NAK Deep Dive

0:03 Good morning, good afternoon, or good evening, depending on where in the world you're signing in from. I saw that today it's a bit of an international audience. I really do appreciate that very much, especially folks I saw signing in from Singapore. Thank you. I know it's quite early in the morning. I've got with me today Tony Moreau, CEO of American Eagle Gold for Deep Dive on their flagship NAC project. Tony, how are you today? I'm good. Thanks for having me, Romeo. Awesome. So here's how today's going to work for everybody that's in the room. First, I'm going to throw out to Tony for a brief presentation, then I've got some questions, and then I'm going to tackle some of the great ones that came in already over email from you guys in the room. But this

0:33 is also an interactive presentation. So if you do have questions during today's event, there's a chat button on the bottom right of your screen. Please do enter anything you'd like to ask during today's event. I'll probably be able to get to most of it, but if for whatever reason I don't get to your question, Let's say it's way off topic or we just run out of time, which is most common. I'll make sure that the American Eagle Gold team still gets those questions and they'll reach out to you, whether on email or phone, whatever you entered on registration data. This is also being recorded today and the replay is probably going to be available quite quickly after 2 o'clock p.m. Eastern, certainly within the hour, but we'll try to beat that. It'll

1:05 pop right in your inbox, but also available on Six's YouTube channel and on this exact same link that you're watching it right now. But enough out of me, I'm gonna throw it to Tony to get into the protein of today's events and I'll see you once you finish the presentation. Thanks a lot, Romeo. My name is Anthony Moroz, Romeo Sedin, CEO of American Eagle Gold. We have a fantastic project in BC, Interior BC. It's called NAC. Our company's traded on the TSX Venture. AE is the symbol.

1:30 We have amazing partners. We have full treasury cash in the bank. We're going through one of the biggest drill programs in BC right now. And we have really good following. But one of the reasons why we signed up with Sixx, they're a great company, but we wanted to get a bigger following. I think we have a lot of investors that like NAC, but we're trying to get people from outside the American Eagle realm to know about our story. Because if a tree falls in forest and no one's around, does it even fall? And it's the same thing with a great story. A lot of people don't know about American Eagle Gold. So this is our start to kind of get that story a little bit more out there. And I'm going to pretend nobody knows about American Eagle Gold. I'm going to do a quick 15-minute presentation, explain to you where we are, what we are, what we're doing. And then after that with 6, we'll be doing some presentations around when our results come out. So that's kind of the strategy right now. And forgive me if you know a lot of stuff about American Eagle that I might be repeating. And for those that are getting introduced for the first time, welcome and enjoy. I mentioned that AE of a TSX venture, that's NAC. We have amazing topography.

2:36 It's pretty much sea level. It's flat terrain. It's absolutely gorgeous in the summer and the fall. We're drilling right now. That's what we look like in the winter. That picture was taken yesterday, so it's snowing there right now. It's still easy to work and we're drilling longer than we were drilling in the 2024 season. We'll be drilling the very minimum till December 15th. So where are we? So we're located around 85 kilometers from Smithers. Smithers, BC is a town of around 10,000 people. It's a big base. It's a big hub for mining in British Columbia along with Prince George. You can drive there, it takes an hour and 10 minutes. That's really important because you want to build a mine, you got to build it as cheap as possible and have the advantages of infrastructure like we have with the location, access to people, suppliers, etc.

3:26 Really reduces the amount of capex you got to spend when you build this thing in the end. And I'm going to go into grade. But you know, the thing that really pays off your investment as fast as possible besides grade and tonnage is just reducing that capex as much as possible. Being located where we are is absolutely fantastic. Just south of us is the Bell and Grand Isle mine. They're historical producers. They mine for about 30 years. The infrastructure is there. We have access to power to people. I couldn't ask for a more beautiful better location to have a porphyry. That kind of gives you an idea of the immediate location of NAC. It's close to a lot of discoveries. Bell and Grana, if you look around south, those mined for 30 years. We're next to the Morrison deposit. It has not been mined.

4:14 And we're surrounded by Duke. So that's an AMARC project. AMARC's known for the Joy project. It's about a $250M property, but Beledin is actually financing Amark's Duke project to drill. We believe they have a lot of smoke, but if you jump into the details of our drill results and where we're hitting, we truly do have the fire. The original claim holder had Duke, had NAC, had everything and they held on to NAC because we believe that's where the deposit is located. I just want to mention We are partners with the Lake Babine Nation. They're absolutely amazing. We just have to deal with them. They've supported us every step of the way. We have around 15 LBN employees working for American Eagle Gold right now at site. And they've helped us out. So we got our permits in around 3-months. They helped us do that at the very start when we started drilling in 2022. And even this year, when we had to expand our drill collars, they wrote letters to the ministry. So they've been really supportive and it's amazing having such a great partner like LVM.

5:15 So just some keys here. So Right now we're underway a plus 30,000m drill program. It's one of BC's largest. The key to sustainable growth in share price is being able to put as much Steel in the ground as possible. We're about a little bit over 2 thirds through our 30,000m program. We have high-grade near surface. What I'm going to show you later is our South Zone. We've had amazing drill results there. 125m of over 1% Copper equivalent from surface was our first drill hole of that over 1g per tonne Gold, 0.3g Copper. We followed up with a lot of other really great holes. We had a hole 2317, over 300m of over 1% Copper equivalent, 2431 that was drilled last year, around the same, almost 300m of over 1% Copper equivalent close to surface.

6:08 Our south zone does have something that we believe can be the beginning of a mine that will be able to pay off that less expensive capital investment right away. It makes all of that other copper and gold that we have throughout the property, which don't get me mistaken, it is big tonnage, it'll allow that to be mined, hopefully, for decades. Kind of similar to the Highland Valley model. They had a high-grade pit that paid off all the capital and there's still money in that. If you just had that as relatively low grade, but it's making hands over fist money for tech. I just mentioned that we have scale. If you look at our map, we probably have around 2 km by 2 km of well-mineralized ore. Every drill hole that we put in the ground has anomalous copper and gold into it.

6:59 The whole point of our drilling is to expand the tonnage, show that this thing can be a multi-billion ton deposit, but also find those high-grade pockets, those porphyry centres within our property that can be mined high-grade, pay off the capital and then just mine everything else. We have a sea of copper and gold within NAC. I mentioned this earlier, but we have easy access. You can drive right to our site. It takes about an hour and 10 minutes to get there from Smithers. We are lucky enough to be using a camp, a forestry camp. So everyone that is at our site has a bed, there's a kitchen, they have 3 meals, and it attracts the best people to be working for NAC. So you need a great property, but you need a great team. And we really do attract the best geologists throughout the province and outside the province.

7:49 So a lot of investors, you know, they look for cues from letter writers, from investors, but the best cue really are people and investors that put their money where their mouth is. And people and companies that have made discoveries have built mines. And we had 3 investments from tech in 2023. And we had a huge investment from Self32. Each investment was at a higher price. And the most recent investment from Self32 was $30 million at 87 1⁄2 cent price, which is well above our current price. And not only did they provide funding, but these deals were done without warrants at a premium. They're very friendly to shareholders, but they lend technical expertise and tech and sell 32 are very heavily involved with our project, specifically South 32 right now, because they did put a huge chunk of money, big investment into us. They believe in us. And we work with them. We have technical committees and they help us plan some of our drill holes. And one of our drill holes that we had, a hole 59, We believe that's a new discovery. So, South32 is absolutely amazing.

8:52 The other thing is a strong balance sheet. I always say, you know, I think the investors for the most part, it's hard to understand the geology and they ask their geologists, is this good? Most geologists look at NAIC, they love it. But one thing the investors do understand is capital markets, your balance sheet. And if you have great drill results, you're going to go down if people think you have to raise money. We have $36 million of cash on our balance sheet. It occurs about a million dollars of interest a year. And at the end of our season, we're gonna have enough money to fund us for another 2 years following 2025. So we're not in need for financing anytime soon. So it gives us a lot of flexibility, allows us to focus on the rocks as opposed to always having to do a raise and that took about 3 years to get to the position that we are but we did some really smart financings with really smart companies and we are fully funded. So 1 less thing for investors to worry about.

9:49 So I just mentioned this, so 32, $29 million, 87 and a half cents, November, 2024. Tech came in $2.96 million at 20 and a half cents. And the next one was $2 and a half million at 45 cents. Those were charity flow through premiums. But as you keep see for shareholders, you want to see yes, you have to do raises. It's part of the business. But are they diluting us less and less along the way, you can obviously see from 20 and a half to 45 to a 7 and a half cents, been very friendly to shareholders, None were done, all of them were done in a premium. None of them were with warrants and they're always at a higher price. So it's been really good for shareholders. And those are amazing partners. So, you know, tip of the cap to our team. So the 2025 program, those are all the holes that we've drilled this year.

10:36 We've drilled around 34 holes to date. And that's, those are the holes. It kind of looks like a bit of a dog's breakfast. So I want to kind of dump things down, make it simpler for you, the viewers, to kind of see what I'm talking about. So I'll go on the next slide. So all those holes you saw before, what I really did was I kind of faded them out so they're less of a focus. And what I want to focus on is, you know, what we are doing for the rest of the season. But just to really kind of touch on this, all those holes that you see in the South, that's our South zone. It's got high-grade copper and gold. It's obviously a focus. It's where this mine we believe is going to begin. And then we're taking big step outs kind of around the property. And all those holes are kind of faded out. And we currently have 3 rigs drilling at NAC. So those red holes, that's rig 1, focusing on the South zone.

11:26 The purple holes are rig 2, focusing on the North zone and the Central zone and the blue holes, that's rig 3. And that's focused on the IP and BAMIT zone right now. It's a highly prospective area. It's what investors are really focused on the last few years. It's all about cost of capital for us. And we hadn't drilled there until this year. We drilled there in 2023. We had a pretty good hole, but we didn't go back and now is the year that we go back. Investors are very excited about that. I should mention that right now, 2 of our 3 rigs are Heli support. Rig 2, which is the Purple's Heli support and the blue holes are heli-supported. We can get access all of our holes, but the problem is the trees. And we don't have allotment to essentially cut down a forest. So we need the heli to essentially reduce the amount of forest we cut down, so we just fly there. But it's not because of the mountains, it's because of the trees, and hopefully that gets solved in the next couple years with Canfor, some of the forestry companies clear-cutting the entire property, but that will come.

12:33 The 3 holes that we're on right now, we're drilling this North hole right here. It's called 22H. That's the most northerly hole that we've drilled to date on the property. We just underwent that yesterday and that's continued to build out and trying to find where some of this high grade that we found in holes 2204, 2312 come from. That's a South 32 hole. The red 1, 12 right here, that is trying to bring some of the high grade that we see closest surface with the future hole that we're going to come out with. We're going to see how that connects up depth further to the north and drilling back towards some of the higher grade intercepts that we've seen at depth. And our first hole, the blue 1, 3-2-H, That's the first one, the IP embayment zone. It's going to test this near surface of the IP embayment zone and drill toward some of the higher grade intercepts that we've seen at depth in the south zone and hopefully connects to 2 areas.

13:27 So the whole point of 1, 2 is going to bring some of the stuff we have seen at surface to depth. And 3-2s to connect 2 different zones that we saw and see if they connect. The South Zone, those Red Holes are all focused on the South Zone. We believe that it has high-grade Copper and Gold. And right now, what the investors see, we come out with the results. We came out with a hole, I believe it was 48 last week, had extremely high-grade intercept at depth. We're talking 77m of almost 2% Copper equivalent of that 1.2% that was just Copper. And it did come at depth, but what we know is this thing comes at surface. So that hole 1-3 that you see right there, that's going to bring some of the stuff we see at surface, going to connect to the stuff at depth and show people, yes, we can have the possibility for 800-metre hole of around a percent coming from surface to depth. Not saying it's going to happen, but a very good chance. And we're going to connect the dots for investors. We're going to spoon feed them and show that this stuff that we see at depth really does come to surface. So that's coming up after our next hole.

14:35 The current area of focus for our other rig is the north central zone. I just talked about a hole 22H is a South 32 hole. It's going to hopefully find a porphyry center in the north. And then we're going to follow up with some of those other really interesting areas that we have in the central location.

14:53 So I'm going to walk you guys through this. So if you look at the central, I talked to South32 and what they said to me was, don't worry about the stock price, which is hard for me to do because I always worry about the stock price because I know investors, I want to create shareholder value, increase the price of the stock. And for South32's point of view, you know, they obviously want the price to go up because it kind of proves their investment. But at the same time, if they believe it's a mine and less expensive that we are, the better it is for them if they want to buy us out someday. So I want to get retail investors to get excited about it, understand what we're seeing.

15:26 And one thing that was really interesting that South32 told me, they said, you know, we believe this is going to be a mine someday. And this season has been really successful so far. They told us this halfway through the drilling, because they said, you know, you already have 2 porphyry centers, you have something in the north, you haven't figured it out yet, you have something in the south. But with what you drilled, and you can see that with hole 2-1 and hole 2-3, you made 2 new discoveries.

15:51 And those holes haven't been released yet. I'm not going to say they're barn burners, but they're really good areas and potentials for there to be high-grade porphyry centers. And we're still trying to figure it out. In that area that you see the box, the sideway box, that's the margin of the stock. That stock area, the pink salmon-coloured blob that you see, historically had been very little drilling there. We've had 6 holes in that area and They've all come out with really good Copper and Gold. They haven't been assayed yet, but we believed in enough to put 6 holes in that area. Then we drilled hole 59, where you see that circle.

16:26 Again, we saw really continuous Copper. What we saw here is we have 2 distinct zones. But one thing we think is, is this 2 new discoveries?

16:36 Or is it just 1? So we're trying to figure out with our drilling, can we connect these 2 areas? And that's one thing that we're kind of focused on right now and then we're gonna continue to do towards the end of the season. And the other area that we're focused on that I spoke about was the IP embayment zone. We have 3 holes planned right here and we're going to drill those all the way until the end of the season. Now I have around 12 holes planned, We have about 17 more left to go. So where those last 5 or 6 holes is dependent on the results that we see with those 3 different areas that I showed you. The north area,

17:14 you know, the central area and the south area. So we start seeing some really great results. We're gonna put more rigs there and we're gonna drill, drill, drill, but we have a lot of flexibility to come.

17:29 So to kind of sum things up, we've drilled this year 23 and a half thousand meters. We've had 34 complete drill holes remaining for the rest of the season. 10,000m, 13 holes remaining. I talked about the 13 holes that will be remaining.

17:46 We have only assayed and released 11 holes. For the rest of the season, if you're looking at catalysts, we have news coming out all the way until approximately mid-March because we'll be drilling until the middle of December. We have around 36 more assays to come out. When everyone else has finished drilling a month ago, American Eagle Gold will continue to drill into mid-December with results coming out a lot longer than most other explorers like us in the area. We have a lot of catalysts,

18:15 hopefully a lot of new discoveries to announce. So it's very exciting. And that's one of the problems with last year. We stopped drilling in the beginning of October. And when we ended drilling, we really only had news that came out from until January. So it created a bit of a lull. So we'll have about 3 months extra time for news. And we start drilling again in May. There will be very little down period if we don't do winter drilling. I mentioned earlier we have about $36M in the bank. Our program this year is going to cost around $15M.

18:45 With the interest that we get and the tax incentives we get from the BC government, we'll have around $26 million at the beginning of the 2026 season. And that will fund us for 2 more years of drilling. Again, we don't have to go to the market. We are fully funded. We can just drill, drill, drill. And it gets kind of confused. I talked about winter drilling, whether we're doing it. We're doing winter drilling right now. I showed you a picture of the snow there. We're doing winter drilling. We're doing it longer than we did last year. But the big question that we have is, are we going to be drilling in January, February, and March?

19:17 And I think the big answer is going to be how our results, how is it received from the market? And do we see our stock go up? And it's not like we're going to do another raise. But if we see the stock goes up, it kind of shows that we're doing the right thing. Investors understand what we're doing. And our cost of capital decreases. And if we see the stock go up, we put out some amazing results. We have the ability to drill there all the way January, March and February. So we're probably going to make that decision in the next month. I think it's about 50 50, whether we stay there or we continue

19:47 drilling. But if we continue drilling, we want to see the stock price up. We want people to understand. We want to hit great results. So to be determined soon. So a bit of a corporate overview, 172 million shares outstanding. Of those shares outstanding, around 60% are held by insiders and strategics insiders of me and the or group myself Steve Stewart tech south 32 so it's got about 39% that's freely traded as you can see we have a round 100 million dollar market cap a little bit less right now 36 million dollars in the bank a little bit less because we've been spending it. And we've been trading sideways on a slightly upwards trend since February, which has been good.

20:30 And people are probably wondering, what about those big changes in the stock price? So that big jump that we saw in November and December was from the South 32 investment, they invest at a 7 half cents. And a lot of people that wanted some quick money, they invested and they took that as a dog whistle that we had some really good news that was going to come out. And we did have great news, but people wanted feel level holes. Well, listen, do I think we can have some feel grade holes? Maybe, but we don't need feel grade holes. Feel is about, you know, 3, 4, 5km above sea level. It's a

21:02 different country that we don't feel comfortable being in. And we know in BC that we will never lose this mine if it does become a mine someday. And South 32 didn't have any inside information. The news came out. People obviously didn't have the feel of holes they were expecting and it sold off a bit. And what you see right here was the end of the season, lack of catalyst, people are investing in South America and all of our last warrants came expired, people sold their shares to finance their warrants. You saw another down dip, But it wasn't bad news. We had a new discovery in

21:33 the North. It was amazing. But obviously, this is kind of the life cycle over the year, what happens with your share price. Hopefully, that changes now with the drilling actually expanding an extra 2 and a half months versus what it was last year, with the possibility to drill into 2026. Now, as I mentioned earlier, we're pretty flat, steadily inclining since February of this year.

21:56 So this is our board, just people to highlight. That's myself, that's Steve Stewart, he's the chairman of the Ore Group. Gord Stothert is a director of our company. He was a CEO of I Am Gold. He worked for Niranda for years. He helped to build the Antimena mine. And he's a really big person to look at. You look at your tea leaves and who's involved in the company.

22:18 Well, Gord Stothert, I've known him for a long time and I asked him to be a director of our company for many years and he said no. And last year, he said, yeah, I'll join your company, actually this year. And I said, Gord, what's the big difference now? Why didn't you wanna join before?

22:31 Why are you joining now?

22:33 What he said was really resonated with me. He says, Tony, I think this will be a mine, and I think it'll be a success, and I want to be involved with it. Not only does that give us extra credibility from the investment point of view, but it gives us extra credibility from a technical perspective. Because like South 32 and Tech, Gord has a lot of experience and success, and we work with them very closely. So we're very happy to have Gord involved. And obviously, Charlie Gregg there, Neil Prowse, both amazing geologists, amazing people. Charlie is part of the GT Gold story, helped make the Predium Discovery in BC.

23:06 He's looked at a lot of rocks and he's heavily involved. While Neil's been on pat leave this year, Charlie's essentially been our VPX and in charge of the program. Really happy Charlie's involved and Neil's involved. Absolutely amazing. And again, the work group, the work group, say Toronto based umbrella company has many different trading companies underneath that umbrella. And the reason why I bring this up,

23:30 We do a back cost share with all of our companies and it allows us to have a very low G&A compared to any other Explorer. And what might cost an Explorer, let's say $300,000 for X employee, we split that 7 ways with 7 different companies. So it allows us to put as much money that we have into the ground to make these discoveries. And I think it's really important. So especially in downtime, obviously American Eagle is not in that problem right now. We have a really healthy balance sheet, but during downtimes, it's important to kind of conserve your capital and we're able to do that. So our group a lot of great companies there. I think that they a lot of them will be successes and that's the group that American Eagle is part of.

24:12 So I guess these are backward looking statements and sorry said it but you know take it with a grain of salt. Show a geologist, ask a geologist. Promise you they'll probably like that. And if you have any questions, this is my number. This is my email. I'm always available.

24:27 And that's that's as of yesterday. It's snowing. It's beautiful. Really excited for the end of the season. We have a lot of great results to come out. And thank you for learning a bit more about American Eagle Gold. Awesome, thanks Tony. I know we've gotten a lot of good questions in the chat so far. Please feel free to keep asking there. I had a couple that I wanted to run through just before then, if you don't mind. First, I want to talk about those partnerships, kind of the value you get out of them with technical expertise. So I know you mentioned in the presentation and you previously got those investments from both tech and so 32. Beyond the capital, I'd love to know what

25:00 specific technical or operational support, How do they bring them back? Are they actively involved in drill targeting or helping you think about path to development? Or is it just a capital situation right now? No, they're both very involved. So I'll start with TACTEC. TACTEC was the first one that came in. And the one thing that TACTEC said that was really helpful, They said, don't focus, don't worry about all the historical drill holes have been on the property.

25:22 And people seen there's been a lot of historical drill holes. I think it was around 20,000 before we got on the property. And they did a comparison with us and what we saw on the collars with some of our initial drilling, and they said, essentially throw that all out the window. You know, some of those collars weren't mapped in the right location. They don't look like they're at the right azimuth. We think you have better things than a lot of the historical drilling showed. So that's one thing that tech showed us and helped us plan our initial couple of seasons, which is really helpful. A lot of the drill holes that we've drilled close to Niranda's holes and the previous company have actually come out a lot better.

25:53 They had different assay techniques, 2 acid versus a 4 acid that we currently do. But also, you know, the mapping was a little bit different. So it's good because if we didn't follow that advice, we probably wouldn't have drilled in some of the areas that we drilled that we came up with amazing results from. In terms of South32, they are very involved right now and they're amazing partners. We do technical committee once a month with them. But they're helping us plan some of our holes. As part of our investment rights agreement, they had the ability to plan 4 holes this year and 4 holes next year. And it's not like they're just doing a spin the tail,

26:29 put the tail on the donkey. They're into the weeds. They have full-time geologists. And when they tell us to drill somewhere, it's for a real reason. And that's really helpful right now, especially during the busy season. We have about 30 people working at NAC at different times. Obviously, there's a lot of rotation and A lot of our talented geologists that we have on the team are busy logging core, trying to figure out what we're doing on a day-to-day basis. They don't have the ability to step back and look at things on a bigger picture. That's what South

26:56 32 is helping us do. They're not at site, they're actually working in the office. They have a geophysicist that helps us. They have a couple geologists and we're kind of working hand in hand with them. And that area 59 that we drilled, they're really excited about that. And I said, listen, we gave you 4 holes, we'll give you a fifth. And they found a really great hole to do a follow up in that whole 59 area that we're really excited about. So that's out there too, is involvement and that's tech's involvement. We couldn't be happier with those partners. Oh, great. I do want to talk about trading performance a little bit, because I know

27:27 you talked about how it has been mostly sideways since that it's all following the investment. I'm just curious, what do you think the market is missing about Naxx Potential and what catalysts do you expect will finally move the stock out of its current range? Yeah, look, we're a hundred million dollar company. So we got to find something big and robust and exciting. And obviously, you know, I think our stock would probably do better in less of a crazy market right now, because everyone's kind of just looking for that shiny new toy, that one drill hole that might not be a deposit. Like we've proven as much as anyone, this has

27:57 a very good chance of being a deposit. But, you know, people are putting their capital else elsewhere, or maybe not putting it elsewhere, maybe just not keeping it into American Eagle Gold, because they want that quick 23X. And the other thing is, I think a lot, we have a lot of investors that know what they own. But there are a lot of investors that don't know about American Eagle. And we've done an amazing job raising capital. It's always been at a higher price. It's with these credible investors. And I mentioned that no warrants at a premium.

28:26 But I was in Vancouver doing some marketing. And what I understood is you kind of have to be in that Vancouver machine. I wouldn't do things any differently. But when you do the natural raise, let's say with a can of cord or a Haywood or whoever it is. I don't I didn't love it at the time because you get less money, you don't have a credible partner and comes with a warrant, so it has these other downsides, a bit of a ceiling and stuff like that, and then a discount. But what it does do, it brings this whole new realm of investors into the AE story. So instead of just having 2 new investors, and tech is out there too, maybe

28:59 you have 100 more. And all of a sudden those brokers are selling this story trying to support their client stock. And the clients all of a sudden are talking to their friends about it. But we kind of shut out the banks inadvertently because we created those own deals. So that's probably another thing too. A lot of people don't know about American Eagle Gold. But if you look at us, you look at the recent stock downturn with gold going down $400 Which is ridiculous in its own right sure American Eagle was kind of resilient there We didn't go down a whole lot So it kind of proves that you know our story is for real and why you don't see those big 100% 200% jumps and

29:32 2 months I believe it's a lot more sustainable than a lot of these other stories that go up on news, people pumping it. It's just about getting more people to understand our story and know about it. That's why I'm on this interview with you, Romeo. Great. I want to talk about what's coming up because I know you did mention you got what approximately 36 drill holes are still pending assay results. I'd love if you could walk me through the expected sequence of news flow over the next 3 to 6 months. What should investors kind of be watching for and are there particular holes or zones you're most excited to see results from? I'm excited about all the zones, to be honest. They're all amazing.

30:06 They're targeting high grade or targeting new areas to provide catalysts. But in terms of timing, we like to be a little bit smoke and mirrors with that only because we don't want traders kind of coming up there and kind of either sending the stock up for no reason because they're expecting results or down. So, you know, look, Jays are in the world series right now. I'm a huge fan, big Jays hat right there.

30:30 I used to pitch, the best pitch is the change up because it's all about timing with hitting. And we wanna get investors timing off a little bit so they're not kind of revved up for when news is coming out. So I'm not gonna say, look, every Tuesday, first Tuesday of the month, we're coming out with results. We'll come out with results probably every 3 to 4 weeks approximately and we like to put out results together. We don't want to live or die by 1 drill hole and we want to make sure our drill holes are cohesive and they help explain the story. So when we put out some drill holes, we want those drill holes to be together in a zone. So our next group of results are either going

31:05 to be, you know, 4 or 5 holes from the south zone or holes from that central north zone, which will be both telling their own story. But, you know, right now I would say expect results at the very latest in the next 2 weeks, and then probably expect results after that, within 2 weeks after that. We'll have news every 3 to 4 weeks approximately

31:27 until March. Then by the time May runs around, we'll have more news because we start drilling again. So that's kind of the sequence of the results coming out. Awesome. I appreciate that. 1 specific thing I wanted to chat with you about, I noticed that Charlie Gregg, who we've talked to as your lead technical advisor, was involved in the NIV project claims, yet American Eagle didn't pursue that opportunity. Can you explain what was the decision making process there? What made you decide to maintain focus on NAC?

31:53 Yeah, really good question. So we always get asked, you know, are we going to diversify away from that? We think NAC's for real. We think NAC has a very good opportunity to be a mine. But Romeo, it's not a mine. We think that I'm sure this will be a mine. The big question is, will this be a mine during this current price cycle? I think it has a good chance of being it.

32:14 So we don't really have the don't need to necessarily diversify. We had, you know, $40 million come in from 2 companies that kind of believe that can be a mine. So we don't believe we have to diversify. Having said that, we're always looking at new things. But we want something with more meat on the bone that kind of Partners more with with what knack is And nibs nibs early stage albeit is extremely attractive Of all the projects that I have seen to date for American Eagle nib was the best one and I was after nib for 3 years Charlie obviously as our technical

32:48 Advisor He's become a really good friend and It became this mythical property for us that I selfishly wanted to get to bring in American Eagle gold But you know when it came down to doing the JV on it. It just didn't make sense for us. We got money from tech and South32, it's pretty much all the money we have in the bank, and it was given to us to put into NAC. So it's not fair to tech and South32 that we all of a sudden say, hey, thanks for your $30 million, we're gonna put half that into NIV. It just doesn't roll well with our partnership with South32 and Tech because we want to continue being partners with them, quite frankly.

33:24 That's why we didn't do the JV. I still want to be involved in this project. Of all the targets that I've seen that have been undrilled, that NIV property with metal energy, it is the best. It is the best target that I've ever seen. So I want to actually be an investor with American Eagle Gold, just putting in, you know, a million, $2 million into it so we can be part of the wave, make some money for American Eagle Gold.

33:48 But again, it didn't it didn't really make sense for for similar reasons. What I mentioned earlier, look, tech and stuff there too. They gave us money, we're also we're gonna do an equity investment. When that's not our business, it makes more sense for something like Orcap that invest in companies to kind of get a ride that way So that's the kind of steps there, but I want to tell you like it's not because we didn't like it again That's the best targets that we had ever seen. We think it has a very high chance of success Ask a geologist. There's no better undrilled porphyry target in all of BC.

34:18 And to tell a really quick story, when I first met with Peter Brown, and I think Neil's on this call, and he can answer some geo questions. Peter Brown founded Canaccord. And we sat at coast, and he sat right next to me. He goes, son, sit next to me. And he ordered a triple vodka, He had a triple vodka. I think it was the afternoon might have been morning who knows and He goes I'm gonna buy 2 million shares of your company If I like that guy with the ponytail who's Neil Prowse who had a ponytail at the Times or Geo If he convinces Jeff Stibbard who runs JDS he's one of

34:50 the most successful mining guys in all of Canada. If I see Jeff Stibbard smile, he likes what ponytail guy says, 2 million shares. And the next day, our stock dropped 20%. Peter bought 2 million shares because Neil convinced Jeff. And I'm telling this story because when we were looking at when we were looking at NIV, and I was explaining to some other companies and investors,

35:14 and geos and trying to get their opinion on whether we should put in American Eagle Gold, I couldn't believe the look on their face when we're showing them the soils and the IP and the same look, you know, I got on my uncle's face when he founded NAC. He said, this thing's a no mess, get it. And those geos are saying the same thing. So although American Eagle Gold doesn't have NIV is with the sister company within the group. And look, we love it. And when we valued it for American Eagle Gold, we had about $30 million valuation on it. So I think it's about 13 million right now. We still think it's undervalued. It's a really good opportunity. And Charlie's now the CEO.

35:51 He's gonna finish his duties with us VPX with us and Neil will take take back over when he's done his pat leave. But he's in charge of the program and that guy's smart and he sees it being similar to GT Gold which sold for 450 million dollars and In Charlie, I trust so, you know best of luck to him But you know Charlie's still gonna be involved as a technical advisor There's a little bit less hands-on being at site all the time next year But Neil Prowse has kind of been there from the very beginning and he's the reason why we are where we are right now. So kind of dovetailing back to NAC there, nothing's really

36:21 going to change on the day-to-day with American Eagle Gold. Okay, I do appreciate that very much. I do have a couple of technical, kind of more project-specific questions anyway, because I know the presentation teases a pretty interesting question to me, which is, are you looking at 2 separate discoveries in the North, Central, and IP and Bayment zones, or potentially 1 much larger connected porphyry system? Really, what is it going to take to answer that question definitively,

36:45 And what are the implications if they do actually connect? Well, easy answer is just drilling. That's the only way to answer it. We've done so much geochem and geophysics. It can only take you so far. So it's just drilling. And we haven't seen as consistent mineralization ever on the property as we saw with 59. I don't think it's going to be a crazy burn burner by any means, but it's just consistent Copper from top to bottom. And it shows that we're kind of on the edge of this big system. Charlie really believes that he thinks we should focus 1 drill, probably 2 on there to end the season.

37:18 So, you know, it's just about drilling there. And if we can hit either 2 separate zones or one big zone, you essentially have, you know, another area that can support itself on its own, create more catalysts, send the stock up, get more companies get more people interested. But you know,

37:34 it's A5I don't know, it's a 5, it's a 5 letter word. That's the key to kind of proving this thing out. Drilling there we will do. But that area that we've seen with 53, 56, 63, all come out with copper and gold. And we're seeing it slowly connecting to kind of that area with 59. So I guess people are gonna see what the assets is. We haven't seen them yet, but we're very excited. Okay, cool. And if I'm wrong, but it seems like to me, you're clearly prioritizing the high grade near surface footprint. Is that basically accurate for your strategy? To kind of focus there? Yeah. Yeah, yeah. Exactly.

38:10 The key to this thing is proving that this capital can be paid back as soon as possible. You need to pay it back with stuff that's close to service, which we have, and stuff that's high-grade, which we have. And we started with hold 22, or 2201,

38:24 and over 100m of 1% Gold over 0.3 Copper. And We've kind of built out that zone almost 300m to the south and probably 250m going east and west. And we weren't ever planning to drill south of that. So it's not like we're just doing infill drilling. We're stepping out slowly but surely and enough that we can actually do a resource someday on that.

38:48 Okay. Now I know that there's some crystal ball gazing involved here, so forgive me, but you've emphasized that NAC has the scale to support decades of large scale operations. So for the new investors, I know there's a bunch of them in the room. Just to understand the magnitude of what the idea is to build here. What's your vision for what NAC could look like as an operating mine? Are you looking at potentially 50,000 tons per day, 100,000 tons per day? What should investors be thinking when they think of NAC?

39:13 Yeah, I've been doing the math on the tons per day. I've worked at IM Gold for a while so I have an idea of what a low-grade bulk tonnage would be, around 50,000 tons per day. In terms of size, this is easily over a billion tons. Easily right now, it has the opportunity to go to 2-3 billion tons.

39:34 We know there's a sea of Copper and Gold there. I think the big question to support that huge multi-decade mine is, do you have the grade and stuff close to surface that can support paying off the infrastructure, as I've said many times. We think we're close to doing it. It's why so many drill holes are focused on that South zone. And again, why we're going to be focusing on that central

39:57 Western part of the porphyry stock. We think that there's another high-grade area close to surface that we haven't quite figured out yet. But as we drill towards the end of the season with our 10,000m left, we're going to prove it out more and more. So we're hoping that's going to be a big catalyst for some new investors to come in. One last operational question from me, and then I'll get to the ones in the chat. I know you mentioned the presentation, winter drilling is under review, that was kind of towards the end of the presentation. With a lot in the treasury and funded through for a bunch of drilling, what factors are weighing in deciding whether to drill through the winter? And how much could it accelerate path to made in resource estimate? Our stock price. So stock price goes up, people like what they're seeing, It makes sense. And we keep on drilling. If our stock price doesn't go up, we're either doing something wrong on the drilling or we're doing something wrong on the marketing side.

40:46 Maybe that cash that we have is better used for drilling next year when we better understand everything. We get all the assays because those assays aren't all going to be complete until March. Maybe we just sit back, develop the model, figure it out a little bit better, and then we attack it next May when we start drilling again. We have a lot of news coming out very soon, and hopefully we get the attention to it, and hopefully we can keep on drilling it. But that's something we're going to figure out in the next month more or less. Awesome. Great answer. Appreciate it. I'll jump in now. You covered a lot of the questions that came in advance over e-mail, but one that popped in that we just didn't get a chance to get to. Somebody asked, what happened to the damaged core from months ago? Yeah. I wouldn't say it was so much damaged because it was already cut, but there's a drying rack at ALS lab. I always say with this business, just expect Murphy's law. If something's going to go wrong, it probably does a lot less things go wrong at, you know, NAC than, you know, a lot of other companies, but it's exploration. There's always something that comes up.

41:48 There's a drying rack. The drying rack fell over and it was actually in our best part of our best hole and those the rocks fell out all the core and they got kind of mixed up. So while the bag still had a lot of the breakings up, the thick core fell out. So what we had to do, we had to send it back to NAC and they had to bring out all the boxes of that core. They had to see where it fit with the other half of the core, put it back in the bags and then send it back to the labs to assay. Now look, could we have just assayed it all together, like 40 meters? Yeah, we could have. But we really want to know meter by meter where things are so we can pinpoint things, and that's why it was important to wait. Look, And ALS gave us a free rush on it. Things happened, no big deal, didn't harm anybody. But it kind of delayed our results a little bit. But look, we're not expecting any delays now.

42:40 Hey, great. Going to questions from the live chat. One person had quick ones that you actually did cover entirely in your presentation, but I think it might be useful just to go through them again because we're right at the top of the hour. How much drilling was there this year? What was the cost per meter and when are you cashed up until? Yeah, so drilling this year, around 23,000-24,000 meters. It changes every day. Obviously, we drill about, let's say, 200-250 meters a day. Over two-thirds of the program left, around 10,000m left. All in drilling cost. We put everything together. We put the geophysics, the off-season work, camp, fuel, drilling, all in, all in. It's around $400 all in per metre. But now that we're having the heli rig I think the cost isn't coming between 450 and $500 So if you didn't have a heli rig or all-in would be just under $400 And with the heli rig that we have this year, it'll be around 500 dollars all in. And as a comparison, if you're looking in the golden triangle, your costs around 800 dollars all in per meter. Remember, that's also Canadian.

43:42 Sure. It gets pricier down there for sure. One question, it was answered in the chat, but just thrown it to you anyway. Graham asked, which tribe do you work with? He missed that part. It's an indigenous group. Lake Babine Nation. Amazing group. Meeting the new CEO on Sunday. I'm actually just flying in for 5 hours to meet with the CEO. Don't want to miss that Jays game on Saturday night. But they're absolutely amazing to work with a really good experience. They've been kind of working with us all from the beginning, probably met 20 people from the group, we have 15 that work at NAC. And we have really good support. And I always say this, the foundation for a good relationship with the First Nations or anyone for that matter, including your family, is just being honest and transparent and just making sure you have communication. So nobody likes surprises. Investors don't like surprises. I don't like surprises and Lake Babine doesn't like surprises and they don't like news going out without them knowing about it. So for example, you know, aftermarket, if we know news is coming out the next morning at 6, we'll, we'll give the Lake Babine Nation a quick heads up on the news. And that way someone from their community asked them about it, they know about it. So it's just little things that really help and you know, supporting the community, you know, helping them build a playground, helping them with BCHL roadshow.

44:55 You know, they're our partners and we want them to thrive as well. And I think the end, in the end, the end, what's going to help them thrive is kind of helping us as well. So helping us get those permits, supporting us in the community, because when this is a mine, there's gonna be a lot of people from the community working at NAC for the mine someday. And you know, forestry is kind of dead in Canada, it's been really hurt with all the tariffs going on. And the big thing everywhere in the north areas, they don't have, you know, big economic boom is mining. So you're seeing a big change now where a lot of these First Nations groups really are supporting mining. And especially in Lake Babine Nation, there is no current large scale mine. There's a small gold mine, but they don't have that kind of economic backbone that, for example, somewhere the gold triangle has. So they really do want us to succeed. So that's a long answer, But look, couldn't ask for better partners than LVM. Yeah, you're going.

45:48 Barry from the chat asks, this is a classically tough to answer question, unless you can easy one. He asked, who's a natural buyer for NAC, or do you plan to mine it yourself? Well, I worked at a mining company for a long time, And I can say it's pretty hard for mining companies even to build mines. So I wouldn't say American Eagle Gold and Explorer is going to build this mine. Look, anything can happen if gold all of a sudden goes like 10,000 dollars and copper is 20 bucks. Yeah, maybe we can build it. But We're explorers and we want to do this again. We want to make discoveries, we want to prove it can be a mine, we want to sell to the builders that can build mines, tech and sell 32. I don't have a crystal ball and say who's going to buy us, but obviously the companies that have a toehold in us and investment that have access to information, probably the best chances of us buying something, but look, we make this crazy new discoveries and this thing is a no mess, like anybody can come in.

46:40 The big key with our investments with tech and sell 32, there's no right or first refusal. So if another company wants to come in and give us a godfather offer of a billion dollars, 10 dollars a share, we can't say no. But obviously, sell32 and tech will have a big advantage because they're already partners with us. We like working with them and they have the information. Great. Right here, Peter Epstein from the chat. Thanks for joining us, Peter. We already talked about the approximate size of that, but he says he imagines tech and so 32 aren't urging a maiden resource, but retail investors might like to see one. Could you talk about potential timing of a MRE? We'll probably be able to answer that question next year a little bit better. See how we do with the current drilling. But do investors like a resource?

47:26 Personally, for me, I think a resource kind of gives you a glass ceiling and shows you how small you are as opposed to how big you are. Even with our drilling this year, even in the South, we're showing these things a lot bigger than what we imagined it to be 3-months ago. With the prospect of having new discoveries in the Central, if you did a resource, you wouldn't be able to capture that. So it's a bit of whack-a-mole. You know, we think we have an area already figured out and then we find a new area, we've got more holes there. So we wanna make sure that we better understand all the different zones that can be captured in a resource. Otherwise we put out a resource, People just think that's how big you can be until you have another resource. And look, our resource is good. Yeah. But I just look at some big successes recently. You know, look at look at Great Bear.

48:12 They never had a resource. I don't I don't even believe feel how to resource either. So at least with the drilling that they had. So those both got bought out by big companies for multi-billion dollars. So a little blueprint right there. Sure. I need a follow up question only if you got it. If you don't have it, I can connect you guys afterwards. But he said, OK, if you think it's a billion plus tons, what approximate gold equivalent grade are you thinking of? I don't I don't know the grade yet. I just know what size is. We need that at a higher grade zones to be figured out to figure out a grade. But look, if I just do it back of the envelope, it would be nice to have, you know, 100 to 200 million tons, you know, anywhere from 0.5 to 1 percent copper equivalent. And then, you know, allow that billion to 3 billion tons to be, it could support itself from 0.2 to 0.3 percent copper equivalent. But the only way to get it to a resource and figure out the grade is just to drill, drill, drill, which is what we're doing.

49:03 Okay. Jumping back to previous question, Mikhail from the chat asks, what hole was the damage one of the lab just for reference? Hole 46. By the time that came out, we had hole 48 and 49. So that's why we lumped them all together. That makes sense. Peter noted fair point and made in Resources, but I will still connect you guys afterwards. Last question, just I'll throw it to you. What are you most excited for for the rest of this year? What's keeping you up at night with excitement? I'm excited about the cell zone. It's discouraging for me when people don't understand how this thing can come to surface. Obviously, you've got to drill from different directions. We're just going to spoon feed people and show from one of the holes that we're coming up next that this thing can come from surface to depth in these new areas southeast where we hit 48 and 46 that they do connect to show people that. Because a lot of investors are looking for those fuel level holes.

49:53 Well, if they want them, we have a good chance of hitting them. And we're going to put up those releases later on the year, early next year. The other area that really gets me excited is this whole, the high P and Bama area. A lot of investors have talked about that. So I'm interested to see if it hits something. And this central area where 59 is, where 53 and 56 are kind of on the Western side of the porphyry stock. This is all new. These are new discoveries that we haven't quite sorted out yet, but there's smoke that we know that there's fire there as well. So I'm excited to see us drill some more holes there and hopefully connect those zones and show people like we don't just have a south zone, we have a central zone as well. And that Porphyry stock, we had never really drilled there. And the fact that it's coming back with minimization is extremely exciting and just opens up the prospects for the whole property.

50:41 Awesome. Well, Tony, thanks so much. First, for going through a thorough presentation then for letting me and the audience grill you for a bit. Really appreciate it. Thanks everybody who's in the room. I think I got to all the questions, but if you think of the perfect question right after the event, as I often do, let me know and I'll make sure that the American Eagle Gold team gets it. But thank you so much. And I hope if you have any additional questions that aren't covered by the recording, you let us know. Tony, thanks. Thanks, Ramiro. Thanks. Tony, thanks for coming. Thanks for having me on. Thanks for having me on.