Gold Junior Raises $29M and Starts 13,000m of Drilling | Revival Gold CEO Interview

Summary

• Market Outlook: The podcast discusses a positive sentiment in the gold exploration and development sector, driven by a rising gold price and a scarcity of quality projects in favorable locations.
• Company Update: Revival Gold has completed a $29 million financing round, exceeding their initial target due to strong interest from strategic investors like EMR Capital and Dundee Corporation.
• Project Focus: The company is prioritizing its MKER project in Utah for faster permitting and production, despite the Bear Track Arnett project being at a more advanced engineering stage.
• Drilling Program: Revival Gold has initiated a 13,000-meter drill program at MKER and a 4,000-meter program at Bear Track Arnett, with plans to expand drilling to accelerate project development.
• Strategic Interest: There is significant interest from major gold companies in Revival Gold's assets, highlighting the potential for future partnerships or acquisitions.
• Innovation and Technology: The company is exploring innovative metallurgical processes, such as the GlassLock technology, to enhance the value of its gold concentrate by removing arsenic.
• Investment Risks: Key risks include resource conversion and metallurgical test work at MKER, while geopolitical and gold price risks are considered favorable for the company.
• Investor Communication: Revival Gold emphasizes the importance of marketing to communicate its value proposition, aiming to reduce the cost of capital and attract more investors.

Transcript

Today on the CEO barbecue, we're looking for gold in the Western US together with Revival Gold. If you want a bullet point summary of this conversation and all the other CEO barbcues 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 in 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 adviser 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 all said, "Rvival Gold is listed as RVG) on the TSX Ventures Exchange where over the last 3 months the average volume has been about $280,000 shares with a market cap of uh now just under 142 million and $272 million shares outstanding today. This is a 52 stock with a 52- week high of 58 cents and a 52- week low of 22 1.5 cents. The 50-day moving average is at 50.8 8 and the 200 day moving average is at 38.6 cents, which means the stock is now trading above both of them. No fancy long intro needed here for revival though since Hugh's been on the channel a couple of times over the last year or so. For those of you who want a deep dive into the PA or a deep dive on Q himself, as well as the company's financial situation and and an overall business plan and everything in between, there's going to be a playlist containing all of the previous conversations linked in the description of this video. Time for me to shut up already though and Hugh let you do the talking. But first of all, thank you for your time. Oh, it's great to be with you, Antonio. Here we are in August and uh boy, a lot's changed since we last spoke. I think that was April. That's it. Just over four months ago is the last time we spoke. Uh gold's kept going up and uh things seem to be turning up for the juniors as well. Dare I, you know, dare I say it without jinxing it maybe. I know you've been traveling for conferences and investor meetings for a while uh now and and you know since this is happening. So what's your what's your current read on the market uh from those conversations you know talking to to essentially the smart money in the room? What's your current read on the market for explorers and developers specifically? I think the theme is playing out uh you know that we've been talking about in the past uh which is that there's a scarcity of good projects in good locations against a rising gold price environment and increasingly more uh robust balance sheets uh cash generation among the plus or minus three dozen producers out there and we're seeing that in transactions for assets at prices which I think are are are starting to reflect that that underlying value based on where the gold price is today. What's the most kind of interesting conversation or or eye openening conversation that you've had with some of the um some of the larger money managers in the space? I know you're close to Dundee uh other groups as well that are invested in in in your story. Yeah. What is what's kind of the most interesting conversation you've had recently? Well, I think it's really interesting to see that um you know the consolidation trend continues. uh Equinox successfully have pulled off a combination with Caliber. Um and then we've seen these disposals of assets, non-core assets, uh receive a lot of funding and a lot of interest. most recently uh again out of Equinox was the sale of the pan mine um and at a good price for something that's really a sub 50,000 ounce a year uh production opportunity but in the United States and I think that bodess well for those that are positioned in the development space we are seeing equity values go up equity prices go up uh and there seems to be a lot more confidence among investors in the space you and I were talking off air about the Beaver Creek Conference, which is a an industry uh meetup that takes place in September. I predict record numbers this year. Uh and we're seeing a lot of meetings come through from new equity participants in the space, which just goes to show uh that there is a lot of interest in the development space for uh for gold projects in good locations. Is that something you're seeing kind of in your in your email inbox or in your phone like new people maybe not so well experienced mining people coming into the space? Is that is that already happening? And return of investors who once were very active in the space. Uh and I think I think there's a renewed confidence. Uh look, we've just completed uh not not to skip ahead too quickly here, but we just completed a $29 million raise uh um uh underpinned by two strategics into our business. And uh these are these are new new new steps for these particular strategics. Um EMR Capital, a well-known mining investor, but uh rarely takes equity stakes in public companies. And this is this is indicative of their interest and and appetite for exposure and there's not a lot of places to get it but in these uh development companies like Revival Gold that have high quality assets in good locations. Well, this is somewhat the biggest elephant in the room right now for you indeed that financing uh intended as 24 million at first closed at 29. So that's 20% more than what you initially thought. Um why why the upsize if you thought you could do it with 24? Why do you would you take 29? Yeah, I think that there there's a couple of um reasons for that. First of all, Dundee Corporation, a strategic investor in Revival Gold and a very smart um participant in the company wanted to exercise an anti-dilution right. So we had to bring them in for their share of the financing. Um and then secondly, we had um a lot of um uh a lot of interest from our existing owners who have been supportive along the way and we have had to make room to accommodate uh those folks in in the in the raise that was principally led by EMR Capital. So, so you can imagine uh it's been a really interesting past few months as we've we've navigated the interest in the company, not just in the financing that was announced uh but there was a lot going on in the background and I think I alluded to some of that uh with you when we spoke in April. A lot of corporate and strategic investor interest in what Revival Gold's been doing. We went through a lot of due diligence, um, a lot of site visits, uh, to optimize the financing that we did do and, um, I think it's I think it's a really good outcome for our owners. Um, uh, we can talk about some of the details of that, but um, it was a, um, it was a very, uh, well sought after funding and um, and I think it underlocks a ton of value in the company here. Did insiders participate in that financing? We did not. um specifically because we didn't want to um be seen to be running a front of uh other investors and you know this was a this was a straight equity financing. Uh so so in that respect we kept it really clean and so our existing investors who felt the need to uh to to top up and who could not participate in the financing have uh uh been doing so in the market. Uh and in fact um uh myself I I uh I just bought 200,000 shares above the issue price in the market after the raise. Again, we did not want to do any insider buying in the financing and be seen to be uh frontunning investors opportunity to buy the stock and rather uh chose to be supportive in the market post financing and at prices higher than what we did the financing. Do you know how many parties participated in total in that financing? It was a really tight list. Um, less than um less than uh less than half a dozen. Oh, really? Wow. For 29 million bucks. That that is really tight. But yeah, I mean you have a principal and then Dundee topped up as well. Um sorry, let's let sorry I should I should Antonio I should just be I know folks will watch my numbers. Um let half a dozen in the uh public portion and then we had EMR Capital and Dundee. Right. Okay. Um well still I mean um that's eight people or well eight parties not eight people but okay how far will that money get you? Uh when's the next time you you foresee needing to uh come back to the market? Well the ironic thing is with the backing of EMR Capital uh and Dundy Corporation and and and our existing institutional investors there's a lot of pressure for us to to move quickly uh and to spend quickly. So we don't think about it in terms of when do we have to come back to the market because we have the backing of uh of groups that want to invest a lot more money and and uh actually want to see us move more quickly uh towards our ultimate goal of going into production and continuing to build out these large resources we have in the domestic United States. Uh so so the way to think about it is how quickly can we deploy capital to advance these assets. And the answer to that question is in the initial phase of work that we announced uh and com and commenced with uh actually before we uh uh completed the financing which is a 13,000 meter drill program at our Merker gold project and a approximately 4,000 meter drill program at our Bear Track Arnette uh project. We now have uh two rigs drilling on our MKER project. We have a third rig on its way to Mker. Uh that is an addition as we want to accelerate the pace of uh drilling on Mker. Uh and then we'll have a fourth rig arriving later in the fall uh on our Bear Track Arnette project as we want to continue to pursue the uh um upside potential on that very large gold system uh in Idaho. Well, that's something that we'll talk about. Um and and I'm thinking about is it going to be enough money to buy you an updated PA and marker essentially? Uh that's what I'm asking. Yeah. Yeah. Okay. So, thanks for the clarification. The answer is no. Uh what we're focused on right now is the drilling to uh first of all convert inferred material to measured and indicated. Uh secondly to collect metallurgical sample material to expand our metallergical geological uh geological metallergical model for the deposit. Uh and thirdly of course uh we want to start moving on permitting. So we've got uh a lot of work underway in terms of collecting u uh archaeological data uh baseline uh preparations uh which want to formally commence at the beginning of uh next year uh on our MKER gold project. So there's a lot of activity in support of the next engineering step which would be a PFS on our MKER gold project at Bearrak Arnette. We've already completed a PFS. Uh we're in permitting preparations there, but the emphasis uh really shifts to exploration there because the priority project, the fastest path for us to get into production and free cash flow is through our MKER project. It's on private ground. Uh and it'll move faster than Bear Track RNED into production. And that's why the emphasis from an engineering point of view is on moving MKER forward. And the emphasis from a um from a exploration point of view is to continue to grow the 4.6 million ounce uh resource at uh Bear Track Arnad in in Idaho. Well, that's complimentary. That's something I wanted you to expand on here, Hugh, because this ties nicely into a broader business strategy discussion. We have talked about it before sort of what your vision is for revival, but why put so much money and focus on Mercury instead of again bringing Bear Trek or net over the line a little bit more quicker? Like I I understand from the perspective of maybe a little bit more attention in Mercury, but Mercury seems to be getting you know the bulk of the attention here. Again, the latter is at a PFS stage and it seems like in in this environment for gold producers are getting rewarded. So yeah, talk to me a little bit more in depth about that business decision there. So it really comes down to the land position and and and the real benefit of uh MKER is that we can move more quickly through the process of permitting. So even though the engineering is less advanced at our MKER project in Utah than it is at our Bear Track Arnonet project in Idaho, the uh timeline to get that project into production is faster. Uh we think it'll be in the order of a couple of years to complete the permitting on Mker. Um we we will formally commence that process beginning of next year. Uh based on where we are right now, uh the engineering will fall into line u uh as as a alongside of that permitting process. It's relatively straightforward because we don't see a lot of groundwater. uh this this this project is in a dry location and it's on private ground which means we work through the state authorities. So there's a lot of I know folks are hearing a lot of chatter about permitting reform um in Europe in in Canada and al also of course in the United States we're hearing a lot of chatter around executive orders out of the White House in the US to move more quickly uh through these permitting steps. But none of that uh we are not dependent on any of that at MKER. It's on our project resources on private land and we'll go through uh the state department oil gas and mining's uh permitting processes and um so that's a um that's a quicker process for us is a quicker you know sequence of events and it's a lot less costly for us. Uh so that's where we want to put our money and why do we do that strategically? Why do we do that? Because we want to drive uh our assets to free cash flow. And the sooner we do that, the sooner we generate free cash flow, the sooner we can uh send money back to investors and invest in the bigger potential in our property positions. We don't need to go out and buy um you know, the next growth for the company. Uh it's in our portfolio already. We've got some 30,000 acres of land, two large gold systems with uh open potential and so the next allocation of capital once we start generating free cash flow is going to be clearly to expand on the on on our resources. So it's a balancing act. Uh, Antonio, what I'd say is job one, move MKER into free cash flow. And so emphasis on engineering and all the steps required to get through permitting. Uh, job two, continue to unlock and demonstrate the value in Bear Track ARNET while we move our permitting preparations forward there. And uh you know our end goal is 160,000 ounces a year of production from these two projects from open pit heap bleach and beyond that you know the next phase of development into the underground. So it's a pipeline and we're moving as quickly as possible to free cash flow with Mker being at the front of the queue. You you've um optioned Mker from from Bareric. uh is it is the decision in any way related to that option because it is a sizable option um with uh with what's happening here. So yeah, is a decision in any way related to that? No, actually not. And in fact, what's what's interesting about the MKER land position is that the barrack component is is is only a portion u it's about a third of the overall land position. uh we've got a massive land position there with potential on both limbs of the anticlimin. And so it's um it's a part of the picture, but it's it's only a part of the picture. And I think what you're referring to is the $5 million payment uh that we have to barrack to complete the earn-in agreement uh on the claims that came from Bareric. That payment is due early next year. and with the 29 million we raised uh we're funded to to look after that. Uh so it's not a consideration for us in terms of our strategy. What is a consideration for us is to minimize equity dilution to our shareholders as we continue to progress the value in the company. And so uh you know we want to move through milestones here of derisking metallurgy, d-risking the resource and and we also want to move uh as quickly as we as we possibly can to free cash flow and at the same time uh show the broader potential in the portfolio. uh we don't want to get caught with our pants down, so to speak, with a with an unsolicited bid from some party that says, "Look, these guys have two big gold systems in the US. Um they're worth a hell of a lot more than the, you know, 05.2 times NAV that the company is trading at right now. Let's just lob in a bit and and and take away all that exploration potential that they have." So we've got a balancing act here between investing and going to free cash flow and investing where where we can to uh debit demonstrate the continued exploration potential in our portfolio. So a lot so brings me back to about 50,000 ft of drilling plan for this year 17,000 meters and unlocking value with uh four drill rigs on the projects. to that last point of the takeout and um and we've actually talked about this before you and I here essentially why did Beric/Tora leave if the project is is easier quicker to bring the production but from from your conversations with them since since then or since we last spoke is there a world in which Beric comes back to the project and and what would where would you have to push the asset to or what would the asset have to look like you know is there a specific scale or MPV or IR something like that that could have Beric gaining interest in marker again. Um, so great illustration of how the dynamics work in our business is the Malarctic deposit up in Quebec. Recall that Malaric was owned by Bareric. Um, you know, and these are these are friends of mine at at Bareric who who who uh made a decision to sell the Malaric asset to a junior. that junior was a Cisco uh under the leadership of Shawn Rousen. Um Shawn and his team did the hard work that these big companies find very difficult to do uh moving a town, permitting, putting together the land position, doing the exploration, taking the risk on the drilling. And of course, what do we have today? We have a million ounce a year producer that is a foundational asset in uh the biggest gold company by uh market cap one of the biggest go market cap gold companies by market capo eagle and so you know this story has played out in the past and I would say with Mker uh we've got a lot of interest from the largest gold companies um and the and some of the intermediates and and and smaller folks uh there's a lot of there's a broad amount of interest in these deposits. Why? Uh well, Mker is a Carlin type system. These are the large gold systems that underpin some of the most valu valuable gold mines in the world. Um and in the case of Bear Train in Idaho, we've got an origenic gold system tracked now over 5 km of strike uh 4.6 million ounces and open for another 5 kilometers. So these are big gold systems. you're absolutely uh right to ask the question you know about interest uh it's quite broad and it goes to some of the biggest gold companies in the world um I won't comment specifically about barrack but uh the illustration on malaric is that oftent times it you know the bigger gold companies will find it too difficult to do the work that uh juniors like revival gold do and knitting together land positions taking the high-risisk capital into exploration um talking and working with communities to get to uh mutually rewarding outcomes and then uh what happens in the case of um Malaric it winds up in a back in a big company's hands uh once that work is done and for great reward to uh the investors who took the risk to put the land position and the package and the mine together in the first place. So so it does happen. Um there's lots of other examples of that. Look at Skina today. Another bareric asset vended off to a junior that has now uh put together a uh very substantially um a very substantial resource and project uh with backing from Orion Mine Finance now funded. Um you know this is another success story but there's there's lots of others. U I love the one about Remarco. You know, Diane Garrett did a wonderful job of putting together the Hail Project uh with her team uh against all odds and and I was at Kin Ross at the time. We sold Remarco, the asset. So, I can tell you from personal experience, it's very difficult for large companies to do what the likes of a Remarker or an Asco or a Skina or Revival Gold do, which is uh um you know, the hard work of uh delivering value for investors. um they're much more interested and focused on the producing assets, you know, bringing lowcost capital to bear and um and and you know, delivering cash back to shareholders. That's that's where majors are today. And the consequence of that, not to take too long on this point, Antonio, but the consequence of that is that the barracks of this world are have have really given up on reserve replacement and instead are chasing, you know, high political risk and copper um because it's a very difficult business to to to grow in in gold and um and they know it. In my understanding, they're also chasing size though, which is why I asked you like what is the asset, what does an asset look like where a bareric, it doesn't have to be beric specifically, but a bareric sized corporation gets interested into it. What what does Mercur have to look like in terms of again MPV or IR or anything else? Any other metrics that you think would attract a major? I I you know I I'm going to dodge the question because I I don't know that that strategy is what works for investors. What works for investors is to surface underlying value in these assets and uh and and you know and do so in a lowrisk manner. And I look at the companies that have performed for investors like Alamos Gold for example. Almost gold started with a castoff asset from Plaster Dome, a major gold company focused on big multi-million ounce gold projects. Um, cast off an asset uh the Malachus project in Mexico which became the foundational asset for Alamos and Alamos didn't have to be a multi-million ounce producer to make a lot of money for investors. Rishmos, another company that made a lot of money for investors and then it was rolled into uh Alamos if again not a particularly big mine. SSR did the same thing. I think the sweet spot in our business, the the place where investors can make the most money in the gold space, particularly when the gold price is going up, are uh some of these more uh entrepreneurial um midcap companies. the the the Beimas, the B2 Golds, the the the Alamoses, the Rishmos, um the Skinas of this world that put these assets together and uh deliver value for their investors, you know, going from that plus or minus 200 million, 500 million market cap to plus or minus 5 billion. I think that's the sweet spot for investors. So, I'm going to dodge the question and say, uh what are we trying to do here? We're trying to make money for investors. uh we're trying to look after our communities and look after the people who deliver all this value for the investors in the communities. So those are our three objectives and how best to do that uh by derisking assets by taking them forward and unlocking value uh where others have failed or just aren't equipped to do so. Well, I I do want to ask about part of how you're you're hoping to add that value and that's the 13,000 mters of drilling that's uh since it's currently ongoing. You've got first rig was on site. We'll talk about the second one as well. How much of um how much of the drilling will be focused on resource conversion versus uh you know in essentially instep versus step out here in infill versus step out. Yeah, most of the drilling at MKER is focused on d-risking the asset, right? So, uh why is that important? Because the the next financing that we want to plan for um we want to be we want to be in a in a a less risky situation and attracting uh capital from uh a long-term hands potentially look at some uh um non dilutive structures and so the way we do that is by derisking the asset and so that's where the emphasis of the drilling at Mker will be. Uh I can't give you an exact number but we will be testing for expansion possibilities around the existing 1.4 million ounces of resource. We already have a 300 million market uh 300 million MPV project uh at 2175 gold to over $700 million of NPV at uh $3,000 gold. So I don't think we need a lot of um dilutive uh drilling into big speculative exploration targets but we can add around the fringes of the existing deposit and instead where we're putting our high-risk exploration money is into bear track our net. If we can unlock potential along the 5 kilometers of open strike there I think that's a huge value ad for our investors. uh we don't necessarily need to drill off resource there, but if we can find another um high-grade zone in the deposit, if we can extend the existing high-grade zone at JS in our Bear Track Arnet project, I think that's going to point to a lot more value on that project. So if you think about it as a portfolio uh we d-risking Mker moving that forward towards a support of a PFS and and the start of permitting and at the bar track our net taking more of an exploration bet to unlock um the the value in that asset. Is all of that work the the infill as well as a step out potential step out here. Is is all that permitted? Yes. Um I would say we're in really good shape on the drill permitting. We've got uh six drill permits at MKER. Uh we are in the process of um adding to our permitting and u so so so that will expand our ability to to drill, but we've got a lot of um drill options on our MKER project. Again, in the main MKER area, it it's on private ground and so that that makes the process a lot simpler. Uh we do have public land in our uh in our possession in the MKER uh areas, but uh we're not looking to do uh any drilling on public lands uh this year. Um all of it will be on private lands or state lands. How are you going to measure success from this program? What is it that you're hoping for essentially to see here? And it's a couple of things from based on what I've written down on what you just told me. It's a couple of things that you're going after. Uh so maybe you can just walk me through it again sort of bullet point by bullet point. How do you measure success? What's the most important thing and what are you hoping to see? Uh conversion of inferred to measured and indicated. So approximately uh 60% of our resource is already in the measured and indicated category. Of course we'll need to move the remaining 40% of the resource into measured and indicated to complete a PFS. So that's job one. A job two is to expand the metallurgical test work, the column test work, uh which you'll recall last year, uh we completed five column tests. We got an average of 84% uh recovery in those column tests, but we need to expand that work out across uh the deposit. And there's an opportunity there for us to use different crush sizes in our analysis. uh we used half inch crush size on the five columns we did last year. Uh so we want to look at variable crush sizes and see if there's more a more optimal crush size for the project going into the PFS. So there's the the second item there is the metallurgical test work. And the third key item for us this year is to be able to advance our permitting preparations uh and uh start with um uh baseline work that allows us to formally commence permitting on MKER at the beginning of next year. Um we'll we'll have more of a more of an update on that as we as we expand out our consulting uh team and our internal team to take on the uh the permitting. But um uh that process is is underway now. We're in in preparations right now. We've got uh work streams going on. In fact, as part of our drill permitting, we've already commenced with archaeological work, which will be a a component of the um of the permitting process for MKER. It's a two- rig program, I believe. Right. Right now at Mercer, we have two rigs. Uh and that was what we planned to do. Uh but um again with the backing of uh EMR and Dundee uh we have the confidence now to bring in a third rig and so we're working on doing that. Uh should be on site by the end of September and we'll have more of an update on that. But that will allow us to move more quickly through the drilling that we have planned and potentially look at uh supplementing that for uh for the beginning of next year. We'll see. We'll see how this program goes uh and how much more drilling we'll have to do in support of the PFS, but I would anticipate we're going to want to continue to drill um and and then shift into more of that resource expansion mode that we were speaking about earlier. So, job one drisk, job two, resource expansion, job three, uh broader exploration with the drill bit. Mhm. How's that drilling been going so far? Drilling conditions and everything. and what kind of efficiency are you getting out of those two rigs? Uh good good good question. Uh it's always a challenge to uh get a program started up of this magnitude. Um and what I would say is uh that we're having some really good success on the RC drilling that we're doing reverse circulation drilling. It's a bit more challenging with the core. We're taking uh PQ, so large diameter core for these metallurgical test purposes. uh and it's uh it's tough work but the guys have it in hand and we're uh we're on schedule to complete our programs by uh the end of this year and uh results will compile and be you know out uh u probably uh I'm anticipating that we'll have an update for the market in September and we'll continue to put results out through until uh likely end of first quarter next year. there's uh there's a lot of results to get out as we as we put this program to bed. That would have been my follow-up question as well is how do you announce those assays to the market? Is it I suppose you're going to be bundling it, but are you going to be keeping yourself to a cadence where it's like every two weeks or every month or something like that? Yeah, I I think um uh the the the program it'll be driven by um the the technical objectives and just to bring you into the tent a little bit. Uh one of the things we need to do is make sure we're getting the metallergical samples from the right spots in the deposit. And so we have a plan to drill but we also have flexibility in our plan. And so what we'll be doing is we'll be looking at the drill logs um and some of the early assay results to fine-tune our program as as we go. And so what I'm saying in that is the emphasis is not on getting drill results into the public uh market. The emphasis is on optimizing the value we get out of our dollars spent in the ground. And so if it means that we have to uh uh focus on metallurgical drilling uh or we need to focus on finding u uh new information about the structural environment as opposed to finding uh you know assays and doing all the work that's required to uh focus the team on putting assay results out. I think our emphasis will be on optimizing the value of the program over getting assays out just for the sake of getting assays out. That's a it's a long- winded way of saying uh we will have results. The cadence of the results will depend on the technical progress and uh the priorities for the team in terms of delivering on the program for uh for for um for our overall objective support of the PFS for next year. Uh but what I can tell you is generally speaking with three drill rigs going and all of this work crammed into the next uh three quarters uh it's going to be a very newsy fall and winter season. Weatherwise does that does the winter season change anything for you in terms of efficiency? Are you going to slow down toward I I know you can work year round but are you going to slow down during the winter? Uh well, this is going to be the first year that we go uh right into winter with our drill program at Bear Track Arnette. Uh so we're making special preparations around that and uh the team is gearing up to to be able to uh move as efficiently as possible. It is more challenging because of course we have water involved in drilling and water freezes uh and we need to keep roads open and all those good things. But uh we expect to continue to move uh with uh with our programs through into the winter season and and and that's really um new for us, right? Cuz usually what happens is we go through a campaign in the summer and we release results in the fall winter and then we kind of get ramped up again. This year it's going to be newsy right through uh you know first quarter and even even into the second quarter next year uh with what we currently have planned. And of course, uh, plans will be added to and adapted as we go here. So, definitely stay tuned. It's, you know, I think there's a big change at Revival Gold with the the backing of strategic investors like Dundee Corporation who came in earlier this year and now EMR Capital. Uh, we are fully funded and we have the backing to take these assets into production. Very importantly, these are not, you know, multi-billion dollar projects. Um, we can advance these projects with the capital that, uh, these two strategics bring to the table. And, uh, and so our job is to derisk the assets, move them forward as quickly as possible, and for all investors to fund on the most um, shareholder friendly basis we can. So, um, it's it's it's a new place for Revival Gold to be in to be to be able to pursue these projects with four drill rigs and a full court press. It's, uh, it's really great for the team and we're totally geared up for it. Uh, everyone's super excited and dialed in to be able to do these u to do these programs and move move as quickly as we can. Couple of things to touch upon there as well that I've written down. So we we'll go through them and we'll definitely be talking about the fourth rig which is going to be at bear tracker net as well in a minute. Will the results from this drilling though at Mercur will they change the cutoff grade assumptions that you used in the previous PA again given that given the nature of the deposit? That's an important point. That's why I'm bringing it up. They may uh they may uh up or down. Um and and really the the the the the answer to that question will revolve around a whole bunch of different um technical aspects. I think one of the main things that we're going to be looking at is the optimal crush size for the project and is it half an inch? Is it something bigger? Um and if it's something bigger, can we shave off operating costs? Therefore uh reduce the uh cutoff grade and and and what do we give up in exchange for that? Will the recovery dramatically change? You remember with our column with our column test from last year, we got very rapid rate of recovery. Um almost 90% of the recovery within 5 days uh of leeching. So seems like there is a lot of opportunity here to optimize on crush size. But uh we've got to expand the available data we have and we'll see how that impacts uh cutoff grade. Likewise, you know, capital costs can move around. With the backing of EMR capital, I think we're less sensitive to whether it's a $200 million capital or $250 million capital. Um and so maybe there's some opportunities to uh grow the rate of production and increase the pace of uh free cash flow generation from the from the capital that we do spend. So these are things we'll look at as well. uh but undoubtedly uh there will be some fine-tuning along the way here and and I would say there'll be some pluses and there will be some minuses and and our overall objective is to deliver up at a minimum the kind of project we saw in the PA. You know, something that generates 27% after tax IR at 2175 gold is a is a pretty compelling project. uh particularly when you're in a 34 $3,500 gold environment and and that you know that IRRa almost uh doubles um it's it's it's exciting place to be. Have you changed the way you incentivize uh insiders in the meantime though because you mentioned that that that you're getting targets in mind. So is is is your guys bonuses going to be attached to a specific MPV number or a specific market cap or a share price or something like that? You know, I'd say in a smaller company like Revival Gold, with the the kind of um independent board we have, the experience that our board has, uh it'll be a little more um uh nuanced than than just that. But um absolutely, you know, in delivering value for investors, we want to reward our team and and and make no mistake, it's a competitive environment for for the kind of folks that we have. Um there is a lot of activity going on and just as we have to compete for drill rigs and we have to compete for engineering a teams uh we have to compete for the talent that will uh deliver a mining project for for our for our business. So uh and we we are a um uh you know we are a uh a business that um uh pays relatively low uh base salaries and is highly focused on delivering value for investors. So you can bet that um you know our team is going to be aligned with investors through incentives that uh are marked to delivering value and delivering share price appreciation. That's how we that's how we think about the business is as owners and what we can deliver for owners and for our communities. What do you think is the biggest risk in in trying to unlock that value for revival right now? I'd say number one is that resource conversion um at Mercer. Uh number two is to broaden out our our metallurgical uh data set for for Mercer. Um, you know, what I would say is not a risk for us is the uh the geopolitical side. We're in a very favorable environment for domestic mining of gold. Uh um likewise, I would say the metal price has uh never had a more favorable outlook uh than I think it has uh recently and the and and and for good reason, right? Um so so those things those those things that we can't control are are in our favor. Uh geopolitical risk and gold price outlook. And then on the uh on the project side you know because these are proven press producing sites. We know they can be permitted. Uh we know they can be operated efficiently. We know that they can be staffed. We know that they're in locations there where there's support where we're not going to have uh people coming out of the woodwork. uh uh creating difficulties around operating and likewise where we can attract people to work um and where we can be a productive uh member of the community. So all of these things that um I'm speaking about are are are favorable in respect to these projects and our development. The capital being as low as it is, the fact that we've got power and water and and roads to these sites which are very complicated linear permitting items. we don't have to deal with these things are all favorable for um for revival gold and and really you know this next year is a huge value unlocking stage for us um and de-risking stage for us and I think I think if we look at the investor outlook currently trading at about 0.15 times NAV uh 2 times NAV relative to where we can go uh I'd say there's a ton of upside and um And we've got the backing to be able to spend the spend the money wisely and um and and uh get to, you know, the outcome that we're all looking for, which is a a successful uh gold producer in a great location delivering cash back to investors and continuing to invest in uh future exploration and long-term growth. I also noticed that you talk about waste rock which is is assumed sterile in in uh in a PA from a few months ago but you suggest that there might be something in there uh that that could add value as well. I'm generally careful when I see things like this you because they you know they rarely pan out as upside so to put it in my experience as well largely due to a couple of things. So there's often heterogeneous nature of the waist rock. It's it's sometimes poorly controlled. There's of course there's a met challenges often times due to variability and whatnot. So talk to me more about that why the confidence from your end. Yeah, you're you know all all your points are all um valid and that's the reason why that waste rock uh is considered waste in our in our PA. So we're not we're not uh giving any value to that rock. Uh but it's an interesting opportunity as is the historic leech pad uh at the Merker site. And what we've seen in the past uh by operators such as ourselves is that there's uh an opportunity to to deliver value from that material uh by putting it on a pad. Uh maybe it's a run of mine pad, maybe it's crushed. Um uh typically it's at the end of the mine life, but it's an interesting opportunity particularly when you've got you know um uh intercepts through that waste material grading higher than your resource grade. So we have to look at it um uh the the fact the biggest challenge with these kinds of situations is it's not it's not rock in place. It's broken rock that has been mixed up and garbled together. And so we need to identify where it's come from. We need to uh look at uh the homogeneity issue that you raise. Um we need to consider the the metallergy and and how it will perform on a pad. All of these things are in front of us. But it it is something we have to look at and uh we want to look at and and you know if you're already paying to take that material out of the pit and put it somewhere. It's not uh much more incrementally to crush it and um and put it on a pad rather than a than a um than a waste uh site. So So those are the things that we'll look at. not making any promises about what the outcome of that work of and none of that is uh reflected in our NAV. Uh but you know some of the smart people who uh look at our project um have definitely uh um raised this as an opportunity for us and one that we need to explore which we will. What do you or how much do you know about the arsenic levels here in the waist rock and how much of a challenge could that be? Uh uh there's no there's no real um dilitterious items uh metals in the material we're seeing at MKER. In fact, it's a pretty clean site. Um the challenging material that uh that that we have at MKER is um is is carbonatous material. There's a layer of of shale um that was at the top of the sequence previously mined. uh and we do see it um in the deposit. So, we have to model that very carefully. Uh for for those of your listeners who may not be aware, carbonatous material is um uh is is problematic in a leech pad. So, you don't want to mix uh clean ore with carbonatous ore on a pad. It'll it'll uh uh it'll it'll um create problems in the leech pad. So, we segregate that material. Uh it does contain a lot of gold and in the past what Bareric had done with that material is put it through a mill. Um relatively high recoveries and relatively good grades and uh lots of money made from that. Uh we may have a next phase to this project beyond heat leachch. But right now we're focused on heat bleach and so the modeling of carbon both uh in the deposit proper and in any potential waste material we might look at is uh will be key. What what does that mean being key? I mean what could the scope be if this works out? What tonnage of waste fill is is you know in consideration right now what recoveries would be doable? Do you know anything more about that? No it's too early to say. Uh Antonio, our focus is really on the rock in situ. Uh the plus or minus 60 million tons at 6 grams, the 1.4 million ounces of resource, uh the mining of about uh 100,000 ounces a year over 10 years, I think that's a a big enough prize right there. Uh but on the increment, as we think about the longer term, uh we'll certainly want to test this this material and see if it's worth uh spending more money on definition. um etc. But that's down the road. Uh quantities, average grades, recoveries, metallurgical response, uh generally all those questions are for down the road. What kind of do you have to do? Because I know you drilled one hole there essentially. Uh how much how much more would you have to work on it? When do you think you're going to have some news to the market? Uh typically uh in a situation like this you need a lot more drilling than in a in situ deposit and that's because because the the the the uh imp placement of the metallurgy of the of the gold is is completely arbitrary. It's it's it's was man-made as a waste pile by very definition. So lot more drilling. Uh do I and I can't even tell you how much more drilling. uh we haven't had a chance yet to have our consultants look at that. Again, our our focus is on the insitu rock and what we can do in the short term uh to move that all to me measured and indicated and look at uh expansion possibilities on the fringes of the existing deposit. Uh uh yeah, lots lots more work to do. Uh I don't think um you know I don't think it's um it's something we'll have a lot of news on this year. Uh but we do we will we will penetrate that race rock and see if we can uh um scope out a bit more about it uh as we go here. And it's it's it's definitely something we're interested in tracking. But uh emphasis here this year is on those uh you know those other aspects of the program I've described. you do you want to include it in the in the next type of study that will be I guess an updated P or PFS or do you not? Um I I think realistically it will fall into the study after that. I mean just based on the amount of work one would have to do but again if you think about it from a strategic step back and you look at opportunity in a company like Revival Gold where where is the the opportunity? The opportunity is in exploration. It's an understanding our broad land package. Uh the opportunity is in in spotting uh technical um innovations. We put out a press release today on uh the collaboration that we have with Dundee sustainable technologies around um the metallurgical recoveries and um prospects for the second phase sulfide project at bear track arnett. These things are really interesting and these are these are groundbreaking uh uh value catalysts for the for the business. So if you think about it from a strategic point of view while we go moving along progressing the basic blacking and tackling towards free cash flow the other thing we want to be a doing is pointing to value uh future value catalysts because we don't want to get caught I use that phrase again with our pants down where you know somebody comes along makes a bid for the company and um you know fails to appropriately price in the exploration potential or the value unlock that we can potentially get from uh metallergical processes or you know as we've been talking about the possibility of um extracting gold from the uh previous leech pads or the waste rock uh that we're already extracting in our mine plan. So these are things that are potential future value catalysts. Uh can we lock them all down with the eyes dotted and tees crossed? No. But we definitely want our investors to know about them before somebody comes along and throws a bid at us that um that doesn't fully value what's under the hood. Well, again, we've mentioned that a few times since we started uh talking. Is that is that a real risk right now? Like is there a risk of a a premature takeout? And again, realistically, and and this is I suppose this could invite a lot of promotional speak of course, but but I'm I'm really just wondering where is that coming from? Is it a realistic scenario here? We're a public company. Um control is in the public market. And um so um and and make no mistake, the big gold producers need deposits like ours. Um the intermediate gold producers um and there's a lot of them. There's, you know, over three dozen of them. And so, you know, as we unlock value and as we derisk these projects, um if our share price doesn't move up, somebody's going to make it move up for us. and and so we want to be sure to uh get the story out uh demonstrate where the value is in the company and I've already told you there is a lot of strategic interest in the company and it's our job to make sure that we surface the value that those parties are seeing in our company uh and make sure that the public knows about um these opportunities and possibilities both both the opportunities and the risks associated to with the business of that to be fair there's is risk associated with the business but as we take these steps methodically to advance our assets and we derisk um value should go up share price should go up and if it doesn't um yeah I think we we become at risk of of having somebody else come along and uh and and and deliver that uh value and for the benefit of their owners rather than ours back to the waste for here for a second would that require ire additional permitting. Is that something you have to start thinking about right now? Or again, because you said it's too early to talk about specific numbers, but permitting, you often times want to be, you know, ahead of it. So, yeah, talk to me about permitting. Yeah. Uh, one of the nice things about this MKER project, I think I've said it twice or three times already, but it that the resources on private ground. Um, so too is the uh waste rock and the leech pads that we're talking about. So that allows us a little more a lot more flexibility around how we approach permitting. Uh so we're a little less concerned about that than we might be if we were on um federal land. And um we're a little we would be a little less concerned about it if um you know we felt there was water at play that was going to be a problem for us or you asked the question about dilitterious uh elements. um there is uh nothing that we're uh too concerned about in terms of dilitterious materials either. So I think that gives us a lot more flexibility um as we think about permitting and permitting preparations. That's fair. I think I'm getting a better idea of Mercur. It seems like we're going to be talking about it a couple of times over the next couple of months as well. What's happening at Bear Track here? Um again, when when's the rig hitting the ground? When do you have assays out? Talk to me about timelines. So rig uh contracted and set for arrival by the end of September. Uh drill roads uh are already under construction. Drill pads um we are permitted there. Of course we have a very extensive and wide uh permit for the bear track RN project. U it was it's a real accomplishment for the company and a and an asset in terms of our flexibility and what we can do. Um the program is going to be a relatively modest um 3,900 meters u of drilling and it's um its focus is around continue to push out the potential of the JS underground deposit and remember uh our last drill holes at the very south end of the deposit there uh were over 110 115 m of uh 34 g material uh with a high-grade core to that deposit running anywhere between 5 and 12 gram per ton gold. So, so we want to continue to see how that progresses and we'll be doing some wedge drilling associated with that program this year. Uh trying a new technique to get more value out of the drilling that we do do. And then the big step out this year is going to be to the south of JS where we have a confluence of structural elements undercover. Uh this is a blind target for us. This will be the first time we've drilled here or anybody's drilled in this location. Um it's a target that we've been working on uh uh building the business case for over the last couple years with geoysics, so geochem um and uh and mapping in the field. Uh our chief geologist Dan Pace has done a lot of work around designing that program. Uh we've got about three or four holes planned out there in the Sharky target area and uh we're really we're really excited about that. That's um something we've been wanting to do for a couple years now. We've been we've been planning it very carefully. Um it has to fit obviously with our overall capital budget and this is the year we're doing it and I'm very excited about what that could unlock for us. Given the um I want to talk about what you just mentioned previously as well the news that you had just before this goal glass lock uh given given the arsenic levels in in concentrate here is glass lock essentially the only viable option though for moving beer tracknet forward is that why is that why you're moving with that or talk to me about more about that um so the the first phase at uh bear track arnet is open pit he bleach of course and that's where we've focused all of our attention. Uh so we're not u looking at doing any um milling on the Bear Track Arnet project as it currently stands, but again under the heading of making sure we unlock this potential. Um we've got over a kilometer of high-grade strike in the deposit. We've got some 900,000 ounces at 4 g in underground material in sulfites uh to start with. And so the um opportunity there is for a small follow-on underground operation at Bear Track Arnet once we complete the heat bleach as a second phase to delivering value for our business and we think that can take us you know aggregate in the company up north of 250,000 maybe to 300,000 ounces a year of gold production. U so so that's the that's the concept. Um, we've done some work on that with uh um with with our team led by John uh Meyer, our VP engineering development who has a ton of experience in this sort of stuff. Um but uh along the way, you know, we looked at our opportunities for concentrate um sales from Bear Track Arnette and we we we have uh lots of possibilities there, particularly as it's a high-grade con. Uh but in our collaboration, in our strategic partnership with Dundee Corporation, you know, part of the attraction for us and frankly part of the attraction on the part of Dundee Corporation was that you know this possibility of unlocking even more value from the high-grade concentrate at um uh potential concentrate at Bear Track Arnette. And so we started out with some testing in the uh spring on the possibility to take arsenic out of that concentrate, boost the grade even further and open up the possibility of direct ship to multiple smelters around the world. And so that's that's the value ad here is, you know, yes, we have the possibility of creating a uh a concentrate and selling that concentrate into Nevada or uh you know, into into Idaho uh once stimnite gets going with its uh project. But can we enhance the value of that concentrate through the glass lock process to uh broaden the universe of uh opportunities uh the pair of places we could sell that con. Mhm. And the answer to that question appears to be yes. And we'll do a lot more testing of course. Uh but in the initial instance, if you look at the um look at this as as um you know technology and the opportunity uh proven in Namibia with the um uh with the with the precious metals Dundee precious metals smelter there in Namibia uh demonstrated to be successful uh on a commercial basis in Canada and the US uh elsewhere. This is really interesting for unlocking value uh further value at Bear Track Arnet. So, we're really excited about it. Really happy to be working with Dundy uh Sustainable Technologies on their uh their technology. It's a win-win. Um and um and we'll do more work on that as we go here. Would Glass lock concentrate then still go to Zume or another third party smelter though or like can you maybe talk to me about that how that would work? Yeah. Yeah. So I'm not the expert in the process but from a very high level uh what we do is mine the rock, mill it, float it. We get about 94% recovery of the gold into a concentrate. And the next question is what do we do with the concentrate? We can either sell that to a pox plant in Nevada or elsewhere uh where the gold will be recovered. It's relatively highgrade concentrate at uh 50 60 g per ton gold. Uh so very attractive con and with high sulfur sulfide content which is attractive to the the uh for energy generation in the pox plants. Um but the gl the glass lock process basically vitrifies this the arsenic that's in the rock. So it makes it renders it inert. Uh we can uh put it as back fill in the uh in the in the mine. And then we have a concentrate that not only has a higher grade, perhaps 60 70 g per ton gold, but that is free of arsenic. And that opens up the possibility for that concentrate to be shipped overseas to South America, to China, to well into the domestic United States. We've got a big smelter in Utah uh that would love to have high-grade uh gold concentrate to uh to to process. So that's the possibility is um and the opportunity for us in the process. So once we finish floating the con uh we run it through the uh the glass lock process um uh which is a a small uh facility that allows us either on-site or offsite to take the arsenic out and create uh render a a uh an inert uh product uh and then free of arsenic and at a higher gold grade uh you know we'd ship that concentrate to any number of um hungry smelters. Have you guys already talked about who holds the long-term liability of the of this work? I mean, is it going to be you or Dundee, the pro process holder? Like, who's Yeah. Who holds the liability? Um, uh, what what liability are you referring to? Potential liability, potent the the potential arsenic liability here because it's it's essentially, you know, it's locked in glass. That's why glass lock. But there still could be a liability here that someone has to essentially put its name its or or his name under. Yeah, there's actually it's um quite the reverse. Um, arsenic is a naturally occurring mineral in rock. And so, you know, we're always uh we always have arsenic uh and and lead and and gold and you know, iron uh freeing up into the into the natural environment from from uh rock exposure, right? Um and what the glass lock process does is is is render that uh arsenic inert. In other words, it it it it will not um it it does not uh freely uh release into the environment. It it there's no uh propensity for the uh arsenic to be attracted to water or uh to get into you know a biological system. So it's it's it's actually this it's actually the way that you um uh look after arsenic once freed um in a in a in an efficient process. The other way to do that is to run the arsenic through a pox plant where it again becomes inert and uh you know is no longer a a risk to the environment. What about that part from the regulator's perspective? Is that something the regulators have already looked at or is it too early to talk about it? Yeah. Again, I'm I'm not an expert in this the the steps and the and the the regulations and the specifics, but the answer to the question is uh yes, we actually render a product that is um that that will meet all environmental criteria uh in the glass lock process. And that's pretty interesting because it unlocks a lot of uh potential for for revival gold and that we're no longer shipping a concentrate with with um you know that that will have scrutiny around you know how how it's uh moved and in in what format. This is you know common place for for concentrates to be you know well managed in their transportation because of the dilitterious elements that are in concentrates. And so if we can if we can improve on that concentrate at the mine site before we ship it or somewhere you know along the path that will lower costs for us and improve the uh uh the friendliness of the the overall process to to yeah to the environment. Right. So this is cool. This is cool stuff. Yeah. You know it's another and it's another example of how the mining industry you know does have a lot going on. you know, the the electrification of mines, uh the use of uh you know, software technology, remote sensing, safety technologies, um metallurgical processes and techniques, closure processes and techniques. I mean, there's a lot going on in the mining industry, which is uh you know, pretty cool using using technology to do better job every day. H well it's uh it's interesting to see how this is going to be developing or how this story is going to be developing. I think um it is sort of a labsized right now like we we haven't really seen this technology uh deployed at scale specifically the Dundee technology if I'm not mistaken. No that's not true. Actually it has been uh at an industrial scale uh in Nivvia. Yep. And and it worked quite well. Yeah. But that is that the same the same technology with the same type of ore that they're using as what's going to be uh done at Bear Tracker Net? Oh, no. We've got uh No, we've got obviously we've got more testing to do to to to fine-tune the process and and you know and and all the cost inputs, right, and how that spins out and uh so there's a lot more work to be done. But but to your qu to your question about is this a technology that's been proven? Yes, the answer is yes and at an industrial scale. Um, and listen, if we don't take um chances on on on new technology and new approaches to things, we'll be doing the same thing we did, you know, um, decades ago. Heat leachch processing came from innovation. Um, you know, the ore sorting that we're applying now to do a better job of um, processing ores and getting more efficiency out of our equipment has come from technology and innovation. AI uh the application of AI and exploration is something that our geologists have been doing in the mining industry for at least a couple of decades. Um in fact at Revival Gold, we're using AI to record image all of our chips in the RC drilling now. And this is really exciting stuff because it allows us to take risk out of the process of logging the chips and it allows us to to use the technology to get better outputs for our geological modeling which improves the predictability of the model. So, you know, um, sure, we could do, you know, we could just follow the old way of doing things, um, and not innovate and not bring technology into play, but, uh, I think the opportunity in the industry as we have more of these tools available is to, uh, is to is to lean in. And so, we're doing that. I'm actually looking into the Namibian operation that you talked about uh, right now as we speak. And that's uh it's a it's a it's interesting to look at how that works. So I'll just throw that in there uh for people watching or listening that they could look that up uh if they're interested in that process because it is it's interesting stuff actually and and that's all all on the topic of innovation here. Um back to to talking about money here before I let you go. I see that you've spent a little more money this the first quarter of this year than the same quarter of last year. So, you're sitting at an average of about $190,000 a month. Now, is there is this where you want to or where you expect GNA to remain or do you foresee it going up or down from here? Uh GNA will uh definitely go up. uh we're spending a lot more money uh doing a lot more activity and so you know and we've just been through a big push with due diligence um uh with multiple parties and I you know I I I'm not at liberty to disclose all of the uh discussions that um took place but I can tell you it's been a very very busy last uh six or seven months for the business not just in ramping up operationally but in uh on the corporate side with uh with the activity around this finance that we just completed. So yes, GNA is going up uh and our overall spend is going up. Um you know, I think this year uh we'll probably spend uh something in the order of uh $20 million overall. Um uh and it's um you know, it's a um it's a big ramp up. Well, I I see that your marketing expenses have also gone up. What's the marketing plan for spending? But what what are you hoping to get out of it? Well, you know, as as we were talking about earlier, um really for for a business like ours, we have capital, uh access, uh we have the assets, we have the people. Um so, you know, the the the the important thing for us to do is get that message out. And that requires marketing and it's um really really important that we make sure that our investors and potential investors know the opportunity that we have here. Uh we have a market cap right now of about 100 million US relative to uh underlying NAV in engineering studies of about $1.2 billion at $3,000 gold. So 100 million market cap uh with about $30 million of cash Canadian and $1.2 billion of NAV in the in the business. And that's just NAV on the 2.5 million ounces of the total 6 million ounces of resource that's been engineered. So we want to get that message out. Uh we want to uh make sure our existing investors know about the opportunity. I mentioned earlier that I just was in the market myself buying shares. Um, and I think we'll see more of that activity from uh from insiders as we go here. That's our track record. We believe in what we we have here and the value and so long as we're not in front of investors uh with our insider purchases um you know, I think that's fair game. Um and and and and it's because we think we have a ton of value at the table here. the in the the the uh analysts that are covering our stock have increased target prices post the financing. Why? Because they see that we can now deliver the value that's uh inherent in these projects and that we have the team that can do it and the trust of you know very senior industry players like Dundy uh techn Dundy um corporation and EMR Capital that are standing behind us. So, so you asked me the question, um, will we be spending money on marketing? Absolutely. Uh, we want to get the story out. Why is that of value to investors? Because as we move the share price higher, um, we can expect that our cost of capital will go down as we think about the potential uh, development of the the mine, which is, you know, something that will, uh, hopefully take place in the next um, uh, 3 years. And again, hopefully loads more conversations that you and I will have. In the meantime, I think I've been through most of the questions that I that I had here for you, Hugh. What is uh what's the most fair criticism you've heard of Revival Gold since we last spoke? I think the you know, I think the the fairest criticism of us is that um we are a small cap business, right? And and so investors have seen, you know, relatively low risk to date. um and just chasing after the broader market index, right? The the S&P 500 has performed beautifully. Um and so and and the price of gold has performed beautifully better than the S&P 500 over the last 20 years and in the short term. And so the criticism, the fair criticism of the junior space generally is why haven't you performed? And I think it's a function of the fact that we are small cap, we are more risky. Um, but boy, that th those those winds can change awfully quickly. We've seen it before. And when you're trading at the kind of value that Revival Gold is trading at in an industry uh dynamic where senior more senior gold producers are making a lot of money, paying down uh any remaining debt they have, big dividends to shareholders and looking for what's next. I think the setup is uh pretty pretty exciting and um so fair criticism uh performance of the junior developers has been relatively poor relative you know to the bigger cap index the metal itself uh but I think that dynamic is going to change and we're ready for the snapback. Well I really do appreciate your time. What am I forgetting to ask you though? What did you come here hoping to talk about that I failed to bring up? You've been awfully uh awfully accommodating here. you've let me go on and on and on. Thank you, Antonio. I appreciate the time with your audience. Thank you so much for doing this. And as always, thanks to everyone for watching Resource Talks. I have a couple of more things to say, though. The fact that this company was interviewed here today does not mean that they're necessarily a good or a bad company. I'm not here to endorse nor attack anyone. I am simply here to ask some questions. If you find that I have failed in asking a question that you would have liked to hear an answer to, which will happen as I'm not an experienced interviewer, please let me know and I will try to correct that mistake in a future interview. As mentioned at the beginning, please understand that mineral exploration and development is an extremely risky business. 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 setter plus.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 profit. 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 losing money are extremely high since this is venture capital and it is not for everybody. I'll leave you with one of Charlie Mer'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