Investor update

Sep 23, 2026

Summary

Indicated Kitsault Valley resources rose 93% to just under 90M oz AgEq, supported by a rebuilt model and extensive drilling. More than 53,000 metres drilled in 2026 is expected to feed a 2027 resource update and economic assessment.

Or good evening, depending on where in the world you're signing in from today. I've got with me, also in Beaver Creek, Colorado, Rick Van Nieuwenhuyse, the CEO of Contango Silver & Gold, Shawn Khunkhun, the company's President, and on-site, Dave Larimer, the company's rock star and VP Exploration, to run through the very exciting mineral resource estimate at the Kitsault Valley project in British Columbia. Gentlemen, how's everything going? Yeah, it's good. Beaver Creek this time of year is always beautiful. Fall colors, nice crisp air, not a better place to be, and everybody's excited. Awesome. No, glad to hear it. Here's how today's going to work just for the folks in the room. Going to do some really quick housekeeping, then we'll get into the protein fast, I promise. I'm going to ask the gentlemen here some questions just based on the press release. But this is an open forum. Please use the chat button at the bottom of the screen. I know several of you have already sent questions in over email. We'll get to those once I'm done with prepared questions. But then I'll try to get to as many as I can in the chat. Get them in early and I'll likely get to them. But if for whatever reason I can't get to your question, I'll make sure the Contango Silver & Gold team gets them and is able to get back to you quickly using either your phone number or email found at registration. The only other thing I'll say is this event is being recorded and will be available for replay in the late afternoon Eastern Time. It will pop right in your inbox. Will also be available on 6ix's YouTube channel. Okay, let's get to the good stuff. I was very excited to read this press release. Rick, I'm going to start with you and then, Shawn, I want to hear your perspective. The headline number, obviously a very exciting 93% increase in indicated resources to just shy of 90 million ounces silver equivalent. Before we get into how you got there, which I do want to do, give us the big picture. What does this estimate tell investors about what Contango actually owns in the Golden Triangle right now? A lot of silver. When we combined the companies, we actually got booted out of the SILJ, and we were not happy about that. This is a statement piece that says, "Hey, guys, this is the largest silver resource in Canada. Don't forget about us." It is high-grade silver. It is over 10 ounces of silver equivalent per ton. That equivalent is made up of gold. Only 10% of the equivalent number is made up of base metal. This is a precious metals, silver-biased, big high-grade silver deposit. It is like, "Hey, we are coming. We are coming back on the SILJ. Exciting. Shawn, I will turn to you, obviously, you are very familiar with the project. For your perspective on this MRE. Yeah. Look, the project is located in what they call the Golden Triangle. There has been a lot of silver discovered up in the Golden Triangle, and there has been a lot of silver produced up in the Golden Triangle. We have identified the largest silver resource in Canada, primary silver. Romeo, you highlighted the big increase in the indicated category, and you expressed the silver equivalent. If we just look at the silver resource, we are talking 83 million ounces of high-grade primary 300 gram per ton silver and 1 million ounces of gold. What this gives Contango is it gives us a high degree of confidence in a very unique, globally unique project. Again, and one thing I want to highlight here is we have got one of the largest land packages in that Golden Triangle. This resource only represents maybe 3% of that entire land package. These deposits are open. They've really, except for one exception, have not been drilled to a greater depth than 300 vertical meters. We're open at depth, we're open along strike, and the company this year, 2026, is in the midst of a 53,000 meter drill program that has not been incorporated into this estimate but will be incorporated into the next one. The last thing I'll say is when a company puts out a resource estimate, you've got to look at the data. This resource estimate is built on almost half a million meters of drilling and almost 2,000 drill holes. The amount of confidence we have in this resource is very high. So appreciate that very much, and thanks to both of you giving your perspective. Dave, with respect to Shawn and Rick, you're the star of today's show to some degree. You're the guy who signed off on these numbers, so I'd love to start with the language in the MRE. Indicated versus inferred, obviously, we talk about a lot on these kind of calls. In plain English, and keeping in mind, as far as I know, Rick is threatening to cut you off if you get too technical. What does it mean that 90 million ounces now sit in the indicated category? Yeah. Plain English, the difference is basically indicated and inferred. It's just a level of confidence that you have in that estimate. If you start on the lower side, the inferred resource, it's supported by drilling, geologic evidence, but the drill spacing is generally a little wider. There's a little more uncertainty in that continuity, but that's how you build these things up. You believe the mineralization is there, but additional drilling is needed to tighten that geology and the continuity through that. You take that to the next higher category, that indicated resource category. It has closer spacing, stronger geologic support, and it gives you greater confidence that the amount, the grade, the shape, and the continuity of that mineralization is there. Additionally, that indicated category is considered reliable enough just to start your meaningful engineering and economic evaluations at this level, which we're moving forward to in the initial assessment. So when you look at that 90 million silver equivalent ounces in that indicated category, that's a large portion of the project that is now defined at that higher level, that confidence that we have. It gives you a strong foundation of evaluating that future potential mining approaches, processing options, and the different deposits on how they start to fit together in the development plan. I will have to say, at the end of the day, this is a mineral resource. I've got to throw on my QP hat. This is not a reserve. It doesn't demonstrate economic viability. But it is significant improvements, at this scale, in confidence of the resource that can help us maneuver into the next phase of the project. Without getting too much more technical, I will leave it there, but I could dive all day if we want on geostatistics and math on this. But I will leave it there for any follow-up questions on it. I might have to do a separate section. It is just you, me, and the nerds in the audience for one of those. Yeah. But I do have one question, because a couple of sharp investors did ask over email. Inferred ounces did come down about 25% from the 2023 numbers. Walk us through why a smaller inferred inventory coming out of this remodel is a sign the estimate got better, not that the ounces went somewhere. Nope, absolutely fair question. It is an important question. I would caveat that by saying the first thing that I think is important is the objective of any mineral resource estimate is not to maximize your number of ounces, but it is to produce the most accurate, defensible representation of that mineralization supported by the available drilling. We had a lot of available drilling that went into this, and the significant part of this reduction of the inferred ounces reflects a successful conversion from the inferred into the indicated category. Looking at that indicated silver equivalence, we increased that by approximately 43 million ounces, while the inferred decreased by 22 million ounces. Again, it is not a one-for-one conversion, but the overall movement into that larger, higher confidence resource is an extreme success for us. We also looked at the remodeling. When we talk about the data, the amount of data that went into this, we were able to apply tighter geologic controls, better data, better understanding of the geology that is sitting in that mineralized bodies. We rebuilt these mineralized domains and all the data that supports it behind it. In some areas, this brought the mineralization into the better defined shapes. In other areas, this material that was previously extrapolated from the less drilling was a little too broad, and it was no longer supported in this estimate. The ounces did not simply disappear. Some of them moved to that higher confidence indicated category, while others were removed from the reported inventory because the new model is what we consider more disciplined. This is what a good mineral resource model does in an update. It should reflect the data that supports it, rather than just preserving ounces and throwing everything in there, it maintains that disciplined approach of what is there. Awesome. Appreciate it. One thing I wanted to ask. I guess I will call the elephant in the room, perhaps not an African elephant, but a modest-sized Thai elephant, which is the timing of this MRE being released. I know I would rather we discuss it here than have it take off in the comments section. The update landed a few months later than originally guided. Just curious, Rick, throw it to you first. Just from your perspective, what happened there? Yeah, I will let Dave expand on this, but there are two components to completing a mineral resource estimate. Just getting all the data corralled, and I think that was a bigger job than we anticipated because there are nine individual deposits, and they were in an older resource that was in older software. To transform that into a modern Leapfrog system took longer than expected. That is one element. The other element is just we are at the mercy of our QPs and our other outside experts, and they are busy. There is a lot of money being thrown at the exploration business in general. That just having to rely on a third party, just you have to work at their time schedule. Those are the two components that I think led to the longer time. Dave can probably give some of the nitty-gritty. Yeah. To dive into that on the technical side, it's not just an exercise of just adding new drill holes, hitting F1, as I call it, and letting the model cycle through there. We look at most mineral resource updates that are out there. As Rick said, they involve maybe one or two deposits. This one was an 8-deposit upload, each with its own kind of unique geology, mineralization down in there, and historical data and modeling requirements. While we updated the detailed geology, the interpretations, we also migrated this into Leapfrog, kind of the more modern technical aspects that we'll talk about. All the mineralization domains we put in there, the inputs into the resource, the estimates. But the largest timing factor that contributed to this, was our specialist contractor. We needed to be able to set up the deposits and set up everything just right so we could factor in the data into it. It was just getting the base data set up was very time consuming. The guy is busy. It's busy out there. However, at the end of the day, the benefit for this now for us is that we have this modern, integrated geological resource model that really is designed for efficiency in the future. As I've talked about it in some of our other webinars, we're looking at the technology and how we bring our data in and get to this near-time solution. Now that we have our model set up and our databases set up so we can run these models, we get this almost near-time resolution. The drilling comes in, factors into the logging, gets populated into our database, and that gets pushed into our modeling stuff. So we can take a quicker look of what each drill hole is doing to that resource almost in a near-time basis going forward, which ultimately will help guide our drilling as we go. At the end of the day, this next resource update will still have to go through the formal resource and review, the validation, and the QP review of this, but this gives us a closer, dedicated, near-time resolution on how the models are behaving while we're drilling. So I'm extremely excited about that. While the update took a little longer, the work has left us in such a strong position on a technical foundation that we'll be more efficient in the future. These resource updates will be able to flow a lot smoother in the future. No, appreciate that, both of you. Just some extra context is helpful. Shawn, I want to turn to you for a bit. I know you spent the better part of a decade building Dolly Varden around this district before combining with Contango. Now, you've got a good view of the first full remodel of the combined asset. Does this estimate meet the expectations you had when you agreed to put these companies together? It does, and again, you've heard Dave Larimer on the call, and Rick, and this is exactly what the Kitsault Valley needed. It needed to be in the hands of a team that was looking to develop the project. I think as we look ahead at 2027, in addition to another estimate, we're looking at an economic study, we're looking at road improvements, and we're looking to get the project back into production. This was the DSO mine. It was a very famous mine, Canada's third largest primary silver mine. Not only are the metal prices at a point where I think it's going to be very economic to move the project back into production, but we now have enough size and scale. This has been a process that started initially with the consolidation of the district, bringing the Homestake project into the Kitsault Valley, and then consolidating the Hecla land package that added 60,000 hectares of ground to giving us 100,000 hectares. We've successfully consolidated everything from just south of Red Mountain down to Alice Arm. Again, going back to your question around the merger, it's the cash flow. In addition to the technical expertise and the leadership here, technically, having that cash flow to fund those road improvements and to move the project back into production. Awesome. One thing I wanted to note as much as ask you a question, Shawn, is the estimate was around at $53 silver, and the metal has obviously spent most, if not all, of the year trading well above that, including today. High-grade primary silver districts for people in the audience are genuinely very rare animals. This is a very unusual thing to take place. From where you sit, what is this silver market we're seeing now, and in my opinion, likely to see continue in the future due to the strategic value of an asset like Kitsault? Yeah. I think Rick said it earlier in his opening remarks about the company being pushed out of the SILJ. The last couple of news articles that's come out of Contango have been coming out of Kitsault Valley. The big drill results, which we had a 10,000 gram meter interval, 165 grams of silver over 55 meters. Those drill results, in addition to this mineral resource estimate, is highlighting the silver in the business. Again, for investors, there are 10 primary silver producers to choose from. If you go through the list, some of those companies only derive 28% of their revenue from silver. As we look into the future, as we look out 3, 4 years, and as we look to be a 5 million ounce per annum silver producer, if we take Romeo $50 and if we assume maybe our costs are going to be somewhere around $20 an ounce, that's $30 million of free cash flow for every million ounces we produce. If you want to take spot silver or you take where silver was trading in Q1, that's a very robust project. What's complemented here is our ambitions for 200,000 ounces of gold production to complement the 5 million ounces of silver. It's a very robust business. Again, we're not dressing up a zinc mine or a lead mine with 30% silver credits here. 90% of the economics in the Kitsault Valley are precious metals, and within those precious metals, it's about 60/40 silver to gold. Contango really is leveraged in every direction for a silver and gold bug, which I am one as a degenerate myself. One thing I want to talk about, Dave, and Shawn already referenced this, but the part that jumped out at me reading the release is none of the 2026 drilling, 50,000 meters of it, is in these numbers at all. I guess my question is for people reading this MRE, what has this year's program been targeting, and where could it move the needle when it rolls into the 2027 updates that we're expecting? Yeah, absolutely. It is an important point to look at. We have to have a cutoff date when you do a mineral resource estimate. We had that cutoff date early in the year. That is the data you use, you process that, and that is what gets our mineral resource estimate. The 2026 program, with that 50,000 meters in excess, obviously is not included in this. But the program focused on infill drilling to tighten up areas that we can see through the MRE, but you can see before that, step out drilling around the known deposits, and testing several early stage targets through there. You look at some of our press releases that we have had already this year at Torbrit North Star. The drilling has confirmed mineralization in some gaps between deposits. At Wolf, we tested the extensions of known mineralization, some of the deeper parts, plus some holes in the middle of Wolf. But also it is that newly recognized Torbrit style mineralization that we have highlighted in that 47 zone in previous press releases. At Homestake Main and Homestake Silver, the focus is really on that gold-rich centers of some of those. Can you pull out some of the gold-rich centers on that area? When we combine all this together, the 2026 drilling, broadly, we start to view the Dolly Varden southern area as more of an integrated mineralized complex. Instead of individual deposits, we are now pushing that drilling to show a little more of the continuity, that geology structures through there, and looking at this area as more of a complex than individual deposits that are sitting there. This 2026 drilling should really help us better understand how these systems relate together, and ultimately how we need to evaluate these in the future going forward. Additionally, we are overlaying additional geometallurgical work on here. We want to better understand the mineralization styles, potential processing characteristics through each of these. But together, the drilling, the geologic model, and this network is going to allow us to tighten up our resource models, which again, we have a great foundation for this. We will be able to spin this around quickly in the next update, and then tie into our future studies, going forward, of how we want to maneuver these as a complex and deposits going forward. Awesome. Thanks, Dave. Appreciate that. I want to talk to Shawn and Rick, you guys, for a second about community relations. Shawn, I will start with you. I know this project sits on Nisga'a Treaty lands, the first modern treaty, as I understand it, in British Columbia. I know Dolly Varden worked alongside the nation for years, obviously, before the combination of the companies. How does that relationship shape the way Kitsault advances from here? Yeah, I was really blessed. At Dolly, we had directors and consultants that had strong ties to the community over generations, multiple generations. I inherited I was welcomed with really warm and greeting hands from the Nisga'a. That is not really unique because both Nisga'a and Tahltan have about a 100-year history with mining companies. Rick can speak to his experience in the district that goes back 20 years as well. How my relationship evolved and really the relationship that the Kitsault Valley project has with Nisga'a is just a trusted partnership. We are part of an alliance called the BC Regional Mining Alliance, where I am a director of the organization. That is a partnership with government, it is a partnership with Nisga'a, it is a partnership with companies like Contango. We work together to inform each other as we are progressing. We really actually, the organization was started to promote that BC is open for business. Mining is such a big part of the province. That relationship for me has evolved, and whether it is private businesses that I have helped Nisga'a residents to start, like Bill Clayton with drill pads or companies like Nations Royalty. That has created Canada's largest indigenous-owned public company. The relationship is strong. They are supportive, from the community level, grassroots community level, to the executive. Very strong and the Nisga'a are doing really big things in the province with LNG, with ports, and mining has been a rich part of their history. Appreciate that, Shawn. Rick, as Shawn indicated, you obviously have a lot of experience working in the region and with indigenous groups generally, so curious to hear your perspective as well. I think to me, it is all about what mining gives back to the communities is good paying jobs. Not just jobs, but jobs and training and opportunities to take those skill sets, frankly, anywhere in the world. I remember in Alaska, we had one of our projects, a guy started out as a driller's helper, became the driller, and then he gave me a call from Chile, and he was just having a ball working in Chile. He is going to come back home, but the jobs are good paying jobs. They are local jobs. People who live in Vancouver and Toronto and the cities do not really understand that the rural communities need jobs. Not everybody is going to come to Vancouver and Toronto. That is something that I think in the BC context, that is important for people to understand. On the flip side, the First Nations, in the case of the Nisga'a and the Tahltan, they have their businesses. It's not hard for us to engage those businesses. They work hard. They know the terrain. They know the climate. It's their home, so they're not somebody from the south who comes up and goes, "Oh, shit, it's cold up here." Yeah, no kidding. No, I appreciate that. It's good to know the communities have obviously a very long history with mining. Rick, I wanted to talk about building. What comes next? I know the valley has, obviously, as we've talked about this today at various times, mining history, including direct shipping ore operations. There's also road and power in the region already. Generally, if you could sum it up, what's there today and what are you planning to upgrade as part of this project? Yeah. It's going to start with incorporating the 50,000 meters of drilling that we did this year into the MRE. As Dave explained, we've got the model set up now, so it'll go a lot faster, and I'm gonna hold him to this, by the way. We're all on camera here. I've got witnesses. We'll get the MRE out, and then that's going to form the basis to complete an initial assessment, or in Canadian parlance, the preliminary economic assessment, PEA. That's going to give us a guide to how we're thinking about developing this district. We know there's two centers of gravity in the district. There's the silver-rich part of the district, which is Torbrit, North Star, Dolly Varden, Wolf. Starting to see that connectivity between Torbrit and North Star. That's important from a mining standpoint, because rather than having two tunnels, I can have one. Now this 470 zone, which is starting to connect Wolf with the other center of gravity here at Torbrit and North Star, that really makes the whole thing come together. So that's what's going to be incorporated into the initial assessment. That'll be later in 2027. Then obviously fitting the Homestake part of the district into that as well, which is 5 kilometers north. It's separate. By the way, we haven't really drilled a lot between the two systems, so I'm pretty sure it's not dead there. But more work to do there. So it's designing step-wise. What it will do is it will give analysts and investors a metric of saying, "Here is what we think the value of this thing." We are just going to have an NPV and an IRR, and with this DSO model, we think it is going to look really, really good. That starts to form what the future looks like, and it is a de-risking exercise and getting us to demonstrate to the market that, okay, we are at 60,000 ounces of production out of Manh Choh, but we are going to get to 200,000 ounces of gold and 5 million ounces of silver. Here is the path, and this is the Kitsault portion of the path. No, I think that is great. Thank you, and certainly excited to see what is between the zones. Looking forward to more information there. This leads into a question every underground silver story gets eventually. I have had three texts about it since this event started. Not lying. It is already in the comments. It has been emailed in. People want to talk about the mill. Rick, to the best of your ability, where is the mill? Yeah. We said this before, we are working on a number of opportunities. We are not ready to talk about them yet. We are under confidentiality agreements, so we cannot really talk about them. But I am confident we are going to find the right solution for processing both Kitsault and Johnson Tract. One of those solutions might be permitting, sort of building our own mill on an already permitted site. So those are all things that we are looking at. We are not afraid of building something. We just do not want to spend 10 years permitting it. That is the criteria. So, we can custom build a facility that works for all the things that we need it to do, so long as it is we do not need to spend 10 years permitting it. So that is the important part of the criteria and what we are looking at these different options as a value add. Avoiding a decade is always nice in mining. We have already gone over the schedule, but I think it is good to reiterate just once for folks in the room. It is always good to say this kind of thing twice. The release lays out the two-stage roadmap, the initial assessment targeted for the first half of 2027, then that multi-year push that you talked about towards pre-feas. My progression in the room trying to actually mark their calendars. I am sure some of them do. I know I do. What is the path from today's estimate to an actual mining study look like? As far as dates are in your head right now. I think first half of the year, we'll have the resource, the updated MRE, and then we'll initiate the study, initial assessment study, and that'll be completed before the end of the year. That's our objective. Great. Appreciate it. If you'll both indulge me, this is Shawn and Rick. Dave Larimer, I got some questions for you from the chat. I'd like to crystal ball gaze for a moment, so please do indulge with me. The release uses the phrase, one of the premier primary silver mines in the Golden Triangle. Obviously, impressive claim for a neighborhood with some pretty big names. I'd love if you could paint a picture for us. If this plan works exactly as all of us in this room intends, what is Kitsault Valley five years from now? Looking pretty far into the future. What is Kitsault Valley five years into the future? It's a district that is producing 5 million ounces of silver, 100,000 ounces of gold. I think the key here is the ongoing exploration. That gap between Homestake Silver and Wolf is about 5 kilometers. There is a periodicity within Rick, this is a comment. We met around this time last year. Yes. As we were thinking about putting the businesses together, and you said something to me that really stuck. I was focused on the periodicity of our distinct district, right along our 15-kilometer trend. That periodicity is playing out on a much bigger scale, as you pointed out a year ago. The point here is, there's been 150 million ounces of gold and 1.2 billion ounces of silver discovered outside of our property. We're in the southern end of that belt that's underexplored. When I look out five years, we have restored the district to where it was in the 1940s, where for a decade long, this was Canada's third largest primary silver mine. I think it'll be number one in the country for primary silver mines. You'll have the gold. But what really excites me is I'd love to see a lot of exploration drill rigs simultaneously out there drilling out this district, continuing to feed it. Awesome. Rick, I'll throw to you for the same crystal ball gazer of a question. Five years is the goal. Yeah, in five years, I think we'll be thinking about producing 10 million ounces of silver. I think we'll be successful in exploring the south part of the property. This is still a very small part of the whole property, right? Just that 5 kilometers between Wolf and Homestake Silver, that's where we're going to focus a lot of it. There's a whole We keep going out and finding new things with the exploration team that's out on the ground doing just reconnaissance work on a very large property. So, I don't know what we're going to find over there, but that's gravy. We've got a lot of information in this structural corridor between Homestake and Dolly Varden. We call it the Dolly Varden area and the Homestake area, just to distinguish the two. We'll have the road infrastructure completed by then. We'll have selected the mill site, and it'll be built and operating. It's going to be set up to handle all the different types of ore that we're seeing. There's a variety of them, but they're all going to require flotation and cyanidation. So that's what we envision building and having available budget for the things we have at Pit Zone that's on the track as well. That's the point I was going to make, Romeo. That represents 25% of the company. That represents one of a total of 4 districts. Everything we just pointed out there should justify our current valuation. You should really multiply that by 4 to incorporate Johnson Tract, Lucky Shot, and all the other ground that we have, including Manh Choh and many other districts, some of which we don't focus on and talk about because we're focused, and we've been disciplined on how we're moving our portfolio forward. No, appreciate it very much, and thank you for letting me run through my questions. I'm going to do a combination of the live chat and then the email because a lot of questions came in, some of which you've covered. If you feel I haven't gotten to it by the end of today's event, please do harass me in the comments. I'll try to get to as many as I can. First one, I'll turn to Dave Larimer. Actually, it's from Eric in the chat. He wants to know what areas are targeted for 2026 drilling and wants to know how many meters per area, if you've got a napkin now. Yeah, off the top of my head, I'd have to look. There'll be a press release that divides up the meters by area. I can tell you, we basically targeted all of our prime areas in 2026. Everywhere in the Dolly Varden region south, looking at all the little gaps, holes in there, where we could update the model, seen through everywhere between Torbrit, North Star, Wolf, that 4070 area, all of those were targeted. Again, even in the northern region, in the Homestake, step-offs in Homestake Main, trying to connect some of the geologic gaps in there, and then also testing some areas in between there. They were all tested this year. Oh, awesome. It's a wide slant and a wide net to hit it hard. The team's doing awesome out there. I'm just so phenomenally impressed with the executing team out there, our geologists, the drillers out there, being able to execute this long safely with that production is just phenomenal. Yeah, just to point out, we had planned to drill 40,000 meters this year. These guys have done such an awesome job that we're getting probably close to over 53,000 meters this year. That's impressive. We've done it safely, and we've done it under budget. You don't often see a 25% better than expected for your drilling numbers, so that's interesting. I think that's rarer than you might think. One thing I wanted to throw to you, there are a couple questions about this. Understanding you personally don't have the ability to open the Strait of Hormuz yourself, as much as I'm sure you'd like to. How is diesel price affecting silver and gold operations for Contango, and how long do you personally see diesel price up and rising for? Yeah, it's a good question, and it's very on point. Clearly, we're using a DSO model, so transportation's a significant part of that solution. I'll say for Manh Choh, we used a $100 barrel base oil diesel price for pricing. So to date, we haven't really seen anything different from what was incorporated in the feasibility in terms of cost. Now, I'll say we are seeing a significant, between this year and earlier this year, we're seeing diesel prices at the pump are $6.50 or so in Fairbanks. So I think we're going to see a creep upwards in our transportation costs significantly. On the flip side, as a DSO mine, we don't have a lot of costs with diesel usage at the mine site because we're not running big power plants. We're using grid power at Fort Knox. So that's a bit of the offset. Each of these projects is going to be a little different. If you look at Johnson Tract, sorry, if you look at Lucky Shot, for example, it goes to Fort Knox. It goes on the train. That's a diesel-based fuel, so it's going to be a little more expensive, but the train is a third of the cost of trucking. I think we're going to keep cost creep. There's no question about that. I don't see that situation straightening itself out anytime soon. I think we'll just incorporate that into our guidance going forward, but I don't think it's going to be a dramatic increase in our overall all-in sustaining costs. Great. Appreciate it. One just comment that came in over email during the event from somebody who says they've been heavily invested for 2 years. Just says, "You guys check all the boxes. Good luck, but I don't think you'll need it." I thought that was cute, so I'll throw that out there. One person wants to know we've touched on this, but just to put it to you plainly, when do you think the road will be completed from Alice Arm and closer to the drill pads? That's something we've actually permitted this year. I think there's still permitting aspects of it, but we expect to have the permitting done in time to start building that road. It goes all the way up to Wolf. There's some gnarly parts of it, but that's something we'll get substantially built next year. Just to be clear on that, to support exploration. We're not looking to build it to support mining operations yet, but that'll be a future expansion. Great. Appreciate it. Richard from the chat wants to know, did you acquire all the underlying crown grants on the Kitsault property? No, there's other bits and pieces throughout the Kitsault property. I think Shawn consolidated the best parts. I think there are other things that are down the road might be interesting to come by, but it's about valuation. For us, we've got a lot on our plate. We're plenty busy doing what we're doing. We've got great ground. We want to stay focused. I think Shawn mentioned that earlier. That's part of the reason we were able to get 53,000 meters of drilling done at the 40,000 meter program is because we stayed focused. We're going to keep that strategy. Great. I got two questions that are a little off topic, but still on Contango's projects. One person wants to know what's up next at Lucky Shot. What should people mark on their calendars for that project? Yeah. Dave can never get away from doing MREs, so that's what's next up for Lucky Shot. We're still drilling, so there's still a lot of drilling to do. I think we'll be drilling probably through, I don't know, February-ish, something like that. Then it's up to the labs a couple of months for the lab to get the assays back. I'd say, I would have liked to have said first half or, sorry, first quarter, but it's probably more like the first half that, not late in the first half, I'm hoping we get all the assays back. As Dave explained, we have the models all set up, so it is just dropping the new drill holes with assays and adjusting the geology with the new information. With that information, then we're going to do a feasibility study. I'll say it's a DSO feasibility. I refer to it as feasibility light because it's a mine plan, a transportation plan, which as Shawn says often, it's just putting rock in a box and putting them, kept hauling them to Fort Knox, I think that was the moniker. That's not challenging. Then working out a deal with Fort Knox. They're eager to receive this. They have a big mill. They have a big hungry mill. We have high grade. High grade always displaces low grade. That's a next year, the initial assessment will be completed by the end of the year. That's our objective. But again, that's a feasibility study. I misspoke there. That's a feasibility study. Then we just start putting the development work in place. That'll be a 2028 timeline, and now we can start stripping ore. It would be a ramp-up because the development work will take time to get all the underground development work in place. Certainly by the end of 2028, we should be in production, and I'd say 2029 will be a full year of production. We're targeting 40,000-50,000 ounces of annual production. We're targeting for the MRE 400,000-500,000 ounces of resource. Then with our feasibility study, we'll subset, and these are approximate numbers and they're definitely forward-looking statements. A quarter million ounces out of the 400,000 or 500,000 ounces, that'll be reserved. That'll be well enough defined, measured, indicated to demonstrate reserve quality. Then every year, we keep changing some of that resource into reserve. More drilling, more dense drilling, moving along. Then you've got a five-year rolling mine plan that's producing 50,000 ounces of gold a year. I think over $100 million of free cash flow at today's gold prices. All right. Speaking of production and cash flow, somebody wanted to know projected cash flow for Manh Choh in 2027. 2027's the banner year. We always said in the mine plan, 2026 was going to be lean, fewer ounces and at higher cost. We're doing a lot of stripping as we transition from now the north pit to this main pit or south pit. So 2027, we're guiding towards 75,000-80,000 ounces of production. This is our share of production. Cash costs of the Kinross guidance is currently $1,300, but as we were talking about diesel prices and things like that, we're going to probably guide more to like a $1,500-$1,600 level. As we get more information, we'll provide more guidance clarity on that. From where we're sitting right now, that's where we're seeing the all-in sustain, or sorry, the cash costs. Today's gold price, and we're unhedged now, so the hedge demon's gone. All that goes to our bottom line to advance all of our other projects. That should be in the neighborhood of, with today's gold price, in the neighborhood of $200 million of free cash flow. Awesome. I personally tend to believe that next year we'll see friendlier gold prices, but that is up to everybody viewing to decide. Dan, I got a question for you from the chat back to Kitsault. Bruce wants to know what is the tellurium, one of my favorite rare metals, content of the deposit? Tellurium is one of my favorite ones. It is pretty low when you look at it with respect to the deposit scale. We look at just about every element, not only at Dolly Varden, at Homestake, Johnson, Lucky Shot. We look at them all. There are 118 elements out there on the periodic table, and I might nerd out here slightly because I am a geochemical super wizard, and I really like this stuff. Out of those, we generally do that 40 element package of it all. We are really casting that net out there and really trying to find those elements that fit in the deposit that potentially could be economic. I will say that while they look initially pretty low right now on a deposit scale, part of our next steps, those geometallurgical tests, geometallurgical tests that we are going to be doing is going to be about speciation. Are there some elements out there that could be concentrated and be economic? Those will be part of our studies going forward. I would say, let us ask this question again in a year, and I will have a better understanding of what is it at right now. Appreciate it. Dave, I'll go to you next just to wrap up. This is an opportunity for everybody to get their last questions in the comments. I think I've covered everything, a few of my question here, but please let me know if I haven't. I do want to close on Kitsault. I know the hundreds of people in the room here today, many of them, it's their favorite projects in the Contango suite. What are you most excited about for the Valley for the rest of this year? For me, for this year, I want to see the rest of those drill results. I want to see the data come in. I want to put them in this model. I want to show that the work that we did, the team on the ground, being able to do the 50,000 meters drilling, getting put in there, all the support asset pulling together to get dumped into this model, that we have put all this hard work into. We have lost some sleep over, but that's good. I want to be able to show what this is going forward, once we get all this data going forward. That's what I'm most excited about in the next couple of months. Awesome. Appreciate it. Rick and Shawn, I know Dave is an impossible act to follow, but I'll give you guys the same question. What are you most excited about for the end of the year at the Valley? Whoever would like to start. Sorry, Romeo, just the last part of the question, just the last sentence. Just what are you most excited about in Kitsault Valley for the rest of the year? Well, for me, it goes beyond Kitsault Valley. Sorry, I know the viewers might be tuning in for Kitsault Valley, but again, I look at this from an investor standpoint. We are here, we are calling in from Beaver Creek. We have probably 60 meetings on the books here, another 40 down at Denver. We are meeting with 100 people on books and probably 100 more in all the other events. When I think about these 200 people that we are sitting in front of and the 2,000 choices they have when it comes to companies in Australia, all throughout the world in the mining space, look, from our share structure to our cash flow, to our pipeline, to our people, it is a must-own stock, right? I think about the valuation, I think about the banner year in 2027. I think about the surface results we got from Lucky Shot, the ongoing underground drilling, the fact that for $50 million of investment, we can start generating $100 million a year. What other mining company can do that? You think of all this, and then you think about this is a business that every year has been going out and making a major M&A transaction to continue to grow. That is what excites me. That is what gets me fired up. We got lots of catalysts, and really from what the company was a year ago to what it is today, is totally dynamically different. No hedges, two tier 1 assets, big cash flow. I agree with you, Romeo. We have gone through a nine-month correction. I think the lows are in, and I think now is the time to pay some serious attention. Tend to agree. Rick, I will give you the last word. Go for it. What are you most excited about? Yeah. I think I am really excited about Lucky Shot because it is the most advanced of our projects. We are underground, we are drilling. We can put our hand on the vein. We can see visible gold in it. We are getting assays back that are monster assays. Ten ounces of silver is really nice, but 10 ounces of gold is fantastic. It is a good little deposit, and it is not big, it is not flashy, but it is going to make a lot of money, and I think we can get it there quickly. It is about execution. This year was about execution. We have executed. We have done more than we said we were going to get done with less, and we spent on budget. I am really pleased about that. That just demonstrates that this team can work together and set its objectives, and get them accomplished. I think we will demonstrate that at Lucky Shot, getting it to a production decision by the end of next year. Awesome. I will conclude with one last comment from the chat. It says, "Shawn, you picked a great team to go forward." I will leave you on that note. I will say for folks who are not at Beaver Creek, this is a very busy one, so I will let the boys get back to their trillion and a half meetings over the next day and a half. Gentlemen, have a great end of your day. Dave, thanks so much for joining us from site. Thank you to everybody who joined in the chat. If you do have extra questions, I will make sure the team gets back to you. Really appreciate your time today. Talk to everyone soon.