 Hello everyone, this is Byron King with Investor Intel and we're going to do a little commodity corner here. We're going to talk with Joel Friedman of True Precious Metals, a gold exploration company in Newfoundland. If you follow the gold space, you know that that whole Labrador Newfoundland area is really hot. There have been some incredible developments the last couple of years and along comes True, TRU is how you spell True. Joel put this play together. Joel, tell the viewers and listeners that give us a quick rundown of what is the company and what are you doing? True Precious Metals is building out a diversified portfolio of inflation-resistant natural resources assets focused on Newfoundland at the moment. So certainly heavily precious metals oriented at the moment, although actually based on this morning's news which we'll get into, we've also got some strong indications for copper on the property. So kind of an interesting energy metal slant to our project. Okay, great. Now about a week ago you released some drilling results which tells us that you've been drilling and today as we speak you have released some geophysics results which also highlight things. So we've got the hard material drill course from the ground and we've got the geophysics and why don't you tell the viewers and listeners out there what did you find and what's your model? What are you putting together? So on April 7th we put out a press release at our Woods Lake Gold Zone on our Golden Rose project, maybe just for some quick background I guess for anyone who's not familiar with the story. The real thesis, the investment thesis and geological thesis for Golden Rose which is our flagship property is it's right between two major gold deposits in Newfoundland. We have this Matador mining with 840,000 ounces right here, marathon gold with 4 million ounces right here and we control the 45 kilometers of strike length between the two. So just about all the land between the two of them is true precious metals. So last week we put out, obviously a great place to be, we're on the right street between the two biggest houses in the neighborhood. So last week we put out news on the the one million gold zone on our Golden Rose project called the Woods Lake Gold Zone. We already knew from historical work and like the public already knew there is gold there. We succeeded in expanding the zone a bit. We seem to be shaping up the beginnings of a bulk tonnage target there or you know bulk tonnage zone perhaps and so based on Woods Lake Gold Zone I wore my gold sweater today. We have gold at the property you know that alone is not deposit stage it's not resource stage. What's good is it shows there it's a fertile gold system that runs through our property. There's obviously already gold in one spot and if we're anything like our neighbors which geologically we look pretty similar there should be multiple other gold zones on the property. So that's kind of a good cementing of the value of the Golden Rose project. If you then look at the news this morning about our IP survey and that's why I wore a copper colored watch today. Our IP survey which is a geophysical survey and to be non-technical it shows you what's under the ground. So at the surface we already you know we've been picking up things at surface soil samples rock samples that there's gold and potentially copper and potentially silver at service. I mean those things those minerals are actually present in what we picked up at surface you know we've got to go prove it out by drilling under the ground. So before we go drill we want to be kind of systematic in how we spend our exploration dollars. We ran this IP survey to give us the picture of what's beneath all the samples we collected and we get this IP survey and it picks up all these anomalies which show that there's something interesting beneath the surface and what's quite interesting about our press releases and today's news there seems to be a very large IP anomaly beneath the surface that's coincident with all this gold and copper we're finding at the surface. So you know we're putting together a geological puzzle here thanks to our my technical colleagues like a number of geologists on staff so you know they're applying rigorous geological science which takes a lot of time and you want to put together as many pieces of the puzzle before you go and spend hundreds of thousands or millions of dollars drilling and based on what we found now at the surface and what we're starting to see beneath the surface everything is adding up for there's something big beneath the surface exactly what it contains and how big that's still to be determined but we're getting to a point where we have a good picture around to something and soon it's going to be time to actually go drill it and kind of test what we really have there. Back up a few paces here you've got a big deposit over here and you've got a big deposit over here and you're in the middle like you said you're on the right street between two really nice houses can you give a quick summary of why didn't these other two guys why didn't they pick up your land package and how did you wind up with this land package it seems like you found it in the right spot at the right time. So we stand on the shoulders of giants in a sense there have been a smattering of other smaller companies who are typically undercapitalized who have controlled bits and pieces of the land package we now own over the last decade so they've been doing you know here in their soil sampling work drilling since about 2010 or 2012 something like that and companies have dropped it they've optioned it to each other you know you should keep in mind that even though right now commodities are hot certainly wasn't the case in 2012 2014 you know really most of the last few years up until let's say 2019 or 2020 when commodities and inflation started to pick up and so most of these companies you know there was no investor interest they didn't have a lot of money in the treasury companies were forced to drop land and Golden Rose is a huge land package it's 236 square kilometers yeah so I mean like it costs a lot of money to maintain and so many of these companies were unable to keep the property in around 2019 it's kind of right before you know COVID pandemic kicked in and there was all the quantitative easing on a monetary level a lot of the ground got dropped there was only little bits and pieces kept by the previous holders and so Altius who's like a very large sophisticated you know TSX listed company who is our second largest shareholder they swooped in and accumulated as much of the property packages they could because they're very savvy they played a long-term game like we're playing and they pick up things in bad markets so they kind of accumulated as much of this property package that's Golden Rose in 2019 to 2020 they consolidated whatever they could and then they look for a junior to farm it out to because that's really the business model and they do that typically for an equity stake so Altius really consolidated the ground in 2019 and into 2020 they did a bit of service work you know they they had the sense that it's a highly prospective property and so then we were bidding for it in late 2020 and into early 2021 when we signed the deal to acquire it and as part of the deal Altius got at the time what would have been a 20% stake in true there's not a lot of cash that we had to give them in fact almost none it was heavily we give them a big equity stake and we have to commit to millions of dollars of exploration so that tells you that if they're not asking for a bunch of cash and a heavily equity and exploration base they believe in one the property and that it will be firmed up you know on geological level from exploration and two in our company True Precious Metals because they're betting on our equity state their equity stake in us to be worth something and so they continue to be a large holder and and since May of 2021 when we acquired the property we rattled off about half dozen additional property acquisitions to really consolidate the land package like I kind of look at this business a bit more like real estate you know you want to you want to buy up as much property as you can in order to develop a whole area it's much more valuable than you owning fragments here and there so we option stake acquire a bunch of land around Golden Rose and contiguous with it in order to more than double the property size late last year and that's proved to be a very good strategy because some of the areas now where we're seeing this gold and copper at surface and we're doing the IP survey is actually land we staked last year as soon as we acquired Golden Rose. Okay so okay that actually tells the tells a really nice story and you can look at it in a couple of different ways that you know the Alteas did you know a lot of the heavy lifting then they wanted to farm out and this is a classic story they farmed out a lot of their exploration to a management team and technical team which happens to be you and your group which is a credit to you obviously and so and our Geos for sure and the Geos I'm the technical group that's the yeah they can't do much without those guys I say that as a Geo myself and so and so we're really in a sort of an early exploration phase I think is a way to put it even though you've got these two great big neighbors on each on each end of you here and so you you're putting together a geologic model you're doing mapping you're doing rock sampling you're doing the geophysics a little bit of drilling you know all of all of which all of which makes a lot of sense so now you have Alteas as a big shareholder you have somebody else as a pretty big shareholder too a fairly familiar name if I recall we do also have Eric Sprott who's our largest shareholder Canadian precious metals billionaire I think for a company our size whose market cap is only 10 million bucks to have a billion dollar TS access to company and a billionaire precious metals investor as our two largest shareholders is a real vote of confidence in our entire management team as well as the mayor of the property we have yeah so while we're while we're talking about it you just mentioned your market cap tell the viewers out there what's what's your share structure what do you have out there and you know what then you know where you listed things like that just the basics sure we're on the TSX venture under the ticker symbol TRU for true we also trade in the states on the OTCQB under the ticker ticker symbol TRUIF and actually we're in Frankfurt under the I think the symbol is 706 our share structure is we have six right now we have about 67.9 million shares outstanding so we tried to be fairly disciplined with the float while also being able to raise enough money to capitalize ourselves we do have some options and warrants most of those are currently out of the money but those would be represent you know especially if we make a discovery those would represent a good kind of built-in source of financing we are well capitalized like we have enough in the Treasury to ride us out for a while if we want to go big on exploration which is kind of my inclination then at some point you know we will look to take an additional capital but we also evaluate non-dilutive sources of financing like transacting on our secondary properties in order to find non-dilutive ways to bring in cash that's certainly something on the radar and and then our management and our management and board own roughly 5% of the company this past Monday so on the 11th I actually went in the market I bought over a hundred thousand dollars to stock myself you can check the public filings so that's a real vote of confidence from the CEO and I'm actually not even the largest inside shareholder I'm slightly behind our VP of property development Barry Green and basically he and I have been chasing each other buying stock in the market over the last three to four months so when you have your CEO and your top geologist you know accumulating stock in the market that's probably a good sign that they really believe in what they're working on it's been great to speak with you for viewers out there true TRU precious metals you can find it easily on the web they have a they have a website they have a presentation they have a file of news releases over the past couple of years and you can track what's going on and with that I thank you for your time we wish you well you and certainly your geologic team out in the field kicking those rocks and IPing those inducing polarizing those those rock bodies underneath and so thank you for thank you for everything and again good luck to everyone thanks for the opportunity Byron