Mayfair Gold - Market Update and Q4 Plan

0:03 Good morning, good afternoon, or good evening, depending on where in the world you're signing in from. I really appreciate your time today for joining us. I've got with me today, Nick Campbell, CEO of Mayfair Gold. Nick, how are you? I'm excellent. How are you doing? Good, good. Thank you. Here's how today's going to work, just for the folks in the room. Basically, Nick's going to run through a corporate presentation, or a quickly abridged version of a corporate presentation, and then I've got some questions for him, but this is an interactive event, so please do enter your questions in the chat box at the bottom right of your screen. You can ask questions at any point during today's event. I'll try to get to as many as possible. If for whatever reason I am unable to get to your questions today, I'll make sure that Nick and the Mayfair team still receive those questions and they'll get back to you at their leisure. It will become attached with your email address or phone number, depending on what you logged in with. Only other piece of housekeeping, today's event is being recorded and will be available for replay probably at 4 p.m. Eastern.

0:53 It'll pop right in your inbox. It will be available at this link, but also on Six's YouTube channel under the Mayfair tab. But Nick, enough out of me. I'll let you get into the protein of today's event by starting with the presentation.

1:04 Excellent. Well, first of all, Nicholas Campbell, I'm the CEO of Made Fair Gold. I'm very happy to run through the Made Fair Gold story with you and how we're taking a different differentiated approach to unlocking the value of FENGIB, which is a Gold project in Timmins. So just caution here for looking at statements, I am going to be making forward-looking statements about the company and the project and our plans. So the FENGIB Gold project, I mean, one of the things that attracted me to this company is that this is one of the best mining jurisdictions in the world, really, which is the Timmins Gold Camp. Fengib is located 8km from Timmins. It's located 40km from the Holt Mill, which is a shutter mill that's owned by Nico Eagle. 20km from the town of Matheson, which is also the town that hosts Discovery Silver's Port Combine Gold Complex.

1:56 10km from the Black Fox Mine. This is a mining jurisdiction. And one of the things that is great about this area is that this is a pro-mine community. It's a place where you can get permits. It's a place where you have excellent people to help you work in a mine. It's the ideal location to be developing a new Gold mine in Canada. So as I said before, incredible access, incredible infrastructure. There's a highway that comes straight through the site. I've worked on mines in Africa. I worked in companies in South America and in Canada. I've never been to a company where you literally drive off a highway and you're driving directly onto the deposit. That has huge advantages in terms of your cost savings, in terms of your camp costs.

2:41 And as you can see in the area, there's a lot of mining activity in this area. This is a great place to be looking to build a mine. So the Fenton Gold project has been around for quite some time. This is an asset that was owned by Pangaea Goldfields, which was acquired by Barrick in 2002. It was sold to Lakeshore in 2012. Lakeshore did a bit of work on it. Lakeshore was acquired by Tahoe, Tahoe was acquired by Pan American. And then Mayfair, the founders of Mayfair acquired it out of Pan American. We put in 200,000m of drilling and we proved up a scale Gold resource here. A lot of people get fixated on this slide. They look at our resource and we're taking a differentiated approach to the development of this asset. So this is a sub-ground ore body. It's got an average Gold grade of less than 0.8gpt, 4.3Moz of Gold.

3:31 However, we're going to be starting this, instead of looking at a large-scale operation to start, we're looking at advancing this on a small-scale provincial permitting path. In order to go through a provincial permitting path, you have to go at 5,000t per day or less. The reason why you do that is that there's a much more well-defined permitting process if you're going through provincial permits. It's a much shorter process. We believe that we should be able to get all of our permits in place to start construction by mid-2028. But in order to achieve that, you have to start a mine at less than 5,000 tonnes per day. And so when you look at this average grade, you say, well, less than 5,000 tonnes per day, that's not a very compelling production story. However, what people miss about FENGIB is that there's a high-grade starter zone that comes right to surface. Most open pits, you get the best grades at depth, there's a high-grade feeder zone that feeds into the system and adds it deeper into the deposit, you get better grade. FENGB is unique in that there is a high-grade zone that comes right to surface. So what we're looking at doing is starting with a conceptual starter pit.

4:35 And what we're going to be doing is we're going to be focusing on all the material that's above 0.7 grams per ton. And by doing that, we should be able to put together a pre-feasibility study that has an average grade of around 1.3 to 1. So essentially we've identified a process flow sheet that allows us to get around 90% recoveries for 1.5 gram per ton material feeding into the mill and around an 83% recovery for material that's averaging around 0.8 grams per ton. So it shows that there's very good recoveries for high-grade starter zone, and there's pretty good recoveries for a larger scale operation eventually. And this is the process flow sheet that we identified before. There are some potential opportunities for us to optimize this, the recovery rates. We are looking at using a CIL versus a CIP which is what was used in that metallurgical test work.

5:20 We're also looking at adding a gravity a gravity constant trigger at the beginning of the process flow sheet. There's about 30 to 35 percent free gold in this system So we think there is potential for some slight improvement to the process flow sheet. So our pathway to getting into production is an accelerated timeline based on the provincial permitting path. If we wanted to build a large scale operation right from the get-go, the federal permitting process for an environmental assessment is something in the range of 5 to 7 years, plus another 2 years to get your mine permits in place. So you're looking, if we were starting today, we're probably looking at being 10 years out from being able to start construction. With the provincial process, it's a much faster, much more streamlined permitting process, but it has to be a smaller scale. So we are going to be releasing a pre-feasibility study in November or at the end of the year, and we will be starting the formal permitting process on January 3rd of 2026.

6:21 And based on our expectations for the permitting process, we think we should be in place to have a, basically to make a construction decision by mid-2028. And so that gives us the potential to be one of the next new producing Gold mines in Canada for a mine that can produce Gold at scale. One of the things that I've always found in the Gold space and I've been in this, the last 2 companies I was at was Artemis Gold and Silvercrest Metals, both were quite successful companies and really there's 2 ways that I see in terms of building real value in the mining space. One is through exploration and resource expansion and the other is through execution. Artemis, if you look at that success story, that was purely an execution story, and it's been one of the best performing gold companies in the sector in the last 5 years.

7:13 So we're looking at doing a similar style of approach to the operation of the FENGIB. We have a pathway that allows us to get into production quickly with less capex and less risk associated with getting into production. You turn this into a free cash flowing mine And then that gives you some optionality to look at other opportunities longer term. So there's still long-term optionality associated with a large-scale resource. There's a 4.3 million ounce gold resource that's established, 97% indicated, very well drilled off our body. But what we get to do by building this building, getting this into production quickly, is we get to create free cash flow. And that free cash flow gives us flexibility to look at potentially acquiring other assets.

7:58 It gives us optionality to potentially look at going through a federal permitting process to potentially build a larger scale operation over time. And it gives us, we should get a significant revaluation as the company goes from a single asset developer to an emerging producer over the next few years. As we said before, this is a much lower risk approach to getting a mine into production. It has much lower capital costs and the timelines to get permitted are much shorter than when you're looking at a large-scale operation. All these things are part of the reason why I'm excited and why I put my own money to work in buying the shares of Mayfair Gold. So if you're looking at relative valuation, Mayfair has been one of the, it's underperformed relative to the sector. And if you look at some of our peers, you've got Probe Gold, which has almost a $600M market cap. Probe is a great company. It's got an open pit asset in Quebec at about a gram with a 7.4 to 1 strip ratio. It's trading at a $600M market cap. You look at Newfound Gold, they've got an asset that does have the potential to get into production through a high-grade starter zone. And then there's a larger scale, a larger operation that will eventually have to go through a federal permitting process on that shows them with a no-pick-go grade of 1.6 and a strip ratio of 6 to 1. These are fairly good comps for Mayfair Gold.

9:27 We think that we actually have a more favourable permitting pathway, a more favourable pathway to getting into production than probably both of these companies, but we're trading at a substantial discount to these companies. We should be trading similarly to where these companies are trading right now. And by delivering the pre-feasibility study and showing that we can get this permitting done quickly and getting this asset in production faster than most of these other assets, we see a huge amount of revaluation opportunity over the next few years. So one of the other things that differentiates Mayfair from the rest of the junior development sector is we're heavily insider owned. I've bought a significant amount of stock in the market in the last year, including I participated in the last financing, I bought over half a million dollars worth of stock in the dollar 65 financing that was closed last week.

10:17 All of the people here have a shareholding in the company, and you can see that there's significant investors that have committed to long-term support and getting the assets into production. That includes Muddy Waters, That includes recently Oak Tree coming into our shareholder registry with the closing of this recent deal. And Nokomis Capital, Vescor, these are excellent long-term shareholders that provide us with capital to support us as we get into production. And I'm going to go back here, because I failed to mention a critical point of Mayfair Gold and another differentiator between us and the rest of the street. Most companies at our stage tend to have an exploration focus, they tend to be focused on expanding their resources. Mayfair is unique in that our technical focus, the technical bench strike for our team is entirely focused on mine execution and on mine design and on development. So earlier this year, in Broaden, Drew Anwalt to be chief operating officer. Drew is a serial mine builder. Drew has a team of people that are working with us on a consulting basis at this point in time to help us advance the project. It is very rare for a company at our size to have an established mine building team that's integrated as part of management. And this is part of the reason why we're going to be able to move quickly and effectively to turn a fair gold from a single asset developer with a subgram or body into a new, fairly high grade open pit gold producer that's generating significant free cash flow at a time when we're really in a generational

11:48 Gold price environment. So, we're very lucky to have a guy like Drew on board. We're very lucky to have that team and we're confident that we can execute on the strategy that we've outlined today. So, in conclusion, why do you want to invest in Mayfair Gold? You want to invest in Mayfair Gold because we have a scale Gold resource with 4.3Moz of Gold. That's significant Gold leverage in what is the best Gold price environment that I've ever seen in my 20-plus year career. We have an established leadership group that's integrated within the management team. We have the technical expertise to go through the permitting process. We have the technical expertise to execute on building a sub-5,000t per day open-pit Gold operation in the Timmins Gold District, which is one of the best mining jurisdictions in the world. My track record is on finance. I've raised over US$900M in equity in the last 8-years.

12:45 I've been associated with 2 very successful companies, Artemis Gold and Silvercrest Metals. So I do have a track record of being able to identify good opportunities and overlooked opportunities in the mining space. We've identified a strategic pathway to get into production. Most companies look for scale. You want to go for scale. A larger scale company wants something that has a larger scale operation in order to be worthwhile for them to make an acquisition. But if you go with a larger scale operation, you have to go through a federal permitting process. We've identified a pathway of getting this into production and getting fully permitted within the next 3-years and becoming one of the next new Canadian Gold producers. The other benefit of starting small is you have a much lower capital footprint in terms of what you need to externally raise in order to get into production. It has a much shorter timeline. It has lower risk associated with in terms of your execution risk.

13:40 All of these things are important things that de-risk the operation and unlock the value of Fengib. And it's something that we're still explaining to the market and we're still teaching the market on what this opportunity means, and how and what the economics are going to look like. And that will be truly unveiled with the pre feasibility study that's expected to be released in Q4 2025. I've already mentioned the excellent access to infrastructure. Timmons Gold Camp is really one of the best, one of the best jurisdictions in Canada and we're unique in that we have significant shareholder alignment. Management and Insiders own 34% of the outstanding shares. We were significant participants in the most recent financings and we've committed to continuing to support the stock and financing the company as we get this through to construction.

14:31 So that's a summary of Mayfair Gold. I would say that we have been underperforming in the gold sector until very recently, but it does seem like we've started to move up and start that catch-up trade to get revalued away the way that we should be in the market. But there's still an excellent opportunity for shareholders to get involved and to learn more about the story and to get it and to buy an interest in Mayfair gold and participate in the upside that we're going to create over the next 3 to 5 years. Awesome. Well, thank you very much, Nick. If you don't mind, I've got some questions for you. There's some great questions in the chat. I'm just going to run through a couple with you if you don't mind. So first of all, I know you mentioned Fenn Gibbs Unique because of that high-grade mineralization right near the surface, unlike a lot of open pit where the best stuff is near the bottom. Can you walk us through or go into a bit more detail or just plain language to the investors in the room, how this geological advantage shapes Mayfair's strategy and what it means for your competitive position in Canadian gold?

15:36 Sure, I mean, really, if we didn't have the high grade zone, we wouldn't be able to go through the provincial permitting path. And so again, a lot of investors will look at our website And part of this is just the fact that we don't have an economic say that's been delivered on the project yet. I mean, I came into the company last October as a VP of Capital Markets. I took over the CEO role in January this year and I brought you in in March. So There's a lot of work that's gone into the strategic rationale behind our approach to Fengeb, but really it's been determined based on the existence of this high-grade zone that no one had ever really looked at before. My background, again, I was with Artemis Gold. And when Artemis acquired the Blackwater mine, everyone said, well, there's not an economic way to build this. It's going to cost you $1.7 billion in order to build this. And It's kind of a similar sort of grade asset. It's just much bigger. So it's got an average rate of 0.74.

16:36 But what they didn't recognise is that there's this high-grade zone that came straight up through the ore body. And so Artemis said, we're going to take a staged approach to this, which is a brilliant way to do it if you can do that. What we know is that right now we're around a US$300M market cap company and if we wanted to build a big mine, it's going to cost you probably around US$1Bn to build a big mine, to build a skilled Gold mine at Fingal.

17:01 It's going to take you 10 years to get through the permitting process. But instead, you can focus on this high-grade zone. And this high-grade zone has an average grade of around, there's about 10Mt averaging around 1.5g that you can push through the mill at the beginning of the mine life. And so you can run the numbers yourself, but we're designing at 4,800t per day. It gives you something around 75,000oz to 80,000oz of Gold a year that you can produce with this small-scale mine. And in the current Gold price environment,

17:33 this should create a very robust operation. And what most people get fixated on is the average grade for the deposit, which is 0.74. There's a completely different economic opportunity associated with putting 1.5 gram per tonne material through the mill versus 0.74 gram per ton through the mill. It's not particularly exciting to build a 4,800 ton per day mill if you're pushing through 0.75 grams. But at 1.5, you can generate substantial free cash flow. You can use that free cash flow and then look at opportunities. You can look at opportunities to grow the company by acquiring other assets. You can look at going through the federal permitting process in order to build the eventual larger scale mine that should be built eventually at Fengim. But for us, this is a good fit. This allows us to get into production quickly. It allows us to get into production with much lower capital costs.

18:27 I would much rather have an asset that helps to pay for itself than have an asset where I have to externally finance everything. It's much higher risk. If you look at the companies that have had issues in the last 10 years on execution, they've been big projects that have 344 plus years built. This will be less than a 2 year build. So all of these things are designed to de-risk the potential to turn this from a single asset developer into a new producer in Canada. Great. I want to talk, I mean, obviously we've got that recent $40 million financing closed

18:59 and Oak Tree Capital coming in as strategic. I see, and I saw it in the deck, a very great ambitious timeline with the PFS at the end of this year, engineering starting next year, and then targeting that full permitting by 28. What are the biggest steps between now and then, and kind of the intersteps as we get into PFS, and how does this timeline position Mayfair to capitalize on this pretty wild gold cycle? Yeah, well, I mean, running any company and trying to build an asset is complicated. So there's a lot of steps. But so essentially what happens is we're going to be launching a project description shortly. That's where we basically define to the Ontario government what we intend on building and that allows them to properly resource who's going to be in charge of the permitting process for Mayfair Gold. We're going to put out the Pre-Feasibility Study at the end of the year. Again, that's an important document.

19:58 It's an important launching document for us to get into detailed engineering, which is important when you're looking at designing and properly mitigating any potential risks associated with building it. It's also something that will show the market what we're gonna do, right? So it shows that what's the free cashflow gonna be over the first 5 to 8 years?

20:15 What's the all-in sustaining cash cost going to be? What's the production profile going to be? How are the grades going to change at the beginning of the mine life? So it's going to be an important document. There's no established economic study. So that'll be a key catalyst for us. And then after that, we go directly into provincial permitting. So the idea is that January 3rd, we start the provincial permitting process. And through that, we expect to receive some permits. It'll be a bit of a, it won't be a random walk, but there's a sequence to which permits we're gonna get at which time. But we think that we'll have all of our permits in place by mid-2028. And there's a lot of work that goes into that. There's environmental baseline data interpretation review, which we've been doing on an ongoing basis. You have to go through the mine permitting process, which happens in conjunction with your, sometimes it's in conjunction with your environmental assessment and there's other ones that are gonna happen after you get your environmental assessments done.

21:11 There's a specific process on the Ontario permitting process at the Ontario permitting process level, which means that effectively we're looking at, we're gonna be doing assessments on power line, building a power line on potentially, we're also potentially looking at a road relocation, a highway relocation. And also if we need to use gensets that are over 2 megs, you have to do, there's an environmental assessment process at the provincial level that you have to do to go through those things. There's also community engagement that's important. The Abitibi and Nishnawbeg are located within 15 kilometers of our project. They're an important group that we're going to be focused on developing a partnership with to move forward on this project. You need to have community support in order to go through a quick environment, a quick permitting process.

21:58 And then there's also the financial aspect of things. So with $40M in the bank, it gives us some flexibility to also look at exploration. We have a Southern block

22:08 which is within 5km of the project area. It has never really been properly drilled. This block is on trend from the Porcupine complex, which is on trend from the Porcupine complex with Discovery Silver Owns. It's on trend from Brave Fox and Black Fox with McEwen Mining Owns. It's on trend from the Stellar assets that they have in place. And it's on trend from the Holt Holloway mill complex, which is owned by Agnico Eagle. So this is a prospective block of property that has never been properly drilled before. Now that we have $40 million, we can consider a potential exploration program. We haven't made a determination in terms of how big that program will be, or even if we are going to be drilling that program, but it definitely gives us the flexibility to do some targeting work and see if we can find something that's in proximity to the mine that we're gonna build. Because if you find a 250,000 ounce discovery within 5 kilometers of mine and it's higher grade, that's a significant value creation event for Mayfair Gold. If it's an independent asset, 250,000oz isn't going to be worth very much.

23:09 But for us, it can be worth quite a bit. So it gives us flexibility to move forward and do all the work that we need to do. But really the sequence of events is going to be the pre-feasibility study at the end of the year, leading into the start of permitting activities, ongoing negotiations for impact benefit agreement with the Abitibi Initiative Act, ongoing engagement with other First Nations in the area, and also working with the local community to help make sure that everyone knows what we're doing and ensure that we have a very time, a very streamlined permitting process to get our permits in place by mid-2028. Great. I do want to press you because I know you said with cashflow, there's a number of items you can do, but looking beyond that initial high-grade operation, as you said, you got the 4.3 million ounces indicated and the potential exploration upside. So how do you personally at this time, see Mayfair evolving?

23:57 Is this a story investors should think about maximizing a single asset, building a broader platform in the region, and what role does cashflow from that initial operation play into it? Well, I mean, in every company that I've been a part of, cashflow has always been an important determinant of value. Right? So, And the way that it tends to work, and everybody knows the Lausanne, I mean, not everybody knows, but most people that are familiar with the mining space know are familiar with the Lausanne curve. And so effectively what you're trying to do is you're trying to, and if you look, you can look at Artemis. Artemis got a valuation of, I think, around $5 billion, 6 to 9 months before they started producing a single ounce of gold. So they started to get valued as a producer in advance of being an actual producer, right?

24:43 And that tends to be the case for development stage assets and emerging producers, provided that you can stick the landing, provided that you can execute well, right? So we're designing this to be very executable, right? It's a small, a sub 5,000, a 4,800 ton per day open pit is a small open pit. It would be huge underground mine, right? But it's a small open pit. So this will be the smallest open pit that Drew Anwal has ever built. And he is a serial mine builder. He's built mines all over the world. But the point of that is not that it's small. The point is that it's manageable. It's something that we can manage. We don't have to build our own access and infrastructure. So that reduces the risk associated with us getting this into production. And so if you can build something and get it into production effectively, and roughly on budget and roughly on time, you tend to get a premium valuation in the market. And I can't give you numbers in terms of what the potential cash flow is, because I don't have an economic study to support that. But I can tell you that those numbers are gonna be out in the next couple of months. And based on a 1.5 grand per ton ore body over the first 6 years that it can have produced at an average rate of around 1.5 grand per ton, there is a huge amount of free cash flow that can be generated from that asset.

26:06 That free cash flow gives you flexibility. That free cash flow allows you to pay off whatever debt you need to use to put the asset into production. It allows you to buy back shares and you get a better cost of capital, higher share price, which allows you to look at other opportunities. There might be regional opportunities that you can look at. There might be opportunities to get together with another mining company because as much as we are starting at a small-scale operation, scale is important and liquidity is important. And the more liquid and higher scale of a Gold company that you can produce, and if you can diversify your production over multiple assets, you're becoming a less, you're becoming a more liquid, less risky company. You'll start to get included in indexes and you'll start to attract a different kind of investor. Right? Our scale of investor, we have some very high quality investors. We have Oak Tree and Muddy Waters in our story is a huge advantage that we have over other greeners.

27:00 These are guys who have fairly deep pockets that can support us and have committed to supporting us through a production, right? So that's a huge advantage to have that amount of investor support. We had that at Artemis when we had Ryan Beatty, who was there, he owned 27% of the company and he committed to helping to fund the equity component that was needed to get that asset into production. That's a huge confidence booster to get an asset into production. So by turning this into production, instead of getting valued at a developer, which obviously you're gonna get valued at a discount to producers, You start to get that producer out multiple, and that gives you flexibility to either build this into a larger company, or you're showing what can be done, and you're proving that the asset works. And that creates an opportunity for somebody else to acquire you to look at the longer term opportunity associated with Thank You. Great, that makes sense. I'm gonna jump to, there's some great questions in the chat. So I just wanna make sure we get those people heard before we jump off today. So JFL noted, when will the starter pit be active? And I think this person's probably been burned before he asked you have a plan to have any ounces hedged or all at the current gold prices.

28:07 So we don't have any answers hedged. We, I mean, and so I'll say this, you know, they did hedge some production at Artemis. And when they announced the hedge, it was considered brilliant. And now that hedge is way under water from where it was before. But we don't have any hedge and I would say, we're definitely open to hedging some production, especially for the payback period. So, and again, I can't tell you what the payback period is because I don't have an economic study to support that at this point in time. We'll have that information out in November. But the plan is to have this permitted by mid-2028. And then you want to sequence the start of your construction with the freeze up. So in the wintertime, because the ground conditions are better for doing certain kinds of work during the freeze up. And that allows you to get your facility sort of built and up running so that you can start the different kinds of work in the summertime.

29:02 We want to get this done in a fairly tight construction timeline. And the idea is the shorter the construction timeline, the less inflationary pressures build up, the less exposure you have to capital cost overrun. So that's how we're trying to design this mine. I can't tell you exactly when the pit's going to be in production and I don't ever want to be accused of misleading investors, but I can tell you the target is to get production in 2030.

29:28 Awesome, thank you so much. One question from the chat, you have already touched on this before, but no harm I think bringing it up again. Brandon asks, any roadblocks anticipated for permitting? Who are the major community groups in the region that Mayfair is currently dealing with? So the most, I'd say the group that we're, have the most, the highest degree of focus on is the Abitibi Initiative. The FENGYI project is within the traditional territories of the Abitibi Initiative. This is a nation that has multiple impact benefits agreements in place with other producing assets. We have an impact benefits agreement in place with them for the exploration work that's done on the project. And we're very excited to be working with this group. We view them as partners and potential assets as we move forward on the project together and try to create a positive outcome for everyone in the area. There's the town of Matheson, which is located 23 kilometers away from us.

30:31 It's possible that we could end up locating our camp. There will be a camp on site, but it will probably be located off site. That might seem a little confusing. It is a little bit of a confusing comment. But the point is that you don't need to build a camp on the actual mine site, which would be more expensive. You can build a camp in Matheson, which is 23 kilometers away. That is a short commute to have a camp. If you look at Black Fox and I think the Stellar guys, I think their camps are located outside of where the actual mine is located. It's cheaper and it also presents the opportunity for people to live at home and work on sites, right? Which some people are gonna wanna do and some people might not. So are there roadblocks? I mean, permitting's complicated.

31:20 There's a process that we have to go through here, and I don't wanna dismiss the gravity of trying to go through a permitting process, but we have an established team that has done this before. We have a group of guys that have recently gone through a permitting process that was a joint panel review and we're trying to identify whatever risk factors there are in the area. But We also haven't made final determination on certain aspects of the project. Those will be done over the next 3 or 4 months as we finish our final environmental baseline review and we finish some of the geotechnical drilling that we're doing on site to make sure that we're locating facilities and infrastructure in the best possible location. Great. One question from the chat from Alton, he asks what percentage of the ownership is currently retail? He thinks the stock seems tightly held comparatively.

32:12 It's very tightly held. It's a very small, it's probably, maybe it's 20% retail. If you look at our presentation, we have that at around, it's around 14%, I believe, that we have sort of indicated as being part of the retail. Yeah, 14%. So, basically, it's an important thing to understand with the project. So, I came into my position because there was an option proxy battle last year where the previous management team was removed and the previous board was removed. And that always creates an interesting dynamic. So the previous management team has been largely selling the stock over the last year, which we've had to kind of digest. And if you look at the insider trading, I was buying stock up until March this year.

33:09 Muddy Waters was buying stock up until March this year. We also had a distressed shareholder that started selling stock. So we are very tightly held. There are some high net worth individuals that have been supporting the company for the last couple of years. So there's about, you know, 30, there's about really actually 45% of the stock that's held by insiders and institutional shareholders. Plus there's another 20% that's held by high net worth. So it's a fairly tight float. And the thing with a tight float is when things start to work, it tends to do well because you're competing for shares, right? And You're starting to see that in the market now, quite frankly. Whereas before we didn't have a situation, there were people that were worried that there was something wrong with Mayfair.

33:56 In reality, there wasn't. That's what we've been trying to establish. We had some people that were concerned about the metallurgy. We did feasibility study metallurgy and demonstrated that you can actually get very good recovery on 1.5 gram per tonne material, which is pretty comparable to what we're starting with. And you have pretty good recovery for your overall resource of around 83%. That's not the best recovery that you're gonna see in the sector, but it works really well in this kind of gold price environment. And so we're starting to show that and the real show me is gonna happen with a pre-feasibility study. So, And that gives you that opportunity for a big revaluation. Right. And it's a catch up trade. We've seen other companies that have done very well in this gold price environment. They're trading along with gold. You can see that Mayfair is starting to reflect that gold prices up, Mayfair is going up.

34:45 And we've probably started to outperform in the last couple of weeks, whereas in the first really year to date, we were underperforming the rest of the sector. So that's the question from the chat, but I'll ask one more before we jump today, which is what are you most excited about for the rest of the year? Is that PFS? Is there anything else on your mind that keeps you jazzed? Well, I'm excited about the PFS. I'm also excited that we're going to be uplifting or we're working on uplifting to New York Stock Exchange with some of the work. So the PFS is to me the key one, because I, I, it's frustrating for me that I can't talk to, you know, this group about what the free cash flow is going to be. I can't talk to this group about what the potential value associated with this starter zone is. And that to me is the thing that will break this wide open.

35:34 There is a very robust small scale operation that can generate, in our opinion, we think it'll show that it supports a substantial amount of free cash flow over the first 68 years of operations, which gives you a ton of flexibility to go and do other things. There's, we're still in the process of educating the market on the permitting differential between Mayfair and the rest of our peers. And quite frankly, there's a lot of information out in the sector where people either don't understand the permitting process or they're willfully being ignorant about what the permitting process actually is to get assets into production. Because it takes a long time to get mine permits in Canada if you have to go through a federal permit process. So I'm excited for the PFS and I'm excited for the uplisting because the Canadian market is a great market, but the US market is much broader. And so by uplisting to the US, it really opens the doors for the retail exposure through the US. And I fully expect that once we do go through that uplifting, we'll end up trading probably 75% of our volume in the US. And there's a huge revaluation opportunity associated with that. Awesome. Well, Nick, thanks so much for letting me grill you here for a bit and for taking questions from the audience. Everybody joined. Thank you so much. I think we got through all the questions. But if you think of the perfect question to ask as soon as the event ends, as I often do, please do still send it through. I'll make sure that Nick, the Mayfair team gets it. But Nick, thank you so much. I hope you have a great afternoon. This was great. Thank you. Cheers.

37:05 Cheers. Cheers.