The Fast Track: Low-Capex Paths for High-Grade Junior Gold

0:07 Hello everyone. I see it was filling up fast here. Thank you for joining us today for this live discussion on lower cost routes to production. On the call we have with us today Matt Manson, President and CEO of Radisson Money, Michael Michaud, President and CEO of RPX Gold, and Thomas Mumford, President and CEO of Scotty Resources. David Russell, President and CEO of Gallium Gold, is expected to join the call. He might just be running late on a meeting. Hopefully he does tune in. If you have any on-topic questions, please feel free to submit them using the chat feature

0:38 at the bottom of your screen. If you have a company-specific question or would simply like to meet with management from 1 or more of these companies, a request meeting pop-up will appear once we close off today. Just select which companies you'd like to connect with, and our team at SICK will pass your information along to each respective company. And as always, this event is being recorded and will be available for replay shortly after we conclude. With that, gentlemen, thank you for taking the time out of your day. Let's start off with some questions for the whole panel. We can get into a couple of company specific questions.

1:10 We'll start with you, Matt. And we will ask around the room after when you weigh building your own mill against toll mailing or leaning on a nearby plant. What factors carry the most weight in that decision? I think it's really, I think this is something that I think all of the participants in this call have in common is, you know, proximity to existing infrastructure, existing mills, permitted tailings facilities, roads, power lines.

1:43 So why kind of do it again, right? Not every, the best way to build value in a mining business is not necessarily to build your own mill and to build your own tailings facility and do that from scratch. I've done that in my career. I've been involved in 3 mine builds from greenfield sites and if you can avoid doing it, it's the better way to success and value. So I think that's the starting position for us. And in our case in the Arbitibity, you know, we're surrounded by other people's mills

2:18 and shafts and tailings facilities and roads and power lines. So why do it again? Exactly. Michael, anything further to add to that?

2:30 Yeah, I mean, I would add for us, when I joined a couple of years ago, I quickly realised a property with a lot of great potential and how do we drill that off given the low share price that we had at the time. It was really about minimising shareholder dilution, recognising the opportunity with 5M in the area, that ore body comes right to surface

2:58 with a good grade. Why not generate our own cash flow? Then we could use that cash flow for doing the drilling and development of a much larger project. Starting with something small minimizes risk and lowers the capex, but really generates the cash flow that we could use to define a much larger project. That was the main driving force behind it. Great. David, thank you for joining us. You're just camera off, mic off. That's the default setting. Just feel free to show your pretty face when you're ready to jump on here. And we'll move on to Thomas. Let's start with a fresh question.

3:39 Okay, sorry I'm late. I just could not get connected up this time. That's all good. All good. It happens. Gotta love technology here. But thank you for joining. Appreciate it. Where was I? Thomas. Okay. Gold prices have held up strongly through 2026. So how has that environment reshaped the way you think about the pace and financing of your path to production?

4:02 Yeah, I mean, it hasn't changed the pace of our project to production. I mean, we already had a very short timeline looking to be in production in 2028. I think the big push from us on that will be, you know, a tweak to the resource with these higher gold prices. The last resource we did was at $2,000 gold and our PEA was done at $2,600 gold. Our feasibility due early next year will be done above $3,000 gold. So I think it's going to change the economics of the project overall, but it won't have any meaningful impact on the timeline to production for us. And if I could just jump back onto the last question, I think the one thing that I'd like to add is, you know, it is a question of economics versus risk on when you're developing these, kind of alluded to both by Matt and Michael, from an execution point of view as well as an operational point of view, shipping, dealing with the recovery necessarily at your own mill

4:56 versus at your own. I think for us at Scotty, one of the big things is just preserving the optionality with our construction and what we're building. We're in a unique position where we have an adjacent mill that looks like it has ample room for additional feed, but we also have the deep water shipping port just 40 kilometers down the road. So we can balance between those 2 things. And we're trying to preserve the optionality to have either of those available to us at production. Definitely. David, same question for you. Current gold environment, does it change the way you think about the pace or financing for your path to production at Galleon?

5:33 Absolutely. You know, when you're dealing with capital out there and a lot of the financiers call weekly and have lots of capital, you go, wow, what's changed in the last so many years? Well, obviously the gold price took off and the investors are interested. So yes, it does. It advances you on the ability to bring money in, start your projects a bit earlier, and take a bigger bite of the project rather than a smaller bite of the project. You know, on the custom milling side, I mean, that in our territory, so to speak, in Timmins, it's an open field. You've got the Bell Creek Mill, you've got

6:10 Tony McCooch's group at Discovery. It mainly comes down to who's got the capacity to handle yours and doesn't match with your ores and metallurgical data and all that sort of thing so the short and long answer is is yeah it advances things quickly when the gold price environment starts really moving upward where the investors are really interested in projects really so much that they're actually willing to, you know, take a role on you. And if you've done your homework over the last 4 or 5 years and you're ready to take the role, you should actually take the opportunity and run with it. Definitely. Matt or Michael, do you have anything further to add before we move on?

6:55 No, I think I think very much, you know, The gold price has created a lot of opportunity for companies with good assets to pursue an efficient and sensible and reasonable development path. And in a tough market sometimes you want to push your assets through and you've got to sort of take the buyers terms and I think we're, you know, as the owners of good mining assets, it's more of a seller's market now in terms of how you can do things. So that's,

7:30 you know, that's a really important flavor that informs the mining development business right now. I like how you put that. Michael, anything else before I move on? No, I was full speed ahead with the gold price, that's for sure. Now's the time to leverage. So I'll stick with you, Michael. Low CAPEX start often means giving up something later. So what point does it make sense for a project to graduate from tool processing to building its own mill? Well, I think there's a couple of opportunities. Right now in our PEA plan, it's starting with some small pits, a couple of hundred thousand ounces that are going to an underground, which in our scenario

8:16 is paid for out of the cash flow generated from those small pits, and then using that cash flow development underground. But there is an opportunity there as you go from one stage of the deposit to the next stage, or 1 stage of the mining to the next stage, That could be an opportunity because the funds are built up in the bank. You will have money to develop

8:38 your own mill or construct your own mill. It gives you time for doing the construction and permitting as well. But if the deposit is there and the ounces are approved up that it can pay or justify the cost of that capex of your own mill, then that's when the opportunity arises. Certainly, toll milling can be a large chunk of the overall operating costs. At some point in time, and as resources are defined, I think there's a natural time where it's probably right to switch and maybe construct your own mill. That depends on everybody's local region and what's available.

9:19 Once you get into milling, in particular the areas where all of us operate, where there's opportunities for other mills, who knows, maybe some opportunities come up to partnership or to buy your own mill in a region. So I think there's natural opportunities. I think it's probably different for every project. I think for us, an opportunity could be when the small pits are done and we go underground. And Thomas, you kind of touched on this question already, addressing the first one, but if you have anything further to add about the economics and what makes the most sense for graduating from toll processing to build in your own mill?

9:57 Yeah, I think for us, and Michael alluded to it, It's different for everybody. I think for us, it's just scale of the deposit that's been defined. On the other side, it's just what's the capacity for other, where's your work going to go? And is the capacity there? And can you renegotiate those terms to be better and better to offset that cost, that capital cost to build out your own mill and the operational complexity of doing so both on an execution risk of having to get this thing up and running and permitted and have the recoveries all kind of sit there well in a timely frame Or do you keep going with what's already working for you?

10:38 Let's move on. David, for an investor comparing junior developers, what should they look at to tell whether a low cap ex plan is genuinely de-risked versus simply optimistic? You know, that's kind of a loaded question. Number 1, I'd say for the investor, not so much gold, whether it's gold, base metals, or copper, or whatever it is. Number 1, you look at where is their ore resource development stage. What is it? Is it a resource indicated and inferred? Is the categories into indicated where you can do feasibility work? Can you put ore reserves on the books? That's one of the big first criteria you say, where are you in the stage of development?

11:23 And then you look at a parallel to what mines are near them? What can you draw conclusions from the location? You know, we're in Timmins, Ontario. We can look on Bell Creek, the West Mine, Discovery Silver, all the old mines up there, how are they developed, that sort of thing. So the investor needs to look at globally, where are you, what are you, what stage is this project in? Once you get to a category within, let's say we're in inferred, you've got some feasibility work out there, then you start looking at, okay, the de-risking end of it, you know, where are they in that? Have they done their metallurgical work? That's one of the biggest keys. Does that metallurgy fit with a custom mill? Now they may be going to a mill that doesn't quite give them the same recovery as the SGS lab studies.

12:15 You need to look at those studies. So whether they've been de-risked, number 1, like say in our case, we're going underground, we're going to actually be looking at drifting, ramping, stope setup, dilution, metallurgical in real time with sampling through the Bell Creek mill. You know, it's all of the above, you've got to take into account to say, you know, is this CapEx plan okay in de-risking versus simply optimistic? You know, I'm sure all of us have heard, hey, we're gonna go into production, but we're gonna use a custom mill. But then you get into the data and you go, wow, where's the data? You gotta really have that solid data backing you, saying why you're doing what you're doing. So that would, It's a lot for an investor to look at, but they need to look at that or have somebody help them look at that.

13:09 A loaded question, but a complete answer. That was really well said, David. I will leave it open to the group if anyone else has anything further to add or we could just move on. I just add, it's like another de-risky part is just the state of the agreement with a toll milling partner or an offtake agreement. Like where are you at? Are you at an MOU level? Do you have a binding term sheet or an agreement in place? Or is it just kind of conceptual in nature at that point? You're walking along that kind of negotiation of where the ore is going to go and how it's going to be milled. The state of that is also a big predicator to the success on the story. Yeah, I think it's,

13:52 I'm sure everything's been said and I think it's a difficult thing sometimes for investors to find the wheat in the chaff and understand the stepwise process that we all go through as we shepherd projects down the development path. You know, we've been lucky enough, you'll see, we'll announce a big strategic investment by Nico Eagle, who are one of the owners of the 2 mines immediately adjacent to our projects. And so that's a kind of an external validation that in our case is very useful for demonstrating confidence that we'd like investors to share as well. So that type of thing is useful as well for us. At the end of the day, though, I think the people business and investors are investing in teams as much as aspects.

14:41 And are you comfortable with with with the people you're backing as much as. Definitely, David, I don't want to single you out, but if you don't mind just turning your volume down just a little bit, there's just a little bit of reverb there and I think it's just a little too loud. But I'll move it over to you, David, for this next question then. Negotiating total terms puts you across the table from a mill owner who has their own priorities. So what makes for a partnership that actually works for both sides?

15:11 You know, that's another really loaded question. You know, to get right down to it, who are you getting in bed with? That's the first thing I'd look at. Are they a credible group? Have they had experience in toe milling ores before? And how did everybody make out on it? Were they happy? You know, I've heard it both ways and it can go both ways but it's challenging to look at that but you know an example would be is first look at the mill the operators who's there if you pass that on that smell test it works good now look at the grinding indexes on your ores compared to what SGS lab says. Are you going to get good recoveries compared to what your lab studies say? I always believe that full-scale mills will give you better data than a, you know, an SGS lab. They're good, but they're missing the bulk sampling of it, you know, on a real-time scale.

16:05 The other one is some of the terms that you're looking at is how does their cost per ton milled equate with other other mills? Maybe you only have 1 choice, but if you have a couple choices, look around, see what it is.

16:18 Again, the payable metals on a basis are very important, but how that occurs, depending on how you calculate it with the owner of that mill, but also depends on are you co-mingling ores and using a separate calculation method or are you batching through? And if you are batching through, are they cleaning the mill out first to get their product out, get your ores in, and then the product all the way through so you can have a beginning and an end to your product. If you're commingling ores, you're not exactly going to get that, which means then you're forced into, you better have a really good sampling procedure coming out, you know, off your open pit, your underground mine, whatever it is, going into that third party mill. So there's quite a bit of things to take into account when you're negotiating across the table, and you hope they'll meet you halfway on a lot of your calculations on how it's being done.

17:15 Michael, I'll pass it over to you for any further commentary regarding negotiating toll terms. And it works actually good for both sides. Yeah, I mean, everything David said there is bang on. I mean, I've been on both sides of this before. And, you know, from looking at a toll millers perspective, what's in it for them? Is it just really straight cash? Are they after a long-term relationship? Is there some opportunities for some future partnerships or working together going forward. Certainly for us as a junior company, having someone just tolling is great, but maybe there's an opportunity having a large properties for some other way to work together going forward. So I think that's really important for us. And as David said, knowing the groups that's there and their reputation

18:12 says, I think a lot, because there are a lot of things that you will have to work through, a lot of factors, how much tonnes, how much grades going through, what's the audited procedures for determining that. Those are really important things and if you can't agree to those things, you'll be arguing probably a lot of the way down the road. I think a really reputable mill and team is important. I'm sure that toll mills look at

18:42 the company bringing the ore just the same way. I think it's mutual and I'd like to think that we could make that deal with a reputable firm in our area. Thomas or Matt, would you like to add anything before we dive into a few company-specific

19:02 questions? Let's get into it. I will start with you, Matt, for a couple of questions from Radisson. Radisson's plan for the O'Brien blend leans on off-site processing and a small surface footprint. What drew you to that route rather than a standalone mill?

19:19 Just the presence of the mills. There are 3 different mills actually. Within Stone Strew of our project, there's the Dwyan mill of Westwood, and then there's 2 mills, the Lapwood mill and the main Laronne mill, the Laronne mine complex at Nicoygo. And then within trucking distance, you've got 5 or 6 more. So, it's nonsense to imagine that, I say this to shareholders, I could be sitting here telling you about what this is where we're going to put the polishing pond and this is where we're going to put the tailings and the mill is going to go over here, but you know, we likely will not get to that stage where that's a real discussion. So for us, that's the starting point, right? And it goes for all the other infrastructure in the region as well, right? So we've actually, a couple of years ago when I first joined the company, we went knocking on IM Gold's door and we did an MOU with them that was public, under which we developed the metallurgy and the flow sheet work for our ore going to the Duayen mill in that facility. And then on Monday we announced a strategic investment by the other company that's got the other mine with the other mills. So we've been having a lot of conversations in these areas for some time. So the investment we did on Monday was to finance the next logical development stage, which is going underground.

20:44 A stage that we're all at, we all go through as well. So that's the next stage for us. I mean, for Rico, we're funding that and taking what will be ultimately a 15% or. But certainly, I mean, it's, one last thing I'll say about this is, is that regulators communities think about cumulative impacts and permitting mills and tailings facilities is getting increasingly hard, especially when there are others available that have capacity. So whether it's from a commercial sensibility, a strategic sensibility, technical sensibility or social acceptability sensibility, that's the way it goes, right? So, you know, so for us, let's see what happens. We're very happy with the way things are going with us.

21:33 And got this investment with Anika Wego and going underground and the immediate future for us is laid out here. You said 2 things that allowed me to put on the clip. We'll start with the next question. Your recent drilling has extended high-grade mineralization well below the historic mine for those who weren't following your story before this call and just hearing about it. How does that depth potential factor into your thinking on mine design and future capacity? We consider ourselves to have no depth limitations, none. So we're a high-grade, narrow-vein gold deposit that is happy to try and go as deep as we possibly can from surface. And that's because one of our neighbors is a 3 kilometer deep channel.

22:20 So that's a rather unique situation for us. And so, you know, we've been drilling down to 2 kilometers on the May, last May we announced we were going to target 2.5 kilometers. And so we feel that is our exploration kind of canvas, right, to go as deep as we possibly can. That work is continuing. We just did this investment with O'Neill for the underground program, But the program is fully funded with existing cash and that's going to continue on. We've told the market that we think the target here is between 3Moz and 4Moz ultimately down to that 2km floor. We're healthily heading in that direction. So yeah, I mean, Radisson is still primarily an exploration story and a growth exploration story, and we're adding ounces here pretty fast.

23:16 And 8 rigs turning 140,000 metres, big surface programme. But again, the uniqueness of our story is that we don't feel we have debt limitations because of neighboring infrastructure, right? And that's informed the decisions we've taken with the expiration. One more question for me, it's from the chat, so just a reminder for people in the audience, feel free to make this more engaging. If you'd like to submit questions, feel free to do so. But you mentioned the Agnico Eagle deal quite a couple of times during your commentary. This individual saying I was very surprised that there was 0.5 warrant in the offering from Agnico. Why was this necessary? Well you know I think if you look at all of Agnico's portfolio investments, especially the initial investments rather than follow-on investments, they're structured that way. So I don't think it's any different than anything Agnico have done previously. I can't speak for Agnico as to why they like it.

24:19 But that's a 10% shareholding in common shares and with the warrants is a line of sale of 15%. So we took the view that we're selling 15% of the company here and that informed our position and pricing and structure. This is like Nico Eagle holding that warrant, right? I mean, it's not a market warrant and we're very, our cap structure is very clean otherwise, no debts. And I think any other warrants that we've got on the balance sheet, I think it was like 2 or 3 million and they expired October. So we did it with a view as to who it is, as it, and we've received no, It's an eco-ego, right? And it gives them a line of sight of 15% ownership. And that's something that we were both mutually comfortable with and, and, you know, happy to have them in the share register.

25:13 Definitely. Well said. Let's move on to Gallion here. David, Gallion signed an MOU for toll processing at the Bell Creek Mill. So what made toll milling the right first step as you work toward your bulk sample? Number 1, we needed a mill. Obviously, if we were going to move ahead with bulk sampling, We had to deliver ore someplace beside on the ground. We are permitted to put the ore on the ground, but we like to get it into a mill. So we looked at it, we looked at the company, who are the people, it was Pan American Silver all the way to start with. And the reason, I'll just tell you why it wasn't discovery, is Tony was right in the middle of doing the deal. So that meal wasn't available because Newmont was in charge at the time. So I picked on Pan American. I actually know the Pan American people and I've custom milled with other mills and other companies with those same people. So I trusted those people.

26:05 That's the number 1. Number 2 really is, we're at the stage with our project, we needed data, we needed to de-risk, we needed actually to get moved forward on this. So, you know, we've done like 3 different individual metallurgical tests. They look great. 92 to 96% recovery, similar to Timmon's camp. But I needed real-time data. And being real-time data means running through a mill. A Bulk sample, co-mingles, whatever you do, but make sure it gets through the mill so I've got that data to go into a bankable feasibility study. And we are in the process, you've seen, where Dumas is our contractor, we will have real-time data with ramping, development, stope setup, costs, all the way down to the ore, setting the stopes up, what's that gonna cost? What's the dilution as the ore comes out, waste or dilution?

26:58 What's the losses in the gold? Different things like that. We're gonna have everything for that. And it just so happened that Bell Creek is one that they can actually move their mill capacity-wise out, and they had a need for that ore. And, you know, that doesn't mean that someday in the future we might move into another mill or a second mill before we build our own mill. But having access to a mill also being 35 kilometers away was the key. You know, it's not a 100 kilometer, 200 kilometer haul that's going to actually kill the economics. The other end of it is, is we'd like to make a little bit of money on it and start building the ore chest for the next stage, which would be building a mill. But at what point that comes depends on what the data we see, what's the grade of the ores, what is the outcome of the feasibility study and what's the value to us? So anyway, we felt this time it was, you know, a good move to work with Pan American Silver at the Bell Creek Mill.

28:00 With the box cut complete and 86,500 tonne bulk sample ahead, how are you thinking about what that program needs to demonstrate before a production decision? I think I hit on a couple of things, but let's just start with what is the cost of development? You know, is it 4,000 a meter? Is it 6,000 a meter? What is it gonna be whether we operate or let's say a do-miss or contractor operates? We need that real-time data from ramping, stoping, setup, grade distribution. We need underground drilling on coal space centers, a lot of data that will go into the bankable feasibility study. And that's what will happen during this 86,500 is all of the above, getting the data, feeding it in, and finding out and the processing end of it, what are the real recoveries? You know, do we have better recoveries?

28:49 I always felt in my career after 40 years that you will get better data out of a real time mill run rather than just metallurgical studies. Metallurgical studies are great to start with. You can build feasibility on that, but I'd rather have real-time data. The mining dilutions are very important underground, whether you're gonna deliver, let's say, 6 gram gold grade compared to an 8 gram gold grade. You need to know this. That has to do with the economics within the feasibility. But really, it comes out to is a final value. What is the value of your project? What is the value of your stock? What do the investors think of this? What is the capital? That's the biggest one that's going to go into this project when you make that production decision. Now it's kind of a given on a lot of projects like ours. We did our 1st PEA at $1,700 gold and it looked fine. Put in some inflation and that sort of thing and you know it looks just wonderful at $4,600. Everybody's a hero.

29:47 But we really need to know what is the full capital? Are we going to build 1,000 ton a day mill, 2,500 ton a day, 3,000 into the future? And what does that look like as we custom mill or how much capital will come back to us to develop that war chest to help pay for this project. Investors like to know that. They don't like to be deluded. Don't get me wrong, investors are great, but they don't want you to dilute them 1 bit. And I agree with them. Try not to do that if you can help that. But In this case, we need to actually get down to, you know, is our value, say, in the PEA was, I think, $387 million on the first round of $1,700 gold. If you rerun the numbers today, we're looking at about $1.7 billion. But the fact is, with our drilling, if you watch it, We've got a case where we're probably going to go from 3 to 5 million ounces in the next 2 years Why did we develop this feasibility study? What will that say that will say that your?

30:44 Marker the valuation of this project may be 3.5 or 4 billion, not 387 million. So we've got a long ways to go. We've got a lot to prove to ourselves and to the market and to our investors. So a production decision can be made, but I want to make that the right production decision, the right level, the right number of ounces of gold produced. So they say, yeah, we got a great investment here. So that's what it's really all about. Thank you, David. One more question for you, and then we'll move on to RPX. But you really emphasize shareholders do not like to be diluted. And 1 is in the chat asking for financing in the future. What do you see are as your options debt dilution or royalty?

31:32 Well, number 1, I just bought a royalty back from Newmont Mining Company for $11 million. It was one of those 3%—the value at the time was $240 million. So I wouldn't say that on the top of my list is royalties. That's on the very bottom of my list. One of the things that we have going for us is warrants. We have probably sitting out there 18 to 20 million over the next, we'll say 12 to 15 months of warrants to come in that would be cash. We also have, once we get into milling, and we'll say, okay, the project is 90 million, and we have a debt facility with Pan American Silver that's only 45 but yet we're going to pull down 120 million. So pull off of that and we're probably dealing at 70, 72 plus interest. So let's go to 65 million in cash that will come off of this bulk sample. And then with the warrant money there, we should have a lot of money on the way to building the project. What will that cost?

32:33 That's what we're doing the feasibility for to define that. So there's, it's kind of a wait and see on where's the capital going to come from. But right now, we can look at warrant money coming in. Obviously, these warrants are well into the money. They're double, triple, quadruple in the money right now. And we can look at cash coming back from the 86,500 at 8 grams hitting the mill. And that's another one. What is the real grade going to hit the mill? We'll be able to define that and tell the market how much cash we make off of that. Then the third step is once we get to that point, we say, okay, it's $150 million project. I got $100 million in cash. You need $50 million. What would I do on that? You know, a bankable feasibility is just for that bankable.

33:20 And what I probably most likely do then is maybe a little equity, but primarily on the debt side, I would look at debt financing on that because it's not a slam dunk. But if you're dealing with these type of gold prices and you got the right grade the right the profile You should be able to make money to pay your debt back So I'd rather look at that rather than you know a whole lot of equity and I definitely do not like streaming and I don't like royalties. You made that clear. Thank you, David. Let's move on to you, Michael, and RPX Gold. For people joining the call that might not have looked too deep into RPX or first time hearing the story, the Wall Wall project sits next to several established producers like West Dome and Alamos. So how does that neighborhood shape your options for processing and get into production?

34:10 Well, it's certainly, gives us an opportunity to find a toll miller that is best suited for our needs in terms of tonnage, but also timing and availability. It certainly helps to have options for a couple of different reasons. One is related to the way we look at this deposit. If we're looking at toll milling that's over 100km away, we have some small starter pits that we're mining at over 3g per tonne to deliver that feed to that mill. Given the tonnage rate and the amount of material we can haul down the road, it may be that maybe we could use a second mill for the lower grade material that we're currently stockpiling and a mill that might be a lot closer than that. I think it's possible to have a couple of different mills going at the same time, depending on the deposit.

35:15 Even now that we're looking at ore sorting with our stockpile strategy, maybe there's an opportunity to ship something higher grade further away with a lower tonnage. I think having a deposit that is a range of grades and having small pits that provides that access to these various grades of the deposit gives us some options to utilize different mills. It may be that we have 1 mill, it's great, It serves all our needs for the entire starter pit life and even the underground. That would be great, but this is a way to give us some options in case some of the mills start to fill their own mill, which a lot of mining companies are trying to do.

36:01 Then maybe we'd have to use a secondary mill or switch to another mill, or maybe the recovery process is better at 1 mill than the other. I think having these options really is open to us. I think We're not afraid of the idea that who we start with is maybe not who we end with before we even go and build our own mill. Maybe there are mills that are going to become available for purchase as some of these mines run out of their own reserves. I think it just provides a lot of options. As you know, there's 5 mills in the area that are in operation. Through that, We look at what's the best approach for RPX and to secure the material of rock that we want to be able to start to send as early as the second half of next year.

36:57 We're going to be announcing over the course of the next several months, who that partner may be to start with. I think that's really positive. We did raise some money in the spring of this year. We're doing the drilling. We just sent 75 samples to SGS Canada for additional metallurgical analysis, which we really need some of those results to help in our discussions with the mill, as well as drilling to get material for different bench scale tests that we're doing for the various mills. That's ongoing and I think that'll be a really big announcement for us to show that we're on the next step in our development. It really helps to de-risk the project going forward.

37:45 This is a year of de-risking and with the drilling for the resources, converting the last of the inferred to indicated, the geotech, the metallurgy, the environment and the permitting. So, a lot going on this year and the toll milling is a really big part of that. And Hopefully we're going to nail that down in the next several months. Your PEA laid out a phase development strategy with mineralization starting at surface. How does beginning smaller and scaling up change the capital and risk profile for RPX? It's certainly lower risk for the CapEx. The CapEx we've defined in the PEA is $51 million, which includes about $11 million of contingency.

38:33 And it's really to, because of the infrastructure that's already there, you know, with power, proximity to power, the town of Walla Walla and the roads that are there, it's mostly for crushing and the sampling tower, as well as some buildings for truck shops and development of the waste rock area. So I think it keeps the CAPEX down, so which is lower risk for us. Obviously you give up on the low risk and low capex side. There is a cost to that with a margin of, you know, 3 to 4 grand material, the margin is quite high. So we can pay the extra operating costs of the tow mill. So That's important to have a deposit that's able to provide that margin and the development plan that we have that is staged.

39:27 That's really important. But I think one of the other things that really de-risks this project is you can start with some starter pits with the low capex, start to do the toll milling, even though as David said, you have metallurgical data, but as you continue to develop and start processing this material, maybe you find out some things about how you can better optimize that recovery going forward. I think that's important. Plus, when you open up these starter pits, it confirms the mineability. If you're going to an underground phase later, I think it helps to confirm the continuity of the higher grade areas that you might want to extract separately in an underground phase. So I think it gives you that, gives you the geotech information. So I think the staged approach in all aspects, well, it's milling, it's the mining.

40:16 It just makes for a lower risk project going forward as you have to make the next installment of capital, which would be, let's say you go to the underground, the underground would be a significant amount more of capital required to get the underground started. If you did decide to build your own mill in the tailings area, again, another big influx of capital. By having a starter pit and a toll milling, it really gives you a chance to get into the deposit and optimize things before having to take the next big step of the larger capital injection. We like the de-risking approach. Thank you for that Michael. Thomas, thank you for your patience. I do ask sometimes just multiple questions for each company just so we all stay on the same page.

41:03 Someone had to be last, but thank you. The Scotty Goldmine project is a great festival and fast-producing in the Golden Triangle. How do those attributes shape the lowest-cost route you see to bring it back into production? Yeah, I would say not just the lowest cost, but the shortest timeline as well in order to get up and running and producing. You know, we're located 40 kilometers up an existing road. So that road was used in the 60s, 70s and early 80s to haul from another project. And then the previously operating Scottie Goldmine. We've also ground truth that and confirmed that that road is still suitable for haulage. So we did a bulk sample last year, we hauled over 4,500 tons of ore down the road. So that gives us a tremendous break relative to other projects in the Golden Triangle in that that's already in place. The road is usually one of the big pieces of infrastructure that needs to be put in and has a big time lag on getting that project up and running when it's already in place for us.

42:05 Also, the port being down the road, just 40km, it's the northernmost ice-free deep water shipping port on the West Coast, which is a huge advantage to us. That's where the concentrates for Bruce Jack and Red Chris are shipped out of. It's where Sina will ship the SK Con out of. That's already in place for us. And so it's up and running now. That's where we ship the bulk sample out from there. Having a past producing mine with an existing mine permit and care maintenance was also a huge advantage to us. So earlier this year, we confirmed with the federal and provincial regulators that we don't need to go through a full environmental assessment. The pathway to permitting for us is what they call a joint permit amendment application. So amending the previous permit in order to get it back in production. And this is very similar to other projects in the area that have had historic mines that have been able to operate this way. So Cambria Gold Mines formerly Ascot went through the same permitting process.

42:58 By the time they submitted their permit, it was 8 months after that, that they received their full permit. And they were quite a bit more complicated site. They had a tailings facility, they had a mill, and then they had about 4 or 5 different deposits that they were pulling from. So we see that as really reducing the timeline for us to get in production and also dropping the cost as well with that infrastructure already in place. For people who might not have looked too deep into the Scotty story, you are running your largest drill program ever ahead of a feasibility study in 2027. What are you most hoping that resource growth unlocks for the development plan? We're drilling 50,000 plus metres this year. We've currently got 8 drills turning today.

43:45 When we put out the resource in May 2025, that was based on the 2024 drilling. The resource is based on about 45,000m of drilling. Last year, we drilled 27,000m and this year we're drilling 50,000m. That's a huge increase over what was in the existing resource. What we're looking out of this year's program is, we're targeting 100% conversion from the inferred ounces that were in the resource to indicate it, that were in the mine plan, and then looking at expansion on top of that. In addition to that, we're looking to show the pathway to how do we get this to 1.5Moz, 2Moz in the coming years? That's a big objective for us. The boost of additional ounces on this project are huge. There's a lot of torque there.

44:32 It is a small mine plan reserve that was in the PEA. Any additional ounces on that just add to the economics and then redoing everything at a higher Gold price really boosts things. The highest price that we envisioned when we did the PEA in October was just at $4,200 Gold. And even then our CapEx to NPV ratio was 5.2. So a lot of torque for us to add additional ounces, but we need the conversion from Inferred to Indicated in order to put them in the feasibility in the new year. Thank you. Before we get into a quick close up with upcoming catalysts for each of you, there is one more question in the chat. We'll just leave it open for anyone. It's an investor looking to understand the dynamics of the mining industry a little more. Does a toll milling agreement typically include terms, geez sorry, does a toll milling agreement typically include terms where the mill commits to processing a minimum amount of ore for a set number of years, can you lock in the capacity?

45:35 Give it open to anyone to answer. I can answer that. The answer is yes. A mill usually does that. They'll say, let's say I'm running 4,000 tons a day. I have room for 500 tons a day for the next year to 2 years. And yes, they would like you to lock it in and we'd like them to lock it in to make sure we have a miller at that time. So the answer to them is yes, you can. Locking it in if they're at capacity will be very troublesome where they will only take your ore and feed it in when they have that capacity you know which they never know when it's going to be unless they're running short from their own minds. So it's the best to have them tell you, yes, we have 500 tons a day, 1000 tons a day, whatever it is capacity, and we have it for X number of years. That's the best of all worlds.

46:30 Thank you. Let's go in reverse order this time. Thomas, you first. For the next 12 months, for people that are just hearing my stories for the first time, maybe they came for a different company and they're interested in learning more about yours, I will remind them that when I close off here, there is a request meeting button. Do feel free to request meetings with 1 or all or any of the companies and I'll be sure to put you in touch with them. But Thomas, for people, what should they be caring about Scotty Resources for in the next 12 months? Sure, I'll just quickly answer the same question that Dave answered because we're in a bit of a unique situation. So, you know, our base case scenario is a direct shipping ore model where we're shipping out of the Port of Stewart and assembling it to Ocean Partners. So we have a full offtake agreement. So they've already agreed to, with the offtake agreement, to purchase 100% of the feasibility study reserves from us.

47:22 That's already locked in for us and that it's 100% allocated already on that project. Any exploration outside of the resource would be up for grabs outside of that and we can renegotiate it. But in terms of investors looking at Scottie, I think we're going to start very shortly releasing news results from this year's drilling. It will be our largest drill season ever. We'll have full news flow throughout the fall and until the early winter. And then looking into the early winter, I think what you're gonna see out of us is that obviously the feasibility study with the updated MRE for the project with the economics. And then, you know, we're working towards project financing for the construction of the project as well. So I think that news in the new year, mid-new year, next year are both possible and likely. The other one would be IBA negotiation with the First Nation partners in the area. So we do have a capacity funding agreement with the large First Nation in the area, which is the Anishinaabe Nation for us.

48:19 Seeing that relationship and agreements evolve would be something we'd look to news release next year. Great. Thank you. Michael, over to you for RPX Gold. What can people expect? What should they be paying attention to for the next 12-months? Certainly in the short term, we are drilling a 20,000m. We're going to have some assay results coming out shortly and continuously for the next few months. As part of that drilling, we will be testing some exploration samples as well because we don't want people to forget the main reason why we're going into production is to generate money to test some of these really excellent exploration targets that we have. We're going to have that coming out as well here in the fall. I think that's exciting.

49:08 The other thing, the metallurgy results, which have been coming back quite good, we expect to have the first batch of those out shortly. That's going to be very positive. But I think the real catalyst for this next few months will be securing a toll miller. I think that's really going to be important. We've advanced very well on the community relations and IBA discussions. We expect to be announcing something on that shortly. I think that's also very positive because we need that to secure the last of the permits that we need. As you know, this is a past producing site, so we still have a closure plan and some other permits, but we do have to have a few additional permits, so that environmental work permitting baseline studies is ongoing, which we'll be releasing some of that as well. Then into the early part of next year, in the first half, the completion of the Pre-Feasibility Study is going to be really important because I think that's going to tie everything together.

50:12 We need this information from this fall, the current drilling that we do to help with that Pre-Feasibility Study. With the completion of that production decision, then going forward after that in the second half of next year. It's all happening fast. There's going to be a lot of news generated and some big catalysts. We're looking excited to get that out there so people can really start to see how this project's gonna advance. Thank you. David, over to you, quick pitch for Galleon. Well, the pitch for Galleon, number 1, is we've advanced over, we'll say, the last 6 months to all the prep, the surface work, the power coming in, the box cut, as we talked about, got all that done over the next, we'll say, 7 to 10 days.

51:00 Wait to hear about the first rounds that are actually being taken out of the decline ramp. It's a 5 by 5 meter ramp. We'll be taking that down over the next say 9 to 12 months, 1,250 meters, and then there'll be another internal 1,250 meters. So you'll get updates all along for the next 9 to 12 months on that. But in between, what you'll see here probably the next 2-3 weeks is the finalization of the Dumas contract and you'll hear about what they're going to charge us, what it's going to be. They did bid it, now we have to put it in final terms, which we're doing. And then the other one is the Bell Creek mill contract. We've got the MOU, we've got pretty much the contract all scaled to where they like it, we like it. We're putting the final details in that, you'll hear about that. But as we get toward the ore, we will stop over off a cutout and we will start drilling, short space drilling, right across the ore body. So we know exactly within the stope 1, 2, 3, 4, what those grades compare to the surface, what we're going to expect to see, and it looks like probably right now from the surface about 8.1 grams that is actually mined and shipped to the mill.

52:08 The other things you should see really, the underground is overshadowing it a little bit right now, is the drilling. And we're roughly about 12,000 meters into an 18,000 meter program. That's just one piece of a program. And that was to actually drill between the top of the number 9, where we're actually going to be bulk sampling, and the West Deep to say, is the West Deep the same as the top of number 9. And right now we've got 13 holes within that area and every one has hit that structural zone. And we're very happy with what we see. We're seeing anywhere from 10 meters to, let's say, 30 meters in width on the vein, a couple hundred, 250 meters in strike, so we can say now the dip goes from 20 meters below the surface to 1000 meters in depth. Is that the bottom?

52:57 Probably not. And what can we add? And what can you see in the future? Probably another million ounces sitting just in 1 ore chute. Remember, we have 1 through 8 ore chutes, and the coarse-feldspar porphyry, and the sediments here, we have number 9. Then we have the actual south zone. Now, as we go underground ramp, we will be setting diamond drill stations on the cutouts on the turns. That means we only need 80 to 100 meters across to drill the south of our zone. It looks like a parallel to number 9. So what I'm saying is the whole thing is going to lead up to remodeling. How many ounces of gold do you have? What's your projection? Our original 1 was 1.56 million ounces. The PEA was built on only 940,000 underground ounces. But we're going to have a completely different picture over the next 12 months for the investor, both from the underground, the costing, the capital, and the new drilling on the number 9 in the south zone areas. So I look forward to a lot of data coming at you.

53:55 And what it equates to is what is the value of your share price? What is the value of your company? Are you going to be re-rated as maybe a junior developer, producer rather than just an explorationist? That's what we're hoping for. So right now, we're sitting at about $1.20 Canadian and where should we be? Well, everybody says they're undervalued. We're undervalued. We're so far underwater. We're Jacques Cousteau-ing it. He's helping us get to the surface. So, you know, I'd like to see a share price way up there over the next 6 to 12 months. So stay tuned for a lot of good things coming from Gallien Gold and the West Cash Project. Thank you, David. Matt, tell us, why should someone consider an investment in Radisson Mining right now? It's all drill results and growth. We announced this big investment to fund this advanced underground exploration program yesterday, but that's a 27, 28 kind of exercise.

54:53 In late 24, we started directing our exploration drilling to big, chunky step-outs below the existing resources, below the old mine, not being restricted by debt, not drilling for quality of resource, but just quantity of resource. How much is there? Is this a 1, 2, 3, 4 million ounce deposit? And we have been steadily increasing the scope of that drill program and extending it. It's now 140,000 meters. It's going to go with 8 rigs, 9 rigs starting in September, all the way through to next year, to middle of next year, probably beyond, going to 2.5 kilometres. And we're hitting, we publish in every press release, the hit success rate of all the drill holes. We're batting about 80% here, success and hitting mineralization resource qualities.

55:40 We're continuing doing that. With the big pipeline of drill results, They're all going to be coming out through the fall and into next year. And we've also said that as we go through this big program, we're not going to wait until the end to tell you what the results are. We are going to do interim resource updates. We did an interim update in March with a big jump up in the resource. We're expecting that we'll be in a position to do another one by the end of this year, then another one again in the middle of next year and show you the step-by-step process of getting the answers up here. So, yeah, it's drilling drill results and that's going to be the, that's what investors should expect from us and growth through the next few months. Great. Gentlemen, thank you so much. Thank you for taking the time out of your day for this and thank you for the audience for joining this live event. Hopefully we've garnered some interest in these companies. Feel free to reach out to them but thank you really appreciate it great discussion and until next time