Galleon Gold: Exploration & Market Update October 2026

0:00 Live here. Hello everyone and thank you for joining us for today's live event. We're pleased to welcome back David Russell, President and CEO of Gallium Gold for an Exploration of Market update. I have a few questions prepared but we'd love for you to take part as well so you can submit your questions at any time using the chat feature at the bottom of your screen. As always, this event is being recorded and the replay will be available shortly after we wrap up with that, David, welcome back. Now the goal with these 4 holes was to see how far gold reaches beyond the high grade core and every one of them hit going in. What were you honestly expecting?

0:36 Well, Kyle, first of all, thanks for having me again and for having 6, having us on. It's always a pleasure. And what I can say, what was I expecting? I was expecting gold. We were gonna hit gold in one way or another. Now we in precipate in specifically the number 9 structure. That's evident over hundreds of meters of strike. Now we were believing it's 1000 meters in dip. And it could be anywhere from 10 meters to say 40 meters in width. So we don't really consider them quite what you would call step out holes or anything like that, but, we, I can point to like 237 and 241I think that was in a maze release in July's release, those holes kind of hit the guts of it. And boy did they hit it.

1:21 12.7 grams over 12.35 meters, 16.1 grams over 9 meters. And then there was the broader brush zone, 40 meters wide at 4.07. And then the 241, which kind of offset it down dip that we put out in July That was 6.8 or 19.45 Which included 16.8 grams over 6.5 meters Then we had another broader zone of 29 meters of 4.72 grams. So, you know, we're expecting to hit gold. Yes, we were expecting to hit the number 9 and we did. Perfect. No 1 hearing any, okay. The individual has their audio working. Sorry, just looking at the chat there. Feel free to submit questions everyone if you have any, but why should investors care that the high grade core sits inside a bigger envelope rather than standing alone as a pod?

2:15 Okay, the zone number 9, I think that's what we're talking about here. It's a substantial structure and you can trace it, you know, down dip, 5,700 meters and if you want to compare it as parallel to, let's say, the West Deep Zone, You know, that's 1000 meters in depth. I mean, that's 3000 feet of dip length on this. But what they should, what the investor should look at is this is a, a, definitely a large system, broader zone, but you can have intercepts of high grade, low grade. And it's really not just the core. The core could be in multiple phases in echelon shoots so to speak. So you could have the we'll say 12 to 15 gram high grade hit big wide system and then you get a little bit lower grade to it but then you step out further Does the zone continue to expand on strike down dip?

3:07 That's yet to be seen with more holes. I think we're, gosh, 38 holes into this program and they're all over the map and we expected that, but they'll define some pods, some shoots, some mineralized areas, but they really ought to pay attention to the bigger picture because as we model this, we're going to be taking into account everything we've hit, bringing the model together. So it's going to give you more of an overall picture once we do the leapfrog modeling on it. So they should be interested in the envelope because you may have multiple high-grade pods and intercepts on strike and dip. So here's a question that, let's break it down for people that aren't geologists like myself. The core photos from hole 246 show semi-massive pyrite with sphylorite and chalcopyrite in the meta sediments.

4:00 What does that sulfide package tell in your geologist? Boy, it's, you know, compared to like, say, a free gold nugget. When you see a free gold nugget, you hit it. But in our end of it, we don't see a lot of that, maybe once in a great while. But it's very important to see the pyrite, sphalerite, blobby sphalerite, or chalcopyrite or rings of sphalerite. Any of that is going to tell you you're in the system. Okay. What we've really keyed in on is if it's just pyrite, you get a little bit of sphalerite, it looks like bracelet rings of sphalerite, which is more of the tarnished red. You know, that is an indicator that you probably have 4, 6, maybe 7 gram rock. But if you get the chalcopyrite and the blobs of chalco along with that, your grade's going up. And we can kind of now from experience say, yeah, we're probably dealing with 10, 12, 15 gram rock when you start to get into that. So it's very key for that. And the interesting part is I'm not a geologist, I'm a mining engineer, but my vice president of development and planning, everything else, they can look at it now and say, hey, you know, there's high grade gold or medium grade and that sort of thing. But it tells the geologists a lot that we're in the system, you're drilling in the right place.

5:18 But, you know, if you go back in history, I guess, the whole thing formed in the poly metallic veins. And then there was kind of deformation and that sort of thing. So when you, Houchi, end up with recrystallization over billions of years, And it looks very beautiful. It looks like a lady's bracelet when you look at it. When you see that, it tells them a lot about what the grade's gonna be and that you're in the system. So in my opinion, hole 246 was the standout at 2.5, 2.52 grams over 26 and a half meters with 1 meter in there over 21 grams. Why do you think that hole came in the strongest of the 4? Well 246 intercept sits along the interpreted plunge. Now the interpretation can be off by, you know, 10, 20 degrees or whatever, but interpret to be along the plunge, right between the high grade, the 237 and 241. Those are the ones I mentioned on the number 1 question there.

6:18 But you know what it says is it's right in the system. It doesn't mean that it's low grade or high grade. You know it means you had a hit, you're in the middle of the system and that's what you wanted. The 246 intercept shows tightly packed sulfides I think within it from what I looked at and band similar to the style that we're seeing in 237 241 so what that tells us They can most likely drill alongside of it up dip down dip and they maybe get higher grade or they maybe get lower grade, but you're in the system and you have the right earmarks and you're looking at you're looking in the right location for this system or the plunge of the chute. That's why it's important. Shifting over to hole 245, it picked up a separate footwall hit of almost 10g over a metre, roughly 30m further down the hole. Is that a stray or could there be a second structure down there?

7:13 We do see some mineralization well into the footwall of the zone number 9 and towards the bottom of the deeper holes drilled during this year. It was actually I think 9.83, the 10 gram you're looking at in 245 of the foot walls within a sheer zone with pyrite and chalcopyrite. And and you know, we're still waiting on a lot of assays with different core holes. So we're going to get a variation within that area. So we can't just actually pick it as, you know, kind of an outlier or a stray. We've got holes around it. We just haven't got the assays back yet. One of the things we do, just for everybody's knowledge is we fire assay 100% of everything. That's what we put out to the market. But we do photon assay and photon will give us a turnaround of about 48 hours. We can't put that in the market. We can't release it, but it really helps the geologist in the planning. So if they've got an outlier, we'll call this a stray or an outlier of 10 grams, they're going to offset that. And they have done that. And we can actually run that through the photon and say, Yeah, okay, it's not a 1 off hit or a stray, it's sitting there, we do have that as part of the structural system. So we use a couple different tools to actually get us where we want to be on this one.

8:29 Now, most of these step out, run between 1 and 2.5 grams and an underground milling at depth is that material or is the real job to frame the high-grade core?

8:41 You know that's that's quite a question because you do run yeah you can't discount let's say you know you're running out at 28 meters and you got 2.5 grams or whatever it's going to be and say, okay, that's not material is material, which you need to look at is really worth the gold price today. And let's talk cutoffs. Okay, cutoff grades. I think we used a 1.6 in the MRE that was February of 2022. And that's calculated by using a mining, milling, everything costs, and I think it was about $105 per ton. Now, obviously, with inflation, that's gone up, but you have to take into account that gold price. What is it? And if you're using, let's say a rock bottom of 3300 or whatever, I think the cutoff grades are coming down. They're not at 1.6. It's somewhere between 1 and let's say 1.25.

9:36 So when you're looking at zones, you can't discount and say that's a lower zone. What you have to do is do the full, we'll call it leapfrog modeling, and you need to look at the high grade samples, the low grade samples, you know, whether it's 5 to 21 grams or it's 1 to 2.5, and determine just where you're going within it. So, hole 246 had actually 2 high grade zones, 26.5 meters. And they had, I think within it 6.4 grams or 4 meters, 6.4 or 5. So as you're modeling, you're modeling the chute. Do you have pieces of chute within the overall picture of that? That's what you have to determine in your modeling with that. But in taking a look at it, like say, like I said, cutoff grades, like I said, we use in our modeling, if you look in our old PEA 1.6 grams, that seemed pretty good cutoff grade at the time, but we use 1650 gold internally and 1700 in the full economic model. Today, that's different. You're using probably 3300 to 4000. My guess is they'll probably use about 3300 as the actual calculated value of gold on that. So it'll probably put it between 1 and 1.25 grams.

10:51 So what I can say is the high grade intercepts meet a tremendous amount. Low grade definitely is or material. It's actually gonna get modeled in with the higher grade or the medium grade. That's where when somebody's hitting, you know, everybody gets euphoric when you're hitting 12, 15, 20 gram. That is really good. You have to have that high grade. But to have the whole system, That probably isn't the case. Mother nature doesn't put things that way. So when you model it, let's say leapfrog, you're looking at stope access designs. You're editing for any of the widths and say, if it's really narrow, let's say 3 meters, you're going to probably have cut and fill mining, your cost or cutoffs going to go up. If you're doing blastalope and stoping and you're taking stopes 10 meters wide, you know, your cutoff's going to go way down. An example would be as the West mine or the Bell Creek mines in the neighborhood of Pan American Silver.

11:45 If you look at their data, they're running between 1.7 and 2 grams in their feed. They're making money on that. But their blastal open stopes are roughly about 10 meters wide and 30 meters long and 30 meters in depth. They've got a good plan there for that. So, what I can say is we don't discount any of the lower grade. We think it's all very important, you know, on the step outs, whether it's high grade, low grade and what we're doing with this. So like I said, just just be careful on cutoffs and where you're looking at because the cutoff may be 1 1.25, but within a leapfrog model, it'll go out and grab those lower grades and then it'll blend those in with the higher grade. And it makes ounces of gold, which means you're gonna have a big deposit there.

12:33 Now, these holes are also designed to sharpen your plunge interpretation, right? So for people in plain English, what is the plunge? And why does getting it right change where you drill next?

12:44 Well, That's a really good question. This is a Rubik's Cube for the geology group, when they actually determine what's the dip, the plunge, that sort of thing. On number 9, we roughly have a east-west strike. It dips 55 to 65 degrees to the north. Now, gold grade and thicknesses, structure, features will be different depending on the plunge, but say, you know, it's actually a three-dimensional look. You're looking east to west and then you're looking at a 55 to 65 degree to the north, but then within the chute itself, it's actually going to be maybe 10 or 15 degrees off of that within the actual dip. So the plunge may be about 10-15 degrees off to the west or to the northwest.

13:31 And that's what we're seeing. And so like I said, every hole that they design, they say, okay, we hit up here, let's move it over because we think we're going to hit probably 20 or 30 meters down, down dip, but over to the West, another 20, 30 meters. And so far that's been pretty effective in estimating plunge interpretation. You know, there's again, there's the strike, there's the dip, and then there's the angle of the plunge of the ore chute itself. So, you know, when we're factoring this in, so far they've been pretty good at doing that but one thing we have to watch for here is as you're drilling you may have 1 shoot in there but you may have an echelon shoot a parallel one that's sitting to it within the main dip of the structure. Dip of the structure.

14:16 So once you're drilling, you say, gosh, I had high grade here at Algarve here. That's the plunge. Yes. Then all of a sudden they drill another hole and you hit it over here. It doesn't mean the plunge moved, you may have 2 parallel systems and echelon sitting next to each other. And that's actually what we're seeing right now. So it's all really good news when you're trying to model, but when you're doing a Rubik's Cube like this, you're dealing with depths of 700 meters, 800, 1000 meters in depth here. So my hat's off to these geos that can actually do this. And I'm sure they stay up wait, wait, wait, waitless nights, trying to figure out how to call her the next hole, and how to get it to come in where you want to. So, when you're factoring in the West Deep trend, We believe we have roughly maybe 4 different chutes within that system there. So it's not just 1 chute, there's 4 different chutes or 4 different plunges within it.

15:13 Now back in May, you flagged about 200 meters of untested plunge between the bulk sample stokes and the deep core. Is closing that gap part of what's at the lab or is it on the rig right now? You know, I would say probably a lot of our data, let's say out of 38, 39 holes that we've got right now, we're missing about 17, 18 core holes. Like I said, we have done photon assing and we generally know they have gold in them and what generally the grade will be. So we're not, not actually operating blind. But the interesting part is that we did flag that and we're saying, OK, there's 200 meters. Well, we've tested that 200 meters now. We've now gone almost 400 meters down below. And what that's saying is the system is very strong. It's still going.

16:03 Now, in 2026, we had the, as you know, 18,000 meter program, we might end up about 19,000 meters, we finish off this next month or so, we'll still be waiting probably I'm guessing another 60 days, 90 days for those assays. The labs, you know, this is big time of year for them. They're all backed up, which you kind of just kind of buy your time because you know, you photon assayed, you know, the areas that looked very interesting and you know what it is. But one of the main things is closing gap is infill drilling. And in 2027, we're going to have a multi development program. We haven't laid it out for everyone, but it most likely will be the main shears. Of course, Valspar shears 1 through 8 will have 1 rig on that. The second rig will be doing some infill drilling on number 9 and the West Deep, and then we'll move to what I call wildcat drilling. It's actually to extend this system. Like I said, We've got several hundred meters on strike, but we also have 2.5 kilometers that don't have 1 drill hole in it all the way up to our boundary with the West mine. And we've got to get holes into that. So we're going to actually have a 2 drill program on the surface in 2027.

17:17 So look for that program to be announced, not right now, but fairly soon that'll say, hey, we're going to drill 36 to 40,000 meters on this to infill drill for the PEA and the feasibility. And on top of that, take a look for once we get underground in the ramp, we'll bring down a couple of underground diamond drills, it'll be the same group MPLH, they've got underground drills, and they'll start drilling the system. Now right now we can say we're on 15, 20, 25, 30 when we're moving around trying to find the orchard. But once we put it underground, we get a drill on, we'll say 8 to 12 meter centers. From our track record at Black Fox years ago, we found once we took it underground, all of a sudden you're drilling, drilling that 1, 2 gram gets changed. It's maybe 4 or 5 gram. The area over here, that's 8 grams, maybe 12, but you'll get a more consistent view of what the drilling is and what it defines for your ore shoots and actually where you mine.

18:19 So, look for that for a much bigger program in 2027 that will follow up on what we've done in 2026 so far. And again, we're at about, we're almost 18,000 meters. We'll probably end at 19, even though we told everybody's 18, and then look for the next program at 36,000 to 40,000 next year. You commented that the assay labs are backlogged this time of year. I wanna know what's sitting in that backlog that you're most anxious to see?

18:48 I'll tell you what, we've got a lot of holes right in the guts of it, and those holes are surrounding and above and below 237 and 241. So if you pull the press releases May 27, July 30th, you will just go up above it 20, 30 meters off to the side and down below it, you'll see quite a few holes that we won't see the holes in there. But but just in your mind say, they've got a tremendous amount of holes to actually backstop these holes. And some of them we have photon assayed, so we know what their generally grade should be, and they look very good. So, you know, the system's very strong in there, and, you know, I hate to have backlogs, and I hate to tell everybody we're backlogged, but that's the way things go, you know, during high times for the drill crews.

19:40 Shifting gears here let's talk about the PEA. The maiden PEA dates back to January 2022. Why update it now instead of waiting for the bulk sample to wrap? Okay, there's several things as we are within, okay, let's say in the ramping system right now, we're just about to the point where we can end up with 6, 6.5 meters per day. And that'll be about 6, 7 months from now, we'll have the ramp down, but it'll tell us a lot as the ramp goes down right now. And that will be ground conditions, it'll be cost of actually developing. It's a 15 by 15 ramp. Obviously, it's a big one. We'll have all that cost data to put in there. And then right at the end of the ramp, there will be starting the top cuts into the ore.

20:26 So we'll be able to characterize what the ore is, what the competency of the ore is for setting stopes up and that sort of thing. So, you know, I can understand why don't you wait till it's all done. But what you need to expect is we need to put out to the market probably by, let's say, July, June, July at the latest. A PEA study that says, Hey, this is how many ounces of gold and inferred and indicated that we have now. So we were coming from 1.56 million ounces to what, you know, I'd be really surprised if it wasn't, you know, a major increase on that end of it. We'd like to do that. I'd like to have all the stoke development costs in there. We'll get a pretty good idea on it from ground conditions on what it is. And we are projecting with known mines around us. So we're getting data on that that goes into it. But What are we doing next? That's the biggest key for the investors. We're doing a bankable feasibility study.

21:20 That's where the final data within these stokes will go into the final bankable feasibility study. But I hope by the time we get the bankable feasibility, we have moved on to other stoke areas like the South Zone, going over to the West Zone, as that we continue the development. So as the bankable feasibility study is built, you're going to have probably a 50 or 60% as built plan to present to the market. So, you know, you see a lot of final bankable feasibilities and it's done all through the drill rods from the surface. Then they go underground and they went, oops, it wasn't exactly what we thought. Okay, in our case, hopefully we'll have 50, 60% of that risk taken out of it. That's one of the real reasons we're going underground is to eliminate the risk at the real cost, get the real dilution for the ores.

22:09 That's important. My dad is we've got a hanging wall side as you come through and drill it. It's cut like a knife. We shouldn't have much dilution on there, but we have to go prove that. But then in the footwall side, that's where the gradation comes in. You've got a big zone, so you shouldn't get much dilution. It's whatever you decide the stope width is going to be. You're going to be out into the footwall side, and the footwall side again runs anywhere, We'll say from 10 meters to 40 meters in width. So what does that do is stacks your stopes. And that's where, you know, what we've got to do is really plan correctly on how we, which we take, how do we backfill the stopes with sand, aggregate and cement, so we can come in alongside of it and mine those true wits on there. So anyway, a lot of data goes into bankable feasibility studies as well as PEA, but we're going to split the difference between what we're doing now, where we get by the time the PEA is turned out. So you'll get the best of all worlds. You'll get an early resource base. You'll get an updated PEA number that says, Hey, we have X ounces now, which is 50%, 75% or 100 percent more ounces that we have on the books as of February 2022, followed by the mankable feasibility, which will really edit it down to what does this mine look like?

23:29 Now That really mentions a selected mining method feeding into the updated study. What did you land on and why? Okay, the first one was we don't reinvent the wheel. We look at ground conditions, we look at geotechnical, you know, on the cores. We have consultants look at it, but then we go next door to our next door neighbors. And that's the West Mine and the Bell Creek Mine. That's about 35 kilometers away, but the West Mine is only 3 and A04 kilometers. Underground, they're using blast to open stoping. So we're using that as a template. And that's how we landed on the mining method we're using now. Now the blastalope and stopes are roughly 10 meters wide. Even if the system is 30 or 40 meters, we're only taking 10 from the hanging wall side.

24:18 Okay, so we'll take that out and we'll go 30 meters in length and then 30 meters in depth on it. So that each stope will be, let's say 21, 22,000 tons that will be dropped. Once those are done, the ore is shipped, then we'll backfill with sand aggregate and cement on that. Now, from that, all the data that will obviously feed into the bankable feasibility, I said, but the interesting part, it gives you time to do your rock mechanics for stope widths length. Can we take a wider one? Should we go a little bit narrower? And if we have narrow areas, and let's say they're only 2, 3 meters wide, maybe cut and fill is better, maybe backstopping is better. We will define that, you know, as we mine and we get data.

25:03 But anyway, overall, it gives us a real general, you know, I call it a learning experience in real time. So what we're delivering is reduced risk to the market to where when they look at our data, they look at our PEA, they're going to say, hey, they drove that ramp, they know what muck base costs, diamond drill stations cost, what it costs to support the ground, what is the access, you know, take to go into the ore zones, what's the support into the ore zones, And what's the overall cost of mining that ton of ore, whether it's blast open stope, or just drift and fill that sort of thing. But anyway, there'll be a lot of de risking that goes on here. So we'll be doing a lot of learning. So we haven't really landed on any one mining method. But we are taking our best shot on this first one. So we landed on it and said, we're going to do, we're not going to reinvent the wheel, we're going to look at the neighbors. We're going to actually copy what they're mining and then we'll expand from there.

25:59 So yeah, with optionality, you, you've already have a toll milling MOU with Pan American for the bulk sample material. Could toll milling show up in the updated PEA as a real path to production? Yes, the MOU, we definitely have one with them and we'll finalize for the market all the details. And very shortly, you'll see the final agreement out there that kind of gives you more details on what is the cost per ton milled, how they calculate the recoveries, how we get paid, that sort of thing. But the short answer here is yes, this is definitely a pathway. There's many reasons that you go this direction. If there is milling capacity in town, OK, the first thing you look at is permitting. How long would it take you to permit a mill? Well, The mill itself is more like a construction permit. It's the tailings pond, the liners, it's the data, everything that you need for that mill to function.

26:56 That takes a little bit longer with the permitting end of it. So that gives you a leg up if you're using somebody else's custom mill, like Bell Creek. Okay, and then the delayed capital, that's very important. Let's say if we're going to build a 2500 to 3500 ton a day mill, we're dealing with 125 to 150 million in capital that you're going to spend. Now, if I can defer that capital, let's say for 3 or 5 years, and I can actually develop by shipping custom orders that are decent grade through that mill and I'm building a war chest. I would have that cash in the bank where I don't have to go to the normal bankers and say, hey, I need to borrow $150 million to build a mill. There's always capital for that if you have the right project and the right team to do that. But if you can delay it and do it yourself, which right now, what I see is great opportunities where you've got Bell Creek in town, you've got discovery with excess milk capacity.

27:54 So until that capacity runs out, we're targeting having our horse custom milk. Now that doesn't mean someday I wouldn't like my own mill. Obviously you can control a bit more of your throughput, your recoveries, how you make money and that sort of thing. But to start out, this is a great way to do it in this environment. And I say this environment being $3,500, $4,200 gold, that's a good environment to do it where if you were dealing with something much lower and you had to go higher volume, you're probably going to need to build your own mill. But we're in a different environment than I was years ago. And we just did that at Black Fox in 2007 and 8. We actually had took an old mill, rebuilt the whole thing, new tailings ponds, everything. So we have a pretty good idea at what point you need to put your own mill in. But back then there wasn't a custom opportunity for us. We're here today, we're going to take advantage of that opportunity for the shareholders to say, let's hold back 125 to 150 million in capital expenditures.

28:58 And that permitting timeframe, that doesn't mean we aren't going to start permitting a mill. We can do that anytime. We can start doing that and then put it off for 345 years. Right. So anyway, I like the concept of using Pan American Silver's Bell Creek mill right now. And that most likely will be in the PEA that's upcoming here. Last question on the PEA. When the updated PEA finally lands on your desk, what's the first page you have flipped to? You know, the first thing I look at, whether it's mine or anything, anybody else's PEA that you always, every morning you look at it and say somebody, you know, posted a NPV of X, whatever that X is. First thing I look at is what's the NPV? What is the discount rate? Okay, if the NPV looks pretty good, you know, it's 25, 30% or higher, and it's a 5% discount. What's the gold price they used? Okay. If they, you're using still 1800, 2200, you got great numbers, you go great. They're using really high numbers. You know, we'll say $4,000 goal. We'll say, okay, let's look back and see why they would do that. Well, it may be because the grade isn't high enough and they need it to look a bit better with a higher gold price. Now, the second thing I look at is gold production.

30:14 Okay, how many ounces of gold are they producing? And then thirdly on the gold is what's the cash cost per ounce of that gold? You know, is there a high margin on this? Obviously if the NPV is high, I'm going to quickly say, okay, what's the margin? Okay. It costs them 12 or $1,500 an ounce. You know, the margin is 1500 or 2000. That is really good. And the word I use is cash is king. It's very important. So if you have a very high NPV, you have a lower cash cost. You have a great project and the big key good operating team. And you look at cash and you go, wow, you know, that's a good project. So that's what I look. First thing I hit on is MPV. What does it look like at 5% discount? Then I start looking, like I said, at gold production, how many years of operation, what's the gold production, 80,000,100,150,000 per year. What is it? That sort of thing.

31:09 Great. There's one question in the chat, and then I think we can wrap up here today, David, but Ed is wondering, what is the drill cost per meter? Okay. The, if you're looking way out in the camps, I'm going to tell you it's in the ozone layer because they can charge whatever they want, but NPLH is our driller from Timmins. They actually bid us it's between 120,130 per meter direct. And that's pretty much the same as it was in 2022 and that's because we're in town we're from their office we're only 15 kilometers away so you get the best drillers you get the best everything for support, that sort of thing. But if you look at the geology costs, the transportation costs, the assaying cost, everything, a good number is $200 per meter for us.

31:59 Great, David, any closing remarks before we wrap up here? And there was an individual with some sound issues during the call. Just note that this is being recorded and the replay will be up in the next couple of hours or so here, so give that a try if you had a hard time hearing us. But everyone else on the call seemed to have heard us just fine. So David, with that, thank you for taking the time out of your day. Any closing remarks? Yeah, my closing remarks are is, you know, I really like this. It's different, the geological perspective of it. You know, you look at the geology, you look, we have a monster system. They call the biggest hole we hit 40 meters wide, the BAM hole and it stands for big ass mine that described everything on the structure and we should have, you know, 3 different structures will develop the West Deep, the number 9, the South Zone within the sediment package. Then we have 1 through 8.

32:52 We have a very large making of a very large mine here with a lot of gold. And we've just got to, you know, how do you eat an elephant one bite at a time? But I can go on about that. What I want is to thank the shareholders or the potential shareholders, people from listening in, take a hard look at us. We're developing the underground ramp. We're going full speed there. 7 to 8 months from now, you will see ore coming out, delivering to the Bell Creek Mill. Over the 9 to 12-month ramp, we should have the big blast holes open stopes knocked down. So it's all coming up to not a producing mine but a bulk sample that's going to actually set the stage for the bankable feasibility and move this project forward in 10 months. Great. David, thank you so much. Thank you, Kyle. And thanks, 6, for having us. No problem. Until next time. Bye, everyone.

33:44 Bye.