There's a lot of labor around for mining. It's a great place. There's power. We actually have a highway going across our site. The management team, again, the reason why I'm there is to build this mine. I'm not here to paint this mine pretty looking and sell it. We're here to build this mine, as is the management team. We've got a recent record of getting mines permitted and actually built around the planet. I'll show you a slide later on of some of the humans we have on the project. Again, just a picture of where we are. We're east of Matheson in the Timmins Camp. The North Block, which you see there, holds a Fenn-Gib asset. We've got an exploration project on the south side. It's called, creatively, the South Block, and that's right along the Porcupine-Destor Fault. The Abitibi Greenstone Belt is about 300 million ounces of endowment. About a third of that is defined in the Timmins area, which is the Porcupine-Destor Fault. What are we doing here? It's an open-pit mine. It's a low-production mine. It's a low-risk mine. We're staying below that 5,000-ton-a-day threshold. When you look at this picture here, it's pretty easy to understand why we can do that. Again, the hotter colors, obviously, are higher grades. We've been blessed with a high grade at surface, and that's what we're mining. When you look at the dotted line on the outline, that's our resource. That's 4.3 million ounces of resource. That dark line is the 1 million ounce of the PFS. We've recently published a PFS in early January, and it defines 1 million ounces, 25% of that resource. The reason why we're doing that directly goes back to my first comment, the permitting below 5,000-ton a day process and below 5,000-ton a day ore mined. To get below that 5,000-ton a day ore mined, we have to mine at an elevated cutoff grade, at 0.8 g/t. All that material between 0.3 g/t, or your economic cutoff grade, and your elevated cutoff grade, we put that on a stockpile, and we call it mineralized waste in the technical report. Had we included that would obviously be something that a mining company would want to mine. But had we included that, we'd been going through the federal review process, and that would take roughly seven years. Under the provincial process, we can make a construction decision in 2028 and be in production in 2030. Again, this sort of just gives a comparison of why we didn't go big and why we're focusing on the small mine. With the small mine, it gets us into production quickly. Like I said, it doesn't sterilize any of the future potential. There is a scale asset. If we went for that scale asset now, it would probably be about a 25,000-ton a day plant, and that would be north of CAD 1 billion, and you wouldn't get that into production for eight years. But with the strategic path we've chosen, we can get that into production very quickly. Again, the doldrums of the Lassonde Curve, we know that. Again, what we have in front of us is we're in this period for a short time frame. We're not sitting around here for eight years had we planned for that larger asset. Why do people want to invest in a company like this? It is a modest production profile. The reality is there is a path in the short term for catalysts. They are hugely important for us. The Ontario government has developed a new permitting regime, which they have tried it on a few occasions, and on this one, I believe it will actually work. It is called One Project, One Process, 1P1P. We put our application into that in August. The interesting thing about the process is it typically takes about four years to permit a mine in Ontario. They have committed to cut that in half. So 18 months to two years is the clear expectation for that. We expect to be designated in the short time frame. We expect it will happen in early October. Another thing that we are advancing on, because we are on a very tight time frame, is project financing. It is a modest production profile. It is a modest capital. CAD 350 million was the PFS Canadian. We have already advanced with project financing. The market should see the results of that in a fairly short time frame. We will get debt for about CAD 300 million, and the balance being roughly CAD 250 million, which includes working capital for the project construction. The other thing that is hugely important, maybe not so much in Idaho, but certainly in North America, in Canada, and specifically Ontario, is Indigenous participation in projects. We have a community that is about 20 km away from us. We have been advancing that relationship. We will be getting an impact benefit agreement with that. Again, the intent we want to get with that community is we want our success in the project to be their success. Not only is that the right thing to do because we are working within 20 km of their community, but it also helps us with the government. If the government does not have to deal with the political aspects of permitting, and they just deal with the technical aspects of permitting, we could be in a situation where we have full permits ready for construction in 2028. Again, a couple of things we are working on. The engineering design. We did a PFS at the beginning of this year. We have gone directly into detailed engineering. By the time we get to FID, we should be at 70%-80% engineering complete. It is a small plant, so we can go very modular with that. We will work with the OEMs to get through that, and that really de-risks the project. On the other leg of the stool, the environmental approvals, we have got roughly three years of baseline studies, which de-risks the permitting process, and we will go through the 1P1P process in a short timeframe. Again, tied in with that, the third leg of that stool is really the Indigenous and community interactions. We have got four communities we deal with. One is very close to us, the other ones are 65 km- 150 km away from our site. While they are equally important and the government has flagged them into our project, Abitibi and [Ishpeming] are the highest priority community we are dealing with. This is some of the highlights. I will flag you to the second column there. In the old money, if it was less than 100,000 oz, it was a bit of an honor. We mine gold for the upside, but we also mine gold for the cash flow. What we've seen on this, because the high grade of this ore body is on surface, we can bring a lot of high grade forward. In the first six years, we actually mined at about 1.5 g per ton, and at the time we did the study, gold was about CAD 4,450. I'm not sure what it is today. I think it's a bit less. But interestingly enough, for a small producer like ours, we can generate CAD 1.4 billion free cash flow in that first six years. And really that gives us the opportunity to, one, generate the cash and decide what we're going to do with that. What do we do with the mineralized waste? What do we do with the scale asset? It's a great situation to be in. For the life of mine, on the PFS, it has an average feed grade of about 1.3 g/t, and again, we'll generate about CAD 250 million free cash flow a year. Very similar to Hugh's project. Again, a lot of detail in here. My background is I am a project operator and a project builder. The PFS that we put out there, I plan to stand up here three years from now when we're at the end of construction and to have the same sort of numbers. What you look at these are a realistic expectation of what those operating costs and construction costs are. Again, a relatively modest production profile. You can see in the first six years, the grade is brought forward. As any mining engineer will tell you bring your highest-value mineral as far forward as you can to get the highest value. Now we talk about exploration. The Timmins Camp, as I said, is about 100 million ounces of endowment. On the North Block where the Fenn-Gib is, we know what that deposit is. That's 97% indicated. It's well drilled off. We know what that is. The South Block, on the other hand, is undiscovered country at this point in time. There's been some drill holes there, but interesting, there's a lot of overburden and very little outcrop. That's a good thing. That means there's opportunities going ahead. The Destor fault is really what defines Timmins. We've got a good contact to that, and we have broken it up into four regular domains, where we will prioritize the drilling in the start of the next winter season. Mayfair has underperformed, and this is part of a function of the historical. There was a management turnaround here. We had a previous management team before I came on board that was largely replaced. And what we've seen over that period, there was a lot of shares that got blown out, and it hasn't really performed with the market. But frankly, from my point of view, it's a good opportunity, and that allows the re-rating going ahead. What do we see on that re-rating? Right now, when you take the market cap of Mayfair, which is about CAD 300 million, a little less than CAD 300 million, we fund this project and then we evaluate what is the dollar per ounce going ahead. Again, a similar evaluation that other guys that look like me or that may be better looking than me than would tell the same story. But when we get this into construction and into operation, there's a fundamental re-rating on this share price, and it's currently been evaluated at about 5 x what it is right now with a share price peaking at CAD 20 in the short timeframe. This is really quite remarkable for a project, a Greenfields projects in this situation. So why do I have the confidence that we can get this done? It's really because of this team. As I said, my background is a mining engineer. I grew up in the Placer Dome world. I've worked around the world building mines, doing projects, operating mines, and I left the Southern Hemisphere and came back to build Detour Lake Mine. You'll see a lot of commonality with the humans on this slide of Detour. And that's not only we're getting the band back together, but it's also fundamental that if you know how to work with people and they know how to work with each other, it makes a fundamentally different project. Projects aren't built on good ideas, they're built with people, and this team is set to build it. So Kevin Annett, he's our CFO. He was previously the CFO for North America for Barrick. Exceptionally smart operator. Where I like to say I build mines for fun, Desmond Tranquilla and Ayaz Kassam, they build it for a living. Ruben Wallin, who's an exceptionally good environmental sustainability guy. He's permitted probably eight mines around the planet in his background. Zayem Lakhani, he ran roughly CAD 4 billion with HSBC. He's an exceptionally good market fellow. He helps us with the debt, helps us with the marketing going ahead. J.F. Métail and Adree DeLazzer, both those two characters worked at Detour. J.F. Métail is one of the best modelers that exists on this planet. He's one of the best operating geos that I've ever worked with. And Adree has worked in the Abitibi Greenstone Belt, most recently, prior to that at Kirkland and Detour, and then subsequently, she helped sell Northern Superior. So this is a team that we've brought together that isn't here to build this mine. We're here to build this company. We've got a unique board as well. We've got two characters from the Muddy Waters. Interesting thing about Muddy Waters is they're not a conventional board members. They're exceptionally smart, they're exceptionally good. And these folks with Sean Pi and Henry Heaney were really the founders of this company. And we've got a few other characters, Zach Allwright and Christine Hsieh, both exceptionally smart individuals. And then just for fun, we've got Pierre Beaudoin, who I worked with at Detour as well, a strategic advisor that I lean on. This is probably one of the things that drew me to this company was the depth and quality of this board, and it's really the alignment of management, board, and investors, and you don't get that with every company, and it's really unique and something that I'm very proud of. We've got about 36% internal ownership, and within a couple of phone calls, we probably have close to 50%. So right now we've got about CAD 20 million in the bank. Burn rate is about CAD 2 million a month. We're in a good situation. We're looking to make a construction decision in 2028, so we're well set up with the catalysts we have in front of us to make some good traction. Top shareholders, you can see the capitalization structure is fairly tight. We've got excellent shareholders. They're a bit sticky. Muddy Waters, Heeney Capital, and Oaktree about 20%, let's say 14%, and about 8%, and Vestcor and Nokomis is about 5%. These folks, as I said, the investors are aligned with our strategy, and they support us to get through into construction. It's a great situation to be in. I think I'm running out of time, so maybe we get back on the schedule. Thank you very much for the presentation. Just in terms of questions, permitting in Ontario under the 1 P system, which seems to have halved the timeframe. It has, yeah. Are there any precedents for that program yet? How's it going so far? Good question. There are three companies that are in that system right now. The system started about this time last year, so it has only been around for roughly 12 months. There are two strategic minerals in it, strategic mineral companies in it, Frontier Lithium and Canada Nickel, and the third company is Kinross's Great Bear. Each of those projects are fairly complicated. Frankly, I do not know a lot about Frontier Lithium. They have more information out about how they are progressing, but the other two are fairly complicated process, which will involve the federal EA. For us, the reason why the government likes us is we are a simple project. We can get into their project, and they have got to be shown to be successful through the One Project, One Process. It is a good situation to be in. We have designed this project to be a made in Ontario project. Yeah. While we are not the first company in, I do expect to be the first company out of it. Yeah. Okay. Does that timeframe include engagement and agreement with First Nations, or how does that fit in? Yeah. In the timeframe that we are working to is the Indigenous agreement. There are term sheets that we could sign now on Indigenous agreements, but that is not my distraction. My distraction is getting those agreements correct. It is a relationship that will last for multiple years, and we have multiple strategies through that, so the relationship has to be strong. Having gone through these, having operated mines in Ontario, you know what some of the pitfalls are. If you sign something where you know there's a pitfall, you know there's going to be a fight down the road, and I want Mayfair and the Fenn-Gib success to be the community's success. We'll likely get an agreement. If things go exceptionally well, it's the end of this year. If things go normal, it's probably Q1 or the first half of 2027. That's one of the most important relationships we have to establish. Yes. Okay. Very good. Are there any questions to the floor? Availability of the contractors and skilled staff? Good question. That's certainly a risk in the construction. Where we are, it's outside of Matheson. Probably some of the best contractors that I've ever worked with are in Val-d'Or and Rouyn area. There's a lot of contractors in Timmins. We're sort of the centroid for one, labor, construction labor, around Kirkland, Kirkland Lake, Timmins, and Cochrane, and then for the major contractors just across the border in Rouyn and Quebec. If you're going to be building anywhere, this is probably one of the best places to build. The other thing we're doing to de-risk the project is because this is a relatively small project, we will modularize a bunch of the plant. This is smaller than, frankly, the Detour waste crushing plant that we built. We can modularize the crusher, we can modularize a lot of the tanks. We can do the same thing with the thickeners. We can have the thickeners built in China, constructed, inspected, dismantled, put in four sea cans, and bring them over. Really what we're doing is we're working with the OEMs, both FLS and Metso. We want them to design what they're good at, their islands, and also supply it as modular as we can get. What that does is that shortens the timeframe and really de-risks the construction phase. They have to bring in the crusher, or they have to bring in the HIGmill and plumb it in. It's a fundamentally different design than a stick build everything. Thank you. Okay. Thank you, Drew.
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