Nordic Funds & Mines 2026 Main Stage Day 2 Morning - DOLLY VARDEN SILVER CORP

So on day two here we will kick off with the silver copper lead and antimony so it's time for American gold and silver corporation Canadian based mining company to enter the stage so we give a warm welcome to Oliver Turner nice to see you the floor is yours thank you very much Okay, good morning everyone. Thank you for attending the presentation. Good to be back here in Sweden again. We're here for the first time last year at this conference and had a wonderful time and a great response. We have a lot of shareholders out of this region so happy to take everyone through here an update and what we've been up to for the last 12 months. One of the things you'll notice that's different on this presentation is right as located right in the top at the center. We're proud to announce that we are one of the TSX top 30 companies this year. That's a trailing three-year average performance, one of the top performing companies listed in Toronto. Of course we're also listed on the NYSE American but really proud to drive some pretty strong returns for shareholders and of course we think we're only getting started here. Direct your attention to some of the forward-looking statements, you can read those on the website. I'm gonna start off with this slide right here which discusses the track record of the team that you're investing in at America's Gold and Silver. I think one of the most important things when you're looking at mining companies of course is the commodity, of course, is the asset, the jurisdiction, we're going to talk a lot about that later on on the panel, but of course it's the track-record of what the team has done before and at America is Gold and silver you're in a team and a group that has done this quite successfully twice before. Simply put, what we've become known as are this turnaround expert experts rather if you have an asset that has a significant amount of historical investment but a struggle to deliver from a mining standpoint the company perhaps has been under capitalized and there's been struggles in the past Paul Hewitt is the CEO of this company in this team are the typically the people that get called and we have two previous successes to our names the first one some of you may have remembered this from the last bear market actually starting kicking off in about 2011 Klondex Mines, which was a misunderstood gold asset in Nevada, interpreted as a medium-grade open pit, turned out to be the highest-grade underground gold mine in the world. One ounce per tonne gold, pretty incredible to be offering that today in today's gold prices. But over the course of six years, we acquired three mines, two mills, scaled that to 200,000 ounces a year of gold, and sold it to Heckler Mining in 2018. In 2018, we then jumped over to Karora Resources, another misunderstood asset in Western Australia, an old nickel mine that had some coarse gold occurrences. Over the course of three years, I promise this is just a coincidence, we acquired three mines, two mills, scaled it to 200,000 ounces a year of gold production, and sold that to West Gold for $1.3 billion in 2024. And then we took over the operations and the management in America's gold and silver. And what I'm going to walk you through today is the exact same strategy that we laid out at Klondex and Corora and made a tremendous, created a tremendous amount of value for our shareholders is what we're applying here at America's Gold and Silver. So stepping into the asset portfolio, this is where our assets are located. The primary assets in Idaho, it's called the Galena Mine or Galena Complex. We'll talk about that in a lot of detail and what we are working on there today. We also have the coastal operations down in Mexico which are performing exceptionally well this year and generating a lot of cash for our company. And we'll talk about some of the exploration at the end there as well. And we also have the Relief Canyon Gold Project, which is on care and maintenance, and is a legacy of the last cycle, which certainly looks quite interesting at these gold prices, and the San Felipe Expiration Property, which right now is non-core. So let's step into the primary assets in Idaho. This is the Coeur d'Alene Mining District. If any of you have been lucky enough to visit that part of the world, it's an absolutely gorgeous part of The United States. This is really the silver headquarters, the silver engine of the United States. On that page, I'm sure you'll recognize several of the names there. All the way over to the right or to the east is Hekla's Lucky Friday mine that produces about 5 million ounces a year of silver. You head 20 miles or 30 kilometers or so over tothe west there, you'll see Bunker Hill. Everything that's shaded in the dark area there, we own. The three mines in the middle are all connected. This is called the Galena Complex, and we recently acquired the extremely high-grade Crescent mine, another past-producing mine immediately adjacent to Tom Kaplan and the Electrum Group's Sunshine project, which is getting restarted. Mining began in this district in 1893, so this is a very historic mining district. You've got multi-generational mining families, so mining is certainly part of the fabric of society there. When we take a look at the Galena complex, what we're looking at here are the last 25 years of production. Again, Galena began mining in the late 1800s, a long history of mining. If you look at the year 2002 on the left there, this mine produced 5.2 million ounces at a whopping silver grade of over 700 grams per ton. I'm just going to make this point here right now. Every grade that you see in this deck is not silver equivalent. These are silver grades. We also have copper, lead, antimony, and gold, but we talk only in silver grades, and you can see in 2025, this was the second highest grade silver mine in the world, But in 2002, that record was achieved of 5 million ounces at only 600 tons per day. Simply put, the strategy of this team that's taking over the company right now on a page is to get this mine first phase is back to 5 million oz a year, and I'm going to explain to you how we're going to do it. Our guidance this year, corporate guidance, is 3.2 to 3.6 million ozes. This is the first guidance we've had out as the new management team. This is part of that stepping stone to get to those elevated levels I talked about. on track to deliver that. This really is a year where we're focused on a lot of projects and turnaround efforts, as is next year at Galena, but already delivering some substantial results. This page is probably the most important slide in the entire deck. If you remember one slide from this deck, remember this slide. This is what 100 years of mining history gets you. We've got one, two, three, four. I don't think there's a laser pointer on here, but if you go left or right, We've got the Cora shaft, number three shaft, Galena shaft, and Kaladay shaft. We've Got two mills on surface. We've got 120 miles of underground development. And actually sitting inside there, we'll talk about it a little bit later on, is a 200 million ounce silver resource. To build that today would cost you about $2.6 billion U.S. That's more than the market cap of the company today. So an incredible amount of infrastructure already in place. And simply put, what we are doing is modernizing this operation. This operation hasn't seen major capital investment for the better part of 30 years. We are bringing it into the 21st century and increasing efficiencies and of course driving those tonnages and grades back up. When it comes to depths in the Silver Valley, a lot of people talk about the history of mining there and the depths that you reach. Of course, these are nowhere near South African depths, but we are reaching depths right now at Galena at about 6,000 feet. Apologies, everything here is in feet, not meters. But when you look at the other mines in the Silver Valley, especially Lucky Friday over to the right-hand side, they're about two times the depth of Galena. All of these mines, 30 kilometers from Bunker Hill on the left-hand side, all the way over to Lucky Friday, are mining different parts of the exact same geological system. In fact, quite interestingly, all of these minds are connected underground. Over periods of time, there's been fractional ownership, and these mines have been owned by different companies. You can probably guess who owned the mine that's just to the left of Galina, that's part of our Galena complex. So a lot of infrastructure in place. These mines are all going significantly deeper, so there's a lot more ounces to be found at all the mines in the Silver Valley. Let's step into some of the bottlenecks that we've been focused on. So when we first took over in early 2025, we ran something called time studies. Time studies are where you basically track the progress of a ton all the way from the face out to tails, and you figure out where the bottlenecks are. The two major bottlenecks that we identified were hoisting, getting ore out of the mine or material out of the mine, and the mining method. 100% of mining for the last 100 years at Galena has been done using underhand cut and fill. So the mining, the guy on the jack leg on the left-hand side there, or air legger, depending on which part of the world that you're from, has been the focus of mining efforts for 100 years. It's a low productivity method, higher cost. You can obviously be very selective, but it is not a way to ramp up tonnages. We are shifting this mine to about 70% long-hole stoping. What is long- hole stoping? It's a bulk mechanized mining method. That's what you see on the right-hand side there. I'll give you one metric that will give you a sense of just how productive this mining method is. On the right- hand side there, we mine 7,000 tons out of that first stop. It took us 28 days. If we were to do that using the method on the left-hand side, it would take us about a year to mine out that same tonnage. So a massive increase in productivity, a massive decrease in costs, and obviously that's going very well with the operation. So we've now taken 19 long-hole stoves at Galena. So shifting the mining method, it might seem like a big deal, and it is a big, deal but we've done this at seven other mines previously, this exact transition from conventional to mechanized mining. The second areas that we've been focusing on is replacing a lot of the equipment there was no rubber tired equipment at this operation no haul trucks a couple front end loaders that were very tired getting new equipment underground has been a big deal we've also upgraded the hoisting capacity so the motors that are at the top of the shafts that's allowed us to triple capacity out of our primary shaft which is where all the ore and waste comes out so a big improvement on hoist ing as well and you as investors if this is your first time hearing this story you're coming in at at a very good time when a lot of the heavy lifting on those primary bottlenecks has been fixed. What we do is we run an iterative process. I call it a combination between bootstrapping and flywheel improvement, if you've ever invested in the tech space. We run these time studies, we identify the bottlenecks, we solve those bottlenecks. We rerun the time study. And when those bottleneacks are solved, it uncovers secondary, smaller bottlenecks not as big. Then you rerun, the same thing after you fix those, and you identify tertiary bottlenecks which are smaller than the secondary ones. And you run this over and over and over again until you've de-bottlenecked the entire process of that ton from the face all the way through to tailings. So that's the process we're going through right now. At Corora, our past company, we took our primary asset from about 10,000 tons a month to 110,000 tons a mouth using the same infrastructure using this method. So it's tried and true and this is what we're experts at and quite honestly, my background as a mining engineer, it's the stuff that we find the most enjoyable. These are some of the other areas that we're working on as well. We're installing a brand new paste fill plant. On the right hand side you see that. That did not exist at Galena before. Why is that significant, Oliver? It's significant because that allows you to fill stopes at a faster rate. You can also mine next year. So it's basically increasing the pace of mining that you can do. Again, this is just bringing an older mine with great bones into the 21st century. So applying modern methods. We're also upgrading our primary mill, that'll bring us up to 1,200 short tons per day, total capacity will be 1,700 short tons a day, so milling is certainly not a bottleneck at this operation. On the resource side, this is an exceptional ore body. Our first resource and reserve update that we put out earlier this year saw a 20% improvement in both ounces and in grade, and I know it's a little bit small to read there, I guess it's a lot bigger over there. We have about 200 million ounces there between M&I plus Inferred at about 500 grams for done silver, remember not silver equivalent. Normally you wouldn't add up M& I and Infered right when you're looking at a new project you don't just throw it all together these are different categories of confidence. The reason why I'm doing that is because this mine has a hundred year history of converting Inferd to M&i into reserve and mining it. If you add the reserve into it, you've got 216 million ounces. So remember at the beginning I mentioned our first target is to get back to 5 million ounces per year. You run the math on a 200 million ounce resource, that's a 40-year mine life. This mine's been going for over 125 years. It's probably going to go for a significant period longer. In terms of grade, I already touched on that. One of the highest grade operations in the world, and we certainly see a lot more joy coming with the drill bit. In the last year we've identified six major new discoveries. This asset and the company was extremely capital starved. We've injected a lot of capital into this operation and some of the discoveries that we had, all of these, what this graphic is meant to show you, are located inside the mine. We're not drilling something that's 400 meters away that we got to develop it to, we're drilling stuff that is accessible from existing infrastructure. I'm going to touch on a couple of them very quickly here because some of the grades and some of the discoveries are simply staggering. This is the 34 vein. You read the headline intercept there, that was the discovery hole. It's actually three times our minimum mining width at 3.4 meters at a kilogram of silver. That's accessible from two existing operational levels. You see the 52 and the 5500 level there. That vein, when we first discovered it, we thought it was 1 to 2 million ounces. This vein, a single vein alone, is now over 10 million ounces. This has been happening at Galena for decades and decades. This is nothing new, and we can expect a lot more of it. The 520, which is over near that core mine, more discoveries. I'm not going to read out all these results to you, but you'll start to get the sense here of the scale of what we're discovering at the same time as mining out that 200 million ounce base. Look at the head grade here, 24 kilograms of silver. You might say, okay, Oliver, that's cool, but, you've got a 21 centimeter intercept. That's pretty skinny. When we're mining one meter width, you dilute that grade five times, that's still a five kilogram silver cut, which is truly exceptional. We're not just a silver producer, we are also the largest continuously active antimony producer in the United States because for every ton of tetrahedride ore, what you need to know is that's the ore that's on the bottom left there that contains silver, antimony, and copper, we automatically get get antimony as well. This mine has been producing antimony every single day since 1942 as part of the U.S. World War II effort, actually, in fact. So this is obviously very attractive for the U。S. government and other groups. We've partnered with U.С. Antimony to scale some of the leaching capacity, something that has been done before, and we're excited to restart as well so we can capture more of this valley. We're already paying to get this rock out of the ground. Why not extract all the valley that's in it? We recently acquired the Crescent Mine, that neighboring mine in the Silver Valley, another past producing operation exceptionally high grades we expect the ore from that operation to hit the mill in 2027 and we're very excited to get into that ore body currently connecting some of the levels to get secondary egress we've also been drilling it again more multi-kilo hits over a meter plus this is very very very economic material in the silver valley and we are excited to get in to that orebody over the course of next year. I mentioned at the beginning that we also have an operation down in Mexico called Cosla. Cosla is an exceptional mine. This mine has been in operation, the new mine, sorry, that we're ramping into has been in operation for just 12 months but the team has already absolutely nailing production. They produced a record 1.2 million ounces in 2025. We're quite confident of doing that or better this year. Right now the way to view this operation is this is the cash flow ATM of the business that's funneling cash up into Galena and allowing us to aggressively invest in all those projects that we talked about. We had a similar project at Karora called Spargos that allowed us to do a lot of our early work. It's nice to have this cash flow machine to fund your efforts. What I want to leave you with here at COSLA is some of the drilling we've identified over the course of the last several months. The second intercept down there, 20 meters of 650 gram silver. Those are Galena grades, but those are about 15 times galena wits that is some of the best grade wits or some of the best rock anywhere in the world and we're very excited to get into mining that operation when you invest in America's gold and silver you are absolutely investing in a highly leveraged silver play I think there's there's no investor here that isn't interested in silver especially after some of conversations yesterday this is an excellent vehicle for exposure to silver and you'll see that in the share price in terms of how it moves up and down with the silver price. On a valuation basis, we've got a combination of value and growth. And then very importantly, I'll touch on this just at the end here, very importantly significant management ownership. We started off with one analyst that covered us 18 months ago. We're now up to 10 analysts covering this company. We've institutionalized the balance sheet, 42% institutional ownership going from single digits before and you'll probably recognize some of those names EU AG and Eric strand and the guys here are big owners of ours as well so I think I'll pause there I don't know if there are any questions I know I've only left let about left about a minute and a half for questions but please go ahead if you have well first we will give you a round of applause and we have a question here so we will get the mic. I saw the name Sinaloa pass by on one of your pictures. This is a general question for anyone operating in Mexico. Are you left alone by the drug cartels? Yeah, it's an important question, right? There's a jurisdiction that's obviously in a lot of activity over the course of the last year and a half, ever since about September 7th of 2025 is when activity kicked off there. It changes regionally across the state. We haven't seen any major activity at our site. That's not to say that that won't happen in the future. We're never going to get to sit up here and tell you that we can predict movements. What's very important for us is that 100% of our workforce comes from the town of Kosla. The town of kosla is about 10 minutes away. We have no expats, we have no people coming in from the coast. We simply have our heads down, we're mining at kosla, and then we ship our concentrate to Mazatlan. So as things have been over the course of the last year and a half. We haven't had any major disruptions. Of course, that's always a risk of being in Sinaloa, but we also don't run a fortified mine site. We don't have extreme security. We're also not shipping dore bars. We are shipping concentrate, which puts you into a different category when it comes to being targeted. So as comfortable as we can be, of course, we want the situation to be resolved, and things do look calmer right now, but that's no guarantee in the future. Yeah. And I will just round off with one question here, because you showed some interesting slides One of the first was how the team have been into different projects which then have been executed. But also you saw some quite passionate slides here about mining extracts and yourself being an engineer. Where are you in five years? One could get the feeling that you are slightly opportunistic and then you will sell it when you have produced value. Or will you continue to deliver the underlying raw materials? Yeah, that's a great question. And I think one of the key points is that exit via M&A can never be a management strategy because ultimately you can't control what other parties do, right? What we did very successfully at Klondex and Corora is we executed M&As that had regional synergies, real industrial logic where A plus B is going to equal more than A plus D in isolation, right. So what we've done in the Silver Valley so far, we acquired Crescent, and what we'll say here is we will continue to consolidate assets that make industrial logic sense, or we will be consolidated. The idea is to build a highly profitable business, which we're ramping up towards right now, that becomes unignorable to larger, let's call them fish in the industry, but execute our business. If we are building an excellent business, at some point in time, you're going to attract interest, but that is not our primary strategy at all. to build a fantastic business, and we're well on our way to doing it. It should be very interesting to follow on the journey. Well, Oliver, thank you, and will give him a round of applause. Thank you. Now, Frida, it's up to you. Thank you so much. That was super interesting. And welcome to all of you new viewers and all ofyou in the audience here live in Stockholm. Next up, gold, silver, and a major bet on copper. McEvan has operations in North America, South America, including its ambitious Los Azules copper project in Argentina. To tell us more about the strategy ahead and future opportunities, let's welcome Managing Director Michael Medding and Vice President of Corporate Development. Here comes Stefan Spears. Let's give them a round of applause. Yes. Here they come. Welcome, Michael. Welcome. Welcome, Stefan. Good morning everyone. My name is Stefan Spears. I'm a VP with McEwen and McEwan Copper. I'm here with my colleague Michael Medding, Managing Director of McEwin Copper. McEween is a New York and Toronto listed mining company. As the announcer mentioned, we have a gold and silver business and we have a copper business. I'm going to start just with a few vital statistics. We have a US $1 billion market cap Crucially, we trade quite well, 1.4 million shares per day, over $20 million US of liquidity per day. In the first half, we earned $43 million or 72 cents per share. We have $130 million in debt, 110 of that is convertible, and at the end of the second quarter, $79 million in cash. Rob McEwen is our largest individual shareholder with 16%. And the majority of our institutional ownership is through ETFs and indices. We are in the Russell 2000 and many others. So for those that may not be familiar with Rob McKewen, he's a pretty legendary mining entrepreneur. I'm privileged to have worked with him for over 20 years. He was the founder of Goldcorp, a company that he ran for 18 years. and built from a $50 million market cap to over $8 billion, where he handed over the reins to a new management team, and Goldcorp now forms part of Newmont Mining. He's a member of the Mining Hall of Fame in Canada and a recipient of the Order of Canada. And in terms of alignment with shareholders, he's really unparalleled. He's invested $293 million of his own after-tax dollars in his companies, in McEwen and McEuen Copper, and he takes $1 a year in salary. So McEwin's assets are spread throughout the Americas in Tier 1 jurisdictions. On the gold and silver side, we have three operating mines. Those are the white boxes, the Fox Mine in Ontario, the Gold Bar Mine in Nevada, and a 49% interest in the San Jose Mine in southern Argentina, which is operated by Hot Child. Between those three operations, we'll produce about 115,000 gold equivalent this year. And the real story on the gold and silver side is the growth. The four projects that we've outlined in the gold boxes are all our growth pipeline. So we intend to grow the business by adding the Gray Fox and the stock deposit in Timmins. We've acquired two nearby oxide open pittable deposits in Nevada that we want to build. Earlier this year, we purchased Canadian Gold Corp, which had the Tartan project near Flinflon, Manitoba, which is delivering exciting exploration results, and we expect to put it into the growth pipeline as well. And we've already broken ground on a mill at our project in Mexico, which is a past-producing mine. Between those growth projects, we expect more than double our production by the end of 2030, going from 115,000 gold equivalent to almost 300,000 gold equivalent. We also have the McEwen copper business that is comprised of the Los Azules deposit in San Juan, Argentina, which is the ninth largest undeveloped copper deposit in the world. And we also have a greenfields project called Elder Creek in Nevada. But there's a problem. And the problem is that McEwin is misunderstood and we think deeply undervalued in the market. And I put together some charts to help illustrate this. I'm going to start with the McEwen Copper business. So McEuen Copper is private. It's 46% owned by McEwin. We've been financing it privately since the summer of 2021. And the orange line on this chart shows the financing price of the various equity deals that we've done since 2021. We've raised over 450 million of total equity. And the blue line is an index of our public peers. So these are copper developers. And you can see for about three years, we tracked very closely. And then in 2025, there was a huge re-rate in the copper development peers. And we haven't done a significant equity deal since October of 2024. for. So we look at this chart and say if McEwen Copper was to become public, and that is our intention, we should close this gap by coming in line with our peers. And at $60 a share, that would give McEwin Copper a $2 billion market value. Now, looking at it a different way, on this chart, this is the NPV of the Los Azules project at various different copper prices. The feasibility study was done at $4.35 a pound. The current long-term copper price that we've seen in several studies is $5 a pound. So at $5, the NPV is about $4.7 billion. If you discount that a little bit for G&A and net debt to 4.5, and you multiply by the average development peer multiple, PNAV multiple, of 0.45, you get to about a $2 billion value. So coming at it from a fundamental standpoint. So, if you accept that McEwen Copper has a $2 billion value, McEuen Mining owns 46% of it and controls it because Rob McEwin also owns 13 directly. That's about $900 million of value attributable to McEwan. We also have an NSR on lost azules, 1.25%. At current copper prices, that would cash flow undiscounted 600 million, discounted at 5%, 400 million. We've cut that in half and set $200 million value for the royalty. If you combine $900 and $200, you've got more than our market cap today of McEwen Inc. So then the question is, well, what's the gold and silver business worth? It's a growth story. This chart shows or illustrates our growth profile. The orange line is the projected asset-level free cash flow at $4,000 gold, the blue line is at $5,000. The diamonds are our annual capex, and you can see the composition of the growth going from about 115,000 ounces this year up to just shy of 300,000 by the end of 2030. So what's that worth? Well, I'm just focused on the middle of the chart, which is 2028 in two years' time. We're projecting $270 million of asset-level free cash flow by the end of 2028. If you discount that for our G&A and debt service, call it $200 million of free cash flow. A reasonable PIDA cash flow multiple is probably 10 today. That's $2 billion valued by the 2028 just for the gold and silver business alone. One final chart just to show us how we compare to some of our gold and silver producing peers. The metric here is enterprise value to per gold equivalent ounce in guidance. You can see we're right around $10,000 of enterprise value per gold equal ounce produced. So we're trading like a company that has no growth, although I've just shown that there is significant growth pipeline ahead of us. And you can see where we trade relative to a number of our peer companies. So in terms of catalysts for the gold and silver business, we have exciting exploration results coming out of Manitoba and Ontario. We have numerous projects in the growth pipeline. I mentioned that we've already broken ground on a project in Mexico. The next major projects that we're looking to green light are on Ontario and Manitoban. And I'm going to turn the presentation over at this moment to Michael Medding to cover off his favorite topic, which is McEwen Copper. Thank you so much, Stefan. Michael Meding, German, 20 years in the Americas, 15 years in senior mining positions, Miner of the Year in Argentina 2025-2024, Exploration Company of the year 2023, Immigrant of the Year 2025. So I have a knack for Argentina and for having operated in Argentina for a long time. My three of my, my daughters are all Spanish speaking, but two of them were born in Argentina, so they're Argentine. Stefan, we have the video at the end? It's in two slides. Okay, perfect. So we are obviously very positive on the copper outlook. There was recently a Macquarie one that was forecasting a surplus in 2027. I don't see that coming. Given where Grasberg stands, given where Camorra Calcula stands, given where the Chilean mines stand, they have all the production problems and they were declining in production even before we had a strong winter in the southern part of the Andes. So very positive that we have structural deficits. S&P is saying that we approximately 10 million tonnes missing by 2040 that are not accounted for, that need new mines to come online. Mines, according to S&P, Greenfield Mines take 30 years to come online from the time that they have their feasibility to being built because of permitting issues. And we are very, very well positioned to bring Los Azules online in that scenario where there's a significant overhang of copper demand versus supply. So, what I'm going to talk about now is what is it that we are going to do with Los Azules. Beyond building a very, very profitable mine, we want to build a mine that changes the perception of the industry. We think that, generally speaking, the mining sector has not been very successful in conveying how important mining is for everyday's life and how much improvements there have been in terms of safety, in terms environmental performance, we're working together with a gentleman from Canada that is a very well-known architect in the living building space, and we have put our vision into what I think is a really interesting video. Let's see whether we can make this work. McEwen Copper is planning the world's first regenerative copper mine in Argentina. It goes without saying that we need to transform industry to provide us with the materials we need for a renewable society, but without the historic legacy of environmental damage. Copper is one resource that will only grow in importance as we replace fossil fuels with a decarbonized world. Electric cars, wind turbines, batteries, solar panels, and the computers that power everything all require copper. And that copper needs to be green copper, carbon neutral and ecologically responsible. When we started the project, we began by drafting a set of principles for the project that would guide the team in its decision making and approach. We did this work informed by the place itself. The Andes are an incredibly beautiful and sensitive ecosystem, so we knew it was our duty to be stewards of this place, protecting habitat, glaciers, water, and life itself, while at the same time getting the copper resources that we need. So we've been thinking carefully about the future first, and our eventual legacy. We then focused on the people, the miners and the community itself, and we've working to create a new kind of experience for people that live in San Juan and the surroundings. Over the life of mine, over 1,000 high quality local jobs will be created and these will be jobs unlike any others in the industry. We think people will covet working for McEwen Copper because not only do we focus on safety, but also on dignity and livability. Creating a mining facility that is an oasis in the sky. Here is our vision for the mine camp of the future. Beautiful, inspiring, and bold, a biosphere of health and life. After a long day of work, our people will return to a place completely powered by the sun and create ideal conditions for rest, sleep, recuperation and the daily needs of miners. Imagine a place that grows its own food, collects and treats its own water and generates energy without emissions on a giant solar super roof. We are placing specific emphasis on indoor air quality, acoustics and stress reduction with a focus on social justice, equity and even beauty within a mind setting. This will be a place to live and thrive while earning a living. We're designing an ecological water treatment valley that not only completely protects downstream water quality, but allows for the creation of new habitat and the enhancement of Vegas. Partnerships with local universities and scientists will see new advances in natural vital remediation, treatment and ecological testing to ensure that water is always pure and healthy. Our entire mine operation will be powered by on-site and off-site solar farms, generating all electricity without carbon emissions. Wherever possible, conveyors and fleet facilities will be electrified and plugged into this network of clean energy with batteries instead of diesel for backup generation. At Los Azules we are not building a mill, instead we are advancing heat bleaching techniques to extract metals chemically and in a completely closed-loop process with radical reductions in energy and water requirements as a result. And finally, a state-of-the-art, renewably powered, electrowinning facility will produce pure copper. So that from the pit to the product, our investors and customers know that sustainability informed every single step. And they can count on that for their own ESG goal setting. Our planning process continues and we look forward to sharing more innovations as we develop this amazing project further. At McEwen Copper we are striving to deliver the world's greenest supply of copper in the world first regenerative copper mine. In a mine that is relatively low, 3100 to 3600 meters altitude, much lower than comparable assets in the Andes. In the last five years since I joined the company we have put out a new PEA, we have obtained our environmental permit for construction operation, we've done financings amounting to 450 million US dollars in terms of equity, we recently closed a bridge financing for 240 million US dollars including 112 million US dollars from Sport Natural Resources partners. So what does this offer? A tier one operation, 35.7 billion pounds of copper resource, including reserves. We have renewable power designed from the beginning. We have an agreement for delivery at place of 100% renewables from YPF, a local power provider in Argentina. Don't have any tailings stamps, it's in heat bleach operation. We have strategic investors, Rio invested 100 million US dollars. Stellantis, ah Ah, there we go. Thank you, Stefan. Stellantis invested 275 million, and we are entering the production when the cycle really should start. 205,000 tons per annum copper cathode production, so that's directly industrializable copper, 99.99%, 21-year life of mine, 22-year live of the asset, with a second-cost quartile, 171 per pound of copper, C1, and $2.11 per pound of copper on a $3.2 billion capex. It's technology has been proven. There are similar operating mines in Chile. And yeah, since my time is running out, six percentile of carbon intensity, no telling stem, important in a seismically active area, the 100% renewable energy. We have done presentation to 7,000 people about the project in a community of 11,000 so everybody that is economically active has been able to see our project development timelines we want to start building next year and we want start producing 2030 and we are currently in the process of obtaining all the remaining sectoral permits we have a Newton upside scenario that's the Rio Tinto technology for heap bleaching of copper sulfides that would give another 33 years to make this really multi-generational asset. Thank you so much. Thank you so much, that was super impressive. I loved it. Thank you. Yeah, the world's safest and healthiest mine. That's the idea, yeah. Yeah I love the ambition. Yeah, when will we be there? I mean you can come there anytime. Oh wonderful, I'd love to go to Argentina but when will this all be ready as like you have in that vision? So already now, when we set up the construction camp that will be running for the first, I would say, seven, eight years, has concepts built in of our end-state vision. The final camp that you've seen there, that we costed about $200 million at the time when we did the PEA, should be there and up and running in year five of operation. So that is 2035. Looking forward to it. Any questions in the audience, by the way? Just raise your hand. And otherwise, I was thinking, you argued that the market is undervaluing. What's the one thing you think that could change the investor's mind out of everything? I mean, I think we need to show people the growth on the gold side. I mean we've had stagnating production for a couple of years. So I think once people start seeing that, they'll start appreciating that there's a $2 billion business there by the end of 2028. And then on the copper side, I think the big question is, it's a big project, industrial megaproject, over $4 billion total capital need. It's a lot of money to raise. So I think once the market gets comfortable that we're going to be able to raise that capital, then it'll start to fully appreciate. And how will you finance all this growth? Yeah, well, we're already in a process working with Societe Generale to raise the debt financing for the project, and we're working with potential partners on the equity component. We do intend to do an IPO for the copper business in 2027, which would bring in perhaps $300 million at the IPO and then the follow-on offerings as possible. So you piece it together, and you can get to the total need. So maybe just to add how Stefan got to the $4.5 billion, that's $3.2 billion CapEx plus $350 million U.S. dollars on working capital plus interest payments to production start plus cost overrun facility. That's how we get there. Wonderful. Thank you so much for joining us here at Nordic Funds and Mines. Thank you. Thank you very much. Thank you, man. A big round of applause. Yes, I'll get that. Carlo, what's up next? Yes, thank you. Next company, West Red Lake Gold Mines, this is a Canadian gold producer focused on high-grade underground deposits in the Red Lake District of Ontario. So with that, it's my great pleasure to welcome the Vice President of Communication, Jacqueline Ruptasch. Give her a warm welcome. Let's see if I can figure out how to use this thing. Here we go. Okay, before I get started, there may be some forward-looking statements, so I encourage you all to look at our disclosure slides, which can be found on our website. So, there are moments in the development of a mining company where the business moves faster than the market's perception of it, and I think West Red Lake is in one of those moments today. We're producing gold, as he said, in Canada's Red Lake, Ontario district. And I might add, if you were watching the last company, Rob McEwen was also very successful in this area. We have a clear sequence of growth in front of us, leveraging our existing infrastructure, which includes mill, tailings, workforce, equipment. And at the center of the company is the Madsen mine and the strategy is simple. Feed the mill with high-grade material in and around the district. And we call that the hub-and-spoke model. So our Madsen mill acts as the central hub, and we have high-grade satellite deposits within tracking distance or closer that will feed material to the mill. So we're already producing material for Madsen. The satellite deposits are lining up quickly behind that, and in our view, this has not been reflected in our valuation today, and that's kind of what I want to go through. when we acquired madsen i always forget to do that part when we acquired madson three years ago the project came fully permitted with the mill shaft underground workings major infrastructure was already in place and for the first two years our team focused on the madsen deposit and doing the necessary drilling and underground development required to get mining in front of us and and to get deeper into the deposit so fast forward to today we declared commercial production in January of this year, so in a short period of time with minimal capital, you know, we're starting to already see the benefits of that development that we prioritized, and this map, you knows, shows why the opportunity around Madsen is so important, and it's just, you now, where we're staring from. So operation momentum has been really positive for the first half of this ramp-up year. We increased production 51% from Q1 to Q2. Our ASIC came down about 30%, and we actually generated positive free cash flow in Q2 of just under $10 million. But the Madsen, obviously, that we're mining today is continuing to evolve deeper into the mine, and we're getting into areas of the mine that haven't been mined before and sort of moving the scale of this operation from a single asset to a multi-asset operation, again, bringing in these satellite mines. So the first layer of growth comes from Madsen itself. Again, as we advance development deeper into the mine, we're progressing into areas that haven't been mined before, and one of the more exciting areas is this 904 complex. Here we're opening up a new mining panel that's about 200 metre by 200 metre, and to put that into perspective, it would be equivalent to just over five football pitches. So this is going to be an area that is a substantial new mining area with exceptional grades, and that's going to Be developed for a production profile of 2027. So this Is the first step of growing Madsen, is opening up a number of quality new mining areas within the operation itself. And then the second step is Fork. Fork is another high-grade satellite deposit, 250 meters from Madsen, and the development is underway and it can be accessed from underground at Madsen. So we expect Fork to also contribute to the production profile for 2027, again, providing more high-graded material for the mill itself. And so together with 904, you know, Fork will provide more flexibility and support stronger, more consistent production profile moving into 2027 and likely beyond that. And then we also have Sterrit Olsen, which is a past producing mine that historically produced approximately 160,000 ounces of gold, and it's only a kilometer from Madsen. So another, you know, satellite high-grade feed that is being evaluated as another potential source. And we completed drilling there this summer. We have about six drill holes or six assays left to announce. But so that's another really exciting satellite deposit. And then we get to Rowan. And Rowan is our second largest high-grade asset, and this is where the hub and spoke really starts to show growth. It's within tracking distance to Madsen. It hosts a near-surface high-graded deposit, and we actually just increased the indicated resource on this by 70% this year. So we're looking at 335, roughly 1,000 ounces at 13 grams per ton, And then we've got another 179,000 ounces at 15 grams per ton. And this obviously remains open at depth. But the best part of it is we don't need to build standalone facilities. This will all be mined and trucked to Madsen for processing. And so we're in the process of also finalizing an integrated pre-feasibility study that combines the Madsen and Rowan deposits and shows that scale to approach that 100,000 ounces of your profile of gold annually. And that kind of brings us brings me back to valuation. You know, in our view, the market isn't giving any value to Rowan, despite, you know, the high grade resource and the growth opportunity that it presents. But also Rowan itself, and you'll see in the box there opens up other opportunities because that complex hosts, you know, three past producing mines, Mount Jamie, Rowan, and Red Summit. So Mount Jamie we actually just put a maiden resource on this year. That's located about two kilometers from Rowan. So same idea, you know, we will evaluate that as another source for the Madsen mine. Again, moving from that single asset to multi-asset in a very short period of time. So, you know, with Madsen as our central hub, you know, the opportunity presents itself not only near Madsen with Fork and Sterrett Olson and others around that will drill out, but also in the rowing complex. So, I mean, when you look at our valuation today, there's an important distinction between what the company is today and what we're in the process of demonstrating. Again, Madsen's producing, Rowan and Fork are in the mining inventory for 2027, and Rowan again is the clearest example of that value disconnect because it takes us beyond that single asset and toward that 100,000 ounces, which you know is not reflected in our share price. But then there's the district itself, and maybe I'll go back one. Anyway, there's the district itself. So we're well positioned within the district for any sort of consolidation opportunity. So there's a lot of assets held by bigger companies that would be considered non-core to them, that it would be a great fit to sort of roll into West Red Lake and leverage, obviously, our infrastructure already in place, because these companies are not going to build, again, standalone mines, or sorry, mills and tailings facilities for these, for this level of deposit. Quickly on the capital markets. Yesterday, you know, we had approximately, well, we closed yesterday at 71 cents. We have approximately 413 million shares outstanding and a market cap of roughly 300 million Canadian. And let's put that into perspective. When we bought the assets, There was $350 million invested in it that we took over. So that shows you a strong disconnect versus what we're valued at today. We also have really strong trading volume and liquidity. We trade roughly 2.7 million shares a day on the venture exchange. And that's supported by growing gold-focused institutions and obviously more patient retail investors. we were also added to the GDXJ which helped broaden our institutional exposure and market visibility and we also have analyst coverage through Cantor, Velocity, Raymond James and we've made a very concerted effort to make the story more visible internationally and reintroduce it for what it is as opposed to what it has been in the past and I think that's a good sort of segue to talk about the people that are involved because personally and i'm sure most of you look at it the same way is i invest in the team that's actually executing versus what the asset owns because i mean i've been burned before but you can have a great asset but if you don't have the team to execute you don't Have anything so that's really what stood out to me when i joined west red lake was you know So we have a team of experienced mine builders, mine starters, and operators, but also a team that have done a lot of M&A activity in the past. And that's led by Shane Williams, who started his career building mines for the Lundins. He moved on to build the Lamac project for El Dorado Gold, and then I think one day he just said, why am I building mines everyone else? And you can add Madsen now to his track record. So we've got several important catalysts ahead of us, obviously at Madsen we're advancing underground into these non-remnant areas, moving that production into 2027, so we have a clear line of growth within Madsen, and of course around Madsen. We continue to advance exploration opportunities across the broader profile, so, we talked about Mount Jamie, Red Summit would be one of those. And in the coming weeks, again, we expect to publish our integrated pre-feasibility study with Madsen and Rowan, which will provide the market with that clearer picture of that growth over a short period of time, approaching that 100,000 ounces a year annually in gold production. And that's just the base case. That doesn't include the Mount Jamies and the exploration targets that we haven't progressed yet. again brings me back to where I started you know there's moments in the development of a mining company where the business moves faster than the market perceives and in just three years we've taken Madsen from acquisition to commercial production we obviously have an operating mine we have an established processing facility the team to do it and a pipeline of high-grade growth opportunities so the foundations in place the opportunities are in front of us and we believe you know the market has yet to fully recognize the value and I think that will come once we have illustrated it through this integrated pre-feasibility study in the coming weeks thank you so we'll check you know whether we have any questions on the floor I have a First, I noticed on a slide and you referred to, I believe it was Madsen, so forgive me for my ignorance here, and you said that ASICS was down 30%? Correct, yes, from Q1 to Q2. Okay, and for us who are not so informed, that would be the... All-in sustaining costs. Exactly. So, how did you manage to get the costs down? We produced more gold. All right. Yes. So, you had the same cost base, but you're producing more gold? We produced more gold and, you know, for Q1, we prioritized more development, again, so we could get more mining fronts ahead of us for sequencing and obviously optionality. So we expected to see that step change in Q2. I suspect Q3 to be somewhat similar and the production summary will be out in the coming days for Q3. And would I be right in assuming that the cost base more or less is fixed? Let's say you doubled the production. Well, Canadian mines are high fixed costs in general. So 70% of our costs are fixed. So you're always going to have that high fixed cost. I think, you know, when we publish the integrated pre-feasibility study, we will be showing an ASIC more reflective of, obviously, how we're going to be mining the operation, but what we're gonna be producing. And I suspect that to be anywhere between $2,500 to $2.800 US at full production. Tremendous leverage. You now have a producing mind and a significant exploration upside across the properties, I would say. So where do you think the biggest potential surprise for the investors would come for the next 12 to 18 months? When you say surprise... Yes, that would be a forward-looking statement. But what should we look for here, obviously? Now we know you have a fixed cost base you're starting to produce. Is there something else? Yeah, well, I think 2027 will be another growth opportunity for the company. We'll be expanding our production for the year. It will look much different than this ramp up year. And guidance for 2027 we'll be out, you know, in the first half of next year. So I won't sort of speculate, but it will be materially different. And I don't want to sound like a broken record, but I really do think that the integrated PFS will enlighten the market to the bigger picture and sort of move away from isolating quarters, but also that this is just a single asset focus. And you refer to valuation here, and in my humble opinion, it seems like you're in the sweet spot here. But you haven't been credited with the full valuation. what do you think you need to do apart from delivering on the PFA and let's say produce do you need to do marketing? Execute obviously marketing I mean that's the whole point and I think I pointed that out earlier too is just making the concerted effort to get that visibility on an international scale find those pockets of you know patient retail because it's still going to be a few more years before we get to that over 100,000 ounces of gold a year. But, yeah, it's going to be execution, show the scale, and continue executing on a gold production basis and bringing in these satellite deposits to de-risk and alleviate pressure from having just doing development work at Madsen. So it's just really creating that optionality and flexibility for the operation. And for us to watch this space. Yeah, but I agree, though. I think it's on sale. Yeah. Well, Jacqueline, it's been an absolute pleasure. Thank you very much. Thank you. We give you a round of applause. I leave it now to you, Frida. Thank you, very much, super interesting. Thank you and now let's head off to beautiful Peru and a copper gold deposit that looks very promising indeed. Regulus Resources is developing its anti-corrie project known for its high grade mineralization and low strip ratio. As I understand it, you know, less mountain to move. To tell us more about these great opportunities and maybe some challenges, please welcome CEO and Director of Regulus Resources, John Black. Nice to have you here, John. There we go, great, well thanks everybody for attending this morning and a special shout out to the group that organizes us. This is our second year here in Stockholm and it's been a fantastic event for us. Previously, a great day yesterday and we look forward to an even better day today moving forward. I'm John Black, I'm the CEO of Regulus Resources, and in the short time we have today, what I'll be able to do is present who we are as Regulus, but more importantly, talk about our Antiquari project, a very exciting copper-gold project in Northern Peru, and one that I think has great potential to become one of the next major mines in Peru. We are listed on the TSX-V in Canada, as well as the OTC in the US, and the Lima Exchange in Peru, for those that are interested in investing. There are four key points that I'd like you to take away from our presentation today. One is that our antiquary project, the sole asset within our company, is a relatively high-grade, low-strip copper-gold deposit in a brownfield setting. We're immediately adjacent to two operating mines that have relatively short remaining mine lives, but there's an outstanding opportunity for a district consolidation to open up a new, longer-life copper- gold mine moving forward. We're working very collaboratively with our neighbors to set up the potential for this to move forward, and we have an experienced team that has successfully discovered projects like this and monetized them by selling them to major mining companies. I'd like to open up with just a little bit of a description of our history so you can understand better what our strategy is and how we operate as a group. Regulus Resources is actually the second company that we've had within, or the second of three companies we've had within our management team. On all three companies, we have a very clear strategy on how we move forward. We look for projects that have potential to be very large copper or copper-gold deposits. We're intentionally looking for a project that would be of interest to a major company like a BHP or a Rio Tinto. We capture those in downturns in the market or special circumstances, and then when we capture the project, we add value by drilling them out, showing the full size of the project and de-risking through approximately a pre-feasibility stage, then we're quite clear that our intent is to sell the project at that point in time to a major mining company. We're not mine builders, we're not not mine operators. We're good at finding these, we are good at preparing them, and then ideally we turn them over to a group that will be able to do that. That's to stay in the zone that we work best in, but it's also to shorten the time frame for investors. The average time from the discovery of a big copper deposit to when it becomes a mine is now more than 20 years in South America. I think that's beyond all of our patience as investors. Our first company was called Antares Minerals. We identified the Hecure project in southern Peru as fitting our criteria. We acquired it for $15 million. We spent about $45 million on drilling it out and showing the size, and we sold it to First Quantum for $650 million in the last copper cycle that we had. So we've executed our business strategy well once. We learned a lot in that process. And from that, we spun out Regulus resources. which we'll talk about today. We've captured the Antiquari project, one that we're just as excited about as we were in our first story. While we were moving this project along, we identified a third project called Altar in Argentina, and the best way to capture that project was to set up a separate company. So our same management team currently runs two companies, Regulus Resources for the Antquari project that we'll talked about today, Aldebron for the Altar project, which we're also here at the show talking about our project in Argentina. One of the key components of this strategy is that you can find the right deposit, you can have it ready to go, but you need to be delivering it into a hot copper market. And that's exactly what we have right now. So our strategy can work perfectly, but if we have the project ready, and it's not a robust moment in the market, we're not likely to sell it. And I couldn't be more excited than today. We're in a sweet spot right now, these are the moments we live for as copper exploration to monetize projects like we have. Our share structure is fairly straightforward and simple. We have about 125 million shares outstanding, a current market cap of approximately $600 million. And I'd like to point out a couple key shareholders. One is RootOne, a private equity fund out of San Francisco. They own about 22% of the company. They've been long-term backers for us. They backed our first company and did well. They're a major participant in this company, and they set us up for the third company as well. Also, Rio Tinto Newton has a 16% equity position in the company. That was our last financing at about a 40% premium to the market. They came in both to monitor the project as a potential acquisition target and also to test their Newton primary sulfide leach technology. And as management, we have about 11% position, so we have a stake in the game. This shows our share price performance since the inception of COPJ Sprott's ETF that tracks our peer group in the market. The Sprott ETF has done very well as copper prices have risen, but you can see we've outperformed that as we should for having a very good project. The project itself is located in northern Peru. A little bit of a shout-out to Tara Hutton, a local Swedish group that helps us with this platform to be able to better tell our story going forward. So I'd like to thank them for the work they do to show. We can see where the project's located. Peru is a major copper producer, as I think most of you will know. But most of the production comes from the southern part of the country. These are some of the major mines that are there. Of these mines, six of them have been built in the last 15 years. So it's a mining country. It's an area that you can build mines and move forward. As we move to the northern part ofthe country, the nature of the mines tend, and we tend to move from dominantly copper in the south to dominantly gold in the north, and particularly when we zoom in on the Department of Cajamarca, where we're located, These are the six major operating mines in the department right now. These are all predominantly gold mines or exclusively gold mines. The only one that produces a little bit of copper is the Cerro Corona mine. These have all been great mines for the respective owners. I might point out New Manchina Cochin in the central part of this diagram has produced nearly 40 million ounces of gold, the largest gold mine in South America. We're located 35 kilometers away from them. So with a number of major mines around us there's good infrastructure, good workforce availability. It's a great spot to have a project. However, all of these mines are reaching the natural end of their mine life. They have limited remaining resources. In the next four to five years, most of these minds will shut down. That presents a challenge for the Department of Cajamarca and for Peru as a whole. There would be less employment, less business opportunities, less tax revenue moving forward. But there's an outstanding opportunity in this region and that this diagram shows nine major copper or copper gold projects. These are all deposits that have been drilled out or largely known but are not yet mines. They all have potential to be big long life mines. The gold mines that started the work in this area tend to be mines that have relatively short mine lives, 10 to 30 years. These big copper opportunities can produce mines that will last 40, 50, 60 years, generate a lot more employment and a lot of stability in the region. So the government is very aware of this risk of having mines closed, but also the opportunities. So, the new government of Keiko Fujimori, which just assumed in July, is strongly promoting the development of new copper mines in this region. And many of the communities are embracing this because they see the possibility of losing their jobs, of the possibility of having a new job to move forward. A couple other key points on this diagram. You'll note that each one has the owner indicated on this. Almost all of these projects are owned by the likely developer of the mine. So major mining companies own these projects with the exception of our position. So we're one of the few junior companies that has a portion of one of these projects that's available. So a company that wants to enter in to this opportunity to develop a new mine in in northern Peru, in a very exciting area, we provide effectively almost the only entry point to come in. Also, those with the green dot are projects that are green fields. These are great discoveries, but they're in a new area with no existing mine, no existing infrastructure. Those tend to take a little bit longer to develop. Those with the brown dot, including our project immediately next to Tantua Tire, brown fields, they're adjacent to existing mines. It's much easier to expand an existing mine into a new bigger mine than it is to permit from scratch on the Greenfields project. If we zoom right into our project area, you can see that there are three principal land owners in the Woggle Yoke district where we're located. Our land position is in the red, and about seven kilometers to the south of us is the Cerro Corona mine. This has been one of Goldfield's best mines over the last couple decades, but it's nearing the end of its mine life. They've actually stopped mining, and they're processing a low-grade stockpile back filling their pit with tailings right now. They have approximately four years of production left, at which time they will close and there will be a modern mill available, a skilled workforce, a large land position, and a company that has a great reputation with the local communities. Their choice will be to close that mine or perhaps leverage those assets into participating in a longer-term mine. I think we could provide an opportunity for that moving forward. And then immediately adjacent to us is the Tantua Thai mine. The Tantaua Thai mine is operated by a joint venture called Komalaichi, consists of three partners. The 44% of the joint venture is held by Southern Copper, which has now become the second largest mining company in the world. They've recently surpassed Rio Tinto in size. Buenaventura has 40% and they operate the project. They're a large Peruvian, predominantly precious metal miner. And then there's a small company called Espro that owns a 16% interest. So collectively as a joint venture they operate the Tantua Thai mine. The Tantúa Thai mine is a heap leach gold operation. They're mining the oxide cap over the top of a very large copper gold sulfide deposit at depth. They have about four years of oxides left and when they're done they will have effectively pre-stripped and exposed this large copper-gold sulfide deposit that is partly on their ground and partly on our ground. So there's an opportunity as the oxides are terminated to make a smooth transition into a much larger long life copper gold deposit. But to do that we believe that it requires a consolidation of the district moving forward. So that's the premise of our strategy in this area. If we zoom in on this we can see the two existing mines next door to us and the next view will be as if we're standing over the top of Cerro Corona and looking to the northwest. So our land position will be on the right and the mine's land position will be to the left. In this diagram, we'll turn it so we're looking straight down, this is a conceptual pit that constrains our published resource which came out in 2019 on the project. The brightly colored areas are our land position. I can show the mineralization on our ground, I cannot show the mineralization on the neighbor's ground, we know what's in all of this area in the pit around us on the neighbors land, we're just not allowed to present that for obvious reasons. But just on our land itself, you can see our current resources in the lower part of the diagram. We have approximately 600 million tons, about half inferred, about half indicated, at an average grade of a little over 0.6 copper equivalent. And that's using 2019 prices when we produced this resource. We We had an agreement in place at this time that allowed us to do a conceptual layback and present the resource this way. We've allowed that agreement to terminate by mutual agreement between ourselves and the neighbors to open up the ability for other suitors to be attracted to us. So we can no longer update this mineralization on it, but it allowed us present this in this way to get started. One of the challenges we'll see is both ourselves and the neighbors cannot fully present what we have. million tons at plus 0.6 is a great start and we'll see what this looks like with what the neighbors report. This is a cross-section through the deposit that emphasizes that some of our best grades, the plus 1% copper is right at the surface and it's a remarkably low strip ratio. We've also completed about 30,000 meters of drilling since we did our resource, extended the deposit to the north and at depth, but we're constrained by regulatory rules right now that we can't show that. However, groups under confidentiality agreement can take our data and see what that upside potential is. There's not a lot of reporting from the neighbors. Southern treats this as another project. Buenaventura is the only group that does some reporting on it. The reporting's relatively limited, but this is a cross-section that they show through their portion of the project. You can see the property boundary right here. Their pit has to stop at the property boundaries. Within that pit, they report about 945 million tons at a similar grade to us. So we have 600 million tons. They have 945 millions tons. That's over 1.5 billion tons at very attractive grade and also with a remarkably low strip ratio in a brownfield setting. So groups that are under confidentiality to see our portion of the project can also enter to confidential agreements with the neighbors and see what the total prize is. When groups take a look at this project, it emerges as one of the largest, most exciting opportunities for a mine in relatively short timeframe moving forward. This just shows the surface projection of greater than 1% in the red. This is one of limited amounts of reporting that's available from the neighbor's ground on it, and then it shows the same greater than one percent on our ground. You can see the complexity, the inter-fingered relationship between these two. So it would be difficult for either of us to exploit our portions of the project without a consolidation agreement, and much of the work that we're undergoing right now is discussions with the neighbors and other interested parties to see the best pathway forward to consolidate this district. To put this into perspective, this shows the endowment of the area. So if we look on the right-hand side of the diagram, the green bar represents total contained copper in situ. Darker color is indicated, lighter color is inferred. So we have over five billion pounds of copper reported on our portion of the property, and over five million ounces of gold. The neighbors report a little bit more than we do, and if we combine our reported resource with the neighbors' reported resource, we refer to the conceptually consolidated project as Tantucori, Tantuatay and Antucori. In Quechua and Spanish, that's It's a play on words. It means effectively so much gold. But if you look at the total endowment on this, that's over 13, almost 14 billion pounds of copper. That's enough copper to be of interest to any major copper company, and over 10 million ounces of gold and over 300 million ounces of silver in the project. And we both notably underreport what's really there. So this clearly emerges as one of the largest opportunities for a new mine to be developed. Some other things on this, and this presentation is on our website for those of you that might want to look at it in more detail. But you can see that the project is located above 4,000 meters. That's good news in this case because we're above where there's significant agriculture and population. We're in the highlands and ground that's not suitable for much more than mining, quite frankly. So it's a good location. And that's Yanacocha in the background that's just appearing on the upper right-hand side. One of the important things we have right now is we have an agreement with the neighbors Whereby we combine all of our data together and we hire an independent group to calculate a consolidated resources if there were no property boundaries. Due to regulatory rules, we're not allowed to present that publicly, but it does serve a lot to help us understand with the neighbors who has what portion of it and groups under confidentiality agreement can have access to that information. So we're interacting right now with most major copper and gold companies to help them understand this project better and see what type of a potential pathway. Quite frankly, for the size of this project, this is really an opportunity for two or perhaps three major companies to move forward, and we'd happily provide our position for the right compensation for someone to replace our position here. I'd just like to close a little bit with some thoughts on the M&A market. For years now, more than five years, we've been all talking about the necessity to have more copper, a looming copper shortage, that we weren't producing enough copper to go forward. It's taken a little longer for us to get into the heart of what we consider an M&A market or a hot market for copper particularly. But I've been around long enough to see four, maybe five of these cycles. cycles peak once every 10 or 15 years and when we see elevated metal prices that's when the major companies are motivated to build new mines and some of them don't have the opportunities themselves to build so they buy a project to build and that's we see M&A activity in our space it's an doesn't make much sense that they buy us at the top of the market when things are expensive but think of it and that when they have a lot of cash flow and when their own share prices are more valuable and they have the ability to acquire us more easily and their shareholders push them to grow. These M&A cycles follow a fairly predictable pattern. I believe actually the M&C cycle began back in 2023 when we saw major companies with foresight start to buy producing assets. They bought out their minority participants in projects or assets that they identified that were undervalued. They've largely cleaned the cupboards of those opportunities. There aren't too many more of those out there, or the prices have run to the point where they're no longer attractive takeover targets. The second phase is often when the majors try to merge with each other. Neither of these activities produce new copper. They simply concentrate the copper in fewer hands moving forward. What we kept hearing from the major companies that we needed to see a sustained price above $5 to incentivize companies to begin to build new mines. We crossed that in October of last year, and now we're well above that in the $6 to $7 range. And not to anybody's surprise, the bright green callouts on this diagram are acquisitions of development stage projects like us. So we're into the leading edge of one of these copper M&A markets. These are the moments that we live for as explorationists. As I mentioned, we can have a great strategy, we Can have a Great Project, but we need to be delivering it in these moments. And I couldn't be more pleased with our story with Regulus or our sister's story with Alderbron. I think we're on to two great ones, and I think we're delivering those to the market at exactly the right time. So thanks for your attention. We're here at the show and easy to contact if you'd like to have more information about us. Thanks. Wonderful. Thank you so much. John, do we have any questions from the audience? Just raise your hand, and we'll make sure that you get a microphone. John, very, very exciting. and I was thinking you mentioned your neighbours of course and you're a very very close corporation are you looking are you thinking about becoming partners or growing even closer together have there been love great question I think I have to be cautious on how I answer that because most of what we're doing now is under confidentiality agreements and those are sensitive discussions so I haveと be a little careful on that but we have had a series of agreements with our neighbours We're earning into ground from goldfields right now to consolidate our land position. We've had two major agreements with the joint venture immediately next door on data sharing and access sharing. We coordinate closely on community relations and other things. So we have a good working relationship with them. And I think it's in everyone's interest to look for a way to consolidate the district to go forward. Okay. And we've had many, the copper industry is, of course, evolving a lot in Peru. For those that haven't been in Peru before investing, what's the biggest advantage, you would say, working in Peru? Biggest advantage is Peru, like Canada, and like here in much of Scandinavia, they're mining countries. So mines exist. It's an important part of the economy. And it can change with local community relations or different administrations on the ease to build a mine. But mines get built. It's a place you can build them for sure. There are other frontier countries that are emerging that are great opportunities to identify new projects, but the rules aren't completely worked out and the social acceptance isn't as clear, so it takes longer to get a mine in production and more risk that you might not be able to. So I feel comfortable with a good project and prove there's a high chance that it turns into a mine. Thank you so much, John Black, for joining us. Thank you. And what's up next? Carlo is about to tell us. Yes, what's next? Well, now we're getting closer to home, So, from lithium to uranium, here in the Nordics, Nordics Metals, formerly United Lithium, has transformed into a broader Nordic critical minerals company. And here to tell us more is the interim CEO, Andrew Bovering. Give him a warm hand. Thank you. Thank you, sir. The floor is yours. Thank you Good morning Thanks very much for taking the time to listen This is my first time in the Nordics First time in Sweden Lovely country, lovely people Food's great Can't wait to come back when I'm not working I'm the interim CEO of the company I'm its largest shareholder its largest investor and I made the investment a few years ago into a company called United Lithium there's two good lithium projects in this company I might spend a little bit of time talking about them but we did make a dynamic shift to uranium exploration and development about a year ago and that's what I'm here to tell you about today I occasionally make the odd forward looking statement so I caution you to maybe read our disclosure on our website or if you have our deck. Those that know me and our group, and we've been doing this for about almost 40 years now, we try and buy things when nobody wants them, when they're underestimated, overlooked, out of favor, when there's blood in the streets. And we like to sell them, as the previous gentleman said, when the market wants them. And if you follow that trend or investing in any commodity, you can do well. We believe that the world isn't a nuclear renaissance right now. It's been decades from significant exploration into uranium. There are supply deficits coming. The spot market price is $90 a pound, and things haven't looked much better for the space. You're starting to see more nuclear build-out. Just recently, we saw Google make a $25 billion commitment into Finland for 25% of the country's nuclear-generated power to supply their data centers. The time is now, or is certainly coming. This is just a slide that talks about the macro-opportunity for uranium, And I don't need to go on about that, but we certainly believe the time is now. So why Nordex? Well, tier one jurisdictions. I'm from Canada. I live in a town where the Fraser Institute ranks countries for various factors. factors but we have the fraser institute mining index which talks about listing countries and regions for their prospectivity for their acceptance of mining and sweden and finland have always been at the top of that list always in the top 10 so tier one jurisdictions that's value to us and for a group so we operate on every continent on the globe in one form of exploration or development and various different commodities and so uh where we operate matters we are proven management team uh a couple of our previous successes i've lifted down below uh i was a founder of prime mining it was a gold silver explorer that got taken out last year by tor exit i don't know about 630 million um three years earlier was millennia lithium before that was m2 cobalt and the list goes on we've had some successes why not because we build mines but we take projects that are out of favor out of popularity and we advance them and sell them when the time's right um that gives us first mover advantage that's where we feel we're at now with uranium development in the Nordics. And there's a couple other bits and pieces there. The company is relatively new. It's got a $16 million market cap. That's about where we started prime mining. That's About Where We Started Millennial Lithium. And that's About Were We Started American Lithium prior to its billion-dollar market cap on NASDAQ. 43 million shares out. We own probably half of them as a group. I think I've invested about $4.5 million of my own money in the company. All of us being shareholders in the country, we're in favor of doing what's right for shareholders. We don't, like I don't take a paycheck. We're not here for that. We're here to build something up and hopefully to sell it off to somebody bigger than us for a profit at a later date. Fully diluted, there's about 60 million shares out, but I would put another 13 or 14 million cash in the treasury. We don't have a significant treasury right now. We have $1 million remaining, but we're still financed through the next six months of exploration, and you're likely going to see us announce and complete a financing in the next four to six weeks. Most of that will be taken up by insiders of the company. we have eight uranium projects split equally between finland and sweden they go from early stage grassroots projects right up to um uh our dublon project with uh 8.75 million pounds of uranium that was drilled off by ariva back in the day most of these projects came from Arriva, now called Arano, back when the majors were operating and looking for uranium in the Nordics. Why invest here? World-class infrastructure, long mining history, skilled workforce, and abundant low-cost power. And as I was saying, we operate in a lot of places around the world. I can tell you that this is the cheapest place to drill by the meter than anywhere else globally, and when you're an exploration company, that matters. I'm the interim CEO. I'll keep the job until somebody else wants to take it from me. I've been the interim CO of a lot of the previous companies that have been listed here. My partner, John Franklin, is a geologist from Australia that's married and now a Swedish resident and he's the president of the company and he is responsible for all the exploration activity. The rest of the team have worked or work with me on several projects. We have two Swedish nationals on our board, Henrik Lundin from the Lundins family is one of our directors and Sebastian Bergenvall is also a local director. Ian Scar and Michael Kobler were founders of Millennial Lithium with me. And the technical team includes one of the former geologists for Arriva back in the day that drilled some of the holes on Ryuta and Dublon and did some of the work on the other projects. We also have some ofthe original geologists from the lithium prospects. So a very good technical team, including resource modelers and field geologists. Ryuta is our number one project in Finland. We just announced a drill hole in that a week or two ago. A little bit of a smaller intersection, but similar grade to an original Arriva hole that you see listed there. There's 20 more drill holes in the lab that are coming out soon. That program was just finished. But that's one of our very promising-looking projects. Dublon is our most promising Swedish project. Historic resource of 8.75 million pounds. It's open in all directions. It's had extensive drilling in the past. There's lots of opportunity there now. We have not gone to drill that yet, but that is something that's planned for 2027. I'm going to bounce just quickly to a lithium project. This is what interested me in the company back five years ago or four years ago when I first put some money into it. And Bergby has been designated of national importance to the country of Sweden. It's been isolated as the key lithium project in the country that's got priority over any other industrial development in that region. we've never produced a public resource on that yet we've done some internal modeling we're going to go and the reason we haven't yet is there are there is a pegmatite f and a connector between two other pegmatites that we have not drilled yet that we need to drill and will be part of that resource but we will uh drill that in the coming year and um and i guess at some point will produce a resource. Lithium's a little out of favor right now. I've been in the lithium market for 15 years, again, with millennial lithium, American lithium, and it's had its ups and downs, and right now you have a down, and so we're not interested in spending or diluting down our shareholders significantly when the market's not valuing projects like that. So that's why it's been on the back burner a little bit, but truly a very good project, and likely, next to Kelleber and Sabani's operation in Finland, this at Kostun, and this is probably one of the more important lithium deposits in Europe. Nordotun is another uranium project that we've just put a bunch of information out into the market, a news release yesterday. We're expanding. There is high-grade mineralization at surface. We've just done a geochemical survey on the project using radon cups. You can read about that news. This is going to be a much more exciting project next year as we get drills on the ground. Here's a Gantt chart of our planned upcoming programs. As you can see, a lot of work's been done in the last half of this year we are just getting started in this company it's early days it's gonna get a lot more fun and and looking forward to being here next year and telling you about all of our progress again to uranium or eight uranium projects to lithium projects were well funded well funded well managed I think we took all four boxes I think we tick the management box the asset box the capital structure box and lastly the timing box and as i've seen in all my investments in the past decades when you tick all four boxes like that you have a winner and someone will come and take it off your hands and that's what i think is going to happen here so thanks for listening i like that we we have a window and we also have a question here but while you get your microphone i would just say um you now have uranium projects across sweden and finland and you had the timeline there um how do you prioritize the capital across that that portfolio um well one of the things we've been good at over the years and our groups raised 700 million in working capital exploration capital in the last seven years um access to capital is not our issue and so spending it properly is so that's why a lot of grassroots early getting to know your projects getting the feel of them understanding them now before you start drilling madly and and burning shareholder money so which is your money slow and steady slow and study but but next year we're going to heat it up a little bit and the drills will turn more and and um you know if anybody wants to get into more technical then my my good friend and partner john franklin's John would be happy to take you through the technical end, but yeah, just slow and steady, take the right steps. And we have a question here. I'm not at all knowledgeable in uranium, but I heard some time ago that this is hard rock uranium in Scandinavia. And elsewhere in the world, there are much softer rock that is much less expensive to mine and process. How is the competitive landscape in that respect? Well, so there are. I mean, one of the world's largest uranium deposits, it's not the world'S largest, is also in Sweden, but it's an alum shale, and it's more than likely, and I don't want to besmirch our compadres in this industry. You know, I've spent my life in this industry. I'm grateful for everybody that puts their money into the ground because none of us would be here today if it wasn't for mining. But the alum shales are likely going to be the sacrificial lamb of the Nordics. And so if Europe wants its own domestic supplies and we are heading into a period of nationalization and less globalization like that's just coming and as a consequence of that countries and regions are looking for for their own domestic supplies and so if Europe wants their own domestic supplies it's gonna have to be hard rock and it's going to have to be in the Nordics there are complications with Casa prom Russian supplies. My group owns the fifth largest undeveloped uranium deposit in the world. It's called Macusanian. It's in Peru. And it's a much cheaper, easier process than this. But it's got its complications too. Peru doesn't have any license or ability to produce uranium at this point in time. And there's still some debate over the metallurgy. So every region's got its differences and but but i would say that that the grades that we're finding 10 meters under till here in sweden or that arano found back in the day are econ are economic grades they're athabasca type grades and and they're close to surface here so and you don't get the same um um environmental issues that you would have say with the alum shales so you're you are aware of the problem but it you have to overcome and adopt that you know that the the if you if you go have a look at what the swedish government has just declared of strategic importance to to sweden they declared that whole i can't remember what it's called but that whole belt of gold rocks that's that gold sky has right next to it is our dublon uranium prospect and and that was put under national importance to the to the state of to the country of sweden so the country's thinking ahead and for a nordic investor now looking at at nordics today what are the major catalysts that could move the company from an early stage exploration story towards something materially more advanced would it be the test uh the tests and could you give us a timeline here well so there's there's more data coming out over the next 60 days so prior to the end of the year you're going to see another 20 drill holes come out on ryuta you're going to see more surface work come out from from our various projects you'll see an announcement on on financing and a closing of more financing. And this is our first engagement ever with outside investors, first. We have not taken this anywhere. And, you know, you can do a bit of homework on our group. That's something that we've been pretty good at in the past is making sure that we make noise. We're about to start making noise on this company and we haven't before. So there's that. And then there's also our internal discussions about whether we co-list on that nasdaq all north or whatever it is market here we're we're looking at that um uh a potential listing here to see if it makes sense interesting yeah so we have geological report from uh karelia in finland and then uh you will make more noise and for us it's just to to watch this space the only thing i guess i forgot to mention is that sweden sweden's largest drilling contractor, Kati, is also a major shareholder of this company. So there's lots of local support for the company. Us getting here more regularly matters. Well, Ander, thank you very much. It's over to you. Nice that you like Sweden so much as well. Welcome back. Thank you. Well, welcome back and I can see that we are now about a thousand viewers from all over the world joining us here in Stockholm at Nordic Funds and Mines. So happy to have all of you here live as well. Okay, so it's time to travel from Sweden to more southern parts of the world. Gold from two countries. Golconda Gold is a Canadian-based gold producer with operations in South Africa and a gold and silver product in New Mexico, USA. Already generating revenue in South America, the company is now working to restart production in the United States. Please give a warm welcome to Ravi Sood, CEO. Here he comes! Welcome! Thank you. Thank you very much. Excellent. Thank you, everybody. Really grateful for the opportunity to be here and tell you about our company. First off, all the photos you'll see today, there are no stock photos. These are all actual photos from our operation. Just starting off with our capital structure, very simple very clean capital structure we have been listed for 15 years and we've done exactly two financings in our history so we have no warrants we have a very high insider ownership and the way we've been able to do that is through our approach in terms of building up this company which is i like to describe it as you know you have a huge chasm in mining you have on one side of the chasm projects may be good projects, may be great projects, but they're on a PowerPoint slide and they're, they're own a feasibility study. On the other side of the Chasm is a living, breathing, operating mine. And in between crossing that Chasm, you've got permitting, you got financing, you got construction, you have got execution, and then you've time. And that time variable might be the hardest of them all. And it, historically, that Chasms has barbecued a lot of shareholder value. So we focused on acquiring assets on the other side of that chasm. Fallen Angels or companies that have otherwise because of the cycle, because of capital structure decisions, because operating issues have come to us on terms that we think are very very interesting in terms of where we're buying them and in each case they've been fully permitted, they've had substantial infrastructure and we've been able to put them back into production with very little capital. That's why we have this simple capital structure. That is why we haven't done a financing. That was why last year we were the fifth best performing stock on the TSX venture and we are the only one in the top ten that ended the year with fewer shares outstanding than we started because we were generating cash and we didn't have any need for new capital. So I'm going to dive into both of our operations today and spend some time, particularly on the production ramp up and the cash flows. First, we have South Africa, the Galaxy Mine, 150-year operating history there, 2.3 million ounce resource. We produced just over 10,000 ounces last year. We'll be up about 50% this year and growing from there. And then take you to the other side of the world, to New Mexico, to the Summit Gold and Silver Mine, which we acquired in 2021. We recommenced mining just recently in July, and we will have our first gold and silver production there before the end of the year, we think in November. So we'll dive into that one as well. 1001 mining stocks out there, many of them with really interesting stories and huge opportunities. Why look at us? A few things I like to draw everybody's attention to. First of all, 365 days a year we're producing gold and soon to be silver. So We all have thematic leverage to the rising precious metals market, but we have actual financial leverage, and you'll see that in our numbers and the leverage to the gold price that I'll take you through in a couple slides. Second, we have a lot of growth internal to our two operations. As I said, we produced just over 10,000 ounces last year in South Africa. We are ramping up to about 40,000 ounces over the next four to five years and we're going from zero to about 15,000 ounces in the next year in the United States. So on a combined basis we're going from 10,00 ounces to almost 55,000 ounces in the next five years. And we don't have to find anything, permit anything, build anything, or fund anything. That's all self funding and while we self fund that growth, we're adding to our cash position, generating free cash as we go. Finally, the very high insider ownership position. So this is almost entirely with management and the board. I think we would be in the top percentile in the entire stock exchange in terms of insider ownership. Does not make us immune from making mistakes as a management team, but we are definitely aligned with outside investors. A little bit more on Galaxy. As I said, 150-year history. We purchased this out of liquidation and a little bit of before and after here on the slides in front of you. Beauty's in the eye of the beholder. The mill and the processing plant that we inherited was in a difficult condition, but that wasn't what we were after. We bought a fully permitted facility that also came with a tailing storage facility. So for very little capital and very little time, we were able to build a new facility, more than triple the processing capacity and put this thing back into production with a very little capital. This year we'll probably be at just over 30% utilization on that plant. We built it to accommodate our ultimate production capacity, which will only be hitting in 2030. So when I said earlier, we don't have to build or permit anything, we're done on that. So the key infrastructure is all in place. A little just bit from the geology, I won't spend too much time on this. Over the last 150 years, 1.3 million ounces produced going back to 1870. The gray area of these 21 ore bodies that are part of our galaxy camp, that's what's been mined out since 1871. The red areas are measured and indicated. That's about a million ounces. And then we have a total global resource measured, indicated, and inferred of about 2.3 billion ounces. We could extend that number. We could increase it significantly. It would be largely academic at this point because it wouldn't affect our mine plan for the next 5, 10, or maybe even 20 years. But there's a lot of gold here. This operation's been going for generations, and it will be going for generation. So ultra-long mine life asset here, quite an anomaly. Just looking at the cash flows, and these are projections, obviously, so forward-looking statements here, using $4,300 gold. The 2026 number is obviously almost an actual, so we're tracking very well towards our numbers there. You can see we generated substantial or we'll be generating substantial cash flow in 2026. Just last night, we put out a production update for Q3, up about 20%, quarter over quarter, record quarter, closed with a record month for the operation. So everything's tracking along that growth profile. Because we have the free cash flow, because we have all that infrastructure in place, it's a matter of execution at that point. It doesn't mean it's easy, but we will get there, and we will have that ramp up. You can see going to 2027, 2028, 2029, 30, that ramp-up towards 40,000 ounces a year, filling that plant, getting up to close to 50,000 tons per month processed, gets us close to that 40,00 ounce a year target. Our cash flows do sort of go sideways in 2027. There's a couple reasons for that. the first one is we become fully taxable. So we've burned through about 30 million of tax losses. That's a good news story for the most part. And we also have a minority interest, which is in South Africa, we have what's called the Black Empowerment Partner. So, we start having to account for that in 2027 and beyond. I talked about leverage to gold price, and I think this slide captures it, looking at the NAV of just our galaxy mine on a per share basis. Again, put in context, we're trading at about $3 per share. If you look at our NAV at $4,000 gold, we're about $5 a share. That goes up to over $7 at $5,000. So you get about $2 per share of NAV per $1,000 of gold. That shows the very real financial, fully taxed, post-minority interest leverage to gold price that we get from this operation. So for those of us who are looking to get that levered exposure to gold, above and beyond just buying bullion. This is a way to do it through an operating mine that's still a junior, still has a lot of growth in it, and has a lots of leverage to that gold price. Just very briefly, our empowerment partner, 17% shareholder in the Galaxy Mine. This is a microfinance institution, a charity, that distributes funds on a micro-finance loan basis only to female entrepreneurs in our community. We have not made a dividend payment to them yet. 2027 will be the first year. But going forward, there will be a lot of capital flowing to that charity. We think it will have a profoundly positive impact on our community. Taking you to the other side of the world, over to the United States, to New Mexico, to the Summit Gold and Silver Mine, also a historic mining district. The first discovery here was in the 1860s, and 60 gold and silver mines opened in this district. It's only about 40 kilometers from corner to corner. In the 1880s and 1890s, 60 past producing mines, of which the summit was one. Quite notably, Herbert Hoover was the general manager of the mining complex here in the 1890s. Of course, went on to bigger and better things, becoming president of the United States. But in World War II, all of these mines were stopped. The War Measures Act focused on the war effort in 1942. All of these mines stopped. For the most part, none of them restarted post-war. And there is a lot of potential in this district. We will be the ones to unlock it. I'll show you a map later and how we're going to approach that. But for us, we bought a company called Santa Fe Gold. That was a listed company. It did have a peak market cap in excess of $100 million. Peak enterprise value of over $150 million. It did have a substantial debt load, and it went from that peak market cap in 2013 to delisted and bankrupt by 2014. It was restructured by a private equity fund. We bought it debt-free on a very clean basis in 2021 and started basically in 2025 the process of putting it back into production. A little glimpse of it today inside our flotation plant on the left, the main portal to the mine in the middle, and just a glimpse of the underground on the right. As we speak, we are drilling and blasting. As I said, we do have ore on surface, and we are looking to produce our first gold and silver before the end of the year. So that will be a very big, probably you could say the key catalyst for us for the next several quarters. Just zeroing in again, forward-looking statements here using $4,300 gold and $60 silver. A little bit of stub production for the balance of this year, but looking to get up to our rate of 14,000, 15,000 gold equivalent ounces a year. That's, again, with our existing plant capacity, tailings facility, and mining rate. There is a lot of room to expand all of that for sure. However, our focus is absolutely on just getting to these targets over the next 12 months. We do generate a huge amount of cash with those very modest production numbers. We have spent about $4 million this year on the restart process. We will peak at around $6 million, and then it will start to return cash to us and become a cash generator as opposed to a cash consumer for us. So a lot of potential to grow these numbers and do something well beyond this, but this is just with the existing compliant mine plan, the existing processing facilities. Again, similar story here to leverage to gold and silver price. Huge contributor, again, putting the context, we're trading about $3, $4,000 gold. You get a $3.73 NPV on this and about a dollar per share leverage to you as a Golconda shareholder for every $1,000 on the gold price. Just a quick glimpse and discussion about the expansion potential. We are one of those 60 past producing mines. There is a lot more gold and silver to discover in this area. It's completely held by four parties. The other three are families privately held in one case has held it for almost 150 years We are the only operators We're the only public company and we're the ones with a permitted mill and tailing storage facility in the state of New Mexico So we will be the ones to consolidate no rush to do so that'll be over the next several years But a lot of opportunity for us to expand our resource not just at our or body But in this these across these structures It is a very compact area, and it very much belongs as part of one company. Just looking at the opportunities for Summit, we are a small company, but with Summit being in the United States and being on a very short path to being a profitable gold and silver producer in the US, there is a huge amount of appetite. We are besieged by interest on, in particular, our US assets, And we believe we will be able to daylight a lot of value for us as Golconda shareholders by spinning out Summit as a standalone U.S.-only profitable gold and silver producer, kind of like 10-to-1 kind of interest in that versus inside of Golcanda, notwithstanding our much larger and already profitable South African assets. So that's very much on the agenda as a 2027 catalyst for us. Just putting it all together, very small numbers on the screen there, but I think the number I will highlight, again, forward-looking statements using $4,300 gold and $60 silver as the baseline for the calculation. 2026 is almost an actual. You can see we're generating cash this year. We are already debt-free. 2027, substantial free cash flow projection. So an opportunity in the very short term to really start adding to our cash position. What do we do with that cash going forward? I'll talk about that in the next slide. But we are a cash flow generator. We're probably trading at a market cap right now, US 120 or 130 million, so very modest multiple of our cash flow, like a lot of other producers out there. I think most of us are undervalued, but you can see the clear path to a valuation change for us as well. Again, looking at the NPV and looking at that leverage to the gold price, I talked about, you know, you want to achieve, we all were thematically exposed to precious metals prices, gold and silver price are rising, it'll float all of our boats, but it's very real for us because 365 days a year we're producing gold and silver and generating cash from it. If you go from $4,000 to $5,000, you see it adds about $3 a share to our NPV. So every $1,000 on gold, you kind of get our entire current market cap in terms of NPV increase. So very real, measurable exposure and leverage to that gold price. So value creation arc, what are our key catalysts in the next 12 months and 24 months? Number one, continue that ramp up at Galaxy. Our current shareholder base watches this very closely. We have quite astute and engaged shareholders. And that's the number one most important thing for us is continue adding to that production, growing our cash flow there. Number two, the restart of Summit. We've hit all our milestones in terms of regulatory and on the mining side. The next one is the actual production. That's the next 30 days. Number three, the ultimate spin-out and value realization. It won't be a full sale. It'll be a partial spin-outs. It'll spin out of Summit by the end of 2027. And then finally, which I think begs the question, if you show these projections with all this cash flow generation, what do we do with it? Of course, if we find another opportunity that fits our criteria, where we have the opportunity to deploy our skill set and leverage it, our expertise, our platform to putting another asset into production that checks these same boxes that our last two did. That's of interest to us, but in the absence of that and is, of course, a much more competitive market now for those kind of opportunities, we will be returning capital to shareholders. Management, myself in particular, the largest shareholders, in the first instance, if we're trading at three times or four times cash flow, the best way for us to return that capital is through a share buyback. I've used that very successfully in previous companies. And then after that's exhausted, certainly a dividend would make sense for us as well. And with that, thank you very much and very happy to answer any questions about Golconda Gold. Thank you so much. Very, very interesting. And for all of you that have questions, don't be shy, just lift your hand and we'll get a mic running to you. Oh, we have a question up front. why spin out summit why not consolidate the neighborhood and then concentrate on dividends and buy back of shares it fair question and uh i i could say it's not a foregone conclusion that will spin it out and it would be very much a function of are we really unlocking value through a spin out so if we're able to do a partial spin out still have be able to consolidate those earnings and those cash flows but have a valuation attributed to our u.s assets that are something you know right now i believe it would be something similar to our entire market cap it will be hard to resist and i think the um the addressable investor base when we talk to investors in europe uh internationally in canada there's no real issue with african assets maybe you lose an investor at the margin here or there but it's or maybe they apply a discount factor but with the US investor base I find that we're losing most of the the investor audience and we have this huge demand now that maybe in five years ago or even two years ago we had no interest from US investors so it'll be entirely a function of if is there indeed a huge value unlocking if not it's a lot of work that's not going to accomplish anything for us so not a a foregone conclusion but as it stands now I would say it's the the probability yeah any more questions just raise your hand you you already producing gold in South Africa as you said and you're up in November you say in in before the end of the year and we're definitely with the realistically targeting November so what's the next thing that has to happen before you get going So we've run every part of our mill, the crusher, the flotation circuit, everything's working. We've done all the work that we need to do. We're building up our surface stockpile. We think we're there, so we still have to press go and run material through the mill. And I'm sure it's mining, things go wrong, and you just have to accept that that's going to happen. And we're in a position where we're accustomed to that, we deal with it, we'll solve those problems. So that's what we, we'll see what happens to us, but we will be producing in the next 30 or 40 days. Yeah, and you walked us through your strategy going forward next year. What are you most excited for looking at this strategy? What do you think will be the greatest key to success? It's that first production in the United States. That's us formally going from a one, a single mine, single production asset company to two producing mines, having gold production, silver production as well in the United States, it's a huge deal for us. It's a transformation for our company. Wonderful. Thank you so much, Ravi, for joining us here in Sweden. Thank you. Thank you very much. And next up, thank you so very much, Carlo will walk us through our next guest. Well, thankyou for that. First, Mining Gold Corporation is a Canadian gold exploration and development company with key projects, the Spring Pole in Ontario, and Du Parquet, if I managed to pronounce that correctly, in Quebec. But without further ado, I think we should welcome Don Wilton, the CEO. Thank you very much. Please take, the floor is yours. And thank you very Much for joining us today. It's a pleasure to be brought onto the stage with ABBA. It seems very fitting for where we are today. So, really appreciate the opportunity to be meeting with you today and to talk about First Mining Gold. As was said, I'm Dan Wilton, the CEO of the company. I've been with First Minding Gold for almost eight years now. It's been a very interesting ride, but I think where it's a really amazing point of entry for any investors who are new to our story right now. So I'll make a few forward-looking statements here. The essence of First Mining Gold, we are advancing two of the largest undeveloped gold projects in Canada. Our Springpole Gold Project is actually the most recent project in Canada to get an environmental assessment approval. We got our federal environmental assessment approve at the end of June. and we signed two very important agreements with three Indigenous communities we've been working with on the project for years, signed those agreements in August. We're still waiting on our provincial environmental assessment approval. We expect that in the next few weeks, but that will really make Spring-Pole one of the only projects with an EA approval, projects of size with an EEA approval in Canada. So that process for us has been eight and a half years, going on nine years of work. It takes a long time to move these projects forward in Canada. And we're very happy to be at this end of the environmental assessment process rather than at the beginning. We'll talk about some of the metrics of SpringPol, but it's a large, you know, open-pit deposit, compares very favorably with a number of the other projects that have been built in Canada over the last few years. Our DuParcay project is not far behind. So DuPargay is a 6-million-ounce gold project in the middle of the Abitibi Gold Belt, one of the most sought-after patches of ground in the gold industry. we are moving forward with a resource update and a pre-feasibility study we're expecting from du parquet in kind of by the middle of next year it's something that we think is still a hidden asset value inside first mining we'll talk about that too we have a few other assets we we the company was just a little history the company was founded by Keith Neumeier, the CEO and founder of First Majestic Silver. Keith's still the chair of our board. He's a very important role in the company. A lot of our shareholders came to us as long-term followers of Keith and supporters of Keith. But they put the company together in 2015 by going out using a public company to acquire as many gold projects as they could at $10 an ounce or less. And this was after four years of pretty savage bear markets. That left us with a portfolio of assets. It was, in the end, about, well, I think when I started, we had 25 projects or something like that. We really, over the last few years, have focused on the two largest projects that we have, Springpole and DuParquet. But we've turned that portfolio of assets into now more than $90 million of cash. And that's important because that cash gave us the ability to advance, particularly SpringPol, and actually to acquire DuParquet, which we only acquired the remaining 90% in 2022. But it really gave usthe ability to do real work. And that's important because that's allowed us to meet the timelines that we have on this environmental assessment work. It also now looks like, relative to most other large projects in Canada, something that looks like a five to six year head start on that permitting process. Sitting today at about a billion dollars Canadian market cap, covered by eight research analysts, and average target price would be, well, the target prices range from about $1.40 to about $2.80, so significant upside from where we are now, and our shareholder base, as I said, management and directors, significant owners, Keith is actually the largest shareholder in the company, having added, I think, 5 million shares to his position in the last week, and a growing institutional shareholder base as well. This really sort of sets the stage. We like talking about what we see as our peer group, which are really the largest development projects in Canada. This is a list of most 5 million ounce plus gold projects. As you can see, we've got two of the top 10. and if you look on this list as to which of these projects could complete an environmental assessment process or a permitting process and start construction before 2030 I think there's you know one on this lista is already half built at SK Creek but it's really Springpole and Troilus are the projects that have the runway and are far enough advanced in that EA process to have a probability of being able to get a shovel in the ground before 2030. And that's really important when you're looking at investing in development projects. Every large gold company wants to own a big mine in Canada. None of them want to go through the permitting process. So we've done a lot of the hard work. It's been a long journey, and now we're just at the point of hitting major, major catalysts catalysts with our projects and with our company over the course of the next 12 to 18 months. And important to point out, we are well financed. We've just closed a financing. We have about $80 million in the bank. So well finananced to get to these next major catalysts. So just a little bit about Springpole. It's located in northwestern Ontario. Great place to be developing a project. We're about 100 kilometers from the mining community of Red Lake, which has just celebrated its 100th anniversary of gold mining so a lot of resource activity around the project historically in the area forestry has been probably the biggest industry very difficult times for forest companies in Canada right now with U.S. tariffs you've had two sawmills in the area shut down which they were certainly the largest employers but it does provide a good transition and a good workforce that we think can be brought into the mining sector. Good infrastructure around the project. We have a power line within 30 kilometers. We have sort of pioneer roads within 18 kilometers of the project and actually have received our permits to construct a winter access trail up to the project for the first time, which is exciting for us, and will make our resupply of the camps far more efficient coming up this winter. What really makes Spring-Pol unique is you're talking about a sizable project. This is one of few projects in the world that can produce more than 300,000 ounces a year. It's got attractive grade. It's about one gram gold and five gram silver, which benchmarks very well against a lot of the other mines that have been built in Canada. You can see very attractive all-in sustaining cost profile, which is really driven by a good grade, a low strip ratio, proximity to infrastructure, where, like I say, 30 kilometers from a power line will have very cost-effective grid power for the project, and a very robust project at a $3,100 gold price. It's a $2.1 billion after-tax NAV. One of the things these big projects give you is real leverage to the gold price. So one of the Things we always point out is if you look at our study at what was a spot case, happens to be around where the spot price of gold is today, from $3,100 to $4,200, you almost double the NPV of the project. Significant leverage to The Gold Price. We'll talk a little bit about Du Parquet as well. This, we're very confident in saying, is not priced in to our share price today. This is, as I said, a 6 million ounce project in the middle of the Abitibi Gold Belt. We're about halfway between the major mining centres of Timmins and Val d'Or. We're half an hour away from Glencore's Horn Smelter, which has been producing copper for 100 years. Really the centre of the mining industry in Canada. We've got 19 kilometers of the Porcupine Death Store Fault, which is one of the major controlling structures geologically. We've scoped a PEA on this project in 2023 that showed a big, robust project producing more than 200,000 ounces a year at all in sustaining costs sub $1,000. But when we put that study out, it was interesting that, you know, the IRR of the project was 18% at an $1,800 gold price. At a $2,200 gold price, it was 28%. At a gold price like today, you're talking about an IRR in the 60s. So really significant, robust project, which we have some major catalysts coming up this year as well with a resource update and a pre-feasibility study update, which we're targeting for June of this year. So with all of this, we are still trading at a very attractive price. We, like many developers, have had a bit of a price pullback here over the last few weeks. It's a great entry point into a story that is in significantly advanced stages. Where we are taking this company over the course of the next 18 months through a feasibility study toward a construction decision in 2028, March of 2028 for Spring-Pole, which is what we're moving toward. Our peers on this chart, if you look at Perpetua, you look at Skeena, those are projects that are in construction. And you can see where we're trading at $60 an ounce today, those projects in construction are trading between $250 and $650 an ounce. Significant opportunity for that re-rating to come. And again, You know, I don't think we get really much value for DuParquet, certainly not priced into the share price at this point. But traditionally, companies with projects that are advancing into that construction stage trade at 0.6 to 0.8 times their net asset value, we're at 0,2 today. So very clear path to see, you know, we think a two to four times re-rating in this stock coming in the next 18 months. and the one thing i talked about this before but that leverage to the gold price with these large development assets if you believe that we are going into a gold price environment where it's going to go higher this is one of the best opportunities you have to get leverage to that gold price so again significant achievements that we've made over the last few years significant de-risking of the project with our federal environmental assessment approval our community agreements and then the catalyst coming in the next uh 12 to 18 months i mean the next few weeks we'll have the provincial environmental assessment approval uh the definitive feasibility study and announcing project financing for spring pool targeting that uh september october next year detailed engineering and early works which we will look to begin at spring pool next year and then a resource update at du parquet uh january time frame so in the near term here and targeting a pre-feasibility study update in DuParquet middle of next year. So very, very catalyst-heavy year coming up. Significant value re-rating opportunity, and I think a great time to be looking at developers in Canada. So thank you very much for your attention and happy to take any questions. Thank you. As always, I'm viewing the audience. If you have any questions, just raise your hand. But I will kick off here. As you are advancing the projects towards production here, do you see any bottlenecks? Obviously, you have the permits, but do you experience other bottlenecks, your planning, production? You mentioned 2028 or something? Yeah, starting construction, want to make the construction decision on Springpole in, let's say, March of 2028 is the current plan. And that's really just driven by the timeframe for the permitting process post-environmental assessment. So the EA gives you certainty that you are going to get your permits, but there's still some more detailed engineering and procedural permit applications that you need to go through. But do you now need to make sure you have what you need in equipment, personnel and energy and stuff like that? It seems like it's a narrow door. It is. There's a lot of work still to do. I think we're very well funded to get that work done. But that is finishing our definitive feasibility study, which incorporates that more detailed engineering. And then it's your procurement strategy. It's how much of this mine are you going to build with your own workforce versus using contractors. Particularly labor and building a skilled workforce, it's tight in Canada right now. This project will be competing with most others. It'll be a fly-in, fly-out project. But there's a lot of advantages to the geographic location here, to having a skilled workforce in the area that's transitioning from forestry to mining, I think provides us with another unique opportunity there as well. And also, when it came to the permits, the provincial and regulatory approvals and so on and so forth, you were referring to it as a long time. now we are in sweden and we also have authorities and long time could you define long time for me here well we entered spring pool into the environmental assessment process in february 2018. okay so it's been eight and a half years only going on nine years i think if you look in canada the average time for permitting a project now going through that environmental assessment process it's probably seven okay you know i think uh they changed the federal environmental assessment act in canada in 2019 and since they changed that act there has been exactly one mine that has received an ea approval uh under that 2019 act we were under the 2012 act uh and that was uh canada nickel got its environmental assessment approval like last month so just saying it's been from 2019 to 2026 says to me i don't think things are going to move much quicker we if we were a better funded company going through that process there's some things you can do in parallel but uh it's canada you know the processes are thorough and they take time so one shouldn't hold one's breath i think you just have to have the commitment to be able to get through the process right and can i expose my ignorance there in getting the permits then how much can you as a management quicken the process is it knowledge or anything you refer to funding but when it has to do with environmental permits and indigenous and so on and so forth is there something you as management can bring to the table to speed up the process I think the real bottleneck that we and the regulators don't talk about is the time it takes to build relationships with the indigenous communities you're working with And that's something in our experience, you know, we funded starting in 2021, funded probably the most extensive Indigenous-led assessment of a project ever done in Canada. You know, We didn't know what that process was going to look like when we started. It was a bit of a leap of faith on all sides. But it was probably one of the best investments that we made because it gave the communities the time and the ability and the resources to really understand what the impacts of the project were so they could make an informed decision. But that's, you know, for all that we do, the governments talk about fast-tracking things. The reality is you can't fast-track the building of a relationship. And that, to me, is still going to be the rate-determining step of how these projects move forward in Canada. But the main point here is that you are very close to have all the permits. So it's a narrow space there. But on a competitive level, you have the permits, others don't. I think in the others, there's not many people on that list of large gold projects in Canada that have really even started that process. Well done. An absolute pleasure. Thank you. Excellent. Thankyou very much. Give him a warm applause. Thank you, very, very interesting. Thank you. Thank you! Oh, love ABBA, who doesn't? Building relationships, that's what we're here to do and to learn stuff. And now for something completely different. We've heard very interesting companies telling us about their digging for gold. But what if you could actually make money out of gold mining without actually owning a mine? the idea behind Gold Royalty Corp. And here to tell us more on how they invest in royalties, giving them a share of revenues from mines and mining projects, is the president of the company, Gold Royal Corp So give a big hand for John Griffith! Yay! Dancing! Welcome! Well, I'd like to express my gratitude to the organizers of the Nordic Funds and Mines Conference, and thank you all for joining me today in a conversation about Gold Royalty Corp. Before I continue, I would like to draw your attention to the disclaimer and associated cautionary statements. The disclaimer can also be found on our website. Gold prices are elevated by historical standards, and the prospect for prices to remain elevated is compelling, given the global geopolitical and economic backdrop. It's no coincidence that central banks continue to hold more gold than US treasuries for the first time since the 1970s. In this backdrop, I don't think I need to tell this audience that it's a great time to be investing in gold equities. Gold royalty is poised to benefit from positive gold fundamentals with a rapidly expanding growth profile and with a clean balance sheet and zero debt. Our catalyst rich portfolio is anchored by cornerstone royalties on tier one long life assets located in low-risk jurisdictions and operated by world-class miners. All our assets are fully paid for, with no additional capital calls or milestone payments, insulating gold royalty from capital cost inflation risk. Most of our assets our NSR royalties, which are calculated on net revenue, thereby significantly limiting operating cost exposure and inflation risk. Together, these characteristics result in higher gold prices directly impacting the bottom line, offering unmitigated exposure to gold. Our portfolio is poised to deliver approximately 500% in underlying gold-equivalent ounces over the next five years. I should highlight here that this growth is largely comprised of assets which are already permitted and built, significantly reducing the project execution risk. And, with over 400 years of collective experience across our management team and board, we have a vast amount of experience in connectivity, far outweighing our small human footprint and stable SG&A, affording us the ability to significantly scale our business without adding to the cost base. It's worth taking a step back and reviewing the path we've taken to build this exciting portfolio of over 260 assets. We went public on the NYSE American Exchange just over five years ago. With a strong currency, we immediately proceeded to acquire three companies in the same calendar year, starting off a much-needed round of consolidation. Beyond M&A, we have a multi-pronged approach to growing our underlying net asset value. This multi- pronged-approach has four distinct pillars. As mentioned, we are active in the M& A market, and since we kicked off the latest round of consolidation several years ago, there have been at least a dozen additional change of control transactions in the sector. In addition, we acquire third-party royalties, for example, Cote Lake and Granite Creek. We also provide development capital for new operations, such as Aura's Borborema. And finally, we generate royalties organically through our royalty generation model focused primarily in Nevada. Approximately 30% of the royalties in our portfolio have been created through this model, which is a profit center as we earn lease revenue while the operators spend exploration dollars and we don't have any associated costs. Combined, these four pillars of growth have resulted in our initial portfolio increasing approximately 14-fold. As our company name indicates, it's no accident that over 90% of our portfolio is in gold, with a copper power play kicker. Our portfolio also benefits from being heavily weighted in some of the best mining jurisdictions in the world as measured by the Fraser Institute considering such factors as access to skilled labour permitting, rule of law and geological prospectivity Over 80% of our assets are in Canada and the USA It's worth highlighting that in an increasingly complex and risky global environment, having a very low geopolitical risk profile is a major asset. Looking at growth relative to our peers, we're at the high end of the pack in 2026. Looking out five years, not everyone provides five-year guidance, but for those that do, We're leading the pack by a significant margin, even including the seniors. As noted, we expect significant growth over the next five years, with production expected to increase six-fold from 2025 actual levels to the midpoint of our 2030 guidance. And I'd like to emphasize that this growth is very low risk given the low level of execution risk with over 70% of that growth coming from assets which are already permitted and built at least to the first phase. And this increases to 90% when you include satellite deposits associated with those projects. Our portfolio is also fully paid for, and we have zero capital calls or future milestone payments. Most of these operations are in low-risk global mining jurisdictions, and the assets are in the hands of well-capitalized and experienced operators. This chart translates that production growth into dollars of revenue. The gold bars represent analyst consensus gold equivalent ounces, while the small blue anvils represent our guidance ranges for 2026 and five years hence. The lines simply reflect the product of forecast production in gold equivalent ounces multiplied by a range of gold prices to show a sensitivity of revenue to gold price. At current gold prices, our top line revenue would be more than $120 million by the end of the decade, and meaningfully above that level at $5,000 gold. Our SG&A is flat at around $7 to $8 million, and we have no costs associated with rising gold prices, so that translates into substantial free cash flow over the five-year guidance period and beyond. As we are debt-free and in a positive net cash position, we will have significant free cash flow to deploy in growing the company and potentially returning capital to shareholders. we have grown quickly, we've also built our business on solid foundations. A clear differentiating feature of the company is the fact that we have royalties over three of the five largest gold mines in the USA and Canada, namely Odyssey, Cote, and the northern extension of Goldstrike, REN, which are all operated by world-class, well-capitalized companies and will produce gold for many decades. I should also note that several assets have recently changed hands, leading to a renewed focus in prioritization and optimization under new operatorship. Borden, which is part of the Porcupine Complex, was recently sold by Newmont to Discovery Metals, and DPM recently acquired Adriatic Metals whose core asset was the polymetallic Varesh mine in Bosnia and Herzegovina. When fully ramped up, Varesha will be a top 10 silver mine globally. Pedro Branca, located in southeastern Paris state in Brazil, was recently acquired by the Corex Group from BHP. And more recently, Luca Mining announced the acquisition of Kozuman Mine from Capstone Copper, a transaction expected to close before the year end. and we certainly look forward to learning more about Luca Mining's plans for Cozumel. I certainly don't plan to go over all the royalties in our portfolio, but we are cognizant of the fact that interested parties require information on our assets, and so we have published an asset handbook, which can be found on our website. Our portfolio is organic, in the sense that many of the assets are moving forward in the very capable hands of some of the world's leading well-capitalized and socially responsible gold producers, as noted at the bottom of this page. As our operating partners work to move these assets along the development pipeline, they become increasingly valuable, without gold royalty having to raise any additional capital or incur any additional costs. All told, we have royalties and stream interests on an asset base that has over 100 million gold equivalent ounces in resources. There are currently at least a dozen assets that will be the key drivers of our low-risk organic growth over the next several years. I won't talk about all of them, but I would like to highlight a few. We have a 2% NSR on Aura Minerals' Borbereba mine, which recently achieved commercial production and was developed on time and on budget. Aura is contemplating an expansion to almost double capacity as they move a local road and free up approximately 1.2 million ounces of currently constrained resources that will be included in the mine plan going forward. As we did not include these factors in valuing our initial investment, this represents significant upside to gold royalty. DPM invested about $1.5 billion to buy the Vares mine and are in the process of ramping up the asset. As mentioned, Vares will be a top 10 silver mine in the world and will have an 18-year mine life with exploration and expansion potential. And we have a stream on all the copper produced from this polymetallic ore body. Canadian malarctic is our largest flagship asset in the portfolio. We have a 3% NSR with meaningful royalty coverage on the Odyssey Underground project being developed by Agnico. The ramp-up of production will deliver substantial growth when the first shaft becomes fully operational in 2027. There is also the potential to add a second shaft to help satisfy the fill-the-mill strategy as Canadian Melarctic transitions from open pit to underground production. At the REN project, operated by Nevada Gold Mines, we have a 1.6875% NSR and a 3.5% NPI. Nevada Gold Mines is investing more than half a billion dollars on underground development, and the project is expected to reach full production in 2027, with average annual gold production of 140,000 ounces. There is meaningful exploration and expansion potential, which could further enhance the value of the asset. I should emphasize that our growth over the five-year guidance horizon and beyond comes from a nicely diversified asset base, reducing reliance on any one single mine. Over the past five years, we've seen an average of approximately 550,000 meters per annum of exploration drilling across the mines and projects that underpin our royalties. And this is not purely on grassroots early-stage assets. Much of this exploration is being conducted on existing operations, which are brownfield in nature. gold royalty is in an enviable position with approximately 200 million of dry powder to support strategic growth opportunities we're debt-free and in a net positive cash position with an unused 150 million dollar credit facility we have approximately 100 approximately 14.6 million warrants outstanding, with an exercise price of $2.27 per share that expire in May 27, and we trade on the NYSE American Exchange and enjoy exceptional trading liquidity, turning our market capitalization in approximately 100 days, making gold royalty among the most liquid companies in our sector. Scale matters in the royalty and streaming sector. historically large cap companies have traded at premium priced at NAV multiples closer to two times or higher with the mid-tier peers trading at around one and a half times and the junior peers at a further discount. At present there are some anomalies in relative trading multiples which distort the historic norms but however one looks at it the current relative valuation multiples, gold royalty is trading at a discount to its peers. Gold royalty is covered by eight analysts, all with a consensus buy rating and a median target price of $5, or 70% above our current trading level. We are attracting leading financiers in the resource sector through our high-quality portfolio, experienced management team, and robust low-risk growth trajectory. We have strong strategic relationships with the likes of Queen's Road Capital and the Australian-based PE firm Taurus, and our institutional shareholder base is expanding. In summary, as you can see, there's a lot to be excited about, and there are compelling reasons to believe that gold royalty shares will deliver strong returns for our shareholders in this robust environment for gold. We've reached the critical milestone of becoming free cash flow positive, offering exceptional leverage to the gold price. We're in an enviable position with approximately 200 million of dry powder to support strategic growth. As we are debt free and a positive net cash position, we'll have significant free cash flow to deploy in growing the company and returning capital to shareholders. We have a quality portfolio underpinned by cornerstone royalties on Tier 1 long-life assets operated by world-class, well-capitalized mining companies. And our five-year growth outlook is low-risk, with over 70% of the assets already built and permitted and located in low-risk jurisdictions. Our catalyst-rich portfolio offers low-cost exposure to gold at an attractive valuation with a consensus target price approximately 70% above our current trading level. We have a strong track record of growing our asset base from 18 assets to over 260 assets in just over five years. Our board and management team have over 400 years of mining sector, capital markets, and M&A experience with a technical bias to understand risk. We offer investors a peer-leading, low-risk, organic growth profile, providing unmitigated leverage to gold. I'd like to thank you for your time. Thank you so much. Loved it. Any questions in the audience? Just raise your hand. Yeah, we have a question, and we'll let you start. From what I understand, you have focused on growing the company. What's your view on dividends and share buybacks? Good question. I think we are in a very enviable position, as I mentioned, of generating, we're going to be generating a lot of free cash flow. I think we have a positive disposition towards considering returning some of that capital to shareholders. I'd say our bias would be towards a dividend. I think our view should be that it's both sustainable and something we can grow. I think share buybacks we're not averse to, but our belief is that really it should be done in scale. and we're not yet at that level of maturity where we're generating the sort of cash flow that it would really be meaningful to do a share buyback. But I wouldn't be surprised if in the relatively near term the board wouldn't approve a dividend policy. That was actually one of my questions as well. So within a couple of years then? I would say probably potentially shorter than that. One year maybe. Okay, so I'm thinking you're an expert here and I'm Thinking when you have all these mining projects that we also are listening to here. What makes you go wild? What makes your heart tick? What was like your one most important thing or three questions that makes you say yes? When we look at a new project. Look, I think, you know, the one thing we're very, very blessed to be in such good jurisdictions. So when we look at, you now, the natural endowment of assets, not like you can build a gold mine like a shoe factory in a certain part of the world. You've got to go where nature put the resources. So we look at high-quality resources. We look at good operators that have a strong track record of sustainability. Remember, as a royalty company, you're not the operator, so you rely heavily on good operators. But we also have the ability to really step out into new jurisdictions because we're already 80%, as I mentioned, in Canada and the USA. We're seeing a lot of very exciting opportunities for further growth. And what's the deal-breaker for you? You know, there are certain geographies we won't go. I think geopolitical risk, I think the way I would describe it is places we wouldn't visit with our families. Okay, okay. But on a more serious note, I Think where we don't have either the management or board expertise to fundamentally understand the risk that we would be taking in whichever geography. I hear you. And we had one more question from the audience. Yes. Yeah. Hi. Good morning. Just regarding your exploration portfolio, it seems to be highly focused in North America. Obviously, you have some producing assets in South America, etc. Does that not create a huge risk going forward, just purely in that sole jurisdiction? And Secondly, I noticed you have 14% of your shareholding in Tether. Is there a sort of drive or interest or conversations towards digital assets for the gold royalty streaming in the future? Yeah, good questions. And the first question is, we actually see the converse being in the U.S. and Canada, we see as being low risk. Again, from a point of view of geological prospectivity, where our assets are, Now, they're not in, you know, there's a lot of what we would call neurology associated with those assets. They're all in close proximity to existing mines and operations and existing resources. And we actually deem that as being very low risk as opposed to high risk. I think the question regarding Tether, Tether is an investor in the company. We don't have any real association with Tether. So there's no fundamental dialogue with Tether regarding, you know, linking our gold royalty production or answers. None of those? No. Yeah. It is. It is a large holding, and you'd have to ask Tether what their intentions are. Okay. Many questions. I love the interest in the audience as well. So nice to meet you, John. very interesting to hear about all of your plans well thank you very much thank you so much for coming a lot round of applause and we have more guests coming up joining us upstairs thank you very much carlo what's up next thank you well um star core international uh mines is a canadian precious metal producer with its main operation assets in mexico so join me in welcoming robert ed CEO. I managed. Thank you. Good morning, welcome to the Nordic event. It's a pleasure to be here. And we are StarCore, as the introducer said. We've been in production for over 20 years. Small production, 10,000 ounces currently, moving up to between the next 18 to 24 months to 35,000 ounces, and we'll learn why. So, explorer and producer. Primarily, we've focused on production over the last 20 years, although the property in itself is 12,992 hectares, 10 by 13 kilometers, and it's called the San Martin Mine, which is three hours north of Mexico City. So you fly into Mexico City, drive into the center of the country in the state of Querétaro. It's a very good area to be in, a good jurisdiction for us. It's an mining-friendly state, although there's only a few mines within the state. So, as I said, moving from 10,000 to 35,000 ounces, and you say, how? Well, we've announced as a forward-looking statement three revenue streams which we're focused on. The first is the San Martín oxide ore, which we currently process and have done for the 20 years. Second, which we've just really started in the last few months, is carbonaceous ore. And for those who are not familiar, it's basically charcoal, black charcoal on top of the oxide ore. it has to be stripped and the two can't see each other until it's clean and once it's clean then it gets processed and that's a different process it's a metallurgical it's a scientific process and it is textbook but it's not so easy because every different mine if they have carbonation so it's little bit different so we've been successful in accomplishing being able to produce that so our previous technical reports don't include it because we haven't been able to it so that will be helping us to achieve our goal that will add another 10,000 ounces from the mine la tortilla silver it's a historical silver mine which we acquired in the form of a lease from a family a year ago we're in the process with the government of permitting we've gone through phase two we're not building a mine there it's an existing historical mine what we're doing is taking the silver from there we're taking it away driving it two hours or from a contractor to our existing facility and processing it there what's really important for our investors is to understand and through the website there's pictures etc is that we have all the infrastructure in place. We're a dry tailings facility which means that we're environmentally sensitive. We take and we extract all the liquids and we recycle the liquids, the chemicals, the pH balance and we reuse them until what we put out to waste is dry and it gets stacked up and we're permitted for 14 years. And And within the facility, there's ambulances, there is medical staff, there are laboratories, there are environmental engineers, structural engineers, so everything is there as we've been operating for 20 years. So to bring something like La Tortilla on board, we're really just using existing infrastructure and we have to increase the staff, say by 30 people, 10%, and that's it, and permitting from the government. So for us, it's not that complicated. Power runs from the national grid through the property, so it allows us as much power at a preferred rate as that we need. So all what you normally face with exploration and with putting a mine in production, in this case we're not faced with it because we have the infrastructure there already. making use of what's already costing us money management myself I'm the founder of the company 23 years ago 20 years ago we bought the mine from Gold Corp which was Wheaton River Salvador Garcia came from is Mexican he worked with first majestic at Gold Corps he's the CEO Federico also came from their mining engineer his whole life in Mexico within mining Jordan Astra more on the finance side Gary Arca who is our CFO previously for 25 years he was an auditor before joining us 20 years ago I started in the mining business in the finance side when we first bought the mine we hired professionals from Barrick the financial crisis came they left I stayed I was the one of the original investors including my neighbor so it wasn't that easy for me to walk away I had everything in the company and so 20 years later we're there share of structure 96 million shares issued outstanding warrants 7 million which are 35 cents fully diluted $103 million, which is very good for us. Because we've been generating cash flow over the last 20 years, we haven't had to go to capital markets. We don't have any streams, we don't Have any royalties, and we don' t have any debt. And that's because of production. And it's two sides to that. One, expansion has been a little bit slower because we haven' t put you know large amounts of money towards development if there was a time to do that for us now is the time it was 10 million dollars in the bank and generating about 800,000 right now in net cash flow at these prices we're self-funding to a point if we decide to expand then we would have to go to market or consider other types of financing for the expansion the san martin mine which we've gone over a little bit and we acquired it like i said 2017 it's an epithermal deposit it's a very large deposit take your favorite geologists which you know is an expert in mexico and they've either been to the property or they've reviewed the data and if they haven't i'd like to know who they are because i actively pursue anybody from the geological side to help us with this structure. It's very large. And the good thing is that the rocks came first, the fluid came second, and what that means in English is that it's wide open for discovery. San Martin, this is a projection, a forward-looking statement. As we move up, and we've done it at $3,500 gold, gold, $50 silver, and as we move up, our projection over the next six years is produced roughly 150,000 ounces, and the net cash flow in U.S. dollars is $164 million, so over $1,000 in net cashflow. La Tortilla, which we spoke about, we acquired a year ago. it's a primarily it's a silver mine there is some antimony we don't know a lot about it we have community approval but we don'T have government approval to be able to to start processing or drilling this is a historical mine so for us and if you think about we're a manufacturing plant so we have the whole facility waiting and ready we spent four million dollars over the last year doing plant upgrades, plant adjustments to be able to receive La Tortilla. We process about 550 tons, 550 to 600 tons per day currently. We have the capability of 950 tons a day. So when we ship over, we're ready for it. Med-lurgy is done. We've sampled the mine extensively. we just haven't had the opportunity to drill and blast and to really see how much is there so this is a as looking at what we see the opportunity what you see in the red is the potential uh el doctor is what's existing that's the existing shaft that's there it's owned was owned by a family that had been in the area or has been in the area for over 100 years. The grandfather owned it. The father who passed it down to his son, the son wanted to do something with it. And he's actually in the tortilla business. He's got about 35 tortillas. And it's a very complicated Spanish name. So I renamed it La Tortilla to be able to talk about it with people like yourselves today. so the sampling of the grades that we've done several thousand samples our average is about 550 grams and that's a production average the grades go from a couple hundred to over 3,000 grams and like I said but we really don't know enough about it because a lack of access so there's our our net cash flow projection from that is 72,000 gold equivalent ounces we put that all together with San Martin and that's where we get our bigger numbers so a progress update so we came out and we said or I said 18 to 24 months, these three revenue streams are our goal. This is our progress update. If we go down to Africa, we had an exploration project in Africa. We dividended out those properties to shareholders as a return of capital so that we could focus in Mexico where our expertise is. The same with the Ajax property, which is in British Columbia. It's a Mali project. And we've dented it out. El Creston, which is also a Molly project, we're looking to do a joint venture or spin it out because it's not our focus. Our focus for the next 18 to 24 months is San Martin and La Tortilla. we say it's a rare opportunity there's a lot of really good companies i'll tell you from when i started 30 years ago to now the quality of the companies that are out there today are excellent from in the majority but there's really um good investment opportunity and for us given the share structure given no debt given no stream given that we're in production the buildings you see in the back that's the actual mine that's the infrastructure in place so when I want to go drill I either have four drills ourselves or a contractor comes in everything is in place I don't need to transport a small town to go off and to be drilling I have a lab on site which is open 24 hours a day if I'm drilling on Monday I have results on Tuesday from what I did on Monday and that's how the geologists progress and that it is unusual for a small company to have that ability we do have to outsource in the case of say geophysics to other firms because we don't have the capability to have you know two or three geophysicists in our team our team of geologists is 11 and that's quite big for a company our size a little bit on Mexico we've had zero problem we're in the middle of the country we are cautious but because of gold to silver and because the price I would be cautious anywhere in the world we've only had two losses and they both occurred at the Frankfurt airport in Germany and then I'm originally from Canada and two years ago we lost 20 million dollars worth of gold at the Toronto airport so where is safe gold is attractive it's expensive people like it so from a safety security point of view it's anywhere in the world so drive this is our 18 to 24 month projection and this is a forward-looking statement that will produce 221 000 or 222 000 in the the next five and a half years, because we've already half a year in, cash flow will have a significant impact. Even if we go out to raise a little bit of money, say $10 million, it really won't affect the share cap that much, 10%. So the net cash flow coming back to the company will have a significant effect. So this is what we know, and this is what I know that we're capable of in 18 to 24 months. And this, for me, is a good investment scenario it's something that i feel very sure about being able to accomplish oh so we're just looking for there's one more slide to come so we've been working on exploration and the scientific process of that and what we've come up with with on the property which we're trying to come up with is, here we go, is four exploration targets. And so if we look on the map on the left, there's up there on the right, there you go, there we go. There's a map on the left. The red arc is the mine in itself. And the four boxes are geophysical anomalies. So if we take our 18 to 24 month scenario, we take the cash flow from that, we put that to the share structure it's pretty attractive these four which i'm really excited about very much could be company makers as in any exploration company it could be a game changer for the company and this we published last wednesday and i'm very excited the company has not been in a position that it's in in the 20 years that i've been the ceo cash in the bank good share structure production 18 24 month target which will increase the cash flow substantially and then the expiration upside on our wholly owned property with no nsrs no royalties no streams nothing and so this is what i would say is the excitement in the company for me so i have my uh my breadwinner i i have my 18 to 24 months and then i have this and then people say okay well when we start drilling we'll start drilling in about a week to 10 days back to infrastructure everything is in place I don't need to bring a team in for an ambulance I don' t need to bring in drillers I don''t need to it's all there and the labs there 24 hours a day drilling on Monday results on Tuesday so this is what I'm excited about the company thank you and we'll take some questions well just raise your hand and you'll get the mic but I'll have one question here and it seems like well you you have you have everything ordered as you say no debt ready to produce cash on the bank are there many suitors knocking on your door there is an interesting challenge for us is that we don't need money. And so what is the entry point? Many of our meetings today, people have enjoyed hearing the story and then they go, yeah, but you don't need money. No. And, and so I say, oh, we'll take your card in case that we do. So with one of these anomalies, as we drill it, you go through money fairly quickly. And if we were to intersect something substantial, then I'd want to develop that quicker. So then I would consider financing at that point. But then right now, there's so many options in financing. You do have streams, you do have NSRs, you have equity or a combination of, we're very familiar with debt. I'm very comfortable with it as well. And since we own everything 100%, it puts us in a really fantastic position to be able to make these decisions. You have a very strong hand, one can say. a good hand and because of the prices you know in the mining business it goes it fluctuates up and down up and we're actually on the upswing or we believe that we are and so we're in the right place at the right time with I feel is the right opportunity should be interesting to follow so a warm applaud thank you thank you very much thank you and nice to see so many people in the room a lot of interest in our next speaker okay so we're heading off to the beautiful country of morocco northern africa a country with a long history when it comes to mining silver and ea gold and silver is a canadian listed precious metals company best known for its high-grade Zegunder silver mine. So tell us more about their operations and the future opportunities. It's a wonderful president and CEO of EIA Gold & Silver. Give it up for Benoit Lassalle. Here he comes! Well, that's a very good song to start this presentation. We will rock you. I'm sure you all follow Don Durette. Don's a fantastic analyst. He's got a view on silver and gold, and this morning he put out the list of his 20 baggers as of this morning and the first name on the list is us but a 20 bagger if you're a 40 million market cap that's fine that's you know 800 million but if youre a 4 billion market cap that's 80 billion the torque is quite different and it's quite difficult but in our case I think he's right we are a 20-bagger with his gold price and his silver price and but also as we are in the best jurisdiction in the world for mining for tourism for food for surfing is morocco is number one so it's it's number one in the word because of its mining code of its investment code of its tax regime of its royalty regime it's got no free carried interest so to have a world-class assets or one asset or two assets like we have in the best jurisdiction In a place where you can work, where you are fully permitted, well, that's why we are the champions from Queens. I mean, because that's who we are. So let me walk you through, well, not the forward-looking statement, but in where we are in the cycle is when silver is going to be going up, when gold is going up. You don't want to be in exploration. Why take the risk? Exploration was like five years ago, six years ago when everything was quiet and then you take an exploration risk you could buy this company 6 years ago for 60 cents when we came in it was an exploration play today it's a $40 stock and we found 600 million ounces of silver in 6 years, 5 years but now we're not in the same spot in the cycle and Costa said it you need to have production You need to have production growth, and you need to have crazy exploration programs, and you will have a 20-bagger from a $4 billion company. So here you have ayah. Ayah means your most precious possession. So this is what ayah means in Arab, and that's why some of you have a daughter or a granddaughter, call her ayah, because that means it's your most precious possession. so Aya is a company with two world class assets one called Gounder which is a mine in production we build it we build for 140 million and this year is generating 240 million so the payback was like 8 months and now it's paid back and it's generating cash it's producing 6 million ounces a year at a cash cost of 16 dollars all in of 20 so use the silver prize that you want it's a pure silver mine pure silver mine meaning no other metal and it has an 11 year mine life and we've looked at 5% of our territory so there's so much more coming with this because it's just got a massive amount of land and Boumadine Boumadrine means the father of all deposit in Arab Boumadiene and that after you know yesterday keith said it's 20 years from drill to production 20 years this is three years old so it's it's a baby it's an international athlete that's playing in the u.s open but it's three years older and in three years of drilling 320 000 meters it is five million ounces of gold at four gram gold equivalent going into construction this now today now it's going into destruction and in three years time it will generate on a gold equivalent basis 400 000 ounces of production at an all-in cost of 1100 use what number you want for the selling price it's a billion dollar a year of cash flow so you've got zgunder giving you 200 a year of cash flow, 200 million. You've got Boumadzine that will give you a billion a year of cashflow. Listed on the TSX and NASDAQ, big, big. We trade 2 million shares a day, extremely liquid. There's probably 15 million shares in the room right now. I know at least four right in front of me. So sadly, they all came in below a dollar. So of course, they are quite happy. And so you have production and cashflow You have growth. You have two great listings, Toronto and NASDAQ. And in that little triangle, to be successful in mining, and look, I'm a tax specialist. I'm an accountant. I'm super boring. I don't like risk. But you need three things. You need geology. You need jurisdiction. And you need people. If you have all three, you have a chance. If you're missing one, don't invest. Because there's no chance. It's a very, very dangerous industry. people get taken away because you have a few successes but most situation won't be a success but here geology is one of the best in the world jurisdiction is number one in the World and the people what we did semaphore so semaphores listed here in Sweden because of me say we listed semaphor here in 2003 I believe or four I came here every year for 20 years semaphored was a huge success We went from two employees, myself and a GEO, to 3,000 employees. We had a huge success. We sold it to Endeavor. And today, if you kept your shares, you probably made 200 times your money. So this is kind of the next iteration of what we do. So I'll leave that to the management team. Now, the beauty of it is there's only 144 million shares, and we control 45% of it. So, management and a few friends, and I'm not even counting the group here in the family offices, maybe I should, and add you guys into the family officers, but we control 45%, 46% of this business, which today is worth $4 billion, U.S. We have retail institution, currently about $200 million of cash in the bank, one small debt with EBRD, which will be paid off by beginning of next year. which is subsidized. It's a DFI, so it's a subsidized loan because we are a green mine. Gunder is a green mind because the energy is green. So we are in a very good position. Ten analysts covering us. Everybody's got a buy or a strong buy. Don Durette has not only a buy, he's got an 20-bagger buy on it. So that tells you what he thinks of us. We are pure silver. So if you like silver, we like silver. We're a pure silver company. Our revenue is 98% from silver, a little bit from gold, because we have Boumeddine that's producing a little bit right now. And there's a major re-rating coming as we're pushing on our cash flow. I'm going to skip a few of those slides. Morocco, if you haven't been, go. Go. Go. Don't go to France. Don't get to Italy. These are broken countries. Go to Morocco. It's 6% growth in GDP. World Cup in 2030 so that's going to be fun great soccer team or football team surfing in Agadir 12 months of the year food as good as here but the cost of living and the cost of construction is one third North America it's probably one sixth of Sweden and it's beautiful and you go and you can go to Tangier to the north you can do it you can't go to Marrakech Now, Marrakech, you have to go. After this speech, one thing, especially you young guys, Marrekech is Ibiza on steroids. Don't tell your girlfriend, go to Marrekesh. It's the best place in the world right now to party, to have fun. It's really, really great. And the lady who's been running Marreketch for 17 years, she became mayor at 33. She was named prime minister of Morocco last week. so it's it's a woman controlled society i mean the minister of mine the minister of finance now the prime minister and she will make this country thrive even more than what it's what we see today and it is the number one jurisdiction mining jurisdiction in the world and it's just going to get better like you know they call us is go faster you need power they bring the power line do you need a permit they give you a permit there was a meet and i'll never go through my presentation because I need two hours but there was a meeting in London not long ago all the ministers of minds were there and the lady who ran the meeting said you Canada how long for permitting well seven to ten years and you United States well before Mr. Trump was 20 now we hope it's 10 Europe is never and and they said to Morocco when how long for permiting he says well two to three months may be better and she's right two to 3 months you're permitted we are permitted we have all of our permits to do what we are going to do we're fully permitted so great geology everything is there copper like the DRC 2% to 10% copper cobalt pure silver mine gold mine, nickel you have it all and of course the largest the largest phosphate deposit in the world. The largest fertilizer company in the world is OCP, l'Office Chérifien des Phosphates, which is owned by Morocco. They're the number one in the world. You know what's their mine life? Anybody know what the mine life is there for phosphate? 700 years. Currently their mine life. So it is a mining country. It's number one. we have our projects we started with very little ounces on the ground drill drill drill we are the largest drill program in mining we have 400 people in geology we have 20 drills turning we have labs we have outsource one lab that works for us has 600 employees which is not counted in our staff because it's an independent lab and we've discovered 600 million ounces of silver equivalent in the past five years by spending money this year in exploration we're spending 60 million 20 drills turning 250 000 meters of drilling so first thing cash flow second thing growth of cash flow third element exploration because value comes from exploration the more you drill the more you find the more you're worth that's the principle so we've built this second the first mine it's running like an aircraft at 35 000 feet steady steady steady the pilots are okay in the cockpit they're not attacking each other so we're good and we're going to go across the atlantic back and forth six million ounces 11 years 200 million a year our guidance is down the fairway there'll be no surprise. We're meeting guidance this year. We'll be meeting guidance next year. The drill program at Gunder is impressive. Now, Gunder, all of that, what I just presented to you, comes from one mine. This mine here, that's the top of the mountain in black. It's a little hill, and it's a loaf of bread, 200 meter wide, 700 meter deep, 1.4 kilometer long, silver. That's what it is. We take it out we process it low grade we stockpile medium grade we stockpil high grade we put it through and it's got an 11 year mine life that we need to find another one so this is the area that we control and we're using now again you know sadly mining is becoming very selective in geology because now it's all electronics like you don't have the old man with the vest and the pipe and the spoon picking up the ground, looking at it. It's satellite, it's airborne geophysics, it's AI, I mean, it is all, like the geological team, we have 400 people, the average age must be 28-year-old. And they are all computer freaks. So it is really a new way to do things, but it is costing money. Like a geophysicist campaign for us, it is 5 million US. an AI program it's a million US so you have to have the money to get this thing rolling so here we have a lot of ground we will find another mine we have the plant and we're going to grow the plant and hopefully bring the production up but that's our little project that's her little ATM that little machine in the corner that gives cash it gives a million dollar a day it gives cash store or a little bit less, 800,000 a day, every day. Every day it gives cash. But the real horsepower is Boumadine, which is the father of all deposits. It's a world-class district, amazing economics. I'll show it to you. Low risk because it's a very standard system. It's not a science project. It's self-funded. We have the money to build it. It's permitted. and the people that are building it were in semaphore we've built 5 mines it's either they were in OCP and they've built 20 mines and we're building it in Morocco so the cost of building in Morocco is extremely low but look at this economics the base case, the spot price and the upside on 2 or 3% of the permit is between 3 billion to 6 billion the internal rate of return is between 93% and 146 the payback is between 8 months and 5 months so in the capex 450 million so we'll put up 450 over the next 2 years and as soon as we get into production we'll have the pay back in 4 months and then we'll make a billion a year for 14 years from a very small portion of the deposit that we have so that's that's the production so this is the secret sauce this is a secret sauce when we found that this is geophysics german technology airborne geophysis when our head exploration man called and said i gotta send you a map but don't publish this two years ago he said this is wild and we knew we knew that this was the deposit here we knew dat because our permit was just the red box and that was the deposit and he said when the aircraft or the helicopter was in town and we had the team you go to any country in the world and you say do you mind if we fly the whole 1000 square kilometer but you only own 35 square kilometer most countries in the word say no you can't do this this is not your permit in Morocco he said of course do it let's see what you find our head geo sends me this don't publish this we need to get all the permits around because this is in red is conductivity of metal and the bubble you see is already 5 million ounces of gold down to 600 meters and restricted in length so we go very very quickly this is where we work so on an ESG front the only thing you move is a bit of sand there's no birds, there's not a snake there's a scorpion, there are no villagers there's nothing like we're 800 square kilometers a couple of cities or cities villages 60 kilometers away 70 kilometers away and this is what we have our biggest problem is to find where we're going to put the tailings dam because every time we drill we find ore so but we have now found the area where we are going to put it and we immediately you recognize the original permit This was the original permit. Based on the geophysics, we had... And then we got also, to override all of that, we got an exploration permit that covers it all. So we have mining permits and exploration permit. So wehave suspenders, we have a belt, we control the zone. If you're in North America, in Quebec, even in Sweden, you'd have 40, 50 companies here. Here you have one, us. So the gerophysics shows it very well. This is the mineralization, like it's a wall, it's a piece of plywood, 6 kilometer long, up to 20 meter wide, down to a kilometer, we've only drilled it to 600 meter, and it's 4 gram per ton gold. Easy to mine, easy to process, we did all the work on the processing and all that, so I'm going to spare you because I'm sure we're running out of time here or, yeah we are, so the capex is 450 million the opex and let me take you and we did all the flow sheet and all that i think what's really important is this year this we're going to do this is the upside this chart today today we're generating in cash free cash flow 268 million from both operations there's a little bit there we're reprocessing tailing and boom ads in in three years time you'll be at current price We'll be looking at $1.1 billion. If the market cap doesn't multiply by 5, we're going to have a 25% to 30% yield, cash yield on CapEx. The market cap will multiply by five just to be aligned with the industry of a 5% yield. And if Don Duret's projection on gold and silver is right, it'll be a 20-bagger. So write this down because we were here three years ago, and it was like $4. somewhere here 10 years ago it was 60 cents today it's 38, 39 and it's a 20 bagger that's it wonderful we feel the love from the audience wow Aya I love that you taught us so much not the least about Morocco I fell in love it was too long I was there but wow I'm amazed You have two IAs in the company, silver and gold, right? So you spoke first very passionate about the silver and now the gold coming up. What do you think, looking ahead for your company, do you thing gold will become the even bigger asset for you? Because of the revenue. So we will be, when you look at it, we'll be about a 20 million ounce silver producer and about a 300,000 ounce gold producer. So when you look at the revenue mix, depending on the future price, we should be 50-50. But we're looking to find more silver. And at Boumadzin, the south has got more silver than gold. The north has got More gold than silver. We'll keep drilling. I mean, as I said, 250,000 meters, 400 people in geology. We'll Keep drilling and we keep finding and we'll adjust. We like silver a lot, but gold is fine too. Gold is fine, too. Yeah, yeah, yeah. Do we have any questions in the audience for our wonderful speaker? Not all at the same time. I'm sure you do. You're probably just shy. Actually, we'll have you back. You will be back on stage in a wonderful panel. So make sure not to miss that. That will be great. You spoke about people, very passionate. You said three things we need. We need geology, jurisdiction, and people. And I love that you said it was like a big wow in the audience when you said two to three months to get the permits that you need. what is the secret that you have such great motivation internally like they see in morocco they they it's it's a young country like the average age probably 16 17 very well educated university is open there's lots of geos and mining engineers but they have to find jobs and and because the mining sector was kind of quiet for 100 years they're looking you know they need to find employment for these people so mining is a key priority for the government and if you wait seven years eight years once you have the study done to get permitted your job creation doesn't come quickly we receive five to ten resume a day and and so the in the ministry they know time to construction is key so you can apply for your mining permit with a PEA and as soon as your PA is done and your environmental impact study is done which you have to do then you get your mining permit and it's a 10 year permit renewable by a process and so you're permitted for life so that's why we have all these mining permits that we own at Boumadzine and same as Gounder because it's the job creation that they're looking for so there's no royalty in the mining code there's not free carried interest at Boumedzine our tax rate is 22% life of mine At Susgunda, it's 35 because it's an older permit. And it's go, go, job creation, job creation. One thing they don't want is coming in with people from Ghana or the Philippines to do the mining. That you cannot do. It's like they have the people, you hire their people. I used to operate Semaphore with 10% expat out of 3,000 employees. We're operating Aya with 1% expats out of 2,000 employees now. So that's not a lot. That's not allowed. And, you know, it is, you have to visit. You will be impressed by, you know, the infrastructure, the airport, the 5G internet. It is, I think, the world best kept secret right now. And it fits in with the war between the United States and the Middle East, like it's protected. and yeah no no look it's and the geology is this well where do you find 600 million ounces in five years of silver Morocco is Naya yeah yeah thank you so much Monsieur Lassalle and we'll see you back after lunch thank you thank you so much and people now we're off to lunch yes and be sure to be back here afterwards we will have a very interesting talk about macroeconomics and then we will have the perfect panel back so enjoy your lunch see you later Thank you. you Thank you.