Commodities ‘Easy Money’ is RIGHT NOW and won’t last long
Summary
Gold Market Health: Kevin Bulock emphasizes the strong alignment of geopolitical and financial factors that are favorable for gold, with the metal reaching all-time highs and attracting investment across market tiers.
Investment Timing: Bulock suggests that the current period is optimal for investment in gold equities, as the market is healthy and poised for growth, with no "easy money" yet available, making it an ideal time for strategic entry.
Canadian Mining Projects: The discussion highlights two Canadian projects, Goliath in Northwestern Ontario and Gold Boro in Nova Scotia, both with significant gold resources and strategic infrastructure advantages, positioning them well for development.
Project Development Strategy: Next Gold is advancing both projects simultaneously, with a focus on permitting and feasibility studies, aiming to make a construction decision within the next six months based on project financeability and technical readiness.
Infrastructure and Feasibility: Goliath benefits from excellent infrastructure, which reduces capital expenditure, while Gold Boro is advancing through infill drilling to de-risk the ore body, with updated feasibility studies expected soon.
Strategic Vision: The company aims to become a mid-tier producer by developing multiple smaller projects sequentially, leveraging Frank Gustra's vision of building a pipeline of projects in stable jurisdictions.
Financing and Market Conditions: Next Gold is exploring non-dilutive financing options and may consider equity financing if market conditions are favorable, aiming to raise $100 million in equity to support project development.
Future Developments: Investors can anticipate significant news flow, including feasibility study results, updated mineral resources, and federal permits, which will inform the company's strategic decisions and project timelines.
Transcript
This is Jay Martin. All right, here I am with Kevin Bulock. Kevin, it's great to meet you and great to get you on the program. It's awesome to be here at this exciting time. So, look, there's tons of stuff I want to talk to you about right now. Um, but here's where I like to get started. I want to get your take. You know, you've been in the industry for like 35 years. You've had senior positions at some of the biggest mining companies in the world like IM Gold and Kirkland Lake. Um, you also founded Voltza Resources, took that to sale for for uh to B2 Gold in 2013. So, you know, you you've been around the block, man. Good markets and bad. And I just want to start by getting your take on today's gold market. Like, how would you grade the health of today's gold and gold equity market, investor sentiment, price action, all this stuff? What are you paying attention to? Jay, I don't think I've seen another time where things are aligned so well. Uh in other words, the the events that are happening around the world, geopolitical, financial, trade, um are all um you know, very very scary, but very good for gold and you know, it's a store wealth and a hedge against inflation and and you know, and a safety place to put. So, so gold itself as a physical metal is doing better than it ever has and of course it's at an all-time high as we speak. Um, so you know that pulls people in to different markets that have to do with gold and it usually filters down from the seniors to the mid-tiers to the juniors to the micro juniors kind of in that way. And we're at a point in time where we're so aligned with the gold price being high, the um eyes on that gold market coming down to, you know, our kind of level of company market cap. Um, so investment, you know, you've got you've got governments who are now, you know, one of the silver linings of a Trump administration for Canada is, you know, we need to get off our feet and get things done and start creating our own uh mining and projects. So, governments and regulators are starting to really press forward and say, let's let's get these projects going and let's have some growth and development. So all those things being aligned uh and having a project in our case um whereby it's it's nearly permitted never had a situation in my it's 40 years now by the way unfortunately but um never had so many things aligned all at once uh ready to go into it into a final investment decision. So it's very exciting times for us and the market is best I've ever seen. Yeah. I want to get into that final investment decision. So before we do, um, you know, I would say it's funny, investors are always impatient, right? Like the the companies they're watching can never rise fast enough. If I were to step back, and I do, and review how this gold market has unfolded, it strikes me as incredibly textbook. It's we can go back a couple years and see the physical gold price begin to rally, bought up by central banks, begin to approach, and then hit all-time highs. And shortly thereafter, the best-in-class majors followed suit. Shortly thereafter, smaller majors and the best-in-class mid-tiers. And it's been a very logical and sequent sequential trickle of capital. And if we look at the earlier stage companies now, it's like the best-in-class unfunded developers are getting a bit of appreciation or they seem to be about to be the odd expiration play if they have a world-class asset or a world-class management team, but beneath that, not quite yet. And that strikes me as like a very healthy market because either companies with strong cash flows like the major producers or companies with legitimately strong prospects are getting rewarded, but there's no easy money yet. And that's that's an ideal market from my perspective. What do you think about that? Well, I think you know there the easy money. It's once you think it's time for the easy money, it's probably too late. it's now is the time before everybody agrees it's the easy money because that's when things have started to you know have gone beyond their initial pot and and I think things have based we've seen some basing in our company and in in in other juniors where you're basing for long periods and when you look at the technical charts I mean the longer that base the higher the pop so when it does happen but it happens very very quickly in these types of markets so you've got impatient investors that finally end up you know either getting out or waiting too long or whatever and then all of the sudden there's interest in the company and and those two things combined make your make your stock pop and come to a level that quite honestly most CEOs that have real projects think they should be at which is much higher than we're at today. Yeah. Yeah. Okay. I I like that. So, uh reason I want to get you on the program today is because um I think Canada is becoming a good jurisdiction again. Um new administration, maybe they didn't get my vote, but they're doing the right things when it comes to permitting, right? like we're seeing I I believe correct actions being taken in that regard. You've got two projects both in Canada. Um, you know, say what you like about the government. It's a predictable government, right? There's not nationalization crisises here. And I think investors are rightly more concerned about jurisdiction globally today than they have been for the last 15 years. You got to look at Canada, Australia, US, countries like this for a bit of that security. Um, you have two projects in Canada, uh, Northern Ontario and Nova Scotia. And it's been an interesting company to watch because you've been developing each of these assets like two cars on the same racetrack, right? Developing each slowly and incrementally until one eventually, I imagine, is going to pull ahead. Um because there's about 3 million ounces of gold resource on each. They're very comparable, right? Maybe I'll let you explain uh the project a little bit, but it's a fun one to look at because of how parallel these two projects are and how you're racing them both down the track. And eventually, I'm sure you're going to bet on one of these horses quite large. So, walk us through that. Yeah. So, you know, the the the benefit of this is we do have two cars in the race, not one. And uh you know, they're both going to finish the race, but one's going to finish first. That hasn't been decided yet. So, you know, we're still working on the components that make that decision. And that decision is a board decision based on our recommendations, management recommendations to the board. And we're not there yet. We're not ready to do that yet because as you said, both projects are very very close in value. Uh they're moving along for different reasons. Um but they're basically, you know, they're in the race together and and and and kind of drafting off each other at the moment, uh to help us in the overall race. So uh you know one of these will be decided on um in the future based on the merits of the project and the timing and you know the the things that that make things um work and get to that point. The major things are permitting. So Canada was a place that you know as you said earlier it seems that Canada is getting better. what it used to be is oh boy it takes so long to get permits um IBAS so um agreements with first nations and and financing and financing kind of depends on the first two so you know as we've done in our projects we've already got several permits on each project um on one of our properties we've got an IBA already signed and we're negotiating on the other property so we're really advanced in a great jurisdiction that has a new direction now federally and proincially in both provinces that we're in of getting projects built and wanting to build and we've seen positive change in the governments in both provinces uh and the regulators in trying to move and help move things forward which is quite a nice thing to see. So the alignment of getting a project built is there. Um, so we're, you know, we're moving both these both these cars forward until one does step on the gas more than the other till one looks like the uh the smartest first bet, I guess. Right. So, um, yeah, I want to I want to pick both these cars apart. So, you mentioned access to capital. I, you know, I state to my audience all the time often the most important resource in the junior resource industry isn't what's in the ground, it's what's in the treasury, right? Cash is the most important resource. Uh, Next Gold is a Frank Gusterbacked company, which just means you've got some of the smartest capital and deepest pockets behind you. I love that and I often start there because I want to know with absolute certainty that we're in a good market now. So, it's a bit different, but good markets are bad, you can raise capital if you needed to. That's a very important question that every investor should ask any entrepreneur they're investing in. And um, you know, you've got a positive answer to that question. So, let's break it down. You got the two cars. Let's start with Goliath. Um, northwestern Ontario, I believe, presently completing a feasibility study right now. Correct me if I'm wrong, but walk us through northwestern Ontario, the Goliath project. Yeah, that's correct. So, a large land position and a very healthy and well-endowed uh geological belt within an area of of all kinds of production in northwestern Ontario. And, you know, the the biggest asset I believe of Goliath project is its infrastructure. It's right on the TransCanada Highway. There's rail. There's uh there's a it's right near Dryden, seven kilometers away, where there's a workforce. Um it's got a highway running through it, power lines, rail. So that infrastructure, you know, uh that's already there. It's it's not the same as something being in the middle of nowhere. So that's that's start. Then the deposits themselves, uh you know, up to 3 million ounces of gold in resource and over a million ounces in reserve. I mean, that's uh with that type of infrastructure um starts to look like quite a a good um deposit. They add the price of gold to where it's at now. And you're talking about a huge value in in Goliath that uh that we want to move forward. So, it's already got its um its federal environmental permit in hand. Um we're uh through many phases of negotiations with First Nations to move towards an IBA agreement and we're working on a feasibility a full definitive feasibility study that should be done in the next you know several weeks um you know maybe it's going to be four to 6 weeks from now that that's completed. So you'll have a technical study that shows the value of the project and I can tell you that costs have gone up but gold has gone up more. So the delta on profitability has increased um and we've got the definitive feasibility study going and and working on the permits. So that's that's where that asset is. It also has a lot of upside uh potential on on exploration around and on strike and uh brown fields and green fields in the same area for for growth in the future as well. Okay. So, uh, Goliath in northwestern Ontario, you talked about the resource around 3 million ounces and I believe like 2.1 in the M&I category measured and indicated. Is that right? And a million ounces in the reserve in reserve. Previous uh prefeasibility. Yes, great point. That could change, but um yeah. So, for my commodity university students, remember when we're looking at the resource, we're talking geology. When we're looking at the reserve, we're talking economics, right? That's the economic rock. So that's the that's the key number we want to pay attention to with this story right now. Okay. And then the upside for Goliath is the access to infrastructure you mentioned. You got rail, you got highway, you got power built in, you're close to civilization. That obviously helps from a cost standpoint. Absolutely. I mean it it it's amazing at the value of infrastructure. Uh because infrastructure is the capex, right? So yes. Okay. Um and near-term news flow, what's next is like right around the corner. September, October, uh definitive feasibility. We should expect that is the feasibility study. Yeah. So that's that's what we're all waiting for and uh you know things are moving along. So um that's going to be quite exciting in this type of environment and you know the numbers that we can use for long-term price of gold now. You know they're up in the the 25 26 $2,700 an ounce people these out at. So, you know, the the the delta between costs and that type of price of gold. Um, it's quite incredible what the NPVS and and IRRs can look like on these types of projects now. So, we'll have to wait for the feasibility. Uh, but at present it looks like or at least prefeasibility was looking at around 100,000 ounces per year in production. Was that the estimate? Correct. Yeah. So, that'll be that that's that's not going to change because the throughput's the same. But I think what you'll see what you'll see change is the economics behind it. Is the economics. Okay. Yes. Good clarity. Thank you for that. So, let's go down to or over to Nova Scotia. Uh your second car in the race. This is Gold Borro. I believe the majority of your news this summer. It was focused on Gold Boro. Drill results came up pretty steadily through all of July and August. Yeah, I think that's because we chose to do an infield drill program to derisk the the ore body. The ore body is a little more complex and in go than it is in Goliath. So, it needed more infill drilling to derisk it. So, we did a 25,000 meter infield drill program. So, it wasn't that we were concentrating on one or the other. It's that that program just generated a lot of news that came out in in several press releases um during that infill campaign. And what it showed, they were very positive results throughout. uh it showed that we were we we have indeed performed what we wanted to and that's d-risk the project by showing that it is continuous between the drill holes uh in a lot of cases and uh and that's the news slope that's been happening but the biggest news uh happened yesterday um we were in Halifax to at an event to receive the industrial approval which is the last major provincial permit u that that's required for the gold deposit. So, we still have federal permits to go, but the last provincial permit. The uh one of the things I do want to say though is that as far as technical studies go, we have an an older feasibility study from 2021 that we have to um we have to update. So, we have to we have an updated feasibility study that we have to do. So to get that done in order to make a final investment decision, it requires taking all that new drilling I just talked about, putting it into new wireframing and into a new resource and then using that new resource to design a mine plan around to come up with a new feasibility study. So that's where this car kind of falls behind and drafts a little bit behind Goliath is the technical studies behind and then it pulls ahead and Goliath drafts because we're further ahead with permitting at Goldbrook and they're they're doing that that car race. So, so we'll see what happens overall, but it's exciting to have both these projects like that. And and uh you know, we we can't wait to uh come up with a new resource and get that into a feasibility study at Goldbro. That that study won't be uh won't be available till probably Q1 of next year. Okay. Yeah, you read my mind on that question. Okay. um and remarkably similarity at least with the previous I guess the 2021 feasibility numbers because it's another 3 million ounce um resource with in this case 2.5 million ounces in the measured and indicated so the two higher confidence categories and a million ounce reserve is that correct correct correct I think it's 1.7 in measured and indicated I'm not sure but 1.7 but okay all right so I might have my numbers wrong there but the reserve is uh is 1.1 million ounces the reserve is 1.1 Okay. And then uh once again, just I love showing note for my commodity university students when Kevin's talking about the infill drilling program he completed this summer. Remember when we're trying to understand how far a deposit goes, that's when we're doing the stepout drilling to determine where is the edge of this thing. But when we want to learn more about the continuity of the grade and the width, infill drilling dips back into the or body that we know about to learn more about it, get more context, make better decisions, all that stuff. All right. I appreciate that. So, um, next big news event. Um, okay. So, so proincially permitted as of yesterday. That's right. August 27th. Provinially, you can tick that box now. Correct. I mean, they'll be the normal permit. So, when you build something like septic and all that kind of stuff that you would do with any project anywhere in any community, but the Bay of permits for mining. Yeah. Uventually, we're there. We still have uh federal permits to to receive. So, uh that's the schedule two amendment um which we've received. and then the Fisheries Act authorization, which is usually a 90-day consultation period after the schedule 2 amendment. So that we're in that period right now. Okay. Solid. And again, I guess 2021 fees showed around remarkably similar around 100,000 ounces per year also for Goldber and Nova Scotia. Correct. Correct. 100,000 ounces a year for 11 years. Yeah. For 11 years. Yeah. It's amazing how parallel these two assets are. Okay. Hey, so the the million-dollar question is what do you need to see, Kevin, to make the decision? Because I believe you want to make a construction decision this year. Is that accurate? Is that a fair assumption that I'm making? I think I think we need to uh make a decision um within the next 6 months. Um so possibly this year. So in order to move forward, right, and uh and continue and get into the detailed engineering and other things of a project that you can't do for both projects at the same time. So, we do want to make that decision, but we're not going to make it before we're ready with with the information required, at least enough of it to make a a decision. And, you know, it's it there's there's project finance and there's an investment decision, but there then there's finance. So, a project can be something that looks good, but maybe it's not financable because other people don't look at it or what. So, so that financibility has to happen and whichever project has that financability um is the one that's going to move forward. So we have to look at all those aspects to make a decision and uh uh so you know in finance talks and uh for project finance and things like that those play a part in uh think think of the finance talks as the fuel at the pit stop right who's who's going to who's going to fuel which one the most right and and and and move it forward so so those things come into play over time too so it's not it's permitting it's finance ability it's it's technical aspects technical reports that that fall into that. So that's the that's what we need is is those things to all combine and look like it's moving better in one or faster in one than the other. Okay. And you'll get some of that information in October when the definitive feasibility for Goliath comes out. Um you'll get some more of that information I suppose Q1 when the updated feasibility for gold borrow comes out. So I mean I guess what I'm getting at is and I just want to understand this process. So, I'm really curious again how you're going to make this decision. Do you expect you're going to wait for that updated feasibility? Like, is that going to help you determine which one of these two projects is more financable first? Do you think you'll wait for that news? I don't think so. I mean we'll have indicators when the new resource is put together which is sooner than the feasibility be created saying it is what we thought it was and therefore you know we can count on that coming as value and certain other things that need to fit in like a line on capital cost how much they've increased or made but it doesn't need to be a complete document to make that decision a completed document. Yeah. Okay. It's going to be somewhere along the way where one stands out more than the other. Do you could I ask you for an estimated date for the updated mineral resource for gold borrow? No, I I I can't give you that because it's based on it's based on the information I just said and it will come when it comes and and and you know some of it's some of it's permitting related and those aren't our timelines. So yeah. Yeah. As we find more uh as we go forward and find more, there'll be a point in time that we believe will be this year where we make the decision. Okay. Okay. Well, check stay tuned to the news flow, guys, because you'll want to see that when it comes out. So, let's step back and look at the grander vision a little bit. Um, unless before we do, Kevin, if you think I I missed anything that we should cover today on either Gold Boro or Goliath. Um, anything else you want to add on those two assets before we take a look at the bigger picture? No, just that we spend a lot of time talking about which one will go first first. But um leading into the big picture segue into it is is both of them will go at some point and and that's and that's the whole strategy of the company is to build a pipeline of projects whereby we have one being built, one being permitted to be built after that with the same team that moves to the next one and an M&A strategy that's looking for others in the pipeline. And that's Frank's Frank Gustra's uh vision for building the next mint tier was, hey, do you need to go out and find a 500 uh,000 ounce a year project that is probably not financable by a junior and and put all your eggs in one basket or do you want to build 500,000 ounce a year projects and be a come 500,000 ounce a year mid tier? Nobody's looking at that. Not nobody, but very few companies are looking at doing these smaller ones that are kind of underloved by majors, too small for them to to to you know move the move the needle. U too too big for micro juniors. So there's this and who who can take these and build one after the other and become the next mid tier. And that's and that's what next goal set up to do to become the next mid tier. And yeah, I mean you're right on that lip. We just covered 200,000 ounces of production um in the sites right now. And that buy and build model, I mean, that's how Frank Gustra kind of built his career in this industry, right? That's been the strategy. Exactly. And it's and and this one is more of a, you know, this is the time to do it with smaller projects and move them forward in good jurisdictions. In good jurisdictions. So that's the bigger vision uh buyin build. We've got two assets right now. One will move to production first. They both will move to production, moving next gold into the mid-tier producer category. And then you've got the same team tried and tested on two assets that you're going to take on the M&A trail and look for keep hunting down next opportunity. Right. Correct. It's the pipeline of projects that creates the value as you move them forward along the along the Kirk. Yeah. Okay. Okay. Um couple just uh data points I want to cover off here. Walk me through your cash position at at present, Kevin. So at present we've got about $6 million uh in the kitty. Okay. Any um intentions to go back to the market in 2025? Uh no, we don't have any intentions to. I mean, we're working on a number of financing options that are non-dilutive to the uh to the equity. Um and uh that doesn't mean that we won't, should the timing be rhyming, we've seen a significant increase in our share price and volume over the last few days. Um that doesn't mean, you know, if there's an offer uh presented to us uh that looks very very uh promising and sound that we wouldn't take it because we do need a a majority of not a majority, but we need a uh equity financing at some point to go along with a debt for the project facility. Um and you know, we're talking about projects that are probably around the 400 million mark Canadian to build. So at a at a 3:1 uh debt to equity, you're going to raise have to raise a hundred million dollars in equity or equity like non-debt. So yes, you know, obviously as you go along, if you've got people that are that interested and there's offers made um you know, you take that especially if it's at higher prices than previous finances. Yeah. Okay. So to hit the 400 million capex, you need 100 million in the treasury in order to borrow the 300 and get the job done. Yeah. Correct. Yeah. Yeah, appreciate that. Okay. Um, uh, this has been great. Uh, are we through results? We're not through results yet for Gold Borrow. Last results came out on August 20th, but can investors expect more news flow from this project? Yeah, I mean, the news flow is going to be the new resource coming out, uh, further federal permits, and then, uh, at Goliath, it's going to be more further permits and IBAS and the feasibility spending. Okay. Okay. news and I saw a lot of advancements going forward and uh we're very excited about the future of the company. Yeah, no doubt. No doubt. I imagine the energy is pretty high right now in the next gold office. So, congratulations. Thank you. Um yeah, and uh and the market looks ripe for you guys. So, we'll look forward to the the definitive feasibility on Goliath. We'll look forward to the new MRE on uh Goldber um and more material developments coming. Federal permits for Goldber. Lots going on. Um, I'm excited to watch this. Um, let us know what you think in the comments, guys. I'd love to get your thoughts on this story. Um, Kevin, it's been a pleasure chatting to you. So, thanks so much for coming on today. Thanks very much, J. Yeah. Yeah. Well, we'll have to do it again um like midfall and get an update after there's some more uh material stuff in the in the newsfeed. Sounds like a plan. Looking forward to it. It's all right.
Commodities ‘Easy Money’ is RIGHT NOW and won’t last long
Summary
Transcript
This is Jay Martin. All right, here I am with Kevin Bulock. Kevin, it's great to meet you and great to get you on the program. It's awesome to be here at this exciting time. So, look, there's tons of stuff I want to talk to you about right now. Um, but here's where I like to get started. I want to get your take. You know, you've been in the industry for like 35 years. You've had senior positions at some of the biggest mining companies in the world like IM Gold and Kirkland Lake. Um, you also founded Voltza Resources, took that to sale for for uh to B2 Gold in 2013. So, you know, you you've been around the block, man. Good markets and bad. And I just want to start by getting your take on today's gold market. Like, how would you grade the health of today's gold and gold equity market, investor sentiment, price action, all this stuff? What are you paying attention to? Jay, I don't think I've seen another time where things are aligned so well. Uh in other words, the the events that are happening around the world, geopolitical, financial, trade, um are all um you know, very very scary, but very good for gold and you know, it's a store wealth and a hedge against inflation and and you know, and a safety place to put. So, so gold itself as a physical metal is doing better than it ever has and of course it's at an all-time high as we speak. Um, so you know that pulls people in to different markets that have to do with gold and it usually filters down from the seniors to the mid-tiers to the juniors to the micro juniors kind of in that way. And we're at a point in time where we're so aligned with the gold price being high, the um eyes on that gold market coming down to, you know, our kind of level of company market cap. Um, so investment, you know, you've got you've got governments who are now, you know, one of the silver linings of a Trump administration for Canada is, you know, we need to get off our feet and get things done and start creating our own uh mining and projects. So, governments and regulators are starting to really press forward and say, let's let's get these projects going and let's have some growth and development. So all those things being aligned uh and having a project in our case um whereby it's it's nearly permitted never had a situation in my it's 40 years now by the way unfortunately but um never had so many things aligned all at once uh ready to go into it into a final investment decision. So it's very exciting times for us and the market is best I've ever seen. Yeah. I want to get into that final investment decision. So before we do, um, you know, I would say it's funny, investors are always impatient, right? Like the the companies they're watching can never rise fast enough. If I were to step back, and I do, and review how this gold market has unfolded, it strikes me as incredibly textbook. It's we can go back a couple years and see the physical gold price begin to rally, bought up by central banks, begin to approach, and then hit all-time highs. And shortly thereafter, the best-in-class majors followed suit. Shortly thereafter, smaller majors and the best-in-class mid-tiers. And it's been a very logical and sequent sequential trickle of capital. And if we look at the earlier stage companies now, it's like the best-in-class unfunded developers are getting a bit of appreciation or they seem to be about to be the odd expiration play if they have a world-class asset or a world-class management team, but beneath that, not quite yet. And that strikes me as like a very healthy market because either companies with strong cash flows like the major producers or companies with legitimately strong prospects are getting rewarded, but there's no easy money yet. And that's that's an ideal market from my perspective. What do you think about that? Well, I think you know there the easy money. It's once you think it's time for the easy money, it's probably too late. it's now is the time before everybody agrees it's the easy money because that's when things have started to you know have gone beyond their initial pot and and I think things have based we've seen some basing in our company and in in in other juniors where you're basing for long periods and when you look at the technical charts I mean the longer that base the higher the pop so when it does happen but it happens very very quickly in these types of markets so you've got impatient investors that finally end up you know either getting out or waiting too long or whatever and then all of the sudden there's interest in the company and and those two things combined make your make your stock pop and come to a level that quite honestly most CEOs that have real projects think they should be at which is much higher than we're at today. Yeah. Yeah. Okay. I I like that. So, uh reason I want to get you on the program today is because um I think Canada is becoming a good jurisdiction again. Um new administration, maybe they didn't get my vote, but they're doing the right things when it comes to permitting, right? like we're seeing I I believe correct actions being taken in that regard. You've got two projects both in Canada. Um, you know, say what you like about the government. It's a predictable government, right? There's not nationalization crisises here. And I think investors are rightly more concerned about jurisdiction globally today than they have been for the last 15 years. You got to look at Canada, Australia, US, countries like this for a bit of that security. Um, you have two projects in Canada, uh, Northern Ontario and Nova Scotia. And it's been an interesting company to watch because you've been developing each of these assets like two cars on the same racetrack, right? Developing each slowly and incrementally until one eventually, I imagine, is going to pull ahead. Um because there's about 3 million ounces of gold resource on each. They're very comparable, right? Maybe I'll let you explain uh the project a little bit, but it's a fun one to look at because of how parallel these two projects are and how you're racing them both down the track. And eventually, I'm sure you're going to bet on one of these horses quite large. So, walk us through that. Yeah. So, you know, the the the benefit of this is we do have two cars in the race, not one. And uh you know, they're both going to finish the race, but one's going to finish first. That hasn't been decided yet. So, you know, we're still working on the components that make that decision. And that decision is a board decision based on our recommendations, management recommendations to the board. And we're not there yet. We're not ready to do that yet because as you said, both projects are very very close in value. Uh they're moving along for different reasons. Um but they're basically, you know, they're in the race together and and and and kind of drafting off each other at the moment, uh to help us in the overall race. So uh you know one of these will be decided on um in the future based on the merits of the project and the timing and you know the the things that that make things um work and get to that point. The major things are permitting. So Canada was a place that you know as you said earlier it seems that Canada is getting better. what it used to be is oh boy it takes so long to get permits um IBAS so um agreements with first nations and and financing and financing kind of depends on the first two so you know as we've done in our projects we've already got several permits on each project um on one of our properties we've got an IBA already signed and we're negotiating on the other property so we're really advanced in a great jurisdiction that has a new direction now federally and proincially in both provinces that we're in of getting projects built and wanting to build and we've seen positive change in the governments in both provinces uh and the regulators in trying to move and help move things forward which is quite a nice thing to see. So the alignment of getting a project built is there. Um, so we're, you know, we're moving both these both these cars forward until one does step on the gas more than the other till one looks like the uh the smartest first bet, I guess. Right. So, um, yeah, I want to I want to pick both these cars apart. So, you mentioned access to capital. I, you know, I state to my audience all the time often the most important resource in the junior resource industry isn't what's in the ground, it's what's in the treasury, right? Cash is the most important resource. Uh, Next Gold is a Frank Gusterbacked company, which just means you've got some of the smartest capital and deepest pockets behind you. I love that and I often start there because I want to know with absolute certainty that we're in a good market now. So, it's a bit different, but good markets are bad, you can raise capital if you needed to. That's a very important question that every investor should ask any entrepreneur they're investing in. And um, you know, you've got a positive answer to that question. So, let's break it down. You got the two cars. Let's start with Goliath. Um, northwestern Ontario, I believe, presently completing a feasibility study right now. Correct me if I'm wrong, but walk us through northwestern Ontario, the Goliath project. Yeah, that's correct. So, a large land position and a very healthy and well-endowed uh geological belt within an area of of all kinds of production in northwestern Ontario. And, you know, the the biggest asset I believe of Goliath project is its infrastructure. It's right on the TransCanada Highway. There's rail. There's uh there's a it's right near Dryden, seven kilometers away, where there's a workforce. Um it's got a highway running through it, power lines, rail. So that infrastructure, you know, uh that's already there. It's it's not the same as something being in the middle of nowhere. So that's that's start. Then the deposits themselves, uh you know, up to 3 million ounces of gold in resource and over a million ounces in reserve. I mean, that's uh with that type of infrastructure um starts to look like quite a a good um deposit. They add the price of gold to where it's at now. And you're talking about a huge value in in Goliath that uh that we want to move forward. So, it's already got its um its federal environmental permit in hand. Um we're uh through many phases of negotiations with First Nations to move towards an IBA agreement and we're working on a feasibility a full definitive feasibility study that should be done in the next you know several weeks um you know maybe it's going to be four to 6 weeks from now that that's completed. So you'll have a technical study that shows the value of the project and I can tell you that costs have gone up but gold has gone up more. So the delta on profitability has increased um and we've got the definitive feasibility study going and and working on the permits. So that's that's where that asset is. It also has a lot of upside uh potential on on exploration around and on strike and uh brown fields and green fields in the same area for for growth in the future as well. Okay. So, uh, Goliath in northwestern Ontario, you talked about the resource around 3 million ounces and I believe like 2.1 in the M&I category measured and indicated. Is that right? And a million ounces in the reserve in reserve. Previous uh prefeasibility. Yes, great point. That could change, but um yeah. So, for my commodity university students, remember when we're looking at the resource, we're talking geology. When we're looking at the reserve, we're talking economics, right? That's the economic rock. So that's the that's the key number we want to pay attention to with this story right now. Okay. And then the upside for Goliath is the access to infrastructure you mentioned. You got rail, you got highway, you got power built in, you're close to civilization. That obviously helps from a cost standpoint. Absolutely. I mean it it it's amazing at the value of infrastructure. Uh because infrastructure is the capex, right? So yes. Okay. Um and near-term news flow, what's next is like right around the corner. September, October, uh definitive feasibility. We should expect that is the feasibility study. Yeah. So that's that's what we're all waiting for and uh you know things are moving along. So um that's going to be quite exciting in this type of environment and you know the numbers that we can use for long-term price of gold now. You know they're up in the the 25 26 $2,700 an ounce people these out at. So, you know, the the the delta between costs and that type of price of gold. Um, it's quite incredible what the NPVS and and IRRs can look like on these types of projects now. So, we'll have to wait for the feasibility. Uh, but at present it looks like or at least prefeasibility was looking at around 100,000 ounces per year in production. Was that the estimate? Correct. Yeah. So, that'll be that that's that's not going to change because the throughput's the same. But I think what you'll see what you'll see change is the economics behind it. Is the economics. Okay. Yes. Good clarity. Thank you for that. So, let's go down to or over to Nova Scotia. Uh your second car in the race. This is Gold Borro. I believe the majority of your news this summer. It was focused on Gold Boro. Drill results came up pretty steadily through all of July and August. Yeah, I think that's because we chose to do an infield drill program to derisk the the ore body. The ore body is a little more complex and in go than it is in Goliath. So, it needed more infill drilling to derisk it. So, we did a 25,000 meter infield drill program. So, it wasn't that we were concentrating on one or the other. It's that that program just generated a lot of news that came out in in several press releases um during that infill campaign. And what it showed, they were very positive results throughout. uh it showed that we were we we have indeed performed what we wanted to and that's d-risk the project by showing that it is continuous between the drill holes uh in a lot of cases and uh and that's the news slope that's been happening but the biggest news uh happened yesterday um we were in Halifax to at an event to receive the industrial approval which is the last major provincial permit u that that's required for the gold deposit. So, we still have federal permits to go, but the last provincial permit. The uh one of the things I do want to say though is that as far as technical studies go, we have an an older feasibility study from 2021 that we have to um we have to update. So, we have to we have an updated feasibility study that we have to do. So to get that done in order to make a final investment decision, it requires taking all that new drilling I just talked about, putting it into new wireframing and into a new resource and then using that new resource to design a mine plan around to come up with a new feasibility study. So that's where this car kind of falls behind and drafts a little bit behind Goliath is the technical studies behind and then it pulls ahead and Goliath drafts because we're further ahead with permitting at Goldbrook and they're they're doing that that car race. So, so we'll see what happens overall, but it's exciting to have both these projects like that. And and uh you know, we we can't wait to uh come up with a new resource and get that into a feasibility study at Goldbro. That that study won't be uh won't be available till probably Q1 of next year. Okay. Yeah, you read my mind on that question. Okay. um and remarkably similarity at least with the previous I guess the 2021 feasibility numbers because it's another 3 million ounce um resource with in this case 2.5 million ounces in the measured and indicated so the two higher confidence categories and a million ounce reserve is that correct correct correct I think it's 1.7 in measured and indicated I'm not sure but 1.7 but okay all right so I might have my numbers wrong there but the reserve is uh is 1.1 million ounces the reserve is 1.1 Okay. And then uh once again, just I love showing note for my commodity university students when Kevin's talking about the infill drilling program he completed this summer. Remember when we're trying to understand how far a deposit goes, that's when we're doing the stepout drilling to determine where is the edge of this thing. But when we want to learn more about the continuity of the grade and the width, infill drilling dips back into the or body that we know about to learn more about it, get more context, make better decisions, all that stuff. All right. I appreciate that. So, um, next big news event. Um, okay. So, so proincially permitted as of yesterday. That's right. August 27th. Provinially, you can tick that box now. Correct. I mean, they'll be the normal permit. So, when you build something like septic and all that kind of stuff that you would do with any project anywhere in any community, but the Bay of permits for mining. Yeah. Uventually, we're there. We still have uh federal permits to to receive. So, uh that's the schedule two amendment um which we've received. and then the Fisheries Act authorization, which is usually a 90-day consultation period after the schedule 2 amendment. So that we're in that period right now. Okay. Solid. And again, I guess 2021 fees showed around remarkably similar around 100,000 ounces per year also for Goldber and Nova Scotia. Correct. Correct. 100,000 ounces a year for 11 years. Yeah. For 11 years. Yeah. It's amazing how parallel these two assets are. Okay. Hey, so the the million-dollar question is what do you need to see, Kevin, to make the decision? Because I believe you want to make a construction decision this year. Is that accurate? Is that a fair assumption that I'm making? I think I think we need to uh make a decision um within the next 6 months. Um so possibly this year. So in order to move forward, right, and uh and continue and get into the detailed engineering and other things of a project that you can't do for both projects at the same time. So, we do want to make that decision, but we're not going to make it before we're ready with with the information required, at least enough of it to make a a decision. And, you know, it's it there's there's project finance and there's an investment decision, but there then there's finance. So, a project can be something that looks good, but maybe it's not financable because other people don't look at it or what. So, so that financibility has to happen and whichever project has that financability um is the one that's going to move forward. So we have to look at all those aspects to make a decision and uh uh so you know in finance talks and uh for project finance and things like that those play a part in uh think think of the finance talks as the fuel at the pit stop right who's who's going to who's going to fuel which one the most right and and and and move it forward so so those things come into play over time too so it's not it's permitting it's finance ability it's it's technical aspects technical reports that that fall into that. So that's the that's what we need is is those things to all combine and look like it's moving better in one or faster in one than the other. Okay. And you'll get some of that information in October when the definitive feasibility for Goliath comes out. Um you'll get some more of that information I suppose Q1 when the updated feasibility for gold borrow comes out. So I mean I guess what I'm getting at is and I just want to understand this process. So, I'm really curious again how you're going to make this decision. Do you expect you're going to wait for that updated feasibility? Like, is that going to help you determine which one of these two projects is more financable first? Do you think you'll wait for that news? I don't think so. I mean we'll have indicators when the new resource is put together which is sooner than the feasibility be created saying it is what we thought it was and therefore you know we can count on that coming as value and certain other things that need to fit in like a line on capital cost how much they've increased or made but it doesn't need to be a complete document to make that decision a completed document. Yeah. Okay. It's going to be somewhere along the way where one stands out more than the other. Do you could I ask you for an estimated date for the updated mineral resource for gold borrow? No, I I I can't give you that because it's based on it's based on the information I just said and it will come when it comes and and and you know some of it's some of it's permitting related and those aren't our timelines. So yeah. Yeah. As we find more uh as we go forward and find more, there'll be a point in time that we believe will be this year where we make the decision. Okay. Okay. Well, check stay tuned to the news flow, guys, because you'll want to see that when it comes out. So, let's step back and look at the grander vision a little bit. Um, unless before we do, Kevin, if you think I I missed anything that we should cover today on either Gold Boro or Goliath. Um, anything else you want to add on those two assets before we take a look at the bigger picture? No, just that we spend a lot of time talking about which one will go first first. But um leading into the big picture segue into it is is both of them will go at some point and and that's and that's the whole strategy of the company is to build a pipeline of projects whereby we have one being built, one being permitted to be built after that with the same team that moves to the next one and an M&A strategy that's looking for others in the pipeline. And that's Frank's Frank Gustra's uh vision for building the next mint tier was, hey, do you need to go out and find a 500 uh,000 ounce a year project that is probably not financable by a junior and and put all your eggs in one basket or do you want to build 500,000 ounce a year projects and be a come 500,000 ounce a year mid tier? Nobody's looking at that. Not nobody, but very few companies are looking at doing these smaller ones that are kind of underloved by majors, too small for them to to to you know move the move the needle. U too too big for micro juniors. So there's this and who who can take these and build one after the other and become the next mid tier. And that's and that's what next goal set up to do to become the next mid tier. And yeah, I mean you're right on that lip. We just covered 200,000 ounces of production um in the sites right now. And that buy and build model, I mean, that's how Frank Gustra kind of built his career in this industry, right? That's been the strategy. Exactly. And it's and and this one is more of a, you know, this is the time to do it with smaller projects and move them forward in good jurisdictions. In good jurisdictions. So that's the bigger vision uh buyin build. We've got two assets right now. One will move to production first. They both will move to production, moving next gold into the mid-tier producer category. And then you've got the same team tried and tested on two assets that you're going to take on the M&A trail and look for keep hunting down next opportunity. Right. Correct. It's the pipeline of projects that creates the value as you move them forward along the along the Kirk. Yeah. Okay. Okay. Um couple just uh data points I want to cover off here. Walk me through your cash position at at present, Kevin. So at present we've got about $6 million uh in the kitty. Okay. Any um intentions to go back to the market in 2025? Uh no, we don't have any intentions to. I mean, we're working on a number of financing options that are non-dilutive to the uh to the equity. Um and uh that doesn't mean that we won't, should the timing be rhyming, we've seen a significant increase in our share price and volume over the last few days. Um that doesn't mean, you know, if there's an offer uh presented to us uh that looks very very uh promising and sound that we wouldn't take it because we do need a a majority of not a majority, but we need a uh equity financing at some point to go along with a debt for the project facility. Um and you know, we're talking about projects that are probably around the 400 million mark Canadian to build. So at a at a 3:1 uh debt to equity, you're going to raise have to raise a hundred million dollars in equity or equity like non-debt. So yes, you know, obviously as you go along, if you've got people that are that interested and there's offers made um you know, you take that especially if it's at higher prices than previous finances. Yeah. Okay. So to hit the 400 million capex, you need 100 million in the treasury in order to borrow the 300 and get the job done. Yeah. Correct. Yeah. Yeah, appreciate that. Okay. Um, uh, this has been great. Uh, are we through results? We're not through results yet for Gold Borrow. Last results came out on August 20th, but can investors expect more news flow from this project? Yeah, I mean, the news flow is going to be the new resource coming out, uh, further federal permits, and then, uh, at Goliath, it's going to be more further permits and IBAS and the feasibility spending. Okay. Okay. news and I saw a lot of advancements going forward and uh we're very excited about the future of the company. Yeah, no doubt. No doubt. I imagine the energy is pretty high right now in the next gold office. So, congratulations. Thank you. Um yeah, and uh and the market looks ripe for you guys. So, we'll look forward to the the definitive feasibility on Goliath. We'll look forward to the new MRE on uh Goldber um and more material developments coming. Federal permits for Goldber. Lots going on. Um, I'm excited to watch this. Um, let us know what you think in the comments, guys. I'd love to get your thoughts on this story. Um, Kevin, it's been a pleasure chatting to you. So, thanks so much for coming on today. Thanks very much, J. Yeah. Yeah. Well, we'll have to do it again um like midfall and get an update after there's some more uh material stuff in the in the newsfeed. Sounds like a plan. Looking forward to it. It's all right.