Next up, we've got a new story. Lac Gold brings a 1.66 million ounce high-grade resource in Quebec's world-class Abitibi Belt, and some spectacular recent drill results, plus a second district-scale opportunity at the Pickle Lake Gold Project in Ontario. Please welcome Executive Director Matthew Keegan. Thank you to REIG Corporate and Resources Rising Stars for the opportunity to speak here today on the wonderful Gold Coast. Our standard disclaimer. If you could build a gold company anywhere in the world, where would you build it? For us, the answer was Canada and the Rouyn Gold Project in Quebec. What we've learned since acquiring the project has only strengthened our conviction. We bought much more than a 1.7 million ounce resource. We believe we bought an entire gold system. Within Canada, one district stands out, the Abitibi. It has produced more than 200 million ounces of gold in one of the world's great gold districts. For an Australian audience, think Kalgoorlie. This is much larger. For investors, a great geological address will attract capital. This is moving into the district. We're not alone in recognizing this opportunity. Junior exploration is at decades high, and M&A activity is increasing amongst the majors. One of the world's great mining companies, Agnico Eagle Mines, recently paid CAD 204 million for O3 Mining. If you're not familiar with Agnico Eagle Mines, they are the Northern Star Resources of Eastern Canada. Great operators, great assets. Cadillac Mines, literally next door, just completed a CAD 190 million IPO with a further CAD 60 million investment from Agnico. Agnico has also committed CAD 57 million to Radisson, also in the neighborhood. The message here is clear. Sophisticated capital is actively positioning itself in the Abitibi. We are a junior among giants, and location matters. This is where Lac Gold sits. Rouyn is right in the heart of that activity, surrounded by mines, development projects, and operating gold plants. Just as importantly, this is not a remote project. Rouyn-Noranda is a city of around 45,000 people. With an established workforce, it has power, roads, a major airport, and mining services all in place. It is a fact that most projects don't become mines. Projects become mines because they're in places where they can actually be built. Rouyn is one of those unique places. However, location is not enough. We weren't looking for just another exploration project. We were looking for the foundation of a Canadian gold company. Rouyn already has that foundation, 1.7 million ounce resource with around 60% in indicated category. The existing resource is only part of that story. The existing resource gave us the confidence. The geological system creates the opportunity. Rouyn extends across roughly 7 km of mineralized corridor along the famous Cadillac Break. It contains multiple deposits, historic mines, and mineralization open along strike and at depth. Large areas of this system have not been systematically tested. That's the value proposition of Lac, and that's what really attracted us to Rouyn. The question then became, how do we understand the system better? Rouyn has decades of drilling and geological information behind it. Our job has been to bring that historic data together with our own drilling, use modern exploration techniques, and look at the system as a whole. That work is improving our understanding of the structural controls, and importantly, the broad mineralized envelopes that host the higher-grade shoots. The encouraging part is that the drilling is starting to support our interpretation. We're seeing four things repeatedly, broad mineralized envelopes, higher-grade shoots within them, visible gold, and increasing continuity. The spectacular grades grab people's attention, but what matters even more to us is the combination of grade, width, and continuity. That's what gives us confidence that our model is becoming more predictive. That better understanding is now translating into better targeting. This section doesn't capture every standout result, but it clearly shows the broader point, high grades within broader mineralized envelopes. A real standout for us was hole 793, delivering 5.6 m at 141 g/ton gold, including half a meter at a spectacular 1,580 g/ton gold. These grades are exceptional, but the bigger point is that we're refining the interpretation, testing continuity, and progressively improving where we drill. That is how geological understanding becomes resource growth. The Abitibi provides strong geological precedence for what we're seeing at Rouyn. Our neighbors have demonstrated that high-grade, narrow vein systems along the Cadillac Break can be exceptionally profitable. Our recent intercepts of 16 and greater than 20 g/ton gold suggest we may be intersecting similar high tenor shoots within our system. Importantly, Lac Gold offers a 1.7 million ounce plus resource within a 7 km corridor, alongside access to infrastructure, skilled labor, and low-cost power. Our recent 45,000 m diamond drilling program is now focused on testing that high-grade potential. The point here is that geological characteristics we're seeing have well-established precedence in some of the Abitibi's largest and most successful gold systems. That brings us to the pathway from gold system to gold mine, from asset to cash flow. Understanding the system isn't the end goal, it's the foundation. From here, the path is clear: grow the resource, earn the trust of our communities, demonstrate the economics, and ultimately, if the project continues to justify it, build the mine. That's the journey we're on at Rouyn. From an investor's perspective, that creates two very clear pathways to build value. First, grow the mineral resource. More ounces. Second, close the valuation gap. Greater value attributed to each ounce. We're currently trading at about a quarter of our peers' enterprise value per ounce, so an improvement here can have a material effect on our valuation. Importantly, these two value drivers work together. More ounces, more value per ounce. Rouyn is our priority, but it's not our only long-term growth platform. We also have Pickle Lake in neighboring Ontario. At Pickle Lake, we have a second district-scale opportunity anchored by the historic Golden Patricia Mine. Golden Patricia produced more than 640,000 oz at around 16.5 g between 1988 and 1995. It fit the same principles we applied at Rouyn: good jurisdiction, strong technical foundation, clear upside, and disciplined entry value. So what should investors take away from Lac Gold today? We deliberately chose one of the world's great gold jurisdictions. We acquired a 1.7 million ounce foundation, but we believe the real opportunity is much larger than the gold system around it. Our geological understanding is improving, and drilling is reinforcing our models, and that should translate into better targeting and better resource growth. We are not trying to prove there is gold at Rouyn. That question has been answered. Our job now is to understand how big this system can become, grow the ounces, demonstrate the value, and ultimately build a mine. The whole team has come over here from Perth, so I encourage you to come along to Booth 9 and ask a few questions after the talk. That is the opportunity at Lac Gold. Thank you for your time.
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