 Welcome back everyone. I'm Peter Clausi and this is Investor Intel. Today, new gold project, but like a lot of new gold projects, it's an old gold project located in Quebec. Here we are with Justin Reid, the CEO of Troilus Gold. Hi Justin. Hey Peter, how are you? Good. Learning about your story reminds me of that old old adage. Where do you find gold? In the shadow of the head frame. And that's exactly where you are. That's it. So what used to be here? So Troilus was, as you said, a past producer. Between 96, 2010, it produced 2 million ounces of gold, 70,000 tons of copper out of two large open pits. And what happened? Did you exhaust the ore? They exhausted the reserve, but the mine was operated by Inmet. Inmet was a base metal company with assets internationally. This was their only Canadian asset. Corporate focus on Cobra Panama, the fourth biggest copper mine in the world now. Strong Canadian dollar, weak gold basically. Their heart wasn't in it. It wasn't there. Didn't want to invest any further capital. So I like the story. January 12th drill results came out and they were mainly step out holes. And you just continue to hit your numbers. Yeah, we've had a lot of success. In the last two years, we've added six and a half million ounces, which is unheard of. And it's not about ounces being added. It's about good ounces. But we discovered a new zone called the Southwest, which is three kilometers off the mine. Brand new discovery. We discovered it last January. We drilled it for one month and we found 600,000 ounces. That's pretty good. It was crazy. So these results we just put out are the first batch. We drilled 20,000 meters with four drills October, November, December last year. Results are just coming in because the labs are so backlogged. Labs are jammed up. Good and bad, right? Bad for results. Great for the industry. Shows you everybody's drilling. There's money. I'm a fan of the industry. But these results were key because we extended that 600,000 ounces, which was originally over 350 meters, an additional 200. And we have another 18,000 meters to come in the next few weeks. Is that physically connected to the main deposit? Brand new deposit just off of our main deposit called Z87 separated now, but we haven't drilled between the two of them yet. So we have two and a half kilometers of room at surface between the two deposits. Wow. Never been drilled. That PEA you were talking about came out in August of 2020 with some pretty spectacular numbers. Yeah. Aftertax IRR of 23% at an NPV of 576 million. But at 1475 gold, I think maybe what's even more important than this is a PEA. It's a stake in the ground of value. It kind of tells you what it could be. We're working on the feasibility now, pre-feasibility, but for me the biggest takeaway was plus 20-year mine life, 250,000 ounces a year, capex below 500 million, capex at 333 million. So when you put it in a Canadian sense, not just Quebec, it's a top 10 producer or potential to be a top 10 producer in Canada. And that's not just gold. You're getting some silver and copper credits too. Silver is obviously a medal of the day. So those production numbers I gave you were gold. When you start talking copper and silver, you're through 340,000 ounces equivalent. You're going to get between 10,000 and 12,000 tons of copper a year and you're also going to get a bunch of silver. And a steady flow of news as you continue to drill. How many meters have you drilled all in? In two and a half years, we've drilled 100,000 meters, which is huge, but my neighbors at Isisco kind of dwarf us. So they've drilled a million meters. So if we can x out Isisco, it's the biggest drill program in Quebec. But that's like driving from where you are to Timmins. Yeah. It's a huge way. That's why we have a big camp. We have 75 people there working. Yeah. It's pausing there for a second. I don't mean to shuttle that to the side. Your property is massive. Yeah. 107,000 hectares, 1076 square kilometers. Well, we did that on purpose and we did it all last year. We only had 11,000 hectares at the mine. And then when we took, we invented a new model or we put together a new model on top of the old deposit. And that as soon as we applied our structural model to the deposit, we found six and a half million more ounces. And we said, you know what? We might be right. So we quietly went out and we staked everything. Staking in Quebec is online, right? Yeah. And we can do it online. We also bought a lot of ground from O3. Jose had a large ground position, which was historical to him. And they're focusing obviously over in the Veldor camp. And so we made a deal with him and with a bunch of others. Sok won the government. We said, let's just grab as much as we can. And we did early in the year. And that's what's really led to this massive program we have now. Now, when you and I were talking before, you were mentioning a very, very strong shareholder base. Yeah. We have 51 global institutions, which is kind of unheard of for companies our size. It has a lot to do with our past, I think. But the mainstream, we have Sprock and Mackenzie and Franklin and Fidelity. But in Quebec, we're really proud of our Quebec shareholders like the case. The case is our single largest shareholder. So we're talking about the size of the company. 132 million shares out and you're trading at around $1.60. Yeah. Low. I think we're undervalued. I'm supposed to say that too, by the way. But we came off of a low base last year. We performed great last year. We were a $40 million market cap for $150 million now plus. Your chart is spectacular. Absolutely great year. I think the big keys for us was absolutely clean register at the starting last year. We had some legacy shareholders that we cleaned up. We added a bunch of ounces and the PA delivered the project. So you're not an ounce in the ground anymore. You're now a production ounce. And I think that was really important. The other thing is we did three deals last year. We're spending lots of money. We made it really easy to get stock. We did a $20 million deal in December. And that's because First Quantum, who we purchased the mine from, came to me and said, there's a whole bunch of royalty companies, and you guys know them all, who are trying to buy our 2.5% NSR on the mine. That was our purchase price. If you want it, you got to buy it for $20 million. You got three days. I had $22 million in the bank. So I'm sitting there basically saying with my board and my team, well, we can't give them $20 million and be left with two, not with the infrastructure that we have, which is a huge value to us. So this is where the institutional shareholders help. I called up our two favorite brokers. I called up my three biggest shareholders and they said, you're good. And we launched the bot deal. We closed it. I bought the royalty bank, added $100 million to our MPV, and Lord are all in sustaining cost. You're royalty free. We have one 1% royalty, which is sitting with Nomad and Montreal. Okay. But for most part, we really unencumbered the asset. All right. This has been informative and fun. That was great. This is Peter Clausi, signing off from Investor Intel, TLG on TSX, Toilet's Gold with Justin Reed. Have a safe day.