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Are CEOs "In the Know" about SILVER & Gold Price · SILVER / GOLD / $UFD Meme Coin Investing & Global Economics

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If we really are at a point where okay raising rates is
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starting to have that impact, you're you know we're getting to
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a point where we're going to start dropping rates again, then
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I think that's that's going to be rocket fuel for the gold
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price. Today we have a special guest
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and we're going to talk about your favorite subject, silver
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and gold. I'm joined by Dan Wilton.
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He's the CEO of First Mining Gold.
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They're a Canadian gold development company with a
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portfolio of projects including two world class size projects,
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each of which have 5,000,000 ounces of resources.
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Dan, welcome to Ron's Basement. Ron, thanks very much for having
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me. Great to be back.
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Dad, it's great to have you here.
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We had you here live about a year ago, and you're always a
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welcome guest in Ron's basement. So we're having a good day in
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the gold market today. I think last I checked we were
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up about $20 approaching in U.S. dollar terms that $2000 range,
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but sentiment still seems to be a little challenging.
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Do you have any read on what you're, what you're seeing out
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there from your perspective as a CEO?
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Yeah, it's interesting Ron. You know, I was looking at this
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morning as well and reflecting on the fact that we've seen gold
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now you know it's we're A9 iron from $2000.
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Again I think you go back two or three weeks as they were raising
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rates again and a real amount of concern crawling back into the
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market about you know you saw the gold price push down to 1900
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and had just absolute fierce resistance at 1900 which I love
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to see. You know, I think we're at this
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turning point and we've talked about this a little bit in the
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past, but you're almost in this no lose situation for gold.
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And I've never really seen anything like this in my life
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where you've got inflation still proving far more difficult to
2:04
deal with, central banks having now basically capitulated and
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said Okay, inflation's more difficult to deal with.
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We need to, you know, keep rates higher, move rates higher in
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order to deal with inflation. We're starting to see some of
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that inflation looks like it's abating hopefully.
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And that's good for everyone, right?
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That's good for all of our accumulated wealth that's no
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longer going to be eroded by inflation, which is the real
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risk. But I think in if inflation is
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going to persist, you want to hold gold, right?
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You want to hold gold and real assets in order to protect that
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wealth. And on the flip side, if we
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really are at a point where, OK, raising rates is starting to
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have that impact, you're you know we're getting to a point
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where we're going to start dropping rates again, then I
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think that's that's going to be rocket fuel for the gold price.
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And I think we've seen that here today and this week where I'm
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going back a couple of weeks. We're just everyone's baked in
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100% probability of another rate hike coming.
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But you know, now that the numbers in the economy are
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starting to show, maybe inflation starting to abate,
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then just an inkling of the fact that at some point rates might
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stop going up has gold up $100, right like and just imagine what
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happens historically when you go into a lower rate environment,
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you tend to see gold really go higher.
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And so I think we're in a very interesting position here where
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you know gold's going to win on all fronts.
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Yeah, it feels like I like to use the analogy that gold and
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silver and platinum, all the precious metals have been like
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sailing into the wind for the last two years.
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And any inkling like you said of of a of a potential pivot and
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like the price of gold and silver just want to take off and
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I think it's important for us to remember.
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As well, in particular the gold price.
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It's held in there pretty darn well over the last two years and
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and as you alluded to, it feels like 1900.
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I have a regular guest on my show, Buddy Rumble, the
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Louisiana gold guru. He says 19 Hundred's the new
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floor. You know, it feels like like any
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little chance, like any little shift in the wind and gold just
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really wants to take off. And I think on top of that and I
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want to get your read on this. Sentiment, from all the measures
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that I see, whether you're looking at the miners or
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especially the development and exploration companies are even
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toward the metal in general. Sentiment is still, to the
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extent you can quantify it, pretty darn low and the path of
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least resistance for sentiment is improvement.
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So if we get like you said, gold's within a nine iron of
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$2000. It's also within striking
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distance of a new all time high it just feels like to me.
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Yeah, if we get to this new all time high 21 fifty 2200 U.S.
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dollars per oz that it could really zoom from there, really
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go up quickly. Yeah, I think that's right.
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And you know a couple of things that I always think about in
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the, in the bigger macro picture we get pretty wrapped up in what
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the US dollar gold price is and we sometimes do that without
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keeping sight of the fact that gold's already at all time highs
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in almost every other currency on earth, right.
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Certainly euro, Japanese yen, you know Canadian dollar we're
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at add or like very close to the striking distance of of real all
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time highs and some of those all time highs have been set for a
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little while. So you know, I think that's
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another important thing. It comes back to to a couple of
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the other real fundamental drivers here.
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You know, gold we've seen hold in at 1900 despite there being
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record outflows in gold ETF's in the last, you know, month, two
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months. So you know when you talk about
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sentiment, that's one of the things that really echoes to me
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is that you've seen much of the investing world kind of moving
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away from gold and the fact that it's held 1900 in this context
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of, you know, a lot of the ETF's already selling, but a lot of
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that buying has been picked up by central banks, right.
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A lot of central banks that haven't bought gold previously
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are starting to buy gold. Do you know one of the most
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notable in reasonable size is the Central Bank of Singapore
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that you know announced its first sort of major gold
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purchases or increases in gold purchases over the last couple
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of months. Like the that activity in the
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central banking sphere is starting to really ramp up and I
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think that's likely in preparation as we've all seen
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here and you know we're hearing talk about it.
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I think we're going to know a little bit more over the course
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of the next 30 or 45 days is just the the BRICS country
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starting to talk about a a new gold back trading currency.
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And just imagine what happens when 30 or 40% of global trade
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now is going to be backed in a currency other than the US
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dollar. And and the fact that it's
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backed by gold is one thing, but just the fact that it's not
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backed by the US dollar I think is going to have a U.S. dollar
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to gold price move that you know even if if in other currencies
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the gold price doesn't move as much.
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I think you're going to see some impact on the US dollar gold
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price because of that. Yeah, it's very.
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It's, it's interesting And you know, I don't know that enough
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attention is paid to this fact that, yeah, the World Central
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Bank's last year bought more gold than any other year.
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It was either 195519 whatever year it was the the last time
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they bought this much gold, we were on a world gold standard.
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I mean and if you, you know read between the lines, what is that,
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you know what is that telling us?
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Yeah, I I want to I want to zoom in on on the bricks since you
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mentioned that. Even if we just look at the,
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what I like to call the ick in bricks the eye and the sea, the
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India and China, they both have 1.4 billion people living in
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their countries. That's compared to the US,
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that's 8 to 9 times the US population.
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Their economies are growing right there.
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I think I just saw yesterday China announced their economy
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grew it only and it was disappointing 6.3% in the second
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quarter. OK, only 6.3% those countries
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are are moving towards a gold backed reserve currency, trading
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currency. But I think it's also so
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important to realize that all those people in those economies
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that are growing, that have growing middle classes as well
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and they're, they're opposite of what we have in the West over
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there, everybody appreciates and most people own silver and gold.
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I mean, when I think about it, I'm like, wow, there's just,
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it's just astounding to think that number of people that are
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growing well, more wealthy that are moving towards precious
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metals. Yeah.
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And I think, you know, that sort of groundswell of support hasn't
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even begun to be felt here. You know, that's that kind of
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whether it's jewelry demand or it's coin demand or it's bar
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demand. You know, I think you're only
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going to see that grow particularly when the central
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banks finally, you know, decide that in order to guarantee trust
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between themselves, the only thing that's going to give them
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the trust in trading, they're not going to trust each other's
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currencies. You know, for transactions,
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they're going to create a new currency that's backed by goal.
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I mean I there's a lot of detail that we need to figure out
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before we can understand what the actual impact of that is
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going to be, but it can only be positive.
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The only question is how positive is it going to be or is
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this going to really usher in an era, you know, an era of
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meaningful, meaningful moves in the gold price.
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And that's where you know I start getting pretty excited not
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just because you know we're, we all live in this industry in and
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around this industry where the gold price is so important.
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But you know when you start looking at projects like we have
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at first mining gold, you know with millions of Oz of gold in
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the ground, the leverage that those projects have the higher
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gold prices is very significant, so.
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Yeah, that was, that was my next, that was my next question
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for you. Like, where's all this gold
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going to come from? Dan, do you have any idea where
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we might be able to find 10 or 12 million ounces of gold?
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That's. Let's talk about, you know you
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have a portfolio of projects all in Canada, right, which is
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becoming more and more important jurisdictions, right.
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You're Ontario, Newfoundland, but you have two big projects.
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Let's let's focus in on those cuz I think they're they're
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super interesting and and and and need to be explored by our
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audience. That's joining us today.
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Let's talk about Quebec first, the Duparque project.
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It's been about one year since you've kind of consolidated that
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project. What's special about the about
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the the dupart? What's not special?
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So many things are special about Duparque and the more that we
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get into it, the more excited we get.
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To be honest Ron, we're we're working right now on preliminary
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economic assessment which we should have out kind of at the
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end of the summer, early in September and I think that's
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going to be a great snapshot. It's not going to be the final
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answer, but it's going to be a great snapshot of what we think
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this project can be, which is a meaningful gold producer in the
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middle of the most prolific gold belt in Canada, one of the most
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prolific gold belts in the world.
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The Abativity's produced more than 200,000,000 ounces of gold
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over the last you know 100 and power many years.
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So this is you know not just we got three and a half million
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ounces of the M and I resource another million and a half of
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inferred. But what we're really excited
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about Ron that I think we're going to start demonstrating as
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we're drilling there right now. James Maxwell and our
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exploration team have done an amazing job and really over the
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last year building our understanding of this deposit.
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And I think you're going to see very quickly that what we're
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talking about here with these 5,000,000 ounces is really just
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the starting point. You know this is basically
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unexplored below 500 meters in a in an environment where you know
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the avitivity always say the real minds don't start until a
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kilometer down, that's where things tend to get bigger and
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higher grade. So just an amazing starting
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point with Duparquet and yeah, we you know we acquired it last
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year, it cost us about $25 million to consolidate this land
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package. And you know our goal is to
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demonstrate that this is something that has multiples of
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that in terms of fundamental value at the outset.
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And then I think from there as we talked about leverage to gold
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price as we talked about exploration success and our
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ability to grow that deposit I guess is pretty quickly going to
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ramp itself up to one of the biggest and and most economic
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and by the way for open pit mines, one of the highest grade
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gold projects in North America at this point.
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So and it is it accurate to say that when Keith Newmeyer founded
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the company this was something that was his intention was to
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consolidate this package and that you've been working on it
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for years and and that this is the first time that all these
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there was a lot of individual owners that now everything is
14:08
under one umbrella. Which is First Mining gold,
14:12
correct? Yeah.
14:13
So we acquired First Mining prior to my arrival, but First
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Mining acquired Clifton Star, which had optioned the project
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and only earned into a 10% interest in the companies that
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owned the project. But First, Mining acquired
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Clifton Star in 2016, and that kind of started a process.
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We got to kind of know our partners in the project.
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You know, I joined in 2019. And from then, it was, you know,
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it was kind of three, 3 1/2 years of us moving down a path
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to, you know, A, getting the owners of the project
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comfortable with who we were and what our game plan was.
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And B, ultimately getting to a point where, yeah, they were
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comfortable seeing this, which was, you know, a real an asset
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that that was, you know, had some real emotional attachment
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to largely a family that had owned it.
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I've been in the family with some other friends and other
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shareholders, but since the mid 1950s.
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So this really was the first time Clifton never completed its
15:22
option agreement. This was the first time that the
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ownership of this has been in the hands of someone really
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moving it forward since the mid 1950s, which is remarkable to
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find that in the middle of the most prolific belt in Canada,
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you know it really is. I think it's just an absolute
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once in a lifetime opportunity for us.
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And there and there were past producing mines on the on the
15:47
property. It's a community that that's
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used to mining. From a location perspective, we
15:54
aren't talking about helicopter rides to get to the mine side.
15:59
Is that correct or is there is there interest, the
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infrastructure is unbelievable. I mean if you if you look at the
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ABBA Tibby broadly, you could kind of draw a triangle that
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would go from Valdor, Quebec to Timmins ON to Kirkland Lake ON.
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If you draw a straight line from Valdor to Timmins, you go
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basically over top of of Duparquet, which is about
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halfway. So when I say smack in the
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middle, I guess it's smack in the middle of the avitivity.
16:26
So. So the town of Ruan, Naranda has
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the, you know, they've been mining there for 100 years.
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The old Naranda mine, it's Canada's copper capital.
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It's got a smelter that's been operating for almost 100 years.
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And Timmons again at one of one of Canada's great gold camps
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about an hour to the West. Ruan Naranda is half an hour to
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the South and a little bit east and the road between those two
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major mining centers literally goes over the top of our
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deposit. So this is no, the
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infrastructure here is unbelievable.
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And what that means for us is as we started getting into the
16:59
exploration there, we've got fantastic exploration
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contractors, we've got great drilling contractors who believe
17:08
it or not in the mining business, you know, they're kind
17:11
of working five days on and two days off.
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You know, they get to go home at night, they can sleep in their
17:18
own beds because right around here there's not a mining
17:21
supplier in the world that isn't present within 200 kilometers of
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this project, right? That's the benefit of being in
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the middle of a gold belt is, you know, if you need a a real
17:34
piece of kit, if it's not coming from Valdor or Ruin Oranda, it's
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coming from Timmons, right? Like major, major mining supply
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centers all within largely you know an hour, hour and a half
17:47
drive. So just just remarkable
17:49
infrastructure that way. And then and then a municipality
17:53
that was actually built you know to to house people working at
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the mines in the 1930s and the 1940s.
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This is the definition of a mining town that was built
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around the mines and you look at I'll, I'll get you a a picture
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of the Crest of the town of Duparquet.
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It's phenomenal. On the Crest of the town,
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there's a moose, there's a fish and there's a pickaxe, right.
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Like we hunt, we fish and we mine.
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That's what we do in the town of Duparquet.
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So we've had, we have a great, great receptivity and great
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reception from the municipality and you know we really, really
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want to work to scope a project that is embraced by this
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community and allows the community to grow and develop.
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And you know, there's a lot of really maximize the benefit of a
18:44
development going on, you know, in some people's backyards.
18:48
Within that community and and I know there's a defined resource
18:53
on that property, obviously there was a lot of work that
18:56
went into defining that resource.
18:57
I'm just curious, do you have any estimate?
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If you had to start from scratch and do now all that work that
19:04
had been done over the last several decades, any idea how
19:08
much roughly roughly how much that might cost to accomplish in
19:13
today's dollars? Yeah, so not not to mention the
19:17
time because you know lifting and their and their option
19:21
partners did a ton of work. So just to give you some
19:24
metrics, 270,000 meters of drilling in this project between
19:29
2008 and 20/14/2015 full scale metallurgical program including
19:36
pilot plant testing of flotation and pressure oxidation, full
19:42
environmental baseline report that was prepared,
19:45
prefeasibility study that was completed in 2014.
19:50
So all of that just an enormous amount of work.
19:53
My estimate is somewhere between 75 and $100 million of
19:58
replacement value of the work, not counting you know what you
20:03
need to have in terms of infrastructure in a company to
20:06
do that work over a six or seven-year period, right.
20:10
So you can pretty quickly add that up that if you were
20:12
starting today and trying to accomplish the same thing, I
20:15
think it'd be 100 at least $100 million worth of value in this.
20:20
Which is which is the the the, the full market cap of a lot of
20:25
junior development companies right now?
20:27
Including first mining gold by the way.
20:29
Well that's I was going to let you say that but you know like
20:32
but wait there's more right. You know so you you got this
20:35
great project off a highway in a town that has a pickaxe in their
20:41
in their in their town Crest. But there's there's there's many
20:45
other you know exciting projects within the first mining
20:49
portfolio. We're going to talk about just
20:51
one more of them spring poll right, which is another
20:55
5,000,000 ounce development project that you've done a ton
20:59
of work on. Any updates?
21:01
I know there were some drilling results that came out and maybe
21:04
possibly some more results that we can look forward to in the
21:08
near. Future results, keep your eyes
21:10
peeled here in the in the very near term, we expect to have
21:14
kind of the final of the results from our fall and winter
21:17
exploration program regionally. Around around spring polls.
21:22
So spring poll sitting at you know 5,000,000 ounce equivalent
21:26
because there's quite a bit of silver there too for the silver
21:29
fans in the crowd, call it a 5,000,000 ounce equivalent
21:34
resource that we have our prefeasibility study out in 2021
21:38
that shows a big and very robust project.
21:41
But in addition to the existing resource, we have 70,000
21:46
hectares of. Almost unexplored Greenstone
21:49
Belt where the really significant part of these
21:53
exploration results that we're putting out Ron, is that they're
21:56
demonstrating the gold endowment in this district.
22:02
We've only started to scratch the surface.
22:04
There's gold pretty much everywhere.
22:08
You got a vector in to find what are going to be the economic
22:11
deposits, but you know we've had.
22:14
Very interesting results so far at three of the four targets
22:19
that we have tested. And so a lot more work I think
22:23
that we can do to demonstrate that you know the life of this
22:27
district is going to be decades, not just as we had scoped kind
22:32
of an 11 year mine life at Spring Pool.
22:35
So and on top of that. You know, I think one of the
22:38
things we're getting very excited about is we've got to
22:40
understand the deposit better at Spring Pool.
22:43
And that's a lot of the work that you do to define, you know,
22:46
your geotechnical characteristics and your
22:48
hydrology and your hydrogeology, your waste rock
22:52
characterization. As we've done all of this work,
22:55
we've kind of stumbled into a couple of things that are really
22:59
getting us to understand that. Even just right around Spring
23:04
pool, there's a lot of room for this deposit to grow.
23:08
So we're we're actually just scoping out this week what that
23:13
call it in pit resource conversion would be because we
23:16
still have some I think probably 16 million tons of inferred
23:21
material inside the pit from our feasibility study work that
23:25
we've that's been ongoing. So there's an ability to convert
23:29
that which improves the economics and then.
23:32
There's a couple of different avenues that we'd like to vector
23:35
into what I think could be pretty meaningful resource
23:38
growth that starts taking this from that 5,000,000 ounce you
23:43
know level and starts moving it up into you know the really
23:47
rarefied air of those six, 7-8, you know 10 million ounce
23:52
deposits that are truly by everyone's definition world
23:56
class sitting in the middle of a of a largely unexplored
24:01
district. That you know we're kind of the
24:04
anchor tenants in mainland Holder.
24:06
So lots of good work going on there making I think very good
24:11
progress on our environmental assessments, lots of discussions
24:16
with the indigenous communities around the project in terms of
24:18
how we can maximize their participation and and you know,
24:24
craft that ongoing longterm relationship, so.
24:28
Lots of really important catalyst coming at spring poll
24:31
over the course of the next 1218 months and all targeting that
24:34
environmental assessment approval which were we're
24:38
targeting submitting that finally a about a year from now
24:42
and targeting that EA approval you know in call it mid 2025.
24:48
SO22 massive development projects in Canada that are
24:52
moving forward and the timing could be just right as the gold
24:58
mining industry needs bigger projects and potentially just
25:04
maybe we get a much higher gold price at the same time which
25:07
makes the projects which are already attractive economically
25:11
even more attractive. Is that is that a somewhat
25:15
accurate statement? That is exactly the thesis right
25:18
here. You know we always said going
25:20
back to 2019 when I joined, our goal is to have these projects
25:25
ready to go when the industry needs them the most.
25:27
And right back to the first thing that you said in the in
25:31
this interview, you know where's the gold going to come from.
25:38
And I think that is getting to be a much, much bigger question
25:41
in the industry right now. Because a lot of the producers
25:45
are generating record free cash flow and really have very little
25:50
Ave. for resource growth and they don't really have any new
25:52
projects that they have in their own pipelines to build.
25:55
They can incrementally expand in a lot of the, in a lot of cases,
26:00
but for that new productive capacity particularly in Tier 1
26:05
jurisdictions, particularly of projects that can produce you
26:08
know 200,000 ounces a year plus. It's just a really, really small
26:14
list and getting smaller all the time.
26:17
So you know from our standpoint it just you know the the
26:20
indicative benefit of the gold price.
26:23
Maybe look at our spring poll prefeasibility study Every $100
26:28
on the gold price translated into $150 million of after tax
26:34
NPV. On our project, $250 million of
26:37
pretax NPV. So you know, just for context,
26:43
it's basically more than our market cap with every $100 on
26:48
the gold price above $1600, which is where we benchmarked
26:51
that one, right. We do a study today.
26:53
Yes, there's been cost inflation for sure, but we do a study
26:57
today. You're going to run that at a
26:58
higher gold price number. And you know that's where I
27:02
think if we're in a situation where maybe inflation is kind of
27:06
coming under control. Maybe the supply chain
27:09
challenges are fixed and you get to a point where you know,
27:13
there's some factor labor availability because there's a
27:17
bunch of projects getting built right now that get completed and
27:20
then there's kind of nothing else to build.
27:22
Well, that's a good time to be looking to scope the building of
27:25
our project. So yeah, you know, they had a
27:28
$2500 gold price. You know my mask not that good,
27:33
but 9/9? 9 * 150 million dollars on the
27:39
increment on our on our spring poll after tax NPV, you know
27:44
that starts and what's that 1350US incremental NPV on top of
27:51
a billion dollar NPVI mean that's you know there you're at
27:54
$2.00 a share just on spring poll NPV inside first mine two
27:59
and well almost $3 a share. So it it it, it appears to be an
28:03
asymmetric risk reward profile to the upside to the benefit to
28:09
the upside. So if anybody out there and and
28:12
those are just two of the company's projects, if anybody's
28:15
wondering where the gold might come from.
28:17
Well, you know, you might want to look at first Mining Gold and
28:20
I want to mention you've been so generous with your time this
28:23
morning, Dan, but I I do want to mention that there's four other
28:27
projects owned by the company or that have been partnered out.
28:31
You've got the Hopebrook project in Newfoundland that you've
28:36
partnered out with Big Ridge Gold.
28:38
That's an exciting project. There's the Pickle Crow Project,
28:42
who you partnered with Atiko out of Australia, that's also in
28:47
Ontario. That's an attractive project.
28:50
And there's the treasury metals Will you own, is it 10 or 15%?
28:54
About. 15% still, yeah, you own with the Goliath project in
28:57
Ontario And finally there's Cameron, which is still 100%
29:02
owned by the company and that's if I have a correct alone that's
29:05
in Ontario, but there's a resource that approaches
29:09
1,000,000 ounces of gold, it can.
29:11
Yeah, it's about about half a million ounces of.
29:15
And I at about half a million oz have inferred and again that's
29:19
that's the starting point as far as we're concerned there.
29:21
You know it's it's Cameron's a little undiscovered gem sitting
29:24
inside the company. You know it was a project taken
29:28
to feasibility twice in the 80s and 90s.
29:31
It's got a ramp down 300 meters. It's developed into or
29:35
underground on 3 levels and located the 80 kilometers from a
29:39
mill at Rainy River. For a mine that's going to run
29:42
up more in the next two or three years.
29:45
So now we think it's, we think it's it's an absolute and and on
29:50
top of that the existing resource at Cameron is only a a
29:55
small portion of what is a 40,000 hectare like we talked
29:58
about the spring pool, a 40,000 hectare district scale
30:02
exploration opportunity at the intersection of two major major
30:07
crustal geologic features. And we've got a dominant land
30:12
position there and a lots of kind of walk up exploration
30:16
targets. So still some work to do on the
30:19
community front there. We've got one exploration
30:22
agreement signed with one of the the communities in the area and
30:26
moving toward the building out on that with the with a few of
30:30
the other communities. But no, I think we need to.
30:35
Find a path for people to understand a little bit better
30:37
what Cameron is because it is a real kind of hidden gem sitting
30:40
inside the company. I've heard several times over
30:43
the years as I followed the company.
30:46
Keep new new Keith Newmeyer speak very favorably regarding
30:50
Cameron and it and it's it doesn't get a lot of attention
30:53
right now but I think at this point there's there's no
30:55
question where the gold can come from.
30:57
It can come from first mining gold if if people want to learn
31:01
more about the company firstmininggold.com.
31:04
Yeah, Best spots website www.firstmininggold.com, there's
31:09
a lot of information there including you know if you're so
31:13
inclined get into our 10,000 page plus environmental
31:16
assessment on spring poll through that Channel and you
31:20
know keep keep watching the news wires here.
31:23
We've got a couple exciting things I think coming out over
31:25
the course of the summer and really focused on delivering
31:29
that that first. Sort of our first cut of the
31:32
economics and a concept for development at Duparque in the
31:35
fall, which I think is going to be very exciting.
31:37
Yeah, well, I have to throw in my disclaimer.
31:39
I'm not offering financial advice, but it's a company that
31:43
I've owned for years. I followed closely for years.
31:47
There's a couple other factors that I find very attractive.
31:50
That is that I know you, you know, have a lot of your own
31:54
money in the company, your own skin in the game.
31:58
And the other thing that I really like about first mining
32:00
is the decisions that I've witnessed you make in particular
32:05
in the last three years are always longterm focused and
32:09
strategically focused. And I do believe that in the
32:13
long run you know shareholders hopefully including myself will
32:17
be will be rewarded by by believing in the company.
32:22
So Dan, on behalf of everyone who's joined us today, it's
32:26
always great to talk to you. Thank you for sharing
32:28
information about the company, but also your your thoughts on
32:31
the general gold and silver market as well.
32:34
Well, thanks Ron. It's always a pleasure to be in
32:36
the basement, if only virtually and no way.
32:40
As as always, immensely appreciate the support that you
32:44
give to us and really you know, value your insights and and how
32:49
you're building. Such a great community around
32:52
gold and silver, around you, like minded, like minded
32:56
investors and yeah, really appreciate everything that you
32:58
do Ron. So thanks for that.
33:00
Well, thank you, Dan, and we'll see you soon.
33:02
Absolutely. Take care.