How Can Explorers Make Investor Due Diligence Easy? Feat. Atrium Research

0:08 Hello, everyone, and welcome to this panel on how explorers can make investor due diligence easy featuring Atrium Research hosted by 6. I'll pass things over to Ben from Atrium Research and he'll speak, he'll introduce the speakers and then we'll dive into our topic for the day. Afterwards we'll be accepting questions. As a reminder you can submit your questions in the chat at any point during the presentation. As always this event is being recorded and will be available to watch on 6.com afterwards. Without further ado, I'll kick things over to you, Ben, so that we can get started.

0:41 Thank you, Maxim. Can everyone hear me alright? Yep. Great, yeah. So, as Maxim just said, my name is Ben Puri. I'm the co-founder of Atrium Research. Atrium Research, it's a company sponsored equity research firm based out of Toronto. We write research on a variety of industries. I'm on here today with mining companies, exploration, development, producing companies. We do research on all of them. And then we distribute that research to a large audience. So with that today, we're again, we have on 3 company management managers here. That's Paul Pint, IR consultant for Whitegold, Duncan Roy, internal IR at Power Nickel, and Brian Standerbeg from GFG Resources. He's the CEO there.

1:34 Thanks for hopping on, guys.

1:40 And then, so just for the topics that we're going to be covering today, it's 2 main topics. So one is for issuers and management teams. So what investors are looking for in their due diligence process and how you can prepare for that. And then the second topic is for investors, how to do a good due diligence. And I came up with a sort of a unique acronym that helps that go through that due diligence process to make sure you're checking all the boxes when digesting a specific story. So before we get into those 2 topics, I'm going

2:16 to ask the 3 panelists to talk about their specific company. So with that, Paul, I'm talking about Whiteboard. Sure. Thanks, Ben. And thank you, Maxim at 6 and Ben at Atrium. And thanks, everybody, for joining. Just quickly on- Paul, are you there? Sorry, I'm- Yes, yeah, I'm here. I think Max, I think you guys can all hear me. I know Ben, you have a little bit of a, yeah, just a little internet thing there. But yeah, anyway, thanks everybody. Pleasure to come here and talk about White Gold. As Ben mentioned, there's going to be a bunch of boxes to check on the companies. And I think they invited the 3 of us here because I think our 3 companies certainly are going to check the boxes that investors are looking for. With white gold, just very quickly, white gold is based in the Yukon, just south of Dawson City, about 95 kilometers. It has the largest land package in that area of 350,000 hectares, or just under 900,000 acres.

3:15 If you aren't familiar with the area, about 125 years ago, that's where the Klondike Gold Rush was.

3:25 And in the year since then, over 20Moz of Gold have been plaster-mined out of the riverbeds, etc. In the area. And just over 20 years ago, a very famous prospector named Sean Ryan thought that the Gold's got to come from somewhere. There's no glaciation there and it didn't fall out of the sky. So he took to some soil sampling and very quickly discovered the coffee deposit that I'm sure you're all familiar with that went from Kamenak to Goldcorp for $520M in 2016, and then off to Newmont. And there's over 2Moz there. And he also discovered the saddle, which is our main deposit still within White Gold. It did go through a few hands, Underworld and Kinross, and then White Gold got it back from Kinross. And so what you'll see is that there's a main deposit here of over 2Moz of Gold in the white Gold or just Gold in saddle deposit with lots of exploration upside, outside of that. And I'll talk to that as well, but it's over 2Moz at 2g plus

4:28 and the main deposit, that's all open pit at surface and in the discovery zones. And I'll talk a little bit about Betty as well, which is a new discovery a few years ago. And we're hitting holes of 50 meters of 3 and a half grams right from surface. There's 2 holes of that size. There's 9 grams over 20. So there's some really good expiration upside here. And the groups behind this Power 1 Capital and then of course Agnico and Kinraj as main shareholders, Power 1 Capital, they're a project generator. So the whole idea here is take a project to a certain

4:58 level, return that money to shareholders through some sort of monetization and then go on with Explorer code. So I think you'll see that we'll tick all the boxes as we go forward and go through this and talk in more detail as we get to the bulk of this and exercise. So I'll pass it on there. I think I took out my 2 minutes, thanks.

5:19 Thanks Paul. And then Duncan. Yeah, great guys. Thanks very much for having me on today. So Power Nickel is, I think, a pretty exciting story out of Quebec. We're just outside the town of Namaska. We're right off of Main Highway. We've got a power station right across the street. Ideal situation. We have a significant battery-grade nickel deposit on our property. We've got a 43-101 showing north of 7 million tons of battery grade nickel and Recently, we've put out a number of results on part of our property that we call the Lion Discovery. It's about 5 and a half kilometers away from NISC, Maine and we've had world-class platinum palladium numbers that we've been releasing.

6:12 Very lucky with the drill bit. We've had 15 of 16 holes hit on this lion discovery, all with fantastic grades. We put out 4 holes so far, so probably another dozen more to come in the next little while. We're 200 some odd meters wide open in all lengths,

6:36 and we're down about 300 plus meters. It looks like it continues to go much further. We've had some fantastic work done by our Geo. He's a guy who did a lot of work for Goldcorp

6:51 on one of their big discoveries. So very, very good geologist, very helpful. And we have some other assets in British Columbia and Chile. We're spinning those off into a private company. It's going to be an interesting exercise. We'll announce the start of that shortly. And we think that's going to catch the naked short community in a bad way. Our CEO, Terry Lynch, also looks after Safe Canadian Mining. And that's a pretty interesting endeavor right now, which I think all people would be pretty excited if we're reasonably successful in our objectives with that group. So lots more drilling results to come, lots more news, probably every week here in the next little while. And we think we're gonna make history with our project that we've got going.

7:49 That's great, thanks Duncan. And Brian lastly from GFG Resources. Hi, good morning, everybody. Yeah, thank you for the introduction, Ben, and my peers as well. Great introduction for yourselves. TFT Resources is a Timmins focused exploration company. We're based in Saskatoon and ultimately our real strategy is district scale exploration in a very well endowed belt like Timmins. So this has produced

8:17 upwards of 150 million ounces historic production and current reserves and resources. When we look at this belt, TFC holds about 800 square kilometers of ground and 3 main large-scale land positions, 2 of them relatively early stage, Panandore And the Gold Arm property east of Timmins has 2 more advanced projects in it. One of them being the Montclair system and one of them being Eljo. And over the last 3 years, we've drilled about 8,000 to 10,000 meters per year. So That's ultimately driven some pretty good news flow from the company. Results have all been very positive in terms of near surface, high-grade mineralization. Some of this stuff being 4, 6, 8, 10, 20g per tonne. Good grades that could float within a pit shell.

9:05 And we're also exploring a depth on particularly at the Montclair target where we've seen some very good step-up results in our last round of drilling published in Q1 of this year. That hole was drilled last year was about 5g over 15m. Very nice looking intercept. So with this company, a US$20M market cap company, I think we're a really strong team. We're focused on advancing Montclair and Alzo through to critical mass. And I think that's very achievable in a district like Timmins. We have lots of infrastructure around us, a long history of mining. And I think as much as anything, great prospectivity for future discovery and growing deposits. We also hold an asset in the US called Rattlesnake Hills and we're in the process of divesting that and we hope to be able to come with to the market with some clarity around what that transaction may look like in the coming month or so. So that's a brief introduction to GFT resources. Thank you.

9:59 Great. Thanks for that, Brian. So diving into the first main topic here, and guys, please interrupt if I do skip out, I can hop off my camera so it might be a bit more clear. But diving into the first topic, as I mentioned, for issuers, companies and management teams, looking to sort of discover what an investor looks at when they go on your website and try to do their due diligence. So of course, I've looked at hundreds of companies being a mining analyst in the past and currently, And I don't have time to look at 3000 different companies. And so I need a way to sort of narrow that down. And so I like to say that there's 3 levels of due diligence to do on a company. First is the high level. Next is the medium. And then of course, the deep dive.

10:48 And that's where you're going to ultimately make that investment decision. And so as a management team with your website and all the material that's out there on your story, you want to make sure that you're able to check off each box for investors. So have some for the high level, have something for the medium, and then the deep dive. And so I'll break these down. So high level, This might take 5-10 minutes of due diligence. Go on the company website, you can look at a few main things. This is for myself at least, a fact sheet, looking at a deck, giving it a quick scroll. And that's where I'm quickly narrowing down the first, let's say, 100 companies that I'm looking at, I'm narrowing it down to 25 pretty quickly just by doing this 5 10 months of due diligence.

11:39 And so as a company management team, you wanna make sure you are making sure on the very first page of the website that you're ticking all these boxes and making sure you're attracting that investor right from the get-go. Then the next is medium. So once my interest is peaked from the high level due diligence, I dive into maybe a 30 minute to 1 hour level of due diligence. And that's where I'm diving into the deck at a deeper level, of course, looking at the specific asset, where is it, so on and so forth. That's where I would start diving into the acronym that I'm going to introduce when we talk about the second section of this of this call. Recent news up to a year back I'm looking at deeper dive into the company website as I just mentioned. Even research coverage is something that I would tap into in that first 30 minutes to an hour. Research coverage is very useful in having that sort of third party opinion of the company, seeing the valuation of the company, again, from a third party, comparing it to its peers, so on and so forth.

12:50 Even webinars like we're doing today and YouTube videos can take place in this sort of medium level of due diligence. And then the third sort of deep dive of due diligence, This can take a couple of days. This could take up to a week, maybe even 2 weeks, depending on the company. And within this, again, we want all of this information to be available on your website for investors to find. So scouring the website, third-party reviews, research coverage, once again, is very important. An initiation report can be 25, 30 pages, very, very deep dive into the company and that's valuable when an investor is looking to go into that level of debt. Retail message boards is another one that I personally like to hop on just to see the commentary from the generalist investor.

13:42 Another form of deep dive is talking to management. So Paul and I spoke about this yesterday, but of course management, making themselves available to investors is critical and having those conversations, being able to answer specific questions that they may have. And then the last one, and I don't want to knock CDAR, but I do think that the platform is very difficult to find certain documents these days. And so making these MDNAs and financials available on your website can be quite valuable when someone's looking to simplistically and efficiently do their due diligence on your company. So just to summarize that, there's 3 levels of due diligence, high level, medium, and deep dive. The high level, this is, Again, you need to have that sort of key to capture that investor's attention, making sure they go to the next level of the building.

14:39 And then of course, the deep dive, making sure that there's no holes in the data, all of the drill data there, for example, if they're being exploration company specific and making it all available for them to find easily and efficiently. So that's sort of the first topic and we can touch on that if you guys have any questions. But then diving into the second topic and this is where we'll get you guys more involved is for investors and how I personally go about my due diligence process in making sure that the company checks all the boxes and there isn't a hole that could ultimately make it a not so good investment. So I came up with this acronym. It's called AMCO. A-M-C-C-O.

15:27 It doesn't flow very well. It just sort of works with the letters that I use. So A stands for assets, M stands for management, C stands for catalyst, C the second C, which you I'm sure didn't know is in there, stands for capital structure or cap table, and the fifth is ownership.

15:48 So breaking each of those down, I'll do quickly, and then I'm going to ask each rep on the call to dive into each specific letter of this acronym. But breaking down A for asset, is the asset high quality? Of course, that's of utmost importance, excuse me. The ways to sort of check that very quickly, talking about the jurisdiction, is it in a safe jurisdiction, strong government relations, can you get permits in this specific area? Another is surrounding peers. Are there people that have mined gold in the past? Are there operating producers right now that are just neighboring your property? Or are there none? And if there are none, that might indicate to you that you wanna dive a little deeper, why is there no one else in the area?

16:41 Infrastructure and accessibility. In Canada, this is a big one. A lot of these projects are very North, difficult to get to, there may not be power, there may not even be roads. And so you want to look into that. Of course, there are projects that have been built that had 0 infrastructure in the area, but Maybe they need a little bit more on the quality of the exploration potential versus an asset that's close to infrastructure. Diving a little bit deeper on the asset, of course, looking at the early stage exploration that they've done, diving into the geophysics, soil sampling, etc. Slightly further advanced projects like most of the companies we have on here that have drill results. You can dive into how to interpret these.

17:28 I personally like gram meters. So you're multiplying the grams per time and that's specific assay times the width or meterage of that of that intercept. NetGovView is sort of a good way to compare project to project. I'm not going to dive too deep into that as it's fairly complex. But nonetheless, there's a whole bunch of different ways to digest and understand whether an asset is good or not. But that's the first one of this acronym, AMCO. And of course, I believe one of the most important. The second letter is M for management. So is management good? How do you check that? I personally believe experience obviously is very important. So has the company run exploration companies in the past? Have they done it successfully or not?

18:21 Have they sold a project in the past for a significant amount of money? And so that track record is very important. Another thing I'd like to look at is if the management team does not have a ton of experience, are they doing what they say they're going to do? So you can look back in press releases from the year before, they talk about their plans to drill, explore, whatever it may be. And then you look at present day, have they actually executed on those specific tasks? If they haven't, I think that's slightly a red flag, and you should dive into it a little bit more. If they have, that's great. They know what they're doing. And they're going to actually execute on what they say they're planning on doing within the next year. And the last sort of part on management I like to look at is are they incentivized for the stock price to go up? And what I mean by that is do they own shares in the specific company that they're managing.

19:17 I think this is a good sort of breath check to look at because if the stock price goes down, they're sharing in that struggle, but they're also highly motivated to increase shareholder value as they're a shareholder themselves.

19:34 The third letter is the first of the 2 Cs, which is catalysts. So is there meaningful upcoming news within the next year? And what's important here is if the stock has no news, no news flow over the next year or very little, there's gonna be that many fewer opportunities for an influx of cash into the stock and ultimately the stock increasing in price. So I believe if you're looking at buying a company, make sure that they're gonna have a steady news flow over the next year. The fourth letter is the second C, so that stands for capital structure or cap table. So what does this mean? What does the capital structure look like? A big thing that I like to look at is warrant overhang, as warrants can provide somewhat of a lid on specific stocks when they're on their way up.

20:26 Happy to dive into this more offline, but a good rule of thumb that I like to look at is warrants and options shouldn't be more than 30% of the fully diluted share account. Anything over this you can be slightly concerned. It's not the end of the world, but it does provide a little bit of downward pressure on the stock if it's on its way up. Another aspect that we like to look at is liquidity. So is this stock liquid enough for people to get into the name? And what I mean by that is many of these funds and institutions, they might be buying a million dollars, $2 million, $3 million of shares. And in order to do that on an illiquid company is very difficult. Not to mention getting out of that company for whatever reason they needed to liquidate that ownership.

21:16 If it's very illiquid, the stock could crater by them selling that amount of shares. So we do like to have a certain level of liquidity in a specific company to ensure that these institutions can actually get involved. And when they are involved, that you know, they're not going to dump the stock and it's going to drop 50% if for whatever reason that institution needs to get out of the name. And then the last letter of the acronym is ownership. So O for ownership, who are the shareholders? Are they high quality shareholders that want to own a stock for 2345 years? Or are they shareholders that might buy today, sell tomorrow, that you might not be as interested in having within your shareholder base.

22:05 So that is the acronym. It is AMCO, A-M-C-C-O. And what we're going to do here is now bring on Paul first from White Gold. And he's gonna talk maybe 20 to 30 seconds on each of these 5 acronym letters. So with that, Paul, do you mind diving into A for assets? And if you forget the letters,

22:30 feel free to interrupt and I can key you up for management, catalyst, capital structure, and ownership. Sure, no problem. I will try to be as brief as possible. It's a great big asset. So let's start with A, for asset high quality, absolutely. And let's start with jurisdiction. Again, I mentioned the Klondike and the Gold Rush. There's been mining in the Yukon for over 125 years. It's an incredibly favourable mining jurisdiction. It always ranks in the top 10 of jurisdictions in the world for that. The government is behind it. The relationships with the Indigenous are very strong as well. And so from an asset standpoint, it is fantastic. Is it accessible? Yes. Currently, the White Gold deposit, you can access it right from Dawson City with about a 20-minute fixed-wing aircraft, also a helicopter. There is a road, it just takes a little longer. I'll get to the road in a second, but it is going to be built.

23:30 Thinking about neighbors, we have Newmont just south of us. Again, we're about 90 kilometers south of Dawson City. And if Dawson City was built on the back of mining, the only reason it exists is because of mining industry. Newmont got the green light from the government for development in 2022. And as part of that, there's going to be a road built right through white golds property, right through the golden saddle property right up to Dawson City. And so accessibility is only going to get better and power that's in discussions right now with the BC grid. And so as far as again, the asset goes, look at the neighbors. Newmont, the casino deposit is right there. That's Western Copper and Gold. And just a reminder, coffee was discovered by Sean Ryan, as was the Golden Saddle, which is now ours. Coffee, of course, sitting in the hands of Newmont. So that's on the asset. I think it checks the box more than most, for sure. On a management side, I started with Sean Ryan.

24:24 Sean, a very famous prospector from the Timmins camp, moved over to the Yukon and just south of Dawson City, again, just over 20 years ago, and very quickly found what was the coffee deposit and shortly after Golden Saddle. Can you make money off of someone like Sean Ryan? Yes. The coffee deposit was in the hands of Kaminak and then sold in 2016 for over $500M to Goldcorp. And then Goldcorp was taken over in 2019 by Newmont. As you all know, the Golden Saddle deposit that we now have was Underworld Resources that was bought about a year after it was discovered by Kinross. They bought Underworld and then Kinross rolled that asset into White Gold in exchange for shares. From a management standpoint, you've got Sean Ryan involved. The CEO is David D'Onofrio.

25:13 He's been involved with the Power 1 Group for almost 20 years, since the inception or shortly thereafter. They have incubated and grown several companies in the mining world. Just to name a few, Collective Mining is there. So they've had ample success and numerous success of both generating the asset, building it, putting in the right shareholder base and then monetizing that asset. I think from a capital markets side and from a management side and from a technical side, you have all

25:46 the pieces of the puzzle in place. You have a very experienced Senior Geo and Terry Brace as well. I know I'm going a bit over the 30 seconds, but Catalyst, we've got a new mining program, drilling program just starting in the next few weeks. Is it going to be Newsy? Yes. And from past examples that I gave you from drilling success, this company has had exceptional drilling success, not only building up Golden Saddle as the main deposit, but I did mention just along the Coffee Creek Fault, just east of where the coffee deposit is, is the Betty property. That's where the first drill hole went in from surface. It's 50m at 3.5g, which is exceptional grade, and followed that up with another one of just about that grade over 53m. I mentioned there was a 9g over 20m.

26:32 That's going to be exciting to see what exploration comes out. There's going to be some more in Betty, but also in some of the other areas. This is a very large land package, so the company is making sure that they stay focused on their initial resource, which is Golden Saddle, and then Betty, and then some small exploration just to make sure that the company continued to do what it wants to do, and that is generate the project, monetize for shareholders and move on with the next Explorer Code. There's a lot of land package here to do that with. From a capital structure, there's 170M shares outstanding. We certainly check the box on 0 warrants. So your percentage of warrants that you take up to 30, we have 0. There's just over 9M options. So very, very strong capital structure in here, no warrant overhang whatsoever.

27:20 And then if we want to talk about liquidity, certainly this company trades liquid enough that if anybody wants to get in and out, like any small cap, some days are a little quieter than others, But we're going to be very newsy over the next 6-months again, 6-months plus. So I think that you're going to see some pretty good volumes in the stock, not only because the Gold market has to get better, as we all think it will. Gold prices have been hitting new highs and it will pull back a little bit now, but

27:45 I think there's going to be some good activity in 2024 into the Gold equity space. You want to make sure that you're checking all these boxes when you do invest because there's a lot of companies to choose from, as Ben said. Last on ownership, the ownership of this management, starting there, Management Insiders, just under 20%. Agnico Eagle, which came in right at the inception of White Gold because they love the land package, they love what was there, they're just under 20, they're at 99 actually, and they're very actively involved in the company and there to help financing whenever is required. It's always a good thing for a company, particularly in junior mining, to make sure that if you do need capital, which all junior mining companies do, that I'm not going to say it's easy, but it is much easier when you have a very large shareholder that's as supportive as Agnico and also Ken Ross at 14% or just under 14%.

28:39 So you know, whenever you go to raise money, you already have a number of that raised. I mentioned management's at just under 20%. So that is management insiders, that's very,

28:50 very good for an ownership structure because management is aligned. It's not big fat salaries that are gonna make the money. It is equity going higher, which we all hope that will happen this year. So I think I covered off all of the AMCCO that is required and I'll turn it over back to Ben to introduce the next group.

29:15 Thanks Paul. Duncan, you are up next. You have all the acronym letters there. AMCCO, the first is ASSET.

29:35 Duncan, were you able to hear me there? I just introduced you. You can kick it off with Adam. Our asset is a pretty significant one. It's a major nickel discovery. We've got a 43-101 out on it. We put out last year showing 7.2 million tons of battery grade nickel. We've got all sorts of goodies there. Cobalt, gold, platinum, palladium, you know on top of the nickel lead, etc The location of this is is just nearly perfect We're as I said before we're right beside a major highway route nor We're about 7 miles away from the town of Namaska.

30:22 There's 4 mines within 100 miles of where we are. We have a Quebec hydro substation across the road from our property. We actually have hydro lines across our holdings, so very convenient for infrastructure. We have great relations with the Cree Nation. Their headquarters are in the town of Namaska. We utilize their services for all sorts of different areas. So that's a very strong positive. And go from there. So we won't get into our other areas that we're spinning off.

31:07 But NISQ is just sort of an ideal location. And another aspect too is it's in the province of Quebec. We've got 2 for 1 financing that we're able to go do there, which we've taken advantage of, especially charity flow-through deals. So very, very, very convenient. What is the next area that we wanna look at? Ben, sorry. Management. So more entrepreneurial group. So Terry Lynch has been in the public markets for a number of years. He's had some good successes there. So we We use Ken Williams as our head geo.

31:56 He, as I mentioned earlier, had some great success with Rob McEwen's Goldcorp way back when he was one of his key geologists. We're a pretty lean and mean company. We use outside groups like GeoVector for a whole bunch of our geo work and drilling work. These guys are quite good. Myself, I was in the capital markets as a broker for over 30 years, so I truly understand how this world works, what guys look for, what guys need, able to talk to brokers in their own language, which is important. So that's our group.

32:42 We've just brought on a new advisor on the Geo side. We'll wait till we make a formal announcement to present his name, but he's one of the top Geos in the world out of Australia.

32:56 He's viewed as just the top guy in the world, especially with the Aussie miners. A big track record of success. We're happy to bring on guys who are experts and can really help us figure out all this stuff we have in the ground. Next subject.

33:19 Are we looking at catalysts? Yes, catalysts. No shortage of catalysts for us. We'll be putting out drilling data steadily over the next couple of weeks and months. As I said before, we've got this platinum-palladium discovery at our Lion Discovery area. So we've put out 4 holes so far. We've got another dozen to come out. You'll see stuff coming in that area every 2-3 weeks. We'll be resuming drilling up there in about a month. We're going to have drilling results all throughout the year.

34:06 We will be announcing more drilling results from our NISQ main property where we were looking for Nickel. Investors can look forward to that. We have 2 partners that are really key guys on our world. One of them is Fleet Space. So they do ambient noise tomography, which is the use of sound for discovering what is underground. It's very neat technology. So we'll be putting out news from them. Our second partner, perhaps more key, is a company called CBMR. CBMR is probably the foremost metallurgy and refining company in the world. They've got 18 joint ventures around the planet.

34:56 We'll be putting out a metallurgy report that they are producing That's probably out in the next week. And in June of this year, we'll put out a feasibility study, which CVMR actually paid for. And that's going to be a pivotal key event. There's groups in Saudi Arabia, United Arab Emirates, Korean battery manufacturers. They're all keen to be our partners. And with the publication of that feasibility study, that gives them the launch pad to potentially come in and do deals involving ownership or offtakes. We'll have that. We're announcing a spin out of our non-core assets and that should be coming out again in the next couple of weeks. So it's just constant news flow from us and significant stuff.

35:52 We're pretty keen on how people receive this stuff and we think it's going to help drive our stock to new highs, which is what investors want. And sorry, on the next section is? Yep, no problem. Is capital structure or cap table? So obviously We published this on our website. So fully diluted, we're 216 million shares out. We've got 42 million warrants that average around 27 cents. And we've got about 11 million options, roughly the same price level. So I would note that most of the financing in the last while have been done predominantly by our management group, friends and family.

36:46 So while there is a lot of warrants out, there isn't much of a trading hangover that you would perhaps normally have. So that's a key thing. So Looking at significant shareholders, the Management Board own 14%. The Stern family owns 10%, one of the board members. The Lynch family owns 10%. CVMR, who I mentioned before, they're at 4% critical elements who retain about 20% ownership of our property. They also own 10% of our stock. And guys like Rob McEwen are in for about 1 and a half percent. We've got some key institutions out of Montreal, BT Global and Palos.

37:41 They own 6 to 7 percent of our company. Expect to see a couple more names. I think I could say Robert Freeland's on board here at this point too, and he's pretty keen on owning more of us. We'll see what happens with that. So some solid shareholders. In practical terms, there's another 25% of our stock that's held by a very small group of maybe a dozen investors. And that ends up leaving the sort of public practical float at about 50 million to 60 million shares. So we're averaging about a million and a half shares a day. So no problem if you want to get in or out, price determines, right?

38:31 And off you go from there. Have I covered everything off now? Yes, yes you have. Thank you for that. And then last but not least is Brian from GFD. Starting with A and A. Thanks very much, Ben. And my peers as well. I'll take a maybe modestly different approach. And personally, I kind of think of management first, and so I'll just make it MAKO, as opposed to Amco. So when we think about, for me, management and investors, you invest in people. So when we think about GFT as a team, you can look at our board, you can look at our executive team, and we've been part of some really strong success stories in the gold business, running gold resources and taking that through a successful transaction and it's all the steps along the way. So making a discovery, translating that discovery to production, the production, translating the free cash flow and obviously then finding the right peer to buy us in terms of the SSR transaction that we executed back in 2016. So finding people that have a track record of creating value is to me, I thought, most important and is really the place where I start and it's ultimately where I pitched GFG as well.

39:46 Look at our board, Patrick Downey and Brian Booth and Arnold and Lisa. These individuals are all seasoned veterans of the resource space and they've all had a very strong track record of value tree creation. So management within GFG very, very strong and seasoned in the Gold business, both from an exploration all the way through to production and operation side of things. When you move on and look at the asset, and I think this is right up there on par with anything else in terms of what creates value. For GFG, we looked at this very, very keenly and I think all management does. What assets are really going to make your portfolio? Where do we go? Why do we go there? Timmins. Look, Timmins has a long history of production, very well endowed. I think of this area as yes, it has a lot of gold in the ground. It's got a good, strong history of exploration and discovery over the last exploration cycle. And that's reflective of, to me, a lot more gold to be found in a relatively shallow environment. We're not looking deep. We're looking relatively shallow under till sheets. We're very large landholders in this belt. And so when I think about our asset base in Timmins, I think about endowment, I think about how much Gold is yet to be found. I think about what it takes to be economics and we can look at a 2g, 2Moz open pit, but if it's not anywhere near infrastructure or if it's in a challenged area from a development perspective, it may well never be a mine.

41:06 Something like that in Timmins and the economic threshold in Timmins is quite modest. You can find half a million ounces at a gram and a half in an open pit. And I think there's value to be unlocked. So the asset base of GFG is really designed and was selected from an entry point, from an endowment, for a prospectivity and even a path through to sale. And you have to look at strategy. So we have 4 mills around us. The biggest of those mills is going to be Kote, 36,000 tons a day, we're really 10 kilometers, 15 kilometers from it. So the asset base that we host, 800 square kilometers, advanced projects moving through to resource and a lot more potential for discovery. This is what we hold in Timmins.

41:53 Going through the acronym C is Catalysts. This is really key for a junior explorer and for any of my peers as well. We need to be productive and newsy to generate some sort of relevant volume and interest in the story. For us as an explorer and early stage exploration gold company, I believe we need to be active in the market every 6 to 8 weeks with a news release of something meaningful and something driving interest in the story. So when we look at GFG's side of the business, we're putting out news drill results, relevant drill results every month and a half, maybe 2 months. We're running our webinars. We have good catalysts and follow-up in 2024 this year, spending about $3M in the ground.

42:39 We'll fill around 8,000m. I think there's some very good balance between resource growth and truly defining ounces that might end up in a mill. And the expropriation side of the business where we might take 25% of our in the ground expenditure and say that's true discovery drilling where we're testing new targets. Very strong catalyst through 2024 for TFT as well. The cap structure at TFT, you know, look, to me, I think this is very key as well. A word plus options for us would be running about 15%. And then you have to look at who holds them. And I think one of my peers spoke towards, you know, very long-term shareholders holding a majority of your warrants. I think this is quite key. You want your warrants to be held by long-term shareholders.

43:25 We have had a half warrant on each of the last 2 financings. We can look at the biggest holder of those, Alamos Gold, the Lundin family, insiders, big resource-based institutions. So I think it's really important to understand A, how many there are and B, who owns them and how dedicated they are to the company. So they're not creating overhang on that front of it. The cap structure logically flows through to ownership. And in an ownership piece, you're looking at, hey, how much is Insiders own? So we own about 5% of this company. Options plus equity for me would be around 10 million shares. Most of that, I think I have about 6 million shares outside of the options side of things and my cost basis in this 25 cent range.

44:14 So I put a fair bit of money into this company as have most of my peers on the executive and board side of things. Outside of management though, I think it's really key for investors to focus on those other big chunky shareholders. Are they aligned with you? Are they seasoned? Are they exposed to the belt? How they came into the structure? Were they granted the pennies in stock around or anything like this on entry points? So from our point of view, our biggest shareholders are Alamos Gold, 9.9%. They've maintained that structure through the last number of financings. We have several large retail individuals in the US that would hold each hold between 5 and 10%. They've been very supportive through our financing base. They are long-term shareholders, and they have also been shareholders through our history, back going back to cloud. And then you look at the high net worths or the fund base. So you can go look at a US Global or Gold 2000, or in our case groups like the Lundin family, very seasoned long-term investors with a good timeframe.

45:17 So I feel that, you know, from a due diligence perspective, when you look at MECO, AMCO, I think we set ourselves up very well on all of those fronts within TFT. Thank you. Thanks for that, Brian. And I don't mind the macro, Maybe I can change it. So yeah, thanks the 3 of you for breaking that down. I just wanted to do a quick recap for everyone. So the 3 stages or levels of due diligence to digest a story for management teams is the high level, medium and deep dive. The idea here is that there's going to be a whole bunch of people that go on your website and only look at it for 2 to 5 minutes. And so you want to hook them in with that first sort of high level, quick due diligence material.

46:08 That's the fact sheet, obviously a high quality website or first page of your website, deck, and so on. Then the next medium, so that 30 minutes to 1 hour of due diligence. Again, having a high quality deck with all the necessary info on there. You can start checking off some of the AMCO acronym aspects. Recent news, of course, up to a year back is typically what I'm looking at in that first 30 minutes to 1 hour of due diligence. Research coverage and some material out there from the third party as well as YouTube interviews or webinars. Then the deep dive like I said you're scouring the website This could take a couple days up to 2 weeks. Third party reviews, once again, research.

46:56 Additionally diving into the MDNAs and the financials, going back a couple years in terms of press releases, how effective was the money that they put into the ground, so on and so forth. And again, companies like myself, Atrium Research, we can do that deep, deep dive, 25, 30 pages of due diligence on these companies, and then investors can find that research on our website amongst our peers. And then for the investors specifically on the AMCO acronym or MACO as Brian likes to say, that's asset management, catalyst, cap structure, ownership. And there's one more that I left out, but typically valuation I like to look at as well. I say it's a little bit of a bonus because there's so much variance from company to company, asset to asset, jurisdiction to jurisdiction and so far.

47:53 And especially this is in the junior early exploration stage, it's quite difficult to have an accurate valuation. But that's where we can look at from evaluation standpoint, EV per hectare, EV per ounce in the ground, and comparing them to their peers. And then ultimately when we get into these developers, you're looking at PDAs or economic studies that have NPVs on the project, and you can do EV to end the year, things like that. So that just about wraps up the discussion. I think Maxim was gonna hop back on here and go through the Q&A. Perfect, Thank you all so much here. So we got a couple of questions. So first one's for Duncan here. So can you please elaborate on due diligence to determine the potential size of ore body and tonnage of the lion discovery and the potential number of similar pods?

48:46 Okay. Well, I mean, everything's published and we've put out as much stuff as we can on our news releases. But we've also had Ken Argeo on 6ix showing off a bunch of his analytical work on it. Still early days, but We're 225 meters wide on this thing, 300 meters deep and open. So, that looks pretty good. The 6IX work that he did earlier this week was, I think, pretty solid work.

49:33 The other thing that we do, and it's for everything that we do, we post all our drill results, our callers, all that sort of stuff on our website. So if you're a geo or you have the analytical abilities to really get into this stuff You can go kick the tires On us and come up with your own assumptions. So that's one thing, you know, we truly as a phrase what we'll be happy to pull our pants down and say, here's what we've got. And if people have more questions on this, then we're happy to set you up with conversations with our geologists and go from there.

50:22 We'll have analysis from outside groups as well. It's always good to have a third party kick the tires. So expect some research from Henan Partners out of the UK to come out any day now. They're familiar with what we're doing here up to the minute and they're probably one of the better shops out there in the Nickel analysis world. We'll be happy to share that with people as well. Awesome. Paul, a quick question for you. Shareholders asked in the chat what will be done in the near term to improve share price? Just looking for your perspective here. I think all junior mining companies have suffered under the same, well, mining companies in general. The equities are still equities, even though Gold's had a heck of a run and the other commodities as well.

51:19 So I think, 1, obviously we're going to be now very active again, as I mentioned on the drilling front, so there'll be lots of news coming out of the area. We're going to be doing a big site trip along with the entire region. It happens every year because Yukon is very much behind the mining space. That's going to happen. Our CEO, David D'Onofrio, is regularly doing events like this and I'll be doing them as well. We're very, very reachable. If anybody wants to speak directly to management, that's available. And I also highly encourage anybody, if they get a chance, if Sean Ryan is ever speaking somewhere, to go listen to Sean Ryan speak about how he discovered, what he discovered in the Yukon. I mean, he basically has discovered a new district. So What's going to drive the share price in here? It's going to be for all of us.

52:05 We're seeing Gold price finally, as we expected, maybe gets to $3,000, maybe gets higher, who knows? But what we really need is that money flow to start moving, not just from resource funds, but we need the generalists to start coming back into the space. And on that note, I think what companies, and I'm sure that my partners here on the call are doing this, is that we have to make sure that we get to the new shareholder base. And what I mean is the generation of you Maxim and Ben and the like. So we are utilizing all sorts of new social media. We have an internal social media group. I mean, I'm looking, you know, for me, I get a little bit lost sometimes at it, right? But you got to get at it. So we use guys like you at 6 and Bannat Atrium. And you know, we have to make sure that we are on all those other platforms out there like X and et cetera, to make sure that that next generation is seeing the news. And I think that's really where we want to target a lot of our marketing. Obviously, we want to keep doing the institutional deal with brokers and bankers. And like Duncan, I spent 30 years in institutional equity sales and capital markets.

53:07 And so, that's my job. And then the other job is to make sure that our word gets out everywhere. So, I think being Newsy, being in a great jurisdiction, all the great things we already talked about. I think it's just a matter of time. Plus, we have all sorts of opportunities for monetization at White Gold. There's a great entry point, as it is for a number of these names, but following Ben's Mako, we're going to call it that now. Thanks, Brian. If you follow those steps, I think you'll come to a company like the 3 here, like White Gold. I think that's what's going to drive these stocks and separate them from the others. Ryan, it's interesting to hear your thoughts on that topic as well, like in terms of just upcoming catalysts, like what's going to be the driver for GFG, but overall for Global Juniors?

53:56 Yeah, look, I mean, I think Paul's point on maybe The sector's challenge in terms of share price and return to shareholders has been abysmal over the last 12 to 24 months. And the frustration is that we've seen this move to an all-time high gold price and we haven't seen or we've seen a delayed move in it filtering down to the junior space. And I think there's things you can control internally and there's things that are external. And I try to focus mostly on what we can do internally. The why gold, the why now, those are all relevant points that affect us all. And I think the fundamentals are set up very well to have good returns moving forward. But where we sit right now, I think we all need to distinguish ourselves.

54:45 We need to be exceptional in this space to create interest, to create a return for our shareholders. And those winners are out there. Those snow lions are out there, those great bears. And what they've done is they've done exceptional things. So The challenge we face is average or mediocre results in this market don't move the needle. They may keep your head modestly above water. It doesn't feel great doing it. So I challenge our team, how are we being exceptional? How are we finding something that's distinguishing? And what does that mean for TFT? TFT means finding a great deposit in Timmins and being able to show this path towards that deposit ending up in somebody's mill. And either we're taking it forward or somebody else is taking it forward. So from a catalyst perspective, you know, we're constantly looking at how we allocate capital.

55:37 You know, how do we keep Newsy? How do we grow the existing systems into deposits, into resources? And how do we keep finding new ones? So it's this constant portfolio evaluation of how we allocate into our front-end targets, how do we keep bringing targets up our pyramids, and how are we giving the under-explored or the new areas of our properties the light of day to make a brand new discovery. Or is there something else that sits right next to us that makes a logical combination with us where maybe we're both just both struggling, but together there's a combination that makes far more sense from a value creation standpoint. So management teams really have to be focused on what are we doing to be exceptional these days? How are we looking for those rare opportunities where 1 plus 1 equals 6, not 1 plus 1 equals 1?

56:29 So, That's what I'm really trying with TFT is keeping Newsy, giving us a reasonable chance to make formidable discoveries in a belt where we know there's natural acquirers. But I can also understand the frustration of shareholders where at 8.5 cents, we have shareholders that are long underwater and sitting in the same boat as us with the insiders. And we've got to be on the phone talking to those guys about what we're doing and how we're creating value in the 2024 business plan. I think we have a good plan to execute and go out and do it. And that's really what we're focused on with TFT is finding that next solid deposit, next exceptional discovery, the next snow line of the world. So that's where we are.

57:16 Perfect. Thanks, Brian. So that's all of the time that we have for today. So thank you all for taking us through the Q&A and through the session there. I also want to thank everyone who submitted questions. So today's recording will be available to watch on demand in the coming days. So look out for that in the coming hours, even. And before we wrap up, just passing things back over to you, Ben, to close it off. Yeah, I appreciate that, Maxim. Thanks for putting this together. Brian, Paul, and Duncan, thanks for hopping on. Excuse my wifi there, if it was a little bit jumbly for a little bit, but nonetheless, great to hear the stories through the AMP or now Macro acronym. And Brian, I do like that. I did have in my notes and I forgot to mention it, but I often do say a management team, a high-quality management team is more important than a high-quality asset because a management team can find a new asset.

58:15 Whereas if you have a high-quality asset and a poor management team, oftentimes they're gonna fall in love with that asset, hold it for 10 years and create no shareholder value for anyone. So I do appreciate that. And again, Thank you to everyone for hopping on. And yeah, that's it. Thanks, Matt. Thanks again to everyone for participating. I hope you all have a great rest of your day. Cheers. Thank you