Discussion On Recent Results & Town Hall with Anthony Moreau & Neil Prowse

0:03 Good morning, afternoon or evening, depending on where you're signing in from today. I'm eager to have on today, Tony Morrow, CEO of American Eagle Gold, and soon Neil will be joining us as well. Tony, I'll pass it over to you to kick things off. Yeah, thanks a lot, Dan. So the way we're gonna do this, I'm gonna just give a little bit of an intro. I'm Anthony Amoro, I run American Eagle Gold. Neil's

0:26 our VPX. So I'm gonna give you guys a bit of an update on American Eagle gold high level, show you what we're trying to do. Neil's then gonna kind of explain some of these results. He's gonna share screen to try and explain some of the significance of these results that we see in this poor free stock zone. This, you know, what we thought was an unmineralized zone, which is showing to be mineralized. And after that we're gonna do some Q&A. So if anyone has any questions, I see a lot of them on the board, so let's ask them in person. I can give them to you straight and direct. So yeah, let me share screen first. So bear with me here. See if I can do this window.

1:12 So I'm assuming everyone can see this slide. So I gave kind of a hybrid of this presentation a few weeks ago. I actually went to London last week. We had 3 days of meetings with funds and investors, etc. And the reason why we did that, you know, We're just trying to get more awareness of American Eagle Gold to the public. I think we have a fantastic property. We have a great company, very strong balance sheet. We're still drilling when most companies aren't drilling. So this 30,000 plus metre program that we have right now, it's I think it's the biggest province of BC for exploration plays. I just want to emphasize something. We have stuff that's high grade in the south, which is our center of gravity and also have some that's high grade at depth that's getting bigger that we're going to prove out with some of our future releases.

2:05 I think with investors, they're really concerned about the high-grade and we need to prove that this thing can be a mine. This South area, I'm fairly confident that it's going to be a mine and this drilling this year is going to prove that out. And then drilling next year, based on this 30,000m, is going to prove out even more. I think the next 3-months and the following year of drilling is going to be very important for the company. So our plan, we're not mind-builders, We want to create a liquidity event. In an ideal world, we don't issue any more shares. We have enough cash to last us for this year's drilling program, next year and the year after, without going to the market. So when we come out with awesome drill holes, we're not going to then kill any momentum with a raise. And I don't think many companies out there can do that.

2:53 Now, this stuff that we're having the Porphyry zone, which Neil will talk to, it's extremely important. That whole area was not seen to have mineralization and that all goes to the middle, kind of a Highland Valley model. We have amazing access. I said this in the podcast yesterday, if you want to build a mine, there aren't many places in the world better to build it than where NAC is. It means the cost, the capital costs, which you have to pay back as soon as possible, which we'll do with the high grade if it's a mine. If you look at something in the Golden Triangle, it's less than half what it would cost to build there and a fraction of what it would cost something like philo or stuff that's 6,000 meters above ground. We have 2 amazing partners that invested in us and we have a very strong balance sheet. Now to kind of show you all of our drilling that we've done this year, look, it looks like you dropped spaghetti on a, on a piece of paper or, or the streets of Boston, but those are all the maps that we've done, but to kind of show you where we started off, if you look at my cursor here, this is where hole 1 was.

3:51 And it's almost like Pulp Fiction, if you remember that scene, that guy got shot like 12 times and it missed him. Well, it's kind of like the people that were at NAF before, It's like they put some drill holes in the ground and they just never really hit the high grade that we hit with on our first hole that kind of set the motions to do what we're doing right now. Now, if you kind of fast forward to our last 3 years of drilling, we drilled 30,000 meters in 2022 to 2024. We started to identify this near surface, higher grade zone that you could put to the mill, mine easily at a low cost and pay back that capital as soon as possible. And then this year's drilling, if you look at kind of the bottom of the line of that box, there really wasn't a lot of historical drilling. We hadn't drilled there before, and we weren't sure if there was mineralization, and sure enough, there was, and not only just mineralization, but high grade. So this box that this stuff that's close to surface, I wouldn't say this is an exact shape, it gives you an idea, this stuff at surface is getting a lot bigger.

4:58 And this hole here that's going due west and then this hole here is going south southwest that's 73 at 75. We intercepted similar mineralization and rocks for what we've drilled and kind of identified this previous square that I showed you before here. So this area is definitely getting bigger, which is very exciting for us. And that news is gonna come out some point in January or February. But what's also important, Charlie hates the word when I say, there's a jewel box, but we do believe there's a jewel box. It's not like a pot of gold at the bottom. It's all these kind of joining, combining dikes that kind of then feed the surrounding area. But we always thought there was some higher grade area down beneath and we hit it in hole 48. And whether or not retail understands that or if I'm able to communicate that properly, we've hit that zone.

5:51 And we've hit that zone multiple times since then. And that hole was, give or take, 100 meters of almost 2% copper equivalent. And we've hit a bunch of other holes there. And what we're kind of want to show is that we have a large area of continuously high grade rock at a sub-level underground. That can be mined, you know, mined either with or after that open pit that we see at surface. One thing investors really have to keep in mind too, is that when you see a hole, for example, at 45 degrees and it's at 650 meters depth, that's not actually the true depth. The true depth is closer to 450 to 500 meters since it's on that angle. So the stuff that you see when it starts at whatever meters it started, that's actually not the true depth, it's underground. So keep that in mind too.

6:40 Now, the stuff, oh, let me touch on this. So when I talked about stuff close to the surface, 1731, 31 got hidden in that 3538 debacle last year, but 17, you got 606 meters of 0.74 very close to surface. 31, you got 407 meters of 0.78 very close to surface. So that's kind of giving you an idea of the stuff that we have close to surface in the South Zone. But again, the stuff that's underground, so this was drilled, this is hole 48, we put it out 2 months ago. It was drilled from the north of the South Zone, kind of coming south, southwest, and intercepted that drill box. It's the first time we really hit into it. We've hit into it multiple times since then. 140m of 1.23% Copper equivalent, 77m of 1.8% Copper equivalent. Over 1% of that's just pure Copper. It's absolutely amazing. It's bigger.

7:30 We want to show that we have a resource or could have a resource between 100 million tons of that underground. So we're on our way there. There's gonna be a lot more drilling that's gonna have to prove that, but we've hit multiple holes hitting that same area. Now the stuff with 53, obviously people like these high grade intercepts and they expect every hole to be high grade, but this is one of the most important developments that we've had on our property to date. So if you see 53, this hole right here, that's 900 metres of 0.3% copper equivalent. Is it going to get most investors out of bed? Probably not. But for us, it's really important because it shows an area of rock that's roughly 2km by 2km by 5-600m, over 2 billion tonnes, is mineralised. And what degree is that mineralised?

8:19 Some of it's going to be less, but like we kind of took us 4 years kind of backwards into this high grade area at depth with 48 with our balance sheet and the amount that we're going to be drilling. Again, we drilled more meters this year than we drilled in the previous 3 years combined. With all these 10 holes, we're going to show that this thing is mineralized, probably above cut-off grade. That can go to the mill, but we believe that there is some sort of source somewhere, either close to surface where we have been drilled or at depth. The off-season that we use the geochem to analyze things is going to help us vector into that area. But if you look at Highland Valley, for example, it was one time a high grade deposit, but because they paid off all their initial capital, they're able to send all that, call it 0.15 to 0.35 Copper equivalent rock to the mill and make a very big profit. So this is kind of the area that we're seeing as adding tonnage that, you know, South32, Tet, whoever, these big companies that want to buy it that they need because they don't want to invest in a 10 year, even a 20 year mine life. They want to invest in something that can run for 50, 70 years.

9:27 And I think we're very close to doing that, But that's just a bit of the background that we have. Again, this is a little bit out of date, but we have around 2000 meters left. We've released 15 of our 44 holes. So we have 29 of our 44 assays still to come out. And look, All the drill holes we have is based on previous information. So you better be sure that we're gonna have some amazing results still coming out. We're funded for the next 2 years and we're working very closely with the logging companies, trying to find a way to get this area that we have fully logged. And the logging industry is a very tough business to understand. It's very political. And if we can't get it logged, we're going to get a license to cut permit ourselves. And we're just going to strip logs. We can have roads. We don't need helicopter support.

10:14 For helicopter support, It's not even the extra cost of having the helicopter, it's just how it kind of handcuffs you making your plans because you got to build these helicopter pads. But then all of a sudden, if you see some sort of hit on one of these step outs and you want to move your drill, you can only move it 15 degrees in either way. So having skid access is very important for us to kind of make plans on the fly So that's a bit of an update from us Now to stop sharing screen. Let me try and figure this out Bear with me Stop sharing. Okay now some other things people have been asking about too, so you know, the sequence of our holes. Look, it was a bit of a wait for between, you know, the October release that we put out and this most recent release. It was frustrating for us. We're right in the busiest part of the season for drill results.

11:04 So it took a lot longer than we thought. And as well, when we do results, we don't put out 1 hole at a time. We like to put out 4 or 5. We've got different rigs working on different sections, so it takes twice as long to get that 4 or 5. And the way the American Eagle operates, we have an idea of what kind of holes we want to put out together ahead of time. So when we talk to the labs, we just say, listen, we want holes ABCD, we don't want those holes to us before they're all done. And that way we don't have inside information that we can't share. So we are just waiting for the labs to give us that whole package of results instead of kind of receiving 1 result at a time and sitting on it. We just received the 5 holes at a time and then we'll report them. So That's a bit of the secret sauce, the mechanics that American Eagle Gold rolls with. We're not delaying results by any way.

11:53 And then next week we're going to put out some results for the South Zone. Hopefully it'll open up some eyes of some of these investors of really how important this underground south area is. So we're excited for that news release. We're just getting started on running it. So it should be out before the end of next week. Don't take my word for it, but I've been hearing the criticism. So we're gonna get that news out as soon as possible. But it's not just about writing a release, it's about getting it QP. It's about having the proper images. I think most investors only read the first paragraph in the title, so you gotta make sure your images properly explain that story. So, you know, that's a bit of a bit of the update there. I think I think with our balance sheet, we have if you compare our balance sheet to a major company, for example, let's say, for example, a company that I love, respect, invest in iron gold, one of the up 600% in the last year.

12:46 If you look at them just from a macro point of view, they probably have a 20% downside. And I would argue to say

12:52 maybe 100% upside, probably more 50 to 60. And you compare that to American Eagle Gold, I think our downside is probably the same as some of these major, probably 20% downside, call it 40 cents. But our upside is probably 250 to 300%. So we actually have more of an upside than a lot of these mid tiers have had a lot of value built into them and the same downside. And then what we're seeing now is a lot of that money is actually trickling down. So there's more money coming into the junior sector, either from people having more money to invest there, or from them selling some of the mid tier and the majors and actually wanting to get exposed to something that has the same downside, but a lot more upside. So I think American Eagle has a very, is in a very good position. And it's really protect a lot by its balance sheet. We don't have to do a race for the next 2 years. And one thing we have, one thing big advantage for our company, we actually have news coming out all the way till mid to the end of March.

13:43 So our off season is a lot shorter than everyone else in BC So the money actually migrating out of North American plays to South American plays won't be as drastic with American Eagle Gold because our best results are gonna come towards the end of the season. So, you know, seeing some of these XRFs and these visuals, if I saw those, I wouldn't be selling American Eagle Gold. Don't take my stock tip for it, but I think we're well positioned for the next 4 or 5 months, and then we'll be drilling end of May. So we add it right again, another 30,000 meter program, which is gonna show a lot. One last thing before Neil jumps on, I always get asked, when are we doing a PFS, PEA, MRE? To give everyone kind of an order there, you do an MRE before you do a PEA, before you do a PFS, before you do an FS.

14:25 And I think an MRE is something that shows you how small you are. And Like American Eagle Gold, this is the first year we've done big step outs. So we don't even understand how big we are yet. So why kind of handcuff us and give ourselves a glass ceiling? So we're going to do another whole year of drilling. We're going to base it off 60,000m that we've done. Then after the 2026 season, I hope that we can prove that self zones of mine and be able to kind of hang together all the different areas where we've done step outs in the IP and payment zone in the North zone and the porphyry stock and they'll be ready in

14:56 2027 to do a mineral resource estimate and the big companies don't need it. Tech instead of 32, they're constantly redoing their block model and their emery on us. But I think that's something investors eventually want to do. But we want to prove to people this thing is massive, there's a big area of high grade, and it could actually eventually show people that this can be a mine someday. But if you're looking at target valuations for us, I'm not saying these companies aren't worth the valuation, but I definitely think that American Eagle is worth just as much. A Mark, you know, they own 30% of their asset, their hands are tied. TDG, hardly any drill holes there, kind of a close all you play to A-mark. And then look at DoubleView, for example. So all those companies, $250 million valuation. I think we got a lot of things those companies don't have, mostly the balance sheet.

15:43 But also, we have no hands tied with any other company. We don't have a row for a tech in South 32. Lovely companies. I love working with them. We'd love them to buy us out someday, but we're still free agents. So again, with our cash, that actually provides more blue sky for us. And our plan is just drill, drill, drill. All the interest that we have in the bank count, it doubles, it pays for more than twice what we have in admin. So if you're investing in a company, you wanna make sure that company is putting dollars in the ground. And we haven't taken dollars from retail in 3 years now. It's all come from tech and South32 and working together to prove that this can be a mine. And hopefully with these 6 interviews and these roadshows,

16:23 we can help people realize, A, who we are and that this thing is for real. But I always say it's a process, not an event. And when it moves and something happens, it happens quick. So thank you for listening to that monologue. Sorry for anyone that fell asleep. Neil, let's talk about this area of the porphyry stock that we think is so important.

16:43 Yeah, thanks for the, Yeah, it was a good update. No, we're all really excited on the team about the continued, it seems pretty much everywhere we step out at NAC, we're hitting the same style of mineralization within varying degrees of tenor, but we're particularly excited about this hole 53 because it kind of opens up a whole area that wasn't in a lot of proximity to any of the historical drillings.

17:15 There was 1 hole near surface that was a very short hole and it hit some OK results. So that was how we sort of decided to follow this up. There were some areas of the porphyry stock going from the admittedly not very good historical data. There's a lot of issues with that data set and a lot of question marks as to where those holes were actually drilled. So, you know, we take it with a grain of salt. The conventional wisdom was that the porphyry stock is not that well mineralized and up until this season where we were kind of de-risked by the funding, it was a riskier play to do bolder step outs within it. So we were really, really pleasantly surprised, though not that surprised, you know, I think we understand the scale potential that NAC has. So it was really good to see our suspicions validated by the testing.

18:05 So hole 53 was excellent. There was a lot of really nice sericite alteration that seemed to be overprinting earlier stage quartz magnetite, chalcopyrite and boronite veining.

18:20 And interestingly zones of disseminated mineralization within that, which we don't typically see in the porphyry stock. So there's these, you know, these sub phases, these additional phases of the porphyry that are hosting mineralization.

18:36 And a lot of the follow-up holes we have planned to the North and to the East, some quite far to the East, have been hitting very similar styles of mineralization. And those are, a lot of that stuff hasn't even been crushed yet. It's just sitting on pallets at the lab right now. So we're, we're kind of eagerly anticipating that, but yeah, the, the potential for, for impacting the scale here is, you know, it's very, very good. So yeah, it's, yeah, just another, another positive thing to see at NAC. This is all outside of the really nice jewelbox zone that Tony was talking about in the south, which is, again, just evidence to show that the South Zone has a lot of really nice smoke around it too. So it's not all juulbox-style mineralization, it's broad zones of sporadic veining and local disseminations that then kind of coalesce into this really, really high-grade zone down deep.

19:33 The potential for that exists up in the North,

19:36 which we haven't yet discovered. So it's really good to see this very consistent concentrated smoke around this area. It just kind of points to more high-grade existing.

19:51 So yeah, it's great to see. Do you think something exists like that underneath, you know, in that area where 59 and 53 are, I think within the porphyry stock, you can eventually vector into some sort of higher grade zone either at surface or at depth?

20:08 I mean it's really coming down to the to the geology and what we see in the south we see a really strong association with these early dark porphyry dikes and these finer grain mafic dikes and oftentimes will punch through the zone of mafic dyking, which we believe is earlier. Charlie kind of pulled this out right away back in 2023, that it looked like where these mafic dykes were injecting into the into the wall rocks it it kind of primes the area to accept the next pulse of porphyry mineralization So you get all these these nucleation sites on on oxides and sulfides pyrite and magnetite That then become sites for for copper mineralization to fix on And so that seems to be what's going on in the south at least for the zones of disseminated mineralization replacement mineralization we see And then there's another phase of diking that's bringing in what looks like boronite and chalcopyrite and what looks like myrilytic cavities, right? So primary magmatic sulfide.

21:17 So where you get these these mafic dikes and these these later phase monzonitic dikes, this kind of confluence seems to be a really, really good sweet spot for, for coalescing this mineralization. Early prelim geochemistry shows that, that out to the forest, we have some more of this, this may fix signature diking, right? It's still sparse drilling. We don't really understand the geometry of it, but we're seeing a lot of this broader, lower to medium grade disseminated mineralization out there as well. So the same building blocks of the story that we see in the south do appear to be present out in this zone as well. And so that is, you know, that's just another vote of confidence for the the

22:02 whole theory that, you know, there can be some additional high-grade zones down there. And that's not the only thing that brings in high-grade mineralization. We also get, you know, distal to these zones of anhydrite veining that are just ripping with boronite, molybdenite, chalcopyrite. And it's unclear how that's that's related at this point. But we're seeing that same style of anhydrite veining up there in 53 as well, bringing in elevated molybdenite, often gold with that. It's where we get some of the elevated gold values when you see those veins as well.

22:33 So yeah, there's, you know, all the parts of the story are present over a really, really broad area and it's really good that we're continuing to see this stuff. So I'm gonna show you a screen, show you a screen, Neil, how I was playing it.

22:52 I did get a haircut, it's hard to. Nice haircut. Okay, so if you look at this here, You know 61 we drilled we think it was a little bit too far to the east But it came up with some decent mineralization at least it looks from in the in the XRF Nothing nothing high at all, but enough smoke to think that you know, there's something out there Do you think this whole area possibly kind of comes, you know,

23:21 east, east, east, east, north or northeast east or something? Like, how does this kind of connect? Because there's definitely there wasn't nothing in 61. No, well, a little bit farther too far to the east. We unfortunately stopped at 400 meters. But, you know, the kind of the way that we're kind of hitting this IP and Beaman zone, like we drilled these things southwest.

23:43 This one is way too far southwest. It's way too far southwest. And then this one here kind of hit something at the very end but the one that was most successful is kind of going kind of due due west which makes me think that this mineralization almost kind of comes and creeps this way so what do you speak to that?

24:01 No I you know I think it it certainly warrants more aggressive follow-up next season. We've had a lot of success in the pilot holes we've drilled out there so far. 61 I really like to see. 61 was collared,

24:17 we're guided in that area because there's very little outcrop exposure and very thick tree cover. We're guided by the IP survey, right? And so that was collared in a pretty high IP signature and out on the western margin of the stock that the really high IP signature correlates to pyrite, not necessarily chalcopyrite.

24:41 And that was pretty consistent with what we saw. There's a lot of pyrite off the top of the hole, but then there is also chalcopyrite within that. So we definitely, you know, we're definitely seeing some copper kicks in this hole. It's not a dead hole by any stretch. And when you couple that with the pretty decent amount of smoke you're getting off the top of hole 9 and then you kind of lose it because you hit the, I mean you lose the consistency of grade, you hit the stock, but we're still seeing those kind of sparse veins in the stock.

25:13 Yeah, it's about following the sweet spot in that IP signature. I think that's gonna continue to be a pretty helpful guide up there. But then we know from drilling as well that we've got a bit of what looks like stratigraphic control to the most favorable post rocks. So the outside of the stock is all these stratified rocks, they're volcanic plastic, for sure, sandstone conglomerates.

25:44 And there's certain beds within that, within this larger package that have been consistently shown to host better mineralization. So getting a better handle on the orientation of those which we have now has really helped us target. So hole 9 which you see there was fairly consistent mineralization but that very likely drilled down the stratigraphy, right? It drilled down dip and was pretty consistently within the same unit we infer now. When we're drilling to the West and to the Southwest, we're cutting the stratigraphy better and we're seeing these better mineralized units and getting a better handle on those geometries. So that's also gonna be an important guide and it's gonna result from some more modeling work in the off season.

26:34 And yeah, we'll be able to design some really, really effective holes, I think, out in the zone. Yeah, to your question, a lot of potential out there. There's a couple different ways we're going about targeting it, and it's all about using all the data available. I think the orientation is pretty important. Sometimes you can kind of drill based on how these dikes are oriented. Sometimes you can drill down a pretty crappy dike. So it's better to kind of drill from East to West and going through the dikes as opposed to kind of down them and some of them are good or some of them are not so good but you know and then what about like given what happened in 61 and we drilled a little bit too far to the east like is there is there a way to kind of try and flush out this area that we see kind of on the Eastern margin of the porphyry stock? Well, so we have the historical 9533 hole out there, which had some pretty decent grade in it. And that's the only kind of hole within 2,300 meters of where we drilled out here.

27:36 I think some more systematic testing out here will be really good. 61 is way outside of, like that's a big step out. And the fact that we're still seeing For freestyle mineralization out there is is very good like if you go from the collar of 61 to the collar of let's see 18 That's about 1.3 1.4 kilometers. So we're talking a really big distance. It might even be more than that. I don't have my ruler up on the screen, but I can measure that right now. 1.7, almost 1.8 kilometers.

28:27 So we're talking a massive area, not to say that is all consistently mineralized, but there's a lot of subzones within there that we have the potential to discover just based on what we know about how the NAC mineralizing system is working. There's a lot of favorable magnetic fabric out there to test as well, which seems to be correlated with some of the diking. And so, yeah, it's all open to testing. And like I said earlier, I think getting the best handle we can on the stratigraphic controls and the orientation of the stratified rocks outside the porphyry stock. That's going to be kind of key to this. The other key to exploring here, especially as we now know that the porphyry stock is a good host, is really nailing down the precise geochemistry and textural variations within these stock rocks to see what might be controlling the mineralization out there.

29:32 Visually, it's quite hard. There's a lot of variation on a very small scale texturally and compositionally, especially with some of the alteration overprints, it can be very difficult to distinguish the different phases of the stock. And even some of the different later stage dyking, they can look very similar in XRF geochemistry. And when you just have your eyes on them. So it's this, there's some more subtle geochemical variations that you can pull out when you look at all of the different trace elements, which we won't have until we have the full assays back. So, you know, there's still a fair bit of technical modeling work to do to unravel this, but you know, it's a great problem to have to try and figure out why is this mineralization here.

30:20 And so yeah, that's going to be the focus in the off season. So just to show everyone just one more thing here. So if you go to our website, And Neil, just tell me if you can see this, because it's pretty confusing. So you guys see my screen? The website? Neil? Yeah, yeah, it looks good on my end at least. If you go to interactive drill map, which I hope still comes up, You can see this interactive drill map everyone. Neil, you can see it? Yep. So we have this on our website. So if anyone wants to look at any kind of historical hole, any hole you see here, you can click on it and you can see what the grade was, you refer to the news release, it brings you the core photos, then you can kind of see all of your historical things.

31:08 You click on the hole, you can see what it is. If you want to see the IP,

31:12 you can see the IP. You want to see the satellite imagery instead, see where we are and how great our infrastructure is. You can see it, you wanna take out the bad bean porphyry stock, so you don't like the color pink, you can take it out, you wanted to see our outcrops, you can see it, but then as well, if you kind of wanna then look at our holes, you don't know which hole you're looking at, you just click on a hole and it shows you where it is. So for example if you're like oh where's 17 and they drill that Chilean hole in BC you just click on it shows you where it is and it brings up all the results. So that's a tool we have on our website that maybe people don't know about. And as well Nick and Neil have been working on an awesome model and we're gonna put it out with the new release, but we have a 3D model and then you can click and see where each hole is kind of underground. You can spin around 3D. I think Nick's gonna have a baby soon, so hopefully it's out with the news release, but if not, we'll put it in with this interactive mapper, make a button. But I just want to make sure people know all the resources that American Eagle Gold provides.

32:08 So Anya

32:11 helped provide this from Ignite. She's absolutely amazing. If there's any people that work at a company that want a really good web designer, person that can solve problems. I recommend that you speak to her. So yeah, that's a really neat tool. Yeah. And it's just getting updated as we go now. Okay. So now Q and A. So does anyone have any Q and A? I see Andrew, a big support of the company. Thanks, Andrew. When will we be confident enough to sink a drill hole that's 1000 meters? Hey, good question. So look, from my seat, and I see the updates every day. So why drill a hole 1000 meters? So it's easy to say you want to do it. We've always wanted to do it. And we actually did drill 1 hole over 1000 meters this season. But when you're drilling a hole, you know, if you're into something good, you know, you drill it for as long as it's good, but you know, let's say you're into a hole.

33:03 Like we were in hole 78 that was popping. You already got like 600,700 meters of good stuff. Then all of a sudden you hit an area of 100 meters that's not good to show you to shut down the hole. Why ruin a good thing and spend an extra $300,000 to get 300 more meters to not really show you anything. So, and then on the other hand, you know, we could be on like, what do we drill a 600,700 meter hole that's no good. And then, hey, let's push it for another 600 meters to see if something's there. It's hard at the time to do that cause you're just kind of watching your money just fly out the window. And once you get kind of under 800 meters, you're drilling like 20 meters a day. So we have enough stuff at sub-level that we're gonna see in the cell zone and at surface that we really haven't needed to drill that you know thousand meter hole.

33:52 You know cell 32 wants to pay for that like yeah we'll do it but every every meter that you drill under 800 meters you know It's essentially a meter and a half to 2 meters that you can actually drill anything below, above 800 meters. And that just gets exponentially worse the deeper you get. So still it's a bit of a cost of capital, but it's something we wanna do someday, but it's more of like a capital markets kind of cash thing for us. We're hitting enough good stuff. It's a good problem to have, you know, a lot closer surface than that. But yeah, I don't know if you want to speak further to that or if I explained that properly. No, yeah. That, that, that makes sense. It's my, my 1 regret is back in 2022 that I didn't push hole 2 to 1,000.

34:41 We stopped it at 988. And we were still getting some really nice chunky boronite veins, but like Tony said that's very deep. It's a steeply oriented hole and Yeah, it's that pace of drilling slows right down like between 20 and 40 meters a day is is not atypical for those deep holes. And you've got a lot of other stuff to test, right? So, you know, it's better to end in something really good down at a 900 meter depth than potentially miss out on something closer to surface. That was an awesome zone you guys hit in too. Are you guys going to, once all this geocam and stuff is figured out for the season, could we just go for a straight vertical where you think that is? And maybe go for the juggler there or maybe in the south zone? Because the one thing about, we don't like to drill vertical holes because it doesn't really give you a lot of information on the geology, but the good thing about vertical holes is they go down the fastest.

35:47 So maybe, is there a time we could maybe just do a straight vertical and you know do a 1500 meter hole and make Andrew and everyone happy? And remind you, they're only happy to actually hit something. If you hit a 1500 meter hole of nothing it's just a waste of money. Well exactly right. And you know not to not to take the luster off of that, but the hole 3, the next hole we drilled was not that far. It was a vertically oriented hole. And I thought based on what we hit in hole 2, I was like, man, this is going to get fairly close to it and it hits some of the same veining there's some really nice chunky chunky boronite veining in it but it missed the it missed the dike that was in hole 2 because these are pretty steeply oriented dikes and we're trying to hit steeply oriented features drilling very steeply oriented holes is a great way to almost certainly miss them, right?

36:37 So it's better to come at, I think that zone is best followed up from what we know now about the orientation of Veining, we know now about the orientation of the host rocks is to step to the east and drill it towards the west. What are your thoughts about twinning hole 4 again and actually getting through that stuff that we stopped in that was, you know, essentially the same hole that Hercules metals put on that, you know, got their market cap to 250 million? Well, I mean, we undercut hole 4 and hole 12 and that ended up being our best hole up until that point. So I'm fairly confident we've explored that zone. I wouldn't mind doing some holes that are stepped back from hole 4 and getting under it from the other orientation. So collaring into the stock and drilling to the west again. Just based on how good hole 53 was. Maybe to end the season, Neil?

37:32 Quite possibly. There might be something that works there. I think there's something that works there. We'll talk offline about that. Okay, so, Neil, I'll get to you since you're asking a lot of questions. Appreciate your support. I'm sorry, I think I know you are too. Raziel, Razel. So would you consider using AI to gain an overall picture of the deposit? Look, I'm gonna be a little cheeky here, but I guess you can use AI to give you a picture of the deposit, but I don't even think you need AI, you just need develop a block model. I think a lot of people ask you, are you gonna use AI to find something? We've already found something. And I am yet to find a company that has used AI to make a mining discovery. Maybe I'm wrong, send me an email, but I've not heard 1 yet. It's based on a lot of old school geology, putting together your geophysics, your geochem and historical drilling to kind of vector into something. I think a lot of companies claim they have the silver bullet but I figured out, you know, doing what I've doing for the last 5 years as CEO and then working at IM Gold before, there is no silver bullet in life or in mining and it's just a lot of hard work and making sure you have good rocks and people like Neil, like good people.

38:44 So, but I don't know, Neil, like you have any comment on the AI to gain overall picture of the deposit? I mean, so Nick, our technical wizard, not so much AI, but has implemented machine learning algorithms, which is taking in our data set and filtering our data set through some rules that are dictated by the larger data set itself, right? So not taking a 1 size fits all statistical approach, but taking an approach of how the different units that we have specifically vary within as we've defined them. So the problem with AI when it comes to exploration like this is the parameters the AI is going to use to make any decisions or any sort of generative inferences are going to be based on what the geologists called the rocks. And if that's wrong, then the AI is going to be wrong, right?

39:38 So it it all comes down to data that was human generated and any human errors are just going to be propagated by an AI. Then there's no way to, once it goes in, these AI, it's a black box, you don't really know what happens. You can look at the results and interpret it. But honestly, I think the best approach to this, especially with how we use our data and the success we've had using this is to, you know, you can use certain machine learning algorithms, these clustering algorithms to group geochemical features, the HDB scan clustering and the UMAP projection that relies pretty heavily on some machine learning filter data sets that we feed it.

40:33 And again, this is all over my head. This is from me talking to Nick at length about how this works, but that's an area we've had a lot of success, but it is by no means just putting all the data into a, you know, there's companies that will do this for you. And I'm sure these techniques are getting more sophisticated, but you know, at the end of the day, it's still a human taking a look at the data and being like, you know, making some educated decisions based on other geological knowledge. So we're not gonna do it. There's some elements of machine learning, at least not necessarily AI, like a large- We do use the AI at American Eagle Gold. If I'm trying to figure out what the true depth is of a 800 meter hole at a 45 degree angle, I'll ask chat GPT. If I think I'm running a pretty jerkish email back to Steve Stewart, I'll say, chat GPT, I am having a bad day.

41:33 Can you make this a lot nicer? I'll send it to Steve. So that's the extent that I use AI right now. Very, very helpful though. Keeps me in my job sometimes. So moving on here. So, Neil, I will get to you. I see another question here from Jacques. What is your long-term strategy? At what point would you sell price or development stage? Look, loaded question. Things can change. We're always for sale. It's always about the right price. It's all about egos and valuation. I don't think we're the right price right now. I'd like to finish off our 2026 drilling. It's gonna be amazing after the results that we have for this year. And then, you know, incorporate all the information that we learned that Neil was talking about to drill our holes in 2026. I think it'll give investors a really clear picture of what we have, which is robust. And one of the challenges we've had is people are invested in AE. They know about us. They're not selling, but it's hard to get more buying in. The market's moving fast.

42:28 And also a lot of our raises weren't done with the banks. And we don't have the broker support, we don't have the funds in, but that also creates a big opportunity. I think there's a big valuation gap that we can fill with the companies I talked about, TDG, AMARC, DoubleView. So it's an opportunity for us, but in terms of pricing, I'd like our stock to get to minimum $500 million market cap, you know, probably closer to 1 billion. So get into the 3 comma club billion dollar valuation, then we can talk then. But I don't think it's out of the realm of possibilities, given what we can do with a micro level for our asset and the macro level with what's happening in the market in terms of the price of copper, price of gold, and also a lot of that money kind of filtering out from the mid-tiers, the majors, AI companies wanting to see how can we get those 3, 5 Xs. Hey, it's an exploration company. Which of the best exploration companies? The ones with the most cash, the ones with the best location, the ones with the best geology.

43:22 Check, check, check, American Eagle Gold. So I see a lot of opportunity there, but we still got to prove out this asset I'll tell everyone one thing we are not mine builders Most mining companies whose job is to be mine builders, they're also not mine builders. And we can see that from the fact a lot of them when they put out their initial CapEx, when they're building a mine, they're 3 times as much. So we like to stay within our space. It's making discoveries and making discoveries again. The ore group needs that big liquidity event. So, you know, Steve Stewart's amazing chairman of the company, but we're going to figure out what happens next year and then, you know, see what our valuation, then we'll talk. But the good thing is we have 2 major companies that are interested in us. We have no roofer, so possibly other ones are as well. So we have all the recipes for a perfect Christmas dinner that's coming up. So hopefully that answered your question. And I took that analogy from Nate Smith. Props to you, Nate. And now here's some questions from Nate.

44:17 So can you talk about the results of 53 relative to the results? Oh, one more thing I forgot. We drilled a hole, Neil, was it hole 46 where someone stopped in this frigging really high grade and I got really upset. So that was another hole I think we could have pushed to 1000 meters. So it just came to my mind, sorry for jumping all over the place. Nate, can you speak about the results of 53 relative to the results landed in 47? Go ahead, Neil. In 47. Go ahead, Neil. 47. Yes, it's stronger than than 47. And it so what's interesting about, am I able to share a screen here? Yeah.

45:09 Yeah. Yeah, I don't want to see just a- Press share, then go to the window. I just want to make sure I have anything up. That's I'm not supposed to oh CNN. No, that's my screen You know like to be released stuff I got to make sure I'm not okay, so Let me close Prelim asses Yeah, so let's let's take a look here and this is gonna be the 3D model that's gonna be hosted on the site. So This is what Nick has made as well. So, he's not just a machine learning guy. He's a- He's a machine. He's a machine. Though, Chet GPT did help with the coding on this, I will say. So there's some AI use, but it's only as good as the person implementing it. So, let me share the screen here. So what do we, where do we go here? Share. It's just compelling television, Neil.

46:09 Sorry. Yeah, I'm talking to something I can see that no one else can. Click on the thing, go to window and show where you're. Got it. There we go. No, I just see your screen of your screen. There we go. Can you see this now? Yeah. We'll have this model up eventually for people to look at. Yeah. So this is to accompany the news release we're talking about. So the way this works is you can toggle all of the different news releases we've done this season, all of our NAC 2022 holes prior to this, the historical hair holes. So all the data is on here and future releases. So what we haven't released yet.

46:56 And then you can also do, this has got a surface drape on here as well. If you wanted to see the terrain. So this is like sort of a fully 3D interactive map of the 2D 1 that Tony showed, but I'm getting away from the question here. So Yeah, let's talk about 53 and where it is and how it compares to 47, which would be this one here. 47 up here. And then 37 and 35. So it's pretty interesting about what we hit also at the bottom of 58, just getting into better mineralized stock is it's deeper positionally than what we hit in 37, which didn't get good until it was down a little bit deeper.

47:52 So it's, you know, it's showing a lot of variation in the potential for mineralization within the stock. 47 was actually better than we expected as well. There was some actually really decent zones up high in it, which was within stock rocks, a bit of a wall and then it did pick up at depth. So it shows that right now this zone is very sparsely tested and it's fairly, fairly noisy in terms of in terms of grade. It would be really nice to get some more holes kind of colored out where you can see my cursor right now, drilling towards the West, which is at a bit of a more fatal orientation for the veining, to just build the picture out here because you could be substantially increasing a larger lower grade resource that would very well compliment the kind of higher grade zones we have elsewhere on the property.

48:47 So yeah, it style of mineralization though, actually quite similar. It's the just closer space stringers and fracture coatings on local zones of disseminations of chalcopyrite and boronite. So yeah, it's great to see. The really, really compelling thing about 53 though was that it was right off the top. There was some really decent mineralization and the gold grade in 53 was a lot higher than is typical in the rocks that are outside the stock in the North Zone. So top of hole 7, top of hole 4, very, very strong copper mineralization, not a ton of gold. The gold is quite a bit better out here between 0.1 and 0.3 pretty consistently, right? And that's nothing to sniff at in a porphyry like this. So yeah, the whole area is open.

49:38 And you can see where we've continued to follow up the zone. I'll put these narrow traces, these gray traces of the holes. This is just... How far is the garden? If you look at 59 to like area 53, how far are those 2 holes? So this is in an orthographic projection. It's hard to have a floating scale bar on this, but these grids are 500 meter by 500 meter grids. Actually, you know what? This is not an orthographic projection. This is a perspective view. So these lines are 500 meter spacing. So it's looking top down, like these are about 200,250 meters apart. This was about 180 meters step out here, if I recall correctly.

50:25 And then once we're talking about the zone over here, this is, you know, this is almost a kilometer away to the testing in this zone. And because it was helicopter based and Tony's points about just the trickiness of moving to areas on the fly that you wanna follow up is they were all done from 1 center. So there's still quite a bit of real estate in here that is not very well tested at all. So yeah, lots to continue to explore there. So next question from Nate, can you talk about the planning around the holes that are now stepping east of 53 with 63, 66 and 70? Yeah, so those were utilizing historical exploration trail.

51:13 There's actually a pretty good network in that area and it's pretty flat line. So we were able to skid drill those, which is why we were able to test it a bit more, a bit more aggressively this season. And the thinking was somewhat similar. So 66 And yeah, 63 and 66 were similar steeply oriented holes drilled at a similar orientation to 53. And then we ended up doing hole 70, which was inclined at a 45 to kind of go through this test of a larger volume near surface, and then punch out of the stock and go back into some of the better mineralized host rock, a long trend of a whole 14 and whole 30, which were quite good as they got into the stock.

52:05 So, there's been a couple of holes that have been designed to test depth and complimented by a hole that's gonna hopefully string together that volume. So on a section, we'll be able to get a lot more from it. But it's still dominantly confined to, you know, a single 200 meter wide east-west corridor. Next season will be a bit more systematic stepping north and stepping south and drilling westerly oriented holes to properly characterize this volume of rock. Do you see a second question, how do these holes relate to 53 and how do they relate to the holes 59, 64, 67, 76 even further east? Is it BPS zone coming together? Is that the intent?

52:53 Yeah, that's the intent, right? So Hole 59 was a South 32 plant hole that was a very big step up. It collared into rocks that weren't necessarily babby and stock rocks. They were darker, they were intrusive, they were really, really magnetite, biotite altered, And there was a really decent amount of disseminated chalcopyrite and pyrite in them. And so that we felt warranted additional followup. And So we drilled 64, 67, 76, and then so 32, based on those we'll plant another hole that trace we don't have on here that was collared due west of 59 and is currently being drilled to the west.

53:47 And so the idea is that'll hang together on a similar width section and help us pull together some of the different intrusive phases and hopefully link up some of this mineralization, depending on what we hit in these holes. So yeah, I mean, it wasn't initially planned as a follow-up to that, but it's all kind of coming together as maybe part of the same related zone, or at least part of the much larger NAC system as a whole. We see the same sort of geological similarities out in this 59 zone, as we see pretty much everywhere on the NAC property. We've got these darker dikes that seem to be prepping the host rocks, the non-stock rocks. And then within the stock rocks, we see these zones of fornite, chalcopyrite, and then overprints of sericite alteration that often bring in chalco and moly. So yeah, it's everything that we're seeing at NAC along this western margin that's been more heavily tested, we're seeing out in the centre of the stock and to the east of the stock. So yeah, that's exactly what we wanted to see.

55:03 And yeah, it's been pretty successful first test of this area, I think. Do we understand the bounds of this sub-level higher grade area yet, or are we just starting to understand it? We're just starting to understand it. It's a bit of a different geometry than everything else, and it seems to be pretty consistent once we punch underneath this zone of earlier mafic diking. So whether that mafic diking has kind of baked the rocks around it and it's acting as a bit of a structural trap to some of the porphyry fluids, or if it's just a matter of, you know, that initial horn fellsing has prepped the rocks to be more accepting hosts of the mineralization, there does seem to be an association. And some of these mafic dykes themselves are actually pretty juiced with chalcopyrite.

55:52 And so it's a matter of tracing out this specific level. And it seems a bit more flat-lying than everything else, which is fairly steeply dipping or gently dipping at naxx. So it's something different and we're in the process of tracing it out. It's also been nice to hit some broader mineralized wall rock up above these zones too. So some of these holes that we've drilled out in this area have a nice zone of near surface mineralization, a bit of a lull and then boom, we get into this really nicely mineralized zone that we hit in down deep in 46, down deep in 48, visually similar in 52 and 73 and 75. So yeah, it's been great to see, but we're still getting a handle on it.

56:44 Still getting a handle on it. Okay. Any more questions from anyone? Appreciate everyone spending an hour to listen to this. Okay, well, look, we're gonna keep on doing these presentations. I was on the road, so we weren't able to do it right after our last news release. But our next news release next week, I don't know what date it's gonna be on. It's just a bit of a process, but we'll have another webinar right after that so we can talk to those results, which we think will be robust, and we'll have more information. So let's keep on doing podcasts, try and give people as much information as possible, but just remember, look around at the other companies. We got the cash, we got the rocks, we got the team, and we're undervalued.

57:29 So America's Eagle Gold, AE, TSX Venture, keep on following us and contact me anytime if you have any questions. So thank you, Neil. Thanks, Dan, for hosting. And I guess I hosted too. So looking forward to speaking and giving more news to the like. Thanks, everyone. Yeah, thanks, everyone, for joining. And just as a piece of housekeeping, if you'd like to watch the replay, you can access it from the same URL. It'll be posted later this afternoon.