happens with a lot of the companies out there in a different manner. But you're bringing up interesting points. This is really where it gets um interesting or even more interesting uh because it might be a good segue to talk about specifically about the business plan here going back to what you talked about at the beginning there. Uh but do do you see yourself maybe morphing into a developer with a prospect generator side to it or do you have different plans for the next three to five years? No, our primary goal is to is to build value. um you know for our shareholders um our team is built to uh for for that steepest part of the LAN curve and for you know listeners who not sure what that is it's how the value of a project a successful project changes over time um through discovery um early development um or discovery resource definition early development and obviously the steepest part of the curve is is through the discovery phases so that's you know where we focus as a company and where we built to execute upon that curve. So we we designed to go take projects through discovery um resource definition early development and then look we'll look to potentially monetize the assets. That's not to say we will never mine a project. You know, of of course companies can evolve and transform into organizations that can build minds if and you know, if the opportunity is right, but where we sit at the moment, we have a you know, lean mean team built to execute on the discovery, the resource definition and the early development phases. And that's where our focus is going to be um over the next while two and and really by building value for our shareholders on a per share basis. Do you think that this updated PA is is what could actually start unlocking some of that value on on the Goldfields project? Is that is that what's going to, you know, potentially uh make it more appealing to a potential buyer? And is that really the plan for it? Yeah, that's right. You know, we need to it's it's a it's a robust development project. It checks, you know, pretty much all the boxes in terms something in terms of something that can become a near-term development. So, you know, we really focused on working through those uh different catalysts and um yeah, what what would a gold acid in northern Saskatchewan and and I'm kind of emphasizing on it because you don't see that that that that often. I mean, you think about gold, you maybe think about other parts of Canada. So, what would a gold asset in northern Saskatchewan have to look like in order for it to actually be interesting enough to to be taken out? Yeah, gold um you know it's it's a little bit of a unusual one. You know, firstly the the gold potential in Saskatchewan is is largely unrealized. I think it hasn't seen the levels of expiration as you would get in certainly Ontario and and Quebec and places like that. So I think there's a lot of potential in Saskatchewan. Um what's key about where we are is it's it's a it's a robust development asset with lots of exploration upside, but it's in a mining historical mining area. um that it's in the uranium city area where there's been numerous uranium mines over time. Uh there's infrastructure there, there's a community that also understands mining. So although it's in in the Saskatchewan context, it's still checking a lot of boxes for a a development and obviously lots of potential still to be realized in in in broader Saskatchewan. Mhm. Well, what about the the the size and and and grade profile here? That's what I mean when I ask you like what does an asset like that look like because again of its location and this is also where you talk to me maybe about infrastructure and topography and other stuff that might influence capex and opex. So what does that yeah what is an asset up there look like? Well you know is you know it's to be frank it's not a large large asset but it's it's a 1.2 2 million ounce project that's amanable to open pit mining the grades of which are among the highest in North America. Um it has you know very simple metaly. Um it's got one of the best if not the best strip ratio I've seen amongst projects in Canada. It's got infrastructure in place. It's got a community that understands mining. Um it's got an existing um EIS approval from 2008 from the previous owner. So the permitting is well advanced. So, it's checking a lot of boxes there for for near-term development even though it doesn't have uh its 1.2 million ounces now. But I think it's really important to point out we there are numerous other targets on the project. So, our plan is really to uh demonstrate the pro the current project's um economic potential in today's terms and then um start to advance that forward through additional de-risking development plus expiration on a numerous on numerous other targets to show the growth potential of the asset. What about potential suitors up there? I mean, not, you know, not every you said it's it's not a large asset. Maybe we talk about and again, this is all forward-looking and potentially and all that, but mid tiers, who's the potential mid tier that would be comfortable with operating up there? Who would this asset fit with best? Yeah. Well, we've got SSR mining up there. Here's the CB Santo um mind in Saskatchewan. Got a, you know, presence there. That's an important asset for them. Um outside of that there's there's no other large scale or mid midscale um gold mining operations. So you know there's there's certainly um that's obviously a potential um suit for the project. But I think if you look more broadly across the Canadian landscape and obviously being a better juris better jurisdiction there's very few projects around uh that are going to meet the criteria for the next phase of gold mines and this this project certainly checks a lot of boxes. Sure, not for a major company, but for you know inter intermediate to smaller scale miner would be a good fit and you know being in Saskatchewan is is a huge plus. It's you know gold they deal with uranium mines which are far more complex. So the permitting side on the gold is very favorable and um you know being in Saskatchewan it's Canada's top ranked jurisdiction uh is another real attribute uh for the project. I do want to talk about permitting because I think uh that's something you note on as well that you're currently in the process of dealing with. So we'll get to it in a minute, but might be worth talking about the history of the asset as well. Again, going back to what you just said, it's not the first gold jurisdiction you think about it when you think of gold in Canada. So this may open up a bit of a broader perspective, but I know it's worked on um before uh who's looked at it before you did and why why did they leave? What did they find? Yeah, it's got a it's got quite a long history. You know, it goes back to World War II era where there's a small underground mine on our our main deposit, which is the box. That's about 80% of the the project's resources. And they mined only about 60,000 ounces from our underground mining operation. Um, you know, frankly, the gold grades there, they're high for open pits, around 1.5 g a ton, but obviously going underground on grades like that would have been somewhat challenging. um uh they anticipate the grade to be a little bit higher, but also you know the reasons for that mine shutting down after that 60,000 ounce was produced was really labor shortages related to World War II era. So it shut down and the the deposit you know really remained dormant for a long long period of time and it was wasn't until the late um sort of the 1990s where it got reinvigorated by a company called uh GLRO resources and they took that box deposit well they firstly they consolidated the box and the phona deposits into a single project. So phone is the smaller deposit around 20% of the resources. They consolidated that and they did a focused um study on the box deposit and at the same time had it permitted for a a 5,000 ton per day um milling operation and an open pit development at the box. What happened there is they, you know, they took out um some debt um you know it wasn't particularly well managed um and they they ran out of money through the early development phases and then it it it sat dormant and that's where our our our predecessor company Linear Gold which was run by Wade Door picked the asset up um for for relatively nominal amounts and um and then really just held the asset till we till the right cycle appeared and you know I the older assets don't always get the recognition they need, but you need to look at the fundamentals and and the fundamentals are all there for this project and in this gold price environment. It's it's got all it needs for a near-term development here. So, every asset has its time and I believe this is the time for gold fields and I think our PA results um will demonstrate that. I I like the full overview there. It's kind of like when my wife asks me a question about economics, I'm like, "Okay, I'll take you back to 1650 in the Netherlands." And then we start talking, then I I can rant on for two hours. Uh, and then this is it. It's actually it'll be a good idea to do a deep dive on on the asset as well at at one point. You did mention though 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? Yeah. So the you know although it has that previous um approved EIS um during that time due the duty to consult with um with local communities wasn't uh a strong emphasis. So that work is lacking. So we've embarked on that process now. Um we'll actually have our first round of community meetings later this year. And it's a very um it's an ideal situation in a lot of respects. I've worked all over Saskatchewan with Dennis on other projects further to the south, but up in the north there's really a there's a single representative group um which provides a one window to consultation and they represent all the municipalities and the first nation communities in that area. So it's you know efforts can really be channeled through this this one window um to to kick off the um the duty to consult process. Well, talk to me maybe a little bit more about that EIS from 2008 I believe on the project. You you're going to need a new assessment to address stuff like footprint changes etc. I see what is it exactly that you're going to have to do or what are the question that I suppose the government and the communities are asking you that you would have to comply with. Yeah. So that EIS covered a smaller development just at the box deposit. It's still valid today. So one technically could execute on that. Uh you'd need to refresh some of the data, the baseline data, the environmental data to show that nothing has changed from 2008 till today and that the conditions remain much the same. So it's something we could act on. However, you know, that didn't include mining of Athona. It included a much smaller pit. It did not include a tailings facility that um we is needed to reach a higher gold recovery um for the project. So what we've done is really optimized the project as a larger scale development and then using the existing permit to build upon that to amend uh basically amend the permit um to enable the development of a larger scale project that would produce better economics. Mhm. When do you think or how long do you think that process is going to take? We, you know, I'm reluctant to provide exact timelines now because we're in the initial stages of actually starting that that baseline that that baseline work for the the project and that's going to inform how much additional work is needed once we've spoken to the regulators which we're planning to do later this year or early next year. But having an existing permit obviously does streamline that that that pathway and there's lots of existing data we can use. We just need to verify validate that data. So we're not looking at a typical full uh process as it were. You know, we're going to be building upon an existing data set and likely keeping all that permitting in province and that's a that's a very important thing for us is bring is the timeline to development on this asset. You know, we're obviously in a good gold price environment and we really want to expedite that timeline. So both the community and the environmental work that is the critical path we believe you know that that might that might be who knows two maybe it's it's 3 years but that is you know that's the longest lead time item to get to to to construction the engineering work in terms of PFS FS that can we believe that can be accommodated easily in that timeline largely because our PA is based at the moment on 99% indicated resources so we don't need to spend a a lot of money. We don't need to lot of do a lot of drilling and assaying which is very time consuming and we have a lot of historical data sets that are still valid from previous studies that we can integrate into uh studies going forward. So it's all about kickstarting that community relations environmental permitting getting that process started and then we can follow through with the engineering in parallel and bring this forward uh to a construction decision as soon as pos possible you know with with the likelihood of keeping everything in province an an EIS um in in two years sounds optimistic though you know you think about Canada you hear about Canada a lot in in the news especially when It's about open pit mining and and and you see these long lead items that are you know sometimes can drag on for many many years. What are you basing that on? Why do you think it could happen in two years? Yeah, there are precedents you know elsewhere in you know Manitoba um you know Alamos's project uh where we've looked at peritting timelines. Obviously we have spoken to regulators before when we did the initial 2022 PA. So this you know as I said I'm reluctant to sprout a firm timeline. I'm just giving some broad guidance based on what we know now and of of the existing data sets and you know some broader guidance from regulators um and keeping it the permitting process in province but you know we'll only be able to commit to a more realistic timeline once we've got the initial phase of baseline data done um and we've spoken to regulators about the the project which is slight which is optimized from our 2022 Pa so you know those sort of timelines we'll be able ble to firm up on. But we do we do we don't see this as a a long lead time type project given the existing data and given the fact it's been kept in Saskatchewan. So bottom line, you still think that open pit mining in Saskatchewan is is doable. It's permittable. It's buildable. It it can actually happen. Absolutely. you know, if you look at on the uranium side, there's been um numerous open pits over the over the years. Um and you know, we don't there's nothing in the Saskatchewan mining act that suggests otherwise. Obviously, it's a responsible province. You need to act behave responsibly, mine responsibly, and obviously that would, you know, objectives will be to set the project up for that. But, um there's nothing that um is is outside or abnormal about a open put project um in Saskatchewan. Are there any legacy liabilities on on gold fields now? Community relations that they that got hit or something like that with some of the previous operator or anything like that? Yeah, that's a good question. Um there's some legacy infrastructure um on the project in terms of the old head frame, mull frame. There's some underground addits. Uh there's a few waste rock piles. There's also there's old tailings uh that sits just adjacent to box in what they call Vic Lake. And that was from, you know, all from the World War II era exploration developments and and the bit of mining that was done. Now, it's important to note that none of that liability rests with Fortune Bay that that liability was handed over to the province. Uh, you know, I think it was back in around 2008. And the province has that under its what they call project cleans, which is a a federally funded program to clean up old mine sites in northern Saskatchewan. And that that program's been active on across a lot of the uranium mines. Goldfields is on the list to have a a government funded remediation of certain sites. But obviously we talking to government because should we and when we uh and when this project is developed naturally a lot of those those legacy impacts get taken care of. Um so you know it's it's it's none of it rests with Fortune Bay that liability in short. Well, so you're not worried about the locals uh or infrastructure or the EIS permitting process. You said metalergy simple. What is what are you worried about? What do you think is the biggest challenge or risk for uh the goldfields project specifically right now? You know, there's really people ask me this question all the time like what's wrong with the asset and you know there's frankly nothing wrong with the asset. You know, people say it's been around a long time, but what does that matter when the gold price has has gone up so much? You know, if you we've got, you know, if you look back to our 2022 PA, and we obviously have a new updated one coming up shortly. I mean, that's done by Senko, a very leading Canadian group that does a lot of um projects, has had numerous studies done on before. There's really been nothing identified as a as a flaw for this project. you know qu the one question that does come up a bit is well it's it's it's close to the shore of Lake Aabaska what about water inflows and things but all the data collected previously including you know the geotech the pazometer surveys the water surveys nothing suggests like in potential inflows into open pits and in fact historical mining that went underground below lake level never reported any flooding and there's comprehensive reports you know for the for that work that was done then so it's you know we're really not seeing any any real risks here? There's obviously there's normal risks for any mining project in terms of financing. There's some technical operational, you know, the project is fairly remote, but it would be very standard for a a northern Saskatchewan oper like fly and fly out type operation. There's there's um there's access to the project through you know it it is on the shore black through an ice road and the um and barging facilities. Uranium said is a great airport. It's got a town that is existing infrastructure community that understands mining. So it's it you know it really checks all the boxes. It is a far northern project but in Saskatchewan there that's where the mines are. You know CB Santoy if you look how they operate also with the ice road um also sort of fly and fly out. It's a very sim similar scenario as well as all the uranium mines which you know I've been to over the years uh with my time at Dennis. So, I don't really see any I don't see any risks outside of those normal to a development project in a good jurisdiction. No. Uh national parks though or endangered daisies and mosquitoes? No, none whatsoever. Um you know, we've obviously got to confirm that. There's nothing recognized in the previous EIS, but we'll we'll be doing that baseline work again now. And we've actually got cameras set up in the field now and there's guys busy with aquatic work. Um, so confirming all that and figuring out exactly how that permitting will take take shape and and and the timeline etc. But nothing being recognized historically there. No, I guess your field crew would wish that the mosquitoes were endangered because it mean there was less of them. I've heard there's quite a few. Especially uh Gareth cuz he he's he likes his he's always got a bug net on him. He doesn't like the bugs. Well, I spent some time in BC around a lake uh this year and the mosquitoes were just uh I've never seen something like that. I never even assumed it could be like that and apparently they're worse in Saskatchewan. Oh, yeah. No, the bugs are quite something to contend with during those summer months. Well, they you you'll be back soon, I hope. And uh so we can do that deep dive on the project and um maybe right in time after PA so we can talk uh more about gold fields at that time. Uh, let's maybe switch the focus here a little bit to a warmer place and hopefully one with fewer bugs. Uh, Mexico, the Mexican acid, Pom Rosa, I think I'm saying that right. What's the plan there? What's the goal for that asset? Well, that's a really unique asset in a exceptional geological setting. And you know the word worldclass gets thrown around a lot and very loosely in this industry. But you know if you take we can take a look at our corporate deck and just even through Google Earth see the setting of this project where you have this um subduction of an asismic ridge beneath the North American plate giving rise to this huge porefree center on which our project sits. And that setting is very analogous to Bingham Canyon. It's analogous to uh Cascabel um Cobra Panama. It's it's it's a really unique exceptional setting. Um you know why we excited about it? We've got a historical gold resource there and that resource sits in the cover rocks to the pfrey system. So it's shallow. There's 1.7 million ounces there. There's the ability to expand that. But there's also numerous other targets in this shallow cover rocks. And these are all these epiothermal systems that sit above the pfrey. So there's not only the the potential to expand the gold resource, we have to first obviously get that historical resource into current, but to expand the gold resources in the epiothermal systems in the cover rocks and then start to target the copper, which has never been done before in this large portfree system that is a a really a lookalike for Bingham Canyon. So it's it's an exceptional project. You know, if you talk to technical guys who roam the the Americas, they they generally know about it because it's it is quite exceptional. Well, and and that is something that it does get thrown a lot around a lot, right? Tier one potential worldass assets and stuff like that. And then you compare it to Bingham Canyon, which is uh one of the largest copper mines out there. Where where's that coming from? Where's that comparison coming from? What is it? And we might do a deep dive on this asset separately as well. Probably take us a couple of hours to go through it really because there's a lot. I had a look. But what what is it that you see specifically from from the geological perspective that makes it a comparable to Bingham Canyon? Yeah, it's really the it's really the broader tectonic setting. You know, these these large uh or giant mineralized poulfry systems generally form where there's been the subduction of oceanic ridge or these oceanic plateaus beneath the continental plates. And if you know, you really have to look at our corporate deck to to know what I'm talking about. But if you scan down the western seabboard of North America from Bingham Canyon which is the Mendescina called the Mendescino fracture zone that subducts below the North American plate and you scan down that western seabboard of North America. If you look for the next big asismic ridge, it's called the Tuantipek Ridge. And where that goes below the north North North American plate in southern Mexico, um there's a single bullseye anomaly evidence in the regional magnetics for Chia State, which is where the project is and that's where that's where our our concession sits. So that's, you know, that's what I'm talking about in terms of the broader regional setting. In terms of the details of com being analogist to that, you know, you got to get into the more detailed geology, the porefree system hasn't been looked at. It's all been these epiothermal systems, the gold to date. But, um, it's really those details that, you know, so maybe the statement shouldn't be misinterpreted as being exactly like it. I'm talking specifically in terms of the the broader geological context and setting from from a more tectonic setting, but obviously the details of which have to be fleshed out. Obviously there is a age difference. The the the pfrey system we're looking at is much younger. So there's those types of things and obviously the the rocks themselves the the sequences into which the pfries intruded are are somewhat different. But at you know where we are we have these um carbonate rocks um and evaporetic rocks which are really highly favorable for um these mineralizing systems to precipitate out the golden copper. So it certainly you know checks the boxes but it's it's it's conceptual at this stage. the the setting is there but the you know the concept needs to be tested and we do know you know outside of the gold that sits in the cover rocks you know the question is what is this porefree system does it have copper potential and there is you can see copper in the broader system I mean we there's holes there um you know at seramina for example a 600 m hole from surface um at8% copy equivalent and it ends in mineralization you know we have another hole around 72 m. That's about a 1% copy equivalent. These are holes that have probed a little deeper, maybe found um the right fracture zones or the right structural settings to test that, but really hasn't been looked at because all the historical expiration was just drilled off soil geocchemistry. Um there was so many good gold anomalies just in soil. They just drilled those soil anomalies and found camper early on 1.7 million ounces. Kinros had an option. and they focus on really another prospect called serillamina which was also a soil anomaly that's where they got that copper hole um so it's it's been really surficial related but if you look at analogies like uh you can look at NGX and Felo in South America you know and people are starting to draw these 2 km type holes at you know you know 1% to you know.5% copper equivalent I mean this is the future of of copper mining bulk um underground um bulk tonnage type mining So, we've got a setting there that needs to be tested, but that's that's the conceptual really exciting blue sky part of the project. You know, the near-term catalyst can come from Campno, the there's this large historical resource there, 1.7 million ounces that can grow plus numerous other gold targets to be evaluated and then at the same time, we can start to probe a little deeper into this porefree system. So, it's offers a lot of, you know, expiration upside um on that project. it. Those are good graphics actually that you're mentioning. They started I think page 18 and we'll put those up on the screen for people watching so they can see. Um but I mean they're that good that even I can understand them. So that's really telling a lot. I don't know if you did them yourself, but they are good. Uh and it's interesting to look at. I'm glad you're touching up um upon the um the age of the rocks as well. That's an important thing uh important distin difference that you made there. What about the um and you're you're bringing up Kin Ross as well. History of this asset as well. They operated as well as linear back in 2004. Drilled quite a lot too, right? Almost 100,000 well almost 90,000 meters really. But you know, focused on the gold stuff. They didn't have this thesis and um that you have now. And they ended up they ended up leaving. How come? Yeah. You know, I mean, and that's that's a key question, Antony. And we're not scared to, you know, talk about that. um you know the community side you know firstly Chapus is not a well-known mining state it's plain to see you know um and on the community side there have been some challenges in the past um and it's important to understand those challenges because when Lineia our predecessor operated that project they had a community manager down there he lived there he was very in touch with the community there was sure there was there were like any project there small things from time to time but overall linear was success uccessfully able to do lots of exploration. You just mentioned the the amount of drilling that was done there through the discovery delineation phase of camper mentor the testing of other targets. There was a good foundation there of relationship. You know Kinros did come in later and ran the community relation a little different. Um you know it was after that period where the project was halted and wasn't worked since. Um we what we've done here now to re start to reactivate the project. We've engaged with that same community manager who's you know gone on to do some really good work throughout Mexico but he's he's leading our efforts there with the community to re-engage rebuild the relationships. Obviously, you know, leadership has changed a bit and we've got a the the the the promise of like a real new start to the project, but that that that is, you know, we still need to get there and everything has gone, you know, per our press releases, all the the discussions with the community have gone exceptionally well. There's been, you know, strong support. Um it obviously takes time to to work through the community, allow them the space and time to have their meetings. you know, we've provided all the information, everything needed, but we've also taken this time to really build a strong foundation, you know, for the project through getting them getting to know us and getting to know exactly what we're going to do. So, we believe in the near term, you know, we will be able to um move forward with that project. It's something we're working on, but you know, the community side, it's worth it, you know, and we it's going to it's going to take, you know, um we'll have community managers there and we want to build that real relationship, not just through expiration, but also beyond. Um but it's it's really important to have, you know, put that foundation in place um to be able to um get the project started. It's thinking or it's getting me thinking about why hasn't anybody thought to look at the poor free potential here since then though because you no significant work since 2009. Poor free have been all the rage since forever or it looks like it. Not really forever but definitely the last couple of decades. How come? Um you know you know I alluded to it earlier. It was just it wasn't you know it was really just it such a targetrich environment this project you know when they did the soil sampling which was the first well the first phase works from stream sediment sampling they did the soil sampling and there was areas there with a gram a ton gold in soils we were just slam dunk targets you know no geohysics needed let's just drill these and off they went it became the immediate focus and it and because the results were good from the drilling I mean there's a hole there 100 m at 12 gram a ton gold in Campnto. I mean back in the day linear went uh to market cap over you know I think it was 2004 2005 to over $200 million. So there was so much focus on expanding the gold resources testing new targets they simply didn't step back and look at the bigger picture. there was just the lowhanging fruit to to really go after which was on surface but it the setting is there for some deeper exploration and and obviously you know it will require a little bit of stepping back some geoysics to better understand the the broader porefree system and then actually targeting that with drilling. So it really was a case of being gold focused and the lowhanging fruit which you know linear gold and Kinros gold both gold companies focus on without considering the real copper gold angle. What do you think is the size potential now with this this thesis that you have though uh or again thinking about it from from the perspective of size. What does an asset have to look like in this part of Mexico in order for it to be you know feasible either as as you building it out or finding a potential suitor for it? Yeah, you know, I think it's it's really exciting when you kind of start to look at the project uh in terms of size potential and I'm not going to speak to any particular numbers here other than the historical resource which is you know 1.7 million ounce of gold but that deposit is it is open in areas so there's potential to grow that there's also a serial lamina where Kinrost did enough drilling you know we've had a QP review the data as part of our data review and we we spoke about that in our press release but the the QP we planning to use I said no additional drilling is needed to produce an inferred resource from serial Amina so that that will be a maiden a maiden inferred resource for that prospect without any drilling we'll need to do some check samples so we've got 1.7 mill at campa we got seramina you know some of those drill results are in our tech report people can take a look plus there's all these other targets that you know were drilled on soils but never had a solid geological ical understanding. So we believe we can systematically work through these to build up that resource or increase it from the the historical 1.7 now that will be converted to currents hopefully by the end of the year and then we'll be able to build up that gold resource. So you're looking at a project that you know I'm sure will go in excess of don't quote me but you know 2 million ounces and then there's a lot of blue sky there just on the gold side and then we still got to tap into the pfrey. So it it you know it's it it's got a lot of potential. Yes, it's got you know the the community side uh needs you know needs the the right approach in that but if you look at the you know we always look at things in terms of riskreward you know the reward there is is is large you know um so we you know obviously we're going to deploy capital carefully and and do that and build that relationship and as it builds deploy more capital and align all the stakeholders and you know the support to date it's been been great so you know we really see this the the potential to de develop this into a a real significant asset in in North America. Well, you bring up again an interesting point there because I'm thinking is it really asset dependent though or do you think that the market would only give you or recognize that value for this asset and that majors or mid tiers whoever would potentially only get interested in it if and when the political situation with regards to mining in Mexico as a whole gets resolved and I understand it's mostly um you know focused on open pit mining what what's happening in Mexico right now but but it's still got the the stigma on it and I still see the Mexico discount, if you will, to Mexico onlyly focused companies. Yeah, you know, we can't deny there there's been some um headwinds in Mexico um lately. Um you know, I think on the ground there's there are things turning the corner a bit um and looking more positive certainly from the information we've received, we've obvious seen Alamos um get an approval for a pit expansion. There's a lot of pit open pit projects in the in the works there, but we you know firstly we haven't decided how we we plan to mine that yet. But I think in terms of some of those um or I should shouldn't say how we plan to mine it, but if it were to become a mine, you know, we're not sure. We got to look at all of that. But um in terms of you know being able to work there and get on with what we need to do now the expiration we have um we've got an what they call an emparro an injunction that's been successful that basically protects the rights we were granted under that original concession. So you know we have the ability to to move our asset forward at the moment through expiration phases and per our plans. You know it will require obviously getting the right environmental permits for drilling etc. We've already spoken to um you know the federal officer for the area and he's he said he would support that. Um we've had you know indications from the community that they're supportive um and you know so everything does seem to align. It's always always a bit always you know is compared to Canada it's more work but you know it's the prize is big. So you know this we we see it as a suitable place to advance and and really excited to to get the exploration started. What does work look like when you're talking about the community in this case when you is it going out and doing consultations? Are you organized like what does that really look like? What what does community work look like on the ground? Yeah, community, you know, it's really um it's meetings, consultations with with the communities, you know, um from leadership groups to um to broader groups um um providing information sessions talking about the project, the the company, what we plan to do, providing, you know, educational pieces around that. So it's it's just it's you know from meeting to meeting with with with leaders and adv you know advancing at each step of the way to you gain the necessary support understanding and importantly comfort you know I think communities need to feel comfortable um you know having companies working there they own the surface rights um we have the mineral rights and it's really a case of reaching that mutually beneficial agreement to allow um exploration to advance. How sensitive is this part of Mexico from an ESG perspective? And I don't mean ESG in the sort of the cliche way that gets thrown a lot around a lot, but you know actual again conversations with locos, but also the water rights, the access rights, agriculture, wildlife, and so on. You know, things that could actually slow you down if they were not, you know, checked off. How how is Chiapas relative to other parts of Mexico? Yeah, you know, it's we haven't got into all the weeds on that there, but you know, there's there's a number of development projects um you underway there on on various fronts. You know, there's not many mining projects as we know, but you know, there are there are some that have, you know, been successful more recently than ours on the exploration side. Um but overall you know I think the the political landscape there is important in terms of you know we were down at the new governor's inauguration uh in December you know we're invited and there's really a strong drive by the new governor to you know stamp out crime improve the investment landscape particularly for foreign companies and he's you know what we've seen today and really delivering on that I mean recently chapas announced that it's the you know it's it's on based on homicide rates it's the second safest state in Mexico and we seeing you know I've spoken to numerous other people who have actually reached out to me and said hey you've got a project in chapas what's it like you know there's it's on people's radars and there's a strong support from the governor you know on our particular project we've had support from a congresswoman who's who's uh you know would like to see investment come into chaper so there's a there's a drive on at the moment to see become more investment friendly for these types of projects it's obviously you know also a attractive state for for tourism and things, but it's, you know, I I really see uh it being positive um and and the ability to invest there and and have uh you know, in a stable sense under um the trajectory of of the province. How is it from a security and you know, cartel perspective? I suppose that's something you hear about in a lot. No, it's a good and valid question. you know, I was quite, you know, I knew very little about the project um when I first went down there and I had these questions myself and you know, been down there maybe five times and I've got to say like one gets the sense it's it's well it is it's really safe. You know, where we where our project is, it's very strongly community orientated and the communities are very proud. They're clean. They're not they're some of the poorest in Mexico, but they're very proud people who need respect but like to you know so they almost self police that area in terms of bad elements and they're really I've had no exposure to any narco elements at all within our project area. There are there are some down near the border with Guatemala, but we in the northern part of Chap Chapas a long way from there, but even those, you know, the reports and statistics indicate those are being dealt with through, you know, a really firm approach by the new governor. I would love to do a deep dive on this asset too and and I'm sure we will once you have some news coming in from it in the future hopefully. When do you think that will be by the way? Some some news from P Ross when when are you expecting that? Yeah, it's hard to put an exact timeline on that. You know, our our engagement with the community, you know, is is positive. It's supportive. It's all moving in the right direction. It's on track. We do we do we would like to start some expiration later this year. That is that is contingent on on those meetings going to track. You know, you you've got to you've got, as I said, you got to give the community the space and time, but we've built that broad foundation of support now with the community. They know us. They know what we want to do. I think there's a good level of understanding of who we are and our plans. So, you know, I expect over the next while um we there's a a good possibility we're able to get the the agreement in place and then be able to advance um on expiration later this year. Well, good. Uh there would be a good time to catch up and and do a deep dive on this asset as well. Uh this looks interesting. What I want to move on to the uranium part of the story though in that case and and similarly to the other projects that we'll talk about Alaska but your your plans, goals and aspirations with the assets because again they're being advanced by partners. What's yeah what's really the plan here? What's your sort of three to five year outlook for these um three assets? Yeah. So those you know we're really um positive about those assets. Um, you know, it's been a a a really good part of our our broader strategy in terms of, you know, when we were during a bit of a lull period, you know, after, you know, we had a nice runup in 2020 when the gold price moved and our stock did as well, but you know, post that the market conditions been a little difficult, but it was a a key key entry time into uranium where we picked up some really nice opportunities. uh we spent a bit of money on those where where needed we felt to to get them moving in the right direction but recognized we didn't want to blow up our our very tight capital structure on spending a lot of money on what is quite risky more grassroots type expiration. So we took the view let's manage our risk as best as we can for shareholders. Let's um you know we can now is a perfect cycle to start advancing our gold assets but let's have these earlier stage uranium assets. let's get them partner funded, retain upside for shareholders, but also generate some revenues for those that that covered a large portion of our GNA through a difficult period and was very effective uh in terms of not diluting shareholders um much being able to basically not dilute against the gold assets which we can now you know move move on in the in this right cycle. Um so to answer your question which I mean long way around um you know at Murmur and Strike we've we've last year we had a really nice intersection and it was as a fairly narrow intersection the assay sample of 13% U38 and I think it's important to note like these this is this um the the model we're using there is for these high-grade basement hosted uranium deposits and ironically or you know serendipitously they've never actually been tested in that area because the uranium mines in the uranium city area all in granates. That is beaver lodge style and that was the focus was during expiration at that time was looking in the granates which typically outcrop but the graffitic rocks which we want to chase sit in the valleys and they were never never drilled. There was a few drill holes but never tested properly and we've gone out with this concept to to test those and we've we starting to get the right results. In other words, we we've shown these are fertile systems. They have structures. they have the grade and it's really a case of now doing some more evaluation and we have a fantastic set of targets you know through Murmur and strike we'll actually be drilling three of those uh will we be drilling those some targets at Murmur in the next month and then you you know the woods projects which so in summary there's Murmc and Strike that are optioned with Aero Energy and then the Woods is really a portfolio of projects there's five five projects there 40,000 hectares across a very underexplored shear zone on the on the rim of the basin um which has a lot of uranium occurrences. It's got the highest lake sediment anomalies um in Saskatchewan on the uranium side. It it looks really perspective, but there's only there's three drill holes across this entire block of tenementss that we've got. So really excited to work with, you know, guys I know well uh through an Australian group that's, you know, likely to IPO next year called New Horizon. They've also got projects in Sweden. and a good good group to have them sort of run with that. We'll provide uh some technical input on the aabaska geology and let's let that project um go. We'll retain some upside. We'll generate some operator fees. We also generate some fees through rental of our uranium city assets. Helps helps you know moderate the GNO GNA um limit dilution for shareholders. And while those are running the uranium assets partner funded slightly higher risk, we focus on the less riskier assets where we, you know, we can really execute on that steep part of the Lan curve where we have drill targets near resources and the ability to expand resources and and do early development work to really unlock value on those gold assets which will be self-fund or letting partner funded assets uh run as well. So we feel like we're in a really good position. We've limited downside risk for for shareholders, but have a a lot of upside in terms of the the near-term catalyst that we're going to be executing on for our gold projects. So, if I'm getting it correctly, no desire to spend them out or do anything else with them in the meantime. As the gold assets, no, the the uranium assets. No, no, we will we'll retain our you know, we've obviously got a some upside there in terms of retained equity. They're option agreements at the moment. So there's still spend needed before they um before they they get to a point where we'll they a JV will be formed and then we'll have the ability to elect to fund or dilute on those and that's obviously will be dependent on results and how we decide to allocate our capital at that point in time and all the assets that you told me about they're all uh work ready essentially as in permitting um communities infrastructure is is all taken care of. Absolutely. Yeah. Yeah. So that's you know that we've got three-year drill permits on all those uranium projects. Um the drilling is obviously happening at Murmac this this this fall. And then on the woods projects we currently busy with a a very extensive VTEM magnetics and radiometric survey. Um and some prospecting work planned for this fall. And then next year we'll um likely to see some drilling done at the Woods projects which as I said has virtually seen no drilling to date. If any of the partners for whatever reason, although I I understand that's not your expectation, but any of them decide to back out of or stop spending money essentially on it and and kind of, you know, back out of the option the option agreement there. Where does that leave you with those assets and what will the plan B in that case? Would you look for new partners or just let them sit or Yeah, what are you planning? Yeah, I think we I think we'd look for new partners. I think you know there's there's a tremendous amount of targets on there and you know there is money still flowing to Aabaska basin. So I I you know foresee possibility to bring in in other partners to to fund their exploration. Of course we can also sit on the assets you know we there's been enough expenditures incurred certainly at strike and murmur to hold them you know for a good 20 years or so and you know the woods will get some expenditures done there. So it will buy us time to to hold the assets or uh you know but I suspect we would look for additional partners unless there's if they we will be always opportunistic as a company. So if we if we see the clear potential for uh sort of a lower risk expiration to realize some significant upside we there's a possibility we could fund that. But I think we'd largely stick to our model of being, you know, gold focused especially in the cycle and uh letting you know partners fund what we would deem would be more riskier expiration but retaining upside. In the meantime though, given where the market is right now, I don't assume you'd go looking for other assets to add to that part of the business. Like I again I'm assuming here, so correct me if I'm wrong, but I would assume you're pretty happy with what you've got right now. Absolutely. you know, we don't, you know, acquiring other assets and issuing more stock, you know, could be would be dilutive. Um, and we really have belief in our our two assets. You know, we've got that dual jurisdiction, that optionality across Goldfields, Mexico. I think it's a really good mix of having of of our value, you know, just $40 million being underpinned by a robust development project in Saskatchewan with, you know, resource expansion and potential. that's that's really going to limit downside risk for us, but there's huge upside in in Mexico. So, we've got a nice spread of of risk there. You know, if you look at us on a EV per ounce basis relative to peers with just gold fields alone, we we undervalued with respect to peers. You add in, you know, a current resource perhaps coming out of Mexico soon, we get even cheaper. So, we've got a lot of lot of potential there. We not at this stage we would acquire something but it should we you know ultimately monetize or uh opportunities arise in future depending on the situation we will look to acquire more assets over time and we you know if gold's still uh the you know the market's right and we the cycle's right we'll look for to bring in more gold assets or it could be other commodities but our whole business model is going to be around you know partner you know hybrid a hybrid model of project generation lowcost acquisitions that we'll look to partner fund that are earlier stage perhaps more risky but then also acquisitions of slightly more advanced assets that we might look to fund where we deem uh you know exploration resource expansion a little less risky and can move it up the Lan curve a little quicker. So we, you know, we're a bit of a hybrid type model, but we've got a long-term vision to create real value in this business and, you know, we've got the team, we believe, to execute on that. On the topic of issuing shares, uh, and therefore money, 1.7 million in June, which means you're now at about what what 1.5 million in in Kitty. Yeah. on on the cash side, we we probably a little bit lower than that around, you know, obviously incurring some costs now as we execute on our catalyst being the PA at Goldfields and some of the the permitting work that's been done there as well as some expense in Mexico. So sitting around 1.3 million in cash, how much money are you going to need to go through those catalyst that you're talking about here? Essentially did redoing the study as well as the new in Mexico as well as the PA in Canada. Yeah. So that although that's all fully funded through that 1.3 million remaining and you know just to recap there it's the updated PA for goldfields it's the initial phase of permitting including environmental and community work at goldfields and then in Mexico you know reaching uh access agreements and and and some initial expiration in the form of soil sampling and then completing a current 43101 uh for that project. So you know the $1.3 million remaining will cover those assets. they're going to be key key near-term assets, you know, through the remainder of this year. Um, you know, we we we believe they'll have the opportunity to rerate the stock and then we'll obviously look to to look to raise for the next phase of of work which we currently planning out. Well, well, talk to me more about the strategy for raising capital going forward both from the perspective of the when as well as the how. When in terms of like I understand you're fully funded for this for these couple of milestones that you want to complete here. Of course, you don't want to be running on fumes and raising capital in that case. Um, that's the when part, but also, are you considering, I don't know, a JV? Is there room for I don't know, another royalty on Gold Fields or I don't know, stream or something else entirely or do you think you'll equity raises will be the way to go for it? Yeah, I think I think you know provided the share price is is right you know I think equity raises will be how we fund things but we'll remain open to uh you know transactions whatever makes sense best sense for shareholders really you know so we we we do there is a lot of interest in in what we're doing and um we do talk to people of course as part of our business um from time to time so we we'll continue to look at opportunities but you know for the foreseeable future you know we would certainly certainly want to um self-fund to retain the value we believe that can be unlocked through these assets before allowing you know you know partnering out too soon. So you know I think the 100% ownership for us is key now because we believe we significantly undervalued and there's a there's a lot of value to be unlocked. H what about GNA in that process? I mentioned at the beginning uh the last 6 months was about 75 to $80,000 I believe it's somewhere here in my notes but is that where you think it's going to stay or is it going to go up a little bit now that I assume you're going to be marketing more and all that. So yeah, where do you think that's going to? Yeah, look, we we are doing some I mean we haven't you I think you pointed out in the beginning we haven't marketed a lot you know we don't when the market's not right we don't believe to spend a lot of money on marketing you know because it falls on kind of deaf ears you know I think you see a lot of people do that um but we've seen the cycle ramp up we think in the early to mid stages of a gold bull cycle you know a lot of the big banks are predicting that so we see the the potential now to sort of come out from under the radar and start um some more aggressive marketing campaigns uh which we'll do through the fall and alongside these these catalysts um at the moment. But in terms of you know the broader GNA we are um you know we we we lean and mean um you know I you know from the comparisons I've seen we pretty small tight team we like to operate things on a more of a turnkey basis because in this expiration game things change quickly right and you don't want to be carrying lots of overheads when the market conditions are right. So we tend to structure things like that. It's primarily myself and Gareth who run the you know the real technical side and then we work with contractors um and people aligned with the company um outside of that. But we'll look to probably add some key personnel um over over time here to help with the development work at certainly at Goldfields and then as well as you know also building that longerterm pipeline I mentioned uh to you through you know future acquisitions and lowerc cost acquisitions as well. um to build up that real pipeline for our our business model. Is there a fixed budget that you currently have for marketing or how much money are you looking to spend? Yeah. So we we you know we announced across our um we we you know as as as per required we announced the marketing initiatives we have planned for the fall here. So, it's, you know, just over around $250,000 worth of marketing. Um, which is, you know, quite, I think, quite a it's a good but modest budget. And we we fortunate to work with someone who's got a lot of experience um in the marketing IR thing. So, we've picked our campaigns very carefully. Compliments to you, Antonio. So, so yeah, great to be talking to you about all this stuff, but yeah, obviously got a few other um you know, third parties helping us um with our outreach and and really getting the story out. Yeah. Well, that's exactly what I was going to say. It's like, are you sure you picked your partners correctly because you're you're doing this with me. So, uh maybe jokes aside though, shout out to Fiona put us in touch. So, shout out to her. She's done a good job. Talk to me about the marketing that you you don't see being necessarily disclosed because it's you doing the leg work essentially. You know, you going and knocking on on doors. What do how do you how do you see that part of the marketing? Who whose year do you have? Whose door are you going to be knocking on? Who's really receptive to the story right now? We we early days. So, it's, you know, we seeing, you know, I've noticed calls are picking up. Uh, you know, um, my phone's ringing. Um, obviously our stock price has ticked up quite nicely, but, you know, the rallies, you know, trading volumes are still quite low. So, we we've got to we've got to broaden that outreach. Um, we've got to, you know, plan in place, you know, some select select conference or two later this year. Obviously, there's the the slew of conferences early next year which we'll we'll hand select and as well as you know post our goldfields PA knocking on a few key doors of some of the the more institutional uh investors um in in the space you know I think that's a key part of our story we we largely retail um you know high net worth sort of retail focused um ownership at this stage so I think it' be key to bring in some institutional ownership and try to get some analyst coverage uh for the company you know in the near term What do you think is is going to resonate with them the most or how do you think you're going to be packaging the message with again uranium and gold and and pfrey uh copper whatever how do you how are you going to package that in an investor friendly way that everyone can understand and hopefully value properly because again you and I have had what about a just looking at the clock it's you know an hour and 15 minutes call it here and I'm starting to get a decent understanding of how it is but not everyone you gives you an hour and 50 minutes or an hour and a half of their time. How do you how do you how do you pitch someone in an elevator? Yeah. So really we are gold f focused company. We have across our two projects around 3 million ounces in drill defined resources. We unlocking those in the background. We have upside and optionality on two on uranium projects that are being partner funded that are non-dilutive and that contribute to our GNA. uh you know our value is really underpinned by gold fields in Saskatchewan a robust development asset and if you move to Mexico a historical resource but significant um exploration upside through gold as well as a deeper copper gold pfree system short elevator ride I appreciate that uh what uh what keeps you up at night deal I'm about to start closing it off here but nothing's ever perfect I suppose what keeps you up at night yeah you A lot of it's the the de you know the details around uh yeah we we busy and um you know we we covering a lot of areas with a small team you know across from community relations to permitting to expert technical planning. Um so these are all things that you know factor into the thinking and and but you know generally it's it's yeah I'm excited we all very excited about where things are going. Um there's there's the normal day-to-day stresses. You know, certainly a while back it was it was money because markets were tight. We weren't raising a lot of money. We didn't want to be dilutive. We we kept ourselves busy and funded through, you know, some of the uranium work. Uh nowadays, that's I think less of a worry. The markets improving. So that's that sort of that uh worry is has lifted uh largely. I think you know I think there'll be money around for for companies like us. Um so you know really the day-to-day uh concerns around um you know but you know logistical planning uh you know and doing the right things step in step you know certainly the community side is is really key across any project you work in nowadays you know whether it's chapas or Saskatchewan and uh you know we we need to operate responsibly sustaining sustainably we need to build you know proper relationships there and that that requires thought right It's, you know, and and I think extra thought for a guy like me who's a geologist uh at heart, you know. Well, I really do appreciate the conversation. I think I've been through most of my sort of introduction questions again. We have a couple of um interviews that we're going to be doing hopefully sometime soon when you have the the PA out hopefully again by the end of the month. What do you think I'm forgetting to ask? What did you come here hoping to talk about that I failed to bring up? I I think that that was great, Antonio. appreciate all the questions and I think we've, you know, it's a it's a great intro session for us and I think it's hopefully given everyone a a good flavor of who we are and um where we want to go as a company. Awesome. Well, thank you so much for doing this. I appreciate you stopping by and hopefully we'll do this again soon. Excellent. Thanks a lot, Antonio. 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 are 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. Losing money is the norm and should be the expectation. This is a very complex sector and the performance of individual companies typically depends on many different moving particles including company specific factors like geology, financing ability and many others really as well as particles that are outside of the company's control like geopolitics, macroeconomics, commodity prices and many more. most of which are nearly impossible to fully understand. Moreover, these companies that typically get interviewed on resource talks are in the pre-revenue stage, which means they rely on the public markets for the financing of their operations, which could result in shareholder dilution. Furthermore, as a general rule of thumb, you'll be better off understanding that all company communications online, albeit this interview or their website and their presentation and their social media accounts or even the social media accounts which you thought were your friends and then told you about a stock, everything really that these companies do is intended as marketing. And although I do not make buy or sell recommendations because there is a clear conflict of interest given the nature of my business, many out there do and you should be aware of that in bias and you should be careful out there. That bias is not always going to be clearly disclosed with everyone out there. So it is safer for you anytime you're watching any type of company specific content to approach it with a dose of skepticism and assume that the party telling you about it is biased in at least some shape or form because there will always be a bias again albeit clear or not. So, always ask yourself what the incentive of your counterparty is and never rely on them regardless of their incentives, but in instead double check if what they're saying is true again by using setterplus.ca. The fact that I have no idea what I'm doing should already be clear to you at this point. I am not saying this to make jokes or or laugh with myself. I just simply do not have a long enough track record of consistent investment profits. So, I should under no circumstances be considered an authority on anything. Again, although this may sound amusing to you, believe me, it is not amusing and it is not intended as a joke. I'm simply pointing out a fact and warning you not to rely on anything I do or say. Unfortunately, at least to my understanding, nobody out there has any special abilities. The CEOs do not possess any superior knowledge and they cannot know about what will go up, what will go down, or what will go in circles. Some people even believe that to be rule number one on Wall Street. Nobody really knows. None of us know whether any of the company's activities will result in a success. Again, given that we're talking about high-risk activities where most of the times it ends in failure. Also, unfortunately, try as I may, I won't always catch all red flags or all challenges with the companies. So, even if I did ask a few tough questions in here, don't rely on this being all of the tough questions. Again, these are complicated startups with many moving parts and I am conflicted given the nature of this business. Therefore, I cannot guarantee the quality of anything presented in this video and you cannot hold me responsible for any losses or damages stemming from the way you decide to use this interview. Viewers, listeners, and readers acknowledge and agree that the information presented herein did not constitute a solicitation or an offer to buy or sell any security or investment or to participate in any trading strategy. Resource talks and all parties involved in the management of the business strictly disclaim any and all liability for losses and or damages whether direct, indirect, special or consequential or other consequences however so cost arising out of any use or reproduction of the content published by resource talks or any decision made or action taken in reliance upon it. By consuming this content, all consumers vow to release resource talks and all parties involved in the management of the business from all claims, proceedings, or consequences. This is all to say, I know it's a lot of lawyer talk, but this is all to say that you shouldn't blindly trust me or anybody on the internet, and you should do your own research. Once again, social media is meant for entertainment. It is setplus.ca, where you do your research. That's where you find a company's official filings. And I encourage you to read and analyze the management information circular, the financial statements, the management discussion and analysis, and whenever available, the NI43101 technical documents. If you don't understand everything in those documents, the chances of you losing money are even higher than they normally are in the space. And as mentioned earlier, the chances of even the best analysts in this sector lo losing money are extremely high since this is venture capital and it is not for everybody. I'll leave you with one of Charlie Munger's quotes which I wish I had listened to more often earlier on which says quote if you don't understand it don't do

Gold, Uranium, and Copper Potential in One Junior Mining Company | Fortune Bay CEO Interview

Summary

Transcript

Join for free and get access to the buyside

Get insights from the world's most influential hedge fund investors direct to your inbox

Follow Us On: