High Potential Western USA Precious Metals Exploration

0:10 Hello, everyone. Good morning or afternoon, depending on where you are hearing us. And welcome to today's panel. I'm excited to be hosting this panel. We were chatting of course, in the Czech tech leading up to this moment and what's new, what's interesting. And I was commenting that, well, summer can be a little bit boring in the resource space. It can be a little bit, feel like you're speaking into a void and the audience isn't interested. But on this panel, we have 3, you know, stocks that are interesting with great share price moves and active exploration programs in parts of the United States that are getting a lot of attention. So I think this is a pretty fantastic group to run through today. I'm going to start with just a quick sort of run through of what I'm seeing out there in the macro space today.

1:04 I'll try and keep it pretty brief because I think we want to get on to the the presenters and the stock picks, the stock opportunities that are being discussed here. Let me do, let me underline first that if you have any questions, we will absolutely be doing a Q&A at the end. I'll speak, each of these guys will get a chance to outline their company, and then we'll do a Q&A at the end. So please enter your questions in the chat, the questions part of the chat portal, and we will make sure that those get passed along at the end. So here's my talk, what forest all I see are trees. This is my cheeky way of summarizing that it's a pretty crazy macro landscape out there and everybody's reacting to individual data points, in my opinion, without really caring how those data points fit into a real, like, fundamental fabric.

1:52 And that's just the way it is. You kind of have to run with what is as opposed to spending my spending your time being annoyed that people don't understand macroeconomics. And So what do I mean by that? OK, so negative real rates are the most important factor for gold, and we are in clearly a negative real rates environment, and that will not change for a long time. I love to start with this chart of real rates. This is using the 10 year Treasury Inflation Index security as a proxy for real rates. And it sort of explains the gold market that we've had for the last 5 years. The gold bull market started when real rates started to drop in 2016. Then rebounding real rates hindered the gold market for a few years. Back in 2019, that's pre-COVID, so it's hard to remember anything past this, previous to this crazy year, real rates had been declining again and gold had actually been setting up reasonably nicely and then, bam, COVID hit, pulled real rates deeply into negative territory and it doesn't look like we're gonna exit that territory anytime soon. Almost no matter what you think about inflation we're not going to exit that territory soon. So we're in a very negative real rate environment and the chart below shows how strongly the gold price is correlated to negative real rates. You have real rates inverted on that chart and you can see they just move in lockstep. That is correlation.

3:09 If we move on to the base metal side of things, obviously I'm painting with broad strokes here to try and talk about the metals macroeconomic landscape in sort of 8 minutes. But you can say that for a lot of metals, the electrification and growth story globally just means that we have strong demand against what's generally weak supply. I mean that's what caused the copper price to do what it has done in the last year. That's what's causing the nickel price to do what it's done. You know palladium has gone on a crazy run in quite a few years. Iron ore, metallurgical coal, these things are all really strong these days and again this is just a very broad statement but it's generally because you know that old bear market in commodities that we had resulted in underinvestment and then we have this electrification revolution that's coming up against a lack of supply.

4:11 So fundamentally speaking, base metals are also pretty well set up. Of course, there's individual differences, 1 metal to the next, but I'm not going to get into that today. So that's the big picture, right? Is it looks pretty darn good. But in the short term, these fundamentals are sort of hidden behind reactions to day-to-day data points. And so like I use here an example, the non-farms payroll report for July that we had a week and a half ago, 2 weeks ago, It surprised the market with its strength. And when you get a strong payroll report, the traders saw inflation and growth, which you'd think would be good for a variety of reasons, but instead they just see rate hikes in there. And then because everybody is obsessed with the Fed, that hurts gold and it boosts the dollar.

5:08 If that doesn't make sense to you, it's because it doesn't make sense, okay? You kind of have to let go of the fact that those reactions on a day-to-day basis, the reactions in gold, often in bonds, often in even base metals, don't necessarily make sense. It's because traders have been trained for over a decade now to focus on the Fed and that's because there's been incredible levels of support, right? With 0 interest rates and quantitative easing and all of that. So the only trade that matters out there is getting ahead of the Fed. And the way that that is enacted, the way that that plays out is often counter to fundamentals. And that's just the world that we're in. I mean, inflation as a whole is another good example of that. Inflation, if it's happening, generally means economic strength that advances the base metals argument.

6:05 And inflation means more negative real rates because the Fed is not going to get ahead of inflation. It's going to follow inflation if it sticks. So that supports gold gold. But when we hear about inflation, like I say, everybody assumes rate hikes and they assume that's bad. And so we get negative across the metals market. So it's a bit of a weird setup right now. At some point, we will get through this. And I think fundamentals will reassert It might take until we get to a rate hike, or it might take until somehow there's more clarity on the path forward. But that's just the situation that we're in. Now, is it fair enough? I mean, certainly, these reactions are driven, first and foremost, like I say, because traders have become have gotten trained to focus on the Fed. That's been the reality of the markets since the great financial crisis.

6:55 There's also a lot of things out there that we just don't know right now, right? Like, there's a lot of lockdowns happening in China. What's that going to do to supply demand bottlenecks, which are some of the things that have been pushing inflation, right? It is actually complicated out there right now. I mean, I spend my mornings each day going through a lot of reports that come to my inbox, and on any given day, I can find coherent arguments for and against inflation as one example. There really are a lot of conflicting data points out there. So to a certain extent, fair enough.

7:31 But at the same time, also not fair enough, because we go back to that fundamental picture, which is that central banks cannot normalize rates. They have to stay behind the inflation curve, because whether the Federal Reserve will admit it or not, they certainly care about the stock market. They've made that more and more clear over the last few years, especially in 2018, when they tried to tighten and the market threw a fit and then they're like, okay, fine, we won't, even though they're not supposed to. It's not in their mandate to support the stock market. They certainly do. And so, and so they, for lots of reasons, the Fed cannot, you know, get us back to positive real rates. That's just not in our future.

8:18 So we have this negative real rate set up that is here for quite some time and we have this incredible electrification argument that supports most base metals. I mean I skimmed over the nickel chart that I had there before. Nickel's always been a stainless steel story, right? It's the thing that, you know, turns steel into stainless steel. That's always been the nickel market. The nickel market is going to almost double in the next decade based on battery. That's the kind of paradigm shift that electrification is introducing into the metal space. It's a really significant paradigm shift and so it's really pushing demand and so that is not something that can be ignored. And so then where do we go? Do we pay attention to the short term? Do we pay attention to the long term? How do you figure that out? Well, I think gold works no matter what. That's the easy one because growth, if we get growth, inflation and tightening, well, that's certainly good for base metals and it's great for gold because gold, as it turns out, often rises once we get through the confusion that leads up to the first rate hike. Once that first rate hike actually happens, it usually clarifies the situation and gold starts to rise in the beginning of a rate hike cycle.

9:34 So, a growth inflation environment works for all metals. If some of these uncertainties, some of these unknown factors start to take control in the other direction and we get inflation and growth stepping back. Gold certainly works as a security. Silver usually will work alongside that, especially because it's still being supported by the electrification argument, even in a moderate growth environment, because real rates will remain very negative that will support gold even if we have some setbacks in the recovery or whatever word you want to use to describe the market these days. And then in the near term we have seasonal strength and that certainly that applies not just we talk about it a lot for gold, but it actually applies to gold and copper and silver and a lot of commodities through the fall as a seasonal strength, as a time for seasonal strength. It's traders coming back to their desks. It's restocking

10:31 patterns for base metals. It's all of those things. Okay, so what's the opportunity today? I mean, gold miners are making ridiculous amounts of money. And so that will pull generalist interest in. That's one of the most important things to remember about the gold setup right now is that gold miners are like some of the strongest stocks out there just on balance sheet basis and they're paying awesome dividends. And so that is really important to pull those generalists in who fuel a gold bull market. The electrification trade is very real. The exploration season is upon us, which is great. Results are starting to come in and that can attract excitement, at least, you know, when companies make discoveries. And there's certainly a lot of people out there. We were just chatting again in the background here. Institutional interests of funds are still very interested in this argument, this whole space because of the things that I've gone through. New deals are still emerging. There is a lot of opportunity out there for those who believe that once we get through all of these trees, the forest will reassert.

11:33 I'm not going to talk about this much because I want to move on but this is just my slide that summarizes how much ridiculous money gold miners are making and why that helps to attract generalist interest to our space which really matters because it's generalists who fuel a full gold bull market instead of just a small one. That's what I wanted to talk about. This is a long slide that summarizes the various newsletters that my service produces. I have one for low-risk investors. I have mine that's for moderate to high risk investors. I have one that's financing opportunities and I have one that is focused exclusively on the silver space for those who love that metal. And that's what I wanna do there. So that's what I have to say. And without further ado, I want to move on to the first of the companies that are going to take us through their stories today. So I'd love to ask Morgan to step forward virtually and take us through the latest with, or perhaps a better word to say is introduce us to the Lakewood Exploration Story because it's a pretty new one.

12:39 Thanks, Glenn, and thanks for having me on your show. It's a pleasure to be here with this group of folks and a part of this resource sector, which I think is going to be a nice bounce up and to be in the solar space. So I want to introduce Lakewood. We were listed on the CSC under LWD about 3.5 months ago. And when we listed, we acquired a company called Silverhammer Resources, which had the Silver Strand asset in it. It's in the prolific Silver Valley in Idaho. It is an unbelievable asset, path producing mine. It had only ever been taken down about 90 meters of depth high-grade coming out of it we just had chip samples around 2744 grams a ton we're seeing that when the original asset was owned by another company, it was just a single asset and the whole strike length was not consolidated.

13:39 So the group that we brought this in from was able to consolidate a 5.5 kilometer land package. And in doing that, opened up a large amount of undiscovered land up to something called burnt cabins. So I want to explain the area a bit. This is a split off the Osborne Fault, Lucky Friday, Galena, Sunshine Mine. These are all 2,000-meter deep mines that have high-grade silver content and are in similar revit formation to what we are. We are only at 90 meters. We have now a 5.5 kilometer land package and we are looking to get our drills turning by the end of summer. And we do have on a positive an existing underground. I've personally been in the underground.

14:31 It's great. It's in good shape and we're looking to utilize that for exploration needs coming forward very soon. So that's our silver strand in the prolific Silver Valley project. We also just transacted, and this is transformative for us, our approach is what we call a three-pronged approach. So near-term production potential, large expiration payoff, and meaningful acquisitions that meet those 2 requirements. So we just transacted on 2 projects in Nevada. So another prolific silver state and probably one of the biggest ones in the world. We transacted on a project called Eliza. It's in the historic Hamilton area. So for a lot of people that don't know what Hamilton was, it was the largest silver rush in the history of the United States.

15:24 It produced 40 million ounces from 1860 to 1870 and was abandoned. Only ever gone down about 50 meters in depth, very hand to mouth mining, very, very high grade. The California mine, which is on our claim, produced average grade between 5,600 grams a ton and 18,700 grams a ton. And it was walked away from and held by many people over time but long-term hold product, long-term holds and we were able to acquire this through a very strategic person in the industry, he's a very well-known geologist And so we acquired the Eliza and the Silverton project. The Eliza project for us is transformative in the sense that another high-grade target, another existing underground that we can look at how we're going to make this large exploration payoff, but also how we're going to turn it into near term production.

16:25 Now Silverton up in Nevada, another great project

16:31 933 grams a ton silver from historic. This signature, I'm gonna talk about this. I'm gonna move through the slide here. And the signature from Silverton is really unique in the sense that it mimics round mountain. And if anyone knows about round mountain, it's Kinross is one of their flagship gold deposits. It's 15 million ounces of gold. And from the astronaut images, we are seeing very similar signatures, if not bigger than Round Mountain. And I mean, I don't say that lightly, our geologist that took a look at this gave us the whole spiel about, no, there's no other Round Mountain and all this fun stuff. But he got on site and gave a call to the group and was like, okay, hold on, this is very promising.

17:19 So from a corporate standpoint, we are a newer company, but we have 3, what I consider as top tier assets or tier 1 assets, high-grade availability to be near-term production. And with that large exploration payoff, it really does sing to the tune of our management team, which I'm gonna touch on now. So We have a very unique management team in the sense that we have people like Lawrence Ralston, who is an integral part of us. He started Resource Opportunities. He's the chairman of Metalla. He's started and been a part of some major success stories in this mining industry. He's a 35 year veteran and he absolutely knows geology. He knows marketing.

18:10 Excellent, excellent addition to the group. And an integral part of our group. We have our chief geologist Phil Mulholland. He's a Western US expert, 30 plus years in the area, worked for Barrick. He knows these rocks. And then we have myself and my background. I've spent 14 years in the industry, in mine industry, I've worked all over the world. I've spent time with Freeport, MacMoran and the Indonesia Grassberg Complex. I've spent time with the Rio Tinto Group on their Oetoba Complex in Mongolia. I've spent time working in Africa with Gold Star Resources, restarting old mines. So my background really is the mine builder type. So from from our management structure, we also kind of have a 3 pronged approach in that sense where We have exploration experts, we have the mind building sense, and we have a really strong capital markets group behind us. So we just raised $3.5 million on the transaction of SilverStrand.

19:15 That sets us up very well to drill and explore all 3 projects. We have a very tight share structure, about 37.4 million shares out right now, 2.7 million options and 7.8 million warrants. So that gives us a ton of room to grow financially, but it also sets us up well for being very tightly insider held. We're about 42% insider held right now. And overall, as a company, from starting 3 months ago on the stock, on the securities exchange to drilling before the end of summer, it's progressing very quickly. We have some hybrid drill targets on Silver Strand that we're looking at and going to execute on. We are starting a geology program on the Eliza and Silverton projects and really excited because we actually are separating those 2 out from a geology standpoint. So we have a separate geologist for that area, separate geologist for Silver Strand. So we're able to actually concentrate on these areas that are prolific, they're high grade, and we're able to put meaningful and thought to what we're doing.

20:28 And then look at it from a different angle of just pure exploration, but also like, how are we gonna build it? And that's where my background comes in, is we get to direct this in a sense that we're gonna have large exploration payoffs, and that's what we're looking at, but we're also looking at the building side of it. So it's unique in that sense.

20:46 We also have an asset in British Columbia. It's a very early exploration asset. It's called Lacey Project. We're just waiting on some results for that right now, but that's not our main focus. Our main focus really is the Silver Strand asset for drilling, our Eliza asset in Nevada and also our other Silverton asset in Nevada.

21:15 To be in the Western US, as I told you about my background, working around the world is unique. And I'm sure all these gentlemen on this call will talk about it as well, because it is such a great place to work. There's a ton of talent there. They're very amenable to mining. There's a lot of prolific mines in the area.

21:36 And there's the best place to look for a new mine is where there's an old mine, where there's an old deposit. I mean, that ultimately is what we're doing. And we're trying to prove them down to depth along strike and we're having success so far.

21:53 Our programs at Silver Strand really have demonstrated that we've had some really good results along surface, mineralization and looking like sub-parallel veins along the surface. We also have something on the Silver Strand project, which is called a Gold Credit. So we have on average 5.5 grams a ton of Gold. And to put that in context for viewers that most gold mines are built on about a gram a ton or less of gold.

22:22 Our silver grade underground range from 300 to 2500 grams a ton of silver. Most silver mines are built between 100 and 300 grams a ton. So we are high grade, we're going to be proving it to death and we have a very tight share structure. So there's a lot of room to grow as a company. There's a huge opportunity for investors here in the sense that we have 3 top tier, potential tier 1 assets that

22:49 are in some of the most prolific silver districts in the world. You touched earlier on the presentation and on the need for silver in the industry. And I love talking about it because it's often misunderstood that it's one of these hedge metals because it's not just a hedge. Silver is an absolute requirement in building a microchips. Build, you know, we talk about cryptocurrencies around the world. Well, video cards are a microchip base. They require silver solder and silver paste to make. So there is a huge opportunity for tech investors here because I think as you invest in tech and the technology increases, the electrification increases around the world, you're going to see the requirement for these base metals go through the roof, and I think you're gonna see a detachment over time.

23:36 So that's basically rounds of my presentation. I'll throw it back to you, Glenn, and thanks for letting me present.

23:44 Thanks very much, Morgan. And I'm gonna hold questions and we'll just do them all at the end. I'll let everyone do their 10 minutes and then we'll go, we'll return to each story at the end. So certainly if you have questions for Morgan on Lakewood, then add them in the Q&A chat over here. But For now, let's move on to Warwick Smith, who can tell us the latest with American Pacific. Thanks, Ben, appreciate it. Appreciate the opportunity to come on the show here. Let me start up my screen share.

24:15 So, American Pacific, started the company in March of 2018 and then last year completed a transformative transaction on an asset called the Madison Mine. Madison is down in Montana, it is under partnership with Rio Tinto. Rio Tinto may earn 70% of the project by spending up to US$30M.

24:38 The company also has 3 other main assets down in Nevada. We have the newly acquired Red Hill property, which is an internal claim block to New Legacy. We have the Gooseberry mine, which is a past-producing Silver-Gold mine just outside of Reno, Nevada. And then we have a high-grade epithermal system called Tuscarora, which is just outside of Elko, Nevada. There are numerous near-term catalysts for this company. We have drilling happening at Madison as we speak. Rio Tinto is drilling 4,000m,

25:09 wrapping up hole number 10 as we speak right now. We are going to be drilling at Tuscarora. That is going to take place by the end of summer. And the Red Hill project that we just picked up that is internal to New Legacy's claim log, New Legacy has just drilled 7 holes and we're expecting news from them shortly, which will certainly help us. Here's the share structure. 91M shares out on the company, $5M in cash, $4M of warrants that are significantly in the money. Michael Gentile is a 19.9% shareholder. That is new as of the end of May. The company only burns around $100,000 a month, so we're in a very strong financial position at this time. That monthly burn rate will increase based on us drilling at Gooseberry. We'll spend about $1.5M there, but don't let the low monthly burn rate fool you today. We are free carried by Rio, who is spending up to $5M

26:04 this year, around $2M on the first phase of this program that they are underway. So what can I tell you about Madison? High-grade scar on its surface, porphyry underneath.

26:14 By high-grade, here's some historical drill highlights to give you an idea. These are all from 0 to 200m. There's about 30M, previous drilling has been 30m of 25g per tonne Gold, 11m of 41g, 4.6m of 82g, and then just fantastic Copper numbers, 61m of up to 7% Copper, 8.5m of 40% Copper, 84m of 1.89%

26:44 Copper and then 2.7m of 41g Gold and up to 20% Copper. The scar on its surface, we're comparing the scar on its surface to the Fortitude deposit, which my business partner, Eric Saderholm worked at. I'm going to try to escape this and give you guys a better view here because I'm struggling with my… The Fortitude deposit was 2.5Moz of Gold at surface. The Madison deposit is of similar rock, similar age and fits along that same 1800m

27:16 footprint. Fortitude was initially discovered as a 100,000oz deposit, upper Fortitude became 1.1Moz and then when they got to lower Fortitude, it grew to 2.5Moz. We look at Madison in a very similar way, as do we think Rio does as well. Rio has found real interest in the Scarn. Outside of just looking for the Porphyry, they feel that the Scarn is a Rio Tinto size target themselves. Fortitude then grew, became the Greater Phoenix deposit, which is 25Moz of Gold and 3Bnlbs of Copper. Ultimately, this is Rio Tinto. They are looking for something big and this is why they are there at Madison.

27:58 Eric always reminds me that this is his favourite slide in the deck and I think it's for good reason. Part of the interesting thing at Madison is that all the rock runs. Jasperites typically don't run. When you look at them everywhere throughout Nevada, they typically don't run. This runs half an ounce. Native Copper, somewhat unique to see, but strong native Copper within this system that runs incredibly well. And then massive sulphides. For example, at Fortitude, where Eric was the chief geologist previous to this, they had a lot of massive sulphide, but none of it ran. Look at the grades here, 0.6oz per tonne Gold, 11% Copper. The highest grade that we had in drilling last year was 1.5m of 69g per tonne Gold and that was held within the mass of sulphide.

28:45 This lends credence to the idea that there is something big below this that is pushing those fluids up to mineralise all these different types of rocks. So what would that look like? It would likely be a porphyry. Here's core from 2017 that was drilled into the Latite Porphyry. This is the fifth phase. We believe there is 0.167 phase down below it. If you look off to the right and see that Latite Porphyry, you can see it's hammered. There's chaotic folding, a lot of brecciation. That gives us and Rio Tinto a great deal of excitement. As mentioned, Rio Tinto drilling 4,000m as we speak. We are free carried with them spending up to US$30M to earn 70% of the project. There is drone footage on the website if you're interested in seeing it. I think that is worthwhile for you to view if this is a project that is of interest to you. There's a 3D model and there's a link to the website there as well. Let me run you very quickly through the other 3 projects and with a catalyst that are coming up for them.

29:43 Red Hill is 80 claims and around 1,500 acres internal to New Legacy's claim block. New Legacy is a $70M company. They've spent $50M on the asset. We were very pleased to be able to pick up this project within their claim block. They're doing great exploration. It is right on the Cortez trend. There's about 100Moz of Gold along that Cortez trend and they're drilling down deep to find it. Previous drilling here was done by Barrick, 24m of 5g, 13m of 8g. It's confirming that there's that big sediment host Gold system that's there. It's the exact type of thing that New Legacy is looking for. It's the target that they're after on this round of drilling as well. We picked up this asset for $25,000 this year. In the next 20-years we'll own it for a total of around $400,000.

30:29 So we thought it was good deal making on our side. Here's the location map. You can see right in the midst of the Cortez trend. Gooseberry. Gooseberry is an asset that Eric has been kicking me to drill for about 2-years. Very, very high-grade Silver Gold project. We picked this up for $20,000 because we were able to stake it. That lends a lot of credibility to guys like Eric who've been able to do this previously. He was the guy who staked Black Pine, that's now with Liberty. They've done an excellent job with that. That's turned into 2Moz. We picked up Deer Trail, that's now with MagSilver. And here we are now with the likes of Gooseberry and the likes of Madison. This is an asset that will start to be drilled by the end of summer.

31:15 We're hoping late September we will have the drill here. When we picked this up, we had to go out and find the data. We found 12 old banker's boxes of data covered in dust at the University of Nevada, Reno. Look at some of the grades here. Previous production grade 0.9m, 65g Gold, 4500g Silver. 0.9m, 113g Gold, 3700g Silver. Spectacular grades. The analogy here is the Comstock load, which is about 20km away. It's in the Cape Beagandesites, same rock. The Comstock load produced 8Moz of Gold, multiple 100Moz of Silver. It was the largest mine in the US until the big Carlin mines came along. Presently, it's little brother. It's 20km away, it's in the same rocks. It's only ever gone down to 1,350ft, it was the deepest drill hole.

32:07 That cross, that long section that you see there, the dark pink has been mined out. The light pink is what they refer to as reserves. Obviously, we don't refer to them as reserves at this point, but it certainly gives us a very good drill target to go at, especially with those types of grades. Tuscarora, as you get the feeling, we focused on high-grade assets in the Western US and this certainly fits the bill. If you look at some of the past drill holes there that have been drilled by us, Novo Resources, which was the predecessor, or Newcrest, they're very, very high grades. We have an internal plain block here that you can see that's 1,818 acres. You can see that South Navajo and East pediment, which I just referenced, but then you can see all the veins above that run through our project. Those were all previously in production. When you get to our project, there's a fault and 0-200ft of gravel cover. That's why those veins remain because the old timers lost them. We're going to go after this later this year, we're going to aggressively pursue this. Again, good high-grade asset in the Western US.

33:10 This is the team. I've been doing this since 1999. Eric is the former head of exploration in the Western US for Newmont. Obviously, Newmont was looking for stuff that was 3Moz plus, but he had a chance to see a lot of assets that were 0.5Moz to 1Moz. That's really where we fit in. We were able to get those assets and see them grow. Ken Cunningham, former CEO of Miranda Gold, a geologist who lives down in Reno, has been a tremendous director for us. Jonas Lang, Executive VP with Maple Gold, he's a little bit of a young blood on our board, a ton of energy, great director. And then Alan Eshmohan, who is our CFO. I will say this, appreciate the opportunity to come on and speak here. The company's grown significantly over the past while.

33:55 We've gone from being around a $10M market cap to $100M market cap today. It's worth your while as an investor when you're looking at these to get a feel for these companies. Both Wes and Morgan are stars in the making and running great companies and they're guys that are certainly worth listening to. If you're invited to one of these and you're at a conference where you were invited to, certainly worthwhile for investors to listen. Significant catalysts coming, drilling from Rio, we'll drill Gooseberry ourselves, we'll get after Tuscarora at the end of this year. We'll see where we go with Red Hill and what happens with new legacy, but we're likely to bring in a partner and drill there as well. So significant catalyst coming with a company that has cash and ready to grow. So thank you, Gwen, appreciate it. And I appreciate the time from Morgan and Wes as well.

34:44 Thanks very much, Warwick. I often comment on the challenge that I put to presenters to run through, you know, just your entire company in 10 minutes. There are a few things that you got to try and cram in there. So thanks for that. That was only 4 projects that you had to try and cover in about 90 seconds each. Again, I've got some questions already, certainly for work. But before we get to those, let's get to our third story, which is visionary goal, another new, fairly new story on the market. And Wes Adams, could you take us through the Visionary story? I was going to say Visionary Vision, but it seemed a bit redundant. Absolutely. Thanks, Gwen. I'll go ahead and share my screen now so that we can run through the Visionary story.

35:30 All right. So Visionary is a new company that was a first mover into a prolific orogenic gold district in Wyoming. We've got a large initial target. We're working on a 2.5 kilometer long gold trend. And we just started in 2020 with this project. We've made a ton of progress. This year we've taken 3,500 different soil samples. We've identified our main targets here. And we've just started a drill program that's going to be about 3,500 meters is what we permitted. And so we're testing this area that's called the Wolf Shear Zone. And it sits within a big district scale sedimentary formation called the Miner's Delight. And there's old mines littered all over this.

36:22 So we've put together a really experienced team and we're using systematic methods to explore this district And we are really excited about this year's drill program. First off, I'll tell you a little bit about my background. I'm third generation mining executive. The biggest project that I worked on was the Tura Parrawa deposit in Guyana, which was 11 million ounces. We developed that with Sand Spring, which did Gold X. We raised $100 million with the company and took the resource from artisanal working up to 11 million ounces. Grand Columbia has purchased that for about $300 million in production. They just raised $300 million to take that.

37:08 So, it was in Guyana, but I keep my own roots. My family's originally from here as services companies. Wyoming's always been a good place to work. Very experienced team of geologists to help us develop the project. Dan Housel has got a ton of experience in Wyoming. He was a Thayer Award winner for his work on the Donlan Creek discovery Eugene Sperry was VP of X for Quatera for 9 years And was a part of the Tassius development team also worked for rearmed Narsia Developing the L by a project in Spain Pat Hillard is on site today actually, and he played a major role in the Pinarina discovery down in Peru.

38:00 And he's also responsible for several uranium pipe deposits in Arizona, working on the Arizona Strip there. We also have an in-house geophysicist in Kent Sweet, a professor of Structural Geology in South Dakota School of Mines. And last but not least, Stan Dempsey Sr. Who is the founder and chairman of Royal Gold. And Stan's focus on helping us with our environmental social governance as we work to explore and develop mines within Wyoming. Cap structure. Right now we're sitting at about a $13 million market cap. I really think with some drilling success here, we've got a strong case for revaluation.

38:46 Currently, about 71 million shares outstanding. We do have a few options and warrants which will bring in some more money for us. We have the warrants are at 40 cents. There's 9 million. Sorry. They're exercised visible at 40 cents. We can call the warrants. They have a strike price at 27. So that'll give us a couple extra million dollars to work with if we have some success drilling. And just briefly, I'll walk you through our project, why we're focused in Wyoming. So we got here in 2020, there's abundant, you know, high grade gold that's been known for a while, but this has been overlooked by explorationists for about 100 years now. So there's been gold production in the area for between about 1842 to about 1956.

39:39 There's been very little, almost no work done since then. So, But we think there's a great opportunity because we're seeing orogenic gold, which produces about 75% of the world's gold. And so that's the style of mineralization that is preferred up here. And that's why they call it the Miner's Delight. Wyoming is a very resource-friendly state, produces about 39% of the coal in the US every year. And so we think while gold has been a part of the history here, I think there's a new opportunity to replace jobs that are declining in the energy industry with new gold development. And there's currently 3 gold projects that are being drilled in the state. One is a development project at the CK Gold property that George B is working on with US Gold Corp.

40:37 Then we've got Group 11 Technologies and GFG working on the Rattlesnake deposit. We'll be the third drill programme to start this summer, but I think we've got the highest grade target of the 3. And, you know, we've seen some really good numbers in our soil samples, in our rock chip samples. Last year we sampled over 1 ounce per ton, over a meter. We had 3 meters of 12 grams a ton. And up the trend 500 meters, we've got 4.94 grams. And then just north of us on a parallel structure, we've sampled 2.7 grams. So, you know, of the 69 rock samples that were taken on our wolf claim group, which is about 1000 acres, the average grade was 2.5 grams.

41:30 And we had, you know, 1 sample that was over an ounce that came out of a channel over 1 meter. So tremendous grade that we're seeing on site. The main structure that we're focused on sits on privately owned ground. It's got a great geophysical signature underneath it, which suggests that there should be sulfide mineralization and that this is not a superficial feature. We're going to focus drilling right on the high-grade, historically mined area. The Wolf was active between 1907 to 1911. They were actually carting this ore off. I think it was reported to have averaged about half an ounce a ton. And they mined about a 30 foot width across the shear. And the shear is about 2.5 kilometers long. So it's a tremendous first target for a junior.

42:24 And we've really put together kind of a district-scale land package. We have 50 square kilometres that sit in this Miner's Delight formation. So it really gives us a lot of upside, I think, as a small junior. We did pick up the Wolf or the Mint Gold Leaf Mine where we've sampled 2.5 feet of 1.29 ounces per ton and then 3 ounces per ton. So we're gonna do some more work on that. And the idea is really to prove kind of our principles that there are commercial gold opportunities in this district. And so if we can have a successful first program here at the Wolf, I think that's really going to open up the district scale potential. And so we're starting with a 3,500 meter drill program.

43:12 We've got a great team in place, going to be out really marketing this thing for the first time around our initial drill results. And also, you know, I just have spent a lot of time up here earning trust in the community and trying to be a good steward of our investor capital. So it's going to be a really exciting year as we tap into this old past producing gold district and lots of potential here, you know, on the exploration side. And we also have, you know, a group and team on the board and management team that everybody's done this before. And so I think right now it's gonna be an exciting time to be a visionary shareholder.

43:58 And with that, I'll turn it back over to Gwen. Thanks everyone. Morgan, let's swing back around and start with a question or 2 for Lakewood. You ran through your 3, I mean you had a transformational deal just a few weeks ago to add 2 significant assets to the portfolio. Can you explain your strategy at this point? So what is Lakewood's capacity to advance 3 projects in terms of people and dollars and focus? What is your strategy to tackle 3, as you call it, very promising projects at the same time? So Our plan right now is fairly simple in the sense that we are drilling, we are planning and we're going to be drilling Silver Strand, the Idaho Vasa. We're going to be proving that down to depth. We are running programs on surface right now to prove out surface mineralization, outcrops, we're doing a lot of sampling there. I've hired, or in the process of hiring a geologist for Eliza and Silverton to run a full geo program out there. So now we're going to actually come up with drill targets.

45:07 We're going to do surface sampling, probably some geophysics, that type of exploration methods. We're using drone technology on our Silver Strand asset right now. So from a capital side, we raised that $3.5M. Our burn rate is fairly low right now and we will be utilizing that in a very methodical and shareholder friendly way to explore. So again, catalyst there is the drilling. We're bringing SilverStrand up to 430101 as well. So we have 430101 that's just being completed on it. And we're gonna start very, very quickly exploring and mapping Elisa and Silverton. So that's pretty much where we're at.

45:58 I guess I'm curious when you're certainly like what's certainly still in the growth phase, I mean you're new so you're certain that by definition you're in the growth phase and you're working in an area where there is a lot of talent and sort of exploration and mining capacity but there's also a bunch of people operating there So what's it like trying to find people and sort of infrastructure, like whether it's, you know, geophysics equipment or whatever it might be. Can you describe a little bit sort of what it's like operating and whether, you know, whether the current market is helping or hindering you in that sense? Well, I mean, as most people that are in the resource sector know right now, it is very busy for drilling and that kind of comes back to our unique approach with Silver Strand to start was looking at the surface targets and then also having that available underground, Being able to look at it, go in, bring it back up to MSHA, which isn't much work, and maybe stick an underground drill in there.

46:55 From the standpoint of acquiring drills, I think we've got good leads on them. We're fully engaged and contracted and expected to be drilling by the end of summer. So yeah, there is a lot of, it's very busy in the industry, but we're very picky on the talent we have. We have Phil Mulholland, who is a known commodity in Idaho and in Montana and has had some big wins in his career that's joined us, but also being able to, how do I say, being able to attract the right talent versus just talent is really important to us. So we have, we're very integrated in the community in the sense of that we have a land guy, or a geologist in Coeur d'Alene that is very integrated with us and he's, you know, been in that area third generation as well. His name's Kurt Hoffman, He's been a huge advantage to us. So we're partnering with the right people in the area and the right companies for our success.

47:54 You're right, the industry is busy and there's a lot going on. So that look we have to, we have to look at it through a different lens. And that's, you know, outside the box thinking really is a core part of what we're doing. You know, new technology and outside the box thinking has helped us so far. Gotcha. All right, Warwick, A lot of questions have come in about Madison, so I'm just going to sort of pull a bunch of different questions into just 2 questions to try and keep it streamlined here. Can you describe Rio's exploration interest? Obviously there's a very interesting scarn target or area at Madison that's been tagged into and has returned some great results, but then you spend a lot of time talking about the porphyry driver for that. How do those divide out?

48:45 You have some recent trench results that are a part of that story. Can you describe what it is that Rio wants to find and is it both? Yeah, great question. I'll full disclosure, when we bought Madison, we bought it with a partnership with Rio. That was intact. At the time, Eric and I knew the asset well. We actually toured this asset in 2016. We ended up buying it last year from a company who had brought in Rio in April of 2019 and then in June of 2019 decided they were going to come a psychedelics company and focus on medical mushroom. We were able to go in and buy it. We bought it for a $2.4 million valuation. Because of that transaction, we've been nominated for S&P Global's deal of the year against US Steel, Grange is a bunch of multi-billion dollar companies. So a nice tip to that. My comment on this is when we got involved with Rio, Eric and I looked at each other and went, they're probably poor for your bust. That was our thinking. That has not been the case. They have found real interest in the Scarn.

49:57 All of the exploration this year has been Scarn-focused. Now, that being said, the question that dovetails into that was about the trenching. Rio, as part of their exploration programme, did trenching about 1.5km away. They took the trench through some epithermal veins that they weren't necessarily expecting. Those ran 15g Gold, 600g Silver, 1.5% Copper. They've already built drill pads there, they're going to drill those. That's a different style target completely, it's a kilometre and a half away. That gives us some real excitement. I think reservoir minerals, right? Epithermal at surface, porphyry underneath, they own 30%. They sold it to Nevson, they're $360M US.

50:45 That's the opportunity here. There's a real at surface target that is a big company, Rio Tinto, second largest mining company in the world size, that can dovetail into a big porphyry where this can become very large. Gotcha, okay. Do you wanna describe a bit what it's like as a, to be blunt, tiny company? Well, you're larger now than you were 4 months ago, but working with the biggest mining company in the world, like pros and cons and just how that runs for you? Second biggest concern coming into buying the asset with the transaction with Rio was, what's it going to be like? Because at that time in particular, it really was David and Goliath. We were about a $10 million market gap. We're on a $100 million market gap now, so we've grown, which is good.

51:31 But typically, the concern is, how's it going to be with news flow? What are they going to be like to work with? I'm going to say this very clearly, Rio Tinto have been excellent partners. We've developed a very good relationship with those guys. A lot of credit to Eric Saderholm, who you know, who worked at Newmont, knows how to work with these big companies, developed a great relationship with Bede, who's on the ground, and then the North American manager who's in Montreal. Last year, they had 1 drill hole come out that they rushed. They sent that to us immediately. We were able to put that out one drill hole standalone. When they get drill holes, as soon as it's through their QAQC, it goes into a system called pipeline. We get a copy. When they get a copy, we write the press release. We send it to them. Within 5 business days, we have an approved copy that goes out. Tremendous communicators, great partners, really pleased to be working with them. That's phenomenal. That is not a description that one, that doesn't fit the usual description of working with a major.

52:26 Look, I've worked with a few of the different majors along the way and a lot of the mid-tiers. They are, you know, it's an aberration. It's not the norm. They're very good to work with. But you know, we've worked very hard on our end, especially through COVID, where there were challenges to be a good partner on our end too. So it does go both ways. You have to work well with your partners, especially when they're larger. So, you know, again, all credit to Eric in that case. For sure. Hey Wes, I wanna ask you a bit about setting the scene in Wyoming. I mean, Miner's Delight, first of all, who goes to work in an area called Miner's Delight? Like, it couldn't be more perfect. But this is, it's Miner's Delight, yet it's an area that's hardly seen any exploration in sort of the modern times, to use that term.

53:14 Tell the backstory here. Like, there was a surge of exploration, and then talk about, you know, there's that sort of defined 2 trends and then there's one area of one of those trends that you're particularly interested in. Do you want to just sort of run through that, that funnel? Yes. So Gold was discovered in 1842 in the Lewiston district. So it was, there were guys that were traveling, you know, along the Oregon trail that made discoveries there. And then they ventured out and started, you know, finding more gold. They eventually settled at a place called South Pass City and built the Carissa mine. And the Carissa operated for about 100 years. It produced about 10,000 ounces a year. And so it was it was operated on and off. That was kind of the biggest of the mines. There's also a ton of alluvial gold that came out of these hills.

54:06 So the alluvial gold has to come from somewhere. There's low gold deposits everywhere. And so yeah, there's 2 main structures on either side of this craton. Basically, it was just a sedimentary mudstone that was sandwiched and cracked and fractured in many different places, much like what you see in the Abitibi in the Tumiscamine sediments. And so after that happened, it was intruded by granites, and then that brought the gold mineralization in. So we do see exceptionally high gold grades. I think that it's been overlooked for so long because everybody thought that was just like an old historic district. And Anaconda did some drilling underneath the Carissa.

54:53 They hit about 1 ounce per ton over 6 feet. And so they had really good results, but the gold price then was like $200 an ounce and everybody was looking for low grade heap leach. And so, you know, it just has been kind of forgotten about. And so we're glad to be the ones to be bringing it back to life. And, you know, we're seeing, you know, 30 feet of 5 grams, you know, across tunnels. And so if we can duplicate some of our drill results into the sulfides and get those same type of numbers, I think we're gonna be in great shape going forward. And all indications are that if it's in the sulfides it's going to be along the strike as well. And on all the other parallel fractures and there's tons of them across this district, many of them unexplored. So it's going to be a really exciting drill program and ongoing exploration camp here.

55:52 Gotcha. Must be interesting being sort of the first, I mean, you have deep Wyoming roots, but being, forging new ground in establishing this as an exploration play, you know, explaining the story to institutions and retail and trying to explain what's going on. That's a challenge. But then at the same time, there's an opportunity where I guess you don't have a huge amount of competition for picking up interesting ground. Yeah, I mean, there's you know, they're starting to get a little bit of competition up there now. There's some other smart geologists that are picking up lands. And that's great. You know, I think, I think the more people we can get to figure this out, the better. And you know, eventually, hopefully, we'll be able to have some synergies and consolidate the entire district. We have a large portion of it right now.

56:39 And so, you know, if we can prove our concepts and and and prove that this is going to be a district play, I think it's gonna get really exciting really fast. Warwick, I'm just gonna end with one more question for you. When we were all chatting before this call started, you said you'd just been on a marketing trip and you were talking about sort of the reception that you got on that trip. And of course I want to bring that up because I started with summer doldrums. It can feel pretty boring out there. There's been 1 or 2 questions coming in about marketing exploration stories these days. Yeah, do you want to just give some comments on what it's been like marketing and sort of what you're seeing out there as you take your story on the road? Yeah, I'm happy to. I'll even back it up just a little bit from that, but I'll keep it tight and succinct.

57:25 Look, for some time, American Pacific traded sideways for around 7 months, and it was essentially stock dynamics. The stock had run up, the financing had come free trading, the stock that we paid for the asset came free trading, and the stock traded sideways. And I knew for some time that we needed a bit of a spark. And we found that Michael Gentile, when he came and invested in the company, he's opened an awful lot of doors for us, and the company's done well since. We're gonna backfill that now by drilling and getting out and aggressively going after these assets and we're excited to do that. What we did find upon going to Toronto, I was in Toronto last week, the doors to the institutions were open. A lot of guys wanted to see us. All the investment bankers that we either knew from the past or got introduced to on our way to this trip, full rooms, 10 guys in a room and 15 guys on Zoom who weren't comfortable coming in. But the doors were certainly open. The institutions, the smart money is looking. They're looking at stuff that is where you've got to be that $75M mark-up or above to get that institutional interest.

58:26 You have to have that liquidity. American Pacific's trading 1 million shares a day now. So we've got that liquidity. We've got that following. For those companies, the doors are open. Those guys are forward thinking and they're looking ahead going, yeah, it's summer dollar trends today, but if this is the type of thing I can get invested in now, I'm going to see it do well come September, October, et cetera, as you well know. So yeah, it's happening. I mean, it's coming. I know people have been frustrated with some of the juniors, but believe me, from a guy in the seat, yeah, the junior stories can change very quickly and can grow rapidly. We've seen that over the course of years and I think we'll see that again and again. And there you go. I mean, I think that's a great place to wrap it up. I mean, like Warwick said, it wasn't very long ago that he was the $10 million company and that has changed significantly in the last few months. And then both Visionary and Lakewood are just earlier stage stories. They're both pretty new stories, just getting started on their exploration journey and so it depends what stage of the game you want to jump in at.

59:29 One of the things I love about the metal space is that there's good opportunity at all stages of the risk spectrum. You just have to decide as an investor which stage is the right fit for you. With that we've been on the line for an hour so I want to say thank you to Warwick and Morgan and Wesley for participating today and thanks of course to the audience for listening, for sending in questions and if you want to get a hold of any of us we are all very easy to track down on our various websites or you can contact 6 here and they can put you in touch. So with that, thanks everyone all and we'll see you again at another show soon. Thank you Glenn. Thanks guys. Bye.