Sterling Metals Corp. (SAG) Earnings Call Transcript & Summary

Good afternoon or good evening, depending on which time zone you're in. I learned recently that British Columbia has its very own time zone now, so a particular welcome to those guys joining us. I still don't know what time it is there, I got with me today, Matt Wilson, CEO of Sterling Metals, talk about critical Canadian copper, very excited for today's conversation. Here's how it's going to work for folks in the room. Matt is going to run through a presentation that will include Verify, you can take a good look at the project. Then I've got some questions for them. I know some have already been sent in over e-mail from you guys, so really looking forward to going through those. But this is also an open forum. So there'll be questions in the chat. Please feel free to ask at any point during today's event. We'll try to get to as many questions as we can. So for whatever reason, I don't get to your question today, we probably just ran out of time, but I'll make sure the team gets it so we can get back to you either phone or e-mail afterwards. There's also a contact or request meeting button at the bottom of your screen, which you can use to get in touch with Sterling Metals afterwards. Please you press that and I'll try and get you in contact with the team soon after today's event. Last piece of boring housekeeping. This is being recorded and will be available for replay. It will come on the exact same link, but you'll also be able to get it on 6ix's YouTube channel. So without further ado, I'll turn it over to Matt to go through the presentation and get into the protein of today's event.

Thanks a lot. Good to be here again. We're going to try something today just to basically bring everyone to where we are in Sterling today. So the idea is kind of project analogs, why we're so excited still despite the price of the stock, why we think that you're on the press this is something very, very special and why we think this is Canada's incredible copper belt at this time. So I think it very much I woke up this morning and I thought of this quote of Buffett statements quote or price is what you pay and value is what you get. Our venture market is so volatile these days. You have -- you just don't know what's going to happen on any given day. And so on very low volume, we've cut very low, almost cut in half in the last 5 weeks. So nothing has really changed. And so the value of what we're preaching right here in terms of what we are offering is the same as what it was when the stock was $1.30. We're still getting this team, you're getting the right kind of timing. The location is something we really stress and we'll go through. And then very much the scale, grade and approach, and we'll tie approach to the team, but the scale and grade here is really what is building and something I'm excited to kind of take everyone to. So just on the team, again, we've made some real changes -- some changes of late. People who are always very close to the story, but now are much more in an official role. Albert Contardi and Richard Patricio have come on the board. Both of them I've worked with them or around them for the last 20 years, basically. Rich out of Pinetree when we worked together, Rich helped found NextGen, still on the Board of NextGen, Chairman of ISO Uranium. NextGen is a CAD 10 billion Canadian critical metal company. And it's very important just in terms of the funding, the way that this went, the struggles NextGen went through for the first 8 years as they were building this up and then, of course, where they are today and how to push this forward, both strategically and practically. And then Albert coming on as Chairman, very suit has been around the venture market for a very long time, lots of different successes that he's had. So we're fortunate to add these people to an already strong team. You can see the names on the bottom here. things that have been built again over time. Neil O'Brien, of course, always something I always think about. I get to chat to a lot of his colleagues and to him, of course, where NGEx was actually the exact same market cap that we are in September of 2009, they were $30 million, and they own the entirety of the Vicuna district, $40 billion of value later. There's a lot more positivity surrounding those assets. But it was one of those things where they had Josemaria, they had Filo, they had Lunahuasi. They had all these different things in the company. And the approach to kind of building it out is something that we are sort of trying to emulate here where start with your first asset, start with something you think that can be very good and then continue to build and build. And the key here is that you have scale, great team and approach. And I think that the biggest thing for us, and I'll highlight this at the beginning, and you usually put this at the end, I thought at the beginning, is that we put out the way that we're approaching this -- it's a puzzle, right? The way that we're approaching this problem is that you have this 30-kilometer copper project, this great team, these really great assays here, you've got this bulk scenario, but you need to drill a lot in porphyries, right? And so with our -- we're going to call it the Sterling working IP, right? And I think that the low drill costs, the no seasonality, our use of core scanning, our expertise, the supportive community and of course, the working environment just north of Sault Ste. Marie, where there's just a joy of the team to kind of do this. This cycle allows for rapid discovery. And I think as we go through this, you'll see what we're talking about. And as we move forward through this next 12 months, especially, this becomes more and more important. I think the geologic AI took a little bit of time to get going. But I mean, you're getting 90 element XRF data very quickly. You're getting hyperspectral data. You're getting core photos that you can send around the world that looks like you have a hand lens. And so when you put all these things together, it equates to being able to do things very quickly and efficiently and sustainably less drill holes, less bothering of the ground. So the timing here is very important. We're going to go into this, why this is so critical. We're talking about copper. Data center is on the top of the midterm arguments everywhere you go. The electric grid, I mean, we've all heard about why copper is something that you just need. And I stress that a lot of people are talking $10 copper, freedom talking about we're not going to have enough copper to build anything. And I think that, that scenario plays itself out. But in Canada, I think that we're all buying into this scenario, why Sterling is so critical, why it matters so much is because each country needs their own copper. And if you don't have your own copper, then you're going to be in trouble when you're trying to keep up with the future of innovation. And these stats always amaze me. I think that I'm just blown away always in Canada, such a strong resource focus that our production of copper is 1% of the world's production. We export half of it. We only -- we consume twice as much as we actually produce in Canada. And you just have the scenario, where a project that is doable, something that you can advance quickly and efficiently and throughout this cycle is something that should carry a premium for sure because it's something that you can kind of take advantage of right now. So we'll jump into the project again, just for the people who don't know, we're now into the scale of it all. So the Soo Copper project, which is what we're talking about, again, in Canada and Ontario. The Soo Copper project resides on the Mid-Continent rift. And I won't talk about this for too long, but I will stress that for copper projects, you need a big crack in the earth, right? And so the Duluth complex and Soo are the exact same age. Our porphyry project is the same as same copper pulse that created 4.5 billion tonnes of 0.6% copper over Duluth complex. It's a little bit younger than the Talon complex over there, though our porphyry discovery we haven't made yet, so it could be the exact same. And Talon, of course, the 45 meters is 60% copper. Also the 5 million tonnes of native copper in North Michigan, also Eagle, which Neil O'Brien, Lundin Mining bought, which broke the concentrator because of too much copper at the beginning of production and all the sediment hoses that we see in North Michigan. And I talk about this because of where we are for the prospect of scale. So when we're talking about porphyry copper, which is 80% of the world's copper supply, and you've got these big pulses of mineralization that occur. This is one of those things that you're dealing with a scalable system and a big crack in the earth that has this. One of the things that is new that we're going to talk about is just as we go through this presentation, I think it's really important, I want to put this upfront is just copper ore bodies that are related to rifts. And so there's a large rift-related porphyry belt in Upper Mongolia, the same rift actually that created Norilsk, coincidence, Norilsk and Talon, who knows. But I think that it's just really important to show 2 things. One, there's a vertical extent to all of these ore bodies. The black that you see in your screen or the gray in the bottom indexing, those are the copper ore bodies within the porphyry system. And one of the things that struck me is that these very large porphyry systems. When you look at cross-sections of all of them, we have a lot of similarities on 2 things. One, discontinuous ore bodies. It's not one big blob like we all think about with porphyry, kind of these high-grade zones. And then the pluses that you see everywhere are these porphyry stocks, this kind of center piece to it all that on the shoulders or on the size or within hide these big copper ore bodies. And so when we go through the presentation, just kind of keep these images in mind, vertical extent, A, and discontinuous ore body B. and then, of course, the size and the grade of what you're looking for. Back to where we are just really quickly in terms of Ontario, we're just -- we're right north of Sault Ste. Marie, our ranch here, ranch here is 15 minutes north of the Soo, you drive right up into the project. And I put this in here just to jump in to show again just the scale. So when we were dealing with discontinuous ore bodies when we're dealing with 40 million tonne copper systems, just remember that our discovery is just the first piece of this puzzle. It's bookended by the Tribag Copper mine, which produced just under 7 million tonnes of under 3% copper and the Copper Corp mine, which is about 1.5 million tonnes of just over 1% copper, all related to the same system and all these yellow dots on your screen are copper showings. We also acquired this year this new ground over here, which is the majority of the greenstone belt that is associated with the rift. And so what we're dealing with is a very large copper system. But what we're here to talk about today for the most part is what we've discovered to date. So it's about a 2-kilometer footprint now that we're dealing with. You see a lot of drill assays here and there. I thought that today, what I would want to present is that these are all the results that you have seen. But when you look at it is a grade shell. This is something we've only recently done. So the purpose of today is like where are you today and where are you going to drill next and what does that mean, right? So the grade shell here is a 0.15 copper equivalent cutoff, which I think probably is what your copper equivalent cutoff would be in terms of our resource. It's what we use to show it. Again, recall those images, right? You've got discontinuous ore bodies, you've got these ideas of a large body and then pieces of it being more high grade, right? This is a 2-kilometer footprint, 20 football fields by about 700 meters north-south, right? So what you've got here is a very large footprint of volcanic mineralization. And then within it, if you look at all the assays, it kind of tells the story, but when you look at it in grade shell, it looks much better. So again, the 0.5 cutoff, the purple on your screen there is when we talk about the horizontal continuity within the system, you start to see it. And I stress that one of the things that is preventing the continuity of these theses here is just drill density in terms of what we've done. But when you look at this as a grade shell, you see this very large area of a 0.2 cutoff. And then you see these higher-grade zones within it that are highlighted in purple. Now again, the purple is 0.5% cutoff. Remember our discovery hole, which was 260 meters of 1.05% copper equivalent. And then that had that wonderful 70-meter zone of over 3. You have 10 meters of 5% within a hole that we've released this year. You got a lot of 20 of 1, 20 of 2, 20 of 3. So we've used this as 0.5% just to kind of demonstrate, but certainly not the grade that would be 0.5%. Point here is it's more just the ore body itself and the shape. And recall that the ore bodies in those rift-related porphyry examples shape around a stock of some sort. When you remove the equivalent and you do just copper, this is what it looks like. And so that blob that you see there in the bottom right here, that goes away. And again, we're trying to remember about the examples that we were talking about. And so, the thought process here is you've got this copper ore body that's forming on the shoulder of this porphyry stock. And the porphyry stock is highlighted by the moly that we've drilled. Moly is 5x the value of copper. And so it's obviously a very, very economic mineral. The hole that we had drilled into this porphyry stock, which was hole 16 this year, that came back with 160 meters of, I think, about 700 ppm moly, and so it was pretty much 0.3% copper equivalent. Most important part is it bottoms in 0.2%, 0.2% moly, which is like having 1% copper equivalent. And again, if copper forms on the shoulders of something that is very large as a stock, thought process for us is that you've got copper that can form all around it, and you're sort of seeing that form in terms of the copper that we're seeing here. So what do we do next? Where are we going with this next? Why is the grade shell so important? Well, it highlights a very good start, right? It highlights probably a couple of hundred million tonnes that you've got here non-resource forward-looking statement. And you've got a good continuity of grade that comes to surface, right? So the reason that matters is you've got these high-grade zones that can create a payback period that's much faster than if you were mining a homogeneous, for example, 0.3, you've got zones that can go from 0.5 to 1 to 2 and above that you can kind of get your payback going, your IRR generally would double in a lot of the scenarios where you have a good payback zone. What I wanted to highlight about where we're going next is when you put our drill traces into this copper shell, this is into the copper equivalent shell 0.3. Recall, this is a porphyry stock. You'll notice interestingly that in this area, there are no drill traces. You'll notice in this area, there are no drill traces. You'll notice behind here. You'll notice that this is just getting going in terms of finding the vertical extent of this project. And when you turn this -- not working turn. When you turn it, it looks like the same thing. And so basically, what we're missing is this gap that finds its way around that moly ore body, which is perceived to be the stock. One other thing that you'll notice here is some sort of fluid pathway these vertical fluid pathways that are kind of forming that are also very important. So one of the things that we talked about at the beginning is, one, ore bodies form around the stock. Two is there's some sort of vertical extent for these systems. And one of the things that we had tried to find with some of the deeper holes earlier this year was the vertical extent, and you'll see that, that was kind of over on this side, right? But now what we have discovered with our drilling is that it's actually more on the east side of the middle of the project. And so what we are doing right now is moving to drill that. So you've got this bulk style mineralization occurring at surface. You've got all of these open areas open at depth and an extent. And when you kind of go back into plan, what we just released over here where it was 100 meters of 0.4, you have the bornite and massive magnetite veins and you've created this 2-kilometer footprint. It's easy to stress that this is sort of just getting started. And as you move back into the system, recall again that you're on a 40 million tonne crack. In 18 months, we put together what we think is the start of what looks like it's going to be -- it looks like it could be a critical copper project and mine. And because of the way that we explore this project, we think that over the next 3 to 6 months, you can really advance this project quickly through the zones that we have now sort of put together, and that's sort of the focus of the company as of right now. In the meantime, what we've also done is we've drilled across this 8-kilometer corridor. We talked about the Gimlet prospect. We talked about there's a banded iron formation up here. We've done a lot of prospecting across here. So this maple filled in. There will be lots of news to come on all of those things. We use drilling a lot, like some people use geophysics. So when you're drilling at $130 at the drill bit and you have core scanning, it's actually a lot easier to go prospect drill and do wildcat drilling than it is to, for example, run IP lines. So an IP survey would cost you $500,000. You can drill $100,000 in 6 holes and then basically just say, okay, now I kind of know what's in the ground. So our drilling and prospecting kind of took us through these places, lots of exciting things, but we use that basically stick a few holes into an area and get a much better sense of things than you would from geophysics. So at this point, that is where the company is at. Lots of news to come. We've drilled 61 holes this year. I think we probably put out 30. We should have a lot more coming in the near term. And yes, I'll leave this open for questions and go from there.

Awesome, Matt. And I appreciate you sticking with 15 minutes because we have a lot of questions in the chat and over e-mail. So try and get as many as possible. I got some technical ones, if you don't mind, just before we get started. But then I promise I'll get to all the great questions that are in the chat and came over e-mail. One I wanted to right off the bat, you colored the Eastern pad, 850 meters from the nearest hole, which is a pretty long way to go on a first pass. So what did hole 20 tell you that 18 months of MEPS drilling could.

Yes. So what that told us is, again, back in -- I can't see you in this view, but I'll take it back to the view. So what that told us is basically that the -- again, this continuous porphyry footprint is very large, right? I think that that could be a new fluid zone of structure over there. So you're not sure yet about continuity of a 2-kilometer pit, right? That is way too early to tell. But what you can say is that you have semi massive big fluids, how about that? You have very strong fluids. You get these 3 or 4 centimeter molybdenum veins that are basically chock full of molybdenum. You get bornite and chalcopyrite within the same kind of setting that you would have over at the center of the deposit. And so the biggest thing for this is that because it's so early and we're just getting going, this isn't something that has had 4 cycles of copper exploration that's gone with it. So to hit something like that early on to see those kinds of rocks, I mean that would be something you would chase on its own without the rest of the project and probably be pretty excited. So I think that what that all tells us is that this system, where we are is very important. So back into this corridor that we have here that we've talked about, it kind of tells you that you're in the right place where the MEPS discovery is.

Great. I appreciate that. I know the release says the Eastern rocks look different from MEPS, different alteration and not much porphyry in the quarter so far. So is the east the edge of the MEPS system? Or is that kind of a second center at this point? What's your thinking there?

Right now, I'm going to say that it's too early to tell exactly what it is. But right now, I would say that from the drilling we have done and looking at it, the moly makes it very similar, right? So again, intrusive center can be very big. I mean the Highland Valley is 8 kilometers. So I think that I would say that in this scenario, you have a lot of similarities, but if there's a different structure running through it, so it's possible that you have a different kind of fluid up rising here. That is a 2D determined piece.

Great. No, I appreciate it. Last couple of really technical questions, and we'll brought it out a bit. I know the best copper in hole 20 sits in that massive magnetite with chalcopyrite and you called that a distinctive feature for targeting. For the non-geologists in the audience, why does magnetite help you find the next high-grade shoe?

So far, the best -- one of the associations we've had with high grades is magnetite. You have it in hole 20 from last year, actually, like you got these areas of -- we call them magnetite veins. So you've got in hole 26 this year. So let me just take it into a section. So in hole 26 and here, you have -- there up in the top there like this, what you have is these almost replacement magnetite veins that kind of come through the system. And those magnetite veins are the same thing you're seeing over here. And what happens is west the magnetite comes bornite and chalcopyrite and a little bit of gold. Again, it's a distinctive unit that doesn't seem to be associated with the porphyry system that we first made the discovery on. I think that's the biggest thing is that the strength of the fluid, the heat that comes with it, you get the gold, you get -- again, you get bornite on these things, but it's not in that stratigraphy that you see in here. right? We don't see -- it's not in this continuity that plays out there. And so it's its own feature that's happening. And so I think that from a targeting perspective, it's a separate piece. And so, [indiscernible] it should be very magnetic, it should be something that you can explore. But again, one of those -- we had some people up and like, look, you just saw those veins. You would think that this might be an ICG system. And so one of the things about this system that's playing itself out right now is it feels like there are a lot of things all happening at once. There is a VMS architecture that's creating this stratigraphy. There is a porphyry, of course, the multiphases of porphyry that we've discovered, verified and found. And then you're in a greenstone belt in Ontario. So you have organic bolt capacity and these sort of things. You have this IOCGs in the [indiscernible] thing. There are ICGs in Missouri and people have written PhD pieces on them. So I think that in general, in projects that can become very special, usually, there's a lot of things happening at once. And so for this, I think one of the reasons why we get so excited about the potential here much beyond what we have put together thus far is that you have all of these things all happening in one spot, right? And so clearly, there was some crack and some reaction that happened that created this all. And Neil's theory is really because that you're at the juncture here between the Mid-Continent Rift, right, which is this copper event 1.1 billion years ago. And then this very, very large crack in the earth called the cap casing structure, which runs from exactly basically where we are to the James Bay is that you kind of have this environment, which is the perfect spot for porphyry formation, but also this has been mass architecture, but also [indiscernible] and gold and all these things that have kind of come together. So that's kind of one of the reasons why we're highlighting it like it's a little bit different over there, not associated with it because you would just have things overprinting each other.

Great. I appreciate that. This one, obviously, getting into forward-looking statements to this presentation. The hole 19 bottoms and rising moly with that felsic porphyry deck, which is the same signal you saw at the bottom hole 16 when you found that moly copper stock in September. So does that mean to the best of your knowledge right now, the stock runs under the whole 2 kilometers?

Yes. So that is the prevailing theory at the moment, it's a really good question, is that much like those porphyries at the beginning, which I can take us back to, but is that you've got this moly oil footprint that kind of runs like this if you were at surface. And you've got stock at the bottom here and then you've got moly over here. And so you've got this connecting 1 kilometer piece right now. When we drill deeper over on the western side of the project, you have this 50 meters and 1% here, you get these name veins over in this piece. but you don't get the same porphyry stock that we found so far at depth. That doesn't mean it's not there. But right now, you're seeing it over this 1 kilometer stretch. And then again, back to those ore bodies where copper forms on the shoulders, there's a total possibility as we kind of push this through that you've got this moly stock that runs for this kilometer or more. We have porphyry and moly and outcrop another kilometers to the northeast from hole 20. So you've got this very large kind of moly footprint, which is very fitting in an rift porphyry setting because rift porphyries carry a lot of molybdenum in them. And so that is, again, indicative of kind of your core. So one of the things we did this year is drill a bunch around and try and figure out are we in the core, right? That's one of the pieces that is very important, right? So when you do commit the next 30,000 meters of drilling, are you in the right spot. And so it seems very much like we are in the right spot because hole 19 is actually really important, even though the grade wasn't really that great, the incredible filling of these veins with molybdenum, right? Like you get just massive amounts of moly and very -- in these concentrated slots. And then also little dots of bornite and covellite that kind of delay. So the idea is that it all kind of connects over here, you have different up rising and things like that. But yes, that's the theory.

Cool. I appreciate it. I think that's need. One thing I wanted to ask, I'm just zooming out a bit now. First of all, [indiscernible] asked the cost per meter, so I will ask it myself. You're 53 holes, 22,000 meters this year, past your minimum, you're not stopping. 20 minutes off the TransCanada, you're around drilling. But what does the meter cost you compared to particularly, let's say, a fly-in corporate camp?

Yes. So I think that one of -- again, back to that setting of low drill costs. So you're probably -- I hesitate to say exactly what each of the pieces are, but all in together, when you include core scanning, when you include assays -- if you're a core scanning, doing assays at the lab and drilling, so forget team for a second, you're probably at about CAD 220, I would say, a meter, add $10 for Orange and core, which is coming to maybe CAD 230 a meter. I never understandably throw all-in costs together because you could be prospecting or doing geophysics. But like at the drill rig, that's probably what it is. And again, that's why we've used drilling to kind of step across the 8-kilometer corridor. Really, I mean, you can go around the world and you go up in the Andes and do USD 1,500 a meter. You can go up into a triangle in 4 months here. I'm not -- it's one of those things that -- it just really is a fortunate thing here because you can drill all year round for CAD 220 a meter, and then we have this TAM, the 6.5-acre ranch that we purchased that is just also an extremely important part of this project because you eat, sleep and rest there, right? We're right off the TransCanada Highway. There are 9 people that can sleep there. You roll an event in the morning with a coffee and you see the night score from the morning before. It goes into the geologic AI core scanner. You get your results in 48 hours. And so for all of -- so you're doing things in real time to allow yourself for discovery to happen faster at a very reasonable rate for exploration.

I got a double-barrel question here for you, so bear with me. The Eastern holes average around 0.3%, but the MEPS core runs 1% to 3%. So how should an investor sitting here in the room today hold a bulk tonnage number and a high-grade number in their head at the same time on one project? And the second half of the question is, where do you think the market is getting wrong right now about the story?

So -- all right. Those are -- that is a double barrel question. So I think that it's why I position this grade shell the way that I did. So there's obviously -- the gold in the discovery hole was 200 grams over 0.6 meters, which we haven't replicated. We get 20 grams, 15 grams in those. There's definitely a big gold component here, put it together yet. And you see these areas, again, like if we go across even the last few holes, you've got 20 meters, 2.5, 20 meters, 2.5, 20 meters of 2, you get like 100 meters, 0.8. You get these areas of higher grade. We've just put 0.5 for the shell. And again, I think that what is important for the investor, I think, and not necessarily what people are getting wrong, but it all ties in is that the grade variability here is the key to the story. The fact that you can operate this with limited infrastructure needed, the fact that you can build a mine here with limited infrastructure needed, the skilled workforce of Soo, the ability of Soo to contribute and be there for this project from people and support. And I think that when you have grade that you can mine early on in your mine life that is like this, that makes it very different than a 0.3 homogeneous result. We put out the bulk tonnage because, of course, that's what you're going to mine for 30 years, right? That's the idea. And I think that the other piece that is part of that question is that it's not like this is done. That is why I tried to show with the drill traces here. because when you look at the copper shell and you see all of these gaps, it seems like we've been drilling for a really long time, trust me. But in 18 months, we had to focus on different things, right? We focused on understanding this high-grade zone. We've just realized the stratigraphy as we've drilled east to west, right? I think the core of this project only probably has about 15,000 meters on it, right? And so this is such a glaring gap. And there's no reason that grades shouldn't connect and there's no reason that there shouldn't be a vertical extent and there's no reason there should be no source of copper fluid. This isn't a meteor that landed here, right? So I think that the grades are indicative of what can be both from a mining perspective, but also from what we are looking for as we continue to drill. And the scale is more the bulk piece, right? So even if you look at traditional porphyry, you look at Galore Creek, there's like pods of these high grades within this giant bulk tonnage shelf of 0.2 really, right? And so again, if you drop -- if we run back into the porphyry analog, right? Again, you've got these like pods that form is a horizontal layer and then you get these bigger things as you move down at depth, right? And I think that, that is where we are going now, right? It's like, all right, we figured out the center. We've got a really good starting point. You've got the grade that shows you how strong the system is. I mean, you don't see a lot of porphyry projects with 40% copper replacing bulk with bornite that we have and covellite and the ability to upgrade the system like they have. And then you have the scale, right? So this didn't come from nowhere. So you've got grade and scale. And now we are really honing in on that one area that we were just showing and just it's kilometer by kilometer. So it's not exactly a small thing. But again, you're drilling a 5-centimeter drill hole into a very large area. So to have all of that already exposed itself at surface in 18 months, and I guess we put a drill results up to 15 months of drilling. So not a lot of time that we put into it, and I think that's only better for you.

Awesome. I appreciate that math. I'm now going to get into audience questions. I know there's a whole bunch. We'll try to rattle through as many as we can. A couple of came in over e-mail. One person I wanted to know what Dr. Neil O'Brien, who was quoted in previous press releases thinks about the current drill results.

Yes. So I think that most of what I'm trying -- one of the reasons I highlight team first is that I'm definitely not that smart. So I've been doing this 20 years. I've seen a lot of different projects, but Neil has successfully built out, been part of some pretty big porphyry things in his life. And even before he was with Lundin Mining, he was the GM of Cominco running Mexico, where there's 4.5 billion tonne porphyries with 0.5% and 20% bretches. And one of the first things that actually we looked at when we did our due diligence here is he actually compared it a little bit to Cananea, which is 4.5 million tonnes 0.5 in North Mexico. I think that what I am saying here is reflective of what Neil is saying. And the whole point is that the grades here are -- it's a search, right, in terms of trying to find your fluid source. Obviously, we would love to have hit 70 meters of massive bornite across the entire project. I think that the point, though, is that you have to work your way out and then you're working your way up and down. And so the same thing I'm saying is exactly what Neil is saying is like, well, this is super promising and you're pushing this forward. And I think that Neil's big point also and then I've been able to sit down with a lot of guys who own the stock and have built up porphyry and really fun copper districts, and a lot of them are like, yes, you build this out, you got something special here, keep drilling it, figure it out and then also continue to drill the rest of your project because there's a lot here that is exciting. And so it's one of these things that -- we believe this is a camp scale project. That's Neil's big theory as well. And that will be something in the next 12 months, we start to drill out a little bit, too. But yes, it's kind of what I'm saying. It's very -- we're pretty much on the same page in terms of what we're -- what I'm saying and what Neil is saying.

Great. Appreciate that. There's a number of questions. This is in the chat and on e-mail. People asking, what's your estimated cash runway today? And the sometimes spoken question that follows it is, are you going to have to raise current share price?