GFG and Barrick Sign Strategic Earn-In to Accelerate Exploration

0:08 Okay, as folks start filtering into the room, I will say good morning, good afternoon, or good evening, depending on where in the world you're logging in from today. I know we've got an international audience, So thanks as always for your time. Really appreciate you tuning in. I've got with me today, Brian Skanderbeg, CEO of GFG Resources, to discuss a recent exciting development for the company regarding their pen project. Brian, how are you today? Great, Romeo. Thanks. Very much looking forward to the presentation today. And yeah, it's a great day for GFG. Yeah awesome so here's how today's gonna work just for the folks in the room. I'm gonna turn it over to Brian first to run through a presentation but this is an interactive event. I've got some questions for him based on yesterday's news. I'm sure some of you do as well. So there's a chat button at the bottom of your screen. Please feel free to ask questions at any point during today's event. Very eager to hear from you and get back to you regarding your questions.

0:56 If for whatever reason I don't get to

0:58 your question today, I'll still send it to the GFG team. So they'll still be able to get back to you with either the email or phone number that you provided when you registered for this event. The other thing that I'll direct your attention to for viewers, there's a request meeting button at the bottom of your screen. If you'd like to have a chat with the GFG team, please do press that button. I'll make sure I pass on that meeting request to their team once this event is over. Last thing I'll say before we get into the good stuff, this event is being recorded and will be available for replay probably in only a couple hours today. So it will be up today. It'll pop in on the same link, but also on Six's YouTube channel. That's enough out of me. Brian, I'm going to pass it to you to get into the exciting news. Awesome. Thanks very much, Romeo, and welcome everybody today. I'm going to endeavor to introduce our announcements that we put out yesterday, which is a partnership with Barrick.

1:46 I'd love to also walk you through a bit of the GFG story of what we're doing elsewhere on our projects in the Timmins Belt. And it has been a while since we gave you an update on 6. So what I'm going to do is run through the investor deck. There's definitely going to be a focus on Penn here and the deal and the rationale and the strategy and really the benefits of GFT and why now and how and everything about the deal. But I really think also lending on Goldarm is really critical for us and that's where we're going to spend some time too. So we start with this. This is an intro slide for GFT for I never assumed the audience has always heard of us before. So when you think about it, you know, GFT went to Timmins in 2018. And we really started establishing a large scale land position. And We've built these over the last 8-years and partnered it starting just yesterday.

2:39 We own 3 district-scale land positions, 850 square kilometres, second only to Discovery Silver in this belt. We think of Timmins, I'm going to talk to you a lot about Timmins, talk to you about why we went here. It's a world-class belt. And as we get through to some of the more detailed project maps and rationale, you're going to see this. When we think about our strategy at GFG, we've been very lucky to have a very supportive partner in Alamos as we've advanced through and they're a large equity holder of us and we have a great technical relationship with them. And we've also brought Barrick in as a partner on one of our projects now. So I think this is a great stamp of credibility for the GFG team, that we can work with mid-tiers and majors, certainly lends to our strategy in this belt.

3:26 We've been here since 2018 and we have an exceptionally large land position. So I think this is a strength of GFG that we can work with these groups. When we think about how we move forward, and I'm going to talk to you about Pan, I'm going to talk to you about Goldarm, but the real niche of GFG is we need to be looking differently. We need to be looking undercover. We need to be understanding the belt history and where we're going to find the next deposit. And this is the aggressive and disruptive strategy. And ultimately, this is what resonates with groups like Alamilz and groups like Barrick in the sense that they also want to find something new in this belt. So this is a summary of GFG and who and how we are and why to look forward to us. Before we go into the technical side of GFG, I always like to touch base on the cash side.

4:14 We're doing okay for cash. We would have around $4 million in the last Q. That's funding us for this year, gives us our GNA for next year as well. We're well positioned from the balance sheet side. When we think of our share base, good, strong institutional base, around 30% of us. This would be likes of Wexford and Gold 2000 and US Global. Really strong groups in Europe, lots of holders there. Alamos has always been a very supportive partner of TFT over the last 6 years and continues to be that, owning 11% of the company. This high net worth basket is largely a group of 3 or 4 US investors that have supported us over the years and quite chunky. So overall, that's been the share base. Technically, I can say out of our peer group with the top performing share performance this year, we've had a great year and we're up around 23, 24, 25 cents.

5:13 And that's implying about a 60 to 70 million market cap. This is on the back of good news from Goldarm. It's on the back of good marketing and obviously a supportive Gold price. These are all the pieces that I think are stacking up quite well in GFG's favor. When I think about exploration, we think long-term. To succeed in this game, I think you need to think about how do you position a company to succeed in a belt like Timmins? We've been here for 8-years. We've consolidated over 850 square kilometres of belt And we did it methodically. We did it smartly. We did it through deals and staking, some with prospectors, some with corporates. But in the end, we have consolidated an exceptionally large production land position in one of the most productive belts in the world.

6:02 And we're going about trying to find things new and different under cover. Discoveries are quite rare. And the graph at the top rate really demonstrates how Gold discoveries have dropped off over time. Easy ones have been found. I think that's why Penn is so attractive. Penn still preserves areas undercover that have not been explored thoroughly that have great prospectivity. It is one of the properties, I think, Penn and even Goldarm, that offer great optionality for the next relevant discovery in Timmins. I think GFT's position very well, both make a discovery on their own or have a partner make a discovery on partnered and option ground. So let's get into the details of what GFT owns. Here's our map, our sandbox as I refer to it. This is where we play. This is where we explore and spend our money.

6:53 There are 7 mills in this map. There's about 70,000 tonnes a day of processing capacity. This is a great place from an infrastructure perspective. Lots of big players, lots of production historically, about 150Moz of Gold in this map, either historically produced or current reserves and resources. And when you think what GFT controls, we're focused out east at Goldarm, we controlled Penn and Dory out west of Timmins. These are all truckable to any of the pieces of infrastructure here. So when we think about it, GFT has an exceptional controlling land position in a belt like Timmins. There's a lot of great things that have happened in this belt over the years. Discovery of Kote, I would flag, found back in the 2000s. Timmins West and Borden, also found in the 2000s.

7:45 This is critical to the logic of thinking as we go west of Timmins. And when you go west of Timmins and west of the main structures that define the Greenstone Belt, maturity is much lower, much more cover, much less work done, much more opportunity exists. So what GFT has done with this deal is we've brought a new player into this humans camp. Barak has presence in Canada, obviously on the exploration front, Lessel on the production side, and They have a mandate where they've talked about more interest in Canada. They've been a great to work with and I'm happy to announce a partnership on taking the Penn project forward. I think it's a stamp of credibility on the camp. I think it's an interesting area where water producers and players in the Gold industry have wanted presence here. And if you want presence in Timmins, you can't just step in and find it very easily.

8:42 The large positions, the controlling, the really prospective land is all taken. And this is why GFTE was really critical and smart to do this 7 or 8 years ago and put together Penn and Dory and in time Gold Arm. What I'm going to do is talk to you about some of the geology at Penn. I'm going to talk to you about the deal and then subsequently follow this up with an update on where we sit at Gold Arm. To locate yourself, this is the main Timmins camp. If you drove on a highway going west of Timmins, you would pass the Timmins West Mine of Pan American. If you stayed on that highway, you get onto GFT's ground and you drive on it for almost 45 minutes. The Penn property is an exceptionally large 475 square kilometer land position.

9:27 It's about 55 kilometers in strike length And it sits on a highway directly west of Timmins, flanking land positions of Discovery Silver to the west of us and the main Timmins camp to the east of us. So let's talk a bit about the deal. A transformational partnership. I think for GFG, this is one of the biggest things we've done. And when we looked at the strategy at PIN, it was really wanting to find the right partner. It was really trying to find somebody that was aligned with us in strategy, somebody that was willing to commit to it over time. And when we look at the structure of the deal, we've worked on this deal for the better part of a year.

10:15 And what we wanted to see were a few key things and I think we achieved that with the deal we announced. Yes, there's a major validation piece that comes with the stamp of a major coming into partner your property and that is a great credibility stamp for GFG and for the area and property in general. What does the deal look like? The deal is essentially a three-stage deal. Initially, there's a stage 1 that is dollars in the ground $18 million has to be spent over a six-year timeframe. And That would be to earn 60% of the property. There's a caveat here. There needs to be a discovery that's made. There needs to be a resource outlined of at least 1 million and a half ounces for the vesting of stage 1.

11:04 So what we wanted to see was dollars in the ground and a criteria that motivated our partner Barrick to be really aggressive with the property. And this ounce threshold is a minimum resource target that's needed to vest stage 1 of the property. We also were very cognizant of wanting a firm commitment. Now, companies often exercise or enter into an option agreement and somebody may leave after a year. And that's quite detrimental to the property. It's often detrimental to the company. What we established here is a three-year minimum commitment, $4 million in the ground, 5,000 meters of drilling. This is the absolute minimum that can be done on the property as part of the option agreement. And it is part of that stage 1.

11:51 So when we think about it, Barrick takes operatorship. We will obviously support them as we move forward. They're already active on the ground. And this first phase is about really greenfield discovery and all the groundwork that we'll do. And I'm gonna talk to you in a subsequent slide about what some of those programs might look like. Should they vest stage 1? There is an option available that they can fund a PEA and earn an extra 10%, which would be obviously an economic analysis on a barracks sized system. And further to that, they can carry it all the way through feasibility. And this is a really big clause for a junior. There's lots of money that's spent. There's lots of time that's spent in developing feasibility studies and economic analysis. And often a junior will wither on the vein and die over time. So it was really important for GFG to carry it to an area and a definition of the economic, more economic certainty. And that's what this deal allows.

12:53 So vesting of the joint venture starts at 60. It's a six-year time frame. Time frame after that is really a milestone, not time to earn $70M and then on to $80M. I think this is a great deal for GFT. I also think it's a great deal for Barrick. And why does it matter to GFT? We've looked at partnership models. We have huge land positions And for us to generate the most momentum and value return for shareholders, we need to focus our capital on our best targets. But we have a huge amount of land. So this allows us to partner and allow some more money in the ground to somebody else, more risk capital and we still have exposure to it. We will be very aggressive with Goldarm. I'm going to talk to you about what we're doing there. In the end, this creates 2 value drivers for GFT.

13:41 There's a Barrick funded option at Penn. We have leveraged to that anywhere from 20% to 40%, depending how they vested and continued through a joint venture. And we have a focus over on Gold Arm. There's a cash component tied to the deal. It's about $1.2M in cash over the earn-in period. So this assists us in carrying and funding our GNA as we move forward. To summarize, this is a transformational partnership for GFG, and I think it's a great next chapter for the Penn property. And we're really excited to work with Barrick as we advance this. Now, I'm going to talk to you a bit about the geology and our impression of where this property needs to go and what some of the initial steps that Barrett may be.

14:30 So on this map, we show a highway. This is the main highway going east of Timmins, west of Timmins. Exceptionally good infrastructure. This purple line on here, that's the railroad. Lots of logging roads in here. So infrastructure and access, very strong. Geologically, green rocks on here, volcanic rocks, these are all the same rocks that sit in Timmins. Black lines on here, these are all the faults. Major deformation zones, the continuity of the Porcupine Duster fault zone coming across the entirety of this property for about 55 kilometres. Great looking geology. You zoom in on the centre part of this, and I know we're not all geologists, the grey rocks are sediments. And Inside that grey rock is certain conglomeratic and both temiscaming and porcupine sediments. These are the right rocks that host the major Timmins Gold systems.

15:28 So we're quite excited with the prospectivity. When GFG put this land position together back in 2018, we really felt this was a belt scale opportunity for the Western extension of the main Timmins camp. And today that still holds. And there are lots of areas to go work on and look at. The yellow stars on here are gold showings. It's not an extensive or all-encompassing dataset. There's lots of gold to be found here. Most importantly, there's lots of cover. Most of the Penn property is under 10 to 30 meters of till. And this is important because it preserves the opportunity. Prospecting and the old-timers were not dumb guys. They were exceptionally smart and they have found most things are all things sticking out of the ground.

16:14 In order to make new discoveries you need to look differently and smarter. And this is what both us and Barrett will do as we move forward. This is another data layer. And I show this map because I wanna outline to the audience what we see as relevant gold systems. This is 1200 till samples. We probably spent a couple of million bucks collecting this dataset. This allows you to filter the whole property and the red triangles on here are high concentrations of Gold in Till. Some of those areas have been tested by GFG. A number of them are still open. Some of those require much more work in terms of what the next step of exploration is. We see a lot of good signs on this property. We've loved the geology since we set it up. The last drilling that GFG did was in spring of 2025 out here on the Muskego target, which is the West end of the belt.

17:13 Really interesting area, completely undercover, no record of historic work. We went out there, we found the right rocks, we found some Gold. We didn't find high-grade Gold. There's a ton more to do out of Muskego. Slate rock, really interesting till anomaly, conglomerates in the Porcupine sediment basin, the right style of alteration, huge Gold system kilometer scale in terms of the footprint of the alteration. Slate Rock's a really interesting target. The Porcupine Desert fault zone comes across here where my cursor is going, and also very interesting targets as you move to the east end of this land position. As a first step, and we're still yet to finalize and see a full proposal from Barrick about it, we understand some of the initial steps will be airborne gravity.

18:01 This is a type of survey that gives you really deep looking structural information. It's a way to prioritize the fertile corridors. And it's a good regional data set that GFT hadn't collected historically. Super good. We've done a lot of till work. They will do more. If you want to find something new in these belts, you need to be efficient at using the till to find new Gold systems. And I have little doubt that Barrick will do more till sampling. And I would flag areas in the center here where there's big red triangles and there's not a good density of sampling. It's not a simple path, but they will put more work into here. And the good thing is we have a 6-year option deal. They have a commitment of time to go execute some work and There's a spectrum of targets right from drill ready all the way to generating new conceptual targets. This is a bit about the geology.

18:53 This is a bit about what GFG would have done historically. It's also areas where we think the focus will be for Barrick going forward. Fantastic property, great infrastructure And I'm really excited to bring a new partner in to the Penn property. I want to also talk to the audience about what else is in the GFT portfolio. And it's important to consider how we advance the properties. And it was partly, it's part of the strategic dilemma we had was how do we balance our multiple properties? Goldarm, really fascinating. Lots going on here. And so was Penn. So I'm going to talk to you about now what we're doing at Goldarm. This is now east of Timmins. This is 20, 30, 40km east of Timmins, the highway going out here. So again, great infrastructure.

19:45 Property is about 30km in Strike Lane. A couple of key areas I'll talk about are Aljo and Nahanni. Most importantly and equally, the entire property is really immature as well. Lots of good opportunity to find Timmins-style systems here in a great infrastructure area. We border Onyx and Mayfair to the east. To the west of us, we are directly north of Agnico Eagles Ground and to the east of Clavos. This is a good land position. The deposits here and the opportunity is very exciting. I'm going to spend a little more detail on a couple of things. Aljo is at the east end of the property. It's the area we're focused drilling.

20:31 We have 3 or I think about 5 holes pending assay. Those will come out in the next couple of weeks. We have a plan to drill another 3,000 to 4,000m at Aljo yet this year. The deepest holes have returned really high-grade and interesting broad or bulk tonnage intercepts. Some of the shallower holes, you can see 23g over 7g. These are exceptional hits. The system really remains open along the strike and certainly at depth too. So Aljo is something we can grow to a resource here. And it is the focus of where we're doing drilling in H2 of this year.

21:07 But Aljo is just the most advanced of our targets. And it's important to think about what we're doing at Goldarm and even Dory as well. Nahanni is a target that we established in Q1 of this year. It's a 6km segment and the upper right map here, locate yourself, this is a small piece of Goldarm. 2 holes drilled in this 6km area historically. We went out here, we drilled 10 holes in Q1. We found 10 plus gram material in Greenfield targets under 30 to 40m of tilt. The Honey Central and the Honey East are both really interesting targets. I think their discoveries in the making, they have the right signs of the system. They have the right alteration, the right intrusions, the right scale, the right anomalism for Gold.

21:57 And we're seeing good high-grade here as well. When you think about this map, we're also seeing anomalism down in the Porcupine sediments. This is a concept that maybe is less well established in some of the areas around Timmins, but I know some of our peers are looking harder at the sediments. Things like detour sit almost exclusively in Saddleman Hosted. There's no reason you can't find systems like that here. Nahanni is a really interesting target. This is wet though, and by wet I mean swampy. We will likely not drill this till Q1 of next year. If we can get in here in Q4, we will. But it's likely a Q4-Q1 target. I love Nahanni. It offers scale. It's a new discovery. It's undercover and it's wide open and we will be drilling it with our next phase of drilling here shortly.

22:50 Now Honey is 1 target. Now GFG also did a whole bunch of work putting together almost 400 square kilometers of this belt. The brown area at the north of this map is newly staked back in Q1, Q2. The circles here are 82 sonic holes, regional targeting with a new dataset. This is complex till surface environment. You need a really, that data layer to anchor your targeting. We've also experimented a lot with biogeochemical sampling. Little squares here are all of our samples we've done. And out of these datasets is coming up an entire suite of new targets, north of Nahanni, north of Belgio, and associated with this next sedimentary basin up here. And this is why we expanded the land position we're staking.

23:40 And it's also why we're quite excited with what we're seeing on the greater Gold Arm property. This is a map that shows some of that bark data. And when you look at this, we just simply say, just like the tills, warmer colors mean more gold. And there's a number of areas that have really come to fruition for us here. 4 or 5 targets in particular are lighting up and we still have a lot more data to collect. But as TFT moves through this next few and this next 0.5, you're going to see us talk more about things like Hawker. Hawker is off on the west end of our property. It's a super high-threshold Gold and Till anomaly.

24:26 It has bark anomalism. It's got Gold in historic drill holes up to 5g. It has kilometer scale extent,

24:35 almost completely untested historically and on a major sedimentary break. Moving east to Hawker, we have 2 other targets, Scooter and Anton. These fit our structural model where we see Northeast oriented structures, we see basin contacts and we see highly anomalous Gold in a number of datasets. There is very high Arsenic Gold antimony thresholds in the till at Scooter here in the Central Park. It is not lost on us that it sits in the same Northeast corridor that Nahanni does. It sits on the contact of the sediments. No record of historic drilling at Scooter.

25:21 4 kilometers east, also basin contact again, reflection of anomalism

25:30 in the Barkchia chemistry. So When we think about these targets, what GFT is showing is Nahanni and Aljo in Montclair, and even our peers that are doing a great job of finding new deposits here, they're not one-offs. There is a lot more Gold to be found out East of Timmins and it's quite exciting for GFG. What are we doing right now? We have field crews out here, vastly expanding our biogeochemical dataset. We're building a much more extensive till dataset across the property and you can see vast portions of this that don't have a single sample on them. We will find more samples and we will take those targets like Hawker and Scooter and we will take them to drill ready. We're permitting some of these to drill later this year as well.

26:13 When we think about the portfolio at Goldarm, we're very excited to advance Aljo. We have not forgotten about Montclair. Nahanni is a discovery that we've already announced. We've got following up and we will drill a number of these other targets yet this year. Goldarm is an astounding property and it's the area where GFG is focusing our capital in the ground.

26:37 The third property we have is Dory. This sits between Cautay and Borden. This is elephant country. It's the bottom of our portfolio, but it's still super interesting. We have not drilled holes on here. We're focusing on Gold Arm. We hold Dory in entirety. This is optionality. We have peers working around us. Canadian Goldfields working to the Northeast. Evolution and IAM Gold working to the southeast of us. And obviously Discovery Silver talking more about what they're doing regionally at Borden as well. This is also a multi-hundred square kilometer land position completely controlled by GFG. So When we think about our plans, our plans this year and how it translates back to what we announced earlier yesterday.

27:23 Gold Arm is the core asset we're putting our dollars into. We will drill about 10,000m this year on Gold Arm. It is not just Aljo. We've made a discovery at Nahanni. We are advancing Aljo and we have a suite of targets behind Nahanni that look just like them in their signature. We will test those this year as well. The Sonic program has been great for isolating new Gold systems undercover that have been not identified historically or have had limited work. We pair Gold Arm now with Penn and in partnership with Barrick, where we see a minimum commitment over 3 years of $4M and 5,000m of drilling. I can tell you they are in the field today with our crew working to understand the geology, to make plans, to make the next step of permitting in place.

28:13 I have little doubt that the proposed plans will be very aggressive and they'll be defined with the goal of outlining a system greater than 1 million and a half ounces so they can vest their earn-in property within that first stage 1. It's great to work with a highly technical team and you don't become one of the largest companies in the world, Gold companies, without having a deep technical team. We now have the ability to leverage that set on TFT control plan. The third property is Dore. There are drill targets to go out there and drill. We are looking at a variety of alternatives for it. Right now, our focus remains on Gold Harvest. When I stand back now and think about why to invest and why to prioritize GFG, We've been in Timmins for a long time and that has allowed us the opportunity to create a unique portfolio.

29:08 That unique portfolio is still

29:11 being strategically aligned to best return value. When we think about Gold Arm, it pairs well now with an opportunity with Barrick, but it wouldn't have started without controlling these large land positions, without doing the consolidation first.

29:27 And the technical team you invest in is really the most critical piece of success as far as I'm concerned. This team is finding new Gold systems. It's partnering with the best companies in the world. And we are going to go out here and find new deposits in Timmins. We've got a balance sheet and a supportive group behind us that continues to allow us to be aggressive. And if you want to think about groups that maximize dollars in the ground, GFG's GNA is about 1 million and A0A year. What that translates to is about 75% to 80% of the dollars this company spends goes directly in the ground. I think that's a good ratio and a good recipe for success. I think we're one of the companies out here that has a great chance to transform and discover the next Timmins Gold mine. So with that, I'll stop the presentation And I'll turn it over to Romeo for any questions.

30:18 Awesome. Thanks so much, Brian. I'll start by saying there's a couple of people in the chat just congratulating you on the deal. I'll echo that as well. There are a couple of questions in the chat. I'll be sure to get to them in a few seconds. There's a couple that I wanted to go through first, just before we get into those. But rest assured, there will be time for all of them. So just give it a quick beat for folks in the chat. I'll say, Brian, arguably, at least since I've worked with you, this is probably the most significant corporate news for GFG. So I'd love if you could,

30:47 to the best of your ability, get into the details. How did the conversation with Barrick start? And how long has this deal been in the works behind the scenes? Because obviously these don't happen in a day. Years. When you put a large land position together, like we did at Penn, it's noticed. It's noticed by producers and people that understand Gold systems and where discoveries are likely to be made. We had an opportunity to partner Penn about 3-years ago

31:17 and we chose not to. We chose not to because we felt at the time we really needed to go out there and do another test, push forward on our side. Now, as GFG's portfolio has matured, it's allowed us the flexibility to look at various strategic options. What I can say is we have been engaged with Barrick for quite a few years. They have always been very supportive of our technical work. They have always been complimentary of the land position. They have always had strong expressions of interest in what we're doing and they followed us. The relationship has been built over several years. Obviously, it comes to a little more intensity as you work towards a deal. In the last 6 months, we've been very busy working to get this deal accomplished, not just getting through the technical stages, but doing through everything legally in terms of getting to a binding agreement and making sure all the boxes are ticked and the T's and I's are crossed and

32:13 dotted. So it's been in the works for a couple of years. I'm super happy to get it to this stage. Awesome. Yeah, there's not many bigger votes of confidence for a major than this. One thing I wanted to ask about Penn, so it covers 475 square kilometers and hosts the interpreted Western extension of the Porcupine Death Star. Like you said, the presentation is sitting between Borden and Timmons West. From the conversations you had across the table, what do you think, if you could summarize it, what was it about Penn that got a company of Barrick's size to really commit?

32:46 There's a couple of things I think that big companies look for. They look for big deposits. They need to find systems that are relevant to their size and scale of company. And to go out and find 1 million ounces is irrelevant. I don't see that in a meaningless way. I just see they need to find big systems. So when you look at Penn and you see it sandwiched between Borden, now people forget about Borden in the sense that it's an underground mine. There was a 3 or 4 million ounce open pit projected there. Borden is probably a 5 plus million ounce system. Ote is a 20 to 30 million ounce system.

33:30 You need to show systems in proximity that are of the scale they want. And Penn has that going for it. On top of that, you need to show them there's a reason it should still be preserved there and hasn't been found historically. And this goes to the logic of finding an area that has extensive cover. And the till cover is a problem, but it's also an opportunity. So when you look at Penn, like 95, 96, 98, there's very little outcrop.

34:00 And so that preserves the opportunity. And I think Barrick sees that. And then there's some of these areas that are just like super tough. And not only do they have till, they have like floating bog and swamp and everything. It's really hard to go and make a discovery there. And there's like 2 key areas. One of them is the East end of the Reeves Basin and the other one is the Muskego Target. Both those areas have extensive and complex quaternary cover that has prevented historic work. And even the work that we've done, the GFG, has left big voids in the data sets there. So I think there's a few things you need to see. You need to see big systems around you. You need to see the opportunity to make a discovery. You need to understand that it's gonna still be preserved that are reasonable depth there. And they need to see hallmarks of the system working. So when you look at the work that GFG had done, you can see systems in the till. You can see the right character of the intrusions.

34:54 Yes, there's Shawshanitic alkaline intrusions. There's cyanites kicking

34:58 up there. These are all the hallmarks of good Gold systems in Timmins. And those are the things that I think big companies want to see to invest in a property. And then they need scale. Go find a 500 square kilometre block in Timmins. There's 2.

35:15 One is Borden's block and 1 is GFG's Penn block. There's none. So it's hard to find the opportunities. So those are all the reasons I think it's attractive. Great. And I just answered somebody's question in the chat. So Raka, if you have any more, please let me know. 1 structural detail I really wanted to dig in on for the deal. You mentioned it briefly in the presentation, but I kind of want to get in the guts of it. Barrick doesn't earn at 60% just by writing checks. They have to deliver a 43-101 report establishing at least 1.5 million ounces within 6 years. Why was tying the earn-in to an actual resource and not just spend really important to GFG? This was a push, a clause that we really wanted to see and needed to see.

36:02 And what we believe in is that there's a great deposit and the prospectivity to be found in Penn is obvious to see. Now, oftentimes you'll have an option agreement that doesn't have an ounce threshold and you end up being stuck in a partnership that doesn't work for anybody. Now, what we want is the first price, go in 5Moz, Eric takes it through Feasibility, GFG owns 20% and we go ahead and we build this mine. Now that's 1 path. There's lots of other paths though that may unlock value and incremental value for DFG in different ways. So, if we go find, if they go find 1 million ounces,

36:42 they haven't met a threshold. It's not their size. Would we want to see a joint venture and have to now work within a joint venture structure of something that doesn't fit their criteria and they don't want to invest in?

36:55 That's often where deals get stuck. So having a reversion clause minimum threshold was something we wanted to see. And it's meant to align our drive. Yes, Barrick wants to find a big system. And you know what? GFG wants to prioritise exploration and we may in time have a smaller threshold. There are 7 mills here. You don't need 2Moz to make money off a Gold deposit these days if you've got a mill that's right there. You might have 500,000oz in an open pit that's good grade and it's very valuable to somebody that owns a mill. And we would have that revert back to us. So that's why we inserted the clause of this minimum threshold and we agreed. And obviously Barrick's aligned in the sense that they want to find a big Gold system and things smaller than that are things that they're going to float the radar on and probably not what types of projects they're going to invest in. Great, I appreciate it. 1 that I wanted to ask, and I don't mean to speak on behalf of investors, but I know some instinctively bristle at giving up majority ownership of a flagship scale asset. I'd love if you could, just for the folks in the room and watching on the replay, if you could make the case for why 40% of a Barrick funded pen is worth more than 100% of a pen that GFG advances alone.

38:11 Cost capital, you know, and focus and news flow. So when we think about what GFG wants to spend a year, yeah, we'd love to go spend $10M, $15M a year. And that would blow our Treasury and it would blow our share structure out quite a bit. It would be a difficult way of Greenfield exploration. So to me, looking at a portfolio, you need to find ways to unlock value in that portfolio. And yes, we have tested a number of targets on Penn over the years. We probably tested 10 targets and drilled a lot of holes. There's a lot of preserved potential there. If we wanted to go take Penn for GFG, we would have had to go spend another US$4M or US$5M a year, just like what Gold is going to do. And at this stage, we'd sooner spend that money and bang for a buck in Gold arm. And we think that's a better way to create blended value and blended return on investment for our investors in terms of pairing these 2.

39:12 40% of the Barrick size system, 20 to 40 depending on how far they take this, is worth multiples of our market cap. And if we can find somebody that wants to take that risk and there's an alignment strategy and that we can retain a carried interest on it, I think that's a really good deal for our shareholders and our equity holders, knowing that you've paired with a super credible, smart, driven, aggressive company that wants to go make a discovery and that can build value for GFT. And you know what? We're going to do that at the same time we go test all these projects and these targets at Goldarm. And I think that's a secret and a good recipe to create momentum in the market. Shareholders and the market often just need to continue to see momentum of value build and it's hard to do on a single project.

40:00 So getting Pan back into something that creates momentum for GFG, huge step forward. So I think the partnership model was something we've cultivated for a while. We weren't going to do it with just anybody. We had lots of opportunities to partner PIN over time and other parties that would have been interested. But we wanted a party that brought a credible aggressive stamp strategy to it. And Barrick was that. Awesome. And I want to zoom out for a second. Just talk about where we are in the cycle. Because From where I look at it, Barrick has been quietly rebuilding its Canadian exploration footprint. People have been saying for years, the majors are running out of ounces, but I think now we're starting to see them kind of rebuild that footprint, including Barrick has a similar earning with Midland in Quebec last fall, and drilling along the Southern Abitibi. So what is it to you, tell us about where we are in the cycle when majors are farming into Timmins Juniors again?

40:56 Every major is a little different. And we have strong relationships with probably the top 6 companies in the world. Every one of them will have a very different strategy and mindset towards Greenfield exploration. Agnico does not need to go out and do Greenfield exploration in Canada. They don't need to do partnerships. They have vast tracts of land and infrastructure here already. The unique thing about Barrick is that as they move through this unwinding of the global assets and a focus on North America, they actually don't have a bigger front-end pipeline. And I do think they have a strategic mandate to go look at things and build a portfolio and do this type of work and build a stronger presence here. So I think they're one of the companies that we've had dialogue with that was really driven and had a mandate to go do Greenfield exploration in the Abitibi.

41:50 And there is not many like that. You don't find Newmont approaching the same type of deals. I think they're just a different position in their corporate path. So Barrick has a great mandate and we've had a great relationship that we get to work with. And I look forward to taking it forward. Where we are in the cycle, the opportunity at Penn is to realize discovery at peak Gold price. Yeah, for sure. You wouldn't have had this opportunity if we wouldn't have put that together 8-years ago. And yes, now there's much more interest in these types of locks because the balance sheets of the Bint tiers and the majors are quite robust and they actually want to build their pipeline.

42:35 They have very strong free cash flow. They can do a dividend. They can buy their stock. They can fund $150M in exploration in a given year and they still have a bunch of money sitting around, but they're not allocating it. I think the timing of the cycle is such that properties like Penn are extremely valuable and they're great opportunities. I don't think we're at peak Gold at all. I think all the drivers that have moved Gold to where we are continue to hold very well. I think the price that you're seeing and achieving for it has a lot of value to be unlocked. And anybody can look at a free cash flow metric or some shorter term financial metrics. And they are astounding. And the Gold universe isn't expensive if you look at certain metrics from a cash flow and pre-cash flow point of view. I think there's lots of time to move yet. And I think companies, the mid-tiers and the majors do look more and more positively at things that GFG has put together and some of our peers in these regional land positions.

43:38 That's great. I appreciate the nuance of looking at how different majors look at it. Last one from me, Brian, and then I'll get into the questions from the chat. But basically, I wanted to zoom out because GFG now has a major advancing its largest land package and its own capital focused on Discovery Pipeline as we've talked about. If you could just paint a picture of what this company looks like 2 or 3 years from now, if both half of that equation delivers as you expect them to. You know it'd be a Hollywood problem. I mean, Eric made a discovery on Pan and we have a carried interest and they're drawing off a multi-million ounce resource. It's exploration. There's risk in that side, no doubt. But the prospectivity and the rocks and the opportunity are there. I'd love to see them in 2 or 3 years have a discovery, be putting multiple rigs on a target and be marching it towards a resource, which they would need to publish in 5 or 6 years. And it's not easy to go out there and make a greenfield discovery and translate it into a resource in that timeframe. And I think that is a reasonable timeframe to think about as you're trying to advance towards a resource.

44:43 The other side of the portfolio is look at how far we've advanced Gold Army in a couple of years. We've gone from a singular target Aljo and Montclair, and we've now shown things like Aljo, we will continue to drill that and they have meat on the bone and they can get to critical mass. But we've also shown discovery potential in Nahanni in a first pass. And lo and behold, now when we go to the regional sampling, we're like, oh, there's 3 or 4 other signatures like Nahanni out there. Oh, and we haven't even looked at half the property out there in terms of our filters, which are Sonic based till or conventional till sampling and biogeochemistry with a good structural model. I'd love to see Goldarm move through to a resource at Eljo. I'd love to see Nahanni be fleshed out and be more aggressively being drilled.

45:35 It's 6km in length yet, and we have literally a couple of holes in it. And then see some of these other targets have a first pass drilling. And yes, you know what? Many of them aren't going to work. But our goal out there is to find new Gold systems and that's what we're showing. Kilometre scale new Gold systems in the northern part of the Gold Arm property. So those will move through our pipeline. So in 3 or 4 years, I'd love to see GFTs market cap a double, triple, quadruple where we are. I'd love to see Barik having success out at Penn. I'd love to see us advance Gold. I mean, you know what? We'll find the right path for Dore too. We have not lost idea, strategy around Dore. It's just prioritizing one thing at a time here. So yeah, that's where I'd like to see us in a few years. Awesome, appreciate you looking into the future for me there. I'm going to jump into the question in the chat. I'll start with the most precise technical ones and then we'll get into the blue skies ones towards the end just as we wrap. There's 1 from Ashwani.

46:34 He asks, Brian, from the Sonic and regional work across Northern Goldarm, are you seeing a coherent structural or alteration trend developing, or do the anomalies appear more isolated? We start with structure, and structure is everything in Gold. When we set about drilling at Nahanni, we had our idea, we had a concept, and we went out there and we proved the Northeast structural orientation, the intersection of those with major structural corridors like the Pipestone, host Gold deposits, host Gold. And they host the right intrusions. And that's what we showed at Nahanni. So as we start looking at the other targets, there's always little intricacies in every one, But there's a few themes that come out and at this stage it's really early. We drill kilometer-spaced sonic holes.

47:25 You may look at and find a Gold signature in the till. You may look at and find a Gold signature in the bedrock. And it might be as simple as saying, that thing's 25ppb. Now, anybody's like 25ppb, that's like nothing. Background is 1, 2. So You're looking for this thing you've seen of fluid because you're only a kilometre scale yet. Some of the targets we're seeing out there are based on Golden Till, where we can see a good signature. Some of them based on Golden Bedrock. A number of them relate to a good structural model where, I don't think we're sharing any secrets, where the Northeast structural orientation and the intersection of that with some of our main structural breaks is a very powerful and reliable targeting model.

48:19 When we layer that with what we see in the sonic and the biogeochemistry, it allows us to give us 3 or 4 or 5 different layers to prioritize our targets. So I wouldn't say there's a simple, singular, coherent model. I think the data, you have to let the data speak for itself. And in some places, we're still really data light. We only have 1 layer out of or 2 layers out of 3 or 4 or 5 we'd like to have. So It's still a data collection phase for us on the Northern part of it. Whereas in the Honey, we have Sonic, we have Biogeochemistry, we have Golden Bedrock, we've got a good structural model. We need to drill. It's different for each target. A follow-up question from the same person. They asked, when do you expect the remaining BOT results to be available?

49:08 We have some of those back now. I think we've only recently seen some more of the morphology data. We'll talk to those in the coming weeks and months. We have a very good feel for what's come out of those in terms of either the grain data or the rock data now. I think what I'd like to do is over the next couple of weeks, You'll probably see a press release from GFG. We'll talk about the game plan for the remainder of the year. We'll talk about our program at Eljo and we'll talk about what we're seeing a little more in the TIL data. And yes, we're probably going to show some ellipses on a map. We're very cognizant that this is a competitive landscape and we're focused on doing the best for our shareholders.

49:55 I like what we're seeing up there in the northern part of the Gold Armor Block and we've got a lot more work to do. Question from Elmer Fudd in the chat. I always love when a cartoon celebrity finds time to join us. I want to know if VMS exploration is going to be looked into? This is Kid Monroe, Volcanic Stratigraphy. There are defined Copper and Copper Zinc strataform targets that exist within Goldarm. Some of those have historic drill holes on them, some of them don't. As we collect our till data, we certainly have a base metal filter that we look at. When I think about VMS exploration, we definitely always evaluate it and consider it of whether it reaches a drill target.

50:43 Absolutely, we would not be afraid to go drill a VMS target. We have airborne coverage on it. We have more data than anybody's ever had. We understand the model and the rocks are right. Yes, we're a Gold company primarily, but if we see value to be returned by go drilling a VMS target, we'll go do it. Great. I've got one more quick question on Gold Arm, then 1 on Penn, and then we'll zoom out for a second. So really quick, I was covering your presentation, but I think this is always useful information to reiterate. Tony says he's new to the story and can't tell from the map. He wants to know if the highway goes all the way through to Gold Arm. The highway does cover portions of Gold Arm. There's 2 highways out there. There's a sort of a wide junction in the map there that you'll see on it.

51:30 So the western part of the Gold Arm property has a highway that transects it. And the western part of Gold Arm is about 3.5 kilometers north of the Taylor Mine, which is owned by Agnico Eagle. As you go to the eastern part of the Gold Arm property, not highway access, but reasonable gravel road access. Lots of forestry going on. As you mapped out the road network on the eastern side of it, still reasonable access. There's a good north-south logging road directly up through the central part of the Gold Arm property. Generally access is okay on Gold Arm. Not all highway, but certainly highway on the Western part of it where we drove a Sonic rig literally like off the edge of the highway onto the approach and drilled some Sonic holes. It's not all like that, but we're pretty lucky to have a good logging road network on the vast majority of Gold Park.

52:25 And then 1 on Penn from EBL consultants. They'd like to know, three-part question, so We'll tackle them one at a time. But what are the all-in drilling costs? Our drilling costs that we've witnessed over the last couple of years on a diamond drill is around US$110 a meter for drilling. And That's a loaded cost for the contractor. As you layer in geologists and assays, you're probably ending in the $150M to $175M range. Very reasonable. And Penn has good access. If you're into areas where you have to make ice, you have to do ice roads, you have to apply swampy conditions, you can certainly add 20%, 30%, 40% to that from a supporting logistics point of view. If you're actually stuck where you have to use helicopters, you might as well triple it.

53:21 That's the range. But I'm always really bullish on the unit discovery cost in Timmins at these camps because you drill for about 0.333 to 0.2 of what you would in the Yukon or in many of these other camps. It's cheap to drill in Timmins. And if you can go out there and drill for $100 a meter, and I'm just rounding it to that because it's probably $110 or $120, but it's close to that. That's the side and I think that's a great opportunity for finding Gold in Timmins. The flip side of it is Sonics is much more expensive. Sonics is probably upwards of about $300 a meter. And the productivity of Sonic is much slower and a little more difficult. The rigs aren't ideal. I spent a fair bit of time trying to get the diamond jewel companies here to invest in technology that makes Sonic drilling more efficient.

54:09 To date, they have not done that. The unit cost of Sonic is significantly more than the unit cost of Diamond. We would have spent on our Sonic program upwards of $800,000-$900,000 with the Sonic rig contractors to collect that data set. I wish we could be more efficient, but that's the unit cost. I appreciate it. A follow-up question. Do we expect Barrick to be very aggressive with the rig? Can we think about 25,000m or more of diamond drilling in 2027? That's probably an aggressive target. I don't think you'll see 25,000m, but I do expect them to be aggressive. I do know that they have certain protocol of target analysis that they really will implement. And the regional gravity survey is a big first step. That's just a really good targeting layer to understand deep structure and controlling structures.

55:04 They will do more Sonic and or RC drilling for till. And I have little doubt that that will start in the relatively near term. In terms of initial phases of diamond drilling, probably too early to say how their approach is. We have seen them elsewhere adopt the philosophy where if you're going to look for a barrack sized system, RCE it on fences. This is not groundbreaking. The Aussies use it everywhere. 250m to 500m long fences. If you don't see the system, it's probably not there, it's too small for Barrick. So there's probably some RC fences and things like Muskego could be definitive fences across that target of broad scale fences to say is there a system there we like?

55:50 So those are the type of programs that they'll do. If they want to meet that criteria of defining a resource, they need to be aggressive. And I have little doubt that their corporate philosophy is to be aggressive. And they've got a good balance sheet. They've got peak Gold. They've got a pipeline that needs some greenfield initiative. And this is a property that's new and coming into them. So everything that we've heard and been told is that Barrick will be very aggressive with this project. Great. I'll wrap on a classic question. Somebody asked midway through the hour. What's your Gold outlook for the rest of the year? I'm not going to hold you to a number, Brian. I'd love to, but I won't. Generally, where do you think Gold goes for the rest of the year? It's been a really strong move off 4000 and that was a critical hold.

56:42 I do think the bounce and the position we're in now, which is about a 50th percentile reversion to the peak, has room to continue to move back to peak and move forward. So, you know, the world is a crazy place these days. But the reality is that the fundamental drivers that move Gold from $1,500 to $2,000 to $3,000 to $4,000 to $5,000 all remain in place. The de-dollarization, the challenge of the debt, the instability, you know, central banks around the world don't want to hold dollars. All these pieces still hold. I'm really bullish that we'll see Gold continue to perform well. And it is interesting that you're seeing the equities, particular producers and developers, really perform well.

57:31 And I do think that there's still a catch-up in it and a detachment with the explorers. There always is 1, but I do think it's yet to translate all the way down to the names. So I think companies like GFG and some of our peers have a lot of value to be unlocked as Gold moves back to peak. And hopefully, even if we just maintain this 4,000 to 5,000, that's huge. That's great. That is a lot of margin in this business. But I do see all the drivers being intact to hold or move up. People forget 4,000 is still making a lot of money in the Gold business. 6000 plus Canadian. And that is an immense amount of margin. And it's people looking at companies like GFT that have all this land and like, okay, we can partner with groups like that. It's our opportunity.

58:21 There you go. Well, Brian, thank you so much. Congratulations again on the news. Thank you for letting me and the audience grill you a little bit on it. Really appreciate it. If anybody has any additional questions, please do feel free to send them in. And here's your last opportunity to press that meeting request button at the bottom of your screen. I'll connect to the GFG team afterwards. But Brian, thank you so much. This was fun. Thanks very much, Romeo. Everybody take care and please reach out if you have any questions. As Romeo said, we're always happy to talk to shareholders. We're happy to engage. We're a pretty open book. So thank you for joining us today. Awesome. Thanks, everyone.