 Welcome back everybody. I'm Peter Clausi. This is investor intel back with our good friend Chris Thompson. Hi, Chris Hey, Peter. How are we doing today? We're doing well yourself. I'm pretty good and Thank you for your research report on Renfort resources. It's a company. I've heard of but I didn't really know much about So thank you for laying it out. I guess the the short is Gold with battery metal bonus And that is correct and the title of the report See I can read so Gold in Quebec Quebec is a Prolific gold producer, especially in this area. So where is their prop their main property located? Yeah, so it's right in the Abitibi Greenstone belt The main project they're working on right now is their Parbec Gold project It already has a resource of more than 280,000 ounces of gold And it I and I are measured It's I and I okay. Yeah and it has What's great about this project is it's actually adjacent to the Canadian and Malartic mine So it's it's right on trend for the Cadillac Larger Lake break there. It's it's a perfect little feeder resource for that project and There's a couple of other really good advantages for this project is that it it had some older Historical drilling that was not included in the previous resource Because they hadn't drilled enough And so the company over the last year has been doing some additional drilling to both add new ounces as well as pull those previous Historical drill results in and so we're looking at and they're looking at putting out a resource and I update a resource You know in the next couple of months Which should help you know as a catalyst for the stock price But as well as the Canadian Malartic mine, you know, they they are their largest open-pit mine and they're going underground And you know, they're looking for mill feed. So it's a pretty logical You know place for these guys to pick up some ounces in the short term, you know Resource probably should be doubling over the next little while with the drilling And so a half million ounces would help out for for this company as they're looking to move underground That that's Canadian Malartic mine. So Malartic by Renforth or just by or Well, I think what they would do is they would probably you know Renforth has a history of building resources and selling Projects so they just sold their new Algar project to Radisson mining in the area And that's how they wound up with three point six million dollars worth of Radisson shares Yes, exactly. And then and then Radisson liked the company so much did it a follow-on financing at a higher price To help support the project. So I think what we would see is, you know, a new resource come out and then You know the company Renforth look to find a buyer for the project or for the company and then spin out the other Assets into a new co a new company. That's what I would probably see is a Since par back is such a large part of the company's valuation I would think that they would want to see the whole company sold and then and then the other three projects spun out into a new company Which then feeds into one of my concerns. I look at figure 14 in your research report capitalization. It's a quarter billion shares out Yeah, it's a bit. Yeah, that that was one part that Was impacted the valuation and so yeah, you have to look at that when you're when you're looking at the valuation of the actual company itself And what I did is, you know for my valuation I looked at par back that amount of Resources that currently have and then what I think they'll they'll get to this year put a valuation on a per ounce And then some nominal figures for the other projects to get to my valuation But that was one thing that was limiting my target price was the the number of shares outstanding So and again another reason another reason why you know as the company moving forward It probably would be better to actually you know sell the company and then start off with a new co With a new share structure that makes sense They have cash in the bank and they have other projects outside of Quebec, right? Yeah, so they have two in Quebec along the same in the same area one is their battery metals parts project called Ceremo And the other one is a molartic West which is again in the same area and then outside of Quebec They have the nixall Nixon Bartleman project and that's on a different fault. That's on the Dester Porcupine fault near near Timmins. I love Timmins Yeah, I think you know that area well and so that's and that's been a Project they haven't really done a lot of work on because they were as I said last year They were focusing on the new alga project Which they they built up the resources and then sold it and now they're focusing on par back to do sort of the same thing But that would be there, you know that but besides the besides the Ceremo battery metals project Which has the most interest of course because of battery metals the Nixon Bartleman one would be the next sorry Chris, what do they count as a battery metal like battery metals is everything from manganese to nickel to copper to cobalt Yeah, so it's it's a poly metallic. They've seen both a nickel on the site As well as copper and and zinc. So those are the three metals that they've found They had a lot of you know, there were there was putting a hydro line in way back You know in the 60s and 70s when they were doing that work when they found these showings and nothing was ever followed up on and You know Renforth has now assembled a fairly large package in the area You know, it's like over, you know, 200 square kilometers and they just added a little more Area just there was a news release last week. And so yeah, so it's a it's a fairly large, you know scale project and You know, they have a few good targets that they're going to be hitting this year And I think that that'll garner some some additional interest in the project. Okay, so Renforth public company trades as RFR on the CSE experienced management team nice projects All of that is a catalyst for your call Which is 25 cents a share. That's correct. Yeah, and as I say they they're you know, safe jurisdiction good management team They've sold projects before you sort of want to be you know, align yourself with people who have that sort of experience, right? So so final point e-research where you are the President CEO is a paid research company. That's correct as we've talked about before you've never written anything You don't believe it. Well in this case you know, I lay out my valuation and this was a You know the valuation within the company was pretty good because they already have an existing resource And they recently sold a project so you can use that as as you know helping you do the valuation So I think they have a good project and a safe jurisdiction and it's it's good to have a look at Well, Quebec is a safe mining jurisdiction and especially that part of Quebec prolific gold miners Up and down that break So Chris Thompson e-research. Thank you for your time. If you want to copy the research report Please contact Chris directly. I'm Peter Clausi from investor Intel. Have a wonderful day