Introducing Arizona Eagle Mining

0:04 Good morning, good afternoon, or good evening, depending on where in the world you're signing in from today. I did see a couple of time zones, so I really appreciate everybody's time today. I've got with me Kevin Reed, CEO of Arizona Eagle Mining, to give an introduction to the company. Kevin, how are you today? I'm doing very well, thank you. Awesome. So for those already following the Arizona Eagle story, please do sit tight for a presentation. It won't be too long. I've got some follow-up questions for when he's done that brief presentation. So please do stick around for those. This is also an interactive event. So there's a chat button at the bottom of your screen. You can press that at any point during today's event to ask Kevin questions. We'll try to get to as many as we can. If for whatever reason I don't get to your question, it's way off topic or it doesn't quite fit with today's event. I'll still make sure the Arizona Eagle team gets that question. They can get back to you shortly after.

0:52 I see for the folks just popping into the room, there's a chat button at the bottom of your screen. I know a couple of folks just came in late. One last piece of housekeeping. This is a recorded event. It will be available for replay around 2 o'clock Eastern, so quite soon after the event loads up. But I'll make sure that that gets right into your inbox. It'll also be on Six's YouTube page. Last boring thing I'll say before we get to the good stuff, as I will note this event will feature some forward-looking statements. But otherwise, Kevin, I will say the stage is yours. If you're able to share screen, let me know. Otherwise, I'm happy to do it on my end. If you could do it on your end, Romil, I'd really appreciate it. Yes. Sounds great. Okay. Well, thanks everyone for joining me today. My name is Kevin Reed and I am the CEO of Arizona Eagle Mining. And Before I get into the project, I'll tell you a little bit about myself.

1:37 I am a Canadian. I was born in Ottawa. I grew up in Kingston, Ontario, where I went to Queen's University and studied geological sciences. I graduated in 1995 with an honours science degree. Then I went to work in the field across Canada, working in Manitoba, Saskatchewan, BC, Northwest Territories, Sudbury. So throughout Canada, doing primarily mineral exploration for Gold, Silver, base metals and other commodities. So that's my background. I went back and did an MBA in finance at the Schulich School of Business in Toronto. And when I graduated in 2000, I went to work at CIBC World Markets covering base metals and gold companies globally in the equity research mining team at CIBC World Markets. And from there, I went to work at an investment banking where I spent the vast majority of my career, approximately 20 years, working for a company called GMP Securities, which was now Stiefel and Maxit Capital, primarily focusing on mining M&A.

2:43 And that led me to this opportunity, this past producing high grade Gold mine in Yavapai County, Arizona. This is the opening slide. This is the team here. This is the directors we've assembled. Mark Pace, our chairman, also a Queen's grad, mining engineering background, also in equity research and has been involved in the founding of mining companies as well. I've mentioned myself, Don, who has a legal background, extensively legal background and provides a regulatory framework and permitting framework to our board. Mike Pilmer has an extensive business background in Canada, working with the Astronik Group as well as various others in a management in very senior management roles and Rick Vernon, also another director who has a also a Queen's background and an MBA from Southern California. He worked in investment banking for many years and is another valued member of our board.

3:48 And moving to the next slide, please, Romeo. Our capital table. So this is really important. I do want to point out to the listeners here and the viewers is With my background in investment banking and geological sciences and mining and our team's engineering and capital markets expertise, we approach this company much like an investor, well exactly like an investor would. We reviewed many, many dozens of projects over the past 5 years, and this is the one that stood out. This was the deal we would do if we could, and it always boils down to is a deal possible?

4:34 Can we come to an agreement with the seller? That makes sense. We spent a number of years doing due diligence. I'd been to site twice before we'd struck a deal. And we approach this as investors. So not only are we management, but we are the largest shareholders, the insiders in management, are the largest shareholders of the company. We own 54% of the company and we've invested as a team nearly $6M. We haven't taken salaries. We are heavily aligned and we see this

5:18 as a significant opportunity to make a return on our capital. So that's why we're here. We're here really as investors, but we're also management. And we're also here to steward the company to create value for shareholders. So we are heavily aligned. In fact, I've seen as an investment banker, there were very few companies that I saw in my 20-year career that had such significant insider ownership. We think that's extremely important. Next slide, please, Romeo. Now, this is a picture of the mine that we've acquired. We've acquired the McCabe high-grade past producing mine. Arizona, high level, Arizona had a metals rush, a Gold rush, much like California. In fact, it was after the California Gold rush that many of the prospectors went to Arizona looking for Gold and they found it. And as we know, Arizona has become a very meaningful, if not one of the most meaningful Copper producers in the last 100 years.

6:18 This is a picture from the 1050-foot level at the McCabe mine, where it was in production. So just very quickly in the early 1980s, Gold had, as most of you will remember, Gold had a significant move from coming off the Gold Standard in the early 70s, from approximately $35 an ounce, it spiked to over $800 an ounce. So what this team did was, this is the Stan West team that went public on the NASDAQ in the early 1980s. They went and they consolidated this district to a certain extent, but really the focus was this McCabe mine, which we've acquired. They sunk a shaft immediately, did very little drilling from surface, only 10,000m from surface. And they sunk a shaft down to initially the 800ft level, but they extended the shaft to 1,450ft.

7:15 This is a picture from the 1050-foot level of the McCabe High-Grade Gold Mine. This is a snapshot of Arizona Eagle and what we've done. First of all, we've acquired what we believe is a very strategic high-grade Gold mine, the McCabe Gold mine. It's a past producer. It's on private ground. It's something that we know that we can permit. It has a high-grade historical resource of 11.7g per tonne. I will point out that that resource is from feasibility work that was done in the early 1980s by a very well-known consulting group out of Toronto. The work was very high quality.

8:02 So after recoveries, after mining processing and metallurgical recoveries, the grade was 11.7g, which means the head grade, the implied grade, is closer to 15g. It also includes an additional resource, the historic resource, which is at 877,000oz. It includes an additional 5Moz of Silver in the historic estimate, which is not 43,101 of 70g per tonne. So We have the opportunity for meaningful Silver credits as well at this project. But what's really interesting, what really brought us to the project was, well, as we approached this as investors, because we invested a significant amount of capital into this company, is number 1, it's high-grade.

8:55 Number 2, it's on patented private ground. It's been permitted and therefore we expect that we can permit it again. It has multiple parallel structures that are very similar to McCabe. And I'll get into the resource upside, but really what it was and what it is, is it's high grade. The infrastructure is phenomenal. It's off a paved highway.

9:20 It has a power line running through it. It has water. You can drive from the Phoenix airport and be at the historic shaft in under 2 hours. So infrastructure is really like grade. Although this is a high-grade Gold mine, we have the benefit of excellent infrastructure. We don't need to build roads into remote areas. We're not working in the jungles of

9:46 South America. We're not working in the Andes at extreme elevations. So we're in a very, very mining friendly area. It's got a history of mining. In fact, this is the reason these towns exist, is because of mining. And we have, we believe, incredible upside, which I'll get to in a minute. So, again, we approach this company as investors. We are owners and we put our money where our mouth is. So much like investors are looking at this story, we are heavily aligned And we've gone through the process of due diligence and checking the boxes to ensure that we have the opportunity and a really good opportunity to have a significant return on our investment. So just very quickly, the symbol is AZEM on the TSXV.

10:35 And the last financing we did was a private round and that's about 7 months ago, was done at $1.20. And I believe the shares are trading in that range today.

10:49 So This is the historic estimate that I'm referring to. This was done in the 1980s. I will also point out that 60,000 of these ounces, of the 877,000oz, have been mined. They have been extracted.

11:05 What happened with many of these projects back in the 80s and early 90s is declining Gold prices caused many of these assets to shut down. This asset ultimately ended up in Magma Copper in 1993. The mine was closed down and was held by a company called Magma Copper. Magma Copper was spun out of Newmont in 1987 to monetize essentially their Copper assets. Magma Copper went looking for a Gold project. So the Newmont geologists went looking for a Gold deposit and this is the asset they acquired. Ultimately, Magma Copper, which was among the top 10 Copper producers at the time, was acquired by BHP.

11:55 BHP, as we all know, went to focus on Escondida and building out a world-class Copper mining company. And this Gold project ended up in private hands where it sat for 30 years until we struck a deal. And we struck a deal when Gold prices were sub US$3,000.

12:15 And now, as we all know, Gold prices and Silver prices, for that matter, have improved dramatically. This is a snapshot and we've added to this. This is our land package. You'll see a lot of numbers and it may be difficult to see here, but it's in our presentation on our website, ArizonaEagleMining.com.

12:39 All the blue ground you see is BLM ground. In addition to the 300 acres, which we still are updating. We've been in the process of acquiring additional private ground and we continue to do so. We've assembled approximately 300 acres of private ground. The mine was built on 10 acres. And we've really been acquiring ground where we see the structure. So in these types of deposits we're looking for structure. Structure tends to carry Gold and precious metals. And that's what the McCabe mine is. It's a mesothermal deposit. It was formed during the Cretaceous as structural mountain building events were taking place in North America, building the Rocky Mountains, for example.

13:27 And these hydrothermal fluids were being pumped through for thousands, if not hundreds of thousands of years and being deposited in these structures. That's what the McCabe Mines orogeny is. And what we've done also is we've gone through and we've sampled a lot of the ground sampling structure and you'll see there is a lot of grade on our project. We have a lot of structure. We have a lot of grade. We have a historic resource. But the idea here is, even though it's almost 1 million ounces at 11.7g,

14:02 We have an incredible starting point, but that is a small fraction of the structure that we've assembled. We've assembled many kilometres on private ground. In fact, approximately 7 kilometres. But we also have many additional structures that occur on the BLM ground. What this is, what we're looking at here is a long section of the McCabe deposit. You'll see there's the Gladstone shaft, the McCabe shaft. Those are the historical shafts that were sunk in the early 1900s. But you'll see the Sooner shaft. The Sooner shaft was the one sunk by Stan West, which was a public mining company on the NASDAQ. And it went public in 1980. That was the shaft they sank down to 1,450 feet. And now we, I previously showed you a picture from the 1050 foot level.

14:53 So this, what we've done is we've been able to take over 1,500 data points, both from channel samples underground and drill results, underground drilling, and we've put them into our model. You can see the underground workings, you can see the shafts, and you can see where we have a grade. That area is essentially the historic resource. But what I'll point out is that historic resource is over approximately 800m of strike length and down to a depth of 400m. Now what we know is that these projects, these types of deposits, they were formed over up to 10km in depth.

15:40 We believe there's an opportunity to extend this resource at depth. And as you can see from the arrows, we believe we can extend the resource along strike. Now, this is just 1 structure we're calling the McCabe structure, where the historic high-grade Goldmine is. The opportunity is to expand it. But it's also not just to expand the McCabe deposit. We also have many structures that have similar small past producing mines on parallel structures that we also intend to explore. Next slide, please, Romeo.

16:11 This is a zoom in plan view of the McCabe and the Gladstone, the area, plus some of the structures to the north, what I'm talking about. You can see the little pickaxes to the north of the McCabe mine. Those are small past producing mines on a parallel structure to the McCabe. So as you can see, we sampled it at surface and we are seeing high-grade gold,

16:37 silver at surface, surface expressions on top of not surprisingly a parallel structure to McCabe. So it's open not only on strike and depth, it's open in parallel structures. To the south, we've zoomed in here. This is away from to the southern portion of the property, away from the McCabe deposit. Now, just a little bit of geology briefly.

17:09 The geological history, and this is going back a long ways, initially, you had a submarine environment where VMS deposits were formed. This is a well-known VMS district. What we're noticing is VMS targets. Now, this is not why we acquired this project, But as a result of our staking and our sampling, we've noticed grades as high as 28% Copper and outcrop, almost an ounce per tonne Gold, as you can see here. And we're not surprised by that because approximately 3 miles as a crow flies, there is a past producing high-grade Zinc and high-grade Gold mine called the Iron King mine, which was mined to a kilometre depth. That produced nearly 1 billion pounds of Zinc and nearly 1 million ounces of Gold down to a kilometre.

18:03 So a very separate geological system here. This is a submarine VMS, as you would see on National Geographic, the black smoker under the ocean type of environment, depositing minerals, Copper, Gold and Zinc. But this is primarily what we're seeing here. It appears to be, and it's on a conductive body, so it appears to be, we're calling it our Copper zone. It has potential to be a VMS target. Now, this is a separate geological environment from how the McCabe structures, and we're calling the precious metals structures,

18:41 those are Cretaceous in age. And again, much, much younger than these. These VMS deposits were formed well over 1 billion years ago in the Proterozoic. Very different environment, submarine environment. The precious metals deposits that we also have, the geological formation of these are from the mountain building events. And you had hydrothermal fluids pumping through these faults and these fractures in the rock. And then they would precipitate out in the form of Welsericite, calcite, silicification. And those are the mineralogy and the geology we're looking for because in association with the Gold and the Silver and the other precious metals that are being deposited, you see those types of geological signatures in the structure.

19:36 We're drilling for structure. We're looking for this type of alteration, solidification, chloratization, these types of signatures, because they are heavily associated with sulphide minerals as well. Hyrite, pyrite, and sphalerite that host the precious metal deposits. I hope I didn't get too complicated in the geology, but I'll be happy to answer some questions on that should there be any.

20:06 This is just a summary of what we put together. Again, it's a high-grade Gold resource. The recovered grade after mine dilution and processing recovers was 11.7g per tonne, which would put us in the top quartile of any Gold deposits in North America. It also has 5Moz of Silver at 70g per tonne.

20:30 It's a past producer, so it checks the box for us as investors, not just as management, but as investors looking for a return. We want a project in a place that not only has phenomenal geology, phenomenal upside and great infrastructure, we want to know that we can put it in production. And the fact that it was in production as recently as 1993, only closed because of low Gold prices. We believe that we can, and certainly in the political environment And the scramble, it seems that many nations are in for Gold and base metals. We believe that we're in the right environment, political environment, to potentially put this back into production. But first, we want to show that this thing has expansion potential. And that's really where our shareholders will benefit. We're confident the grade is there. We have 14 past producing small-scale mines on our project.

21:28 On the over 7km of structure just on the private ground I mentioned. We have 10 times the ground on BLM as well to explore, but just on our private ground, we have 14 small shafts, the Sooner shaft being the deepest. Infrastructure second to none off a paved highway, You can drive from Dewey Humboldt to the shaft. Dewey Humboldt is essentially across the road. You can drive there in under 20 minutes. And again, back to the scale, we have many, many kilometres of the structure and also it's open at depth. As I mentioned,

22:06 the project could go deeper than a kilometre. I don't think that would be unreasonable for a mesothermal deposit to be deeper than a kilometre. It's only been tested to 400m And we have economic grade at the deepest level it's been explored. So open on strike, open at depth, high grade, past producer. And we only recently just started trading. We started trading last Tuesday. The story is not known. I've only done a few of these types of videos. So it's really about telling the story and letting potential investors know what we have and why we think there's a significant upside. I think that's the last slide, Romy, if I'm not mistaken.

22:53 Oh, is that it? Okay. Thank you, Kevin. Awesome. Thanks so much for the presentation and folks in the room, thanks for joining. I should note, just because there's quite a few of you, there is a request meeting button there at the bottom. If you want to talk to Kevin or the team at Arizona Eagle, please press that request meeting button at any point during today's event and I'll make sure I connect you with your

23:15 team afterwards. Kevin, I got some questions for you if you don't mind before I get into some of the ones that were sent in in advance over email, if you don't mind. No, of course not. Awesome. Now I know looking at the team, I think management's obviously as important as the project, I would say most of the time, Sometimes more important. And the team behind Arizona Eagle reads like a who's who from Arizona Metals Corp, which I know went from $20M market cap to $700M. I'd love if you could just share how this group came together, what you personally saw in the McCabe Mine opportunity and why this team decided to get the band back together in Arizona? Well it's really relationships. Mark and I have known each other for a long time. Mark and my brother worked together for I think 15 years. So these are deep relationships. And We've worked together and we all are on the same page of what we want to see in a project. We're all on the same page of we need to be heavily invested with our shareholders.

24:14 We're all on the same page there.

24:18 We'll work well together And we all want the same things. We want to put ourselves in a position for success. And that's really why we continue to work with each other. And we were able to find this project. It took a lot of due diligence. It took a lot of stone turning, if you will. There was many projects we looked at and

24:44 95% of them don't meet the criteria. And so, yes, we put the band back together for what we feel is a very special project. Awesome. I appreciate it. I do want to get into the project specifics. I know you touched on some of these, but I think it's helpful to reiterate. I know the McCabe mine has that historic resource estimate of 877,000oz of Gold at 11.7g per tonne and 5Moz of Silver at 69g per tonne. So by almost any standard I've seen, I think certainly for everybody watching, those are exceptional grades. But I'd love if you could help just People get some context in the room, for people who aren't familiar with the project. Could you put those numbers in context and explain really what makes the deposit stand out to you? What makes the project stand out is its high-grade nature.

25:30 The head grade is closer to 15g per ton. It has Silver credits. We know historically the mining widths were in the 4, this is what based on discussions we've had. I want to be very clear here, this is not 43-101, but I do want to provide some anecdotal

25:49 context where I can. There was a feasibility study done on this in the mid-1980s. There was that work done. But what really stands out is it was in production. It was producing high-grade Gold. We know there's more there, simply by the fact that we have all these shafts that have been sunk all over the property. So they were sinking Shaft on very high grade. It hasn't been subject to modern exploration. And what really gets interesting for us is, you know, they were mining, the cutoff grade on this mine was done at 6.8g per tonne Gold. Now as you know, most mines in North America aren't even mining 7g.

26:38 So there was our resource, our historic estimate, I want to be clear, our historic estimate was done at a cut-off of 7g per tonne. And what's, again, this is an opportunity, is How much grade is between 2g and 7g? Does that expand the width of the resource and the hanging on the footwall? Now, again, we've only just started drilling And we're drilling in areas actually outside of the historic resource. So this would be expansionary in nature, but it's really, really early days. And when you have these assets that are so phenomenal, where someone acquires it and then immediately sinks a shaft down at almost 1,500 feet and start mining.

27:25 It tells you the robustness of the system. Now it's sat in hands, private hands, for 30 years. And what's created with the opportunity has been created for us is there's a lot of ground that is privately owned. It's like a quilt. We've been stitching together this quilt that's been held in private hands for decades and creating more of a, I want to be careful with the word district, but a consolidated, dramatically expanded land package where we can show that it has the size and the potential, and we certainly know it has the grade, to be something interesting to potentially either put in a production or to sell to a company that is looking for

28:08 a mining-friendly jurisdiction, a company that's looking for high-grade, a company that's looking for second-to-none infrastructure and access to talent. We believe, we know that's what we've assembled. And being investors fundamentally ourselves, we're looking to invest in those type of things. And they're very hard to find. And when you combine it with the fact that management owns over 50% of the company by writing millions of dollars in checks to fund our company, we know that we are unique in certainly in this Brownfield exploration space. Great, no, appreciate that context a lot. One thing I want to talk about- Maybe give me a little more Romeo than you asked for. I may- Oh, hey, I always love- I'm here to answer a few more questions.

28:55 No, all good, I'm a more is more person. And honestly, it's helpful to reiterate, I think sometimes. One thing I do want to talk about is the historic resource. I often poke fun at my clients whose feasibility studies are at 1,800 Gold because they were however many years ago they did them and they're in development. Historic resource here was calculated at $360 per ounce Gold which obviously is a real fraction of where Gold price sits today, even after the pullback from January. How should investors think about what this deposit could look like when you reevaluate it with modern economics, modern exploration techniques, etc.? Grades king. Grades king. Infrastructure is king. So When you're looking at an operation and you're looking at it as an investor, what am I looking at?

29:42 What's exciting for us, and this is why we did the deal, is it's high-grade, which means low tonnage. Low tonnage means low CapEx, just by nature, just compared to anything else. If we're 1,000, for example, 1,000t per day mine, the CapEx for that is much lower than, say, a 20,000t per day open-cut mine. The capital is just a fraction. So what you're really looking at is all else being equal, high-grade, exceptional infrastructure. What that really boils down to is return, because the amount of capital required to generate that return by nature is lower. And the other thing is when you're mining high-grade, it means fewer tons, which means your costs are lower. So, again, we don't have a feasibility study and this is not 43-101, but based on the historic estimate of it being a high-grade deposit and the infrastructure, which is off a paved highway in a mining-friendly area of Arizona, What that means for investors is all else being equal, the return should be better.

30:54 I appreciate that. I do want to go into the past a little bit because this does reflect some of the questions that we got over email. So it kind of ties in nicely. I know McCabe produced 60,000oz in just 2 years in the late 80s, but then it shut down, leaving, obviously, as we talked about today, the vast majority of that resource. So what happened exactly then? Why did production stop? And what's different now that makes this restart credible and exciting for investors? Well I can tell you, we've gone through the information we could find. And when I read the 1984 and 1985 Stan West annual reports, They tell me what happened. And it's what happens in every mining cycle. They acquired the mine when Gold prices were frothy at US$850 an ounce.

31:41 Their Feasibility, again, this is from their annual report, and I would encourage you to do your own due diligence, but the Feasibility said US$200 cash costs. And that was in the 80s. What happened? Well, in their annual reports, they say mining interest has dried up. So what happened was they'd sunk the shaft and they're going for it. They're drifting, they're opening faces and creating stope opportunities and drifting and capital, capital, capital, capital. Gold prices rolled over from $800 to the mid $300. So now we're talking about a mid $300, in fact, lower Gold price environment and the dollars for this type of investment evaporate very quickly.

32:31 And so what happens is they, you know, give me a little more context. They do what many companies I've seen do in my almost 30-year career is when the equity dollar dries up, they go looking for what they can get. And typically that is in the form of debt. And nowadays it's much more prevalent as streams and those types of royalties. But so what they did is they went and got debt. And then when the money ran out, they ultimately lost the project, which is where Maegma Copper came in. The Newmont geologists came in and said, this is an exciting project. They bought it. Gold prices remained low and it was bought by BHP.

33:14 Without getting into too much of the context of a call like this, essentially what happens is what usually happens is underfunded, the dollars go away and the asset is strained and stressed because they don't have the money to properly develop it. Now, our plan is, well, number 1, it's to explore. Our job is to show that there's more here and maybe and hopefully a lot more here. And the grade is good. And there's opportunities for us to show value that hasn't been illustrated in the past. What can we do? What's the low-hanging fruit for us? The low-hanging fruit is lowering a cut-off from 7g to, and this is not 43-101, and I don't have the technical qualifications to provide 43-101 details, but I know from the context of other high-grade mines like this, the cut-off grade would be more in the 2g per tonne range, and that's in the public domain.

34:16 What is the opportunity for us to lower the cut-off? All the Gold that wasn't 7g didn't make it into the historic estimate. So how much more Gold would there be if we lowered the cut-off to 2g? So there are those opportunities. That's pretty low-hanging fruit. And then what we can do is we can punch holes outside the resource, say, well, it's not just here, it's here and it's here. And what you get in these mesothermal systems, we know we have the structure and we know the structure carries on because we've mapped it. I mean, that's Our geologists have mapped it. We've done geophysics on it. We know the structure exists for kilometres from just where the resource is and where they mined. We know that we've got parallel structures because we've mapped them. We've done geophysics. We know there's grade. We know there's historical shafts.

35:03 For us, it's show the market that this has much more potential than simply the historic estimate. The exciting thing again is it was so high grade that all they did was sink shafts. They would, you know, and this is early 1900 stuff and our thing as well. They would just sink a shaft and go mining it. What it hasn't had is a thoughtful, modern day exploration program across it. So we've got many, many kilometres, more than 7km if we include the BLM gram, it would be many, many, many kilometres. So this has, you know, I don't want to be careful with the word district, but it's an expanded geographic area that we have with many structures and many of them carry Gold.

35:51 How much could be here? And when we can show the market that there's more, and we believe we can, but again, it will be subject to the drilling, then that's where the value happens. And that's where our shares, as well as investor shares, should benefit. No, it makes sense. And like you said, beyond McCabe, you've got what, 12 parallel and conjugate structures within that 5km range. Most of which, you're right, never seen a modern drill bit with surface samples running up to 138g per tonne Gold, 740g per tonne Silver. My question, this just speaks for strategy of the drill campaign. How do you prioritize where to drill across, I'll use the word district, but a district that big? And what's the exploration strategy for the structures outside of McCabe? Well, McCabe, let's start with McCabe.

36:38 The McCabe structure that we've assembled is many kilometres. Okay. So you kind of start where you have them. You start where you have the mine. At the moment, we're drilling adjacent to the historic resource estimate. We're starting there in areas where we believe we have a good chance of expanding it. We would continue to do that and that would require a lot of drilling. We're talking about a scope of 100,000m just on McCabe, depending on how much detailed drilling you want. Right now we're not filling in historic resource.

37:24 We are showing the intention is to show that it grows. The parallel structures, it would really depend on where we're at with McCabe, how many drills we have, how much funding we have. It's typically funding based. I mean, we'd love to test them, but if we're hitting and hitting and hitting and McCabe is giving us a lot of joy and everyone's having joy out of that, we would focus on that and leave the other ones probably till for a later date. Great. One question came on email and I had it too. So that's very convenient. I want to talk about the Eagle Copper Zone for a second because it's a fairly different story altogether sitting on the same property. You've got that kilometre by kilometre VTEM anomaly, over 2km of undrilled strike and surface samples grading up to 27.6% Copper and 653g per ton Silver. What's the geological model there? And how does a potential VMS discovery fit into the overall vision for the project?

38:21 Yes, I will go over the geology just briefly. These VMS deposits are very separate from the McCabe structurally hosted precious metals deposits. We've got 2 different things happening, as you rightly point out. You're very clear about that. And you're exactly right. The VMS deposits are protozoic. They're 1 billion, well over 1 billion years old. This is under an ocean, black smokers spitting out, you know, volcanics, violets, andesites, and sedimentary deposits, essentially, under the ocean. And these copper and these fluids, rock-forming fluids, and so on, have Copper and Gold and Silver. Those are formed well over 1 billion years ago. It's a submarine environment.

39:13 You fast forward to the Cretaceous is only by geologic time, it's not that long ago. We're talking 70M years ago, essentially. So dramatically younger than 1Bn and 0.5 years. That is the structurally hosted. That's when the Rocky Mountains were formed, plate tectonics. That's when these structurally hosted precious metals deposits are forming. Very different environments, different deposit types, but the VMS deposits are known to be quite robust. In fact, that's what the Iron King mine is 3 miles away. We believe, our geologists hypothesize that we could have a Copper zone within the same VMS type environment.

40:04 And as you rightly point out, it's hard not to be, you know, this is surface samples. It's hard not to get excited when you see 28% Copper at surface. But, you know, I don't know what's there. I mean, I want to be clear. I mean, it's great to Armway. We do have lots of grade and we have coincident geophysics that line up. Totally separate from what we bought this project for. But with all this ground we've acquired, we have these other targets that, you know, on their own are very exciting. Great. Let me switch from GEO, which I appreciate you letting me grill you on, but get into the dollars and cents for a second. Because I know what stands out in the cap table and you very rightly, I think, pointed out on the actual page itself, is that management directors own 54% of the company on the 3 year escrow. So real, call it beyond skin in the game, there's flesh in the game for you guys here.

40:54 But the share counts also pretty tight still at 49 million and you got 4 million in the Treasury. So a couple of questions if you wouldn't mind. How far does that cash take you? And how are you thinking about financing the next stage of exploration without blowing up the share structure and becoming one of those venture stories? Okay. So we are fully funded for this 4,500m drill program that's currently underway. So we are funded for that. So Our job is to see where that takes us. We often get asked, what would you do next? Where would you drill? We have to keep in mind that we're learning also, right? We're testing areas that have never been drilled and what we're going to do is, as the picture evolves, right? As the drilling evolves and the results come back and we do have some other targets that we're really, I can't get into every detail here, but there's some other targets that we're really excited to drill.

41:53 As excited as we're drilling here, but at the end of the day, you've got to pick a spot and you've got to go. We only have 1 drill turning. Our intention is to add another drill this summer. To answer your question, the first question is, we intend to complete our fully funded 4,500m drill program and see what comes of that to put the next phase into place. And how would we finance it? I mean, as with any exploration company, we would sell shares in our company. And how many shares would we sell and how do we prevent this company from becoming another highly diluted story? We're not forced to issue shares. I mean, the board of directors and we have, I've shown you, we have very qualified business people and we're all heavily invested.

42:46 And myself as a CEO and our chairman are 2 of the 3 largest shareholders. So if the market isn't paying us to drill, we don't have to drill. I don't need to go out and issue 25M shares at some price I'm not comfortable with. I just don't. We want to always make our shareholders money. We want to price deals where our shareholders get a return. Obviously, we want that to happen. We know we have to leave some on the table and that's what we want. So we don't have to. And also we're surrounded by folks that we could keep this company going. We don't take salaries. I mean, there's no need. We're not diluting our shares so I can get paid. That's not what's happening here.

43:35 And I know there's a lot of companies that the management doesn't own anything. The board doesn't own anything. So they're OK. Well, I got to get paid my 300 grand next year. So I'm going to go out and issue 60M shares at $0.10. And I see that happen all the time. But those people are in line with shareholders. And obviously, our intention is to finance at the appropriate levels and fund the appropriate programs that can create the right amount of value so that everyone has a chance to win here. It's a pragmatic approach. It's a thoughtful approach and it's a shareholder-first approach. First and foremost, our shares are what matter. The shareholders matter. Sure, the project's important and we want the project to have a tremendous amount of success, but first and foremost, shareholders come first.

44:31 That's it. At the end of the day, the shareholders are, that's where our fiduciary lies. And we're aligned. And as you should be as a public company, as you should be in a game like this, where it's risky, for sure. I mean, There's geological risk. You just give yourself the best chance you can. And how we've done that? We know we've got a historic estimate. We know it was in production. We've got many shafts on our project. We're on private ground. We're in a place we know we can permit. It has been permitted. Its infrastructure is second to none. What we're doing as investors ourselves is putting ourselves in a place where we have the opportunity to have success. Let's do all that work ahead of time before we stroke our checks. Let's do our due diligence.

45:18 That's what we've done. But shareholders come first and that's shareholders today and future shareholders come first. And we'll do our best to protect them and to create great value for them. I appreciate that perspective. And like I said, 54% you're past skin in the game, you're into limbs, etc. So, yes, definitely. We have a lot of skin in the game. And this is here to make the shares worth more and protect the shares. We have to protect the shares. And because markets, there's a cyclical market. It's going to do, you know, It ebbs and it flows. And we are cognizant of that. Having started the business in 1995, I've seen a few cycles. And sidetracking here a little bit, really the last cycle in 2004, when things really kicked off, that cycle ran to really 2011, 2012, with a huge correction in 08, but it snapped back very quickly.

46:10 And what we're seeing here is it kicked off in a big way with Gold prices surging. And fundamentally, I don't, you know, yes, it's had a great move and but we can make a lot of arguments that Gold has been undervalued for a while and then Gold hasn't got the investment attention it may be deserved as a result of, you know, digital currencies and so on that have taken certainly buying dollars. But what we're seeing here across the board is a fundamental shift into these hard assets. And it's happening at state and government levels. I saw France is repatriating its Gold from the US. What you're seeing here with all these major countries is they're buying Gold.

46:57 These aren't flippers. This is long-term planning that's happening here. And I'm very happy for it. We're very fortunate that we've assembled an extremely high-grade Gold mine in a mining-friendly jurisdiction that has a tremendous amount of upside. So we're really happy about what we've put together. I appreciate that. And yeah, on the macro, the only countries I know that are selling Gold are ones kind of actively at risk of being bombed. But the Other central banks pretty happily, hungrily buying it up. I'm going to zoom out a bit before I go to some of the questions from the audience. Because I know you've got a lot of experience, obviously. You spent 20 years in capital markets on banking advisory side. Now you're on a board role here. When you look at Arizona Eagle from an investor's perspective, What's the value proposition to you at current market cap sitting on a resource this size with this much exploration upside in the jurisdiction of Arizona, which like you said, infrastructure, I mean, you're next to highway. So what do you see as the investor's perspective on the company?

48:03 Well, Being one of the largest investors, what I look for in an exploration story, of course we have a historic estimate. We've got a mine that was in production. There are many shafts on our property, 14 in fact, on just the private ground that we've assembled. Investors are looking for the same things I believe I'm looking for, which is again, back to great is king. I'm not looking for grassroots exploration, you know, and investors do play that game. But we're starting with many, many past producing shafts all over the project. We know with a high degree of confidence, again, this is not 43-101, but you don't sink a shaft if there's not grade.

48:54 We know that there's a huge opportunity to expand the historic estimate. That's really what's exciting. From a value, again, I'll allow your listeners to do their own due diligence to seek out 12g per tonne Gold deposits in a mining-friendly jurisdiction. That list is really, really short. The valuation, a company like this trades on a typically a per ounce basis. I would have the viewers do their own due diligence on what they view something like this is worth. Our last financing was at $1.20, as I mentioned. I participated, I put $400,000 of my own money in the ledges in the last financing, as did my fellow directors.

49:46 In a $4,500 Gold environment, we feel that our valuation is supported by what has been developed in the past and based on what we've read in the public disclosure with respect to this historic estimate we have. We feel that our valuation is well supported by that, but we also have 7, 8, 10 times the exploration potential on what we have. From a valuation perspective, I think we're good value here. It's hard for me to say what the drills will return, but it's our job simply to do the best we can with what we know. We have phenomenal technical expertise in the form of our geos and also our drillers, proven track records. You can see from the work that our technical people have done in putting the historic estimate together. You know, Ben's been done a phenomenal job on this by looking at all the different pierce points and locating them in space and creating this model that we can use for our targeting.

51:04 And there's been a lot of good work done by really good people. Great. Appreciate that. I got one question that came in over email that you have already sort of gone over it. So if you want to do just a kind of highline version of it, That'd be great. So we can get to the last 2 questions. But somebody wanted to know, again, went over it, so just reiterate, what's the expansion potential of McCabe beyond historic resource? So again, McCabe, the resource is over about 800m of strike length and down to 400m. So what we've assembled is just on private ground, not including the 4,000 acres of BLM ground, let's just stick to the private ground because there's so much of it that it's enough to work on for the better part of a decade. And we like being on private ground because it's much easier to permit and all that stuff.

51:51 So there's over 7km of strike length of misothermal targeting that we have. So that would be a better part of 8-9 times the potential of just the McCabe. And that's down to 400m. So I'd also point out that the Iron King mine that's 3 miles away was mined to a depth and it was still open. It was mined to a depth of a kilometre. It was shut in the 60s, but it was mined to a depth of a kilometre. The upside potential is we've got 8 to 9 times the strike length on the private ground. And then 8 to 9 times of that has the potential to double again, or maybe better at depth. Again, potential.

52:36 We know Mesothermal deposits have the ability to go into the kilometres. It's only been tested down to 400m. So there is significant upside to expand what is almost 1 million ounces of high-grade Gold and Silver. So for us, it's obviously incredibly compelling, but we have to get the truth machine on it. The truth machine has to deliver the results and truth machines cost money and it's our job to deliver. That makes sense. Name of the game. I got 2 esoteric questions from the chat that I'll throw at you before we wrap today. First one, people love to make people talk about politics. It's everybody's favourite hobby. But somebody wants to know if the midterms could impact anything about this project. So I assume at this stage they mean stuff like permit timelines, etc. Do you foresee a change in the midterms and what that could mean for the project?

53:30 Well, I'm not going to opine on politics. I will simply say that Arizona has a 150-year history of mining. We're on private ground. Even though the politics could change, there's a rule of law with respect to mining and certainly with respect to private land rights. I don't think there's any fundamental, even if the party changes, we still have a rule of law. And so it doesn't really matter to me. Of course, who's in office now? It's very pro-mining. But it's not a necessity for us.

54:18 It doesn't change the fact of what we have and is ruled by law. It's one of the advantages of those first tier jurisdictions. You don't have to worry about a change of government. Throwing off the whole show, It's one of the nice things. And the last question I'm going to ask you, I apologize in advance, pure crystal ball gazing. But somebody wants to know, likely price of Copper by end of year. I'll throw in, where do you think Gold's going from here? Again, total crystal ball gazing. But just what's your perspective on both commodities during the course of this year? Well, I'll deal with Copper first. Copper is supply and demand. So I guess the question is, it's always tied to economic growth. So I'll let you, I know I'm not here, I'm not going to pick a price on where Copper could go, even though that was my job back in the equity research department. It was our job to pick prices. But if you want to keep it simple and high level, will demand outstrip supply?

55:21 And what does global growth look like over the next couple of years? And you can make arguments for both cases. There's been a lot of limited exploration. Apologies for the phone ringing. There's been a lot of, you know, there's been a dramatic decrease in exploration dollars. So mines are getting lower grade, higher costs. That's just a fundamental supply constraint. Now the question is demand. Well, we're seeing a lot of chaos and destruction in the world, as everyone knows, and that requires a lot of metal, sadly, to be used. So you can make an argument for demand to go up. And this may frustrate your viewer, because I'm not going to give them a fundamental like, you know, it's $7.

56:08 This is what you do when you want to evaluate what you think about high level, like, do I want to own it or not? What's your view? And at the end of the day, you have to have your view. You can't rely on someone else's view. What's your view on demand and supply? But there's also an argument here where oil prices are going up a lot. And high oil prices tend to put a strain on an economy and inhibit growth. There are arguments for both sides. Obviously, if I was to give a view, my view would be that I would be more constructive on price. I just see that demand is going to outstrip supply. I believe that ultimately there's going to be a lot more demand for Copper than we're seeing now. I think that it will grow and it's forecasted to grow. I think prices are constructive.

57:00 I'll shift to Gold since that was on the bucket. Gold prices, I think you kind of get 90% right if you answer this fundamental question, and that is, do you see US debt growing? So we started this journey, when I started this journey back in the early 2000s, you had even $280 gold, low $300 gold, and US debt was on the order of $2 trillion. So what you see today is US debt at nearly $40 trillion and Gold prices at $4,500. So there is a very strong relationship between US debt, money supply, and Gold. So on Gold prices, where do I see them going? Well, if the money supply and debt continues to increase, and what we've seen recently is they're asking for 1 trillion dollars, I believe, for the budget. They asked for $200 billion recently on for just the current status of the war.

58:00 So what happened is interest rates aren't abating. So what's the situation the US finds themselves in is interest rates are expensive, I guess, in the context of owing $40 trillion almost. So you have to print more money to pay your interest. And to add to the fact that you've got to spend 1 trillion plus dollars on what seems to be a much larger and more potentially chaotic situation in the Middle East. Again, I would take the view that more US debt is an almost inevitability, right? So if I believe that there's going to be more debt, then I would also be more constructive on Gold prices going higher.

58:51 And that just seems to be the way it hasn't changed in the last 30 years. I don't see. In fact, I see it getting far worse. I appreciate that. I know Dan Welton, who I had on last week from 1st Mining, said he doesn't foresee a surplus of trust, fiscal prudence or stability in the near future, which I appreciate as a line. But Kevin, thank you so much for letting me grill you after your presentation, for letting people in the audience know. Folks in the room, I'll give you one last opportunity before I close it off. There's that request meeting button at the bottom. Please do hit that if you want to meet with Kevin, Mark or any of the team at Arizona Eagle Mining. But otherwise, Kevin, thank you so much. I really appreciate once again your time and everybody in the room.