Goldshore Investor Update: Year in Review & 2024 Outlook

0:03 Good afternoon, or good morning, depending on where you are. Thank you for joining us today. My name is Brett Richards. I'm the CEO of Goldshore Resources. And with me today is our Vice President of Exploration, Pete Flindell.

0:21 Today's call, the purpose of today's call is to really walk back through 2023 and talk about where we believe not only this market is going in 2024, but what we're doing to prepare for it as a company and the activities kind of associated with that in order to not only create value, but I think there is a preservation of value in this market as well. We will follow up once we've gone through the presentation and we're not going to do a lot of slides today. We're really just going to talk face to face to everyone and answer as many questions as we can.

1:09 I want everybody to come away today with a comfort level as to knowing the story almost as well as we do. When I go back and look at 2021, in June of 2021, when we did the transaction with Westone to acquire this asset, Pete and I had just come off about 10 or 12 years working in Africa in very difficult arenas and difficult geopolitical locations. Thinking Ontario was going to be, I'll say, a bit easier to work in, which it is, But we also felt that at that point in time, we were going to have a fairly strong capital market run given what we knew in the market. And we thought the timing of the transaction was well positioned to build on a concept which started with a historical resource that was Moss Lake Gold mines way back when that West Dome acquired.

2:12 But I think in the back end of 2021, we started to feel the wind coming across the lake into our face from a capital markets perspective. And in early 2022, we started to see a number of things unravel in the markets. And everybody experienced this as we do as investors and we do as executives running companies. It has crescendoed since February of 2022, all the way through last year and all the way through this year, we have a platform of macroeconomic uncertainty like we've never seen, geopolitical turbulence leading up to a year where the US is going to have an election, which is probably going to be the catalyst to a number of these situations, either getting fired up and gas lit to a new level, or they may well get suppressed.

3:15 And all of these things are going to factor into things like the supply chain and what we've experienced with supply chain disruptions over the past couple of years. And we'll dovetail into some of the other broader societal changes that we're seeing generally, whether that's the possibility of preparation for another pandemic. We've got polarization in world parties, in the political parties in the major countries in the world to the point of extremism. And that all kind of distills down into the capital markets. And we've just seen kind of a 18 to 20 month period where there's been a lot of risk off. Investors have said, I'm gonna sit in cash or I'm gonna sit in something that is stable, that has no risk because I'm gonna wait this out.

4:11 We've seen pools of capital move out of certain sectors and certain areas and certainly natural resources and mining was one of them. And I think what investors are looking for now, from some of the big companies, they're looking for mandates and I'll say political stances from companies on ESG, on diversity, they wanna see that. A lot of the major institutions, you know, won't invest unless they have, companies have strong ESG standards and mandates and charters, as well as diversity and inclusion. We've kind of taken a lot of that and factored that into our mission and our vision and our values as a company.

5:00 I think we've also seen over the past, I'm going to say more just like 12-months, we've seen CEOs of junior mining companies and even some of the mid-tiers are starting to get stretched beyond what they've done in the past. I've been in this business over 35-years, as has Pete, And we're starting to see not only external forces changing the way in which we do business, but changing it in a way that I think we're not gonna go back to ways that we once did. The market has changed. We are in a global market. I have to provide information and marketing to a target market that the reach is now global.

5:49 Whereas there was a time when it was North American, maybe a sprinkling of Europe. But we have to go direct to these markets now to try and find new investors because the pools of capital that are available for us in junior mining are no longer there. And yes, there may be shifts in pools of capital that come back

6:16 over the coming months, But I think the real catalyst that we need is for some of these issues that I've just talked about to temper, to bring that risk on attitude back to mining and in a place where commodities and commodity prices are going to continue to be robust. We've seen Gold price run up over $2,100 and pull back just as fast. And trading today, mid-1900s and a lot of testing of the floor. So we are still range bound. And my original statement 12 months ago, probably on this same channel, was that I felt Gold was going to trade between 1815 and 2150 in a range and those range borders are going to go up as these macroeconomic and geopolitical situations get tenser.

7:14 As the US continues to, I'll say, adopt policies that weaken their dollar against other currencies, which is tends to be good for Gold. We've just seen a period of time when that has been unparalleled to history. But our job is still about working for shareholders and managing risk for our investors. We have to be agile and receptive to wholesale change. And I'm talking about what is the best decision for investors. And all of those things are going to be cultivated on this ecosystem of data and information and the speed at which we get it and the capital markets get it, which is kind of unprecedented

8:12 in today's markets. So we have had to strategize and say, what is the best approach for Goldshore going forward in this type of market? Being aware of the dynamics, being always on the cusp of what the market movements are. Yes, there is no money out there. And the conferences that we go to and the investors we speak to, there's no money out there. So we have had to do something different. We've had to go further afoot. We've had to go to countries that like Gold but are not very familiar with the TSX or TSX juniors. We've had to go further to dip into new pools of capital.

8:57 We do that and we did that in the past 12-months with our marketing, with our advertising, with our speaking engagements, and every day on the phone to people who don't know this story. So where is that going to take us and kind of going forward from here? We've seen a couple of fairly, I'll say major changes in our sector. We're starting to see a lot of market M&A, both at the high level, the Newmont Newcrest is a good example, but we're also seeing, we're starting to see activity in market M&A at a lower level. We've seen a couple of peers merge. We've seen a couple of peers get swallowed up by larger companies.

9:45 So I think the dynamic we've always talked about, there's too many companies out there. Consolidation is a must. But everyone and the CEOs that I talk to and talk to regularly, for them, it's about, well, our share price is too low. We don't wanna merge with anybody because we think we're undervalued. Everyone, every CEO thinks they're undervalued. It's about doing a good transaction for investors. And we've talked to a number of companies about consolidating. We've talked to a number of companies about consolidating. We've talked to a number of companies about acquisitions and my view is, if you've got what I call bad paper, if your share price is depressed and ours certainly is, can you partner with somebody or merge with somebody who has equally as depressed paper and can 1 plus 1 equal 3?

10:42 We've looked at a number of those combinations and nothing has worked, not because we're not receptive to it, because we are receptive to wholesale change. The reality is we've seen companies merge and maybe 1 company has a problem raising capital and the other company has a problem raising capital. Now they've got the same problem, but it's twice as big. And if you think that taking a $50 million company and another 50 or 80 or $90 million company and putting them together, gets you access to different pools of capital, you're wrong because it doesn't. We don't see new money coming from large institutions until you are 4, 5, $600 million market cap or larger.

11:31 And with liquidity that turns your stock kind of once every 3 months and 4 months. So we simply, we just don't see the advantage at this stage of putting ourselves with anybody that on a like for like basis, because that type of transaction can work, but there's no money to develop even our company. So why would we do that? We've actually gone down the road and we're talking in terms of extremes here. We're talking about we have a tremendous project. We have defined a very large resource and Pete has been working on defining a very, very good project.

12:19 And, you know, that is a, it's a, there's a great growth story here, but we've also had to fall back on, well, what if this market doesn't come back and what if we have to sit on our hands for a period of time on a fraction of all of our salaries and laying everybody off. If we continue to do that in a care and maintenance type mode, it's not only soul destroying, it's value destroying. And we have to find a way to be there somewhere in the middle. Even though we're technically on care and maintenance, we still have to wait for the market to come back to us. There's a reason I say that, and that is because

13:02 We just raised $3.75M in a private placement and brought in a new strategic. This gives us enough runway on care and maintenance to be fully funded through 2025. So all of 2024 and all of 2025. And if nothing happens in this marketplace, then we are, I'll say, managing the risk for our investors on the downside. But if you look at where we trade today, we're trading at just over $4 an ounce in the ground. Our peers are trading anywhere from $9 to $8, $9 to $28. I would say on average, $20 is what it costs to find an ounce of Gold.

13:51 Why am I going to spend $20 to get $4 in value back? We really can't justify raising any more capital for a drill campaign until the market comes back to us, until our share price is probably closer to, I'm gonna say 25 cents, maybe 30 cents. Our market cap's 80 million, maybe 90 million. We really can't

14:20 look at a drill campaign until that point in time. But there are other things that we can do to continue to grow the company. If you look at our discovery costs, we're $10, So not $20 like the average, but $10 an ounce. Our all-in drilling costs are around $300. Our drill costs are around $200 and our all-in are probably around $300. I know I'm giving out proprietary information, Pete's going to slam my fingers, but the reality is it costs a lot of money to advance these projects when you're drilling. Although we have a tremendous resource to find, we have a tremendous project that we're working on. We are fortunate to be endowed with a large mineral endowment and it gives us a lot of optionality.

15:13 We are moving forward slowly. I think the markets that we see are, it's a zero-sum game today. There's buyers that lose, there's sellers that win. Tomorrow, there's sellers that lose and buyers that win. And there's a 5M share short on our stock in the middle. And I don't see any real traction unless you see the macro move, the geopolitical situation move, the US dollar make it make a big move or QE come back into kind of the US policy. And we may see that if the Republicans get in. But what we have is a 0 sum game. There's no real traction. Any news that we put out, any news that anyone puts out, it's a liquidity event for people to sell into. And Sellers can win in that environment.

16:05 Getting liquid and sitting liquid is probably not a bad strategy for some, but what it does is it makes all of these companies on this list stagnant. We consciously decided to stop drilling in February of last year. We had great results and great drill results that came out in Q1 and Q2. We made a lot of progress on the metallurgical testing this year. We came out with an MRE in May of 2023. I'm the first one to accept complete and full responsibility for what happened with our consultant who uploaded

16:56 a draft of the MRE that had comments in it. I wasn't too fussed by it and that's why we didn't make a lot of statements about it. The market did, but the reality is when you are going through a mineral resource model process and or estimation process, there are going to be a lot of back and forth. There's going to be a lot of opinions. There's going to be a lot of judgments and no 1 person is right. And sometimes consultants need to be, I'm going to say, guided towards information that they didn't see or information that they didn't look at. After we put out that MRE, which is 6Moz at just over 1g, we had an independent audit done of that MRE by SRK.

17:48 If you go back to the press release that we put out, I believe it was in August, you can see the quote that was done by SRK on the mineral resource estimate, stating that the mineral resource estimate is in full compliance with NI 43-101. In fact, there is a portion with greater work that could probably be categorized as indicated. We're now working forward. We worked on the PEA phase 1 last year with Asenco. I think they did a reasonable job. We started to identify different permutations of what this project is going to look like.

18:36 If you look at some of our peers, even on this chart here, some of them have projects that are $700M, $800M capex.

18:47 They're all low-grade, they're all open pit, bulk tonnage. They have to be that way. They have to be large-scale because of the grade. You can see the grades of some of these resources here. The market simply got turned off by that size of project. We were going down that road as well. We went down that road. We had decided on a 30,000t a day process that was going to be the most economic from an IRR standpoint, but the CapEx was going to be around $600 million. And we just chose to stop it. And it doesn't take a rocket scientist to say, Hey, you know what? The market's not rewarding you for something, why continue?

19:36 And we just started to look at other options. And fortunately for us, we have 55% of our resources at 1.84g. So we have the ability to do some selective mining. Now, the ore is what I would call commingled. It's not as easy as just saying it that you can selectively mine the high-grade and forget about the low-grade. It's simply not that easy. They're sub-vertical, they're entangled and they're connected. But there are ways that you can high-grade and selectively mine the higher-grade material for certain periods and down to certain depths. Where we had always constrained this down to a 500m pit shell, we're now thinking a little different.

20:22 We're now thinking that maybe shallower pits and more of them is maybe the way that we can selectively mine more of the high-grade. So phase 2 of our project is now going to be looking at how do we address a smaller scale CapEx project

20:39 and bootstrap this so that we can actually build it. Because there's no way a $25M, $30M, $50M, $70M, $90M market cap company can build a $700M or $600M project. And there's only one exit. What we're trying to do is create an avenue where we have more than 1 exit. We can build this project like we've always talked about. And on, you know, certainly on a higher valuation, we would have been able to do the larger scale project. But given the market turbulence, given where we are, we're not there. So we have we've had to pivot and we've had to pivot a couple of times actually. What we're trying to do is conform to where we think the market is going and provide a project that we think is going to be tenable to the market. A much smaller scale project, a much smaller scope project, but by doing that we have to do some extensive metallurgical test work to see the leachability of the low-grade material in a heat leach environment.

21:46 We are going through that exercise. If I go back to the 3 key value drivers in the first half of next year, we're going to be updating the mineral resource estimate because we feel that there is enough utilization of the historic drilling and our consultant feels the same way that we'll be able to put out a mineral resource estimate that is what I'm going to call a material difference to the one that we put out in May. Now, it may not be as many ounces. It may not be the same distribution of grade because what we're trying to model now is something for a smaller-scale project. There may be higher-grade material we're going to be focusing on at different depths.

22:35 Yes, we still have to treat the low-grade, hence the met test work. Once we get all that information and that data, and we'll share that with the market when it comes out, we're going to start the phase 2 work of the PEA. And Asenko has already done a lot of work on kind of the phase 1. And we think we can do the phase 2 in a fairly efficient timeframe. So That's kind of the 3 value drivers for the first half of this year. Pete continues to, even though we've taken a lot of staff off our site, we can continue on with this work and support our consultants with the work that they need from us on this. We continue the environmental baseline work and all the work we're doing around ESG because it's not only important,

23:28 it's imperative we do this in order to expedite the permitting process. So I think Pete and his crew will be, you know, continuing on with that, focusing on, you know, the permitting requirements of what we need to do, carrying on with our indigenous relationships and working with our consultants who provide that. And I think continuing on with more field work in the summertime. We have had all of these challenges and all of these kind of market dynamics up in front of us. And now, most recently, we had our major shareholder step in and want to cross out some of their shares and sell them. They were looking for a liquidity event.

24:23 A couple of weeks ago, we ran a book of interested investors and crossed West Elm out for a large portion of their shares. I believe it was 31.5M shares and they raised around $3.1M. But they still have 6.5M shares historical. They still have 12.5M shares that we just issued to them on December 4th. And they have another 12.5M shares due upon feasibility study or June 2025, whichever is first. And that's the $7.5M payment at a $0.60 floor translates at $0.10 or translates in today's numbers at 12.5M shares. I've been asked many times over the last week, will there be a second West Dome cross? I don't know the answer to that.

25:17 That has nothing to do with me. It's all the motivation of West Dome and wanting to take advantage of liquidity in the market to be able to do that. So my focus for the next 12 months is to certainly be, I'll say, aware of that situation and help support it in any way, shape or form I can, because we do have a lot of large investors who would want to participate in that. And I might myself. But for me, this is going to be about marketing directly to people. As I said, we have to be nimble and we have to change the way we do things. I don't think we got any value attending conferences this year. Yes, there was value in meeting some mining companies at these events, but as far as new investors, it was quite weak.

26:11 And yes, it's investor awareness and keeps people up to speed on the story. But at the end of the day, I don't think it provided any liquidity for us whatsoever. So we will continue with our marketing efforts. Pete is gonna continue with his work on the ground. And We are gonna continue to talk to people who may want to talk to us about wholesale change, about putting companies together, about merging, about consolidation. We are open to anything that creates shareholder value, preserves shareholder value, and helps move the story along. And you'll hear this again, and I've said it before, I think speed to market is one of the most value creating initiatives and I'll say, imperatives that people can have. The sooner we get this into a cashflow producing asset, the better it is for investors.

27:11 How do we get there? Right now, it's been a crooked path. And hopefully with a little bit of wind in our sails in the capital markets, we'll be able to make that, I'll say a straighter line as time goes on. I'm gonna turn the floor over to Pete Flundell. You know, we've had a couple of questions historically about, you know, the permitting process and what we're doing on the ground with water. I had a call this morning about that and how we're diverting the river, etc. But I think it would be very good for Pete to go over the activities of what his crew has done over the past 6-months in preparation for when this market turns, because it will turn. We will have

27:56 an opportunity to raise money for a drill campaign down the road. We need to understand what our strategy is, what our targets are, what those targets are going to deliver for us and how that's going to dovetail into ultimately the study work we do towards a pre-feasibility study and a feasibility study on a, let's call it a much smaller scale project. So Pete, happy to have you take the floor. Pete

28:21 Haynes Hi, everyone. As Brett says, it's been a challenging year. We've had to do a lot with very little in the way of funding. Time has continued. We're still looking at a large project and we've been looking at the challenges of how we might develop the project. And really there are 2 things at stake here. There's how do we build a mine around the Mos Gold Project and how do we go out and find additional mineralization. For this year we've had to do that without a drill rig. Our team has been in the field doing a lot of mapping, particularly structural mapping. We've been successful in identifying a number of zones that show that the scale of moss gold mineralisation is much larger than we currently show.

29:14 And we've also been working on the engineering, metallurgy and environmental side to build this project towards a construction decision. Now, I've seen a lot of questions about grade and scale of mineralisation. They're important, grade is very important, but there are a number of larger issues that affect the permitting timeframe here. Most particularly are the studies that we need to complete on the environmental side, particularly with hydrology, and then also with our discussions with our host Indigenous communities. And those things take time. We've made the decision not to wait until after PFS to commence those discussions.

30:05 We're on those discussions right now. And one of the benefits of doing the PEA when we did is it's given us a heads up for what this project might look like and therefore what work needs to be done to focus the baseline to support the permitting process. So while we have paused the PEA, we have learned a lot from it And I'll just share the screen to give you some ideas on that.

30:42 So we have a better idea of where we stand from a permitting perspective, but also in terms of how we look at modeling this deposit to give the control back to the engineers in terms of how we look at this project. And I appreciate that many of you may not understand what goes into a resource model. Quite often, a lot of decisions are made very early on at the modeling stage that influence how a project is going to be mined. And we've gone to great lengths to separate out the high-grade shears, and you can see that we've modelled them here, and to separate that out from the lower-grade mineralisation. That means that at the mine planning stage, we've been able to decide the level of dilution.

31:35 So while people are asking questions about, will a new resource be lower grade? Actually what it comes down to is a decision on the amount of dilution we include in the mine plan. And for this reason, we're building a more robust resource model that will help us make better decisions between a slower selective mining approach that will have mill feed grades closer to the 2 gram range versus a bulk mining approach where the mill feed grades are a gram, gram and a half. It makes a lot of difference on the economics. I'd also point out that one of the issues that we found as our PEA progressed is that the the mill feed was dropping the cutoff down towards 0.25.

32:34 And if you recall, our resource model was quoted above 0.35. And we felt that the model is not very robust beneath that 0.35 cutoff. So that necessitated a pause and to have a look more carefully at how we're modelling the grade across the deposit. So we don't see any real change in the average grade of the deposit. In fact, if you look at the model that was done in 2013, averaged a little bit over a gram. November averaged a little bit over a gram. May averaged a little bit over a gram. I expect globally that is a fair estimate of the average. What we are finding is that this mineralisation, what we're modelling here, is a small part of a much larger footprint.

33:25 I've shown this several times, but our field mapping in the summer has shown more significant mineralisation up in here to the north or the northwest of where we were drilling before. We also have targets down in this area that have not been drilled and in this area where they have been drilled and found Gold mineralization.

33:59 The historic Drilling has been in this area here and found high-grade shears. We've found more moss-style mineralisation in this belt here, which hasn't been drilled. We see extensions there. We see extensions down here where there's been no drilling and extensions here where there has been drilling and there is Gold in drill holes. For me, there's no doubt that we're looking at a 15 to 20 million ounce deposit here. The question is, how do we get to that point? And as Brett pointed out, for a junior, that's not the scale of a project you jump into. So we're looking at how we would build a smaller, higher-grade starter project, a stage 1 project that gets all the permitting done, gets all the environmental work done, builds a relationship with our host nations, builds businesses with the host nations and then allows expansion of that mining operation in due course.

35:06 So our focus right now is probably more along the lines of having shallower pits. And there was a question on drilling. If our PEA comes out to show that this gives us an acceptable rate of return and you're looking at sort of 25% IRR, then potentially we would have 3 or 4 or maybe more shallow pits. This is where our drilling would focus. Our drilling going forward would largely focus on ounce addition. I can say that because the feedback that we're getting is that most of the mineralisation that sits within these smaller pits is already well enough drilled to be considered indicated.

36:04 If the decision comes back that we want to look at a larger operation then potentially our drilling will be more focused on infill to build this larger resource in here to indicate it. But certainly our field work is showing a lot more encouragement, very, very close to the current pit at Moss. Brett talked about the hydrology question, which is one of our biggest focuses. There's been a lot of misunderstanding with respect to the lakes and the lake depths.

36:50 You can see that our deposit sits underneath a creek and that's simply because the gold mineralization is related to structures. Structures are weaker zones in the rock and therefore they're more easily eroded. So our trend here is to have mineralization actually coming up into this area here. Underneath the main part of the deposit, it's called Snodgrass Lake, but it's really only a metre or 2 deep. The variability in depth here is because the water level changes with the seasons. But I know that when we were building ice to drill on this, our ice was sitting on the bottom.

37:40 We're also very fortunate in this area in that the fish species in this lake is pike. There are no indications at this stage of any more sensitive fish species and indeed across the project from a species at risk standpoint there are no specific species at risk that occur only in this area. Our species at risk are things like the whippoorwill, which is a species at risk all across Canada. So we're really at the low end of the risk curve here from a permitting standpoint. Our deeper lakes at Moss and Kauai-Wiagamak are still in and of themselves, not particularly deep, but our operation doesn't really impact them. And in fact, what we're looking at doing, the current indication is that we would use this lake as a river diversion.

38:42 There's an old glacial till deposit down here that we would put a channel through and we would reverse the lake flow. In the process of doing that, we actually make a lot more wetlands than currently exist. So again, we're in a fortunate position here of not having to go out and specifically create wetlands to replace what we would be affecting. That happens purely as a result of the river diversion. Now I'm showing here just 1 option with tailings disposal and dump sites and things. There are actually several options out there and We're working with our host communities at the moment to understand if there are any areas of traditional importance to our Indigenous hosts to evaluate which is the better site for us.

39:51 That's pretty much where we're at. We're well ahead on considering a number of impactors for the permitting so that when we do get through to PFS and we do start to define a project, it becomes a fairly streamlined process. And I think That's really all I can say. That's a great overview and I think your crew have done a tremendous job identifying the structures that continue on. As we know, they continue on all the way up to East Cold Stream. They may be broken in some areas, but we have mineralization as far up as East Cold Stream.

40:41 We haven't talked about North Cold Stream where we had a really good hit of Copper and Cobalt, 0.88% Copper equivalent over 62.5m from surface. Really, really exciting stuff. But then we have to step back and say, how do we prioritize every dollar we spend to get the most value at the end of the day for Goldshore? If there was no limit, we would have 7 rigs running, 5 at Moss and 2 up in Coldstream, north and east. We would be drilling this like a pincushion to understand the significant importance of the Copper-Cobalt and potentially maybe an IOCG deposit up in that area to drilling up Vanguard and down as far as Hamlin. So there would be lots of kind of base metal targets that we would be hitting as well as, you know, expanding and infilling kind of moss to a much larger project.

41:45 So, you know, I'm going to start answering some questions here. There are quite a few. My good friend Teddy has said, what's the upside here? Why should I put money in the company? What's the upside? And I think we've shown what the upside is. We're trading at $4 an ounce. Our peers are trading 2 or 3 times that, 4 times that in some cases. So a re-rating would be 4 times money. And that's only what we know today. You've heard Pete describe the potential mineral endowment that lies along strike and is parallel to it. Again, it takes time, it takes money, it takes drilling, and until that point in time, It's not arm-waving because you see a lot of that in this business.

42:33 We're making those statements based on historical drilling, known geological controls, known geological information and data that we have at our disposal. I think we're quite comfortable talking about the size of this potential resource, but we have to work in micro steps now. Normally, in a great market, junior mining can take good steps and can make great strides into defining whatever they want, a big resource alongside a base metals resource. Is there upside? There's immediate upside in 2024 on a re-rating and on getting some of the work done and into the market that we're doing, the mineral resource update, the heat bleach testing, the column testing with Caps Cassidy, and putting what that project looks like at the end of the day.

43:27 Somebody else just said, I missed that, Did you expect to have a lower grade in the updated MRE from Vlad? The answer is no, we don't expect to have a lower grade. What we're trying to do is identify from a mining perspective, what is the most mineable, the most optimum mine plan for a smaller scale project. Yes, that focuses on selective mining, but the resource generally will probably be somewhere around the same as what we have, plus or minus. It may be slightly higher, it might be slightly larger or smaller, it could be, but it's going to be based on the focus that we have. It doesn't mean it's not there and certainly doesn't mean that the potential is not there. It's just the reliability on the drilling we have and the data we have and the decisions we can make from that and from what our consultant can make from that as well.

44:27 Greg, you arrived late and may have missed it, but what are the benefits and or downside that West Dome is no longer a shareholder? I think there has been this perception in the market since April, where I believe there was a public statement made that West Dome was looking to collateralize their non-core assets of us being that non-core asset. There was always an overhang that West Dome were sellers and they didn't sell. I think that's not a responsible thing to do. What they did was perfectly aligned with what we wanted to do, what we were trying to do since that period of time. That is cross a large portion of their shares.

45:16 And we did that, we did that successfully. Unfortunately, the price came in at the same as the fundraise we just did. And that is kind of where we are with the market. That is where the market is. So there's nothing we could do about that. They collateralized it, they got some cash out of it, good for them. And a lot of those shares transfer to long-term holders, long-term shareholders that we controlled coming into that cross. As well, in our $3 million, part of our $3.75 million raise, we had the principals from a large fund based in Vancouver and Calgary, that they are mine builders.

46:03 They are the principals, so I can't say the name of the company, but they are extremely interested in this opportunity. They are very, very bullish on Goldshore and very bullish on this project, Even in the current Gold price environment, this project does not need $2,500, $2,300, $2,200 Gold to be successful. It can be successful today. They know that and they are backing us. And they will help us along the way with capital, they will help us along the way with their support. And I think it's a great partner to have somebody who is long. And I think that's the difference between having West Dome where the market perceived they were selling and having somebody who is a long holder who want to support this going forward. Yes, we do need a higher share price to raise some money.

46:58 We all get that. But we have enough landing. I'll say we have we have enough room to to ride this out if if this market gets worse. And that is downside protection for my for our shareholders and our investors so that you know, we remain solvent. Jonas, what are your plans when the poor market, if the poor market conditions continue? I think the plan is, we have funds to complete the 3 initiatives that we have started. And we have additional funds beyond that to survive until the end of 2025 on more of a care and maintenance format. We won't be drilling as I've said several times, but we have enough funds to ride this out. Do I think it's going to go beyond that? I really don't. I think we're going to start to see pools of capital move on the premise of the US election as to whoever's going to get in.

47:57 And if it's Republicans, you know, and if it's Trump, they're the capital markets are going to support that, they're going to go on fire. The perception is that he'll solve a lot of these geopolitical situations in the world, he may make them worse, I don't know. But it's good for the markets, it's good for Goldshore. If the Democrats get in, they're probably from a more socialistic standpoint, they're probably gonna continue to spend 30% more than they bring in, and it's going to continue to require QE, it's gonna continue to require printing more money. And as a result of that, the US dollar is going to weaken and that's good for gold, which is good for gold shore. So I'm not, I'm not American, I don't vote in the US.

48:42 But, but it doesn't really matter to me, which one gets in, Everyone will have their view, everyone will have their preference, but I think at the end of the day, either one of the Democrats or Republicans getting in is going to be a catalyst for our sector and it's going to be a catalyst for gold. So I'm comfortable that that is going to be good for us. And so that's why I don't foresee this going on beyond the end of 2025. Joannès, what are your plans after the PEA? Again, this is all gonna be dependent on money, but if money was, I'm not going to say no object, but it was some object, I would say that Pete would carry on with the program he's talking about, and that is either stepping out and identifying the shears, identifying a larger resource to the Northeast and drilling down 250m, not 500m, coming up with a pit design that is shallower and more of them.

49:50 That will form the basis of our smaller scale project. A lot of drilling. If we decide, or for whatever reason, we go back to our initial premise that a larger-scale project is more economic and is doable, and there's more value created for shareholders by doing that, then I think he would infill the existing resource down 500m, probably 40,000m or 50,000m of drilling to get this to a PFS. The whole goal here is to get this to a more definitive study on a project that can be built, whether we build it or whether somebody else builds it or helps us build it on a partnership, that's to be determined. Our job is about creating value, our job is about managing risks. So that's, I think, what happens after the PEA.

50:45 Your second question, if a drilling campaign would be possible, what would be the drill targets or goals for the campaign and how much capital would be needed? I think you can look at our presentation, you can look at what Pete has just provided, you can look at our verified presentation online as well. We have over 30 targets that we still need to test and I would say 22, 23 or 4 of them are Gold. They are a long strike, they are parallel to the existing strike and Pete's team are prioritizing where they are in conjunction with the project. And we could scout drill 5 kilometers away just to see what's out there, but it doesn't add any value. This thing has to be, a drill campaign has to be methodical and that drill campaign has to be dovetailed and tied to what the ultimate goal is. The ultimate goal is building a mine.

51:40 I think that is what his focus and his team's focus would be going forward. How much capital? As I said, round numbers, 10,000m is going to cost us $3M, maybe $3.3M for 7-10% of other and I'll just use round numbers and maybe 3% it may be 5% but say call out 3.3 million dollars you do 30 million 30,000 meters it's going to be 10 million dollars you do 50,000 meters it's going to be 16 million dollars or 17 million dollars so That's the scale of money that is required to get this to much, much closer to a pre-feasibility study level. But again, trading at $4 an ounce today, it just seems irresponsible to raise drilling money where it costs us 10, it'll cost us 15 or 17 in the future to get $4 in return. Until we get some, I'll say market momentum, then I don't think we're going to be drilling and we have the ability to ride this out.

52:51 What are our plans for the Hillcrest property? That's a great question. And Pete, maybe you just talk to everybody about Hillcrest, about how it came into our pipeline and what you see and the potential. Yeah, so we've obviously done a lot of work at the regional scale, and we like what some of the other deposit styles are around the place. Delta and Thunder Gold have both got different deposit styles to us. High-grade Gold, they're more related to intrusion Oreos. So it's a little bit different and we see a lot of potential for that style up in the Hillcrest area. But also, we like belts where there are multiple deposit styles and we know that Rio Tinto have been up there drilling for Nickel PGE. We know that there are Lithium plays out there, but it's primarily a Gold play and it's a project that we can advance largely through fieldwork and geologist time.

54:01 It's 1 for the long term. All right, Russell, good to hear from you. Haven't talked in a while. You've asked, we have alluded to putting companies together. Would that be a strategic move in the foreseeable future? It's a great question and I've talked about it. Again, as I said, a lot of companies in our space and what I mean by our space, anywhere from 5 to $150 million market cap companies, we all look at our own valuations and say, hey, we're trading at 4. These guys are trading at 20. You know, we're a target. You know, why wouldn't they be interested in partnering with us?

54:50 And we may not be, but they should be. And certainly if I was trading at $20 an ounce and we had $120 million market cap right now, I would be more than active out there in this market. We would probably have done a deal already and be working on our second or third. Consolidation makes sense in Ontario, in Ontario, Quebec, it makes sense. Broadly in Canada, makes less sense, but could still be doable. And the crazy kind of unicorn statement of, what about putting something in South America or something in Australia? And you say, well, where are the synergies there? And their synergies, if they're cashflow producing assets, and can they kind of help us bootstrap what we're doing without raising any more equity?

55:40 Yes, you may end up not liking, neither party is gonna like the deal because we feel that we're all undervalued. But at the end of the day, strategically, it makes a lot of sense from a cashflow perspective. Maybe not a geography, but a cashflow perspective. I'm not focused on that. I'm focused on putting things together that make sense from a story standpoint at this stage of development. So will we look at consolidating Chabandawan? Sure we will, and we have. And we're very familiar with a lot of the players, including yourself in the region. But again, it comes down to expectations on valuation. And it's where the first thing, it's the first thing that kind of falls apart when you start to have M&A discussions with people.

56:32 Question, Teddy, I don't quite understand what are the catalysts. I don't understand what that question is, but I guess the catalysts for us going forward are really, you know, the MRE that's going to come out in January, kind of mid-January, we'll put it out. The test work we're doing, this will all demonstrate a pathway to a project. And that pathway is going to probably be a smaller project because we simply don't have the ability to raise $600M or $700M and we're not going to sit on our proverbial behinds for years and years waiting for somebody to take us out, which is a junior mining strategy in some cases.

57:20 Pete and I have built 3 mines in our career and we want to build this one. We're fully prepared to find a way to do it. We're not arm wavers. We don't pump and dump this. I have a significant personal investment in this company for a reason, because I believe in it. I believe it's gonna be in production 1 day. I will probably invest more money in this company as time goes forward, because I continue to believe that this is one of the premier projects in Ontario and Quebec and in our space from, as I said, small cap to junior cap. And like I say, but I'm also receptive to wholesale change if I think it is going to deliver shareholder value.

58:09 I would like to move the needle on our share price to a point where we can really accelerate, we can really accelerate growth And we will not do 3 or 4 times money on a re-rate, we'll do multiples of that on a bigger resource, a higher quality resource, a real project, getting the market to understand. Moving up that Lassonde curve, that steep slope before you get to the peak of a construction decision, we will move up that slope. People laugh at me for this, but I don't care. I still believe this has the potential to be a tier 1 project in Ontario. A tier 1 project is 10 million ounces with a 500,000 ounce profile minimum, lower half of the cost curve and in a tier 1 jurisdiction.

59:05 I still believe we tick all of those boxes, although there's some asterisks there. We still have to prove the size of the resource. We still have to prove that even phase 1 with a phase 2 and a phase 3, we can get it to a tier 1 asset. But I think we will see in our lifetime this being a tier 1 asset. It all starts with the geology. It all starts with the resource. I think we have a high enough quality resource in this, I'll say, commodity price environment for the next 5 years to 10 years to demonstrate that this is real. And not just real, but really good. And I think that's the catalyst that we're going to deliver in the next 3-6 months are just stepping stones in the story. So I wish I had the silver bullet that said, hey guys, we're going to hit 20g over 100m.

1:00:05 The reality is these stories take time and they take time to market, they take time to raise capital, they take time technically to understand them. I think we've made tremendous strides along the way and I'm comfortable we're going to continue to make more. We're now set up with the right, I'll say, strategic partner to help push us, to help capitalize us and to be that lead order when we're out raising money and be that lead that is going to drive the motivation for investment into Goldshore. So anyway, with that, I'm going to wish everyone happy holidays. There's no more questions. So everyone be safe and healthy throughout the holidays.

1:00:54 Enjoy the time with your families and Pete, you as well. I'm looking forward to a really, really different market in 24, a better market in 24, but our story just continues to get better. Take care, everyone. Thank you. Thanks for your time, everyone.