Okay, and talk to me about the economics around the kind of, you know, having like two processing circuits, and what are the benefits other than financial?

So I'm going to actually back up and not just talk about the circuits themselves.

I'm going to back up and say, you know, this PEA that we've just put out is a more thought-through PEA based on information that we've gained over the last year and a bit.

So first...

The two circuits that you refer to, one is the CIO, it's a gravity CIO circuit, the next one's a gravity flotation circuit.

In last year's PEA, we had just one big circuit that kind of combined things.

and with the metallurgical test work, it was pretty clear that the high-grade material should go through its own circuit and the lower-grade material going through its circuit, so 70% this way, 30% this way.

How much more work is there before you start committing that capital? The

What are the things that you're looking at to improve throughput and recovery and ultimately increase margin, I suppose?

So there's really three parts.

One is once you've used, if you will, your great control model, you've identified the veins, you really want to mine as tight to those veins as you can in order to reduce dilution, external dilution.

And the Great Control Model 1 will help us do that, but also the mining practices that the team have been learning over this first part of the year to be able to better mine, cleaner mine, mine cleaner the veins.

The second part is as... we're putting it through the mill is to better recover, and that too, the mill, you know, started out at, I'll say, the low 60s, high 50s, low 60s recoveries as the ore was first going through the mill, and it's now generating, or sorry, recovering You know, in the mid 80s range, which is where we, which was what was identified in the PEA and which the market should expect.

So, you know, as we saw that improved through the years is because the team was learning that.

And the third part, which is what we're building right now, we're adding our own crusher.

But what next?

That's

the big one.

So right away, it's, okay, what about Queensway? Well, look, Queensway, we're still, one, the process for Queensway is we've got to get our environmental assessment certificate.

That'll be early in the new year.

based on the timing that we answer the environmental preview report that the government has asked us to provide.

Nothing big, pretty standard stuff.

And the development of Queensway is only about a six month.

They want to know, what are you going to do about that? Where are you going to do that? With

What's actually going on in the crowds and when do we start producing meaningful cash?

So what we have is we're ramping up our hammer down gold mine and targeting a run rate of 20 to 25,000 ounces at about $2,500 all in sustaining.

We will be declaring production in the coming months with that run rate in mind.

It was never the large cash generator.

It was meant to generate cash to pay for the GNA and exploration.

So we're fully funded, if you will, going forward on that.

And then with that, we're converting the Pine Cove Mill And then we'll expand the Pine Cove Mill to 1,400 tons a day to then accept the production from Queensway, Phase 1, which will be another 700 tons a day.

Can you sort of just talk me through, again, the logic and the rationale for why you're doing it this way?

I mean, why not stick with uranium? Why not do something easy like gold? What do you see in the world of uranium, of PGMs, I should say?

So I think the PGM market is really quite interesting at the moment.

I mean, I spent quite a bit of time looking into it before I joined the company.

I mean, obviously, people are familiar with PGMs, palladium, platinum, specifically as autocatalysts.

And I certainly think that when the company put out its scoping study back in 2023, there was certainly a lull in that PGM market.

I mean, I think there was a strong perception at that point in time that the internal combustion engine was on its way out, everybody was moving to electric vehicles, and therefore there was no need for autocatalysts, and therefore the platinum and palladium prices were quite depressed.

That shift over to fully electric vehicles hasn't really happened.

Can you talk about the things that you're focused on, the money that you're going to spend doing those things and what's that timeframe look like?

But I guess for folks, investors and people looking in at this thing is like, what's that do in terms of your timeline, in terms of the context of everything that you're trying to put together here?

Yeah.

So when you look at our timeline, there's really two pieces.

One, there's the advancement of Queensway, which is the green fields, and it's the mine.

But with our strategic acquisition last year of the Pine Cove Mill, which is why we did it, was to make sure we could advance our production.

And that critical path of, one, converting the mill over to Gravity CIL from the current process, and then expanding it.

We're still on track to do that because we received the permit amendments for Pine Cove in order to go about that construction.

Does any of the work that you're doing at Hammerdown help you or help your cause in terms of having to kind of go back and look at this kind of EPR tool?

What was that about? Yeah.

Yeah, well, we had a very successful site visit.

We had, you know, some analysts, we had some investors.

And really, when I spoke to them right at the very start, I said, look, I want you to come away with one, we have the team that can execute.

that things are unfolding and being done at a you know according to schedule on budget that you know you've got that confidence that things are unfolding the way they should and three and i think this is you know for for me this is really the value driver is there's something more to be discovered that wow this place has lots of potential and after a really successful you know after i would say a good visit of one uh hammer down they saw how the open pit was uh being mined uh how you know it looked like an open pit mine we went out to uh pine cove where they saw the mill that was, of course, processing Hammerdown, but also saw the early works of the expansion, well, first the retooling of Pine Cove and then subsequent expansion of Pine Cove to be able to then accept Queensway late next year.

And we also went to the Queensway site and looked at some core, and they really saw the potential of the high-grade material and how we'll be able to deliver on that.

Melissa Render, our president, gave a great overview of the exciting exploration targets we've got.

What else does the permanent mill and operating experience of the team kind of do for you in terms of the executional risk?

What I wanted to get out of today's conversation is trying to determine whether or not you believe that you will be able to consistently deliver tons grade recoveries and ultimately cash flow from Hammerdown and Pine Cove to fund the Queensway project, because ultimately that's the money spinner for you, isn't it?

Well, yes, it is the money spent.

Queensway is and will be the cash flow generator.

Let me back up and just say that we did buy the Hammerdown Gold Project in particular for the Pine Cove Mill and tailings facilities.

That was so that we could... advance Queensway, accelerate the advancement of Queensway to production, which we are now targeting towards the end of next year.

We never really thought of Hammerdown as the cash flow producer for funding of Queensway.

What we did, though, think about was Hammerdown is ramping up, will be in commercial production next half of this year.

What does that look like?

Newfound Gold 2.0. Tell us why this is a new version, a reiteration of Newfound Gold.

Sure.

So back in December of 24, the change really started at the board level.

And it was really started with the vision of taking the exploration or the discovery of the Queensway deposit from exploration stage to cash flow.

So it started at the board level.

They brought in Paul Hewitt.

to lead the company as chair.

Was that a really hard decision for the board to make that, or, you know, and even those other people, the promoters who were involved in this, in the original newfound gold, maybe step away and get this on a better track to move forward with an actual mine situation?