Vior Inc & Ridgeline Minerals – Exploration Done Right

0:08 Hello everyone and welcome to Viors and Ridgeline's live investment summit today hosted by 6. I'm joined today by Mark Fedosewitsch, Viors CEO and president, Laurent Eustache, the executive vice president of your and Chad Peters, president, CEO and director of Ridgeline Minerals. Each company is gonna walk us through their own company presentation. And after we're gonna move on to a live Q&A session, where we'll be accepting and answering some questions. You can submit your questions using the Q&A panel found on the right hand side of your screen at any time during today's presentation. And as always, this summit is being recorded and it'll be available to watch afterwards on SIX.com. So without further

0:41 ado, Mark, I'm going to hand things over to you to get us kicked off. Thank you, Cam, and welcome, ladies and gentlemen, to our exploration summit. So just briefly here we'll be presenting our company VR or mining explorer this will be the speed dating version however since we're restricted to 10 minutes. I'll begin by cautioning everybody that there will be some forward-looking statements so please take a moment to read this page. So just briefly, our company value proposition, the way Laurent and I have structured Vee Or over the past year and 0.5 is to provide investors with exposure to multiple potential discoveries. Clearly our flagship Belter Gold project is our focal point at the moment where we believe that We have the potential for a discovery.

1:32 We also have exposure to 8 other gold projects in our portfolio. All of our projects are situated in either Quebec or Nevada, arguably 2 of the best mining jurisdictions in the world. Highly committed management with strong leadership and an excellent track record.

1:55 Management owns over 16% of the shares outstanding, so we're fully aligned with shareholders' interest. We have some excellent project partners, both on the financial and technical side, Osisko Mining, some of the funds in Quebec, FTQ, Cdex, Iluka Resources out of Perth, Australia, and Sochem and Ridgeline Minerals who's with us here today. So our hybrid strategy just in a nutshell is we both explore and we invest if we see a good opportunity. Just briefly, corporate profile, board of directors include Paul Saint-Jacques, he's the original founder of VR, He was also the founder of the very successful Virginia Gold Mines and Mazarin. Myself, I have over 30 years experience in the investment business and have an extensive network in the junior mining space that I cultivated over the previous 35 years.

2:48 The next 3 members of our board, Eric Desaulniers, Chérie Vétout and Laurent, who's with us today, are sort of the new generation of Quebec entrepreneurs. All have had a good degree of success in their own right over the last few years and we're very fortunate to have them on our board. We have an excellent management and technical team. I'll have Laurent elaborate a little bit more about that as the presentation goes on. Just briefly in a nutshell, our corporate structure, working capital just a little shy of $2 million. We also just completed a flow-through share offering at the end of October, which added another $1.49 million to our working capital. And then we also have investment in public companies. The lion's share of that is our investment in Ridgeline Minerals.

3:40 We own a 6.5% equity interest.

3:44 Very happy to have that. It's treated as a mid to long-term investment so we don't include that in our working capital. Shares outstanding as you can see and major shareholders include Cisco Mining, Management, Quebec Institutions and close strategic holders which would comprise about 15 high net worth individuals who are allowing us to execute on our strategy. Our market capitalization is about 15 million as of today. In terms of our gold projects, all of our exposure is either in the province of Quebec and Canada or in Nevada via largely via Ridgeline Minerals. Just briefly about our hybrid strategy, we've positioned the company in such a way that We can either invest if we see a good opportunity, such as Ridgeline Minerals, or we've developed a really comprehensive portfolio of precious metals projects, some of which we are advancing 100% on our own, others which we will look for a good solid partner to either JV or option them.

4:51 In addition, as I alluded to earlier, we own a 6.5% equity interest in Merge Line Minerals, who's with us here today. I'll let Chad share with you their story. So I'm going to pass it over to Laurent who will go over our project portfolio and our flagship Belter Gold project. Thanks Mark and it's a pleasure to share with you today as well. So just quickly on the technical and so you see on the map the location of our project in Quebec. So, a portfolio of gold project located in the IBTB, Demis-Keming region, south of Quebec. And they are almost all district scale or large scale project. So, we have defined various corporate criteria in order to execute acquisition and invest in projects, and we defined 4 main criteria, which are mining-friendly jurisdiction, North America, and at the moment, we expose our shareholders in Quebec to our 100 per cent owned project, and through some exposure to Nevada with our investment with Richline.

6:03 We also like to be in close proximity to existing or advanced mine project, good infrastructures and easy access, and some potential to advance rapidly the project. So these criteria are there to reduce the overall risk of exploration, lower the cost of exploration considering that we're next to infrastructures and road access, and reducing the stakes of economical potential. So no need to find a 3 million ounces to get an economical project. So which at the end increase the odds of making new discoveries and the overall return on capital for our shareholders. So here is the location of our project located in the Urbain-Barré corridor.

6:49 And you see the Mosso project and the Skyfall project in the geological continuity of some high potential projects with Osisko and Bontrager just delineating over 8 million ounces of high-grade mineralization. And also the Lapland volcanic corridor below here with our Lignaris project in the continuity of what Amex is doing, high-grade mineralization next to Normitol mine.

7:26 But I would like to spend a little bit more time on our exciting flagship Delta Gold Project, which is maybe a good example of what we've been executing on our strategy, corporate strategy, these last 12 months. So the location of the project is in the heart of the mining industry in Quebec, 95 kilometers south of Rwanda. It's a proven economical area where over 750,000 ounces of gold has been produced at 10.7 gram per ton. So, we saw an opportunity to consolidate for the first time and execute large scale systematic exploration, which has never been done in the past, taking advantage to using modern techniques.

8:13 We also saw the high-grade component, which is of the belt, which is a function of the return capital at the end if we are successful to find a resource there. And the historical reading was just shallow, so opportunity to follow a long strike and at depths on the non-mineralization of the camp.

8:34 So here is the, since the acquisitions only a year ago, we've completed 2 months of prospection. We also did a high resolution mag survey, which is critical to better understand the structure which are the plumbing of the immunization in the area. We also did a first 3D modeling, which led us to initiate a first 5,000 meter drilling campaign that we initiated a couple of weeks ago. So the project is composed with a brownfield area in the center where you see the historical gold showings and 2 greenfield area up north and down south. Here are some We've been able to validate the hybrid component of the belt, confirming location of historic high-grade gold showings with up to 274.9

9:26 gram per ton, 121 gram per ton on quartz vein, as well as up to 50 gram per tonne in intrusive rocks, namely QFP. And here you see the first result of our 3D structural modelling of the past production area, which we call now the historic mine trend of Belter. And that led us to do that, to initiate that first drilling campaign. And I mean, for those interested, we've completed a technical summit on the technical of that drilling campaign. And maybe just to provide and illustrate a better sense of size and multi-target potential of the Belter project.

10:18 Here's a plan view of the work in progress at say regional gold targeting on the brownfield, where we see some structural features associated with some high-grade gold showings at surface, defining potential gold traps, and prospective optionality for value creation and new discovery at Belter. So what I just will show you there, Here is the campaign, the drilling campaign that we are doing at the moment on the property. But we also have some continuities of mineralization untested on that part of the trend. But we also have some really great structural feature here with some structural control that could create some really great traps of gold here and continuity of high-grade mineralization and folding in various parts of the property.

11:12 So I will stop there on the technical overview of what we've been doing and leave the mic to Mark to wrap up the presentation of the org. Thank you, Laurent. So just for the audience's information, so the opportunity at VeeR, and just to summarize, management team, solid, low-cost, corporate structure, large insider share ownership. We've got a very innovative business model that provides our shareholders with exposure to 9 promising precious metals projects, all in safe jurisdictions, either in Quebec or Nevada. Osisko Mining's recent investment in our company to the tune of 9.9 percent partially diluted is validation of our project's potential and what Laura and I have been able to execute strategically.

12:05 Investors can expect continuous news flow in the coming year. Belt air is going to develop rapidly. We are in the midst of an initial 5,000 meter drill program which will likely be followed up with a second phase 5,000-meter in the new year. So expect a good steady stream and hopefully a new discovery. Wonderful. Well, thank you for that, Mark. Thank you for that, Laurent, as well, for the great presentation. Chad, I'm going to bring up your slides, and then the floor is yours. All right. Thanks, Cam. That was the first time I actually saw your new model of the Belter guides. That looks awesome. So I'm actually, I'm a shareholder of what I bought in on the 20 cent round mic or mic mark. Yes, that's right chance This that project reminds me of hard rock which premier gold found 8 million ounces That's now an epoxy hand so similar type of structure same story. So I'm excited to see what you guys are drilling brings.

13:04 Okay, I'm going to go to full screen. All right. So, you know, I think it's been a really busy year for us. We've had some really exciting news come out of the company. And I think we're currently trading at 52-week lows today, so a potential opportunity here to get in on an exciting story. So why invest in Ridgeline Minerals? We are a Nevada-focused gold-silver explorer. We have a portfolio of 4 prospective projects in the Carlin and Battle Mountain Eureka trends. We are a discovery-focused company. So our business model is to make discoveries, take them to early resource stage, maiden resource at the most, and then try to monetize those assets, sell them to folks that want to take it into production. So we have 154 square kilometer portfolio and kind of something that sets us apart I believe is our strategic drilling contract.

13:55 So I actually co-founded the company with the owner of a drilling company. What that meant is he took an equity stake in the company at the founding stage. In return, Ridgeline got a 15,000 meter drilling contract at cost. That means we were able to put more money in the ground early, higher potential for discovery, and every dollar goes a little bit further for Ridgeline shareholders when you invest in us. We also just recently signed a $20 million US earn-in agreement with Nevada Gold Mines. Now, I just said our goal is going out, making discoveries, and selling those assets. In this case, this was an incredible opportunity to partner with the 2 largest gold companies in the world, being Barrick and Newmont, which are the joint venture holders of NGM. And they're really aggressively advancing this project now.

14:40 They're already out and drilling it. And we just signed the deal less than 2.5 months ago. So really excited to see how that comes along. We have a new discovery at our Salina project. That's turning into a silver, gold, lead and zinc story. Significant exploration upside. I'll show you a little bit about that down the slide deck here. And, You know, we have a really experienced team. We've found over 50 million ounces. Pressing the wrong button here, Cam, sorry. There we go. So we have over 50 million ounces of Discovery under our team's management and board, mostly in Nevada but globally as well. And our team owns 15% of the outstanding share float. So very well aligned with our shareholders. As I mentioned here, a few quick points, folks like Mike Harp, my VP, exploration, Mike was a part of over 5 million ounces discovery in Nevada with Gold Standard Ventures and directly led to the discovery of the North Dark Star Discovery, which took that company to a market cap of almost 1 billion dollars back in 2016, 2017.

15:39 We've continued to build out our team with a solid group of technical folks, capital markets, really trying to build that quality team as we continue to grow the company. From a cap structure perspective, we have just under 56 million shares non-diluted. Cash position as of November 1st, right around 2.6 million. We're going to end the year with about 2.3 million Canadian, which leaves us fully funded to go out and do our exploration program at Salina in the spring. As I mentioned, we have 15% management ownership, of which I own 7%. I was able to do that by pretty much bootstrapping the company for the first 15 months while we were getting it up and going, and followed that up with $150,000 cash of my own personal investment into the company at various levels along the way. So as Mark had mentioned previously, Vyor is a substantial shareholder in the company.

16:31 They have been incredible shareholders, came in on the seed round and have backed us ever since. So appreciate having you guys along for the ride. And we also have a good mix of institutions. Had over 12 institutions buy into the company at the IPO in August of 2020. And our most recent financing brought in about 3.75 million at 50 cents. So fully diluted, we have 70 million shares out, nice tight share structure. And with positive drill results, which we believe will be on their way in 2020, with lots of catalysts coming down the pipe. The stock is really primed to take off if we can deliver. So we have our 4 projects. I'm only gonna touch briefly on all 4 of them. Today, as the guys mentioned, we're restricted to about 10 minutes. So 154 square kilometers and a really good mix of the 4 projects, right? So we have Bell Creek and Carlin East, very strategic land positions in the North Carlin trend. We had a difficult drilling program at Carlin East this year. We only got 1 of 3 holes down to target depth. So it's not a matter of did we break the geologic target? No, there's still great potential there. We just weren't able to get the holes down as deep as we would have liked. So we're definitely gonna go back, retest those targets at a later date.

17:44 Swift, we just completed an earn-in agreement, 20 million U.S., with Nevada Gold Mines. Now, that is greater than our entire market cap of our company right now. Just that deal alone is 20 million U.S. Over the first 5 years. And then we have our new discovery at Salina, which is quickly turning into our flagship asset as far as expiration.

18:04 All right, just trying to undo that. There we go. So, we'll start with SWIFT. 75 square kilometers, high-grade underground gold target, and a big reason why we did this deal. I mean, 75 square kilometers, that is a massive land package, right? It's directly on trend of a 20 million ounce gold mine at Pipeline, 15 million ounces at Cortez Hills, and what will very likely become a 15 to 20 million ounce complex at Gold Rush in 4 Mile. Now we're only 6 kilometers away from the pipeline mine, directly on trend of that fault, same fault zone. And we've been able to consolidate that entire district into a consolidated 75 square kilometer

18:40 chunk of ground. In 2020, we proved that the same host rocks that host all these ounces to the south, the wind band formation actually exists on our project. It had been written off previously. We were able to prove that concept was false. We were able to bring in Nevada Gold Mines as a partner on the project. So as far as the deal goes, it's a four-part deal. It started with just under 500,000 Canadian in cash reimbursed us on signing. There's an initial earn-in phase of 20 million for 60%, to earn, or 20 million, yeah, US 20 million for 60%, sorry, of which 4 million of that is guaranteed before December 31st of 2023. Now what gets us pretty excited is Nevada Goldmines just mobilized a rig last week to the site. They're going to spend about 1 million dollars in 2021. So, they're already quickly

19:25 burning through that $4 million requirement in only the first few months after signing this deal. Now, they can earn an additional 10% for a total of 70% by spending 10 million US over a three-year period following the initial earn-in. And what really gets me excited is this development option. So Ridgeline actually negotiated where we retain a 25% carried interest in the project, and Nevada gold mines can earn that 75% total by taking the project fully carried to production at their cost of capital. So what this means for us is for a massive project like SWIFT, we're going to see

20:00 0 dilution to our shareholders and aggressive exploration completed on this project by one of the most successful exploration teams in Nevada when it comes to deep high-grade Carlin type gold systems. So it's a great opportunity for us to participate in the upside with a world-class exploration team and we hope that we'll see a major discovery here over the next call it 12 to 18 months.

20:21 Then I'm just going to quickly touch on Carlin East and Bell Creek combined. These are 2 40 square kilometer land package right in the North Carlin trend. I think it's kind of important to highlight just this chunk of ground right here is host to over 150 million ounces of gold. This is one of the greatest endowed areas on a kilometer basis anywhere in the world. And we are the largest individual shareholders aside from Nevada gold mines in this area. So if you look, our Carlin East project is in gray, our Bell Creek project is in yellow. Carlin East is directly on trend of the North Leeville discovery on the same fault zone, this guy right here, called the 4 Corners Fault, as what hosts the Leeville and North Leeville discovery to the south. North Leeville just returned through NGM and Barrick. They just announced 42 meters of 32.6 grams per ton rafe here, about 4 kilometers off the edge of our project. These are world-class intercepts.

21:15 We were looking to hit the same host rocks in our crash zone target program this year. Unfortunately, we did not hit what we were looking to intersect. We didn't get the holes deep enough due to very challenging conditions, and we're going to come back in and drill those targets later in 2020,

21:29 2022, hopefully. Now on top of that, we also have our Bell Creek project, which sits directly adjacent to the REN deposit. NGM just put out in Q3 significant new results of up to 7m of 22g Gold, 12.8m of 27g Gold. Now, that project, that maiden resource that they're intending on putting out, sits only 600 metres off the edge of our project boundary here at Bell Creek. So this is a very strategic chunk of ground. You look at

21:55 these 2 projects together, and we have, I like to think, a very exciting opportunity to participate in some new discoveries in the heart of North Carlin trends. So I will show you quickly here AA prime this long section. This is just kind of an idea of where we think this project is heading right. So you have all these discoveries Carlin, Levo Mine, North Levo Discovery all along the Levo corridor And then you have our drill hole. The single drill hole we tried getting down here was 2103. We ended up on the wrong side of a fault zone, ended up drilling a large exaggerated section of this beige pink

22:31 Vanini formation, which is the host rock we don't want to be in. The blues and greens of the Popovich and bootstrap beneath that were our target host rocks. So we drilled 1,200 metres, didn't quite hit where we wanted to be. We believe we can go into this structural block next year and probably hit targets at between 11 and 1200 meters.

22:53 These targets here are on average 8 to 900 meters. So you're just seeing a gentle dip of the rocks getting slightly deeper as you go over that 4 kilometer stretch. So great conceptual target. The issue with our growth program this year was purely execution, and we're gonna work on that and improve next time along. So last thing I wanna show you is the Celina project. It's quickly becoming our flagship, just under 40 square kilometers. And what's interesting about this is it's a nice balance to the deep high-grade potential we've developed at our other 3 projects. So this is shallow oxide, it's silver, gold, lead, and zinc. So great

23:28 diversification for our portfolio. And we've had a lot of success there since 2020. So we started out with an original discovery of 38 meters of 50 grams silvers, 0.7 grams gold at surface. We since drilled 36 holes, these blue dots throughout the resource, pending resource area, if you want to call it that. And we've had some significant drill results, right? So we hit 44 meters of 123 grams silver, 0.1 gold, percent and 0.5 lead and 0.6% zinc oxide, continuous mineralization that goes for over a kilometer down dip from where we discovered it at the surface all the way down to about 200 meters vertical depth at the edge of the deposit.

24:07 We also hit intercepts of up to 4.6 meters of 421 grams silver, 0.6 gold, 4.4% lead and 3.7% zinc. That is a significant polymetallic intercept, right? A zinc equivalent of that is about 25%. So that started getting us really interested and excited about what the potential could be to the west of our known discovery. So what we've done is we've actually developed a new CRD model. If you were to look, we're going to look at a cross-section extending essentially all the way across our project out towards where there sits a porphyry right on the edge of our project. I want to show you what that looks like. That's what's going to be the focus of our 2022 drill program. So this is our conceptual model. This would be that porphyry that sits right off the edge of our project, used to be owned by Freeport, too deep to be an open pit, too low grade to be an underground copper mine, but it is a significant porphyry system. Here's our known discovery, starts at surface and dips gently undercover.

25:05 And then there's a 3 kilometer gap in between the porphyry and our project that has never been drill tested. Now, just based on how a porphyry system works, you should get porphyry, then you're going to get some scarn mineralization, then you would get a large CRD target. Now, this would be analogous to what Arizona Mining's Taylor deposit looks like, just purely from a conceptual basis. I hope we find something like that, but we'll see. And then what we drill right on the edges of the system is showing indications of polymetallic CRD, but we're not into the core of it yet. So what we're going to do in 2022 is we're going to come in with a 6,000-meter program. Now, we are fully funded to do that program with cash in hand. We're going to come in in April and we're going to drill multiple holes, testing across

25:50 this system all the way from the edges of our known drilling to up to 800 meters vertical depth as we get towards this porphyry. And we believe there's potential for a large tonnage polymetallic system here. So big, big potential for us. And between what I think we have is a very exciting opportunity at SWIFT, it's being drilled right now, we're going to have results for that initial drill program out in Q1 of 2022. So heading into next year, you know, we have significant catalysts moving ahead, right? We have NGM fully financed and moving forward our SWIFT project. We're going to drill Salina in the spring, 5,500 to 6,000 metres. On top of that, we're working on some pretty exciting acquisitions

26:30 that would complement the existing portfolio. And as I mentioned before, both Bell Creek and Carlin East are very strategic, albeit deep, exploration targets. And we think there's lots of potential there to kind of continue growing the story at both targets. So if you're looking at a company that I think gives you multiple kicks at the can, great upside potential, I think you should take a serious look at Ridgeline.

26:53 So I'll leave it there. Great. Thanks for that, Chad. Great presentations all around. We'll be walking into the Q&A section of today's presentation on Summit now. I'd like to remind everyone in the audience that you can ask questions using the Q&A tab found on the right-hand side of your screen. But we've had some questions come in in advance. So there's a similarity between these companies. You both have portfolio, you both have,

27:20 sorry, both have a portfolio being a single project company. Can you tell us why you've taken that approach? Mark, I'm going to pass it over to you first. Sure. Thanks, Cam. You know, as we outlined in our hybrid model, this approach gives us exposure to multiple potential discoveries and also looks to diversify our overall corporate risk profile.

27:44 You know, we believe that even a small junior needs a good pipeline of projects in order to advance. It's a very high risk business. There's no guarantees that any one project is going to have success. So I think it's instrumental to have a good diversified portfolio in your pipeline.

28:04 You know, the other reason too is we also believe that we can potentially JV or option some of these projects that we've put together and look to create value that way in the coming bull market. We also believe that, you know, in the case of VEOR, we've got a number of district scale goal projects. We certainly cannot advance all of them on our own, but we do believe that projects of this stature will be in very high demand in the coming bull market. Absolutely. Chad, do you have any comments about that, about why you're taking the approach of building a portfolio? Yeah, Mark hit on it really well. I mean, we took a very similar approach when we built the portfolio. But one of the things, you know, like I've been lucky enough to be a part of over 10 million ounces of discovery in Canada and the US, and every single ounce was hard to find, right? So making sure, I mean, Laurent's given a big nod, you know exactly what I mean, right?

28:57 So, you know, making sure that you're diversifying that risk. We focused first on team and projects. Once we had those built out, we started doing baseline work on all of our projects to define what our flagship would be. And that's where we're at right now, is we're starting to execute on kind of the greater model for the company, which is, Selena, we're advancing 100%. We found an excellent partnership with SWIFT and NGM and we're going to continue to kind of strategically advance those and hopefully one of those projects is going to flesh out as a real flagship for us over the next, call it, 12 months. Absolutely. So Chad, your portfolio is in Nevada. Why did you choose Nevada? What's attractive about it? Well, you know, when I lived in Nevada, so it was nice to be able to drive to the projects, but no, I mean, the main reason was, is just like Mark and the guys in Quebec, I really wanted to focus on very secure jurisdictions. I mean, exploration is incredibly risky as it is. You start adding in jurisdictional risk, government risk, you name it, right? That just makes it even more of a difficult story to push forward. So we really wanted to make sure that we can focus just on the science, making discoveries, and not worry about our project getting nationalized or not being on the permit of mine.

30:07 Right, absolutely. And to that same point, Marc, Laurent, what's the reason that you're in Quebec?

30:14 Well, I guess similar to Chad's response, Quebec is our backyard. We're most familiar with the landscape, the projects, the opportunities there. It is a world-class mining jurisdiction with some outstanding precious metal and other mineral endowment. One other point would be, it provides some of the most favorable tax incentives for junior exploration companies to advance their projects, both at the company level and at the investor level. So we certainly have an advantage in that regard and this helps to reduce the cost of expiration and allows us to drill more for less. Okay, fair enough. The next question we've received reads like this. Part of your success is your technical team on the ground. Can each of you tell us more about the skills and experience that your team brings? Marc, Laurent, I'd like to pass that over to you to begin with.

31:09 Yeah, I'll take that one. That's a really good question. Before I answer that one, I'd say that maybe that's one of the reasons as well. When I looked at the opportunity to join in VR, I was looking at the people around the table. And that's fundamental to create value. And one

31:27 of the aspects as well was the investment that was already done in Ridgeline. And I really liked what Chad was doing and the way they were working. So, this is for me the fundamental aspect for value creation in our industry. People is really key And we constantly have to adjust the level of expertise and skill set to ensure the proper execution

31:53 in the best interest for our shareholders. And for Vior, I mean, at the moment, we're pretty well positioned now to execute advanced exploration drilling, which is what is required at Belterre. Absolutely. Chad, maybe you can tell us about your team. Yeah, so when I was building out our team, I really focused on trying to find, especially on the technical side, knowledge of discoveries already and significant discoveries in Nevada. That led me to bring on Mike Harp at the seed round for our company. He was a big part of the success that Gold Standard Ventures had. Him and I were actually lucky enough to be part of the 2 larger discoveries not made by a major in Nevada over the past kind of 5 to 7 years. So, at our respective companies. So, really wanted to focus on discovery, that was our business model. So, our team is very, we're not afraid of risk, very open-minded and that's how we're advancing our projects.

32:49 For sure. So, Chad, I've had a question come in for you regarding your SWIFT project. You recently partnered with Nevada Gold Mines, which is a joint venture between Barrick and Newmont. Why did you choose to go with a partner and not go alone? Well you know our original model was to do all of our projects on our own right like you know 100% ownership advance them forward. What we quickly realized with Swift was it is a district scale asset it's a massive opportunity but at the same time it was getting pretty big for our team to go out and effectively explore it, right? 75 square kilometers. And we're talking about 500,000 dollar drill holes for a single drill hole, right? So bringing in a group like Nevada Gold Mines, who believed in the story, really liked the work we'd done already, and let them take over and take on all of that that expiration risk while still having meaningful upside in the project it was too good of an opportunity to pass up and it shows to our shareholders that we can attract the the biggest gold companies in the world to our portfolio right So we're not going after small projects, we're going after huge discoveries and this is an opportunity to do that. So it was great. All right.

33:54 And regarding Vior, Vior's largest shareholder is Osisko Mining. Mark, What did they bring to the table for your what's the advantage there? That cam I mean, the Cisco shareholding is basically an instant validation of what LeRoy and I just executed in terms of projects and testament to our management team that we assembled as well. In addition, they provide really good financial and technical expertise that we have access to and hopefully at some point we'll have access to their network should we have success at our Belter project. And I would add as well that we're pretty fortunate to have them. I mean, they are the one with the success in the past doing what we try to execute at Belter at Kenan-Murartic, doing that exploration, looking for larger scale mineralization in the past high-grade mine.

34:54 And so we're really pleased to see that these high-level team are looking at us and interested to help us doing that. That's great. Question for both of you, both companies. After making a discovery, are your plans to develop and build a mine? If not, why not? Chad, maybe you can begin. Yeah, we have 0 intention of building a mine. I'd be straight up with that. I've been a part of PEA's development companies right through to production with Premier and I saw how long-term and dilutive of a process transitioning from a junior to a producer can be. So we really want to focus on the discovery phase of kind of the expiration cycle. Great risk reward there. So that's where we're going to firmly stay. And whether we can partner with groups like NGM and maintain an interest on the back end or just sell a project outright entirely depends on the scale of a discovery.

35:53 Right. And what about you, Jordan? Yeah, I mean, I think we totally agree with that statement. I mean, the idea is do what you know and know what you do. And there's a reason why there's a segmentation in the industry with the explorers and the producers. And I mean, the discoveries are mainly explorers, but I mean, the producers are also exploring. But I mean, it's, I'd say it's rare, but possible to see some exploration company successfully executing the transition from exploration to more advanced mining development. But in general, when the quality and success of an exploration project fits the corporate standard of a producer, the best way to serve a shareholder's interest will be usually through a selling project or selling the company.

36:48 So that's what we aim to do as well at Viora. Yeah, I would just add that further to Chad and Laurent's comment that the most value creation phase is made in the discovery phase. So, you know, that's what both of our companies are looking to achieve here. And, you know, time will tell. Absolutely. Francis in the audience has asked of yours specifically, how do you define district scale? Large scale? It's a good question. I mean, there's no exact definition of that. It's mainly part of the type of the Greenstone belt on what you're working on. For example, at Delta, we may have, I'd say, 10% of the belt, so it's a district scale. The same for Skyfall, which is a portion, really large portion of the urban barrier greenstone belt.

37:51 But we also, Lignyris for example, is more like a large scale project with up to 15 to 17 kilometers long project. So it's not, there's not an exact answer on that, but it's depending of the type of project I'd say. Right, absolutely. Jeff in the audience has another question for a viewer, but how many locations does 5,000 meters get you? How many, sorry? How many locations? So we have about 8 to 10 drill holes planned for that initial 5,000 meters. We aim to test the continuities, at-depths, and the long strike of the known mineralization in the past district mine trend.

38:42 The idea is to do some large step-out from known mineralization to better understand the structures and the relationship between mineralization, lithologies, and structures to eventually end up with immediate success and new discoveries, but also to really define the frame of that corridor, which will help us to design and refine our 3D model and in the objectives to have better targets next time. Absolutely. Eric has another question for the audience. Any views on the Berry Urban Belt being on the radar screens of majors specifically following Northern Star Resources agreement with the Cisco mining?

39:31 I mean for sure these projects are really exciting. The grade is really great. When you look at Bansura and Windfall with Osisko Mining, I mean, these are really, it's about 8 million plus camp, mining camp, potential mining camp here and with pretty high grade. So that's the reason we've been attracted to that particular area as well. So because as everyone knows, grade is return capital at the end when you are able to sell. Sorry, Laurent, I just missed the end of that. Maybe you could repeat yourself, just the last sentence there. Yeah, the grade is something which is really critical when you look at to monetize a project.

40:24 That's the whole point. No, fair enough. Absolutely. We have a question from Sven. Could you comment or summarize again the upcoming news flow? Just to reiterate, I think. I'll let you go, Mark, on that. I can take that. Well, listen, we've embarked on a 5,000-meter drill program that's currently underway. We have 2 holes done. Hopefully have another 2 holes before Christmas. Obviously the holidays are going to slow things down a little bit, but we should be back there early in the new year to complete the initial 5,000-meter first phase. In terms of news flow, given the way the labs are fairly backed up, I would expect about a two-month window to receive results at the minimum.

41:19 Obviously, if we see something really interesting and encouraging that we think should be rushed, we'll certainly undertake that and see if we can speed the process up. I don't know if you have anything to add to that, Laurent, in terms of timeframes. I think it's pretty much the situation at the moment. We have had some questions come in for RDG. Do you have any probable timeframes for future acquisitions by Ridgeline? Yeah, we're actually working on something right now that's pretty good about. We're in the kind of call it we're past the negotiation phase, it's just in the lawyers' hands. So we will have something out new for the market that will be out, let's call it, in the next 45 days.

42:05 Okay, sounds great. This is a question from Fred in the audience to both companies, but OTC volume is very light. Any plan to get some liquidity for U.S.-based investors? Chad, maybe you want to take that 1 1st, if you like, and we go to Björk. Yeah, we find, you're right, the OTC listing, you know, is a great thing to have, but we don't have a ton of liquidity on it. We are working with potentially adding a market maker in the US to try to bolster a little bit of liquidity and we are going to be focusing a bit more on U.S. Marketing as well next year and trying to bring in a larger investor network out of the U.S. So that should help with both. Absolutely. Mark, Laurent? Yeah, in the case of VeeR, we're actively looking right at the moment to obtain a better over-the-counter listing. Right now we're listed on the pink sheets, we trade by appointment only, but we're seriously looking at filing an application, which is probably a three-month process to be on the over-the-counter QB.

43:11 Okay, absolutely. Eric has a question for you, Chad. At Salina, the CRD conceptual targets depths range from 250 to 900 metres. Are there many brittle faults in the area? Yeah, there is quite a bit of, you know, as we get out to the farthest edge of our property, we're proposing that it could be, you know, 900 metres. We really don't have a lot of control there. But just based on the dip and structural measurements in the area, there is a fair few northwest brittle faults that are actually consecutively, progressively down dropping the system into the basin. You also have an overprinting thrust fabric that is kind of in some cases thrusting up units in other cases you see a more exaggerated down drop along where those Northwesters intersect the hanging footwall sides of those thrusts so I guess your answer is yes.

44:03 Great, Sven also has a question for you again, Chad, as well. How is the concrete plan going forward regarding the Carlin East crash zone with a view to current road results? Yeah, You know, the crash zone was really frustrating for us. I mean, that's been something we've been wanting to get a drill hole in for 2 years. And I think the fact that NGM has an incredible discovery, only a few kilometers off the property, only heightened expectations for that program. So our issue is execution. We're gonna be taking a step back. We need to raise more money to make sure we can be go through and see these holes to completion. And we also need to let the drilling market cool a little bit. In I drilled, we drilled 1000 meter drill hole, almost 1100 meters at Swift in December of 2020. Our cost is about $150 a foot cost.

44:51 In the 1200 meter hole at Scarlet East, only 6 months later, our costs were $350 a foot. So costs have more almost tripled in a 6 month timeframe. And that's not a good thing for our shareholders to be pumping money in the ground at those kind of levels. So we're gonna wait for the market to cool, renegotiate a better drilling contract, you know, guarantee our costs. And I think I didn't clarify it very well. We have a strategic drilling contract, but that's only for RC, which is 2 depths of about 500 meters. We have to use a third-party core contractor to take those holes to completion and that's where we lost control of our costs and it's a function of the market and difficult drilling and so we need to make sure that we can control those costs before we go back into Carlin East and do a bigger program. Absolutely. Judd, fast forward a year from now, how do you think your company is going to be different? What should investors be looking for?

45:41 Well, you know, I think we've done a good job of executing on our model based, you know, right from working out of my garage in 2019 through to our listing and now deal with MGM. So what you want to see in the next year is I believe we have multiple catalysts at all of our, at least 3 of our projects that you're going to see get fleshed out in 2022. I think you're going to see a big discovery from one of those projects and I hope that we're going to be a largely different stock price as a result, but I guess we'll have to wait and see. Great, and I'd like to ask the same question of you Mark and all. Looking forward, what's going to be different and what should investors be looking for? Sure, I'll take that question Cam. I think given what we just accomplished in the last 12 months consolidating a district scale mining camp that had really never been properly explored in the last 50 years.

46:29 Fast forward to today we're drilling on it as we speak. I think we're gonna ramp up a pretty aggressive drilling program sometime in 2022. We're hoping to make a discovery there in 2022 which should hopefully add to some significant shareholder value. In addition to that, we've got several other really promising gold projects and I think in 2022 we're likely to find a really good partner, you know, who can advance these projects for the benefit of both our shareholders and their shareholders and create value that way. Great. Well, thank you, Mark. Thank you, Laurent. Thank you, Chad. That is all the time we have today. So I want to thank everyone in attendance, but also I want to thank all of our presenters today for participating in today's joint summit.

47:21 But to the audience, if you didn't get a chance to get your questions answered, or if you think of 1 after the fact, you can find each company's presentation with their contact information in the handout tab, if you'd like to reach out. You can also find more information, of course, at vior.ca and ridgelineminerals.com. So with that, I'm gonna hand it back to Chad for some closing comments before we go to Mark for the final word, Chad. Thanks, Mark. Thanks, Ken. I think you handled it really, kind of covered everything really well. I would encourage anyone to head to our website. We have verify models, so 3D interactive models of all of our projects on the website. Go in there, spin it around. It's all there for you to see and if you have any questions, please get back to me. Absolutely. Mark Laurel, some final words. Mark? Oh, Mark, you're just muted there. Go ahead now.

48:09 Just to follow up the chat's comments, I'd like to thank everybody for taking the time today to listen to our stories. And I'd strongly encourage everyone to follow both our companies. I think there's a lot of exciting things happening in 2022, potential discoveries on both ends. I think this is an opportune time in the market right now to initiate a position on our respective companies. I know like, I'm not gonna speak for Chad, but I am a shareholder of Richline personally. I know that he's been under some pressure due to tax motivated reasons. It's been pretty vicious this year. I think these are opportune times for seasoned investors to take advantage in the market. In the case of Veeor, we're trading right around or slightly below where Cisco Mining bought into our shares back in March. We haven't been subject to the same vicious tax loss selling because most of our shareholders are not down from their initial cost base, but I think we represent some excellent opportunity from a risk reward point of view going forward in 2022.