Transcript
Automated transcript · Written by software from the replay's audio. It can mishear names and figures; the replay is the record.
0:11 So good afternoon, ladies and gentlemen, and thank you for taking the time to learn more about Veeor's exciting story and compelling investment opportunity. Before I begin the formal presentation I'd like to draw your attention to some legal disclaimers. There will be some forward-looking statements. Just quickly about our profile and strategy, we are Quebec-based junior explorer based on strong fundamentals. Our corporate strategy is to provide shareholders with exposure to high potential gold and critical mineral discoveries. Our focus and the focus of this presentation will be on our flagship Belter Gold Project. As everybody is aware here, a discovery is really the key driver for value creation in our industry that's known for a really low success rate.
1:01 All of our projects are in Quebec, very committed and experienced management and technical team. We have skin in the game. Management owns about 7.3% of the shares outstanding. It was at about 14% 5 weeks ago but you'll soon learn why we were diluted down. Strong financial and technical partners, which include Osisko Mining in Quebec. They are the half owners of the Windfall Project, and the Quebec-based financial institutions, SIDEX, Desjardins, and Quebec government arm, SOQUEM. In addition to our flagship Belter Gold Project, we also have a diversified portfolio of other exploration assets. Our objective with these assets is to use other people's money to fund them, whereby we keep a piece of it, but we receive cash payments, share payments, and a pretty decent work commitment.
2:00 Just a little bit about our corporate structure. 5 weeks ago, we were 13, $14 million market cap, Quebec Junior with $2.5 million in the bank. Fast forward to today, we just raised 21.83 million in the past 4 weeks. Our current working capital position is $21.1 million, soon to go up by another $2.75 million early June. We'll be sitting with about $23.5 million of working capital cash, of which the lion's share will be put in the ground. Shares outstanding, 213 million. Market cap today about 36 million. Major shareholders include Osisko Mining, 14.2% undiluted.
2:46 That will go up to just shy of 20 percent in about 5 or 6 weeks. Quebec institutional funds 12 and a half percent. Scotia asset management just came in for 2 and a half million dollars on our financing. They sit at 9.4 percent undiluted. Management on the board 7.3 and close strategic holders 14 percent.
3:12 A Little bit about our asset allocation and diversification policy. Our focus is precious metals. Our focus is Belterra Gold. We believe that is by far the single best value creation driver in our company going forward here, particularly in the next 12 months. You will see shortly, this is a drill-ready project. It is fully funded for a 60,000 meter drill program to begin sometime second half of June this year. And there are no shortage of high priority targets. As you will see, we believe we're on the verge of the next big discovery in Quebec. We also have other projects, as I mentioned, they are partnered to other players, as we cannot be all things to all people.
4:05 Belter Gold Project. We believe this is the discovery of 2024 in Quebec. Just quickly, This is a brief overview of all our projects and where they're situated in Quebec. You'll see our Belter flagship at the bottom left. I'm gonna zoom in. Over to the right, you'll see we are situated about 95 kilometers due south of both Val d'Or and Rouen, which is the mining hub of Quebec. We have paved roads right to the town in the middle of our project, great logging road system throughout the project. The project includes the past producing high-grade Belter Gold Mine. I just accelerated an early purchase of the mine this past week and announced it for $1 million. We now own 100% of the concessions of the oil mine.
4:59 It produced Approximately 800,000 ounces of gold at 10.7 grams per ton between the late 30s and the late 50s. Excellent location and affords really low cost expiration. I can drill all in for anywhere between $170 and $190, including assays. It's a high-grade gold system, untested at depth and along strike, district scale with multi-deposit potential. Well, Cisco Mining is a very active and supportive strategic investor in our company. And most recently, they are giving us some technical support as well. We are drill ready.
5:45 We are poised to drill 60,000 meters beginning in June, which should be completed in approximately 8 months.
5:55 This is a regional map. This is the fruits of our last 3 and 1 1 half years of labor. My partner and I, we began consolidating the region. It was an underexplored and really forgotten greenstone belt in the Southern Abitibi. We undertook about 10 different deals to complete the consolidation and the land package. The foundation is 350 square kilometer district scale opportunity. It's a subset of a larger piece that we own of 550 square kilometers surrounding it. The real focal point is that little racetrack in brown. That is called the Brownfield area.
6:41 Within it is the Belterre mine trend. It's about a 6 to 7 kilometer long trend. It includes the past producing mine and several other known deposits. That will be the focus of our drill program. Of note as well, the First Nations in the area, they control peace to the northeast, those white dots. There's no pointer here, is there? No. So we have some excellent relations with them. We're looking at hopefully working with them to help advance their claims as well. This is our proposed drill plan with collars. Not all the collars are indicated. Some of these collars will involve 2 holes in 1.
7:29 There's 60,000 meters we are currently permitting. We are in the middle of the process right now. It's a little long, takes a little bit longer in Quebec right now. We're allowing for 8 to 9 weeks just to be safe. 80% of the drilling will occur in the BT mine trend. Those are our highest conviction holes that we are proposing. The other 20% will be regional advanced targets. As you can see, names of Rival, Savard, Guyer Mine, Lac Pérezie, those are the advanced targets going forward. This is a long section north view of the mine trend. You'll notice over to the right is where the old Belter gold mine was.
8:16 It's a 1.2 kilometer long strike. Most of the ounces, in excess of 700,000 ounces, were mined between 0 and 225 meters, which in today's standards is very shallow. Back then, there was very little deep drilling. In fact, all the drilling that's occurred in this whole region, over 95% of it was between 0 and 200 meters. We have proven that mineralization extends at depth at least 500 meters. We proved that a couple of years ago with a small little drill program. So the optionality is we are open at depth and in unexplored areas. We believe that we can replicate what was produced at the past mine per 250 meters vertically.
9:07 You can do the arithmetic. Many mines in the Abitibi go down as far as 3,000 meters these days. That's not our intention with this first drill program. Our deepest hole will probably extend to about 750 meters. But we believe that with the drilling we're about to do, especially the early stage at 100 meter intervals, it'll be good enough to look for a resource in the early going. This is a cross-section west view. Part of our new thesis and reinterpretation and new lithostructural model involves a gold system that's extending at depth, Gold correlation to felsic intrusives in the area, a little bit like the Cisco mining has over at their windfall deposit.
9:54 A stacking of gold veins which wasn't previously considered. High-grade mineralization shoots. We've seen a lot of these veins, some flattening out areas where we are going to be targeting anywhere from 5 to 15 gram material over 10 to 20 meters. That's a lot of ounces. We can build a lot of ounces fairly quickly.
10:20 In these boxes are the particular location, drill target locations. We will be going from the former BT mine and moving to the east. There are a lot of unexplored areas in some of the boxes. We will go from the known to the unknown here. We will start at the former BT mine. We have a very high conviction level that we can hit potentially multiple veins at the same time. I'm just going to go back to the previous slide. Most of the drilling I'd say 95% of the drilling in the past occurred from south to north, south being to the left, north being to the right, undercutting some of these veins. Almost all of our drilling is going to be from the north to the south, where we hope to hit multiple veins in 1 hole.
11:15 I'm going to zoom back out to the regional. In addition to the high conviction brownfield area where the Belter Mine trend is, there are several other greenfield areas within our project. We've identified the Belter Mine analog areas, 3 of them, very similar geophysical, geochemical, lithostructural analogies similar to the Belter mine trend. And to the north, where you see that Devlin-Felsic intrusive-related gold signals, there is potential for bulk tonnage intrusive-type ore bodies. So I believe we have all the ingredients for a great recipe here. We have everything that you're looking for in a junior right now. Great project, great people, and capital.
12:05 I'll open it up to questions. Thank you so much for the presentation. We still have a little bit of time. So if you have a question. Sure. Yeah, you raised a significant amount of money. So what would you say was the principal attraction of the people who are getting money right now? Well, Osisko committed up to $5 and 1 1 half million in the financing. They committed that back in early December when I met with them. Their thesis was go big or go home. And they said, it's just as difficult to raise $20 million as it is to raise $2 million. So we embarked on this. Obviously, it was a challenge in a very challenging market, to raise $20 million with a $13-14 million market cap.
12:52 But I think the project sold people. High grade, huge potential. We are looking. We think the potential is for 5 million ounces. Obviously, high risk still. By the time we start derisking, I don't think our stock will be where it is today. So in your open pit, are you drilling from the bottom of the pit then? No, we are drilling from surface. The oil mine is flooded right now, so everything will be from surface. OK, then again, thank you so much. Thank you very much. Thank you. Thank you. Thank you.
