Nevada King: Atlanta's High-Grade Discovery

0:04 Hello everyone and thank you for joining us today for this Nevada King live event. Today we're joined with CEO and Director John Slotnick. Apologies. Before we begin the presentation, I just want to remind people that the event has been recorded and will be available shortly after we conclude. Also there will be a Q&A session at the end of the presentation, so please submit your questions at any point. With that out of the way, John, the floor is yours. Perfect, thanks Kyle. No worries. I've heard worse and many different variations.

0:33 I'll get right into it here. Nevada King, as the title slide suggests, we're focused on growing our high-grade oxide discovery in Nevada. That's really the key of this presentation and of the project. It's that oxide nature and obviously best state to be in. This is our summary slide here. We put out a resource update in June, which I'll get into in more detail, but high level, we got 1.1Moz at 1.1g per ton in all categories. Obviously quite high grade for an oxide deposit in Nevada. When you think of some other projects that can stack these days at this gold price, 0.2 grams per ton to be able to have 1.1 grams per ton oxide, a big advantage. It is a sizable property and we own 100% of it.

1:20 The resource is on patented land, which serves as a bit of a benefit as well. It's a brownfield site, so there's some infrastructure, obviously an existing pit, So that should help both with permitting, but also gives us a bit of advantage in terms of access and resources at site. We've done significant network. So we're through phase 2, showing a heap leach and mill project. So again, I'll get into that in more detail. And we're currently in the midst of our phase 3 regional exploration drill program. We put out a press release this morning showing some results from Silver Park. Really this is a reconnaissance program. First time we've really been stepping out and taking a look at what we have on this large land package. And a big differentiator is the inside ownership. Management and insiders own about 40% of the company with about 40 million Canadian invested.

2:09 So some of that you want to see great alignment here. Now getting into it a little bit more detail, Like I mentioned, it's a past producer here. It was an open pit operation at locations 264km north of Las Vegas. Obviously, with that proximity makes for a fairly well attended site tour for a company our size. Large project area, 130km2, that encompasses the entire Atlantic caldera. Additionally, with that resource within the M&I category, we've got 1.02Moz at 1.14g per tonne. So, We've got over 90% of that resource in the M&I category and it grew by 122% from the last update. We've done a lot of drilling. Most of that is now reflected in the resource, but like I said, we've stepped out into a regional phase 3 program right now.

3:02 This land package was put together not for just finding a million ounces. We think that there's a district scale potential and multi-million ounces on the property. So that's what we're looking for. We are at a resource stage right now, but we still view ourselves as an exploration focused company. We have been aggressive on exploration, we're gonna continue to be. Just looking at the management team, there have been some significant changes recently. So I'll dwell on this slide a little bit longer than I otherwise would. I came in to the CEO role in August. Jeff Steber came in after that to the CFO role. We just recently added Justin Daly as our VP Exploration. That was the press release prior to the one this morning, just last week. A great addition and great to see someone leave a CEO role of another junior in Nevada to come work with us. Obviously, all geologists want to make that massive discovery and he sees that potential here. We still have the site team in place, so all that knowledge that's been gained over the period of time that we've been working on this project is still there. Led by Cal Heron, exploration manager, he's got over 40-years of experience looking for Gold in the Great Basin.

4:10 Also Hayden Smith there, our project manager, who's done some great work and been at the project site since we've started. Nate Lavert, our operations manager. Then to round out the board, we got Colin Cattell, founder and chairman. Bill Hayden, who's been Robert Friedland's right-hand man. He's on our board and we just had a Michael Doolan as well at that August board meeting there. He came on as an independent director, COO of America's Gold and Silver, and obviously has had some significant success with the Cruel Resources as well. That's the management team. Obviously, a wonderful state for mining. This is really where you want to be. Number 2 mining jurisdiction according to the Fraser Institute. We've seen a lot of good progress made recently and great to see that BLM permit the development of a heap leach project recently in the state. Obviously, it's been a fairly aggressive hotbed of M&A activity with a number of companies coming in over the recent years and most recently having Angle Gold Ashanti acquire Augusta Gold earlier this year.

5:15 So great to see that sort of activity. We are located, as I mentioned, in Southeast Nevada, just north of Las Vegas and quite close to Pioche and Ely. Just quickly on the history here, this was a past producer, like I mentioned, between 1975 and 1985, over 100,000oz of Gold were extracted from the deposit. There's also been past production at the Silver Park area, which is a focus for exploration currently. And there's actually another underground mine, the Bradshaw mine. So 3 past operating mines on the property. And there's that old adage, the best place to find a Gold mine is beside a Gold mine. So we got 3 of them on the property. This property was previously operated by Kinross and Goldfields in the early and mid-90s, and then more recently by Meadow Bay. We acquired the project from Meadow Bay in 2018 and started drilling more aggressively in 2021.

6:07 I'll get into that. Just taking a quick look at the property, you can see that past production, the disturbed site. We've got the pit area here, got a core shack. We've got power lines to site as well, geology office, got the crew quarters, and that's actually quite advantageous. We've got drillers that can stay on site and that allows for fairly inexpensive drilling. It's about US$70 per meter to drill, which is incredibly cheap and allows us to get a lot of drilling done with our budget. It really benefits from the crew staying on site so you don't have to pay it per diem. Of course, that is RSC drilling costs, So hugely advantageous there. Like I mentioned, the resource area is on patented land and Silver Park is also on patented land.

6:54 The rest of the project is exclusively BLM. So no Army Corps of Engineers to worry about at this stage and fairly smooth sailing, just dealing with BLM as I mentioned. So looking at the project location here, like I said, you fly into Las Vegas, quick 3 and a half hour drive and you're at site, it's just off the highway. It's in a very sparsely populated county too, just about 4,500 residents. As soon as you're out of Las Vegas, if anyone who's driven up that road, as soon as you're outside, there's really not a whole lot going on, not a lot of economic activity. So very, very supportive county for economic development there. This just takes a look at the project area. 130 kilometer squared land package, like I mentioned, and you can kind of see on this red outline here, that's the Atlanta Caldera, and that's generally where we're finding the mineralization. You can see the resource zone here, just on the margin of the Caldera. What a Caldera is, it's a volcano that's effectively collapsed into itself, and so you obviously have potential for magmatic activity around the margins there. That is typically where we find the mineralization and that's generally where we're continuing to explore for mineralization.

8:08 This slide here shows the key exploration targets here with Atlanta North along that main mineralizing fault, the West Atlanta fault there and Atlanta South also along that fault. As I was mentioning before, Silver Park is a past production area. That's where we put out results this morning and also an area of focus for exploration. The best analog for us is probably Round Mountain. It is another Caldera hosted oxide Gold operation, about 250km away. They've got almost 25Moz discovered, but we've got potential to get somewhere towards that. When they started, they were at a million ounces. We're at 1.1, so hoping to find a lot more ounces on our property. This just takes a little bit of a closer look at that resource we put out in June.

8:57 We've got over 90% of the ounces in the M&I category, which is key. Another key differentiator is that you've got over a half million ounces at 4g per ton. So there's a really high grade core here as well. About half of the tonnage would report to a heap leach and about half of the tonnage would report to a mill. I'd also mention that this resource was done at $2,200 Gold. It was just done in June, but obviously quickly the Gold price environment can change. We just used the 3-year trailing average Gold price, which is kind of industry standard, but already it's looking very conservative. When we look at that grade of the oxide deposit, 1.14g per tonne. Stax is the second highest project in the United States for a project with over a million ounces of oxide Gold. The one that is higher is Coliseum and that's in California.

9:48 And they're actually focused on rare earths at the moment just because it's kind of hard to permit gold mines there in that state, in Indian Sea just after us. A couple of projects in Idaho, then you've got the Silicon Project in Nevada. So 4 independent exploration projects. I think we're cut above in terms of grade for anything else in this US of size. This just takes us back to 2021 when we really started to take a look at what we have here at the Atlanta project. What happened was the team finally managed to access the bottom of the pit. Previous operators weren't able to get there during the pandemic. Roads were constructed to get to the bottom of the pit. A drill rig was put there and a fence of 5 holes was drilled. The team was quite surprised to see the results there. Anywhere between 2.5 to 5.5g per ton over 50m.

10:41 They decided to take a step out to the North 560m, drilled a hole there, had about 9m of 8.3g per tonne and at that point it was game on with this project. A new model was conceived, whereas before it was viewed as a steeply dipping 45-degree angle fault. Now the theory was that there's multiple step-down structures here and that obviously allows for higher potential for Gold deposition. That theory was tested with the phase 2 program. This was designed as an infill program, but really to find these cross-cutting structures, and that's where you find the Bonanza grades. So we did about 75,000 meters of drilling in the phase 2 and found a lot of really high-grade intercepts there. This is now generally reflected in the resource update.

11:34 Taking a look at some of the highlights from that phase 2 program, you can see just some pretty stellar grades. The best was that 11.64 grams per ton, over 108 meters. That was drilled in October 2023 and That was the best hole ever drilled in Nevada in 2023, that entire year. And it is an oxide as well. Everything that we've drilled and all of the resource is an oxide mineralization at this point. We're consistently able to put out some of the highest grade intercepts. This shows in 2024, we released 30 of the top 100 most significant intercepts, most significant being on a gram meter basis. You can see all those yellow lines here, That's the Atlanta project drilling. This really takes us up to present day now, phase 3, and we're almost through that. We're about 28,000m into a 30,000m regional exploration program.

12:30 The goal of this is to find satellite deposits. We're happy with our 1.1Moz at Atlanta, but we believe that there's a lot more Gold on this property and this is now stepping out to find it. We've got above cut-off grade mineralization at Atlanta South, Atlanta North and Silver Park. We're finding Gold everywhere on this project. The key is to hone in on the higher grade mineralization areas. So far, we're having some success at Silver Park. Like I mentioned, we put out a release this morning showing a 450m by 300m mineralized envelope. Grades are generally lower than we found at Atlanta Resource Zone, but they're closer to surface. This is exactly what we've been looking for. Near surface oxide satellite deposit that can grow our ounce count. So far, it looks like we're on our way to do that.

13:22 We really think that there's potential to boost the grade here from what we've put out so far, because this appears to be the same mineralizing event as the Atlanta Resource Zone shows the exact same geochemical signatures. What happened was as we're drilling west from the Atlanta Resource Area, it was a steeply dipping structure and as we're getting towards 500m depth, obviously that becomes more of an underground target. We were getting great results there, but we wanted to transition and find something closer to surface that was still oxide. So we did. And the theory was that this just continues. The Atlanta resource would just kind of continue at depth. But as you move further west, it does appear to return back to surface along that exact same unconformity.

14:08 We're finding the exact same geochemical signatures and we believe that this could be the other half of the Atlanta resource. We've been drilling that and that's been a focus and really happy with what we found so far with some grades between 0.5g to 1g. Obviously, that worked quite well for us being close to surface and seeing that the grade stack for other Nevada oxide heap leach deposits, This could work out very well for us. Another area of focus for us is Atlanta South. This is the focus area for both Kinross and Goldfields when they were exploring this because of the type of host rock. We're finding this to transition into poking up limestone, and that's a host for Long Canyon, a host for Archimedes and a number of different significantly sized deposits in Nevada.

14:59 Obviously, this is the type of rock that can host Gold. We poked some holes in and we found mineralization. We do need to hone in on higher grades with the high arsenic signatures. We're finding really strong tracer elements for Gold. I know the team at site is really excited to continue to explore here. This is viewed as potentially hosting more Gold than Atlanta Resource just given the nature of that host rock and kind of seeing some of the other deposits in Nevada. Atlanta North, this is probably our earliest stage target. We've only poked 7 holes and so far we did get about 0.3g per ton over 37m. That's a nice size step out from previous historic holes. Obviously a sizable gap here between historic holes that have hit about 0.9 over 11m.

15:50 We need to test this, fill in this gap here along that mineralizing West Atlanta fault. This is just north of the Atlanta Resource Zone. We see potential here, but quite early days so far. Now getting into some of the MET work. We've done the phase 2 work. Gary Simmons is our consulting metallurgist. He's a former director of technology and metallurgy for Newmont. He's viewed as the go-to guy for MET work in Nevada and the Great Basin generally. The change from phase 1 to phase 2 was now all material that would be put on a heap leach pad is now viewed as run of mine. So that non-solidified volcanics can be stacked on the heap leach run of mine. So it doesn't require crushing. Obviously that's quite beneficial for operating costs and initial CapEx as well.

16:39 The milling went from a three-stage crush down to a two-stage crush. Still with kind of conventional oxide Nevada processing. So again, some benefits there on OpEx and CapEx. Generally from the heap leach material, we're seeing Gold extraction from the non-solidified volcanics of about 83%. And then from the solidified Volcanics and the Silica Breccia, we're seeing 86% to 87% to 88% for recoveries for that material. Now looking at valuation, the stock did take a hit after we put out that resource update. I think that there were some expectations out there for greater ounces, maybe 3Moz to 4Moz is some of the feedback I heard. Based on the envelope that we were drilling, I don't think that was really in the cards. That said, the stock sold off on the back of the resource update. So it really creates a bit of an opportunity here.

17:34 We're trading about US$41 an ounce here. Typical acquisitions of oxide projects in Nevada have been acquired for about US$230 per ounce, so a huge gap for us to close between what is typically paid for oxide resources in Nevada and what we're trading at. So really the focus here is on closing that gap. And I think that's going to be through showing the economics of the Atlanta Resource Project and through continuing drilling. So yeah, kind of see a big discount here. And also analysts that cover us see that discount as well. We're covered by Desjardins and Roth Capital. These are Desjardins numbers and their developers that they cover. And we're trading at a 66% to 65% discount on a PNAV and EV per ounce basis. So pretty significant.

18:20 I know that DayzardN models us on a discounted cash flow basis. So, you know, kind of showing what the economics look like. And yeah, a massive discount to other developers and a huge opportunity I think to get in. I know that management has been buying. I myself have been buying after the resource update and subsequently as well, you can see that through SETI filings, we just had our CFO as well purchase shares. So, you know, the management team continues to be very well aligned and really believe in the story right now about a little over 38% share ownership. Institutional ownership has also increased from about 2% a little over a year ago to now over 13% by the most recent financing brought in Franklin Templeton. The one prior to that brought in DWS, the Deutsche Bank asset management arm.

19:11 And really, we got to continue to push on exploration here. We want to continue to increase our coverage and continue to increase our institutional ownership. So that really summarizes the presentation really. We do think that we've got all the hallmarks of a large gold system here. We've got the 1.1 million ounces at Atlanta resource. We think that that's just the start of all of the ounces that we have on the property. And with this phase 3 regional program, we're actively looking, we're fully funded for this program and we're fully funded to conduct a second program. So we'll be announcing that prior to year end, what we're looking for from a phase 4 program, but really, we continue to drill and more assays to come.

19:57 I'll leave it there Kyle for the presentation. Excellent, John, Thank you. Very compelling story and a lot of questions. We have some in the chat as well as some submitted in advance. So I'm going to try and interweave them here. The recent intercepts at Silver Park, particularly that 0.83 grams per ton over 67 meters seems to suggest that this could be as significant as the Atlanta Resource Zone itself. What's the geological connection you're seeing between these 2 areas? And what does the CSAMT data tell you about what's still undrilled? It was the CSAMT work that led us to first drill this area. It was showing a similar signature as we saw at the Atlanta Resource Zone. That's why we started drilling it. In terms of the size potential, right now we put out a press release this morning showing a 450m by 300m mineralized envelope. We do see expansion potential to the Southeast. There's a big gap of 270m

20:57 between 2 nicely mineralized drill holes. We're going to test that gap And obviously, if we have success between those holes, that mineralized footprint would increase. And so the potential for the deposit size could increase. So one way for that to grow from what we currently see is through expanding the mineralized envelope. The other way is to find some more higher grade structures. And we do see that potential because we think that this is the same mineralizing event as the Atlanta Resource Zone. What drove those Bonanza grades at the Atlanta Resource Zone is finding the cross-cutting structures. So We think we've got the plumbing system. We just have to find where these cross-cutting faults exist at Silver Park and hopefully we can hone in on some higher grades there. And that would allow the size of the deposit to potentially grow.

21:43 Gotcha. Now, finding Gold in the Pogo Nip limestone with elevated arsenic is a pretty significant departure from the rest of your system. Can you explain why hidden Carlin-style mineralization matters?

21:56 This is a bit of a different beast from the rest of the property so far. Taking a step back, looking at Atlantis South, we're really excited with pushing the boundary to the South, hitting that Poconip limestone. There was a bit of an offset. And when we got into this new host rock, the team at site was really excited that it was the Poconip limestone and relieved that it was this type of rock. Obviously, a common host for Gold deposits in Nevada. It is that typical Carlin style deposit. Right now, we've hit above cut-off grades, but we really need to hone in on those higher grade structures. But just looking at other deposits in Nevada, between Long Canyon, Archimedes, there's some significant size deposits hosted in this Poconip Limestone.

22:44 I know the technical team at site is really excited with this. When I talk to other corporates, it's also a focus. And like I mentioned, when it was owned by Kinross and Goldfields, granted, a bit of a different Kinross and Goldfields than we have today, but they were looking at the Poconip

22:58 limestone and the potential here. We've got a lot of data here. We've done a lot of work both on CSAMT, geophysics, geochem. That geochem comes back showing very high arsenic, which obviously is a key tracer element for us where the Gold can be deposited. I'm excited for that and stay tuned for more drilling. I think with that next phase of drilling, Atlanta South is going to remain a focus. The 37g per tonne, over a 29m hole was remarkable for an oxide system. What's your understanding of how these bonanza grade or zones rather form and how many more of these structural intersections you think exist across the 3 kilometer trend?

23:45 Yeah, I don't know how many more exist, but we definitely want to find out. That's what we're looking for. And certainly at Silver Park right now, that's the key, is finding these cross-cutting structures. But yes, when we hit that intercept, at the time I was in equity research, I wasn't covering Nevada King at the time. I saw that intercept come across my desk and that's when I reached out to the company. I said, I need an update.

24:11 It was that type of headline number that got me first introduced to the story and then subsequently covering it in equity research. We'd love to find more of those, but we don't need to. When I talk to other corporates and what they're looking for, They like the high-grade starting engine at 1.1g per tonne at the resource. So really, our goal right now is to add ounces. With the Gold price, we don't need to find 1.1g per tonne in oxide. We'd absolutely love to find more higher-grade structures. But if we continue to find 0.5g to 1g, we're absolutely fine with that in oxide.

24:56 We've got a lot of data now from the drilling both at the Atlanta Resource Zone, but also from the drilling that we've done at Silver Park. And yeah, we're hoping to tag in as some higher grade structures for sure. We think we know where those might exist and that's gonna be part of the followup infill drill program. Very exciting. Your M&I ounces jumped 122% to over 1Moz at 1.14g per ton. What were the key drivers behind that increase and what does the grade sensitivity table tell us about the quality of the ounces you're actually sitting on? Just to take a step back, that 122% increase, I think it's a bit misleading. I actually think it should be higher, but part of what happened was the previous resource that was done in 2020, that was a bit of an aggressive resource.

25:48 There were 75 holes and you still had about two-thirds of that resource in an M&I category. In my view, that's a bit aggressive. It shows the M&I increase from that 400,000oz, which was in the M&I in the previous resource to the 1.02Moz. But really, the 400,000oz, not all those ounces should have been in the M&I category. If we were to use the same constraints that we put on the current resource, which is far more conservative than the previous resource, you'd have fewer ounces, so

26:19 it would show a much higher jump. What were the drivers for that increase? Certainly finding these Bonanza grades and these cross-cutting structures within the resource area was 1. The other thing was pushing at the boundaries of the mineralized envelope and pushing that mainly to the west, a little bit to the south and to the north as well. Those were the real drivers. In terms of the high-grade core, it's a bit of a bimodal system where we've got low-grade material that we can stack on the heap leach pad. And then in that Silica breccia, that's typically where the high-grade exists. And that's where you see, we've got over a half million ounces at 4g per ton. That's a pretty significant driver and obviously allows us a significant amount of flexibility.

27:05 That's material that you don't want to be stacking on a heap leach pad.

27:09 There's going to be a mill when we construct this project and when you have grades like that you don't want to waste that stacking that on a heap leach pad. A significant component of the resource is finding that high-grade core. We're hoping to find a high-grade core as well at Silver Park. We'll see what we can do. Rob from the chat is wondering, what do you think the resource would look like if you included the drill results through March 2025?

27:37 Also, how much was the resource limited by the exclusion of some historical holes? I don't think excluding the historical holes limited us too much. It was really just a quality of data issue in terms of limiting that. And the cutoff, just to inform everyone, for that resource update was September 30th, 2024. So yeah, there's been some drilling that has been done subsequent to that. Where we think that resource could be, I don't want to put myself offside with disclosing anything, but from the press release we put out this morning, I think it

28:14 shows that there is potential for more resource growth. That's our belief. I think that we should be able to turn around and show within a 6-month period, hopefully we can add some more ounces. I think there's an opportunity, both at Silver Park and in a regional satellite deposit to show resource growth. There's also potential to push at the boundaries of the resource, both to the north and to the south. To the north, we were never cut off. We just drilled to the north. We're happy with what we got and put out the resource update. That was a conclusion of the phase 2 program. We decided to put out the resource update just because we were transitioning to a regional drill program, not expecting anything from a reconnaissance drill program to turn into a resource in that amount of time. Obviously, you get to a stage where you figure out the area that you want to infill, and at that point, you look to see if you can turn that into a resource. That's the stage that we're at right now with Silver Park.

29:18 But because of transitioning in terms of style of exploration, we wanted to put out that resource update. You've got roughly equal split between heap leach and mill material with very strong recoveries in both. How unusual is it to have this kind of oxide metallurgy at these grades? What does that mean for eventual project economics?

29:40 I don't think our metallurgy is unusual at all. It's fairly conventional oxide processing methods. What is unusual is finding grades like this in oxide. It's hugely beneficial for the economics, both to have the recoveries. It's key to have that run-of-mine component as well. It really lowers the cut-off grade potential for what you'd stack on a heap leach pad. There's very little processing costs associated with run-of-mine type material. You really blast it and stack it on the heap leach pad, run some cyanide through it. And we're really lucky with that type of non-solidified volcanics. It's fairly insensitive to crush size. So that's what allows us to stack it directly on a heap leach pad.

30:26 And then the high-grade Silica breccia, that does require crushing to get better recoveries. But we're thrilled to be seeing 86% to 88%

30:36 Gold extraction rates from the Bottleroll test that we've done on that type of material. We're hoping to find a little bit more. We haven't done met test work yet at Silver Park, but given it is the same geochemical signatures and looks like the same rock, same mineralizing event, we're hopeful that it'll have similar recoveries there. I'm aware that BLM just approved a heat bleach project in Nevada and permitting timelines are improving under recent executive orders. How does Atlanta's position on patent in land and existing infrastructure change your permitting pathway compared to other Nevada projects?

31:13 Yeah, I think it puts us in an advantageous position for sure. The patented resource area, it's nice, it's certainly helpful. To be clear, there'll be infrastructure on BLM area. So we'd be permitting through the BLM as well. They've been very cooperative, very helpful. It's the same office in Pioche that we deal with consistently. So there's strong relationships established there. And in terms of the infrastructure, it's quite helpful, particularly for the exploration work that we're doing, having the power lines at site, having the water available, having the crew quarters. If you could put a Gold deposit anywhere in the world, you'd probably put it right here. Just given the patented land, the infrastructure available, the easy access.

31:58 It's a wonderful area and We're fortunate so far to not have encountered running water at surface, which could bring in the US Army Corps of Engineers. Haven't come across any sage-grouse at this point or any of these endangered species either. So at this stage, it's as easy as you can get for permitting in Nevada, which I'm not saying it's easy. It's still a rigorous, thorough process, but we're advancing that as we go. We've got a plan of operations in place right now to allow us to do our drilling. As we look to expand our drilling area, we continue to get permit amendments and we do the biological studies, archeology studies to get the BLM up to speed and to be able to get those permits to continue to expand our drilling footprint.

32:46 An individual in the chat just wondering, are the former mine permits still valid?

32:51 No, no. And also, I mean, I wish the mill was still there, but the mill has been taken down as well. That would have been a huge advantage, but unfortunately no mill. Yeah, but it really the power lines is helpful. The road access, the water, a lot that has been left and the disturbed site I think is in itself is a help as well, where you've got kind of this big pit in the middle of the area, why not bring that back into operation? Bring some economic activity to an area that doesn't have a whole lot of economic activity going on right now. I think it really makes a lot of sense. We would need to re-establish permits for operations. Gotcha. But you're still only trading at $41 per ounce, while recent Nevada oxide acquisitions average, you said, around $200 per ounce. And you're a grade, if I recall, 63% higher than those comps.

33:47 So What do you think the market is missing or wanting to see?

33:51 I think that there's been a lot of noise with our stock and fortunately it's not fundamentally driven. I think it's more to do with a narrative and Part of it is maybe previously existing expectations on what that resource could be. Putting out the high grades that we were through 2024 is a bit of a gift and a curse. It's great. We love that we have the high-grade, but when you put out the headline numbers with phenomenally high-grade, it can lead to expectations. Obviously, we're putting out the high-grade headlines, but within everything that we're releasing, there's lower-grade mineralization there as well. There's a bit of a sell-off on the back of that resource update, whereas in a vacuum, it was a really high-quality resource.

34:41 If there are investors and shareholders that were expecting 3Moz to 4Moz, then in that context, it's not. We had some significant selling pressure on the back of that. You couple that

34:54 with some management turnover as well, and it created a little bit of noise. And then from the regional drilling that we're doing, we're not putting out grades right now like the Atlanta Resource Zone. We're putting out grades between 0.5 to 1g per ton. This is exactly what we're looking for. I think that there's been a bit of a reset in terms of expectations. Right now, there's not a whole lot of expectations embedded in the stock and it really leads to a pretty enticing opportunity. Both management sees it in terms of us going in there and investing and buying in the market. Also, from the conversations that we have with other corporates, I think seeing the increase in institutional investor ownership.

35:40 From the meetings that I have with institutional investors, as much as some would like to come in and buy the stock due to liquidity constraints. They typically do that in a financing. And given the valuation that we're trading at, like you mentioned, we're not in a position where we want to be doing a financing. And luckily, we don't need to be doing a financing where we're fully funded, both for the phase 3 drill program and to conduct a second program, which we'll be announcing later. The market is missing the strong economics and there's a little bit caught up in the noise. Fortunately, given the fundamentals are strong, these things do resolve themselves. Part of it is just getting the message out there and working with a group like 6 and doing these webinars, me attending a number of different conferences and just spreading the message about the opportunity for a high-grade resource

36:30 in oxide material in Nevada. These things don't last at these prices. Yeah, definitely. So these don't last. And Tom is wondering, when will this project be sold and what price and when? So if you could talk about the endgame, please. Yeah, In terms of endgame, if you look at the management team, we're not a team here to build a mine. We're here to finance, grow the resource and de-risk it as we advance it towards permitting and through that period. Right now, we're still an exploration-focused company. In terms of acquisition, certainly there's a lot of different groups that are keeping an eye on what we're doing. We've got CAs in place with different groups. I think right now, though, There's just too big of a gap in terms of valuation from where we're trading at and where we see as a somewhat reasonable valuation for us for a transaction.

37:25 And because of that, if you put yourself in the shoes of a major or an intermediate producer, it's pretty hard to go to your board

37:34 and justify hundreds of percentages of premiums that we feel we're massively undervalued, as you can see in terms of just trading even in line with other developers, let alone with other recent acquisitions in oxide projects in Nevada. So they're just too big a gap, I think, to be closed to have a reasonable conversation. And we as a management team have to do our work to first get the valuation back to a more appropriate place to start those conversations. Right now, there are certainly a lot of groups looking at us, but we've got to do our work first to get the valuation back to a reasonable level. You've drawn comparisons to Brown Mountains' 23.6Moz endowment, particularly the volcanic timing and caldera setting.

38:25 What specific geological features make you believe Atlanta could have that kind of district scale potential? I don't want anyone going out there and thinking our next resource update is going to be 23.6Moz or anything, but the setting is similar in that they're both caldera-hosted settings. They're both oxide. It's generally the same type of rocks and it's about 250km away. So same age of rock. And yeah, I mean, when Brown Mountain went into production, it had 1Moz and those other 22Moz or so have been discovered subsequently going into first production. So yeah, We certainly see it as the best analogue for what we have in terms of deposits.

39:12 We're out there looking for more ounces and certainly see potential to get to multi-million ounces. If you look at that slide that shows recent acquisitions and that average takeout of US$230 per ounce, typically if a company gets to 1.5Moz to 2Moz of oxide, they do typically get acquired just from looking at precedence. Don't expect it's going to be us or that team to find the 23.6Moz that may be there, but we're going to, at this point, look for the next 1Moz. Let's talk about that. If I got this right, you have 80 primitive drill sites across 15 regional targets. What's your conviction level that one of these, whether it's Silver Park, Atlanta South, Atlanta North, could become a standalone deposit?

40:00 What would that do to your overall project profile? We do have a lot of different target areas. In our appendix, we mentioned 15 different regional targets. We want to keep the team at site focus and we want to keep investors in the market focused on 3 active exploration areas. It's been for the phase 3 regional program, that's been Silver Park, Atlanta South and Atlanta North. We just announced a couple of weeks ago, Western Rim, which is a new area that's been highlighted by hyperspectral work and some grab samples of about 20g per tonne. This is a really exciting new area. Quartz veins and everything that you want to see. This could be a very sizable deposit.

40:46 In terms of levels of conviction, the highest conviction level is certainly at Silver Park. That's the most advanced target area. High conviction that this could potentially transition into a satellite resource and to have a satellite deposit in terms of its impact on project economics, it's really a game changer, just adding that level of flexibility. For example, if we're doing stripping work at the Atlanta Resource zone, then maybe if this is closer to the surface, this starts out as the first production area. If there's a point where Atlanta Resource Zone is transitioning to underground, we certainly see potential that this deposit continues underground. If there's that transition period, then maybe you mine out the satellite deposit in that transition period, or you just do it all together and add to the heap leach profile as well. It certainly adds a lot of possibilities for us. You're also smoothing that capex out over more ounces.

41:48 It would be wonderful if we could add ounces at a satellite deposit. And I think that we're well on our way to do that at Silver Park. At Atlanta South, see this as being earlier stage, but with larger potential mineralized endowment. Atlanta North, that's earlier stage yet, but same like what we're looking for. We want to find higher grades, but it is relatively close to surface oxide material along that Western West Atlanta mineralizing fault. Right now, I think we can start to infill Silver Park, see what we have there. If that holds together, then that can transition to a resource. And then we're going to backfill that exploration pipeline with Western Rim replacing Silver Park.

42:33 Then we've got still Atlanta North, Atlanta South, Western Rim as regional exploration areas, Silver Park for infill and hopefully we've got a nice little pipeline of deposits to add to our resource. There's one more comment and one more question in the chat. AI Bratu is saying, probe was just sold for less than US$80 per ounce. And the question leading up, or following up rather, What is your reasonable evaluation for Nevada King? I think at scale, US$80 an oz, but you have US$10M there. Maybe there's a little bit of a volume discount, But I think it's a different type of deposit as well, given where relatively low cost heap leach ounces in Nevada, very desirable jurisdiction. Not that Probe isn't.

43:27 But I think, seeing that $230M average takeout price, there's an outlier in there. Goldfields acquisition don't expect a number like $600 an ounce, but I do think $150, $200, $250 an ounce, I think that's reasonable. If we can maintain the grade that we're at 1.1g per ton, then certainly I think the higher end, if our grade comes down but we're adding ounces, I think that may be 200 or 150g, but certainly a massive gap for us to be closing here between now and looking at a takeout. John, great story, very interesting and I just want to thank you for the presentation as well as the Q&A as well as everyone that submitted questions in the chat. Thank you for that. But I'll pass it to you, John, for any closing remarks before we sign off here.

44:20 Yeah, I just want to thank you for hosting us and thanks for everyone for tuning in and listening to the Nevada King story. You know, when I was in equity research, I always thought that this was an under the radar story, a bit underappreciated and like everything about it in terms of the high-grade nature, the oxide, the jurisdiction in Nevada. I love everything we're doing and I know that there's a little bit of noise going on in terms of the stock and the performance. And I think that it is just that, it's noise. And I've got a lot of confidence seeing what's happening on the ground operationally and from the exploration and really excited for what we've got next between now, year-end and into the first half of 2026. I think we'll have a lot of good news to share with the market.

45:06 So I appreciate everyone taking the time to listen to the story.