 Welcome back to Investor Intel, everyone's favorite source for independent investing information. Today we're very fortunate to have with us Scott Moore, or G Scott Moore as he's known professionally, from EuroSun Mining. Hi Scott. How are you doing Peter? Doing well today and very pleased to be able to speak with you. I've been actually following your story for some time and it's wonderful to see some life being breathed into it. You're getting the attention you deserve. Yeah, I think finally, you know, certainly I would say the developers are, the laggards in the group, but we're finally getting a little bit of a sunshine on the stocks as it works. So your principal asset is in the country of Romania and it's a gold and copper asset? Yeah, that's correct. We're running about seven million ounces of gold, about a billion and a half pounds of copper, so about 10 million ounces of gold equivalent, and it's the Rovina Valley project in Romania. Right, and you're calling yourself a developer because you actually have a PEA on it. This isn't an I&I. Yeah, that's correct. It has a PEA just put out in February of 2019. More importantly, we have a mining license granted to us by the state of Romania, so that gives us full exploitation rights on the property. For 20 years, right? Yeah, for 20 years renewable for five year increments after that, so that was the major significant hurdle from the permitting side of the project, and now we're in the final stages of finishing off our Bank of Feasibility Study and hopefully in the ground next spring. The website for the company has an excellent presentation. I encourage everyone to go pull it down. It goes through the permitting process and your engagement with the community. But what really caught my eye is slide 11 of the 14, which is your sensitivity analysis to the movements in gold and copper pricing. Can you run us through that, please? Sure, and it's important to understand that we're not hiding that this is not a super high-grade deposit. This is running about 0.7 grams per tonne gold, but it's big. Big and dumb makes money. If you can move earth inexpensively, you can make a lot of money, particularly with the simple processing that we have here in this project. So we're looking at running big tons, 20,000 tons a day. So bear in mind that we look at porphyry projects, usually big capex. Here it's not big capex. So gold prices up 40% since our PEA, our MPV is up 300%. That's leverage. That's what you want to see. Why do you have low capex? Well, we're not at 4,000 meters in the Alti Plano, Chile or Peru with no water or power or towns around you. You're in a first world jurisdiction in Romani and drive the site on a four-lane paved highway, a town of 13,000 people, five kilometers away. Chief power, great labor force. So all the things that go into making infrastructure is important for porphyry projects, and it's already in place. So that makes a big difference in dropping that capex. So what does your IRR work go to in your PEA? So the PEA IRR, roughly 18%, 1325 gold and 310 copper. That was for a 12-year mine life, just on one pit. So roughly 30% of the ounces we're only touching. In the feasibility study, in fact, we're going to be bringing in the secondary open pit deposit, which is Gravina. That'll take our target mine life probably closer to 20 years. And just on an apples to apples basis, the MPV goes up about 75%. So long life asset, just big and simple. Make one product out the back end, which is just a copper concentrate. So there are three pits. The PEA is only on one of the three pits. And what you just told us isn't included in the PEA. It's just an internal expectation. That's correct. Yeah, and there's no economic study around that. That'll come out towards the end of the year when the Bank of Feasibility Study will be completed. That includes Gravina sequentially to the coal net deposit. And even that, at a close to 20-year mine life expectation, we still haven't left half the ounces on the project, which is ChiroSanta. So correct, yeah. So it's a central pit. Each of the pits is only about roughly three kilometers apart. So we're not talking tens of kilometers. This is between each of the deposits. They're very close together. And the shareholders are very lucky to have a wonderful board of directors, a diverse skill set, all well-known people. It appears to be a very well-managed and well-governed company. Yeah, and it's been pretty much rolled over completely, I would say, in the last 18 months. So we have been taking a lot of feedback from investors on improving governance and improving independence of boards. And in fact, I'm the only executive on the board as it is. And right now, everybody else is a true independent director. Which is great. That falls well within the TMX guidelines, well within the policies of the exchange. And it also must have been popular on your bought deal financing. I think you were looking for $10 million and wound up closing on $23 million. That's correct. And that was a month before, you're hard-pressed to find any dollars. So this is what happens in our business, certainly when the cookie trade comes around. Take two, because it might not come back around. And the investors were incredibly supportive. We had over $17 million of institutional demand in that 23. The balance in retail, institutional demand was international in basis, bringing in accounts from the United States, Hong Kong, Paris, and London. So certainly, it lends to the credibility of the story, bringing in right now three of the largest gold funds that are out there still in the world with the rougher Franklin Templeton and the ASA Gold Fund taking significant positions in the story. Nice. So symbol is ESM, trades on the TSX, roughly 170 million shares out, fully diluted. And at today's stock price, you're looking at roughly $100 million market cap. Yeah, which is for a 10 million ounce deposit, 10 bucks an ounce, it's pretty cheap. Finding costs are probably in the $80 to $100 range. Certainly, people know we're going to be building this project. We're not spending a lot of money at all on expiration. We already have 10 million ounces. So I think that's just getting that story out to people understand that this is some significant catalyst coming up in the next six to 12 months. And you've seen the stock go from $0.15 in March to $0.60 now, so a nice recovery. And liquidity of roughly almost 2 million shares a day for a market cap of our size is a multiple of our peers out there from a liquidity basis. So what's the big catalyst for the stock coming up? So I would say two-fold. One, for sure, is the Bank of Feasibility Study, which we'd expect to have towards the end of the year. The second one would be our construction license, so the ability to start building the project, which we would expect to have sometime in the early of the, in the first quarter. So we should be shovel-ready in the spring and starting ready to build, but the Bank of Feasibility Study will certainly open the doors for large-scale financing of the project, which you would need to secure prior to getting going, so. Can we check in with you in a couple of months and see the progress that's being made? Absolutely, you know, this company's been around since 2004, you know, when it's been its ups and downs to try to build a mine in Brazil and kind of changed everything back in 2016, but the asset is big. The asset's real. You have a money license. You have the support of the state government of Romania. You're in the European Union. This is not, you know, Mali or Burkina Faso or some crazy other jurisdiction. It's in the EU, you know, in, you know, cheap power, cheap labor. We're not on the euro, we're on the local currency. You know, the benefits of the story are immense. We're probably one of the cleanest projects out there. We don't use Sinai, we don't use wet tailings. You know, these are one of the reasons why this was able to get successfully permitted in the first place. So, leading edge environmental footprint here. It's a simple open pit with, you know, one product at the back and a copper concentrate clean, you know, that can go anywhere in the global market. So I'm not gonna put you on the spot and ask you where the stock will be in two months, but let's come back and we'll have a look then. Euro Sun Mining, ESM on the Toronto Stock Exchange. Scott Moore, always a pleasure, have a wonderful day. Thank you very much, Nier.