The webinar will begin shortly. Please remain on the line. The broadcast is now starting. All attendees are in listen-only mode. We are honored today to host Sean Roosen, the Chairman, Founder, and CEO of Osisko Development Corp. Sean has raised over $1.1 billion recently, or almost enough to build his mine twice, and he is going to tell us how he is only working on Cariboo and does not have another project on the slide. I have been thinking there is got to be more going on. God bless you, every time I blink my eye, it is CAD 100 million or CAD 300 million more raised. Sean, bring us up to speed, please. Thanks, John, and thanks all the listeners. Having been a repeat offender on the John Tumazos show, it is always great to talk to you guys. We have had quite a year. We published an updated feasibility in May 2025, showing that our Cariboo Gold Project would support 10 years at 190,000 ounces a year, or the first five years are going to be about 200,000 ounces a year. We have significant amount of conversion drilling and exploration drilling that hopefully many more projects to the existing Cariboo Phase I project. We are located in central British Columbia. This is a historic mining camp. Classic Osisko. We tend to be brownfield specialists. We go into old camps. We do new geology, new science, redrill, and then we try to build bigger, better mines off bulk mining methods. That is what we are doing here. This project was discovered in 1858, became the next gold rush in North America after the California 49ers, and lasted up until the 1920s. It was the predecessor to the Yukon Gold Rush, which started in 1899. There is quite a history to this place. It has produced about 1.8 million ounces from underground and about 7 million ounces of placer gold within the region, up and down the Cariboo Gold Rush. That gold came from someplace, and that was the business end of the quest was to figure out where all this gold came from. We ended up with the Cariboo Gold Project. We have 1,550 square kilometers of permit here. A very big land license, that is about 500,000 acres. It is about 30 miles to 40 miles long, the main strike, and it has got another parallel trend that is about 15 miles long. It's a fairly extraordinary piece of the crust with a large mineral endowment. Mostly gold with a little bit of silver. There are some other metals around here. We have a little tungsten and some other deposits that were previously in production on the property. Basically, what we're focused on right now is the first 350 meters or 1,000 feet of surface, which is drilled out over 3 miles or about 4.4 kilometers. The business plan for Osisko Development is on this one slide. On the vertical, we have a market cap, and on the horizontal, we have annual production. We believe that we fit somewhere around that 200,000 ounce a year mark to start with. However, we have significant upside to increase our resources and increase the subsequent production on the project as we develop and drill off the ounces that are already drilled in the measured and indicated category, but not included in the mine plan. The ounces that are underneath that 1,000-foot drill program that we executed that contains all the ounces for this first mine, and the on strike exploration that we have there. We think a good analog for us is G Mining, where they're producing 175,000 ounces a year, yet they have a CAD 11 billion market cap. We compare that to Wesdome, which is a 200,000 ounce a year producer, which would be what we come online in 2028 is about a 200,000 ounce a year producer. They have about a CAD 4 billion market cap. When we look at our plan, the goal is to start at 200,000 ounces a year, do enough drilling to justify the next step to 300,000-400,000 ounces a year, and continue to advance that drilling, both at depth and on strike, and set the course for a 600,000-800,000 ounce a year outcome. In a highly speculative state, we haven't finished or accomplished that drilling yet. We have a test program on the way over the next 24 months that's going to at least give us conceptual in nature of how to do that. One of the things that we look at is how much market cap per 100,000 ounces a year does each company get? I think it's pretty interesting when you look at this inset on the right-hand side. If you look at Wesdome, they get about CAD 2.1 billion for every 100,000 ounces a year that they produce. Alamos, John McCluskey's company, gets about CAD 3.8 billion for the same 100,000 ounce a year production. GMIN gets the best because they're building a second mine in Guyana. They get CAD 5.5 billion for that same 100,000 ounces a year. We think the best analog for us in this scenario where we sit today is G Mining, because we're building mine 1, and we have mine 2 is basically accessible from the same infrastructure that we're building today. Next slide, Phil. When we look at where we sit, John, and why we raised the money we did, we raised about $1.1 billion or about CAD 1.6 billion between equity convertibles, and project financing within the last 12 months. We had CAD 203 million of equity in the first deal in August and another CAD 59 million in the fall, followed up by $144 million in February, with another CAD 30 million, with some of the warrants having been exercised. That's CAD 435 million in equity alone. The equity to debt ratio is very good in our balance sheet. We had drawn CAD 100 million from the Appian financing, as well as most recently, this last two weeks ago, we raised a $350 million convertible note with a capped call structure on it. Capped call structure, which as a convertible with the stock was trading about CAD 2.92 when we did the deal, and the conversion price is over CAD 5.88. Very good terms for us. Very low governance. It helps us with our balance sheet structure, and certainly allows us to be much more aggressive, both on the development of the mine and the drilling out of the deposit around us. We have three drill programs that I'll get into, that have the significant catalyst events that we're going to talk about today. We have not drawn the other CAD 350 million of the Appian financing yet. We have that in addition to the $1.1 billion that's already been raised. We have in-the-money warrants that are callable in November of 2026 this year, that would add another CAD 120 million. We have an off-take agreement discussion on the go with several off-take providers. For our concentrate, we produce about 120,000 ounces a year of 130 high sulfide gold concentrate, very desirable concentrate. We think that's going to raise between CAD 100 million to CAD 150 million as well. In addition to what we have in the bank, we have potentially within the next 12 months, access to another CAD 200 million to CAD 275 million that could come onto the balance sheet. We're particularly well-financed for a non-revenue company. Sean, if I could try to summarize this slide, simplifying it. You may never draw down the remaining CAD 350 from Appian because it has a lot of fees associated with it, so that you need a little bit of money for corporate expenses. The $1.1 billion turns out to be CAD 700 million on much more attractive terms, like the convert you just did. That is correct If your warrants exercise, that brings in $270 more. Correct. You're only running 11 rigs if the results are kicking ass. Yeah. You're going to find more gold, most likely. The $270 comes in, and that finances a bigger project than what you've got on the books right now. Everything here in conceptual in nature was built to go to a 10,000-15,000 ton a day project. Our permit is the limitation right now at 4,900 tons a day. Over the next 24 months of construction, we'll be looking to push that permit to 7,500 to 10,000-15,000. We are very much in motion in the pursuit of the larger project. We'll put out a feasibility study, once we have all that information, but we'll start with a resource update sometime in the next 24 months. The feasibility that we have right now is based only solely on what we call the Pink Mine, which is mine 1. We have 2 million ounces in the reserve category, which is supporting all the numbers that you see on this screen. It's 190,000 ounce a year mine starting at a 200,000 ounces a year, 10-year mine life, 24 months construction. We'll be commissioning in the summer of 2028 right now. All-in sustaining costs of CAD 1,157 an ounce. Top quartile for cost. Initial CapEx is about $652 million or CAD 881 million Canadian, 1.9 million ounces recovered in this phase I, which is only that top 1,000 feet. It doesn't include the measured and indicated nor the inferred. The NPV of the project at CAD 4,500 gold would be about $3.2 billion. We had done the feasibility fairly conservatively last year, in May 2025. At CAD 2,400, we had about a CAD 1 billion market cap, our NPV, sorry. Bottom right-hand corner is the first catalyst outside of the mine build is the 1.61 million ounces of measured and indicated, and the 1.86 million ounces of inferred. The total resource that's not in the mine plan right now is a little over 3.6 million ounces. That's a pretty big upside if we can convert that. The drilling we're doing now is targeting a 50%-60% conversion rate on those ounces, and that would basically allow us to somewhat double the reserves. I referred earlier to the Pink Mine and the Blue Mine. The 2 million ounces of reserves, that's the basis of the financial study, and the 10-year mine life and the 200,000 ounce a year mine, is only the pink ounces. You can see them in the plan view, but it's easier to look at them in the 3D. You can see, there are many more ounces in the blue zones than there are in the pink. Those pink ounces are the ones that are paying for everything here. You can also see that the blue ounces are very close to the pink ounces. All the underground development that we do here will access the blue ounces as well. The development cost for the blue ounce is about 1/3 what the pink ounces is. It'll bring down our all-in sustaining costs and also reduce the number of development meters of underground that we need per ounce, by doing the conversion. Most of the work to bring these ounces into the mine plan is conversion drilling. We need to go from a 50-meter by 50-meter pattern to a 25-meter by 25-meter pattern. We have three drills underground right now. We're going to go to five or six. Drilling is much easier if we can just go underground, and we can go straight across these vein corridors and hit them fairly close to perpendicular, as opposed to drilling for surface where we're coming in at an angle. As we get deeper, it becomes harder and harder to maintain that 25 by 25 pattern. That's the catalyst number two. Catalyst number one is just the construction of the mine, which is underway right now. We've executed about CAD 200 million. Catalyst number two is the conversion of the blue ounces. This is the mine plan to the pink. That could set the table for hope. We're targeting a double in reserve. We go from 2 million ounces of reserve to 4 million ounces of mineable reserve. That entire resource shows up in the red here. This is the combined measured and indicated inferred, as well as the reserve shows in the red. You can see it's spread out over about 4.4 kilometers or about 3 miles. This gives us a lot of opportunity to push the production, because we have quite a bit of space to work with. If we look at other mines comparable to this, they might have 1 kilometer strike length. We've got 4.4 kilometers. This is a pretty big part of the story, is the speed at which this deposit can be mined and the amount of bulk tonnage mining that it can support. When you look at that red zone, we averaged in total about 1.5 million ounces overall resource for 100 meters vertically. Every 300 feet that we go down, we've been able to add about 1.5 million ounces in the whole resource. Of which roughly a third of that was in the reserve category in the first pass drilling. As we drill from underground, it'll be a higher conversion ratio. You can also see in the shadows there some of the underground mining that was done by the old timers. They were in there up until the 1960s. They mined these high grade replacement deposits that are perpendicular to the bulk tonnage stuff that we're mining. We didn't target any of the historic mining zones, called replacement deposits. The old timers pulled 1.8 million ounces of 17 gram material out of here. We're going for the lower grade material that they didn't try and mine, and we're bulk mining with long hole methods and transverse stoping methods. This is a pretty big opportunity. You can see below the red we have the gray ounces. We see those ore bodies extending at depth. We've drilled down to 1,000 meters. We see these vein corridors as we follow them. They're sort of between 3 and 500 meters long, 3 to 500 yards long in and out of the page, perpendicular to the main strike plane. It's a lot like an accordion, if you will. If you open it up, it's like this. We're mining up and down these vein corridors. The further they go down, the closer they get together in the end. The opportunity for more bulk tonnage mining and lower cost mining methods goes up as we go down in depth. If we look around at the average underground depth for our bulk tonnage underground mines right now, it is about 1,500 meters, and we are starting out only going down to 350 meters. We put a few other mines up here for comparison. The Young-Davidson Mine is probably the closest analog to this style of mining. They are mining in Ontario. That is the Alamos mine. They are about 8,000 tons a day. They only have 1.1 kilometers of strike length, and they are down to a vertical depth of about 1,500 meters. They have to go down to get their ounces. We go across. It costs us about CAD 7,000-CAD 10,000 to go horizontally for a meter down, a meter across, and it costs us about CAD 70,000-CAD 100,000 to go mine down vertically for a meter. If we go down at a 15% ramp, we need 7 meters for every meter that we go down. It is much lower cost to develop laterally than it is down. Our ounces per vertical meter here are very high compared to these other mines. Their grade is at about 1.94 grams, so we are at 3.62. They are at about 60% of our grade. We have a 40% grade advantage over and above Young-Davidson, which is direct drive. We are over a gram and a half more than Young-Davidson. A gram of gold right now is worth about CAD 150. We are getting essentially another CAD 275 a ton for the mining with the same cost method that Young-Davidson does. That is why our all-in sustaining costs are quite low. If we look at Goldex, they are a bulk underground mine. They are the lowest grade underground mine in the world right now that I am aware of at 1.4 grams a ton. We know this mine well. We built Canadian Malartic right up beside it. They are mining, their whole revenue is about CAD 235 a ton. Our whole revenue is about CAD 500 a ton. We are much wider. You see Goldex is actually down quite deep there. They are down to about 1,700 meters and we are only going down to 350. LaRonde is kind of the company maker asset that originally made Agnico before they got Canadian Malartic and Detour. This mine is at 7,700 tons a day above 4 grams. Higher grade than us, but they are down to 10,000 feet. They are mining at various deposits. Their widest zone on the top is a kilometer and a half, but they have got several of these deposits at depth that they are having to refrigerate. They are still roughly the same grade as us, but 10x as deep, 3,000 meters. So all in all, this is a pretty good project. We think that as we get the risk off through the underground development, we open up and we continue the conversion drilling, the drilling at depth, and then the on strike drilling. This is one of the shows that your investors should be looking at, because it is a very scalable project. It is a district size play. It is not just a mine play or a project play. We have one of the largest land package in all of the gold space worldwide with some of the biggest endowment. When we look at what's in the here and now, this is the third drilling catalyst, the fourth overall catalyst. The first two drill programs are basically in the Cariboo Gold Project, where we're doing the conversion drilling, blue to pink. We're doing the at depth drilling in the gray to add those ounces at depth. The third program is what we call the Proserpine program here, which is a new deposit that we have drilled on before, but we only put 17 holes into it. It has a significantly bigger footprint than the Cariboo Gold Project itself. Cariboo Gold Project is 4.4 kilometers by roughly 400 meters wide, down to a depth of 350 meters so far, but we've drill tested it down to 1,000. Proserpine is 6 kilometers long, almost 50% longer, and it's 1,000 meters wide, twice as wide. It also has the advantage that it's up on top of the hill and above the aquifer and has the potential to be an open pit. Excuse me. It's quite an important next step for the company. We had six rigs out there before break-up, now after break-up, we'll go back in and I hope to have 10 to 12 rigs there by the end of the summer. We should have our rig count go from 11, where it sits today, to hopefully 20 to 24. A big part of that story will be the drilling at Proserpine, which has the ability to change everything for shareholders. If we have a new deposit that's upscale and open pitable, that would significantly change the value for shareholders. Now, if we look at the Cariboo Gold Project itself, it's about 4.4 kilometers long. The advantage of everything that we find within that is it's fully permitted. Any ounces that we add below, if we can go down to 1,500 meters, you've got a shot at multiple million ounces. If the ounces per vertical meter stays the same, you got a shot at sort of 10 million to 15 million ounces in the first 1,000 meters, of which maybe the conversion's 50%- 60%, you're going to end up with 5 million to 7 million ounces mineable. You look at taking it down to 1,500 meters, where we see a lot of these mines at right now. Young-Davidson, Goldex, LaRonde, easily do 1,500 meters vertically. You're into some crazy numbers. All those ounces are fully permitted, the only thing we'd have to do then is expand the mill and ask for a permit to expand the tons per day, as opposed to start a new permitting process. Proserpine would be a new permitting process, but we're looking at something that might be Canadian Malartic- style. And for those of you who may not know me, our big claim to fame as the Osisko group is we found and built the Canadian Malartic mine in northwestern Quebec, which started out as a couple of half a million ounces in 2003, ended up being a 13.8 million ounce open pit, and now Odyssey Underground is another 18 million ounces. We ended up building Canada's largest gold mine and the 8th largest gold mine in the world on that project. That was a 1-gram deposit. That's about a 1.5 grams to 2 grams in the underground. We've been to this movie before. We've been successful at it. The big thing that I want to make sure happens over the next 24 months is we do enough drilling so that the shareholders actually understand the size and scale of what they own. This is a very important project in terms of the Canadian gold scene, but in particular, we think this has a chance to be a top 10 mine in the world, certainly top 20 within the next three to five years. To be in the top 10 right now, you need about 600,000 to 700,000 ounces a year. We think that this is a project that can get there in the next 24 to 36 months based on the drilling information that we hope to collect with this drill program. As John said, we're fully permitted for the 4,900-ton a day mine. We're in construction. We've completed about CAD 200 million worth of construction. We're fully financed. These are three things that you don't see too often in the development space. We've got a pretty experienced management team that we've built some of the better sort of single asset, double asset companies in the last 25 years hit the market. The Osisko brand is relatively well known. A lot of the same actors from previous movies will be showing up as we step into this construction and development final leg of this construction and development project. The overall project shown in the bottom right-hand side here, you can see there's over 60 kilometers of strike in the existing trend. There's another 32 kilometers in the new parallel trend, which is referred to as Yanks Peak. To put scale on it, we showed you the Val-d'Or Mining Camp, which is about 1,400 square kilometers, and we're at 1,550. We're actually bigger than the Abitibi camp. When we had left the Abitibi camp, when we sold to Agnico and Yamana in 2014, we had documented almost 20 million ounces there. We've been to these big drill outs and these big projects before. We went on to do Windfall Lake, with John Burzynski, my partner, drilled the 2.2 million meters there. We also drilled out the Hammond Reef deposit, which is 10 million ounces that Agnico now owns. The Upper Beaver project was ours. We took that to 3.7 million ounces. Currently John and team are working on the big copper project in Gaspé under Osisko Metals, which is now 1.8 billion tons of measured and indicated, another 2 billion tons of 0.43% copper. This is kind of our sweet spot for these types of larger projects, conceptual in nature in the beginning, they tend to be very important to the overall sector once we do the science, we do the drilling, we add the capital, we get the permits, we convert to production, we see a huge amount of value creation in that process. Certainly in this market, this is one of the best projects I've seen that has the advantage to take advantage of the cycle and is in the cycle. It's not a next cycle project. This is in the here and now. The here and now is, as you can see here, we've increased our camp size from 70 rooms to 360 rooms, we own another 60 bedrooms in town. 33 houses. We've got ample infrastructure to support our construction. We are on the end of pavement. We're a 45-minute drive from the town of Quesnel, which is a town of 28,000 people, we're an hour and a half from the town of Prince George, which is a town of 172,000 people. The right-hand top photo shows the earthworks that have gone on for the waste dump facility. In the bottom of the waste dump facility, you can see the settlement control pond with the black liner in it. Those were all prerequisites for the pre-construction permitting to activate our main mining permit, so those are complete. The bottom left, the center, you see the water treatment facility, which can treat about 6x more water than what we're producing right now. In B.C. all your contact water has to be processed before you can release. Having a water treatment facility in there was another trigger point to make sure that our full construction permits and everything was activated. We're now in the situation to go to final investment decision. We hope to have that done sometime in July. What you see in this photo on the right-hand side is a picture of the mill site. We're going back on the historic mill site. There was a mill here up until the mid-'80s, you can see the tailings pond off to the right from the historic workings. We've prepared the site, we're in the groundworks and earthworks right now for the foundation of the mill and all the ancillary support equipment that goes for the mill. You can see on the bottom left-hand side the other work that's going. We're also at 2.2 kilometers of underground on the go that's complete so far. We have 27 kilometers in our pre-development phase. We're coming up on 10% of the underground development being completed, we're adding a second portal right next to this mill site. It's very much on-site. You can see us underground here. That's Chris Lodder on the left, me on the right. The mineralization that we're chasing is this quartz system with the sulfides in it. Very simple metallurgy, produces mostly gold. We get about 44% of our recovery from gravity, 56% from flotation. There's no cyanidation in the process at this point. Very simple, very low environmental footprint for this mine. Because it's underground, you can see we're large scale. We're running 50-ton trucks underground. We're mining at 5,000 tons a day in long hole, very traditional mining method, and probably going to transverse stoping. You can see the underground has quite a bit of infrastructure in it. You can see one of the tunnels we've driven here. We did that with a robotic piece of equipment called a roadheader. We're an automated mine as well. We're using as much technology as we can to do that, and that's a fully electrified mining process as well. The overall layout of the mine site, you can see it from the plan view here. It's these vein corridors spread out over four kilometers. Very simple mine, just one ramp right across provides access. We're able to haul rock with 50-ton trucks straight up the ramp and outside. No high-tech underground mining methods really, other than the roadheader, which is a tunneling piece of equipment that we don't see in mining as much as we do, but our ground conditions here permit it. The mine plan itself, quite simple. We've divided this area up into three smaller mining areas. Each area needs to provide around 2,500 tons a day. That would give us 7,500 tons a day. Right now, we've assumed that only two out of the three would be needed to work each day to provide 5,000 tons a day to the mill. The mill is a particularly simple thing. We've got an ore sorter in front of it as an option, but it's basically a crusher straight to ball mill with a gravity circuit and a flotation circuit behind it. Doesn't get any simpler than that. There's no high tech required. We don't need to win on any particular piece of science here. The expandability of the mill, we bought a mill from Hudbay that didn't get installed. It was supposed to go to the Lalor project. They decided to expand their existing mill, so we bought a brand new comminution circuit, which is essentially all the important parts of a mill, crusher, grinding circuit, electrification. We bought all the equipment brand new for about CAD 0.10 about six years ago. Why our CapEx is relatively low for the size of the project is that we have the mill sitting in the driveway. We don't have a lot of long lead items that we perceive as any threat at this point in time. Having that milling equipment allows us to go to detailed engineering because we know we're building a mill that has significantly more capacity than the required 4,900 tons a day. It's quite a scalable mill without a lot of gymnastics to make it happen. The comminution circuit there can handle between 7,500 and 10,000 tons a day of equipment. By adding another ball mill, you can easily scale it up to 15,000 to 20,000 tons a day. To your point, John, the conceptual project here was to get the mill up and running, get mine one up and running. Hopefully by the time we're at construction completion, we would set the table for a larger mine, and that's why the drilling is so important that we do this $100 million budget during the construction period to allow us to set the stage for that mill and mine expansion to happen sooner rather than later. We will be submitting to the government a permit expansion sometime this year. We're in that process right now. Certainly, with what's happened in Canada, the demise of the softwood industry has seen the shutdown of 51 sawmills and paper mills in Canada. There's a huge push on in the interior British Columbia to get mining going, because we have a lot of skilled labor on the sidelines right now that want to work. We've got our deals done with First Nations, Lhtako Dene and Williams Lake. Still working with our friends from Xatśūll, we have all the permits that we need and all the approvals that we need to go forward. We're in the normal construction cycle where we're doing things, and just like if you're building your house, you'd have to have your plumbing inspected and your electricity inspected. That's where we are. All the primary permits are existing and in hand, and we're very much in motion right now. If you look at our balance sheet right now, it's bolstered by the fact that the NPV of the project, even at CAD 2,400 gold, would be just about CAD 1 billion. If we look at closer to spot prices today, it'd be CAD 3.3 billion roughly is the NPV of the project. This gives you a 51.9% internal rate of return, about a year and a half, 13- 14 months payback. More importantly, it throws off CAD 479 million of free cash flow a year just on the 200,000 ounce a year mine. If we're able to double the gain by adding more capital during this 24-month construction period and increase that throughput as we get closer to that commercial production in 2028, that free cash flow will go up in a very significant way. I think this is a great way for shareholders to play this gold cycle, because this one can be accelerated with more money going into it, and that money has been made available through these last financings. I'll stop there, John. I think we've had a good run-through on the Cariboo. We do have the Utah project that we can get into, we can maybe take some questions on Cariboo from this point, John. So, we invite all questions from the participants. We thank for their attention. There is none in the question box at the moment, I am sure it will fill up. Perfect Sean, should assume that you are done doing financings or that I know you are not done finding gold. No. In other words, you find so much gold, you need to finance again before you are making cash flow? I think as long as we get our warrant money in and our off-take agreements in, we are more than financed to do it, and we are able to keep the drill intensity going over the next 24-36 months while we build and commission. After that, we are self-financed with free cash flow. There will be some test mining on the go in the next 24 months. We are just looking at what we should or should not do, given the fact that our balance sheet is quite a bit stronger than it was when we originally started this. We have some optionality given the fact that the balance sheet is stronger to maybe do some work that would allow us to do some test mining and test production earlier on. The drilling is the most exciting thing for me is I like to start my day with a cup of coffee and a set of drill results. I know you're a big fan of drill results, John, I think we're set the table for a pretty good session over the next 24 months as the drills get going and we increase the drill count. This should be one of the bigger drill projects that's happening over the next 24 months in the world. It certainly has the potential to change the game. We're drilling on things that we know quite a bit about. We have the historic information, and this has been a mining area for 150 years, there's old mines that were abandoned by production. We know this is in a mountainous area, we know where all the alluvial and placer deposits are down the hill, we know that they didn't travel very far in this environment. It's one of those cases where you're standing down at the big placer mine, you look up the hill, that's probably where the gold came from. We've got a lot of surface sampling that's been done by us since we got involved in 2015. We've had an army of people out there prospecting over the last 10 years, collecting and mapping everything. We've got another 20-30 drill targets that we haven't talked about up and along this trend. We might try a couple of those targets this year as well. Given where we are, we may put a couple of drills on some of the targets that we've been wanting to drill for years but just stayed focused on the size of the prize at Cariboo. Now with Proserpine, there's some things on that new Yanks Peak trend and uptrend from where we are right now. It really should have 20 drill holes in them just to check them out, that may be something that we look at as we get more control over the three main drill programs that we have now. The conversion drilling, the at-depth in-permit drilling, and the Proserpine drilling are the key motivators for this year and 2027. That's where we are, John. I think it's going to be a pretty exciting program. If you look back at our history, we've done these big drill outs, like Windfall went to 2.2 million meters, where it was 700,000, 800,000 meters drilled here historically by us. We, generally speaking, don't rely for resource and feasibility work. We don't rely on other people's work. We do everything ourselves. This is a complete re-drill by us since we got there. A lot of people say, "Oh, I know this project from the past." We didn't include any of the historic project drilling for the most part. In some areas, we might add a little bit here and there, typically what we do is we use the historic information to guide us, then we retest it with new drilling or new underground development or redone surface trenching. We've created a pretty reliable and very methodical, scientifically backed program to justify this project, and now we're in the final push for production. Much is what tracks along what we did at Canadian Malartic and what John did at Windfall. Sean, just a couple of details on money. In your capital budget, you have CAD 150 million of revenue from your development muck. If you mark the gold price to the current CAD 4,300 or CAD 4,400 market, how much bigger would that CAD 150 credit be? Yeah, I think we want to be prudent with that, but I think the CAD 150 is not a bad assumption. That was at 2024 at CAD 2,400 our goal, so it's probably in the over CAD 200 but under CAD 250 kind of range. Some of us might not be familiar with of-ftake terms for a sulfide gold con. With the Iran war, there's sulfur shortages. Are you suggesting that an Asian smelter is going to pay you more than the value of the gold to reflect the value of the sulfur in the concentrate? For me, it's 100% more of the value, but it'll be significantly less discounted because of the sulfur credit. Within British Columbia has a concentrate port in Vancouver that's well organized with the Asian smelters, Sumitomo and the rest of them, where they have these cartridges that they ship to your site. You fill the cartridge up with your concentrate, that cartridge is delivered by truck to the port, then the cartridge has special equipment on it that can dump it into the hold of the ship, and they do blending right in the ship. There's a high demand at the Vancouver port for anything high sulfur cleans concentrate. One of the things that we get paid for is the fact that we don't have any deleterious material in our concentrate. Not a lot of arsenic and not a lot of penalty metals or things like mercury and antimony that can be, or if they're too low there can be a penalty, and if they're high enough, you can do something with them. I think we're in a very competitive process. I've never seen anything like it. We've had between seven and 10 off-takers being very proactive on the bidding. It'll depend on how much presale we would put in there. The off-takers these days are willing to actually take an equity commitment as well. There's a very good market for us in terms of being able to use that as a source of capital. It's a last money in piece. We don't really want to use that money until we're very close to production. We'll look at the warrant money will be the next piece that we'll try and execute. We may sign an off-take agreement here during these times because they're very favorable markets that we find ourselves in. You have big concentrate deficits as well around the world, as you say, in sulfur because of the lack of oil production within the Gulf. Also things like Cobre Panama and Freeport's mine in Papua and things that are shut down. There's some big copper lines off circuit right now. Sulfuric acid is the number one commercial industrial product that everybody needs for just about everything in modern life. It's a very healthy indicator of the demand that we'll have. If we're able to increase throughput at this mine, that concentrate contract, getting the first one is very important to these offt-akers, because if we are able to go from 2 00,000- 4 00,000 to 600,000 ounce a year, it'll be one of the biggest concentrate suppliers, certainly in North America. So, they won't pay you more than 100% of the value of the gold, but they're not going to charge you the full transportation and cost of smelting and refining because of the sulfur content. Yeah. And my- Yeah. It'll come close. They can't put it down by 100%. You'll get in the high 90s. Does Osisko Royalties OR still own a block of your stock? Yes. They own 10.9% of the equity. They've been extremely supportive. I talk to Jason about it too all the time, they've been quite happy to support us. The evolution of the Cariboo mine is very important to Osisko Royalties as well. It's a 5% royalty that they have on this project. At 200,000 ounces a year, they're getting 10,000 ounce a year royalty. It's very valuable royalty that they have here. At 400,000 ounces a year, they would be getting 20,000 ounces. At 600,000 ounces a year, they'd be looking at 30,000 ounces. That's a very important component to the growth of OR. In terms of an off-take deal, you're not going to be shipping con for almost two years. I guess it's better not to do that deal right now because you're swimming in cash. You want to do that deal 18 months from now after those 11 rigs have been kicking ass. Yeah. We can sign deals now without too much risk. Because of the demand for concentrate, two years is not a long time for an offtake agreement. You don't get much penalty for the lead time. As long as you don't sell, as long as you're not using the prepay, and something happens, you don't go into production, there's not much risk to the deal. Some of our friends in other mine camps have had delays getting rigs. Can you get rigs on time in B.C.? It's a tight market out there. I'm an old driller, so I have a lot of old drilling friends. I was a driller for Longyear for a few years. It's one of the things that we take very seriously at Osisko. We've had very good relationships with the bigger drill contractors like Major and some of the others. It is a tight drill market. We're at 11 drills right now. I'd prefer to be closer to 20 right now. We have drills as campaigns end, they come our way. Because it's a mine site where there's multiple years of drilling, it's a priority for mine contractors to get on mine sites, because you have to think about just the year now when you've got exploration companies that finally have a couple months of budget, but you have to think about, do you want to work 24/7, 365 for the next 10 years? That's what this project is. We'll leverage that to get our drill rig count up. This is questions from the listeners. What do you see as the biggest risk, short and long term? The one that I tell my guys and we talk about every day at the morning meeting at 7:00 is, we got three problems to solve and we need to accelerate on the underground mining, the underground mining, the underground mining. That's where we're focused. The mill construction's not particularly complex. We're used to things that are quite a bit bigger and more complicated than this. We've got the milling equipment sitting in the yard, so we're pretty comfortable on that. We've got a 75-kilometer power line to build at 66 kV, but it's being built to be able to handle 230. That's a pretty short, small project by our standards. We don't see a lot of risk in technical execution of that. We're on grid power at CAD 0.066 a kilowatt hour, so power is pretty much under control. The equipment side of it, we've got our mining fleet locked and loaded. We'll be putting out a press release on that. The other thing that we're focused on right now is because of now that we've got the balance sheet and everything, we're in recruiting, not just the construction crew, but we're more focused on the operating team that we need 24 months from now. That's another priority right now, is getting the right people. We have a very good base because we're working essentially in the town of Wells. We can put families in houses. We have a very good quality camp, and very good working conditions. It's a spectacular area. We're up about 4,000 feet in the mountains. It's a little bit like Switzerland. We're very organized in terms of the community that we're involved in, as well as the living conditions there. If you like backcountry skiing or snowmobiling, or you're an outdoorsman, this is a fantastic location to be in. We're in the Columbia Mountain Range, so we're attracting a lot of talent from within B.C., and we're recruiting from within the softwood industry, which has had, as I say, seen 51 operational shutdowns. A lot of those people are looking at it. We're able to offer houses to young couples. If you don't own a house and you want to come and work at the mine, we'll set you up and finance you to buy one of the houses that we own. Then the only condition is when you leave, you have to sell it back to us. Yeah, so I think we've anticipated what the market we're in. We're in a tight labor market for underground, but for surface mill site operations, welders, mechanics, millwrights, mill operators, that sort of thing, we're pretty well suited, and we're taking advantage of the demise of the software industry to get some really high-quality labor that we would've had a hard time getting without that. In terms of the drilling and the rest of it, that's something, there's delays in laboratories. When we did Canadian Malartic, we had 41 drills on site, and we overwhelmed the labs at that point in time, and we paid the labs to put assay circuit in. We've been to this movie before. We've been through some cycles. All of our tricks learned over the years are being deployed to make sure that we don't run into bottlenecks. Could you just talk about meters per day of underground development as you focus on underground mining? Right now, we have one portal open with three faces. We want to get to about 20 faces with two portals open, and focused on getting a third one. Typically, we can get between 3-5 meters per face of development underground in a daily rate right now. We want to get to about 100 meters a day of development. We need 27 kilometers over the next 24 months. We need to get that rate up over 100 meters, 120 meters a day, as we open up more faces and more levels. We're going out, and we're going down, and we're repeating our levels. That's starting to pick up momentum now. Super. Can you explain the significance of 24 months from now as a deadline for drilling results or maybe a timeframe for production? We're aiming to be in full construction here this summer. We're about six weeks away from final investment decision. We're about 350 people on site doing construction in the so-called pre-construction mode right now. We're pretty much in motion right now. We would see another 100 to 150 people joining in construction here over the next two months. We also have the underground logistics of as we have more faces, more levels, more ventilation, more infrastructure work to support in there that goes in. Each day that we're doing this construction, we're gaining construction momentum, as I refer to it, because the infrastructure helps. We got 10 vent raises. You can put even more people and more equipment underground. In terms of the transition the company becomes a producer, hopefully we'll have some, as you highlighted in it, we'll have some test mining getting underway and we'll process that. We have an existing mill called QR about 120 km away, so about 80 miles away from us, that we last ran in 2022, that's 1,000 ton a day. Kinross Mill, we might start that mill up sooner rather than later. We also can ship to other mills in the region that we've done in the past. We see that pre-production as coming more and more of a priority in this gold market, and especially now that we've got the infrastructure opened up in the underground, and we've got the site, and we've got the ability to support more people on site with the 360 rooms and the 60 hotel rooms that we've got. We got about 420 beds now. Having that capacity sets the stage for even more work. The overall project will be a 200,000-ounce a year project in 24 months from now. Wesdome sits there at about a CAD 4 billion market cap. We're sitting at about a CAD 1.1 billion market cap right now. It has significant implications in terms of what the value of the company should really be net of the cash. Enterprise value right now is somewhere between CAD 500 million and CAD 600 million. We should be much higher than that as we take risk off the table and we execute this construction, and we light up the other exploration potential of the project. That's the catalyst there is it'll potentially be a CAD 4 billion market cap on the outcome, if we're able to achieve the Wesdome valuation. Potentially higher than that if we will get market support for the G Mining valuation. We just want to see your assays flowing from these rigs, the 11 out of 20 rigs. Hallelujah to that. I agree with that. How many days does it take to split the core, send the bags to the assay lab, and get results? It's going to be about two months bumper to bumper. We just built a brand new core logging and sampling facility in the town of Quesnel. We've optioned an old sawmill, and we're going to have enough logging there that we can handle 25 drills. That allows us to keep those people in town as well, and just have one truck going back and forth hauling core every day. We did this in Malartic and at Windfall. We set up fairly massive sort of factory style core logging facility and sampling facility. That will smooth out the drill results and shorten up the time from drill bit to assay significantly as we get that infrastructure in place. We should be about two months. Once again, we invite everyone to submit questions if they like. We never touched base on Utah. Do you want to say anything about the Tintic district or other endeavors? Absolutely. Tintic is located outside of Provo, Utah. The neighbors there are Ivanhoe Electric and Freeport. To the north of us, we're 40 miles away by strike length from the Rio Tinto project there. The Bingham Canyon Mine, the biggest copper mine in North America, sits about 40 miles from us. We originally got in this project on the recommendation of Dr. Richard Sillitoe, who worked for us back in 2010, who was the well-known as the godfather of the porphyry copper gold systems. He had identified this property as the best target in North America. If there was another Bingham style copper gold porphyry to be had, it should be here on this property underneath these two giant lithocaps that sit in the middle of this graben. That's the main reason that we were here. In the meantime, there are 23 historic producers on this property. It is patented land as well, not BLM land. What we see is five historic gold mines in a high sulfidation district located along this eastern graben strike zone. You can see us in the dark blue, and you can see Ivanhoe in the light blue, then Freeport to the south of us. So Ivanhoe is there for the same reason that we're there. We believe this has a big porphyry district at depth. We also have 18 CRD mines, the carbonate replacement deposits that are silver, lead, zinc, that historically produced here. We have these porphyry systems that we've seen that are under these two giant lithocaps that are in the rose. It's a very interesting piece of the earth crust. Started out as a bit of a science project 15 years ago, but we've now been there. We've owned it. It took us 15 years to buy it. We finally got to own it back in 2021. Right now it's producing gold from high-grade epithermal system, and we're direct shipping ore at about 2.9 ounces a ton right now. That's 2.9 ounces of gold, not silver. There is some very high-grade systems, and these five gold mines represent a significant gold exploration play as well. They stopped mining here at 1,300 feet because they hit the aquifer back in the day. They stopped mining. They were shipping this material to Bingham as flux. The highest grade mine here ran at 45 grams of gold a ton, and the lowest grade was at around 15 grams a ton, which is where we're mining right now at the Trixie Mine. This property is called the Tintic Project, located really next to Eureka, Utah, which was a big polymetallic deposit, produced a lot of polymetallics back in the day. This mine, if it was sitting in another company, it would be your headliner for sure. We have the Cariboo Gold Project, which is fully permitted and fully financed now. We are producing gold and making money here. We made about $6 million last year. Net profit from just the small scale underground mining. We think that this could be a sort of a $15 million-$30 million a year at this project as well. It's the only exploration project I've ever had that makes money. It's quite an interesting story in patented land in Utah. Having a U.S. address in this environment I think is hugely important. We do trade on the New York Stock Exchange, and we have a lot of U.S. shareholders. I think having the U.S. project goes well with our strategy of being in the Western North America, and being 40 miles south of the Bingham, we've got the shot at this big porphyry that we haven't drilled yet. We drilled three holes. It's covered in a big quartzite deposit, and the reason it hasn't been drilled in the past is because it's very difficult to drill through. Later this year, we'll examine whether we're going to drill. We need about 15 holes. The budget's somewhere between $15 million-$20 million to drill those targets. We haven't green-lighted that because we're focused on the construction at Cariboo. However, the underground mining is going extremely well on small scale right now, and is self-funding its own exploration. All in all, it's in the portfolio as a wild card. It's a very significant wild card if we were to hit. That's the Utah story, and as opposed to being a distraction, it's actually contributing to the balance sheet. It's a piece of real estate we get a lot of attention for, a lot of corporates like this project, and it's one of the last big copper gold porphyry targets left that nobody's really tested in the U.S. Especially in the lower 48. Most of the other things are up north now. A little bit left in Arizona, but this is one of the larger targets left. We control the downtown section of this target. Those two giant lithocaps that you see on the map, they're basically like black baked earth from a heat source underneath them. We need to go find out what's under there, and we'll do that probably within the next 24 months. Sean, congratulations on all the progress. I'm so happy to see you looking good. If you catch a big one today, send me a picture. We're going to go out there. Thank you everyone for the call. We got a 23 pounder yesterday. We'll try and do better today. Congratulations on all the progress. Thank you very much. Thanks everybody. Thanks and good luck with your investments, everybody. Give us a call if anything comes up. Phil Rabenok, who is online with me today, one of the best IR guys ever. He will give you a good overview and make sure you got any information that you need. Thanks very much, everybody. Thank you, John, for hanging out, and staying the course with all of us here. You have been at this for years, and you have been a great inspiration to me. Everybody's my friend. Very good. This is visiting with my buddies. It couldn't be nicer. Yeah. Well, we're going to get you up there in Cariboo, and we're going to take you for a little helicopter ride and a couple of underground trips and make sure that you get the proper experience. We'll strap a GoPro to you, John, and we'll get you on a live site visit. Thank you very much. Take care. All right. Thanks guys.