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Eth go. 
Dan and poll First av alla thank

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you very much for joining us to 
day. 

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It was the real place you to 
metoo at pedak in tronto and 

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alltså int Frankfurt back in 
november we trulley of twisade 

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till conversation that web hade 
en look forwit two see wan and 

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person. 
Jag thank you very much. 

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Allian Fredrik wore very much 
looking four tour are to 

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Stockholm in the Falun plus you 
the chap with you guys som väl 

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är pris it the perspektiv så 
youbringan and the your and tire

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investure network that comes 
with you. 

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It's it's a great thing. 
They nej absolut it tank. 

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You's it great to be er and it 
tune looking två to sein new. 

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And it som The ader guys and 
tove. 

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Kanske är. 
Att amovi of First Mining forit 

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som time what makes to company e
specialy interesting to as is 

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that it companes there things 
with think madal a laterin this 

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Market. 
So firstly, Large cale cane gold

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assets. 
Secondly, a Clear path of the 

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risking alteretly a great 
management team because is with 

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know management team is very bay
important in in the Mining 

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business wechar quit Capital 
intense så wee look forwit two. 

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Dess diskussion as well, så. 
Lets being with a people behind 

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the company because ised in 
Mining. 

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The quality of the team is after
and just as importen or not even

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more importent are quality of 
the Asset so to you then cuture 

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briefle walkles through your 
background in Mining en som key 

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experience that shape you as and
execitt teve. 

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Ja sherly thanks så i startade 
mycure add working in Mining and

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a round Mining companys från 
Morten thirdie years so i 

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startad myc korean and neurly 
nighting nigh in Investment 

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banking i New York eller in 
Toronto boken Stone Mining 

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companys and i Cannes and fall 
in the Mining business pre much 

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by accident. 
I DASA wone w is looking First 

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the won's of work on of 
financeing and merger Project 

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för Mining company and. 
Ever what Health and my and 

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class och dessutom. 
Workade Mining Project it are 

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lite trade of hyde innan it is 
very unsexy business to work in 

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bud i know is a big port of the 
kenedian economy en sorts fell 

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andod accedent både spin fara 
wee the logist ped of the 

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koreers. 
Så who's Investment banking and 

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Toronto, New York and the nigh 
nigh ised my MB i at incy at en 

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frihets. 
Toyota 1000 tuff thusen and then

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who's in London for? 
Tre års after that doing 

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acquitions work for general 
Electric and then and AT ten 

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years and Investment banking 
back in Canada with a real focus

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on on Mining en and time really 
in the last the last ball Market

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cycle. 
This who is 10 000 food twenty 

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thirtin w. 
'S runding, one of the Large 

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Corporate fine Groups and the 
cannadian bak this focused 

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online. 
Experience really focus thone 

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helping mostly single Asset 
Mining company's ray's Equity 

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and advising no fining partners 
or Ultimate selling no's 

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Project. 
So it a really robust business 

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in the last cycle. 
Inne Large ly driven by whit wee

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sade given när det är real 
shordage of projects and jag 

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tänkte att charages only become 
mor akut så after that i sped 

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five years is a is a partner in 
a Mining focus to Investment 

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form. 
Så vi hade både etthundre 

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millisiljon dollars under 
management and investing in 

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laater stagage Mining Project. 
The real focus on on gold 

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projects cannabis of my heard 
and joint First Mining in twenty

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ninet team whingy are loking for
CEO andlig. 

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Axel cold colart sharman, Keith 
new myer and set it is a grep 

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portfolio of Project you haven 
it lite bear portart. 

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So that's with got mehar now i 
businhere for seven years and 

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neuritod tech this lång neur 
thod of wod beathers heroden. 

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Inom av who's cutlerst with we 
with beigetting to beino five 

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years fram twenty nighten i 
schest. 

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It's taken logonger bara tänk på
reallya point know it's it's 

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it's and unbelivble time for 
investors to be kom in the this 

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company. 
No because det är en efter wait 

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it eight years for this catulos 
to comested surare like in. 

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The extrema, so it's it's pree 
exite. 

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Läs just expandet what was it 
about First Mining that made 

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yoant to becom up parad of this 
is story in the First place. 

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Intersting is working it 
Investment found with look that 

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almost every won thir iset's in 
ser. 

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Ve card twone, thirtin to twenty
sextion with with lukten av most

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everyone of the assets that 
Keith energi team men the doub 

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quurering så. 
Genom spring på with at gold 

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line with looped pek with lutit.
Like really? 

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No allt projects pretty well nu 
thit thir Challenge with with w 

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is not andy thing fundamental 
vilket you word good asets this 

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is chain it take time and 
Ferrari Investment kriterier in 

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the fond vi har lagt ett 
springpool en twonytinen take 

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tin new yews to get that 
permitter ten your Foods och you

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know vil. 
D really fett that well bah you 

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knows ju sering that the amazing
Asset value amen theep deep 

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value. 
Trading at, you know, i sade det

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importen opportunity for me too.
Det är en uppe ible two get 

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signifikant portion a that is 
and så. 

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Tror du det är med abonn of 
investmentts intui the company 

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order last won the First cupel 
of years i The invested. 

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Haf dollars of my o' money? 
En affa and Times win eye people

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really what and to Invest in the
company so that hjälpt mig 

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aquire a quide of big position 
and natt over in of most of the 

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perioder from twenty twenty to 
to last year took most of my 

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compensation in en chars och RS 
us ur options och bilt up a 

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signifikant aque position withes
withers really important it they

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thank för Investor under. 
Standard there of management 

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team och schedier alla våra 
management team. 

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Tanner stark paus benish 
sherhover wonger of and i ben 

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kit new Mayer och charman on's 
know like around foury five 

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million cheres and is buying 
isher million haft like eller 

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fyra veckors a go so like you 
gata management team et really 

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online and andived with they the
investors to the ciao shipage 

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cola. 
I complete League grey en the 

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thank you imorse får the intro 
introduction of your of you. 

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En, paul så du brittley alltså 
introduce your background iswell

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and how you found your way to 
the First Mining. 

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Så jag tänker ja så här i ända 
öppet First Mining, wow, i was a

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stop broken och Investment 
advisor code in interont toal 

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för manue and it westäder är 
mätt keep newmare hos sin over 

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shamon upp för smining and i 
gården för. 

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Först kvansum där hos gron in 
tove copyr fortsatt my client 

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med and absolut tunnel money of 
natts dock and a First med just 

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dic sover and your. 
You breath formella company 

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every centb mine ound that's 
dock except one clidar andy med 

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låd money so natuley på en 
keeput put First Mining to 

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gether back and two tvåtusenn 
fifty and iper cay and invester.

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Andy. 
I goas air lefty i förra pengar 

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pengar start bruk i really and 
joed the Mining minting starts. 

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Business bush snacka innan what 
the company of work for really 

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want it on it's system way from 
så tunior and Mid Cap company så

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är det bara att chans to Selma i
my climt base and sociala. 

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And seventiven that lou bath 
this this la that ur fuu yes, 

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but i there mention then you and
arbets utbildad Investor för 

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lång long time eye plus en 
investera centusen and fifty en 

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and finally i and i approach dan
and and and and and cyton i sad 

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look it använder investera i 
tech. 

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Tre och tvåhundratvån cheese och
matchar pricer som är The stark 

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stridning nell annars så lopp 
what pluest bring me. 

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Jag har när lapt toga den volt 
in en speaking with with 

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Investor. 
I i i think it on thing i Leone 

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alltså start precis it's 
absolutel i cricial to keep yo 

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your Invest as cent's welling 
form so that no there are 

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Investment thes solid a give you
it and real assurence and that 

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is this is. 
Potential för to makes som som 

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grete great returns så är det 
eventuellt att bygga ett krony 

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twany one. 
Done broat my on to you speak 

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withoit investors under director
of the Invest ur lations. 

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So i spän must my time speaking 
mot and bestals and speaking 

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with with prospective investors 
and the ja and it's it's gread i

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woul talar ju och jag är bytte 
invested för long team time 

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danaludet to this. 
Just när one i advantages up and

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your on geting and you coming 
and best and air is thy haven 

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00:11:04,350 --> 00:11:07,750
hat to and your best number 
reve's wall life ha to in your 

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00:11:07,750 --> 00:11:12,110
there last number of last tin 
you's i what s are you i morgon 

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site know that i ever been my 
aspirations for the stop Price 

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av ony eric an hia and hiya and.
Yous the analytid there isom 

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exiting things we are potential.
Axelst så att workspecingen är 

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något är naturligtvis future. 
Hans sour you woggar inte. 

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That you themke you very much 
for you background in it sims at

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Keith no Mayer, major jobb as 
and stockbråken, skriver easyasy

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a Times. 
Andes and grey it eb this great 

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absolu. 
This. 

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Svery, happy cliants. 
A is your member innov the time 

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peerid from tony eleven, the 
twenty fifty inne 61 whosy 

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00:12:00,600 --> 00:12:06,070
Savage beer Market. 
Just misible and you hand of 

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real structual changes inner 
landscape of investors forticaly

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00:12:12,390 --> 00:12:17,230
for Small Cap minings dags 
passed och lite used to be 

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driven bynov retail Investment 
advicers and in Canada 

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particality all of thad business
went from people recommending 

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individual start loking for deep
value in individual company. 

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To. 
Oned product Exchange traded 

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funed product med din one a make
money clients and onely chardce 

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of on procent fyra and 
managering Asset and point i TFS

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like really and so you hot a big
sweh of the of the investing 

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universe for archive of company 
just disciplare and it has 

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inledningen till recent livet 
that that that that isur of 

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invester base och is. 
Sorb reborn och starting the 

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00:13:06,040 --> 00:13:09,910
comeback, with. 
Investor. 

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Inom singel sector for devalu en
genom i thano people who like 

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00:13:17,480 --> 00:13:21,960
andderstand och live of your 
investors här com to Golden 

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00:13:21,960 --> 00:13:26,680
samsets aurney that with stort 
of through krypto in'o ways 

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00:13:26,680 --> 00:13:32,280
Rights a lope who word loking 
for alternativ to dollar based 

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Investment and gold is now cat 
of geting. 

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It's ch. 
Ine back efter you and a pirade 

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00:13:39,400 --> 00:13:43,110
World, it's and havet. 
Många time eller så now sover 

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00:13:43,110 --> 00:13:46,790
more people, WRC and gold is a 
fundamental park of a portföljer

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00:13:46,790 --> 00:13:49,470
och now loking och la. 
Why have this perspektive a 

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gold? 
What of the Investment 

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00:13:51,630 --> 00:13:55,150
opportunities weekend se where i
can get real leverage of that 

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00:13:55,150 --> 00:13:58,830
goda Price and networ company's 
like as mera you ready cancer 

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00:13:58,830 --> 00:14:00,310
start signaler and basement thas
is. 

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00:14:00,310 --> 00:14:05,990
Come and my are i and dan hos 
hört misse somany soundy ties 

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00:14:05,990 --> 00:14:09,310
you you know one i Tour inne kan
bli en stadig speaking with and 

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00:14:09,310 --> 00:14:14,350
westers it the question i. 
Gatworse wise är starting whise 

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00:14:14,350 --> 00:14:19,710
of moving and good is moving 
öppen and an and movingarna i 

190
00:14:19,710 --> 00:14:23,830
söderlok för det för det hela 
aktivitet för The murarna the 

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00:14:23,830 --> 00:14:28,990
must importen things we need's 
for the sektor to comebacken to 

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00:14:28,990 --> 00:14:34,230
favoren även no god prices and 
moved up people wasilipsed så 

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00:14:34,230 --> 00:14:39,310
att säga sist EW stil 
moffelukust of buying company 

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00:14:39,310 --> 00:14:42,350
like Amazon and Tesla and Apple 
comp. 

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00:14:42,750 --> 00:14:49,270
Grep grep company ja en en 
bitcoin en andher cricto 

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cripto's and sol what i without 
sales lok ja det blir neder 

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00:14:54,070 --> 00:15:00,030
rotation from OA from som this 
this other Inter the godt sekta 

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00:15:00,550 --> 00:15:06,590
and wow high your gold prices 
whalt necessurly tröjts lay 

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00:15:06,750 --> 00:15:11,030
inton Media rotation of monet 
från no sectes inte the good's 

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00:15:11,310 --> 00:15:13,630
godsäktor och Pressens metall 
sektor sektor. 

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00:15:14,110 --> 00:15:19,670
Det har jag goat go hos the mall
likly that rotation will become 

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00:15:19,790 --> 00:15:23,110
and jag tycker vi last woody's 
id August last you that't be 

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00:15:23,110 --> 00:15:27,910
acalin, a god cout moving high 
and vid starty to se mony it 

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00:15:29,030 --> 00:15:33,590
active Switch inte the suite of 
tecken you lite bättre på breath

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00:15:33,590 --> 00:15:39,790
there right när goda in tove to 
with me talk that the makrot ja.

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00:15:40,000 --> 00:15:44,400
It's jag spelar long right a 
getting there thirir andy i PA 

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00:15:44,400 --> 00:15:49,120
fortfo get to mantionner good 
stod mode up it that this that 

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00:15:49,120 --> 00:15:52,510
is. 
Jag tänkte beställa ni gör ni 

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00:15:52,870 --> 00:15:56,670
early stages and it think bäst 
alla mallremsa inför the tune 

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00:15:56,670 --> 00:16:00,390
and mid cap's. 
Thank you very muches very 

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00:16:00,390 --> 00:16:04,590
intressant points boot from dan 
and from from you and the 

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00:16:04,590 --> 00:16:07,190
Therese a live of points at you 
mention there that my me cood 

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00:16:07,190 --> 00:16:09,910
disuss for and hour each. 
Jag. 

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00:16:10,430 --> 00:16:12,360
Tänker. 
Bättre for is the moone that is 

215
00:16:12,360 --> 00:16:14,480
intrestin Times, and we are all 
so. 

216
00:16:16,280 --> 00:16:18,520
We's it, Investment 
opportunities and the sektor 

217
00:16:19,080 --> 00:16:20,760
with the krypto that you mention
thes. 

218
00:16:21,550 --> 00:16:25,750
I ting krypto haze som people 
hade sett that krypto has like 

219
00:16:25,910 --> 00:16:30,150
take in the Spotlight from 
goldminors and gold Investor. 

220
00:16:31,470 --> 00:16:35,590
The krypto Space is dunting 
wither that är ju understodd the

221
00:16:35,590 --> 00:16:39,670
money printing and the diffic 
this with and completer deffrent

222
00:16:39,670 --> 00:16:44,310
way så i think in the comming 
years and will have a new wave 

223
00:16:44,310 --> 00:16:48,310
of incript och investors. 
I will fine Golden seeets true 

224
00:16:48,310 --> 00:16:50,790
values of it's alltså for the 
good good. 

225
00:16:51,430 --> 00:16:55,400
Ja, jag tänker inte. 
Enkelt, så bara grovingar, 

226
00:16:55,400 --> 00:17:00,480
invester base eller bara people 
staring the se in not just. 

227
00:17:01,430 --> 00:17:04,710
Momentum investing bör alltså 
inom. 

228
00:17:07,440 --> 00:17:11,000
Underställning av deep value 
investing men netwarther things 

229
00:17:11,000 --> 00:17:15,920
that is o is been a more 
difficult i The with with 

230
00:17:16,680 --> 00:17:20,800
kryptov and whing new 
startwoking a Golden and go 

231
00:17:20,800 --> 00:17:24,040
thander gold minting componas 
and wal get to the inne of the 

232
00:17:24,040 --> 00:17:27,960
Investment theises with First 
Mining and cornedota value theep

233
00:17:27,960 --> 00:17:33,230
value aspekt weese here. 
Tänk er varje massia grid so 

234
00:17:33,270 --> 00:17:37,190
lichus zoom out to bit and talk 
about a brother Market because 

235
00:17:37,510 --> 00:17:40,710
all good companys operath with 
in en match bigger gold 

236
00:17:40,710 --> 00:17:44,310
environment. 
Så how do you currently view the

237
00:17:44,550 --> 00:17:48,110
brother macro for gold and what 
veriable se you pay the mose 

238
00:17:48,110 --> 00:17:50,670
tatention to kan go with den 
försture. 

239
00:17:52,710 --> 00:17:57,150
I thank weir är det en 
interesting level nouts out beet

240
00:17:57,150 --> 00:18:00,190
of very big big push and a gold 
Price. 

241
00:18:00,830 --> 00:18:04,150
Love the course, the last beknow
twell to a tends. 

242
00:18:07,760 --> 00:18:11,160
You know Therese a cop of 
people, the w pay pertical 

243
00:18:11,160 --> 00:18:16,840
attention to. 
Inom experts Friends of arse hur

244
00:18:16,840 --> 00:18:19,600
spännande over time och kring at
the fundamentals are spend 

245
00:18:19,600 --> 00:18:24,720
overtime walking at the 
technicalslesing thit this is it

246
00:18:24,720 --> 00:18:28,720
it this is a po paus i on away 
to a much mot hyre. 

247
00:18:29,390 --> 00:18:34,110
Gold Price, so for me, you know,
i think heaving and under 

248
00:18:34,110 --> 00:18:38,350
stening of the macro i West 
really like to pay athenction 

249
00:18:38,350 --> 00:18:41,990
the what's gång w is central 
Banks, you know i think where 

250
00:18:41,990 --> 00:18:45,630
ziness tore of paus and a rise 
of the good Price hase 

251
00:18:45,630 --> 00:18:51,590
everything to do with of push 
från neur term liquidity around 

252
00:18:52,070 --> 00:18:54,670
the summor the instability and 
metallist. 

253
00:18:55,960 --> 00:19:00,920
You know, en live govenments 
under the turn some of there 

254
00:19:00,920 --> 00:19:05,040
holding's in to case Tobias to 
buy wy wepends tove to inom 

255
00:19:05,080 --> 00:19:11,870
protect. 
Pusha för brother Security, så 

256
00:19:13,150 --> 00:19:16,190
bara jag tänkte the brother 
narrative for gold head's not 

257
00:19:16,190 --> 00:19:22,390
change idag, i think thow the 
fundamental reason for gold to 

258
00:19:22,390 --> 00:19:26,430
moves really de basement of 
corances in my mind. 

259
00:19:26,430 --> 00:19:30,870
It det är så här. 
Preservation of procchisting 

260
00:19:30,870 --> 00:19:36,070
power and it's golds funktion as
a currency agents prey much 

261
00:19:36,070 --> 00:19:41,720
every a currency in the World. 
That i thenk is being very Rapid

262
00:19:41,720 --> 00:19:47,840
lee d based by govern. 
Te over boring inom governmen 

263
00:19:47,840 --> 00:19:52,400
dot's that are staring the 
spiral out of control, not Last 

264
00:19:52,400 --> 00:19:56,480
of weet and the US inne och 
visst är ju most people lod 

265
00:19:56,480 --> 00:20:03,830
Price and US dollars. 
Gold pricer. 

266
00:20:05,600 --> 00:20:09,080
Menade defenset i anywall 
defaset and the news ur 

267
00:20:09,080 --> 00:20:15,120
runingens and thillions of 
dollars areember and the global 

268
00:20:15,120 --> 00:20:19,960
Financial crises and twotusen 
eed neyot det det är pontin and 

269
00:20:19,960 --> 00:20:24,600
president and a mound of mony 
and the economy in tweusen eye 

270
00:20:24,600 --> 00:20:29,440
to twe two 2009 was like aone 
one point, two troiljen dollar 

271
00:20:29,440 --> 00:20:32,960
defut en it just absolut it blue
blue peoples mines. 

272
00:20:33,670 --> 00:20:37,390
Där är en one cood borrow that 
much money. 

273
00:20:38,270 --> 00:20:40,880
Wow. 
Ur spänning i thank three Times 

274
00:20:40,880 --> 00:20:44,880
that on interest on the US that 
right nell, right? 

275
00:20:46,920 --> 00:20:52,680
It's no, what ever it's like sex
to ey triljon dollars of borwing

276
00:20:53,080 --> 00:20:59,600
in the US ever year it's chust 
astronomics, so it som point, i,

277
00:20:59,600 --> 00:21:04,200
like, really, rollly way out of 
that is de evaluation packes i 

278
00:21:04,240 --> 00:21:07,600
don't tänker your goesy 
taxation. 

279
00:21:08,550 --> 00:21:13,520
Beauble tocovery thad så en. 
Så notnot i your economy it it's

280
00:21:13,520 --> 00:21:16,360
faczingness. 
Även the reality's most of the 

281
00:21:16,360 --> 00:21:20,520
eurozone is faceing and Japan is
facing it's most of country 

282
00:21:20,520 --> 00:21:23,280
resurser till renting massor 
budget därför att set's in Large

283
00:21:23,280 --> 00:21:28,520
part because. 
I know, i think the World lax 

284
00:21:28,520 --> 00:21:35,120
the trodde the fiske disciplinen
to with to the to. 

285
00:21:35,560 --> 00:21:38,400
The manager budget defas ut en 
different way. 

286
00:21:38,950 --> 00:21:44,790
Så anna tairy optimistiker abode
people geting budget de finns 

287
00:21:44,790 --> 00:21:48,150
under kontroll i timesound. 
The reality är så att i think 

288
00:21:48,150 --> 00:21:54,110
war stok with that för well and 
it damages bond don so även i NF

289
00:21:54,950 --> 00:21:57,990
ino eye dus and getol a wars it 
then given är The stadens que 

290
00:21:57,990 --> 00:22:03,110
you godgane and till hundred 
procent uppside in the god Price

291
00:22:03,190 --> 00:22:07,350
and th this port of the cycle 
and net på ruus with translates 

292
00:22:07,350 --> 00:22:09,430
in toy in to in to ar business 
is. 

293
00:22:10,230 --> 00:22:15,710
Ready row buss Project så är det
twotusenfivehundred dollar gold 

294
00:22:15,710 --> 00:22:18,390
Price så in the reality är så 
the five thusen ur seven, 

295
00:22:18,390 --> 00:22:22,390
fivehundred och tent tousen 
dollar gold Price this Project 

296
00:22:24,110 --> 00:22:27,080
så. 
Jag tänker vi är much and the 

297
00:22:27,080 --> 00:22:31,360
Friends that demens sound like 
es spänning old day looking you 

298
00:22:31,440 --> 00:22:36,480
chards and and and spänning time
fining the gold and macros. 

299
00:22:36,800 --> 00:22:40,070
Till turiture. 
Paul var about you howd you see 

300
00:22:40,070 --> 00:22:43,310
it gold Market right now. 
Is it moving highere is the top 

301
00:22:43,390 --> 00:22:46,430
is a toping out. 
World are. 

302
00:22:47,360 --> 00:22:52,280
Toy's kunna se things thand. 
I först är det high dollar and 

303
00:22:52,280 --> 00:22:57,840
py interest and news not not not
not, not not not not not not not

304
00:22:58,280 --> 00:23:05,040
not good for gold and the go's 
dan mantion with high rate, how 

305
00:23:05,040 --> 00:23:08,880
the US con manager tost the 
intresse paments a loone is 

306
00:23:09,280 --> 00:23:13,870
crazy. 
Fortsätter tentions. 

307
00:23:15,560 --> 00:23:21,640
Medalj east som att inflation 
areay and that just will maybe 

308
00:23:21,640 --> 00:23:26,680
de la bety. 
Andy, chans of ray's rates 

309
00:23:26,680 --> 00:23:32,560
coming down and unma be data 
dollar coming do's tycker this 

310
00:23:32,800 --> 00:23:35,640
is you this tempry hope fluy 
this situation get a gets 

311
00:23:35,760 --> 00:23:42,390
resolveed matt suneden. 
Den lazward i ping grundat dals 

312
00:23:42,390 --> 00:23:49,310
we se gold rezeum up trend it 
thench vill se Golden. 

313
00:23:49,480 --> 00:23:53,760
Silver starks rezum thir there 
up trend där. 

314
00:23:55,000 --> 00:24:00,400
Nervus right now att. 
Eran the adh thing i pay i im 

315
00:24:00,400 --> 00:24:05,880
alla is looking för för era 
articals and looking your 

316
00:24:06,000 --> 00:24:11,400
intervys we are i got som riche 
re sherice of a i go's se high 

317
00:24:11,560 --> 00:24:14,870
go prices and. 
Och i beccus as dan what what wh

318
00:24:14,870 --> 00:24:18,510
wh wh why do it White wh why's 
är det en tobiing is dävention 

319
00:24:18,510 --> 00:24:24,590
is be big lebridge to valu wall 
o Project to pries of Golden har

320
00:24:24,590 --> 00:24:28,830
jag good goes i montionalia jag 
tänkte baut the chards it th the

321
00:24:28,830 --> 00:24:34,230
sether the pressus metall sector
really taking of and it of even 

322
00:24:34,510 --> 00:24:38,350
it right now ställs inga låter 
USA. 

323
00:24:38,480 --> 00:24:41,600
Analys to cooling for gol this 
yearie. 

324
00:24:42,350 --> 00:24:46,790
Yeah, and sex tousen dollar 
sover that, that is, something's

325
00:24:46,790 --> 00:24:51,070
thod RA used to give are 
investors read your re asurence.

326
00:24:52,920 --> 00:24:58,360
Med med poluce även weekend OA 
Green with with love that su sea

327
00:24:59,000 --> 00:25:01,560
and out break of Peace in your 
World, right? 

328
00:25:01,560 --> 00:25:03,400
Whather that's in ukrain, 
whather? 

329
00:25:03,400 --> 00:25:06,240
That's in the metall east, you 
know? 

330
00:25:06,320 --> 00:25:09,080
I hope for that every night 
White go to bad but to wonting i

331
00:25:09,080 --> 00:25:13,520
am intiresserten of is whore se 
en outbreak of Trust in the 

332
00:25:13,520 --> 00:25:20,270
World and yoes aron. 
Så we are ett list. 

333
00:25:20,480 --> 00:25:25,440
And nother, what ever threehars 
of Trump to go her inne. 

334
00:25:27,200 --> 00:25:32,320
Andy eather Cohen of Trust build
eng's goda have the start after 

335
00:25:32,320 --> 00:25:38,960
that så jag tänker lite in the 
god Price reactor is a lack of 

336
00:25:38,960 --> 00:25:43,680
Trust and is a lack of Trust in 
International the International 

337
00:25:43,680 --> 00:25:45,880
order. 
It's a lack of Trust in 

338
00:25:46,120 --> 00:25:49,400
International Systems, it's a 
lack of trist in peoples. 

339
00:25:50,030 --> 00:25:53,710
Physical Security situation, 
it's a lack of trusting 

340
00:25:54,070 --> 00:25:58,750
governments and it evalu the 
carence that snart going away 

341
00:25:58,750 --> 00:26:02,190
Times and and erithing willok 
and a World sats is gotting wars

342
00:26:02,190 --> 00:26:06,110
and so that is are to people 
evering that goth good Price to 

343
00:26:06,110 --> 00:26:11,430
five fousen dollars is axely 
right know wars then all of the 

344
00:26:11,430 --> 00:26:15,070
situation that goet to fiveusen 
dollars så. 

345
00:26:15,200 --> 00:26:18,680
I don't, i don't. 
I don't seride risk key. 

346
00:26:19,510 --> 00:26:22,950
Eny Times. 
Frankle wermar så här gree with 

347
00:26:22,950 --> 00:26:30,030
elotof things mention. 
And to continue the podcast with

348
00:26:30,030 --> 00:26:33,590
like to speak a bit about the 
Market, howits reflecting the 

349
00:26:33,590 --> 00:26:37,870
valuation on development Project
to daybod alls of the goldminers

350
00:26:37,870 --> 00:26:41,990
the you find and under valued or
find them full of value. 

351
00:26:41,990 --> 00:26:45,110
What th you think? 
Pall i's you have som inte 

352
00:26:45,110 --> 00:26:51,840
säger. 
Something to sagt hur match? 

353
00:26:53,560 --> 00:26:57,080
Ja, jag tänker inte. 
Jag tänkte the junior and mid 

354
00:26:57,080 --> 00:27:01,270
cap's speciali att tänker. 
Pluslian det var ju en armmynd 

355
00:27:01,310 --> 00:27:06,510
av för smining här med ja, ja, 
under starche the company shez 

356
00:27:06,510 --> 00:27:10,910
of thereyvery on the value then 
will we will we will to scus 

357
00:27:11,390 --> 00:27:15,360
that. 
Ja, jag tänkte anna ting to's 

358
00:27:15,360 --> 00:27:19,280
right now people ouro nervsen 
har quit show witch with way th 

359
00:27:19,280 --> 00:27:26,520
go you sun people got nervusen 
me be the ja det är lite sajt to

360
00:27:26,520 --> 00:27:29,200
lightna up on som of the 
position's it they. 

361
00:27:30,190 --> 00:27:34,670
Det har den inte same time. 
The potential bioes nervusley. 

362
00:27:35,950 --> 00:27:40,430
The Holding in back on om det är
buyewitches, whyve i sin stocks 

363
00:27:40,430 --> 00:27:45,590
of a dod of companys come down 
från The highs för januari och 

364
00:27:45,590 --> 00:27:49,150
andra sidan hights and januari 
with possible lite done. 

365
00:27:49,270 --> 00:27:53,430
Men jag är definitivt en queer 
över value den i they wondsbist 

366
00:27:53,430 --> 00:27:59,070
tal talking absolut thy the 
company dans bod up the slipe we

367
00:27:59,070 --> 00:28:03,440
vi kan show. 
Show you why you we vi fielddes 

368
00:28:03,440 --> 00:28:06,440
termendece upside potential för 
First Mining. 

369
00:28:07,070 --> 00:28:10,270
Vi har våra och right. 
Things inresting Alice like 

370
00:28:10,270 --> 00:28:13,830
aphue lokhit storklin go back 
through a cop of cycle th and 

371
00:28:13,830 --> 00:28:18,230
thir's a fuel of a zeur ben in 
the gold sektor för genom Morten

372
00:28:18,230 --> 00:28:25,200
one cycle you. 
Typically se the siner producers

373
00:28:25,200 --> 00:28:29,280
at the top of a cycle, they will
be trading ett one den har haft 

374
00:28:29,280 --> 00:28:33,560
the two Times under alltså value
and that's it aperited weir 

375
00:28:33,560 --> 00:28:38,320
there is just a expecation of 
usualy of the of the gold Price 

376
00:28:38,320 --> 00:28:42,600
thod's that is goen the continue
tour had of wear of cent sensus 

377
00:28:42,600 --> 00:28:45,200
estem it's are's are on cash 
flow's. 

378
00:28:45,750 --> 00:28:53,070
Long term gold Price to day is a
boote thir fivehundred dollars i

379
00:28:53,350 --> 00:28:56,830
year go there cantes long tereom
god Price w is probably twenty 

380
00:28:56,830 --> 00:29:01,070
sexhundre dollars så it's till 
catching up and a and it think 

381
00:29:01,310 --> 00:29:05,590
you continue se that move up 
sover kan inte multiples con 

382
00:29:05,590 --> 00:29:10,950
beauve Challenge på New are are 
points in the cycle were that 

383
00:29:11,070 --> 00:29:15,310
expecation of the god Price or 
the good Price med runand pool 

384
00:29:15,310 --> 00:29:16,910
backs are of the like we are 
know. 

385
00:29:17,430 --> 00:29:21,270
Equmen intersting time, what i 
allways really look, and this is

386
00:29:21,270 --> 00:29:23,830
just, background. 
This is as a mergers and 

387
00:29:23,830 --> 00:29:26,590
acquisitions banker for lite of 
years. 

388
00:29:26,590 --> 00:29:30,110
Johan har look at the 
differentien word of multiples 

389
00:29:30,110 --> 00:29:33,190
of the senior and Mid Cap 
producers are and whit of 

390
00:29:33,190 --> 00:29:36,430
multiples of it of development 
Project of thriy. 

391
00:29:37,790 --> 00:29:43,040
Det finns historcally it. 
Advents developer trading it a 

392
00:29:43,040 --> 00:29:49,800
point seven Times nave is axel 
pretty pretty healthie it it not

393
00:29:49,800 --> 00:29:53,160
hop of the Market metrics poet 
is definierar long way från The 

394
00:29:53,160 --> 00:29:58,960
bob of the Market metrics så. 
Egyste is a roll of thelm vi går

395
00:29:58,960 --> 00:30:03,280
back and look and list two. 
Yes, most advents developers 

396
00:30:03,280 --> 00:30:07,320
trade's are of up to point five 
tiles the get Finance day trade 

397
00:30:07,320 --> 00:30:11,150
up around point seven tiles. 
En en negativ aquired by bigur 

398
00:30:11,150 --> 00:30:14,750
Mining company's awimes knows 
minding company's are uualy 

399
00:30:14,750 --> 00:30:19,270
trading at miot moone och have 
to thoo Times och they codo ford

400
00:30:19,270 --> 00:30:23,910
to pay premium. 
Everyone is in ever on's conve 

401
00:30:23,910 --> 00:30:27,790
of it's a creative for ever one 
around så innow jag tänkte att 

402
00:30:27,790 --> 00:30:32,870
it's intersting and warting the 
se in the god sektorn know are 

403
00:30:32,870 --> 00:30:38,160
couple of th's deals that are 
showing. 60 and seveny procent 

404
00:30:38,160 --> 00:30:41,190
takeover. 
And we havents i nät for 

405
00:30:41,190 --> 00:30:47,230
developers for long team and 
natts comming about now intiraly

406
00:30:47,230 --> 00:30:51,910
because there is a real shurage 
of development Project in the 

407
00:30:51,910 --> 00:30:54,270
World. 
En particole shordage of 

408
00:30:54,270 --> 00:30:59,150
development Project där are are 
withhan a yere two of being ible

409
00:30:59,150 --> 00:31:02,910
a start Construction i match we 
are i thing we ses som youde 

410
00:31:02,910 --> 00:31:06,510
opportunity third of Project 
that we have bu lastpoint, i can

411
00:31:06,510 --> 00:31:09,870
a make on the slides you good 
you know your your Large Cap 

412
00:31:09,870 --> 00:31:13,390
producer. 
Producers trading what without 

413
00:31:13,390 --> 00:31:19,110
look historicly alltså resonably
high dollar pur odds multipluble

414
00:31:19,430 --> 00:31:22,110
so five in access of fivehundred
dysers and eats. 

415
00:31:23,680 --> 00:31:28,240
Member ett ett ino, the the peak
of the last cycle and tworny 

416
00:31:28,240 --> 00:31:30,680
eleven the good Price peak det 
houd dollars. 

417
00:31:31,280 --> 00:31:37,920
Så that's like a precis of that 
ninetyn under det with bitriding

418
00:31:37,920 --> 00:31:45,320
är wennerstill operad cast så 
resonly full i biged margin in 

419
00:31:45,320 --> 00:31:48,280
the last cycle war re, looking 
at today we are you ställde 

420
00:31:48,280 --> 00:31:52,400
haven all in sustain cast of it.
A tin hundred tweettusen 

421
00:31:52,400 --> 00:31:54,440
dollars. 
Something like that is and 

422
00:31:54,440 --> 00:31:57,960
industry and a gold Price of 
foody sex foody seven foury 

423
00:31:57,960 --> 00:32:01,230
eadhundre dollars. 
Therese en enorma som är anonyma

424
00:32:01,230 --> 00:32:06,350
margin in i industrin redan what
weve never sen befor in the 

425
00:32:06,350 --> 00:32:11,990
goldcenter är gold producers 
trading at free cash flow yield 

426
00:32:12,030 --> 00:32:16,670
andy war thy are so the Large 
Cap gold producers of trading 

427
00:32:16,670 --> 00:32:20,430
meny med like ten the fiftyen 
procent free cash flow yals 

428
00:32:20,990 --> 00:32:24,630
based on just the marginet there
prusing. 

429
00:32:25,760 --> 00:32:27,720
So it a greet time. 
Det blir porrin gaal på. 

430
00:32:27,720 --> 00:32:31,360
Det är nog how that ska den work
it's wait through. 

431
00:32:31,870 --> 00:32:37,230
Ekodiuations is intersting kos 
it usualy comes backes your ses 

432
00:32:37,230 --> 00:32:40,110
som incasing dividence and the 
most of good competition of 

433
00:32:40,110 --> 00:32:43,390
thing devidence there ping 
Wagner, dividence there buying 

434
00:32:43,390 --> 00:32:49,670
bacheles bud the alltså now 
really start in the priories how

435
00:32:49,670 --> 00:32:54,750
thod's what worked wee by 
Project the add to our resource 

436
00:32:54,750 --> 00:32:56,710
Space. 
För. 

437
00:32:58,910 --> 00:33:02,030
Every year like the 
exploration's not replacing the 

438
00:33:02,030 --> 00:33:05,590
Resources and mot alla 
production there, raking now 

439
00:33:05,790 --> 00:33:12,750
like it's yue the Challenge with
that is, you know. 

440
00:33:12,840 --> 00:33:16,520
With a production ni producerar 
alltså gold you done have it and

441
00:33:16,520 --> 00:33:19,960
reserve's and i more fake it is 
aklining resource business by 

442
00:33:19,960 --> 00:33:23,160
definition so that's we are i 
think wore studien this your 

443
00:33:23,160 --> 00:33:26,200
really interesting time wor 
thirrande recognise that a pa 

444
00:33:26,200 --> 00:33:31,310
pay up toy it e is double. 
Ja complet you a Green the big 

445
00:33:31,310 --> 00:33:34,750
you majors the producing somany 
oundses a years of the have. 

446
00:33:35,750 --> 00:33:38,710
Now it the free cash logad att 
The how with the cash in the 

447
00:33:38,710 --> 00:33:44,070
bank there have the have to by 
big big Mining districs it like 

448
00:33:44,070 --> 00:33:49,590
bying completly i blär scale. 
Jävlar. 

449
00:33:49,640 --> 00:33:52,560
Key sour whit lake sour tack 
nicoin Finland last west with 

450
00:33:52,600 --> 00:33:57,600
like och there things it same 
time and they paed up sevene 

451
00:33:57,600 --> 00:34:00,400
procent premium the get the 
bigest wondet thirant more then 

452
00:34:00,400 --> 00:34:04,560
sevene procent men the value of 
the continuteed value Rights 

453
00:34:04,560 --> 00:34:07,960
thor are commentes så ja i 
tänker to bow havering nose 

454
00:34:07,960 --> 00:34:10,909
Project. 
Peter timeweny industri, thor 

455
00:34:10,909 --> 00:34:14,870
neads and the most and natts 
always bein are focus First 

456
00:34:14,870 --> 00:34:18,670
miling från monagad year and two
nighine we no skulle bli en lång

457
00:34:18,670 --> 00:34:23,429
rad we warable to cap to company
funded to do real work it 

458
00:34:23,429 --> 00:34:28,550
timewen nown eller access to 
Capital to do real work and the 

459
00:34:28,550 --> 00:34:32,670
producers d't on the tecken i en
i development risk och arony 

460
00:34:32,670 --> 00:34:36,790
permitting rest so you it who is
a lång walt walk through dess 

461
00:34:36,790 --> 00:34:39,480
arbete now. 
Art this point, witho's Project.

462
00:34:41,270 --> 00:34:45,070
Very signifikant lead växt 
Anders really not to the 

463
00:34:45,070 --> 00:34:47,389
compeedwit. 
Jag tänkte att neque eagle 

464
00:34:47,389 --> 00:34:51,750
transsections kicks will 
kickstart som no wave of MNA 

465
00:34:51,750 --> 00:34:57,150
activity in the sektorn the. 
Valuation of development Project

466
00:34:57,150 --> 00:35:01,990
där har lars cale that effekt 
vid Mining company reservic and 

467
00:35:01,990 --> 00:35:06,070
production will will get 
therespotlight at come. 

468
00:35:06,550 --> 00:35:10,950
En grovt thad it. 
With continue with First Mining 

469
00:35:10,950 --> 00:35:14,550
gold and the Investment case 
Fredrik vi kan gå. 

470
00:35:14,870 --> 00:35:18,910
Beforbe going i deep deging inte
the First min intresse inte se 

471
00:35:18,910 --> 00:35:21,150
there the inflows that's coming,
right? 

472
00:35:21,150 --> 00:35:26,240
Nout to the sector i sitt. 
Money that word on the Market 

473
00:35:26,240 --> 00:35:28,240
like twen twenty tent, twenty 
eleven. 

474
00:35:28,910 --> 00:35:32,750
Den run away and now coming back
or i sitt like new freshem it 

475
00:35:32,750 --> 00:35:37,070
coming intui sektor. 
Men jag tänkte jag kunde se 

476
00:35:37,070 --> 00:35:41,360
remands med av. 
Slited is service and the 

477
00:35:41,360 --> 00:35:44,760
conference with done and and 
London lo. 

478
00:35:45,040 --> 00:35:49,280
St och så i december and den 
fine Ronald the stofley, hur 

479
00:35:49,280 --> 00:35:53,640
Wright stever på din gold we 
trusten i putta slide en en 

480
00:35:53,920 --> 00:35:58,840
presentation, the shoot be the 
GDX and the JDXJ the. 

481
00:36:00,470 --> 00:36:04,510
Buff of with var ska jag ha ett 
positivt performance och att det

482
00:36:04,510 --> 00:36:11,430
var net outflowes and to me what
up with secle vi haft nåt gett 

483
00:36:11,430 --> 00:36:15,430
sin generalist Invest of the 
mainstreden Invest the come in 

484
00:36:15,510 --> 00:36:19,390
to the sett till Youtube. 
It's goed investers and hie set 

485
00:36:19,390 --> 00:36:23,710
loop what what skon happen to 
the performance of is positivt 

486
00:36:23,710 --> 00:36:26,190
buith that of outflowes what 
what's go that happy med my 

487
00:36:26,190 --> 00:36:30,750
have. 
En floise and that that i then 

488
00:36:31,190 --> 00:36:35,110
och definitivt benefit för ja, 
det är också First Mining mening

489
00:36:35,110 --> 00:36:38,910
many companins inte sagt. 
Jag tänkte att exakt är right we

490
00:36:38,910 --> 00:36:43,670
continue to se outflowes out of 
equity's and out of ease big and

491
00:36:43,670 --> 00:36:48,470
thises you haver sin big azed 
allocation come in. 

492
00:36:51,200 --> 00:36:56,040
Guld is become bigger inom 
subsector guld minus just by 

493
00:36:56,040 --> 00:36:58,920
virtual offormants. 
Jag menar best performing. 

494
00:36:59,390 --> 00:37:03,790
Subindex Insider torana saker 
Exchange and last year för 

495
00:37:03,790 --> 00:37:10,190
exempel så that alltså 
allocators you. 

496
00:37:10,280 --> 00:37:14,000
Aly Chase performance right? 
And it's a ether thing that i 

497
00:37:14,000 --> 00:37:17,840
think we are thing in the Large 
caps your starting the seeas som

498
00:37:17,840 --> 00:37:23,720
of that performance pacing för 
like and monter too lash year 

499
00:37:23,720 --> 00:37:28,640
release your war, you started 
things and flow of money come 

500
00:37:28,640 --> 00:37:32,830
in. 
Även the big gold Mining Funds 

501
00:37:32,830 --> 00:37:38,030
wor still seing redemptions like
through december and januari 

502
00:37:38,030 --> 00:37:42,990
dedicated gold investors with 
hundred procent inom returns 

503
00:37:42,990 --> 00:37:47,310
under portfolio sen. 
Twenty twentyfive och det här 

504
00:37:47,310 --> 00:37:51,470
investors asking thor moneyback 
and natt sen people just in 

505
00:37:51,470 --> 00:37:56,880
belyvet yet. 
Så pass. 

506
00:37:57,000 --> 00:38:00,720
Just det magine what happens 
wing you Getty inflowes. 

507
00:38:01,270 --> 00:38:07,790
Why new action get you know new 
you get investors hu are active 

508
00:38:07,790 --> 00:38:12,230
bli alloceding and typ for the 
kallar monter two the vi sa att 

509
00:38:12,230 --> 00:38:17,550
begynningen this your inom a 
sherprice wänd från två recents 

510
00:38:17,550 --> 00:38:23,910
da ey cents inne bara tre 
weekson the back of anspelningen

511
00:38:23,910 --> 00:38:29,440
kunde en wonindex. 
And on basically on institution 

512
00:38:29,440 --> 00:38:32,720
Investor tryd adby som chere som
har tagit bort det här för oss. 

513
00:38:33,590 --> 00:38:36,830
It story wirn i have rasten 
twentyfive procent av ursäar 

514
00:38:36,830 --> 00:38:42,640
ålders are institutional. 
En window that's kunna change is

515
00:38:42,720 --> 00:38:45,560
wee get environmental 
assessemanpival att springa like

516
00:38:46,000 --> 00:38:52,080
i cat stay down et is value were
we are forever så ja tänkte att 

517
00:38:52,080 --> 00:38:59,240
där makro push är really 
jättecom lite Therese flows och 

518
00:38:59,240 --> 00:39:03,520
really jet to beefelt in i 
sektorn en it d's and take much.

519
00:39:04,350 --> 00:39:06,910
Ready do's forty haven 
extraordinary impact. 

520
00:39:09,000 --> 00:39:14,960
Icont det är exakt num be then. 
Currently i thenk, i, thinget's,

521
00:39:14,960 --> 00:39:19,520
lest and 2 % av global 
Investment Asset allocated to 

522
00:39:19,520 --> 00:39:24,520
walt i that and Golden golds 
gold starks and in the past and 

523
00:39:24,520 --> 00:39:28,520
inflationary Times, bean aty 
walel from. 

524
00:39:29,550 --> 00:39:35,270
Twany to thirdy five procent, så
göra den åt. 

525
00:39:35,270 --> 00:39:39,110
Det skulle ta till gett det på 
ett sätt eller buyingen inte the

526
00:39:39,110 --> 00:39:43,110
zetter så att ja alltså non 
usual trime redo. 

527
00:39:44,550 --> 00:39:47,670
Yeth real intresse vi har tagit 
about a lotto vid over member 

528
00:39:47,670 --> 00:39:51,870
soles on the plattform att vi vi
ha en zinee rotation of the 

529
00:39:51,870 --> 00:39:56,150
Capital on the mony and the 
webent zin the inflow really 

530
00:39:56,150 --> 00:40:01,030
comin jet for from from retails 
more mony we se that that is lo 

531
00:40:01,030 --> 00:40:06,430
it my more of gold bugs där har 
back and and trading and and 

532
00:40:06,430 --> 00:40:09,590
buying the stocks and the Market
right now så. 

533
00:40:10,360 --> 00:40:13,320
I allt of think it's it is it's 
not far away th be c big 

534
00:40:13,320 --> 00:40:17,440
rotation and and and hold 
differentie of inflowes that 

535
00:40:17,440 --> 00:40:21,030
whave see in the last year. 
Så. 

536
00:40:22,710 --> 00:40:26,510
OK gais letsmowing to the First 
Mining is soft because Heroes 

537
00:40:26,510 --> 00:40:29,630
with th reag intressing 
diskussion begiings do for sover

538
00:40:29,630 --> 00:40:32,590
complete toute to the case don 
and paul cood you take of 

539
00:40:32,590 --> 00:40:38,430
through the First Mining story. 
Therest the outh share fuw the 

540
00:40:38,430 --> 00:40:42,310
screen herren polken walk. 
With general. 

541
00:40:42,680 --> 00:40:46,760
General ja. 
General synaps. 

542
00:40:46,840 --> 00:40:50,640
Is of the company sou area 
complit it's formbay Heath new 

543
00:40:50,640 --> 00:40:56,590
my en tvåtusenn fifty en hyve. 
Där print pickup i t från 

544
00:40:56,590 --> 00:41:02,920
company från projects. 
We wetiesed moster Thors 

545
00:41:02,920 --> 00:41:07,720
projects i The soult and browts 
in purners with skriver alltså 

546
00:41:07,800 --> 00:41:12,240
låda mony problem and AT nined 
million dollars with a loudes to

547
00:41:12,240 --> 00:41:15,680
fokus såna to flag shop 
projecces. 

548
00:41:17,280 --> 00:41:23,360
Spring poall with is air robust 
face ablity stadage Project, 

549
00:41:23,360 --> 00:41:27,030
it's area. 
Five miljonoughts Project tove 

550
00:41:27,030 --> 00:41:31,310
four point 1000 the mazle and 
indicated categori bury en polye

551
00:41:31,350 --> 00:41:36,830
robust Economics its a Project 
that can a coding to a 

552
00:41:37,710 --> 00:41:40,710
prefizibility study to vi update
in december. 

553
00:41:40,870 --> 00:41:45,550
Av last ye come produce rune 
hundfousen annonseres of gold 

554
00:41:45,550 --> 00:41:51,750
pue för The First aty yals att 
orlin systeming cos of least and

555
00:41:51,910 --> 00:41:55,670
onfousen dollars and old twies 
weitsches absolut. 

556
00:41:56,070 --> 00:42:01,600
Nano noll. 
That prefizibility study wee wy 

557
00:42:01,600 --> 00:42:05,760
uste thaty onhundred dollat go 
Price that gav is and to tax 

558
00:42:05,880 --> 00:42:10,400
press and value of to point on 
billig and US and Megan talar 

559
00:42:10,400 --> 00:42:16,920
booth this this Project anna 
netzone leverage to the Price of

560
00:42:16,920 --> 00:42:22,360
gold and will wat to morebel 
that very exit signalerat spring

561
00:42:22,360 --> 00:42:28,600
pool. 
Vi startade i envarmental 

562
00:42:28,600 --> 00:42:34,840
assistment process gest forde 
ay's a go and twy a ho hobbyn 

563
00:42:34,840 --> 00:42:39,720
the gat i docis from there 
regula in the nexted kopplade 

564
00:42:39,720 --> 00:42:43,680
monts with jag tänker be 
potentialy maure catalyst for 

565
00:42:43,680 --> 00:42:49,400
the stop Price. 
The over Project you PAK is lote

566
00:42:49,400 --> 00:42:54,520
the uptibe region of coeback. 
It's to varje Mining colipic 

567
00:42:54,520 --> 00:42:56,960
region. 
This is a sex miljoner. 

568
00:42:58,070 --> 00:43:01,750
Project to witch probeet three 
point for is andy indicated 

569
00:43:01,750 --> 00:43:06,790
category wee drod around 51 
eatin touse meetors lost you 

570
00:43:07,910 --> 00:43:14,390
haad varian curgin resolts and 
it thing don and the and geology

571
00:43:14,390 --> 00:43:19,070
team field't there is potential 
to take this this från att sex 

572
00:43:19,070 --> 00:43:24,790
miljonerts Project to positiva 
ten fifty in miljonoutses och. 

573
00:43:24,880 --> 00:43:27,360
Så robust the Economics and a 
therey. 

574
00:43:28,830 --> 00:43:33,830
Very signifikant leverage to the
to the Price of gold we do havs 

575
00:43:34,190 --> 00:43:39,680
AV as it's that. 
Is marcoble securiti's and a 

576
00:43:39,680 --> 00:43:46,960
company's it thatgives as 
realism founding flexibilitet 

577
00:43:47,680 --> 00:43:53,910
and ja i they d and it. 
Genom icon talking. 

578
00:43:55,430 --> 00:43:56,560
Talking. 
Igen och jag tänkte just till 

579
00:43:56,560 --> 00:44:01,840
coople points om att. 
Really ever spen time talking 

580
00:44:01,840 --> 00:44:06,480
abo what thes thather projek's 
are's passedly we is portfolio 

581
00:44:06,480 --> 00:44:11,920
of thather Project that wein 
partners on brot and partners on

582
00:44:12,720 --> 00:44:18,520
en realized no in access of ED 
miljon dollars electorn in the 

583
00:44:18,520 --> 00:44:22,520
eaty millen of cash this withes 
what web weeus to advents spring

584
00:44:22,520 --> 00:44:26,240
poolen do par ok we stil got 
signifikant value är. 

585
00:44:27,910 --> 00:44:32,190
Piccal crow is just bing sold to
and Australien company cold 

586
00:44:32,190 --> 00:44:36,790
vello viste the same Group w is 
Steve harsson and NAHL cruh ett 

587
00:44:36,790 --> 00:44:42,430
spin behind belvue and boind 
firefly's så enligt sconey då 

588
00:44:42,430 --> 00:44:45,430
great management team det race 
thaty five miljon dollars gode 

589
00:44:45,910 --> 00:44:49,750
continue movie med ford and se 
vad Mining we partner with 

590
00:44:49,750 --> 00:44:52,950
therintuster and the feury Group
andy. 

591
00:44:53,000 --> 00:44:56,800
And seva is now laughed is a is 
a separate company bow you on 

592
00:44:56,800 --> 00:45:00,760
eady millian shes and it and of 
sheries war it fifty cents thes 

593
00:45:00,760 --> 00:45:03,640
pass week of that is significant
value do the are and is of. 

594
00:45:03,640 --> 00:45:08,430
That's thather. 
Focus Project med en rapport 

595
00:45:08,430 --> 00:45:13,310
portfölj och Holdings och guds 
som Real flexibilitet on the 

596
00:45:13,310 --> 00:45:16,870
Financial friant bud ur sitt in 
to day with flyr miljon dollar 

597
00:45:16,870 --> 00:45:21,270
som The balans it so stille very
well funded with goda good 

598
00:45:21,270 --> 00:45:24,950
number of warens and options 
utställning eller option's and 

599
00:45:24,950 --> 00:45:29,790
are's us from innehav av share 
cooplance of the last threues 

600
00:45:30,190 --> 00:45:34,830
and orange som är nummer var 
financen roll the high. 

601
00:45:34,960 --> 00:45:39,080
Ast Price of that's want this is
twenty seven center's of ay c's 

602
00:45:39,080 --> 00:45:42,670
cent's of the roll. 
Really well in the mony and so 

603
00:45:42,670 --> 00:45:48,710
we continue se prey good pace of
thes just being exercise and 

604
00:45:48,710 --> 00:45:52,310
will i thankwill continue to the
se thus want sping exercise 

605
00:45:52,510 --> 00:45:54,630
waches Health keep are cash 
balance a up. 

606
00:45:54,630 --> 00:46:00,750
This year, så what's what's a 
value therebirabing to da Market

607
00:46:00,750 --> 00:46:09,240
cap of 600 fifty millonadien? 
Ur shareholder basis i sad's it 

608
00:46:09,240 --> 00:46:11,920
in lite list and tworn five 
procent institutional. 

609
00:46:12,710 --> 00:46:18,710
Organis continue to sea that 
change after we get two som 

610
00:46:18,710 --> 00:46:25,470
really importen modelstones, så 
vi har tagit buss Market contect

611
00:46:25,470 --> 00:46:32,070
heerbad you overlay's of wear we
are firing today your valuedy 

612
00:46:32,070 --> 00:46:35,310
therefive dollars and outs 
what's lite peers we area vad 

613
00:46:35,310 --> 00:46:40,230
ens develoopers are valuede 300 
twenty dollar's and ads så. 

614
00:46:40,520 --> 00:46:44,280
Very Clear din know five x plus 
plus return. 

615
00:46:46,030 --> 00:46:50,830
Multipoler wither it's on 
conther dollars it very very 

616
00:46:50,830 --> 00:46:54,350
clearley on the value and the 
reason for that will talk about 

617
00:46:54,350 --> 00:46:58,510
with spring på is just there is 
a Project is always it is 

618
00:46:58,510 --> 00:47:01,110
perception is you th you are 
neurgat a get you are 

619
00:47:01,110 --> 00:47:06,470
environmental asismen a probons 
to mind ner end and what it was 

620
00:47:06,470 --> 00:47:09,990
Discovery that isortly ALARU 
that. 

621
00:47:10,480 --> 00:47:13,680
It watgivaren, where we are, are
right now in the very final 

622
00:47:13,680 --> 00:47:17,240
stages of that environmental 
assement wald talk abot that and

623
00:47:17,240 --> 00:47:21,120
minet here budd Elvis cadalister
know. 

624
00:47:21,830 --> 00:47:26,550
Genom two to theresi mods away 
så you d o'ning haft awa you 

625
00:47:26,550 --> 00:47:30,030
know onoter eat years the seh 
your gin they get that this is a

626
00:47:30,030 --> 00:47:34,670
very very neur tere catalos with
that isuid drive are real re 

627
00:47:34,670 --> 00:47:37,750
raiding in the stark and wh 
White wh why isad happen for us?

628
00:47:38,110 --> 00:47:40,750
Fundamentaly we tack det både på
four there. 

629
00:47:40,750 --> 00:47:43,950
There is a shortage of Large 
Project and porticolly you 

630
00:47:43,950 --> 00:47:47,510
shortage of Large Project that 
are. 

631
00:47:47,560 --> 00:47:52,600
Ing processes onness less this 
thes are the largeste gold 

632
00:47:52,600 --> 00:47:56,710
Project and Canada. 
With five millones plus 

633
00:47:56,710 --> 00:48:02,320
toposets. 
Arne's listors maybe three. 

634
00:48:02,320 --> 00:48:08,160
The coodsie cho väl in the 
ground boufor twentyster så en 

635
00:48:08,160 --> 00:48:10,120
certly web spring poall and that
cap. 

636
00:48:11,990 --> 00:48:15,350
The Project it selfies lockade 
till North Western on Terese 

637
00:48:15,350 --> 00:48:20,110
neur the unterio menat obal 
border onows equityist på twin 

638
00:48:20,110 --> 00:48:21,950
two. 
Hur stort Mining caps a red red 

639
00:48:21,950 --> 00:48:25,270
laken piccal lake det är en 
underground Mining för Golden 

640
00:48:25,270 --> 00:48:30,110
thes of that's caps, the ninten 
thires och Large scalope Project

641
00:48:30,110 --> 00:48:34,230
är know's paulsed and produce 
more then 300 000 arties a year 

642
00:48:34,590 --> 00:48:38,670
this what's bulit with beatop 
tend mind in Canada and. 

643
00:48:38,880 --> 00:48:42,160
You know, thes are the assets it
Industries ready looking for. 

644
00:48:44,230 --> 00:48:49,470
Very, very tracker veconic 
subusen dollars all in sustain 

645
00:48:49,470 --> 00:48:53,160
castor. 
It's a Large Project your från 

646
00:48:53,160 --> 00:48:58,760
Capital is ged be inceble bulian
USB att you canceaybacken i ir's

647
00:48:59,040 --> 00:49:03,760
är det thirdy one hundred dollar
guld Price and importnly är det 

648
00:49:03,760 --> 00:49:08,520
fyrtiof dollar silver Price en 
spring pool probab bli five 

649
00:49:08,520 --> 00:49:11,800
procent av revenuces from silver
sover resas as signifikant 

650
00:49:11,800 --> 00:49:14,640
solver producer. 
Det är with be the Large sover 

651
00:49:14,640 --> 00:49:16,880
producer in anteria whanet's 
producering. 

652
00:49:18,310 --> 00:49:23,230
Genom recovered mail in the two 
miljoners of salver year, so 

653
00:49:23,230 --> 00:49:25,470
it's Barry signifikant sover 
producer. 

654
00:49:26,670 --> 00:49:31,790
The gread profile high of the 
firstue years really heus with 

655
00:49:31,790 --> 00:49:35,590
the pay back and genom strong 
production profile and the 

656
00:49:35,590 --> 00:49:39,950
mayers and webeve, this is going
to extend boot with 

657
00:49:40,270 --> 00:49:44,270
mineralization in the existing 
pet and exploration från The 

658
00:49:44,270 --> 00:49:48,990
hold districtet we have around 
både importenly lite real story 

659
00:49:49,030 --> 00:49:52,150
here is the leverage to the gold
Price, so you look it. 

660
00:49:52,150 --> 00:49:55,910
The differentien i thirty one 
hundred dollar gold Price en a 

661
00:49:55,910 --> 00:50:01,430
forty to 100 dollar god Price. 
Spot Price with stödyout i 

662
00:50:01,510 --> 00:50:06,640
november av last year de. 
Idag mos dubbels ENPV jary r 

663
00:50:06,640 --> 00:50:09,640
goes from fortsy present till 60
%. 

664
00:50:09,640 --> 00:50:14,200
This is AP fenomenaly robust 
Project nef you beveve war in 

665
00:50:14,200 --> 00:50:18,520
goingen då gold environment 
organity buy fusen sex tousen 

666
00:50:18,880 --> 00:50:25,600
seven tousen dollar guld prises 
the leverage that is a Large 

667
00:50:25,600 --> 00:50:28,160
Project give you to the god 
pris. 

668
00:50:30,310 --> 00:50:33,030
Fenomen då en nattscanve ha 
weeth think about 

669
00:50:33,030 --> 00:50:37,430
therefundamental value here this
isow is is is is is is is a and 

670
00:50:37,430 --> 00:50:42,350
Investment opporty backby 
signifikanty rested fundamental 

671
00:50:42,350 --> 00:50:47,990
value en natt för oss in the ony
look at just det NPV för oss 

672
00:50:47,990 --> 00:50:52,270
studies South this is andian 
springpolle. 

673
00:50:54,400 --> 00:50:57,040
Ino äta thiry onehundredar gold 
Price. 

674
00:50:57,870 --> 00:51:01,030
D's the incremenal value of you 
lockade det där fort two 100 

675
00:51:01,030 --> 00:51:05,670
dagar god Price all most duble. 
Ja, i this is with you parkerade

676
00:51:05,670 --> 00:51:07,670
twenty two hundred dollar guld 
Price cis. 

677
00:51:07,670 --> 00:51:11,510
That's cyn of the highst and 
sensiti that we are on doue park

678
00:51:11,510 --> 00:51:14,590
AW and we it that's stod det in 
twenty twenty they three th you 

679
00:51:14,590 --> 00:51:18,150
locket du PRCA forty two hundred
dollar guld prices probably and 

680
00:51:18,150 --> 00:51:25,240
nother two billig and dollars. 
Gold Price environment with 

681
00:51:25,240 --> 00:51:28,840
think it's like five till sex 
dagars och share of nave en you 

682
00:51:28,840 --> 00:51:31,960
can by today in the Market subfi
set. 

683
00:51:33,030 --> 00:51:36,590
Ndos cadoster not you knowav 
risken. 

684
00:51:36,640 --> 00:51:40,400
News away thor's catloster mont 
air sour. 

685
00:51:40,680 --> 00:51:45,680
This is where itnows your really
term concrete opportunity this 

686
00:51:45,680 --> 00:51:50,120
via tre d five x reading here 
and the pending on you gold 

687
00:51:50,120 --> 00:51:55,680
Price ares and expertationsod 
blir signifikantly high of that 

688
00:51:55,680 --> 00:52:00,200
faktiskt again every hundredars 
in the gold prices 

689
00:52:00,200 --> 00:52:05,150
twohundrafyrtio miljon dollars. 
Av after taxin PV to are good 

690
00:52:05,150 --> 00:52:10,150
projects all margin i's all 
leverage the come down. 

691
00:52:10,710 --> 00:52:14,830
So with the really exciting 
pered of this, what really drive

692
00:52:14,830 --> 00:52:19,240
this is a real. 
Real source of Project pertiul's

693
00:52:19,240 --> 00:52:23,600
in the won jurisdictions and 
perticoly of Large Skill 

694
00:52:23,600 --> 00:52:27,710
projects. 
Therese, the producers of 

695
00:52:27,750 --> 00:52:32,230
generating recard loves of free 
cash flow, andy the read applåed

696
00:52:32,230 --> 00:52:37,030
är ett sun point in to producted
capacity no, the bulian dollars 

697
00:52:37,030 --> 00:52:39,430
of Capital it all take to build 
the Project. 

698
00:52:41,120 --> 00:52:44,520
I fuu youres a go that w is a 
release significant number toda 

699
00:52:45,160 --> 00:52:50,040
most Mid Cap gold company are 
generiding free cash flow of AB 

700
00:52:50,040 --> 00:52:52,800
billig after to Billing dollars 
a year. 

701
00:52:53,080 --> 00:52:57,440
So like it's re's really not 
much for lätt se. 

702
00:52:57,440 --> 00:52:58,920
Vad vi hade bringa partner in 
er. 

703
00:52:59,790 --> 00:53:05,430
Dina wid retainers significant 
interstone vad alltså buccensers

704
00:53:05,430 --> 00:53:07,950
of real shortage of mind to be 
bild. 

705
00:53:10,230 --> 00:53:13,150
Girl upp nej, you can get good 
people to bilden men be the 

706
00:53:13,150 --> 00:53:18,510
Investment dollars are there are
the c d's th is Large Project mo

707
00:53:18,510 --> 00:53:24,070
formar är The tim you know that 
w is not wasy case så spände 

708
00:53:24,070 --> 00:53:28,670
lite time gå ingen leding. 
Jag tänker gubs the real 

709
00:53:28,670 --> 00:53:30,350
highlight. 
Vi kan aldrig spänd more time 

710
00:53:30,350 --> 00:53:34,190
talking mot du parker a iswell 
is pal se. 

711
00:53:34,360 --> 00:53:40,600
Cond Project is are bli bättre 
located and we have avery cleeer

712
00:53:40,600 --> 00:53:42,160
pap. 
There are the weekend sett that 

713
00:53:42,160 --> 00:53:45,510
come in through. 
En environ assemd process kan du

714
00:53:45,510 --> 00:53:50,030
by the end of the dacades bra. 
Kan det här ska göra favorit? 

715
00:53:50,200 --> 00:53:54,760
Favorit slide and i just the you
new than. 

716
00:53:55,520 --> 00:53:57,960
K you. 
Invest because vi var make a 

717
00:53:57,960 --> 00:54:00,240
great return on the man. 
I en it this. 

718
00:54:00,240 --> 00:54:07,920
This slide ses idol source, dan 
dans it's a top it the greenbul 

719
00:54:07,920 --> 00:54:11,360
you see four dollar and 66 
centeshorien när. 

720
00:54:13,310 --> 00:54:16,390
Att developer like och det är 
barns develoupoys trading a 

721
00:54:16,470 --> 00:54:20,750
point seven Times. 
Add that i vi loggar betop that 

722
00:54:20,750 --> 00:54:24,270
wood and plia chap Price of tre 
dollars and twentysex cent. 

723
00:54:25,150 --> 00:54:28,990
Well, what coun it trading and s
loking add fortyfive cent. 

724
00:54:30,190 --> 00:54:35,590
That's fromus thrimence return 
and that set and. 

725
00:54:37,200 --> 00:54:40,720
Ger då springpole två d 
twohundred and you pur key a 

726
00:54:40,720 --> 00:54:45,920
train twohundred gode's much har
in it you paul keynes haft huide

727
00:54:45,920 --> 00:54:51,480
leverage walt so th that that få
dollar and 66 per cent number 

728
00:54:51,480 --> 00:54:55,200
cood codds your signifikly 
encraze. 

729
00:54:55,560 --> 00:54:58,520
But anyway going från folie five
synes a tre dollar s and twody 

730
00:54:58,520 --> 00:55:02,400
see's andts is AP goody good 
return and any on'es boks things

731
00:55:02,400 --> 00:55:09,950
that. 
Not risken the Georges are well 

732
00:55:09,950 --> 00:55:14,190
jarl out deposits. 
I know your you nachan har haft 

733
00:55:14,190 --> 00:55:17,230
a wait that long for the 
environmental assement dissition

734
00:55:17,310 --> 00:55:21,670
it lika kopplade mon's away so 
you know vilke where it's the 

735
00:55:21,670 --> 00:55:25,150
near term catalisering thank are
predie aceting opportunityhers 

736
00:55:25,630 --> 00:55:30,920
Willy forward hoplehers. 
Som people on the network are 

737
00:55:30,920 --> 00:55:34,920
loading up Anders än vad look 
ford, how play closing the skap 

738
00:55:34,920 --> 00:55:36,600
i time åren Stockholm en 
oktober. 

739
00:55:38,360 --> 00:55:40,280
It's it it. 
It's craz it at to se it the 

740
00:55:40,280 --> 00:55:43,760
specialy on beet think about 
that that we c light than 

741
00:55:43,760 --> 00:55:47,880
tousent dollar go pri prie not 
far away and wee looket well you

742
00:55:48,720 --> 00:55:52,160
Asset like here that what you 
look it Market to day why do you

743
00:55:52,160 --> 00:55:56,480
think investors still missande 
standard och runder precate 

744
00:55:56,600 --> 00:55:59,080
First Mining? 
Ja i thank you. 

745
00:55:59,080 --> 00:56:03,800
What of a just hast to do with 
this is long heller stort buce 

746
00:56:03,800 --> 00:56:07,120
on spring poall beho. 
'S the deposit it spring paul 

747
00:56:07,120 --> 00:56:11,200
sits in the babour lekke 
importen understand like yohat 

748
00:56:11,200 --> 00:56:14,400
the develpopment plan you have 
the build, a cule of dies and 

749
00:56:14,400 --> 00:56:16,240
dwar of the Space and fri 
opened. 

750
00:56:17,630 --> 00:56:25,070
It's thers någoting technicly 
particoly diffik att bara i mina

751
00:56:25,070 --> 00:56:29,430
vice technical extra size och så
la vi haft understand i både to 

752
00:56:29,430 --> 00:56:33,670
get you permitted to do 
technicaly it's done and most 

753
00:56:33,670 --> 00:56:39,430
mind's and North and cadirur 
managering this whather mebe not

754
00:56:39,430 --> 00:56:42,350
to this to th th this degrey 
varit alls up thing prissemiler.

755
00:56:45,240 --> 00:56:48,080
I think för att vara people 
buss, what was dis Discovery 

756
00:56:48,080 --> 00:56:49,920
that it is, that's what it is on
the with lake. 

757
00:56:51,430 --> 00:56:55,950
It schyst in very easy foream to
säga wow just wait and c you 

758
00:56:55,950 --> 00:57:00,110
know it and it was the they were
same the simh thing what i joint

759
00:57:00,110 --> 00:57:05,230
and twenty ninetin och låt 
investors sid wow. 

760
00:57:06,440 --> 00:57:10,520
Why's go in the First Mining 
lake spring på on gram gold 

761
00:57:10,520 --> 00:57:13,800
Project lite World this and it's
aher on gram gold Project to 

762
00:57:13,800 --> 00:57:19,360
anteria theckare in twoney 
nightine dittuer the Large scal 

763
00:57:19,360 --> 00:57:22,600
mind in Canada who's the 
desaster rainy river? 

764
00:57:23,190 --> 00:57:27,510
The dezor you never goet a build
code toy with a's now bud your 

765
00:57:27,510 --> 00:57:31,070
never go to build hardrock with 
a is no butel you never goet a 

766
00:57:31,070 --> 00:57:34,670
bild med ginho with is no Bildt 
you never goin to buil 

767
00:57:34,670 --> 00:57:39,590
wallentine witch is no Bildt så 
en twenty nighine är like your 

768
00:57:39,590 --> 00:57:43,950
your crazy know neats this i 
fast word today löses nu one to 

769
00:57:43,950 --> 00:57:47,470
the best greed is most 
continuous open pizz in Canada 

770
00:57:47,470 --> 00:57:51,830
så one people get over that 
ison. 

771
00:57:51,880 --> 00:57:55,320
Initial bias in the perception 
and new look at this Project 

772
00:57:55,320 --> 00:57:59,590
onet's merit. 
Genom it's it's a really 

773
00:57:59,590 --> 00:58:04,390
attraktiv Project and we are 
alla is to a stort and degree 

774
00:58:04,390 --> 00:58:08,190
webbgand have to show that 
weekend get environmental 

775
00:58:08,190 --> 00:58:12,190
assessmet and natth why that and
environmanal assement for this 

776
00:58:12,190 --> 00:58:15,150
Project is iethink of beigger 
catalylisted. 

777
00:58:15,390 --> 00:58:19,030
Then är det en sån most because 
thir w is always this is 

778
00:58:19,030 --> 00:58:24,230
perception that just mated 
easyasy not just for investors 

779
00:58:24,230 --> 00:58:27,710
budget for the gold industri 
producers wal. 

780
00:58:28,310 --> 00:58:32,510
Just det wow yetow wel just 
weden sea wow what th you get 

781
00:58:32,510 --> 00:58:36,390
that's sordet out welcome. 
Look it after you have your your

782
00:58:36,390 --> 00:58:40,190
environ assoces mode and you 
know i th'''t a be the gumakes 

783
00:58:40,750 --> 00:58:43,950
they a Investment and you know 
war r on. 

784
00:58:45,030 --> 00:58:50,360
Så det. 
K inte you arvidsleder hude 

785
00:58:50,360 --> 00:58:54,240
processes to go thugot of this 
things to this points av 

786
00:58:54,240 --> 00:58:59,800
signifikant value and wore cad 
of combent two the finess. 

787
00:58:59,800 --> 00:59:05,120
I here were inner it's are gol 
there we wood biblioteket agrent

788
00:59:05,120 --> 00:59:08,880
sign with the communities awar 
working with a rand of Project. 

789
00:59:10,680 --> 00:59:12,840
You know, will havey environment
alls med and a provles. 

790
00:59:12,840 --> 00:59:16,320
The cabulie is mostly var det 
make the are decisions befor the

791
00:59:16,320 --> 00:59:20,480
goverment with isort of and 
indikator of timing. 

792
00:59:22,620 --> 00:59:25,220
Community's a war, working with 
thir. 

793
00:59:27,360 --> 00:59:32,200
Are schule to wood on the 
Project ett begeing i tune so 

794
00:59:32,200 --> 00:59:37,640
like efter theve done threes of 
work gode det of disusted all el

795
00:59:37,640 --> 00:59:41,280
elements of the Project with u's
i know the haft, the wood on the

796
00:59:41,280 --> 00:59:45,520
out of Therese process with lux 
it booth it risken the benefit's

797
00:59:45,680 --> 00:59:51,670
till den från The Project. 
Så ett av commody gether i thing

798
00:59:51,710 --> 00:59:54,910
that's White for mast it the 
investing public it. 

799
00:59:54,910 --> 00:59:59,070
It's just always be en the lake 
two heard och just wait to you 

800
00:59:59,070 --> 01:00:02,270
have th will wa way to you have 
it i airprover so that's White 

801
01:00:02,270 --> 01:00:05,310
it's i thank it's and out size 
catelist för as your. 

802
01:00:07,560 --> 01:00:12,640
Prove all it som this nej säger 
sig inom the siedlines för year 

803
01:00:12,640 --> 01:00:15,640
it thank with with souch 
atention. 

804
01:00:15,920 --> 01:00:20,990
Sou much attentiskt. 
Det är cash i mest ett like it's

805
01:00:20,990 --> 01:00:25,670
trading and fiver sex Times last
and it it peers right? 

806
01:00:26,630 --> 01:00:30,630
And that Group of pears by the 
way i adventsagage Project like.

807
01:00:31,990 --> 01:00:35,630
Toa där bägge, så jag ska ha 
barn och last tre weeks beteen g

808
01:00:35,630 --> 01:00:40,070
twan blueport like dos or the 
adage you know cole World class 

809
01:00:40,430 --> 01:00:43,510
twohundratusen ads plus 
producers and you know. 

810
01:00:45,480 --> 01:00:47,800
Logical consolidation canlits 
lite. 

811
01:00:49,030 --> 01:00:50,950
Aways really? 
I think. 

812
01:00:52,920 --> 01:00:57,960
In eny event this this value 
discount wy have i provolve 

813
01:00:57,960 --> 01:01:02,680
value discount is and system it 
ready cancer se hur it process 

814
01:01:03,080 --> 01:01:07,080
and it Large part because 
Windows that we will se this 

815
01:01:07,080 --> 01:01:12,360
institutional Investor Group at 
twenty 3 % i tänk with in sex 

816
01:01:12,360 --> 01:01:15,640
till nine monds. 
Det är driving towards fifty to 

817
01:01:15,640 --> 01:01:20,680
60 % withers weere it is with 
alla var peers fundament. 

818
01:01:20,760 --> 01:01:23,520
Aly buccus aree of big fund 
managers. 

819
01:01:24,030 --> 01:01:27,990
Schysst joe det blir get's ring 
and thaty do's fehil it dawn 

820
01:01:27,990 --> 01:01:30,830
handikapp the bey know the 
permitting what wel you know, 

821
01:01:31,670 --> 01:01:35,470
war it igen to this processen i 
thank it's i thank it's pretty 

822
01:01:35,470 --> 01:01:39,910
Clear, so it's a great 
opportunity for other investors 

823
01:01:40,310 --> 01:01:46,080
to yu know to run mah trode. 
Buy now i think's rysk reword 

824
01:01:46,080 --> 01:01:50,040
basis like it. 
It's twoss it's brett straight 

825
01:01:50,040 --> 01:01:52,760
forward. 
You aree and wary, very 

826
01:01:52,760 --> 01:01:55,560
welcompend for what is not 
resket. 

827
01:01:57,670 --> 01:02:01,470
Måste on Friday kan du kan ni gå
back to that that that slide 

828
01:02:01,670 --> 01:02:07,470
futy min kan ju inte svara det 
sven så jag slänger inte på nya 

829
01:02:07,470 --> 01:02:12,190
en offent Times i investors as 
med to be haveny analys thod the

830
01:02:12,190 --> 01:02:15,310
foller ingenting story story 
analys this importen to talk 

831
01:02:15,310 --> 01:02:19,790
about that so wey cory have's 
sex analys and it beeve thy that

832
01:02:19,790 --> 01:02:23,150
i taget prices range för 
beteende thone dollar andad 

833
01:02:23,150 --> 01:02:27,030
dollar 60 so right now it fay 
five cen that that is låne. 

834
01:02:27,430 --> 01:02:31,110
Procents, good upside how ever, 
what to beas andhoist dow and my

835
01:02:31,110 --> 01:02:34,230
he he he he he heat så mil mil 
milestones och vi fick att vi är

836
01:02:34,230 --> 01:02:41,430
i prover it bay. 
Revised taget prices and it. 

837
01:02:41,760 --> 01:02:45,920
Roup of the and aproal det är 
revisorn upbud som good 

838
01:02:45,920 --> 01:02:51,560
continuouhouse to rivas i tänk 
they with revisor taget så när's

839
01:02:51,560 --> 01:02:55,280
wee hade a the mileston so it 
it's all in of extreme 

840
01:02:55,280 --> 01:03:00,490
excieting. 
Ja in sist it look to really 

841
01:03:00,490 --> 01:03:03,770
good and the mor look at it case
and you morio diggen in it you 

842
01:03:03,770 --> 01:03:07,850
you won's by more share så kan 
in sista bara i i water big dip 

843
01:03:07,850 --> 01:03:13,090
i think i have my my my everage 
areound point thirty nine at the

844
01:03:13,090 --> 01:03:17,040
big dip the. 
I både louer they then keet i 

845
01:03:17,040 --> 01:03:23,040
både problem libid morges size 
then och good by and it liksom 

846
01:03:23,040 --> 01:03:26,750
real nice. 
I fritörn, vi tar vi tar en 

847
01:03:26,750 --> 01:03:29,310
clock forward du kapplöpare sen 
är springpol gone to the 

848
01:03:29,310 --> 01:03:34,030
production, howie execut easy 
joint benjy i doby's self och 

849
01:03:34,030 --> 01:03:36,390
what's you fourts air. 
Thor, thats that's a good 

850
01:03:36,390 --> 01:03:39,670
question. 
Friedur Youtube. 

851
01:03:39,720 --> 01:03:43,360
You know ef you lock back and 
history of Large canadan mines 

852
01:03:43,360 --> 01:03:47,560
and number of the haven build by
single Asset company. 

853
01:03:49,830 --> 01:03:55,950
All most everyone by singal it 
company's haad real challenges 

854
01:03:55,990 --> 01:04:00,390
and la goedian wallaredic 
Therese sco built and syskon 

855
01:04:00,390 --> 01:04:04,270
alma's wint bank grep building 
Willy tour är ohms whint bank 

856
01:04:04,270 --> 01:04:08,470
grep building dig tour organisad
basically did go bank up 

857
01:04:08,470 --> 01:04:13,510
building med gino thers very fue
av dem have. 

858
01:04:14,840 --> 01:04:19,480
Gant through and bein, you know,
with out heckups there is real 

859
01:04:19,480 --> 01:04:21,630
rest. 
The big Project there 

860
01:04:21,630 --> 01:04:26,270
complicated Project så from vers
det är en point it be really 

861
01:04:26,550 --> 01:04:28,750
interesting för rasen and 
shareholders. 

862
01:04:28,750 --> 01:04:31,230
The understand is there are a 
partner out there. 

863
01:04:31,230 --> 01:04:33,800
Ur sey hejdå. 
I cancommitt. 

864
01:04:35,710 --> 01:04:39,950
Whatever are Billing dollars of 
Capital and mebis of just that 

865
01:04:40,110 --> 01:04:44,910
to the Project that the Project 
based back and it know hundred's

866
01:04:44,910 --> 01:04:47,350
a millen's of dollars of aqua 
dive the go wien is yoy e aquody

867
01:04:47,630 --> 01:04:51,360
countribiction. 
I thank you that are ab 

868
01:04:51,360 --> 01:04:56,400
structure is. 
Beon youde februari Times pre 

869
01:04:56,400 --> 01:04:59,320
the successuley great company 
wee's the point two is 

870
01:04:59,320 --> 01:05:01,280
Australien company cold golf 
road. 

871
01:05:02,870 --> 01:05:06,070
Partner partner Bildt av mine 
thytain the fifty procent entres

872
01:05:06,510 --> 01:05:11,550
så vilket doutting like that i t
with beap fall i snarare 

873
01:05:11,750 --> 01:05:16,670
nessecer serie jag har så ni the
know i er execution pathys firs.

874
01:05:17,710 --> 01:05:21,310
Importen lay framme environmanal
assress men decision. 

875
01:05:21,630 --> 01:05:26,830
It's probably and a teams 
fizibility work, detalj 

876
01:05:26,830 --> 01:05:30,710
Engineering and promenading to 
get two lite Construction the 

877
01:05:30,710 --> 01:05:34,230
main Construction deisition you 
look to buil the access road 

878
01:05:34,230 --> 01:05:37,430
beforad hooply look to bring the
power line in bo for that what 

879
01:05:37,710 --> 01:05:43,670
you really expensve fino First 
dollars are probably twenty 

880
01:05:43,670 --> 01:05:47,720
twenty eight så. 
Inner time, you finishing a 

881
01:05:47,720 --> 01:05:51,200
fizibility study en thirice 
ofartner that with w is goda 

882
01:05:51,240 --> 01:05:53,800
inne of pry oney do you are buch
of the rowel workaround of this 

883
01:05:53,800 --> 01:05:59,830
of thisibility toy study are. 
Withers like lee catwards and 

884
01:05:59,830 --> 01:06:03,590
midle of next jer and your.in 
the gethert, a Project finanzing

885
01:06:03,590 --> 01:06:11,550
package that Willy be you that 
it cod bepartner it coodbe gren 

886
01:06:11,550 --> 01:06:13,950
och royale signifikant 
royaltyers stream the coody 

887
01:06:13,990 --> 01:06:19,110
provideat mony and then pino 
bring it down tour managerble 

888
01:06:19,190 --> 01:06:23,520
ammau of ackordin again like. 
I for ef weeve cloe som moder's 

889
01:06:23,520 --> 01:06:27,960
gapen your tradingen point five 
tiomes när även inom tre a four 

890
01:06:27,960 --> 01:06:33,270
Billing dartar Market cap. 
Den racing piano fivehundred 

891
01:06:33,270 --> 01:06:39,190
miljon dow billigon dollars, not
thathard piano it locket 

892
01:06:39,190 --> 01:06:42,310
inpossible on weeware hundred 
million Market cap och year go 

893
01:06:42,310 --> 01:06:48,280
right, so jag. 
Tänkte the situation i tungt 

894
01:06:48,280 --> 01:06:52,000
willim prove och den här Project
financing part andet system the 

895
01:06:52,400 --> 01:06:55,840
efter make it dissition Ultimate
your wh what's the right rust 

896
01:06:55,840 --> 01:07:00,280
reward balance for the share 
holders eftersom oneet two 

897
01:07:00,760 --> 01:07:05,310
partner with thes are know. 
Ensam case ett A right value 

898
01:07:05,310 --> 01:07:07,950
eftersom under sade Therese won 
the on the Project them Souls. 

899
01:07:09,670 --> 01:07:14,190
Ja, jag tänker ju därför the 
think asså lite give it a yere 

900
01:07:14,190 --> 01:07:16,310
two. 
Jag tänkte share pris är somhing

901
01:07:16,310 --> 01:07:18,910
i allt som The Market cap 
thathing you's and then you have

902
01:07:20,030 --> 01:07:24,070
kattle opportunities to suite 
baween mexet. 

903
01:07:24,120 --> 01:07:27,360
Easy alltså when you look your 
forartner or do it yourself. 

904
01:07:27,520 --> 01:07:31,960
Absolut det ena think you know 
wee have that your next a tends 

905
01:07:31,960 --> 01:07:35,720
plan är nog very very solid ley 
coming to gether. 

906
01:07:37,590 --> 01:07:42,870
Men, vi har haft alltså make 
your your focus on the parts of 

907
01:07:42,870 --> 01:07:46,870
that Therese your control right?
So you can ever really control 

908
01:07:46,870 --> 01:07:51,750
IF som sett the value a ether 
come you can drive, go to the 

909
01:07:51,750 --> 01:07:56,680
process to the understone till. 
Ultimate pie the alla ting you 

910
01:07:56,680 --> 01:08:01,400
control's advents in the Project
yourself continuint to take risk

911
01:08:01,400 --> 01:08:04,040
out tovet continue in the dowork
that's kunna demonstrera. 

912
01:08:05,590 --> 01:08:08,630
Där det är så bygg en en very 
robust Project. 

913
01:08:08,630 --> 01:08:13,670
Ja, organized of Finance inget 
that stereon to ville. 

914
01:08:16,370 --> 01:08:19,450
Greaten i alla fall final live 
question it efter you have to 

915
01:08:19,450 --> 01:08:23,010
simplifide for investors and en 
bit something very concrete. 

916
01:08:23,010 --> 01:08:25,450
What are there most imported 
milestones? 

917
01:08:25,450 --> 01:08:27,649
Det är coutge bee watchinfor 
right now. 

918
01:08:29,850 --> 01:08:35,090
First won is the eay decision it
spring poall så again war 

919
01:08:35,090 --> 01:08:41,880
tagiting netwend of q twosex. 
The second wort be siging 

920
01:08:42,279 --> 01:08:45,080
agrimentts with and digidemisk 
communities it sprang på. 

921
01:08:47,560 --> 01:08:50,840
Hop that wood be doing that 
beforur they EA decision it 

922
01:08:50,840 --> 01:08:55,160
know. 
Bat working very har d' natt 

923
01:08:55,160 --> 01:08:56,960
bruket. 
Jag tänkte and whit a lokal 

924
01:08:56,960 --> 01:09:00,000
communities online d't it 
fyrther the risk that's that 

925
01:09:00,040 --> 01:09:04,670
environmental assement tocision.
Men den är in of the otather i 

926
01:09:04,670 --> 01:09:07,510
guest. 
The next ner term så catalist 

927
01:09:07,510 --> 01:09:13,069
that spring poall witod be prova
bli a fiasibility stody that 

928
01:09:13,069 --> 01:09:17,750
with be coming out sur your your
bankable fizibility studier ur 

929
01:09:17,750 --> 01:09:24,189
defential fasibility study come 
good probecity two next year and

930
01:09:24,189 --> 01:09:28,630
nattware abvegant through alla 
vi är engengering ja vi ser you 

931
01:09:28,630 --> 01:09:32,430
late and ony scope you have 
crent cast and nattwat's cent be

932
01:09:32,630 --> 01:09:34,229
the Project it you kunna go 
fine. 

933
01:09:34,750 --> 01:09:42,430
Number sugen be uing för study 
like that a your you fromell 

934
01:09:42,750 --> 01:09:46,350
enda gold Price efter good 
prices weird is it skulle vi ha 

935
01:09:46,350 --> 01:09:49,430
lauth and thiry onehundre dollar
så är vi till The last PFAS 

936
01:09:49,430 --> 01:09:53,950
right like i think pie's number 
rece även if you have som carst 

937
01:09:53,950 --> 01:09:58,870
inflation i think th is numbers 
are going to consitter bli 

938
01:09:58,870 --> 01:10:01,790
bättre time thit you go to 
financy så. 

939
01:10:02,560 --> 01:10:07,120
Ja då, så blir det tre bägge. 
Den är do par import and lay 

940
01:10:07,120 --> 01:10:12,550
like word collectoring. 
Baseline environmental data this

941
01:10:12,550 --> 01:10:19,270
you en driving towardsur det var
under studiet you park in twenty

942
01:10:19,270 --> 01:10:23,310
twenty seven. 
En we arey exid tobak that 

943
01:10:23,310 --> 01:10:27,110
because you know again, you rune
studier doue parkerade. 

944
01:10:27,990 --> 01:10:31,750
They fivehundred forusen dollar 
gold Price and it's kunde showa 

945
01:10:31,750 --> 01:10:38,510
three billon dollar and PV plus.
I think så it's it's more 

946
01:10:38,710 --> 01:10:42,270
skillable du parker, you can 
start smalare and expant. 

947
01:10:42,790 --> 01:10:46,510
Det gör både is and la more 
flexible infrastruktur du parker

948
01:10:46,510 --> 01:10:50,630
som amazing liker haph and air 
framöver fiftyfoused people. 

949
01:10:50,630 --> 01:10:53,310
Vi har ett pave roads you a 
power it. 

950
01:10:53,640 --> 01:11:00,430
Soul wight thars so. 
More stabilable, så jag tänker 

951
01:11:00,830 --> 01:11:05,230
work sited för can' what the 
reveilles för The next the next 

952
01:11:05,230 --> 01:11:08,390
draget du parkeras well we are 
never havenove time the talk 

953
01:11:08,390 --> 01:11:11,270
abot det här Project with 
investors i then it is worth 

954
01:11:11,830 --> 01:11:16,110
every every bott that a value of
spring poallen som days i think 

955
01:11:16,110 --> 01:11:20,800
may be more så. 
Great you me too to to to to to 

956
01:11:20,800 --> 01:11:23,120
sitdown and och buckla up för 
att kappa er så här. 

957
01:11:25,000 --> 01:11:29,400
Yeah, börja i Bengt the First 
fue thow s tings are are in the 

958
01:11:29,400 --> 01:11:34,040
as cup of mont så. 
Word strap är in and ready it th

959
01:11:34,040 --> 01:11:37,680
go here försore it skulle bli en
exiting time but you då exciting

960
01:11:37,680 --> 01:11:42,640
time the resason th we are is 
because wee warrable to do all 

961
01:11:42,640 --> 01:11:47,480
awork in twenty twenty and 
twenty twentyone and twy two two

962
01:11:47,480 --> 01:11:52,550
en twenty three. 
Peers just din have the access 

963
01:11:52,550 --> 01:11:55,910
the Capital to rezon of real 
monet är do real World wee 

964
01:11:55,910 --> 01:11:59,750
headhers portfölj of as it's th 
web you know sould interssin 

965
01:11:59,750 --> 01:12:07,350
picle Crown hopen inom goldlin 
allt inom proceeds we gode and 

966
01:12:07,350 --> 01:12:11,830
loudes to do real work inner 
time w't no and ells cood really

967
01:12:11,830 --> 01:12:15,640
do it a wone it to do it. 
And bocchoise wee har done cat. 

968
01:12:15,640 --> 01:12:17,800
That's why we are we, we are, 
are we are we are we are are to 

969
01:12:17,800 --> 01:12:22,470
day with what i think is. 
Three DA for you gap och en en 

970
01:12:22,470 --> 01:12:27,070
the x close Project så exciing 
Johan ha this things red for 

971
01:12:27,070 --> 01:12:31,830
time industry neads them the 
most and a on ting i can tale 

972
01:12:31,830 --> 01:12:37,150
you is that time is hee like it 
is not more sex montro no now 

973
01:12:37,150 --> 01:12:41,310
and towald moledts row now bat 
like that time is right now 

974
01:12:41,310 --> 01:12:45,030
there is up the walt you walt 
zeit on the balans jets. 

975
01:12:46,040 --> 01:12:49,520
Because they have so muech cash 
bott the ris are real the agrep 

976
01:12:49,520 --> 01:12:53,040
panik building inne i industry 
är bara how good of replice my 

977
01:12:53,040 --> 01:12:57,270
Reserve. 
Så big Project ur starting the 

978
01:12:57,270 --> 01:13:01,950
becom strategy det är importent 
assets at we is noterat. 

979
01:13:01,950 --> 01:13:06,120
Det är. 
Ja, jag kommer lite di agree and

980
01:13:06,120 --> 01:13:09,080
the thank you very much for your
presentation. 

981
01:13:09,080 --> 01:13:11,960
Den ålder insightsen bote you 
background. 

982
01:13:11,960 --> 01:13:15,400
It's very intressant to here and
alltså the macros and gold 

983
01:13:15,400 --> 01:13:18,200
Markets. 
I think this discrussion as give

984
01:13:18,200 --> 01:13:21,520
are investors a much better 
understanding of weear First 

985
01:13:21,520 --> 01:13:25,840
Mining stans to day and what 
really maters so it was a true 

986
01:13:25,840 --> 01:13:29,200
placeure meeting you bott in in 
thonto and Frankfurt and we are 

987
01:13:29,200 --> 01:13:33,440
looking forwit two se you again 
in in Sweden. 

988
01:13:33,950 --> 01:13:37,310
Stockholm. 
Gre. 

989
01:13:39,310 --> 01:13:43,310
Gre. 
Vi inte bear. 

990
01:13:43,830 --> 01:13:50,000
Be creak alltså. 
And take cere. 

991
01:13:50,680 --> 01:13:52,880
OK. 
Och då? 

992
01:13:52,960 --> 01:13:58,080
Var vi klara med intervjun med 
First Mining och Dan och Paul. 

993
01:13:59,790 --> 01:14:02,430
Vad vi tar med oss från det här 
samtalet. 

994
01:14:02,430 --> 01:14:06,510
Vi har ju träffat dem både i 
Frankfurt i november, Toronto. 

995
01:14:06,510 --> 01:14:08,350
Vi har väldigt bra relation med 
dem. 

996
01:14:08,350 --> 01:14:11,710
Det här är liksom människor som 
har väldigt mycket insyn i 

997
01:14:11,710 --> 01:14:15,350
sektorn, människor som vi vill 
ha att göra med också just för 

998
01:14:15,350 --> 01:14:19,150
att säkerställa, men ett bra 
kontaktnätverk samtidigt som de 

999
01:14:19,150 --> 01:14:23,350
är väldigt bra, duktigt och fina
människor att ha att göra med. 

1000
01:14:25,360 --> 01:14:28,760
Vilka är dnopul om du får 
summera klay. 

1001
01:14:30,390 --> 01:14:31,670
Ja, men det är väl som du är 
inne på. 

1002
01:14:31,670 --> 01:14:36,550
Det är ju otroligt duktiga 
människor på på det de gör, 

1003
01:14:36,550 --> 01:14:38,430
alltså. 
Man förstår varför det är när 

1004
01:14:38,710 --> 01:14:44,150
tillsätt via keit in i First 
Mining och och rattar runt det 

1005
01:14:44,150 --> 01:14:48,190
här och Paul med sin bakgrund 
som som stop broker och 

1006
01:14:48,190 --> 01:14:52,470
placerare åt både privatpengar 
och andra stora pengar blir ju 

1007
01:14:52,470 --> 01:14:58,200
en bra linje ut liksom att att. 
Dela bilden av vad firspining är

1008
01:14:58,200 --> 01:15:01,910
till andra investerare, så att. 
De är de är ett bra par 

1009
01:15:01,910 --> 01:15:03,550
tillsammans. 
De gör det jäkligt bra. 

1010
01:15:04,150 --> 01:15:07,030
De har gedigen bakgrund. 
De är liksom precis som modern 

1011
01:15:07,030 --> 01:15:10,670
är ju liksom både stöpt via 
Mining skolad via Mining, men 

1012
01:15:10,670 --> 01:15:12,590
sen också via finans och 
bankvärlden. 

1013
01:15:12,590 --> 01:15:17,350
Så han har också bra koll på det
så att bra människor och väldigt

1014
01:15:17,350 --> 01:15:19,950
roliga människor också vid sidan
av det är ju aldrig dumt. 

1015
01:15:19,950 --> 01:15:25,710
När vi väl träffar på sådana. 
Nej, helt enig och makron och 

1016
01:15:25,710 --> 01:15:29,550
ädelmetallerna så så är känslan.
Vi får att management har 

1017
01:15:29,550 --> 01:15:34,310
väldigt bra koll på bilden och 
de ser den stora bilden framåt 

1018
01:15:34,310 --> 01:15:37,390
också, vilket är tryggt från vår
aspekt också. 

1019
01:15:37,390 --> 01:15:40,150
I att OK, men då vet vi att de 
är engagerade i guldsektorn i 

1020
01:15:40,150 --> 01:15:41,710
sin helhet. 
De ser vart det är på väg. 

1021
01:15:41,710 --> 01:15:44,710
Då kan man också positionera sig
lite utifrån det också. 

1022
01:15:46,070 --> 01:15:49,030
Nej men och och bara flika in 
där för att det som är spännande

1023
01:15:49,030 --> 01:15:52,510
är dom att man man märker vilken
koll dom har på liksom den 

1024
01:15:52,670 --> 01:15:58,830
totala världsekonomin. 
Geopolitiska läget varför guldet

1025
01:15:58,830 --> 01:16:02,590
spelar ut som det är, vilket 
också gör någonstans att de har 

1026
01:16:02,590 --> 01:16:05,270
ju en framtidsbild. 
Alltså, det är inte att man bara

1027
01:16:05,270 --> 01:16:08,590
bygger här och nu på sikt lite 
grann, utan de ser ju också vart

1028
01:16:08,590 --> 01:16:11,710
guldet är på väg man man kan 
läsa av att OK, det det är 

1029
01:16:11,710 --> 01:16:14,910
troligtvis ett decennium av ett 
starkt guldpris, det ett gyllene

1030
01:16:14,910 --> 01:16:16,630
tillfälle för oss att sätta det 
här bolaget. 

1031
01:16:16,750 --> 01:16:21,630
På kartan så så det är väldigt 
komplett, vilket gör också att 

1032
01:16:21,630 --> 01:16:25,390
det det är ju en stark tilltro 
när man när man har en ledning 

1033
01:16:25,390 --> 01:16:28,750
som även har koll på liksom 
makroekonomi och världsläge. 

1034
01:16:29,470 --> 01:16:32,470
Absolut och det man kan säga, 
det visar ju dem i sin praktik 

1035
01:16:32,470 --> 01:16:35,670
också. 
First Mining grundades ju av den

1036
01:16:35,670 --> 01:16:39,550
anledningen att de ser högre 
guldpriser för att guldpriset 

1037
01:16:39,550 --> 01:16:42,550
var så pressat backen 2015 
tjugosexton. 

1038
01:16:42,830 --> 01:16:45,710
Det var liksom därför bolaget 
skapades och det är det de har. 

1039
01:16:46,760 --> 01:16:49,520
Gjort allting förda den 
långsiktiga guldvyn. 

1040
01:16:51,560 --> 01:16:57,520
Deras topp assets kley ja. 
Men idag har de ju från början 

1041
01:16:57,520 --> 01:16:59,960
när de byggde caset. 
Då var det ju så att man satte 

1042
01:16:59,960 --> 01:17:01,840
ihop. 
Det är egentligen plockipin av 

1043
01:17:02,080 --> 01:17:06,480
flera olika intressenter och jag
tror keit normaly var väl den 

1044
01:17:06,480 --> 01:17:09,120
som var drivande i det här och 
då dammsög man och gick igenom 

1045
01:17:09,120 --> 01:17:14,350
och titta vilka är? 
Vilka är de fem sex absolut, 

1046
01:17:14,350 --> 01:17:18,590
mest intressanta och med störst 
potential av guldfyndigheter? 

1047
01:17:18,590 --> 01:17:22,670
Vi har i Kanada och man köpte ut
alla de där och man byggde en 

1048
01:17:22,670 --> 01:17:25,270
portfölj och man la portföljen 
åt sidan i stort sett och det 

1049
01:17:25,270 --> 01:17:27,950
fick den ligga. 
Ett par år sedan satte man upp 

1050
01:17:27,950 --> 01:17:30,830
det och det kom ett team. 
Man har tagit det vidare och med

1051
01:17:30,830 --> 01:17:34,350
tiden så har ju de här fem sex 
egentligen blivit att man har 

1052
01:17:34,350 --> 01:17:37,680
två stora huvud. 
Spår just nu, vilket är 

1053
01:17:37,680 --> 01:17:42,240
springpol och du parkett två 
stycken har man sålt på vägen 

1054
01:17:42,480 --> 01:17:45,600
och det väljer man att göra 
istället för att ta in alltför 

1055
01:17:45,600 --> 01:17:48,480
stora pengar via PPS. 
Man har ju tagit in lite PP men 

1056
01:17:48,480 --> 01:17:51,190
inte. 
Lika mycket som om man inte hade

1057
01:17:51,190 --> 01:17:55,430
sålt, så man har använt flera 
mindre assist eller mindre, men 

1058
01:17:55,430 --> 01:17:58,590
de som man själv har sett att, 
men vi kommer inte orka eller 

1059
01:17:58,590 --> 01:18:02,830
hinna hantera till att sälja ut 
för att ta in pengar och sen så 

1060
01:18:02,830 --> 01:18:07,110
har man ju fortfarande två som 
man har sålt av eller har 

1061
01:18:07,110 --> 01:18:10,070
jointventure med. 
Så det finns två till utöver de 

1062
01:18:10,070 --> 01:18:13,630
här som finns med intressen och 
som kommer igenom typ av. 

1063
01:18:14,520 --> 01:18:16,760
Kickback eller att man har 
aktier i bolaget att kunna sälja

1064
01:18:16,760 --> 01:18:19,600
dem då. 
Men just spring pool och dupra 

1065
01:18:19,600 --> 01:18:23,760
katt är väl de två största 
obrutna fyndigheterna som vi har

1066
01:18:23,760 --> 01:18:27,590
just nu Kanada. 
Och på totalt så de två ihop är 

1067
01:18:27,590 --> 01:18:32,510
ju strax över elva miljoner os, 
upp med 13 miljoner totalt. 

1068
01:18:34,640 --> 01:18:38,400
Och någonstans när man tittar på
de p arna som ligger på båda de 

1069
01:18:38,400 --> 01:18:41,920
här och nu är ju du parkett inte
uppdaterad så kommer de här två 

1070
01:18:41,920 --> 01:18:45,120
generera över 600 000 noser 
produktion i framtiden. 

1071
01:18:45,800 --> 01:18:48,040
Nu kommer man göra en 
uppdatering på du parkett, 

1072
01:18:48,040 --> 01:18:51,160
vilket gör att jag tror att den 
kommer bli säkert 100 000 ost 

1073
01:18:51,160 --> 01:18:53,240
större med tiden. 
För man ser att det är 

1074
01:18:53,760 --> 01:18:57,120
skadligheten i den är till och 
med ännu bättre än vad den är i 

1075
01:18:57,120 --> 01:19:01,790
spring pool så att det är ju. 
Det är två stora assets där det 

1076
01:19:01,790 --> 01:19:05,950
finns ett stort intresse från 
väldigt många att få de här i 

1077
01:19:05,950 --> 01:19:09,510
produktion. 
Precis, det är ju såna här typer

1078
01:19:09,510 --> 01:19:14,630
utav fyndigheter som krävs för 
att det ska göras skillnad i de 

1079
01:19:14,630 --> 01:19:18,150
stora bolagens 
produktionssiffror där man 

1080
01:19:18,150 --> 01:19:21,750
plockar såna här stora 
fyndigheter då och sätter dem i 

1081
01:19:21,750 --> 01:19:26,030
produktion så att det här är ju 
verkligen ett potentiellt 

1082
01:19:26,030 --> 01:19:29,910
uppköps taget för större bolag 
kommande tiden. 

1083
01:19:31,590 --> 01:19:33,750
Ja och det, det tror jag blir 
för vi. 

1084
01:19:33,750 --> 01:19:37,350
Vi avslutade ju sista frågan i i
dragningen här lite grann så 

1085
01:19:37,350 --> 01:19:39,470
här, hur eller om det var näst 
sista? 

1086
01:19:39,470 --> 01:19:42,830
Hur liksom, hur om vi nu får 
allting godkänt att ta det 

1087
01:19:42,830 --> 01:19:45,750
vidare och någon typ av 
execution, hur ska vi ta de här 

1088
01:19:45,750 --> 01:19:47,790
till produktion? 
Är det ett jointventure eller 

1089
01:19:47,790 --> 01:19:49,990
ska man ta det själv eller 
kommer man bli uppköpta? 

1090
01:19:49,990 --> 01:19:52,670
Och det går väl inte att dra 
under stolen med att när man man

1091
01:19:52,670 --> 01:19:54,670
hör och lyssnar på det, att jag 
tror inte att. 

1092
01:19:56,040 --> 01:19:59,590
Dan med team. 
Kommer vara teamet som kommer 

1093
01:19:59,590 --> 01:20:02,550
sätta de här fyndigheterna i 
produktionen, utan de har ju 

1094
01:20:02,550 --> 01:20:07,150
verkligen ett ett case att att 
klä den här damen och bygga det 

1095
01:20:07,150 --> 01:20:09,590
här caset maximalt. 
Sen gör man det i en 

1096
01:20:09,590 --> 01:20:13,350
jointventure eller så kommer 
någon typ new mont agneke och 

1097
01:20:13,350 --> 01:20:16,030
barric eller någon att köpa ut 
det här till en jättepremie då? 

1098
01:20:17,670 --> 01:20:21,870
Snyggt och hela caset kretsade 
just nu på kort sikt. 

1099
01:20:21,870 --> 01:20:27,390
Om du ser fördelar punkten där 
att man får sin e approde och ea

1100
01:20:27,390 --> 01:20:31,910
är en envirmental assesement. 
Skulle du kunna prata lite kring

1101
01:20:31,910 --> 01:20:35,470
det och berätta vad planen är 
efter de får sin e app. 

1102
01:20:35,470 --> 01:20:38,350
De säger det att vi kommer få 
den här approe nu under sista 

1103
01:20:38,350 --> 01:20:41,160
juni. 
Ja, men precis så är det rätt 

1104
01:20:41,160 --> 01:20:45,000
spännande och det är ju. 
Det är väl ganska riskfyllt att 

1105
01:20:45,000 --> 01:20:47,360
gå ut och säga men men det är 
någonting i dem som säger, jag 

1106
01:20:47,360 --> 01:20:49,680
vet att det är en när vi bland 
annat vill träffa dem med pidax 

1107
01:20:49,680 --> 01:20:52,040
så var jag hann till och med på 
hockey. 

1108
01:20:52,510 --> 01:20:58,030
Med ett par gubbar från ia och 
smörjdekråset så att det finns 

1109
01:20:58,030 --> 01:21:01,030
nog en väldigt god relation. 
Och tittar vi historiskt så 

1110
01:21:01,030 --> 01:21:08,190
finns det ju 3, 4 5 fyndigheter 
till med ganska exakt samma typ 

1111
01:21:08,190 --> 01:21:13,670
av geologi och liksom uppbyggnad
av värset som har blivit 

1112
01:21:13,670 --> 01:21:17,710
godkända så att att de skulle 
bli godkända det. 

1113
01:21:17,760 --> 01:21:21,320
Tror jag också mer och mer lutar
åt en icke fråga att det kommer 

1114
01:21:21,320 --> 01:21:24,560
ske och när man får den blir 
godkänd. 

1115
01:21:24,560 --> 01:21:27,240
Då börjar ju direkt nästa steg 
att börja titta på då. 

1116
01:21:27,830 --> 01:21:30,550
Blir började ju liksom och börja
göra en Construction plan och 

1117
01:21:30,550 --> 01:21:32,470
sen så skicka in för att få 
någon typ av Construction 

1118
01:21:32,470 --> 01:21:36,150
permitto för att börja titta på 
liksom vad kommer det kosta att 

1119
01:21:36,150 --> 01:21:39,670
bygga? 
Vad hur ser tidslinjerna ut? 

1120
01:21:39,710 --> 01:21:42,150
Hur vad är den ekonomiska delen 
och allting sånt där? 

1121
01:21:42,150 --> 01:21:45,110
Ja och sen utefter det då så 
försöka hitta någon typ av en en

1122
01:21:45,110 --> 01:21:48,190
Mining permate med tiden. 
Men men ean är ju det som är 

1123
01:21:48,350 --> 01:21:51,510
absolut det tuffaste. 
När du har fått den så är det 

1124
01:21:51,510 --> 01:21:53,990
väl i stort sett en ganska grön 
väg fram till en typ av 

1125
01:21:53,990 --> 01:21:56,670
produktion då. 
Snyggt. 

1126
01:21:57,870 --> 01:22:01,310
Mycket riktigt och ser man till 
värdering. 

1127
01:22:01,310 --> 01:22:04,350
Vi kommer ta det i eller vi har 
tagit det i introduktionen av 

1128
01:22:04,350 --> 01:22:07,110
den här videon också där jag går
igenom lite Excel och visar på 

1129
01:22:07,110 --> 01:22:12,430
att de är en av de billigaste 
developers i i hela sektorn, men

1130
01:22:12,430 --> 01:22:17,110
kommer nog inte vara så i 
alltför många år om de får sin 

1131
01:22:17,110 --> 01:22:19,950
EA prov då. 
För att det är ett par? 

1132
01:22:20,310 --> 01:22:22,990
Permitt som måste liksom 
godkänna. 

1133
01:22:23,160 --> 01:22:25,880
För att man ska komma i 
produktion och EN den här 

1134
01:22:25,880 --> 01:22:30,720
envirremental med assessement är
den största och tyngsta och 

1135
01:22:30,720 --> 01:22:34,790
jobbigaste. 
Att att få approd och därefter 

1136
01:22:34,790 --> 01:22:37,750
så är det lite små per mindre 
permitter som är mer formalia 

1137
01:22:37,750 --> 01:22:42,110
som bara är tidsfrågor innan de 
blir godkända också. 

1138
01:22:43,270 --> 01:22:46,910
Ja men och väldigt spännande dan
var inne på det liksom att de 

1139
01:22:46,910 --> 01:22:51,670
har ju hållit på i över tio år 
med den här och nu är man så 

1140
01:22:51,670 --> 01:22:54,230
pass nära att nu pratar man 
liksom inom ett par månader 

1141
01:22:54,710 --> 01:22:58,680
alltså och nu vart man ju. 
Det senaste var att man fick 

1142
01:22:58,680 --> 01:23:02,840
förlängt både från ja regionala,
alltså nej till variant och 

1143
01:23:02,840 --> 01:23:04,240
miljö och lite sånt där fram 
till. 

1144
01:23:04,240 --> 01:23:08,190
Vad är det sista juni, va? 
För dina, var det någon så här 

1145
01:23:08,190 --> 01:23:10,350
sista april eller maj eller 
något sånt där? 

1146
01:23:10,350 --> 01:23:12,390
Och det är några sista detaljer 
som håller på att titta så att 

1147
01:23:12,390 --> 01:23:16,870
vi är ju verkligen otroligt nära
till att det det blir liksom en 

1148
01:23:16,870 --> 01:23:21,630
en någon typ av ground breaker 
för bolaget och och kikar man på

1149
01:23:21,630 --> 01:23:23,030
det. 
Det är en stor andel så här nu. 

1150
01:23:23,070 --> 01:23:25,350
Det finns en hel del 
institutionella pengar i 

1151
01:23:25,350 --> 01:23:28,550
bolaget, men men som de är inne 
på också så här, det kommer nog 

1152
01:23:28,550 --> 01:23:33,400
mer än dubblas. 
I och med att en en j blir appro

1153
01:23:33,400 --> 01:23:36,830
i sådana fall. 
Och då blir det ju ett helt 

1154
01:23:36,830 --> 01:23:39,790
annat tryck i bolaget också och 
så att de har den låga 

1155
01:23:39,790 --> 01:23:44,230
värderingen med de assetserna i 
Kanada med de förutsättningarna 

1156
01:23:44,230 --> 01:23:47,990
att bygga det här. 
Det är rätt så ganska unikt just

1157
01:23:47,990 --> 01:23:52,150
nu när vi tittar på det. 
Ja verkligen, det är det de 

1158
01:23:52,150 --> 01:23:55,550
säger är deras varför de är så 
missförstådda eller 

1159
01:23:55,550 --> 01:23:58,790
undervärderade? 
Den största anledningen är just 

1160
01:23:58,790 --> 01:24:02,270
att springa pole. 
Projektet har varit känt väldigt

1161
01:24:02,270 --> 01:24:06,750
länge som ett stort guldprojekt,
men alla har liksom alltid sagt 

1162
01:24:06,750 --> 01:24:08,270
att det här kommer ju inte komma
till produktion. 

1163
01:24:08,270 --> 01:24:13,150
Det liksom går inte att få en e 
här och det är liksom som att 

1164
01:24:13,150 --> 01:24:16,070
när man har pressat aktien 
väldigt många år och fortfarande

1165
01:24:16,070 --> 01:24:19,440
gör man. 
Att om den bevisas fel ja, men 

1166
01:24:19,440 --> 01:24:22,480
då är det helt annan spelplan 
för. 

1167
01:24:24,030 --> 01:24:28,090
Spring pod då? 
Risken då vad är riskerna i 

1168
01:24:28,090 --> 01:24:31,010
bolaget? 
Ja, men och det är väl samma 

1169
01:24:31,010 --> 01:24:34,730
alltså så här edgen upp sidan i 
hela caset blir ju även deras 

1170
01:24:34,730 --> 01:24:36,690
risk. 
Allting hänger. 

1171
01:24:36,690 --> 01:24:39,290
Jag skulle nog våga säga att 
hela caset och och liksom stor 

1172
01:24:39,290 --> 01:24:42,690
del av bolaget hänger ju runt 
igen och då är det ska vi prata.

1173
01:24:42,690 --> 01:24:45,410
Det är ju verkligen enea för 
springpol man har ju dupraket 

1174
01:24:45,410 --> 01:24:48,650
som ligger uppe i i quebecta, så
det är ett helt annat typ av 

1175
01:24:48,650 --> 01:24:52,330
case och det säger man ju 
egentligen ett lättare case med 

1176
01:24:52,330 --> 01:24:56,130
bättre infrastruktur och mer 
lättskaligt, men man ser ju 

1177
01:24:56,130 --> 01:25:00,310
liksom. 
Effekt vad ska man säga direkt? 

1178
01:25:00,310 --> 01:25:04,550
Positiv effekt i att få 
springpool vidare till nästa 

1179
01:25:04,550 --> 01:25:08,150
steg så att det är därför man 
har valt att lägga fokus på den 

1180
01:25:09,270 --> 01:25:12,350
så att ian är ju den. 
Det är ju deras största risk nu 

1181
01:25:12,350 --> 01:25:15,830
när vi tittar i närtid eller i 
korta, då skulle den bli godkänd

1182
01:25:15,830 --> 01:25:19,270
och vi tittar framåt då, men då 
är det ju nog tidslinjen och att

1183
01:25:19,270 --> 01:25:23,150
man är en develuper för nästa 
steg blir ju sen att börja titta

1184
01:25:23,150 --> 01:25:26,310
på så att då vill ju marknaden 
någonstans börja få en tydlig 

1185
01:25:26,310 --> 01:25:29,110
plan. 
Hur ser kostnaderna ut hur 

1186
01:25:29,110 --> 01:25:33,470
tänker ni att ni ska exekuta? 
Hela caset kommer. 

1187
01:25:33,520 --> 01:25:37,600
Kommer kasse räcka utifrån den 
plan som ligger där. 

1188
01:25:37,720 --> 01:25:41,440
Hållbara flesibility studier och
massa sådana där saker, precis 

1189
01:25:41,440 --> 01:25:46,520
som som de flesta typer av 
developers har då så att det 

1190
01:25:46,520 --> 01:25:48,880
finns. 
Ju alltid risker i de här och 

1191
01:25:48,880 --> 01:25:52,240
någonstans får man ju ställa det
till värderingen och det är så 

1192
01:25:52,240 --> 01:25:54,480
vi ser det när vi tittar på det.
Att värderingen. 

1193
01:25:55,430 --> 01:25:59,030
Är så pass låg att det liksom 
går inte att blunda för det, 

1194
01:25:59,630 --> 01:26:01,230
vilket gör att det är värt att 
ha det. 

1195
01:26:01,230 --> 01:26:05,830
Men det finns risker med i caset
också och med det sagt så bör 

1196
01:26:05,830 --> 01:26:09,790
man ju verkligen vara ganska 
noga med att i alla fall fundera

1197
01:26:09,790 --> 01:26:14,070
på så att man har en rimlig size
för alla såna här bolag med 

1198
01:26:14,070 --> 01:26:16,910
enorma uppsidor har även lite 
högre risker. 

1199
01:26:18,070 --> 01:26:21,150
Absolut så klart och bra. 
Du lyfter det att det här är 

1200
01:26:21,150 --> 01:26:24,830
inget bolag man går in med i 
hela sin portfölj, inte tio. 

1201
01:26:24,830 --> 01:26:27,750
Procent för den delen heller. 
Utan det här är liksom ett bolag

1202
01:26:27,750 --> 01:26:32,830
som utgör någon procent av 
portföljen med hög potential för

1203
01:26:33,270 --> 01:26:36,070
en outputformen om man får sin 
e. 

1204
01:26:36,070 --> 01:26:39,150
Approved. 
Och det är väl det, har du mer 

1205
01:26:39,150 --> 01:26:44,610
att tillägga där, eller? 
Nej spännande att se att man 

1206
01:26:44,610 --> 01:26:47,730
bara har någon procent. 
Jag tror jag har sex, sju, 8 % i

1207
01:26:47,730 --> 01:26:50,410
det här bolaget. 
Jag tror ju stenhårt på dem och 

1208
01:26:50,410 --> 01:26:52,930
är en av mina största sajzer och
jag tycker att case ser 

1209
01:26:52,930 --> 01:26:55,170
fantastiskt ut. 
Men jag är väl medveten om 

1210
01:26:55,170 --> 01:26:58,650
risken också så att det är väl 
det som är viktigt att lyfta in.

1211
01:27:00,400 --> 01:27:01,600
I övrigt så ser det ju väldigt 
spännande. 

1212
01:27:01,600 --> 01:27:05,520
Vi kommer ju träffa det här 
bolaget både i bibekrik i 

1213
01:27:05,520 --> 01:27:09,520
september, men de kommer även 
komma till Stockholm i oktober. 

1214
01:27:11,030 --> 01:27:15,320
Och där vi har. 
Lite roligt på gång som vi 

1215
01:27:15,320 --> 01:27:18,960
kommer få återkomma med då, men 
så att det är kul att följa såna

1216
01:27:18,960 --> 01:27:21,680
här bolag och vi kommer ha en 
tät relation med de här i många 

1217
01:27:21,680 --> 01:27:25,030
år framöver. 
Toppen stort tack för att ni har

1218
01:27:25,030 --> 01:27:26,390
lyssnat. 
Och ta hand om er. 

1219
01:27:27,070 --> 01:27:28,390
Ha det gott hejdå.